/raid1/www/Hosts/bankrupt/TCRAP_Public/041208.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, December 8, 2004, Vol. 7, No. 243
Headlines
A U S T R A L I A
ADCARR PTY: To Face Winding Up Process
BILCO PTY: Angelo Gangemi Appointed as Liquidator
GDM CONSTRUCTIONS: To Undergo Voluntary Winding Up Process
GOODWORK BUILDING: To Declare Final Dividend on December 14
K.B. CABINETS: Final Meeting Slated for December 10
MEDIA WORLD: Failed Adams Inventor Seeks Relisting
METALEC SERVICES: Appoints Colin Jarvis as Liquidator
NATIONAL AUSTRALIA: To Liaise with Ion's Voluntary Administrator
OLE GOLD: G.S. Andrews Appointed as Liquidator
ORNIO PTY: Members Resolve to Wind Up Voluntarily
QANTAS AIRWAYS: Sees Profit as Oil Price Tumbles
REGIONAL SPA: Sets December 10 as Final Meeting Date
SANTOS LIMITED: Eyes PNG Gas Pipeline Stake
STS CONTRACTING: To Declare Dividend on December 17
SUPREME CPA: Supreme Court Issues Winding Up Order
T.J. PREST: To Hold Final Meeting on December 10
VAPUZO PTY: Members Resolve to Voluntarily Wind Up
WALDOW CONSULTANTS: Enters Winding Up Proceedings
WATSON AND PROUD: Court Appoints Steven Nicols as Liquidator
C H I N A & H O N G K O N G
AW & IPC: Creditors Meeting Set Dec. 13
FORDHILL INDUSTRIES: To Hold Creditors Meeting on Dec. 13
FUJIAN SHUNDA: Sets First Creditors, Contributories Meetings
NAOMI TRADING: Court to Hear Petition on Jan. 5
TELLINK LIMITED: Court to Hear Winding Up Petition Dec. 29
TEXFINE INVESTMENTS: Faces Bankruptcy Proceedings
TIMBERLAND INDUSTRIAL: Court To Hear Receiver's Application
* Moody's Rate China's Bank Reforms
I N D O N E S I A
ASIA PULP: S&P Withdraws 'D' Ratings
PERUSAHAAN LISTRIK: Urged to Cut Diesel Oil Dependency
PERUSAHAAN LISTRIK: Opens Tender for Lahendong Power Plant
PT INDOFARMA: Swings Back to Black with IDR39.27-Bln Profit
* House Speaker Requests Audit on Pertamina, KPU, BNI
J A P A N
KISHIREN K.K.: Enters Bankruptcy
MITSUBISHI FUSO: German Envoy Asks for Leniency
MITSUBISHI MOTORS: Unveils Changes to Board of Directors
SHOWA DENKO: Changes Corporate Management
SOJITZ HOLDINGS: Revises Conversion Price of Convertible Bonds
SURUGAYA COMPANY: TSE To Delist Shares Over Fake Cap Boost
K O R E A
JINRO COMPANY: KRW700-Bln Debt Delays Selection of Bidder
SSANGYONG MOTOR: Hopes to Make a 10% Mark in Russia's CKD Market
M A L A Y S I A
AKTIF LIFESTYLE: Extends Regularization Scheme
HONG LEONG: Unit Enters Voluntary Liquidation
EKRAN BERHAD: Posts Notice Of Address Change
K.P. KENINGAU: AGM Set for December 29
KSU HOLDINGS: Bursa Malaysia Issues Removal Of Securities
LITYAN HOLDINGS: SC Rejects Rights Issue Proposal
NAUTICALINK BERHAD: To Complete Restructuring Scheme
LITYAN HOLDINGS: Answers Bursa Malaysia Query
OMEGA HOLDINGS: Issues Delisting Of Securities
SELOGA HOLDINGS: Issues Additional Listing Of Shares
TENAGA NASIONAL: Units Appoint Receivers, Managers
TRU-TECH HOLDINGS: Units Granted Restraining Order Extension
TRU-TECH HOLDINGS: Appoints New Director
YCS CORPORATION: Bursa Malaysia To Delist Securities
P H I L I P P I N E S
BAYAN TELECOMMUNICATIONS: Clarifies Row with Creditors
BAYAN TELECOMMUNICATIONS: Posts 3Q04 44% EBITDA Growth
DIGITAL TELECOMMUNICATIONS: To Appoint New Director
MONDRAGON LEISURE: Clarifies License Revocation Report
PHILIPPINE LONG: Accelerates Debt Reduction Program
UNIVERSAL RIGHTFIELD: Answers "SEC Revokes Registration" Report
S I N G A P O R E
CHINA AVIATION: Suspended CEO to Return to Singapore
DAEWOO SINGAPORE: Creditors Meeting Set Dec. 16
KLW HOLDINGS: Details Disposal, Leaseback of Property
KLW HOLDINGS: Retailing Arm Enters Partnership Agreement
RICHFIELD INNOVATIONS: Posts Dividend Notice
SENG HUP: Issues Notice Of Preferential Dividend
SINGAPORE PRESS: MDA Approves Merger with MediaCorp
T H A I L A N D
BANGKOK STEEL: SET Suspends Trading of Securities
CENTRAL PAPER: Creditors Approve Rehabilitation Plan
PRASIT PATANA: Details Debt to Equity Conversion
* Piper Rudnick, DLA Form Global Legal Services Organization
- - - - - - - -
=================
A U S T R A L I A
=================
ADCARR PTY: To Face Winding Up Process
--------------------------------------
The creditors of Adcarr Pty Ltd (In Liquidation) A.C.N. 074 356
513 resolved that pursuant to Section 439C of the Corporations
Act the Company be wound up and that pursuant to Section
446A(4), Craig Peter Shepard and Mark Francis Mentha be
confirmed as Liquidators of the Company.
Dated this 21st day of October 2004
Craig Shepard
Liquidator
BILCO PTY: Angelo Gangemi Appointed as Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of members of Bilco Pty
Ltd held at 134 Martin Street, Brighton, Victoria on the 19th of
October 2004, a Special Resolution was passed that the Company
be wound up voluntarily and that Angelo Gangemi of 134 Martin
Street, Brighton be appointed Liquidator of the Company.
Angelo Gangemi
Liquidator
GDM CONSTRUCTIONS: To Undergo Voluntary Winding Up Process
----------------------------------------------------------
Notice is hereby given that at a General Meeting of GDM
Constructions (Vic.) Pty. Ltd. (In Liquidation) A.C.N. 068 688
666 held on 14 October 2004, it was resolved that the Company be
wound up voluntarily as a Members' Voluntary Winding Up and that
for such a purpose Gregory John Mccluskey be appointed
liquidator.
Dated this 14th day of October 2004
Gregory John Mccluskey
Liquidator
GOODWORK BUILDING: To Declare Final Dividend on December 14
-----------------------------------------------------------
A first and final dividend is to be declared on the 14th of
December 2004 for Goodwork Building Services Pty Limited (In
Liquidation) formerly Sigma Interiors Pty Ltd (Sigma) A.C.N. 060
642 239.
Creditors whose debts or claims have not already been admitted
were required on the 23rd of November 2004 to formally prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.
Dated this 2nd day of November 2004
Geoffrey Mcdonald
Liquidator
Level 29, 31 Market Street,
Sydney NSW 2000
GPO Box 3555, Sydney NSW 2001
K.B. CABINETS: Final Meeting Slated for December 10
---------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of K.B. Cabinets (Vic.) Pty. Ltd. (In Liquidation)
A.C.N. 103 674 228 will be held at the offices of Dye & Rennie,
Suite 8 260 Auburn Road, Hawthorn 3122 on Friday the 10th day of
December 2004, at 9:30 a.m. for the purpose of laying before the
meeting the account showing how the winding up has been
conducted and the property of the Company disposed of, and
giving any explanation thereof.
Dated this 22nd day of October 2004
N. Giasoumi
Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
MEDIA WORLD: Failed Adams Inventor Seeks Relisting
--------------------------------------------------
The inventor of the allegedly fake Adams Platform Technology
aims to raise AU$5 million to repay creditors and recapitalize
collapsed video compression technology firm Media World
Communications so it can relist, according to The Age.
Adam Clark said he will secure AU$5 million to be applied to an
issue of 43-cent ordinary shares, with a price the same as the
prospectus price earlier this year.
According to Mr. Clark, all creditors whose proofs of debts had
been evaluated and approved would receive 100 cents in the
dollar within 90 days of the acceptance of the deed by
creditors.
Sources affirmed Mr. Clark plans to recapitalize Media World
with at least AU$2 million so it could re-list on the Australian
Stock Exchange.
Last week, Media World dministrator Craig Crosbie failed to have
assets owned by Adam Clark frozen ahead of Court proceedings
accusing Mr. Clark of violating directorial duties and deceptive
conduct.
METALEC SERVICES: Appoints Colin Jarvis as Liquidator
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Metalec Services Pty Ltd (In Liquidation) A.C.N. 006 508 532
held on 20 October 2004, it was resolved that the Company be
wound up voluntarily and that Robyn Erskine & Peter Goodin, of
Brooke Bird & Co., Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, be appointed Liquidators.
Colin Jarvis
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666
NATIONAL AUSTRALIA: To Liaise with Ion's Voluntary Administrator
----------------------------------------------------------------
The National Australia Bank has an exposure in relation to
Australian auto parts Company, Ion Limited, whose Board has
appointed Mr. Colin Nicol of McGrath Nicol + Partners as
voluntary administrator for the Company and its Australian
subsidiaries.
The National was part of a syndicate with four other banks to
provide funding for Ion. The total exposure for the National is
approximately AU$135 million, including approximately AU$100
million in syndicated unsecured credit.
The National will be liaising with the voluntary administrator,
its fellow syndicate members and other creditors to better
understand the administrator's options and proposals for any
potential restructuring of the Ion Group and the potential
impacts on the National's position (including the need to make
specific provision for its exposure).
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/
OLE GOLD: G.S. Andrews Appointed as Liquidator
----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Ole Gold Cleaning Products Pty Ltd (In Liquidation) A.C.N. 097
126 353 held on 18 October 2004, it was resolved that the
Company be wound up voluntarily and that Gregory Stuart Andrews
of G S Andrews & Associates, 22 Drummond Street, Carlton 3053 be
appointed Liquidator of the Company for the purpose of such
winding up.
Dated this 19th day of October 2004
G.S. Andrews
Liquidator
G S Andrews & Assocs
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666,
Facsimile: (03) 9662 9544
ORNIO PTY: Members Resolve to Wind Up Voluntarily
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ornio Pty Ltd A.C.N. 081 392 958 held on 6
October, 2004 it was resolved that the Company be wound up
voluntarily.
At a meeting of creditors held on the same day it was resolved
that for such purpose, Stan Traianedes and Robert L Yeo of Hall
Chadwick Chartered Accountants and Business Advisors, Level 9,
459 Collins Street, Melbourne be appointed Liquidators.
Dated this 20th day of October 2004
Stan Traianedes
Robert L. Yeo
Liquidators
Hall Chadwick
Chartered Accountants & Business Advisors
Level 9, 459 Collins Street, Melbourne Vic 3000
QANTAS AIRWAYS: Sees Profit as Oil Price Tumbles
------------------------------------------------
Due to the recent drop in oil prices, Qantas Airways expects to
reap profits in the coming months, Sydney Morning Herald
reports.
Qantas' profits are forecast to climb because of falling oil
prices, the strong dollar and the airline showing little sign of
scaling back the two recent increases in its fuel surcharge.
Despite crude oil prices hitting a three-month low last week,
Qantas will need to fall further for it to cut its AU$12 one-way
domestic surcharge and AU$29 one-way international surcharge.
However, fuel-monitoring group FUELtrac believes Qantas is now
in a good position to wind back some of its fuel surcharges.
"Qantas should have retreated from their second fuel surcharge
increase several weeks ago, given that the price for crude has
gone back," FUELtrac managing director Chris Kable said.
"Relatively speaking, the price for crude in Australian dollars
has gone back to the price it was when they brought in the first
surcharge."
Qantas announced its first one-way domestic surcharge of $6 and
international one-way surcharge of $15 on May 11 when the price
of oil rose above $US40 a barrel. The airline increased the
domestic surcharge to $10 and international surcharge to $22 on
August 20 when the price of oil was above $US47 a barrel.
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
REGIONAL SPA: Sets December 10 as Final Meeting Date
----------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Regional Spa Resort Pty. Ltd. (In Liquidation)
A.C.N. 006 990 718 will be held at the offices of Dye & Rennie,
Suite 8 260 Auburn Road, Hawthorn 3122 on Friday the 10th day of
December 2004 at 10:00 a.m. for the purpose of laying before the
meeting the account showing how the winding up has been
conducted and the property of the Company disposed of, and
giving any explanation thereof.
Dated this 22nd day of October 2004
N. Giasoumi
Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road, Hawthorn 3122
SANTOS LIMITED: Eyes PNG Gas Pipeline Stake
-------------------------------------------
Santos Limited aims to re-enter into an AU$3.5-billion Papua New
Guinea-to-Brisbane gas pipeline project, reports the Australian
Financial Review.
The oil and gas firm withdrew from the project two years ago,
but has been talking to one of the pipeline's consortium
partner's, Oil Search Limited, about participation.
Santos owns a 30-percent stake in a gas field at Hides in PNG,
which will be one of the sources for the project. It Australian
Company also wants to utilize its Moomba plant in South
Australia to process the gas taken from PNG.
The project's partners are ExxonMobil (XOM), Oil Search, Nippon
Oil and a unit of the PNG government.
CONTACT:
Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Web site: http://www.santos.com.au
STS CONTRACTING: To Declare Dividend on December 17
---------------------------------------------------
A dividend is to be declared on Friday 17 December 2004 for STS
Contracting Pty Ltd (In Liquidation) A.C.N. 092 920 413.
Creditors whose debts or claims have not already been admitted
are required on or before Friday 17 December 2004 to formally
prove their debts or claims. If they do not, they will be
excluded from the benefit of the dividend.
Dated this 19th day of October 2004
Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
SUPREME CPA: Supreme Court Issues Winding Up Order
--------------------------------------------------
Notice is hereby given that on the 7th of October 2004, the
Supreme Court of Victoria made an Order that Supreme CPA Pty Ltd
(In Liquidation) A.C.N. 006 560 836 be wound up by the Court and
appointed Gregory Stuart Andrews, 22 Drummond Street, Carlton
3053 was appointed Liquidator.
Dated this 19th day of October 2004
G.S. Andrews
Official Liquidator
G S Andrews & Assocs
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666,
Facsimile: (03) 9662 9544
T.J. PREST: To Hold Final Meeting on December 10
------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of T.J. Prest & Sons (Aust) Pty. Ltd. (In Liquidation)
A.C.N. 095 579 267 will be held at the offices of Dye & Rennie,
Suite 8 260 Auburn Road, Hawthorn 3122 on Friday the 10th day of
December 2004 at 11:00 a.m. for the purpose of laying before the
meeting the account showing how the winding up has been
conducted and the property of the Company disposed of, and
giving any explanation thereof.
Dated this 22nd day of October 2004
N. Giasoumi
Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
VAPUZO PTY: Members Resolve to Voluntarily Wind Up
--------------------------------------------------
Notice is hereby given that the following resolutions were
passed at an extraordinary general meeting of members of Vapuzo
Pty Limited A.C.N. 003 637 983 on 10 October 2004.
SPECIAL RESOLUTION
That the Company be wound up by a Members' Voluntary
Liquidation.
ORDINARY RESOLUTIONS
(i) That James Garnsey, a partner of Allworths Chartered
Accountants, Level 9, St Martins Tower, 31 Market Street, NSW,
be appointed liquidator of the Company.
(ii) That the liquidator be entitled to charge fees to the
Company for carrying out his duties as liquidator at the rate
prescribed by the Institute of Chartered Accountants in
Australia.
Dated this 10th day of October 2004
David Andrew Hunt
Russell John Roxburgh
James Russell Roxburgh
WALDOW CONSULTANTS: Enters Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Special Resolution that Waldow
Consultants Pty Ltd (In Voluntary Liquidation) A.C.N. 005 629
390 be wound up voluntarily was passed by member of the above
Company on 15 October 2004 and my partner, Colin McIntosh Nicol,
and Robyn Mckern were appointed joint and several Liquidators.
Dated this 15th day of October 2004
Robyn Mckern
Liquidator
c/- McGrathNicol+Partners
Level 1, 161 Collins Street,
Melbourne Vic 3000
WATSON AND PROUD: Court Appoints Steven Nicols as Liquidator
------------------------------------------------------------
On the 21st October 2004, the Supreme Court of New South Wales,
Equity Division, made an order that Watson And Proud Services
Pty A.C.N. 001 952 389 be wound up by the Court and appointed
Steven Nicols to be Official Liquidator.
Dated this 25th day of October 2004
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
AW & IPC: Creditors Meeting Set Dec. 13
---------------------------------------
Notice is hereby given that a meeting of the creditors of Aw &
Ipc Company Limited will be held at Unit 1602-3, 16th Floor, Yue
Xiu Building, 160-174 Lockhart Road, Wanchai, Hong Kong on 13th
December 2004 at 12:00 noon for the purposes provided for in
Sections 241, 242, 243, 244, 255A and 283 of the Companies
Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting may be obtained from the above-
mentioned address and must be lodged at the said address not
later than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated this 3rd day of December 2004
Maxfull Limited
Director
FORDHILL INDUSTRIES: To Hold Creditors Meeting on Dec. 13
---------------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Fordhill Industries Limited will be held at Unit 1602-3, 16th
Floor, Yue Xiu Building, 160-174 Lockhart Road, Wanchai, Hong
Kong on 13th December 2004 at 12:00 noon for the purposes
provided for in Sections 241, 242, 243, 244, 255A and 283 of the
Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting may be obtained from the above-
mentioned address and must be lodged at the said address not
later than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated this 3rd day of December 2004
Maxfull Limited
Director
FUJIAN SHUNDA: Sets First Creditors, Contributories Meetings
------------------------------------------------------------
Fujian Shunda Polyester Fibre Co., Ltd. will hold the first
meetings of its creditors and contributories on Dec. 14, 2004 at
2:30 p.m and 3:30 p.m., respectively.
Place: The Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.
Dated this 3rd day of December 2004
E T O'CONNELL
Official Receiver & Provisional
Liquidator
NAOMI TRADING: Court to Hear Petition on Jan. 5
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Naomi Trading Development Company Limited by the High Court of
Hong Kong Special Administrative Region was on the 15th day of
November 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 5th day of January 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 4th day of
January 2005.
This notice is dated December 3, 2004.
TELLINK LIMITED: Court to Hear Winding Up Petition Dec. 29
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tellink Limited by the High Court of Hong Kong Special
Administrative Region was on the 10th day of November 2004
presented to the said Court by:
(1) Liu Wai Lin of Ground Floor, No. 152 Tin Sum Village,
Shatin, NT
(2) Yau Chak Chow of Room 423, On Kong House, Cheung On Estate,
Tsing Yi, NT.
(3) Chung Chi Shing of Room 1710, Block C, King Wah House, Shan
King Estate, Tuen Mun, NT.
(4) Law Kwok San of Room 2209, Tao Yuen House, Chuk Yuen North
Estate, Wong Tai Sin, Kowloon
(5) Ho Chuen Yung of Flat L, 13/F., Block 1, Grandway Garden,
Shatin, NT.
(6) Ho Wai Kwong of Room 1413, Osprey House, Sha Kok Estate,
Shatin, NT.
(7) Tsoi Tung Yuk of Flat 1105, Yick Fat Building, 1048 King's
Road, HK.
(8) Fung Suet Lin of Room 2406, Sun Ming House, Sun Chui Estate,
Shatin, NT.
(9) Heung Kwok Fan of Flat 9B, Block 9, Saddle Ridge Garden, Ma
On Shan, NT.
(10) Hui Hau Wan of Room 114, Hin Tak House, Hin Keng Estate,
Shatin, NT.
(11) Ko Pui Ying of Room 502, Hing Shing House, Tai Hing Estate,
Tuen Mun, NT.
(12) Shek Shiu Lun of Room 1905, Lower Block, Lei Moon House, Ap
Lei Chau Estate, HK.
(13) Wong Fo Kam of Room 1426, Block A, Mei Fung House, Mei Lam
Estate, Tai Wai, Shatin, NT.
(14) Yeung Cheuk Pui of Room 521, Ching Wo House, Tsz Ching
Estate, Taz Wan Shan, Kowloon
(15)Cheung Wing Tak of Room 509, Hin Tak House, Hin Keng Estate,
Shatin, NT.
(16) Fok Kwan of Room 2614, Hin Fu House, Hin Keng Estate,
Shatin, NT.
(17) Ko Yuk Leung of Room 601, Block B, Kwong Shung House, Kwong
Fuk Estate, Tai Po, NT.
(18)Leung Chung Kong of Room 3010, Yiu Chung House, Yiu On
Estate, Ma On Shan, NT.
(19) Wu Wan Sang of Room 1403, Yee Lai House, Yee Nga Court, Tai
Po, NT.
(20) Yip Kam Chau of Room 1306, Block 6, Kwai Shing West Estate,
Kwai Chung, Tsuen Wan, NT.
(21) Cheung Yan Siu of Room 1816, Sun Ming House, Sun Chui
Estate, Shatin, NT.
(22) Cheung Kowk Shan of Flat P, 7/F., 7-29 Tai Wai Road, Tai
Wai, Shatin, New Territories, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 29th day of December 2004.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Chung & Kwan
Solicitors for the Petitioner
Rooms 1601-1606, 16th Floor, ING Tower
308-320 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 28th day of
December 2004.
TEXFINE INVESTMENTS: Faces Bankruptcy Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Texfine Investments Limited by the High Court of Hong Kong
Special Administrative Region was on the 18th day of November
2004 presented to the said Court by Bank of China (Hong Kong)
Limited whose registered office is situated at 14th Floor, Bank
of China Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 29th day of December 2004.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Gallant Y. T. Ho & Co
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 28th day of
December 2004.
This notice is dated December 3, 2004.
TIMBERLAND INDUSTRIAL: Court To Hear Receiver's Application
-----------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Timberland Industrial Limited will be heard before
Master S. Kwang of the High Court in Chambers for consideration
of the resolutions and determinations (if any) of the meetings
of creditors held on 30th August 2004 deciding the differences
(if any), and making such order of appointments as the Court may
think fit.
Date and Time of Hearing: 6th January 2005 (Thursday) at 9:30
a.m.
Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 3rd day of December 2004
Roderick John Sutton
Kelvin Edward Flynn
Joint and Several Liquidators
* Moody's Rate China's Bank Reforms
-----------------------------------
Moody's Investors Service said in a new report that China's
banking reform efforts have been positive and substantial, but
it will still be some time before the major state-owned
commercial banks develop defensible business models.
"By defensible models, we mean those which can sustain earnings
against an evolving backdrop of greater competition, further
market opening, and weaker anticipated government support," says
Wei Yen, the report's author and Team Managing Director for
Moody's Financial Institutions Group in Asia Pacific.
The new report, entitled Reform of Chinese Banks Continues, with
Evolving Business Models, looks at China's Big 4 state
commercial banks, while focusing specifically on two, Bank of
China (BOC) and China Construction Bank (CCB). Both received
substantial capital injections from the government in December
2003.
Looking at the extent of banking reform, the report notes that
government assistance has further been evident in the areas of
NPL reductions -- where bad loans have been transferred to Asset
Management Companies -- and strengthened supervision. Balance
sheets have accordingly improved.
"Furthermore, a strong emphasis on improving corporate
governance at the state-owned commercial banks is now apparent,"
Yen says, adding that since mid-2004, BOC and CCB have
successfully restructured into shareholding banks with
additional shareholders and the installation of boards of
directors, including non-executive directors outside of
government.
"But whether the newly installed boards will function as planned
will need to be further examined. The lack of truly independent
and experienced outside directors in China and the need for
management to become use to new decision-making methods will
make this process a gradual one, even with the best of
intentions," he says.
At the same time, the report notes that other developments, such
as interest rate rises in response to the over-heated state of
the Chinese economy, may affect the speed of banking sector
reform.
"China's economy has exhibited signs of overheating. The
situation has necessitated government intervention in the form
of monetary and administrative measures, but their impact has
yet to fully emerge," Yen notes, adding: "Since late 2003, the
People's Bank of China has twice raised deposit reserve
requirements to limit loan growth and, in October 2004, for the
first time in 9 years, it raised interest rates. These actions
will affect the speed of reform."
And notwithstanding the many positive achievements, the new
report says the state banks face more tests -- future market
opening will intensify competition, challenging their ability to
respond quickly to faster-moving shareholding banks and foreign
banks.
Given their importance to the Chinese banking system and the
strong sovereign support provided, Moody's foreign currency
deposit ratings for BOC and CCB were upgraded in October 2003 to
A2 from Baa1.
At the same time, their financial strength ratings, D- for BOC
and E+ for CCB, had already incorporated the necessary
government capital injections, and thus were affirmed after the
event.
The other two state banks are the Agricultural Bank of China and
the Industrial and Commercial Bank of China.
Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
Hong Kong
Thomas J. Keller
Managing Director
Asia Pacific
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
=================
I N D O N E S I A
=================
ASIA PULP: S&P Withdraws 'D' Ratings
------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'D'
corporate credit and issue ratings on Indonesian pulp and paper
producer Asia Pulp & Paper Co. Ltd. (APP) and its subsidiaries.
The subsidiaries are APP China Group Ltd., APP Finance (II)
Mauritius Ltd., APP Finance (VI) Mauritius Ltd., APP Finance
(VII) Mauritius Ltd., APP International Finance Co. B.V., Indah
Kiat Finance Mauritius Ltd., Indah Kiat International Finance
Co. B.V., Indah Kiat Pulp & Paper Corp. Tbk (PT), Lontar Papyrus
Pulp & Paper Industry (PT), Pabrik Kertas Tjiwi Kimia Tbk (PT),
Pindo Deli Finance Mauritius Ltd., Pindo Deli Pulp & Paper Mills
(PT), Tjiwi Kimia Finance Mauritius Ltd.
Standard & Poor's decision to withdraw the ratings is due to the
lack of adequate information on its financial results, operating
performance and progress on its debt restructuring to maintain
its credit ratings. Total bonds issued by these entities and
rated by Standard & Poor's aggregated to US$4.3 billion.
The 'D' rating on APP reflected the Company's failure to make
principal and interest payments since early 2001, resulting in
acceleration of total debt outstanding of US$13 billion.
Although the group has started and continued debt restructuring
negotiations with its creditors, the process has been protracted
because of the complexity of the group's debt and corporate
structures, the large number of creditors and the substantial
aggregate debt amount involved.
CONTACT:
Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com
PERUSAHAAN LISTRIK: Urged to Cut Diesel Oil Dependency
------------------------------------------------------
State electricity company Perusahaan Listrik Negara (PLN) was
urged by State Enterprises Minister Sugiharto to reduce its
dependence on diesel oil in the operation of its power plants,
Asia Pulse says.
Mr. Sugiharto made the request in a bid to prevent PLN
operations from being affected by oil price fluctuations.
According to Mr. Sugiharto, PLN was depending on diesel oil to
operate 20 percent of its power plants in Java and Bali so that
the impending oil price hike would beef up the Company's
operational expenses.
Meanwhile, Mr. Sugiharto confirmed the Company will not change
the board of directors for now considering that PLN's losses
could have been the result of the previous board of directors'
policies.
"The parameter is not the losses but whether or not there is
progress. A state Company can suffer financial losses but if the
amount of losses this year is smaller than in the previous
years, it means there is progress," the minister said.
He added the government would make an effort to save the Company
through various commercial approaches.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jalan Trunojoyo Blok M I No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
PERUSAHAAN LISTRIK: Opens Tender for Lahendong Power Plant
----------------------------------------------------------
Perusahaan Listrik Negara (PLN) is now ready to consider bids
for the construction of a 20-megawatt (MW) geothermal power
plant in North Sulawesi, according to The Jakarta Post.
State-owned PLN has formally opened the Lahendong power plant
engineering, procurement and construction (EPC) tender, which
would close on Jan. 25, 2005.
PLN director for primary energy and power generation Ali Herman
Ibrahim said the Company expected the power plant construction
to be finished in 20 months and was expected to start operating
by March 2007.
Mr. Ibrahim said PLN will cooperate with geothermal resources
owner PT Pertamina. In fact, the two companies have already
agreed on the terms of the deal but have not yet decided on the
price.
PLN's use of geothermal resources for power generation is
considered strategic, not only because of its abundance in the
country, but also because its use will reduce the firm's
reliance on the more expensive fuel-based energy, and so help
curb costs.
PT INDOFARMA: Swings Back to Black with IDR39.27-Bln Profit
-----------------------------------------------------------
Embattled pharmaceutical Company PT Indofarma is back in the
black with an operating profit of IDR39.27 billion (US$4.36
million) in the first nine months of the year, from an IDR17.06-
billion loss in the same period last year, says The Jakarta
Post.
Aside from the fat profit, Indofarma also reported a 46-percent
rise in sales to IDR470.63 billion.
Due to cost cuts, the Company's earnings before tax reached
IDR15.21 billion as of Sept. 30, compared to a loss of IDR49.18
billin before tax in the previous year.
Indofarma's unaudited financial report showed that the firm had
repaid IDR35.66 billion in loans to the government, as well as
IDR90.82 billion in bank loans. The said repayments have trimmed
its loan balance from IDR216.66 billion as of September 2003 to
IDR108.20 billion as of September this year.
The Company, which has three plants to produce pharmaceutical,
herbal and baby food products, plans to expand its market and
product line, with a launch of about 40 new products set for
early next year.
CONTACT:
PT Indofarma Tbk
Jl. Tambak No. 22
Jakarta 10320
Indonesia
Phone: (021) 851 7222
Fax: (021) 851 7223
* House Speaker Requests Audit on Pertamina, KPU, BNI
-----------------------------------------------------
House speaker Agung Laksono is asking the new members of the
State Audit Agency (BPK) to immediately audit PT Pertamina, the
General Elections Commission (KPU) and the flow of Bank Negara
Indonesia's (BNI) funds in the IDR1.8-trillion (US$199.1
million) fraud case, Asia Pulse says.
"I hope the BPK can audit Pertamina, the KPU and the BNI bank
funds flow," mr. Laksono told the press at the State Palace on
the occasion of the swearing-in of seven BPK members for the
2004-2009 period.
The newly-appointed BPK officials, Prof Anwar Nasution as
chairman, Abdullah Zainie as vice chairman, Baharuddin
Aritonang, Hassan Bisri, Inspector General Udju Djuhairi and I
Gusti Agung Ray as members, were sworn to office by Supreme
Court chairman Bagir Manan in the presence of President Susilo
Bambang Yudhoyono.
=========
J A P A N
=========
KISHIREN K.K.: Enters Bankruptcy
--------------------------------
Kishiren K.K. has entered bankruptcy with total liabilities of
US$328.43 million, according to Teikoku Databank America.
The firm, engaged in miscellaneous amusement and recreation
services, is based in Kishiwada-shi, Osaka 596-0052.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
MITSUBISHI FUSO: German Envoy Asks for Leniency
-----------------------------------------------
Germany's ambassador to Japan has asked Tokyo to be lenient on
struggling truck maker Mitsubishi Fuso Truck & Bus Corporation,
according to The United Press International.
Ambassador Henrik Schmiegelow told transportation minister Kazuo
Kitagawa to be more considerate towards Fuso, as the truck
maker's current management is now doing its best.
In November, Japan's Transport Ministry decided to toughen its
stance on Fuso following a string of defect cover-ups intended
to avoid recalling faulty vehicles.
But ministry officials chose not to comment on the remarks,
which could be interpreted as a protest over its newly adopted
policy.
Mitsubishi Fuso, which was spun off from its parent Mitsubishi
Motors Corp., has become a subsidiary of German automaker
DaimlerChrysler, which owns 65 percent.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: Unveils Changes to Board of Directors
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced in a media
disclosure that Dr. Eckhard Cordes relinquished his position as
a non-executive Member of the Board of Mitsubishi Motors
Corporation effective as of November 26, 2004.
Dr. Cordes, who joined MMC's Board in April 2004, has recently
been appointed to head DaimlerChrysler AG's Mercedes Car Group
and voluntarily resigned from his role with MMC to avoid a
possible conflict of interest between the two responsibilities.
Mr. Andreas Renschler, head of the Commercial Vehicles Division
at DaimlerChrysler AG, has been selected by DaimlerChrysler to
replace Dr. Cordes as a non-executive Member of the Board at
Mitsubishi Motors Corporation. MMC's next scheduled ordinary
shareholder's meeting will be held in June 2005.
MMC and DaimlerChrysler AG are currently cooperating on various
joint development and production projects.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
SHOWA DENKO: Changes Corporate Management
-----------------------------------------
Showa Denko K.K. (SDK; TSE: 4004)) at its board of directors
meeting Tuesday decided on changes in corporate management that
will take effect early next year.
Kensuke Onishi, Managing Director and concurrently President of
Showa Aluminum Can Corporation, will resign as Managing Director
on January 3 and serve exclusively as President of Showa
Aluminum Can Corporation as from January 4.
At the general meeting of stockholders scheduled for late March
2005, two new directors will be elected. They are, Ichiro
Nomura, Corporate Officer, Chief Manager, Planning Department,
Aluminum Sector; and Shinji Sakai, Corporate Officer, Chief
Manager, Planning Department, Electronics Sector.
Meanwhile, four new corporate officers will be appointed on
January 4. They are, Takao Fujiwara, General Manager, Ceramics
Division; Masayuki Miyauchi, Chief Manager, Production &
Technology Control Department, Carbons & Metallic Materials
Division; Yoshikazu Watanabe, General Manager, Rolled Products
Division; and Toshio Nishide, Director, Showa Aluminum Can
Corporation.
Eiji Ogata will resign as Chief Technologist on January 3 and
become advisor to the Technology Headquarters as of January 4.
Chief Technologist Yorikatsu Hohokabe will be promoted to Senior
Chief Technologist on January 4.
About Showa Denko K.K.
Showa Denko (TSE: 4004; OTC: SHWDF) is a major manufacturer and
marketer of chemical products serving a wide range of fields
ranging from heavy industry to the electronic and computer
industries. The Company makes petrochemicals (ethylene,
propylene), aluminum products (ingots, rods) electronic
equipment (hard disks for computers), and inorganic materials
(ceramics, carbons). The Company has overseas operations and a
joint venture with Netherlands-based Montell and Nippon
Petrochemicals to make and market polypropylenes. In March 2001,
SDK merged with Showa Denko Aluminum Corporation to strengthen
the high-value-added fabricated aluminum products operations,
and is today developing next-generation optical communications-
use wafers.
CONTACT:
Showa Denko Kabushiki Kaisha
13-9 Shiba Daimon 1-chome
Minato-ku 105-8518, Tokyo 105-8518
JAPAN
Fax: +81 3 5470 3384
Phone: +81 3 3431 6442
Web site: http://www.sdk.co.jp/
SOJITZ HOLDINGS: Revises Conversion Price of Convertible Bonds
--------------------------------------------------------------
Sojitz Holdings Corporation has notified the revision of the
conversion price of 1st Series Unsecured Convertible Bonds Due
October 2006 as follows.
(1) Revision of conversion price
1st Series Unsecured Convertible Bonds Due October 2006
(guaranteed by Sojitz
Corporation)
Current conversion price: JPY432.9
Revised conversion price: JPY401.3
(2) Effective date: As from December 5, 2004
(3) Reasons for revision: The revision is made in accordance
with the provisions as specified in the terms and conditions.
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
SURUGAYA COMPANY: TSE To Delist Shares Over Fake Cap Boost
----------------------------------------------------------
Confectioner maker Surugaya Company will be delisted from the
Tokyo Stock Exchange on Jan. 7 after the Company was found
guilty of reporting fake capital increases, Dow Jones reports.
The TSE transferred the shares of Surugaya to a liquidation post
from Tuesday until January 6.
Scandal-hit Surugaya has been suffering from plunging sales in
recent years, which resulted to a JPY740-million loss in the
fiscal year ended March 2004.
Last month, police raided Surugaya's main store in Wakayama
prefecture in western Japan and arrested three people from
Surugaya, including the firm's president, Yoshiharu Okamoto.
CONTACT:
Surugaya Company Limited
12 Suruga-Machi
Wakayama City 640-8034, Wakayama 640-8034
JAPAN
Phone: +81 73 422 1151
Fax: +81 73 432 3702
Web site: http://www.souhonke-surugaya.co.jp/
=========
K O R E A
=========
JINRO COMPANY: KRW700-Bln Debt Delays Selection of Bidder
---------------------------------------------------------
Unresolved legal issues over KRW700 billion in debts will likely
delay the selection of a preferred bidder for Jinro Co. till
early next year, Asia Pulse relates.
According to market watchers, the invitation to bid and
selection for a prime bidder would be impossible for Jinro since
it still has to work out on the debt problem.
"The selection of a preferred bidder is behind schedule as we
are trying to carry out the sale as fairly as possible," a
Company official said.
Under the Court approval, Jinro is required to choose a
preferred bidder through an open auction within a year.
Merill Lynch International Inc., the one chosen to arrange the
sale has been conducting due diligence on Jinro since mid-
October.
Lotte Chilsung Beverage Co., Doosan Corp. and Hite Beer along
with several other domestic companies have expressed interest in
acquiring Jinro. Allied Domecq on the other hand wants to take
over the Company.
CONTACT:
Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453
Web site: http://www.jinro.co.kr/
SSANGYONG MOTOR: Hopes to Make a 10% Mark in Russia's CKD Market
----------------------------------------------------------------
Ssangyong Motor Co. will export to Russia by 2010 US$500 million
worth of Rexton sports utility vehicles, reports Asia Pulse.
Ssangyong schedules to ship 400 Rexton SUVs by December of next
year, the first batch of the 26,000 complete knockdown (CKD)
kits to be sold to SeverStal Auto. It hopes to claim 10 percent
of Russia's complete knockdown (CKD) vehicle market.
According to Ssangyong, Russia is expected to increase vehicle
imports by 10 to 15 percent annually. This year, around 300,000
units are the estimated total vehicle imports to Russia, an
increase of more than 50 percent from last year. In the
January-October period, South Korean exports of CKD vehicles to
Russia totaled 4,807 units.
CKD refers to the vehicle being shipped in parts for local
assembly. It is the first time for Ssangyong to export vehicles
on a CKD basis.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
Fax: +82 31 610 3739
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Extends Regularization Scheme
----------------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
announced that the Securities Commission without any conditions
has approved the application for an extension of time to 16 May
2005 for the Company to submit a comprehensive proposal to
regularize its financial position, vide a letter dated 3
December 2004.
CONTACT:
Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Telephone: (60) 3 2693 1828
Fax: (60) 3 2691 2798
This announcement is dated 6 December 2004.
HONG LEONG: Unit Enters Voluntary Liquidation
---------------------------------------------
Hong Leong Industries Berhad refers to its announcement dated 21
January 2002 in connection with the Member's Voluntary
Liquidation of Joint Steel Works Sdn Bhd, a wholly owned
subsidiary of Guolene Packaging Industries Berhad, which in turn
is a 96.43% subsidiary of Hong Leong Industries Berhad (HLI).
HLI now writes to inform that the Liquidator of Joint Steel
Works had convened a Final Meeting to conclude the Member's
Voluntary Liquidation of Joint Steel Works. A Return by
Liquidator Relating to Final Meeting was lodged on 3 December
2004 with the Companies Commission of Malaysia and the Official
Receiver, and on the expiration of 3 months after the said
lodgement date, Joint Steel Works will be dissolved.
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Tel: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
This announcement is dated 6 December 2004.
EKRAN BERHAD: Posts Notice Of Address Change
--------------------------------------------
Ekran Berhad announced that with effect from 6 December 2004,
the address and contact numbers of the Company would be changed
to the following:
Change description: Registered
Old address: Level 9, Wisma Ting Pek Khiing, No. 1, Jalan
Jadungan, 93100 Kuching, Sarawak
New address: Lot 5428-5429, Block 16, KCLD, Lorong Lapangan
Terbang Baru 1, 93350 Kuching, Sarawak
Name of Registrar:
Telephone no: 082-450908
Facsimile no: 082-450922
Effective date: 06/12/2004
K.P. KENINGAU: AGM Set for December 29
--------------------------------------
Notice is hereby given that the Tenth Annual General Meeting
(AGM) of K.P. Keningau Bhd. will be held at Bilik Seminar 1,
Kelab Golf Negara Subang, Jalan SS7/2, Kelana Jaya, 47301
Petaling Jaya, Selangor Darul Ehsan on Wednesday, 29 December
2004 at 11.00 a.m. for the following purposes:
1. To receive and adopt the Report of the Directors and the
Audited Financial Statements for the financial year ended 31
July 2004 and the Report of the Auditors thereon.
2. To approve the payment of Directors' Fees for the financial
year ended 31 July 2004.
3. To re-elect directors:
(a) In accordance with Article 66(a) of the Company's Articles
of Association, Dato' Matthew Yoong Chong Seng retires by
rotation and, being eligible, offers himself for re-election.
(b) In accordance with Article 67(b) of the Company's Articles
of Association, the following directors retire and being
eligible, offer themselves for re-election:
(i) Mr. Law Kok Tiong
(ii) Encik Mohd Salim Bin Mohamed Sain.
4. To re-appoint Messrs. Moores Rowland as Auditors of the
Company and to authorise the Directors to fix their
remuneration.
As Special Business:
To consider and, if thought fit, to pass the following Ordinary
Resolution:
5. Authority to Directors to issue shares
"That, subject to the Companies Act, 1965, the Articles of
Association of the Company and approval from the Kuala Lumpur
Stock Exchange and other Governmental or regulatory bodies, full
authority be and is hereby given to the Board of Directors
pursuant to Section 132D of the Companies Act, 1965 to allot and
issue shares in the capital of the Company from time to time and
upon such terms and conditions and for such purposes as the
Board of Directors may, in their absolute discretion, deem fit,
provided that the aggregate number of shares to be issued
pursuant to this resolution does not exceed ten percentum (10%)
of the issued share capital of the Company for the time being
and that such authority shall continue in force until the
conclusion of the next Annual General Meeting of the Company."
6. To transact any other ordinary business of, which due notice
shall have been given.
By Order of the Board
Winnie Chok Kwee Wah (MACS 00550)
Leong Mee Lee (LS 0001836)
Secretaries
Petaling Jaya
7 December 2004
NOTES:
1. A member entitled to attend the meeting may appoint another
person as his proxy to attend and vote in his stead at the
meeting and such proxy shall have the same rights as the member
he represents including the right to vote on a show of hands and
on a poll and to demand a poll. A proxy may but need not be a
member of the Company and Section 149(1)(b) of the Companies
Act, 1965 shall apply to the Company which states that a member
shall not be entitled to appoint a person who is not a member as
his proxy unless that person is an advocate, an approved Company
auditor or a person approved by the Registrar of Companies in a
particular case.
2. Where the member of the Company appoints two or more proxies,
the appointment shall be invalid unless the member specifies the
proportion of his shareholding to be represented by each proxy.
3. If the appointer is a corporation, the proxy should be
executed under its common seal or under the hand of an officer
or attorney duly authorized.
4. The instrument appointing a proxy must be deposited at the
registered office of the Company at Bina Management (M) Sdn.
Bhd., Lot 10, The Highway Centre, Jalan 51/205, 46050 Petaling
Jaya, Selangor Darul Ehsan not less than forty-eight (48) hours
before the time appointed for holding the meeting or adjourned
meeting.
EXPLANATORY NOTE ON SPECIAL BUSINESS
Item 5 of the Agenda
Authority to Directors to issue shares
The proposed Ordinary Resolution No. 7, if passed, will empower
the Directors to allot and issue shares not exceeding 10% of the
issued capital of the Company for such purposes as the Directors
consider would be in the interest of the Company in order to
avoid any delay and cost in convening a general meeting to
approve such issue of shares. This authority, unless revoked
or varied by the Company in a general meeting, will expire at
the next Annual General Meeting of the Company.
KSU HOLDINGS: Bursa Malaysia Issues Removal Of Securities
---------------------------------------------------------
KSU Holdings Berhad was notified on 4 August 2004 that its
securities would be removed from the Official List of Bursa
Malaysia Securities Berhad (Bursa Securities).
KSU had submitted an appeal against the decision of Bursa
Securities to de-list its securities from the Official List of
Bursa Securities (the Appeal).
Given the appeal, the removal of the securities of KSU was
deferred pending the decision on the appeal by Bursa Securities.
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Securities has decided that the appeal be disallowed and
further decided to de-list the securities of KSU from the
Official List of Bursa Securities as KSU does not have an
adequate level of financial condition to warrant continued
listing on the Official List of Bursa Securities.
Accordingly, please be informed that the securities of the
Company will be removed from the Official List of Bursa
Securities at 9.00 am on Tuesday, 21 December 2004.
With respect to the securities of KSU, which are currently
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with the Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a Company, which has been de-listed to be
withdrawn from Bursa Depository.
Alternatively, shareholders of KSU who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System (CDS)
accounts maintained with the Bursa Depository at anytime after
the securities of KSU has been de-listed from the Official List
of Bursa Securities. This can be effected by the shareholders
submitting an application form for withdrawal in accordance with
the procedures prescribed by Bursa Depository. These
shareholders can contact any participating organizations of
Bursa Securities and/or Bursa Depository's help line at 03-
20347711 for further information on the withdrawal procedures.
CONTACT:
KSU Holdings Berhad
No. 1116B & C, 2nd & 3rd Floor
Persiaran Raja Muda Musa
41100 Klang
Selangor Darul Ehsan
Phone: 03-33739191
Fax: 03-33747763
LITYAN HOLDINGS: SC Rejects Rights Issue Proposal
-------------------------------------------------
Reference is made to the announcements dated 27 September 2002,
25 March 2003, 8 May 2003, 8 September 2003, 31 December 2003,
20 January 2004, 2 March 2004, 28 April 2004, 20 July 2004 and
30 September 2004 in relation to the proposed rights issue and
proposed capital increase by Lityan Holdings Berhad (LHB).
The Company announced that the Securities Commission (SC) has,
vide its letter dated 1 December 2004 (which was received on 3
December 2004), rejected the Company's appeal in relation to the
application for an extension of time up to 4 March 2005 for LHB
to implement the Proposed Rights Issue.
The decision by the SC was made after taking into consideration
the justifications provided by LHB, which the SC considers
unable to address the issues raised in the SC's letter dated 24
September 2004. In relation thereto, LHB will have to provide a
more comprehensive proposal to resolve its financial problems,
as stated in Paragraph 13.02 of the SC's Policies and Guidelines
on Issue/Offer of Securities.
In this regard, the Company is unable to implement the
Proposals.
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2
40150 Shah Alam
Selangor Darul Ehsan Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
This announcement is dated 6 December 2004.
NAUTICALINK BERHAD: To Complete Restructuring Scheme
----------------------------------------------------
In compliance with Practice Note No. 4/2001 (PN4), the Board of
Directors of Nauticalink Berhad (NB) announced that it is still
in the midst of working towards implementing the approved
corporate restructuring scheme.
CONTACT:
Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-40431005
Fax: 03-40431058
LITYAN HOLDINGS: Answers Bursa Malaysia Query
---------------------------------------------
With reference to Bursa Malaysia Securities Berhad's letter
dated 6 December 2004, the Board of Directors of Lityan Holdings
Berhad wishes to inform that:
(1) There is no material development in the Company's business
and affairs not previously disclosed;
(2) There is no impending change in the major shareholders; and
(3) There are no other reasons, in the knowledge of the
Directors, to account for the unusual market activity.
Bursa Malaysia Securities Berhad's query letter content:
"We draw your attention to the sharp increase in price and
volume in your Company's shares recently. In accordance with the
Corporate Disclosure Policy on Response To Unusual Market
Activity pursuant to paragraph 9.11 of the Listing Requirements
of Bursa Malaysia Securities Berhad (Bursa Securities LR), you
are requested to furnish Bursa Securities with an announcement
for public release after a due enquiry seeking the cause of the
unusual market activity in the Company's securities. When
considering your response and when making the required
announcement, your attention is particularly drawn to the
continuing disclosure requirements set out in Chapter 9 of the
Bursa Securities LR."
Yours faithfully,
JOSEPHINE EDWARD
Sector Head, Listing Compliance
Group Regulations
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2
40150 Shah Alam
Selangor Darul Ehsan Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
OMEGA HOLDINGS: Issues Delisting Of Securities
----------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Malaysia Securities Berhad in the exercise of its powers
under Paragraph 16.17 of the Bursa Securities Listing
Requirements, has decided to de-list the securities of Omega
Holdings Berhad from the Official List of Bursa Securities as
the Company does not have an adequate level of financial
condition to warrant continued listing on the Official List of
Bursa Securities.
Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of Bursa
Securities at 9.00 am on Tuesday, 21 December 2004.
With respect to the securities of the Company which are
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), please be informed that the securities of the
Company will continue to remain deposited with Bursa Depository
notwithstanding the de-listing of the securities of the Company
from the Official List of Bursa Securities. It is not mandatory
for the securities of the Company to be withdrawn from Bursa
Depository.
Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificate can
withdraw these securities from their CDS accounts with Bursa
Depository, at anytime after the securities of the Company are
de-listed from the Official List of Bursa Securities by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.
Shareholders of the Company can contact any Participating
Organisation of Bursa Securities and/or Bursa Depository's
helpline at 03-20347711 or 03-20347715 information on the
withdrawal procedures.
CONTACT:
Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax: +60 3 2713 2170
SELOGA HOLDINGS: Issues Additional Listing Of Shares
----------------------------------------------------
Seloga Holdings Berhad's additional 589,760 new ordinary shares
of RM1.00 each issued pursuant to the conversion of Rm589,760
irredeemable convertible unsecured loan stocks 2003/2010 into
589,760 new ordinary shares will be granted listing and
quotation with effect from 9.00 a.m., Wednesday, 8 December
2004.
CONTACT:
Seloga Holdings Berhad
No 1 Jalan USJ 10/1A UEP Subang Jaya
47620 Petaling Jaya Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 2274 7788
TENAGA NASIONAL: Units Appoint Receivers, Managers
--------------------------------------------------
Tenaga Nasional Berhad (TNB) has on 4 December 2004 received
notifications of the appointment of Messrs. Ernst & Young, 4th
Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala
Lumpur, as Receivers and Managers of the property of Northern
Utility Resources (NUR) Sdn Bhd and Nur Generation Sdn Bhd (NUR
and NUR Generation) effective from 24th November 2004.
TNB through its wholly owned subsidiary, TNB Ventures Sdn. Bhd.
(TNB Ventures) holds 20% shareholding in NUR. The principal
activities of NUR consist of the development and management of
an Independent Power Utility for the generation and distribution
of electricity to customers within the gazetted area of Kulim
Hi-Tech Park through its two wholly owned subsidiary companies,
NUR Generation and NUR. Distribution Sdn. Bhd. As at 31 August
2004, the unaudited net tangible assets of NUR is negative
RM116.1 million.
The Company is of the opinion that the appointments of the
Receivers and Managers of the property of NUR and NUR Generation
are not expected to have a material effect on the current
earnings and net tangible assets of TNB.
CONTACT:
Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Phone: +60 3 2296 5566
Fax: +60 3 2283 3686
TRU-TECH HOLDINGS: Units Granted Restraining Order Extension
------------------------------------------------------------
Tru-Tech Holdings Berhad announced that its subsidiaries, namely
Tru-Tech Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn
Bhd, were granted an extension of restraining and stay order for
a period of 120 days effective from 25 November 2004 up to 24
March 2004 by the Johor Bahru High Court (Court) on 2 December
2004.
The Court has approved the appointment of Mr. Jambulingam S.
Raki to act as the Director for the scheme creditors under
Section 176(10A)(d) of the Companies Act. 1965.
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone: (60) 3 7861 5220
Fax: (60) 3 7861 7972
This announcement is dated 6 December 2004.
TRU-TECH HOLDINGS: Appoints New Director
----------------------------------------
Tru-Tech Holdings Berhad announced that Mr. Jambulingam A/L
Sethuraman Raki was appointed to act as an Independent Non-
Executive Director of the Company with effect from 6 December
2004 pursuant to Section 176(10A) (d) of the Companies Act,
1965.
The Board of Directors of the Company is now comprised of:
1. Dato' Mohamed Shamsuddin Bin Mohd. Noor - Independent Non-
Executive Chairman
2. Tan Kim Heng - Managing Director
3. Chek Khai Juat (F) - Deputy Managing Director
4. Isao Kakimoto - Non-Independent Non Executive Director
5. Quek Tiang Yew - Non-Independent Non-Executive Director
6. Chua Thiam Chye - Executive Director
7. Ngo Kong Song - Independent Non-Executive Director
8. Kartini Binti Abdul Manaf - Non-Independent Non-Executive
Director
9. Jambulingam S. Raki - Independent Non-Executive Director
The Audit Committee remains unchanged.
With the above appointment, the Company is in compliance with
Paragraph 15.02 of the Listing Requirements.
YCS CORPORATION: Bursa Malaysia To Delist Securities
----------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Malaysia Securities Berhad (Bursa Securities) in the
exercise of its powers under Paragraph 16.17 of Bursa
Securities' Listing Requirements, has decided to de-list the
securities of YCS Corporation Berhad from the Official List of
Bursa Securities as the Company does not have an adequate level
of financial condition to warrant continued listing on the
Official List of Bursa Securities.
Accordingly, please be informed that the securities of the
Company will be removed from the Official List of Bursa
Securities at 9 a.m. on Tuesday, 21 December 2004.
With respect to the securities of the Company which are
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), please be informed that the securities of the
Company will continue to remain deposited with the Bursa
Depository notwithstanding the de-listing of the securities of
the Company from the Official List of Bursa Securities. It is
not mandatory for the securities of the Company to be withdrawn
from Bursa Depository.
Shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw these
securities from their Central Depository System accounts with
Bursa Depository, at anytime after the securities of the Company
are de-listed from the Official List of Bursa Securities by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.
Shareholders of the Company can contact any Participating
Organisation of Bursa Securities and/or Bursa Depository's
helpline at 03-20347711 or 03-20347715 for information on the
withdrawal procedures.
CONTACT:
YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Phone: +60 3 80242922
Fax: +60 3 80242911
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMMUNICATIONS: Clarifies Row with Creditors
------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) is hopeful that its
ongoing dispute with its creditors will not affect the Company's
debt restructuring plan, reports the Business World.
"We recognize the right of our creditors to question certain
terms of the Regional Trial Court's ruling on BayanTel's
rehabilitation plan and we really hope for a speedy resolution
on the matter by the Court of Appeals so we can move forward and
focus on sustaining the momentum of our business," said BayanTel
Chief Finance Officer Salvador Tirona.
The Company received last June Court approval for its debt-
restructuring program involving the payment of US$325 million in
loans for 19 years.
Last week, one of the firm's major creditors, Avenue Asia
Capital Group, sought the Court of Appeals approval to change
BayanTel's debt to US$471 million from US$325 million.
Avenue Asia also stressed that the payment term should be set at
12 years, which can be stretched to 19 years with a refinancing
option at year 14.
Avenue Asia alleged that BayanTel "deliberately manipulated
projections in an attempt to artificially reduce the amount of
sustainable debt it can service." The creditor firm added
BayanTel submitted "out-of-date financial information and flawed
assumptions" to the Court.
BayanTel said, however, creditors appealing the Court decision
are normal in a debt-restructuring program due to different
perspectives. "On our part, we remain committed to adopt a
rehabilitation plan that allows us to achieve sustainable growth
and profitability while continuing to provide excellent service
to all our customers," Mr. Tirona said.
CONTACT:
Bayan Telecommunications Inc,
Investor Relations 3/F Bayantel
Corporate Center Maginhawa corner
Malingap Streets Teacher's Village East,
Diliman Quezon City 1101,
Web site: http://www.bayantel.com.ph/
BAYAN TELECOMMUNICATIONS: Posts 3Q04 44% EBITDA Growth
------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) continued to sustain
its momentum in the first half of 2004 by registering double-
digit growth in net revenues and Earnings Before Interest,
Taxes, Depreciation, and Amortization (EBITDA) by the end of the
third quarter.
As of end of September, BayanTel posted net revenues of Php 4.02
Bn compared to Php 3.67 Bn during the same period last year or a
9.73% increase.
More importantly, EBITDA grew by 44.17% at P1.60 Bn versus P1.16
Bn during the same period in 2003.
BayanTel Chief Consultant Tunde Fafunwa said: "Our third quarter
performance showed that BayanTel has continued its momentum. We
are on track to exceed our results of last year, meet our
expectations for the year, and move forward to 2005 with
optimism to be stronger and more competitive in our key
businesses. "
According to Mr. Fafunwa, EBITDA is the most important barometer
for BayanTel as it indicates the high level of sustainability of
the business, and provides funding for capital expenditures and
debt payments moving forward. And by this barometer, he believes
BayanTel is on the right track towards attaining growth.
This Company press release is dated 2 December 2004.
DIGITAL TELECOMMUNICATIONS: To Appoint New Director
---------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) disclosed
to the Philippine Stock Exchange that Mr. Johnson Robert L. Go,
Director of the Company, passed away December 1, 2004.
The Company will advise the Philippine Stock Exchange of the
appointment of a new director to fill-in the position vacated by
the late Mr. Johnson Robert L. Go.
Very truly yours,
William S. Pamintuan
Corporate Secretary
CONTACT:
Digital Telecommunications Inc.
Digitel Building
110 E. Rodriguez Jr. Avenue
110 Bagumbayan, Quezon City
Telephone Number: 397-8888
Fax Number: 635-6142
Email Address: pamintuan_b@ditsi.com.ph
Web site: http://www.digitelone.com
MONDRAGON LEISURE: Clarifies License Revocation Report
------------------------------------------------------
This is in reference to the news article entitled "SEC revokes
Universal Rightfield, Mondragon Leisure registration" published
in the December 6, 2004 issue of the BusinessWorld (Internet
Edition).
The article reported that "(t)he SEC also suspended the
registration of another publicly listed Company, Mondragon
International Philippines, Inc., and revoked the registration of
unit Mondragon Leisure and Resorts Corporation also for failure
to meet reportorial requirements and for failure to pay
penalties imposed by the commission. An SEC source told
reporters the revocation of the registration of Universal
Rightfield and Mondragon Leisure as well as the suspension of
registration of Mondragon International was decided on Thursday.
`It was approved during the commission meeting,' the source
said."
Mondragon International Philippines, Inc. (MON), in its letter
to the Philippine Stock Exchange dated December 7, 2004, stated
that:
" The Company has not yet received any official copy of the
aforesaid alleged actions of the SEC for which reason we have to
defer whatever comments we may have on the said news item until
such time we receive the official communications (sic) from the
said agency."
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President
PHILIPPINE LONG: Accelerates Debt Reduction Program
---------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) (PSE: TEL)
(NYSE: PHI) announced on 7 December 2004 that it has issued a
notice to prepay on December 20, 2004 approximately US$106
million remaining balance under its US$145 million
Multicurrency Term Loan Facility (the facility). PLDT elected to
prepay the facility two years ahead of its final maturity in
order to accelerate the deleveraging of the fixed line business
and to realize Interest savings. As a result of the early
repayment of this facility, PLDT expects to increase its total
debt reduction for the year from the last announced target debt
reduction of US$350 million to US$450 million.
The facility, which was signed in September 2002 as part of
PLDTs liability management program, was drawn down in June and
December 2003 to refinance part of the principal amounts
outstanding under two existing term loans. The facility
consisted of Japanese yen and US dollar tranches, payable in six
equal semi-annual installments beginning June 2004 with final
maturity on December 2006. Interest on the yen tranche and US-
dollar tranche was six-month Yen-libor plus 385 bps and six-
month USD-libor plus 365 bps, respectively. PLDT would be
prepaying the balance of JPY7.276 billion and US$35.5 million
under the yen tranche and US-dollar tranche, respectively.
"We consider our efforts to accelerate our debt reduction
program to be s prudent move that wouid not only generate
interest savings but also improve our balance sheet profile and
mitigate our risk exposures," explained Napoleon L. Nuarel1o,
President and CEO of PLDT and Smart. "By the end of the year,
PLDT's fixed line debt balance would be about US$2 billion on
track to achieve our target to reduce our debt balance to below
US$1.5 billion by the end of 2006," added Nazareno.
For further information, please contact:
Anabelle L. Chua
Tel. No.: 816-8213
Fax No.: 844-9099
Anna V. Bengzon
Tel No.: 816-8024
Fax No.: 810-7138
Ramon R. Isberto
Tel No.: 816-8468
Fax No.: 893-5174
UNIVERSAL RIGHTFIELD: Answers "SEC Revokes Registration" Report
---------------------------------------------------------------
This is in reference to the news article entitled "SEC revokes
Universal Rightfield, Mondragon Leisure registration" published
in the December 6, 2004 issue of the BusinessWorld (Internet
Edition).
The article reported that "(t)he Securities and Exchange
Commission (SEC) has revoked the registration of publicly listed
Universal Rightfield Holdings, Inc. for failing to meet
reportorial requirements. An SEC source told reporters the
revocation of the registration of Universal Rightfield and
Mondragon Leisure as well as the suspension of registration of
Mondragon International was decided on Thursday. `It was
approved during the commission meeting,' the source said."
Universal Rightfield Property Holdings, Inc. (UP), in its letter
to the Philippine Stock Exchange dated December 7, 2004, stated
that:
" The Corporation cannot confirm at the moment the veracity of
said information since it has not received any notice from the
Securities and Exchange Commission (`SEC') regarding the
revocation of the Corporation's registration. The Corporation
was however able to file its 2003 Annual Report with the SEC on
December 1, 2004 and with the Philippine Stock Exchange, Inc.
(`PSE') on December 2, 2004. The Company will disclose with the
PSE any information or notice to this effect immediately upon
receipt thereof by the Corporation."
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
Universal Rightfield Holdings Inc.
Unit 713-714 Pioneer Corporate Center
Pioneer Highlands, Pioneer St.
Corner Madison St., Mandaluyong City
Telephone No/s: 637-0977 to 82
Fax No/s: 637-2437
Email Address: urphi@pworld.net.ph
=================
S I N G A P O R E
=================
CHINA AVIATION: Suspended CEO to Return to Singapore
----------------------------------------------------
Singapore's authorities, who are conducting a probe into China
Aviation Oil Singapore Limited, has sought for the return of
suspended chief executive officer Chen Juilin, Channel News Asia
reports.
Mr. Chen who left Singapore shortly after publicly disclosing
the SG$550 million loss in speculative oil derivatives trading.
Singapore Stock Exchange immediately asked for his return upon
learning he left the country, since his presence will be needed
to aid with investigations.
China Aviation Oil (CAO) has released a statement that Chen's
return to China has something to do with his family, and that it
has already requested Chen to return to Singapore and help in
the investigations.
Due to the Company's financial shamble, more than 7,000
investors in the firm have been rendered worthless. In addition
to this is the dubious share deal involving its parent Company
in Beijing last October.
China Aviation Oil Holding Company (CAOHC), CAO's parent firm,
reduced its stake 75 to 60 percent in October 20 thus raising
SG$196 million in the process.
Before Mr. Chen left Singapore, he filed an affidavit in
Singapore's High Court, stating CAO was raking in huge losses.
Mr. Chen also said in the affidavit that China Aviation Oil has
lost increasing amounts of money through speculative oil trading
that began last year, with the gamble finally becoming untenable
when crude prices hit record highs in October.
Speculations abound on whether China Aviation Oil and CAOHC have
breached insider trading laws by failing to disclose the
speculative trading losses at the time of the share sell-off.
China Aviation Oil has already sought for protection from the
High Court, as protection from its creditors and CAOHC has
already step in to handle daily operations and continue jet fuel
supplies.
DAEWOO SINGAPORE: Creditors Meeting Set Dec. 16
-----------------------------------------------
Take notice that a meeting of creditors of Daewoo Singapore Pte
Ltd will be held at 6 Shenton Way, #32-00 DBS Building Tower
Two, Singapore 068809 on Thursday, the 16th day of December 2004
at 2.00 p.m.
AGENDA
(1) To receive a status update from the Liquidators.
(2) To consider the appointment of a Committee of Inspection.
Dated this 3rd day of December 2004.
WEE AIK GUAN And TAM CHEE CHONG
Joint and Several Liquidators
6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
To entitle you to vote at the meeting, your proof of debt must
be lodged with our office not later than 5 p.m. on 9th December
2004.
Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged at our office
no later than 5 p.m. on 9th December 2004.
KLW HOLDINGS: Details Disposal, Leaseback of Property
-----------------------------------------------------
KLW Holdings Limited details on the disposal and leaseback of
property by subsidiary at the Singapore Stock Exchange.
(1) Completion
Further to our announcements dated 28 July 2004, 29 July 2004,
13 August 2004, 19 October 2004 and 1 December 2004, as well as
the circular to shareholders dated 20 September 2004, pursuant
to which a shareholders' resolution was duly passed, the Board
of Directors of KLW Holdings Limited is pleased to announce that
Mapletree Trustee Pte Ltd served the Call Option Notice on KLW
Wood Products Pte Ltd on Monday requiring KLWS to enter into the
Purchase Agreement with Mapletree for the sale of the Property
together with the Mechanical and Electrical Equipment to
Mapletree on the terms of the Purchase Agreement.
Upon being served with the Call Option Notice, both KLWS and
Mapletree entered into the Purchase Agreement and the completion
of the Sale pursuant to the terms of the Purchase Agreement took
place on Monday.
In conjunction with the completion of the Sale, Mapletree paid
to KLWS the purchase price amounting to SG$15,666,666 less an
option fee amounting to SG$15,666.67, and an additional option
fee of SG$767,666.63 (which was paid upon the execution of the
1st Supplementary Agreement dated 25 November 2004)
(collectively referred to as "Option Fee"). The Option Fee was
applied as part of the deposit payable by Mapletree upon the
execution of the Purchase Agreement.
A Subletting Agreement was also entered into between Mapletree ,
KLWS (as Tenant) and the Company, whereby Mapletree leased to
KLWS the Property for a period of ten years commencing from 6
December 2004 for a rental amount of SG$1,440,000 and service
charge amount of SG$360,000 for the first year, and thereafter
at the rental amount and service charge amount which shall
increase at the rate of 1.5% of the rental amount and service
charge amount payable for the immediate preceding year.
KLWS was also granted an option to take a lease of the Property
for a further term of five (5) years upon the expiration of the
Term on such revised terms and conditions to be agreed between
the parties.
In consideration of Mapletree entering into the Subletting
Agreement at the request of the Company for the duration of the
Term, the Company as guarantor guarantees the due performance of
KLWS as Tenant of all its covenants and obligations under the
Subletting Agreement and indemnifies and will keep Mapletree
fully indemnified against all claims demands actions proceedings
damages loss costs expenses and liabilities suffered or incurred
due to or caused by or contributed to by any default or failure
on KLWS' part to discharge and fulfill all its covenants and
obligations under the Subletting Agreement.
(2) Use of sale proceeds
Following the completion of the Sale, the Company utilized part
of the sale proceeds to pay to KBC Bank N.V., Singapore branch
(acting as agent bank to lenders) all amounts outstanding under
a transferable loan facility agreement entered into between
inter alia, the Company and KBC Bank. N.V., Singapore branch on
30 April 2003. The mortgage over the Property, 19 Senoko Loop,
Singapore, granted in favor of KBC Bank N.V. as agent for the
lenders was also discharged today.
A further sum of SG$800,000 from the sale proceeds was paid by
KLWS to Mapletree to be held by Mapletree as security for the
completion of certain rectification works to be conducted by
KLWS. To this end, a deed of undertaking was entered into
between Mapletree and KLWS today.
A further sum of SG$1,800,000 was deducted from the sale
proceeds as payment by KLWS to Mapletree of a security deposit
under the Subletting Agreement.
(3) Background to the Deed
The Company had on 1 December 2004 announced the background in
relation to the 1st Supplementary Agreement which was entered
into in relation to certain rectification works required to be
conducted in respect of the Property and Mechanical Equipment.
Notwithstanding that the Rectification Works are required to be
completed by KLWS, Mapletree and KLWS have mutually agreed to
enter the Purchase Agreement and complete the Sale subject to
the terms and conditions set out in the Purchase Agreement and
the Deed.
At Mapletree's request, KLWS executed the Deed in favor of
Mapletree to complete the Rectification Works in accordance with
the terms contained in the Deed. The Deed further attaches a
work schedule setting out the Rectification Works and the time
frame in which the Rectification Works are to be completed.
Pursuant to the terms of the Deed, the S$800,000 security will
be progressively released to KLWS upon completion of the
Rectification Works in accordance with the work schedule.
By Order of the Board
Mr. Lee Boon Teck
Director
KLW Holdings Limited
6 December 2004
KLW HOLDINGS: Retailing Arm Enters Partnership Agreement
--------------------------------------------------------
KLW Holdings details on the agreement between its retailing arm
Barang Barang and The Arts House. Barang Barang entered into an
agreement that brings chic to The Arts House as Official
Lifestyle Home Furnishing Partner Partnership kicks off with the
"Adopt An Arts House Zoo Baby" project to raise SG$50,000 for
the Budding Artists Fund and Convalescent Home
Contact Information
August Consulting The Arts House
Tel: 6733 8873 Fax: 6733 9913 Tel: 6332 6903 Fax: 6336 3021
Alan Lee - alanlee@august.com.sg
Mary Lee - Mary_Lee@toph.com.sg
Yiting Foo- yiting@august.com.sg
Assistant Director,
Corp Communications & Marketing
Barang Barang, the lifestyle retail arm of SESDAQ-listed KLW
Holdings Ltd, today announced that it has entered into a
partnership agreement with The Arts House as its Official
Lifestyle Home Furnishing Partner for the next one (1) year.
Commencing December 6, 2004, the partnership will see a joint
effort by the partners to support the development of the arts
and entertainment, launched with the unique "Adopt An Arts House
Zoo Baby" project.
Industry Exclusivity and Branding at The Arts House Under the
agreement, The Arts House's premises will be furnished with an
estimated SG$50,000 worth of Barang Barang's popular range of
contemporary-chic lifestyle furniture exclusively during the
one-year period. Where appropriate, Barang Barang will sponsor
the use of its wide range of products to The Arts House's
various arts productions and programmes. Selected programme and
festival print collaterals will carry the Barang Barang brand
logo.
"Our strategic collaboration with The Arts House gives us an
opportunity to be actively involved in building our pool of
local arts and entertainment talents, which goes hand-in-hand
with our corporate vision to be a source of inspiration and
creativity for the world we live in," said Mr. Lim Kok Hui,
Managing Director of Barang Barang.
Barang Barang brings chic to The Arts House as Official
Lifestyle Home Furnishing Partner
"We are excited about bringing Barang Barang to The Arts House
as our product range fits completely with the hip and
contemporary feel of the newly-restored 178 year old building
transformed into a progressive arts and lifestyle center. This
space will also provide an unusual setting which serves as an
inventive showcase with a dramatic difference for the Barang
Barang range." Mr Lim noted.
As part of a value-added service, Barang Barang's expertise in
interior design will be extended to enhance select spaces within
The Arts House and explore the creation of unusual performance /
lifestyle zones both inside and around The Arts House.
"The Arts House's partnership with Barang Barang advances the
House's role of motivating businesses to engage with the
community; in our case, through developing aspiring artists and
their audiences of all backgrounds," said Mr. Colin Goh, General
Manager of The Arts House.
Mr. Goh elaborates, "This partnership will see Barang Barang
designing and furnishing various spaces at The Arts House to
enhance its vibrant yet cozy ambience. More immediately, Barang
Barang will also contribute designer toys, the sale proceeds of
which will be directed to our joint causes of nurturing youths
from resource poor families and their artistic aspirations. Both
The Arts House and Barang Barang strongly believe that no one
should be denied any opportunity to be part of the creative
industry."
Indeed, the partnership will see Barang Barang and The Arts
House joining hands to promote Arts and Charity. Besides Barang
Barang's sponsorship of furniture at The Arts House, the other
elements of partnership agreement include:
"Adopt An Arts House Zoo Baby" Project
As part of the agreement, the partners plan to raise S$50,000
with the "Adopt An Arts House Zoo Baby" project, a joint fund-
raising scheme for the Budding Artists Fund and Barang Barang's
Christmas Outreach project with The Singapore Children's Society
Convalescent Home. A limited range of Barang Barang designer
toys, `Big Zoo Babies' and `Small Zoo Babies', will be available
for adoption at The Arts House from December 2004 onwards. Each
Baby comes complete with an adoption certificate, its own
jewelry and a pouch of magic star dust in the true spirit of the
campaign's motto: "Help A Child Reach For The Stars".
Part of the proceeds from the sale will be used to provide
opportunities for talented children and youth from resource-poor
backgrounds aged between 8 to 15 years to nurture their artistic
talents, and develop and showcase their artistic gifts under the
Budding Artists Fund. The balance will be contributed to the
Convalescent Home to provide the children with opportunities for
enrichment courses, character education and counseling in-house
to build their self-esteem and develop their character.
Limited edition Zoo Babies up for adoption at The Arts House
beginning December 2004.
Festival Sponsorship
To celebrate the festive season, Barang Barang will be a sponsor
of "Celebrate Christmas" and "Year-end Countdown Party" at The
Arts House. The Arts House's week-long "Anniversary Festival" in
March 2005 will also be supported by Barang Barang.
The Arts House Partnership Programme
The Arts House's partnership programme was launched on 26 March
2004 at the Opening of The Arts House with the pioneer partners
DBS Credit Cards and Tiger Beer. In November 2004, Performance
Motors Limited became the next Partner.
The Arts House is a multi-disciplinary arts and lifestyle hub
which offers a variety of cutting edge highly accessible works
which seeks to grow audiences through a connection with the
Barang Barang brings chic to The Arts House as Official
Lifestyle Home Furnishing Partner artists.
One important part of the work it does is to develop young local
talents as this is critical to the growth and rejuvenation of
the arts industry The Arts House seeks partners in the business
community for a mutually beneficial relationship.
The corporate partners of Arts House contribute via sponsorship
and extension of their marketing infrastructure to fund and
support activities in The Arts House and at the same time, The
Arts House offers opportunities for them to actively engage
their target audience. These partnerships serve to fulfill a
common objective of enriching arts and culture in Singapore and
offering opportunities for the development of our young local
talents.
About Barang Barang
Barang Barang is a subsidiary of KLW Holdings Limited which is
listed on SESDAQ. Barang Barang offers a comprehensive range of
lifestyle products for all areas of the home. Consistent with
its tagline "World Sourced Living", Barang Barang focuses its
efforts in sourcing the best lifestyle concepts and products
from around the world, offering superlative value, quality and
style to its customers.
The Arts House at the Old Parliament Opened in March 2004, The
Arts House is Singapore's newest arts and heritage venue where
all are inspired by the arts and where the arts become a
fundamental in life through a connection with artists and their
works. Build in 1827, Singapore's first Court House and former
Parliament House, is the only gazetted government building
designated as a multidisciplinary arts center. At The Arts
House, audiences connect with artists and arts organizations
through a broad spectrum of engaging, contemporary arts and
entertainment events.
The Arts House is managed by Old Parliament House Limited, a
not-for-profit full service arts management Company limited by
guarantee. For further information, please visit
www.theartshouse.com.sg.
RICHFIELD INNOVATIONS: Posts Dividend Notice
--------------------------------------------
Richfield Innovations Pte Ltd made its dividend notice.
Registered Office c/o Liquidator's Office: 10 Anson Road
#39-15 International Plaza Singapore 079903
Court: High Court of Singapore
Number of Matter: No. 600008 of 2002
Amount per centum: 16 cents to a dollar
First: First Dividend
When payable: 9 December 2004
Correspondence Address/ Where payable: Richfield Innovations Pte
Ltd
c/o Bob Low & Co.
Liquidator's office
10 Anson Road
#39-15 International Plaza
Singapore 079903
Dated 3rd December 2004.
SENG HUP: Issues Notice Of Preferential Dividend
------------------------------------------------
Seng Hup Electric Company (Singapore) Private Limited posted its
intended dividend notice at the Singapore Stock Exchange on
December 3, 2004.
Address of Liquidator's Office: 8 Cross Street #17-00 PWC
Building Singapore 048424
Name of Liquidator: Goh Thien Phong
Amount per centum: 50 cents per dollar of all admitted
preferential claims
First and Final or Otherwise: Second and Final
When payable: 3 December 2004
Where payable: 8 Cross Street #17-00 PWC Building
Singapore 048424
Dated this 3rd day of December 2004.
SINGAPORE PRESS: MDA Approves Merger with MediaCorp
---------------------------------------------------
Singapore Press Holdings released a joint press release on the
response to approval by MDA to merger of mass-market T.V.
operations between Singapore Press Holdings and Mediacorp at the
Singapore Stock Exchange.
Singapore Press Holdings and MediaCorp welcome MDA's approval of
merger of mass-market TV operations Singapore, 6 December
MediaCorp and Singapore Press Holdings jointly welcome MDA's
formal approval of the consolidation of their mass market TV
operations.
Both sides believe that the merger will bring rationality to the
free-to-air TV markets. With the MDA approval, the two media
groups hope to complete the legal process of the consolidation
by the end of the year.
The two groups note at this point that MediaCorp TV Singapore
Pte Ltd, the wholly owned subsidiary of their Joint Venture,
MediaCorp TV Holdings Pte Ltd, would likely be able to fulfill
the conditions set by MDA. They will be responding officially to
MDA in due course once they have the opportunity to study the
details of the approval.
The requirement to outsource some local production is consistent
with the role of the Joint Venture, as the largest player here,
to help develop Singapore's creative industry. Over the years,
MediaCorp has outsourced a sizeable part of its work to private
production houses to complement MediaCorp Studio (MSD)'s
capability. Despite the dominance of MSD, the media group knows
that it does not have a monopoly on talent or ideas.
MediaCorp Studios is the largest outfit of its kind in Southeast
Asia, producing English and Chinese dramas, sitcoms and variety
shows for Singapore and beyond. It is the intention of MediaCorp
Studios to develop this capability further with the support of
the local production houses so that more Singapore content can
be exported overseas.
Issued by MediaCorp and Singapore Press Holdings
For more information, please contact:
MediaCorp
Genevieve Woo
Director, Group Communications
Tel: 6357 5656
Fax: 6251 5628
Email: genevieve@mediacorp.com.sg
Singapore Press Holdings
Irene Ngoo
Assistant Vice President
Corporate Relations
Tel: 6319 1216
Fax: 6319 8150
Email: ingoo@sph.com.sg
About MediaCorp
MediaCorp features prominently in the development of Singapore's
broadcasting history. With more than 68 years of radio and 41
years of television experience, MediaCorp is Singapore's largest
and most established broadcaster with a complete range of media
businesses spanning TV, Radio, Entertainment Productions, Movie
Productions, Newspapers, Magazines, Electronic Media and other
broadcasting services. We are committed to service excellence
and leadership in the media industry and to remain as The Choice
in Singapore and the region.
About Singapore Press Holdings
Main board listed Singapore Press Holdings Limited is the
leading news and information provider, offering quality content
for print, Internet, TV and radio. It publishes 14 newspapers in
the four official languages and 63 magazine titles. Everyday,
2.78 million individuals, or 90 per cent of people above 15
years old, read one of the SPH publications while the online
editions of its six main dailies enjoy some 120 million
pageviews a month. SPH operates two popular free-to-air
TV channels, Channel U in Chinese and Channel i in English, as
well as two entertainment radio channels, UFM 100.3 FM in
Chinese and WKRZ 91.3 FM in English, under a joint venture
Company UnionWorks with NTUC Media.
Submitted by:
Ginney Lim May Ling
Group Company Secretary
===============
T H A I L A N D
===============
BANGKOK STEEL: SET Suspends Trading of Securities
-------------------------------------------------
The Stock Exchange of Thailand (SET) has ordered a trading
suspension by posting an SP (Suspension) sign on the securities
of Bangkok Steel Industry Public Company limited (BSI) during
the second trading session of December 2, 2004 because of a news
artilcle which stated that the Securities and Exchange
Commission (SEC) imposed charges on BSI's director which might
affect trading of its securities.
BSI has completely clarified or disclosed the relevant material
information which has been broadly disseminated through the
SET's disclosure systems.
However, the SET still suspended trading all securities of BSI
because BSI has to remedy its qualifying status as listed
Company on the SET.
CONTACT:
Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Website: www.bangkoksteel.co.th
CENTRAL PAPER: Creditors Approve Rehabilitation Plan
----------------------------------------------------
Central Paper Industry Public Company Limited (CPICO) advised
the Stock Exchange of Thailand (SET) on the resolution of
creditors meeting convened by the Legal Executive Officer on
December 3, 2004.
The creditors cast their votes on the plan amounted to
THB3,835,919,375.53 or 94.67 percent in value of debt favored
the plan. Thus the plan has been approved in accordance with
the bankruptcy Act B.E.2483.
Yours Sincerely
(Mr.Parkpoom Sitthiprasert)
Rehabilitative planner of
Central Paper Industry Public Company Limited
CONTACT:
Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9
PRASIT PATANA: Details Debt to Equity Conversion
------------------------------------------------
In accordance with the resolution of the board of directors'
meeting of Prasit Patana Public Company Limited passed on 3rd
September 2004 to unanimously approve the principle conversion
of Sriracha Nakorn Public Company Limited's (Phyathai Sriracha
Hospital) debt to Prasit Patana to equity and delegated the
Executive Committee to approve the debt conversion into equity.
The Executive Committee passed a resolution in its meeting
#7/2547 on 3rd of December 2004 to unanimously approve the
Phyathai Sriracha Hospital's debt conversion into equity with
the following details:
(1) Date of the Transaction:
Approximately February 2005
(2) Transaction Counterpart and its Relationship with the
Company
Debtor: Sriracha Nakorn Hospital Public Company Limited
Creditor: Prasit Patana Public Company Limited
Relationship: Prasit Patana previously held 5,000,000 shares in
Phyathai Sriracha Hospital or 17.19 percent of total
shareholding.
(3) Description of the Transaction
Phyathai Sriracha Hospital is the debtor of the Company as of
30th September 2004 for outstanding loan, management fee,
incentives, drugs and medical supplies, incurred interest and
advanced payment, etc. for the total amount of THB110,505
thousand. Phyathai Sriracha Hospital will issue additional
6,864,880 common shares at THB10 par value to Prasit Patana at a
conversion rate of THB7.254 per share.
As a result of the conversion, Prasit Patana Profit and Loss
Statement will have the net effect of gain recording in other
income in the amount of THB49,813 thousand. Prasit Patana will
be able to increase its shareholding in Phyathai Sriracha
Hospital from previously 17.19 percent of total paid-up capital
to 33 percent of paid-up capital.
(4) Details of Procured Assets
Type of Assets
Increased Capital of Phyathai Sriracha Hospital for 6,864,880
shares at THB10 par value at the conversion rate of THB7.254
per share
Type of Business: Private Hospital
Registered Capital
Paid-Up Capital of 29,089,300 shares at THB10 par value for the
total of THB290,893,000; increase additional 6,864,880 shares at
THB10 par value for the amount of THB68,648,800; total capital
after increase in paid-up capital of 35,954,180 shares at THB10
par value for the total capital of THB359,541,800
Previous Shareholding: 17.19 percent
New Shareholding: 33.00 percent after capital increase
Four Major Shareholders before Phyathai Sriracha Hospital's
Capital Increase
Number of Shares Percentage
(1) Prasit Patana
Public Company Limited 5,000,000 17.19
(2) Mrs. Jintana Jitjarut 1,725,000 5.93
(3) Sriracha Nakorn
Co., Ltd. 1,400,000 4.81
(4) Mr. Vichien
Techapaiboon 1,100,000 3.78
Four Major Shareholders after Phyathai Sriracha Hospital's
Capital Increase
Number of Shares Percentage
(1) Prasit Patana PLC. 11,864,880 33.00
(2) Mrs. Jintana Jitjarut 1,725,000 4.80
(3) Sriracha Nakorn
Co., Ltd. 1,400,000 3.90
(4) Mr. Vichien Techapaiboon 1,100,000 3.06
Summary of Phyathai Sriracha Hospital's Financial Status and
Performance as of 30th September 2004 (Unit: '000 Baht)
Assets 744,874
Liabilities 858,883
Registered Capital 460,000
Issued and Fully Paid-Up Capital 290,893
Total Revenue 347,410
Total Cost 289,535
Interest 24,084
Net Profit 33,791
(5) Size of Transaction
Total return is equal to 2.90 percent which is derived from
total payment or receptiveness value divided by total Company's
asset.
(6) Pricing Methodology
Discounted Cash Flow to Shareholders
(7) Benefits to Prasit Patana from the transaction
As a result of the transaction, Prasit Patana could resolve part
of its debts and could have more portions in dividend in the
future.
(8) Opinion of the Board of Directors and Audit Committee
Agree with the Debt into Equity Conversion of Sriracha Nakorn
Hospital Public Company Limited.
For your kind acknowledgement.
Sincerely yours,
(Mr. Kraivin Srikravin)
Deputy Managing Director
Operational Support Group
CONTACT:
Prasit Patana Public Company Limited
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok
Telephone: 0-2617-2444
Fax: 0-2617-2463
Website: www.phyathai.com
* Piper Rudnick, DLA Form Global Legal Services Organization
------------------------------------------------------------
Piper Rudnick LLP, one of the United States' leading law firms,
and DLA, which has extensive coverage across Europe and Asia and
is ranked 7th in the UK, today announced an international merger
of equals that will create one of the largest law firms in the
world. The announcement comes two months after Piper Rudnick's
announcement of a merger with Gray Cary Ware & Freidenrich LLP.
The combined firm will be known as DLA Piper Rudnick Gray Cary
and will become the only legal provider in the world with more
than 1,000 lawyers on both sides of the Atlantic. Both mergers
become effective January 1, 2005.
The merger was announced jointly by Piper Rudnick's co-chairs,
Francis B. Burch Jr., and Lee I. Miller, and DLA's managing
partner, Nigel Knowles. The combined firm will be led by Burch,
Miller and Knowles who will all serve as joint CEOs.
With more than 2,700 lawyers located in 18 countries and
projected 2005 revenues of $1.5 billion, the combined firm will
become the third largest law firm in the world based on number
of attorneys and the second largest based on revenue, according
to the latest AmLaw Global 100 rankings. DLA Piper Rudnick Gray
Cary will have 49 offices located throughout the U.S., Europe,
Asia and Russia, uniquely positioning the firm to help companies
with their sophisticated legal needs anywhere in the world.
Globalization, Client Needs Drive Combination
"While the size of this combination is certain to capture
attention, this merger represents the culmination of the
strategic plan that was put into motion in 1999 when Piper &
Marbury merged with Rudnick & Wolfe," said Burch. "More
important than size is delivering a platform that will
accommodate the expanding global needs of our clients."
Miller continued, "This merger is designed to extend the global
reach of our key practice areas so that we can serve the needs
of clients wherever they choose to do business. As clients
consolidate the number of law firms they retain and as they
expand into new countries and markets, we will be able to offer
consistent, multinational service across a range of core
practices and geographies from a single point of contact."
"We will differentiate ourselves by being one of few global
firms that is not predominantly capital markets-driven,"
explained Knowles.
"Rather, our goal is to become a well-rounded firm of choice for
clients that are seeking legal practice depth and a single
resource for all of their global legal needs."
Leaders of both firms stress that their respective client bases
have become increasingly active across national borders as
consolidation and convergence continue within all industries
served by the legal profession.
"Our clients are distributing products and services across
international borders, opening and closing plants and offices,
interacting with international regulatory bodies and settling
disputes across international jurisdictions," said Burch. "In
turn, we need to have the legal knowledge and geographic
presence to address those needs."
Coupled with the globalization trend, purchasers of legal
services are reducing the number of law firms they use across
regions and continents. As such, those clients are seeking firms
with the platform to address their expanding needs.
Track Records, Entrepreneurial Cultures Drive Integration
"What is interesting about this merger beyond its size and
scale," explained Brad Hildebrandt, chairman of legal consulting
firm Hildebrandt International, "is the fact that these firms
have very entrepreneurial cultures and have been successfully
expanding through mergers over the past several years. More
importantly, these firms have demonstrated an ability to
effectively integrate each of their mergers around a common
vision which has been critical to each firm's success up to this
point."
The merged organization will provide an extensive range of legal
services across all existing practice areas and will be
organized along the lines of seven global practice groups as
follows:
(1) Corporate and Finance - On the corporate and finance side,
both firms operate significant transactional-based practices and
focus on middle and upper-mid market clients. The combined
corporate practice would have ranked third in the world in 2004
for the 111 M&A transactions it completed in the first half of
the year. It is also on the panels of a number of major banks
and financial institutions and has a substantial bankruptcy and
restructuring practice.
(2) Litigation - The group brings together more than 800 top
litigators in the US, Europe and Asia and offers lawyers
experienced in patent, class action, securities, antitrust,
banking and finance, technology, telecommunications and
insurance disputes.
(3) Real Estate - With over 200 real estate lawyers in both the
U.S. and the U.K., this top-ranked group will become one of the
world's pre-eminent international real estate practices, serving
the needs of developers, corporations, retailers and investors.
(4) Legislative and Regulatory - Both firms operate groups in
this area and are widely recognized as leaders in this field.
The combined group will have the unique opportunity to help
corporations address challenges and opportunities at any level
of government around the world.
(5) Human resources - This practice represents a combination of
DLA's market-leading Human Resources Group and Piper Rudnick's
Labor and Employment Law Group and will include
more than 200 lawyers located in key jurisdictions around the
world.
(6) Commercial - The group will be a market leader in European
Public Private Partnerships (PPPs) and the provision of
infrastructure and project finance services to sponsors and
funders internationally. The group has lawyers who are
particularly experienced in energy, sports, water, defense,
healthcare and transportation, and is recognized in particular
for its top-ranked franchise practice.
(7) Technology, Media and Communications (TMC) - This global
practice represents a combination of market-leading teams in
information technology/outsourcing, telecommunications, IP,
media, e-business, sport, data protection and privacy. With over
420 lawyers globally it will be the dominant global TMC/TMT
practice.
About Piper Rudnick LLP
Piper Rudnick is a business law firm of 1,000 lawyers in offices
throughout the United States and a European office in Paris,
whose core practices are litigation, real estate, business and
technology, and government affairs. In October 2004, the firm
announced that it would merge with Gray Cary Ware & Freidenrich
LLP, a leading California-based corporate and technology firm.
The merger is to take effect in January 2005, and will result in
a US presence of about 1,350 lawyers in 19 offices.
About DLA
DLA is an international legal service organization and provides
a full range of legal and business services through its offices
in Europe and Asia. The firm is committed to building close
relationships with its clients in order to serve their long-term
needs through its award winning Client Relationship Management
program. In addition to its 29 offices in 16 countries, DLA is
also the founding member of DLA Group, an exclusive alliance of
multi-service law firms with a shared vision to provide
coordinated legal services to clients locally and
internationally. Other Group members include: DLA Nordic
(Scandinavia), Lukowicz, Merski & Partners (Poland) and Ang &
Partners (Singapore). After January 1, 2005, the Group will be
known as DLA Piper Rudnick Gray Cary Group.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
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subscription or balance thereof are $25 each. For subscription
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*** End of Transmission ***