/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/041227.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 Monday, December 27, 2004, Vol. 7, No. 255 Headlines A U S T R A L I A AWAHOU PTY: Gregory Arthur Hayes Appointed as Liquidator BALATOX PTY: Sets December 31 As Date Of Final Meeting BALRANALD HOLDINGS: Final Meeting Slated For January 4 CHEMEQ LIMITED: ASIC Issues Details On Legal Proceedings Filed CLARKE'S OF LEEDERVILLE: Winds Up Voluntarily CLOCOURT INVESTMENTS: Enters Voluntary Winding Up Process DAVPAC HOLDINGS: Final Dividend To Be Declared On January 7 DENHAM PROPERTY: Receivers And Managers Appointed EMPAC GROUP: Jason Bettles And Susan Carter Named As Liquidators EMPLEX PTY: To Declare Dividend On January 5 EX HART: To Convene Final Meeting On January 5 GOLDBRITE PTY: Final Dividend To Be Declared on January 23 GOLD STATE: Sets January 6 As Date Of Final Meeting INDUSTRY AND COMMERCE: To Declare Dividend On January 23 IVYBAY HOLDINGS: Joint Final Meeting Slated For January 6 NATIONAL AUSTRALIA: Issues Statement On Theft At Northern Bank ONE REALTY: Faces Voluntary Winding Up Proceedings PET'S TUCKER: To Declare Fifth Final Dividend On December 30 PLANDOME HOTEL: To Declare Final Dividend On January 11 TK SOLUTIONS: Final Meeting Slated For January 5 WATERFRONT BUSINESS: Final Dividend To Be Declared On January 6 WORKING METALS: Members Resolve to Voluntary Winding Up C H I N A & H O N G K O N G ARTEK ELECTRONIC: Creditors Meeting Set On January 10 BANK OF CHINA: Individual Gold Trading Plans Approved CAMINA COLLECTIONS: Enters Bankruptcy Proceedings CH CONSERVATION: Posts HK$24.7M 1H Net Loss FULLWAY PACIFIC: Faces Winding Up Proceedings GIWA FASHION: Winding Up Hearing Set On January 19 GOLD CAMEL: Schedules Winding Up Hearing On February 16 I N D O N E S I A BANK PERSYARIKATAN: Avoids Suspension Due to Islamic Benefactors MERPATI AIRLINES: Needs to Secure IDR400Bln to Stay Afloat J A P A N DAIEI INC.: All Board Members To Resign By End-March DAIEI INC.: Creditors Meeting Set January 11 KUKO ENTA: Enters Bankruptcy MISAWA HOMES: Creditors Agree On JPY100-Bln Assistance MITSUBISHI MOTORS: Unveils Ethics Committee Meeting Topics MITSUBISHI MOTORS: To Sell Shinagawa Head Office For JPY30-Bln MITSUI MINING: Sumitomo Corp. Mulls Acquisition NIKO KIZAI: Declares Bankruptcy K O R E A HYNIX SEMICONDUCTOR: WTO Says U.S. Tariffs Violate Provisions HYUNDAI MERCHANT: Slapped With KRW2Bln Fine For Accounting Fraud LG CARD: Inks Deal To Sell US$400Mln In ABS To Merrill Lynch M A L A Y S I A AYER HITAM: Issues Litigation Update GOLDEN FRONTIER: Issues Shares Buy Back Notice GULA PERAK: Unveils Additional Listing Of Shares MALAYSIAN BULK: Units Face Winding Up Proceedings METROPLEX BERHAD: Adjourns Winding Up Hearing to December 28 METROPLEX BERHAD: Updates Winding Up Petition OCEAN CAPITAL: Updates Restructuring Scheme OCEAN CAPITAL: Answers Bursa Malaysia Query PADIBERAS NASIONAL: Issues Additional Listing of Shares TENAGA NASIONAL: Details Share Option Scheme P H I L I P P I N E S MANILA ELECTRIC: ERC Allows To Amend Power Deal With Duracom MAYNILAD WATER: Full Bond Draw Cannot Cover Concession Fee NATIONAL POWER: Masinloc Formally Handed To YNN Pacific PILIPINO TELEPHONE: OKs Changes To Agreement With Smart PILIPINO TELEPHONE: Regulator OKs Transfer Of Shares To Smart S I N G A P O R E CHINA AVIATION: Unit Receives Jet Fuel Offers ELITE MANAGEMENT: Releases Notice Of Intended Dividend GOODMAN MARINE: Posts Notice Of Intended Dividend HILUCK TECHNOLOGY: Issues Intended Preferential Dividend HTI EDUCATION: Complaints Against School Prompts Probe IMDEX TECHNOLOGIES: Issues Winding Up Order QUANTUM M&E: Releases Notice Of Intended Dividend ZIV ZERA: Appoint Liquidators T H A I L A N D ADVANCE PAINT: Completes Legal Process To Decrease Capital TANAYONG: Fixes February 7 as Rehab Plan Consideration Date TONGKAH HARBOUR: Board Approves Loan Facilities for Project - - - - - - - - ================= A U S T R A L I A ================= AWAHOU PTY: Gregory Arthur Hayes Appointed as Liquidator -------------------------------------------------------- Notice is hereby given that at a General Meeting of Awahou Pty Ltd (In Liquidation) A.C.N. 053 951 161 held on 18 November 2004 it was resolved that the Company be wound up voluntarily as a Members' Voluntary Winding up and that for such a purpose, Gregory Arthur Hayes be appointed liquidator. Dated this 18th day of November 2004 Gregory Arthur Hayes Liquidator 16 Rymill Road, Somerton Park SA 5044 BALATOX PTY: Sets December 31 As Date Of Final Meeting ------------------------------------------------------ Notice is hereby given that, pursuant to Section 509 of the Corporations Law, a final meeting of members of Balatox Pty Limited (In Liquidation) A.C.N. 010 697 088 will be held at Level 4, 29 Elkhorn Avenue, Surfers Paradise Qld 4217 on Friday 31 December 2004 at 10:00 a.m. for the purpose of receiving the liquidator's final account and report and giving any explanation thereof. Dated this 22nd day of November 2004 Neville John Douglas Whiley Liquidator c/- N.J.D. Whiley & Partners Chartered Accountants Level 4, 29 Elkhorn Avenue, Surfers Paradise Qld 4217 BALRANALD HOLDINGS: Final Meeting Slated For January 4 ------------------------------------------------------ Notice is hereby given that the final meeting of the members of Balranald Holdings Pty Ltd (In Liquidation) A.C.N. 010 098 281 will be held at the offices of Lucas & Currie, of Level 8, ING Building, 100 Edward Street in Brisbane on Tuesday 4 January 2004 at 10:00 a.m. for the purpose of laying before the meeting an account showing how the winding up has been conducted and the property of the Company have been disposed of and giving any explanation thereof. Dated this 23rd day of November 2004 Graham L. Starkey Liquidator Graham L. Starkey & Associates c/- Lucas & Currie Chartered Accountants Level 8 ING Building, 100 Edward Street, Brisbane Qld 4000 Telephone: (07) 3232 5200, Facsimile: (07) 3003 0334 CHEMEQ LIMITED: ASIC Issues Details On Legal Proceedings Filed -------------------------------------------------------------- The Chairman of the Australian Securities and Investments Commission (ASIC), Mr. Jeffrey Lucy, announced Thursday that ASIC had filed proceedings in the Federal Court in Perth against listed Company Chemeq Ltd. ASIC alleges that Chemeq, a pharmaceutical Company based in Bentley, Western Australia contravened the continuous disclosure provisions of the Corporations Act 2001 (the Act) on seven occasions between February 2003 and 6 October 2004. In particular, ASIC alleges that Chemeq: - Failed to inform the market of the increased costs of constructing and commissioning its manufacturing facility at East Rockingham in Western Australia from February 2003 to August 2004; - Failed to inform the market that purchase orders it received from South Africa were subject to a 'sunset' condition that they must be filled by 30 June 2004, and failed to inform the market that the orders would not be filled by this time prior to 30 July 2004; - Failed to inform the market of its further funding requirements from 8 June 2004, when it announced it had raised $10m from an issue of shares, to 27 August 2004; and - Failed to inform the market that a US patent had been granted during the period 28 September 2004 to 6 October 2004. ASIC is seeking court declarations that Chemeq failed to comply with its continuous disclosure obligations in accordance with the Corporations Act 2001 (the Act) and the Australian Stock Exchange (ASX) listing rules. ASIC is also seeking pecuniary penalties against Chemeq. Under the Act, the court may impose a penalty of up to $200,000 for each contravention prior to 1 July 2004. Following the commencement of the CLERP 9 legislation, this penalty has increased to $1 million for a contravention by a body corporate that occurs after 1 July 2004. 'The CLERP 9 law reforms demonstrate that a Company's continuous disclosure obligations are significant. ASIC is committed to taking action, where appropriate, when it considers that a listed entity has not complied with its continuous disclosure obligations', Ms Jan Redfern, Executive Director of Enforcement said. ASIC commenced an investigation following referrals made by the ASX. CONTACT: Chemeq Limited Suite 8 Petroleum House, 3 Brodie Hall Drive, Technology Park, Bentley, Australia, 6102 Head Office Telephone 08 9362 0100 Head Office Fax 08 9355 0199 Website: http://www.chemeq.com.au/ CLARKE'S OF LEEDERVILLE: Winds Up Voluntarily --------------------------------------------- Notice is hereby given that at a General Meeting of the members of Clarke's Of Leederville Pty Ltd (In Liquidation) A.C.N. 008 682 915 held on 16 November 2004, it was resolved that the Company be wound up voluntarily and that James Richard O'Shannessy of 56 Henning Crescent, Manning WA be appointed liquidator for the purpose of the winding up. Dated this 16th day of November 2004 James Richard O'shannessy Liquidator 56 Henning Crescent, Manning WA 6152 CLOCOURT INVESTMENTS: Enters Voluntary Winding Up Process --------------------------------------------------------- At a general meeting of Clocourt Investments Pty Ltd (In Liquidation) A.C.N. 099 736 802, duly convened and held on 19 November 2004, the following was resolved: That the Company be wound up voluntarily and that Kim David Holbrook of Holbrook & Associates, Chartered Accountants, Level 2, 19 Pier Street, Perth, Western Australia be appointed Liquidator of the Company for the purposes of the winding up. Dated this 19th day of November 2004 Steve Johnathan Lassam Holbrook & Associates Chartered Accountants Level 2, 19 Pier Street, GPO Box M925, Perth WA 6001 DAVPAC HOLDINGS: Final Dividend To Be Declared On January 7 ----------------------------------------------------------- A first and final dividend is to be declared on the 7th day of January 2005 in respect of Davpac Holdings Pty Ltd (In Liquidation) A.C.N. 009 338 130. Creditors whose debts or claims have not already been admitted were required on 21 of December 2004 formally to prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 22nd day of November 2004 Cliff Rocke Liquidator c/- PPB Chartered Accountants Level 1, 5 Mill Street, Perth WA 6000 DENHAM PROPERTY: Receivers And Managers Appointed ------------------------------------------------- Notice is hereby given pursuant to Section 427(4)(b) of the Corporations Act 2001 (Cth) that Lachlan McIntosh and John Park have ceased to act as Joint and Several Receivers and Managers of Denham Property Group Pty Ltd (Receivers & Managers Appointed) A.C.N. 069 576 834. Dated this 22nd day of November 2004 L.S. Mcintosh J.R. Park KordaMentha (Qld) Level 1, 307 Queen Street, Brisbane Qld 4000 Telephone: (07) 3225 4900 Facsimile: (07) 3225 4999 EMPAC GROUP: Jason Bettles And Susan Carter Named As Liquidators ---------------------------------------------------------------- Notice is given that Jason Bettles and Susan Carter, Registered Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue, Surfers Paradise, Queensland, were appointed Liquidators of The Empac Group Pty Ltd (In Liquidation) A.C.N. 101 468 400 at a meeting of the Company's shareholders on 11 November 2004. Dated this 19th day of November 2004 Jason Bettles Liquidator Downie Insolvency Web site: www.downieinsolvency.com.au EMPLEX PTY: To Declare Dividend On January 5 -------------------------------------------- A fourth and final dividend is to be declared on 5 January 2005 for Emplex Pty Ltd (In Liquidation) A.C.N. 010 971 490. Creditors whose debts or claims have not already been admitted were required on 14 December 2004 formally to prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 19th day of November 2004 David Clout Liquidator KordaMentha (Qld) Level 1, 307 Queen Street, Brisbane Qld 4000 Telephone: (07) 3225 4900 Facsimile: (07) 3225 4999 EX HART: To Convene Final Meeting On January 5 ---------------------------------------------- Notice is hereby given that a final meeting of creditors of EX Hart Pty Limited (In Liquidation) A.C.N. 007 652 744 will be held at Bernardi Martin, Level 1, 195 Victoria Square, Adelaide on 5 January 2005 at 4:00 p.m. AGENDA To consider how the winding up of the Company has been conducted, how the property of the Company has been disposed of and the destruction of the Company's books & records after 6 months. Dated this 18th day of November 2004 Hugh Martin Liquidator GOLDBRITE PTY: Final Dividend To Be Declared on January 23 ---------------------------------------------------------- A First and final dividend is to be declared on or before 23 January 2005 for Goldbrite Pty Ltd (In Liquidation) A.C.N. 010 870 470. Creditors whose debts or claims have not already been admitted were required on 21 December 2004 formally to prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 23rd day of November 2004 Tracy J. Dare Liquidator c/- Level 32, Central Plaza One, 345 Queen Street, Brisbane Qld 4000 Telephone: (07) 3333 9832 GOLD STATE: Sets January 6 As Date Of Final Meeting --------------------------------------------------- Notice is hereby given that a joint final meeting of the creditors and members of Gold State N.L. (In Liquidation) A.C.N. 060 921 217 will be held at the offices of BDO Chartered Accountants & Advisers, 8th Floor, 256 St Georges Terrace, Perth on 6 January 2005 at 11:00 a.m. AGENDA (1) To receive the liquidator's account of his acts and dealings and of the conduct of the winding up and the hearing of any explanations thereof. (2) To authorize the liquidators to destroy, at their discretion, the Company's books and records within a period of 5 years after dissolution of the Company, subject to obtaining prior approval from the Australian Securities & Investments Commission. (3) To seek the approval of the liquidator's remuneration. (4) Any other business. Dated this 18th day of November 2004 Ron Gamble Liquidator c/- BDO Chartered Accountants & Advisers 8th Floor, 256 St George's Terrace, Perth WA 6000 Telephone: (08) 9360 4200 INDUSTRY AND COMMERCE: To Declare Dividend On January 23 -------------------------------------------------------- A first and final dividend is to be declared on 23 January 2005 for Industry And Commerce Employment And Training Group Limited (In Liquidation) trading as Icet Group A.C.N. 078 716 748. Creditors whose debts or claims have not already been admitted were required on 24 December 2004 formally to prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 21st day of November 2004 Gerald T. Collins Liquidator c/- Horwath Jefferson Stevenson Level 4, 370 Queen Street, Brisbane Qld 4000 IVYBAY HOLDINGS: Joint Final Meeting Slated For January 6 --------------------------------------------------------- Notice is hereby given that a joint final meeting of the creditors and members of Ivybay Holdings Pty Ltd (In Liquidation) A.C.N. 087 846 366 will be held at the offices of BDO Chartered Accountants & Advisers, 8th Floor, 256 St Georges Terrace, Perth on 6 January 2005 at 10:00 a.m. AGENDA (1) To receive the liquidator's account of his acts and dealings and of the conduct of the winding up and the hearing of any explanations thereof. (2) Any other business. Dated this 18th day of November 2004 Ron Gamble Liquidator c/- BDO Chartered Accountants & Advisers 8th Floor, 256 St George's Terrace, Perth WA 6000 Telephone: (08) 9360 4200 NATIONAL AUSTRALIA: Issues Statement On Theft At Northern Bank -------------------------------------------------------------- National Australia Bank (NAB), in a press release, announced that approximately GBP20 million was stolen from Northern Bank in Belfast on Monday evening 20 December 2004. The theft is covered by self-insurance, and as such, National Australian Bank, which currently owns Northern Bank, will bear the impact of any losses arising from the theft. The incident is not expected to have any material impact on the sale of Northern Bank and National Irish Bank to the Danske Bank Group announced on 14 December 2004. Customer services at Northern Bank have been maintained following the successful implementation of business continuity plans. Most importantly, all staff involved in the theft are safe and are receiving appropriate care and support by Northern Bank and the police in Northern Ireland. Northern Bank is fully cooperating with the police in Northern Ireland in their investigation into the theft. For further information: Brandon Phillips Group Manager Group Corporate Relations 038641 3857 work 0419 369 058 mobile Hany Messieh Investor Relations Manager Group Investor Relations 03 8641 2312 work 0414 446 876 mobile Or visit www.nabgroup.com ONE REALTY: Faces Voluntary Winding Up Proceedings -------------------------------------------------- Notice is given that on 11 November 2004 the creditors of One Realty Pty Ltd (In Liquidation) A.C.N. 010 173 430 (Under Administration) resolved that the Company be wound up under subsection 439C(c) of the Corporations Act. Accordingly, the Company is taken because of the application of Section 446A and regulation 5.3A.07 to have passed a special resolution on 11 November 2004 under Section 491 that the Company be wound up voluntarily. Dated this 23rd day of November 2004 R.E. Murphy Liquidator Level 9, 46 Edward Street, Brisbane Qld 4000 PET'S TUCKER: To Declare Fifth Final Dividend On December 30 ------------------------------------------------------------ A fifth dividend is to be declared on the 30th day of December 2004, for Pet's Tucker Time Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 080 893 401. Creditors whose debts or claims have not already been admitted were required on the 9th day of December 2004 to prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 17th day of November 2004 G.A. Lopez Administrator of the Deed of Company Arrangement PLANDOME HOTEL: To Declare Final Dividend On January 11 ------------------------------------------------------- A first dividend is to be declared on 11 January 2005 for Plandome Hotel Pty Ltd (In Liquidation) A.C.N. 009 490 608. Creditors whose debts or claims have not already been admitted were required on 21 December 2004 to formally prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 30th day of November 2004 S.A. Hernyk Official Liquidator Deloitte Touche Tohmatsu Chartered Accountants 49 Elizabeth Street, Launceston Tas 7250 Telephone: 03 6337 7000 TK SOLUTIONS: Final Meeting Slated For January 5 ------------------------------------------------ Notice is hereby given that a final meeting of creditors of TK Solutions Pty Limited (In Liquidation) A.C.N. 105 729 904 will be held at Bernardi Martin, Level 1, 195 Victoria Square, Adelaide on 5 January 2005 at 3:00 p.m. AGENDA To consider how the winding up of the Company has been conducted, how the property of the Company has been disposed of and the destruction of the Company's books & records after 6 months. Dated this 18th day of November 2004 Hugh Martin Liquidator WATERFRONT BUSINESS: Final Dividend To Be Declared On January 6 --------------------------------------------------------------- A dividend is to be declared on 6 January 2005 for Waterfront Business Services Pty Ltd (Subject To Deed Of Company Arrangement) formerly known as Disavia Business Services Pty Ltd A.C.N. 091 538 877. Creditors whose debts or claims have not already been admitted were required on or before 21 December 2004 to formally prove their debts or claims. If they have not, they will be excluded from the benefit of the dividend. Dated this 19th day of November 2004 Jonathan Mcleod Joint and Several Administrator c/- Knights Insolvency Administration Level 14, 241 Adelaide Street, Brisbane Qld 4000 Telephone: (07) 3004 3200 WORKING METALS: Members Resolve to Voluntary Winding Up ------------------------------------------------------- At a meeting of creditors of Working Metals Pty Ltd (In Liquidation) A.C.N. 078 062 558, duly convened and held at the offices of KordaMentha, Level 11, 37 St Georges Terrace, Perth on Thursday, 11 November 2004 at 10:00 a.m., it was resolved: That pursuant to Section 439C(c) of the Corporations Act 2001 the Company be wound up. Dated this 16th day of November 2004 Oren Zohar Liquidator for Working Metals Pty Ltd KordaMentha Telephone: (08) 9221 6999 ============================== C H I N A & H O N G K O N G ============================== ARTEK ELECTRONIC: Creditors Meeting Set On January 10 ----------------------------------------------------- Notice is hereby given that pursuant to Section 241 of the Companies Ordinance, that a meeting of the creditors of Artek Electronic Company Limited will be held at P/F., Kowloon Central Corps Hall, Salvation Army, 11 Wing Sing Lane, Kowloon, Hong Kong on 10 January 2005 at 3 p.m. to appoint a Liquidator and to consider further matters relevant to the creditors' voluntary winding-up of the above named Company pursuant to Sections 241, 242, 243, 244 and 255A of the Companies Ordinance. Creditors may vote either in person or by proxy. Proxies used at the meeting must be lodged at Room 1004, 10/Floor, Kowloon Building, 555 Nathan Road, Mongkok, Kowloon, Hong Kong not later than 4 p.m. on the day before the meeting or adjourned meeting at which they are to be used. Dated this 10th day of December 2004 By Order Of The Board Of Directors Li Kwong Fai Chairman This notice is dated 17 December 2004. BANK OF CHINA: Individual Gold Trading Plans Approved ----------------------------------------------------- Bank of China (BOC), one of China's Big Four banks, has just received full approval from the China Banking Regulatory Commission (CBRC) to launch its gold trading for individual clients, Interfax relates. BOC, a sponsor for the Beijing 2008 Olympics, is planning to sell Olympics-themed gold products in order "to promote the Olympic spirit to the Chinese people" as well as provide an opportunity for customers to collect and invest in gold products, which can be considered as gold trading. The bank's clients may also sell their purchased gold items back to the bank, although BOC did not specify how to go about the transaction. CONTACT: Bank of China 1 Fuxingmen Nei Dajie Beijing, 100818, China Phone: +86-10-6659-6688 Fax: +86-10-6601-4024 E-mail: http://www.bank-of-china.com CAMINA COLLECTIONS: Enters Bankruptcy Proceedings ------------------------------------------------- Notice is hereby given that a petition for the winding up of Camina Collections Limited by the High Court of Hong Kong Special Administrative Region was on the 10th day of November 2004 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on 12 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. W. I. Cheung & Co. Solicitors for the Petitioner Rooms 2505-10 Wing On House 71 Des Voeux Road Central 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 11th day of January 2005. This notice is dated 17 December 2004. CH CONSERVATION: Posts HK$24.7M 1H Net Loss ------------------------------------------- China Conservational Power (0290) announced at the Hong Kong Stock Exchange its net loss for the period ending 30 September. It posted a net loss of HK$24.708 million for the six months ended September 30, compared to a net loss of HK$7.692 million a year ago. LPS was HK$0.077. No interim dividend was declared. To view the entire document click on: http://bankrupt.com/misc/tcrap_chconservation122304.txt FULLWAY PACIFIC: Faces Winding Up Proceedings --------------------------------------------- Notice is hereby given that a petition for the winding up of Fullway Pacific Limited by the High Court of Hong Kong Special Administrative Region was on the 23rd day of November 2004 presented to the said Court by Vincent T. K. Cheung, Yap & Co. of 15th Floor, Alexandra House, 16-20 Chater Road, Central, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on the 12 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. Vincent T. K. Cheung, Yap & Co. Solicitors for the Petitioner 15th Floor, Alexandra House 16-20 Chater Road Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 11th day of January 2005. This notice is dated 17 December 2004. GIWA FASHION: Winding Up Hearing Set On January 19 -------------------------------------------------- Notice is hereby given that a petition for the winding up of Giwa Fashion Limited by the High Court of Hong Kong Special Administrative Region was on the 29th day of November 2004 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition will be heard before the Court at 9:30 a.m. on 19 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. Tsang, Chan & Wong Solicitors for the Petitioner 16th Floor, Wing On House No. 71 Des Voeux Road Central 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 18th day of January 2005. This notice is dated 17 December 2004. GOLD CAMEL: Schedules Winding Up Hearing On February 16 ------------------------------------------------------- Notice is hereby given that a petition for the winding up of Gold Camel Limited by the High Court of Hong Kong Special Administrative Region was on the 3rd day of December 2004 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition will be heard before the Court at 9:30 am on the 16th day of February 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. Gallant Y. T. Ho & Co. Solicitors for the Petitioner 5th Floor, Jardine House No. 1 Connaught Place Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15th day of February 2005. This notice is dated 17 December 2004. ================= I N D O N E S I A ================= BANK PERSYARIKATAN: Avoids Suspension Due to Islamic Benefactors ---------------------------------------------------------------- Bank Persyarikatan Indonesia (BPI) will not be facing suspension, as Islamic organizations have agreed to save the ailing bank, Asia Pulse reported. According to BPI Chief Commissioner Hajriyanto Y Thohari, Bank Bukopin and PT Eurocapital Peregrine Securities and Muhammadiyah have agreed to inject IDR200 billion (US$21.4 million) in fresh capital enough to lift BPI's capital adequacy ratio (ADR) to more than eight percent, which is the minimum level set by the central bank. Mr. Thohari said BPI would be able to meet the three-month deadline set by the central bank to improve its condition. MERPATI AIRLINES: Needs to Secure IDR400Bln to Stay Afloat ---------------------------------------------------------- PT Merpati Nusantara Airlines (MNA) should secure IDR400 billion (US$44.44 million) by January next year to prevent its aircraft from being grounded, Asia Pulse reported. The funds will be used in order for Merpati to cope up with its financial problems. The absence of the fund would result to a halt in the operations of the airline Company for it may not be able to pay its workers, Ferdinand Nainggolan, a deputy of the state minister for state enterprises, said. State Minister for State Enterprises Sugiharto has failed to come up with a solution to the problem faced by Merpati after four meetings. Despite support from the House of Representatives, Merpati failed in its attempt to restructure a large portion of its debts. Merpati President Hotasi Nababan said he was not in a position to make demandS in connection with the proposed restructuring. Mr. Nababan said Merpati is aiming to reach a break-even point until the end of this year. The hopes to earn IDR1.4 trillion in operating income will be less significant with the soaring fuel prices. The fuel price increase propped up the airlines' operating cost to 45 percent from the previous 27 to 28 percent. Merpati has proposed to the finance ministry to restructure IDR812 billion of the debt through capital participation by the government. Merpati's debts amount to IDR1.5 trillion, including IDR225 billion to the finance ministry and IDR689 billion to Garuda Indonesia and state-owned Bank Mandiri. ========= J A P A N ========= DAIEI INC.: All Board Members To Resign By End-March ---------------------------------------------------- The entire board of directors at Daiei Inc. will resign by the end of next March to take responsibility for the poor management that led the retail firm to seek a huge amount of debt forgiveness from creditors, Kyodo News reports. In a recent TCR-AP report, the Industrial Revitalization Corporation of Japan (IRCJ) will make a final decision to support Daiei's rehabilitation on December 28 and shortlist two or three candidates to sponsor the restructuring through bidding in mid-January. The final candidate will be named by March. CONTACT: The Daiei Incorporated 4-1-1, Minatojima Nakamachi, Chuo-ku, Kobe, 650-0046 Japan Phone: +81-78-302-5001 Fax: +81-78-302-5572 Web site: www.daiei.co.jp DAIEI INC.: Creditors Meeting Set January 11 -------------------------------------------- The Industrial Revitalization Corporation of Japan (IRCJ) is likely to hold a meeting on January 11 for creditors of Daiei Inc., according to Kyodo News. Thirty financial institutions will join in the meeting, where the IRCJ will explain its plan to provide the struggling retailer with JPY597 billion in assistance. KUKO ENTA: Enters Bankruptcy ---------------------------- Golf course operator Kuko Enta Puraizu K.K. has entered bankruptcy, according to Teikoku Databank America. The firm, based in Narita-shi, Chiba 286-0811, left a total of US$74.04 million in liabilities. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. MISAWA HOMES: Creditors Agree On JPY100-Bln Assistance ------------------------------------------------------ Creditors of Misawa Homes Holdings Inc. will provide more than JPY100 billion to the ailing homebuilder as part of its reconstruction plan, Kyodo News reports. Misawa and UFJ Bank are expected to apply Tuesday to the Industrial Revitalization Corporation of Japan (IRCJ) for its aid in rebuilding the Misawa group business. CONTACT: Misawa Homes Co Ltd 4-5 Takaido-Higashi 2-Chome Suginami-Ku 168-8533, Tokyo 168-8533 Japan Phone: +81 3 3331 1111 Fax: +81 3 5381 7830 Web site: http://www.misawa.co.jp/ MITSUBISHI MOTORS: Unveils Ethics Committee Meeting Topics ---------------------------------------------------------- Mitsubishi Motors Corporation announced that its Business Ethics Committee held its tenth meeting on 21 December 2004 at the Shinagawa headquarters (Commissioner Fujimoto was absent and professional counselor Yamamoto was in attendance). The topics for discussion were the following: 1) The explanation of the response to the warning received from the Ministry of Land, Infrastructure and Transport. 2) The progress of the internal investigation into the causes of the emergence of the past recalls and process problems. 3) The progress of the Action Program for Company ethics and reforming of corporate culture. The explanations from the Company as well as the opinions of the commissioners are as follows. The explanation of the response to the warning received from the Ministry of Land, Infrastructure and Transport. The Company explained the answer that it has internally prepared, and presented it to each commissioner before submitting it to the Ministry. In terms of the contents of the response, in the case of judging recalls, it is not only product information reports, but phone calls from dealers, and defect information received from customers, is the appropriate direction for you to study incorporating. Listening sincerely to the real voice of customers is the key to quality improvement, and listening to these voices, you must carry through on making safe vehicles without exception. The progress of the internal investigation into the causes of the emergence of the past recalls and process problems. The team of outside lawyers explained the additional hearings that are currently being held and the progress of the outline of the report. After the recommendation made by the committee at the 8th meeting to reinforce the investigation, it was confirmed that more hearings were held with managers and regular employees. Although there is a time restriction, we believe these hearings to be necessary and ask that you put them into effect by whatever means. The description of the process of concealment of recalls in 2000, the perceptions of persons involved and the processes by which this happened has been enriched. We ask that the team of outside lawyers, who have increased the proportion of information, that they conclude the investigation as quickly as possible. The team of outside lawyers, who were originally commissioned to investigate the 2000 recall problem, are also requested to investigate those who came after 2000, and we ask that you do so immediately. Also, the committee, with regard to the report to be submitted, had originally appointed a professional counselor who would inspect the report from the point of view of compliance, but at this time, we have decided to appoint Professor Nobuyuki Yamamoto, a lecturer from the Toin Yokohama University Compliance Research Center. The progress of the Action Program for Company ethics and reforming of corporate culture. The Company explained the progress of the currently advancing "For compliance first Action Program", the investigation into the degree of understanding of corporate ethics, the Q&A manual on corporate ethics, and the progress of the written pledge. There is no meaning to the Mitsubishi Motors newly started compliance system if it does not take root in one site and continue as a chain of actions. You must be sure to continue steadily and see that it spreads through the organization. At present, a system to have all employees sign a pledge of corporate ethics is being implemented, but accordingly, the Company must not oblige those employees who do not wish to sign. As a Company, an effort should be made to obtain the person's consent, even if they refuse to sign, it is also rather important to respect individual judgment. The eleventh meeting of the Business Ethics Committee is scheduled on January 24, 2005. Noboru Matsuda Mitsubishi Motors Corporation Business Ethics Committee Chairman This Company press release is dated 21 December 2004. 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: To Sell Shinagawa Head Office For JPY30-Bln -------------------------------------------------------------- Mitsubishi Motors Corporation and Mitsubishi Corporation recently exchanged contracts with a special purpose Company, established with capital from a real estate investment fund run by a Company affiliated with the Morgan Stanley Securities group, to sell the trust beneficiary rights pertaining to the Shinagawa Mitsubishi Building that includes the MMC Head Office real estate in Shinagawa, Tokyo. MMC will use the proceeds, realized from converting the Shinagawa Mitsubishi Building and its property into a real estate trust parcel and selling off all trust beneficiary rights thereof, to reduce asset costs and improve its cash flow in line with the Company's Business Revitalization Plan. The sale will bring in around JPY30 billion and is expected to go through at the end of January 2005. MMC, Mitsubishi Corporation and Mitsubishi Heavy Industries acquired the property in question from the JNR Settlement Corporation in March 1999. MMC leased its Shinagawa Head Offices (in the Shinagawa Mitsubishi Building) after Mitsubishi Corporation constructed the building. MMC is selling its holding, which is approximately 35.8% of the total of 20,476.14 square meters of land acquired by the three companies and will re-lease it from a Morgan Stanley Securities group Company. This Company press release is dated 17 December 2004. MITSUI MINING: Sumitomo Corp. Mulls Acquisition ----------------------------------------------- Sumitomo Corporation plans to acquire debt-laden Mitsui Mining Co., which is rehabilitating its businesses with government support, reports the Jiji Press. Mitsui Mining is undergoing rehabilitation under the supervision of Industrial Revitalization Corporation of Japan (IRCJ), its largest shareholder, with a 52 percent stake. The IRCJ is expected to put Mitsui Mining to tender in January, to select a buyer. The Company is part of the Mitsui group of companies. CONTACT: Mitsui Mining Co. 3-3-3, Toyosu, Koto-ku Tokyo 135-6007, Japan Phone: +81-3-5560-1311 Fax: +81-3-5560-1994 NIKO KIZAI: Declares Bankruptcy ------------------------------- Niko Kizai K.K. has been declared bankrupt with total liabilities of US$90.38 million, says Teikoku Databank America. The firm, engaged in wholesale trade of pipes, heating and freezing devices, is located in Nagano-shi, Nagano 380-0813. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. ========= K O R E A ========= HYNIX SEMICONDUCTOR: WTO Says U.S. Tariffs Violate Provisions ------------------------------------------------------------- A final decision on the U.S. Department of Commerce countervailing tariffs on Hynix Semiconductor has been released by the World Trade Organization (WTO) Dispute Settlement Body Sunday, Digital Chosunilbo relates. In a final ruling sent to Korea and the United States, WTO arbitrators reaffirmed that the Korean government and financial institution's bailout packages to Hynix did not constitute subsidiaries. The ruling cited that the U.S. Department of Commerce violated the Trade Organization's subsidy-related provisions. Hynix was accused of receiving subsidies from the Korean government and financial institutions. The U.S. then imposed countervailing duties of 44.29 percent on the Korean chipmaker in August last year. An appeal is expected by the U.S. Department of Commerce, and a final report is expected to come out in April or May of next year once the appeal trial is concluded. CONTACT: Hynix Semiconductor Inc. (HIS) 891 Daechi-dong, Kangnam-gu, Seoul, Korea Telephone: 82-2-3459-3470 Fax: 82-2-3459-5987/8 Web site: http://www.hynix.com HYUNDAI MERCHANT: Slapped With KRW2Bln Fine For Accounting Fraud ---------------------------------------------------------------- The Financial Supervisory Services and Futures Commission has imposed KRW2 billion and KRW20 million in fines on Hyundai Merchant Marine (HMM) and its CEO respectively, reports the Digital Chosunilbo. The fine was slapped on HMM for fabricating more than KRW1.45 trillion of its accounts since 2000 when it transferred cash to North Korea, just ahead of the historic inter-Korean summit. A KRW625.1 billion of HMM's accounting irregularities was added to the previous KRW622.4 billion that the Company voluntarily admitted. HMM said it would record KRW205.3 billion on its 2004 accounting books to compensate for the previous financial misrepresentation. CONTACT: Hyundai Merchant Marine Co. Ltd. 66 Chokson-dong Chongno-gu Seoul, Seoul 110-052 KOREA (SOUTH) Telephone: +82 2 3706 5114 +82 2 736 8517 Web site: http://www.hmm.co.kr/ LG CARD: Inks Deal To Sell US$400Mln In ABS To Merrill Lynch ------------------------------------------------------------ LG Card Co. has forged a deal to sell US$400 million in asset- backed securities (ABS) to Merrill Lynch, according to Asia Pulse. The ABS will be backed by card bills, cash advances and rescheduled card loans at LG Card. The two-year debt will carry a coupon rate of 4.87 percent. The U.S. investment bank will underwrite the entire amount of the issue. Creditors of LG Card has been unsuccessful in convincing LG Group to support the proposed KRW1.2 trillion in rescue package to keep the Company afloat. LG Card will face de-listing and liquidation unless the board of directors come out with solutions by December 29, according to a recent TCR Asia-Pacific report. CONTACT: LG Card Company Limited Fax: (02) 3420-7002 E-mail: webmaster@card.lg.co.kr Web site: http://www.lgcard.com =============== M A L A Y S I A =============== AYER HITAM: Issues Litigation Update ------------------------------------ A writ of summons dated 29 November 2004 and the statement of claim dated 26 November 2004 from the Kuala Lumpur High Court, was on 22 December 2004 served on Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) and its subsidiary Motif Harta Sdn Bhd (MHSB) by the solicitors of Alliance Bank Malaysia Berhad as the Lead Arranger and Agent for Alliance Bank Malaysia Berhad, EON Bank Berhad, Malayan Banking Berhad and Kewangan Bersatu Berhad (the Plaintiffs). The amount claimed is RM23,870,518.32 together with interest and cost thereon. The claim was filed against AHTIN and MHSB for the defaulted principal sum due and interest accrued up to 30 September 2004 in respect of a syndicated term loan granted by the Plaintiffs to MHSB. Announcement of the above default in payment had been made to the Bursa Malaysia Securities Berhad on 27 August 2004 pursuant to Practice Note 1/2001. There are no further financial and operations impact on the AHTIN Group as the said amount demanded had been fully provided in the accounts of MHSB. The Company has instructed its solicitors to file an appearance on its behalf. CONTACT: Ayer Hitam Tin Dredging Malaysia Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 MALAYSIA Phone: +60 3 2031 9633 Fax: +60 3 2031 6920 GOLDEN FRONTIER: Issues Shares Buy Back Notice ---------------------------------------------- Golden Frontier Berhad disclosed to the Bursa Malaysia Securities Berhad the details of its shares buy back on December 22, 2004. Date of buy back: 22/12/2004 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): 0.670 Maximum price paid for each share purchased (RM): 0.680 Total consideration paid (RM): 2,725.32 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): 1,250,100 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Golden Frontier Berhad No 11 Lorong Kinta 10400 Penang, Malaysia Phone: +60 4 226 2226 Fax: +60 4 228 2890 GULA PERAK: Unveils Additional Listing Of Shares ------------------------------------------------ Gula Perak Berhad's additional 55,000 new ordinary shares of RM1.00 each issued pursuant to the conversion of 55,000 irredeemable convertible secured loan stocks 2000/2005 into 55,000 new ordinary shares will be granted listing and quotation with effect from 9 a.m., Friday, 24 December 2004. CONTACT: Gula Perak Berhad Level 7, Dynasty Hotel Kuala Lumpur 218, Jln Ipoh, 51200 Kuala Lumpur Telephone: 03-4044 2828 Fax: 03-4044 6688 MALAYSIAN BULK: Units Face Winding Up Proceedings ------------------------------------------------- Malaysian Bulk Carriers Berhad (MBC) announced that the following dormant companies had ceased to be wholly-owned subsidiaries of MBC's wholly-owned subsidiary, Brodsworth Enterprises Limited, following the members' voluntary winding-up on 19 January 2004 and 12 January 2004 respectively: Name of Company: Aldgate Pte Ltd. Company Number: 200207740M Country Incorporation: Singapore Authorized Share Capital: S$100,000 Paid Up Share Capital: S$2 Name of Company: Vitraux Pte Ltd. Company Number: 200204019C Country Incorporation: Singapore Authorized Share Capital: S$100,000 Paid Up Share Capital: S$2 CONTACT: Malaysian Bulk Carriers Berhad Level 17 and 18 PJ Tower Jalan Persiaran Barat Off Jalan Timur 46050 Petaling Jaya Tel: 03-79661688 Fax: 03-79661628 This announcement is dated 22 December 2004. METROPLEX BERHAD: Adjourns Winding Up Hearing to December 28 ------------------------------------------------------------ Metroplex Berhad refers to its announcements dated 5 November 2004 and 10 November 2004 in relation to the winding up petition served on its unit Legend International Resorts Limited (LIR). LIR was advised by its solicitors that in view of the application by Morgan Stanley Emerging Markets, Inc. to reinstate their application to appoint a provisional liquidator and LIR's application to strike out the winding-up petition, the winding up petition, which came up on 22 December in the High Court of Hong Kong S.A.R was adjourned to 28 December 2004 for directions before the Judge. CONTACT: Metroplex Berhad 1st Floor Wisma Equity 150 Jalan Ampang 50450 Kuala Lumpur, Malaysia Telephone: 03-2618911 This announcement is dated 22 December 2004. METROPLEX BERHAD: Updates Winding Up Petition --------------------------------------------- Accountant P.C. Chan & Partners refers to the Bursa Malaysia Securities Berhad's letter to the Board of Directors of Metroplex Berhad dated 15 December 2004, pertaining to the notice of winding up petition. P.C. Chan announced that the Company has applied to strike out the winding up petition and that the matter has been adjourned for hearing to 12 January 2005. As announced to Bursa Malaysia on 24 November 2004, the Board of Directors of the Company are unable to provide a solvency declaration because the Company and its subsidiaries are an affected listed issuer pursuant to Practice Note No. 1/2001 of the Listing Requirements of Bursa Malaysia. Yours faithfully, P.C. CHAN & PARTNERS CHARTERED ACCOUNTANTS 3-2, Jalan 2/76C, Desa Pandan 55100 Kuala Lumpur Tel: 03-92834104 Fax: 03-92834046 CONTACT: Metroplex Berhad 1st Floor Wisma Equity 150 Jalan Ampang 50450 Kuala Lumpur, Malaysia Telephone: 03-2618911 OCEAN CAPITAL: Updates Restructuring Scheme ------------------------------------------- Ocean Capital Berhad had on 22 December 2004 served the notice of termination to the parties concerned to terminate the following agreements: i) Restructuring Agreement dated 22 April 2003 as amended by the Supplementary Restructuring Agreement dated 19 November 2003 for and in relation to the restructuring scheme of Ocean Capital Berhad made between Ocean, PHK Superstore Berhad and Tat Seng Fatt Holding Sdn. Bhd. ii) Conditional Sales and Purchases Agreement dated 19 November 2003 made between Ocean and Industrial Metropal Sdn. Bhd. in relation to the sale and purchase of the entire issued and paid- up capital of the 18 subsidiaries of Ocean. As a consequence of the termination of the abovementioned agreements, the Proposal would be terminated. CONTACT: Ocean Capital Berhad No. 43B, 2nd Floor Changkat Bukit Bintang 50200 Kuala Lumpur Phone: 03-21480700 Fax: 03-21454825 This announcement is dated 22 December 2004. OCEAN CAPITAL: Answers Bursa Malaysia Query ------------------------------------------- Ocean Capital Berhad refers to the query letter from Bursa Malaysia dated 21 December 2004 pertaining to the article appearing in The Sun, National, on 21 December 2004 which reported that Pasaraya Hiong Kong Sdn Bhd (PHK) closed down all its seven supermarket and departmental stores on Tuesday. The Company announced that it is not aware that PHK would be closing down its outlets. The Company is also alerted to the matter through the newspaper article. Ocean Capital is presently undertaking a proposed restructuring exercise. The exercise, unveiled in April 2003, includes an acquisition of Pasaraya Hiong Kong Sdn Bhd (PHK) and divestment of non-core assets in order to concentrate on its supermarket and departmental store retailing. Bursa Malaysia Securities Berhad's query letter content: The Exchange refer to the above article appearing in The Sun, National, page 2, on Tuesday, 21 December 2004, a copy of which is enclosed for your reference. In particular, we would like to draw your attention to the underlined sentence, which is reproduced as follows: "PHK closed down all its seven supermarkets and department stores on Tuesday..." In accordance with Bursa Securities' Corporate Disclosure Policy, you are requested to furnish Bursa Securities with an announcement for public release confirming or denying the above reported article in particular the underlined sentence after due and diligent enquiry with all the directors, major shareholders and all such other persons reasonably familiar with the matters about which the disclosure is to be made in this respect. In the event you deny the above reported sentence or any other part of the article, you are required to set forth facts sufficient to clarify any misleading aspects of the same. In the event you confirm the above reported sentence or any other part of the article, you are required to set forth facts sufficient to support the same. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully, TAN YEW ENG Sector Head Issues & Listing Group Regulations cc: Encik Onn Ismail Securities Commission (via fax) PADIBERAS NASIONAL: Issues Additional Listing of Shares ------------------------------------------------------- Padiberas Nasional Berhad's additional 508,500 new ordinary shares of RM1.00 each issued pursuant to the employees' share option scheme will be granted listing and quotation with effect from 9 a.m. on 24 December 2004. 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/ TENAGA NASIONAL: Details Share Option Scheme -------------------------------------------- The Bursa Malaysia Securities Berhad announced that Tenaga Nasional Berhad's additional 9,739,100 new ordinary shares of RM1.00 each issued pursuant to the employees' share option scheme would be granted listing and quotation with effect from 9 a.m. on 24 December 2004. CONTACT: Tenaga Nasional Berhad 129 Jalan Bangsar Kuala Lumpur, 59200 Malaysia Phone: +60 3 2296 5566 Fax: +60 3 2283 3686 ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: ERC Allows To Amend Power Deal With Duracom ------------------------------------------------------------ The Manila Electric Co.'s (Meralco) provisional authority to amend the rates in its power supply agreement with independent power producer Duracom Mobile Power Corp. has been made permanent by the Energy Regulatory Commission (ERC), says Businessworld. The ERC advised both Meralco and Duracom in an order dated December 16 to renegotiate the pricing scheme of the contract taking into consideration Duracom's true cost as an embedded generator as and when dispatched by Meralco. The renegotiated contract shall then be submitted to the ERC for approval within one year from Dec. 16. The provisional authority granted on Nov. 21, 2003 pertained to the weighted average of the prices of National Power Corp. (Napocor) and Meralco's other independent power producers -- Quezon Power Philippines and First Gas Power Corp. The original power supply agreement for the purchase of the electric power and energy by Meralco from Duracom was approved by the now-defunct Energy Regulatory Board (ERB) in 2000. CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.) Fax Number: 631-5572 Email Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph MAYNILAD WATER: Full Bond Draw Cannot Cover Concession Fee ---------------------------------------------------------- Even if the peso-dollar exchange rate reaches PHP60 to US$1, drawing the entire US$120-million performance bond of Maynilad Water Services Inc. is not enough to fully pay what the Lopez- controlled utility owes the Metropolitan Waterworks Sewerage Systems (MWSS), reveals The Manila Times, citing various sources. The performance bond only translates to some PHP7.2 billion, which cannot fully cover the PHP9 billion Maynilad has to pay the MWSS in concession fees, which are used to pay for the MWSS's pre-privatization dollar debts. The amount also excludes penalties for failure to remit payments on time. The MWSS has been forced to borrow US$150 million to cover debts falling due mainly because of Maynilad's failure to remit concession fees since March 2001. CONTACT: Maynilad Water Services Inc. Building G/F MWSI Building Street Katipunan Road Area MWSS Compound, Balara Town Quezon City Philippines NATIONAL POWER: Masinloc Formally Handed To YNN Pacific ------------------------------------------------------- Despite calls for a congressional probe, the Philippine government formally awarded the Masinloc coal-fired power plant deal Wednesday to the YNN Pacific Consortium, the Inquirer News Service relates, citing Finance Secretary and chair of state- owned power firm National Power Corp. (Napocor) Juanita Amatong. The Filipino-Australian YNN Pacific consortium won the auction for one of Napocor's biggest assets with a bid of US$561 million. The consortium is required to make a 40-percent down payment, which Napocor would collect as soon as the documentation of the sale is through, Ms. Amatong said. Critics in Congress, however, say the government should not immediately pursue the sale of Masinloc to YNN Pacific Consortium, casting doubts on the financial capabilities of the little-known group. "There are questions from legislators on the capitalization of the winning bidder," Ms. Amatong said. "But if they can really give 40 percent, then it will show that they are really very serious in their bid." The Power Sector Assets and Liabilities Management Corp. (PSALM), which handles the privatization of Napocor assets, said the government would be at the losing end if the Masinloc sale is cancelled because it would be prevented from drawing on a US$9-million security bond posted by the winning bidder. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 PILIPINO TELEPHONE: OKs Changes To Agreement With Smart ------------------------------------------------------- Pilipino Telephone Corporation (Piltel) (PSE:PLTL) announced on December 22 that the Board of Directors of Piltel and Smart Communications Inc. have approved amendments to their existing management agreements. The agreements were entered into in 2000 to cover services outsourced by Piltel to Smart covering such areas as network management, customer care and general administration as well as a revenue-sharing arrangement to compensate Smart for Piltel's use of Smart's GSM network for Piltel's Talk 'N Text prepaid service. Pursuant to the terms of the agreements which call for a periodic review of the various terms and conditions contained therein, Piltel and Smart undertook a review of the revenue sharing agreement as well as other relevant fee structures after Talk 'N Text surpassed the 3.5 subscriber million mark in June 2004. In August 2004, both companies approved the joint engagement of an international, external telecommunications consultant to provide a framework for considering the extent and timing of any changes in order to protect both companies' shareholders' interests. In its review, the independent consultant noted that the combined subscriber bases of Smart and Piltel have reached such a level that the benefits of the resulting economies of scale should be reflected in the management agreements. The consultant further noted that declining network and operating costs per subscriber derived from improvements in productivity and technology should also be taken into consideration in the sharing of revenues. These factors, when taken into account, will still allow Smart to largely recover its costs while providing Smart and Piltel with a more equitable revenue-sharing arrangement in the context of the changed circumstances. Accordingly, the Boards of Directors of Smart and Piltel have agreed to enter into a new omnibus agreement which shall supersede and replace the existing Facilities Management Agreement, Customer Service Management Agreement, Administrative Support and Management Services Agreement as well as the Facilities Service Agreement. The omnibus agreement will cover the provision of all the services under the abovementioned existing agreements, in consideration of a revenue sharing agreement of 80-20 in favor of Piltel. This change will result in the reflection of a positive PHP3.3 billion adjustment to Piltel's operating results for the period January to September 2004. In addition, Smart shall recompensate Piltel for PHP3.7 billion representing Piltel's equitable share of revenues as a result of Piltel having achieved a critical mass of subscribers and the resultant "economies of scale" earlier than anticipated. For further information, please contact: Deborah Anne Tan Corporate Information Officer (632) 511-6121 PILIPINO TELEPHONE: Regulator OKs Transfer Of Shares To Smart ------------------------------------------------------------- In a move that paves the way for the consolidation of telecom giant Philippine Long Distance Telephone Co.'s (PLDT) mobile assets, Pilipino Telephone Corp. (Piltel) announced that the transfer of a majority of its shares to larger affiliate Smart Communications Inc. has obtained the approval of the government regulator, reports Businessworld. "Piltel has received an order from the National Telecommunications Commission dated December 13 approving the authority to register the transfer of shares," the Company said in a disclosure. Smart Communications is set to acquire PLDT's 45.3% holding in Piltel after a debt swap is completed with Piltel's creditors for obligations worth PHP20.5 billion (US$366 million). Along with a plan to acquire 59 million convertible preferred shares, Smart would eventually end up owning 92% of Piltel. As of end September, Piltel and Smart had a combined subscriber base of more than 17 million, accounting for nearly 60% of the country's cellular phone market. PLDT's chief rival, Globe Telecom Inc., has 40% of the market. Piltel, which sank into debt as it upgraded from analog to digital technology, has been unprofitable for the past six years. CONTACT: Pilipino Telephone Corporation G/F Mobiline Centre 6764 Ayala Avenue 1200 Makati City Philippines Telephone: 63 2 811 8888 Fax: 63 2 817 6888 ================= S I N G A P O R E ================= CHINA AVIATION: Unit Receives Jet Fuel Offers --------------------------------------------- China Aviation Oil (S) Corp (CAO) said that its new unit China Aviation Oil Trading Pte (CAOT) has received offers from suppliers for its first order of jet fuel, Bloomberg reported. CAOT formed this month to obtain jet fuel in behalf of buyers from China after its parent CAO sought protection from creditors. In a statement to the Singapore Stock Exchange, the firm said that it has received offers for the entire 460,000 metric tons of jet fuel available for tender and that the ultimate buyers will proceed to enter into contracts with the successful suppliers. In order to ensure continued supplies for China's airlines and airports, which import about a third of CAO's jet fuel, the troubled firm's parent, Beijing-based China Aviation Oil Holdings Ltd. has guaranteed payment for the cargo order, which will be made through a letter of credit or telegraphic transfer. The grade A1 jet fuel is set for delivery to Shanghai and Tianjin. Aside from airlines and airports, CAOT is also acting as an agent for six possible buyers, which include Sinochem International Oil Co. and China International United Petroleum & Chemicals Co., or Unipec. An accord between China Aviation Oil and its parent to provide other services, including working space and employees to help it continue supplying jet fuel through CAOT, was also forged, with the CAOT shouldering its costs. In addition, both entities also agreed to a trust deed for the parent to provide financing "for CAOT to carry on its business of jet fuel procurement." CAO, which used to supply almost 100 percent of China's jet fuel imports, is currently the subject of an inquiry by Singapore authorities over the US$550 million losses made on oil betting derivatives. ELITE MANAGEMENT: Releases Notice Of Intended Dividend ------------------------------------------------------ Elite Management Services Pte Ltd. released a notice of intended dividend through the Singapore Government Gazette on 17 December 2004. Address of Registered Office: Formerly of 51 Anson Road #13-55 Anson Centre Singapore 079904 Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 403 of 1999 Last Day for Receiving Proofs: 31 day of December 2004 Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Dated: 17 day of December 2004 Karen Loh Assistant Official Receiver GOODMAN MARINE: Posts Notice Of Intended Dividend ------------------------------------------------- Goodman Marine International (Asia) Pte Ltd. posted its notice of intended dividend at the Singapore Stock Exchange on 17 December 2004. Address of Registered Office: Formerly of 3 Raffles Place #09-01 Bharat Building Singapore 048617 Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 317 of 2000 Last Day for Receiving Proofs: 31 December 2004 Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Dated: 17 December 2004 Chan Wang Ho Assistant Official Receiver HILUCK TECHNOLOGY: Issues Intended Preferential Dividend -------------------------------------------------------- Hiluck Technology Pte Ltd. issued its intended preferential dividend at the Singapore Stock Exchange. Address of Registered Office: Formerly of 113 Bukit Merah View #01-526 Singapore 150113 Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 129 of 1997 Last Day for Receiving Proofs: 31 December 2004 Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Dated: 17 December 2004 Sunari Bin Kateni Assistant Official Receiver HTI EDUCATION: Complaints Against School Prompts Probe ------------------------------------------------------ Complaints against I-Logics, a school that came under the wing of the recently-liquidated HTI Education Group, has prompted authorities to launch an investigation, reports Today Online. The bulk of the complaints came from students who claimed that the school did not issue them with professional IT certificates despite completing their course in April this year. Each student is believed to have paid about $4,500 for the course. This comes after the Company's liquidation to cover its more than $1.8 million in debt. Among its creditors are former students, staff, banks, suppliers and the Singapore Tourism Board (STB). HTI has also been at the receiving end of complaints this year from foreign students who paid about US$5,000 to US$6,500 each for nursing courses that were never approved by authorities. IMDEX TECHNOLOGIES: Issues Winding Up Order ------------------------------------------- In the matter of Imdex Technologies Pte Ltd., a winding up order was made on 10 December 2004. Name and Address of Liquidator: Teh Tatt Wah 89 Short Street #10-02 Golden Wall Centre Singapore 188216 Messrs CH Partners Solicitors for the Petitioner This Singapore Government Gazette notice is dated 17 December 2004. QUANTUM M&E: Releases Notice Of Intended Dividend ------------------------------------------------- Quantum M & E Engineering Services Pte Ltd released its notice of intended dividend at the Singapore Government Gazette. Address of Registered Office: c/o The Liquidator's Office Number of Matter: Companies Winding Up No. 284 of 2000 Last day for receiving Proofs: 6 January 2005 Name of Liquidator: Mr. Don M Ho, FCPA Address: c/o Don Ho & Associates Certified Public Accountants Corporate Advisory & Recoveries Equity Plaza 20 Cecil Street #12-02 & 03 Singapore 049705 Tel: 6532 0320 (8 lines) Fax: 6532 0331 Dated this 18th December 2004. ZIV ZERA: Appoint Liquidators ----------------------------- At an Extraordinary General Meeting of Ziv Zera Advertising Pte Ltd duly convened and held at 101A Upper Cross Street, #11-22 People's Park Centre, Singapore 058358 on Friday, the 17th day of December 2004 at 10 a.m., the following Special Resolutions were passed and duly confirmed, viz: ``That the Company be wound up voluntarily and that Ms. Lo Wei Min and Ms. Lo Wei Shih, Certified Public Accountants, of 101A Upper Cross Street, #11-22 People's Park Centre, Singapore 058358 be and are hereby appointed joint and several Liquidators for the purpose of such winding up. That the Liquidators be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by them in the execution and discharge of their duties in relation thereto.'' Dated at Singapore this 22nd day of December 2004. Andrew Teo Ban Seng Chairman of Meeting This Singapore Government Gazette notice is dated 22 December 2004. =============== T H A I L A N D =============== ADVANCE PAINT: Completes Legal Process To Decrease Capital ---------------------------------------------------------- Advance Paint & Chemical (Thailand) Public Company Limited (APC) informed the Stock Exchange of Thailand (SET) that it has completed the legal process required for a decrease of the Company's registered and paid-up capital, by reducing the par value from THB10 to THB1 without having to change the number of shares. As a result of the actions taken, there will be a subsequent decrease in the Company's registered and paid-up capital in the trading system effective December 27, 2004 onwards. CONTACT: Advance Paint & Chemical (Thailand) Pcl 344 Moo 2, Bang Pa-In Industrial Estate, Bang Pa-In Ayutthya Telephone: 0-3522-1140, 0-2541-5374-8 Fax: 0-3526-1871 TANAYONG: Fixes February 7 as Rehab Plan Consideration Date ----------------------------------------------------------- Pursuant to the order released by the Central Bankruptcy Court on December 30, 2003 for the business reorganization of Tanayong Public Company Limited and on March 15, 2004 to appoint Tanayong Public Company Limited as the Planner, the Company advised the Stock Exchange of Thailand (SET) that: The Official Receiver then called for a meeting of creditors with voting rights on November 16, 2004, but the creditor requested that the meeting be postponed. Thus, the Official Receiver gave an order to postpone the meeting on December 21, 2004. At the latest meeting convened to consider the plan, those present at the creditors' meeting have passed a resolution to approve the plan with total votes of 93.17 percent. Furthermore, those at the meeting also passed a resolution appointing 7 persons as a committee of creditors to act on behalf of all the creditors in monitoring the implementation of the plan. Thus, the Central Bankruptcy Court has fixed the date to consider the rehabilitation plan on February 7, 2005. Please be informed accordingly. Yours sincerely, Mr.Sudha Liptawat / Mr.Rangsin Kritalug By Tanayong Public Company Limited On behalf of the Planner of Tanayong Public Company Limited CONTACT: Tanayong Public Company Limited 100-100/1 Moo 4, Km.14,Bangna-Trat Road, Bang Plee, Samut Prakarn Telephone: 0-2273-8511-15 Fax: 0-2273-8516-17 Website: www.tanayong.co.th TONGKAH HARBOUR: Board Approves Loan Facilities for Project ----------------------------------------------------------- Pursuant to the Board of Director's Meeting No. 7/2004 held on 22 December 2004, Tongkah Harbour Public Company Limited (THL) hereby informs the Stock Exchange of Thailand (SET), shareholders and investors regarding the following Board resolution: (1) Approved the loan facilities for the Loei Gold Project for Tungkum Limited (TKL) as per the following terms and conditions: Lender: - Export-Import Bank of Thailand and - BankThai Public Company Limited Credit facilities: Approximately USD 13.1 million. Term: 4 years (1 year grace period). Securities: Mortgage plant and machinery, assigning of mining rights, pledge 50 million shares of THL by THL main shareholders and 100 percent of TKL's shares, THL's corporate guarantee and Mr. Ng Wai Choi's personal guarantee. Condition precedent: Increase capital of THB150 million in TKL and another increase of THB70 million or bank guarantee or mortgage of Phuket land totaling 18-3-43.8 rai. Other condition: Forward sale of 50,000 ounce of gold after plant commissioning. (2) Approved the commencement of earthworks and the construction and commissioning of the Loei Gold Plant. Please be informed accordingly, Yours Sincerely, (Mr. Ronald Ng Wai Choi) Managing Director CONTACT: Tongkah Harbour Public Company Limited Muang Thai Phatra Office Tower 1, Floor 7, 252/11 Rachadapisek Road, Huai Khwang Bangkok Telephone: 0-2695-4912-28 Fax: 0-2695-4901 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Peachy Clare Arreglo, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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