/raid1/www/Hosts/bankrupt/TCRAP_Public/040907.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
Tuesday, September 7, 2004, Vol. 7, No. 177
Headlines
A U S T R A L I A
ADVANX TYRE: Sets Members' Final Meeting on Oct. 7
ALL TRAVEL: Creditors Given Until Sept. 14 to File Claims
AUSTRALIAN INTERIOR: Sets Final Meeting on September 24
ENERGY AUCTIONS: Issues Notice Of Final Meeting
GAZOZ PTY: Creditors Given Until Sept. 15 to File Claims
GLENDENNING FREIGHTERS: To Declare Dividend on Oct. 1
H20 & SNOW: Members Meeting Slated for Sept. 17
HERITAGE FURNITURE: Issues Notice to Declare Dividends
JOHN A: Creditors Given Until Sept. 14 to File Claims
MANUFACTURING & MANAGEMENT: To Declare Dividend on Sept. 14
NATIONAL AUSTRALIA: Roadshow for Securities Commences Sept. 8
ONE.TEL LIMITED: Court Commences Proceeding Against Directors
PAN PHARMACEUTICALS: TGA Argues Third-Party Claims
SANTOS LIMITED: Reinstates Train-B Plant Section
SECURANT TECHNOLOGIES: To Declare Final Dividend on Sept. 21
SONS OF GWALIA: Administrator Assures Creditors of Returns
SYDNEY SLIPWAY: Members Final Meeting Slated for Sept. 29
THE CROWS: Issues Notice of Intention to Declare 1st Dividend
TIMOR PASTORCAL: Sets Members Final Meeting on September 17
TOLENI PTY: Final Members Meeting Slated for Sept. 27
C H I N A & H O N G K O N G
AILEC INTERNATIONAL: Enters Winding Up Proceedings
CHELGATE ASIA: Creditors Must Prove Debts by October 6
GROSVENOR PERFUMERIES: Creditors To Submit Claims on October 6
HIH MANAGEMENT: Sets Meetings of Members and Creditors
HYCOMM WIRELESS: Books Net Loss for FY04
KAM-TRONIC CYBER: To Hold Members' and Creditors' Meetings
MASTER BRIGHTON: Court Hears Winding Up Petition
SILVER TECH: Winding Up Hearing Set September 22
TACK HSIN: Postpones Dispatch of Circular
I N D O N E S I A
BANK PERMATA: PPA Expects Final Bids of 2.39 Times Book Value
BANK PERMATA: PPA To Include Dividend Payment In SPA
BANK PERMATA: Government Denies Foreign Favoritism
PERTAMINA: To Construct Hundreds of New Gas Stations
PERTAMINA: Still Taking Over Cepu Block
J A P A N
DAIEI INCORPORATED: Must Undergo Asset Assessment by IRCJ
JAPAN TOBACCO: To Close U.S. Unit for Leaf Purchasing Support
KANEBO LIMITED: Mulls Sale of Textile Unit's Plant to Sanko
KANEBO LIMITED: Plans Disposal of Battery, Noodle Businesses
SHONANKANKO KAIHATSU: Enters Bankruptcy
SOJITZ HOLDINGS: Clarifies Nikkei Newspaper Article
UFJ HOLDINGS: To Write Off JPY700Bln Bad Loans
*JCR Continues to Place Japanese Bank Merger Players on CM
K O R E A
ASIANA AIRLINES: Overseas Flights Booked for Chuseok Holidays
KOOKMIN BANK: Card Division Proceeds With E-Mart Fee Hike
PAN OCEAN: Sale Likely To Fetch KRW700Bln, Say Observers
M A L A Y S I A
AMSTEEL CORPORATION: Dissolves Dormant Units
ANCOM BERHAD: Issues Shares Buy Back Notice
DATAPREP HOLDINGS: AGM Set for September 28
EKRAN BERHAD: Issues Litigation Update
HARVEST COURT: Clarifies Unit Disposal Report
MECHMAR CORPORATION: Issues Default Status Update
MEDAS CORPORATION: Updates Restructuring Plan
MTD CAPITAL: Releases Shares Buy Back Notice
MWE HOLDINGS: Issues ICULS 1999/2004 Notice
NAIM INDAH: Clarifies New Shares Listing
OSK HOLDINGS: Grants Listing of 16,100 New Ordinary Shares
PARK MAY: Appoints Messrs BDO Binder as Auditor
PILECON ENGINEERING: Releases Default Status Update
QUALITY CONCRETE: Unveils Disposal, Acquisition of Securities
RHB BANK: Unit Appoints New Chief Operating Officer
SUNWAY HOLDINGS: Issues Notice of Rights Entitlement
WOO HING: Issues Debt Restructuring Update
YCS CORPORATION: Bursa Malaysia To Decide on Delisting
P H I L I P P I N E S
BANK OF LA PAZ: Issues Notice to Creditors
BANK OF SAN ANTONIO: Unveils Distribution of Assets
BANK OF TANTANGAN: Faces Liquidation Proceedings
MUSIC SEMICONDUCTORS: Unveils Beneficial Ownership of Securities
NATIONAL POWER: ERC Grants 98 Centavos Rate Hike Per kWh
NATIONAL POWER: Energy Secretary Defends Latest Rate Hike
NEGROS NAVIGATION: Clarifies Rehab Update Report
NEGROS NAVIGATION: Sale Proceeds Not Enough to Pay Debts
PILIPINO TELEPHONE: Unveils Result of Stockholder's Meeting
S I N G A P O R E
CIRCLE INFOCOM: Issues Notice of Intended Preferential Payment
KESFORD PTE: Releases Dividend Notice
KOH BROTHERS: Issues WO41006 Warrants Expiry Notice
LIM POH: Creditors To Prove Debts by October 4
L&M GROUP: Inks Preliminary Deal with BFSD
REGION AIR: Court Issues Winding Up Notice
SINGAPORE TELECOMMUNICATIONS: Court Approves Capital Reduction
UNIQUE PROPERTIES: Sets Final General Meeting October 4
T H A I L A N D
ADVANCE PAINTS: Notifies SET on Postponement of Meeting
MANAGER MEDIA: Releases Second Quarter 2004 Performance
NATURAL PARK: Issues Notice on Minutes of Directors Meeting
POWER-P: Notifies SET on Capital Decrease
TPI POLENE: Issues Clarification on Connected Transaction
* BOND PRICING: For the Week 6 September to 9 September 2004
- - - - - - - - -
=================
A U S T R A L I A
=================
ADVANX TYRE: Sets Members' Final Meeting on Oct. 7
--------------------------------------------------
Notice is given that a final meeting of members of Advanx Tyre &
Rubber Co. Pty Ltd (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street, Sydney, on 7 October 2004 at 10:00
a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.
Dated this 18th day of August 2004
M. C. Smith
Liquidator
McGrathNicol & Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 02 9338 2666
ALL TRAVEL: Creditors Given Until Sept. 14 to File Claims
---------------------------------------------------------
A first and final dividend is to be declared on 14 October 2004
for All Travel Connections Unit Trust.
Creditors whose debts or claims have not been admitted are
required on or before 14 September 2004 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 24th day of August 2004
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
AUSTRALIAN INTERIOR: Sets Final Meeting on September 24
-------------------------------------------------------
Notice is given that the final meeting of members and creditors
of Australian Interior Linings (N.S.W.) Pty Limited (In
Liquidation) will be held at Star Dean-Willcocks, Level 132
Martin Place, Sydney NSW, on Friday 24 September 2004 at 11:15
a.m.
Agenda
(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Thursday 23 September
2004.
Dated this 16th day of August 2004
Nick Malanos
Liquidator
Australian Interior Linings (N.S.W.) Pty Limited (In
Liquidation)
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000.
Telephone: 9223 2944
ENERGY AUCTIONS: Issues Notice Of Final Meeting
-----------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of Energy Auctions Pty Limited (In Liquidation) will
be held at the office of Ferrier Hodgson, Chartered Accountants,
Level 1, 121-123 Crown Street, Wollongong, New South Wales on 27
September 2004 at 10:00 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;
(ii) To consider any other matter properly brought before the
meeting.
Dated this 16th day of August 2004
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
GAZOZ PTY: Creditors Given Until Sept. 15 to File Claims
--------------------------------------------------------
Take notice that creditors of Gazoz Pty Limited (In
Liquidation), whose debts or claims have not been admitted, are
required on or before Wednesday, 15 September 2004, to prove
their debts or claims and to establish any title they may have
to prioritize by delivering or posting to Nick Malanos, Joint
Liquidator, at his address a formal proof of debt or claim in
accordance with form 535 or 536 containing their respective
debts or claims. If they do not, they will be excluded from:
(a) the benefit of any distribution made before their debts or
claims are proved or their priority is established; and
(b) objecting to the distribution.
Dated this 16th day of August 2004
Nick Malanos
Joint Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
GLENDENNING FREIGHTERS: To Declare Dividend on Oct. 1
-----------------------------------------------------
A First and Final Priority Employee Dividend is to be declared
on 1 October 2004 for Glendenning Freighters Pty Limited (In
Liquidation).
Creditors of the above class whose debts or claims have not
already been admitted are required on or before 17 September
2004 to formally prove their debts or claims. If they do not,
they will be excluded from the benefit of the dividend.
Dated this 16th day of August 2004
Schon G. Condon RFD
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
H20 & SNOW: Members Meeting Slated for Sept. 17
-----------------------------------------------
Notice is given that a meeting of the members of H2O & Snow Pty
Limited (In Liquidation) will be held at the offices of
Freshwater Management Pty Ltd, Ste 8A Harbord Village, 1-3 Moore
Road, Harbord on 17 September 2004 at 9:30 a.m.
Agenda
To have an account laid before the meeting showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and hearing any explanation that may be
given by the Liquidator.
Dated this 12th day of August 2004
Brian P. Dunphy
Liquidator
Freshwater Management Pty Ltd
PO Box 663, Harbord NSW 2096
HERITAGE FURNITURE: Issues Notice to Declare Dividends
------------------------------------------------------
A second and final dividend is to be declared to priority
creditors on 22 September 2004 for Heritage Furniture Products
Pty Limited (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 14 September 2004 to formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 17th day of August 2004
David G. Young
Liquidator
William Buck
Chartered Accountants
Level 24, 201 Elizabeth Street,
Sydney NSW 2000
JOHN A: Creditors Given Until Sept. 14 to File Claims
-----------------------------------------------------
A final dividend is to be declared in respect of John A Garrett
Pty Limited.
Creditors whose debts or claims have not already been admitted
are required on or before 14 September 2004 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 16th day of August 2004
I. L. Struthers
Liquidator
c/- Deloitte Touche Tohmatsu
Level 2, 225 George Street, Sydney NSW 2000
MANUFACTURING & MANAGEMENT: To Declare Dividend on Sept. 14
-----------------------------------------------------------
A first and final priority dividend is to be declared on 14
September 2004 for Manufacturing & Management Systems Pty Ltd.
(In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 13 September 2004 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 24th day of August 2004.
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
NATIONAL AUSTRALIA: Roadshow for Securities Commences Sept. 8
-------------------------------------------------------------
National Australia Bank Limited announced in a press release
Friday that it will commence a roadshow for a residential
mortgage-backed securities issue (National RMBS Trust 2004-1).
This will be the National's second residential mortgage-backed
securities issue, with the previous transaction completed in
January 2001. The current transaction will be structured to
include US Dollar Notes, Euro Notes (under a SEC shelf filing)
and Australian Dollar Notes.
The roadshow is expected to commence in Melbourne, Australia on
Wednesday, 8 September 2004, followed by European and United
States roadshows, beginning on Monday, 13 September 2004.
The National has appointed National Australia Bank as the Lead
Manager and Bookrunner in respect of the issue of Australian
Dollar Notes, with Deutsche Bank A.G., Societe Generale,
Australian Branch, and Citigroup as Co-Managers.
The National has appointed Deutsche Bank Securities Inc. as Lead
Manager and Bookrunner in respect of the issue of US Dollar
Notes and Euro Notes. J.P. Morgan Securities Inc., has been
appointed as Co-Lead Manager, while National Australia Bank, SG
Americas Securities, LLC, Societe Generale, London Branch, and
Citigroup will be Co-Managers.
For further information:
Graham Maloney
General Manager, Corporate Finance
Telephone: +61 3 8641 0902 (work)
Ian McLean
Head of Group Funding & Liquidity
Telephone: +61 3 8641 3358 (work)
Samantha Evans
Group Corporate Affairs
Telephone: +61 3 8641 4982 (work)
+61 3 404 883 509 (mobile)
ONE.TEL LIMITED: Court Commences Proceeding Against Directors
-------------------------------------------------------------
The case on the actions of One.Tel Limited's co-founder Jodee
Rich prior to the multi-million dollar collapse of the company
has commenced hearing in a New South Wales Supreme Court,
reports ABC News Online.
The Australian Securities and Investments Commission (ASIC),
which brought a civil action against Mr. Rich and former One.Tel
finance director Mark Silberman, is seeking $92 million in
damages and wants the two banned from managing companies.
ASIC told the Supreme Court that the two directors failed to
take reasonable steps to assess the company's financial
position. The regulator also claims that Mr. Rich and Mr.
Silberman withheld information from the board, including the
erosion of hundreds of millions of dollars in cash reserves.
CONTACT:
One.tel Limited
9 Castlereagh Street
Sydney, Nsw 2000
Australia
Phone: +61 2 97778111
+61 2 97778199
PAN PHARMACEUTICALS: TGA Argues Third-Party Claims
--------------------------------------------------
Therapeutic Goods Administration (TGA) barrister Steven Rares
will tell the Federal Court that the regulator is not liable to
third parties affected by the closure of Pan Pharmaceuticals in
April 2003, according to the Age.
The regulator would also argue that the court examinations of
its employees set to start on September 22 is an attempt by Pan
Pharmaceuticals founder Jim Selim to gather information to
assist his own legal position.
On Wednesday, Justice Arthur Emmett will set aside time to hear
an application from the TGA to discontinue the examinations by
John Sheahan of Sheahan Lock Partners, the administrator of a
small Gold Coast company, Markethaven Pty. Ltd. The
administrator wants the examination to help him decide whether
to sue the TGA for damages.
But according to Mr. Rares, there was no possible basis for such
suit. "We have a duty to protect public health and in doing that
we can't have duties to third parties," he said. "There is no
connection to the examinable affairs of Markethaven because Pan
collapsed because we took Pan's license away."
Mr. Rares said the fact that Mr. Selim funded Mr. Sheahan to
replace Gold Coast insolvency firm Downie & Associates as
Markethaven's administrator in April was also relevant.
This took place three months after Pan's liquidator, Tony
McGrath of McGrathNicol and Partners, sent Mr. Selim a draft
statement of claim seeking hundreds of millions of dollars in
damages over the former chief executive's role in losing the
license.
"We say Mr. Selim is using this process, having the
administrator he's procured to be appointed, in relation to his
defence in proceedings brought by the liquidator of Pan. It has
nothing, in our submission, to do with the examinable affairs of
this company."
TGA's plan to submit public interest arguments would be argued
by Mr. Sheahan's barrister, Justin Gleeson, SC.
TGA recalled 1600 vitamins and herbal products made by Pan.
Markethaven sold under contract by Pan, more than half of the
products and lost $3 million as a result of the recall.
CONTACT:
Pan Pharmaceuticals
Factory and Offices
10-12 Church Road
Moorebank 2170
New South Wales
P.O. Box 566
Moorebank 1875
New South Wales
Australia
Telephone: 61 2 9734 9988
Fax: 61 2 9822 7100
Email: info@panpharma.com.au
SANTOS LIMITED: Reinstates Train-B Plant Section
------------------------------------------------
In a press release, Santos Limited advises that the Moomba
processing plant has been returned to full operating capacity
for natural gas liquids production following the New Year's Day
incident.
The rebuild of the damaged liquids recovery plant section has
been completed with the reinstatement of Train-B.
This follows the start-up of Train-A in June.
With both Train-A and Train-B back to normal, the Moomba plant
is now operating in full liquids recovery mode for the
extraction of natural gas liquids such as LPGs and ethane.
Partial liquids recovery (approximately 70 percent) had been in
operation since Train-A was reinstated in June.
"The reinstatement of Train-B is the final step in returning
Moomba to normal operating capacity," Santos' Managing Director,
Mr. John Ellice-Flint, said Friday.
"This is a significant achievement and was only possible due to
the immense efforts of Santos employees and contractors over the
past eight months.
"Santos also appreciates the support that has been provided by
our customers, the government and pipe-liners."
FOR FURTHER INFORMATION PLEASE CONTACT:
Media enquiries: Investor enquiries:
Kathryn Mitchell Graeme Bethune
(08) 8218 5260 / 0407 979 982 (08) 8218 5157/ 0419 828 617
SECURANT TECHNOLOGIES: To Declare Final Dividend on Sept. 21
------------------------------------------------------------
A final dividend is to be declared on 21 September 2004 for
Securant Technologies Pty Limited (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 20 September 2004 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 24th day of August 2004
KEIRAN HUTCHISON
Liquidator
Securant Technologies Pty Limited (In Liquidation)
Ernst & Young
Level 16, 321 Kent Street,
Sydney NSW 2000.
Telephone: (02) 9248 5555
SONS OF GWALIA: Administrator Assures Creditors of Returns
----------------------------------------------------------
Sons of Gwalia (SoG) administrator Andrew Love of Ferrier
Hodgson announced in a creditors' meeting that the firm's
unsecured creditors will get a return, The Australian reports.
Subdued Sons of Gwalia creditors met at a Perth hotel last
Friday to hear the worst concerning their once respected
company. The meeting resolved to appoint a creditor's committee
of 20 representing the full range of Sons of Gwalia
stakeholders, including employees, trade and financial creditors
and US bondholders.
Mr. Love said the company's liabilities are estimated to be
between $700 million and $800 million. The administrator
reassured employees that their position was covered many, many
times over.
According to Mr. Love, with the company's suite of world-class
assets, a trade sale of SoG's businesses might not be the best
way to go. People have been calling Mr. Love and other Ferrier
Hodgson partners expressing interest to buy the company's gold
assets.
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/
SYDNEY SLIPWAY: Members Final Meeting Slated for Sept. 29
---------------------------------------------------------
Notice is given that a final meeting of members of Sydney
Slipway & Engineering Co. Pty Ltd. (In Voluntary Liquidation)
will be held at Level 9, 10 Shelley Street, Sydney, on 29
September 2004 at 10:00a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.
Dated this 11th day of August 2004
M. C. Smith
Liquidator
McGrathNicol & Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: (02) 9338 2666
THE CROWS: Issues Notice of Intention to Declare 1st Dividend
-------------------------------------------------------------
A first dividend is to be declared on 14 October 2004 for The
Crows Nest Pub Pty Limited.
Creditors whose debts or claims have not already been admitted
are required on or before 14 September 2004 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 24th day of August 2004
R. M. Sutherland
Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000
TIMOR PASTORCAL: Sets Members Final Meeting on September 17
-----------------------------------------------------------
Notice is given that a final meeting of members of Timor
Pastorcal C Pty Limited (In Voluntary Liquidation) will be held
at the liquidator's office, Level 6, 307 Pitt Street, Sydney NSW
on 17 September 2004 at 10:00 a.m.
The purpose of the meeting is to receive the liquidator's
account, showing how the winding up has been conducted, the
property of the company has been disposed of and to receive any
explanation of the account.
Dated this 13th day of August 2004
ROBERT ELLIOTT
Liquidator
Brigden & Partners
Level 6, 307 Pitt Street,
Sydney NSW 2000
TOLENI PTY: Final Members Meeting Slated for Sept. 27
-----------------------------------------------------
Notice is given that the final meeting of the members of Toleni
Pty Limited (In Liquidation) will be held at the offices of
Deloitte Touche Tohmatsu Level 3, 225 George Street, Sydney on
the 27th September 2004, commencing at 11:00 a.m.
AGENDA:
To lay before the meeting an account showing how the winding up
has been conducted and the property of the company has been
disposed of and giving any explanation of the account.
Dated this 16th day of August 2004
I. L. Struthers
Liquidator
c/- Deloitte Touche Tohmatsu
225 George Street, Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
AILEC INTERNATIONAL: Enters Winding Up Proceedings
--------------------------------------------------
A Petition for the Winding up of Ailec International (Hong Kong)
Limited by the High Court of Hong Kong Special Administrative
Region was, on the 23rd day of August 2004, presented to the
said Court by Yang Zhenghong of No. 8 Hui Xin Dong Jie, Chaoyang
District, Beijing City, China.
The said Petition will be heard before the Court at 9:30 am on
the 6th day of October 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.
Foo, Leung & Yeung
Solicitors for the Petitioner
Unit 2, 18th Floor, C.M.A.Building
64 Connaught Road Central
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 5th day of
October, 2004.
CHELGATE ASIA: Creditors Must Prove Debts by October 6
------------------------------------------------------
Notice is hereby given that creditors of Chelgate Asia Limited,
which is being voluntarily wound up, are requested on or before
5:00 p.m. on 6th October 2004 to send in their names and
addresses and particulars of their debts or claims and the names
and addresses of their Solicitors (if any) to the undersigned,
the Joint and Several Liquidator of the above named company.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their debts or claims at such time and
place as shall be specified in such notice.
In default thereof, such creditors will be excluded from the
benefit of any distribution of available funds.
Li Pak Ki
Joint & Several Liquidator
26th Floor, Citicorp Centre
18 Whitfield Road
Causeway Bay
Hong Kong
GROSVENOR PERFUMERIES: Creditors To Submit Claims on October 6
--------------------------------------------------------------
Notice is hereby given that creditors of Grosvenor Perfumeries
Limited, which is being voluntarily wound up, are requested on
or before 5:00 p.m. on 6th October 2004 to send in their names
and addresses and particulars of their debts or claims and the
names and addresses of their Solicitors (if any) to the
undersigned, the Joint and Several Liquidator of the above named
company.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their debts or claims at such time and
place as shall be specified in such notice.
In default thereof, such creditors will be excluded from the
benefit of any distribution of available funds.
Li Pak Ki
Joint & Several Liquidator
26th Floor, Citicorp Centre
18 Whitfield Road
Causeway Bay
Hong Kong
HIH MANAGEMENT: Sets Meetings of Members and Creditors
------------------------------------------------------
Pursuant to Section 247 of the Companies Ordinance (Chapter 32),
a meeting of the members of HIH Management (Asia) Limited (In
Creditor's Voluntary Liquidation) will be held at 2/Floor, Chung
Nam Building, 1 Lockhart Road, Wanchai, Hong Kong on 28th day of
September 2004 at 10:30 a.m. and will be followed by a meeting
of the creditors of the company to be held at the same place at
11:00 a.m. for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the company.
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 2/Floor, Chung Nam
Building, 1 Lockhart Road, Wanchai, Hong Kong not later than
12:00 p.m. on 27 September 2004.
Jan G W Blaauw
Joint and Several Liquidators
This announcement is dated September 3, 2004.
HYCOMM WIRELESS: Books Net Loss for FY04
----------------------------------------
Hycomm Wireless Limited announced on September 3 its financial
results for the fiscal year 2004.
Year-end date: March 31, 2004
Currency: HKD
Auditors' Report: Modified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/04/2003 from 1/04/2002
to 31/03/2004 to 31/03/2003
Note ('000) ('000)
Turnover : 10,554 9,578
Profit/(Loss) from Operations) : (68,422) (46,434)
Finance cost : (4,149) (4,505)
Share of Profit/(Loss) of
Associates : (10) N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (80,134) (116,226)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0274) (0.0566)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit/(Loss) after ETD Items : (80,134) (116,226)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 27/09/2004 to 30/09/2004bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Adoption of Revised Statement of Standard Accounting
Practice (SSAP)
In the current year, the Group has adopted for the first time
the Hong Kong Financial Reporting Standards (HKFRS) - SSAP 12
(Revised) "Income Taxes" (SSAP12 (Revised)) issued by the Hong
Kong Society of Accountants (HKSA).
The term of HKFRS is inclusive of SSAPs and Interpretation
approved by HKSA. In the absence of any specific transitional
requirements in SSAP12 (Revised), the new accounting policy has
been applied retrospectively.
These changes have had an effect on the results of the Group in
both financial years. Accordingly, prior year adjustments have
been made. The net loss for the year ended 31 March 2003 was
increased by HK$428,000 and the accumulated deficit as at 31
March 2003 was increased by HK$588,000.
(2) Loss per share
The calculation of basic loss per share is based on the net loss
for the year of HK$80,134,000 (2003: HK$116,226,000) and on the
weighted average number of 2,926,122,622 shares (2003:
2,054,111,618 shares) in issue during the year.
Diluted loss per share for the year ended 31 March 2004 and 2003
has not been presented because no potential dilutive ordinary
share existed during the years.
KAM-TRONIC CYBER: To Hold Members' and Creditors' Meetings
----------------------------------------------------------
Pursuant to Section 247 of the Companies Ordinance (Chapter 32),
a meeting of the members of Kam-tronic Cyber Tech Limited (In
Creditors' Voluntary Liquidation) will be held at 26/Floor, Wing
On Centre, 111 Connaught Road Central, Hong Kong on 7th day of
October 2004 at 2:30 p.m. and will be followed by a meeting of
the creditors of the company to be held at the same place at
3:00 p.m. for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the company during the year ended 6 July 2004. And of
hearing any explanation that may be given by the liquidators,
and of considering and if thought fit, passing at the creditors'
meeting:
(1) "That pursuant to Section 251 (1) (a) of the Companies
Ordinance, the liquidators be and they are hereby authorized to
exercise any of the powers given by Section 199(1) (d), (e) and
(f) of the said ordinance to a liquidator in a winding up by the
court".
(2) "That an audit of the liquidators' receipts and payments
accounts under Section 255A of the Companies Ordinance shall not
be required."
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 26/Floor, Wing One
Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the meetings.
Lai Kar Yan (Derek)
Darach E. Haughey
Joint and Several Liquidators
This announcement is dated September 3, 2004.
MASTER BRIGHTON: Court Hears Winding Up Petition
------------------------------------------------
Notice is given that a Petition for the Winding up of Master
Brighton Development Limited by the High Court of Hong Kong
Special Administrative Region was, on the 16th day of August
2004, presented to the said Court by Zheng Zhiqiang of No. 5,
Seventh Street, Dongsha Garden, No. 218 Desheng Road, Shiqiao,
Panyu, China.
The said Petition will be heard before the Court at 9:30 am on
the 22th day 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.
Huen & Partners
Solicitors for the Petitioner
Unit 3309-11, 33rd Floor
West Tower, Shun Tak Centre
168-200 Connaught Road Central
Sheung Wan, 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.
SILVER TECH: Winding Up Hearing Set September 22
------------------------------------------------
Notice is given that a Petition for the Winding up of Silver
Tech Enterprise Limited by the High Court of Hong Kong Special
Administrative Region was, on the 10th day of August 2004,
presented to the said Court by P.T. Graha Multi Mulia Cemerlang
of Jln. Tawakal XI No. 1-A Grogol Jakarta 11440, Indonesia.
The said Petition will be heard before the Court at 9:30 am on
the 22nd day 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.
Ivan Tang & Co.
Solicitors for the Petitioner
Room 2001, 20th Floor
Hang Seng Mongkok Building
677 Nathan Road, Kowloon
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.
TACK HSIN: Postpones Dispatch of Circular
-----------------------------------------
Pursuant to Rule 14.38 of the Listing Rules, Tack Hsin Holdings
Limited is required to dispatch its shareholders a circular in
relation to the very substantial disposal transaction within 21
days after the publication of the Announcement on 16 August
2004, that is, on or before 6 September 2004.
As the Company requires more time to finalize the financial
information in the Circular, therefore, the dispatch of the
Circular will be postponed. The Company has applied to the Stock
Exchange for a waiver of Rule 14.38 of the Listing Rules to
postpone the dispatch of the Circular on or before 13 September
2004.
By Order of the Board
Tack Hsin Holdings Limited
Chan Shu Kit
Chairman
This Hong Kong Stock Exchange announcement is dated September 3,
2004.
=================
I N D O N E S I A
=================
BANK PERMATA: PPA Expects Final Bids of 2.39 Times Book Value
-------------------------------------------------------------
State asset management company PT Perusahaan Pengelola Aset
(PPA) president Mohammad Syahrial said he expects final bids for
a 51-percent stake in PT Bank Permata of at least 2.39 times the
bank's book value, reports AFX-UK Focus.
The PPA had earlier set a minimum price of 1.8 times Permata's
book value. However, the five short-listed bidders last week
filed preliminary bids ranging from 1.8 to 2.39 times the bank's
book value as of December 2003.
The PPA chief said the new minimum price has now been set at
2.39 times Permata's book value of IDR258 a share as of June
2004, or IDR616.62. He said the PPA is seeking a higher price
because the potential investors will likely receive Bank
Permata's dividend payment for 2004.
The five shortlisted bidders are Singapore's United Overseas
Bank (UOB), Malaysia's Malayan Banking Bhd and Commerce Asset
Holding Bhd, the consortium of Standard Chartered Bank and PT
Astra International, and a consortium led by PT Bank Panin.
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: PPA To Include Dividend Payment In SPA
----------------------------------------------------
The payment of dividends will be negotiated with the bidders for
a 51-percent stake in PT Bank Permata, and will be included in
the Sales and Purchase Agreement (SPA), reports Indoexchange,
citing state-backed Asset Management Company (PPA) president
director Muhammad Syahrial.
According to the PPA chief, the dividend payment might also be
accomplished by incorporating it into the divestment price
value, so the price can stand at 2.39 times the bank's (audited)
book value in the first semester of 2004. He said that since the
PPA still controls Permata for the June to October 2004 period,
the dividends may also be paid proportionally.
The PPA will also include into the SPA a minimum lock-up of
three years as a measure against the possibility of foreign
investors running away after taking over Bank Permata's stake.
Furthermore, the winning bidder must also contribute to human
resources development and continue to attend to the government's
rights, who would still control 46 percent of the Bank after the
divestment.
BANK PERMATA: Government Denies Foreign Favoritism
--------------------------------------------------
The Indonesian government denied on Friday that it had pushed
local investors aside in favor of foreign ones in the divestment
of its 51-percent stake in PT Bank Permata, reports the Antara
news agency.
The government's denial followed expressions of regret by some
members of the House Commission IX over the lower number of
local investors short-listed for the bid.
"The consortiums (bidding for the stake) also include local
investors," said Finance Minister Boediono. "Should the House
ask me to explain the divestment of the government stake in Bank
Permata, I am ready to do so", he said.
He added, however, the House has issued no official request for
an explanation on the divestment process.
Mr. Boediono also stated that the evaluation of Permata's shares
will be left to teams from the Asset Management Company, the
Finance Ministry, and an independent team. Still, only the
Finance Minister can set the final sale price for Permata's
shares, he added.
PERTAMINA: To Construct Hundreds of New Gas Stations
----------------------------------------------------
In its hopes of eventually controlling at least 20 percent of
Indonesia's gas stations, state-owned oil and gas company PT
Pertamina is planning to build across the country hundreds of
new gas stations, reports The Jakarta Post.
"We want to develop our own gas stations and run them directly.
We'll try to control at least 20 percent of the total, but of
course it will depend on our budget," Pertamina director of
marketing and business Ari Soemarno said on Saturday.
According to Mr. Ari, building one gas station would cost,
excluding the price for the land, some IDR5 billion
(US$538,909).
Of the existing 2,537 gas stations all over Indonesia, only
seven gas stations in Jakarta, Palembang, Medan, Makassar and
Surabaya are owned and operated by Pertamina.
Mr. Ari added that, with the fuel retail sector slated for
liberalization next year, Pertamina is ready to compete with
multinational firms such as BP PLc., ExxonMobil, Shell, Petronas
and Caltex, all of which are interested in entering the oil and
gas downstream sector.
"We really should get ready and be prepared to compete with them
since the liberalization process is drawing near," he asserted.
Pertamina's monopoly rights in the management of fuel
distribution in the country will only be valid until November
2005, states Law No. 22/2001. Therefore, local and foreign
private investors can then enter the downstream sector.
The Downstream Oil and Gas Authority Body (BPH Migas) will act
as the regulator.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
PERTAMINA: Still Taking Over Cepu Block
---------------------------------------
PT Pertamina President Director Widya Purnama insisted the state
oil and gas firm will manage the Cepu block by itself in 2010,
after rejecting in principle the head of agreement (HoA)
submitted by ExxonMobil Oil Indonesia Inc (EMOI), saying it does
not benefit the country, reports the Antara news agency.
After meeting with top ExxonMobil officials on Thursday, Mr.
Widya said, "We will revert to our first option in which we
ourselves will manage the Cepu block."
According to the Pertamina chief, EMOI had conveyed hopes it
could continue to manage the block after its present contract
expires in 2010. Mr. Widya, however, said he did not want to
promise the U.S-based firm anything since he still has to
consult with State Enterprises Minister Laksamana Sukardi and
Pertamina's commissioners.
He said EMOI could continue operating the Cepu block until 2010,
then PT Pertamina would take over the block's management, which
it plans to do in cooperation with other partners.
In order to manage the block, Pertamina would need some US$2
billion in investment funds which could be raised either by
seeking a loan or a bond issue, the Pertamina chief said.
=========
J A P A N
=========
DAIEI INCORPORATED: Must Undergo Asset Assessment by IRCJ
---------------------------------------------------------
Minister of Industrial Revitalization and Administrative Reforms
Kazuyoshi Kaneko has suggested that the Industrial
Revitalization Corp. of Japan (IRCJ) assess the quality of
Daiei's assets before getting involved in the ailing retailer's
rehabilitation, relates the Japan Times.
Daiei and its three main creditor banks have remained at
loggerheads after month-long negotiations over whether the
troubled firm will seek help from the state-backed IRCJ.
UFJ Bank, Mizuho Corporate Bank and Sumitomo Banking Corporation
firmly believe that IRCJ can best help Daiei's restructuring
since the state-backed turn-around body will be allowed to buy
loans from lenders of debt-ridden firms by March.
Daiei must submit itself to a complete asset quality appraisal,
which will take approximately three months, before accepting
IRCJ's aid.
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
JAPAN TOBACCO: To Close U.S. Unit for Leaf Purchasing Support
-------------------------------------------------------------
Japan Tobacco Inc. (JT) (TSE:2914) on August 30 announced on JCN
Newswire that it will close the company's leaf purchasing
support subsidiary, JT Proserve Inc. (JTP), located in Raleigh,
North Carolina, in the United States, in an effort to continue
optimizing the company's overall global leaf purchasing process.
The closure of JTP is scheduled to begin this month.
After the acquisition of RJ Reynolds' international tobacco
operations in 1999, JT pushed for integration in several areas
with respect to the company's leaf purchasing programs for the
entire JT group. This includes unification on the tobacco grades
being procured, purchasing strategies and overall purchasing
methods. In its latest medium-term management plan, "JT PLAN-V,"
JT also stated that the company would optimize its global
tobacco leaf purchasing. In-line with these strategies and in
order to expedite decision-making and to establish a more
efficient business structure, the entire operational function of
JT group's global leaf procurement was integrated into JT
International S.A., a wholly owned subsidiary of JT.
After completion of the integration process, it was determined
that JTP's role in the purchasing of tobacco leaves was no
longer necessary and thus the decision was made to close the
operation.
It is expected that the financial impact of this decision on the
company's consolidated accounts will be minimal.
About Japan Tobacco Inc.
Japan Tobacco Inc. is the world's third largest international
manufacturer of tobacco products. The company manufactures
internationally recognized cigarette brands including Camel,
Winston, Mild Seven and Salem. Since its privatization in 1985,
JT has actively diversified its operations into pharmaceuticals
and foods. The company's net sales were JPY 4.625 trillion in
the fiscal year ended March 31, 2004. JT entered into the
pharmaceutical business in 1987 and established Central
Pharmaceutical Research Institute in 1993. JT is currently
engaged in R&D of new drugs in areas such as metabolic
disorders, anti-viral applications, immune disorders, and
inflammation. Japan Tobacco Inc.
CONTACT:
Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo, 105-8422, Japan
Phone: +81-3-3582-3111
Fax: +81-3-5572-1441
Web site: http://www.jti.co.jp
KANEBO LIMITED: Mulls Sale of Textile Unit's Plant to Sanko
-----------------------------------------------------------
As part of its restructuring scheme, Kanebo Limited plans to
divest its unit's textile factory in Ogaki, Gifu Prefecture to
plastic product maker Sanko Company, reports Japan Today, citing
Kyodo News.
The embattled textile maker, which is undergoing rehabilitation
under the Industrial Rehabilitation Corporation of Japan,
proposed to divest Kanebo Spinning Corp's Ogaki plant in line
with its revival program that features the disposal of the
unprofitable natural fiber business.
CONTACT:
Kanebo Limited
3-20-20, Kaigan
Minato-Ku, Tokyo, 108-0022
Phone: 0354463002
Fax: 0354463003
KANEBO LIMITED: Plans Disposal of Battery, Noodle Businesses
------------------------------------------------------------
Struggling Kanebo Limited is considering selling its battery and
instant noodle operations to real estate developer Shoei Company
and major frozen food producer Katokichi Company, respectively,
Japan Today says.
The plan is part of the firm's rehabilitation efforts under the
state-backed Industrial Revitalization Corporation of Japan.
Kanebo, which received a loan waiver of JPY99.5 billion from its
creditors last month, will also slash its capital by 99.7
percent from JPY31.34 billion to JPY100 million and conduct a
ten-to-one share consolidation, cutting the trading minimum unit
to 100 shares from 1,000.
SHONANKANKO KAIHATSU: Enters Bankruptcy
---------------------------------------
According to Teikoku Databank America, Shonankanko Kaihatsu K.K.
has entered bankruptcy with US$500 million worth of liabilities.
The firm, which managed golf courses, is located in Naka-Gun,
Kanagawa 259-0134.
For more information, please click: http://www.teikoku.com/
SOJITZ HOLDINGS: Clarifies Nikkei Newspaper Article
---------------------------------------------------
Sojitz Holdings Corporation on September 3 disclosed in a press
release its comment on a Nikkei Newspaper Article.
"The Nikkei Newspaper (morning edition) reported September 3
that additional finance of JPY100 billion had been granted to
Sojitz Holdings Corporation, for a total of JPY350 billion, with
the aim of resolving the Company's reconstruction problem and
disposing of losses totaling JPY410 billion in one lump sum.
"As previously disclosed, the Company is currently formulating
its New Business Plan, commencing the current fiscal year, the
details of which are yet to be fully determined."
Hidetoshi Nishimura
President & CEO
Sojitz Holdings Corporation
CONTACT:
Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Website: http://www.sojitz.com
UFJ HOLDINGS: To Write Off JPY700Bln Bad Loans
----------------------------------------------
UFJ Holdings Incorporated plans to eliminate more than JPY700
billion (US$6.33 billion) in bad loans in the first half of the
current fiscal year, compared with its earlier target of JPY210
billion, Reuters reports, citing the daily Mainichi Shimbun.
Beleaguered UFJ expects to hasten the disposal of its bad loans
as it helps expedite the restructuring of its big troubled
borrowers ahead of a planned merger with Mitsubishi Tokyo
Financial Group Incorporated in October.
According to the daily, the increased write-off would cut UFJ's
bad loan ratio to around 3 percent for March 2005, down from the
10 percent reported in June.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Website: www.ufj.co.jp
*JCR Continues to Place Japanese Bank Merger Players on CM
----------------------------------------------------------
Japan Credit Rating Agency Limited (JCR) continues placing the
ratings for the Bank of Tokyo Mitsubishi, Mitsubishi Tokyo
Financial Group, Mitsubishi Trust & Banking, UFJ Bank and UFJ
Trust Bank under Credit Monitor (CM).
Rationale:
Mitsubishi Tokyo Financial Group (MTFG) and UFJ entered into a
basic agreement on their merger on August 12, 2004. MTFG agreed
to provide JPY700 billion to UFJ for recapitalization on the day
before the basic agreement. Feasibility of integration of MTFG
and UFJ group depends on due diligence to be conducted. The
details of the integration plan have not been made clear yet.
JCR continued placing ratings for MTFG and UFG group companies
under Credit Monitor to examine carefully aides to be extended
from MTFG including recapitalization to UFJ and plans for the
merger to be reflected on the ratings.
JCR believes that merger will exert a positive impact on UFJ
group due to support to be extended from MTFG. On the other
hand, MTFG's financial health such as quality of capital will be
lowered due to the merger unless it raises equity anew
externally, although MTFG will be able to acquire clients and
know-how for retail in Kansai and Tokai from UFJ. JCR will pay
attention to the future developments as to size of additional
cost to be borne by it with respect to disposal of bad loans of
UFJ group. JCR will also watch carefully whether or not MTFG
takes measures to retain the financial base as strong as before
and also the size of the measures.
To view the full credit rating release, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS080604.pdf
=========
K O R E A
=========
ASIANA AIRLINES: Overseas Flights Booked for Chuseok Holidays
-------------------------------------------------------------
South Korea's two major carriers have reported a busy flight
schedule for the Chuseok holidays, according to Chosun Ilbo.
Asiana Airlines and Korean Air have reported on Sunday that
flight reservations for popular holiday resorts such as Hong
Kong, Bangkok, Manila, Guam, Sydney and Shanghai are almost full
while a 90 percent reservation rate for New York, LA and Tokyo
has been reached.
For the holiday season, Asiana Airlines will operate 26
additional flights to Tianjin, Narita, Asahikawa, Haikou,
Bangkok and Saipan, while Korean Air will operate 10 more
flights to Sapporo, Bangkok, Manila, Guam, and Hainandao.
However, Asiana's temporary flights for the Korean Thanksgiving
holidays have been cut from 77 last year to 45, while Korean
Air's flights have been reduced to 16 from 105 in 2003.
According to the airlines, the reductions are due to the
prioritization of international routes because of increased oil
prices, not to mention the drastic decline in domestic passenger
traffic due to the emergence of the bullet train.
In order to increase capacity for the holidays, both airlines
are also replacing the aircraft used for flights to Hawaii,
Kungming, and Hanoi with larger models.
CONTACT:
Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230
KOOKMIN BANK: Card Division Proceeds With E-Mart Fee Hike
---------------------------------------------------------
The credit card division of Kookmin Bank has pushed through on
Monday with its plans to increase commission fees charged to E-
Mart, South Korea's biggest discounter, reports Yonhap News.
According to KB Card, it has raised from 1.5 percent of revenues
to 2.2 percent the fees it charges the retailer for using its
card system. The credit card issuer's decision follows a similar
move on Wednesday by BC Card, South Korea's biggest card firm,
which raises commission fees from 1.5 percent to 2.0-2.35 per
cent at the 65 outlets nationwide of E-Mart. The retailer
promptly responded by refusing to accept BC cards at its stores.
Despite the fee increases, however, E-Mart, with the convenience
of consumers in mind, will not terminate contracts with KB Card
and LG Card, whose own fee hike is set to take effect today.
Instead, the discount chain said it will sue the two card firms
for damages as soon as their contracts expire in November.
The commission fee hikes were sought by the credit card firms in
order to make up for income lost with the dwindling of its cash
advance business due to consumers' inability to repay loans.
They argue that raising the fees is the only way for their
operations to normalize.
However, retail stores condemn the hikes as the credit card
companies' move to make retailers scapegoats for their own
business mismanagement. Last Thursday, E-Mart filed a complaint
on Thursday with the country's fair trade watchdog, which has
already launched an investigation into allegations that the
credit card firms colluded for commission fee hikes.
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
PAN OCEAN: Sale Likely To Fetch KRW700Bln, Say Observers
--------------------------------------------------------
The recent shipping boom in South Korea has led industry
observers to forecast that the upcoming sale of Pan Ocean
Shipping Co., Korea's third-largest commercial shipping firm,
may fetch as much as KRW700 billion, reports The Korea Herald.
"Obviously, Pan Ocean is a prestigious company that has a lot to
offer to anybody who ends up buying it," says Jee Heon-seok, an
analyst at Hyundai Securities covering utility and
transportation issues.
A total of seven investors are vying for Pan Ocean, namely: a
consortium comprising STX Group, STX Shipbuilding and STX
Energy, E1 (formerly LG-Caltex Gas Corp.), Dongkuk Steel Mill
Co., Korea Line Corp., Cinokor Merchant Marine, Kumho and
Israeli shipping firm Zodeac Maritime.
Of the seven, shipping industry experts are reportedly pegging
the STX-led consortium as the frontrunner, citing a distinctive
synergy effect.
The sale, which being managed by accounting firm KMPG Samjong,
is set to be concluded next month.
"The results of this merger and acquisition will decide our
fate. Our only hope is that a stable company that is capable of
sound management will take over to help us continue on our path
to recovery," said Kim Deok-ho of Pan Ocean.
After emerging from court receivership in 2002, Pan Ocean has
reported a KRW43.1-billion net profit in 2003. The firm is seen
to rake in a larger net profit this year from estimated sales of
KRW2.5 trillion.
CONTACT:
Pan Ocean Shipping Co. Ltd.
51-1, Namchang-Dong, Jung-Ku,
Seoul 100-778, Korea
===============
M A L A Y S I A
===============
AMSTEEL CORPORATION: Dissolves Dormant Units
--------------------------------------------
Amsteel Corporation Berhad has recently been informed that the
following dormant subsidiaries of the Company, all of which were
incorporated in Hong Kong with a paid-up capital of HK$2.00, had
been dissolved on 21 February 2003:
i) Angkasa Strategic Limited
ii) Cockington Limited
iii) Eusden Limited
The dissolution of the above companies does not have any impact
on the earnings and net tangible assets of the Company.
CONTACT:
Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 2155/2161 3166
Tel: +60 3 2162 3448
ANCOM BERHAD: Issues Shares Buy Back Notice
-------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on September 3, 2004.
Date of buy back: 03/09/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 16,500
Minimum price paid for each share purchased (RM): 0.780
Maximum price paid for each share purchased (RM): 0.810
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 16,500
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,490,400
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my
DATAPREP HOLDINGS: AGM Set for September 28
-------------------------------------------
Dataprep Holdings Berhad announced that its Fifteenth Annual
General Meeting (AGM) will be held at Ballroom 1, Tropicana Golf
& Country Resort Berhad, Jalan Kelab Tropicana, Tropicana Golf &
Country Resort, 47410 Petaling Jaya, Selangor Darul Ehsan on
Tuesday, 28th September 2004 at 11 o'clock in the morning.
CONTACT:
Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Tel no: 603-2539625
Fax no: 603-2539620
EKRAN BERHAD: Issues Litigation Update
--------------------------------------
Further to Ekran Berhad's announcement dated 27 August 2004 in
respect of the unaudited results for the 4th quarter ended 30
June 2004, the Company wishes to announce that it has received a
Writ of Summons from CIMB acting as security agent for itself
and four others, against Ekran and three others for the recovery
of RM36,675,512.72 from Ekran pursuant to a settlement agreement
signed on 28 December 2001.
The Company has instructed its lawyers to defend the Company
against the above action.
CONTACT:
Ekran Berhad
Jalan Parlimen
Kuala Lumpur, SARAWAK 50480
MALAYSIA
+60 82 236908
+60 82 236922
This announcement is dated 2 September 2004.
HARVEST COURT: Clarifies Unit Disposal Report
---------------------------------------------
Further to the announcement made on 30 August 2004 in respect of
the disposal of property by a wholly owned subsidiary, Harvest
Court (M) Sdn. Bhd. (HCM) clarified the following:
1. DETAILS OF THE DISPOSAL
Basis of arriving at the consideration
The aggregating value of the consideration is RM570,000.00 The
sale consideration was arrived through negotiation on a willing
buyer-willing seller basis after taking into consideration the
location and the present state of property.
The net book value of the property as per HCM's latest audited
accounts as at 31st December 2003 was RM561,984.
2. DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors or major shareholders of Harvest Court
Industries Berhad or persons connected to them have any
interest, direct or indirect in the disposal of the property.
CONTACT:
Harvest Court Industries Bhd
Lot 450, Jalan Papan Pandamaran Industrial Area
42000 Port Klang, Selangor Darul Ehsan, Malaysia.
Tel: 603-3165 2218, 603-3165 2517
Fax: 603-3168 1336
Email: harvest@harvestcourt.com
MECHMAR CORPORATION: Issues Default Status Update
-------------------------------------------------
Mechmar Corporation (M) Berhad announced that there is no change
in status in the agreed repayment schedules with lenders. Loans
are being paid down as per agreed installments payments.
For more information, go to
http://bankrupt.com/misc/tcrap_mechmar0906.xls
CONTACT:
Mechmar Corporation (malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
MALAYSIA
+60 3 5569 2828
+60 5569 1316
MEDAS CORPORATION: Updates Restructuring Plan
---------------------------------------------
Medas Corporation Berhad refers to the announcements dated 10
September 2003, 19 November 2003, 8 December 2003, 30 March
2004, 6 April 2004, 28 June 2004, 9 August 2004 and 26 August
2004 in relation to the Proposed Restructuring Scheme.
Pursuant to the Restructuring Agreement, the conditions
precedent for the Restructuring Scheme shall be fulfilled within
one (1) year following the execution of the Restructuring
Agreement or such longer period as may be mutually agreed by
Medas, DAB and the Emerald Principal Shareholders (herein
referred to as Applicable Period), which will expire on 10th
September 2004.
On behalf of the Company, Avenue Securities Sdn Bhd announced
that Medas, DAB and the Emerald Principal Shareholders had on 2
September 2004 agreed to extend the Applicable Period for a
further a further six (6) months, expiring on 10th March 2005.
This announcement is dated 2 September 2004.
MTD CAPITAL: Releases Shares Buy Back Notice
--------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on September 9, 2004.
Date of buy back from: 27/08/2004
Date of buy back to: 27/08/2004
Total number of shares purchased (units): 62,300
Minimum price paid for each share purchased (RM): 2.590
Maximum price paid for each share purchased (RM): 2.620
Total amount paid for shares purchased (RM): 161,917.70
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 62,300
Total number of shares retained in treasury (units): 1,995,900
Number of shares purchased, which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 03/09/2004
Lodged by: MTD Capital Bhd
CONTACT:
MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone: (603) 689-9022
MWE HOLDINGS: Issues ICULS 1999/2004 Notice
-------------------------------------------
The Board of Directors of MWE Holdings Berhad issued a notice to
holders of Irredeemable Convertible Unsecured Loan Stocks
1999/2004 (ICULS 1999/2004) in relation to the last interest
payment and the maturity of the ICULS 1999/2004 for the Exchange
attention:
All enquiries concerning this Notice should be addressed to the
Company's Registrar at the following address:
Metra Management Sdn Bhd
30.02, 30th Floor, Menara Multi-Purpose
Capital Square
No. 8 Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel No: 03-2698 3232
Fax No: 03-2698 0313
For more information, go to
http://bankrupt.com/misc/tcrap_mwe090604.doc
NAIM INDAH: Clarifies New Shares Listing
----------------------------------------
Naim Indah Corporation Berhad's additional 113,757,596 new
ordinary shares of RM0.20 each instead of RM1.00 each arising
from the conversion of RM113,757,596 nominal value of
irredeemable convertible unsecured loan stocks into 113,757,596
new ordinary shares will be granted listing and quotation with
effect from 9 a.m., Monday, 6 September 2004.
Any inconvenience caused is regretted.
CONTACT:
Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411
OSK HOLDINGS: Grants Listing of 16,100 New Ordinary Shares
----------------------------------------------------------
OSK Holdings Berhad's additional 16,100 new ordinary shares of
RM1.00 each issued pursuant to the Executive Share Option Scheme
will be granted listing and quotation with effect from 9 a.m.,
Tuesday, 7 September 2004.
CONTACT:
Osk Holdings Berhad
Jalan Ampang
50450 Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 4388
Tel: +60 3 2161 8254
PARK MAY: Appoints Messrs BDO Binder as Auditor
-----------------------------------------------
On 28 July 2004, AmMerchant Bank Berhad, on behalf of Park May
Berhad, announced that the Securities Commission (SC) has
approved the Proposed Restructuring Scheme, as proposed, vide
its letter dated 27 July 2004 (SC Approval Letter).
The approval of SC on the Proposed Restructuring Scheme is
subject to, inter-alia, the appointment of an independent firm
of auditors (which has the requisite experience in conducting
investigative audits and which is not the existing or previous
auditors of the Park May Group) within two (2) months from the
date of the SC Approval Letter to conduct an investigative audit
so as to ascertain the reasons for the past losses of Park May.
In this respect, AmMerchant Bank, on behalf of Park May, wishes
to announce that the Company had on 3 September 2004 appointed
Messrs BDO Binder as an independent firm of auditors to conduct
the said investigative audit.
The proposed restructuring scheme is comprised of the following:
(a) Proposed acquisitions of six (6) subsidiaries of Kumpulan
Kenderaan Malaysia Berhad (KKMB) by Konsortium Transnasional
Berhad (KTB), the company which will assume the listing status
of Park May pursuant to the Proposed Restructuring Scheme, for a
total purchase consideration of RM85,055,614 to be satisfied by
the issuance of 170,111,229 new ordinary shares of RM0.50 each
(Shares) in KTB (Proposed Acquisitions);
(b) Proposed conditional voluntary offer by KTB to acquire all
the issued and paid-up share capital of Syarikat Kenderaan
Melayu Kelantan Berhad (SKMK), a subsidiary of KKMB, comprising
7,250,620 ordinary shares of RM1.00 each to be satisfied by the
issuance of new Shares in KTB at an issue price of RM0.50 per
Share on the basis of ten (10) new KTB Shares for every one (1)
existing ordinary share of RM1.00 each held in SKMK;
(c) Proposed conditional voluntary offer by KTB to acquire all
the issued and paid-up share capital of Tanjong Keramat Temerloh
Utara Omnibus Berhad (Keramat), a subsidiary of KKMB, comprising
1,054,653 ordinary shares of RM1.00 each to be satisfied by the
issuance of new Shares in KTB at an issue price of RM0.50 per
Share on the basis of seven (7) new KTB Shares for every one (1)
existing ordinary share of RM1.00 each held in Keramat;
(Items (a), (b) and (c) to be collectively referred to as
Proposed Acquisitions Of Bus Companies)
(d) Proposed exchange of all the existing ordinary shares of
RM1.00 each in Park May with new Shares in KTB on the basis of
two (2) new Shares in KTB for every three (3) existing ordinary
shares held in Park May prior to the Proposed Shares
Cancellation (Proposed Share Exchange);
(e) Proposed cancellation of the entire issued and paid-up share
capital of Park May and issuance of new ordinary shares of
RM1.00 each in Park May to KTB;
(f) Proposed debt restructuring of the Company's balance
outstanding Commercial Papers of approximately RM74.0 million
(Proposed Debt Restructuring);
(g) Proposed waiver to KKMB and parties acting in concert with
it from the obligation to extend an unconditional mandatory
general offer for all the remaining Shares not already owned by
them in KTB after the Proposed Acquisitions Of Bus Companies and
Proposed Share Exchange;
(h) Proposed offer for sale / placement of the Shares in KTB
held by KKMB in order to comply with the minimum 25% public
shareholding spread requirement; and
(i) Proposed admission of the entire enlarged issued and paid-up
share capital of KTB to the Official List of the Malaysia
Securities Exchange Berhad and proposed delisting of Park May.
(Items (a) to (i) to be collectively referred to as Proposed
Restructuring Scheme)
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
+60 3 7982 7060
+60 3 7625 4987
The Bursa Malaysia announcement is dated 3 September 2004.
PILECON ENGINEERING: Releases Default Status Update
---------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on 6 August 2004 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB announced that there have
not been any changes to the status of default since then.
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Telephone: (603) 704-1888
QUALITY CONCRETE: Unveils Disposal, Acquisition of Securities
-------------------------------------------------------------
The Board of Directors announced that Quality Concrete Holdings
Berhad has entered into the following disposals and acquisitions
of quoted securities, on various dates as listed below, and for
diverse considerations.
1. Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.
2. Aggregate value of consideration for transactions on 2nd
September, 2004: RM104,351
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.
3. Effect of the transactions on Company:
NTA per share as at 31 January 2004 RM2.2364
NTA per share after the transactions RM2.2176
Gain per share RM0.00002
The Company has on 2nd September, 2004:
(1) acquired 50,000 ordinary shares of RM1.00 each in SCOMI.
(2) disposed off 20,000 ordinary shares of RM1.00 each in
TIMWELL.
The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.
RHB BANK: Unit Appoints New Chief Operating Officer
---------------------------------------------------
RHB Capital Berhad announced the appointment of Mr. Thomas T.C.
Chen as the new Chief Operating Officer (COO) of RHB Bank Berhad
(RHB Bank), the Company's subsidiary, effective 30 August 2004.
Mr. Chen who has a long and distinguished career in the
financial services industry holds a Master of Science Degree in
Business from Carnegie Mellon University and is also a graduate
of the McIntire Graduate School of Banking in United States.
Mr. Chen brings with him more than 22 years of international
banking experience and has held senior management positions in
global and major regional financial institutions such as
Citibank, National Australia Bank, the American International
Group, Riyadh Bank and Saudi Bank. He was also the Chief General
Manager of Gulf Bank in Kuwait prior to joining RHB Bank.
Having global and regional exposure in the United States, Asia
and Middle East, Mr Chen comes with a breadth and depth of
knowledge, understanding of varying market conditions and
challenges as well as wealth of experience covering all aspects
sof banking that shall contribute to the dynamism of the
management at RHB Bank and ensure it remains as one of
Malaysia's leading commercial banks.
CONTACT:
RHB Capital Berhad
Corporate Communications
Tel: 03 - 9280 2536
or Mr. V. Kanesan
Tel: 03 - 9280 2534
Fax at 03 - 21427573
SUNWAY HOLDINGS: Issues Notice of Rights Entitlement
----------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Sunway
Holdings Incorporated Berhad issued a notice of rights
entitlement as follows:
1) Renounceable rights issue of up to 197,183,016 new warrants
in Sunway Holdings Incorporated Berhad (Suninc) (Warrants
(Rights Warrants) at an issue price of RM0.05 per rights warrant
on the basis of seven (7) rights warrants for every twenty (20)
existing ordinary shares of rm1.00 each in Suninc held at 5.00
p.m. on 30 august 2004 (Rights Issue) and
2) Restricted Issue Of Up To 10,107,825 Warrants (Restricted
Warrants) At An Issue Price Of Rm0.05 Per Restricted Warrant To
The Holders Of Options Granted To The Eligible Employees And The
Executive Directors Of Suninc And Its Subsidiaries Pursuant To
The Employees' Share Option Scheme Of Suninc On The Basis Of
Seven (7) Restricted Warrants For Every Twenty (20) Options In
Suninc Held At 5.00 P.M. On 30 August 2004 (Restricted Issue).
Kindly be advised of the following:
1) The Rights commence of trading: [8 September 2004]
2) The Date of Dispatch of the Prospectus and Provisional
Allotment Letter of Offer: [6 September 2004]
3) The last day and time for Acceptance, Renunciation and
Payment: [1 October 2004 @ 5:00pm]
4) The Rights cease quotation: [21 September 2004 ]
The Stock Short Name, Number and ISIN Code [SUNINC-WR, 4308WR
and MYL4308WR008] respectively.
WOO HING: Issues Debt Restructuring Update
------------------------------------------
On behalf of the Special Administrators of Woo Hing Brothers
(Malaya) Berhad (WHB), Commerce International Merchant Bankers
Berhad (CIMB) announced that the Securities Commission (SC) has,
via its letter dated 2 September 2004 (received on 3 September
2004) approved the following:
(1) A third extension of time of five (5) months until 6 January
2005 for the implementation of the Kamdar Proposals.
(2) The moratorium condition on the disposal of 50% of the total
ordinary shares of RM1.00 each and Irredeemable Convertible
Unsecured Loan Stock (ICULS) in Kamdar Group (M) Berhad (KGMB)
to be received by the vendors of the "Revenue-Based Companies"
and "Asset-Based Companies", whereby they are not allowed to
sell, transfer or assign his/her holdings of the KGMB Shares and
KGMB ICULS for one year from the date the KGMB Shares and KGMB
ICULS are listed on Bursa Malaysia Securities Berhad (Bursa
Securities) to be as follows:
s
a) KGMB Shares Number of KGMB Number of KGMB
Vendors Shares held after Shares under
the Proposed moratorium
Acquisitions
1. Harsukhlal A/L Maganlal Kamdar 30,142,179 15,071,090
2. Lalita Jaganath I/K Harsukhlal 7,116,841 3,558,421
3. Kishorchandra A/L Maganlal Kamdar
(deceased)* 8,457,538 4,228,769
4. Ansuya A/P Shantilal Rupani 4,699,191 2,349,596
5. Sharadkumar A/L Kishorchandra 5,553,005 2,776,502
6. Sonal Domadia 1,327,227 663,614
7. Rajnikant A/L B.M. Kamdar 11,975,433 5,987,714
8. Baby @ SudhaKumari A/P Amartlal 749,274 374,637
9. Bipinchandra A/L Balvantrai 14,643,295 7,321,648
10. Mehta Trupti Ratilal 749,274 374,637
11. Hamendra A/L B.M. Kamdar 12,238,297 6,119,148
12. Ila Hemendra Kamdar 681,158 340,579
13. Kamal Kumar Kishorchandra Kamdar 5,159,455 2,579,728
14. Pragna A/P K.M. Kamdar 1,327,227 663,614
15. Paresh R Kamdar 3,392,809 1,696,404
16. Jayesh R Kamdar A/L Rajnikant 3,625,406 1,812,703
17. Khew Siew Keow 2,840,567 1,420,284
18. Yashesh Chandrakant Patel 5,645,841 2,822,921
19. Sharda D/O Naran Dass 2,671,136 1,335,568
20. Paresh A/L Bhanulal Shantilal 562,303 281,152
21. Dipakkumar A/L Vrajlal Premchand 83,692 41,846
22. Jugal Kishor Shivlal 243,925 121,962
23. Patel Vishakha Chandrakant 544,927 272,463
Total 124,430,000 62,215,000
Note:
* In view of his demise, his securities will be dealt with by
the appointed attorneys under the shareholders agreement dated 1
July 2002.
(b) KGMB ICULS Number of KGMB Number of KGMB
Vendors ICULS held after ICULS under
the Proposed moratorium
Acquisitions
1. Harsukhlal A/L Maganlal Kamdar 17,442,000 8,721,000
2. Lalita Jaganath I/K Harsukhlal 4,118,000 2,059,000
3. Kishorchandra A/L Maganlal Kamdar
(deceased)* 4,894,000 2,447,000
4. Ansuya A/P Shantilal Rupani 2,719,000 1,359,500
5. Sharadkumar A/L Kishorchandra 3,214,000 1,607,000
6. Sonal Domadia 768,000 384,000
7. Rajnikant A/L B.M. Kamdar 6,929,000 3,464,500
8. Baby @ SudhaKumari A/P Amartlal 433,000 216,500
9. Bipinchandra A/L Balvantrai 8,473,000 4,236,500
10. Mehta Trupti Ratilal 433,000 216,500
11. Hamendra A/L B.M. Kamdar 7,081,000 3,540,500
12. Ila Hemendra Kamdar 395,000 197,500
13. Kamal Kumar Kishorchandra Kamdar 2,985,000 1,492,500
14. Pragna A/P K.M. Kamdar 768,000 384,000
15. Paresh R Kamdar 1,963,000 981,500
16. Jayesh R Kamdar A/L Rajnikant 2,098,000 1,049,000
17. Khew Siew Keow 1,643,000 821,500
18. Yashesh Chandrakant Patel 3,266,000 1,633,000
19. Sharda D/O Naran Dass 1,546,000 773,000
20. Paresh A/L Bhanulal Shantilal 326,000 163,000
21. Dipakkumar A/L Vrajlal Premchand 49,000 24,500
22. Jugal Kishor Shivlal 141,000 70,500
23. Patel Vishakha Chandrakant 316,000 158,000
Total 72,000,000 36,000,000
Note:
* In view of his demise, the appointed attorneys will deal with
his securities under the shareholders agreement dated 1 July
2002.
On 2 August 2004, CIMB, on behalf of Special Administrators of
WHB and Kamdar Sdn Bhd (KSB), sought an exemption from the SC
from compliance with the condition imposed on the property
bearing the address of No.61, Jalan SS2/64,Petaling Jaya,
Selangor (SS2 Property), whereby prior to the dispatch of
prospectus, KGMB/KSB is to required to submit an undertaking
letter to the SC that it will use its best endeavors to obtain
all approvals from the relevant authorities regarding the
renovations made on the SS2 Property.
The SC in its 2 September 2004 letter rejected the aforesaid
exemptions sought by the Special Administrator of WHB and KSB is
given up to 6 August 2005 to obtain all necessary approvals from
all relevant authorities for the renovations made on the
abovementioned SS2 Property, subject to the following
conditions:
(i) WHB/KGMB is to require making appropriate disclosure on the
status of application to obtain the relevant approvals from
authorities in the quarterly announcement made to the Bursa
Securities until all approvals have been obtained;
(ii) WHB/KGMB is to provide to the SC the status of applications
upon each above said disclosure is made to the Bursa Securities;
and
(iii) WHB/KGMB has to ensure the purchaser/beneficial owner of
the SS2 Property obtains all necessary approvals prior to 6
August 2004. In the event the purchaser/beneficial owner fails
to obtain all the relevant approvals within the stipulated
timeframe, KGMB/KSB required to move its operations from the
said property to another property, which has obtain all the
relevant approvals.
WHB and KGMB will deliberate on the conditions imposed by the SC
and will make the necessary announcement of the outcome of the
same.
Hereinafter referred to as the "Kamdar Proposals"
Proposed Acquisitions;
Proposed Share Swap;
Proposed Restricted Offer For Sale;
Proposed Placement;
Proposed Listing Transfer;
Proposed Main Board Transfer; And
Proposed Disposal Of WHB
CONTACT:
Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
+60 3 2144 1233
+60 3 2142 2228
This announcement is dated 3 September 2004.
YCS CORPORATION: Bursa Malaysia To Decide on Delisting
------------------------------------------------------
Further to the announcement on August 4, 2004 pursuant the
Practice Note 4/2001 of the Bursa Malaysia Securities Berhad,
YCS Corporation Berhad announced that it is waiting for a reply
from Bursa Malaysia Securities Berhad (Bursa Malaysia) on its
appeal for an extension of time to make written representation
as to why the securities of the Company should not be delisted
from the Official List of Bursa Malaysia.
Further development will be announced accordingly.
CONTACT:
Ycs Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Tel: +60 3 80242922
Tel: +60 3 80242911
=====================
P H I L I P P I N E S
=====================
BANK OF LA PAZ: Issues Notice to Creditors
------------------------------------------
The Philippine Deposit Insurance Corporation, as Liquidator of
Rural Bank of La Paz (Abra), Inc. will submit on September 10,
2004 at 8:30 A.M. to the Liquidation Court (Regional Trial Court
of Bangued, Abra Branch 1, Sp. Proc. No. C-910) the Motion for
Approval of Final Project of Distribution of Assets and
Termination of the Liquidation Proceedings.
This PDIC announcement is dated 2 September 2004.
BANK OF SAN ANTONIO: Unveils Distribution of Assets
---------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), as
Liquidator of the closed Rural Bank of San Antonio (Nueva
Ecija), Inc., submitted on August 20, 2004 the Project of
Distribution of the Assets of the said bank for approval of the
Liquidation Court (Regional Trial Court-Branch 34, Gapan City,
Nueva Ecija, Sp. Proc. No. 946).
This PDIC announcement is dated 2 September 2004.
BANK OF TANTANGAN: Faces Liquidation Proceedings
------------------------------------------------
The Philippine Deposit Insurance Corporation, the liquidator of
Rural Bank of Tantangan (South Cotabato), Inc., announced that
on September 3, 2004 at 8:30 a. m. the motion for Approval of
Partial Project of Distribution of Assets of the Rural Bank of
Tantangan (South Cotabato), Inc. will be submitted to the
Liquidation Court (Regional Trial Court of Koronadal City,
Branch 24, Sp. Proc. No. 126) for approval.
This PDIC announcement is dated 2 September 2004.
MUSIC SEMICONDUCTORS: Unveils Beneficial Ownership of Securities
----------------------------------------------------------------
Further to Circular for Brokers No. 3850-2004 dated August 30,
2004, a newly elected director of Music Semiconductors
Corporation (MUSX) furnished the Philippine Stock Exchange a
copy of his SEC Form 23-A (Initial Statement of Beneficial
Ownership of Securities), pursuant to Section 13 of the Revised
Disclosure Rules pertaining to "Disclosure on Transactions of
Directors and Principal Officers in the Issuer's Securities."
A copy of the said document shall be made available at
http://bankrupt.com/misc/tcrap_musicsemiconductors090604.pdf
CONTACT:
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.
NATIONAL POWER: ERC Grants 98 Centavos Rate Hike Per kWh
--------------------------------------------------------
The Energy Regulatory Commission (ERC) has issued an order dated
September 3, 2004 granting Provisional Authority to the National
Power Corporation (NPC), the ERC announced on its Web site. The
order authorizes NPC to increase its rates by an average of PhP
0.9798 per kWh as compared to the requested average increase of
PhP 1.8700 per kWh, a reduction of 48%.
The new generation rates, which will become effective on
September 26, 2004, differ for each grid. Luzon will see an
increase of PhP 1.2318 per kWh while the Visayas will only see
an increase of PhP 0.2202 per kWh and Mindanao an increase of
PhP 0.2665 per kWh. For low consumption lifeline customers the
impact will be offset by lifeline discounts of up to 50%.
Distribution Utilities which sources all of their power from NPC
will also have to raise their rates at the same time as NPC in
order to pass these costs on to their customers. Other
Distribution Utilities such as MERALCO will not be able to pass
on the higher cost until an application under GRAM is filed and
approved. No Distribution Utility will earn additional profits
as a result of this order.
The reduction resulted mainly from corrections in the valuation
methodology used for NPC's rate base, annualization of Ancillary
Service Revenue and exclusion of unsupported losses on foreign
exchange fluctuations.
As Provisional Authority the rate relief is subject to refund
should the final determination of rates be lower than those
authorized in this order.
The ERC will continue to hold more public hearings to receive
additional evidence from all interested parties before the
issuance of its final order. It is the ERC's hope that with the
cooperation of all parties the final order can be issued by the
end of this year.
NPC had requested that the ERC adopt Time of Use rates, which
are designed to charge customers different rates each hour of
the day based on the cost of power actually generated during
that hour. The ERC indicated that more data and additional
analysis are needed before the Time of Use rate design proposed
by NPC can be implemented for all NPC customers. However,
pending this additional analysis, the adoption of time of use
rates as provisionally designed by ERC can be on an optional
basis.
Chairman Rodolfo B. Albano, Jr. said "The Commission is working
hard to assure the public that the rates they pay for
electricity reflect the true cost of providing such service and
nothing more".
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Energy Regulatory Commission
P.O. Box 181, Greenhills, Metro Manila, Philippines
Tel: (632) 631-5816; Fax: (632) 631-5818;
Email: info@erc.gov.ph
NATIONAL POWER: Energy Secretary Defends Latest Rate Hike
---------------------------------------------------------
Energy Secretary Vincent S. Perez Jr. said the latest rise in
electricity rates would help improve the financial viability of
the power industry, the Business World reports.
The Energy Regulatory Board headed by former Isabela Rep.
Rodolfo B. Albano, Jr. has allowed National Power Corporation
(Napocor) a provisional rate increase of an average 98
centavos/kWh. Napocor earlier petitioned for an average increase
of PhP1.87/kWh.
Mr. Perez said the government would make sure the increase would
have minimal impact on poor consumers.
He also said the Energy department would continue to spearhead
energy conservation measures, including public education on
saving electricity.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NEGROS NAVIGATION: Clarifies Rehab Update Report
------------------------------------------------
This is in reference to the news article entitled "Creditors of
Nenaco will get equal treatment, says receiver" published in the
September 3, 2004 issue of The Manila Times (Internet Edition).
The article reported the following: "Debt ridden Negros
Navigation Co., will settle its obligations equally and will not
follow a proposed payment scheme in its rehabilitation plan
listing some obligations as priority payments. The lawyer Monico
Jacob, Nenaco receiver, in an evaluation and recommendation
report, said the shipping firm `treats all creditors equally,
such that there will be no priority payments for the critical
trade suppliers/contractors and secured creditors and that all
outstanding obligations, both secured and unsecured, shall be
restructured under the same terms and conditions.' x x x"
Negros Navigation Co., Inc. ("NN"), in its letter to the
Exchange dated September 6, 2004, disclosed that:
"We cannot confirm the above-mentioned newspaper report because
the same quotes the evaluation and recommendation report of the
rehabilitation receiver which to date we have not yet received."
For your information.
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group
CONTACT:
Pier II, North Harbor
Tondo, Manila
Tel. No: 245-5588
Fax No: 245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
URL: http://www.nenaco.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: Stock Transfer Service, Inc.
NEGROS NAVIGATION: Sale Proceeds Not Enough to Pay Debts
--------------------------------------------------------
Monico V. Jacob, the court-appointed rehabilitation receiver of
Negros Navigation Co. (Nenaco), announced that the sale proceeds
of the shipping firm's assets would not be enough to pay its
debts, Business World reports.
Mr. Jacob prepared a liquidation analysis on the premise that
Nenaco's assets will be disposed on a fire-sale basis within a
period of 90 days.
The results, according to Mr. Jacob's study, are gloomy. "Given
the present domestic economic conditions and the dominance of
one shipping company in the local shipping industry, the
disposition of the assets of the petitioner at fire-sale prices
will not generate sufficient cash to settle all the obligations
of the petitioner," the receiver said in the study, which is
part of the 10-year corporate rehabilitation plan submitted to a
Manila court last Wednesday.
The study revealed that the sale of Nenaco's assets would only
generate some PhP1.208 billion, which is less than half of its
PhP2.5 billion financial obligations.
Mr. Jacob added that the proceeds would only be enough to pay
Nenaco's tax liabilities, 80 percent of the secured obligations
and 50 percent of the financial leasing obligations.
CONTACT:
Negros Navigation Co. (Inc.)
Pier II, North Harbor
Tondo, Manila
Tel. No: 245-5588
Fax No: 245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
URL: http://www.nenaco.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: Stock Transfer Service, Inc.
PILIPINO TELEPHONE: Unveils Result of Stockholder's Meeting
-----------------------------------------------------------
Pilipino Telephone Corporation disclosed that at the Special
Meeting of the Stockholders of the Company held on September 3,
2004, at which meeting there was a quorum throughout, the votes
of at least two-thirds of the outstanding common and preferred
shares of the Company in favor of the approval of the following
actions:
1. Increase in the authorized capital stock from P3,500,000,000,
divided into three (3) classes: 2,760,000,000 shares of Common
Stock with a par value of P1.00 each; 120,000,000 shares of
Class I Preferred Stock with a par value of P2.00 each; and
500,000,000 shares of Class II Preferred Stock with a par value
of P1.00 each, to P12,800,000,000 divided into three (3)
classes: 12,060,000,000 shares of common stock with a par value
of P1.00 each; 120,000,000 shares of Class Preferred Stock with
a par value of P2.00 each; and 500,000,000 shares of Class II
Preferred Stock with a par value of P1.00 each and the
corresponding amendment to Article VII, first paragraph of the
Articles of Incorporation;
2. Amendments to Article III and Article VII. Section 8 of the
Articles of Incorporation, as follows:
(A) Article III - Change in the stated place where the principal
office of the Corporation shall be located from "Municipality of
Makati, Province of Rizal" to "Metro Manila"; and
(b) Article VII, Section 8 (line 26) - change "City of Manila"
to "Metro Manila"
The Company will file the requisite documents and seek the
approval of the Securities and Exchange Commission for the
stated increase in authorized capital stock and amendments to
the Articles of Incorporation of the Company.
CONTACT:
Pilipino Telephone Corporation
25/F, Smart Tower
6799 Ayala Ave., Makati City
Tel. No: 511-6121/6241
Fax No: 817-3345
E-mail Address: dntan@smart.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
For more information, go to
http://bankrupt.com/misc/tcrap_pilipinotel090604.pdf
=================
S I N G A P O R E
=================
CIRCLE INFOCOM: Issues Notice of Intended Preferential Payment
--------------------------------------------------------------
Circle Infocom Private Limited, a company in liquidation, has
issued a notice of Intended Preferential Payment.
Address of Registered Office: c/o The Liquidator's Office
Last day for receiving Proofs: October 1, 2004
Name of Liquidator: Mr. Don M Ho, CPA
Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street #12-02 & 03
Equity Plaza
Singapore 049705.
Phone: 6532 0320 (8 lines)
Fax: 6532 0331.
This Singapore Government Gazette announcement is dated
September 3, 2004.
KESFORD PTE: Releases Dividend Notice
-------------------------------------
Kesford Private Limited, a company in liquidation, posted its
Dividend Notice last September 3, 2004 on the Singapore
Government Gazette.
Address of Registered Office: 61 Club Street Singapore 069436
Last day for Receiving Proofs: 14th September 2004
Name of Liquidator: Robert Tan Ban Seng
Address of Liquidator: 61 Club Street Singapore 069436
Robert Tan Ban Seng
Liquidator
KOH BROTHERS: Issues WO41006 Warrants Expiry Notice
---------------------------------------------------
Koh Brothers Group Limited issued a notice dated September 6
addressed to all holders of warrants to subscribe for new shares
in Koh Brothers Group Limited.
Holders of the Company's Warrants (Warrant holders) who have
sold their Warrants should immediately upon receipt of a copy of
this notice, send it to the purchaser or the bank, stockbroker
or agent through whom the sale was effected for onward
transmission to the purchaser.
In this notice, the term "Warrants" refer to all warrants issued
by the Company, the terms of which are constituted in the
Instrument executed by the Company on 13 September 1999 (the
Deed Poll).
Expiry Of Warrants On 6 October 2004 At 5.00 P.M.
Warrant holders are reminded that in accordance with the terms
and conditions of the Warrants, the subscription rights to
subscribe for new ordinary shares of S$0.10 each (New Shares) in
the capital of the Company will expire at 5.00 p.m. on 6 October
2004, after which time any rights comprised in the Warrants
which have not then been exercised, will lapse and the Warrants
will cease thereafter to be valid for any purpose whatsoever.
Exercise Price
The exercise price of the Warrants is currently S$0.17 for each
New Share (the Exercise Price).
Procedure To Exercise Your Warrants
Warrant holders who wish to exercise their subscription rights
must do so in accordance with the terms and conditions of the
Warrants. In order to exercise the Warrants, a Warrant holder
must complete and sign the exercise notice relating to the
Warrants in the prescribed form (the Exercise Notice). Copies of
the Exercise Notice are obtainable from the Warrant Agent,
Barbinder & Co Pte Ltd at 8 Cross Street #11-00 PWC Building,
Singapore 048424. Completed Exercise Notice must be delivered to
the Warrant Agent not later than 5.00 p.m. on 6 October 2004 and
must include:
(1) A remittance (in Singapore currency) by banker's draft or by
cashier's order drawn on a bank in Singapore made payable to Koh
Brothers Group Limited for the full amount of the aggregate
Exercise Price payable in respect of the Warrants exercised. The
name of the exercising Warrant holder, the number of Warrants
being exercised and the securities account number of the
exercising Warrant holder from which the number of Warrants
being exercised is to be debited should be clearly written on
the reverse side of the banker's draft or cashier's order, as
the case may be;
(2) Furnish such evidence (if any) as the Warrant Agent may
require determining the due execution of the Exercise Notice by
or on behalf of the exercising Warrant holder (including every
joint Warrant holder, if any);
(3) Pay any deposit or other fees for the time being chargeable
by and payable to The Central Depository (Pte) Limited (CDP) if
any, and any stamp, issue, registration or other similar taxes
or duties arising on the exercise of the relevant Warrants as
the Warrant Agent may require; and
(4) Pay any fees for certificates of the new Shares to be issued
and submit any necessary documents required in order to effect
and pay the expenses of, the delivery of certificates for the
New Shares to the place specified by the exercising Warrant
holder in the Exercise Notice.
As the Warrants are registered in the name of CDP, Warrant
holders should note that the exercise of their Warrants is
conditional upon, inter alia, the number of warrants which they
wish to exercise standing to the credit of the "Free Balance" of
their securities accounts with CDP.
If the Warrant holders are not in Singapore, the person
exercising the Warrants on behalf of such Warrant holders must
produce to the Warrant Agent a Power of Attorney from such
Warrant holder authorizing the due execution of the Exercise
Notice by or on behalf of such Warrant holder (including every
joint holder, if any).
Any New Shares arising from such exercise of the Warrants will
rank pari passu for dividends, rights, allotments, or other
distributions with then existing Shares of the Company.
Copies of the Notice dated 6 September 2004 will be sent to all
Warrant holders whose names appear in the Register of Warrant
holders and in the Depository Register as at 2 September 2004.
Warrants certificates registered in the name of a person other
than the CDP shall no longer be acceptable for deposit with CDP
for registration purpose, after 22 September 2004.
Last Day For Trading In Warrants
The last day for trading in the Warrants on the Singapore
Exchange Securities Trading Limited (SGX-ST) will be 29
September 2004 and trading will cease with effect from 9.00 a.m.
on 30 September 2004. The Warrants will then be de-listed from
Official List of the SGX-ST from 7 October 2004.
After The Close Of Business At 5.00 Pm On 6 October 2004, Any
Subscription Rights Under The Warrants Which Have Not Been
Exercised As Aforesaid Will Lapse And Every W041006 Warrant Will
Thereafter Cease To Be Valid For Any Purpose Whatsoever.
Warrant Agent
The address, telephone number and operation hours of the Warrant
Agent are as follows:
Barbinder & Co Pte Ltd
8 Cross Street #11-00 PWC Building Singapore 048424
Phone No.: 6236 4337/4339
Fax No.: 6236 3405
Hours of Operation: Monday to Friday
8.30 a.m. to 1.00 p.m.
2.00 p.m. to 5.30 p.m.
By Order Of The Board
Lee Suyin
Company Secretary
LIM POH: Creditors To Prove Debts by October 4
----------------------------------------------
Notice is hereby given that the Creditors of the Lim Poh
Engineering Pte Ltd, which is being wound up voluntarily, are
required on or before 4th October 2004, to send in their names
and addresses and the particulars of their debts or claims and
the names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the Company.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Chia Soo Hien
Liquidator
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808
This Singapore Government Gazette Notice is dated September 3,
2004.
L&M GROUP: Inks Preliminary Deal with BFSD
------------------------------------------
L&M Group Investments Limited on September 4 disclosed to the
Singapore Stock Exchange that it has signed a non-binding
preliminary understanding with Business Focus Sdn Bhd (BFSB) for
BFSB to inject 35 million ordinary shares in the capital of PSC
Industries Berhad (PSCI) into the Company against the issue of
7.9 billion new shares in the Company. PSCI is a company
incorporated in Malaysia and listed on the main board of the
Bursa Malaysia Securities Berhad. It has interests in Heavy
Engineering; Crane fabrication; naval shipbuilding and ship
repair.
The proposed transaction is subject to the following conditions:
(1) Valuation on the PSCI shares by the Company;
(2) Due diligence by both parties;
(3) Approval of the board of directors and shareholders of both
parties;
(4) All necessary approvals obtained from the relevant listing
authorities in both Singapore and Malaysia;
(5) BFSB obtaining a waiver from having to make a general offer
to acquire all the other issued shares of the Company; and
(6) Parties entering into a formal sales and purchase agreement
to a valuation on the PSCI shares by the Company.
By Order of the Board
Attlee Hue
Company Secretary
REGION AIR: Court Issues Winding Up Notice
------------------------------------------
Notice is hereby given that the creditors of the Region Air Pte
Ltd., which is being wound up by an Order of Court in the
Republic of Singapore on 22nd August 2003, are required on or
before 4th October 2004 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the liquidators.
If so required by the said liquidators, they are to come in
personally and prove their debts or claims as shall be specified
in such notice.
In default thereof, they will be excluded from the benefits of
any distribution made before such proof.
Kon Yin Tong
Liquidator
c/o Foo Kon Tan Grant Thornton at 47 Hill Street,
#05-01 Chinese Chamber of Commerce & Industry Building,
Singapore 179365
This Singapore Government Gazette Notice is dated September 3,
2004.
SINGAPORE TELECOMMUNICATIONS: Court Approves Capital Reduction
--------------------------------------------------------------
Further to the announcement dated 13 August 2004, Singapore
Telecommunications Limited (SingTel) made a disclosure dated
September 3 in the Singapore Stock Exchange that it has lodged
an Order of Court with the Registrar of Companies and Businesses
today, in relation to the capital reduction, and that the
special resolution for the capital reduction that was passed at
the Extraordinary General Meeting of SingTel on 29 July 2004 has
now taken effect.
SingTel also announced that, based on the average of the quoted
exchange rates between the Australian Dollar and the Singapore
Dollar as selected by any Director of SingTel prevailing over
the five market days immediately preceding 3 September 2004
(being the books closure date for the purposes of SingTel's
capital reduction), the exchange rate for determining the
Australian Dollar equivalent of the cash distribution of S$2.36
for each share cancelled is A$1 = S$1.20012.
By Order of the Board
Ms. Chan Su Shan
Company Secretary
To view the Court Order, click on:
http://bankrupt.com/misc/TCRAP_SINGTEL080604.pdf
UNIQUE PROPERTIES: Sets Final General Meeting October 4
-------------------------------------------------------
Notice is hereby given that the Final General Meeting of the
members of the Unique Properties Pte Ltd, will be held at 47
Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365 on 4th October 2004 at 10.00 a.m. for
the following purposes:
(1) To receive an account from the Liquidators showing the
manner in which the winding up has been conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidators.
(2) To determine by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidators,
shall be disposed of.
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
Note: A member entitled to attend and vote at the General
Meeting is entitled to appoint a proxy to attend and vote on his
behalf. All proxies should be deposited at the Liquidators'
Office not less than forty-eight hours before the time for
holding the meeting or any adjournment thereof. A proxy need not
be a member of the Company.
This Singapore Government Gazette Notice is dated September 3,
2004.
===============
T H A I L A N D
===============
ADVANCE PAINTS: Notifies SET on Postponement of Meeting
-------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, the Board of
Directors of Advance Paints & Chemical (Thailand) Public Company
Limited resolved to postpone attending the Extraordinary
Shareholders' Meeting No.1/2004 on Friday, September 3rd, 2004
at 9:00 a.m., due to the number of shares held by shareholders
and their proxy presented at the meeting did not constitute the
quorum as required by both Act of Listed Company and the
Company's Articles of Association (The number of shares
presented were 10,590,801 shares or 4.76 percent of registered
shares capital).
The Board of Directors then resolved to arrange the new date,
time and place of the Extraordinary Shareholders' Meeting
No.1/2004 to be on Wednesday, September 15th, 2004 at 9:00 a.m.,
at the Conference Room of the Company, Bangpa-In Industrial
Estate 344 Moo2, Klongjik, Bangpa-In District, Ayudthaya with
the following agenda:
Agenda 1
To consider and approve the Minutes of Ordinary General Meeting
of Shareholders No.1/2004
Opinion of the Board: The Shareholders meeting is hereby advised
to approve said minutes.
Agenda 2
To consider and approve the decrease of the Company's registered
capital by reducing the par value of the shares in order to
compensate both of discounts on common shares and accumulated
loss of the Company.
Opinion of the Board: The Shareholders meeting is hereby advised
to approve the decrease of the Company's Registered capital per
as above mentioned.
Agenda 3
To consider and approve the change of par value.
Opinion of the Board: The Shareholders meeting is hereby advised
to approve the change of par value.
Agenda 4
To consider and approve the amendment to Article 4 of the
Company's Memorandum of Association in order to be consistent
with the capital decrease as referred to in Agenda 2 and the
change of the par value as referred to in Agenda 3.
Opinion of the Board: The Shareholders meeting is hereby advised
to approve the amendment to Article 4 of the Company's
Memorandum of Association.
Agenda 5
To consider other matters (if any)
The Company would like to inform that the previous closing date
of shareholder's register book remains the same date as the last
information which is August 20, 2004.
Yours Sincerely,
(Mrs. Narumol Punnakitikashem)
Director
CONTACT:
Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871
MANAGER MEDIA: Releases Second Quarter 2004 Performance
-------------------------------------------------------
Manager Media Group Public Co., Ltd. and its subsidiaries issued
to the Stock Exchange of Thailand a report of the company's
performance in the second quarter of 2004.
The net profit is THB11.92 million compared to THB.74 million in
the same period last year. The following are the reasons for
the difference:
In the beginning of 2004, the company has increased the number
of personnel in various sections for the expansion of the
business, which can be seen from the increased revenue at
THB54.98 million (88.46 percent). The implications of the
increased revenue are:
(A) Recruitment of more Account Executives
(B) Adjustment of new Marketing Strategy for new customers
(C) Increase of difference in Advertising Medias
While expenses have increased to THB43.87 million (71.76
percent), both revenue and expenses are an increment of the
continuous investments, which the company has tried to control
within budget.
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
NATURAL PARK: Issues Notice on Minutes of Directors Meeting
-----------------------------------------------------------
Natural Park Public Company Limited disclosed to the Stock
Exchange of Thailand the Notice of Minutes of the company's
Board of Directors Meeting No. 17/2004.
(1) Details of Addition to the Shareholding and Management
Restructuring Plan between Natural Park Public Company Limited
and Pacific Assets Public Company Limited.
(2) Details of Addition to Capital Increase Report Form and
Report of Acquisition and Disposal of Assets.
Natural Park Public Company Limited held the Board of Directors
Meeting No.17/2004 on 3 September 2004 at 2:00 p.m. The
following are the Minutes of the Meeting:
Item 1
The Meeting unanimously resolved to certify the Minutes of the
Board of Directors Meeting No. 16/2004
Item 2
The Meeting unanimously resolved to make an addition to the
Shareholding and Management Restructuring Plan by adding an
option for tender offer of all securities of Pacific Assets
Public Company Limited (PA) from the shareholders of PA.
Previously, payment for shares was determined to be made by
shares of the Company, and the offering price was to be made in
the proportion of four shares of the Company at the par value of
THB10 per share for one share of PA at the par value of THB10
per share, for which cash payment option is not provided:
"With respect to the tender offer for all securities of PA, the
Company offers the following options to the minor shareholders
of PA:
(a) Remuneration in the form of new shares of the Company: the
exchange ratio is four new shares of the Company at the par
value of THB10 per share for one share of PA at the par value of
THB10 per share;
(b) Remuneration in the form of cash: the offering price equals
THB5.86 per share which is the weighted average price five
business days prior to the date of the meeting of the Board of
Directors (August 6, 2004). Any shareholder wishing to receive
a cash payment shall be responsible for a fee of sale at the
rate of 0.25 percent and value added tax at the rate of 7
percent of such fee.
The shareholders not intending to join this program (Remaining
Shareholders of PA) shall receive compensation in the form of
cash from the Company upon transfer of assets and dissolution of
PA under the following conditions:
(1) Calculation of the difference between (a) the average of the
up-to-date (that is not determined over three months before the
date of transfer) appraisal price which will be prepared by two
appraisers (named in the list certified by the Office of the
Securities and Exchange Commission) for the purpose of
acquisition of the assets to be transferred and (b) the book
value of the said assets shall be made (Excess Price) pursuant
to the most recent financial statement audited or reviewed by
the Auditors.
(2) The Company shall make cash payment to the Remaining
Shareholders of PA based on the number of shares held by him/her
at the price per share equaling the Excess Price divided by the
total number of shares of PA at that time (including the shares
of PA held by the Company).
In this regard, the Remaining Shareholders of PA shall be
responsible for taxes on his/her part (if any). With respect to
the payment to the Remaining Shareholders of PA, it will take
some time for preparing and delivering a check. However, the
Company shall do so within 30 days after the Company receives a
transfer of each item of the assets.
(3) The Company shall receive a transfer of all assets from PA
within a period of not more than one year from the completion
date of the tender offer under the shareholding and management
restructuring plan.
(4) The Remaining Shareholders of PA shall receive his/her
dividend based on the book value of PA when PA completes the
dissolution of its business. It is expected that this will take
not more than six months after the Company receives a transfer
of all assets from PA. In this regard, the Remaining
Shareholders of PA shall be responsible for taxes on his/her
part (if any).
With respect to the payment to the Remaining Shareholders of PA,
it will take some time for preparing and delivering a check.
However, the Company shall do so within 30 days after the
Company completes the dissolution of its business.
"The aforesaid additional detail shall be proposed to the
shareholders for consideration at the Extraordinary Shareholders
Meting No. 1/2004 on the date and at the time and place as you
are informed.
Please be informed accordingly.
Sincerely yours,
Natural Park Public Company Limited
Mr. Thowthawal Subhavanich
Executive Director
CONTACT:
Natural Park Public Company Limited
88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
POWER-P: Notifies SET on Capital Decrease
-----------------------------------------
Power-P Public Company Limited by Power-P Planner Company
Limited, the Company's Plan Administrator, hereby would like to
inform you that on April 5, 2004, the Company has already
arranged for the decrease of its paid up capital in accordance
with the Company's Rehabilitation Plan printed on June 26, 2002.
The decrease of paid up capital above has been done by reducing
the amount of ordinary shares from the existing amount of
THB210,000,000.00 divided into 21,000,000.00 ordinary shares,
par value of THB10.00 per share to THB105,000,000.00 divided
into 10,500,000.00 ordinary shares, par value of THB10.00 per
share.
For your kind acknowledgement
Sincerely yours,
(Mr. Veerachai Uahvilaijit)
Power-P Planner Co., Ltd., the Plan Administrator of
Power-P Public Co., Ltd.
CONTACT:
POWER-P PUBLIC COMPANY LIMITED
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2
TPI POLENE: Issues Clarification on Connected Transaction
---------------------------------------------------------
TPI Polene Public Company limited has notified the Stock
Exchange of Thailand (SET) that the Company entered into a lease
agreement to rent the office space from Pornchai Enterprise
Company Limited, the transaction of which was classified as a
connected transaction under the SET's rules and regulations.
Details of the transaction were shown in the company's letter
ref. Thor Hor 38/2547 dated August 30, 2004.
The Company would like to provide additional information on the
above agreements:
(1) Total 3-year period agreement value: THB26,062,992.00
(2) Deposit for rental agreement *: THB868,766.40
(3) Deposit for service agreement *: THB1,303,149.60
Total: THB28,234,908.00
Remarks:
* The deposits for the rental and service agreements as
mentioned above have been paid one time to secure against
damages that might be incurred by the lessee during the 3-year
rental period, with the same terms and conditions as any other
lessee's. The sum of the above deposits will be subsequently
refunded at the end of year 3, when the agreement period
expires, under the condition that there are no damages incurred
by the lessee.
The above transaction is classified as a connected transaction
in the amount of THB28,234,908.00 which is greater than 0.03
percent (THB 10,240,729.80) but less than 3 percent
(THB1,024,072,980) of Net Tangible Assets of the Company as of
June 30, 2004.
Please be informed accordingly
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer
CONTACT:
Tpi Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Website: www.tpipolene.com
* BOND PRICING: For the Week 6 September to 9 September 2004
----------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group 10.000% 4/15/06 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
Amity Oil Ltd. 10.000% 10/31/13 2
APN News & Media Ltd 7.250% 10/31/08 5
Austrim National Radiation Ltd. 9.500% 10/31/04 53
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 8.250% 10/15/04 8
BIL Finance Ltd 8.750% 10/15/04 8
BIL Finance Ltd 8.750% 10/15/05 9
BIL Finance Ltd 9.000% 10/15/04 9
BIL Finance Ltd 9.250% 10/15/06 9
BIL Finance Ltd 10.000% 10/15/04 8
Capital Properties NZ Ltd 8.500% 4/15/05 7
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 9
Citigold Corp. 12.000% 3/29/07 1
Consolidated Minerals Ltd 11.250% 3/31/05 1
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Djerriwarrh Investments Ltd 7.500% 9/30/04 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd. 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 12
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure and Utility 8.500% 9/15/13 8
Minerals Corporation 11.500% 9/30 04 1
NPT Capital Ltd 9.500% 11/30/04 9
Nuplex Industries Ltd 9.300% 9/15/07 8
Powerco Ltd 8.150% 9/1/07 8
Powerco Ltd 8.400% 5/22/07 8
Queensland Treasury Corporation 0.500% 5/19/10 75
Richmond Ltd 10.750% 12/15/04 10
Salomon Smith Barney Australia 4.250% 2/1/09 9
Sapphire Securities 7.410% 9/20/35 7
Sapphire Securities 9.160% 9/20/35 9
Sapphire Securities 9.250% 12/20/06 9
Sky Network Television Ltd 9.300% 10/29/49 8
Software of Excellence 7.000% 8/09/07 1
Strathfield Group 11.000% 12/31/05 1
Structural Systems Ltd 11.000% 6/30/07 1
Sydney Gas Company 12.000% 4/1/06 1
Tower Finance Ltd 8.650% 10/15/09 9
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.500% 9/15/12 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
CHINA
-----
China Government Bond 2.600% 9/20/17 74
China Government Bond 2.900% 5/24/32 62
China Government Bond 3.400% 4/17/23 74
KOREA
-----
Korea Electric Power Corporation 7.950% 4/1/96 61
MALAYSIA
--------
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Artwright Holdings Bhd 5.500% 3/05/07 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 3
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Dataprep Holdings Bhd 4.000% 8/5/05 1
Dataprep Holdings Bhd 4.000% 8/6/07 1
Eden Enterprises (M) Bhd 2.500% 12/2/07 1
Fountain View Development Sdn Bhd 3.500% 11/3/06 5
Furqan Business Organization 2.000% 12/19/05 1
Gadang Holdings Bhd 2.000% 12/24/08 2
Grand Central Enterprises Bhd 5.000% 2/17/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
I-Bhd 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Killinghall Bhd 5.000% 4/13/09 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Emas Bhd 7.000% 11/15/04 1
Kumpulan Jetson 5.000% 11/28/12 1
LBS Bina Group Bhd 4.000% 12/31/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
Lebar Daun Bhd 2.000% 1/6/07 4
Lion Diversified Holdings Bhd 2.000% 6/1/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/5/12 1
Mithril Bhd 8.000% 4/5/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
MWE Holdings 5.500% 10/7/04 1
Naim Indah Corporation 0.500% 8/24/06 1
NAM Fatt Corporation Bhd 2.000% 6/24/11 1
Orlando Holdings Bhd 3.000% 3/16/05 1
OSK Holdings Bhd 3.500% 3/1/05 1
OSK Holdings Bhd 6.000% 3/1/05 1
Pantai Holdings 5.000% 3/28/07 1
Patimas Computer Bhd 6.000% 2/19/06 1
Poh Kong Holdings 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/20/16 1
POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1
Rashid Hussain Bhd 0.500% 12/23/12 1
Rashid Hussain Bhd 3.000% 12/23/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel Bhd 5.500% 7/31/08 2
Tanah Emas Corporation Bhd 2.000% 12/9/06 1
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
Wah Seong Corporation Bhd 3.000% 5/21/12 3
Yu Neh Huat Bhd 3.000% 9/2/08 1
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Rabobank Singapore 1.000% 1/15/13 73
Tampines Assets Ltd 5.625% 12/7/06 1
Tampines Assets Ltd 6.000% 12/7/06 1
Tincel Ltd 7.400% 6/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***