/raid1/www/Hosts/bankrupt/TCRAP_Public/041103.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
Wednesday, November 3, 2004, Vol. 7, No. 218
Headlines
A U S T R A L I A
83 MILLER: Receivers and Managers Appointed
AMP LIMITED: Discloses Change of Interests in Tap Oil
AUSTRALIAN FOODS: Court Appoints Receiver and Manager
BUDLEX PTY: Receivers and Managers Cease to Act
CHURCHILL ASSET: To Convene Final Meeting of Members, Creditors
CORRPRO AUSTRALIA: Ex-director Pleads Guilty to Fraud Charges
CRIPPS BAKERY: Voluntarily Winds Up
ELECTRICAL & ENGINEERING: Winds Up Voluntarily
ENVIRO ELECTRICS: To Face Winding Up Proceedings
ERS PTY: Members Resolve to Voluntarily Wind Up
GRIBBLES GROUP: Healthscope May Increase Takeover Offer
HOLYMAN BROTHERS: Enters Voluntary Winding Up Process
MELBOURNE HOMES: To Hold Final General Meeting on November 8
NORTH WESTERN: Faces Winding Up Proceedings
QANTAS AIRWAYS: Reaches Agreement With FAAA
SELECT SCREEN: Creditors Appoint Liquidator
TM HARRINGTON: Issues Winding Up Notice
C H I N A & H O N G K O N G
CHINA CONSTRUCTION: Names Delinquent Debtors in Newspaper Ads
CHINA CONSTRUCTION: KPMG Completes Review of Finances
CHINA GAS: Places New Shares, Resumes Trading
CHINA GAS: Enters Into Co-operation Strategic Deal with Sinopec
KOOLL INTERNATIONAL: Enters Bankruptcy Proceedings
MATCH SOLUTION: Winding Up Hearing Set November 10
TODAYTECH ASIA: Court To Hear Receivers Application on Dec 1
I N D O N E S I A
INDOFOOD SUKSES: Net Profit Shrinks 37%
SEMEN CIBINONG: Forex Loss Higher than Expected
J A P A N
KANEBO LIMITED: Ogi Takes Presidential Seat
KOBE STEEL: To Form Automotive Steel Processing Venture in China
MITSUBISHI FUSO: Continues Strong Global Expansion in Q2/FY2004
MITSUBISHI MOTORS: Denies Tie-up with PSA Peugeot
MITSUBISHI MOTORS: May Put Plant Closure Plan on Hold
RESONA HOLDINGS: Units' Clients Applies for Special Conciliation
K O R E A
ASIANA AIRLINES: To Serve Cargo Flights to Canada
CHOHUNG BANK: Banned from Dealing in Treasuries
LG CARD: Net Loss Falls Sharply in Q3 on Yearly Basis
SSANGYONG MOTOR: October Sales Slip 3%
M A L A Y S I A
ACTACORP HOLDINGS: Updates Restructuring Scheme Proposal
AKTIF LIFESTYLE: Maintains Default Status
AKTIF LIFESTYLE: SC Orders Submission of Restructuring Plan
AKTIF LIFESTYLE: Details Regularization Scheme
AYER HITAM: Status of Financial Regularization Plan Unchanged
BUKIT KATIL: In Talks With Potential Investors
CYGAL BERHAD: Issues Restructuring Plan Update
FABER GROUP: Bursa Securities To Evaluate PN4 Status
FORESWOOD GROUP: Awaits Debt Restructuring Approval
GRAND-FLO SOLUTION: Releases FY04 Unaudited Quarterly Report
I-BERHAD: Issues Shares Buy Back Notice
JIN LIN: SC Evaluates Restructuring Proposal
KEMAYAN CORPORATION: Unveils Restructuring Scheme Report
KILANG PAPAN: Waits for SC's Ok on Revised Scheme
MENTIGA CORPORATION: Proposes Disposal of Shares
METROPLEX BERHAD: Dissolves Dormant Units
P H I L I P P I N E S
COLLEGE ASSURANCE: To Settle Php500M Maturing Plans This Year
COLLEGE ASSURANCE: Wants To Sell MRT Bonds To Pay Tuition Fees
MANILA ELECTRIC: Seeks Court OK For Tax Refund
NEGROS NAVIGATION: Appoints Augusto Palisoc as President
PHILIPPINE REALTY: Elects Directors at AGM
S I N G A P O R E
BENG REALTY: Faces Winding Up
BENG TRADING: Winding Up Order Made
CHARMSON INTERNATIONAL: Court Issues Winding Up Notice
KOH BROTHERS: EGM Slated for November 26
LIVING SYSTEMS: Releases Intended Dividend Notice
NEPTUNE ORIENT: Notes Change in Shareholder's Interest
SENG HUP: Posts Notice of Intended Preferential Dividend
T H A I L A N D
NATURAL PARK: Audit Committee Comments on PAH Shares Sale
THAI PETROCHEMICAL: Trial on Reform Plan Amendment Adjourned
THAI PETROCHEMICAL: Court Delay's Approval of Rehab Plan
TT&T PUBLIC: Releases Exercises of Warrants Report
- - - - - - - -
=================
A U S T R A L I A
=================
83 MILLER: Receivers and Managers Appointed
-------------------------------------------
On 16 September 2004 St. George Bank Limited A.C.N. 055 513 070
of Level 9, 182 George Street, Sydney, NSW 2000 appointed John
Frederick Lord and John Maxwell Morgan, Chartered Accountants of
PKF, Level 10, 1 Margaret Street, Sydney, NSW, 2000 to be the
joint and several receivers and managers of all of the rights,
property and undertaking of whatever kind wherever situated
whether present or future owned by 83 Miller Pty Limited A.C.N.
106 015 034.
Solicitor for St George Bank Limited
c/- Phillips Fox
Solicitors
Level 38, 201 Elizabeth Street,
Sydney NSW 2000
AMP LIMITED: Discloses Change of Interests in Tap Oil
-----------------------------------------------------
Pursuant to Section 671B of the Corporations Law, AMP Limited
advised of a change in its relevant interest in Tap Oil Limited.
To view the ASIC Form 604, which contains all required details
of the change, click on:
http://bankrupt.com/misc/TCRAP_AMPLIMITED110204.pdf
CONTACT:
AMP Limited
Level 24, AMP Building,
33 Alfred Street,
Sydney, Nsw, Australia, 2000
Head Office Telephone: (02) 9257 5000
Head Office Fax: (02) 9257 7178
Web site: http://www.amplimited.com/
AUSTRALIAN FOODS: Court Appoints Receiver and Manager
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Western Australia
appointing Mr. Barry Honey, of McGrathNicol and Partners, the
receiver and manager of Australian Foods Company Pty Ltd (AFC).
AFC is a Perth-based trader that purchases and exports grain.
The sole director of AFC is Mr. Pavan Shivnani.
The Deputy Executive Director of Enforcement, Mr. Allen Turton
said ASIC commenced proceedings due to concerns about AFC's
solvency and the state of the Company's books and records.
"A receiver and manager was appointed in order to preserve AFC's
assets for the benefit of creditors until the Company's affairs
are fully investigated," Mr. Turton said.
The Court also made orders:
(1) Freezing AFC's bank accounts,
(2) Requiring Mr. Shivnani to deliver up AFC's books and records
to the receiver and manager;
(3) That Mr. Shivnani deliver up to the Court any current
passports in his possession, or under his control, to be held by
the Court until 12 November 2004 or until further orders; and
(4) That Mr. Shivnani be prohibited from leaving Australia
without the consent of the Court until 12 November 2004 or until
further order.
"We have taken this action to determine the true state of the
business and protect the interests of the creditors. ASIC will
not hesitate to pursue companies that fail to properly fulfill
their responsibilities and comply with the law," Mr. Turton
added.
The matter has been adjourned for a further hearing on 2
November 2004.
CONTACT:
Australian Foods Company Pty Ltd
PO Box 6657
East Perth 6892
Western Australia
Phone: +61 8 9225 4988
Facsimile: +61 8 9225 6392
e-mail: info@australianfoods.com
Web site: http://www.australianfoods.com
BUDLEX PTY: Receivers and Managers Cease to Act
-----------------------------------------------
Notice is given that Maree Ann Henry and Grant Dene Sparks, of
SimsPartners, Level 11, 145 Eagle Street, Brisbane, Qld,
formerly the Joint and Several Receivers and Managers of the
property of Budlex Pty Ltd (In Liquidation) under the powers
contained in an Instrument dated 28 July 1997, being Equitable
Mortgage number 603207 in the register of charges and Bill of
Mortgage registered number 702148773, and as limited to specific
assets by a Deeds dated 25 February 2003 and 26 May 2003 give
notice, that the Receivers and Managers ceased to act on 14
September 2004, in respect of the property described in the
Schedule.
SCHEDULE
Property over which the Receivers' Appointment is limited to:
(1) All the land being described as Lot 63 on Crown Plan
MPH13990 County of Rochedale Parish of Haslingden contained in
Title Reference 50105084 and situated at 26 Miles Street, Mount
Isa in the State of Queensland. (the Premises)
(2) Queensland Liquor Act 1992 - On Premises (Cabaret) Licence
No. 43301368 for the licensed Premises situated at 26 Miles
Street, Mount Isa in the State of Queensland.
(3) Company assets detailed in the lease agreement dated 2 July
2002 between Budlex Pty Ltd and Trireme Corporation Pty Ltd over
the property at 26 Miles Street, Mount Isa.
(4) The Deed of Loan (Vendor Finance Agreement) dated 2
September 2002 between Trireme Corporation Pty Ltd A.C.N. 099
998 553 as trustee for the S.B.G. Unit Trust (the Borrower);
Budlex Pty Ltd A.C.N. 061 613 492 as trustee (the Lender); and
Dean Michael Bradshaw, Michaelangelo Grimaldi and Steve John
Sutton (the Guarantors).
(5) All and singular dividends payable to the Mortgagor or the
Mortgagor as Trustee of the Vaiente Family Trust under Deed of
Trust made the 29th day of September 1993 pursuant to
Regulations 5.6.63 to 5.6.68 of the Corporations Act, 2001 (Cth)
whatsoever and whensoever both present and future.
Dated this 15th day of September 2004
Maree Henry
Grant Sparks
SimsPartners
Chartered Accountants
Level 11, 145 Eagle Street, Brisbane Qld 4000.
Telephone (07) 3831 2700
CHURCHILL ASSET: To Convene Final Meeting of Members, Creditors
---------------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Churchill Asset Pty Ltd (In
Liquidation) A.C.N. 092 535 905will be held at the offices of
PPB, Level 10, 90 Collins Street, Melbourne 3000 on
3 November 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 the property of the Company disposed
of, and hearing any explanations that may be given by the
liquidator.
Dated this 20th day of September 2004
Warren White
Liquidator
Churchill Assets Pty Ltd
Level 10, 90 Collins Street,
Melbourne Vic 3000
CORRPRO AUSTRALIA: Ex-director Pleads Guilty to Fraud Charges
-------------------------------------------------------------
Mr. Gregory John Waring, the former managing director of Corrpro
Companies Australia Pty Ltd (Corrpro Australia), has pleaded
guilty in the County Court of Victoria to charges brought by the
Australian Securities and Investments Commission (ASIC).
Mr. Waring, of Taylors Lakes, Victoria, pleaded guilty to five
charges under the Crimes Act and two charges under the
Corporations Act, following an ASIC investigation into his
conduct as managing director of Corrpro Australia.
ASIC alleged Mr. Waring falsified the accounts of Corrpro
Australia, a subsidiary of the United States-based Corrpro
Companies Inc., a Company listed on the American Stock Exchange
(AMEX).
Corrpro Companies Inc. placed the Australian Company into
administration following the detection of accounting
irregularities, and re-stated its 2001 accounts, which reduced
its net income by US$3.6 million.
ASIC further alleged Mr. Waring:
(1) Provided false information to Corrpro Australia's auditors
and the Australian Taxation Office;
(2) Obtained a financial advantage by deception, by using
falsified accounts to obtain credit from the Bank of Melbourne;
and
(3) Improperly used his position as managing director.
The matter will return to Court for further sentencing
submissions on Wednesday 3 November 2004.
The Commonwealth Director of Public Prosecutions is prosecuting
the matter.
ASIC acknowledges the assistance of the United States Securities
and Exchange Commission during its investigation.
CRIPPS BAKERY: Voluntarily Winds Up
-----------------------------------
Notice is hereby given that the sole member of Cripps Bakery Pty
Ltd (In Liquidation) A.C.N. 009 476 591 passed a resolution in
accordance with section 249B of the Corporations Act 2001, that
the Company be wound up as a members voluntary winding up.
Dated this 13th day of September 2004
S. Wallace-Smith
S. Algeri
Liquidators
ELECTRICAL & ENGINEERING: Winds Up Voluntarily
----------------------------------------------
Notice is hereby given that the sole member of Electrical &
Engineering Supplies Pty Ltd (In Liquidation) A.C.N. 009 477 436
passed a resolution in accordance with section 249B of the
Corporations Act 2001, that the Company be wound up as a members
voluntary winding up.
Dated this 13th day of September 2004
S. Wallace-Smith
S. Algeri
Liquidators
ENVIRO ELECTRICS: To Face Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at a meeting of creditors of Enviro
Electrics Pty Ltd (In Liquidation) A.C.N. 078 868 498 convened
pursuant to Section 439A of the Corporations Act 2001 held on 10
September 2004, it was resolved that the Company be wound up and
pursuant to Section 446A(4) of the Corporations Act 2001, Dennis
Anthony Turner of PKF, Chartered Accountants, Level 11, 485 La
Trobe Street, Melbourne Vic 3000 was appointed Liquidator.
Dated this 15th day of September 2004
D.A. Turner
Liquidator
PKF
Chartered Accountants
Level 11, 485 La Trobe Street,
Melbourne Vic 3000
ERS PTY: Members Resolve to Voluntarily Wind Up
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
ERS Pty Ltd (In Liquidation) A.C.N. 060 402 566 held on the 6th
day of September 2004, it was resolved that the Company be wound
up voluntarily and that for such purpose Mr. David John
Cranstoun and Mr. John Feddema, Chartered Accountants of
Cranstoun & Hussein, Level 2, 102 Adelaide Street, Brisbane in
the State of Queensland be appointed as joint and several
liquidators.
Dated this 15th day of September 2004
JOHN FEDDEMA
Liquidator
GRIBBLES GROUP: Healthscope May Increase Takeover Offer
-------------------------------------------------------
Hospital operator Healthscope Limited is planning to increase
its takeover bid for Gribbles Group Limited to gain the support
of the pathology firm's founder and major shareholder Wallace
Cameron, Dow Jones relates, citing the Sydney Morning Herald.
Gribbles' shares were suspended from trading Monday morning as
the cash-strapped pathology group attempted to map out terms
that would encourage Mr. Cameron, who controls 43 percent of the
Company through EC Medical Investments, to accept the offer.
Mr. Cameron has earlier indicated he may accept a revised bid of
63 cents a share, three cents a share higher than the original
offer. Such an increase would value Gribbles at almost AU$285
million and ECMI's stake at around AU$123 million.
Healthscope has already acquired 10 per cent of Gribbles on the
market and plans to finance the purchase through an AU$195
million capital raising and debt consolidation.
Meanwhile, speculations emerged that Mr. Cameron or a third
party may unveil a counter offer.
CONTACT:
The Gribbles Group Ltd
1868 Princes Highway
Clayton
Victoria 3168
Australia
Phone: +61 3 9538 6777
Fax: +61 3 9538 6778
E-mail: info@gribbles.com.au
Web site: http://www.gribbles.com.au/
HOLYMAN BROTHERS: Enters Voluntary Winding Up Process
-----------------------------------------------------
Notice is hereby given that the sole member of Holyman Brothers
Pty Ltd (In Liquidation) A.C.N. 009 476 037 passed a resolution
in accordance with section 249B of the Corporations Act 2001,
that the Company be wound up as a members voluntary winding up.
Dated this 13th day of September 2004
S. Wallace-Smith
S. Algeri
Liquidators
MELBOURNE HOMES: To Hold Final General Meeting on November 8
------------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Melbourne Homes & Co Pty Ltd (In
Liquidation) A.C.N. 066 014 631will be held at the offices of
PPB, Level 10, 90 Collins Street, Melbourne 3000 on 8 November
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 the property of the Company disposed of, and
hearing any explanations that may be given by the liquidator.
Dated this 20th day of September 2004
Warren White
Liquidator
Melbourne Homes & Co Pty Ltd
Level 10, 90 Collins Street,
Melbourne Vic 3000
NORTH WESTERN: Faces Winding Up Proceedings
-------------------------------------------
Notice is hereby given that the sole member of North Western
Flour Mills Pty Ltd (In Liquidation) A.C.N. 009 480 273 passed a
resolution in accordance with section 249B of the Corporations
Act 2001, that the Company be wound up as a members voluntary
winding up.
Dated this 13th day of September 2004
S. Wallace-Smith
S. Algeri
Liquidators
QANTAS AIRWAYS: Reaches Agreement With FAAA
-------------------------------------------
In a media release, Qantas Airways said Tuesday it had reached
agreement with the union representing long haul flight
attendants on the establishment of a crew base in London and a
new enterprise bargaining agreement that will come into effect
in December.
The Chief Executive Officer of Qantas, Geoff Dixon, said the
successful conclusion of negotiations followed discussions in
the Industrial Relations Commission and removed the threat of
industrial action by cabin crew over Christmas.
The main features of the agreement included:
(1) The establishment, as announced in June, of a Qantas crew
base in London for 400 international flight attendants that will
save AU$18 million annually through fostering efficiencies and
reduced accommodation and allowance costs;
(2) Capping the total number of international flight attendants
employed in overseas bases at 870 in the new enterprise
bargaining agreement (Qantas currently has about 370
international flight attendants based in Bangkok and Auckland);
and
(3) Australia-based flight attendants continuing to have access
to one flight a day to London (Qantas currently operates 27
flights a week to London).
"As we announced in June, the London crew base will deliver
significant savings and no current crew will lose their job as a
result of opening the base," Mr. Dixon said.
"Qantas now operates 27 return flights to London each week and
the establishment of the new crew base is in the best interests
of the business because it will deliver efficiencies that will
allow Qantas to continue to grow and be successful.
"Qantas is a global airline with very significant offshore
operations and we cannot continue to source all our people and
services in Australia alone.
"However, as we have said in the past, the majority of Qantas'
international crew and the majority of all Qantas employees will
continue to be based in Australia."
Mr. Dixon said Qantas and the FAAA International Division had
also reached agreement on a new enterprise bargaining agreement
that will come into effect in mid-December.
The agreement, which includes a three per cent per annum
increase for the next three years, will be put to long haul
flight attendants for approval.
Mr. Dixon said Qantas had stated previously that it was training
fixed term international flight attendants in case they were
needed over the peak Christmas holiday period and also in case
the FAAA carried out its threat of industrial action over
Christmas.
In light of the settlement reached with the FAAA, Qantas was
reviewing its requirements for fixed term flight attendants over
the coming months and would be speaking to all the trainees
about other opportunities that arise across the Qantas Group.
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
SELECT SCREEN: Creditors Appoint Liquidator
-------------------------------------------
Notice is hereby given that at a Meeting of Members of Select
Screen Printing Pty Limited (In Liquidation) A.C.N. 006 790 432
held on 20 September, 2004 it was resolved that the Company be
wound up voluntarily and at a Meeting of the Creditors held on
the same day pursuant to Section 497 it was resolved that for
such purpose, Barry Keith Taylor, of B.K. Taylor & Co., 8th
Floor, 608 St Kilda Road, Melbourne be appointed Liquidator.
Dated this 20th day of September 2004
Barry Keith Taylor
TM HARRINGTON: Issues Winding Up Notice
---------------------------------------
Notice is hereby given that at a meeting of creditors of TM
Harrington Electrical Pty Ltd (Administrators Appointed)
convened pursuant to Section 439A of the Corporations Act 2001
held on 20 September 2004, it was resolved that the Company be
wound up and pursuant to Section 446A(4) of the Corporations Act
2001, and that John Ross Lindholm and George Georges of Ferrier
Hodgson, Level 25, 140 William Street, Melbourne, Victoria were
appointed joint and several Liquidators.
Dated this 20th day of September 2004
J. R. Lindholm
Liquidator
Ferrier Hodgson
Level 25, 140 William Street,
Melbourne Vic 3000
==============================
C H I N A & H O N G K O N G
==============================
CHINA CONSTRUCTION: Names Delinquent Debtors in Newspaper Ads
-------------------------------------------------------------
China Construction Bank (CCB) and China Cinda Asset Management
have purchased advertising space to name delinquent companies
and individuals who have defaulted on their debts, according to
The Standard.
The 22-page joint public announcement began to appear late last
week on Beijing Daily, which revealed the names of more than
5,300 debtors together with their loan contact numbers and the
debt guarantors.
Three quarters of the CNY10 billion loans were for home
mortgages, car loans and credit card debt.
Meanwhile CCB's branch in southwestern Sichuan province and
Cinda's office in Chengdu, Sichuan's provincial capital, jointly
bought a similar 17-page ad in the Sichuan Daily.
Some debtors have promised to pay up as soon as possible
following the release of the ads. Other debtors, on the other
hand, accused the bank of invading their privacy and damaging
their reputation.
This "name them and shame them" tactic is hardly new as banks
made similar ads several years ago, wherein debtors identities
were publicized along with its respective debt amount. This time
though, the move drew flack from critics who said the move
violated debtors privacy. But as is often the case in China, it
is not clear such rights actually exist.
However, a legal precedent exists on publicizing the names of
borrowers who defaults, as Courts have often publicized the same
information in the ads after a civil litigation to push the
debtors to.
CCB and Cinda are pressured to collect its bad debts and clean
its balance sheets before its expected IPO. Cinda, the
government agency, is tasked to dispose of non-performing loans.
Cinda officials declined to comment on Monday.
CHINA CONSTRUCTION: KPMG Completes Review of Finances
-----------------------------------------------------
KPMG, a renown auditing firm, will conduct a complete a review
of China Construction Bank's (CCB) finances, reports the
Financial Times.
After nearly three years of restructuring CCB will have its
finances reviewed professionally. The financial data gathered
from its 30,000 branches will allow the firm to draft a
prospectus for the $5billion to $10 billion listing likely to
take place in Hong Kong and New York next year.
The initial public offering is instrumental in cleaning up the
debt-laden balance sheet of the bank.
Foreign investors have been closely watching the auditing, as
the results will dictate the price and level of demand for the
coming deals.
The audit has now placed CCB ahead of Bank of China (BOC) in its
bid to for international capital market, as
PricewaterhouseCooper's is still working on Bank of China's
audit. BOC is still to formally select advisers for its IPO,
although Goldman Sachs and UBS have been helping its
restructuring.
Citigroup, GE Capital, Dutch Bank ING are tipped as potential
buyers of CCB's stake before the expected IPO.
CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.com.cn
CHINA GAS: Places New Shares, Resumes Trading
---------------------------------------------
China Gas Holdings Limited entered into the Subscription
Agreement with the Subscriber, wherein the Subscriber has
conditionally agreed to subscribe for and China Gas has
conditionally agreed to allot and issue an aggregate of
210,000,000 Subscription Shares in cash at a subscription price
of HK$0.61 per Subscription Share.
The Directors consider that the Subscription Price is fair and
reasonable so far as the Shareholders as a whole are concerned.
To view the entire document click on the link below:
http://bankrupt.com/misc/tcrap_chinagasholdings110204.pdf
CHINA GAS: Enters Into Co-operation Strategic Deal with Sinopec
---------------------------------------------------------------
On 1 November 2004, China Gas Holdings Limited entered into a
co-operation strategic agreement with Sinopec Corp. pursuant to
which China Gas Holdings Limited and Sinopec Corp. agreed to co-
operate with each other as strategic business partners in the
business of investment in the natural gas/energy projects in the
People's Republic of China in various aspects.
In respect of the co-operation under the Co-operation Strategic
Agreement, China Gas Holdings Limited will fully comply with the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited and make the relevant disclosure whenever
necessary.
On 1 November 2004, China Gas Holdings Limited and Sinopec Corp.
entered into the Cooperation Strategic Agreement pursuant to
which the parties agree to co-operate with each other in the
following aspects:
(1) further development of the natural gas market including the
exploration, extraction, transportation and trading of the
natural gas, and the parties will upon the same conditions give
priority to each other for the purchase and supply of natural
gas
(2) investment of the natural gas projects, including the
natural gas pipes projects and urban natural gas projects
(3) exchange of the technology in relation to the
construction and operation of urban natural gas pipes networks
(4) interchange of information and human resources.
The Co-operation Strategic Agreement sets out the principles for
the co-operation between China Gas Holdings Limited and Sinopec
Corp. To carry out the co-operation under the Co-operation
Strategic Agreement, China Gas Holdings Limited and Sinopec
Corp. will, after taking into account the relevant
circumstances, enter into separate agreements to further detail
the terms and conditions of the business and services co-
operation under the Co-operation Strategic Agreement.
By entering into the Co-operation Strategic Agreement, China Gas
Holdings Limited and Sinopec Corp. agreed to co-operate in the
business of investment in the natural gas/energy projects in the
People's Republic of China and the board of directors of China
Gas Holdings Limited considered that it could strengthen the
position of China Gas Holdings Limited and its subsidiaries as a
leading natural gas investor in the People's Republic of China
and increase the competitiveness of China Gas Group.
GENERAL
In respect of the co-operation under the Co-operation Strategic
Agreement, China Gas Holdings Limited will fully comply with the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited and make the relevant disclosure whenever
necessary.
By order of the board of directors of
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Hong Kong, 1 November 2004
KOOLL INTERNATIONAL: Enters Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kooll International (Hong Kong) Limited by the High Court of
Hong Kong Special Administrative Region was on the 11th day of
October 2004 presented to the said Court by Roxy Property
Investment Company Limited of Rooms 1712-1713, Admiralty Centre,
Tower 1, 18 HarCourt Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 24th day of November 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.
Philip K. H. Wong
Kennedy Y. H. Wong & Co.
Solicitors for the Petitioner
23rd Floor, Admiralty Centre Tower II
18 HarCourt 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 23rd day of
November 2004.
MATCH SOLUTION: Winding Up Hearing Set November 10
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Match Solution Technology Limited by the High Court of Hong Kong
Special Administrative Region was on the 18th day of September
2004 presented to the said Court by Tsoi Wing Shing of Flat 10D,
Block 2, Provident Centre, 23 Wharf Road, North Point, Hong
Kong.
The said Petition will be heard before the Court at 9:30 am on
the 10th day of November 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.
Messrs. Yu Hung & Co.
Solicitors for the Petitioner
Room 1303, 13th Floor
Wing On Life Building
22-22A Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear on 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 9th day of
November 2004.
TODAYTECH ASIA: Court To Hear Receivers Application on Dec 1
------------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Todaytech Asia Limited will be heard before
Master S. Kwang of the High Court for consideration of the
resolutions and determinations (if any) of the first meeting of
creditors held on 2 September 2004 and the first meeting of
contributories and the adjourned first meeting of contributories
held on 2 September 2004 and 9 September 2004 respectively,
deciding the differences (if any) and making such order of
appointments as the Court may think fit.
Date and Time of Hearing: 1 December 2004 (Wednesday) at 2:30
p.m.
Place of hearing: 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.
Dated this 29th day of October 2004.
E.T. O'CONNELL
Official Receiver & Provisional Liquidator
=================
I N D O N E S I A
=================
INDOFOOD SUKSES: Net Profit Shrinks 37%
---------------------------------------
PT Indofood Sukses Makmur's net profit shrank by 37% to IDR284.6
billion (US$31.6 million) in the first nine months of this year
over the same period last year, reports Asia Pulse.
Anthony Salim, Company president, stated that the sliding profit
is due to the rupiah's fall to a level of IDR9,170 per US dollar
in September 2004 and from 8,465 in December 2003.
Its largest income producers are still instant noodles, wheat
flour and cooking oil divisions, as it remains the largest
instant noodle producer in Southeast Asia. The three product
divisions account for 86% of its total income of IDR13.1
trillion in the January-Sept period.
Anthony stated that despite stiff competition, the food Company
still succeeded in maintaining its strong domination in instant
noodle market due to effective brand building and greater
efficiency in distribution systems.
But despite its strong market domination, instant noodles sale
fell to 7.23 billion packs while wheat flour volume rose to 1.8
million tons from 12.3 million tons and cooking oil increased to
346,300 tons from 326,000 tons respectively in the first nine
months of this year, from the same period last year.
Company assets were valued at IDR16.4 trillion by Sept. 2004, up
from IDR15.3 trillion by the end of 2003.
CONTACT:
INDOFOOD SUKSES MAKMUR TBK
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav
Jakarta 12950,
Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
SEMEN CIBINONG: Forex Loss Higher than Expected
-----------------------------------------------
In the third quarter of the current fiscal year, Semen Cibinong
booked a net loss of approximately IDR379 billion or down 257%
from the same period last year, showing forex loss of IDR242
billion, Indoexchange reveals.
Semen Cibinong's higher payment for its foreign currency debt
contributed to the Company's highest outlay in Company's loss.
Sales revenue in the third quarter increased by 3% to IDR1.7
trillion, but was offset by production cost of approximately 6%
to IDR1.6 trillion higher than in the previous period.
To view the details, click on:
http://bankrupt.com/misc/tcrap_semencibinong110104.pdf
CONACT:
PT. Semen Cibinong Tbk.
Bidakara Building 9th - 11th Fl.
Jl. Jend. Gatot Subroto Kav. 71-73
Jakarta 12870
Indonesia
Phone: (62-21) 837 93220
Fax. : (62-21) 837 93221
=========
J A P A N
=========
KANEBO LIMITED: Ogi Takes Presidential Seat
-------------------------------------------
A former bureaucrat has replaced Akiyoshi Nakajima as president
of Kanebo Limited, says The Japan Times.
In line with rehabilitation efforts, the firm also appointed
Makoto Yoshitaka, the chief financial officer of Louis Vuitton
Japan Co, to head its financial division.
Kanebo's new president, Takehiko Ogi, is a managing director of
the Industrial Revitalization Corporation of Japan (IRCJ). He
joined Culture Convenience Club Co., a video store chain, in
1997 after leaving the old Ministry of International Trade and
Industry and has been involved in Kanebo's rehabilitation since
July.
Mr. Ogi, 43, is tasked to lead Kanebo's rehabilitation,
including the consolidation of its diverse business portfolio,
which was believed to have caused the firm's financial woes and
eventual decision to seek government help last spring.
Mr. Nakajima said the two outsiders were brought in to infuse
Kanebo with "fresh blood" as it tries to revive its business
under the IRCJ.
CONTACT:
Kanebo Limited
3-20-20, Kaigan
Minato-Ku, Tokyo, 108-0022
Phone: 0354463002
Fax: 0354463003
KOBE STEEL: To Form Automotive Steel Processing Venture in China
----------------------------------------------------------------
Kobe Steel, Ltd. plans to establish a joint venture to process
specialty steel wire rod in Foshan, near Guangzhou, Guangdong
Province, China. Steel trader Metal One Corporation and wire rod
processors Kyodo Shaft Co., Ltd. and Sugita Wire, Ltd., both of
which have business ties to Kobe Steel, will also hold equity in
the new Company.
The joint venture, provisionally called Kobe Wire Products
(Foshan) Co., Ltd., will manufacture cold drawn steel bar and
cold heading quality (CHQ) steel wire. The processed bar and
wire will be supplied to Japanese auto parts manufacturers in
China for use in making suspension springs and high strength
nuts and bolts, which are both critical automotive parts.
Kobe Wire Products will be established in November with
registered capital of JPY725 million. Total investment in the
joint venture is projected at JPY1,812.5 million. Kobe Steel is
to have a 60% equity share, Metal One 25%, Kyodo Shaft 7.5% and
Sugita Wire 7.5%. In the first phase, the venture is anticipated
to employ 80 people.
Kobe Wire Products will start with a nominal capacity of 15,000
tons per year, which would increase as demand goes up.
Production is anticipated to begin in April 2006. The chairman
of Kobe Wire Products will be Tomoyuki Kaya, senior officer at
Kobe Steel. The president will be Noriaki Hiraga, deputy general
manager of the Planning & Administration Department in Kobe
Steel's Iron & Steel Sector.
Following strong economic growth in China, automobile production
in 2010 is anticipated to grow to 8 million to 10 million units,
in comparison to the 4.4 million cars made in 2003. Similarly in
2010, Japanese carmaker's production in the Guangzhou area is
expected to rise to over 1 million units a year, versus 190,000
cars in 2003. The increase is creating a rapidly growing need
for locally procured parts. Japanese auto parts makers in China
have been boosting output and a growing number of related
suppliers have started production there.
Kobe Wire Products will be located in the Guangzhou area, where
Japan's three major carmakers have set up plants. This area is
anticipated to become the biggest base for Japanese auto
production in China.
Kobe Steel is renown for its high quality specialty steel wire
rod for the automotive industry - a product in which it excels.
To strengthen its capability to supply high quality steel, Kobe
Steel is planning a number of forward-looking capital
investments. It is installing a new continuous caster at its
Kobe Works for start-up in September 2006. It also plans to
reline the blast furnace.
Steel demand in the Asian market is expected to continue
increasing and Kobe Steel's Kobe and Kakogawa Works are being
positioned to better meet the demand for specialty steel
products. With its involvement in wire rod processing in China,
where auto makers and parts manufacturers have set up
operations, Kobe Steel is aiming to improve customer service by
building a flexible, efficient supply network for wire rod
products.
Kobe Steel already has wire rod processing ventures in Thailand.
With an expanded number of locations, it will be better
positioned to service Japanese auto parts makers and further
solidify its position as the premier maker of specialty steel
wire rod products.
CONTACT:
Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm
MITSUBISHI FUSO: Continues Strong Global Expansion in Q2/FY2004
---------------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) announced
details of its group overseas sales for the second quarter of
fiscal year 2004 (July-September).
MFTBC succeeded in expanding its business in every world region.
Overseas sales increased by 21% or 4,800 units to 28,000 trucks
and buses against the same period in the previous fiscal year.
In the first six months of fiscal year 2004, overseas sales
increased by 24% to 59,300 units, a plus of 11,300 units.
Bert van Dijk, MFTBC Board member and responsible for
International Sales & Services, said: "We are very pleased with
our strong sales increase. In the second half of this fiscal
year we expect a slower growth due to market fluctuations and
the exceptionally strong performance in the second half of the
previous fiscal year. Nevertheless, we will cross the 100,000
unit threshold."
Mitsubishi Fuso increased its overseas sales in every market. In
the first six months, MFTBC achieved a particularly strong
volume growth in Asia and the Middle East:
In the Asia region (excluding Japan), group sales went up by 20%
to 35,900 units. This represents the largest unit sales increase
of all regions (plus 5,900 units).
In the Middle East region, group sales increased by 45% to 8,800
units, a plus of 2,700 units.
Mitsubishi Fuso domestic sales (domestic production and exports
from Japan) are reported on a monthly basis by automobile
associations. Overall, the domestic market contracted by minus
18%. In the first half of fiscal year 2004, Mitsubishi Fuso
domestic sales reached 32,400 trucks and buses. The market share
of Mitsubishi Fuso slipped by 3.3 percentage points to 25.2%
during the first six months. The strong overseas sales were able
to counterbalance domestic losses in volume.
In fiscal year 2003, global sales of trucks and buses ran at
193,000 units. Overseas sales of 97,300 units accounted for 51%
of global unit sales.
In March 2004, MFTBC became a fully consolidated subsidiary of
DaimlerChrysler AG after the rise of its share to 65%. As an
integral part of the largest commercial vehicle manufacturer in
the world, MFTBC is better positioned than ever to master its
current challenges and to compete in the increasingly
competitive global truck and bus market
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: Denies Tie-up with PSA Peugeot
------------------------------------------------
Embattled Mitsubishi Motors Corporation denied reports that it
was in talks with France's PSA Puegeot Citroen Group for a
possible business alliance, reports Channel News Asia.
The Nihon Keizai Shimbun newspaper and other dailies earlier
reported the ailing carmaker was negotiating with PSA Peugeot
for a tie-up that would include an original equipment
manufacturer (OEM) agreement for minivans and joint production
in North America.
"Mitsubishi Motors is continually studying the possibility of
partnerships in individual businesses to strengthen our efforts
to achieve business realization as soon as possible," the
Company said in a statement.
"All stories concerning our relationship with PSA Peugeot
Citroen are based on speculation," it said.
According to the Nihon Keizai, Mitsubishi expects to maintain
local and international production levels by securing several
OEM deals.
The daily said that a Peugeot deal would cover the production of
vehicles similar to the Grandis minivan for the sale under the
French group's brand in Europe. The minivans and other vehicles
would be jointly produced at a Mitsubishi Motors plant in the
United States.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: May Put Plant Closure Plan on Hold
-----------------------------------------------------
Mitsubishi Motors Corporation is likely to scrap plans to shut
down its Aichi prefecture facility, in view of its ongoing
negotiations with Nissan Motor Corporation on the possibility of
supplying more minicars, AFX News reports, citing the Nihon
Keizai Shimbun.
Under its original plan, Mitsubishi Motors is set to close the
Aichi plant late next year and transfer operations to a plant in
Okayama prefecture and a subsidiary in Gifu prefecture.
The Okayama site has been supplying 20,000 commercial mini-
vehicles annually to Nissan since 2003, and its output capacity
will need to be lifted by more than 100,000 units a year if
Mitsubishi Motors wins a deal to provide minicars to Nissan, the
report said. The small cars will then be sold under the Nissan
brand.
Around 500 Mitsubishi Motors employees have already left the
Okazaki plant under an early retirement program, or have moved
to Toyota Motor Corp and its group companies, and scrapping the
initial plan could result in additional costs for Mitsubishi
Motors.
RESONA HOLDINGS: Units' Clients Applies for Special Conciliation
----------------------------------------------------------------
Resona Holdings, Inc. gave notice that Osaka City Dome Co., Ltd.
and Crysta Nagahori Co., Ltd. (Companies) which are customers of
its banking subsidiary, Resona Bank, Ltd. and The Kinki Osaka
Bank, filed applications for special conciliation with the Osaka
District Court.
As a result of this development, there arose a concern that the
claims to the Companies may become irrecoverable or their
collection may be delayed.
To view the details of the announcement, click on:
http://bankrupt.com/misc/TCRAP_RESONAHOLDINGS110204.pdf
CONTACT:
Resona Holdings, Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka, 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp
=========
K O R E A
=========
ASIANA AIRLINES: To Serve Cargo Flights to Canada
-------------------------------------------------
Asiana Airlines is considering opening a new cargo route linking
Incheon with the Canadian city of Calgary, says Yonhap News.
The airline said it will operate the flights three times a week
with stops in Anchorage and Chicago of the United States, mainly
for shipments of machinery and animals.
CONTACT:
Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230
CHOHUNG BANK: Banned from Dealing in Treasuries
-----------------------------------------------
Chohung Bank was banned from acting as a primary dealer for
government bonds for at least two years, reports JongAng Daily.
According to the Finance and Economy Ministry, the bank was
unable to meet dealing requirements, as it failed to reach
trading minimums in the last quarter ending September 30.
Chohung, a unit of South Korea's second-largest financial
services Company, was one of the primary dealers the government
appointed in 1999 to revamp its Treasury bond dealing system,
allowing the market trading of Treasury bonds in order to boost
pricing transparency.
To date, some 22 banks and securities firms act as primary
dealers for Korean Treasury bonds.
LG CARD: Net Loss Falls Sharply in Q3 on Yearly Basis
-----------------------------------------------------
Struggling credit card firm LG Card saw its net loss for the
third quarter fall to KRW47 billion (US$42 million), four-fifths
less than last year's figure, Yonhap News reports.
The Company reported a KRW70 billion loss for the July-September
period, down KRW219 billion, previously. During the period, the
Company's current loss was also trimmed to KRW91 billion, a
sharp decline from KRW270 billion.
CONTACT:
LG Card Company Limited
Fax: (02)3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
SSANGYONG MOTOR: October Sales Slip 3%
--------------------------------------
Ssangyong Motor Company's October sales fell 3 percent to 12,400
units from the previous year due to sluggish domestic sales,
according to Yonhap News.
The sports utility vehicle specialist revealed its domestic
sales plummeted 14.3 percent to 8,900 units, as export went up
45.7 percent to 3,500 units.
Ssangyong Motor, South Korea's fourth largest automaker,
manufactures motor vehicle bodies and motor vehicles assembled
on purchased basis such as jeep style cars under the brand names
of 'Korando' and 'Musso', minibuses under the brand name of
'Istana', special purpose cars including cement mixers,
trailers, fire-trucks as well as auto parts. Musso accounted for
29% of 2001 revenues; korando, 25%; istana,13% and other, 35%.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
+82 31 610 3739
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Updates Restructuring Scheme Proposal
--------------------------------------------------------
Actacorp Holdings Berhad (AHB) is presently deliberating on the
next course of actions to be taken following the Securities
Commission's decision not to approve the Company's Proposed
Restructuring Scheme.
Any further development on the Proposed Restructuring Scheme of
the Company will be announced in due course.
C.c: Securities Commission
Attn.: Datuk Kris Azman Abdullah
CONTACT:
Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
Telephone: +60 3 9284 7133
This announcement is dated 1 November 2004.
AKTIF LIFESTYLE: Maintains Default Status
-----------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
announced that there is no new statud development regarding the
default in payment as previously announced on 1 October 2004.
The Company announced that it is still waiting for CP Properties
Sdn Bhd to complete the necessary documentation with RHB Bank
Berhad and OCBC Bank (Malaysia) Berhad for the release of the
corporate guarantees given by Aktif.
The Company will keep Bursa Malaysia Securities Berhad informed
of any further development on the matter.
CONTACT:
Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Telephone: (60) 3 2693 1828
Fax: (60) 3 2691 2798
This announcement is dated 1 November 2004.
AKTIF LIFESTYLE: SC Orders Submission of Restructuring Plan
-----------------------------------------------------------
The Securities Commission (SC) has imposed the following
conditions to Aktif Lifestyle Corporation Berhad in relation to
its restructuring scheme.
"(ii) Aktif should submit a comprehensive proposal to the SC to
regularize its financials within six (6) months from the date of
this decision letter for the Proposed disposal of the entire
issued and paid-up share capital of Aktif Lifestyle Stores Sdn
Bhd (ALS)."
Hwang-DBS Securities Berhad on behalf of the Board of Directors
of Aktif, announced that an application for an extension of time
has been made to the SC for a period of six (6) months from 17
November 2004 to 16 May 2005 in order for Aktif to submit a
comprehensive proposal to the SC.
This announcement is dated 1 November 2004.
AKTIF LIFESTYLE: Details Regularization Scheme
----------------------------------------------
Further to its announcement dated 1 October 2004 on the Practice
Note No. 4/2001 (PN4), the Board of Directors of Aktif Lifestlye
Corporation Berhad announced that it is presently still
continuing its efforts to seek and acquire new core businesses
to regularize its financial condition.
The Company will keep Bursa Malaysia Securities Berhad informed
of any further development on the matter.
This announcement is dated 1 November 2004.
AYER HITAM: Status of Financial Regularization Plan Unchanged
-------------------------------------------------------------
The Board of Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN)
announced that there have been no material changes in the status
of the Company's plan to regularize its financial condition
since the previous announcement on 28 October 2004.
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
+60 3 2031 9633
+60 3 2031 6920
This announcement is dated 1 November 2004.
BUKIT KATIL: In Talks With Potential Investors
----------------------------------------------
Bukit Katil Resources Berhad (BKATIL) refers to its first
announcement dated 14 October 2004.
Pursuant to the Company's disclosure obligations as specified in
the First Announcement, the Board of Directors of the Company
announced that it is currently formulating a restructuring plan
to regularize its financial condition. The Company is currently
in discussions with prospective investors on potential assets
for injection.
The Company will announce its plan to regularize its financial
condition once the terms of the Restructuring Proposal has been
finalized and agreed upon by all parties concerned and in any
event, not later than six (6) months from the date of the First
Announcement.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur
50490 MALAYSIA
Telephone: +60 3 2095 7077
Telephone: +60 3 2094 9940
CYGAL BERHAD: Issues Restructuring Plan Update
----------------------------------------------
Cygal Berhad refers to its announcement dated 1 October 2004.
The Company hereby announced that there has been no further
development on the monthly status of its restructuring plan.
CONTACT:
Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Tel: 03-7983 9099
Fax: 03-7981 7629
FABER GROUP: Bursa Securities To Evaluate PN4 Status
----------------------------------------------------
Faber Group Berhad announced the status of its plan to
regularize its financial condition on a monthly basis.
The Company disclosed that following the completion of its
Proposed Restructuring Scheme on 30 September 2004, Aseambankers
Malaysia Berhad had on 4 October 2004 submitted on behalf of the
Company, an application to Bursa Securities to uplift the PN4
status of FGB.
The application is still in the process of being evaluated by
Bursa Securities.
CONTACT:
Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828
This announcement is dated 1 November 2004.
FORESWOOD GROUP: Awaits Debt Restructuring Approval
---------------------------------------------------
In line with Practice Note No.4/2001 of the Listing Requirements
of the Bursa Malaysia Securities Berhad, Foreswood Group Berhad
announced that there is no significant development in respect of
its plan to regularize its financial condition.
The Company is still waiting for Securities Commission's
approval on its Proposed Corporate and Debt Restructuring
Scheme.
CONTACT:
Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Tel no: 6082-428626
Fax no: 6082-423626
This announcement is dated 1 November 2004.
GRAND-FLO SOLUTION: Releases FY04 Unaudited Quarterly Report
------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Grand-Flo
Solution Berhad announced its unaudited quarterly report for the
financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue 171 0 347 0
2 Profit/(loss) before tax
-3 0 27 0
3 Profit/(loss) after tax and minority interest
-13 0 11 0
4 Net profit/(loss) for the period
-13 0 11 0
5 Basic earnings/(loss) per shares (sen)
-62,595.00 0.00 56,990.00 0.00
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
7 Net tangible assets per share (RM)
-5,428.8000 0.0000
For more information, go to
http://bankrupt.com/misc/tcrap_Grandflosolution110204.doc
I-BERHAD: Issues Shares Buy Back Notice
---------------------------------------
I-Berhad announced the details of its shares buy back on
November 1, 2004.
Date of buy back: 01/11/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 81,700
Minimum price paid for each share purchased (RM): 0.840
Maximum price paid for each share purchased (RM): 0.840
Total consideration paid (RM): 69,136.23
Number of shares purchased retained in treasury (units): 81,700
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 239,200
Adjusted issued capital after cancellation (no. of shares)
(units) :
Remarks:
This announcement is dated 1 November 2004
JIN LIN: SC Evaluates Restructuring Proposal
--------------------------------------------
Jin Lin Wood Industries Berhad (JLWIB) announced that the
Securities Commission (SC) is still evaluating its Proposed
Restructuring Scheme submitted on 30 June 2004.
CONTACT:
Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Tel: 086-334661/335570
Fax: 086-330866/334808
This announcement is dated 1 November 2004.
KEMAYAN CORPORATION: Unveils Restructuring Scheme Report
--------------------------------------------------------
Kemayan Corporation Berhad (KCB) announced that it is presently
still in the midst of preparing the necessary documents to
obtain approvals of the Scheme Creditors and shareholders of the
Company at the relevant meetings to be convened.
The Securities Commission (SC), vide its letter dated 8 October
2004, had approved the application for further extension of time
until 15 March 2005 for Messrs. Monteiro & Heng, being the
independent investigative auditor, to complete the investigative
audit on KCB as required by the SC via its approval letter dated
16 July 2003 in respect of the Proposed Restructuring Scheme.
Furthermore, on 28 October 2004, Public Merchant Bank Berhad
(PMBB), on behalf of KCB, announced that the vendors of Amber
Resources Sdn Bhd (Amber) had submitted a letter dated 22
October 2004 to Datuk Bandar Kuala Lumpur (DBKL) to appeal
against the decision of DBKL which had rejected the application
by Amber to seek approval from DBKL for the proposed disposal of
shares held by vendors of Amber to Jawira Holdings Berhad
pursuant to the proposed acquisition of Amber under the Proposed
Restructuring Scheme.
Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.
CONTACT:
Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Phone: +60 7 236 5307
This announcement is dated 1 November 2004.
KILANG PAPAN: Waits for SC's Ok on Revised Scheme
-------------------------------------------------
Kilang Papan Seribu Daya Berhad (Special Administrators
Appointed) announced that it is currently waiting for approvals
from the Securities Commission and Foreign Investment Committee
on its revised Proposed Restructuring Scheme.
Presently, there is no material change to the Company's plan to
regularize its financial condition.
CONTACT:
Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Tel: +60 88 423 385
Tel: +60 88 423 287
This announcement is dated 1 November 2004.
MENTIGA CORPORATION: Proposes Disposal of Shares
------------------------------------------------
Mentiga Corporation Berhad (MCB) is still in the process of
negotiating with interested parties on its Proposed Disposal of
9,450 ordinary shares representing 90% of the total issued and
paid up share capital of PT Rebinmas Jaya via MCB's 56-percent
owned subsidiary, Selat Bersatu Sdn Bhd.
CONTACT:
Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax: +60 3 40431233
METROPLEX BERHAD: Dissolves Dormant Units
-----------------------------------------
The Board of Directors of Metroplex Berhad announced that the
following wholly owned subsidiaries of the Company incorporated
in British Virgin Islands (BVI) have been struck off from the
BVI Government Register and accordingly dissolved with effect
from 30 October 2004:
(1) Legend International Resorts (BVI) Ltd (LIRBVIL); and
(2) Metroplex (BVI) Ltd (MBVIL).
The units have not commenced operations since its date of
incorporation on 13 February 1995 and 6 May 1997 respectively.
The dissolution of the said subsidiaries will not have any
material effect on the earnings per share and net tangible
assets of MB Group for the financial year ending 31 January
2005.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
This announcement is dated 1 November 2004.
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: To Settle Php500M Maturing Plans This Year
-------------------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) assured the
Securities and Exchange Commission (SEC) that it can settle some
Php500 million in tuition fees, as it continues to service
existing clients whose plans will mature this year, ABS-CBN News
reports, citing CAP First Vice President Bobby Cafe.
The pre-need firm has already serviced Php2.1 billion in tuition
fees for the year and is expected to settle more of maturing
plans before the year ends.
Mr. Cafe said the Company plans to raise the fund by liquefying
part of its trust fund while other funding sources would
complete the whole amount needed. He declined to disclose these
other funding sources.
According to a previous TCR-AP report, CAP's net loss in the
first half of 2004 increased five-fold from Php330 million in
the same period last year. The net loss is also 12 percent
higher than the CAP's projected Php1.5 billion for the first six
months of 2004.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
COLLEGE ASSURANCE: Wants To Sell MRT Bonds To Pay Tuition Fees
--------------------------------------------------------------
The College Assurance Plans Philippines, Inc. (CAP) is asking
the approval of the Securities and Exchange Commission (SEC) for
its plan to sell a portion of its PhP3.4-billion Metro Rail
Transit bonds, reports the Business World.
The pre-need firm needs to draw on a portion of the MRT bonds,
the Company's most attractive asset, to cover school payments
for the second semester.
CAP First Vice President Bobby Cafe declined to say how much of
the bonds the Company would sell.
The Company posted a PhP17-billion deficiency in its trust
assets as of end-2003. During the period, CAP had PhP8.4 billion
in trust assets, compared with an actuarial reserve liability,
or projected future liabilities, of PhP25.5 billion.
MANILA ELECTRIC: Seeks Court OK For Tax Refund
----------------------------------------------
The Manila Electric Co. (Meralco) is seeking support from the
Supreme Court that it is entitled to a tax refund, saying its
tax payments exceeded what should have been paid as a result of
its PhP30-billion refund to customers, Business World reports.
The Court earlier this year ordered Meralco to refund customers
of excess charges dating back to 1994. The power distributor had
estimated the refund to cost some PhP30 billion.
Meralco said it is entitled to the tax refund because the refund
of PhP0.167 per kilowatt-hour (kWh) ordered by the Court on
behalf of its customers reduced its gross revenues and taxable
net income during the relevant years.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NEGROS NAVIGATION: Appoints Augusto Palisoc as President
--------------------------------------------------------
At the special meeting of the Board of Directors held on 25
October 2004, the members of the Board of Directors of Negros
Navigation Company Inc., has appointed Mr. Augusto P. Palisoc,
Jr. as the President of the Corporation.
The Board has accepted the resignation of Mr. Jose Ma. K. Lim
and in his place appointed Mr. Sulficio O. Tagud, Jr. as the new
Chairman of the Board of Directors of the Corporation.
Very truly yours,
NEGROS NAVIGATION CO., INC.
Willard G. Mosquito
Corporate Information Officer
CONTACT:
NEGROS NAVIGATION COMPANY. INC.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588 Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph
PHILIPPINE REALTY: Elects Directors at AGM
------------------------------------------
In a disclosure to the Philippine Stock Exchange, the Philippine
Realty & Holdings Corporation elected Directors in the Annual
Stockholders Meeting (ASM) of the Company held on 29 October
2004 as follows:
Mr. Gerardo O. Lanuza
Mr. Juan Antonio Lanuza
Mr. Antonio O. Olbes
Mr. Water W. Brown
Mr. Gerard H. Brimo
Ms. Annabelle P. Brown
Mr. Amador C. Bacani
Mr. Jose Ma. R. Francisco
Mr. Miguel O. Ortigas, Jr.
Mr. Ramon Cuervo III, as Independent Director
Mr, Manuel O. OITOs, as Independent Director
Truly yours,
AMADOR C. BACANI
President
CONTACT:
Philippine Realty & Holdings Corporation
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Tel. No: 631-3179 to 80
Fax No: 634-1504
E-mail Address: philrltv@info.com.ph
Auditor: C.L. Manabat & Company
Transfer Agent: Fidelity Stock Transfer, Inc.
=================
S I N G A P O R E
=================
BENG REALTY: Faces Winding Up
-----------------------------
In the matter of Beng Tiong Realty Pte Ltd, a Winding Up Order
was made the 22nd day of October 2004.
Name and address of Liquidator: The Official Receiver of 45
Maxwell Road, #06-11 The URA Centre, East Wing, Singapore
069118.
NOTE:
(a) All creditors of the above named Company should file their
proof of debt with the Liquidator who will be administering all
affairs of the Company.
(b) All debts due to the above named Company should be forwarded
to the Liquidator.
Drew & Napier Llc
Solicitors for the Petitioner
BENG TRADING: Winding Up Order Made
-----------------------------------
In the matter of Beng Tiong Trading, Import & Export (1988)
Pte Ltd, a Winding Up Order was made the 22nd day of October
2004.
Name and address of Liquidator: The Official Receiver of 45
Maxwell Road, #06-11 The URA Centre, East Wing, Singapore
069118.
NOTE:
(a) All creditors of the above named Company should file their
proof of debt with the Liquidator who will be administering all
affairs of the Company.
(b) All debts due to the above named Company should be forwarded
to the Liquidator.
Drew & Napier Llc
Solicitors for the Petitioner
CHARMSON INTERNATIONAL: Court Issues Winding Up Notice
------------------------------------------------------
In the matter of Charmson International Trading Pte Ltd., a
Winding Up Order was made the 22nd day of October 2004.
Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
Messrs Lim & Lim
Solicitors for the Petitioner
This Singapore Government Gazette notice is dated October 29,
2004
KOH BROTHERS: EGM Slated for November 26
----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
the shareholders of Koh Brothers Group Limited will be held at
Oxford Hotel, 218 Queen Street, Singapore 188549 on 26 November
2004 at 11:30 a.m. for the purpose of considering and, if
thought fit, passing with or without modifications, the
following special resolution:
Proposed capital distribution of 81,000,000 ordinary shares of
SG$0.20 each in the capital of G & W group (Holdings) Limited,
representing approximately 65.22% of the issued and paid-up
share capital of G & W Group (Holdings) Limited held by the
Company, to the shareholders of the Company, by way of capital
reduction and dividend distribution special resolution
Pursuant to Article 62(2) of the Articles of Association of the
Company:
(a) That subject to and contingent upon the confirmation of the
High Court being obtained, an amount of SG$3,928,827 standing to
the credit of the Company's share premium account be cancelled;
(b) That upon the Capital Reduction taking effect, a
distribution be made to shareholders of the Company of an
aggregate of up to 81,000,000 ordinary shares of SG$0.20 each in
the capital of G & W Group (Holdings) Limited on the basis of up
to 169 G&W Shares for every 1,000 shares of SG$0.10 each in the
capital of the Company held as at the books closure date to be
determined by the Directors, fractional entitlements to G&W
Shares (i.e. entitlements to less than a whole G&W Share) to be
disregarded;
(c) That the resultant fractional G&W Shares, which are
disregarded, shall be aggregated and sold, disposed or otherwise
dealt with for the benefit of the Company in such manner as the
Directors may in their absolute discretion deem fit;
(d) That where the Directors of the Company are of the view that
the distribution of the G&W Shares to any Shareholder whose
registered address as recorded in the Register of Members of the
Company or in the Depository Register maintained by The Central
Depository (Pte) Limited on Books Closure Date is outside
Singapore may infringe any relevant foreign law or necessitate
compliance with conditions or requirements which the
Directors of the Company regard as onerous by reasons of costs,
delay or otherwise, such G&W Shares shall not be distributed to
such Overseas Shareholder, and the Directors be authorized to
distribute the G&W Shares to such person(s) as the Directors of
the Company may appoint, who shall sell the same and thereafter
distribute the aggregate amount of the net proceeds, after
deducting all dealing and other expenses in connection
therewith, proportionately among all such Overseas Shareholders
according to their respective entitlements to G&W Shares as at
the Books Closure Date in full satisfaction of their rights to
the G&W Shares, provided that where the net proceeds which any
particular Overseas Shareholder is entitled to shall be less
than SG$10.00, such net proceeds shall be retained for the
benefit of the Company and no Overseas Shareholder shall have
any claim whatsoever against CDP, the Company and the Directors
in connection therewith; and
(e) That the Directors and each of them be authorized and
empowered to complete and do and execute all such acts and
things as they or he may consider necessary or expedient to give
effect to this Resolution, with such modifications thereto (if
any) as they or he shall think fit in the interests of the
Company.
By Order of the Board
Lee Suyin
Company Secretary
2 November 2004
Notes:
(1) A Shareholder entitled to attend and vote at the above EGM
may appoint not more than two (2) proxies to attend and vote
instead of him. A proxy need not be a shareholder of the Company
and where there is more than one (1) proxy, the proportion
(expressed as a percentage of the whole) of his shareholding to
be represented by each proxy must be stated.
(2) The instrument appointing a proxy shall, in the case of an
individual, be signed by the appointer or his attorney, and in
the case of a corporation, shall be either under the Common Seal
or signed by its attorney or an officer on behalf of the
corporation.
(3) An instrument appointing a proxy must be deposited at the
registered office of the Company at 11 Lorong Pendek, Koh
Brothers Building Singapore 348639, not less than forty-eight
(48) hours before the time appointed for holding the EGM.
(4) For further details on the above paragraph (b) of the
Special Resolution, please refer to sections 3.1 to 3.4 of the
Circular to Shareholders dated 2 November 2004.
LIVING SYSTEMS: Releases Intended Dividend Notice
-------------------------------------------------
Living Systems Asia Pte Ltd, in creditors' voluntary
liquidation, posted its notice of intention to declare dividend
at the Singapore Government Gazette on October 29, 2004.
Address of Registered Office: c/o Tay Swee Sze & Associates
30 Robinson Road #04-01 Robinson Towers Singapore 048546
Last day for Receiving Proofs: 12 November 2004
Name of Liquidator: Tay Swee Sze
Address of Liquidator: Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546
Tay Swee Sze
Liquidator
NEPTUNE ORIENT: Notes Change in Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Ltd on November 1 released a notice at the
Singapore Stock Exchange pertaining to the change in the
Percentage Level of a Substantial Shareholder's Interest.
Part I
(1) Date of notice to issuer November 01, 2004
(2) Name of Director: David Lim Tik En
(3) Please tick one or more appropriate box(es): Notice of a
Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. (Please complete
Part II and IV)
Part II
(1) Date of change of Interest November 01, 2004
(2) Name of Registered Holder David Lim Tik En
(3) Circumstance(s) giving rise to the interest or change in
interest Exercise of Share Options/Convertibles
# Please specify details
(4) Information relating to shares held in the name of the
Registered Holder.
No. of Shares held before the change 0
As a percentage of issued share capital 0 %
No. of Shares which are subject of this notice 600,000
As a percentage of issued share capital 0.04 %
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 2.14
No. of Shares held after the change 600,000
As a percentage of issued share capital 0.04 %
Part III
(1) Date of change of [Select Option]
(2) The change in the percentage level From % To %
(3) Circumstance(s) giving rise to the interest or change in
interest
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:
Part IV
1) Holdings of Director, including direct and deemed interest:
Direct Deemed
No. of shares held before the change 0 0
As a percentage of issued share capital 0% 0%
No. of shares held after the change 600,000 0
As a percentage of issued share capital 0.04% 0%
Footnotes Based on NOL's paid up capital of 1,450,165,376 as at
29 October 2004.
Submitted by
Ms. Marjorie Wee and Ms. Wong Kim Wah
Company Secretaries
SENG HUP: Posts Notice of Intended Preferential Dividend
--------------------------------------------------------
Seng Hup Electric Company (Singapore) Private Limited, in
creditors' voluntary liquidation, posted at the Singapore Stock
Exchange its notice of intended preferential dividend on October
29, 2004.
Address of Liquidator's Office: 8 Cross Street
#17-00 PWC Building Singapore 048424
Last Day for Receiving Proofs: 17 November 2004
Name of Liquidator: Goh Thien Phong
Dated this 29th day of October 2004.
===============
T H A I L A N D
===============
NATURAL PARK: Audit Committee Comments on PAH Shares Sale
---------------------------------------------------------
Pursuant to the Board of Directors' Meeting of Natural Park
Public Company Limited held on October 5, 2004, the board
unanimously approved a resolution to propose to the
Shareholders' Meeting the consideration and confirmation of the
shareholding and management restructuring plan of the Company.
The said Restructuring Plan was approved at the Extraordinary
General Meeting of Shareholders No. 1/2004 on 14 September 2004,
provided there is a sale of 625,000 ordinary shares of Pacific
Avant Holdings Company Limited (PAH) that were held by Pacific
Meridien Resort Company Limited (PMR), a subsidiary of the
Pacific Assets Public Company Limited (PA), the purchaser
proposed by Avant Resorts Limited (Avant) as per Shareholders
Agreement re: Pacific Avant Holding, totaling Baht
1,620,000,000.
The Audit Committee Meeting on 22 October 2004, which was
attended by only three persons including Audit Committee
Chairman Mr. Weerawong Chittmittrapap, refused to provide any
opinion on the proposed agenda to the Shareholders' Meeting in
order to prevent the conflict of interest.
After due consideration of the Audit Committee on the detail of
the sale of shares of PAH and the opinion of the financial
advisor on the above matter, the Audit Committee agreed that the
sale has no material impact on the Restructuring Plan.
Nonetheless, the final decision shall be based upon the decision
of the shareholders.
Please be informed accordingly.
Natural Park Public Company Limited
(SIGNED)
Mr. Weerawong Chittmittrapap
Chairman of the Audit Committee
(SIGNED)
Mr. Thavisakd Tanta-Nanta
Member of the Audit Committee
(SIGNED)
Mr. Peerapong Thungkasemwathana
Member of the Audit Committee
CONTACT:
Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
THAI PETROCHEMICAL: Trial on Reform Plan Amendment Adjourned
------------------------------------------------------------
With regard to the procedure of the Central Bankruptcy Court on
November 1, 2004 for the approval of the amendment of the
Business Reorganization Plan of Thai Petrochemical Industry Pcl.
(TPI) and its subsidiaries, consisting of TPI Oil Co., Ltd.,
Thai ABS Co., Ltd., TPI Aromatics Pcl., Thai Polyurethane
Industry Co., Ltd., TPI Polyol Co., Ltd., and TPI Energy
Co., Ltd., the Court has adjourned the trial and scheduled the
next appointment on November 10.
(Suwit Nivartvong)
Plan Administrator, for
The Thai Petrochemical Industry Pcl.
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: http://www.tpigroup.co.th
THAI PETROCHEMICAL: Court Delay's Approval of Rehab Plan
--------------------------------------------------------
The Central Bankruptcy Court on Monday postponed the approval of
Thai Petrochemical Industry's (TPI) US$2.7-billion (THB10
billion) debt restructuring scheme, The Nation reports.
The move came after the firm's owner, Prachai Leophairanata,
lodged a new protest against the plan last week and filed an
alternative restructuring program for the Court to consider.
Kamol Teeravetponkul, the Central Bankruptcy judge presiding
over the case, said the Court must now compare both plans with
the firm's existing plan, which has been "fruitless" in reviving
the Company's business. He added the Court must also determine
if the process for approving the administrator's plan, which
gained 99.6 percent of TPI creditors' vote, was in line with the
bankruptcy law.
The Central Bankruptcy Court has ruled that the plan proposed by
the administrators did not conflict with the Kingdom's
Constitution, as Mr. Prachai previously claimed.
Mr. Prachai said he would appeal the matter to the Supreme
Court.
On Monday, TPI's plan administrator Thanong Bidaya and Mr.
Prachai engaged in a Court battle for support of their plans
after filing them last week.
Mr. Prachai argued the administrator's plan was unfair as it
would remove the Company's directors (including him), does not
include a stock buyback option for him, and would cut TPI's
capital to below its book value.
On the other hand, Mr. Thanong said his proposed plan would
permit Mr. Prachai to purchase an undetermined stake in the
Company, depending on the share allocation to be determined by
Finance Minister Somkid Jatusripitak.
The proposed plan is an attempt at a compromise between TPI
creditors' and Prachai's demands with the goal of ensuring the
Company's viability as an ongoing concern.
Meanwhile, TPI's labor union chairman Vichit Nitthayanont told
the Central Bankruptcy Court that the union supports the
administrator's plan because it would help the Company survive.
Among TPI's 8,500 employees, some 4,500 union members are
believed to back the plan.
TT&T PUBLIC: Releases Exercises of Warrants Report
--------------------------------------------------
Pursuant to the Company's Business Reorganization Plan dated
November 29, 2000 (including the Amendments dated December 6 and
15, 2000), which was approved by the Central Bankruptcy Court on
December 27, 2000, TT&T Public Company Limited allocated, at no
cost, 281,155,610 units of Restructuring Plan Warrants (TT&T-
W1).
The allocation each holder the right to subscribe for the
Company's ordinary shares, to the entitled creditors and to the
Company's existing shareholders. Such TT&T-W1 has 5-year tenor
whereby 1 unit of warrant could be exercised to purchase 1
ordinary share at Baht 4.85 each from October 1, 2001 until
17.00 hrs. of September 29, 2006.
The details of warrant terms and conditions have been stated in
the Prospectus.
On December 31, 2003, the Company allocated, at no cost,
148,777,887 units of Tranche C Warrants (TCW-1) for the first
portion, which gave each holder the right to subscribe for
ordinary shares by cash or converting Tranche C debts to the
Company's ordinary shares, to Tranche C Creditors. Such TCW-1
has 5-year tenor whereby 1 unit of warrant could be exercised to
1 ordinary share at THB10 each from December 31, 2003 until
17.00 hrs. of December 30, 2008.
Additionally, on March 31, 2004, the Company allocated, at no
cost, 443,995,171 units of Tranche C Warrants (TCW-2) for the
second portion, which gave each holder the right to subscribe
for ordinary shares by cash or converting Tranche C debts to the
Company's ordinary shares, to Tranche C Creditors. Such TCW-1
has 5-year tenor whereby 1 unit of warrant could be exercised to
1 ordinary share at THB10 each from March 31, 2004 until 17.00
hrs. of March 30, 2009.
The Company would like to inform that the exercises of warrant
as of October 2004 are as follows:
(1) 11 units of TT&T-W1 were exercised by 1 warrant-holder. The
total amount of the unexercised TT&T-W1 is 281,112,291 units.
(2) 57,937,836 units of TCW-1 were exercised by 2 creditors, by
way of Tranche C debt to equity conversion. The total amount of
the unexercised TCW-1 is 65,377,362 units.
(3) 56,256,840 units of TCW-2 were exercised by 2 creditors, by
way of Tranche C debt to equity conversion. The total amount of
the unexercised TCW-2 is 366,700,869 units
In this regard, the Company shall allocate 114,194,687 ordinary
shares for such exercises and subsequently apply to the Stock
Exchange of Thailand for listing these new shares as listed
securities.
Please be informed accordingly.
Sincerely yours,
Prasitchai Kritsanayunyong
Senior Vice President
Finance and Accounting Department
CONTACT:
TT&T Public Company Limited
252/30 Ratchadaphisek Road Huaykwang
252/30 Muang Thai-Phatra Complex Tower 1
Bangkok 10320
Thailand
Phone: +66 2 693 2100
Fax: +66 2 693 2124
Web site: http://www.ttt.co.th/
*********
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
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