/raid1/www/Hosts/bankrupt/TCRAP_Public/040902.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, September 2, 2004, Vol. 7, No. 174
Headlines
A U S T R A L I A
ADVANCED ENERGY: Requests Trading Halt
CHEMEQ LIMITED: Re-affirms Strong Position
ECSI LIMITED: Sets Creditors Meeting on September 10
NYLEX LIMITED: Directors Re-affirm Net Profit Forecast
QANTAS AIRWAYS: Reopens India Services
QENOS: Undergoes Debt Restructuring
SANTOS LIMITED: Issues Update on FUELS
SONS OF GWALIA: ASX Conducting Inquiry
TELMINEX NL: Parent Firm Appoints Administrator
WYTOMIC LIMITED: Appoints Administrators
* ASIC Bans Former Officer of Six Failed Corporations
C H I N A & H O N G K O N G
JINHUI HOLDINGS: Notes Exceptional Turnover Movement
LAI SUN: Posts Joint Announcement with eSun on Debt Settlement
LANDMARK INDUSTRIAL: Court Hears Winding Up Petition
NEO-CHINA GROUP: Makes HK$9.7M Profit
UNIVERSAL PRODUCTS: Sets Final Meeting of Members and Creditors
WAI YUEN: Unaware of Exceptional Price Turnover Movements
I N D O N E S I A
BANK NEGARA: Indonesian Government Awaiting House OK of Sale
BANK PERMATA: Government Narrows Bidders to Five
BANK PERMATA: Will Not Be Merged With Stanchart If It Wins Bid
PERTAMINA: No Change in Most Fuel Prices in September
J A P A N
DAIEI INCORPORATED: August Sales Dip Below Target
HASEKO CORPORATION: Hid JPY500Mln Income Despite Tax Breaks
KOBE STEEL: Merges Medical Material Business with Kyocera's
MITSUBISHI FUSO: Finds 48 More Clutch Defect Cases
MITSUBISHI FUSO: Court Holds First Hub Case Trial
MITSUBISHI MOTORS: Pleads Innocent to Defect Cover-up Charges
UFJ HOLDINGS: SMFG Discounts Hostile Bid For Now
* Hitachi, Toshiba and Matsushita in TV LCD Panel Joint Venture
K O R E A
KOOKMIN BANK: Forges Bancassurance Deal with ING
KOOKMIN BANK: Violated U.S. Accounting Laws, Says Source
M A L A Y S I A
ANSON PERDANA: Bursa Malaysia To De-list Securities on Sept 14
ANTAH HOLDINGS: Posts Notice of Address Change
ANTAH HOLDINGS: Unveils Unaudited Quarterly Report
DATUK KERAMAT: Releases Unaudited Quarterly Report
GEAHIN ENGINEERING: Issues Practice Note No. 4/2001 Update
GEORGE TOWN: Releases Unaudited Quarterly Report
GUNUNG CAPITAL: Audit Committee Member Resigns
INNOVEST BERHAD: Bursa Malaysia May Delist Securities
KILANG PAPAN: Administrators OK Workout Proposal
KUANTAN FLOUR: Unveils 1H04 Financial Result
OCI BERHAD: Unveils 1H04 Financial Result
PANGLOBAL BERHAD: Issues Monthly Status Update
PAN PACIFIC: Releases Unaudited Quarterly Report
PANTAI HOLDINGS: Purchases 32,000 Ordinary Shares on Buy Back
SRI HARTAMAS: Releases Regularization Plan Update
P H I L I P P I N E S
C&P Homes: Unveils Amended 2003 Financial Report
COLLEGE ASSURANCE: Denies "PVB Rejects Loan Application" Report
METRO PACIFIC: Clarifies Unit Stake Report
MUSIC SEMICONDUCTORS: To Eliminate Capital Deficiency by 2005
SOLID CEMENT: DTI May Lift Cease, Desist Order
S I N G A P O R E
ACE SEAL: Posts Final Dividend Notice
CANSPAR PTE: Issues Notice of Dividend
EXPECT MUSIC: Enters Winding Up Proceedings
HESHE HOLDINGS: Net Loss Shrinks to SG$4.85M
LEK CHUAN: Final Dividend Notice Issued
VIKING OFFSHORE: Releases First and Final Dividend Notice
T H A I L A N D
MANAGER MEDIA: Trading of Securities Remains Suspended
MANAGER MEDIA: Sells 40Mln Shares on Second Sale
NFC FERTILIZER: Issues Details On Utilization of Proceeds
SRITHAI FOOD: Extends Submission of FS Until September 13
SUNTECH GROUP: SET Suspends Trading of Securities
SYNTEC CONSTRUCTION: SET Removes Securities from Rehabco Sector
- - - - - - - -
=================
A U S T R A L I A
=================
ADVANCED ENERGY: Requests Trading Halt
--------------------------------------
The securities of Advanced Energy Systems Limited will be
suspended from quotation immediately, at the request of the
company, following the appointment of a Voluntary Administrator.
CONTACT:
Advanced Energy Systems Ltd.
121 Ewing Street, WELSHPOOL,
AUSTRALIA, 6106
Head Office Telephone: 9258 1300
Head Office Fax: 9358 3644
Website: http://www.aesltd.com.au
CHEMEQ LIMITED: Re-affirms Strong Position
------------------------------------------
Chemeq Ltd. re-affirms its strong position, evidenced by recent
announcements of production (August 9, 2004), regulatory
approval in South Africa for poultry (August 18, 2004), sale-
contract to South Africa for $1.5 million (August 27, 2004) and
raising of $30.1 million (before expenses) through a share
placement and a proposed fully underwritten non-renounceable
rights offer to shareholders.
Non-renounceable rights offer to raise $20.3M
On Friday, August 27, 2004, Chemeq announced details of a fully
underwritten non-renounceable rights offer of one new fully paid
ordinary share and one free attaching option (exercisable on or
before June 30, 2005 at $2.40) for every 11 shares held by
Australian or New Zealand registered shareholders at the record
date, at an issue price of $2.40 per new share to raise
approximately $20.3 million (before expenses). In calculating
entitlements, fractional entitlements will be rounded up to the
nearest whole share.
The rights offer is fully underwritten by Ord Minnet Limited.
The rights offer will result in the issue of up to 8.5 million
new shares nd 8.5 million options taking Chemeq's issued capital
to approximately 101.74 million shares and 12.58 million
options.
For more information, click
http://bankrupt.com/misc/CHEMEQLIMITED090104.pdf
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
BENTLEY, AUSTRALIA, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Website: http://www.chemeq.com.au/
ECSI LIMITED: Sets Creditors Meeting on September 10
----------------------------------------------------
ECSI Limited was placed into Voluntary Administration in
accordance with Part 5.3A of the Corporations Act, 2001 on June
25, 2004. The Section 439A meeting to determine the future of
the company was initially held on July 22, 2004, this meeting
was adjourned to August 20, 2004 and further adjourned to
September 10, 2004.
At the scheduled September 10, 2004 meeting, creditors can:
- Accept a Deed of Company Arrangements
- Terminate the Administration
- Wind Up the Company
The creditors this forth coming meeting have two proposed deeds
of company arrangements to consider. It is the intention of
both parties proposing deeds that if their proposal is accepted
by creditors all endeavors will be made by them to have the
company re-listed on the Australian Stock Exchange.
The administrator of ESCI Limited will inform the matter on the
outcome of the said creditors meeting.
Ozem Kassam
Voluntary Administrator
Bentleys MRI, Sydney Business Recovery & Insolvency Partnership]
Level 8, Barrach House
16-20 Barrach Street, Sydnet NSW 2000
Telephone: (02) 8221 8443
NYLEX LIMITED: Directors Re-affirm Net Profit Forecast
------------------------------------------------------
In a disclosure to the Australian Stock Exchange, Directors of
Nylex Limited re-affirmed their forecast of Net Profit before
Tax of between $21 million and $23 million for the 2004 to 2005
financial year.
They have made the forecasts on the basis of the group's three
remaining divisions- Plant Hire, Consumer Products and
Industrial Products- producing:
- Higher profit margins and all businesses
- Reduced manufacturing cost base
- Growth through strong brand-oriented product ranges in growing
markets
In announcing the group's preliminary final report of its
financial results for the year to June 30, 2004, Directors
advised a net loss before tax of $90.2 million. On an after tax
basis, the loss was $95.6 million for the 12 months to June 30,
2004 following writedowns and provisions of $91.3 million to
facilitate the final phase of the group's debt restructuring
program.
The group's term bank debt stands at $150 million at June 30,
2004 following the 2003 capital raising and asset sales
conducted over the past 12 months, representing a more than
halving of the group debt as at June 30, 2003 of $331 million.
Directors expect debt levels could potentially fall to less than
$115 million by the end of the current year.
To view a full copy of the disclosure, click
http://bankrupt.com/misc/NYLEXLIMITED083104.pdf
CONTACT:
NYLEX LIMITED
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Telephone: (03) 9533 9333
Fax: (03) 9533 9388
Website: www.nylexlimited.com.au
QANTAS AIRWAYS: Reopens India Services
--------------------------------------
After a two-year pause, Qantas Airways Ltd. has launched anew
non-stop flights from Sydney to Mumbai, reports the Sydney
Morning Herald.
The inaugural flight arrived in India at 2100 AEST Wednesday and
a return flight will arrive in Sydney Thursday morning. The
Boeing 747-300 aircraft will service the flight three times a
week.
Qantas flies to Mumbai on Wednesday, Friday and Sunday with
services connecting with domestic flights to Delhi, Ahmedabad,
Goa, Bangalore, Hyderabad and Chennai. The flying time is 12
hours.
"Qantas and India have enjoyed a long friendship so it's great
to be flying there again," said Qantas head of sales Rob Gurney.
Qantas' international operations were affected by the September
11 incident, Iraq war and SARS. The new India service will
highlight the recovery of these operations.
"The growing trade relationship has increased demand for
business travel and more people are visiting friends and
relatives or coming to Australia for education," Mr. Gurney
said.
Travel between India and Australia has jumped 30 percent in the
past three years. An estimated 54,000 Indian citizens are now
traveling to Australia each year and more than 70 percent visit
New South Wales.
Qantas withdrew its services to India in the early 1990s and
restarted it in 1996. The airline withdrew its services again in
October 2002 following the September 11 terrorist attacks in the
United States.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
MASCOT, NSW, AUSTRALIA, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Website: http://www.qantas.com
QENOS: Undergoes Debt Restructuring
-----------------------------------
In a disclosure to the Australian Stock Exchange on Wednesday,
Orica Limited advised that Qenos Pty Ltd., an Australian-based
plastics manufacturer, had concluded an agreement with various
Australian and international banks for a restructure of its debt
facilities.
The debt restructure was assisted by a payment by the two owners
of Qenos, a 50/50 joint venture between Orica and Exxon Mobil,
of $15 million (Orica share $7.5 million).
Orica believes that the significant improvement in the
operational performance of Qenos during the past year and the
sustained recovery of international polyethylene prices as well
as the debt restructure agreement are all positive for Qenos and
provide sound basis on which to commence a formal sale process.
The selection of a sale adviser is underway.
As the sole domestic producer of polyethylene plastics, Qenos
enjoys the leading position in the Australian plastics market.
The business services its customers from two facilities located
at Altona in Melbourne and at Botany in Sydney, and employs
approximately 900 people.
CONTACT:
Stewar Murrihy
Manager, Corporate Affairs
Telephone: (03) 9665 7538
Mobile: 0412 675 510
Noel Meehan
Manager, Investor Relations
Telephone: (03) 9665 7844
Mobile: 0413 187 000
Website: www.orica.com
Qenos Pty Ltd
ABN 62 054 196 771
Cnr Kororoit Creek Road & Maidstone Street
Altona Victoria 3018
Australia
Telephone: 61 3 9258 7333
Fax: 61 3 9258 7451
Website: www.qenos.com.au
SANTOS LIMITED: Issues Update on FUELS
--------------------------------------
On 24 August 2004, Santos Limited (Santos) announced in a
disclosure to the Australian Stock Exchange an offer of a new
class of preference shares called FUELS (Franked Unsecured
Equity Listed Securities) to raise $500 million with the ability
to accept oversubscriptions. A Prospectus for the FUELS issue
was lodged with the Australian Securities and Investments
Commission (ASIC) on that date.
The Prospectus disclosed that the non-cumulative floating rate
dividend on FUELS, incorporating, on a grossed-up basis, the
value of franking credits, would be set at a Margin above the
180 day bank bill swap rate. Following successful completion of
the bookbuild, the Margin has now been set just below the
indicative range at 1.55% per annum, on a grossed-up basis.
Santos wishes to advise that with the setting of the Margin and
the institutional component of the offer, there are no
outstanding conditions precedents to the Underwriting Agreement
other than lodging a final Prospectus including the Margin with
ASIC. Under the Underwriting Agreement, Merrill Lynch will
underwrite $250 million of the FUELS offer.
Also, Santos has now received a private ruling from the
Australian Taxation Office (ATO) confirming that the FUELS are
classified as equity and that the dividends (other than the
Special Dividend) can be franked without the franking anti-
avoidance provisions of the Tax Act applying to the Company or
Holders of FUELS.
The ATO is to issue a class ruling on the tax implications
arising from the redemption of Resets (including franking of the
Special Dividend) and, when issued, it will be available via the
ATO's website at law.ato.gov.au or by contacting the Santos
Information Line on 1300 733 636. Based on discussions with the
ATO, Santos expects that the ATO will provide Santos with a
draft class ruling on this issue prior to the Opening Date of
the Offer (1 September 2004).
Full details of the FUELS offer are contained in the Prospectus
which is available from Santos website at www.santos.com or by
calling the Santos Information Line on 1300 733 636.
Additional Information
(1) Dates in this document are indicative only and are subject
to change.
(2) Invitations to invest in FUELS will be made in the FUELS
Prospectus. A prospectus dated 24 August 2004 has been lodged
with ASIC. Anyone wishing to acquire FUELS will need to
complete the application form that will accompany the FUELS
Prospectus.
CONTACT:
Santos Ltd (NASDAQ (SC)
Level 29, Santos House, 91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Website: http://www.santos.com.au
SONS OF GWALIA: ASX Conducting Inquiry
--------------------------------------
The Australian Stock Exchange conducted an inquiry on the
"serious deterioration" of Sons of Gwalia's gold reserves,
according to the Sydney Morning Herald.
The ASX inquiry on Tuesday comes amid allegations that Gwalia's
previous management overstated gold reserves, and WMC Resources'
chief Andrew Michelmore's statement on running the ruler over
Gwalia's less problematic tantalum operations if it becomes
available.
Speaking in Sydney, Mr. Michelmore said he would be interested.
"I think from what we've seen of the business they have a very
good position in tantalum and it appears to be one of those
long-life assets," he said.
A review that the company would not be able to produce enough
gold to meet hedge commitments made creditor banks refuse to
agree on a standstill on debt payments. Gwalia then called in
administrators Ferrier Hodgson.
The review revealed reserves at Gwalia's Marvel Loch operation
could not be economically mined, leaving the company short by an
estimated 1 million ounces.
"There are clearly some matters that warrant inquiry with regard
to disclosure and the ASX is examining this at the moment," an
exchange spokesman said.
"There are two issues involved: namely what has changed from the
previous situation and at what point did the company become
aware of this, as clearly the ASX wants to ensure that the
market was fully informed".
Gwalia's administrator, Andrew Love of Ferrier Hodgson, said it
is not surprising if the company received a letter from the
exchange. Gwalia chairman Neil Hamilton also said investors
have the right to question previous management.
Aside from the ASX, the Australian Securities and Investment
Commission is also monitoring the situation.
CONTACT:
Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Email: carmen.kiggins
Website: http://www1.sog.com.au/
TELMINEX NL: Parent Firm Appoints Administrator
-----------------------------------------------
The Directors of Marlborough Resources NL advise of the
appointment of Messrs Philip Patrick Carter and Martin Russell
Brown of PriceWaterhouseCoopers as Administrators to Telminex
NL.
Telminex NL is a wholly owned subsidiary of Marlborough that
owns and operates the tin mine at Ardlethan in NSW.
Following substantial losses in the first half of 2002/2003
financial year and the continuing losses in the second half
despite the commissioning and operations of No. 2 Processing
Plant, the Board of Marlborough decided to appoint a new
management team in March 2004 to undertake a critical review of
the following significant areas of the Ardlethan mine operated
by Telmines NL:
(i) Review of proven and probable reserves and resources,
(ii) Review of operating performance and efficiencies of mining
operations, Processing Plant No. 1 and 2 and mineral upgrading
plant,
(iii) Economic viability of continuing the mining operations,
(iv) The effectr of the shortfall in the recent rights issue,
(v) Review of the funding requirements,
For more information, click
http://bankrupt.com/misc/TelminexMarlborough090104.pdf
WYTOMIC LIMITED: Appoints Administrators
----------------------------------------
In an announcement submitted to the Australian Stock Exchange,
Mr. Bryan Hughes said that along with Mr. Vincent Smith, they
were appointed as administrators to Wytomic Limited on August
31, 2004 pursuant to a resolution passed by the Board of
Directors of the company.
To view a full copy of the announcement, click
http://bankrupt.com/misc/WYTOMICLIMITED090104.pdf
* ASIC Bans Former Officer of Six Failed Corporations
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Peter Charles Cleeve Wrench, of Manly in NSW, from
managing corporations for three years.
ASIC found that Mr. Wrench was an officer of six corporations,
primarily in the employment or labor hire business, all of which
had been wound up. They included Senien Pty Ltd and five
corporations formerly known as Bestaff Office Services Pty Ltd,
Bestaff Labour Services Pty Limited, Bestaff Financial Pty
Limited, Bestaff Technical Services Pty Limited and Grosvenor
Stewart Group Pty Limited.
ASIC also found the liquidators had reported that each of the
corporations was unable to pay creditors more than 50 cents in
the dollar.
Some of the liquidator's reports also referred to possible
offences including a failure to keep proper books and records,
insolvent trading and failure to act honestly in the exercise of
a directors powers.
The Deputy Executive Director of Enforcement, Mr. Allen Turton
said the disqualification followed an ASIC investigation arising
from allegations of insolvent trading by a number of companies
of which Mr. Wrench was a director.
'ASIC took action against Mr. Wrench to protect the interests of
the public from the misuse of the corporate structure', Mr.
Turton said.
Mr. Wrench has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.
This ASIC announcement is dated August 30, 2004.
==============================
C H I N A & H O N G K O N G
==============================
JINHUI HOLDINGS: Notes Exceptional Turnover Movement
----------------------------------------------------
The Stock Exchange has received a message from Jinhui Holdings
Company Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The board of directors of Jinhui Holdings Company Limited has
noted the recent increase in trading volume of the shares of the
Company and wishes to state that, save for the disclosures made
in the announcement dated 21, 24 and 25 August 2004 regarding
certain on-market share repurchase transactions conducted by the
Company's Oslo Stock Exchange listed subsidiary Jinhui Shipping
and Transportation Limited, the Board is not aware of any
reasons for such movement.
The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited, and neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09
of the Listing Rules, which is or may be of a price-sensitive
nature.
Made by the order of the Board, the directors of which
individually and jointly accept responsibility for the accuracy
of this statement.
By Order of the Board
Ng Siu Fai
Chairman
This announcement is dated August 31, 2004.
LAI SUN: Posts Joint Announcement with eSun on Debt Settlement
--------------------------------------------------------------
Lai Sun Development Company Limited (LSD) and eSun Holdings
Limited (eSun) posted a joint announcement on the Hong Kong
Stock Exchange regarding:
(1) the proposed settlement of indebtness owed by Furama Hotel
Enterprises, and guaranteed by LSD to Golden Pool, an indirect
wholly-owned subsidiary of eSun;
(2)the proposed settlement of indebtness owed by LSD to
bondholders constituting a major transaction and connected
transaction issue of new shares;
(3) the application for whitewash waiver by eSun from
obligations to make a general offer for shares of LSD;
(4) the application for consent of the SFC for the Chen family
special deal; and
(5) further delay in dispatch of circulars.
As LSD and eSun require additional time to arrange for the
compilation of the information gathered in connection with the
Circulars, LSD and eSun announce that they have applied to the
Stock Exchange and the SFC (as the case may be) for a waiver
from strict compliance with Rule 14.38 and Rule 14A.49 of the
Listing Rules and (in the case of LSD only) Rule 8.2 of the
Takeovers Code so that the dispatch of the Circulars in relation
to the Settlement as detailed in an announcement jointly
published by LSD and eSun on 5th July, 2004 will be further
postponed to 15th September, 2004.
Reference is made to the announcement of LSD and eSun dated 2nd
July 2004 (the Announcement) relating to the Settlement and the
announcements in respect of the delay and further delay in
dispatch of the Circulars dated 22nd July, 2004 and 12th
August, 2004 (Further Announcements). Capitalized terms used
herein shall have the same meaning as ascribed thereto in the
Announcement.
Pursuant to Rule 14.38 and Rule 14A.49 of the Listing Rules, LSD
and eSun are required to dispatch a circular in relation to the
Settlement (the Circulars) to their respective shareholders
within 21 days after the publication of the Announcement, which
was on or before 26th July 2004. Pursuant to Rule 8.2 of the
Takeovers Code, LSD's Circular must be dispatched to LSD's
shareholders within 21 days of the date of the Announcement,
being 2nd July 2004, which fell on 23rd July, 2004. As referred
to in the Further Announcements, such deadlines were both
extended to 13th August 2004 and 31st August, 2004.
As LSD and eSun require additional time to arrange for the
compilation of certain financial and other information required
to be included in the Circulars, LSD and eSun announce that they
have applied to the Stock Exchange and the SFC (as the case may
be) for a waiver from strict compliance with Rule 14.38 and Rule
14A.49 of the Listing Rules and (in the case of LSD only) Rule
8.2 of the Takeovers Code respectively so that the dispatch of
the Circulars in relation to the Settlement as detailed in the
Announcement will be postponed to 15th September, 2004.
By Order of the Board
Lai Sun Development Company Limited
Yeung Kam Hoi
Company Secretary
By Order of the Board
eSun Holdings Limited
Yeung Kam Hoi
Company Secretary
This announcement is dated August 31, 2004.
LANDMARK INDUSTRIAL: Court Hears Winding Up Petition
----------------------------------------------------
Notice is given that a Petition for the Winding up of Landmark
Industrial Limited by the High Court of Hong Kong was, on the
13th day of August 2004, presented to the said Court by Luk Siu
Kwan of Flat A, 16/F., Block 6, On Ning Garden, Tseung Kwan O,
New Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 22nd of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 21st day of
September 2004.
NEO-CHINA GROUP: Makes HK$9.7M Profit
-------------------------------------
According to the South China Morning Post, property developer
Neo-China Group returned to the black after gains of nearly
HK$27 million from the disposal of equity interests in
subsidiaries. The company posted a net profit of HK$9.7 million
for the year ended April 30, compared with a net loss of HK$20.3
million a year earlier. Earnings per share were 0.51 HK cents
compared with a loss per share of 2.32 HK cents.
To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_NEOCHINAGROUP090104.pdf
UNIVERSAL PRODUCTS: Sets Final Meeting of Members and Creditors
---------------------------------------------------------------
Pursuant to Section 248 of the Companies Ordinance (Chapter 32),
a final meeting of the members of Universal Products (Hong Kong)
Limited (in creditors' voluntary liquidation) will be held at
17/Floor, Hutchison House, 10 Harcourt Road Central, Hong Kong
on 28th day of September 2004 at 11:00 a.m. for the purpose of:
(1) laying before them the accounts showing the manner in which
the winding up has been conducted and the manner by which the
Company's property has been disposed of;
(2) of hearing any explanation that may be given by the
Liquidators; and
(3) of determining by resolution of the creditors the manner in
which the books, accounts and documents of the Company, and of
the Joint and Several Liquidators thereof, shall be disposed of.
Stephen Liu Yiu Keung
Yeo Boon Ann
Joint and Several Liquidators
This announcement is dated August 27, 2004.
WAI YUEN: Unaware of Exceptional Price Turnover Movements
---------------------------------------------------------
The Stock Exchange has received a message from Wai Yuen Tong
Medicine Holdings Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
We have noted the recent increases in the price and the trading
volume of the shares of the Company and wish to state that we
are not aware of any reasons for such increases.
We also confirm that, save for the announcement dated 30 August
2004 made by the Company in relation to a discloseable
transaction, there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under rule 13.23, and neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09,
which is or may be of a price-sensitive nature.
By the Order of the Board of
Wai Yuen Tong Medicine Holdings Limited
Chan Chun Hong, Thomas
Managing Director
This announcement is dated August 31, 2004.
=================
I N D O N E S I A
=================
BANK NEGARA: Indonesian Government Awaiting House OK of Sale
------------------------------------------------------------
The Indonesian government is now awaiting the approval of the
House of Representatives for the planned sale of its 30-percent
stake in PT Bank Negara Indonesia (BNI), reports Asia Pulse.
According to Mahmuddin Yasin, deputy of privatization at the
Office of the State Enterprises Minister, they will be drawing
up a government regulation for the sale to push through as soon
as the House gives its approval.
The government expected the divestment of its stake in BNI to
take place later this year to enable it to meet its IDR5
trillion (US$535 million) target from the privatization of state
enterprises, he said.
However, Mr. Mahmuddin warned that proceeds from the
privatization might fall short of the goal if the divestment
fails to materialize this year.
CONTACT:
Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
+62 21 2511214
Website: www.bni.co.id
BANK PERMATA: Government Narrows Bidders to Five
------------------------------------------------
Five foreign investor-dominated consortia have been shortlisted
by the Indonesian government to bid for a 51-percent stake in PT
Bank Permata, reports The Jakarta Post.
Beginning today, a consortium of British Standard Chartered Plc.
(Stanchart) and Astra International, a consortium of Malaysian-
based Malayan Banking Bhd. (Maybank) and state pension fund
operator PT Jamsostek, Singapore's United Overseas Bank (UOB), a
consortium of Bank Panin and Australia and New Zealand-based ANZ
Ltd. and Malaysia's Commerce Asset-Holding Bhd., which has
teamed up with local Bank Bumiputera, will be allowed to carry
out due diligence on the country's seventh-largest bank by
assets for a 30-day period.
"These short-listed bidders were chosen based on a thorough
examination of their financial strength and condition, good
business plans for Permata in the future and high preliminary
bids," Asset Management Company (PPA) chairman Mohammad Syahrial
said.
The PPA, which is a government-sanctioned agency in charge of
handling assets formerly managed by the now-defunct Indonesian
Bank Restructuring Agency (IBRA), filtered out the five
consortia on Tuesday from 10 interested groups of investors that
had earlier submitted their request for qualification (RFQ)
letters.
According to Mr. Syahrial, the five short-listed bidders priced
a 51 percent stake in the bank at 1.8 times to 2.39 times the
book value. He added, however, that these bids are only
preliminary, and that it is expected that their final bids,
which are scheduled for submission on October 7, will increase
upon completion of their due diligence.
Of the 10 interested groups of investors, two failed to present
their initial bids. They are a consortium led by Bank Rakyat
Indonesia (BRI), which withdrew from the bidding, and a
consortium of Wachofia and Artha Graha, which delivered its bid
38 minutes late on Friday.
Three other consortia, Swiss First, Bank Mandiri and Bank Buana
Indonesia, and British Barclays Bank Plc. and Bank Danamon,
failed to make the list.
The government, which has a 97.17 percent stake in Bank Permata,
has said it expects to announce the preferred bidder by
November, to be followed by a test of suitability by the central
bank, before finally declaring the winner by the third week of
December.
After the sale of the 51 percent shareholding, the government
plans to sell another 20 percent stake to public investors next
year, with all the proceeds from the divestment allocated to
help plug the 2004 state budget deficit.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
BANK PERMATA: Will Not Be Merged With Stanchart If It Wins Bid
--------------------------------------------------------------
England-based Standard Chartered Bank said on Monday that it
would not merge with PT Bank Permata should it succeed in its
bid for a 51-percent stake in the state-owned bank, Indoexchange
reports.
Standard Chartered President Director Stewart D. Hall expressed
optimism that they would be able to cooperate with the
management of Permata, which he said " is a bank that has been
growing well".
"We will maintain Permata as an independent institution focused
on the retail sector," he said. The executive added that
Stanchart would contribute technological and product development
assistance to Permata, and would help it develop an
international network.
Stanchart has formed a consortium with PT Astra Internasional
Tbk for the Permata stake bid, with each party contributing 50%
to the consortium.
PERTAMINA: No Change in Most Fuel Prices in September
-----------------------------------------------------
State oil and gas firm PT Pertamina said on Wednesday that, with
the exception of jet fuels Avtur and Avgas, there will be no
changes in the price of fuel products for transportation and
industry this month despite a 9.8 percent increase in average
crude oil prices, relates The Jakarta Post.
In a press release, Pertamina said the price for Avgas is now at
IDR6,391 per liter, compared to IDR6,380 last month. Avtur,
meanwhile, is priced at IDR3,542 per liter, up from IDR3,179 a
liter in August. All prices include a 10 percent value-added
tax.
Premium fuel for industry is IDR2,100 per liter, kerosene
IDR2,200 per liter, automotive diesel fuel IDR2,100 per liter
and industrial diesel fuel IDR2,050. Fuel oil is IDR1,600 a
liter.
The price of premium gasoline at gas pumps will remain flat at
IDR1,810 per liter, while the price of kerosene is still at
IDR1,800 per liter.
The prices of Pertamax and Pertamax, Pertamina's high-quality
gasoline brands, were also unchanged at IDR2,750 per liter and
IDR2,450 per liter respectively.
Pertamina decides new fuel prices every month based on prices in
neighboring Singapore and exchange rate developments.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
=========
J A P A N
=========
DAIEI INCORPORATED: August Sales Dip Below Target
-------------------------------------------------
For the sixth consecutive month, Daiei Incorporated saw its
August same-store sales drop below target by 6 percent from the
same month last year, Reuters reports, citing the Nihon Keizai
Shimbun newspaper.
The struggling retailer, whose August sales were adversely
affected by supply problems and frequent typhoon visits, is
trying to limit any fall in sales to just one percent in the
current fiscal year to February.
However, inventory cuts and cost reductions have helped keep the
company on-track to meet its parent-only operating profit target
of JPY6 billion (US$55 million) for the first half.
Daiei, which is currently in talks with its creditor banks on a
revival plan, has drawn the attention of foreign firms including
retailing titan Wal-Mart Incorporated.
CONTACT:
The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Website: www.daiei.co.jp
HASEKO CORPORATION: Hid JPY500Mln Income Despite Tax Breaks
-----------------------------------------------------------
The Tokyo Regional Taxation Bureau has discovered that Haseko
Corporation concealed JPY500 million of taxable revenue in the
three years through March 2003 despite tax breaks granted by the
government, Kyodo News reports.
The construction company, which enjoyed preferential tax
treatment for rehabilitation, was found to have "padded bills
for a subcontractor" to demolish buildings at its construction
site.
However, because Haseko was undergoing restructuring, the
taxation bureau did not impose penalties.
KOBE STEEL: Merges Medical Material Business with Kyocera's
-----------------------------------------------------------
In a press release published in the Japan Corporate News Network
(JCNN), Kyocera Corporation (TSE: 6791) and Kobe Steel, Ltd.
have announced that they will establish "Japan Medical Materials
Corporation," formed by spinning off and integrating the medical
material businesses of both companies.
Japan Medical Materials Corporation will integrate material and
processing technologies for both of ceramics and titanium alloys
as well as business resources derived from Kyocera and Kobe
Steel, and will promptly establish a business basis as a medical
material specialist.
Kyocera and Kobe Steel are currently ranked No. 1 and No. 2
manufacturers in the area of artificial joint business,
respectively. Drawing on the strengths of each company, the
integration will place Japan Medical Materials Corporation as
premier total medical material manufacturer.
Announced on April 28, 2004, the new company will commence
operations on September 1, 2004.
CONTACT:
Kobe Steel, Ltd.
9-12, Kita-Shinagawa 5-chome,
Shinagawa-ku
Tokyo, 141-8688
Japan
Phone: +81-3-5739-6000
Fax: +81-3-5739-6903
Website: http://www.kobelco.co.jp
MITSUBISHI FUSO: Finds 48 More Clutch Defect Cases
--------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation has disclosed another
48 cases involving faulty clutch housings, reports Asia
Intelligence Wire.
According to the company's quality and technical affairs general
manager Hideyuki Shiozawa, Mitsubishi Fuso uncovered the
additional cases as it examined data on shipments to dealers
over the past three years.
Some 31 incidents of clutch housing fractures were found after
tracing sales records of 208 clutch housings shipped between
July 2001 and May 2004. None of the defects, however, led to
mishaps.
Mitsubishi Fuso, along with former parent Mitsubishi Motors
Corporation, has been embroiled in a string of defect cover-up
scandals. In May, the truck maker has recalled 168,000 large
vehicles manufactured between June 1983 and April 1999 following
a revelation that it has disregarded clutch housing defects
since 1996.
CONTACT:
Mitsubishi Fuso Truck of America, Inc.
2015 Center Square Rd.
Bridgeport, NJ 08085 (Map)
Phone: 856-467-4500
Fax: 856-467-4695
Website: www.mitfuso.com
MITSUBISHI FUSO: Court Holds First Hub Case Trial
-------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation issued a press release
dated September 1 concerning the first trial on Mitsubishi Fuso
Heavy-Duty Truck hub issue, which is reproduced as follows:
"Mitsubishi Fuso would like to express its sincerest apologies
to the general public for the disturbances and worries caused by
the hub case. We take the indictment of our former executives
very seriously. At the same time, we would like to express our
deepest apology and condolence to the family of the deceased.
The first session of the trial on three former executives was
held at the Yokohama summary court, today. I believe the fact
presented in the indictment will be clarified through the trial,
and we will wait for the result of the court proceedings.
We take this issue very seriously and are determined to continue
with our company- wide utmost efforts. We will continue to speed
up our field actions and emergency measures, and to further
enhance quality improvement as well as safety measure in order
to regain the trust of our customers and the society."
Wilfried Porth
President and CEO
Mitsubishi Fuso Truck and Bus Corporation
MITSUBISHI MOTORS: Pleads Innocent to Defect Cover-up Charges
-------------------------------------------------------------
In the first of a series of trials concerning defect cover-up
scandals, Mitsubishi Motors Corporation and three former
executives have pleaded innocent to the concealment of a wheel
defect that resulted to a fatal accident, the Associated Press
relates.
MMC and ex-officials Takashi Usami, Ikio Hanawa and Tadashi
Koshikawa were accused of falsifying a report submitted to the
Transport Ministry relating to the 2002 truck accident in
Yokohoma involving a faulty wheel hub.
Yokohoma Summary Court officials declined to comment on the
details of the trial.
Meanwhile, former MMC president Katsuhiko Kawasoe and other
executives face more serious charges of professional negligence
resulting in death in separate court proceedings.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Website: http://www.mitsubishi-motors.co.jp
UFJ HOLDINGS: SMFG Discounts Hostile Bid For Now
------------------------------------------------
Sumitomo Mitsui Financial Group Incorporated (SMFG) declared it
is not planning a hostile takeover bid if UFJ Holdings snubs its
existing merger offer, reports Agence France Presse.
An SMFG spokesman brushed off media reports of SMFG's hostile
takeover plan, although he admitted that "it could be one of the
options theoretically."
SMFG, which had proposed a one-to-one exchange ratio to UFJ
aside from a JPY700 billion capital injection, is now pressured
to make a more aggressive move after the High Court sided with
UFJ to cancel an earlier deal involving the sale of UFJ's trust
unit to Sumitomo Trust.
Merger talks between UFJ Holdings and Mitsubishi Tokyo Financial
Group to create the world's biggest bank have resumed after
Japan's Supreme Court approved the negotiations.
Earlier, MTFG announced its readiness to infuse JPY600 billion
into UFJ before the end of September to strengthen UFJ's capital
base.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Website: www.ufj.co.jp
* Hitachi, Toshiba and Matsushita in TV LCD Panel Joint Venture
---------------------------------------------------------------
Hitachi Limited, Toshiba Corporation and Matsushita Electric
Industrial Co., Ltd. announced in a press release dated
September 1 that they have reached a basic agreement to jointly
establish a company (the JV) to manufacture and sell LCD panels
for flat-panel TVs. Plans call for the joint venture to commence
operations in January 2005.
The JV will build an amorphous TFT LCD panel production line at
the Mobara facility of Hitachi Displays, Ltd. (Hitachi
Displays), Hitachi's wholly owned subsidiary.
Scheduled to begin mass production in the second quarter of the
year ending March 31, 2007 (fiscal 2006), the JV will expand
production capacity in stages, ultimately reaching the
equivalent of 2.5 million 32-inch TV LCD panels a year by the
second half of fiscal 2008. The expected capital investment for
establishing this facility is 110.0 billion yen. While Hitachi
Displays, Toshiba and Matsushita own majority shares, the JV
plans to solicit investments from other companies involved in
the manufacture of LCD panels, including device makers and
material suppliers.
Sales are growing for flat-panel TVs, which combine a high-
quality picture and large screen with a space-saving profile.
Worldwide demand for LCD TVs was approximately 3.0 million units
in 2003 and is estimated to expand fivefold by 2006.
Furthermore, in order to meet increasing consumer demand for
high-definition picture quality, TV manufacturers targeting the
high-end market segment seek to differentiate their products not
just with proprietary image processing technologies, but also by
using LCD panels with outstanding picture quality. Reflecting
this, mergers and acquisitions and strategic alliances in the
LCD panel field, along with other developments in the industry,
are resulting in fierce competition worldwide, fueling a growing
need for TV manufacturers to ensure a stable supply of high-
quality panels at low prices.
Against this backdrop, Hitachi, Toshiba and Matsushita have
decided to establish a JV to manufacture LCD panels using
Hitachi Displays' world-leading IPS(a) mode system technology.
Boasting a wide viewing angle and outstanding color
reproduction, these panels bring out the best in high-resolution
content, such as digital TV broadcasts.
The JV will provide the three companies with a reliable supply
of LCD panels that are ideal for TVs and that will bolster the
competitiveness of their respective LCD TV businesses in the
high-end market. The JV, with Hitachi, Toshiba and Matsushita as
its major customers, will operate a stable, capital-efficient
production line, mass-producing IPS-mode LCD panels, which
provide outstanding picture quality at lower cost. Close
collaboration with the JV is expected to achieve synergies in
Hitachi, Toshiba and Matsushita's respective production of
finished products, allowing them to achieve LCD TVs that are
even more competitive in terms of performance and price.
(a) IPS Mode System Technology
In-Plane-Switching (IPS) mode system is a type of TFT LCD
display technology. IPS is distinguished by a wide 170-degree
viewing angle, both horizontally and vertically, along with
minimal gray-scale inversion and viewing-angle dependency,
reproducing lifelike images, which is made possible because the
liquid crystal molecules can rotate while remaining parallel to
the substrate when a voltage is applied, yielding perfect
orientation of the crystals. The advanced super (AS) -IPS mode
system for use in televisions, large-screen monitors and other
applications achieves an approximate 30% improvement in the
aperture ratio over conventional IPS technology. Furthermore,
AS-IPS realizes a higher level of brightness and reproduces
colors more realistically thanks to high-purity color filters
and other proprietary technologies.
Outline of the JV
Company name: To be announced
Management: To be announced
Projected capital: 60-70 billion yen
Ownership: Hitachi Displays JPY30-35 billion (50%); Toshiba
JPY15 billion (21-25%); Matsushita 15 billion yen (21-25%);
other companies JPY0-5 billion (0-8% projected)
Location: Mobara, Chiba Prefecture, Japan
Business: Manufacture, design, sales and related maintenance and
services of amorphous TFT LCD panels
Capital investment: Approx. 110 billion yen
Products: Amorphous TFT LCD panels for TVs 23-inches and above
Production capacity: Equivalent of 2.5 million 32-inch units per
year (Maximum output scheduled to be realized in second half of
fiscal 2008)
CONTACT:
Hitachi Limited
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo, 101-8010, Japan
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375
Website: http://www.hitachi.com
Matsushita Electric Industrial Company Limited
1006 Oaza Kadoma
Kadoma, Osaka 571-8501, Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Website: http://matsushita.co.jp
Toshiba Corporation
1-1, Shibaura 1-chome, Minato-ku
Tokyo, 105-8001, Japan
Phone: +81-3-3457-4511
Fax: +81-3-3455-1631
Website: http://www.toshiba.com
=========
K O R E A
=========
KOOKMIN BANK: Forges Bancassurance Deal with ING
------------------------------------------------
Kookmin Bank announced on Tuesday that it has entered into an
agreement with ING Insurance International B.V. (ING) to sell
49% of Kookmin Bank's stake in KB Life Co. Ltd., a subsidiary
wholly-owned by KB. The selling price of 2,940,000 shares of KB
Life is KRW14,857.1 million.
According to a Korea Times report, Kookmin Bank will still hold
the remaining 51 percent in KB Life, a joint venture for
Kookmin's bancassurance business.
"We see Korea as a key part of ING's activities in the Asia-
Pacific region, and are delighted with the progress of our
businesses here, which have gained strong positions in each of
the markets in which they operate," said ING chairman Michel
Tilmant at a press conference in central Seoul.
Mr. Tilmant said ING, which has interests in Korea spanning from
life insurance and investment management to real estate and
corporate banking, is intent on leveraging its expertise in
insurance, banking and asset management in the country.
At the same press conference, Mr. Tilmant also said that he
would not intervene in the current conflict between Kookmin Bank
and the South Korean government.
Last week, the Financial Supervisory Service (FSS) said that it
would bar KB president Kim Jung-tae from being reappointed due
to alleged accounting irregularities at the bank last year.
Mr. Tilmant added that he would not raise the issue in his
meeting with Yoon Jeung-hyun, governor of the financial
watchdog.
South Korea's largest foreign life insurer, ING Life Korea, is
80-percent owned by ING, with Kookmin controlling the remaining
20 percent. The companies also jointly own KB Asset Management.
CONTACT:
Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Tel: +82 2 317 2114
Tel: +82 2 776 5637
KOOKMIN BANK: Violated U.S. Accounting Laws, Says Source
--------------------------------------------------------
A source inside South Korea's Financial Supervisory Service
(FSS) said on Tuesday that Kookmin Bank has violated U.S laws on
corporate accounting last year, reports The Korea Times.
According to the FSS official who requested anonymity, the bank
had to replace then-chief financial officer (CFO) CFO Yoon Jong-
kyu because he had once worked in Kookmin Bank auditor Samil
Accounting. However, Mr. Yoon was only transferred to the post
of vice president in charge of the non-financial sector after
KB's merger with troubled Kookmin Card last year.
Corporate accounting laws in the U.S prohibit bankers who have
worked with the bank's auditors or accounting firms from holding
a chief financial officer (CFO) post.
During his tenure at Samil, Mr. Yoon also served as a superior
of Baek Won-ki, Samil's executive director in charge of current
audits on KB.
The source also accused Samil Accounting of consenting to KB's
improper accounting before it audited the bank's 2003 financial
statements.
Kookmin and Samil, however, denied the allegations, saying that
there was no secret deal between Samil and vice president Yoon.
According to a Samil official, the change in CFO after the
merger was in accordance with KB president Kim Jung-tae's
internal policy of rotating vice presidents. He also said his
company's auditing of KB was based on the nation's accounting
standards.
===============
M A L A Y S I A
===============
ANSON PERDANA: Bursa Malaysia To De-list Securities on Sept 14
--------------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to delist the
securities of Anson Perdana Berhad (Anson) from the Official
List of Bursa Malaysia Securities Berhad as the Company does not
have an adequate level of financial condition to warrant
continued listing on the Official List of Bursa Securities.
The securities of the Company will be removed from the Official
List of Bursa Securities at 9 a.m. on Tuesday, 14 September
2004.
With respect to the securities of ANSON, which are currently
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a company, which has been de-listed to be
withdrawn from Bursa Depository.
Alternatively, shareholders of ANSON who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System ("CDS")
accounts maintained with Bursa Depository at anytime after the
securities of ANSON has been de-listed from the Official List of
Bursa Securities. This can be effected by the shareholders
submitting an application form for withdrawal in accordance with
the procedures prescribed by Bursa Depository.
The shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Depository's help line at 03-
20717711 or 03-20717723 for further information on the
withdrawal procedures.
This Bursa Malaysia announcement is dated 30 August 2004.
CONTACT:
Anson Perdana Berhad
Unit B5-8, Megan Phileo Promenade
Jalan Tun Razak
Kuala Lumpur
Tel: +603 2162 6899; +603 2163 0773
Fax: +603 2163 7088
ANTAH HOLDINGS: Posts Notice of Address Change
---------------------------------------------
Antah Holdings Berhad announced that with effect from 27 August
2004, the address and contact numbers of the company would be
changed to the following:
Change description: Registered
Old address: 9577, Jalan SS 16/1, Subang Jaya
47500 Selangor Darul Ehsan
New address: Level 7, Menara Milenium, Jalan Damanlela
Pusat Bandar Damansara, Damansara Heights 50490 Kuala Lumpur
Name of Registrar:
Telephone no: 03-20849000
Facsimile no: 03-20949940
E-mail address: siew.chuan.chua@my.sshsb.com
Effective date: 27/08/2004
ANTAH HOLDINGS: Unveils Unaudited Quarterly Report
--------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Antah
Holdings Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
1 Revenue
38,413 69,445 137,876 274,766
2 Profit/(loss) before tax
-23,660 -223,097 -19,066 -241,899
3 Profit/(loss) after tax and minority interest
-24,162 -222,337 -19,688 -240,607
4 Net profit/(loss) for the period
-24,162 -222,337 -19,688 -240,607
5 Basic earnings/(loss) per shares (sen)
-7.11 -65.46 -5.80 -70.84
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.6100 0.6700
For a copy of its condensed consolidated income statement, go to
http://bankrupt.com/misc/tcrap_antah090104.xls
DATUK KERAMAT: Releases Unaudited Quarterly Report
--------------------------------------------------
Datuk Keramat Holdings Berhad disclosed its unaudited quarterly
report for the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
1 Revenue
51,989 0 192,198 0
2 Profit/(loss) before tax
-9,248 0 -27,950 0
3 Profit/(loss) after tax and minority interest
-8,737 0 -21,801 0
4 Net profit/(loss) for the period
-8,737 0 -21,801 0
5 Basic earnings/(loss) per shares (sen)
-3.64 0.00 -9.08 0.00
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.8400 0.9200
Remarks:
As the Group changed its year-end from 31 March 2003 to 30
September 2003 in previous financial period, there are no
comparative figures for the current quarter and the cummulative
quarter for the preceding year.
For a copy of its condensed consolidated income statements for
the quarter ended 30 June 2004, go to
http://bankrupt.com/misc/tcrap_datuk090104.doc
CONTACT:
Datuk Keramat Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 10050
MALAYSIA
+60 3 2775 1801
+60 3 2775 1802
This Bursa Malaysia announcement is dated 30 August 2004.
GEAHIN ENGINEERING: Issues Practice Note No. 4/2001 Update
----------------------------------------------------------
Geahin Engineering Berhad announced that it is still in the
process of implementing the respective proposals under the
Proposed Restructuring Scheme and that there is no change in the
status of the Company's financial condition pursuant to
paragraph 4.1 (b) of Practice Note No. 4/2001 (PN4) of the Bursa
Malaysia Securities Berhad's Listing Requirements.
CONTACT:
Geahin Engineering Berhad
8999 Kawasan Perindustrian
Batu Berendam
(Fasa IV) Batu Berendam
75350 Melaka
Telephone: 06-2819998
Fax: 06-2813988
Website: www.mssa.org.my/geahin
GEORGE TOWN: Releases Unaudited Quarterly Report
------------------------------------------------
The Bursa Malaysia Securities Berhad announced that George Town
Holdings Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
1 Revenue
51,974 0 192,144 0
2 Profit/(loss) before tax
-3,876 0 -14,315 0
3 Profit/(loss) after tax and minority interest
-4,609 0 -11,404 0
4 Net profit/(loss) for the period
-4,609 0 -11,404 0
5 Basic earnings/(loss) per shares (sen)
-3.75 0.00 -9.28 0.00
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.3700 0.4400
As the Group changed its year-end from 31 March 2003 to 30
September 2003 in previous financial period, there are no
comparative figures for the current quarter and the cumulative
quarter for the preceding year corresponding period.
For more information, go to
http://bankrupt.com/misc/tcrap_georgetown090104.doc
CONTACT:
George Town Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, Malaysia 50300
MALAYSIA
+60 2775 1801
+60 2775 1802
GUNUNG CAPITAL: Audit Committee Member Resigns
----------------------------------------------
Gunung Capital Berhad announced the resignation of its Executive
Director Choy Kah Yew on August 30, 2004.
Date of change: 30/08/2004
Type of change: Resignation
Designation: Member of Audit Committee
Directorate: Executive
Name: Choy Kah Yew
Age: 34
Nationality: Malaysian
Qualifications: Member of Malaysian Institute of Certified
Public Accountant and Malaysian Institute of Accountants
Working experience and occupation: He has considerable
experience in corporate finance
Directorship of public companies (if any): Nil
Family relationship with any director and/or major shareholder
of the listed issuer: Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries: Gunung Capital Berhad - 94,000 ordinary
shares (0.19%)
Composition of Audit Committee (Name and Directorate of members
after change):
1. Ahmad Shalimin bin Ahmad Shaffie (Chairman/Independent Non-
Executive Director)
2. Peter Wong Hoy Kim (Member/Independent Non-Executive
Director)
INNOVEST BERHAD: Bursa Malaysia May Delist Securities
-----------------------------------------------------
Bursa Malaysia Securities Berhad announced its decision to await
the outcome of Innovest Berhad's second appeal to the Securities
Commission (SC) against SC's decision to reject the Company's
application for certain exemptions in respect of its proposed
restructuring scheme (the Proposed Restructuring Scheme).
Pursuant to Paragraph 8.14 of Bursa Securities' Listing
Requirements, the financial condition of a listed company on a
consolidated basis must warrant continued listing on the
Official List of Bursa Securities. If the financial condition of
a public listed company does not warrant continued listing on
the Official List of Bursa Securities, Bursa Securities may de-
list the company.
Bursa Securities had earlier announced on 22 June 2004 that it
had commenced de-listing procedures against the Company.
INNOVEST has failed to regularize its financial condition
pursuant to paragraph 8.14 of the Listing Requirements and
paragraph 5.0 of PN4 and no further extension of time has been
granted to the Company.
After having considered all the facts and circumstances of the
matter and upon consultation with the SC, Bursa Securities has
decided, given the fact that INNOVEST had on 30 June 2004 re-
submitted its appeal dated 4 March 2004 to the SC on its
decision to reject INNOVEST's application for an exemption from
the requirements of Paragraph 6.13(a)(iv) and 6.14(a) of the
SC's Policies and Guidelines in respect of the Proposed
Restructuring Scheme for the re-evaluation by SC on 30 June 2004
(the Second Appeal), Bursa Securities will await the outcome of
the Second Appeal.
In the event SC allows the Second Appeal and INNOVEST obtains
the approval of SC on the Proposed Restructuring Scheme,
INNOVEST must proceed to obtain all the authorities' approvals
necessary for the implementation of the Proposed Restructuring
Scheme and proceed to implement the Proposed Restructuring
Scheme expeditiously within the time frame or extended time
frames stipulated by the relevant authorities (the prescribed
time frames).
Bursa Securities' decision is without prejudice to Bursa
Securities's right to proceed to de-list the securities of
INNOVEST from the Official List of Bursa Securities in the event
that:
(a) the Second Appeal is not allowed by the SC or the Proposed
Restructuring Scheme is not approved by the SC;
(b) the Company fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of the
Proposed Restructuring Scheme ; or
(c) INNOVEST fails to implement the Proposed Restructuring
Scheme within the prescribed time frames stipulated by the
relevant authorities.
Bursa Securities also decided that in the event any one of the
circumstances set out below occurs, the de-listing of the
securities of INNOVEST from the Official List of Bursa
Securities will be effected without any further representations
from INNOVEST and without further consideration of the matter by
Bursa Securities:
(a) the Second Appeal is not allowed by the SC or the Proposed
Restructuring Scheme is not approved by the SC ; or
(b) INNOVEST fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of the
Proposed Restructuring Scheme and the securities of INNOVEST
shall be removed from the Official List of Bursa Securities upon
the expiry of fourteen (14) days from the date INNOVEST is
notified by Bursa Securities or such other date as may be
specified by Bursa Securities.
If INNOVEST has obtained the relevant authorities' approval but
fails to implement the Proposed Restructuring Scheme within the
prescribed time frames, Bursa Securities will consider any
written representations that are filed by the Company (if any)
provided that the same is made within seven (7) days from the
expiry of the prescribed time frames and then proceed to decide
on whether the securities of INNOVEST should be de-listed from
the Official List of Bursa Securities.
Contact:
Innovest Holdings Berhad
Suite 9B.2, Level 9B
Wisma E & C
No. 2 Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-2533373
Fax: 03-2543733
This Bursa Malaysia announcement is dated 30 August 2004.
KILANG PAPAN: Administrators OK Workout Proposal
------------------------------------------------
The Special Administrators of Kilang Papan Seribu Daya Berhad
announced that the workout proposal dated 28 May 2004 (the
Proposal) was approved in accordance with the Pengurusan
Danaharta Nasional Berhad Act 1998 as amended by the Pengurusan
Danaharta Nasional Berhad (Amendment) Act, 2000 (the Act) on 27
August 2004.
Under Section 46(4) of the Act, the Proposal binds the Company,
all members and creditors of the Company and any other person
affected by the Proposal.
Details of the Proposal had been earlier announced in the
announcement dated 22 June 2004, made by Ammerchant Bank Berhad.
This Bursa Malaysia announcement is dated 1 September 2004.
CONTACT:
Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Tel: +60 88 423 385
Tel: +60 88 423 287
KUANTAN FLOUR: Unveils 1H04 Financial Result
--------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Kuantan
Flour Mills Berhad released its unaudited quarterly report for
the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
20,045 26,147 20,045 26,147
2 Profit/(loss) before tax
-1,847 -1,519 -1,847 -1,519
3 Profit/(loss) after tax and minority interest
-1,847 -1,519 -1,847 -1,519
4 Net profit/(loss) for the period
-1,847 -1,519 -1,847 -1,519
5 Basic earnings/(loss) per shares (sen)
-4.10 -3.44 -4.10 -3.44
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
0.9000 0.9400
For a summary of its key financial information for the financial
period ended 30 June 2004, go to
http://bankrupt.com/misc/tcrap_kuantan090104.xls
CONTACT:
Kuantan Flour Mills Berhad
288 Jalan Raja Laut
Kuala Lumpur, KUALA LUMPUR 50350
MALAYSIA
+60 3 7784 3922
+60 3 7784 1988
OCI BERHAD: Unveils 1H04 Financial Result
-----------------------------------------
OCI Berhad announced its unaudited quarterly report for the
financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
1 Revenue
31,406 33,692 117,757 119,321
2 Profit/(loss) before tax
-7,079 -2,755 -15,017 -3,829
3 Profit/(loss) after tax and minority interest
-7,455 -5,285 -16,388 -6,826
4 Net profit/(loss) for the period
-7,455 -5,285 -16,388 -6,826
5 Basic earnings/(loss) per shares (sen)
-17.28 -12.25 -37.98 -15.82
6 Dividend per share (sen)
1.40 1.40 1.40 1.40
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
1.1800 1.5700
This Bursa Malaysia announcement is dated 30 August 2004.
PANGLOBAL BERHAD: Issues Monthly Status Update
----------------------------------------------
The Board of Directors of Panglobal Berhad, in a notice dated 30
August 2004 to the Bursa Malaysia Securities Berhad (Exchange),
presented a monthly status update pursuant to the Practice Note
4/2001 of the Exchange.
Panglobal Berhad announced that there is no new development,
which requires an announcement since the previous monthly
announcement on 2 August 2004.
CONTACT:
Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
MALAYSIA
+60 3 2031 9199
+60 3 2032 3977
PAN PACIFIC: Releases Unaudited Quarterly Report
------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pan Pacific
Asia Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
0 0 0 0
2 Profit/(loss) before tax
-31,969 -27,316 -62,818 -27,294
3 Profit/(loss) after tax and minority interest
-53,279 -27,097 -84,128 -27,985
4 Net profit/(loss) for the period
-53,279 -27,097 -84,128 -27,985
5 Basic earnings/(loss) per shares (sen)
-41.44 -21.07 -65.43 -21.80
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
-4.3400 -3.6900
For more information, go to
http://bankrupt.com/misc/tcrap_panpamalaysia090104.xls
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Tel: 03-77278168
Fax: 03-77271622
PANTAI HOLDINGS: Purchases 32,000 Ordinary Shares on Buy Back
-------------------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Berhad the
details of its shares buy back on August 30, 2004.
Date of buy back: 30/08/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 32,000
Minimum price paid for each share purchased (RM): 0.840
Maximum price paid for each share purchased (RM): 0.850
Total consideration paid (RM): 27,175.66
Number of shares purchased retained in treasury (units): 32,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 23,061,400
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Tel: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
SRI HARTAMAS: Releases Regularization Plan Update
-------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that there is no change to its announcement made on 2
August 2004 on the status of the company's plan to regularize
its financial condition.
On behalf of SHB, Commerce International Merchant Bankers Berhad
had on 31 May 2004 announced that the Securities Commission had,
via its letter dated 27 May 2004, which was received on 31 May
2004, granted its approval to SHB for an extension of time up to
31 December 2004 to complete the implementation of the Proposed
Scheme of Arrangement.
In this respect, the Special Administrators of SHB, the
management of FACB Resorts Berhad and the management of Hartamas
Group Berhad continue to take the necessary steps to fulfil all
the conditions relating to the Proposed Scheme of Arrangement of
SHB.
For further information or explanation, please contact 03-2095
3388 (ext. 8002) or Tan Kim Chuan (ext. 8101).
Yours faithfully
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed
CONTACT:
Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, KUALA LUMPUR 50450
MALAYSIA
+60 3 2167 0600
+60 3 2162 0212
This Bursa Malaysia announcement is dated 1 September 2004.
=====================
P H I L I P P I N E S
=====================
C&P Homes: Unveils Amended 2003 Financial Report
------------------------------------------------
C&P Homes, Inc. (CMP) provided the Philippine Stock Exchange a
copy of its amended Annual Report, using SEC Form 17-A, for the
year ended December 31, 2003.
A copy of CMP's amended Annual Report shall be made available
for downloading at http://bankrupt.com/misc/tcrap_c&p090104.pdf
CONTACT:
C & P Homes, Inc.
Camella Centre, National Road
Las Pi¤as City
Tel. No: 874-5758
Fax No: 872-4697
URL: http://www.crownasia.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.
COLLEGE ASSURANCE: Denies "PVB Rejects Loan Application" Report
---------------------------------------------------------------
College Assurance Plans Philippines, Inc. (CAP) denied media
reports that the Philippine Veterans Bank has rejected a PhP300-
million bridge financing, Business World reports, citing CAP
Director Robert John Sobrepena.
"I don't know how the information got out, but the Veterans
[loan] was approved. There was structure to the agreement, and a
structured draw down so I don't know where the information came
from," Mr. Sobrepena said.
CAP First Vice-President Bobby Cafe said in a telephone
interview that the Veterans Bank board approved CAP's credit
facility on June 10.
Mr. Sobrepena said the loan would be used for operations. He
added that of the PhP300-million loan, PhP200 million was
collateral based.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560
METRO PACIFIC: Clarifies Unit Stake Report
------------------------------------------
This is in reference to the news article entitled "FirstPac
wants bigger stake in Skyway firm" published in the August 31,
2004 issue of the Philippine Daily Inquirer.
The article reported "HONG KONG - First Pacific Co. Ltd wants to
increase its stake in the Indonesian-controlled company that
operates the Skyway in Manila so it could help raise at least
P12.5 billion for the upgrade and integration of the South Luzon
Expressway (Slex) all the way to Batangas port. `Metro Pacific
will take a more active role in the project. This will give us
more equity participation. We are also looking for new capital
for the project as well as (working on a) debt restructuring,'
Pangilinan said."
Metro Pacific Corporation ("MPC"), in its letter to the Exchange
dated August 31, 2004, stated that:
"While Metro Pacific Corporation (`Metro Pacific') cannot
speculate on the intended plans of Hong Kong based First Pacific
Company Limited, we can confirm that work is underway at Metro
Strategic Infrastructure Holdings, Inc. (Metro Strategic), a
subsidiary of Metro Pacific, to develop a business plan for
integrating one or more of the various toll way systems in the
Philippines.
Metro Strategic is working closely with our Indonesian partners
in Citra Metro Manila Tollways Corporation on this initiative;
through our joint participation, we are engaged in discussions
at various levels with government regulatory agencies, as well
as the owners and operators of the other tollway systems.
It is important to stress however, that these discussions are at
an early stage and have not yet advanced to the level where
equity participation by any individual entity has been
determined. A significant degree of preparatory work lies ahead.
Agreement will need to be achieved with the other operators and
a detailed project feasibility and financial study must be
concluded."
For your information.
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group
For Media and Investor Inquiries Contact:
David Nugent
Vice President
Media and Corporate Communications
Metro Pacific Corporation
Tel: (632) 888-0888; 888-0829
MUSIC SEMICONDUCTORS: To Eliminate Capital Deficiency by 2005
-------------------------------------------------------------
Music Semiconductors Corporation is confident that it can wipe
out its capital deficit by the end of the first quarter of 2005,
according to Business World.
But in a press statement, the Company said it is not yet ready
to introduce the stock rights offering that stockholders have
approved last year because of poor market conditions and the
status of the company could not guarantee its success.
Sales from customer projects since 2002 are growing, Music said,
"but they are not enough to offset losses prior to 2002."
CONTACT:
Music Semiconductors Corporation
110 Excellence Ave. corner Accuracy Drive
Special Export Processing Zone 1
Carmelray Industrial Park
Canlubang, Laguna
Tel. No: (049) 549-1480
Fax No: (049) 549-1024
E-mail Address: jos@music-mt.com
URL: http://www.music-corp.com
Auditor: Diaz Murillo Dalupan
Transfer Agent: Stock Transfer Service, Inc.
SOLID CEMENT: DTI May Lift Cease, Desist Order
----------------------------------------------
The Department of Trade and Industry (DTI) may lift the cease
and desist order it filed against Solid Cement Corporation if
the company proves to be compliant with the required quality
standards, reports the Manila Times.
On August 12, the DTI ordered the cement firm to stop its cement
sales after its products failed government quality standard
testing conducted by the Bureau of Product Standards and the
Department of public works and Highways-Bureau of Research and
Standards.
Solid Cement, however, dismissed such allegations and requested
a retest.
The company even threatened to shut down its Antipolo plant
should the retest fail to push through, threatening to lay off
at least 2,000 workers.
The DTI clarified that the order was only for Island Cement and
not on all products manufactured by Solid Cement.
According to a previous TCR-AP report, the cement firm estimated
a loss of PhP68.25 million in the past week because of the ban,
on an average sale of 3,000 tons or 75,000 40-kilogram bags
daily at PhP130 per bag. It placed its market share in Metro
Manila at 40 percent.
=================
S I N G A P O R E
=================
ACE SEAL: Posts Final Dividend Notice
-------------------------------------
Ace Seal Private Limited posted its First and Final Preferential
Dividend Notice on August 27, 2004 on the Singapore Government
Gazette website.
Address of Registered Office: Formerly of 257 Selegie Road
#03-257 Selegie Complex
Singapore 188350
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 30 of 2002
Amount Per Centum: 14.960%
First and Final or otherwise: First & Final Preferential
Dividend
When Payable: 7th July 2004
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Toh Hwee Lian
Senior Assistant Official Receiver
CANSPAR PTE: Issues Notice of Dividend
--------------------------------------
Canspar Private Limited posted its First and Final Preferential
Dividend Notice on the Singapore Government Gazette website on
August 27, 2004.
Address of Registered Office: Formerly of 41 Pioneer Sector 2
Singapore 628392
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 271 of 1995
Last Day for Receiving Proofs: 10th September 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Moey Weng Foo
Assistant Official Receiver.
EXPECT MUSIC: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Expect Music Private Limited by the High Court was, on the 18th
day of August 2004, presented by Yow Lee Chan of 33 Sukhumvit
Soi 3, Soi Nana Nua Klong Toey, Bangkok 10110, Thailand, a
creditor.
The Petition will be heard before the High Court sitting in
Singapore at 10:00 a.m. on 10th September 2004.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by themselves or their counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the company requiring the copy of
the Petition, by the undersigned, on payment of the regulated
charge for the same.
The Petitioner's address is 33 Sukhumvit Soi 3, (Soi Nana Nua)
Klong Toey, Bangkok 10110, Thailand.
The Petitioner's solicitors are Tan & Tan Partnership of 20
Cecil Street, #06-07 Equity Plaza, Singapore 049705.
Tan & Tan Partnership
Solicitors for the Petitioner
Note: Any person who intends to appear at the hearing of the
Petition must serve or send by post to the Petitioner's
Solicitors, Tan & Tan Partnership of 20 Cecil Street, #06-07
Equity Plaza, Singapore 049705, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitors and must be served, or if posted, must be sent by
post in sufficient time to reach the Petitioner's solicitors not
later than twelve o'clock noon of 9th September 2004.
This Singapore Government Gazette notice is dated August 31,
2004.
HESHE HOLDINGS: Net Loss Shrinks to SG$4.85M
--------------------------------------------
Heshe Holdings Limited has posted its full year financial
results ended August 31, 2004.
The company posted a net loss of SG$4.85 million for the current
fiscal year, down from last year's net loss of SG$21.32 million.
Pretax loss shrunk to SG$5.01 million from SG$23.81 previously.
Group share is 1.52 cents.
To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_HESHEHOLSINGS090104.pdf
LEK CHUAN: Final Dividend Notice Issued
---------------------------------------
Lek Chuan Building & Civil Engineering Private Limited, on
August 27, issued a Notice of First and Final Preferential
Dividend on the Singapore Government Gazette website.
Address of Registered Office: Formerly of 298A Upper Paya Lebar
Road Tai Keng Court, Singapore 534931
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 153 of 2002
Amount Per Centum: 10.80%
First and Final or otherwise: First & Final Dividend
When Payable: 20th day of August 2004
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Karen Loh
Assistant Official Receiver
VIKING OFFSHORE: Releases First and Final Dividend Notice
---------------------------------------------------------
Viking Offshore Drilling Private Limited releases its First and
Final Preferential Dividend Notice on August 27, 2004 at the
Singapore Government Gazette.
Address of Registered Office: Formerly of 1 Colombo Court
#07-13/14/15A
Singapore 179742.
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 121 of 1991
Last Day for Receiving Proofs: 10th September 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Moey Weng Foo
Assistant Official Receiver
===============
T H A I L A N D
===============
MANAGER MEDIA: Trading of Securities Remains Suspended
------------------------------------------------------
Manager Media Group Public Company Limited (MGR) has sent
its reviewed financial statements for the period ended 30 June
2004 to the Stock Exchange of Thailand (SET).
The Securities and Exchange Commission (SEC) accepted the
delayed submission of the company's financial statements to 31
August 2004.
Therefore, the SET has lifted the NP (Notice Pending) sign on
the securities of the company and replaced it with the NR
(Notice Received) sign effective on the first trading session of
31 August 2004. However, the SET has still suspended trading of
its securities until the causes of delisting are eliminated.
MANAGER MEDIA: Sells 40Mln Shares on Second Sale
------------------------------------------------
According to Manager Media Group Public Co., Ltd., the company
has performed the Capitalization of 60 million shares at THB3.00
each. The total sales are 39,999,834 shares.
The Plan Management team has proposed the sale of 166 shares to
Miss Kalaya Kodkhuntuek at THB3.00 with Par value at THB1.00 in
total of THB498.00 (Four hundered and ninty eight baht only).
The payment will be received by 31 August 2004.
In conclusion, the total of 40 million shares have been sold at
Par Value THB1.00 in the total amount of THB40 million (Forty
million baht) in accordance with the restoration plan approved
by the court dated 7 June, 2004 as for the fourth step of the
restructuring plan, second revision, p.9.
Please be informed accordingly
Yours faithfully,
Ms.Saowaluck Teeranujunyong
Plan Administrator
CONTACT:
MANAGER MEDIA GROUP PUBLIC COMPANY LIMITED
102/1 PHRA ATHIT ROAD, CHANASONGKHRAM, PHRA NAKHON, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Website: www.manager.co.th
NFC FERTILIZER: Issues Details On Utilization of Proceeds
---------------------------------------------------------
This has reference to the changes of the registered capital of
NFC Fertilizer Public Company Limited (NFC) on May 26, 2004 from
THB64,861,970 to THB3,000,000,000 and the increasing of the
paid-up capital through two newly ordinary shares issued
totaling THB2,421,757,750, the present paid-up capital is
THB2,486,619,720.
C.J. Morgan Company Limited, as the Plan Administrator of NFC,
would like to report the use of proceeds as follows:
(1) On May 26, 2004, the paid-up capital of THB583,757,750 which
consists of the 58,375,775 shares at the par value of THB10 per
share had been subscribed through the debt to equity conversion
for Group 1 and 2 creditors. The proceeds had been used as of
Aug. 30, 2004, as follows:
Estimated Used Actual Used Remaining
(Baht) (Baht) (Baht)
* Debt to
Equity 583,757,750 583,757,750 -
(2) On June 8, 2004, the paid-up capital of THB1,838,000,000
which consists of 183,800,000 shares at the offering price of
THB10 per share has been subscribed for the selected strategic
partner (Private Placement). The proceeds have been used as of
August 30, 2004, as follows:
Estimated Used Actual Used Remaining
(Baht) (Baht) (Baht)
* Paid to
Group1 and
2 creditors 1,588,000,000 1,588,000,000 -
* Working
Capital 250,000,000 250,000,000 -
Total 1,838,000,000 1,838,000,000 -
Please be advised accordingly
Yours respectfully,
Mr. Visoot Kajchamaporn and Mr. Ziriwat Anunkusri
C.J. Morgan Company Limited
On behalf of the Plan Administrator of NFC Fertilizer PCL
CONTACT:
NFC FERTILIZER PCL
LAOPENGNGUAN BLDG 1, FLOOR 17-19,
333 VIBHAVADI RANGSIT ROAD,
CHATU CHAK, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Website: www.nfc.co.th
SRITHAI FOOD: Extends Submission of FS Until September 13
---------------------------------------------------------
Srithai Food & Beverage Public Company Limited had graciously
postponed the submission of quarterly Financial Statement of
2/2547 to 13 September 2004, according to the Letter of SEC
Chor, 1459/2547 dated August 31, 2004 from the Securities and
Exchange Commission Thailand (SEC).
For your kind acknowledgement
Yours very faithfully,
(Mr. Anan Jantranukul)
Executive Director
CONTACT:
SRITHAI FOOD & BEVERAGE PUBLIC COMPANY LIMITED
69 MOO 4 WATKINGKAEW ROAD,
RAJADHEWA, BANG PLEE, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Website: www.srithaifood.thailand.com
SUNTECH GROUP: SET Suspends Trading of Securities
-------------------------------------------------
The Suntech Group Public Company Limited (SUNTEC) has failed to
submit its financial statements as of 30 June 2004 and there has
been at least three consecutive delays in filing its financial
statements.
The Stock Exchange of Thailand's (SET) rules prescribe that
conditions and procedures for the temporary prohibition of
trading of listed securities will take effect on the next day,
and remain in effect until the company has sent the financial
statements to the SET.
The SET has posted an SP (Suspension) sign to temporarily
suspend the trading of SUNTEC's securities due to its failure to
submit its financial statements on time for at least three
consecutive instances.
Therefore, effective 31 August 2004 onwards, this suspension
will remain in effect until SUNTEC submits the required
financial statements.
CONTACT:
SUN TECH GROUP PUBLIC COMPANY LIMITED
U.M. TOWER, FLOOR 17, 9 RAMKHAMHAENG ROAD,
SUAN LUANG, Bangkok
Telephone: 0-2719-9743
Fax: 0-2719-9744
SYNTEC CONSTRUCTION: SET Removes Securities from Rehabco Sector
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The Stock Exchange of Thailand (SET) will transfer Syntech
Construction Public Company Limited's (SYNTEC) securities from
the REHABCO sector to the Property and Construction group under
the Property Development sector effective 10 September 2004.
SYNTEC 's performance now complies with the SET's guidelines as
follows:
- For the 1 year period starting from the third quarter of 2003
to the second quarter of 2004 prior to requesting approval to
transfer to Property Development Sector, it has been disclosing
net operating profits from its core business, a positive
shareholder's equity of THB1,509 million as of 30 June 2004.
- Moreover, SYNTEC has also successfully completed more than 75
percent of its debt-restructuring and has settled its debt on
time. In addition, the company can demonstrate its strong
financial position and performance on a continuous basis.
However, the major shareholder of SYNTEC, Natural Ventures
Co.,Ltd whose prior name was Richee Ventures Holding Co. Ltd.
holding 100 million shares (or 28.53 percent of SYNTEC's paid up
capital at that time) will not enter into a silent period due to
the fact that its securities were already obliged to a 1 year
silent period (May 26,2003 to May 26, 2004) when SYNTEC's
securities were allowed to be traded in the REHABCO sector.
SYNTEC, like other companies leaving the REHABCO sector, is
required to:
(1) Show positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector.
(2) Have a net operating profit from the core business for three
consecutive quarters or one year before submitting the
application.
(3) Have successfully restructured over 75 percent of its total
debt and be able to settle debt on time.
(4) Have the ability to demonstrate its strong financial
position and performance on a continuous basis with a supporting
consideration of the company's cash flows.
CONTACT:
SYNTEC CONSTRUCTION PUBLIC COMPANY LIMITED
555/7-11 SUKHUMVIT 63 ROAD,
KHLONG TON NUA, WATTANA, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330
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