/raid1/www/Hosts/bankrupt/TCRAP_Public/040921.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 21, 2004, Vol. 7, No. 187
Headlines
A U S T R A L I A
ACCESS BROKERAGE: Owner's Family is Biggest Debtor
ACG ENGINEERING: Creditors Must File Claims by September 28
A.C.N. 101: Creditors Given Until September 21 to Prove Claims
A.L. CONTRACTING: To Hold Meeting on October 5
ARAMA HOLIDAYS: To Declare First and Final Dividend on October 1
BLUE RIDGE: Sets September 22 as Date of Final Meeting
BRANDRILL LIMITED: Creditors OK Restructure Under Mizuho
DERBY ST: Final Meeting Slated for September 27
EAST COAST: To Hold Final Meeting on October 7
GOULBURN AIR: General Meeting Slated for September 30
HARAWIRA PTY: To Declare Dividend on October 8
HESSAM PTY: General Meeting Set October 5
JDR HOLDINGS: To Hold Final Meeting on September 30
JOHN K.M.: Sets September 30 as Date of Final Meeting
MAYNE GROUP: Inks Manufacturing Contract with Intas
NEWTEL AUSTRALIA: Issues Notice on Dividend Declaration
NIMBI PAINTING: Sets Members and Creditors Meeting on October 1
PAINTECH PAINTING: To Hold General Meeting on October 5
QANTAS AIRWAYS: Comments on NZ High Court's Decision
SANTOS LIMITED: ATO To Give Ruling on Special Dividend Franking
SONS OF GWALIA: Cabot Eyes Tantalum Mines
TOPMAT PTY: Final Meeting Slated for October 8
C H I N A & H O N G K O N G
ANKOR SERVICE: To Undergo Winding Up Proceedings
BIG RESOURCES: Meetings Set on October 5
CHINA CONSTRUCTION: To Issue HK$200Mln FRCD
DORFLINE LIMITED: To Hold Meetings on October 12
GOLD-FACE HOLDINGS: Court Hears Winding Up Petition
GREAT CONTRACTING: Winding Up Hearing Scheduled October 6
HIN FAI: Appoints Liquidators
HUA WEI: Court Hearing Slated on November 2
IMOEBA GROUP: Winding Up Hearing Set September 22
JADE UNION: Liquidators Appointed
TRIPLENIC REALTY: Creditors Meeting Set October 8
WIN FORTUNE: Enters Winding Up Proceedings
WONDER TECH: Winding Up Hearing Set on September 22
I N D O N E S I A
ASIA PULP: U.S. Creditors Pursuing Assets Worldwide
ASTRA INTERNATIONAL: Mandates Six Firms To Fix Loan
BANK PERMATA: UOB Shortlisted to Bid for 51% Stake
DIPASENA CITRA: To Undergo Asset Revaluation by Government
J A P A N
DAIEI INCORPORATED: IRCJ Begins Asset Evaluation
KOKUSAI KOGYO: Creditors Mull Sale of JPY500Bln Loans
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
SOJITZ HOLDINGS: To Give Up 100 Businesses
UFJ HOLDINGS: MTFG Pours In JPY700Bln Ahead of Schedule
UFJ HOLDINGS: Fitch Assigns Positive Outlook to MTFG Infusion
K O R E A
DAEWOO HEAVY: To Name Two Preferred Bidders Next Month
KOREA EXCHANGE: To Trim Workforce by 985
M A L A Y S I A
ANCOM BERHAD: Purchases 8,000 Ordinary Shares on Buy Back
ANTAH HOLDINGS: Issues Amended Quarterly Report
ANTAH HOLDINGS: Answers Bursa Malaysia Query
AOKAM PERDANA: Issues Court Order Update
CONSOLIDATED FARMS: Posts Practice Note No. 1/2001 Update
FARLIM GROUP: Unveils Financial Assistance Update
GOLDEN FRONTIER: Issues Shares Buy Back Notice
MTD CAPITAL: Purchases 90,000 Ordinary Shares on Buy Back
MYCOM BERHAD: Issues Litigation Update
NALURI BERHAD: Releases Litigation Update
PAN PACIFIC: Unveils Written Representation to Bursa Malaysia
SETEGAP BERHAD: Bursa Securities Issues Public Reprimand
TRU-TECH HOLDINGS: Bursa Securities Imposes Trade Restriction
TRU-TECH HOLDINGS: Releases Default Status Update
P H I L I P P I N E S
MANILA ELECTRIC: Clarifies "Firms Fined for Violations" Report
MAYNILAD WATER: RTC Urged to Refuse Rehab Proposal
MAYNILAD WATER: Foreign Creditors Demand Php50M Payback
NATIONAL POWER: Denies Giving Perks to Board Members
NATIONAL POWER: Faces Big Test With Masinloc Sale
NEGROS NAVIGATION: Creditor Asks Court to Junk Rehab Plan
PHILIPPINE AIRLINES: Chief To Revamp Image, Performance
S I N G A P O R E
CENTRO CONCEPTS: Enters Winding Up Proceedings
CHAMPRISE CHEMICALS: Court Hears Winding Up Petition
PRESTIGE OFFICE: Winding Up Hearing Set October 1
SEASON SILK: Bankruptcy Petition Hearing Slated for October 1
SOH BENG: Winding Up Hearing Scheduled September 24
WEE POH: Issues Statement on Bank Settlement
T H A I L A N D
CHRISTIANI & NIELSEN: Sets Closing Date of Shareholders' Book
DAIDOMON GROUP: Enters Debt Restructuring Deal with Thanachart
SRITHAI FOOD: Extends Submission of Financial Statement
THAI PETROCHEMICAL: All Creditors' Vote Set October 12
THAI PETROCHEMICAL: Founder to File a Petition on Revised Plan
* BOND PRICING: For the Week 20 September to 24 September 2004
- - - - - - - -
=================
A U S T R A L I A
=================
ACCESS BROKERAGE: Owner's Family is Biggest Debtor
--------------------------------------------------
A recent liquidators' report revealed that owner of collapsed
Access Brokerage Bill Garlick and his family is the company's
biggest borrower with AU$638,000 debt, reports The New Zealand
Herald.
The liquidators are currently in talks with Mr. Garlick to
confirm the amount and arrange a repayment scheme.
Mr. Garlick, on the other hand, would not comment on the debt
other than to say: "Ferrier Hodgson has done a good job in my
view so if it's in there it must be correct."
Meanwhile, the liquidators reported that Access' former managing
director Peter Marshall is unavailable for interview for the
past three to four months, as he is still recovering at his
Silverstream home following a second heart bypass operation.
Liquidator Michael Stiassny said that he, together with other
liquidators and investigators, would be pursing the matter.
Access was placed into liquidation on September 6 after
discovery of an AU$5 million hole in client funds. The New
Zealand Exchange (NZX), Serious Fraud Office and Securities
Commission immediately conducted investigations.
The liquidators have confirmed the missing client funds figure
at AU$4.806 million. They also listed AU$267,000 owed to trade
and expense creditors and for employees' unsecured claims.
Before costs, which include the Garlick debt and the AU$204,000
rival Direct Broking will pay for Access' client list, the
failed broker's assets were listed at AU$1.778 million.
Preferential employee claims will cost AU$106,000, leaving
AU$1.343 million to offset liabilities, which is estimated at
AU$3.730 million before liquidation costs.
The liquidators said they were "not yet in a position to comment
in detail on how the significant shortfall has arisen".
CONTACT:
Access Brokerage Limited
Ground Floor, Exchange Place
5-7 Willeston Street
P O Box 1293
Wellington 6015
Call Free: 0800 734 644
Telephone: 04 473 4644
>From Auckland 09 373 4644
Fax: 04 473 4681
E-mail: info@accessbrokerage.co.nz
Web site: www.acessbrokerage.co.nz
ACG ENGINEERING: Creditors Must File Claims by September 28
-----------------------------------------------------------
A first and final dividend is to be declared on 1 October 2004
for ACG Engineering Pty Limited (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 28 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 27th day of August 2004
Ron Dean-Willcocks
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
A.C.N. 101: Creditors Given Until September 21 to Prove Claims
--------------------------------------------------------------
A first and final dividend is to be declared on 28 September
2004 for A.C.N. 101 981 140 Pty Ltd (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 21 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 27th day of August 2004
D. J. F. Lombe
Liquidator
Deloitte Touche Tohmatsu
Level 3, 225 George Street,
Sydney NSW 2000
A.L. CONTRACTING: To Hold Meeting on October 5
----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of A.L. Contracting Pty Limited (In Liquidation) will
be held at the offices of de Vries Tayeh, Level 3, 95 Macquarie
Street, Parramatta NSW 2150 on Tuesday 5 October 2004 at 11:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and how the property of the Company has been disposed of and of
hearing any explanations that may be given by the Liquidator.
Dated this 25th day of August 2004
Riad Tayeh
Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150
ARAMA HOLIDAYS: To Declare First and Final Dividend on October 1
----------------------------------------------------------------
A first and final dividend is to be declared on 1 October 2004
for Arama Holidays Pty Limited (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 28 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 27th day of August 2004
Ron Dean-Willcocks
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
BLUE RIDGE: Sets September 22 as Date of Final Meeting
------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Blue Ridge Engineering Services Pty Limited (In
Liquidation) will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney NSW 2000 on Wednesday 22 September 2004 at 11:00
a.m.
The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.
BUSINESS
(1) To receive a report from the Liquidators, being an account
of their acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 22 September
2004.
(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidators be empowered to destroy
all books and records of the company on completion of all
duties.
(3) Any other business that may be considered with the
foregoing.
Dated this 24th day of August 2004
Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
BRANDRILL LIMITED: Creditors OK Restructure Under Mizuho
--------------------------------------------------------
Creditors of cash-strapped Brandrill Limited approved a
restructuring scheme under a Japanese-controlled investment
group despite efforts by rival Ausdrill to make a pitch for
Brandrill's operating assets, The West Australian says.
Brandrill creditors, including more than 100 employees of the
Pinjarra-based group, on Friday voted in favor of a deed of
arrangement presented by Brandrill directors, featuring a
takeover bid by Mizuho International.
The creditors declined to honor Ausdrill's request to adjourn
their meeting for a month so they could consider a proposal
offered by Ausdrill with Brandrill administrator Tony Douglas-
Brown.
Ausdrill's offer to kick AU$2.4 million into an alternative deed
of arrangement and provide a return to Brandrill creditors of
11.55cents-in-the-dollar had included a range of conditions,
including Ausdrill being able to acquire debts from Mizuho and
other major creditors.
However, Mizuho opted not to sell its debt to Ausdrill. Instead,
the Japanese firm acquired AU$4.8 million in debts owed by
Brandrill to secured creditor Commonwealth Bank.
Brandrill fell into administration in June after two years of
financial difficulty resulting from unprofitable underground
mining contracts
CONTACT:
Brandrill Limited
Lot 333, Harries Way,
PINJARRA, AUSTRALIA, 6208
Telephone: 08 9531 1777
Fax: 08 9531 2188
Web site: http://www.brandrill.com.au/
DERBY ST: Final Meeting Slated for September 27
-----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act, the final meeting of Members of Derby St
Properties Pty Limited (In Liquidation) will be held at the
offices of de Vries Tayeh of Level 3, 95 Macquarie Street,
Parramatta, on 27 September 2004 at 10:00 a.m. for the purpose
of laying before the meeting the Liquidators' final account and
report and giving any explanation thereof.
Dated this 26th day of August 2004
Antony De Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street,
Parramatta 2150
EAST COAST: To Hold Final Meeting on October 7
----------------------------------------------
Notice is given that a final meeting of the members and
creditors of East Coast Budget Bumperss And Auto Parts Pty
Limited (In Liquidation) will be held at Rodgers Reidy, Level 8,
333 George Street, Sydney on Thursday, 7 October 2004 at 4:30
p.m.
AGENDA
(a) To receive an account from the Liquidator.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.
Robert Moodie
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
GOULBURN AIR: General Meeting Slated for September 30
-----------------------------------------------------
Notice is hereby given pursuant to Subsection 509(3) and
(4) of the Corporations Act 2001, that a general meeting of
members of Goulburn Air Service Pty Ltd (In Voluntary
Liquidation) will be held at 163 Rossiville Road Goulburn NSW
2580, on 30 September 2004 at 10:00 a.m. for the purpose of
receiving a set of accounts and statements from the liquidator,
showing how the winding up of the company has been conducted,
and how the property of the company has been disposed of and
hearing from the liquidator any necessary explanations.
Dated this 26th day of August 2004
Anthony M. Long
Liquidator
c/- Boyce Chartered Accountants
19 Montague Street, Goulburn
HARAWIRA PTY: To Declare Dividend on October 8
----------------------------------------------
A second and final dividend is to be declared on the 8th day of
October 2004 for Harawira Pty Limited (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before the 14th day of September 2004,
formally to prove their debts or claims. If they do not, they
will be excluded from the benefit of the dividend.
Mark Roufeil
Liquidator
Level 9, 31 Market Street,
Sydney NSW 2000
HESSAM PTY: General Meeting Set October 5
-----------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of Hessam Pty Ltd (In Liquidation) will be held at the
offices of de Vries Tayeh, Level 3, 95 Macquarie Street,
Parramatta NSW 2150 on Tuesday 5 October 2004 at 10:30 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company has been disposed of and of hearing any
explanations that may be given by the Liquidator.
Dated this 25th day of August 2004
Riad Tayeh
Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150
JDR HOLDINGS: To Hold Final Meeting on September 30
---------------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of JDR Holdings 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 30
September 2004 at 10:05 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 24th day of August 2004
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
JOHN K.M.: Sets September 30 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members of John K.M. Ross
Pty Ltd (In Liquidation) will be held at the office of Whiles
Douglas & Friedlieb, 20 Peter Street, Wagga Wagga NSW 2650, on
the 30th day of September 2004 at 10:00 a.m. for the purpose of
laying before the meeting the Liquidator's final account and
report and giving any explanation thereof.
Dated this 25th day of August 2004
David L. Friedlieb
Liquidator
MAYNE GROUP: Inks Manufacturing Contract with Intas
---------------------------------------------------
Mayne Group Limited announced yesterday that it signed an
agreement with Intas Pharmaceuticals (Intas) to contract
manufacture one of the major cytotoxic products in Mayne's new
product pipeline.
As a result of this agreement, Mayne will now have access to
contract manufacturing in a patent-friendly, low-cost
environment, ensuring Mayne can capitalize on its global sales
and marketing presence to access all international markets in a
timely and cost-effective manner.
Intas, based in Ahmedabad, India, is a leading formulation
company ranked 20th in India as per IMS data and has a state of
the art manufacturing facility for injectable and oral solid
cytotoxic and non - cytotoxic formulations. The company is
focused on offering contract manufacturing services to the
western pharmaceutical market.
Consistent with this announcement and other initiatives Mayne is
pursuing in the region, the Company also announced the
establishment of an Indian office based in Mumbai that will
manage quality, manufacturing and other commercial activities.
Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in international specialty pharmaceuticals
(the manufacture of injectable and oral pharmaceuticals for
distribution to more than 50 countries), diagnostic services
(pathology, diagnostic imaging and medical centers), pharmacy,
and health-related consumer products.
CONTACT:
Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
Media and investor inquiries:
Larry Hamson, General Manager Corporate Relations
Phone: 03 9868 0380
Mobile No: 0407 335 907
NEWTEL AUSTRALIA: Issues Notice on Dividend Declaration
-------------------------------------------------------
A first & final dividend is to be declared on the 21st of
September 2004 in respect of Newtel Australia Pty. Limited.
Creditors whose debts or claims have not already been admitted
are required on or before the 21st September 2004 formally to
prove their debts or claims. In default, they will be excluded
from the benefit of the dividend.
Dated this 31st day of August 2004
Steven Nicols
Official Liquidator
Nicols & Brien
Level 2, 350 Kent Street, Sydney
Telephone: (02) 9299 2289,
Facsimile: (02) 9299 2239.
Web site: www.bankrupt.com.au
NIMBI PAINTING: Sets Members and Creditors Meeting on October 1
---------------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Nimbi Painting Pty Ltd (In Liquidation) will be
held at Hall Chadwick Level 29, 31 Market Street, Sydney, NSW on
the 1st of October 2004 at 10:00 a.m.
The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.
BUSINESS
(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on the 1st of
October 2004.
(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the company on completion of all duties.
(3) Any other business.
Dated this 31st day of August 2004
Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
PAINTECH PAINTING: To Hold General Meeting on October 5
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of Paintech Painting Contractors Pty Ltd (In
Liquidation) will be held at the offices of de Vries
Tayeh, Level 3, 95 Macquarie Street, Parramatta NSW 2150 on
Tuesday 5 October 2004 at 10:00 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and how the property of the
Company has been disposed of and of hearing any explanations
that may be given by the Liquidator.
Dated this 25th day of August 2004
Riad Tayeh
Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150
QANTAS AIRWAYS: Comments on NZ High Court's Decision
----------------------------------------------------
Qantas said in a press release dated September 20 that it was
disappointed in the New Zealand High Court's decision to reject
a proposed equity alliance between Qantas and Air New Zealand.
The Chief Executive Officer of Qantas, Geoff Dixon, said the
decision confirmed the New Zealand Commerce Commission's narrow
view of competition and consumer interests.
"This outcome ignores both the reality of market-distorting
Government ownership and intervention in the global aviation
industry and the major structural changes that are occurring
around the world," Mr. Dixon said.
"The competition provided today by Air New Zealand is only
possible because the New Zealand Government invested NZ$885
million of public funds in Air New Zealand in late 2001.
"While this decision is understandable in the context of New
Zealand aviation, true market forces were not allowed to operate
- a position being repeated almost daily in the aviation
industry around the world.
"Today's decision also contrasts with the marked trend toward
consolidation in the aviation industry," Mr. Dixon said.
"Air France and KLM have been permitted to merge to form the
largest airline group in the world.
"British Airways, when it sold its investment in Qantas earlier
this month, stated that a prime reason for the sale was to allow
it to participate in the inevitable consolidation of the
European aviation industry."
Mr. Dixon said that although an appeal to the New Zealand Court
of Appeal was possible, Qantas would not take this option.
"We need to move on," he said.
Mr. Dixon said Qantas would hold talks with Air New Zealand
about possible opportunities to work together in areas not at
odds with competition law.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, Nsw, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
SANTOS LIMITED: ATO To Give Ruling on Special Dividend Franking
---------------------------------------------------------------
Santos Limited notified those Reset holders that elect to have
their resets redeemed and reinvested in FUELS, that they are
entitled to a Special Dividend of $5 for each FUEL so issued.
In section 8 of the FUELS Prospectus, it is stated that the ATO
has been asked to give a class ruling on the franking of the
Special Dividend and that "The final class ruling is expected to
confirm that the Special Dividend can be fully franked".
A number of Reset holders have asked as to when the ATO class
ruling will be available. The ATO has advised that the class
ruling has been approved in a similar form to the draft and will
be gazetted on 29 September 2004, from which date it will have
legal effect. The class ruling will be available from the ATO
website (www.ato@gov.au) from 2pm on 30 September 2004. Santos
expects the Special Dividend to be fully franked based on its
discussions with the ATO.
If you have any questions about the issue of FUELS and the
Resets Redemption and Buyback, please call the Santos
Information Line on 1300 733 636.
CONTACT:
Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Web site: http://www.santos.com.au
SONS OF GWALIA: Cabot Eyes Tantalum Mines
-----------------------------------------
Cabot Corporation has expressed interest in acquiring tantalum
mines in Australia owned by collapsed miner Sons of Gwalia
Limited, Reuters reports, citing Sydney Morning Herald.
Cabot Chief Executive Ken Burnes has talked with Sons of
Gwalia's Chief Executive John Leevers and financial
administrators Ferrier Hodgson last week regarding the proposal.
Cabot, which already holds about 7 percent stake of the failed
miner, has confirmed it would be interested in buying Sons of
Gwalia's tantalum mines specifically in Wodgina and Greenbushes
if they came up for sale. The deal could be worth AU$100
million.
Gwalia faces bankruptcy since a company review showed its mines
might not have enough gold left to meet its gold hedge
commitments and finance its foreign exchange exposure.
Besides the tantalum mines, Gwalia's assets include its outback
Australia gold mines that together yielded a 500,000 ounces a
year.
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
Web site: http://www1.sog.com.au/
TOPMAT PTY: Final Meeting Slated for October 8
----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Topmat Pty Limited (In Liquidation) will be held at
Rodgers Reidy, Level 8, 333 George Street, Sydney on Friday, 8th
October 2004 at 10:00 a.m.
AGENDA
(a) To receive an account from the Liquidator.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.
Peter Rodgers
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
ANKOR SERVICE: To Undergo Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ankor Service Limited by the High Court of Hong Kong Special
Administrative Region was, on the 27th day of August 2004,
presented to the said Court by Forefront International Limited,
whose registered office is situated at 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 13th 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.
Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater 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 12th day of
October 2004.
BIG RESOURCES: Meetings Set on October 5
----------------------------------------
Big Resources Industries Limited, a company in liquidation has
scheduled October 5, 2004 for Creditors and Contributories
meetings.
Creditors meeting: 10:30 a.m.
Contributories meeting: 11:00 a.m.
Address: 10th Floor, Queensway Government Offices, 66 Queensway,
Hong Kong
Dated this 17th day of September 2004
E T O'CONNELL
Joint and Several Provisional Liquidators
CHINA CONSTRUCTION: To Issue HK$200Mln FRCD
-------------------------------------------
China Construction Bank lead manager BNP Paribas said that it is
offering HK$200 million floating rate certificates of deposit
(FRCD).
Terms for the issue are as follows:
Amount: HK$200 million
Maturity: Sept. 20, 2006
Coupon: Three-month Hibor plus 13 basis points
Coupon Frequency: Quarterly
Issue Price: At par
Redemption: At par
Settlement date: Sept. 20, 2004
Denominations: HK$500,000
Listing: None
CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
http://www.ccb.com.cn
DORFLINE LIMITED: To Hold Meetings on October 12
------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Dorfline Limited will be held at 27th Floor, Alexandra House,
16-20 Chater Road, Central, Hong Kong on 12th day of October
2004 at 10:00 a.m.
It will be followed by a meeting of the creditors of the company
to be held at the same place at 10:30 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 during the
preceding year.
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead on his
behalf. A proxy need not be a member or creditor of the company.
Forms of proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings.
Dated this 6th day of August 2004
Gabriel CK Tam
Joint and Several Liquidators
GOLD-FACE HOLDINGS: Court Hears Winding Up Petition
---------------------------------------------------
Notice is hereby given that a petition for the Winding up of
Gold-Face Holdings Limited, by the High Court of Hong Kong
Special Administrative Region was, on the 3rd day of September
2004, presented to the said Court by China Overseas Building
Construction Limited whose registered office is situated at 29th
Floor, China Overseas Building, 139 Hennessy Road, Wanchai, Hong
Kong.
The said Petition will be heard before the Court at 10:00 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.
Lily Fenn & Partners
Solicitors for the Petitioner
Room D, 32nd Floor
Lippo Centre, Tower I,
89 Queensway, 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.
This notice is dated September 10, 2004.
GREAT CONTRACTING: Winding Up Hearing Scheduled October 6
---------------------------------------------------------
Notice is hereby given that a petition for the Winding up of
Great Contracting Limited by the High Court of Hong Kong was, on
the 18th day of August 2004, presented to the said Court by Lo
Chi Shing of Flat 14, 14/F., Block C, Kam Wai House, Kam Fung
Court, Ma On Shan, New Territories, Hong Kong.
The said petition is will be heard before the Court at 9:30 a.m.
on the 6th 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.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 5th day of
October 2004.
This notice is dated September 16, 2004.
HIN FAI: Appoints Liquidators
-----------------------------
Notice is hereby given Wong Man Chung, Francis (holder of HKID
card No. G544707 (A)) and Wong Wai Man, Cliff (holder of HKID
card No. G501972 (8)), both of AC & FW Consultants Limited,
19/F., No. 3 Lockhart Road, Wanchai, Hong Kong, were appointed
as the Joint and Several Liquidators of Hin Fai Limited by an
order made by Master S. Kwang on the 6th of September 2004.
Wong Man Chung, Francis
Wong Wai Man, Cliff
Joint and Several Liquidators
This notice is dated September 16, 2004.
HUA WEI: Court Hearing Slated on November 2
-------------------------------------------
An application by the Official Receiver and Provisional
Liquidator for a determination hearing for the appointment of
liquidators of Hua Wei Pharmaceutical & Chemical Company Limited
will be heard before Master S. Kwang of the High Court for the
purpose of making such order of appointments as the court may
think fit.
Date and Time of Hearing:
2nd November 2004 (Tuesday) at 9:30 a.m.
Place of Hearing:
High Court, High Court Building, No. 38 Queensway, Hong Kong.
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Wong Man Chung, Francis
Wong Wai Man, Cliff
Joint and Several Provisional Liquidator
This notice is dated September 16, 2004.
IMOEBA GROUP: Winding Up Hearing Set September 22
-------------------------------------------------
Notice is hereby given that a petition for the Winding up of
Imoeba Group Holdings Limited by the High Court of Hong Kong
Special Administrative Region was, on the 13th day of August
2004, presented to the said Court by Mr. Benny Siu Pan Leung of
Rooms 104-105 Tern Centre, Tower II, 251 Queen's Road Central,
Hong Kong.
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.
Dibb Lupton Alsop
Solicitors for the Petitioner
41st Floor, Bank of China Tower
No. 1 Garden Road
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.
JADE UNION: Liquidators Appointed
---------------------------------
By an order made by Master S. Kwang herein on the 12th of July
2004, Messrs. Law Yui Lun and Wong Man Chung, Francis of 19/F.,
No. 3 Lockhart Road, Wanchai, Hong Kong have been appointed
Joint and Several liquidators of Jade Union Investment Limited
without a committee of inspection.
Law Yui Lun
Wong Man Chung, Francis
Joint and Several Liquidators
This notice is dated September 10, 2004.
TRIPLENIC REALTY: Creditors Meeting Set October 8
-------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the Hong
Kong Companies Ordinance, a meeting of the creditors of
Triplenic Realty Limited will be held at 5/F Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong at 3:00 p.m.
on the 8th of October 2004 for the purposes of considering
matters in relation to the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7/F Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 noon on
the 7th of October 2004.
Cosimo Borrelli
Director
Triplenic Realty Limited
This Quamnet.com notice is dated September 17, 2004.
WIN FORTUNE: Enters Winding Up Proceedings
------------------------------------------
Notice is hereby given that a Petition for the Winding up of Win
Fortune Limited, by the High Court of Hong Kong Special
Administrative Region was on the 2nd day of September 2004
present to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng
Banking Corporation pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition will be heard before the Court at 9:30am on
the 13th 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.
Chu & Lau
Solicitors for the Petitioner
2nd Floor, The Chinese General Chamber of
Commerce Building, No. 24-25 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 12th day of
October 2004.
WONDER TECH: Winding Up Hearing Set on September 22
---------------------------------------------------
Notice is hereby given that a petition for the Winding up of
Wonder Tech Holdings Limited by the High Court of Hong Kong
Special Administrative Region was, on the 13th day of August
2004, presented to the said Court by Mr. Johnny Kwok Ming Wong
of 801 Block C, North Point East Estate, Hong Kong.
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.
Dibb Lupton Alsop
Solicitors for the Petitioner
41st Floor, Bank of China Tower
No. 1 Garden Road
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.
This notice is dated September 16, 2004.
=================
I N D O N E S I A
=================
ASIA PULP: U.S. Creditors Pursuing Assets Worldwide
---------------------------------------------------
A press release dated September 17 revealed that the District
Court of Kuala Tungkal, Indonesia has invalidated over US$550
million in bonds sold in 1995 by APP International Finance
Company B.V. and unconditionally guaranteed by P.T. Lontar
Papyrus Pulp & Paper Industry (Lontar) and Asia Pulp & Paper
Company Ltd., in a decision that undermines the legitimacy of
Asia Pulp and Paper's (APP) exchange offers.
Although it did not dispute receiving the funds, Lontar claimed
the bond issuance was a "deceptive scheme" perpetrated by the
indenture trustee, collateral agent, underwriter and depositary
to generate fees.
The court found that the basic structure of the bond issuance, a
structure commonly used for an offshore bond issuance, and the
collateral security for the bonds are invalid under Indonesian
law. The bonds were issued under the laws of New York,
registered with the United States Securities and Exchange
Commission and underwritten by Morgan Stanley. At the time of
the issuance, the law firms representing the issuer, including
White & Case and Tumbuan Pane, provided legal opinions
confirming the validity of the bond issuance.
APP defaulted on US$13.9 billion of debt in 2001. Bonds with
virtually the same structure are being offered by the APP group
in exchange for defaulted Indonesian operating company debt as
part of APP's exchange offers launched in June of this year.
"The biggest victims may be the bondholders who have accepted
the exchange offers recently made by APP subsidiaries, Indah
Kiat, Tjiwi Kimia and Pindo Deli. The new bonds offered in these
exchanges, as highlighted in the risk disclosure section of the
exchange offer documents, utilize the same invalidated
structure. As such, they can be assumed to be invalid from the
start and have little hope of being enforced in Indonesia," said
Robert L. Rauch, Managing Director and Director of Research for
Gramercy Advisors, LLC (Gramercy).
The Indonesian ruling, already under appeal, was not unexpected
given the fact that several prominent Indonesian corporate
debtors, including APP, have in the last two years started to
use the local legal system to sue their creditors and nullify
international financings. According to the ruling, Lontar and
APP do not need to repay to bondholders the US$550 million
borrowed nor accrued interest.
All defendants, other than GE Capital, were found to have
contravened Indonesian law by participating in the bond
issuance. Named defendants include the indenture trustee, the
collateral agent, The Depository Trust Company (as bond
instrument depositary), Morgan Stanley (as underwriter) and
bondholders GE Capital, Oaktree Capital Management, LLC
(Oaktree) and Gramercy. GE Capital sold its bonds after the
commencement of the lawsuits in Indonesia. Pending the appeal
process (which could take years) under Indonesian law, the
Indonesian judgment is not effective or enforceable.
Earlier this year, bondholders Oaktree and Gramercy were awarded
a judgment by the New York Supreme Court of over $350 million
against APP, Lontar and affiliates based on defaulted bonds. In
recent developments, the bondholders have taken actions to
enforce their judgment throughout the United States and abroad,
restraining property such as cash and equipment. In New York,
for example, the creditors recently filed a motion to have the
court enforce restraining notices served on Indah Kiat
prohibiting it from dissipating any of its assets, including
through any proposed exchange offer. The creditors are seeking
to have the court direct key parties to the exchange offer to
cease and desist from any participation in the exchange offer.
The bondholders also filed a turnover proceeding in New York,
seeking to have the court direct APP to turn over all of its
assets to the creditors until the judgment is satisfied. Those
assets would include not only cash and other property, but also
the stock of APP's United States-based operating affiliates, APP
Trading (U.S.A.), APP U.S.A., Linden Trading Co., and PAK 2000.
The creditors have won numerous examination orders allowing them
to examine current and former employees in the APP group, as
well as trading partners of those entities, in order to
determine the location of APP assets for further seizure by the
creditors.
"What has become clear during the course of the negotiations of
APP's debt restructuring is that APP has no interest in pursuing
a restructuring that conforms to international norms. It has
refused to even have a dialogue with its secured creditors who
simply ask that they be recognized in the restructuring as
secured creditors with a higher priority claim than unsecured
creditors. Instead of discussing these issues, APP chose to try
to invalidate entire series of secured bonds with these
frivolous lawsuits in Indonesia," said Melissa Obegi, Associate
General Counsel for Oaktree.
"While we would always prefer to negotiate, we have been left
with no other option but to pursue our legal rights as secured
creditors and, now, as judgment creditors. Our $350 million
judgment, issued by the New York court with jurisdiction over
the bonds, entitles us to pursue APP's assets wherever we can
find them, and we have been finding them. This recent irrational
judgment issued by a court in Indonesia lacking jurisdiction
will have no effect on our ability to enforce our New York
judgment in countries with legal systems that respect the rule
of law. Unless APP chooses to retreat from global commerce
entirely, as long as our judgment remains unsatisfied, they will
have to deal with us," finished Obegi.
Rauch continued: "As much as APP gives lip-service to it, there
is no 'consensual' restructuring. APP negotiated a deal with a
handpicked group of creditors that do not represent the
interests of all of their creditors. Now APP is trying to force
the same deal on the majority of its creditors, using heavy-
handed threats that they will try to invalidate SEC-registered
bonds of anyone who disagrees. Although APP continues to try to
characterize the legitimate legal actions of certain of its
secured creditors as merely a 'flagrant abuse of position,'
APP's unwillingness to engage in discussions respecting
international norms for consensual restructurings is purely an
attempt by the controlling shareholders to profit unjustly at
the expense of its creditors. Unfortunately, this strategy is
likely to preclude a normalization of APP group operations to
the detriment of all other stakeholders, potentially for years
to come."
CONTACT:
Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com
ASTRA INTERNATIONAL: Mandates Six Firms To Fix Loan
---------------------------------------------------
PT Astra International Tbk has mandated six firms to arrange a
dual currency credit worth US$187 million partly to repay debts,
Reuters says.
The syndicated revolving facility comprises two batches, US$120
million and IDR600 billion (US$67 million), with a three-year
maturity, and pays a 2.50-percent interest rate over the 12-
month U.S. dollar Singapore Interbank Offered Rate.
In a statement, the troubled automotive firm disclosed that the
facility is fully underwritten by six coordinating arrangers,
which include ABN Amro Bank NV, BNP Paribas, Citi Group Global
Market Asia Limited, HSBC, Standard Chartered Bank and Sumitomo
Mitsui Banking Corporation.
The secured loan will be used to refinance the company's
outstanding debts and to meet general corporate funding
requirements.
CONTACT:
P.T. Astra International Terbuka
No 8 Jl Gaya Motor Raya Sunter II
Jakarta 14330
Indonesia
Phone: +62 21 652 2555
Fax: +62 21 651 2058/59
Web site: http://www.astra.co.id/
BANK PERMATA: UOB Shortlisted to Bid for 51% Stake
--------------------------------------------------
United Overseas Bank Limited (UOB) announced Friday that it has
submitted a non-binding indicative bid to acquire 51-percent
equity stake in PT Bank Permata proposed to be sold by PT
Perusahaan Pengelolaan Aset (PPA), says the Asia Intelligence
Wire.
PPA has informed UOB that it has been selected to proceed to the
next stage of the bid process. UOB will conduct due diligence on
Bank Permata before deciding whether to submit a final bid.
Credit Suisse First Boston is advising UOB on the matter.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
DIPASENA CITRA: To Undergo Asset Revaluation by Government
----------------------------------------------------------
The government has decided to appoint an independent appraiser
to revalue the troubled assets of shrimp-farming giant PT
Dipasena Citra Darmaja, ahead of a planned divestment or a bid
to seek working capital, reports The Jakarta Post.
The reassessment aims to straighten out the firm's current asset
value, which allegedly dropped significantly after tycoon
Sjamsul Nursalim handed over the assets as part of the payments
of his huge debts to the state in 2002.
"The move is part of our efforts to effectively recover
Sjamsul's debts," said Raden Pardede, deputy president director
of asset management firm PT Perusahaan Pengelola Aset (PPA).
Mr. Sjamsul, chairman of the Gajah Tungga Group, passed the
Dipasena asset to the government as part of his IDR28 trillion
(US$3.1 billion) debt settlement.
The debts were incurred from the channeling of a Bank Indonesia
Liquidity Assistance (BLBI) fund to aid Mr. Sjamsul's Bank
Dagang Nasional Indonesia (BDNI) during the financial crisis in
late 1997.
In 1998, the now-defunct Indonesian Bank Restructuring Agency
(IBRA) tagged Dipasena with an IDR20 trillion value. However, an
audit conducted by IBRA in 2002 revealed the company's assets
were only worth IDR2 trillion, a tenth of the original value.
The inconsistent valuation of the firm's assets had confused and
discouraged potential investors from taking over the firm.
Upon completion of the reappraisal, the PPA would hire an
independent advisor to map out a restructuring scheme for
Dipasena.
In a recent meeting with the House of Representatives'
Commission IX on financial affairs, PPA said one option for the
firm would be to remain under PPA control while the agency
helped restructure its operations and invited in new investors
to inject working capital.
This option would potentially give more long-term returns to the
government, compared to the sale of the assets at cheaper
prices.
CONTACT:
Pt Dipasena Citra Darmaja
Wisma Hayam Wuruk 11th Fl.,
Jl. Hayam Wuruk No. 8
Indonesia
Phone: (021) 3861390
Fax: (021) 3805886
=========
J A P A N
=========
DAIEI INCORPORATED: IRCJ Begins Asset Evaluation
------------------------------------------------
Minister of Industrial Revitalization, Kazuyoshi Kaneko, told
reporters Friday that the Industrial Revitalization Corporation
of Japan (IRCJ) has begun reviewing Daiei Incorporated's
financial data without formal request from the struggling
retailer, relates The Japan Times.
As the state-owned IRCJ is authorized to make decisions on loan
purchases by the end of March, it needs to have started
assessing Daiei's finances by early September to prepare for
Daiei's request for assistance.
"We had late August in mind" for the IRCJ's launch of
inspections into Daiei's finances, Mr. Kaneko said. "But it can
cover it" despite the delay.
While its main creditor banks are pushing for IRCJ's support,
Daiei still insists on rehabilitating its business on its own
without IRCJ's involvement.
Daiei President Kunio Takagi reiterated the firm had no
intention of turning to IRCJ, although it has provided certain
financial information as part of informal negotiations.
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
Web site: www.daiei.co.jp
KOKUSAI KOGYO: Creditors Mull Sale of JPY500Bln Loans
-----------------------------------------------------
The creditor banks of Kokusai Kogyo Co., lead by UFJ Holdings
Incorporated, are in final talks to sell off their entire
outstanding loans extended to the ailing borrower, reports Jiji
Press.
UFJ and other lenders would agree by the end of September to
completely dispose of their JPY500 billion loan portfolio to
investment fund Cerberus for JPY300 billion.
Under the agreement, the creditor banks will effectively waive
JPY200 billion in Kokusai Kogyo-bound loans.
Should the deal materialize, Cerebrus will be tasked to draw up
details of Kokusai's rehabilitation program, which could result
to closure of the bus operator's unprofitable routes in Tokyo
and neighboring Saitama Prefecture.
However, Cerebrus is likely to let Kokusai Kogyo keep its 39.4-
percent stake in Imperial Hotel and remain as the biggest
shareholder of the famed Japanese hotel chain for the time
being.
Kokusai Kogyo, set up by late political fixer Kenji Osano, is
not related to aerial survey contractor Kokusai Kogyo Co.,
listed on the Tokyo Stock Exchange's first section.
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand, announced in a press release dated September
17 that it has repurchased a portion of its own shares from the
market in conformity with provisions of Article 211-3, Paragraph
1, Item 2 of the Japanese Commercial Code.
Details of the share repurchase are as follows:
(1) Class of shares: Common stock
(2) Period of repurchase: Between August 30, 2004 and September
17,
2004
(3) Aggregate number of shares purchased: 13,334,000 shares
(4) Aggregate repurchase amount: 19,998,982,000 yen
(5) Method of repurchase: Shares were purchased on the Tokyo
Stock
Exchange
Reference 1
1) The following details were resolved at the Board of Directors
meeting held on August 27, 2004:
- Class of shares: Common stock
- Aggregate number of repurchasable shares: Up to 80 million
shares
- Aggregate repurchase amount: Up to 100 billion yen
2) Cumulative total of shares repurchased since the August 27
Board of Directors resolution through today:
- Aggregate number of shares repurchased: 13,334,000 shares
- Aggregate repurchase amount: 19,998,982,000 yen
Reference 2
1) The number of shares issued and treasury stock as of July 30,
2004:
- Total number of shares issued (excluding treasury stock):
2,318,404,818 shares
- Treasury stock: 134,648,679 shares
CONTACT:
Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501, Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Web site: http://matsushita.co.jp
SOJITZ HOLDINGS: To Give Up 100 Businesses
------------------------------------------
In line with its goal to boost strategic operations, Sojitz
Holdings Corporation will withdraw from 100 out of its 660
operations upon completion of its restructuring in fiscal 2006,
Asia Pulse says.
At a shareholders briefing held Friday, the embattled firm
disclosed that the proposed business withdrawal will lead to
JPY260 billion (US$2.4 billion) in losses for fiscal 2004.
Earlier, the Sojitz group announced it had began working to
sharply reduce the scale of its aircraft-leasing venture ahead
of a complete withdrawal from aircraft finance leasing, in which
it lends money to airlines by accepting their planes as
collateral.
Because of poor returns despite high capital outlays, the group
opted to dispose of its large-aircraft holdings and completely
abandon large-plane leasing. The group will, however, continue
profitable midsize-aircraft leasing.
Through these and other measures, the group projects a reduction
in its invested capital in machinery and aerospace fields from
the current JPY270 billion level to JPY150 billion by the end of
fiscal 2006.
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: MTFG Pours In JPY700Bln Ahead of Schedule
-------------------------------------------------------
In order to block a hostile takeover bid for UFJ Holdings Inc.
by Sumitomo Mitsui Financial Group Inc. (SMFG), Mitsubishi Tokyo
Financial Group Inc. (MTFG) infused JPY700 billion into UFJ Bank
on Friday, two weeks ahead of schedule.
According to The Japan Times, MTFG decided to refill UFJ Bank's
capital base through purchase of the latter's preferred shares,
which will give MTFG the effective right to control UFJ Bank's
management starting on Saturday.
On September 10, MTFG signed an agreement to inject capital into
UFJ Bank no later than September 29. However, speculations of a
takeover bid for UFJ by rival SMFG forced MTFG to speed up the
plan ahead of the slated date.
In a takeover bid, a bidder publicly announces its plan to
acquire a controlling stake in the target company by offering an
above market price for the firm's shares.
In a statement released September 10, SMFG disclosed that it may
take further steps to convince investors that SMFG would be the
best partner for UFJ. Possible steps include "direct contact"
with UFJ shareholders.
However, MTFG's latest move has raised a barrier for SMFG to
launch the proposed bid.
Meanwhile, UFJ Bank is facing another dilemma. Some non-Japanese
UFJ shareholders are reportedly considering legal action against
UFJ over its rejection of negotiations with SMFG. SMFG's merger
proposal includes a one-to-one merger ratio, largely considered
favorable to UFJ.
MTFG, on the other hand, has not yet announced a merger ratio.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp
UFJ HOLDINGS: Fitch Assigns Positive Outlook to MTFG Infusion
-------------------------------------------------------------
Fitch Ratings, the international rating agency, on September 17
affirmed the ratings on all six Japanese banks that were placed
on Rating Watch Evolving on 30 July 2004. The banks and their
ratings are listed below.
At the same time, the agency has assigned a 'Positive' Outlook
to UFJ Bank (UFJ) and UFJ Trust Bank (UFJ Trust), in
anticipation of an upgrade of their Long-term ratings once the
merger with the Mitsubishi Tokyo Financial Group (MTFG) is
effected. This action followed Friday's JPY700 billion
investment by MTFG in UFJ's newly-issued preferred shares.
Ratings are affirmed as follows:
UFJ: L-T 'BBB+' Positive Outlook, S-T 'F2', Ind. 'E', Support
'2';
UFJ Trust: L-T 'BBB+' Positive Outlook, S-T 'F2', Ind. 'E',
Support '2';
Bank of Tokyo-Mitsubishi ("BTM"): L-T 'A-', Stable Outlook, S-T
'F1', Ind. 'C/D', Support '1';
Mitsubishi Trust and Banking ("MTBC"): L-T 'A-' Stable Outlook,
S-T 'F1', Ind. 'D', Support '1';
Sumitomo Mitsui Banking Corp ("SMBC"): L-T 'BBB+' Stable
Outlook, S-T 'F2' , Ind. 'E', Support '2';
Sumitomo Trust & Banking ("Sumitomo Trust"): L-T 'BBB+' Stable
Outlook, S-T 'F2', Ind. 'D', Support '2';
(Note: "L-T" = Long-term Rating; "S-T" = Short-term Rating;
"Ind."= Individual Rating)
With these actions, the ratings of all six banks are removed
from the Rating Watch Evolving they were placed under on 30 July
2004, as a result of the banks' involvement in merger-related
maneuvering.
Both BTM and MTBC, which are subsidiaries of MTFG, are currently
assigned Support ratings of '1', indicating Fitch's view of
their importance to the domestic and international financial
systems and consequently the extremely high probability of
support from the Japanese State in the event of need. This same
level of systemic importance will subsequently encompass the UFJ
banks when they are merged with BTM and MTBC (deadline currently
scheduled for 1 October 2005). In Fitch's methodology no
Japanese bank with a 'Support rating can have a Long-term rating
lower than 'A-' ((A minus), the 'support floor').
By contrast, medium-term implications for the Individual ratings
of BTM and MTBC, and the new merged banks when they are created,
are negative. Fitch believes, based upon past mergers of
Japanese banks, that it will take at least two years for merger-
related costs to be absorbed, for personnel, operating systems
and branch networks to be rationalized and for financial
benefits to begin to be realized. However, as the actual mergers
are approximately one year away, the Individual ratings of BTM
and MTBC have been affirmed, at this time. The Long-term ratings
of BTM and MTBC are currently at their support floor of 'A-' (A
minus), where they are expected to remain even if individual
performance suffers as a result of merging with the weaker UFJ
banks, consequently Rating Outlooks of 'Stable' are in place for
BTM and MTBC.
Fitch has also affirmed all of the ratings assigned to SMBC and
Sumitomo Trust. The agency believes the possibility of their
ultimately merging with UFJ Bank and UFJ Trust has been largely
eliminated by the terms and conditions of MTFG's investment in
UFJ Bank preferred shares. The Rating Outlook for both SMBC and
Sumitomo Trust has been returned to 'Stable'.
=========
K O R E A
=========
DAEWOO HEAVY: To Name Two Preferred Bidders Next Month
------------------------------------------------------
According to the Korea Asset Management Corp. (KAMCO), two
preferred bidders will be chosen next month for a majority stake
in Daewoo Heavy Industries & Machinery Corp., reports Korea
Times.
Yon Won-young, President of KAMCO, said there is a high
possibility that the whole 58-percent stake will be sold to one
firm or investor group. KAMCO leads the sale of Daewoo Heavy.
In a recent report by TCR-Asia Pacific, seven bidders were
short-listed for the stake sale, including the Pantech-led
consortium which took in Daewoo Heavy workers, Doosan Heavy
Industries Co. (KSE:034020), Hyosung Corp. (KSE:004800), a
consortium of Samyoung Corp. (KSE:036530) and Tongil Heavy
Industries Co. (KSE:003570), and Design Limit, foreign investors
like farming equipment maker Terex Corp., U.S. equity funds
Carlyle Group and JP Morgan Partners.
Mr. Yon said Daewoo's controlling stake may either go to the
Pantech-led consortium, Doosan or Hyosung.
KOREA EXCHANGE: To Trim Workforce by 985
----------------------------------------
In line with its move to be a more competitive bank, Korea
Exchange Bank (KEB) will cut down 15 percent of its workforce,
reports Asia Pulse, citing Yonhap News.
KEB, which currently employs 6,500 regular and contract workers,
was seeking to conduct talks with the labor union regarding its
plan to pare down 985 workers from the payroll.
But according to the union, the bank needs to conduct a manpower
survey for an objective analysis first before undertaking the
mass lay offs.
"The management almost unilaterally notified us of its layoff
plan, so we will make a careful decision on what steps to take
to deal with this situation," Kim Myeong-hwan, vice president of
the union, said.
According to the report, KEB is suffering from a glut of mid-
level supervisors which blocks the intake of new recruits.
CONTACT:
Korea Exchange Bank (Exchange: Korea)
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm
===============
M A L A Y S I A
===============
ANCOM BERHAD: Purchases 8,000 Ordinary Shares on Buy Back
---------------------------------------------------------
Ancom Berhad disclosed the details of its shares buy back on
September 17, 2004.
Date of buy back: 17/09/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 8,000
Minimum price paid for each share purchased (RM): 0.785
Maximum price paid for each share purchased (RM): 0.795
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 8,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,792,700
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
Web site: http://www.ancom.com.my
ANTAH HOLDINGS: Issues Amended Quarterly Report
-----------------------------------------------
Antah Holding Berhad issued an amended announcement to supersede
the previous announcement made on 30 August 2004. The amendments
are mainly due to the typographical error and reclassification
of certain expenses in the Condensed Consolidated Cash Flow
Statements for the quarter ended 30 June 2004.
Apart from the above error, there is no amendment to the other
parts of this quarterly result ended 30 June 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING
YEAR
QUARTER CORRESPONDING TO DATE
CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue 38,413 69,445 137,876 274,766
2 Profit/(loss) before tax
-23,660 -223,097 -19,066 -241,899
3 Profit/(loss) after tax and minority interest
-24,162 -222,337 -19,688 -240,607
4 Net profit/(loss) for the period
-24,162 -222,337 -19,688 -240,607
5 Basic earnings/(loss) per shares (sen)
-7.11 -65.46 -5.80 -70.84
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
0.6100 0.6700
For a full copy of the quarterly report, go to
http://bankrupt.com/misc/tcrap_antah092004A.xls
http://bankrupt.com/misc/tcrap_antah092004B.doc
http://bankrupt.com/misc/tcrap_antah092004C.doc
ANTAH HOLDINGS: Answers Bursa Malaysia Query
--------------------------------------------
Antah Holdings Berhad clarified the news article entitled:
"Hostile Bid For Antah" published in the September 13, 2004
issue of the Edge.
The Board of Directors of Antah deny statements (1) to (3) in
the aforesaid announcement making due and diligent enquiries
with the directors, major shareholders and all such other
persons reasonably familiar with the matters.
Bursa Malaysia's Query Letter content:
Bursa Malaysia Securities Berhad refer to the above article
appearing in The Edge, pages 8 and 65 on Monday, 13 September
2004.
In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as follows:
(1) " ... There are parties keen on taking up a 30% block in the
company that has been pledged to a bank."
(2) " ... JTL Group, an independent financial adviser
representing several Bumiputera businessmen, approached Alliance
Bank in July with an offer price of RM30 million or 30 sen per
share for the block of 101 million shares."
(3) "If JTL is successful in its bid ... it intends to sell
stakes in Kaseh to private investors to raise funds for repaying
bank loans and ultimately improving the net assets of the Antah
group."
(4) "But the present shareholders of Antah also have a plan to
revive Antah by listing some of its assets such as the highway
and turning it into an infrastructure company."
(5) "Antah will retain an interest of at least 60% in the
company ... "
(6) "The exercise will involve the sale to the public of about
150 million new shares."
(7) "Antah itself will undertake a private placement ... "
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.
Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully
LISA LAM
Sector Head
Issues & Listing
Group Regulations
LL/CY
c.c. Securities Commission (via fax)
CONTACT:
Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940
This announcement is dated 17 September 2004.
AOKAM PERDANA: Issues Court Order Update
----------------------------------------
Aokam Perdana Berhad had on September 16, 2004 extracted the
following court orders in relation to the Proposed Rescue
Scheme:
(1) Proposed Rescue Scheme
Pursuant to Section 176 of the Companies Act 1965, the High
Court of Malaya had sanctioned the Proposed Rescue Scheme on 22
July 2004 under the Originating Petition D6-26-58-2004.
(2) Capital Reduction and Consolidation
Pursuant to Section 64 of the Companies Act 1965, the High Court
of Malaya had sanctioned the Capital Reduction and Consolidation
of Aokam on 3 September 2004 under the Originating Petition
No.D6-26-72-2004.
CONTACT:
Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 3466
Telephone: +60 3 2166 3455
This announcement is dated 17 September 2004.
CONSOLIDATED FARMS: Posts Practice Note No. 1/2001 Update
---------------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 10 September 2004, the Board of Consolidated Farms
Berhad announced that the Group is unable to pay the additional
principal and/or interest in respect of its credit facilities as
set out in Table 1.
The Company and its financial advisors, Deloitte Corporate
Solutions Sdn Bhd (formerly known as Deloitte KassimChan
Business Services Sdn Bhd), have met with the respective lenders
to apprise them on Confarm Group's current financial condition
and have sought their indulgence and consideration to provide a
standstill period in respect of the Group's credit facilities
for it to carry out a financial review and, if appropriate,
formulate a restructuring/workout scheme.
Table 1
Additional Amount of Principal and/or Interest Due from 11
September to 17 September 2004
Lender Borrower Additional Amount Due Type of
from 11 September to Facilities
17 September 2004
(RM'000)
Malayan Banking Confarm 229.0 Bankers'
Acceptance
Berhad (BA)
Total 229.0
Note: The above figures are based on the respective companies'
records and exclude any penalty interest that may be charged by
the respective lenders.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
This Bursa Malaysia announcement is dated 17 September 2004.
FARLIM GROUP: Unveils Financial Assistance Update
-------------------------------------------------
Pursuant to Paragraphs 8.23 and 10.08 of Listing Requirements of
Bursa Malaysia Securities Berhad, Farlim Group (Malaysia) Berhad
announced the financial assistance rendered or made on September
17, 2004 as set out at
http://bankrupt.com/misc/tcrap_farlim092004.xls
CONTACT:
Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Website: http://www.farlim.com.my
This announcement is dated September 17, 2004
GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Securities Berhad
the details of its shares buy back on September 17, 2004.
Date of buy back: 17/09/2004
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 6,000
Minimum price paid for each share purchased (RM): 0.705
Maximum price paid for each share purchased (RM): 0.720
Total consideration paid (RM): 4,307.36
Number of shares purchased retained in treasury (units): 6,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,074,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890
MTD CAPITAL: Purchases 90,000 Ordinary Shares on Buy Back
---------------------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on September 17, 2004.
Date of buy back: 17/09/2004
Description of shares purchased: Ordinary shares of RM1/- each
Total number of shares purchased (units): 90,000
Minimum price paid for each share purchased (RM): 2.550
Maximum price paid for each share purchased (RM): 2.560
Total consideration paid (RM): 230,004.00
Number of shares purchased retained in treasury (units): 90,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 2,888,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone: (603) 689-9022
MYCOM BERHAD: Issues Litigation Update
--------------------------------------
Mycom Berhad has on September 17, 2004 received a Writ of
Summons together with a statement of claim filed by OCBC
(Malaysia) Berhad (OCBC) against the Company for a claim of
RM12,740,297.45 inclusive of interests up to 30 June 2004. The
Writ of Summons was issued on 1 September 2004.
Background
OCBC had pursuant to a Facility Agreement dated 26 March 1998
granted a revolving credit facility (RCF) of RM10 million to
Mycom for working capital purposes. OCBC had previously entered
into the Restructuring Standstill Agreement dated 8 May 2000
together with other financial institution lenders whereby it was
envisaged that the said RCF would be restructured under the
Proposed Restructuring Scheme ("Scheme") of the Company. The
outstanding loan with OCBC represents about 1.4% of the total
outstanding debts to be restructured under the Scheme.
Action Taken
Mycom is in discussions with OCBC to secure agreement to the
Scheme and the Directors are confident that this matter can be
resolved.
Financial and Operational Impact
The Directors do not expect any financial impact to the group
since the amount claimed has been fully provided in the books of
the Company. The Directors do not foresee a material operational
impact or losses to the group as the underlying collateral to
the facility does not contribute to the businesses of the group.
CONTACT:
Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
Telephone: +60 3 2072 3996
NALURI BERHAD: Releases Litigation Update
-----------------------------------------
On behalf of Naluri Berhad, Aseambankers Malaysia Berhad
announced that further to the hearing of the suit on 9 September
2004 and 14 September 2004 respectively, the Kuala Lumpur High
Court has dismissed the Originating Summons with costs. The
Court has however given liberty to Hazman bin Ahmad (Plaintiff)
to file a writ action.
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Tel: +60 3 2162 0878
Tel: +60 3 2162 0676
PAN PACIFIC: Unveils Written Representation to Bursa Malaysia
-------------------------------------------------------------
Further to the announcement dated 6 September 2004, the Board of
Directors of Pan Pacific Asia Berhad (PPAB) has made a written
representation to Bursa Malaysia Securities Berhad as to why the
securities of the Company should not be de-listed from the
Official List of Bursa Securities.
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Tel: 03-77278168
Fax: 03-77271622
SETEGAP BERHAD: Bursa Securities Issues Public Reprimand
--------------------------------------------------------
On 17 September 2004, Bursa Malaysia Securities Berhad in
consultation with the Securities Commission (SC), publicly
reprimanded Setegap Berhad and imposed a fine of RM5,000 for
breach of paragraph 9.23(b) of the Listing Requirements of Bursa
Securities (Bursa Securities LR).
Paragraph 9.23(b) of the Bursa Securities LR states that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' report shall, in any
case be given to Bursa Securities for public release, within a
period not exceeding 4 months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of 4 months from the close of the financial year
of the listed issuer.
SETEGAP has breached paragraph 9.23(b) of the Bursa Securities
LR for failure to submit its annual audited accounts for the
financial year ended 31 December 2003 ("AAA 2003") within the
stipulated timeframe. The AAA 2003 was only furnished to Bursa
Securities for public release on 11 May 2004.
The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors and after consultation with the SC.
Bursa Securities views this contravention seriously and hereby
cautions the Company and its board of directors of their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.
TRU-TECH HOLDINGS: Bursa Securities Imposes Trade Restriction
-------------------------------------------------------------
With effect from 9 a.m., Monday, 30 August 2004, Tru-Tech
Holdings Berhad will have its listed securities subjected to
trading restriction for its failure to comply with the original
time frames specified in Practice Note 4/2001 (PN4) to
regularize its financial condition.
This trading restriction is in the form of full payment before
purchase and will continue to be imposed on the above Company
until the Company no longer triggers the criteria prescribed in
paragraph 2.0 of PN4, namely trading restriction will be imposed
on the above Company until the implementation of the Company's
regularization plan.
TRU-TECH HOLDINGS: Releases Default Status Update
-------------------------------------------------
The Board of Directors of Tru-Tech Holdings Berhad announced
that there has been no material development in respect of the
Default of coupon payment on RM55,000,000 nominal amount of
redeemable unsecured loan stock (RULS) and default of monthly
deposit of RM1,200,000 into the sinking fund account under
practice note 1/2001 (collectively the default) pursuant to
Practice Note 1/2001.
The Company will not be able to make the monthly deposit of
RM1,200,000 due on 17 September 2004 for the purposes of
redemption of the RULS, due to Tru-Tech's current tight cash
flow position. The monthly deposit was required in accordance
with the terms of the Trust Deed dated 18 October 1996 as
amended by the Supplemental Trust Deed dated 16 November 2001
and the 2nd Supplemental Trust Deed dated 10 September 2003
(collectively, the Trust Deed) (Deposit Default). The financial
and legal implications to Tru-Tech in respect of the Deposit
Default are similar to that of the Default, which had been set
out in the announcement dated 17 October 2003.
The Company is also presently in discussion with the RULS
holders to address the Deposit Default.
The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at 31 August 2004 is set out
in Table 1 at http://bankrupt.com/misc/tcrap_trutech092004.doc.
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone (60) 3 7861 5220
Fax (60) 3 7861 7972
This announcement is dated 17 September 2004.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Clarifies "Firms Fined for Violations" Report
--------------------------------------------------------------
The Manila Electric Company (Meralco) clarified the news article
entitled "Utilities fined for violations" published in the
September 17, 2004 issue of Manila Bulletin.
The article reported, "Giant utility firm Manila Electric
Company (Meralco) and three other distribution utilities have
been penalized by the Energy Regulatory Commission (ERC) for
various violations of duly-established regulatory laws. Meralco
was charged for failure to obtain ERC's approval as a requisite
to the disposal of properties.
The Manila Electric Company (Meralco), in its letter to the
Exchange dated September 17, 2004, confirmed that:
"There has been a rash of penalties imposed on some distribution
utilities, including Meralco. For lack of specific details in
the news article, however, the Meralco at the moment cannot
determine with certainty what particular case is referred to and
the amount of penalty involved."
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head- Disclosure Department
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
Email Address: corcom@meralco.com.ph
Website: http://www.meralco.com.ph
MAYNILAD WATER: RTC Urged to Refuse Rehab Proposal
--------------------------------------------------
Non-government organizations, party-list groups, and a number of
taxpayers are asking the Quezon City Regional Trial Court (RTC)
to reject the petition for a new rehabilitation plan for
Maynilad Water Services as it lacked a liquidation analysis
required by interim rules, The Business World reports.
Petitioners include Action for Economic Reforms, Akbayan,
Freedom from Debt Coalition, Focus on Global South, Alliance for
Progressive Labor, and Tala Estates Settler's Federation. Also
among the petitioners are Loretta Ann P. Rosales, Emmanuel Joel
J. Villanueva, Del R. De Guzman, Marikita Bugarin, Bernadette
Lopez, Ma. Teresa D. Pascual, Patrocinio Jude Esguerra III, Mary
Ann B. Manahan, Lawrence Dorado, Noel Frontuna, Edwin Delantar,
Valentin Beltran, Jr., Mario C. Mendoza, Oscar P. Reyes, Jerry
V. Justo, Noel Casimpoy, and Apolonio T. Sanchez, Jr.
Maynilad, under its revised rehabilitation plan, wants to
increase rates to PhP26.98 per cubic meter from PhP19.92.
The petitioners also said the court has no jurisdiction to
approve the rates that Maynilad is seeking under the revised
plan.
MAYNILAD WATER: Foreign Creditors Demand Php50M Payback
-------------------------------------------------------
Foreign creditors are demanding Php50 million in issuance fees
from Maynilad Water Services Inc. amid the water firm's pending
court rehabilitation plan, the Philippine Daily Inquirer
reports. The banks led by Citigroup recently extended a US$120
million performance bond to the Company.
"This would cover our administrative costs and should not be
made part of Maynilad's other liabilities which we are settling
in this court," the banks' lawyer, Oliver Pantaleon, said in a
recent hearing at the Quezon City Regional Trial Court.
Maynilad lead counsel Virginia Calo argued that the fees should
be made part of the company's liabilities, the settlement of
which is being negotiated in court.
The government counsel for Maynilad, led by Manuel A.J.
Teehankee, supported Ms. Calo's court arguments. "The amounts
involved are substantial, and it would be better to include it
within the settlement of Maynilad's other liabilities," he said.
In the new rehabilitation plan, the banks are again offered
debt-to-equity conversion schemes. The court has given them
until September 20 to comment on the new rehabilitation plan
presented in court.
NATIONAL POWER: Denies Giving Perks to Board Members
----------------------------------------------------
National Power Corporation (Napocor) denied that its Board of
Directors has been pocketing millions of pesos worth of monthly
perks and privileges, reports the Business World, citing Napocor
Corporate Secretary Victor Gaudencio C. Garcia.
"We have absolutely no basis for giving them the perks and
privileges mentioned in the news reports," Mr. Garcia said.
He added even Republic Act 9136 or the Electric Power Industry
Reform Act of 2001 (EPIRA) cited no provisions for perks to the
board members.
Under Section 48 of the EPIRA, the Board of Napocor would
consists of the Secretaries of the Departments of Finance
(Chairman), Energy, Budget and Management, Agriculture,
Environment and Natural Resources, Interior and Local
Government, and Trade and Industry. Also included are the
Director General of the National Economic and Development
Authority and the Napocor President. Mr. Garcia said board
members only received cellular phone units issued by the Napocor
for official use.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Faces Big Test With Masinloc Sale
-------------------------------------------------
After selling three small plants of the state-owned National
Power Corporation (Napocor), the government faces the first real
challenge to its energy sector privatization program when it
bids out the 600-megawatt Masinloc coal-fired thermal power
plant in Zambales on October 27, ABS-CBN News reports.
The Masinloc plant has a capacity of 600 megawatts (MW), much
larger than the first three plants sold with an average capacity
of 1 to 4 megawatts. The government could fetch as much as
US$600 million from the sale of the plant, given the US$1
million price per megawatt.
The government expects to complete the sale of 35 Napocor plants
worth around US$2 billion within the next two to three years.
Together with the US$2 billion that the government expects to
earn from the privatization of Napocor transmission assets, the
sale of its power generation assets would help cut the Company's
total debt of US$9.51 billion by US$4 billion.
With the government assuming US$3.51 billion of the total debt,
the Company's stranded debt would be reduced to US$1.94 billion,
according to the Power Sector Assets and Liabilities Management
Corporation (PSALM).
NEGROS NAVIGATION: Creditor Asks Court to Junk Rehab Plan
---------------------------------------------------------
The Metropolitan Bank and Trust Co. has asked the Manila
Regional Trial Court to reject the proposed rehabilitation plan
of Negros Navigation Co. dated March 24 for "for being unviable
and for being grossly disadvantageous" to the creditor
Metrobank, Yehey Finance reports.
"[The] petitioner's proposed rehabilitation plan calls for a
restructuring of its obligation to the creditor Metrobank-which
as of April 27 amounts to Php10.4 million-into a 10-year-term
loan, which is inclusive of a one-year grace period on interest
and three years grace period on principal and interest of 5
percent," the bank said.
The bank further said: "The proposed 5-percent interest rate is
preposterous and unacceptable, because it is even lower than the
benchmark 91-day Treasury-Bill rate of 7.317 percent."
"[The] creditor Metrobank has to pay its own obligations to its
depositors and it has its own expenses to look after . . .
Additionally, the period suggested is too long," the bank said.
"Metrobank is in the business of banking and is not a charitable
institution," the comment read. "In the event the petitioner
[Nenaco] is given the chance to rehabilitate itself, the
creditor Metrobank insists that a creditor-nominated comptroller
be appointed to monitor and control the cash disbursements and
all other transactions involving expenditures."
On August 31, Nenaco receiver Mr. Monico Jacob submitted a new
proposed rehabilitation plan.
In the new plan, the shipping firm is to settle its liabilities
equally instead of following a payment system to meet priority
obligations, as proposed in the previous rehabilitation program
developed by former receiver Mr. Sulpicio Tagud, now the
Company's Chief Executive Officer.
Mr. Jacob also suggested that the payment plan for secured
creditors be restructured into 10-year term notes with a 4-year
grace period on principal payments.
CONTACT:
Negros Navigation Company, Inc.
Pier II, North Harbor
Tondo, Manila
Phone: 245-5588
Fax: 245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
Web site: http://www.nenaco.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: Stock Transfer Service, Inc.
PHILIPPINE AIRLINES: Chief To Revamp Image, Performance
-------------------------------------------------------
Philippine Airlines (PAL) President Jaime J. Bautista has vowed
to overhaul the performance and image of the nation's flag
carrier, the Philippine Star reports.
"The reason for PAL's delayed flights is due to its relatively
long one-hour turnaround time in the provinces," Mr. Bautista
said. "Ideally, the turnaround time should be a shorter 30 to 45
minutes only," he added.
Mr. Bautista admitted that the PAL's flight performance is
currently below the industry standard of 85 percent for
international flights and 90 percent for domestic flights.
He aims to improve the airline's flight performance to 90
percent for international flights and up to 95 percent for
domestic flights in about a year's time.
PAL was expected to get out of rehabilitation this year, but the
September 11 terrorist bombing of the New York World Trade
Center and the SARS crisis had delayed its rehabilitation plans.
CONTACT:
Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel: (632) 817-1234
Tel: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph
=================
S I N G A P O R E
=================
CENTRO CONCEPTS: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Centro Concepts Pte Ltd by the High Court was, on the 3rd day of
September 2004, presented by Singex Exhibitions Pte Ltd of 1
Expo Drive #01-01, Singapore Expo, Singapore 486150, a creditor.
The said Petition will be heard before the Court sitting at
Singapore at 10 am on the 1st day of October 2004.
Any creditor or contributory of the said company desiring 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.
The Petitioners' address is 1 Expo Drive #01-01, Singapore Expo,
Singapore 486150.
The Petitioners' solicitors are UniLegal LLC, 22 Malacca Street,
#03-01 Royal Brothers Building, Singapore 048980.
UniLegal LLC
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
UniLegal LLC, notice in writing of his intention to do so. The
notice must state the name and address of the person. If a firm,
the name and address of the firm, and must be signed by the
person or 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 twelve noon of the 30th day
of September 2004.
This Singapore Government Gazette notice is dated September 17,
2004.
CHAMPRISE CHEMICALS: Court Hears Winding Up Petition
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Champrise Chemicals Company Limited by the High Court of Hong
Kong Special Administrative Region was, on the 2nd day of
September 2004, presented to the said Court by Bank of China
(Hong Kong) Limited (the successor banking corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap.1167) whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Hong Kong.
The said Petition will be heard before the Court at 10:00 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.
Tong & Tsoi
Solicitors for the Petitioner
Room 3402, 34th Floor, Bank of America Tower
12 Harcourt 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.
This Singapore Government Gazette notice is dated September 17,
2004.
PRESTIGE OFFICE: Winding Up Hearing Set October 1
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Prestige Office & General Supplies Pte Ltd. by the High Court
was on the 8th day of September 2004 presented by Ho Peng Weng
of Block 34, Upper Cross Street #20-136, Singapore 050034, a
Creditor.
The Petition is directed to be heard before the Court sitting at
the High Court in Singapore at 10.00 o'clock on the 1st day of
October 2004
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the Petition may appear at
the time of the hearing by himself or his counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.
The Petitioner's address Block 34, Upper Cross Street #20-136,
Singapore 050034.
The Petitioners' solicitors are Veritas Law Corporation of 2
Havelock Road, #06-06 Apollo Centre, Singapore 059763.
Veritas Law Corporation
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Veritas Law
Corporation of 2 Havelock Road, #06-06 Apollo Centre, Singapore
059763, a notice in writing of intention to do so. The notice
must state the name and address of the person, or if a firm, the
name and address of the firm, and must be signed by the person,
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 12 o'clock noon of the 30th day of
September 2004.
This Singapore Government Gazette notice is dated September 17,
2004.
SEASON SILK: Bankruptcy Petition Hearing Slated for October 1
-------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Season Silk Private Limited by the High Court was, on the 6th
day of September 2004, presented by So Po of Unit 1 & 2, 12th
Floor, Goldfield Industrial Centre, No. 1 Sui Wo Rd, Fotan,
Shatin, N.T. Hong Kong, a Creditor.
The said Petition will be heard before the Court sitting at
Singapore at 10.00 am on Friday, the 1st day of October 2004.
Any creditor or contributory of the said Company desiring 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 said 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.
The Petitioner's address is care of Unit 1 & 2, 12th Floor,
Goldfield Industrial Centre, No. 1 Sui Wo Rd, Fotan, Shatin,
N.T. Hong Kong.
The Petitioner's solicitors are Messrs Moey & Yuen of 133 Cecil
Street, #09-03 Keck Seng Tower, Singapore 069535.
Messrs Moey & Yuen
Solicitors for the Petitioner
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or sent by post to Messrs Moey &
Yuen, notice in writing of his intention to do so. The notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person or firm, or his or their 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 twelve o'clock noon of
the 30th day of September 2004.
This Singapore Government Gazette notice is dated September 17,
2004.
SOH BENG: Winding Up Hearing Scheduled September 24
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of Soh
Beng Tee & Company Private Limited by the High Court was on the
1st day of September 2004 presented by Zillmere Pte Ltd of 10
Anson Road, #17-07 International Plaza, Singapore 079903,
Judgment Creditors.
The Petition is directed to be heard before the Court sitting at
the High Court in Singapore at 10.00 am, on the 24th day of
September 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of the hearing by himself or his counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.
The Petitioners' address is 10 Anson Road, #17-07 International
Plaza, Singapore 079903.
The Petitioners' Solicitors are Messrs Tan Lee & Partners of 79
Robinson Road, #23-05 CPF Building, Singapore 068897.
Tan Lee & Partners
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Tan Lee & Partners of
79 Robinson Road, #23-05 CPF Building, Singapore 068897, a
notice in writing of his intention to do so. The notice must
state the name and the address of the person, or if a firm, the
name and address of the firm, and must be signed by the person
or the firm, or his or their Solicitors (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 12 noon of 23rd September
2004.
This Singapore Government Gazette notice is dated September 17,
2004.
WEE POH: Issues Statement on Bank Settlement
--------------------------------------------
Wee Poh Holdings Limited has issued a statement to the Singapore
Stock Exchange pertaining to its bank settlement.
Wee Poh had executed corporate guarantees in favor of the banks
namely United Overseas Bank Limited (UOB), Malayan Banking
Berhad (Maybank) and Oversea-Chinese Banking Corporation Limited
(OCBC), for the grant of such facilities to Wee Poh Construction
Co (Pte) Ltd (WPC) and W & P Piling Pte Ltd (WPP), a company in
Liquidation, or on behalf of WPC and WPP in favor of third
parties.
The Company had on 18 December 2003 entered into Standstill
Agreements with the banks as Guarantors of WPC and with UOB as
Guarantor for WPP (the Standstill Agreements). The Standstill
Agreements had expired on 31 August 2004.
UOB had on 1 September 2004 and Maybank and OCBC had on 13
September 2004 given Letters of Offer to WPC and to the Company
as Guarantor for WPC to restructure the existing bank
facilities. Further, UOB had also on 1 September 2004 given a
separate Letter of Offer to the Company as guarantor for WPP.
The Company had accepted the aforesaid Letters of Offers.
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: Sets Closing Date of Shareholders' Book
-------------------------------------------------------------
With reference to the resolution of the Board of Director's
Meeting of CN Advisory Company Limited as the Plan Administrator
of Christiani & Nielsen (Thai) Public Company Limited No. 4/2547
held on 30 July 2004 to allocate the Company's profit for
dividend payment in terms of shares and cash, the Board of
Director's Meeting No. 6/2547 of CN Advisory Company Limited as
the Plan Administrator of Christiani & Nielsen (Thai) Public
Company Limited on 17 September 2004 has determined the closing
date of shareholders' book to have the right to receive dividend
payment to be at 12:00 a.m. on 4 October 2004.
Please be informed accordingly
Yours faithfully,
(Mr. Danuch Yontararak) / (Mr. Sommai Ungsrithong)
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited
CONTACT:
Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: www.cn-thai.co.th
DAIDOMON GROUP: Enters Debt Restructuring Deal with Thanachart
--------------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand (SET),
Daidomon Group Public Company Limited announced that the Meeting
of the Board of Directors of the Company (No. 12/2547) on 17
September 2004 at 2:00 p.m. considered and passed the following
resolutions:
(1) The Company can agree, negotiate and enter in to the debt
restructuring agreement with Thanachart Bank Public Company
Limited and the lessor of the premises located in Fashion Island
Department Store.
As Thanachart Bank Public Company Limited has notified the
Company to enforce the transfer of right to lease the premises
located in Fashion Island Department Store (which is the
security under loan the Company has with Thanachart Bank Public
Company Limited), and as the lessor desires to terminate the
lease agreement, it is thus agreed that the three parties should
enter into the debt restructuring agreement.
Under the debt restructuring agreement, the lease agreement will
be terminated and the lessor will deduct the outstanding rent
and return the rent for the remaining lease period to Thanachart
Bank Public Company Limited.
Thanachart Bank Public Company Limited agrees to deduct the
proceeds received from the return of the leasing right for a
repayment of the principle of the loan under the loan agreement
instead of deducting for the interest, and also agrees to return
the remaining amount of THB1,000,000 to the Company for its
working capital.
(2) The structure of the Company's business operation will be
changed by closing down the branches that have continuously
incurred losses. As a result, the Company will have 63 branches
left in Bangkok and other provinces.
Sincerely yours,
(MR.CHARNIN YENSUDJAI)
Managing Director
CONTACT:
Daidomon Group Public Company Limited
144 Soi Thong-Lo, Sukhumvit 55,
North Klongton, Wattana Bangkok
Telephone: 0-2381-5529-31,0-2381-6876-9
Fax: 0-2381-1931
Web site: www.daidomon.co.th
SRITHAI FOOD: Extends Submission of Financial Statement
-------------------------------------------------------
Srithai Food & Beverage Public Company Limited disclosed in the
Stock Exchange of Thailand (SET) that it had graciously
postponed the submission of quarterly Financial Statement of
2/2547 to 30 September 2004 according to the Letter of the SEC
Chor, 1573/2547 date September 20, 2004 from Securities and
Exchange Commission Thailand (SEC).
For your kind acknowledgement
Yours very faithfully,
(Mr. Anan Jantranukul)
Executive Director
CONTACT:
Srithai Food & Beverage Public Company Limited
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Website: www.srithaifood.thailand.com
THAI PETROCHEMICAL: All Creditors' Vote Set October 12
------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI)
submitted to the Stock Exchange of Thailand a copy of a Summary
of the Amendment to Business Plan.
Regarding the amended Business Reorganization Plan of Thai
Petrochemical Industry PCL. (TPI), please be informed that the
Committee of Creditors has scheduled the vote of the
Participating Scheme Creditors on September 27, 2004. In
addition, the Official Receiver will convene the meeting for the
vote of all creditors on October 12, 2004.
The debt and capital-restructuring framework of the amended Plan
for either vote is provided in the attachment.
Yours sincerely,
(Suwit Nivartvong)
The Plan Administrator for
The Thai Petrochemical Industry Pcl
To view a full copy of the Amendment to the Plan, click
http://bankrupt.com/misc/THAIPETROCHEMICAL092004.htm
CONTACT:
Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th
THAI PETROCHEMICAL: Founder to File a Petition on Revised Plan
--------------------------------------------------------------
The former chief executive of Thai Petrochemical Industry PCL
(TPI) will lodge a petition to the bankruptcy court to oppose
TPI's revised debt restructuring plan, relates Dow Jones
Newswires.
Former chief Prachai Leophairatana will submit a petition to the
bankruptcy court against the amendment of the program if
approved by creditors come September 27.
"I'll fight to the end to oppose the debt plan amendment since
it's unfair to the debtor," Mr. Prachai told reporters Friday.
The petition to be filed by Mr. Prachai, following creditors'
endorsement of the plan, would delay the debt plan's
implementation.
A second vote for approval is scheduled on October 12. If
support is gained, the plan will then be submitted to the
bankruptcy court for approval.
TPI's major creditors include Bangkok Bank PCL (BBL.TH),
International Finance Corp., Germany's KFW (KFW.YY), Citibank
and the U.S.' Export-Import Bank.
* BOND PRICING: For the Week 20 September to 24 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 63
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 8.250% 10/15/04 9
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 8
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 2
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 13
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 10
Nuplex Industries Ltd 9.300% 9/15/07 8
Powerco Ltd 8.150% 9/1/07 8
Powerco Ltd 8.400% 5/22/07 9
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 2
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
TrustPower Ltd 8.500% 3/15/14 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 64
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 4
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
Denko Industrial Bhd 5.000% 3/15/07 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
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 74
Tampines Assets Ltd 5.625% 12/7/06 1
Tampines Assets Ltd 6.000% 12/7/06 1
Tincel Ltd 5.000% 6/13/11 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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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*** End of Transmission ***