/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/041230.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 Thursday, December 30, 2004, Vol. 7, No. 258 Headlines A U S T R A L I A ABES GROUP: Final Meeting Slated for January 11 ADVANCED AUTOMOTIVE: Sets Final Meeting January 6 ALTAMAR NETWORKS: To Convene Final Meeting on January 10 CCS COMMUNICATIONS: Joint Meeting Set January 17 DM BUILDING: Sets January 4 as Date of General Meeting DOMINION WINES: To Declare Final Dividend on January 19 FIRST CHOICE: To Hold Final Meeting on January 7 LANGTREE DEVELOPMENTS: Enters Winding Up Proceedings L&K CUE: Members, Creditors to Meet January 7 LINK CONTAINER: Members Resolve to Voluntarily Wind Up MAYNE GROUP: Unit Inks Co-operation Deal with Indian Drug Firm MAYNE GROUP: Sells Hospital to NSW Government MINE & QUARRY: To Declare Final Dividend on January 22 MORWELL CHAMBER: To Convene Final Meeting on January 5 M.W. GROUP: Joint Meeting Slated for January 6 NATIONAL AUSTRALIA: Sets Up Fund for Tsunami Victims QANTAS AIRWAYS: Helps in Tsunami Relief Efforts PANTHER SHIPPING: Final Dividend to be Declared on January 13 SONS OF GWALIA: Relieved from Complying with Part 2M.3 of Act WILL WRITERS: Schedules Final Meeting on January 7 C H I N A & H O N G K O N G ANHON DEVELOPMENT: Creditors Meeting Set January 3 BANK OF CHINA: Gears for Initial Share Offerings BANK OF CHINA: To Select Strategic Investors CHARLES SCHMITT: Appoints Provisional Liquidators CHINA GAS: Completes New Shares Placement HOUSING MANAGEMENT: Winding Up Hearing Fixed on February 14 TECH UNIVERSAL: Posts Notice Of First Meeting Of Creditors TWIN CREATIVE: Creditors to Prove Claims by January 24 WAI CHUN: Issues First and Final Dividend Notice WAH FAI: Receives Bankruptcy Order WING LEUNG: Enters Bankruptcy Proceedings I N D O N E S I A BANK GLOBAL: Auditors May Lose Licenses Over Cover-ups MERPATI NUSANTARA: May be Transformed Into Budget Airline PERTAMINA: Government Snubs Image-polishing Plan J A P A N DAIEI INCORPORATED: Gets Green Light for Restructuring Program EMU ERU: Declared Bankrupt JAPAN AIRLINES: Subsidiary to Carry JAL Flight Numbers MISAWA HOMES: Gets IRCJ Bailout MITSUBISHI FUSO: Says Dealers Failed to Fix Cars Properly SAKURAI TEKKO: Enters Bankruptcy SEIBU DEPARTMENT: May Conclude Rehab Ahead of Schedule K O R E A JINRO-CABLE: Court Approves Takeover by LG Cable LG CARD: Government Could Intervene to Settle Row M A L A Y S I A DAI HWA: Revises Corporate Proposals FURQAN BUSINESS: Unveils Disposal of Subsidiary Companies GADANG HOLDINGS: Notes Additional Listing of Shares GOLDEN FRONTIER: Buys Back 3,000 Shares HAP SENG: Unit Enters Voluntary Winding Up Process HIAP AIK: Bourse Delists Securities KILANG PAPAN: Discloses Unaudited Quarterly Results K.P. KENINGAU: Unveils Production Figures For November LION CORPORATION: Notes Additional Listing of Shares METROPLEX BERHAD: Unit Adjourns Winding Up to February 7 PASARAYA HIONG: Store Corporation Denies Acquisition Report PILECON ENGINEERING: Releases Default Status Update PPB GROUP: Dissolves Indirect Subsidiary PUNCAK NIAGA: Issues Additional Listing Of Shares P H I L I P P I N E S ASIAN DIAMOND: Deadline Set to Find New Investor ATLAS CONSOLIDATED: To Probe Fire Incident At Cebu Office PILIPINO TELEPHONE: Board OK Changes in Management Deals S I N G A P O R E CHINA AVIATION (S): To Release Restructuring Plan by January 21 KAKI BUKIT: Winding Up Order Served PANPAC MEDIA: Quantum Capital Converts Notes TENBY INVESTMENTS: Court Issues Winding Up Order THAKRAL CORPORATION: Completes Refinancing T H A I L A N D NATURAL PARK: Details Stock Subscription of BMCL Share NATURAL PARK: Postpones Extraordinary Meeting to February 11 NATURAL PARK: Changes Name of Subsidiary PREECHA GROUP: Unveils Result of Share Offering - - - - - - - - ================= A U S T R A L I A ================= ABES GROUP: Final Meeting Slated for January 11 ----------------------------------------------- Notice is given that a final meeting of the creditors and members of Abes Group Pty Ltd (In Liquidation) A.C.N. 005 843 523 will be held at Level 6, 161 Collins Street, Melbourne on 11 January 2005 at 10:00 a.m. The purpose of the meeting is to receive the Liquidator's account showing how the winding up has been conducted and the property of the Company has been disposed of, and to receive any explanation of the account. Accounts have been compiled in accordance with Section 539(1) and are available for inspection at Level 6, 161 Collins Street, Melbourne during normal business hours. Dated this 23rd day of November 2004 A.R. Yeo Joint and Several Liquidator Pitcher Partners Level 6, 161 Collins Street, Melbourne Vic 3000 ADVANCED AUTOMOTIVE: Sets Final Meeting January 6 ------------------------------------------------- Notice is given that a final meeting of creditors and members of Advanced Automotive Data Services (Wa) Pty Ltd (In Liquidation) A.C.N. 088 630 111 will be held at the offices of Judge Constable, Chartered Accountants, Burswood Chambers, 67 Burswood Road, Burswood, WA, on Thursday the 13th day of January 2005 at 11:00 a.m. AGENDA (1) To receive a report from the Liquidator on the conduct of the liquidation; (2) To consider, and if thought fit, adopt the Liquidator's account of Receipts and Payments for the period 23 May 2003 to 13 January 2005; (3) To discuss the finalization of the liquidation and consider the resignation of the Liquidator; and (4) Any other business brought. Dated this 19th day of November 2004 K.E. Judge Liquidator Judge Constable 67 Burswood Road, Burswood WA 6100 Telephone: 08 9470 4100 ALTAMAR NETWORKS: To Convene Final Meeting on January 10 -------------------------------------------------------- Notice is hereby given that pursuant to Section 509 of the Corporations Act 2001 the final meeting of members of Altamar Networks Pty. Ltd. (In Liquidation) A.C.N. 095 854 783 will be held at the offices of Bentleys MRI, Level 7, 114 William Street, Melbourne on 10 January 2005 at 10:00 a.m. for the purpose of laying before the meeting the liquidator's final account and report and giving any explanation thereof. Dated this 23rd day of November 2004 P.R. Vince Liquidator Bentleys MRI 114 William Street, Melbourne Vic 3000 CCS COMMUNICATIONS: Joint Meeting Set January 17 ------------------------------------------------ Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of CCS Communications Pty Ltd (In Liquidation) A.C.N. 093 335 338 will be held at the offices of Horwath, Level 5, 114 William Street, Melbourne, on 17 January 2005, 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 Joint and Several Liquidator. Dated this 22nd day of November 2004 Laurence A. Fitzgerald Joint and Several Liquidator Horwath Melbourne Chartered Accountants Level 5, 114 William Street, Melbourne Vic 3000 DM BUILDING: Sets January 4 as Date of General Meeting ------------------------------------------------------ Notice is hereby given pursuant to Section 509(1) of the Corporations Act 2001 that a general meeting of the members of DM Building Investments Company Ltd (In Liquidation) A.B.N. 61 007 684 568 will be held at the offices of PPB, Level 10, 90 Collins Street, Melbourne, Victoria 3000 on 4 January 2005 at 10:00 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and hearing any explanations that may be given by the liquidator. Dated this 23rd day of November 2004 Wayne Benton Liquidator DM Building Investments Company Ltd PPB Chartered Accountants & Business Reconstruction Specialists Level 10, 90 Collins Street, Melbourne Vic 3000 DOMINION WINES: To Declare Final Dividend on January 19 ------------------------------------------------------- A first and final dividend is to be declared on 19 January 2005 for Dominion Wines Ltd (Subject To Deed Of Company Arrangement) (The Company) A.C.N. 087 183 739. 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 would be excluded from the benefit of the dividend. Dated this 30th day of November 2004 Craig P. Shepard Deed Administrator KordaMentha Level 24, 333 Collins Street, Melbourne Vic 3000 FIRST CHOICE: To Hold Final Meeting on January 7 ------------------------------------------------ Notice is hereby given that a final meeting of creditors and members of First Choice Corporation Pty Ltd (In Liquidation) A.C.N. 068 550 327 is to be held at the office of SV Partners, Level 16, William Buck Centre, 120 Edward Street, Brisbane, in the State of Queensland on 7 January 2005 at 11:00 a.m. AGENDA (1) Receive an account by the liquidators. (2) To consider and if thought fit pass the following resolution: That the books and records of the Company be destroyed. (3) General business. Dated this 16th day of November 2004 Paul Sweeney Terry Van Der Velde Liquidators LANGTREE DEVELOPMENTS: Enters Winding Up Proceedings ---------------------------------------------------- Notice is hereby given that at an extraordinary General Meeting of Members of Langtree Developments Pty Ltd (In Liquidation) A.C.N. 004 929 864 held on November 18 2004, it was Resolved that the Company be wound up voluntarily and it was resolved for such purpose, Charles Henry Watson be appointed Liquidator. Dated this 22nd day of November 2004 C.H. Watson Liquidator c/- Pendleburys Level 3, 416 Collins Street, Melbourne 3000 L&K CUE: Members, Creditors to Meet January 7 --------------------------------------------- Notice is hereby given that a final combined meeting of the members and creditors of L&K Cue Holdings Pty Ltd (In Liquidation) A.C.N. 092 777 047 will be held at the offices of Knights Insolvency Administration, 14th Floor, Brisbane Club Tower, 241 Adelaide Street, Brisbane Qld 4001 on Friday, 7 January 2004 at 3:00 p.m., to receive an account made up by the Liquidator showing how the winding up has been conducted, how the property of the Company has been disposed of, to receive any explanation required thereof and any other business. Dated this 18th day of November 2004 T.J. Schmierer Liquidator LINK CONTAINER: Members Resolve to Voluntarily Wind Up ------------------------------------------------------ Notice is hereby given that at a General Meeting of Members of Link Container Services Pty. Ltd. (In Liquidation) A.C.N. 097 618 301 held on 19th November, 2004 a special resolution was passed that the Company be wound up voluntarily and that Gregory Stuart Andrews, 22 Drummond Street, Carlton 3053 be appointed Liquidator. Dated this 22nd day of November 2004 G.S. Andrews Liquidator G. S. Andrews & Associates Certified Practising Accountants 22 Drummond Street, Carlton Vic 3053 Telephone: (03) 9662 2666 Facsimile: (03) 9662 9544 MAYNE GROUP: Unit Inks Co-operation Deal with Indian Drug Firm -------------------------------------------------------------- Mayne Group Limited revealed that its Mayne Pharma business unit has entered into an agreement with Strides Arcolab Limited, a leading Indian developer and manufacturer of pharmaceuticals, to develop and manufacture six specialized injectable, non- cytotoxic products for Mayne to market and distribute in the US. Mayne's Group Managing Director and Chief Executive Officer, Mr. Stuart James, said the relationship with Strides would enable Mayne to benefit from the lower research and development and manufacturing costs in India and enable Mayne to get these specialized products to market more efficiently than if the products were sourced internally. "These injectable drugs require specialized development and manufacturing capabilities that would take Mayne some time and investment to develop. Strides has these competencies so we will get to market more quickly with less cost than if we had decided to proceed on our own", Mr. James said. "The deal with Strides is consistent with our strategy of marrying our broad international sales and marketing capabilities for generic and specialty hospital pharmaceuticals with a globally competitive supply chain", he said. Based on IMS data, the products generated sales in the US in excess of US$ 350 million in the 12 months to 30 June 2004. It is expected that development of the molecules will commence early in the second half of fiscal 2005 and following US Food and Drug Administration (USFDA) approval be launched into the US market in fiscal 2007. Mayne will make payments to Strides based on the successful achievement of agreed development and commercial milestones. Arun Kumar, Strides Group CEO says "We are delighted to have entered into this strategic relationship with Mayne for some of our highly specialized range of injectable hospital products. We are extremely confident that with Mayne's strong marketing and Strides R&D and supply chain both companies could significantly benefit". He further commented that the relationship with Mayne further consolidates Strides partnering philosophy for the US hospital market. Mayne Group Limited is listed on the Australian Stock Exchange and has businesses in international specialty pharmaceuticals (the development and manufacture of injectable and oral pharmaceuticals for distribution to more than 50 countries), diagnostic services (pathology, diagnostic imaging and medical centres), pharmacy, and health-related consumer products. Additional information is available at the Company's website at www.maynegroup.com. Strides Arcolab Limited, listed on the Indian National Stock Exchange (STAR) and Bombay Stock Exchange has a global presence in more than 50 countries. The Company has factories in India, Brazil, Mexico and USA. The Indian manufacturing facilities for the regulated markets are approved by major regulatory bodies such as MHRA, EU, TGA and MCC. Additional information is available at the Company's website at www.stridesarco.com. 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/ MAYNE GROUP: Sells Hospital to NSW Government --------------------------------------------- Mayne Group Limited disclosed that it had entered into an agreement to sell Port Macquarie Base Hospital to the State Government of New South Wales. Under the arrangement, ownership and operation of the hospital is expected to transfer by mid- February 2005. Mayne's Group Managing Director and Chief Executive Officer, Mr. Stuart James, said that the agreement provided certainty to doctors and staff at the hospital as well as to the Hastings community. "The doctors and staff at Port Macquarie Base Hospital have continued to provide the high levels of care and service that the community has come to expect and this agreement resolves uncertainty regarding the hospital's future," he said. The agreement has secured the employment for all staff at the hospital under terms no less favorable than those which currently exist, and will facilitate a smooth transfer of hospital's operations to the NSW public health system. Under the agreement, the NSW government will discontinue the legal action it brought against Mayne earlier this year in relation to the proposed transfer of Port Macquarie Base Hospital to Affinity Health. The sale will not have a material impact on Mayne's financial results in the2005 financial year. Mayne will have no liabilities with respect to the historical or future operation of the hospital. Mayne Group Limited is listed on the Australian Stock Exchange and has businesses in international specialty pharmaceuticals (the manufacture of injectable and oral pharmaceuticals for distribution to more than 50 countries), diagnostic services (pathology, diagnostic imaging and medical centers), pharmacy, and health-related consumer products. MINE & QUARRY: To Declare Final Dividend on January 22 ------------------------------------------------------ A final dividend is to be declared on 22 January 2005 for Mine & Quarry Equipment Pty Ltd (In Liquidation) A.C.N. 011 012 561. Creditors whose debts or claims have not already been admitted were required on 11 December 2004 formally to prove their debts or claims. If they have not, they would be excluded from the benefit of the dividend. Dated this 16th day of November 2004 Lachlan Mcintosh Official Liquidator KordaMentha (Qld) Level 1, 307 Queen Street, Brisbane Qld 4000 Telephone: (07) 3225 4900 Facsimile: (07) 3225 4999 MORWELL CHAMBER: To Convene Final Meeting on January 5 ------------------------------------------------------ Notice is hereby given that a final meeting of members of Morwell Chamber of Commerce and Industry Inc (In Liquidation) will be held at 126 George Street, Morwell on the 5th day of January 2005 at 11:00 a.m. for the purposes of laying before the meeting the account of the liquidator's acts and dealings and the conduct of the winding up. Dated this 18th day of November 2004 R.D.M. Smith Liquidator 126 George Street, Morwell Vic 3840 M.W. GROUP: Joint Meeting Slated for January 6 ---------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of M.W. Group Pty Ltd (In Liquidation) A.C.N. 088 165 191 will be held at Level 40, BankWest Tower, 108 St George's Terrace, Perth WA 6000 on 6 January 2005 at 10:30 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 Joint and Several Voluntary Liquidators. Dated this 17th day of November 2004 K.A. Strickland Liquidator Hall Chadwick Level 40, BankWest Tower, 108 St George's Terrace, Perth WA 6000 NATIONAL AUSTRALIA: Sets Up Fund for Tsunami Victims ---------------------------------------------------- The National Australia Bank announced it would establish a fund to help victims of the Asian earthquake and tsunami. The National will also donate the first AU$100,000 to the fund. When the National re-opens following the Christmas break, a National Australia Bank fund will be established with proceeds provided to World Vision for distribution to victims and their families. People wishing to donate to the relief fund will be able to do so through any National Australia Bank branch or by calling 13 22 65. CONTACT: National Australia Bank Ltd. Level 24, 500 Bourke Street, Melbourne, Victoria, Australia, 3000 Head Office Telephone: (03) 8641-4160 Head Office Fax: (03) 8641-4927 Web site: http://www.national.com.au/ QANTAS AIRWAYS: Helps in Tsunami Relief Efforts ----------------------------------------------- Qantas Airways said that in the wake of the earthquake and series of tsunamis that have devastated South East Asia, it had: (1) Continued to operate its daily 747 services to Bangkok, and its regular services to Indonesia and India; (2) Sent Qantas staff to Phuket to assist with relief efforts; (3) Operated a special 767 flight to Phuket at 1100 today, to bring travelers home to Australia. This flight will accept customers holding any ticket, regardless of which airline they have booked with, and will depart Phuket at 1840 local time, flying non-stop to Sydney and arriving at 0745 tomorrow. Qantas General Manager of Aviation Health Services, Dr Ion Morrison, and Qantas Nurse Robyn Noble traveled on today's flight to Phuket to assist the injured on the ground and on the return flight; (4) Arranged to operate a special relief flight to Male in The Maldives and Colombo in Sri Lanka tomorrow, carrying medical teams and equipment to both Male and Colombo and carrying passengers back to Australia from Colombo; (5) Offered free of charge travel to a team of volunteer doctors from Melbourne to Colombo on tomorrow's flight; (6) Provided full refunds without penalty for customers booked on Qantas flights and/or traveling on Qantas Holidays packages to the affected areas departing up to 31 January, as well as offering the option of deferring travel or changing to an alternative destination without penalty; (7) Flown medical and charitable supplies free of charge; and (8) Announced that it would donate a total of AU$1 million to UNICEF, CARE Australia, Oxfam and World Vision to assist with their disaster relief efforts. The Chief Executive Officer of Qantas, Geoff Dixon, said Qantas had been in close contact with the Australian Government since the disaster occurred to offer assistance, and the airline remained in constant contact to provide whatever capacity and help is required. "We will continue to monitor the situation closely and stand ready to provide any additional assistance required." Mr. Dixon said. 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 PANTHER SHIPPING: Final Dividend to be Declared on January 13 ------------------------------------------------------------- A dividend is to be declared on 13 January 2005 for Panther Shipping Services Pty Ltd (In Liquidation) A.C.N. 086 203 287. Creditors whose debts or claims have not already been admitted were required on 9 December 2004 formally to prove their debts or claims. If they have not, they would be excluded from the benefit of the dividend. Dated this 16th day of November 2004 J.W. Cunningham J.R. Park Joint & Several Liquidators Ramsay Clout Chartered Accountants Level 1, 37 The Esplanade, Maroochydore Qld 4558 Telephone: (07) 5479 6411 Facsimile: (07) 5479 6350 SONS OF GWALIA: Relieved from Complying with Part 2M.3 of Act ------------------------------------------------------------- The Administrators of Sons of Gwalia Ltd advised that the Australian Securities and Investments Commission (ASIC) has provided an order pursuant to section 340 of the Corporations Act 2001 (the Act) relieving the Company and a number of its subsidiaries (collectively the Group) from the requirement to comply with Part 2M.3 of the Act in relation to the financial reports for the year ending 30 June 2004 and all financial years and half years ending between 23 December 2004 and the earlier of: (1) 23 December 2005; (2) The date of the end of the administration of the Group or; (3) A time when the Administrators reasonably form the opinion that the members have an ongoing economic interest in the Group (of which the Administrators must notify ASIC immediately under the terms of the order). ASIC has also notified the Administrators that it does not intend to take any regulatory action in respect of failure by the Company to hold an AGM within 5 months after the end of the financial year ending 30 June 2004 or subsequent financial years ending within the period described above. The effect of this notification is to bring reporting requirements to members in line with the voluntary administration process as set out in ASX announcement dated 1 December 2004. GARRY TREVOR, DARREN WEAVER and ANDREW LOVE Joint and Several Administrator of Sons of Gwalia Ltd CONTACT: Sons Of Gwalia Limited 16 Parliament Place West Perth, Western Australia 6005 Australia Phone: +61 8 9263 5555 Fax: +61 8 9481 1271 Web site: http://www.sog.com.au/ WILL WRITERS: Schedules Final Meeting on January 7 -------------------------------------------------- Notice is hereby given that a final meeting of creditors and members of Will Writers Guild Pty Ltd (In Liquidation) A.C.N. 086 203 929 is to be held at the office of SV Partners, Level 16, William Buck Centre, 120 Edward Street, Brisbane, in the State of Queensland on 7 January 2005 at 10:00 a.m. AGENDA (1) Receive an account by the liquidators. (2) To consider and if thought fit pass the following resolution: That the books and records of the Company be destroyed. (3) General business. Dated this 16th day of November 2004 Paul Sweeney Terry Van Der Velde Liquidators ============================== C H I N A & H O N G K O N G ============================== ANHON DEVELOPMENT: Creditors Meeting Set January 3 -------------------------------------------------- Notice is hereby given that pursuant to Section 241 of the Companies Ordinance, that meeting of the creditors of Anhon Development Limited will be held at Room C, 2nd Floor, Wing Tat Commercial Building, 121-125, Wing Lok Street, Central, Hong Kong on 3rd day of January 2005 at 10:00 a.m. for the purposes provided for in Sections 241, 242, 243, 244 , 255A (2) and 283 of the Companies Ordinance. Creditors may vote either in person or by proxy. Proxies used at the meeting must be lodged at Room C, 2/Floor, Wing Tat Commercial Building, 121-125, Wing Lok Street, Central, Hong Kong not later than 4:00 p.m. on 31st December 2004. Dated this 22nd day of December 2004 Cheung Kwok Yiu Director BANK OF CHINA: Gears for Initial Share Offerings ------------------------------------------------ The Bank of China (BOC) is preparing for its initial share offerings in the first quarter of next year by finalizing its list of investors, The Standard reports. BOC President Li Lihui stressed that a final decision will be made in the first quarter of next year, as negotiations are still being made. Some 15 to 20 percent of BOC's shares will be issued to strategic investors while one-10th of its shares will be sold to the public before its initial public offering (IPO). However, the terms for investment proportion and price have yet to be settled. Meanwhile, BOC is set to appoint Gao Yingxin, the operating chief of BOC's sister firm BOC (HK), as vice-president of corporate banking business. Mr. Gao will be replacing Man-ah who retired last June 2003 after a questionable loan to Shanghai property tycoon Chau Ching-ngai. BOC (HK) spokesman Clarina Man will release a detailed announcement after the work of global recruitment is over. 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 BANK OF CHINA: To Select Strategic Investors -------------------------------------------- Bank of China (BOC) is considering choosing strategic investors probably in the first quarter of 2005, Reuters reports. Bank President Li Lihui has told reporters that no decisions have been reached as to who its strategic investors will be, since negotiations are still underway. The Beijing-based bank initially intended to choose major investors months ago but announced last October that it was aiming to sign up investors by the end of this year or early next year, in 2005. Market analysts believe the delay was due to the price or potential risks at hand. BOC earlier denounced reports that it had already agreed to sell a 10 percent stake to Germany's Germany's Deutsche Bank and that it also intended to sell nearly a quarter of its shares to three foreign investors this year. BOC had overhauled its operations and wrote off billions of bad loans after it received an injection of HK$22.5 billion into its coffers. CHARLES SCHMITT: Appoints Provisional Liquidators ------------------------------------------------- Charles Schmitt & Associates Limited with registered office at 1904 Hong Kong Club Bldg 3A Chater Rd Central HK has on Dec. 6 appointed Mr. John Robert Lees of John Lees & Associates Limited of 19/F, Hong Kong Club Building, 3A Chater Road, Hong Kong of the Company. Dated this 24th day of December 2004 Lee Mei Yee May Acting Official Receiver CHINA GAS: Completes New Shares Placement ----------------------------------------- The directors of China Gas Holdings Limited announced that all the conditions stated in the Subscription Agreement have been fulfilled and the Subscription accordingly was completed on 28 December 2004. Reference is made to the announcement of the Company dated 1 November 2004 and the circular of the Company dated 23 November 2004 in relation to the placing of new Shares to Sinopec Corp. By Order of the Board China Gas Holdings Limited Liu Ming Hui Managing Director Hong Kong, 28 December 2004 HOUSING MANAGEMENT: Winding Up Hearing Fixed on February 14 ----------------------------------------------------------- Pursuant to Rule 45 (2) of the Companies (Winding-up) Rules and according to the instruction of Master S. Kwang of the High Court of the Hong Kong Special Administration Region, a hearing for Housing Management Agency Limited has been fixed on 14 February 2005 at 2:30 p.m. at High Court, High Court Building, 38 Queensway, Hong Kong for Court to consider the application for appointment of Mr. Stephen Briscoe and Mr. Nicholas Timothy Cornforth Hill as joint and several liquidators and other applications. Ms. Chua Suk Lin, Ivy Joint and Several Provisional Liquidator Dated this 22 December 2004 Paul Chan & Partners Suited 2205, Island Place Tower 510 King's Road, North Point Hong Kong TECH UNIVERSAL: Posts Notice Of First Meeting Of Creditors ----------------------------------------------------------- Tech Universal (Hk-Macau) Development Limited will hold the first meetings of creditors and contributories on Jan. 20, 2005 at 2:00 p.m. and 2:30 p.m., respectively at The official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong. Dated this 24th day of December 2004 Lee Mei Yee May Acting Official Receiver & Provisional Liquidator TWIN CREATIVE: Creditors to Prove Claims by January 24 ------------------------------------------------------ Notice is hereby given that the Creditors of Twin Creative Limited, which is being voluntarily wound up, are required on or before 24 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 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 24th day of December 2004 Suen Pui Yee Iain Ferguson Bruce Liquidators 11th Floor, Prince's Building 10 Chater Road, Central Hong Kong WAI CHUN: Issues First and Final Dividend Notice ------------------------------------------------ Wai Chun Construction Co., Limited with registered office & liquidators' address at 22nd Floor, Prince's Building, Central, Hong Kong issued its notice of first and final preferential dividend. Amount of Dividend: 50 cents in the dollar Date of Dividend Distribution: 28 December 2004 Dated this 24th day of December 2004 John J. Toohey Joint and Several Provisional Liquidator Wai Chun Construction Co., Limited (In Liquidation) WAH FAI: Receives Bankruptcy Order ---------------------------------- Notice is hereby given that Bankruptcy Order against Wong Yiu Fai Trading as Wah Fai Engineering Co. was made on 15 December 2004. All debts due to the estates should be paid to the undersigned. Dated this 24th day of December 2004 Lee Mei Yee May Acting Official Receiver WING LEUNG: Enters Bankruptcy Proceedings ----------------------------------------- Notice is hereby given that a Petition for the Winding up of Wing Leung Jewellery Company 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 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 2nd 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. Ford Kwan And Company Solicitors for the Petitioner Rooms 1202-1206, 12th Floor Wheelock House, 20 Pedder Street 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 1st day of February 2005. This notice is dated 24 December 2004. ================= I N D O N E S I A ================= BANK GLOBAL: Auditors May Lose Licenses Over Cover-ups ------------------------------------------------------ Accounting firms that audited the financial accounts of beleaguered Bank Global Internasional are likely to lose their licenses over improper practices, according to The Jakarta Post. The government may revoke the accounting firms' licenses if they are proven to have committed irregularities in the auditing process. An investigation into auditor Joseph Susilo Accountant is reportedly commissioned by the government over claims that the office had covered irregularities in Bank Global's 2003 financial account. Director general of financial institutions Darmin Nasution alleged the auditor passed Bank Global's financial accounts despite the existence of dubious securities in the bank last year. Since September, the accounting firm has been probed by the Directorate General of Financial Institutions. The result of the probe will be announced in mid-January. In addition, the directorate might also investigate Thomas, Trisno, the Hendang & Partners accounting firm, which audited Bank Global's 2002 financial account. The agency might alos lose its operating license if proved to have participated in the crime. Earlier this month, the central bank temporarily suspended Bank Global's operations due to its unhealthy balanced sheet, as indicated by its CAR plunging from 44 percent in September to below the normal 8 percent level in October. The government is, likewise, investigating five securities houses over allegations they were involved in making false statements to the central bank over the amount of securities papers owned by the publicly listed bank. The police have also arrested 11 Bank Global employees for trying to destroy documents related to the case. CONTACT: Bank Global Internasional Tbk (BGIN) Menara Global, Jl. Gatot Subroto Kav. 27, Jakarta 12950 Phone: (021)5270188 Fax: (021)5270288 E-mail: bglobal@cbn.net.id Web site: www.bankglobalinternasional.com MERPATI NUSANTARA: May be Transformed Into Budget Airline --------------------------------------------------------- State-owned PT Merpati Nusantara Airlines may be transformed into a budget airline in order to avert bankruptcy, The Jakarta Post reports. The Indonesian government is considering transforming Merpati into a low budget airline in order to rescue the ailing carrier and make it more competitive with other domestic and international airlines. As part of several life-saving options for Merpati, the government has assigned the airline to serve remote areas in the country, which are typically avoided by private airlines because of their low profitability. It is, likewise, tasked to serve remote but feasible routes, such as from Densapar to Dili in east Timor and from Densapar to Lombok. Meanwhile, Minister for State Enterprises Sugiharto brushed off speculations that Merpati was likely to halt operations starting next month due to its financial woes and the state's futile restructuring efforts. The minister explained his department was still looking at the best option to save Merpati by negotiating with the airline's creditors for a conversion of their debts into equity in the airline, and to a number of financial institutions to gain fresh funds to help the airline expand. To date, Merpati has IDR1.3 trillion (US$144 million) in debts and assets worth about IDR775 billion. Its major creditors include the government (IDR225 billion), Bank Mandiri (IDR230 billion) and Garuda (IDR246 billion). CONTACT: Merpati Nusantara Airlines Telephone: +61 (0) 8 8941 1606 Web site: http://www.merpati.co.id PERTAMINA: Government Snubs Image-polishing Plan ------------------------------------------------ PT Pertamina's proposal to change its outdated logo has been rejected by the government, says The Jakarta Post. The Office of the Minister for State Enterprises has shelved the state oil and gas firm's plan to spend a hefty amount for the logo-changing plan, as it was deemed unnecessary amid the financial crisis the firm is currently in. "Their plan does not make sense," said Minister for State Enterprises Sugiharto stressed. Sources said that Pertamina has already presented the proposal, that will cost the troubled firm around IDR100 billion (US$11 million). Pertamina President Director Widja Purnama also ruled out the plan, which was aimed at rebuilding the Company's tarnished image and to help it revitalize its performance. Muhammad Harun, a Pertamina spokesman, confirmed that there was indeed a plan to change the Company logo. However, it was still being discussed internally and had not as yet been submitted to the government for approval. 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 ========= J A P A N ========= DAIEI INCORPORATED: Gets Green Light for Restructuring Program -------------------------------------------------------------- The state-backed corporate turnaround body has finally agreed to orchestrate the rehabilitation of struggling retailer Daiei Incorporated, Reuters reports. The Industrial Revitalization Corporation of Japan (IRCJ) has approved a restructuring plan for Daiei that will see the retailer's main creditor banks provide JPY597 billion (US$5.80 billion) in aid. Under the plan, the IRCJ will acquire one-third stake in Daiei. Another third would be taken by outside sponsors, which are being sought by the bailout agency. The retailer's three main lenders, led by UFJ Holdings Incorporated, will be requested to waive JPY405 billion of Daiei's JPY1 trillion worth of loans. The banks will also write off an additional JPY192 billion of preferred shares. In addition, Daiei will have the value of its outstanding common shares by 99.6 percent and be combined at a ratio of ten to one. 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 EMU ERU: Declared Bankrupt -------------------------- Golf course operator K.K. Emu Eru Shii has been declared bankrupt with total liabilities of US$282.46 million, says Teikoku Databank America. The firm is based in Suginami-Ku, Tokyo 168-8533. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. JAPAN AIRLINES: Subsidiary to Carry JAL Flight Numbers ------------------------------------------------------ The JAL Group announced that flights by domestic subsidiary commuter airline J-Air will carry JAL flight numbers from April 1st 2005. Additionally, the commuter airline will take delivery of two more CRJ-200 aircraft during FY2005 to meet the needs of the airline's expanding route network. With the opening of Chubu International Airport (Centrair) serving the Nagoya area in February 2005 the JAL Group will move international operations and most domestic flights to the new facility from the present Nagoya Airport at Komaki. However J- Air will continue to base its domestic commuter services at Komaki. The JAL Group will add two more CRJ-200 aircraft to the J-Air fleet during 2005 increasing the fleet from the present six aircraft to eight in line with J-Air route network expansion. The change of J-Air flight numbering to JAL is aimed at improving customer convenience by strengthening the recognition of the JAL brand on domestic commuter flights operated by JAL Group subsidiary carriers. (1) J-Air route network as of February 17 2005 (Opening of Chubu International Airport-Centrair) Nagoya (Komaki)-Obihiro One round trip flight daily Nagoya (Komaki)-Yamagata One flight daily Nagoya (Komaki)-Matsuyama 3 flights daily Nagoya (Komaki)-Niigata 3 flights daily Nagoya (Komaki)-Kochi 3 flights daily Nagoya (Komaki)-Akita 2 flights daily Sapporo-Yamagata One flight daily Itami (Osaka) - Sapporo One flight daily Itami-Hanamaki One flight daily Kochi-Miyazaki One flight daily Itami-Fukushima One flight daily Itami-Yamagata 4 flights daily Hiroshima Nishi(West)-Miyazaki One flight daily Total J-AIR network: 13 routes, 23 round trip flights (2) CRJ-Specification Maker: Bombardier (Ontario, Canada) Seat capacity: 50 passengers Engine type: GE CF34-3B1 CONTACT: Japan Airlines Corporation 4-11, Higashi-shinagawa 2-chome, Shinagawa-ku Tokyo, 140-8605, Japan Phone: +81-3-5769-6097 Fax: +81-3-5460-5929 Web site: http://www.jal.co.jp MISAWA HOMES: Gets IRCJ Bailout ------------------------------- Troubled housing builder Misawa Homes Holding Incorporated will receive financial support from the government-backed Industrial Revitalization Corporation of Japan (IRCJ), according to The Japan Times. The IRCJ said it will ask creditors to extend a total of JPY140 billion in aid, including JPY120 billion in debt waivers from a group of lenders and JPY20 billion in debt-for-equity swaps from Miwaswa's main lender UFJ Bank. In addition, UFJ Bank will be requested to give up JPY180 billion or 80 percent of its preferred shares in the stricken home builder. UFJ Holdings, Sumitomo Mitsui Financial Group and Mizuho Financial said they will implement the requests, which won't affect earnings estimates for the fiscal year ending in March because they already have set aside a large amount of loan-loss reserves. 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 FUSO: Says Dealers Failed to Fix Cars Properly --------------------------------------------------------- Mitsubishi Fuso Truck & Bus Co. has recently admitted that dealers in five regions were not able to carry out provisional repairs properly on some of the 2,600 Fuso trucks that were recalled for defective clutches in May, reports The Yomiuri Shimbun. While there were no resulting problems and safety was guaranteed, the embattled truck maker vowed to make permanent repairs using stronger auto parts by the end of next month. According to the Company, dealerships in Osaka, Saitama, Shizuoka, Ishikawa and Aomori prefectures merely shook the axles by hand when they are supposed to be tightened to avoid rattling. To date, the Company has provisionally fixed 94 percent of about 70,000 vehicles recalled. Permanent repairs have been carried out on 3 percent of the vehicles. CONTACT: Mitsubishi Fuso Truck and Bus Corporation 2-16-4, Kounan, Minato-ku,Tokyo 108-8285, Phone: +81-3-6719-4821 Fax: +81-3-6719-0111 Web site: http://www.mitsubishi-fuso.com SAKURAI TEKKO: Enters Bankruptcy -------------------------------- Sakurai Tekko K.K., a firm engaged in building metallic product manufacturing, has entered bankruptcy, according to Teikoku Databank America. The firm, based in Sapporo-Shi, Hokkaido 004-0872, left a total of US$58.25 million. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. SEIBU DEPARTMENT: May Conclude Rehab Ahead of Schedule ------------------------------------------------------ Seibu Department Stores Limited is poised to exit its business revitalization program ahead of schedule, reports Kyodo News, citing Nihon Keizai Shimbun. The recovering department store chain is set to complete its creditor-led rehabilitation a year earlier than planned, as it has shown indications of improved profitability. Mizhuho Corporate Bank and other lenders reported that Seibu is expected to eliminate as early as next month accumulated losses of JPY66.08 billion. Some 30 creditor banks are reportedly determined to conclude the firm's restructuring at the end of Seibu's business year on Feb. 28, 2005. One of the top department store chains in Japan, the once- glamorous The Seibu Department Stores has floundered under crushing debt and Japan's economic woes. In the 1970s and 1980s, the chain was among the most profitable and avant-garde in Japan, filled with French designer clothes, art exhibits, and theaters, and run by the artistic Seiji Tsutsumi, son of a Japanese tycoon. In 2003, in return for nearly $2 billion in debt forgiveness from Japanese banks, Seibu agreed to close or revamp seven of its 20-plus stores over the next five years and to cut 3,700 jobs. Seibu has merged with rival Sogo Co. (the operator of 11 stores) to form holding Company Millennium Retailing, which owns the majority of Seibu. CONTACT: Seibu Department Stores Ltd. Seibu Ikebukuro Bldg., 1-16-15 Minami-Ikebukuro, Toshima-ku Tokyo 171-8530, Japan Phone: +81-3-3989-0111 Fax: +81-3-5396-5285 ========= K O R E A ========= JINRO-CABLE: Court Approves Takeover by LG Cable ------------------------------------------------ Despite a contested takeover, a Daejeon District Court judge gave a go signal for the sale of Jinro-Cable Industries Co. to LG Cable Ltd., reports The Korea Herald. With the Court's decision, industry observers believe Taihan Electric Wire Co. will seek an appeal. Taihan, Jinro-Cable's largest creditor challenged the takeover citing a disruption in fair competition, as LG Cable and its affiliates would claim more than 60 percent of the market share. But LG Cable claimed that the sale was done in a fair manner. "We've gone through the M&A procedures in a fair manner. It was the most reasonable decision that could have been made. Taihan could have given a higher bidding price than us, and now it has lost its chance," said Heo Yeong-kil, a spokesman for LG Cable Co. Judge Seo Ki-suk said the liquidation and sale of Jinro-Cable would not pay all of its creditors but was in the best interest of stabilizing the Company. According to the disposal plan, the debt-ridden company is to undergo a capital reduction in January 2005 and allot new stocks by early March. Within the same month, LG Cable is expected to fully take over Jinro-Cable, which has been under Court receivership since August 2003 and put up for sale on July 12. Jinro-Cable changed its name to Jinro Industries Co. Ltd. in 1996 after Jinro Group became major shareholder. The group ran into trouble after it diversified into non-core operations such as construction, finance, retail and machinery. The group faced larger problems during the Asian financial crisis in 1997. CONTACT: Jinro Industries Co., Ltd. 569 Boseong-Ri Pungse-Myeon Cheonan-Si Chungnam 330-912 Korea (South) Telephone: +82 41 559 4800/ +82 41 566 7919 Web Site: http://www.jinro-cable.co.kr/ LG CARD: Government Could Intervene to Settle Row ------------------------------------------------- The government is likely to get involved in LG Card Company's issues should the firm be liquidated, according to Dow Jones, citing a senior official at the Ministry of Finance and Economy. According to Kim Suk-Dong, the government as the third party has no right or authority to interfere but with the given repercussions it may step in to help resolve the matter. "There's still a chance for the parties to iron out differences this week," he said, without elaborating. Despite statement that LG Card creditors headed by Korea Development Bank, would seek the mediation of the government of the bailout, the latter has not received a formal request from the creditors. Aside from the effect of LG Card's collapse to creditors, it would also result to a surge in consumer defaults, analysts said. 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 =============== DAI HWA: Revises Corporate Proposals ------------------------------------ Dai Hwa Holdings (M) Berhad announced the revisions to its corporate proposals under Practice Note No. 10/20001 (PN10) of the Bursa Malaysia Securities Berhad as follows: (i) The Company will not be proceeding with the proposed acquisition of the assets and business of Eternal Merge (M) Sdn Bhd as well as the proposed acquisition of the plant and machinery of Polywell Adhesives Sdn Bhd due to unsatisfactory due diligence findings on certain of these assets. Accordingly, the Company has terminated the sale and purchase agreements relating to these assets. (ii) The Company has decided not to proceed with the proposed disposals of its subsidiaries, Industri Kotakayu Sdn Bhd, Dai Hwa Electronics (Malaysia) Sdn Bhd and Daimik Electronics Industrial Co Sdn Bhd. (iii) The proposed acquisitions of 2 additional new companies by DAIHWA under the Proposals namely Various Resources (M) Sdn Bhd (VAR) and Soon Ye Plastic Resin Manufacturing Sdn Bhd (SY) which will further widen the Company's range of products after completion of the Proposals. (iv) Revisions to the purchase consideration and the other terms of the acquisition of ST Polymer Industries (M) Sdn Bhd (STPI) and Richbox Paper Products (M) Sdn Bhd (RPP), the details of which are set out below. (v) The Company proposes the acquisition of an additional 40% equity interest in Multi Assembly Corporation Sdn Bhd (MAC), bringing the total equity interest to be acquired to 100% (Revised Proposed Acquisition of MAC) upon revised terms. (vi) Replacement of the proposed public issue/placement of 170 million DAIHWA warrants with the proposed private placement of 20,000,000 new DAIHWA ordinary shares of RM1.00 each (Shares) at a placement price of RM1.00 per Share. (vii) The proposed placement by the vendors of the new business of 11 million DAIHWA Shares will not be part of these Proposals. CURRENT PROPOSALS Accordingly, DAIHWA's revised Proposals to comply with PN10 will now comprise: (a) The proposed acquisitions of the entire equity interest in STPI, MAC, RPP, SY and VAR (collectively the "Proposed Acquisitions); and (b) The proposed private placement of 20,000,000 new DAIHWA Shares. The Company has revised its applications to the various authorities and accordingly, the Company had on 20 December 2004 applied to Bursa Securities for an extension of time to submit the relevant applications to the authorities to up to 31 December 2004. Bursa Securities has accordingly on 27 December 2004 approved the said extension of time. Further details on the Proposals are set out in http://bankrupt.com/misc/tcrap_daihwa122804.doc CONTACT: Dai Hwa Holdings (M) Berhad Suite 14A2, Level 14, Menara Ansar, 65 Jalan Trus, 80000 Johor Bahru, Johor Phone: 07-2241035 Fax: 07-2210891 Web site: http://www.dahw.com.my This announcement is dated 28 December 2004. FURQAN BUSINESS: Unveils Disposal of Subsidiary Companies --------------------------------------------------------- The Board of Directors of Furqan Business Organisation Berhad (FBO) announced that its wholly owned subsidiary Company, Austral Amalgamated Berhad and indirect subsidiary Company, Profound Schemes Sdn. Bhd., had entered into the Agreements to dispose of the entire shareholdings in the following companies for a total cash consideration of RM3.00 (Ringgit Malaysia Three) only: 1. Austral Amal Trading Sdn. Bhd. (AAT) 2. BZ Enterprise Sdn. Bhd. (BZE) [hereinafter collectively referred to as the Disposal] 2. DETAILS OF THE DISPOSAL The details of the Disposal are summarized as follows: Subsidiary Company: AAT Purchaser: Mohd Nasharudin bin Che Dan and Salihin bin Aban No. of Share Disposed: 500,000 ordinary shares of RM1.00 each Consideration: RM2.00 Subsidiary Company: BZE Purchaser: Mohd Nasharudin bin Che Dan No. of Share Disposed: 765,000 ordinary shares of RM1.00 each Consideration: RM1.00 The Disposal of shares was arrived on "willing buyer and willing seller" basis. 3. INFORMATION ON SUBSIDIARIES The details of the subsidiary companies are as follows: Subsidiary Company: AAT Authorised Capital:RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each Paid-up Capital: RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each Business Status: Dormant Subsidiary Company: BZE Authorized Capital: RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00 each Paid-up Capital: RM1,500,000.00 divided into 1,500,000 ordinary shares of RM1.00 each Business Status: Dormant 4. RATIONALE FOR THE DISPOSAL The Disposal is part of the Group's exercise to dispose dormant or non-operating companies. 5. FINANCIAL EFFECT The Disposal will have no material effect on the share capital, net tangible assets and substantial shareholders' shareholdings of FBO. 6. APPROVAL No shareholders approval is required. 7. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND CONNECT PERSONS None of the Directors and Substantial Shareholders, persons connected to the Directors or substantial Shareholders of the Company and its subsidiaries or persons connected thereto have any interest, direct or indirect in the Disposal. 8. DIRECTORS' RECOMMENDATION The Directors of the Company are of the opinion that the Disposal is in the best interest of the Group. CONTACT: Furqan Business Organisation Berhad 247 Jalan Tun Razak Kuala Lumpur, KUALA LUMPUR 50400 Malaysia Phone: +60 3 2148 9999 Fax: +60 3 2148 9992 GADANG HOLDINGS: Notes Additional Listing of Shares --------------------------------------------------- Gadang Holdings Berhad's additional 4,647,200 new ordinary shares of RM1.00 each issued pursuant to the conversion of RM5,900,000 nominal value of 2% irredeemable convertible unsecured loan stocks into 4,647,200 new ordinary was granted listing and quotation on 29 December 2004. CONTACT: Gadang Holdings Berhad 52, Jalan Tago 2 Jalan Persiaran Utama Sri Damansara 52200 Kuala Lumpur, WP Malaysia Phone: 603-6356888 Fax: 603-6365560 GOLDEN FRONTIER: Buys Back 3,000 Shares --------------------------------------- Golden Frontier Berhad disclosed the details of its shares buy back on December 28, 2004. Date of buy back: 28/12/2004 Description of shares purchased: Ordinary Shares of RM1.00 Each Total number of shares purchased (units): 3,000 Minimum price paid for each share purchased (RM): 0.675 Maximum price paid for each share purchased (RM): 0.680 Total consideration paid (RM): 2,046.00 Number of shares purchased retained in treasury (units): 3,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 1,256,100 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 This announcement is dated 28 December 2004. HAP SENG: Unit Enters Voluntary Winding Up Process -------------------------------------------------- Hap Seng Consolidated Berhad (HSCB) announced that the final meeting of its wholly owned subsidiary Forward Supreme Sdn Bhd [FSSB] was held on 22 December 2004. The final meeting and liquidators' statement of final account were lodged with the Companies Commission of Malaysia (CCM) on 28 December 2004. On the expiration of three months from the date of lodgment of the said forms with the CCM; i.e. 28 March 2005, FSSB shall be dissolved. CONTACT: Hap Seng Consolidated Berhad No 1A Jalan 205 Petaling Jaya, Selangor Darul Ehsan 46050 MALAYSIA Phone: +60 3 7783 9888 Fax: +60 3 7781 6305 This announcement is dated 28 December 2004. HIAP AIK: Bourse Delists Securities ----------------------------------- Hiap Aik Construction Berhad (Special Administrators Appointed) (HACB) has been de-listed from the Official List of the Second Board of the Bursa Malaysia Securities Berhad. HACB is required to release an announcement on the findings of the investigative audit on the Company in accordance with the conditions imposed by the Securities Commission (SC) vide its approval letter dated 7 August 2003 on the Restructuring Scheme of HACB which includes, inter-alia, the transferring of HACB's listing status to LDAUN. A summary of the findings of the said investigative audit can be accessed at http://bankrupt.com/misc/tcrap_hiapaik122804.doc KILANG PAPAN: Discloses Unaudited Quarterly Results --------------------------------------------------- Kilang Papan Seribu Daya Berhad released its unaudited quarterly report for the financial period ended October 31, 2004. SUMMARY OF KEY FINANCIAL INFORMATION 31/10/2004 INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR QUARTER CORRESPONDING TO DATE CORRESPONDING QUARTER PERIOD 31/10/2004 31/10/2003 31/10/2004 31/10/2003 RM'000 RM'000 RM'000 RM'000 1 Revenue 405 608 2,254 2,020 2 Profit/(loss) before tax -4,848 -21,240 -14,583 -30,808 3 Profit/(loss) after tax and minority interest -4,848 -21,240 -14,583 -30,808 4 Net profit/(loss) for the period -4,848 -21,240 -14,583 -30,808 5 Basic earnings/(loss) per shares (sen) -24.00 -106.00 -73.00 -154.00 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) -9.5800 -8.8500 CONTACT: Kilang Papan Seribu Daya Berhad Lot 1 Harmoni Industrial Estate Kolombong, Inanam 88100 Malaysia Phone: +60 88 423 385 Fax: +60 88 423 287 K.P. KENINGAU: Unveils Production Figures For November ------------------------------------------------------ In accordance with Paragraph 9.29 of Chapter 9 of the Bursa Malaysia Securities Berhad Listing Requirements, K.P. Keningau Berhad announced that the log production figures of the Group for the month of November 2004 were 312 M3. CONTACT: K.P. Keningau Berhad Lot 10, The Highway Centre Jln 51/205 46050 Petaling Jaya, Selangor Telephone: 03-7784 3922 Fax: 03-7784 1988 LION CORPORATION: Notes Additional Listing of Shares ---------------------------------------------------- Lion Corporation Berhad's additional 230,000 new ordinary shares of RM1.00 each issued pursuant to the executive share option scheme will be granted listing and quotation with effect from 9 a.m., Thursday, 30 December 2004. CONTACT: Lion Corporation Berhad Level 46, Menara Citibank 165, Jalan Ampang 50450 Kuala Lumpur Phone: 03-21622155 Fax: 03-21623448 Web site: http://www.lion.com.my METROPLEX BERHAD: Unit Adjourns Winding Up to February 7 -------------------------------------------------------- Metroplex Berhad announced that its unit Legend International Resorts Limited (LIR) has been informed by its solicitors that the Judge in the High Court of Hong Kong S.A.R has on 28 December 2004 gave the following directions for the filing of evidence for the strike out application by LIR: (1) Morgan Stanley Emerging Markets, Inc (the Petitioner) to have 21 days to file evidence in opposition. (2) LIR to have 14 days to file evidence in reply. (3) A further hearing is fixed for 7 February 2005. The Court has also adjourned the hearing of the winding-up petition served on LIR to 7 February 2005. CONTACT: Metroplex Berhad 1st Floor Wisma Equity 150 Jalan Ampang 50450 Kuala Lumpur, Malaysia Telephone: 03-2618911 This announcement is dated 28 December 2004. PASARAYA HIONG: Store Corporation Denies Acquisition Report ----------------------------------------------------------- The Store Corporation Berhad refers to the Bursa Malaysia Berhad's letter dated 21 December 2004 in reference to the article entitled "Calm Down" in The Sun, page 2 on Tuesday, 21 December 2004, particularly the sentence " ... the outlets have been taken over by The Store Supermarket chain". The Store clarified that it is at present renting the retail space at the outlets previously occupied by Pasaraya Hiong Kong Sdn Bhd (PHK), as part of the expansion of The Store's ordinary course of business in the operation of its supermarkets and departmental stores. The Store also clarified that it has not taken over PHK nor acquire any equity interest in PHK. Bursa Malaysia Securities Berhad's Query Letter Content: We refer to the above article appearing in The Sun, 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: " ... the outlets have been taken over by The Store Supermarket chain." In accordance with the Exchange's Corporate Disclosure Policy, you are requested to furnish the Exchange with an announcement for public release confirming or denying the above reported article and 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 sentence or any other part of the above reported article, you are required to set forth facts sufficient to clarify any misleading aspects of the same. In the event you confirm the above sentence or any other part of the above reported article, you are required to set forth facts sufficient to support the same. Please furnish the Exchange with your reply within one (1) market day from the date hereof. Yours faithfully, KOAY LEAN LEE Senior Manager Issues & Listing Group Regulations KLL/WCY c.c. Encik Onn Ismail, Securities Commission (via fax) PILECON ENGINEERING: Releases Default Status Update --------------------------------------------------- Pilecon Engineering Berhad announced that there have been no changes to the status of default in payments since 30 November 2004. The Company has revised its earlier Proposed Scheme of Arrangement (Scheme) and has on 28 February 2004 submitted to the Securities Commission an appeal against their decision in rejecting the original Scheme. 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 PPB GROUP: Dissolves Indirect Subsidiary ---------------------------------------- Pursuant to the listing requirements of the Bursa Malaysia Securities Berhad, PPB Group Berhad (PPB) announced that its indirect subsidiary, Stenmark Investments Inc. (Stenmark) would be dissolved before the year-end of 2004. Stenmark is an indirect wholly owned subsidiary of Malayan Sugar Manufacturing Co. Bhd. (MSM) held through Masuma Trading Company Limited. MSM is a 100% subsidiary of PPB. Stenmark was incorporated in Liberia on 4 April 1984 with an issued and paid-up capital of USD1,000/- divided into 1 ordinary share of USD1,000. The principal activity of Stenmark was the placement of deposits to earn interest but it has become dormant since January 2003 following the repatriation of its funds to Malaysia. The dissolution will not have any material impact on the net tangible assets and earnings of PPB Group for the financial year ending 31 December 2004. Contact: PPB Group Berhad 17th Floor Wisma Jerneh 38 Jalan Sultan Ismail 50250 Kuala Lumpur Phone: 03-2141 2077 Fax: 03-2141 8242 PUNCAK NIAGA: Issues Additional Listing Of Shares ------------------------------------------------- Puncak Niaga Holdings Berhad's additional 260,000 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., Friday, 31 December 2004. CONTACT: Puncak Niaga Holdings Berhad Suite 1401-1406, 14th Floor Plaza See Hoy Chan Jalan Raja Chulan 50200 Kuala Lumpur Phone: 03-20318648 Fax: 03-20784386 Web site: http://www.puncakniaga.com.my ===================== P H I L I P P I N E S ===================== ASIAN DIAMOND: Deadline Set to Find New Investor ------------------------------------------------ The Securities and Exchange Commission has ordered pre-need firm Asian Diamond Plans Inc. to find a new investor by the end of this year or face liquidation, the Business World reports. "They now have a deadline ... If they don't find an investor, SEC may have no choice but to distribute the assets of the Company to the plan holders," a SEC official said. The SEC confirmed that two investors were interested in the Company: one is reportedly based in the United Kingdom, while the other is reportedly in touch with the Company's comptroller. Its owner, Singapore-based Sovereign Group, failed to raise enough capital to meet the SEC requirement for pre-need companies. To date, it operates solely to pay its obligations to an estimated 4,000 plan holders. Asian Diamond sold pension, education and life plans until SEC suspended its selling license last year after discovering a PhP16 million deficiency in its trust fund. CONTACT: Asian Diamond Plans Inc. Units 701-702 Pioneer Highlands Pioneer Street Mandaluyong City 1550 ATLAS CONSOLIDATED: To Probe Fire Incident At Cebu Office --------------------------------------------------------- Atlas Consolidated Mining and Development Corporation announced that a fire, which occurred on 27 December, gutted its Administrative Building in Toledo, Cebu. Most technical and accounting records were recovered or exist in duplicate form and no injuries were incurred. The Company will conduct a full investigative to establish the cause of the fire. In a disclosure to the Philippine Stock Exchange, the mining firm said the fire would not affect the planned rehabilitation of the Company's 42,000 tpd copper mine starting in 2005. CONTACT: Atlas Consolidated Mining and Development Corporation 7/F, Quad Alpha Centrum 125 Pioneer St., Mandaluyong City Phone 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. PILIPINO TELEPHONE: Board OK Changes in Management Deals -------------------------------------------------------- The Board of Directors of Pilipino Telephone Corporation (Piltel) and Smart Communications Inc. (Smart) have approved the amendments to their existing management agreements, reports Sun Star Cebu. 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 cellular network for the Talk n Text mobile service of Piltel. The two firms decided to review the management agreements after Piltel's subscriber base surpassed the 3.5 million mark in June of this year. Piltel and Smart hired an independent consultant to provide a framework for considering the extent and timing of any changes in their management agreements. The consultant also said declining network and operating costs per subscriber, due to improvements in productivity and technology, should also be taken into consideration in the sharing of revenue. Piltel reported a third-quarter net profit of PHP232.6 million from a PHP750.6 million loss in the year-ago period, on a steady increase of subscribers to its mobile phone service. CONTACT: Pilipino Telephone Corporation 6799 Ayala Avenue Makati City, 1200 PHILIPPINES Phone: +63 2 511 6121 Fax: +63 2 817 6888 ================= S I N G A P O R E ================= CHINA AVIATION (S): To Release Restructuring Plan by January 21 ----------------------------------------------------------- Beleaguered China Aviation Oil (S) Corp Ltd (CAO) is poised to release its restructuring plans by January 21 of next year, reports Xinhuanet. CAO spokesperson Yun Dawei said that at least 20 people will be involved in preparing its restructuring scheme including its consultants Deloitte Touche Tohmatsu. CAO was granted by the Singapore High Court a six-week extension to submit its restructuring plans after it suffered a US$550 million loss in oil derivative trading. Mr. Yun also said that Singapore's investment arm, Temasek Holding, is to be CAO's most likely partner in restructuring. Meanwhile, it is understood that CAO will also seek aid from oil firms like China Petroleum and Chemical Corp. (Sinopec) and China National Petroleum Corp. (CNPC) as well as the country's leading airlines. But Air China has made it clear that it had no plans to help in CAO's restructuring. KAKI BUKIT: Winding Up Order Served ----------------------------------- In the matter of Kaki Bukit Investments Pte Ltd. a Winding Up Order was made on the 10th day of December 2004. Names and address of Liquidators: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 Messrs Shook Lin & Bok Solicitors for the Petitioner This Singapore Government Gazette notice is dated 24 December 2004. PANPAC MEDIA: Quantum Capital Converts Notes -------------------------------------------- Panpac Media Group refers to announcements dated 13 August 2004, 3 September 2004, 29 September 2004, 6 October 2004, 12 October 2004, 21 October 2004, 3 November 2004, 3 December 2004 and 21 December and the Circular to shareholders dated 20 August 2004 relating to the issue by the Company to Quantum Capital Asset Management Limited of up to SG$10,000,000 in principal amount of unsecured S$ notes due 2007. All capitalized terms herein shall have the same definition as used in the said Circular to shareholders dated 20 August 2004. The Board of Directors of the Company hereby wishes to announce that Quantum Capital had on 24 December 2004 converted an aggregate amount of SG$1,000,000 of Tranche 2 Notes, being the first subtranche of Tranche 2 Notes, at SG$0.054 per share into an aggregate number of 18,518,518 ordinary shares of $0.05 each in the issued and paid-up share capital of the Company. Pursuant to the conversion, the total number of issued and paid up shares in the Company is 576,054,598 ordinary shares of SG$0.05 each. The Company has utilized about SG$0.5 million from the fifth sub-tranche of the Tranche 1 notes as working capital for its China operations. None of the Directors or the substantial shareholders has any direct or indirect interest in the transaction. TENBY INVESTMENTS: Court Issues Winding Up Order ------------------------------------------------ In the matter of Tenby Investments Pte Ltd., a Winding Up Order was made on the 10th day of December 2004. Names and address of Liquidators: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 Messrs Shook Lin & Bok Solicitors for the Petitioner This Singapore Government Gazette notice is dated 24 December 2004. THAKRAL CORPORATION: Completes Refinancing ------------------------------------------ The Directors of Thakral Corporation Ltd announced that on 27 December 2004 the Company has fully repaid its previous borrowings. Funds for this refinancing were arranged under a Facility Agreement dated 15 December 2004 entered into by (a) Arab Bank plc, Singapore Branch, Raiffeisen Zentralbank �sterreich Ag (RZB-Austria), Singapore Branch and Southern Bank Berhad, Singapore Branch as Initial Lenders, (b) Arab Bank plc, Singapore Branch as Arranger, Agent and Security Agent and (c) the Company as Borrower. Submitted by George Lau Kum Hon, Executive Vice President on 28/12/2004 to the Singapore Stock Exchange. =============== T H A I L A N D =============== NATURAL PARK: Details Stock Subscription of BMCL Share ------------------------------------------------------ Natural Park Public Company Limited notified the Stock Exchange of Thailand (SET) additional information regarding the subscription of the capital increase ordinary shares in Bangkok Metro Public Company Limited (BMCL) as follow: The Board of Director of BMCL has resolved on 7 December 2004 to allocate increase share capital of 100 million shares at the price of THB3 per share by allocating to present shareholders proportionately at 1 existing share for 0.01379 new share. As a present shareholder, the Company will receive share allocation of 24,705,109 shares at the price of THB3 per share, totaling THB74,115,327. BMCL has informed the shareholder that the share subscription and payment for shares is between 23 to 24 December 2004 from 9:00 to 15:00 a.m. Since the Company is in the process of investing with the shareholder of City Realty Company Limited, the Company has informed BMCL to postpone the payment date until the investment process has been completed. The Company will notify the Stock Exchange of Thailand on further progress. Please be informed accordingly Sincerely Yours, Natural Park Public Company Limited (Mr. Thowthawal Subhavanich) Chief Financial Officer CONTACT: Natural Park Public Company Limited Address: 88 Soi Klang (Sukhumvit 49), Sukhumvit Road, Wattana, Bangkok Telephone: 0-2259-4800-11 Fax: 0-2259-4819, 0-2259-4815 NATURAL PARK: Postpones Extraordinary Meeting to February 11 ------------------------------------------------------------ With reference to Natural Park Public Company Limited's Board of Directors Meeting No. 26/2004 dated 28 December 2004 on 11:00 a.m. The Company would like to notify the following (1) Unanimously resolved to approve the postponement of the date of the Extraordinary Shareholders Meeting No. 1/2005 from 11 January 2005 to 11 February 2005 at 9:00 a.m. The place of the meeting will be notified in the Invitation Letter. The agenda of the meeting is in accordance with the notification to the Stock Exchange of Thailand (SET) on 30 November 2004. (2) Unanimously resolved to approve the closing of the Share Register Book to suspend the transfer of shares of the Company for exercising the right to attend the Extraordinary General Meeting of Shareholders No. 1/2005, from 24 January 2005, at noon, until the Extraordinary Meeting of Shareholders is duly adjourned. Please be informed accordingly. Sincerely Yours, Natural Park Public Company Limited (Mr. Thowthawal Subhavanich) Chief Financial Officer NATURAL PARK: Changes Name of Subsidiary ---------------------------------------- Natural Park Public Company Limited informed the Stock Exchange of Thailand (SET) on the changes of the following subsidiary Company's names: (1) Panwa Hotel Co. Ltd. our subsidiary Company (in which the Company holds shares at 99.9 percent of the total paid-up registered capital) changed Company name to Natural Hotel Panwa Co. Ltd. (2) Modern Project Co. Ltd. its subsidiary Company (in which the Company holds shares at 99.9 percent of the total paid-up registered capital) changed Company name to Natural Project Chao Phraya Co. Ltd. Please be informed accordingly. Sincerely yours, Natural Park Public Company Limited Mr.Thowthawal Subhavanich Chief Financial Officer PREECHA GROUP: Unveils Result of Share Offering ----------------------------------------------- Preecha Group Public Company Limited advised the Stock Exchange of Thailand on the result of share offering of the Company dated, 27 December 2004. (1) Information in relation to the share offering. - Class of shares offered: Ordinary Shares - Number of shares offered: 23,167,401 - Offered to: The existing shareholders as of 24 November 2004 - Price per share: THB2.25 - Subscription and payment period: 13-17 December 2004 (2) Result of the share sale (/) Totally sold ( ) Partly sold, with...Shares remaining. The Company will deal with the remaining of shares as follows: (3) Details of the sale Thai investors Foreign investors Juristic Natural Juristic Natural Total persons persons persons persons Number of persons 1 87 - 2 90 Number of shares Subscribed 10,819,035 12,345,866 - 2,500 23,167,401 Percentage of total shares for sale 46.70 53.29 0.01 100.00 (4) Amount of money received from the share sale Total Amount: THB52,126,652.25 Less expenses: (None) Baht Net Amount Received: THB52,126,652.25 The Company certifies that the information described in this report is accurate and complete in all respects. (Mr. Preecha Tirakijpong) President CONTACT: Preecha Group Public Company Limited 1919 Pattanakarn Road, Suan Luang Bangkok Telephone: 0-2722-8855 Fax: 0-2722-8844-5 Web site: www.preecha.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Peachy Clare Arreglo, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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