/raid1/www/Hosts/bankrupt/TCRAP_Public/041110.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 10, 2004, Vol. 7, No. 223
Headlines
A U S T R A L I A
ADSTEAM MARINE: Unveils Result of AGM
BACTFEW PTY: Appoints Danny Vrkic as Liquidator
BIOENTERPRISES PTY: Final Meeting Slated for November 16
BRETT COLLINS: Sets November 12 as Date of Final Meeting
CASLANO PTY: To Face Winding Up Proceedings
DALLAS FLATS: Michael G. Jones Appointed as Liquidator
JAMES HARDIE: Australian Councils Vote To Boycott Products
J&M REID: Names Joseph Sleiman as Liquidator
NAFM INVESTMENTS: Enters Winding Up Proceedings
NANSU PTY: Issues Notice of Voluntary Winding Up
NATIONAL AUSTRALIA: Holds Analyst Briefing Today
NATIONAL MANAGEMENT: To Undergo Winding Up Process
ONI GROUP: Members Resolve to Voluntarily Wind Up
PITKIN CARRYING: Appoints Richard Albarran as Liquidator
QANTAS AIRWAYS: Passenger Traffic Up 11.3% in September Yr-on-Yr
RENEWAL PTY: Court Appoints R.M. Sutherland as Liquidator
ROSALIE COURT: To Wind Up Voluntarily
SHALALA RETAILING: Sets Final Meeting on November 15
VENTI NINE: Final Meeting Slated for November 12
C H I N A & H O N G K O N G
CRESVALE FINANCE: Liquidators Cease To Act
HOI TAT: Receives Bankruptcy Order
KAISER SALOON: Court Issues Bankruptcy Order
LIKO TRADING: Enters Winding Up Proceedings
PROSTEN TECHNOLOGY: Net Loss Narrows to HK$19.624 Mln
TAI SHING: Net Loss Widens to HK$1.158 Mln
TEAMARK TOYS: To Convene Meetings on November 26
TINSON INTERNATIONAL: Creditors To Prove Debts by November 22
WORLD METAL: Posts HK$2.412-Mln Loss
ZHU KUAN: Faces Winding Up Process
I N D O N E S I A
PERTAMINA: Seals Deal to Import Diesel Oil from Russia
PT INDOFARMA: Bapepam Imposes IDR28.9 Bln Fine
* State To Set Up Holding Company for SOEs
J A P A N
AKUA KURARA: Declared Bankrupt
DAIEI INCORPORATED: May Sign Deal to Sell Hawks to Softbank
DAIEI INCORPORATED: Ito-Yokado, Marubeni Apply to Sponsor Rehab
ESU TEI: Faces Insolvency
HANA PURENTI: Enters Bankruptcy
KOKUDO CORPORATION: Will Not Sell Seibu Lions For Now
KOKUDO CORPORATION: Brewery Demands Repurchase of Railway Shares
SOJITZ HOLDINGS: Posts More Info on Earnings Forecasts Revisions
SOJITZ HOLDINGS: To Launch Recycling Venture with Tsuneishi
K O R E A
HANARO TELECOM: Posts 3Q Accumulated Net Profit of KRW10Bln
HYNIX SEMICONDUCTOR: Toshiba Files Patent Infringement Suit
KOOKMIN BANK: Notes Details on Reorganization of Head Office
M A L A Y S I A
ANCOM BERHAD: Issues Shares Buy Back Notice
ANTAH HOLDINGS: Creditors Meeting Set November 27
BERJAYA GROUP: Unveils Disposal of Shares, Warrants
GULA PERAK: To List Additional Shares
JAYARENA CONSTRUCTION: Clarifies Winding Up Petition Report
LANKHORST BERHAD: Answers Winding Up Petition Query
MBF HOLDINGS: Serves Writ of Summons Against AmFinance
METROPLEX BERHAD: Answers Bursa Malaysia Query
MTD CAPITAL: Purchases 99,100 Ordinary Shares on Buy Back
NALURI BERHAD: Issues Books Closure Notice
NALURI BERHAD: Slashes Exercise Price of Warrants
NAUTICALINK BERHAD: CB Proposes Removal of Four Directors
PROMTO BERHAD: Court Extends Restraining Order to February 6
RNC CORPORATION: Details Debt Restructuring Scheme
P H I L I P P I N E S
MANILA ELECTRIC: Rate Hike Adjustment Starts This Month
NATIONAL POWER: Losses Can Hit PhP65B Next Year
NATIONAL POWER: Issues Invitation to Bid
S I N G A P O R E
ICF CONSULTING: Posts Notice of Final Meeting
MTR CORPORATION: Creditors Must Submit Claims by December 4
PANPAC MEDIA: Details Sale, Purchase Agreement with Sky Win
XIN YUAN: Unveils Resolutions Passed at EGM
XIN YUAN: Creditors To Prove Debts by December 5
XIRCOM ASIA: Sets Final Meeting on December 6
T H A I L A N D
EASTERN PRINTING: Releases Reviewed 3Q Financial Statement
EASTERN PRINTING: Unveils 3Q 2004 Operating Results
KRUNG THAI: Names New President
TONGKAH HARBOUR: Appeals Ruling to Pay THB10,000 Fine
- - - - - - - -
=================
A U S T R A L I A
=================
ADSTEAM MARINE: Unveils Result of AGM
-------------------------------------
Adsteam Marine Ltd. advised the Australian Stock Exchange (ASX)
that at the Annual General Meeting of Adsteam Marine held
Tuesday morning, the two ordinary resolutions put to a
shareholder vote (re-election of directors) were carried by a
show of hands.
The Company further advised that the items of special business
put to a shareholder vote (resolution 3- Consultancy
arrangements with former Director & Chief Operating Officer and
resolution 4- Renewal of proportional takeover provisions) were
carried by a show of hands.
The information required to be set out in accordance with
section 251AA of the Corporations Act is detailed in the
attached schedule to this correspondence of one page and marked
"A".
Yours sincerely,
Adsteam Marine Limited
Dominic D. Smith
General Counsel & Company Secretary
To view a full copy of the disclosure, click
http://bankrupt.com/misc/ADSTEAMMARINE110904.pdf
CONTACT:
Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9266
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/
BACTFEW PTY: Appoints Danny Vrkic as Liquidator
-----------------------------------------------
Notice is hereby given that, at a creditors meeting of Bactfew
Pty Limited (In Liquidation) A.C.N. 002 588 927 held on 1
October 2004, it was resolved that the Company be wound up
voluntarily and that for such purpose Danny Vrkic, of Jirsch
Sutherland & Co - Wollongong, Chartered Accountants be appointed
Liquidator.
Dated this 12th day of October 2004
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 2, 63B Market Street,
Wollongong NSW 2500
Telephone: (02) 4225 2545,
Facsimile: (02) 4225 2546
BIOENTERPRISES PTY: Final Meeting Slated for November 16
--------------------------------------------------------
Notice is given pursuant to Section 509(1) of the Corporations
Act that a Final Meeting of the Members of Bioenterprises Pty
Limited (In Liquidation) A.C.N. 008 556 652 will be held in the
meeting room of SimsPartners, Level 24, Australia Square, 264
George Street, Sydney, on the 16th of November 2004 at 10:00
a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of, and to receive any explanation required
thereof.
(2) To approve the Liquidator's request to destroy the books and
records of the Company six months after the dissolution of the
Company.
(3) Any other business.
Dated this 1st day of October 2004
N.G. Singleton
Liquidator
Note:
To enable members to vote at the meeting proxy forms should be
forwarded to SimsPartners, Level 24, Australia Square, 264
George Street, Sydney before the commencement of the meeting.
A proxy form is available from SimsPartners.
Email: syd@simspartners.com.au
BRETT COLLINS: Sets November 12 as Date of Final Meeting
--------------------------------------------------------
Notice is hereby given that a meeting of the Members & Creditors
of Brett Collins Investments Pty Ltd (In Liquidation) A.C.N. 003
488 097 will be held at the office of Hall Chadwick Chartered
Accountants, Level 29, 31 Market Street, Sydney NSW 2000 on
Friday the 12th of November 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.
(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 1st day of October 2004
Robert Elliot
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
CASLANO PTY: To Face Winding Up Proceedings
-------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Caslano Pty Limited (In Voluntary Liquidation) A.C.N. 003 737
979 duly convened and held at 39 Barbara Street, Fairfield NSW
2165 on Friday, 1 October 2004 at 10:00 a.m., a Special
Resolution was passed that the Company be wound up voluntarily
and Peter Ngan was appointed Liquidator.
Dated this 5th day of October 2004
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
DALLAS FLATS: Michael G. Jones Appointed as Liquidator
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Dallas Flats Pty Limited (In Liquidation) A.C.N. 000 309 580
duly convened and held on 29 September, 2004 the following
resolutions were passed:
- That the Company be wound up voluntarily; and
- That Michael G. Jones be appointed Liquidator for the purpose
of such winding up.
Creditors of the Company are required to prove their debts or
claims within one month from the date of publication of this
notice. Failing which, they will be excluded from any
distribution made and from objecting to any such distribution.
Formal Proof of Debt forms are available on application to the
Liquidator.
Dated this 30th day of September 2004
Michael G. Jones
Liquidator
Jones Condon
Chartered Accountants
Level 13, 189 Kent Street,
Sydney NSW 2000
JAMES HARDIE: Australian Councils Vote To Boycott Products
----------------------------------------------------------
Australian municipal councils voted Monday to ban James Hardie
Industries products unless the embattled Company properly
compensates asbestos victims, says the Australian Financial
Review.
The councils passed a motion for all existing and new council
contractors to boycott James Hardie goods until the Company
adequately provides for current and future victims affected by
asbestos.
However, Australian Local Government Association President Mike
Montgomery said each municipal government has the option whether
to take part in the boycott.
"Local councils will take their own decisions on these matters,"
Mr. Montgomery said. "But the voice of local government here
today condemned what James Hardie have done, and are saying that
they have to take the moral stand that the rest of the
Australian community expects."
James Hardie, which set up an AU$293 million compensation fund
for asbestos victims in 2001, said the boycott would not help
its plan to pay all legitimate future claims.
A New South Wales state inquiry ruled in September that James
Hardie Industries NV, once Australia's largest asbestos maker,
deliberately misled the public by stating it set aside enough
money to compensate asbestos victims before relocated to the
Netherlands in 2001.
The inquiry, likewise, ruled the final compensation bill was
likely to be more than AU$1.5 billion (US$1 billion). James
Hardie is now negotiating with unions and victims.
CONTACT:
For corporate and media enquiries only, please contact:
James Hardie Industries
Web site: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other inquires to CustomerLink Service Centre on 13 1103.
J&M REID: Names Joseph Sleiman as Liquidator
--------------------------------------------
Notice is hereby given that at a general meeting of members of
J&M Reid Pty Ltd (In Liquidation) A.C.N. 000 985 311 held on 30
September 2004, it was resolved that the Company be wound up
voluntarily and that for such purposes Joseph Sleiman, Certified
Practising Accountant of Sleiman & Co, Level 5, 222 Clarence
Street Sydney, be appointed liquidator.
Dated this 30th day of September 2004
Joseph Sleiman
Liquidator
NAFM INVESTMENTS: Enters Winding Up Proceedings
-----------------------------------------------
At general meetings of the members of NAFM Investments Pty Ltd
A.C.N. 007 348 012 held concurrently at 105-153 Miller Street,
North Sydney, 2060 on 28 September 2004, special resolutions
that the companies be wound up voluntarily were passed.
Timothy James Cuming
Allan John Watson
Liquidator
Level 8, 201 Sussex Street,
Sydney NSW 1171
NANSU PTY: Issues Notice of Voluntary Winding Up
------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
Nansu Pty Limited (In Liquidation) A.C.N. 000 351 397 duly
convened and held on 29 September, 2004 the following
resolutions were passed:
(1) That the Company be wound up voluntarily; and
(2) That Michael G. Jones be appointed Liquidator for the
purpose of such winding up.
Creditors of the Company are required to prove their debts or
claims within one month from the date of publication of this
notice. Failing which, they will be excluded from any
distribution made and from objecting to any such distribution.
Formal Proof of Debt forms are available on application to the
Liquidator.
Dated this 30th day of September 2004
Michael G. Jones
Liquidator
Jones Condon
Chartered Accountants
Level 13, 189 Kent Street,
Sydney NSW 2000
NATIONAL AUSTRALIA: Holds Analyst Briefing Today
------------------------------------------------
National Australia Bank Managing Director & Group Chief
Executive Mr. John Stewart and Group Chief Financial Officer Mr.
Michael Ullmer will hold an Analyst Briefing at 11:00 am on
Wednesday, 10 November 2004 to outline the results for the 2004
fiscal year.
Shareholders will be able to listen to the briefing by dialing
in on free call:
- Australia: 1800 556 033
- New Zealand: 0800 888 013
- United Kingdom: 0800 068 9834
- Password is Analyst
Or view a webcast at www.nabgroup.com
For further information contact:
The Office of the Company Secretary, Telephone: (03) 8641 4170
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
NATIONAL MANAGEMENT: To Undergo Winding Up Process
--------------------------------------------------
At general meetings of the members of National Australia
Management Services Pty Ltd A.C.N. 006 997 093 held concurrently
at 105-153 Miller Street, North Sydney, 2060 on 28 September
2004, special resolutions that the companies be wound up
voluntarily were passed.
Timothy James Cuming
Allan John Watson
Liquidator
Level 8, 201 Sussex Street,
Sydney NSW 1171
ONI GROUP: Members Resolve to Voluntarily Wind Up
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Oni Group Pty Ltd (In Liquidation) A.C.N. 101 272 039 held on 24
September 2004, it was resolved that the Company be wound up
voluntarily and that for such purposes Joseph Sleiman, Certified
Practising Accountant of Sleiman & Co, Level 5, 222 Clarence
Street Sydney, be appointed liquidator.
Dated this 24th day of September 2004
Joseph Sleiman
Liquidator
PITKIN CARRYING: Appoints Richard Albarran as Liquidator
--------------------------------------------------------
Notice is hereby given that at Meetings of Members and Creditors
of Pitkin Carrying Services Pty Ltd (In Liquidation) A.C.N. 001
329 442 duly convened and held on 29th September 2004, the
following Special Resolution was passed:
That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Richard
Albarran be appointed Liquidator for the purpose of such winding
up.
Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
QANTAS AIRWAYS: Passenger Traffic Up 11.3% in September Yr-on-Yr
---------------------------------------------------------------
Qantas Airway's latest traffic figures revealed the airline
carried more international and domestic passengers in September
compared to the same month last year, says Asia Pulse.
Total domestic passenger traffic climbed 11.3 percent to 1.96
million, while international passenger traffic jumped 6.9
percent to 771,000.
The overall number of passengers carried came to 2.73 million in
September, up 10 percent from the same period last year.
Qantas said domestic traffic as measured by revenue passenger
kilometers (RPKs) rose 10.4 percent.
Capacity as measured by available seat kilometers (ASKs) was up
10.6 percent.
International RPKs was up 8.4 percent and ASKs by 18.7 percent.
In the year to September 30, group passenger number was up 11.2
percent to 8.23 million.
RPKs increased by 11.3 per cent, while ASKs rose 17.4 per cent,
resulting in a revenue seat factor of 76.2 per cent, down 4.2
per cent on the previous corresponding year.
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
RENEWAL PTY: Court Appoints R.M. Sutherland as Liquidator
---------------------------------------------------------
Notice is hereby given that on 27 September 2004 the Supreme
Court of NSW, ordered the winding up of Renewal Pty Limited (In
Liquidation) A.C.N. 084 707 451 and R.M. Sutherland was
appointed as Official Liquidator of the Company.
Dated this 30th day of September 2004
R.M. Sutherland
Official Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111,
Facsimile: (02) 9233 2144
ROSALIE COURT: To Wind Up Voluntarily
-------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Rosalie Court Pty Limited (In Liquidation) A.C.N. 000 350 756
duly convened and held on 29 September, 2004 the following
resolutions were passed:
(1) That the Company be wound up voluntarily; and
(2) That Michael G. Jones be appointed Liquidator for the
purpose of such winding up.
Creditors of the Company are required to prove their debts or
claims within one month from the date of publication of this
notice. Failing which, they will be excluded from any
distribution made and from objecting to any such distribution.
Formal Proof of Debt forms are available on application to the
Liquidator.
Dated this 30th day of September 2004
Michael G. Jones
Liquidator
Jones Condon
Chartered Accountants
Level 13, 189 Kent Street,
Sydney NSW 2000
SHALALA RETAILING: Sets Final Meeting on November 15
----------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Shalala Retailing Pty Limited (In Liquidation)
A.C.N. 072 997 883 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney, NSW, 2000 on Monday 15 November 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 15 November 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 1st day of October 2004
Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
VENTI NINE: Final Meeting Slated for November 12
------------------------------------------------
Notice is hereby given that the final meeting of members of
Venti Nine Pty Limited (In Liquidation) A.C.N. 001 812 648 will
be held at Suite 4, 26-54 River Street, Ballina NSW on 12
November 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 5th day of October 2004
Ben Veling
Liquidator
PO Box 1, Ballina NSW 2478
==============================
C H I N A & H O N G K O N G
==============================
CRESVALE FINANCE: Liquidators Cease To Act
------------------------------------------
Notice is hereby given that pursuant to Section 253 of the
companies ordinance that the undersigned, Mr. Jan G W Blaauw and
Ms. Joanne Oswin, both of 22/F., Prince's Building, Central,
Hong Kong, have ceased to act as the Joint and Several
Liquidators of Cresvale Finance Limited on the 1st of November,
2004.
Dated this 5th day of November 2004.
Joanne Oswin
Jan G W Blaauw
Former Joint and Several Liquidators
HOI TAT: Receives Bankruptcy Order
----------------------------------
Notice is hereby given that a Bankruptcy Order against Leung Chi
Ming Trading as Hoi Tat Forwarding Co. was made on 27th October
2004.
All debts due to the estates should be paid to the undersigned.
Dated this 5th day of November 2004.
E T O'CONNELL
Official Receiver
KAISER SALOON: Court Issues Bankruptcy Order
--------------------------------------------
Notice is hereby given that a Bankruptcy Order against Cheng Siu
Ping trading as Kaiser Saloon was made on 27th October 2004.
All debts due to the estates should be paid to the undersigned.
Dated this 5th day of November 2004.
E T O'CONNELL
Official Receiver
LIKO TRADING: Enters Winding Up Proceedings
-------------------------------------------
Liko Trading Company Limited with registered office located at
R.M 503, 5th Floor, St. George's Bldg, 2 Ice House St, Central,
Hk was issued a winding up notice.
Date of Order: 27 October 2004
Date of Presentation of Petition: 20 September 2004
Dated this 5th day of November 2004
E T O'CONNELL
Official Receiver
PROSTEN TECHNOLOGY: Net Loss Narrows to HK$19.624 Mln
-----------------------------------------------------
Prosten Technology Holdings Limited (8026) posted a net loss of
HK$19.624 million for the six months ended September 30,
compared to a net loss of HK$22.31 million for the previous
corresponding period. The LPS was HK$0.038.
No dividend was declared for the second quarter.
To view the entire document click on:
http://bankrupt.com/misc/tcrap_prostentechnology110804.pdf
TAI SHING: Net Loss Widens to HK$1.158 Mln
------------------------------------------
Tai Shing International (Holdings) Limited (8103) posted a net
loss of HK$1.158 million for the six months ended September 30,
compared to a net loss of HK $770,000 for the previous
corresponding period. The LPS was HK $0.0239.
No dividend was declared for the second quarter.
To view the entire article click on:
http://bankrupt.com/misc/tcrap_taishing110804.pdf
TEAMARK TOYS: To Convene Meetings on November 26
------------------------------------------------
Notice is hereby given that the first meeting of the members and
creditors of Teamark Toys Limited will be held at Room 1001,
10th Floor, Tai Yau Building, 181 Johnston Road, Wanchai, Hong
Kong on Friday, 26 November 2004 at 11:00 a.m. and 11:30 a.m.
respectively.
Dated this 5th day of November, 2004
Li Man Wai
Wong Wai Ching
Joint and Several Provisional Liquidators
TINSON INTERNATIONAL: Creditors To Prove Debts by November 22
-------------------------------------------------------------
Take notice that the undersigned Cosimo Borrelli and Kelvin
Edward Flynn, both of 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, Joint and Several
Liquidators of Tinson International Limited have fixed 22
November 2004 as the final date on or before which the creditors
of the Company are to prove their debts or claims, and to
establish any title they may have to priority.
Proofs of debt should therefore be delivered to the Liquidators,
at the address aforementioned, before that date. In default,
creditors will be excluded from the benefit of any distribution
made before such debts are proved or such priority are
established or, as the case may be, from objecting to such
distribution.
Dated this 5th day of November 2004
Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
WORLD METAL: Posts HK$2.412-Mln Loss
------------------------------------
World Metal Holdings Limited (8161) posted a net loss of
HK$2.412 million for the six months ended September 30, compared
to a net loss of HK$2.99 million for the previous corresponding
period. The LPS was HK$0.0024.
No dividend was declared for the second quarter.
To view the entire article click on:
http://bankrupt.com/misc/tcrap_worldmetalholdings110804.pdf
ZHU KUAN: Faces Winding Up Process
----------------------------------
On 4 October 2004, the Hong Kong High Court made Winding-up
Orders against Zhuhai Municipal Government's "window Company"
Zhu Kuan Group Company Limited ("ZK Group") and its Hong Kong
subsidiary Zhu Kuan (Hong Kong) Company Limited ("ZK HK") in a
petition initiated by Standard Chartered Bank after they
defaulted on almost HK$8 billion in loans to 34 financial
creditors.
It was the first time the Hong Kong Courts put a core investment
arm of the Mainland China government registered outside Hong
Kong into liquidation and exercised its jurisdiction over such
corporations.
The Jurisdictional Issue
Subsequent to the winding up petition being filed, an
application was taken out by ZK Group to strike out the petition
on the ground that the Court has no jurisdiction to wind it up
and/or there is a more appropriate forum (namely Macau) in which
it can be wound up. Despite the fact that ZK Group was
incorporated in Macau and was not registered as a foreign
Company under Part XI of the Companies Ordinance, the Hong Kong
Courts decided that they had jurisdiction to hear the dispute
and wind up the foreign unregistered Company on the basis that
the following core requirements were satisfied :
(1) The Company had a sufficient connection with Hong Kong;
(2) There had been a reasonable possibility that the winding-up
order would benefit those applying for it; and
(3) The Court was able to exercise jurisdiction over one or more
persons interested in the distribution of the Company's assets.
Following the approach laid down in previous cases, the Court
reiterated in this case that the jurisdiction to wind up a
foreign Company was a flexible one, which did not require the
presence of assets within the jurisdiction. In light of the
following facts, the Court held that there was a sufficiently
close connection with Hong Kong as :
(a) a number of assets were located within Hong Kong, consisting
of :
ZK Group's direct and indirect interests in a number of (at
least 16, and possibly over 30) Hong Kong companies;
(1) accounts receivable in the form of a debt of over HK$560
million owed to ZK Group by ZK HK and a debt of over HK$3
million owed to it by another Hong Kong Company; and
(2) a bank account in Hong Kong;
(b) ZK Group carried on business in Hong Kong in the following
ways:
(1) its loan account with Standard Chartered Bank had since July
1999 been handled by the bank's Hong Kong office;
(2) it had borrowed substantial amounts of money from 34 banks,
12 of which are located in Hong Kong;
(3) the loan documentation in relation to three of the loans
(with an aggregate value of HK$1.35 billion) and one corporate
guarantee were executed in Hong Kong and governed by Hong Kong
law;
(4) it had since late 2001 been negotiating in Hong Kong with
creditors in respect of various restructuring proposals; and
(5) it had since 2001 retained Hong Kong firms as its advisors
in relation to such restructuring proposals.
(c) 3 of ZK Group's directors were also directors of ZK HK and
had an address in Hong Kong as their residential address; and
(d) ZK Group might have previously maintained its books and
records in Hong Kong.
The Court further examined the available evidence and held that
there would be a reasonable possibility of benefit to Standard
Chartered Bank or other creditors in Hong Kong if a winding up
order were to be made against ZK Group. As ZK Group did not
dispute the Court's ability to exercise jurisdiction over one or
more persons interested in the distribution of its assets, the
Court concluded that it had jurisdiction to make a winding-up
order in this case.
Turning to ZK Group's fall back position, the Court also ruled
that the powers of the provisional liquidators of ZK Group
should not be confined to ascertaining and taking possession of
assets, books and records of ZK Group in Hong Kong.
Conclusion
This case is a significant watershed for Hong Kong Courts being
able to bring Mainland government's investment arm or related
companies, albeit unregistered in Hong Kong, within its
jurisdiction in respect of compulsory winding-up. Financial and
commercial sectors in Hong Kong should be pleased to see that
liquidation proceedings against such insolvent "window
companies" is now available, provided sufficient connection can
be showed eg sufficient investment and fund-raising activities
in Hong Kong and the other core requirements are satisfied.
=================
I N D O N E S I A
=================
PERTAMINA: Seals Deal to Import Diesel Oil from Russia
------------------------------------------------------
In line with its goal to boost national fuel stockpile, PT
Pertamina clinched a purchase contract for the import of 7.2
million barrels of high-speed diesel oil from Russia, Asia Pulse
says.
The state oil and gas firm signed the contract with Singaporean
trader WVC Petroleum (Far East) Limited.
Shipments of 600,000 barrels per month will begin in December,
continuing until November 2005.
Meanwhile, the state has earlier indicated it is preparing funds
for Pertamina to secure and boost the national oil stockpile for
the upcoming holiday season. The government has pledged it will
sustain Pertamina's daily cash flow at around IDR3 trillion in
order for the Company to import fuel when the need arises.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: www.pertamina.com
PT INDOFARMA: Bapepam Imposes IDR28.9 Bln Fine
----------------------------------------------
Embattled pharmaceutical firm PT Indofarma is to pay an IDR28.9
billion (about US$3.1 million) fine for failure to employ proper
accounting practices in drawing up its 2001 financial statement,
according to The Jakarta Post.
An inquiry commissioned by the Capital Market Supervisory Agency
(Bapepam) found the Company guilty of overstating its assets
value by IDR28.9 billion in the form of goods supply.
Bapepam will impose the sanction on Indofarma's directors who
were in charged when the financial report was released.
Aside from the fine, Indofarma was urged to enhance its
bookkeeping ability and its internal control mechanism, in a
process that will be overseen by a Bapepam-hired independent
public accountant.
CONTACT:
PT Indofarma Tbk
Jl. Tambak No. 22
Jakarta 10320
Indonesia
Phone: (021) 851 7222
Fax: (021) 851 7223
* State To Set Up Holding Company for SOEs
------------------------------------------
The new government proposed to create a holding Company to
oversee state-owned enterprise (SOEs), reports The Jakarta Post.
The plan is part of an effort to help restructure and
rehabilitate SOEs, which are mostly having financial issues.
Deputy for privatization to the state minister of state
enterprises, Mahmuddin Yasin, said the state had decided to
adopt the "blueprint" for the management of SOEs laid out by
former State Enterprises Minister Tanri Abeng.
Mr. Tanri, the first minister tasked with reforming state
companies in 1998, proposed the establishment of a state holding
firm to handle all SOEs, similar to Singapore's investment arm,
Temasek.
Mr. Mahmuddin explained that Mr. Tanri's idea would be widely
reviewed but indicated the big possibility of forming a holding
Company.
The entity would provide a growth engine for the country's
economy by functioning as the government's investment arm and by
integrating and complementing the businesses of each SOE.
If the plan will materialize, executives of the holding firm
will be responsible for managing 168 companies with consolidated
assets of more than IDR700 trillion (about US$77 billion).
Mr. Mahmuddin said the government will determine which SOEs are
still viable. Unprofitable SOEs will be sold to the public or
merged with other SOEs in a bid to boost their value and lessen
the government's burden.
=========
J A P A N
=========
AKUA KURARA: Declared Bankrupt
------------------------------
K.K. Akua Kurara Japan, which engaged in mineral water sales,
has been declared bankrupt, according to Teikoku Databank
America.
The Company, based in Osaka-shi, Osaka 530-0047, left US$100.12
million in total liabilities.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
DAIEI INCORPORATED: May Sign Deal to Sell Hawks to Softbank
-----------------------------------------------------------
Rehabilitating Daiei Incorporated will likely sign an agreement
by the end of the month to sell the Daiei Hawks pro baseball
club to Internet service provider Softbank Corporation, Kyodo
News relates, citing the Mainichi Shimbun.
The struggling retailer has already gained approval on the sale
from U.S. investment fund Colony Capital LLC, which owns the
ball club's home stadium Fukuoka Dome and the rights to hold the
Hawks' games.
In March, Daiei sold Fukuoka Dome and an adjacent hotel to
Colony in a bid to narrow its mounting debts.
Earlier, Softbank officially declared its intent to acquire the
Daiei Hawks ball club.
Daiei, which sought rehabilitation under the state-backed
Industrial Revitalization Corporation of Japan (IRCJ), currently
holds 98 percent of the Hawks' shares.
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
DAIEI INCORPORATED: Ito-Yokado, Marubeni Apply to Sponsor Rehab
---------------------------------------------------------------
Ito-Yokado and Marubeni Corporation have applied to sponsor the
rehabilitation of troubled retailer Daiei Incorporated,
according to The Japan Times.
The two companies are among a number of potential revival
sponsors who have presented concrete support programs to the
state-backed Industrial Revitalization Corporation of Japan
(IRCJ) on Monday.
The IRCJ, which handles Daiei's restructuring, is planning to
work out a rehabilitation plan for the retailer by the end of
the year and select sponsors by the end of March after accepting
applications from candidates again early next year.
According to sources, Ito-Yokado is considering forming an
alliance with trading house Mitsui & Co. to support Daiei.
Supermarket chain operators Aeon Co. and Izumiya Co. are also
likely to have expressed interest in becoming candidates, the
sources said. Izumiya, based in Osaka, hopes to take over
Daiei's outlets in western Japan.
ESU TEI: Faces Insolvency
-------------------------
Esu Tei Tei Bussan K.K. faces insolvency with US$428.33 million
in total liabilities, says Teikoku Databank America.
The firm, which engaged in cafe management, is located at
Minato-ku, Tokyo 107-0062.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
HANA PURENTI: Enters Bankruptcy
-------------------------------
Flower and plant stores operator Hana Purenti K.K. has entered
bankruptcy, according to Teikoku Databank America.
The firm, based in Osaka-shi, Osaka 530-0003, has total
liabilities of US$28.33 million.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
KOKUDO CORPORATION: Will Not Sell Seibu Lions For Now
-----------------------------------------------------
Kokudo Corporation President Minoru Mikami denied reports that
the Company is selling the Seibu Lions Professional baseball
club, The Japan Times reveals.
Kokudo dismissed speculations it will dispose of its ball club
as part of its business restructuring amid a series of financial
scandals.
The unlisted firm reportedly approached a number of potential
buyers, including Internet service provider Livedoor Co. but
negotiations have been difficult given the high offering price
of JPY20 billion for selling the Lions.
According to the reports, Kokudo will halt talks for now but is
planning to bring up the issue later on, as the Seibu group
needs to take drastic restructuring measures.
Livedoor, on the other hand, issued a statement saying it has no
intention at the moment to acquire Seibu Lions but may consider
the purchase if the sale price is lowered to less than JPY10
billion.
On October 13, Kokudo admitted its had falsified information on
its shareholdings with group firm Seibu Railway. Since the
admission, the value of Seibu Railway shares held by Kokudo
dived sharply to JPY93 billion from JPY421.3 billion,
previously.
KOKUDO CORPORATION: Brewery Demands Repurchase of Railway Shares
----------------------------------------------------------------
Kirin Brewery Company has requested Kokudo Corporation buy back
the 20 million shares it purchased from Kokudo, reports Japan
Today.
The move brought the number of companies publicly announcing
their demand for the railway shares to be repurchased to eight.
The brewery bought the Seibu Railway shares in late September
for JPY2 billion at Kokudo's request. Recently, it demanded that
the de facto parent of the railway operator return the money
amid falling Seibu Railway stock price.
The railway's stock plummeted to its lowest level this year
following discovery that Kokudo sold some of its shares in Seibu
Railway without informing the buyers that the railway firm's
stock ownership conditions made it subject to delisting.
SOJITZ HOLDINGS: Posts More Info on Earnings Forecasts Revisions
----------------------------------------------------------------
Sojitz Holdings Corporation (hereinafter referred to as Sojitz
Holdings or the Company) has disclosed the following additional
information in connection with Sojitz Holding's release
"Notice Concerning Revisions to Consolidated and Non-
Consolidated Interim Earnings Forecasts for the Fiscal Year
Ending March 31, 2005," which the Company announced Friday.
(1) Rationale for the Revisions to Consolidated Interim Earnings
Forecasts for the Fiscal Year Ending March 31, 2005.
Prior to additional information:
From the perspective of reducing operational risk and improving
the quality and liquidity of assets, the Sojitz Group has
reviewed low-profit businesses including overseas investments
and loans with the aim of withdrawal, and calculated the exit
costs and available cash generation.
As a result, Sojitz Holdings has recorded an extraordinary loss
appropriate to this interim period.
After additional information:
From the perspective of reducing operational risk and improving
the quality and liquidity of assets, the Sojitz Group has
reviewed low-profit businesses including overseas investments
and loans with the aim of withdrawal, and calculated the exit
costs and available cash generation.
As a result, Sojitz Holdings has recorded an extraordinary loss
appropriate to this interim period. The principal details and
amount of the extraordinary loss are approximately JPY250
billion including the loss on sale and revaluation of
securities, which totaled approximately JPY40 billion and
approximately JPY14 billion in provisions for overseas plant
businesses.
(2) Rationale for the Revisions to Non-consolidated Interim
Earnings Forecasts for the Fiscal Year Ending March 31, 2005.
Prior to additional information:
Owing to the implementation of impairment disposition in this
interim period, on its investment in consolidated subsidiary,
Sojitz Corporation.
After additional information:
Owing to the implementation of impairment disposition totaling
approximately JPY400 billion in this interim period, on its
investment in consolidated subsidiary, Sojitz Corporation.
CONTACT:
Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com
SOJITZ HOLDINGS: To Launch Recycling Venture with Tsuneishi
-----------------------------------------------------------
Sojitz Holdings Corporation and Tsuneishi Corporation will
commence an automobile recycling business through Tsuneishi CRS
Corporation, which was founded through joint capital investment.
Tsuneishi CRS obtained permission from the Hiroshima prefectural
government to conduct the dismantling and shredding operations
required for an automobile recycling business, and its recycling
facility commenced operations in earnest from November.
The plan is for the recycling facility, with a processing
capacity of 14,400 vehicles per year, to recycle 10,800 vehicles
in the second year, which is equivalent to 75 percent of its
processing capacity. The Company aims at sales of approximately
JPY500 million.
Working together with automobile dealers, sheet metal
plants/repair shops and nonlife insurance companies, Tsuneishi
CRS will facilitate receipt of end-of-life vehicles, mainly in
the Chugoku and Shikoku region. In addition, with the aid of the
marine transportation system of the Tsuneishi Group, the Company
will be aggressive in accepting abandoned end-of-life vehicles,
which are becoming a major social issue in remote islands in the
Setouchi region. Through its automobile recycling business,
Tsuneishi CRS will also cooperate in solving the issue of
automobiles abandoned on remote islands.
Tsuneishi CRS has adopted the `whole recycling system' as its
end-of-life vehicle disposal method. With this method, a
recycling rate of almost 100 percent is achievable. First, after
removing chlorofluorocarbons and engine oil, automobile parts,
which are in demand as reconditioned parts, are removed and
stored. Then, metal resources such as iron, aluminum and copper
are sorted and recovered, and ELV scrap is compressed in a press
at the end of the process. Through improvements in dismantling
technology, ELV scrap can be used as is in electric furnaces as
a source for heat and iron. Unlike current mainstream shredder
methods, the `whole recycling system' is significantly
characterized by not generating any shredder residue.
Tsuneishi Corporation pursues new businesses that are in
accordance with the times, utilizing human resources and
technologies cultivated through its shipbuilding business. While
trying to build a liaison with automobile service and recycle
businesses, on which the Tsuneishi Group works, Tsuneishi
Corporation will build an automobile recycling business that
makes use of the collective strengths as its effort into which
the group's consensus has been put.
On the other hand, Sojitz focuses its efforts on environment-
related businesses, in a move toward realization of the
recycling of resources and a recycling-based society system. For
its recycling business, the Company has established CRS SAITAMA
Co., Ltd., a Company engaged in consistent ELV processing in
Saitama prefecture. Further, jointly with NIPPONKOA Insurance
Co., Ltd., the Company provides the `NK Recycle Net' service,
which assists auto mechanical service providers and automobile
dealers in appropriately treating end-of-life vehicles. With
Tsuneishi CRS as a strategic base in western Japan, the business
of appropriate ELV treatment will be continuously promoted
throughout the nation.
An earth-friendly automobile recycling business, which takes
into account the recycling of resources, energy consumption
reduction and pollution control will be pursued through
utilization of the high-level technical capabilities and
reliability of Tsuneishi Corporation, and Sojitz's automobile
recycling business network and the know-how they have
accumulated.
Outline of Tsuneishi CRS Corporation
Establishment: April 26, 2004
Address: 1083 Tsuneishi, Numakuma-cho, Numakuma-gun, Hiroshima
Representative: Masakazu Hirakawa, President
Capital: 200 million yen (Tsuneishi Group 66.6%, Sojitz 33.4%)
No. of employees: 19
Web site: http://www.tsuneishi-crs.co.jp/
=========
K O R E A
=========
HANARO TELECOM: Posts 3Q Accumulated Net Profit of KRW10Bln
-----------------------------------------------------------
Hanaro Telecom, Inc. (NASDAQ:HANA), disclosed in a U.S.
Securities and Exchange Commission its 3Q 2004 Financial
Statement.
- Hanaro posts 3Q revenues of KRW358.4 billion and operating
profit of KRW25.0 billion
- 3Q accumulated net profit stands at KRW10.0 billion and the
Company is confident of exceeding its annual net profit target
for the year 2004
Hanaro Telecom, Inc. (KOSDAQ: 033630) (NASDAQ: HANA), Korea's
leading integrated telecommunications Company providing a broad
range of broadband Internet and voice services, announced Monday
that despite a temporary rise in the voice business marketing
expenses, the Company generated net profit for the two
consecutive quarters on the back of the stable flow of revenues
from all business lines and the financial stability.
Hanaro announced that revenues for the third quarter were
KRW358.4 billion. Operating profit and net profit were KRW25.0
billion and KRW200 million, respectively. (Refer to Table 1- 3Q
2004 Financial Highlights)
The Company's accumulated EBITDA over the last three quarters
was KRW420.1 billion, 75.5 percent of its annual guidance, and
accumulated EBITDA margin was 39.2 percent, exceeding the annual
target of 37.1 percent.
Promotional activities for the voice business led to a one-time
hike in marketing expenses (up 8 percent q-q), in line with the
launch of domestic / 005 international long-distance call
services, as well as the commencement of FNP in Busan in July
and Seoul in August. As a result, the Company's 3Q net profit
dropped, compared with the previous quarter.
Ms. Janice Lee, CFO, commented, "All-out marketing efforts to
promote the voice business have temporarily lowered the third
quarter profitability. However, given the stable growth in
broadband and the increasing revenues fueled by rapid voice
subscriber gains in the fourth quarter, we do not expect any
difficulties in exceeding our annual profit targets."
Table 1 - 3Q 2004 Financial Highlights
(Unit: KRW billion)
3Q 2004 2Q 2004 Change (q-q)3Q 2003 Change (y-y)
Revenues 358.4 363.1 -1.3% 352.6 1.6%
Operating Profit 25.0 40.7 -38.5% 42.2 -40.8%
Net Profit 0.2 15.2 -98.9% 5.7 -97.1%
EBITDA 131.8 148.2 -11.0% 151.3 -12.8%
EBITDA Margin 36.8% 40.8% -4.0%P 42.9% -6.1%P
Table 2 - 3Q 2004 Financial Highlights (Accumulated)
(Unit: KRW billion)
Total
Revenues 1,070.9
Operating Profit 90.9
Net Profit 10.0
EBITDA 420.1
Company Information
Hanaro Telecom is Korea's leading integrated telecommunications
Company that provides a broad range of broadband Internet and
voice services. The Company commenced its commercial operations
in April 1999 and revolutionized the IT industry by launching
the world's first commercialized ADSL services.
Currently, it provides high-speed Internet and voice telephony
services, as well as leased lines and Internet Data Center (IDC)
services. Hanaro Telecom was listed on NASDAQ through issuance
of American Depository Receipts (ADR) in March 2000. Its common
shares were listed on KOSDAQ in November 1998.
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
HYNIX SEMICONDUCTOR: Toshiba Files Patent Infringement Suit
-----------------------------------------------------------
Toshiba Japan will file a lawsuit against Hynix Semiconductor
Inc. in Japan and Texas for alleged infringement of Toshiba's
semiconductor memory patents, reports Agence France Presse.
Toshiba did not specify the sum of damages it was seeking for
the alleged infringement of its NAND flash memory patents, but
it emphasized Hynix Japan should pay damages. Toshiba was also
aiming to secure a Court injunction against selling products
that allegedly broke the patents.
In a U.S. district Court in Texas, Toshiba also filed a suit
Monday against Hynix and its U.S. subsidiaries.
"The suit seeks damages for infringement of seven Toshiba
patents, three related to DRAM and four to NAND flash memory
chips, and an injunction against infringing products," the
Company said in a statement.
"Toshiba regards protection of intellectual property as an
essential means to secure competitiveness in advanced technology
for electronics devices and digital media," it said.
"Failure to reach a satisfactory conclusion left Toshiba with no
alternative other than to pursue legal recourse.
In 1996 Toshiba and Hynix entered into a patent cross-licensing
agreement that included semiconductor products.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
KOOKMIN BANK: Notes Details on Reorganization of Head Office
------------------------------------------------------------
Kookmin Bank advised in a U.S. Securities and Exchange filing
the details on the reorganization of its head office.
Kookmin Bank reorganized its head office from nine groups and
four divisions to the following 15 groups and four divisions:
- Strategic Planning Group
- Financial Planning Group
- Consumer Banking Group I
- Consumer Banking Group II
- Consumer Marketing Group
- Corporate Banking Group (including the Investment Banking
Division)
- Credit Card Group
- PB/Asset Management Group
- Trust/NHF Management Group
- Capital Markets & Treasury Group (including the Capital
Markets Division / Treasury Division)
- Credit Management Group
- Sales Support Group (including the On-line Channel Division)
- Risk Management Group
- Information Technology Group
- Human Resources Group
New Assignments of Senior Executive Vice Presidents
Name Group
Dong Won Kim Strategic Planning Group Newly Appointed
Yun Keun Jung Consumer Banking Group I
Nam Sik Yang Consumer Banking Group II Newly Appointed
Yong Kook Oh Corporate Banking Group Newly Appointed
Sang Jin Lee Credit Card Group
Ahn Sook Koo PB/Asset Management Group Newly Appointed
Jung Young Kang Trust/NHF Management Group
Young Han Choi Capital Markets & Treasury Group Newly
Appointed
Dong Soo Choe Credit Management Group Newly Appointed
Sung Kyu Lee Sales Support Group
Donald H. Mackenzie Risk Management Group
Young Il Kim Information Technology Group
Jung Min Kim Human Resources Group Newly Appointed
* Effective as of November 8, 2004
* Kookmin Bank's current President and CEO will also serve as
the head of each of the Financial Planning Group and Consumer
Marketing Group until the heads for those groups are appointed
at a later date.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Kookmin Bank
(Registrant)
Date: November 8, 2004
By: Kang, Chung Won
Name: Kang, Chung Won
Title: President and Chief Executive Officer
CONTACT:
Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Telephone: +82 2 776 5637
===============
M A L A Y S I A
===============
ANCOM BERHAD: Issues Shares Buy Back Notice
-------------------------------------------
Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad
the details of its shares buy back on November 8, 2004.
Date of buy back: 08/11/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 2,000
Minimum price paid for each share purchased (RM): 0.770
Maximum price paid for each share purchased (RM): 0.770
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 2,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 5,297,700
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: Creditors Meeting Set November 27
-------------------------------------------------
In reference to its announcement dated 19 September 2004 in
relation to the Proposed Restructuring Scheme, the Board of
Directors of Antah Holdings Berhad announced the following:
(a) Antah has on 5 November 2004 issued a notice to convene the
meetings of scheme of creditors of Antah to be held on 27
November 2004 pursuant to Section 176 of the Companies Act, 1965
(Act) for the purpose of considering the Proposed Debt
Restructuring and if thought fit to approve the same with or
without modification(s); and
(b) An Explanatory Statement, together with the aforesaid
notice, has also been dispatched and issued to scheme creditors
pursuant to Section 177(1) of the Act on 5 November 2004.
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 8 November 2004.
BERJAYA GROUP: Unveils Disposal of Shares, Warrants
---------------------------------------------------
Berjaya Group Berhad disclosed to the Bursa Malaysia Securities
Berhad the following details:
Proposed disposal of shares and warrants in Hyundai-Berjaya
Corporation Berhad (Hbcorp) to space tracks Sdn Bhd
(STSB), a wholly owned subsidiary of Sime Darby Berhad
(SDB) for a disposal consideration of rm3.60 per ordinary share
of rm1.00 each in Hbcorp (Hbcorp share) and rm2.60 per warrant
issued by Hbcorp (Hbcorp warrant) (proposed
Hbcorp disposal);
Proposed disposal of shares in Hyumal Motor Sdn Bhd
(Hyumal) to STSB, a wholly owned subsidiary of SDB for a
disposal consideration of rm25.00 per ordinary share of RM1.00
each in Hyumal (proposed Hyumal disposal); and
Proposed disposal of shares in Inokom Corporation Sdn Bhd
(Inokom) to STSB, a wholly owned subsidiary of SDB for a
disposal consideration of rm1.50 per ordinary share of RM1.00
each in Inokom (proposed Inokom disposal)
Under Section 36(1) of the Malaysian Code on Takeovers and
Mergers, 1998 (Code), Commerce International Merchant Bankers
Berhad (CIMB), as a connected person of BGroup (as defined under
Section 36(6) of the Code), is required to disclose the total
number and price of all voting shares in HBCorp and Sime Darby
Berhad (SDB), which it has dealt in for its own account.
In accordance with Section 36(2) of the Code, CIMB wishes to
inform that its wholly owned subsidiary, CIMB Securities Sdn
Bhd, has dealt in the following shares for its own account on 5
November 2004, details of which are as set out in Table 1.
Table 1: Details of trading by CIMB Securities Sdn Bhd
Transaction Securities Quantity Price
(RM)
Sold HBCorp Shares 16,000 3.4600
CONTACT:
Berjaya Group Berhad Co.
11th Fl., Menara Berjaya, KL Plaza, 179,
Jalan Bukit Bintang
55100 Kuala Lumpur, Malaysia
Phone: +60-3-2935-8888
Fax: +60-3-2935-8043
This announcement is dated 8 November 2004.
GULA PERAK: To List Additional Shares
-------------------------------------
Gula Perak Berhad's additional 2,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 2,000
irredeemable convertible secured loan stocks 2000/2005 into
2,000 new ordinary shares will be granted listing and quotation
with effect from 9 a.m., 17 November 2004.
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688
JAYARENA CONSTRUCTION: Clarifies Winding Up Petition Report
-----------------------------------------------------------
In reply to the query from the Bursa Malaysia Securities Berhad
regarding the petition by Mikyotech Sdn Bhd to wind up Jayarena
Construction Sdn Bhd, the following are the information
requested:
(1) No interest rate was claimed under the petition;
(2) The petition is for an alleged outstanding balance price of
goods sold and delivered, claimed by Mikyotech Sdn Bhd against
Jayarena Construction Sdn Bhd ("Jayarena"), which Jayarena is
disputing;
(3) The total cost of investment in Jayarena is RM13,360,396.11;
(4) The financial impact on the proceeding amounts to
RM56,381.98 in the event the petitioner succeed;
(5) The expected losses on the proceeding amounts to RM56,381.98
in the event the petitioner succeed.
Bursa Malaysia Securities Berhad's Query Letter content:
We refer to your announcement dated 4 November 2004 in respect
of the aforesaid Winding-up Petition.
In this connection, kindly furnish Bursa Malaysia Securities
Berhad with the following information immediately for public
release:
The particulars of interest rate claimed under the Winding-up
Petition;
The details of the default or circumstances leading to the
filing of the Winding-up Petition;
The total cost of investment in Jayarena;
The financial and operational impact of the winding-up
proceedings; and
The expected losses, if any arising from the winding-up
proceedings.
Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.
Yours faithfully
CHEE KAI MUN
Manager
Issues & Listing
Group Regulations
CKM
LANKHORST BERHAD: Answers Winding Up Petition Query
---------------------------------------------------
In reply to the letter query from the Bursa Malaysia Securities
Berhad, regarding the winding-up petition served on its unit
Lankhorst Pancabumi Contractors Sdn Bhd (LPCSB), Lankhorst
Berhad announced the following additional information requested
for public release:
(1) The name of the petitioner is Tiong Nam Trading &
Transportation (M) Sdn. Bhd. and the petition was served on
LPCSB on 29th October 2004.
(2) The claim is for transportation charges in respect of
LPCSB's project at Kuantan-Kerteh Railway Project for
RM76,699.50 plus interests and costs of RM8,612.00.
(3) The default was due to a miscommunication whereby LPCSB had
initially requested its client for the project namely Petronas
to pay directly to the Petitioner, but due LPCSB's staff not
reconfirming on it, the direct payment was not done.
(4) To total cost on investment in LPCSB is RM25,000,000.00.
(5) The claim and proceedings will not have any significant
financial and operational impact on the Company or the Group.
(6) There are no expected losses arising out of the winding-up
proceedings.
(7) LPCSB had proposed settlement of the full sum inclusive of
interests of costs by way of three instalment payments and the
petitioner has agreed to withdraw the petition accordingly.
(8) The date of hearing of the petition is on 9th December 2004.
(9) Lankhorst Berhad (Company) and its group of companies
(Group) is solvent i.e. there is no contigent or other liability
that has become or likely to be come enforceable withi the
period of 12 months from the date hereof which will or may
affect the ability of the Group or Company to meet their
obligations as and when they fall due.
(10) The Company will provide the Exchange with a solvency
declaration executed by the directors by today.
The Bursa Malaysia Securities Berhad's query letter content:
"We refer to the advertisement on winding-up petition appearing
in the New Straits Times, page 12 on Monday, 1 November 2004, a
copy of which is enclosed for your reference.
In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:
The name of the petitioner and date the winding-up petition was
served on LPCSB;
The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;
The details of the default or circumstances leading to the
filing of the winding-up petition;
The total cost of investment in LPCSB;
The financial and operational impact of the winding-up
proceedings;
The expected losses, if any arising from the winding-up
proceedings;
The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;
The date of hearing;
A statement whether Lankhorst Berhad (Company) and its group of
companies (Group) is solvent i.e. that no contingent or other
liability has become or is likely to become enforceable within
the period of twelve (12) months from the date thereof which
will or may affect the ability of the Group or the Company to
meet their obligations as and when they fall due; and
An undertaking to provide Bursa Securities a solvency
declaration executed by the directors of the Company within
seven (7) days (where such declaration can be made).
Please note that the board of directors of the Company must
endorse the contents of the announcement.
Yours faithfully,
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to: Securities Commission (via fax)
CONTACT:
Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia
MBF HOLDINGS: Serves Writ of Summons Against AmFinance
------------------------------------------------------
The Board of Directors of MBf Holdings Berhad (MBfH) wishes to
announce that the Company and its following subsidiaries
(Plaintiffs) had on 5 November 2004 served a Writ of Summons
(the Writ) against AmFinance Berhad (Defendant):
(1) Alamanda Development Sdn Bhd (Alamanda); and
(2) MBf Project Management Sdn Bhd (MPM).
The Writ was filed following a demand by the Defendant on 18
October 2004 in respect of debts alleged to be owing by Alamanda
on loan facilities in the aggregate sum of RM132.9 million as at
31 August 2004 plus accrued interest at 2.5% above the Base
Lending Rate per annum and additional default interest of 1% per
annum on the principal sum of approximately RM103.15 million,
from 1 September 2004 until date of full payment which were
purportedly guaranteed by MBfH.
The Plaintiffs' claims is for the following reliefs :
i) a declaration that the Deed of Novation dated 1 April 2000
between the 1st (MBfH) and 2nd (Alamanda) Plaintiffs and the
Defendant is void and unenforceable;
ii) a declaration that the Deed of Novation dated 1 April 2000
between the 2nd (Alamanda) and 3rd (MPM) Plaintiffs and the
Defendant is void and unenforceable; and
iii) a declaration that the Corporate Guarantees dated 14
September 1996, 16 January 1997, 17 January 1997, 26 June 1997,
12 June 2000 by MBfH in favour of the Defendant are void and
unenforceable;
Alternatively,
i) an order for specific performance of the concluded Settlement
Agreement between the 1st (MBfH) and 2nd (Alamanda) Plaintiffs
and the Defendant, or damages in lieu thereof;
In any event,
i) costs; and
ii) any further or other relief as the Court deems fit.
Financial Implication
The Plaintiffs are advised that the action against the Defendant
is premised on a sound legal basis. Save as disclosed, the suit
does not have any material financial impact on the Plaintiffs.
Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
Date: 8 November 2004
CONTACT:
MBF Holdings Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com
METROPLEX BERHAD: Answers Bursa Malaysia Query
----------------------------------------------
Metroplex Berhad replied to Bursa Malaysia Securities Berhad's
query letter dated 8 November 2004 in respect to the winding-up
petition served on Legend International Resorts Limited (LIR), a
59.99% owned subsidiary of Metroplex Berhad.
The Board of Directors of MB wishes to inform that LIR is not a
major subsidiary of MB.
Bursa Malaysia Securities Berhad's Query Letter Content:
We refer to your announcement dated 5 November 2004.
In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:
(1) Where LIR is a major subsidiary, a statement whether MB and
its group of companies (Group) is solvent i.e. that no
contingent or other liability has become or is likely to become
enforceable within the period of twelve (12) months from the
date thereof which will or may affect the ability of the Group
or MB to meet their obligations as and when they fall due; and
(2) Where LIR is a major subsidiary, an undertaking that a
solvency declaration executed by the directors of MB will be
provided to Bursa Securities within seven (7) days (where such
declaration can be made).
Please note that the board of directors of MB must endorse the
contents of the announcement.
Yours faithfully,
LISA LAM
Sector Head
Issues & Listing
Group Regulations
LL/YYT/WCY
c.c. Encik Onn Ismail, Securities Commission (via fax)
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
MTD CAPITAL: Purchases 99,100 Ordinary Shares on Buy Back
---------------------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on November 8, 2004.
Date of buy back: 08/11/2004
Description of shares purchased: Ordinary shares of RM1/- each
Total number of shares purchased (units): 99,100
Minimum price paid for each share purchased (RM): 2.590
Maximum price paid for each share purchased (RM): 2.640
Total consideration paid (RM): 260,672.64
Number of shares purchased retained in treasury (units): 99,100
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 4,809,600
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022
+60 3 6187 7898
Web site: http://www.mtdcap.com/
NALURI BERHAD: Issues Books Closure Notice
------------------------------------------
Naluri Berhad announced the details of its book closure relating
to its capital repayment of up to approximately RM662.876
million to the shareholders of Naluri Berhad on the basis of
RM0.80 for every one (1) existing ordinary share of RM1.00 each
held in Naluri (Capital Repayment) on the basis that all
outstanding Naluri warrants are fully exercised prior to the
entitlement date for the Capital Repayment.
Kindly be advised of the following:
(1) The above Company's securities will be traded and quoted (Ex
- Offer) as from: (26 November 2004)
(2) The last date of lodgment: (30 November 2004)
Remarks: Pursuant to the Deed Poll dated 8 June 1995, as amended
by the first supplemental deed poll dated 15 October 1997 and
second supplemental deed poll dated 1 July 1999, constituting
the unexercised warrants in issue and expiring on 11 June 2005
(2000/2005 Warrants), the adjustment to the exercise price of
the 2000/2005 Warrants from RM4.50 to RM2.00 per ordinary share
of RM1.00 each will take effect from 1 December 2004
(inclusive), being the commencement of the day following the
Entitlement Date.
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Telephone: +60 3 2162 0676
NALURI BERHAD: Slashes Exercise Price of Warrants
-------------------------------------------------
Naluri Berhad has reduced the exercise price of its June 2005
warrants to RM2 per share from RM4.50, the Star Online reports.
In a notice to Bursa Malaysia, the number of warrants on issue
would not be adjusted. The move is effective on December 1.
The Company is now classified as a PN10 entity or one with
inadequate level of operations.
NAUTICALINK BERHAD: CB Proposes Removal of Four Directors
---------------------------------------------------------
The Board of Directors of Nauticalink Berhad (NB) has received a
requisition notice under Section 144 (1) of the Companies Act,
1965 from Corporate Business (M) Sdn Bhd (CB) for an EGM to be
convened for the purposes of removing four (4) of the present
five (5) Directors of the Company and simultaneously appointing
new Directors in replacement.
CB, which has a 12.5% shareholding in NB comprising 2,499,000
ordinary shares of RM1.00 each, is a wholly owned subsidiary of
Golden Plus Holdings Bhd and is represented on the NB Board by
Encik Shahrizal Hisham bin Abdul Halim.
Nine (9) ordinary resolutions are being proposed by CB as
follows:
(1) "THAT Abdul Ghafar bin Abdul Samat (NRIC No. 590713-08-5239)
be and is hereby removed as Director of the Company with
immediate effect."
(2) "THAT N Sivagurunathan A/L V. Narayanasamy (NRIC No. 600618-
07-5047) be and is hereby appointed as Director of the Company
with immediate effect."
(3) "THAT Hamdan bin Sulaiman (NRIC No. 460908-08-5663) be and
is hereby removed as Director of the Company with immediate
effect."
(4) "THAT Ng Kay Eng (NRIC No. 640803-10-6913) be and is hereby
appointed as Director of the Company with immediate effect."
(5) "THAT Wan Azizul bin Wan Yusoff (NRIC No. 650223-03-5003) be
and is hereby removed as Director of the Company with immediate
effect."
(6) "THAT Paul Foo Chee Kin (NRIC No. 680707-07-5527) be and is
hereby appointed as Director of the Company with immediate
effect."
(7) "THAT Ismail bin Yaacob (NRIC No. 430329-02-5407) be and is
hereby removed as Director of the Company with immediate
effect."
(8) "THAT Low Chai Fai (NRIC No. 690610-10-5215) be and is
hereby appointed as Director of the Company with immediate
effect."
(9) "THAT all such persons (if any) appointed as Directors of
the Company at any time or times between the date of this
requisition notice and before the commencement of the EGM be
removed with immediate effect from their respective offices as
directors of the Company."
The NB Board is currently looking into the requisition matter in
consultation with its Company Secretaries and Lawyers.
CONTACT:
Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-40431005
Fax: 03-40431058
PROMTO BERHAD: Court Extends Restraining Order to February 6
------------------------------------------------------------
Promto Berhad has been granted an extension for a further period
of 90 days of the Restraining Order (RO) pursuant to Section
176(10) of the Companies Act, 1965 effective from 8 November
2004 to 6 February 2005.
The Company does not expect the RO to have any material effect
on the financial and operational matters of Promto Berhad.
CONTACT:
Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Tel: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com
This announcement is dated 8 November 2004.
RNC CORPORATION: Details Debt Restructuring Scheme
--------------------------------------------------
RNC Corporation Berhad refers to its announcement dated 18
November 2003 on the Securities Commission's (SC) approval on
the modifications to the Proposed Corporate and Debt
Restructuring Scheme (Proposed Scheme).
Among the conditions imposed on the said approval was the
requirement for a full provision to be made in respect of trade
debts of the acquiree companies, which are in dispute, under
litigation or which have exceeded a six (6) month period.
It was also stated that the valuation of the acquiree companies
would need to be re-assessed in view of the condition imposed on
the provisions required on the trade debts of the acquiree
companies.
In view of the aforementioned conditions imposed by the SC,
Messrs Ernst & Young was engaged to carry out a revised
independent valuation on the assets that will be acquired by
Aliran Ihsan Resources Berhad (AIRB) pursuant to the Proposed
Scheme. Based on the revised valuation, several further
modifications have been proposed to the terms of the Proposed
Scheme.
On 22 September 2004, OSK Securities Berhad (OSK), on behalf of
the Special Administrators (SA) of RNC Corporation Berhad (RNC"
or "Company) had written to the SC, among others, to seek its
approval on the further modifications to the Proposed Scheme
(Further Modifications).
A summary of the Further Modifications is as follows:
(i) The purchase consideration of Southern Water Corporation Sdn
Bhd (SWC) will be revised to RM80,100,000, to be satisfied
through the issue of 64,600,184 new ordinary shares of RM1.00
each in AIRB (AIRB Shares) and RM15,499,816 RCULS;
(ii) The purchase consideration of the 49% equity interest in
Equiventures Sdn Bhd (ESB) and 39,200,000 CRPS will be revised
to RM127,459,000, to be satisfied through the issue of
102,794,942 new AIRB Shares and RM24,664,058 RCULS;
(iii) The purchase consideration of the 30% equity interest in
Strategi Tegas (M) Sdn Bhd (STSB) will be revised to
RM21,126,000, to be satisfied through the issue of 17,037,996
new AIRB Shares and RM4,088,004 RCULS;
(iv) The purchase consideration for the assignment of management
rights on the annual operating revenue of STSB by Kembangan
Dinamik (M) Sdn Bhd (KDSB) to AIRB, will be revised to
RM17,995,000, to be satisfied through the issue of 14,512,863
new AIRB Shares and RM3,482,137 RCULS; and
(v) The number of new AIRB Shares to be issued under the
Proposed Restricted Offer for Sale has been revised to
40,521,021 AIRB Shares at par, on the basis of approximately
eighteen (18) AIRB Shares for every one (1) AIRB Share held
after the Proposed Capital Reconstruction.
In the same letter to the SC dated 22 September 2004, and on 22
October 2004, OSK on behalf of the SA of RNC had also sought the
approval of the SC pursuant to Paragraph 12.09 of the SC
Policies and Guidelines on Issue/Offer of Securities, for the
release of certain quanta of AIRB Shares under moratorium to be
held by the Vendors pursuant to the Proposed Acquisitions, which
are to be pledged with financial institutions / Pengurusan
Danaharta Nasional Berhad (Moratorium Arrangement).
On behalf of the SA of RNC, we are pleased to announce that the
SC had vide its letter dated 5 November 2004, approved the
Further Modifications and the Moratorium Arrangement. Further
details on the SC's approval on the Moratorium Arrangement are
set out in Table 1 below.
Also further to our announcement dated 18 October 2004 on behalf
of SA of RNC, we are also pleased to announce that the SC had
vide the same letter dated 5 November 2004, approved a further
extension of time to 16 April 2005 for the implementation of the
Proposed Scheme.
Table 1
No. of AIRB No. of AIRB No. of AIRB Shares
Shares to Shares Under to be pledged
be received moratorium
Lindungan Sinar 45,220,130 22,610,065 22,610,065
Sdn Bhd
Sujana Jaya 6,460,018 3,230,009 3,230,009
Sdn Bhd
Tegak Megah 6,460,018 3,230,009 3,230,009
Sdn Bhd
Kembangan Dinamik 134,345,801 67,172,901 53,781,405
(M) Sdn Bhd
192,485,967 96,242,984 82,851,488
CONTACT:
RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
Malaysia
Telephone: +60 3 4043 9411
Telephone: +60 3 4043 1233
This announcement is dated 8 November 2004.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Rate Hike Adjustment Starts This Month
-------------------------------------------------------
The Manila Electric Company (Meralco) on November 8 said that
the generation charge component of its bill for the month of
November 2004 would start to reflect an adjustment of
Php1.0750/kWh.
"The upward adjustment from P3.4950/kWh to Php4.57/kWh is
largely a result of the increase in generation cost of the
National Power Corporation (NPC) as approved by the Energy
Regulatory Commission (ERC) and other authorized adjustments
such as GRAM and ICERA. In October, the state-owned generation
Company supplied 61% of Meralco's power requirements," said
Meralco VP for Corporate Communication Elpi O. Cuna, Jr.
Rising fuel and operating costs prompted the Energy Regulatory
Commission (ERC) to issue a Provisional Authority for NPC to
adjust its generation rates by Php1.23/kWh. This is to enable
the state-owned generation Company to recover costs and sustain
viable operations thus, preventing power outages in the future.
However, since Meralco only sourced 61% of its power from NPC,
only Meralco customers will feel a Php1.075 generation cost
increase.
Starting this month, the Generation Charge and System Loss
Charge will adjust monthly in accordance with ERC's new
Guidelines on the Automatic Adjustment of Generation Rates and
System Loss Rates by Distribution Utilities (DUs) including
Meralco. The shift to the new mechanism addresses the delays
posed by the application for the review of revised generation
charges as required by the guidelines on GRAM.
Consumers are assured that they are paying for the updated cost
of electricity since any change in the generation cost will
immediately be reflected in their bill. They will be able to
easily track on a monthly basis the changes in cost items
pertaining to generation cost such as fuel, foreign exchange and
IPP costs. Moreover, consumers are spared from paying carrying
costs effectively lowering the generation cost component of
their bill.
"Lifeline users (100kWh and below) will not feel the full impact
of the increases in the generation and system loss charges.
Those consuming within 50 kWh per month get a 50% monthly
discount on their bill. Those consuming 51 to 70 kWh gets a 35%
discount while those consuming 71 to 100 kWh are given a 20%
discount," Cuna added.
Consumers in the commercial and industrial sectors will start to
be relieved from subsidizing the electricity bills of
residential consumers. ERC is implementing Section 74 of the
Electricity Power Industry Reform Act (APIRA) that requires the
removal of cross-subsidies for a fair and favorable treatment of
all customer classes.
The initial removal starting this year was pegged at 40% for
Meralco customers.
Meralco again emphasized that it does not earn a single centavo
from any of the adjustments. Generation and system loss charges
are pass-through charges, while inter-class subsidies are cost
transfers from one customer group to another. Meralco called for
the wise and efficient use of power as a way of mitigating the
rate adjustments.
For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_meralco110904.pdf
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
NATIONAL POWER: Losses Can Hit PhP65B Next Year
-----------------------------------------------
The National Power Corporation (Napocor) will lose around PhP65
billion in 2005 if the Energy Regulatory Commission will not
allow it to raise electricity prices, reports the Business
World, citing the Development and Budget Coordinating Commitee.
An unnamed government official said unless regulators would
grant the rest of Napocor's petition for a PhP1.87 per
kilowatthour rate increase, the power firm would remain buried
in debt.
The Bangko Sentral Governor Rafael B. Buenaventura earlier said
a full rate increase would make Napocor more attractive to
investors.
Napocor debts account for more than half of the consolidated
public sector deficit, now about 6.7% of gross domestic product
or total economic output.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Issues Invitation to Bid
----------------------------------------
The National Power Corporation (NPC) invites all interested
Contractors to apply for eligibility and to bid for the
Upgrading of Powerhouse, Mapun Diesel Power Plant, Mapun,
Cagayan de Tawi-Tawi Island, Tawi-Tawi. The source of funds for
the Contract to be Bid shall come from the Internal Cash
Generation (ICG) of the National Power Corporation.
The works to be completed by the successful bidder shall consist
of, but not limited to the construction of the powerhouse
including concrete foundations of the two (2) existing diesel
engines of the Mapun Diesel Power Plant.
The complete set of eligibility documents are available for
issuance at the NPC-SPUG Office, Tumaga Interior, Putik Road,
Zamboanga City, Tel. No. (062) 991-2757 and Bids and Contracts
Services Department (BCSD), Ground Floor, Building No.1,
National Power Corporation, Agham Road corner Quezon Avenue,
Diliman, Quezon City 1104 with Telefax No. (632) 922-1622 upon
presentation of Letter of Intent and current Contractor's
License.
The Bidding requirements and schedule of activities are as
follows:
Contract Number - MIP04Z013Sr
Approved Budget for the Contract (ABC) - P 2,000,000.00
Contractor's License Category: At least "Category C & D" -
General Building
Registration Particulars: At least "Small B" - Building &
Industrial Plant
Issuance of Eligibility Documents: Nov. 3-10, 2004 at the NPC-
SPUG Office, Zamboanga City and BCSD, NPC Head Office
Submission of Eligibility Documents: Nov, 10, 2004 until 3:00 PM
at the NPC-SPUG Office, Zamboanga City and BCSD, NPC Head Office
Issuance of Tender Documents: Nov, 12, 2004 at the NPC-SPUG
Office, Zamboanga City and BCSD, NPC Head Office
Pre-bid Conference: Nov. 17, 2004, 1:30 PM at SPUG Office,
Zamboanga City
Submission and Opening of Bids: Nov. 24, 2004, 1:30 PM at Ka¤ao
Room, NPC Solarium
Contract Duration: One Hundred Twenty (120) calendar days
Cost of Eligibility Documents: Php 600.00 (Non-refundable)
Cost of Tender Documents: Php 1,000.00 (Non-refundable)
Eligibility of prospective bidders shall be evaluated based on
non-discretionary "pass/fail" criteria prescribed in the
eligibility documents. Tender documents shall be issued only to
eligible bidders.
The Bids and Awards Committee (BAC) of NPC reserves the right to
reject any and all bids, cancel the bidding process, declare a
failure of bidding or not award the contract at any time prior
to award of the contract without thereby incurring any liability
to the affected bidder(s) or any obligation to inform the
affected bidder(s) of the ground(s) for NPC's action.
SILVANO C. ZANORIA
SVP, ME & TMS and
Chairman, Bids and Awards Committee
=================
S I N G A P O R E
=================
ICF CONSULTING: Posts Notice of Final Meeting
---------------------------------------------
Notice is hereby given that the Final General Meeting of ICF
Consulting Resources Pte Ltd will be held at 9300 Lee Highway,
Fairfax, Virginia, USA 22031-1207 on the 6th of December 2004 at
10:00 am for the following purposes:
(1) To receive an account from the Liquidators showing the
manner in which the winding up has been conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidators.
(2) To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
Note: A member entitled to attend and vote at the Final Meeting
is entitled to appoint a proxy to attend and vote in his stead.
All proxies should be deposited at the Liquidators' Office not
less than forty-eight hours before the time for holding the
meeting or any adjournment thereof. A proxy need not be a member
of the Company.
This Singapore Government Gazette notice is dated November 5,
2004.
MTR CORPORATION: Creditors Must Submit Claims by December 4
-----------------------------------------------------------
Notice is hereby given that the creditors of MTR Corporation
(Singapore) Pte. Ltd., which is being voluntarily wound-up, are
required on or before 4 December 2004 to send their names and
addresses and particulars of their debts and claims, and the
names and addresses of their Solicitors (if any) to the
Liquidators of the Company.
If so required by notice in writing from the said Liquidators,
they are to come in personally or by their Solicitors and prove
their said debts or claims at such time and place specified in
such notice. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.
Rohan Kamis
Tan Tuan Hock
Liquidators
c/o Rohan % Mah & Partners
78 Shenton Way #26-02
Singapore 079120
This Singapore Government Gazette notice is dated November 5,
2004.
PANPAC MEDIA: Details Sale, Purchase Agreement with Sky Win
-----------------------------------------------------------
Panpac Media disclosed a sale and purchase agreement relating to
its disposal of Panpac Lifestyle Magazines Pte Ltd by to Sky Win
Advertising Aroup Limited.
To view the entire document click on:
http://bankrupt.com/misc/tcrap_panpacmedia110804.pdf
XIN YUAN: Unveils Resolutions Passed at EGM
-------------------------------------------
At an Extraordinary General Meeting of Xin Yuan (Sg) Maritime &
Enterprises Pte Ltd duly convened and held at 80 Raffles Place,
#56-01 UOB Plaza 1, Singapore 048624 on 28th October 2004 at 10
a.m., the following resolutions were duly passed:
Special Resolution:
(a) RESOLVED that the Company be wound up voluntarily pursuant
to section 290 of The Companies Act, Cap. 50.
Ordinary Resolutions Resolved:
(b) That Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. William
Caven Hutchison of Foo Kon Tan Grant Thornton be and are hereby
appointed liquidators, jointly and severally, for the purpose of
the winding up.
(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.
Special Resolution
(d) That the liquidators be empowered to exercise any of the
powers given by sub-sections of (1) and (2) of section 272 of
the Companies Act, Cap. 50 and to distribute to members in
specie any part of the assets of the Company.
Zhang Jie Ming
Chairman
This Singapore Government Gazette notice is dated November 5,
2004.
XIN YUAN: Creditors To Prove Debts by December 5
------------------------------------------------
Notice is hereby given that the creditors of Xin Yuan (Sg)
Maritime & Enterprises Pte Ltd, which is being wound up
voluntarily, are required on or before 5th December 2004 to send
in their names and addresses and the particulars of their debts
or claims, and the names and addresses of their solicitors (if
any), to the liquidators, c/o Foo Kon Tan Grant Thornton at 47
Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365.
If so required, they are to come in and prove their debts or
claims as shall be specified. In default, they will be excluded
from the benefits of any distribution made before such proof.
Kon Yin Tong
Wong Kian Kok
William Caven Hutchison
Joint Liquidators
This Singapore Government Gazette notice is dated November 5,
2004.
XIRCOM ASIA: Sets Final Meeting on December 6
---------------------------------------------
Notice is hereby given that the Final General Meeting of Xircom
Asia Pacific Pte Ltd will be held at 2200 Mission College Blvd.,
Santa Clara, CA 95052, USA on 6th December 2004 at 10:00 am for
the following purposes:
(1) To receive an account from the Liquidators showing the
manner in which the winding up has been conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidators.
(2) To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.
Dated this 5th day of November 2004.
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
Note: A member entitled to attend and vote at the Final Meeting
is entitled to appoint a proxy to attend and vote in his stead.
All proxies should be deposited at the Liquidators' Office not
less than forty-eight hours before the time for holding the
meeting or any adjournment thereof. A proxy need not be a member
of the Company.
This Singapore Government Gazette notice is dated November 5,
2004.
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T H A I L A N D
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EASTERN PRINTING: Releases Reviewed 3Q Financial Statement
----------------------------------------------------------
Eastern Printing Public Company Limited issued to the Stock
Exchange of Thailand a report on its reviewed quarterly
financial statements as follows.
Eastern Printing Public Company Limited.
Reviewed Ending September 30 (In thousands)
Quarter 3 For 9 Months
Year 2004 2003 2004 2003
Net profit (loss) 20,594 14,909 74,374 (140,481)
EPS (baht) 0.08 0.06 0.29 (0.56)
Type of report: Unqualified Opinion with an emphasis of matters
Comment: (1) Please see details in financial statements,
auditor's report and remarks from SET Information Management
System.
"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Very truly yours,
(Mr.Weera Louwitawat)(Ms.Laddawan Suwapradub)
Epco Management Co.,Ltd.
Plan Administrator
CONTACT:
Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067
EASTERN PRINTING: Unveils 3Q 2004 Operating Results
---------------------------------------------------
Eastern Printing Public Company Limited advised the Stock
Exchange of Thailand on its performance for the third quarter
(July 1st to September 30, 2004).
The Company showed a profit increase of THB5.68 million compared
with last year's (due to a THB3.23 million reserve the Company
made for potential loss from sales of fixed assets). In the
third quarter of this year, the Company has normal net profit of
THB20.59 million by increasing Sales revenue by THB15.88 million
and by controlling cost thus resulted in the better operating
performance.
If you have further details, please let us know accordingly.
Very truly yours,
(Mr. Weera Louwitawat)(Ms.Laddawan Suwapradub)
Epco Management Co., Ltd.
Plan Administrator
KRUNG THAI: Names New President
-------------------------------
Krung Thai Bank Public Company Limited informed the Stock
Exchange of Thailand on the resolution passed by the Board of
Directors at its meeting No. 26/2547 (636) on 4 November 2004
that the meeting resolved to appoint Mr.Apisak Tantivorawong to
be the President.
In accordance with the letter of the Ministry of Finance No.
Khor.Kor. 0529.5/394 dated 8 January 1999 notifying that an
appointment of the President of Krung Thai Bank Public Company
Limited shall receive prior consent in writing from the Minister
of Finance at each time of such appointment, the Bank has now
been informed that the Minister of Finance already gave his
consent to appoint Mr.Apisak Tantivorawong to be the President
of Krung Thai Bank PCL, effective 8 November 2004 onward.
Please be informed accordingly.
Yours sincerely,
Krung Thai Bank Public Company Limited
Pongsathorn Siriyodhin
First Senior Executive Vice President
Acting President of KTB
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: www.ktb.co.th
TONGKAH HARBOUR: Appeals Ruling to Pay THB10,000 Fine
-----------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Tongkah
Harbour Public Company Limited advised that on July 31, 2003,
the Phuket District Attorney filed a lawsuit against the Company
stipulating that the Company:
(1) Had not used approved equipment to control the dispersal of
sand and soil and;
(2) Did not report on the replacement of motor and equipment.
The Phuket Provincial Court judged the case on November 5, 2004
and ordered the Company to pay a fine of THB5,000 on each of the
two charges, totaling THB10,000.
The Company disagrees with the verdict and is appealing.
Please be so informed.
Sincerely yours,
Dr. J. P. Mills, Mr. Somsak Ruamkid
Executive Director
CONTACT:
Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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