/raid1/www/Hosts/bankrupt/TCRAP_Public/041214.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, December 14, 2004, Vol. 7, No. 247
Headlines
A U S T R A L I A
AR & LA: To Hold Final Meeting Today
BALANCED IT: Enters Voluntary Winding Up Process
CMS OPEN: Jamieson Louttit Appointed as Liquidator
DANOZ HOLDINGS: Receivers and Managers Appointed
FISHTECH AND PARTNERS: Voluntarily Winds Up
HARRIS SCARFE: Former Chairman Committed for Trial
ICJ DEVELOPMENTS: Appoints P. Ngan as Liquidator
ION LIMITED: Appealed for Government Funding Before Collapse
JAMES HARDIE: Government Resists Calls to Enter Asbestos Talks
MAYNE GROUP: Keen on India Venture with Cadila
NATIONAL AUSTRALIA: To Convene AGM January 31
NIGHT DREAM: Members Resolve to Voluntarily Wind Up
OMAGH PTY: Brian Emanuel Vogel Appointed as Liquidator
OYSTER COVE: Court Issues Winding Up Order
PRESWED PTY: Faces Voluntary Winding Up Process
QANTAS AIRWAYS: Garry Hounsell Joins Board
SAMORTO 13: Members Resolve to Wind Up Voluntarily
SHOP FROM HOME: Receivers, Managers, Administrators Named
SPA & POOL: Court Appoints M.J.M. Smith as Liquidator
TWIN CIRCLES: Declares First and Final Dividend Today
VPT CONSTRUCTIONS: Winds Up Voluntarily
* ASIC Pursues 38 Recalcitrant Directors of Failed Companies
C H I N A & H O N G K O N G
AVICEL ASIA: Creditors to Prove Debts by January 3
CHEERWAY INTERNATIONAL: Court to Hear Bankruptcy Petition
CHINA GAS: Interim Profit Rises to HK$117,712
CIJ CREATION: To Hold Creditors, Contributories Meetings Dec. 23
CRYSTALTECH ELECTRONICS: Receiving Proofs of Debts Until Jan. 10
PATH VIEW: Sets Reconvened First Meeting on Dec. 20
TOPHILL CONSTRUCTION: Faces Bankruptcy Proceedings
I N D O N E S I A
MERPATI NUSANTARA: Boosts Capacity During Holiday Season
PERTAMINA: Says Pertamax Fuel Supply is Sufficient
PERUSAHAAN LISTRIK: To Avert Tariff Hike Amid Rising Fuel Prices
J A P A N
KOBE STEEL: Develops High-speed Tire Uniformity Machine
MITSUBISHI MOTORS: To Offer 10-year Quality Assurance Guarantee
MITSUBISHI MOTORS: Group Firms Finalize US$2-Bln Aid Plan
MUBARASUSEKIYU K.K.: Declared Bankrupt
SAKURAJIMA SIH: Enters Bankruptcy
SEIBU RAILWAY: Gives Up Planned Jasdaq Listing For Now
SOJITZ HOLDINGS: To Undertake Trading Operations, Sales in China
UFJ HOLDINGS: UFJ Bank's Exposure Collection Likely Affected
K O R E A
DAEWOO INTERNATIONAL: To Export 1,080 Units of Vehicles to Iran
LG CARD: Denies Takeover Bid by Agricultural Cooperation
THRUNET COMPANY: Final Bid Deadline Passes
M A L A Y S I A
ANTAH HOLDINGS: Issues Litigation Update
ANTAH HOLDINGS: Unveils Unaudited Quarterly Results
FABER GROUP: To List Additional Shares
FARLIM GROUP: Updates Sale, Purchase Deal
I-BERHAD: Issues Shares Buy Notice
KSU HOLDINGS: Court Hearing Set for March 18
LANKHORST BERHAD: Changes Registered Address, Contact Numbers
K&N KENANGA: Director Bin Sulaiman Resigns
NALURI BERHAD: Partially Completes Restructuring Exercises
PADIBERAS NASIONAL: Court Hearing Set January 6
PILECON ENGINEERING: Restraining Order to Expire April 24
TRICUBES BERHAD: Discloses Unaudited Quarterly Results
P H I L I P P I N E S
ATLAS CONSOLIDATED: Signs Compromise Tax Deal; To Reopen in 2005
COLLEGE ASSURANCE: Seeks to Settle Tuition Obligations
NATIONAL POWER: Power Output Up 5.39%
NATIONAL POWER: Denies Report On Rate Hike Petition
PHILIPPINE LONG: PLDT To List More Shares Today
PICOP RESOURCES: Unveils SEC Form 17-A
S I N G A P O R E
CAPITALAND LIMITED: Establishes Indirect Wholly-Owned Subsidiary
CAPITALAND LIMITED: Unit Liquidates Associated Companies
CHINA AVIATION(S): Court Grants Application for Extension
COMPONENTS SPORTS: Creditors to Prove Debt Before January 11
DIABLUE PRIVATE: Creditors to Submit Proofs of Claims
EXCEL MACHINE: Judicial Management Order Extended
HONG LEONG: Acquires New Subsidiary
LIM NAM: Winding Up Hearing Set Dec.31
PANPAC MEDIA: Independent Liquidator Appointed for Subsidiary
T H A I L A N D
SIAM AGRO: SET Halts Trading of Securities
THAI PETROCHEMICAL: Founder Wants New Shares Buying Right First
THAI PETROCHEMICAL: Discloses Summary of Amended Rehab Plan
* BOND PRICING: For the Week 13 December to 17 December 2004
- - - - - - - -
=================
A U S T R A L I A
=================
AR & LA: To Hold Final Meeting Today
------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of AR & LA Dibben Pty Ltd (In
Liquidation) A.C.N. 002 695 196 will be held at the offices of
Smith Hancock, Chartered Accountants, Level 4, 88 Phillip
Street, Parramatta, NSW 2150 today, 14 December 2004, at 10:00
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and of hearing any
explanations that may be given by the Liquidator.
Dated this 28th day of October 2004
P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150
BALANCED IT: Enters Voluntary Winding Up Process
------------------------------------------------
Balanced It Services Pty Limited (In Liquidation) A.C.N. 070 533
274 was wound up voluntarily and placed In Members' Voluntary
Liquidation on 29 October 2004 and Jamieson Louttit was
appointed Liquidator.
Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0505
Facsimile: (02) 9231 0303
CMS OPEN: Jamieson Louttit Appointed as Liquidator
--------------------------------------------------
CMS Open (NZ) Pty Limited (In Liquidation) was wound up
voluntarily and placed In Members' Voluntary Liquidation on 29
October 2004, and Jamieson Louttit was appointed Liquidator.
Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0505,
Facsimile: (02) 9231 0303
DANOZ HOLDINGS: Receivers and Managers Appointed
------------------------------------------------
St. George Bank Limited A.B.N. 92 055 513 070 (Bank) of 4-16
Montgomery Street, Kogarah New South Wales gives notice that on
27 October 2004 it appointed David John Winterbottom and Martin
Madden of Level 5 Chifley Tower, 2 Chifley Square, Sydney, NSW
2000 as joint and several receivers and managers of all the
rights, property and undertaking of Danoz Holdings Pty Limited
(Administrators Appointed) A.C.N. 099 066 565 (Company) under
the powers contained in registered charge dated 8 July 2002,
being registered no. 882888 in the Australian Register of
Company Charges of the Australian Securities Investments
Commission.
Dated this 28th day of October 2004
St George Bank Limited
A.B.N. 92 055 513 070
FISHTECH AND PARTNERS: Voluntarily Winds Up
-------------------------------------------
Fishtech and Partners Pty Limited (In Liquidation) A.C.N. 071
189 752 was wound up voluntarily and placed In Members'
Voluntary Liquidation on 29 October 2004 and Jamieson Louttit
was appointed Liquidator.
Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0505,
Facsimile: (02) 9231 0303
HARRIS SCARFE: Former Chairman Committed for Trial
--------------------------------------------------
Mr. Adam John Trescowthick, of South Yarra, Victoria, was on
Friday committed for trial in relation to 27 charges arising
from an investigation by the Australian Securities and
Investment Commissions (ASIC) into the Harris Scarfe group.
Mr. Trescowthick was formerly the Executive Chairman, and a
director, of Harris Scarfe Holdings Limited (receivers and
managers appointed, in liquidation) (Harris Scarfe).
Mr. Trescowthick was committed for trial in the South Australian
Magistrate's Court after being charged with:
(1) Failing to act honestly in the exercise of his powers and
the discharge of his duties as an officer of Harris Scarfe;
(2) Being, as a director of Harris Scarfe, intentionally
dishonest and failing to exercise his powers and discharge his
duties in good faith in the best interests of the company; and
(3) Disseminating information that, to his knowledge, was false
and likely to induce the purchase of securities by other
persons.
Mr. Trescowthick pleaded not guilty to all charges on 21 May
2004.
Mr. Trescowthick was remanded on bail and is due to appear in
the Adelaide District Court on 31 January 2005.
The charges are being prosecuted by the Commonwealth Director of
Public Prosecutions.
Harris Scarfe was placed into voluntary administration in April
2001, owing AU$93 million to unsecured creditors and AU$50
million in company debt.
A management buyout of the company's assets in November 2001
secured the future of the retailer's 23 stores in South
Australia, Victoria and Tasmania as well as the jobs of 1700
employees.
CONTACT:
Harris Scarfe Holdings Limited
81 Rundle Mall
Adelaide, Southern Australia 5000
Australia
Phone: +61 8 8203 4444
Fax: +61 8 8223
ICJ DEVELOPMENTS: Appoints P. Ngan as Liquidator
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
ICJ Developments Pty Limited (In Voluntary Liquidation) A.C.N.
083 018 955 duly convened and held at Level 6, 9 Barrack Street,
Sydney NSW 2000 on Thursday, 21 October 2004 at 10:00 a.m., a
Special Resolution was passed that the Company be wound up
voluntarily and Peter Ngan was appointed Liquidator.
Dated this 21st day of October 2004
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
ION LIMITED: Appealed for Government Funding Before Collapse
------------------------------------------------------------
Ion Limited requested financial aid from the Victorian state
government months before its collapse, reveals Dow Jones
Newswires.
A fresh infusion of funds could have secured the construction of
an engine block plant that is crucial to an AU$400-million
project being planned by the Australian unit of General Motors
(GM), Holden.
In an effort to save the now-vague GM contract, Ion managing
director Roger Flynn had requested top-level government talks
but was told Victorian Premier Steve Bracks could not
accommodate him until February.
Mr. Flynn, who replaced founder and ousted director Graham
Salthouse in August, refused to comment since the Ion's
collapse.
Ion called in administrators late last week after its bank
consortium withdrew an AU$440-million package needed to fund a
capital expenditure program.
Soon after the firm's downfall, administrators for the group
confirmed banks had withdrawn support after the budget for
several expansion projects had blown out to around AU$650
million, which was about AU$200 million more than the company
had planned to spend over the next two years.
The State Government has provided financial assistance to the
private sector in a bid to secure manufacturing jobs. The
government was a key supporter of the Holden project, providing
the U.S. car giant with tens of millions of dollars to ensure
the operation would be based in Victoria.
CONTACT:
Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
JAMES HARDIE: Government Resists Calls to Enter Asbestos Talks
--------------------------------------------------------------
Beleaguered James Hardie Industries failed to get the New South
Wales government's support in talks regarding its asbestos
liabilities, relates ABC News Online.
The NSW government refused to cave in to a request by James
Hardie's to be closely involved in negotiations for a long-term
settlement for victims of its former asbestos subsidiaries.
James Hardie believes the government should have a more direct
role to find a solution to an AU$1.5-billion funding crisis for
asbestos victims. For the meantime, Australian Council of Trade
Unions (ACTU) secretary Greg Combet offered to represent the
state until a heads of agreement is sealed.
Mr. Combet said the government should get involved in the matter
as soon as the detailed commercial and legally binding agreement
is negotiated.
Meanwhile, James Hardie is offering payments over the next few
decades based on annual assessments of liabilities, in a key
move away from limiting asbestos liabilities
CONTACT:
For corporate and media enquiries only, please contact:
James Hardie Industries
Web site: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other inquiries to CustomerLink Service Centre on 13 1103
MAYNE GROUP: Keen on India Venture with Cadila
----------------------------------------------
Embattled generic drugs maker Mayne Group Limited has teamed up
with Indian drug firm Cadila Healthcare Limited for the possible
construction of anti-cancer drug facilities in India, Reuters
reports.
In a bid to accelerate marketing of its generic drugs, Mayne
established a partnership with Cadila to explore opportunities
over the next few months to build and operate plants to
manufacture finished cytotoxic drugs and active pharmaceutical
ingredients.
The move is part of Mayne's strategy to get products to market
from outside Australia.
Mayne, which specializes in injectable generic drugs, has one
cytotoxic plant in Melbourne, which reportedly had enough
capacity to meet the group's needs for the medium term.
The Australian drug firm had already tapped Indian drug maker
Intas Pharmaceuticals to make one of its future chemotherapy
drugs.
CONTACT:
Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
NATIONAL AUSTRALIA: To Convene AGM January 31
---------------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
National Australia Bank Limited (the National) will be held at
Hamer Hall (Melbourne Concert Hall), St Kilda Road, Melbourne,
Victoria, Australia, on Monday 31 January 2005 at 2.00 p.m.
(1) Chairman's Address, a presentation by the Managing Director
& Chief Executive Officer and an address by the Chairman of the
Human Resources Committee
(2) Reports
To lay before the Annual General Meeting the Financial Report
and the Directors' Report together with the Auditor's Report for
the year ended 30 September 2004.
(3) Re-election and election of Directors
3.1 Re-election of Director
To re-elect a Director of the National:
Mr. Graham J Kraehe retires in accordance with Article 10.3 of
the National's Constitution and, being eligible, offers himself
for re-election.
3.2 Election of Directors
To elect Directors of the National:
(a) Mr. Michael A Chaney, who was appointed as a Director
since the last Annual General Meeting, retires in accordance
with Article 10.13 of the National's Constitution and, being
eligible, offers himself for election.
(b) Mr. Robert G Elstone, who was appointed as a Director
since the last Annual General Meeting, retires in accordance
with Article 10.13 of the National's Constitution and, being
eligible, offers himself for election.
(c) Mr. Ahmed Fahour who was appointed as a Director since
the last Annual General Meeting, retires in accordance with
Article 10.13 of the National's Constitution and, being
eligible, offers himself for election.
(d) Mr. Daniel T Gilbert, who was appointed as a Director
since the last Annual General Meeting, retires in accordance
with Article 10.13 of the National's Constitution and, being
eligible, offers himself for election.
(e) Mr. Paul J Rizzo, who was appointed as a Director since
the last Annual General Meeting, retires in accordance with
Article 10.13 of the National's Constitution and, being
eligible, offers himself for election.
(f) Ms. Jillian S Segal, who was appointed as a Director
since the last Annual General Meeting, retires in accordance
with Article 10.13 of the National's Constitution and, being
eligible, offers herself for election.
(g) Mr. Michael J Ullmer, who was appointed as a Director
since the last Annual General Meeting, retires in accordance
with Article 10.13 of the National's Constitution and, being
eligible, offers himself for election.
(h) Mr. G Malcolm Williamson, who was appointed as a
Director since the last Annual General Meeting, retires in
accordance with Article 10.13 of the National's Constitution
and, being eligible, offers himself for election.
(4) Resolution from shareholders
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:
"THAT Mr. Geoffrey Tomlinson be and is hereby removed from
office as a director of the National Australia Bank Limited."
(5) Appointment of Auditor
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:
"THAT Ernst & Young be appointed as Auditor of the National,
subject to the Australian Securities & Investments Commission
granting their approval to the resignation of
KPMG as Auditor of the National."
(6) Shares, performance options and performance rights -
Managing Director & Chief Executive Officer
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:
"THAT approval be given to the grant of performance options,
performance rights and shares to the Managing Director & Chief
Executive Officer, Mr JM Stewart, as described in the
Explanatory Notes under the:
National Australia Bank Executive Share Option Plan No.2;
National Australia Bank Performance Rights Plan; and
National Australia Bank Staff Share Ownership Plan. "
(7) National Income Securities
To consider and, if thought fit, to pass the following
resolution as a special resolution:
"THAT the terms and conditions of the selective buy-back scheme
relating to the Preference Shares associated with the National
Income Securities, as described in the Explanatory Notes, be
approved."
By Order of the Board
Garry F Nolan
Company Secretary
7 December 2004
NIGHT DREAM: Members Resolve to Voluntarily Wind Up
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Night Dream Pty Limited (In Liquidation) A.C.N. 086 881 521 duly
convened and held at Unit 205, 199 Pyrmont Street, Pyrmont NSW
2009 on Wednesday, 27 October 2004 at 9:00 a.m., a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 1st day of November 2004
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
OMAGH PTY: Brian Emanuel Vogel Appointed as Liquidator
------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Omagh Pty Limited (In Liquidation) A.B.N. 13 006 336 885,
duly held at Bond Store 3, 30 Windmill Street, Sydney on 27
October 2004 at 10:00 a.m. the following resolution was duly
passed as a Special Resolution:
(1) That the Company be wound up voluntarily and that Brian
Emanuel Vogel be appointed Voluntary Liquidator.
(2) That the Liquidator be and is hereby authorized to divide
all or any part of the assets of the Company in specie among the
contributories of the Company.
Dated this 27th day of October 2004
By Order of the Board
Timothy F. Laing
Secretary
OYSTER COVE: Court Issues Winding Up Order
------------------------------------------
On 26 October 2004 the Supreme Court of New South Wales made an
Order that Oyster Cove Corporation Pty Limited (In Liquidation)
A.C.N. 104 958 787 be wound up by the Court and appointed me to
be Liquidator.
A.H.J. Wily
Official Liquidator
Armstrong Wily & Co
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
PRESWED PTY: Faces Voluntary Winding Up Process
-----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Preswed Pty Limited A.C.N. 003 487 625, held on the 22nd day
of October 2004 the following Special Resolution was passed:
(1) That the Company be wound up voluntarily, and
(2) That Stephen Alan Jay of Nicholls & Co., Suite 103, 1st
Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, New
South Wales was appointed Liquidator.
Dated this 22nd day of October 2004
Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers,
Johnston Street, Wagga Wagga NSW 2650
QANTAS AIRWAYS: Garry Hounsell Joins Board
------------------------------------------
The Chairman of Qantas, Margaret Jackson, on Monday announced
the appointment of Garry Hounsell as an independent non-
executive Director of the Board of Qantas Airways Limited.
Mr. Hounsell will fill a casual vacancy on the Qantas Board and
take up the position on 1 January 2005.
"As a former Senior Partner of Ernst & Young and Chief Executive
Officer and Country Managing Partner of Arthur Andersen, Garry
is a highly regarded expert in the fields of corporate finance,
business management, accounting and auditing," Ms. Jackson said.
"I am delighted that he is joining the Qantas Board and I
believe his appointment will further strengthen the diversity of
experience and corporate skill that the Board offers."
Mr. Hounsell is currently a non-executive Director of Orica
Limited and Nufarm Limited.
He holds a Bachelor of Business (Accounting) degree from
Swinburne Institute of Technology and is a Fellow of The
Institute of Chartered Accountants in Australia, a Certified
Practicing Accountant and a Fellow of The Institute of
Australian Company Directors.
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
SAMORTO 13: Members Resolve to Wind Up Voluntarily
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Samorto 13 Pty Limited (In Voluntary Liquidation) A.C.N. 068 690
675 duly convened and held at 323 Woodpark Road, Smithfield NSW
2164 on Friday, 22 October 2004 at 10:00 a.m., a Special
Resolution was passed that the Company be wound up voluntarily
and that Peter Ngan was appointed Liquidator.
Dated this 22nd day of October 2004
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
SHOP FROM HOME: Receivers, Managers, Administrators Named
---------------------------------------------------------
St. George Bank Limited A.B.N. 92 055 513 070 (Bank) of 4-16
Montgomery Street, Kogarah New South Wales gives notice that on
27 October 2004 it appointed David John Winterbottom and Martin
Madden of Level 5 Chifley Tower, 2 Chifley Square, Sydney, NSW
2000 as joint and several receivers and managers of all the
rights, property and undertaking of Shop From Home International
Pty Ltd (Administrators Appointed) A.C.N. 089 525 119 (Company)
under the powers contained in registered charge dated 8 July
2002, being registered no. 882895 in the Australian Register of
Company Charges of the Australian Securities Investments
Commission.
Dated this 28th day of October 2004
St George Bank Limited
A.B.N. 92 055 513 070
SPA & POOL: Court Appoints M.J.M. Smith as Liquidator
-----------------------------------------------------
On 28 October 2004, the Supreme Court of New South Wales made an
Order that Spa & Pool Garden Gallery Pty Ltd (In Liquidation)
A.C.N. 100 837 376 be wound up and appointed me to be Official
Liquidator.
M.J.M. Smith
Official Liquidator
c/- Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150
TWIN CIRCLES: Declares First and Final Dividend Today
-----------------------------------------------------
A first and final dividend is to be declared in favor of the
employees today, the 14th day of December 2004 in respect of
Twin Circles - 8 Pty Limited (In Liquidation) A.C.N. 092 880
236.
Employees whose debts or claims have not already been admitted
were required on the 30th day of November 2004 to formally prove
their debts or claims. In default, they will be excluded from
the benefit of the dividend.
Dated this 29th day of October 2004
J.A. Shaw
Liquidator
Ferrier Hodgson (Newcastle)
PO Box 840, Newcastle NSW 2300
Telephone: (02) 4908 4444,
Facsimile: (02) 4908 4499
VPT CONSTRUCTIONS: Winds Up Voluntarily
---------------------------------------
Notice is hereby given that at a General Meeting of Members of
VPT Constructions Pty Limited (In Liquidation) A.C.N. 098 600
652 duly convened and held at 53 Granville Street, Fairfield NSW
2165 on Tuesday, 26 October 2004 at 9:00 a.m. a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 28th day of October 2004
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
* ASIC Pursues 38 Recalcitrant Directors of Failed Companies
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
issued a reminder to company directors about their obligations
to assist insolvency practitioners following the successful
prosecution of 38 officers of failed companies in New South
Wales, Victoria and Queensland relating to 61 offences. Fines
and costs totaling more than $69,000 were imposed.
The prosecutions followed the failure of these company officers
to provide external administrators with key pieces of
information including books and records.
"These prosecutions are the result of an on-going ASIC
initiative which assists liquidators, and protects the interests
of creditors and employees of failed companies," Mr. Adrian
Borchok, Acting Director of ASIC's Complaints Compliance Actions
Program said.
"Liquidators can find that company directors are often
uncooperative when a liquidation commences. Some directors
refuse to provide information relating to the company's finances
and history, and they try to avoid handing over books and
records. It is at this point that ASIC will often step in and
take whatever action the circumstances warrant," Mr. Borchok
said.
The objective of the liquidator assistance program is to
facilitate the timely and efficient process of receivership,
administration or winding up of companies under external
administration. The best outcome in these circumstances is that
directors assist external administrators in their
responsibilities.
ASIC seeks to have the officers of these companies provide the
assistance which the Corporations Act 2001 requires of them.
Those who fail in this obligation immediately find themselves
the subject of ASIC initiated court action.
"The courts view these offences very seriously. In one
Queensland matter the defendant was fined over $9,900 in respect
of his failure to comply. In this case the information which the
liquidator sought was particularly crucial as the failed company
had a deficiency of around $12 million," Mr. Borchok said.
In 2004 the liquidator assistance program resulted in the
prosecution of 503 company officers regarding 956 offences, with
$822,291.00 in fines and costs imposed.
There are currently another 175 individuals facing 265 similar
charges in New South Wales, Victoria, Queensland, Western
Australia, South Australia and Tasmania.
The details of matters prosecuted is available from the ASIC
website at www.asic.gov.au and is updated monthly.
==============================
C H I N A & H O N G K O N G
==============================
AVICEL ASIA: Creditors to Prove Debts by January 3
--------------------------------------------------
Notice is hereby given that the creditors of Avicel Asia Pacific
Limited, which is being voluntarily wound up, are required on or
before the 3 January 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.
Dated this 3rd day of December 2004
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
CHEERWAY INTERNATIONAL: Court to Hear Bankruptcy Petition
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cheerway International Limited by the High Court of Hong Kong
Special Administrative Region was on the 8th day of November
2004 presented to the said Court by Bank of China (Hong Kong)
Limited whose registered office is situated at the 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 10:00 am on
the 22nd 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.
Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 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 21st day of
December 2004.
This notice is dated December 10, 2004.
CHINA GAS: Interim Profit Rises to HK$117,712
---------------------------------------------
China Gas Holding Limited released at the Hong Kong Stock
Exchange its interim results for the past six months ended 30
September 2004.
Profit rose to HK$117,712 compared to last year's gross profit
of HK$11,099 in the same period.
To view the entire document click on:
http://bankrupt.com/misc/tcrap_chinagas121304.pdf
CIJ CREATION: To Hold Creditors, Contributories Meetings Dec. 23
----------------------------------------------------------------
Notice is hereby given that separate first meetings of
contributories and creditors of CIJ Creation Industries Limited
will be held at Room 701, Hong Kong House, 17-19 Wellington
Street, Central, Hong Kong on the 23rd day of December 2004 at
the following times:
Meeting of Contributories: 2:30 p.m.
Meeting of Creditors: 3:30 p.m.
Proxies and proof of debt to be used at the first meeting must
be lodged at the office of the Joint and Several Provisional
Liquidators c/o Tai Kong Corporate Advisory Limited at 21/F.,
Chinachem Tower, 34-37 Connaught Road Central, Hong Kong or sent
by facsimile to 2834 8777 no later than 4:00 pm on the 22nd day
of December 2004.
Dated this 3rd day of December 2004
Leung Man Kay
Joint and Several Provisional Liquidator
CRYSTALTECH ELECTRONICS: Receiving Proofs of Debts Until Jan. 10
----------------------------------------------------------------
Notice is hereby given that the creditors of Crystaltech
Electronics (China) Limited, which is being wound up
voluntarily, are required on or before 5:30 p.m. on the 10th day
of January, 2005 to send particulars of their debts or claims
and the names and addresses of their solicitors, if any, to the
undersigned.
If so required by notice in writing from the liquidators, they
are are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the Notice.
In default thereof, they will be deemed to have waived all or
any of such debts or claims and the liquidators shall be
entitled seven days after the above date to distribute the funds
available or any part thereof to the members.
Dated this 10th day of December, 2004.
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong
PATH VIEW: Sets Reconvened First Meeting on Dec. 20
---------------------------------------------------
Path View Limited with registered office at 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, will
hold reconvened first meeting of contributories at 10:00 a.m. on
20 December 2004.
Dated this 10th day of December 2004
Nicholas Timothy Cornforth Hill
Joint and Several Provisional Liquidator
Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited
TOPHILL CONSTRUCTION: Faces Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tophill Construction Engineering Limited by the High Court of
Hong Kong was on the 10th day of November, 2004 presented to the
said Court by Wong Kwai Sau of Room 1510, Fuk On House, Ka Fuk
Estate, Fanling, New Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 5th 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.
Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 4th day of
January 2005.
This Notice is dated December 10, 2004.
=================
I N D O N E S I A
=================
MERPATI NUSANTARA: Boosts Capacity During Holiday Season
--------------------------------------------------------
PT Merpati Nusantara is getting ready to meet growing demand
during the festive season by boosting its flight capacity, Asia
Pulse says.
According to Merpati's company secretary Jaka Pujiyono, the
airline is preparing at least 42 extra flights, which are
expected to carry 4,536 passengers. The extra flights, covering
four domestic routes, will be provided from Dec. 24, 2004 to
Jan. 3, 2005.
Merpati will, likewise, provide additional flights to transport
around 4432 haj pilgrims from Dec. 19 to Dec. 29 served by
Fokker F-28s and F-100s.
Due to robust demand, prospective passengers have been suggested
to make a seat reservation as early as possible through the
Merpati Call Center in Jakarta, phone number 021-6546789, or to
Merpati branch offices in the regions or travel agents.
CONTACT:
Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720 - Indonesia
Phone: (021) 6548888
Fax: (021) 6540620
E-mail: marketing@merpati.co.id
PERTAMINA: Says Pertamax Fuel Supply is Sufficient
--------------------------------------------------
PT Pertamina brushed off speculations that there has been a
Pertamax fuel supply shortage in the country, reports Asia
Pulse.
The state oil and gas firm explained that the reason why
customers have difficulties in obtaining Pertamax and Pertamax-
Plus at several gas stations in Jakarta may have been the change
in distribution of the two superior fuel oils starting several
days ago.
Pertamina's chief spokesman, Awi Adil, assured the public that
there was no problem in the Pertamax and Pertamax-Plus
stockpile.
He said the distribution of Pertamax and Pertamax-Plus to the
different gas filling stations had been taken over by Pertamina
from the Association of Fuel Oil Marketing and Production (P3B)
on December 1, 2004, but effective as of December 7, 2004.
He added that the current situation is temporary and
distribution will be back to normal in no time.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERUSAHAAN LISTRIK: To Avert Tariff Hike Amid Rising Fuel Prices
----------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) has vowed to avoid a tariff
hike despite a possible surge in its operational costs, reports
The Jakarta Post.
The state-owned electric firm acknowledged that its power
generation costs could swell by IDR8.5 trillion (US$944 million)
if the government goes ahead with an intended raise in domestic
fuel prices by 40 percent next year.
However, PLN promised not to raise its rates, provided that the
government helps secure the supply of liquefied natural gas
(LNG) for its combined-cycle power plants.
PLN has planned to trim its use of oil to less than 5 percent by
2006 through the phasing out of its diesel-powered generators
with combined-cycle coal- and gas-fired power plants.
The company said it would require some IDR29 trillion this year
to procure crude oil, coal and LNG for use in its power plants.
Around IDR14 trillion of the total figure is allocated for the
purchase of crude oil.
Based on past experience, an increase of IDR100 in fuel oil
prices translates into an increase of PLN's annual expenses by
IDR2 trillion. By using LNG, the company could save between
IDR10 trillion and IDR15 trillion annually.
But because of insufficient LNG supply, PLN opted to switch top
fuel oil to run most of its facilities.
PLN reported a loss of IDR3.74 trillion in the first half of
2004, and a loss of IDR2.85 trillion in the same period last
year.
It also booked a foreign exchange loss of IDR1.68 trillion
during the period, after a gain of IDR1.25 trillion a year ago.
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
=========
J A P A N
=========
KOBE STEEL: Develops High-speed Tire Uniformity Machine
-------------------------------------------------------
Kobe Steel, Ltd. has developed a high-speed tire testing
uniformity machine, the 100D26-LH, that accurately measures tire
uniformity unbalance. At 200 km per hour (2,300 revolutions per
minute), the new uniformity machine is one of the world's
fastest.
Automobiles are being designed for higher performance, superior
handling and driving stability. However, tire unbalance can
affect handling and ride quality. Tires are made by laminating
rubber, chemical fibers, steel cords and other materials. When a
car is in motion, unbalance in the tires create vibrations that
are transmitted to the auto body. Auto makers and tire
manufacturers have been conducting research to improve tire
balance.
In a tire uniformity machine, a test tire on a fixed spindle is
spun by a rotating drum. Measurements are taken on the radial
force, lateral force and tractive force variations and unbalance
in the tire. Measurements are generally conducted at a low speed
of about 8 km per hour (60 revolutions per minute) under Japan's
JIS standard, making it difficult to accurately predict
unbalance at high speeds.
As a result, automobile manufacturers have been running their
own tests at higher speeds. However, Kobe Steel's current tire
uniformity machine, with a top speed of 120 km per hour, does
not accurately measure data at higher speeds due to vibrations
in both the test equipment and tire. Demand has been growing for
a high-speed tire testing machine that precisely measures and
provides analytical data on tire uniformity.
The 100D26-LH high-speed tire uniformity machine, developed for
laboratory use, has a low center of gravity owing to its
horizontal operation. Additionally, in a design that utilizes
stronger parts and materials, vibrations created by the machine
and tire are eliminated. The natural frequency of the new
machine is 350 Hz, double that of conventional machines. The new
machine enables more accurate measurements of tire unbalance at
high speeds to be taken, in comparison to conventional tire
uniformity machines.
Kobe Steel has also developed the 100D26-PH tire uniformity
machine for use by tire makers on their production lines. Kobe
Steel has begun marketing these two machines in Japan, North
America, Europe and Asia.
Kobe Steel, Ltd. is one of Japan's top suppliers of tire curing
presses and tire endurance testing machines.
About Kobe Steel, Ltd.
Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is one of Japan's
leading steelmakers and producers of aluminum and copper
products. Other businesses include welding consumables,
infrastructure and plant engineering, machinery, and real
estate.
CONTACT:
Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm
MITSUBISHI MOTORS: To Offer 10-year Quality Assurance Guarantee
---------------------------------------------------------------
Embattled Mitsubishi Motors Corporation (MMC) is considering
offering a 10-year quality assurance for its vehicles with up to
100,000 kilometers in mileage, according to Japan Today, citing
Kyodo News.
The struggling carmaker is considering the plan in a bid to
boost its competitive edge.
Sources said the deal compares with an average guarantee of
three years for vehicles with up to 60,000 km. in mileage
offered by Japanese carmakers.
During the warranty period, MMC will repair the engine and other
major parts for free, but will charge for changing minor and
consumable parts.
MMC, which is suffering from plunging sales following a series
of defect cover-up scandals, is aiming to alleviate any concerns
that buyers may have on its vehicles.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: Group Firms Finalize US$2-Bln Aid Plan
---------------------------------------------------------
In line with its goal to ensure their sister firm's survival,
three Mitsubishi group companies are finalizing a US$2-billion
funding plan for the ailing Mitsubishi Motors Corporation (MMC),
Reuters says.
The chairmen of Mitsubishi Heavy Industries Ltd., Mitsubishi
Corporation and the Bank of Tokyo-Mitsubishi (BTM) has decided
that, aside from an earlier rescue package of JPY496 billion
(US$4.7 billion), MMC needed more cash. Therefore, they have
mapped out an aid plan, which includes a JPY1 billion to JPY2
billion, to beef up the carmakers capital.
Sources said the financial assistance will be separate form
MCC's second revival plan expected to be announced this week.
Under that plan, MMC intends to outline detailed steps for its
revitalization, including a likely expansion of ties with Nissan
Motor Co., to which it supplies some 660cc minivehicles, and
plans to grow in the promising Asian market.
The media have earlier reported on the possibility of
operational tie-ups with France's PSA Peugeot Citroen and a new
joint venture with Nissan, but those were not included in a plan
outline as of Dec. 7.
MMC is also aiming to further restructure its business through
the reduction of its under-utilized sales network and seeking
more cooperation with various automakers.
MUBARASUSEKIYU K.K.: Declared Bankrupt
--------------------------------------
Crude petroleum driller Mubarasusekiyu K.K. has been declared
bankrupt, says Teikoku Databank America.
The company, based in Shinjuku-ku, Tokyo 160-0023, left total
liabilities of US$529.52 million.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
SAKURAJIMA SIH: Enters Bankruptcy
---------------------------------
Sakurajima Sih Saido Kaihatsu K.K. has entered bankruptcy with a
total of US$553.12 million in liabilities, according to Teikoku
Databank America.
The firm, engaged in real estate business, is based in Osaka-
shi, Osaka 530-0047.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
SEIBU RAILWAY: Gives Up Planned Jasdaq Listing For Now
------------------------------------------------------
Scandal-tainted Seibu Railway Company is giving up plans to list
its shares on the Jasdaq over-the counter-market by the end of
the business year, reports The Japan Times.
The embattled railway firm said it is going to be extremely
difficult to have its shares listed in Jasdaq.
"There are more problems than we expected (to qualify for
listing), and it is very difficult to list the shares by the end
of the fiscal year," Seibu Railway President Terumasa Koyanagi
explained.
However, the firm stressed it will pursue its goal to eventually
list in the future.
Seibu Railway, which is facing delisting from the Tokyo Stock
Exchange on Dec 17 over a disclosure scandal, said Nov 16 that
it aimed to go public on the Jasdaq market by the end of the
current fiscal year for the sake of the convenience and interest
of its shareholders.
CONTACT:
Seibu Railway Company Limited
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237
SOJITZ HOLDINGS: To Undertake Trading Operations, Sales in China
----------------------------------------------------------------
Sojitz Holdings Corporation will establish Sojitz (Shanghai)
Trade & Commerce Co., Ltd. in which a 100 percent investment
will be made by Sojitz (China) Co., Ltd., a Sojitz holding
company (investment company) in China.
The Chinese government promotes trading and the opening of
domestic market with their accession to the WTO, having issued
the `Measures for the Administration on Foreign Investment in
Commercial Fields' in April 2004. Based on this regulation,
establishment of wholly foreign-funded commercial enterprises
with trade and domestic sales rights will be allowed from
December 11, 2004. Consequently, an application for
establishment of the new company will be filed.
Utilizing its trade and domestic sales rights in China, Sojitz
(Shanghai) Trade & Commerce Co., Ltd. will not only undertake
the export of Chinese-made goods and products in which Sojitz
excels, but also will undertake the import of necessary
resources, foodstuffs and products to the growing and expanding
Chinese market.
Further, the company will conduct regional-based businesses and
contribute to the development of China through distribution and
sales in China.
In the `New Business Plan' (April 2004 - March 2007), the Sojitz
Group positions the China region as an important market, and
plans to aggressively conduct marketing activities there. The
Group will continue to expand its business investment in the
fields of energy resources such as coal, machinery, automobiles,
chemicals, textiles, foods and forest products.
The Sojitz Group aims at business expansion, from upstream to
downstream areas in the Chinese market, through the introduction
of the business unit structure in order to conduct marketing
activities from planar aspects of the China region, including
Hong Kong, and through the establishment of Sojitz (Shanghai)
Trade & Commerce Co., Ltd. as a core company under the
organizational structure.
(Outline of Sojitz (Shanghai) Trade & Commerce Co., Ltd.)
Representative: Keisuke Ishihara (plan)
Capital: $1 million (Sojitz (China) Co., Ltd. - 100%)
Head office: Shanghai
Branch offices: Beijing, Dalian, Tianjin, Qingdao
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
UFJ HOLDINGS: UFJ Bank's Exposure Collection Likely Affected
------------------------------------------------------------
UFJ Holdings Incorporated gave notice that, concurrent with the
filing for the start of special liquidation proceedings with the
Osaka District Court by Sakurajima Seaside Kaihatsu Kabushiki
Kaisha, there is possibility of non-collection and/or delayed
collection of the exposure extended to the company by UFJ Bank
Limited (UFJ Bank), a subsidiary of UFJ Holdings, Inc. (UFJ).
(1) Amount of exposure to the company
UFJ Bank: JPY21,800 million
(2) Impact on earnings of UFJ Holdings
This will not affect UFJ's forecasts of earnings for the current
fiscal year, which were announced on November 24, 2004, since
UFJ Bank had already provided loan loss reserves for the
exposure mentioned above by the end of the interim period ended
September 30, 2004.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp
=========
K O R E A
=========
DAEWOO INTERNATIONAL: To Export 1,080 Units of Vehicles to Iran
---------------------------------------------------------------
Daewoo International forged a contract with Iranian auto company
Morattab to provide 1,080 units of Ssangyong Motor's Musso model
worth US$15 million (KRW16 billion) to the government, Digital
Chosunilbo relates.
The contract is the largest single contract for finished car
exports to Iran, Daewoo President Lee Tae-yong said. The
vehicles will then be converted for medical use once exported in
Iran.
The funds to be used on the purchase will come from the
International Bank for Reconstruction and Development (IBRD) and
Morattab will take responsibility for their sale and after-
service in the local market.
Since 2002, Daewoo has provided 1,000 units of Musso annually to
Morattab.
CONTACT:
Daewoo International Corporation (Korea: DWIC)
541 5-Ga Namdaemunno, Chung Gu, CPO Box 2810
Seoul, South Korea
Phone: +82-2-759-2114
Fax: +82-2-753-9489
Web site: http://www.daewoo.com
LG CARD: Denies Takeover Bid by Agricultural Cooperation
--------------------------------------------------------
LG Card denied reports Friday that National Agricultural
Cooperation is trying to take over it, reports Yonhap News.
Reports that the federation considers acquiring the company in
an effort to recover its loans were circulating earlier in the
day Friday. LG Card, in a Korea Stock Exchange filing said it
does not have any details about a reported bid by the state-run
agricultural cooperation.
National Agricultural Cooperation has been LG Card's second
largest shareholder after a debt-equity swap in January. The
federation holds a 16.6 percent stake with the Korea Development
Bank as the largest with a 26 percent stake.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
THRUNET COMPANY: Final Bid Deadline Passes
------------------------------------------
The tender for the troubled high-speed Internet firm Thrunet Co.
Ltd. was due Monday, reports The Korea Times.
Hanaro and Dacom were given until last Monday to submit the
final prices of their bids, which according to analyst would
reach KRW500 billion.
The price originally ranged between KRW350 billion to KRW450
billion. Unexpected occasions stepped up the projection level.
The firm's creditors led by the Korea Development Bank (KDB)
targets December 16 as the date of pick up the final winner and
will decide the final winner by early next year.
The price holds the key to the two-way contest as 75 points will
be given to the highest bidder according to pre-set criteria.
The remaining 25 points will be given according to other offers,
like employment continuation.
Dacom pulled out of its race for WiBro, the locally developed
portable Internet service to focus on Thrunet. Dacom forged a
business alliance with Citigroup Financial Products (CFP) to
counter Hanaro.
Dacom seeks to secure Thrunet's management rights by holding a
51-percent stake while CFP is expected to invest in unspecified
amount of money for a 49-percent share.
The market consensus of the price not to exceed KRW450 billion
have changed and now predicts the price would reach KRW500
billion. Some counterarguments are also strong that Hanaro and
Dacom cannot afford the luxury of spending more than KRW500
billion for Thrunet, which has KRW570 billion in debts.
Since Hanaro plans to allocate KRW1.2 trillion in WiBro for the
next five years, it cannot conduct an open-wallet spending on
Thrunet.
The business licenses for WiBro will be issued next February.
The operator is sure to win the license along with the two other
candidates, KT and SK Telecom, as Dacom gave up in the
competition.
Dacom finds the KRW500 price too much since it is already
indebted KRW1.3 trillion despite the investment from CFP.
In addition to the woes, Thrunet's creditors are not likely to
write off more than 5 percent of Thrunet's KRW570 billion debts,
regardless of who wins the auction.
"If the acquisition price exceeds KRW450 billion, the winner of
the auction will be an instant loser in the big picture. Hanaro
and Dacom should know that,'' LG Securities economist Stan Jung
said.
This is the second auction for Thrunet after the high-speed
Internet carrier applied for court receivership in March 2003
and got approval in the same month. The first bid for Thrunet
fell apart last year due to low-priced bids from Hanaro and
Dacom.
CONTACT:
Thrunet Co. Ltd.
Address: 1337-20 Seocho-2dong, Seochu-ku
Seoul 137-751, South Korea
Phone: +82-2-3488-8114
Fax: +82-2-3488-8770
===============
M A L A Y S I A
===============
ANTAH HOLDINGS: Issues Litigation Update
----------------------------------------
The Board of Directors of Antah Holdings Berhad announced the
following updates on the status of its involvement in litigation
for the period from 11 November 2004 to 10 December 2004.
The involvement in litigation has been divided into three
categories namely financial institutions, non-financial
institutions and corporate guarantee as listed under the table
below.
(1) Financial Institutions
The status in respect of the claims made by the following
financial institutions:-
Case No.
Shah Alam High Court Suit No.
Mt4-22-921-2002
RHB Sakura Merchant Bankers Berhad -vs- Antah Holdings Berhad
Status
20 April 2005/Hearing of Appeal to Judge in Chambers
There are no material developments to the other claims by
financial institutions against Antah.
On 27 November 2004, the Company had obtained the approval of
its Scheme Creditors, where the abovementioned creditor is part
of the Scheme Creditors for the Proposed Debt Restructuring
pursuant to Section 176(1) of the Companies Act, 1965
(2) Non-Financial Institutions
The status in respect of the claims made by the following non-
financial institutions:
Case No.
Kuala Lumpur High Court Suit No.
S-3-22-483-2003
Ng Ah Hooi-vs-
Antah Holdings Berhad
Kuala Lumpur Sessions Court Smn No.
S2-52-16651-2003
Public Merchant Bank Berhad -vs-
Antah Holdings Berhad
Status
13 December 2004/Hearing of the Application to Strike Out the
Plaintiff's Summons
-Metion for Case Management adjourned to 12 April 2005
7 January 2005/Hearing for Plaintiff's Summary Judgement
Application
There are no material developments to the other claims by non-
financial institutions against Antah.
On 27 November 2004, the Company had obtained the approval of
its Scheme Creditors, where Public Merchant Bank Berhad is one
of the Scheme Creditors for Proposed Debt Restructuring pursuant
to Section 176(1) of the Companies Act, 1965.
(3) Corporate Guarantee
The status in respect of the claims made by the following
corporate guarantee which have been provided by Antah:
Case No.
Kuala Lumpur High Court Suit No.
D2-22-653-2003
Bank Pertanian Malaysia -vs-
(i) Pacific Asia Fishing Sdn. Bhd.
(ii) Antah Holdings Berhad
Status: 18 March, 2005/ Case Management
Kuala Lumpur High Court Suit No.
S7-22-584-2002
Arab Malaysian Bank Berhad -vs-
(i) Antah Holdings Services Sdn. Bhd.
(ii) Antah Holdings Berhad
9 March 2005/Hearing of Appeal to Judge in Chambers
Shah Alam Magistrate Court Smn No.
72-1905-2003
Global Max Print Sdn. Bhd. -vs-
Antah Holdings Berhad
5 January 2005/Hearing of Appeal to Judge in Chambers
Shah Alam Sessions Court Smn No.
S2-5034-2003
Techvance Marketing Sdn. Bhd. -vs-
(i) Antah Tristar Sdn. Bhd.
(ii) Antah Holdings Berhad
15 December, 2004/ Mention
There are no material developments to the other claims against
companies where Antah has provided corporate guarantees.
On 27 November 2004, the Company had obtained the approval of
its Scheme Creditors where Arab Malaysia Bank Berhad and
Techvance Marketing Sdn. Bhd. are some of the Scheme Creditors
for the Proposed Debt Restructuring pursuant to Section 176(1)
of the Companies Act, 1965.
CONTACT:
Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940
ANTAH HOLDINGS: Unveils Unaudited Quarterly Results
---------------------------------------------------
Antah Holdings Berhad released its unaudited quarterly report
for the financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
1 Revenue
33,385 34,214 33,385 34,214
2 Profit/(loss) before tax
-14,245 5,015 -14,245 5,015
3 Profit/(loss) after tax and minority interest
-14,340 4,803 -14,340 4,803
4 Net profit/(loss) for the period
-14,340 4,803 -14,340 4,803
5 Basic earnings/(loss) per shares (sen)
-4.22 1.41 -4.22 1.41
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.5700 0.6100
FABER GROUP: To List Additional Shares
--------------------------------------
Faber Group Berhad's additional 176,800 new ordinary shares of
RM1.00 each arising from the conversion of RM353,600 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks into 176,800 new ordinary shares will be granted listing
and quotation with effect from 9 a.m., Tuesday, 14 December
2004.
CONTACT:
Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828
FARLIM GROUP: Updates Sale, Purchase Deal
-----------------------------------------
Farlim Group (Malaysia) Berhad announced that its wholly owned
subsidiary Bandar Subang Snd Bhd (BSSB) has on 10 December 2004,
obtained the agreement from Rakyat Corporation Sdn Bhd (RCSB) to
mutually extend the period for the fulfillment of the conditions
precedent of the sale and purchase agreement dated 15 June 2004
for a further period of one (1) month up to 14 January 2005.
The PROPOSED ACQUISITION:
The proposed acquisition of freehold land held under PT38112 -
PT38246, PT42509 - PT42530, PT38089 - PT38111, PT42531 -
PT42639, PT42642 - 42677, PT43144 - PT43195, PT38264 - PT38270,
PT42253 - PT42496, PT41952 - PT42153, PT42155 - PT42222,
PT42248, PT42249 - PT42250, PT41850 - PT41931, Mukim Kajang, Lot
946, Mukim Cheras, Daerah Ulu Langat, Selangor Darul Ehsan with
a gross land area of 60.067 acres by Bandar Subang Sdn sBhd
(BSSB), a wholly owned subsidiary of Farlim, from Rakyat
Corporation Sdn Bhd (RCSB) for a cash consideration of
RM38,000,000.
CONTACT:
Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my
This announcement is dated 10 December 2004.
I-BERHAD: Issues Shares Buy Notice
----------------------------------
I-Berhad issued a notice of shares buy back on December 10,
2004.
Date of buy back: 10/12/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 4,000
Minimum price paid for each share purchased (RM): 0.840
Maximum price paid for each share purchased (RM): 0.840
Total consideration paid (RM): 3,385.51
Number of shares purchased retained in treasury (units): 4,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 485,500
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
KSU HOLDINGS: Court Hearing Set for March 18
--------------------------------------------
KSU Holdings Berhad refers to its announcements dated 24
September 2003, 7 October 2003, 10 October 2003, 11 December
2003, 18 February 2004, 9 July 2004, 15 October 2004, 5 November
2004 and 10 November 2004, pertaining to the Kuala Lumpur High
Court Suit No. D6-22-308-2003 (D6 Suit) against Azman Bin Abdul
Aziz & 101 others (the Defendants).
The Company announced that the defendants' application for
assessment of damages has been fixed for hearing on 18 March
2005.
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
LANKHORST BERHAD: Changes Registered Address, Contact Numbers
-------------------------------------------------------------
Lankhorst Berhad announced that with effect from 12 December
2004, the address and contact numbers of the Company would be
changed to the following:
Change description: Registered
Old address: No. 33, Jalan Badminton 13/29
Tadisma Business Park, Section 13
40000 Shah Alam, Selangor
New address: Suite 12.02, 12th Floor
Plaza 138, Jalan Ampang
50450 Kuala Lumpur
Name of Registrar:
Telephone no: 03-2164 2275
Facsimile no: 03-2168 8743
E-mail address: mazz@tm.net.my
Effective date: 10/12/2004
Remark: The Business Address and the Correspondence Address of
the Company shall remain at No. 33, Jalan Badminton, 13/29
Tadisma Business Park, Section 13, 40000 Shah Alam. Tel.No. 03-
5510 5610 Fax. No. 03-5510 2041.
CONTACT:
Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia
K&N KENANGA: Director Bin Sulaiman Resigns
------------------------------------------
K&N Kenanga Holdings Berhad announced the resignation of its
Independent & Non Executive Director Datu Ahmad Tarmizi Bin
Sulaiman effective 9 December 2004.
Date of change: 09/12/2004
Type of change: Resignation
Designation: Director
Directorate: Independent & Non Executive
Name: Datu Ahmad Tarmizi Bin Sulaiman
Age: 42
Nationality: Malaysian
Qualifications: 1) Degree in Business Administration (Syracuse
University, New York)
2) Master in Business Administration (University of Winconsin,
USA)
Working experience and occupation: Datu Ahmad Tarmizi is
currently the Deputy State Financial Secretary of Sarawak. Prior
to his appointment as Deputy State Financial Secretary of
Sarawak, he was the Chief Executive Officer of Amanah Saham
Sarawak Berhad. He has extensive experience in the areas of
investment and funds management as well as corporate finance.
Directorship of public companies (if any): 1) Sarawak Transport
Company Bhd
2) Amanah Saham Sarawak Berhad
3) Borneo Housing Mortgage Finance Bhd
Family relationship with any director and/or major shareholder
of the listed issuer: Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil
Contact:
K&N Kenanga
801, 8th Floor
Pernas International
Jalan Sultan Ismail
50250 Kuala Lumpur
Phone: 03-2162 1490
Fax: 03-2161 4990
Web site: http://www.kenanga.com.my
NALURI BERHAD: Partially Completes Restructuring Exercises
----------------------------------------------------------
Naluri Berhad refers to its announcements dated 13 December
2003, 19 December 2003 and circular dated 30 August 2004
relating to the Company's proposed restructuring exercises.
The Company announced that as at 10 December 2004, the exercises
is deemed completed save for the Proposed CPSB Land Acquisition.
(I) capital restructuring comprising a capital repayment, share
premium account utilization and share premium set-off (Naluri
capital restructuring scheme)
(ii) subscription of new ordinary shares of rm1.00 each in
Sriwani Holdings Berhad (SHB) and certain new irredeemable
convertible preference shares known as ICPS-A (SHB subscription)
(iii) acquisition of certain ordinary shares of RM1.00 each in
SHB (SHB shares) and certain irredeemable convertible preference
shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB and Malaysia
Airports (Sepang) Sdn Bhd (SHB securities acquisition)
(iv) acquisition of certain properties from certain subsidiaries
of SHB (shb property acquisition)
(v) acquisition by Naluri of 100% equity interest in United
Industries Sdn Bhd (UISB), 100% effective equity interest in
United Vehicle Industries Sdn Bhd (UVISB), 92.772% effective
equity interest in United Filter Sdn Bhd (UFSB) and 70% equity
interest in United Sanoh Industries Sdn Bhd (USISB) (UI group
acquisition)
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676
This announcement is dated 10 December 2004.
PADIBERAS NASIONAL: Court Hearing Set January 6
-----------------------------------------------
Padiberas Nasional Berhad announced that it has been named as
first respondent in a Section 181 Petition dated 26 November
2004 issued by Konsortium Pemborong Beras Melayu (Kelantan) Sdn
Bhd (the Petitioner) on 9 December 2004.
The Petitioner in their Petition is seeking, inter alia, the
following relief:
i. A declaration that the Company is conducting itself and the
affairs of Formula Timur Sdn Bhd in a manner that is oppressive,
discriminatory and prejudicial to the Petitioner and/or in
disregard to the interests of the Petitioner;
ii. A declaration that the Company's action in stopping the
supply of rice to the 2nd Respondent and instead appointing
Consolidated Bernas United Distributor Sdn Bhd as its "marketing
arm" is contrary to the provisions of the JV Agreement;
iii. Damages in the sum of RM32 million and further damages for
future loss of business and earnings.
The Petitioner is not seeking the winding up of the Company as
one of its relief. The Company does not admit and intends to
strongly resist the allegations and claims in the Section 181
Petition.
The Section 181 Petition has been fixed for hearing on 6 January
2005 and the Company will announce further developments on the
above matter as and when it becomes necessary.
CONTACT:
Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11
Jalan Damansara
46350 Petaling Jaya
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/
PILECON ENGINEERING: Restraining Order to Expire April 24
---------------------------------------------------------
Pilecon Engineering Berhad announced that the High Court of
Malaya at Kuala Lumpur has on 10 December 2004 extended the
order dated 14 September 2004 pursuant to section 176(1) of the
Companies Act 1965 requiring the Company to convene a meeting to
be held in respect of a particular class of its creditors
comprising certain lenders and corporate guarantee creditors of
Pilecon, excluding its trade creditors and secured creditors
(hereinafter referred to as the Unsecured Creditors) hereinafter
the meeting to be referred to as the Pilecon Meeting) for a
further one hundred and twenty (120) days from the date of its
expiry on 13 December 2004, for the purpose of considering and
if thought fit approving with or without modification, the
revised proposals as set out in the announcement dated 27
February 2004. The Pilecon Meeting is to be held no later than
12 April 2005.
Restraining order pursuant to section 176(10) of the Companies
Act 1965
In conjunction with the order to convene the Pilecon Meeting,
the High Court of Malaya at Kuala Lumpur has also, pursuant to
section 176(10) of the Act, extended the order dated 14
September 2004 to restrain, (Restraining Order) all further
proceedings in any action or proceeding against Pilecon
including winding up, execution and arbitration proceedings as
well as any intended or future proceedings for a further one
hundred and twenty (120) days from the date of its expiry on 25
December 2004. The Restraining Order is due to expire on 24
April 2005.
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Telephone: (603) 704-1888
This announcement is dated 10 December 2004.
TRICUBES BERHAD: Discloses Unaudited Quarterly Results
------------------------------------------------------
Tricubes Berhad released its unaudited quarterly report for the
financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
1 Revenue
1,050 0 1,050 0
2 Profit/(loss) before tax
-304 0 -304 0
3 Profit/(loss) after tax and minority interest
-333 0 -333 0
4 Net profit/(loss) for the period
-333 0 -333 0
5 Basic earnings/(loss) per shares (sen)
0.80 0.00 0.80 0.00
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.1100 -982.0000
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Signs Compromise Tax Deal; To Reopen in 2005
----------------------------------------------------------------
The Toledo City government and Atlas Consolidated Mining and
Development Corporation (ACMDC) recently signed a compromise
agreement that settles the mining firm's real property tax
liabilities, reports Sun Star Cebu.
ACMDC offered over Php100 million in cash, shares of stock and
properties to the Toledo City Government, as it prepares to
revive its mining operations next year.
In exchange, Toledo City will cancel some of Atlas' tax
declarations and transfer the others from the taxable to the
tax-exempt roll. Properties listed under several tax
declarations will be put on the exempted roll effective 1992 and
1994.
ACMDC will also donate to the City parcels of land valued at
more than Php80 million for the City's sanitary landfill,
government center and market.
The settlement amount will be paid in two installments: Php5
million upon the signing of the agreement and Php5 million upon
resumption of mining operations.
Atlas' copper mining operations, which started commercial
operations in 1955, are centered in Toledo City, Cebu where two
open pit mines, and two underground mines and milling complexes
are situated.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Tel. No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
COLLEGE ASSURANCE: Seeks to Settle Tuition Obligations
------------------------------------------------------
The College Assurance Plans Philippines (CAP) wants to withdraw
some Php110 million from its trust fund again, to be able to
settle its payables to several colleges in Metro Manila and the
provinces, ABS-CBN News reports, citing the Securities and
Exchange Commission (SEC) Chairman Fe S. Barin.
The pre-need firm owes a total of Php160 million to schools,
such as Assumption College, AMA, Centro Escolar University and
Lyceum of the Philippines. Of the schools, the biggest is owed
to San Pedro College and Siliman University.
Ms. Barin said the commission would have to look into the status
of its trust fund before it decides to approve or reject its
request.
The commission has been closely monitoring CAP's performance
since 2002, because of the Php17.1-billion trust-fund variance
recorded as of end-2003.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
NATIONAL POWER: Power Output Up 5.39%
-------------------------------------
The National Power Corporation (Napocor) announced that its
gross power generation went up 5.39 percent to 30,912.74
gigawatt-hours (GWh) from January to September this year, versus
29,332.77-GWh in the same period last year, Yehey Finance
reports.
The coal-fired plants contributed the biggest share to the total
generation at 30.42 percent, slightly lower than last year's
contribution of 31.04 percent.
Volume-wise, however, generation by coal plants increased year-
on-year from 9,105.48 GWh to 9,402.69 GWh.
A gigawatt-hour is equivalent to one million kilowatt-hours.
Geothermal plants came in second with 25.23 percent, or 7,800.24
GWh, slightly lower than the 25.90 percent share or 7,597.41-GWh
output recorded last year.
Over the years, Napocor has been gradually shifting its fuel
utilization from thermal fuels like diesel and fuel oil to
indigenous fuels like natural gas, hydro and geothermal to ease
the country's dependence on imported oil.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Denies Report On Rate Hike Petition
---------------------------------------------------
The Energy Regulatory Commission (ERC) denied newspaper reports
that it would only grant 45 centavos out of the 98 centavos
tariff increase sought by the National Power Corporation
(Napocor), according to the Philippine Star.
The commission said it is in the process of conducting
public hearings to arrive at a fair decision on Napocor's
application for rate adjustment.
The ERC further advised all concerned to attend the public
hearings on the rate adjustment application of Napocor scheduled
on December 16, 2004 and on January 10, 2005, both at nine in
the morning at the ERC Main Office Hearing Room, 15th floor of
the Pacific Center Bldg., San Miguel Ave., Pasig City.
ERC Chairman Rodolfo B. Albano Jr. earlier admitted that there
would be no more power rate adjustments for the rest of the
year.
"If ever we will approve additional power rate, most likely it
would happen next year," Mr. Albano said.
PHILIPPINE LONG: PLDT To List More Shares Today
-----------------------------------------------
Philippine Long Distance Telephone Co. on Tuesday will list
5,770 common shares that were issued under its executive stock
option plan, reports Dow Jones Newswires.
This will bring the total number of listed shares to 326,303 out
of the 1.29 million shares set aside for the executive stock
option.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
PICOP RESOURCES: Unveils SEC Form 17-A
--------------------------------------
Further to Circular for Brokers No. 5264-2004 dated December 6,
2004, PICOP Resources, Inc. (PCP) furnished the Philippine Stock
Exchange a copy of its Addendum to SEC Form 17-A for the year
ended December 31, 2003, pertaining to the summary of
resolutions passed and adopted by the Company's Audit Committee
with regard to the comments/findings of the Securities and
Exchange Commission on its financial statements.
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
Picop Resources Inc.
2/F, Moredel Building
2280 Pasong Tamo Extension, Makati City
Tel. No: 813-2081/5308/5309
Fax No: 893-7195
E-mail Address: srmo@i-next.net
Web site: http://www.srmo-law.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Establishes Indirect Wholly-Owned Subsidiary
----------------------------------------------------------------
The Board of Directors of Capitaland Limited announced the
establishment of the following indirect wholly-owned subsidiary
incorporated in Singapore.
Name: CapitaRetail China Investments Pte Ltd (CRCI)
Principal Activity: Investment Holding
Authorized Share Capital: SG$100,000 divided in 100,000 ordinary
shares SG$1 each
Issued and Paid-up Share Capital: SG$1comprising 1 ordinary
share of SG$1
CRCI is a wholly-owned subsidiary of Capitaland Retail China Pte
Ltd (formerly known as Hill Street Centre Pte Ltd), itself a
wholly-owned subsidiary of Capitaland.
By Order of the Board
Ng Chooi Peng
Assistant Company Secretary
10 December 2004.
CAPITALAND LIMITED: Unit Liquidates Associated Companies
--------------------------------------------------------
Capitaland Limited reported to the Singapore Stock Exchange the
Liquidation of its associated companies.
CapitaLand Limited's subsidiary, Raffles Holdings Limited, had
on 9 December 2004, issued an announcement on the above matter,
as attached for information.
Raffles Holdings Limited
Liquidation of associated companies
The Board of Directors of Raffles Holdings Limited wishes to
announce that its following dormant indirect associated
companies have been liquidated.
Details of the said associated companies are appended below:
(1) Tower Apartments Pty Limited;
(2) Tower Apartment Unit Trust
(3) Tincel Treasury Ltd.
Tower Apartments Pty Limited (TAPL), the trust manager, was
incorporated in Australia to manage Tower Apartment Unit Trust
(TAUT), also incorporated in Australia, being the owner of the
residential apartments in Sydney, Australia. Following sale of
all the said residential apartments, TAPL and TAUT have since
remained dormant.
Tincel Treasury Ltd was set up for the sole purpose of issuing
Floating Rate Notes (FRN). With all outstanding balances under
the FRN being fully settled in 2001, TTL has since remained
dormant.
The above liquidations are not expected to have a material
impact on earnings per share or the net tangible asset of the
Raffles Holdings Limited Group for the financial year ending 31
December 2004.
By Order of the Board
Emily Chin
Company Secretary
9 December 2004
Submitted by:
Ng Chooi Peng
Assistant Company Secretary
CHINA AVIATION(S): Court Grants Application for Extension
---------------------------------------------------------
China Aviation Oil (Singapore) Corporate Limited submitted to
the Singapore Stock Exchange the approval for extension of time
to submit scheme of arrangement.
The Company would like to announce that the High Court of
Singapore has granted its application for a six week extension
of time to 21 January 2005 to file a copy of the proposed Scheme
of Arrangement, a list of creditors and their debts, and a
proposed date, time and place for a creditors meeting.
The High Court has also allowed the Company to convene the
creditors meeting within six months, i.e. by 10 June 2005, for
the creditors to consider and approve, with or without
modification, the proposed Scheme of Arrangement. Notice of the
creditors meeting will be sent by post to the creditors of the
Company as well as advertised in the English and Chinese
language newspapers.
The High Court also ordered the Company to make an announcement
over MASNET at least 24 hours before any change whereby the
Company cannot meet its undertaking as announced on 30 November
2004 - that any cash that it receives from its receivables and
assets as at 30 November 2004 shall be utilized solely for the
continuance of the Company's core business and daily operations
in order to preserve shareholder value until a settlement is
reached.
By Order of the Board
Adrian Chang
Company Secretary
10 December 2004
COMPONENTS SPORTS: Creditors to Prove Debt Before January 11
------------------------------------------------------------
Notice is hereby given that the creditors of Components Sports
Pte Ltd, which is being voluntarily wound up, are required on or
before the 11th day of January, 2005 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street, #06-10 The Adelphi, Singapore 179803.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors and prove
their debts and claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts and claims are proved.
Wee Hui Pheng
Liquidator
Singapore, 8th December 2004
This Singapore Government Gazette notice is dated December 10,
2004.
DIABLUE PRIVATE: Creditors to Submit Proofs of Claims
-----------------------------------------------------
Notice is hereby given that the creditors of Diablue Private Ltd
are required within thirty days thereof to send in their names
and addresses and the particulars of their debts or claims and
the names and addresses of their solicitors (if any) to the
Liquidator of the said Company c/o 2 Mistri Road, #12-01 HMC
Building, Singapore 079624.
If so required by notice in writing from the said Liquidator,
are by their solicitors or personally to come in and prove the
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 7th December 2004.
Teh Kwang Hwee
Liquidator
EXCEL MACHINE: Judicial Management Order Extended
-------------------------------------------------
Excel Machine Tools Ltd submitted to the Singapore Stock
Exchange the extension of Judicial Management Order and
Termination Of Sale Agreement.
The Judicial Managers of Excel Machine Tools Ltd wishes to
announce that pursuant to an Order of the Court dated 1 December
2004, the Judicial Management Order has been extended till 30
June 2005 for the Judicial Managers to comply with the
requirements set out Section 227M of the Companies Act, in
particular to lay before the creditors of the Company a
statement of proposals for achieving the objectives of the
Judicial Management Order made on May 2003.
Additionally, the Judicial Managers would like to announce that
the Sale Agreement entered into with Asia Pacific Investments
Plc and Piper Technology Limited on 19 March 2004 has been
terminated, due to the non-fulfillment of certain conditions
precedent to the Sale Agreement.
The Judicial Managers are currently in discussion with various
third parties in relation to the restructuring of the Company,
and will issue a further announcement as and when an agreement
is reached with such third parties on such restructuring.
Submitted by:
Ramasamy Subramaniam Iyer
Company Judical Manager
HONG LEONG: Acquires New Subsidiary
-----------------------------------
The Board of Directors of Hong Leong Asia Ltd. (HLA) announced
the following:
(1) Acquisition of new subsidiary
The Company has acquired 1 ordinary share of HK$1 in the issued
and paid-up capital of Well Summit Investments Limited), a
company incorporated in Hong Kong, whose principal activities
are those relating to investment holding and dealing. The
acquired 1 ordinary share represented 100% of the issued and
paid-up capital of Well Summit at the time of acquisition, thus
resulting in the latter becoming a wholly-owned subsidiary of
the Company. The consideration of HK$1.00 was based on the par
value of the share.
The issued and paid-up capital of Well Summit has subsequently
been increased to HK$50,000 and this was satisfied in cash
through funding from internal sources.
(2) Incorporation of subsidiary / associated company
A.
Yuchai Express Guarantee Co. Ltd has been incorporated as a
76.92% subsidiary of Guangxi Yuchai Machinery Company Limited, a
subsidiary of the HLA Group in which the Company has 16.93%
effective equity interest. The Group's investment in Yuchai
Express of CNY100,000,000 was satisfied in cash and funded
through internal sources.
Details of Yuchai Express are as follows:
Country of Incorporation: People's Republic of China
Registered Capital: CNY130,000,000
Principal Activities: Provision of credit guarantee, appraisal,
consulting services and investment
B.
Harbin Yuchai Marketing Company Limited ("Harbin Yuchai") has
been incorporated as a 26.00% associated company of Yuchai
Machinery Monopoly Company Limited, a subsidiary of
the HLA Group in which the Company has 12.16% effective equity
interest. The Group's investment in Harbin Yuchai of CNY130,000
was satisfied in cash and funded through internal sources.
Details of Harbin Yuchai are as follows:
Country of Incorporation: People's Republic of China
Registered Capital: CNY500,000
Principal Activities: Trading of automobile (excluding cars),
motorcycle, engineering machinery, agricultural machinery,
diesel engine, electrometrical product, metal material,
lubrication oil, chemical product, technological consulting
(3) Dilution of interest in subsidiary
The paid-up capital of Guiyang Yuchai Machinery Monopoly Company
Limited, previously a wholly-owned subsidiary of Yuchai MM, has
been increased from CNY500,000 to CNY2,000,000. Yuchai MM has
invested an additional CNY500,000 in the paid-up capital of
Guiyang, resulting in Yuchai MM having an aggregate investment
of CNY1,000,000 in Guiyang. The Group's additional investment
was satisfied in cash and funded through internal sources.
Consequent thereto, the equity interest of Yuchai MM in Guiyang
has been diluted from 100.00% to 50.00% and Guiyang became an
associated company of HLA.
(4) Dissolution of wholly-owned subsidiaries
HLS Holdings Limited, a company incorporated in British Virgin
Islands, which was previously dormant, has been struck off from
the register of the Registrar of Companies in British Virgin
Islands.
HL-Precast Pte Ltd, a company incorporated in Singapore, which
was also previously dormant, has been voluntarily liquidated
pursuant to the Companies Act, Chapter 50.
By Order of the Board
Hong Leong Asia Ltd.
Ng Siew Ping, Jaslin
Company Secretary
10 December 2004
LIM NAM: Winding Up Hearing Set Dec.31
--------------------------------------
Notice is hereby given that a petition for the winding up of Lim
Nam Yong Trading Pte Ltd by the High Court was on the 2nd day of
December 2004 presented by Cycle Trade Enterprise of 121,
Rangoon Road, Singapore 218399, a creditor.
The said petition will be heard before the Court sitting at the
High Court at 10:00 a.m. on the 31st day of December 2004.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the petition may
appear at the time of hearing by himself or his counsel
for the purpose. A copy of the petition will be furnished to any
creditor or contributory of the company requiring the copy of
the petition by the undersigned on payment of the regulated
charge for the same.
The Petitioner's address is 121 Rangoon Road, Singapore 218399.
The Petitioner's solicitors are Messrs Peter Chua & Partners of
6001 Beach Road, #16-04 Golden Mile Tower, Singapore 199589.
Dated the 10th day of December 2004.
Peter Chua & Partners
Solicitors for the Petitioner
Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Messrs Peter Chua & Partners of 6001 Beach Road, #16-04 Golden
Mile Tower, Singapore 199589 notice in writing of his intention
to do so. The notice must state the name and address of the
person or if a firm the name and address of the firm and must be
signed by the person or firm or his or their solicitor (if any)
and must be served or if posted must be sent by post in
sufficient time to reach the above named not later than twelve
o'clock noon of the 30th day of December 2004.
This Singapore Government Gazette notice is dated December 10,
2004.
PANPAC MEDIA: Independent Liquidator Appointed for Subsidiary
-------------------------------------------------------------
Further to the announcement on 8 December 2004, the Board of
Directors of Panpac Media Group Limited announced that its
subsidiary, Auston International Group Ltd., had released an
announcement on the appointment of M/s Deloitte & Touche as the
independent auditors to investigate the possible irregularities
and mis-statements in the Auston Group's accounts as announced
on 8 December 2004.
Please refer to the announcement released today by Auston for
further details.
Submitted by:
Ricky Ang Gee Hing
Group MD and CEO
===============
T H A I L A N D
===============
SIAM AGRO: SET Halts Trading of Securities
------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Siam Agro Industry Pineapple & Others Public Company
Limited (SAICO) because the SET has not received official
information from the company making a tender offer to purchase
securities of SAICO (Form 247-6 kor) that might affect trading
of its securities.
Therefore, the SET has temporarily halted trading of SAICO
securities, effective from the second trading session of 13
December 2004 until the firm has disclosed this information to
the SET and allowed such information to be disseminated to the
public.
CONTACT:
Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: www.saico.co.th
THAI PETROCHEMICAL: Founder Wants New Shares Buying Right First
---------------------------------------------------------------
The founder of Thai Petrochemical Industry Public Company
Limited (TPI) seeks the Ministry of Finance's approval to
consider offering the new shares to the debtors first, Business
Day relates.
According to Prachai Leophairatana, the company is his and the
ministry should not bring his asset to offer for sale to other
people. Mr. Prachai pointed out that the ministry has no right
to sell his asset at a low price, but if this has to be done, he
should be the first one to be offered and given the right to buy
all the shares back and not just a part of it. The former chief
executive also said the finance ministry, as part of the
government should treat all parties concerned fairly.
PTT Plc the firm where the shares are to be allocated mainly,
plans to hold a board of directors' meeting late this month to
consider the oil firm's five-year investment plan worth THB170
billion.
"I cannot give any details on PTT's plan to co-invest in TPI at
the moment. We will have to wait for the board's conclusion
first," PTT president Prasert Bunsumpun told reporters. He added
that PTT is now studying TPI's details, particularly the shares'
selling price, which has yet to be concluded. According to
Mr.Prasert PTT plans to buy TPI's stake at the ratio of no more
than 30 percent.
PTT wanted a clearer picture on the stake-holding proportion and
TPI shares' selling price range first before it would sign a
merandum of agreement on TPI's stake acquisition, but if the
ministry wants it PTT is ready to abide by it. However, the to-
be-signed MoU must be equipped with some specific conditions on
the two issues concerning PTT, Mr. Prasert added.
CONTACT:
Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th
THAI PETROCHEMICAL: Discloses Summary of Amended Rehab Plan
-----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited furnished the
Stock Exchange of Thailand (SET) a copy of the court order dated
November 10, 2004 and a copy of the amended Business
Reorganization Plan.
Summary of the Amendment of Business Plan of Thai Petrochemical
Industry Public Company Limited
The amendment of the Business Reorganization plan of Thai
Petrochemical Industry Public Company Limited (TPI) as approved
by Central Bankruptcy court can be summarized as follows:
Summary of Debt Restructuring Framework
Approximately US$2,700MM of total debt principal is restructured
as follows:
Tranche A: Equivalent amount of US$500MM is to be repaid within
5 years at interest rate MLR-1% for THB debt, LIBOR+1% for USD
and YEN debt, and EURIBOR+1% for EURO debt.
Tranche B: Equivalent amount of US$850MM is to be repaid within
10 years at interest rate MLR for debt in THB, LIBOR+2% for USD
and YEN debt, and EURIBOR+2% for EURO debt. First repayment is
to be made after Tranche A debt described above is fully repaid.
Tranche C: Equivalent amount of US$150MM is to be serviced at 1
percent Interest rate in the first year, 2 percent in the second
year, 3 percent in the third year and 4 percent in the fourth
year and thereafter. The principal is to be repaid by bullet
payment in year 10
Trache D: Equivalent amount of US$300MM is to be serviced at 1
percent interest rate in the first year, 2 percent in the second
year, 3 percent in the third year and 4 percent in the fourth
year and thereafter. The principal is to be repaid by bullet
payment in year 12.
Special Payment Scheme Debt (SPSD): Equivalent amount of
US$900MM is to be repaid and discharged by the proceeds from
sale of the Equity under the Plan and TPI Polene shares (see
details in the Capital Restructuring summary)
Approximately US$250MM accrued interest is to be written off.
Summary of Capital Restructuring Framework
Reduction of TPI's paid-up capital by 90 percent via par
reduction from THB10 per share to THB1 per share. The decreased
capital is to be used to reduce TPI's retained loss. After the
capital reduction, TPI's original paid-up capital of
approximately THB78,489.11MM will be reduced to approximately
THB7,848.91 MM while the number of shares of 7,848.91 million
shares remains unchanged.
Increase TPI's capital to accommodate the sale to the strategic
investor. Increase capital to accommodate for ESOP amounting to
approximately 5 percent of total capital.
The Ministry of Finance shall have an absolute right to procure
strategic investor and to sell TPI Polene shares. The strategic
investor shall be a Thai juristic person in form of an
investment fund or a juristic person possessing expertise in
petrochemical or petroleum business or the Ministry of Finance.
The strategic investor may be one or more juristic person.
TPI's capital to procure to strategic investors amounting to
approximately 90 percent of the total capital consists of the
TPI's original capital held by the creditors and the new issued
capital.
As a result, TPI's original shareholder's take will be reduced
to approximately 10 percent of the total capital.
Summary of the outcome of the debt and capital-restructuring
framework
Reduction of TPI's principal debt and accrued interest from
approximately US$2,950 MM to approximately US$1,800 MM post-
restructuring.
Elimination of TPI's retained loss will enable any future
dividend payments to TPI's shareholders after prepayment or
forgiven of debt in aggregate amount of not less than US$300 MM
Business Reorganization Period
The Plan implementation Period shall be extended for 1 year,
expiring on December 31, 2005.
* BOND PRICING: For the Week 13 December to 17 December 2004
------------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Amcom Telecommunications Ltd 10.000% 10/28/07 2
Antares Energy 10.000% 10/31/13 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 10
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 8.750% 10/15/05 9
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 4/15/05 8
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
Citigold Corp. 12.000% 3/29/07 1
Consolidated Minerals Ltd 11.250% 3/31/05 2
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd. 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 11
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure and Utility 8.500% 9/15/13 8
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd. 10.250% 10/15/09 10
Powerco Ltd 8.150% 9/01/07 8
Powerco Ltd 8.400% 5/22/07 10
Richmond Ltd 10.750% 12/15/04 11
Salomon Smith Barney Australia 4.250% 2/1/09 8
Sapphire Securities 7.410% 9/20/35 7
Sapphire Securities 9.160% 9/20/35 9
Sherlock Bay Nickel 12.000% 9/1/07 1
Sky Network Television Ltd 9.300% 10/29/49 7
Software of Excellence 7.000% 8/09/07 2
Strathfield Group 11.000% 12/31/05 1
Structural Systems Ltd 11.000% 6/30/07 1
Sydney Gas Company 12.000% 4/1/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
CHINA
-----
China Government Bond 2.900% 5/24/32 66
KOREA
-----
Korea Electric Power Corporation 7.950% 4/1/96 70
MALAYSIA
--------
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Artwright Holdings Bhd 5.500% 3/05/07 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 4
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder 3.000% 2/25/06 2
Dataprep Holdings Bhd 4.000% 8/5/05 1
Dataprep Holdings Bhd 4.000% 8/6/07 1
Eden Enterprises (M) Bhd 2.500% 12/2/07 1
Fountain View Development Sdn Bhd 3.500% 11/3/06 5
Furqan Business Organization 2.000% 12/19/05 1
Gadang Holdings Bhd 2.000% 12/24/08 8
Grand Central Enterprises Bhd 5.000% 2/17/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
I-Bhd 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Killinghall Bhd 5.000% 4/13/09 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/28/12 1
LBS Bina Group Bhd 4.000% 12/31/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
Lebar Daun Bhd 2.000% 1/6/07 5
Lion Diversified Holdings Bhd 2.000% 6/1/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/5/12 1
Mithril Bhd 8.000% 4/5/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
Naim Indah Corporation Bhd 0.500% 8/24/06 1
NAM Fatt Corporation Bhd 2.000% 6/24/11 1
Orlando Holdings Bhd 3.000% 3/16/05 1
OSK Holdings Bhd 3.500% 3/1/05 1
OSK Holdings Bhd 6.000% 3/1/05 1
Patimas Computer Bhd 6.000% 2/19/06 1
Poh Kong Holdings 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/20/16 1
Rashid Hussain Bhd 0.500% 12/23/12 1
Rashid Hussain Bhd 3.000% 12/23/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel Bhd 5.500% 7/31/08 2
Tanah Emas Corporation Bhd 2.000% 12/9/06 1
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
WCT Land Bhd 3.000% 8/02/09 1
Wah Seong Corp 3.000% 5/21/12 4
Yu Neh Huat Bhd 3.000% 9/2/08 1
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Rabobank Singapore 1.000% 1/15/13 75
Sengkang Mall 8.000% 11/20/12 1
Tampines Assets Ltd 5.625% 12/7/06 1
Tampines Assets Ltd 6.000% 12/7/06 1
Tincel Ltd 5.000% 12/25/05 1
Tincel Ltd 7.400% 6/13/11 1
THAILAND
--------
Bangkok Land 3.125% 3/31/01 35
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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