/raid1/www/Hosts/bankrupt/TCRAP_Public/050104.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, January 4, 2005, Vol. 8, No. 2
Headlines
A U S T R A L I A
AINSWORTH GAME: Contract Delay Affects Profitability
AUDRAL PTY.: Sets Final General Meeting on January 17
BW & SR HILLSLEY: Creditors to Prove Claims Today
COOMEALLA ABORIGINAL: To Declare Final Dividend January 18
DEVELOPMENT CAPITAL: Enters Winding Up Proceedings
G&W BODY: To Convene Final Meeting on January 11
HANNOVER HOLDINGS: Faces Voluntary Winding Up Process
KELSO HOME: Final Meeting Slated for January 20
KJ SMITHS: Schedules Final Meeting on January 23
LICATA DEVELOPMENTS: Members Resolve to Voluntarily Wind Up
MAGALYSH PTY: Sets Final Meeting on January 7
MURRAY DARLING: Receiving Proofs of Debt Until Today
NATIONAL AUSTRALIA: Raises AU$1.3 Mln for Tsunami Relief Fund
OZER PTY: Final Meeting Scheduled January 11
PTS MANAGEMENT: To Declare Final Dividend on January 10
SHIRT FARM: Members Meeting Slated for January 23
TARAMPA PTY: Sets January 14 as Date of Final Meeting
TOWER ENGINEERING: Court Appoints Joint and Several Liquidators
ZIADE INVESTMENTS: Court Issues Winding Up Order
C H I N A & H O N G K O N G
CHINA MERCHANTS: Completes Transfer of SRC to CMHP
KIU YU: Creditors to Meet January 5
PO HUNG: Faces Bankruptcy Proceedings
RIGHT JET: Court to Hear Winding-Up Petition February 16
SHINNING SHIELD: Winding Up Hearing Set February 2
YIN KING: Schedules Creditors Meeting on January 5
I N D O N E S I A
BANK GLOBAL: Interpol Issues Red Notice for Fugitives
GARUDA INDONESIA: Pays US$105 Mln in Debt Installments
PERTAMINA: Extends IDR15 Bln Relief Aid for Quake Victims
PERUSAHAAN LISTRIK: May Incur US$53.75 Mln Losses from Tsunami
PT INDOFARMA: Sells Stake in Unprofitable Unit
J A P A N
DAIEI INCORPORATED: IRCJ Protests S&P's Report on Rehab Sponsors
DAIEI INCORPORATED: New Management Team to be Set Up in May
DAIEI INCORPORATED: Mulls End of Okinawa, Shikoku, Chugoku Ops
KANEBO LIMITED: Faces Probe Over Slush Fund
MISAWA HOMES: Toyota Taps Nomura in Rehab Sponsorship Deal
K O R E A
LG CARD: Creditors, LG Group Provide KRW1 Trillion Bailout Fund
SSANGYONG MOTOR: Domestic Figures Drive 20.5% Sales Slump
M A L A Y S I A
ACTACORP HOLDINGS: To Choose White Knight Soon
ACTACORP HOLDINGS: To Unveil Restructuring Scheme in 3 Months
AMSTEEL CORPORATION: Dissolves Dormant Subsidiaries
AMSTEEL CORPORATION: SC OKS Proposed Restructuring Variations
AOKAM PERDANA: Unveils 50th AGM Resolutions
BUKIT KATIL: Mapping Out Scheme to Regularize Financial Status
BUKIT KATIL: Still Seeking Third Party to Settle Loan Facilities
EKRAN BERHAD: Issues Default Status Update
FARLIM GROUP: Shareholders' OK AGM Resolutions
FURQAN BUSINESS: Strikes Off Dormant Subsidiaries
GENERAL SOIL: Releases Monthly Status Update
JASATERA BERHAD: Discloses Unaudited Quarterly Results
KAI PENG: Shareholders Approve AGM Resolutions
KEMAYAN CORPORATION: Details Restructuring Scheme Developments
KIG GLASS: Reveals Practice Note 1/2001 Status
KILANG PAPAN: Extends Moratorium Period
KUMPULAN EMAS: Hopes to Return to Profitability by 2006
LION CORPORATION: Updates Debt Restructuring Scheme
TENCO BERHAD: Issues Monthly Status Update
TRU-TECH HOLDINGS: Submits Restructuring Scheme
WEMBLEY INDUSTRIES: Bursa Malaysia Issues Public Reprimand
WONG ENGINEERING: Discloses Unaudited Quarterly Results
P H I L I P P I N E S
COLLEGE ASSURANCE: Financial Woes May Spill Over to Units
MAYNILAD WATER: Three Firms Eyeing Takeover
PHILIPPINE AIRLINES: Back Into Red in Third Quarter
PHILIPPINE LONG: To Cut Debt by US$540-Mln in 2005
S I N G A P O R E
ASIA FOOD: Releases Debt Rescheduling Updates
ASIA IWANT-IN.NET: Winding Up Hearing Set January 14
CHINA AVIATION (S): Misses Deadline to File Defense
COYDEN FOOD: Court to Hear Bankruptcy Petition on January 14
COYDEN GRAINS: Winding Up Hearing Slated for January 14
COYDEN HOLDINGS: Enters Winding Up Proceedings
PANPAC MEDIA: Completes Acquisition of Maxful Management
PANPAC MEDIA: Disposes of Entire Stake in Panpac Lifestyle
PENGUIN BOAT: Appoints New Company Secretary
T H A I L A N D
CAPETRONIC INTERNATIONAL: Shareholders to Meet on January 17
* Thailand Won't Need Debt Relief Despite Tsunami Devastation
BOND PRICING: For the Week 03 January to 07 January 2005
- - - - - - - -
=================
A U S T R A L I A
=================
AINSWORTH GAME: Contract Delay Affects Profitability
----------------------------------------------------
Ainsworth Game Technology suffered a first-half loss of up to
AU$2 million due to the deferment of an anticipated
international order due to needed changes in machine software,
reports The Courier-Mail.
Despite saying that its sales had picked up, shares in Ainsworth
tumbled after it issued a profit warning due to the contract
delay. A first half profit estimate of only AU$655,000 has been
released.
Ainsworth said the firm's financial results were affected by
substantial spending in building market presence in established
and new jurisdictions, increased expenditures on new licenses,
research and development and the initial costs of establishing
distribution networks for additional international markets.
CONTACT:
Ainsworth Game Technology Limited
10 Holker Street, Newington,
NSW, Australia, 2127
Telephone: 02 9739 8000
Fax: 02 9648 4327
Web site: http://www.ainsworth.com.au/
AUDRAL PTY.: Sets Final General Meeting on January 17
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final General Meeting of
Shareholders of Audral Pty. Limited (In Liquidation) A.C.N. 000
387 691 will be held at the offices of Borough Mazars, Level 6,
77 Castlereagh Street, Sydney NSW 2000 on Monday, 17th January
2005 at 10:00 a.m. for the purpose of laying before it a Final
Account showing how 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 and to determine the manner
in which the books, accounts and documents of the company and of
the liquidator thereof shall be disposed of.
Dated this 26th day of November 2004
Alan Kenneth Moffat
Liquidator
BW & SR HILLSLEY: Creditors to Prove Claims Today
-------------------------------------------------
A First and Final dividend is to be declared on 11 January 2005
for BW & SR Hillsley Pty Limited (In Liquidation) trading as All
Types Of Rubbish A.C.N. 056 680 767.
Creditors whose debts or claims have not already been admitted
are required today, 4 January 2005 formally to prove their debts
or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 14th day of December 2004
R.J. Porter
Official Liquidator
Moore Stephens PMN
Level 6, 460 Church Street,
Parramatta NSW 2150
COOMEALLA ABORIGINAL: To Declare Final Dividend January 18
----------------------------------------------------------
A first & final dividend is to be declared on the 18 January
2005 in respect of Coomealla Aboriginal Housing Co Limited (In
Liquidation) A.C.N. 001 267 367.
Creditors whose debts or claims have not already been admitted
are required today, 4 January 2005 formally to prove their debts
or claims. In default, they will be excluded from the benefit of
the dividend.
Dated this 14th day of December 2004
Frank Lo Pilato
Official Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988
DEVELOPMENT CAPITAL: Enters Winding Up Proceedings
--------------------------------------------------
On 29 November 2004 the Supreme Court of New South Wales made an
Order that Development Capital Pty Ltd (In Liquidation) A.C.N.
103 232 239 be wound up by the Court and appointed A.H.J. Wily
to be Liquidator.
A.H.J. Wily
Official Liquidator
Armstrong Wily & Co
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
G&W BODY: To Convene Final Meeting on January 11
------------------------------------------------
Notice is hereby given that a final meeting of creditors,
members and shareholders of G&W Body Repairs Pty Limited (In
Liquidation) A.C.N. 002 315 737 will be held at Jamieson Louttit
& Associates, Level 15, 88 Pitt Street, Sydney NSW on 11 January
2005 at 10:00 a.m.
The purpose of the meeting is to lay the Account of the
Liquidator before it, showing the manner in which the winding up
has been conducted and the property of the company disposed of,
and for hearing any explanation that may be given by the
Liquidator.
Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street, Sydney NSW
Telephone: (02) 9231 0505
Facsimile: (02) 9231 0303
HANNOVER HOLDINGS: Faces Voluntary Winding Up Process
-----------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Hannover Holdings Pty Ltd (In Liquidation) A.C.N. 001
292 646 held on 24 November 2004, the following special and
ordinary resolutions respectively were passed:
That the company be wound up as a members voluntary liquidation
and that the assets of the company may be distributed in whole
or in part to the members in specie should the Liquidator so
desire and that Richard Cox be appointed Liquidator of the
company.
Dated this 25th day of November 2004
Richard Cox
Liquidator
Truman & Co
PO Box 5485, West Chatswood NSW 1515
Telephone: (02) 9410 6999
KELSO HOME: Final Meeting Slated for January 20
-----------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Kelso Home Builders Pty
Ltd (In Liquidation) A.C.N. 001 458 868 will be held at 1/65
Parke Street, Katoomba, NSW on 20 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 26th day of November 2004
John Anthony Richards
Liquidator
1/65 Parke Street, Katoomba NSW
KJ SMITHS: Schedules Final Meeting on January 23
------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of KJ Smiths
Services Pty Ltd (In Liquidation) A.C.N. 000 153 622 will be
held at the offices of Laurence Varnay - DFK, Level 7, 131 York
Street, Sydney NSW on the 23rd day of January 2005 at 10:00 a.m.
for the purposes of laying before the meeting the Liquidator's
final accounts and reports and giving any explanation thereof.
Dated this 30th day of November 2004
Raphael Mendels
Liquidator
LICATA DEVELOPMENTS: Members Resolve to Voluntarily Wind Up
-----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Licata Developments Pty Limited (In Liquidation) A.C.N. 069 102
727 duly convened and held at 15 Gawler Place, Bossley Park NSW
2176 on Wednesday, 1 December 2004 at 9:00 a.m. a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 2nd day of December 2004
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
MAGALYSH PTY: Sets Final Meeting on January 7
---------------------------------------------
The Final Meeting of Magalysh Pty Ltd (In Voluntary Liquidation)
A.C.N. 000 456 011 will be held at the office of Truman & Co.,
6th Floor, 7 Help Street, Chatswood, on 7 January 2005 at 10:00
a.m. An account of how the winding up has been conducted will be
presented.
Margaret Stephens
Liquidator
MURRAY DARLING: Receiving Proofs of Debt Until Today
----------------------------------------------------
A first dividend is to be declared on the 18th day of January
2005 in respect of Murray Darling Community Care Incorporated
(In Liquidation) Y 2721430.
Creditors whose debts or claims have not already been admitted
are required today, the 4th day of January 2005 formally to
prove their debts or claims. In default, they will be excluded
from the benefit of the dividend.
Dated this 14th day of December 2004
Frank Lo Pilato
Official Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988
NATIONAL AUSTRALIA: Raises AU$1.3 Mln for Tsunami Relief Fund
-------------------------------------------------------------
The National Australia Bank disclosed it had raised more than
AU$1.3 million in the first 48 hours of collecting donations to
help the victims of the Asian earthquake and tsunami.
Chief Executive Officer Australia for the National, Mr. Ahmed
Fahour, said he was delighted by the response and generosity of
all Australians.
"I'd like to thank everyone who has made a donation to help the
victims of the Asian earthquake and tsunami. The response has
been wonderful," Mr. Fahour said.
"We established the fund only yesterday to make it easier for
people to donate money and to assist the aid agencies. It's
terrific that staff in the National's 1,000 branches across
Australia are able to help with the appeal," he said.
The National has also established a temporary relief package for
customers and staff who are stranded or who have suffered loss
as a result of the tsunami including:
(1) Temporary suspension of home loan repayments;
(2) Waiving application fees for restructuring of existing
loans;
(3) Waiving fees and costs for early withdrawal of term
deposits;
(4) Waiving personal loan application fees; and
(5) Credit card relief where appropriate.
These offers are available until 31 March 2005.
"Some of our customers may be affected and we want them to be
aware that we are able to help get their businesses and personal
finances under control again as quickly as possible," Mr. Fahour
said.
National customers are advised to talk to their banker or call
13 22 65 about the options available.
The National's relief fund will continue until the end of March
2005. All donations will be provided to World Vision for
distribution to victims and their families. Donations can be
made through any National Australia Bank branch or through the
National's website at www.national.com.au.
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/
OZER PTY: Final Meeting Scheduled January 11
--------------------------------------------
Notice is hereby given that a final meeting of creditors and
members/shareholders of Ozer Pty Limited (In Liquidation) A.C.N.
082 249 714 will be held at Jamieson Louttit & Associates, Level
15, 88 Pitt Street, Sydney NSW on 11 January 2005 at 12:00 noon.
The purpose of the meeting is to lay the Account of the
Liquidator before it, showing the manner in which the winding up
has been conducted and the property of the company disposed of,
and for hearing any explanation that may be given by the
Liquidator.
Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street, Sydney NSW
Telephone: (02) 9231 0505
Facsimile: (02) 9231 0303
PTS MANAGEMENT: To Declare Final Dividend on January 10
-------------------------------------------------------
A first and final dividend is to be declared on 10 January 2005
for PTS Management Pty Limited (In Liquidation) A.C.N. 095 442
676.
Creditors whose debts or claims have not already been admitted
are required on or before 5 January 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 14th day of December 2004
M.E. Slaven
Liquidator
Unit 12, Level 3 Engineering House,
11 National Circuit, Barton ACT
SHIRT FARM: Members Meeting Slated for January 23
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Shirt Farm Pty
Ltd (In Liquidation) A.C.N. 000 739 873 will be held at the
offices of Laurence Varnay - DFK, Level 7, 131 York Street,
Sydney NSW on the 23rd day of January 2005 at 11:00 a.m. for the
purposes of laying before the meeting the Liquidator's final
accounts and reports and giving any explanation thereof.
Dated this 30th day of November 2004
Raphael Mendels
Liquidator
TARAMPA PTY: Sets January 14 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Tarampa Pty
Limited (In Liquidation) A.C.N. 000 713 299 will be held at the
offices of Brigden & Partners at 2nd Floor 26 Florence Street
Hornsby NSW, on 14 January 2005, at 9:00 a.m. for the purposes
of laying before the meeting the liquidators' final account and
report and giving any explanation thereof.
Dated this 30th day of November 2004
David Smith
Liquidator
Brigden & Partners
26 Florence Street, Hornsby
TOWER ENGINEERING: Court Appoints Joint and Several Liquidators
---------------------------------------------------------------
On 28 October 2004, the Federal Court of Australia at Australia
Capital Territory Registry in Proceeding No ACD36 of 2004,
ordered the winding up of Tower Engineering Services Pty Ltd
A.C.N. 096 633 608 and Peter Goodin & Robyn Erskine were
appointed joint and several liquidators of Tower Engineering
Services Pty Ltd A.C.N. 096 633 608.
Dated this 19th day of November 2004
Peter Goodin
Robyn Erskine
Liquidators
Brooke Bird & Co
471 Riversdale Road,
Camberwell Junction Vic 3124
ZIADE INVESTMENTS: Court Issues Winding Up Order
------------------------------------------------
On 29 November 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Ziade Investments Pty
Limited A.C.N. 062 643 556 be wound up and appointed R.J. Porter
as Provisional Liquidator.
R.J. Porter
Provisional Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150
==============================
C H I N A & H O N G K O N G
==============================
CHINA MERCHANTS: Completes Transfer of SRC to CMHP
--------------------------------------------------
China Merchants Holdings International (CMHI) announced at the
Hong Kong Stock Exchange that the transfer of its 100-percent
equity interest in Successful Road Corporation (SRC) and all
shareholder's loan owing by SRC to CMHI to China Merchants
Holdings (Pacific) Ltd (CMHP), a Singapore-listed unit of CMHI,
at a total consideration of HK$2.591 billion was completed
Wednesday.
After the transfer, CMHI's shareholding in CMHP will increase
from 23.98 percent to 72.3 percent
To view the entire document click on:
http://bankrupt.com/misc/tcrap_chinamerchants123004.pdf
KIU YU: Creditors to Meet January 5
-----------------------------------
The Incorporated Owners Of Kiu Yu And Kiu Fat Mansions has set
its meeting at 10:30 a.m. on 5 January 2005.
The meeting will be held at the office of Lily Fenn & Partners,
Solicitors, Room D, 32nd Floor, Lippo Centre, Tower 1, 89
Queensway, Hong Kong.
Dated this 24th day of December 2004
Lily K. B. Fenn
Joint and Several Provisional Liquidator
PO HUNG: Faces Bankruptcy Proceedings
-------------------------------------
Notice is hereby given that a petition for the winding up of Po
Hung Construction Engineer Company Limited by the High Court of
Hong Kong Special Administrative Region was on the 9th day of
November 2004 presented to the said Court by Atlas Copco
China/Hong Kong Limited whose registered office is situated at
Unit 2103, Citimark, 28 Yuen Shun Circuit, Shatin, New
Territories, Hong Kong.
The said Petition will be heard before the Court at 9:30 a.m. on
the 5th day of January 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Fairbairn Catley Low & Kong
Solicitors for the Petitioner
43rd Floor, Gloucester Tower
The Landmark
11 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 4th day of
January 2005.
This notice is dated 24 December 2004.
RIGHT JET: Court to Hear Winding-Up Petition February 16
--------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Right Jet Development Limited by the High Court of Hong Kong
Special Administrative Region was on the 11th 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 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.
Rowland Chow, Chan & Co.
Solicitors for the Petitioner
15th Floor, Wing Lung Bank Building
No. 45 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15th day of
February 2005.
This notice is dated 24 December 2004.
SHINNING SHIELD: Winding Up Hearing Set February 2
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Shinning Shield Development Limited by the High Court of Hong
Kong Special Administrative Region was on the 8th 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 a.m. 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.
Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
No. 10 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 1st day of
February 2005.
This notice is dated 24 December 2004.
YIN KING: Schedules Creditors Meeting on January 5
--------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors Yin
King Seafood Restaurant Limited will be held at Room 1101,
11/F., Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on
5 January 2005 at 11:30 a.m. for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated 24 December 2004
By Order of the Board of
Yin King Seafood Restaurant Limited
Tam Chi Kong
Director
=================
I N D O N E S I A
=================
BANK GLOBAL: Interpol Issues Red Notice for Fugitives
-----------------------------------------------------
A red notice has been issued by the International Police
(Interpol) to help the Indonesian police capture two Bank Global
Internasional executives, who are suspected to have participated
in a scam that led to the bank's suspension, relates The Jakarta
Post.
The Interpol issued a red notice for Bank Global President
Irawan Salim and Operational Director Rico Santoso.
The Indonesian police sought assistance from Singapore Police
and the France-based Interpol after both executives disappeared
following the suspension of Bank Global's activities on Dec. 11.
Mr. Salim and Mr. Santoso are accused of attempting to cover up
their wrongdoings by trying to destroy bank documents as the
bank's financial health deteriorated sharply over the past few
months due to fictitious lending activities and bank fraud.
Meanwhile, police have detained 11 other executives from the
embattled private bank, after its business was suspended when
its Capital Adequacy Ratio (CAR) had dropped from 44.8 percent
to minus 39 percent. The CAR measures the financial health of a
bank, and Bank Indonesia requires banks in Indonesia to have a
minimum CAR of 8 percent.
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
GARUDA INDONESIA: Pays US$105 Mln in Debt Installments
------------------------------------------------------
Garuda Indonesia has fully refinanced US$105.34 million in debt
installments for last year, according to Asia Pulse.
According to Garuda spokesman Pujobroto, the national flag
carrier paid US$68.5 million on Dec. 28 in the last part of its
installment for 2004.
Garuda's last payment in 2004 left it with an outstanding debt
of US4827.9 million, which will be settled by installments until
2010 including US$12.8 million to be paid in 2005.
To date, Garuda has paid a total of US$454.76 million since its
debt was restructured in Nov. 2001. So far, the carrier has
managed to pay its debt on schedule.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com
PERTAMINA: Extends IDR15 Bln Relief Aid for Quake Victims
---------------------------------------------------------
State oil and gas firm PT Pertamina has allocated IDR15 billion
for earthquake and tsunami victims in the province of Nanggroe
Aceh Darusssalam and a small part of North Sumatra, reports
Antara.
The financial assistance is separate from aid packages collected
from employees of Pertamina and its sister companies. The aid
packages, which included medical supplies, biscuits, milk,
clothes, and women's utensils, were airlifted by a Fokker-100
aircraft and dropped to the tsunami-devastated areas.
The next stage of assistance will be part of an IDR15 billion
aid commitment which will be manifested in the dispatch of
clothes, soft drinks, the setting up of public kitchens, the
opening of Pertamina Peduli policlinics in some towns in Aceh
and the rehabilitation of public facilities and infrastructure.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERUSAHAAN LISTRIK: May Incur US$53.75 Mln Losses from Tsunami
--------------------------------------------------------------
Perusahaan Listrik Negara (PLN) estimated some IDR500 billion
(US$53.75 million) in losses due to heavy damage to its power
facilities resulting from the Asian tsunami, Asia Pulse.
The massive losses came mostly from damage to its transmission
and distribution networks in the tsunami-hit areas of Aceh and
North Sumatra.
PLN President Eddie Widiono confirmed communications have not
been restored to some areas expected to suffer potential
devastation.
He said most power generating plants function well in Aceh but
distribution systems are heavily damaged.
The state-owned electricity firm vowed it will send 100 units of
electric generators to help cope with power supply crisis in
Aceh.
Meanwhile, 30 percent of the power supply in capital city Bandah
Aceh has been restored.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
PT INDOFARMA: Sells Stake in Unprofitable Unit
----------------------------------------------
Beleaguered PT Indofarma has divested its entire stake in PT
Risima Abadi Farmasi (RAF) to PT Trimarga Rekatama for IDR5.77
billion (US$640,000), says Asia Pulse.
State-owned Indofarma has sold its entire 58-percent stake in
the loss-making subsidiary, which tallied losses of up to IDR1.5
billion a year.
Indofarma, which had invested IDR8.66 billion in RAF, has
incurred around IDR3 billion losses as a result of the
divestment.
The drug firm's decision to dispose of its shareholding in the
unit stemmed from RAF's marketing problem to dispose of its
paracetamol product with tight competition in the international
market.
CONTACT:
PT Indofarma Tbk
Jl. Tambak No. 22
Jakarta 10320
Indonesia
Phone: (021) 851 7222
Fax: (021) 851 7223
=========
J A P A N
=========
DAIEI INCORPORATED: IRCJ Protests S&P's Report on Rehab Sponsors
----------------------------------------------------------------
The state-backed corporate turnaround body last week filed a
protest against Standard & Poor's over its recent report
predicting sponsors of Daiei Incorporated's rehabilitation
program would see their credit qualities negatively affected,
says Kyodo News.
The Industrial Revitalization Corporation of Japan (IRCJ) called
on the U.S. credit-rating agency to immediately respond on
matters such as the reliability of its projections and the logic
behind its conclusions.
IRCJ President Atsushi Saito criticized the S&P report released
on Dec. 21, saying it is based on media reports. He said he
cannot understand why such negative comments came out before the
sponsors' bidding.
The S&P report claimed that Daiei's outstanding debt is expected
to remain at hundreds of billions of yen even if it receives
about JPY600 billion in debt waivers from creditor banks and the
operational challenges of reviving the ailing retailer will be
"immense".
Although the candidates appear to include companies rated by
S&P, the effects of potential support for Daiei on their
business and finances have yet to be incorporated into rating
assessments, the report said.
After analyzing the financial support plan and Daiei's group-
wide medium-term restructuring plan, S&P will examine three
factors -- the financial burden on the candidates, the
consistency of their own medium-term business plans, and their
own business policies and any benefits of the rehabilitation
plan, it said.
The IRCJ, which ruled out taking legal action against the rating
firm, has already sent a letter to the S&P headquarters and has
yet to receive a response.
CONTACT:
The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: www.daiei.co.jp
DAIEI INCORPORATED: New Management Team to be Set Up in May
-----------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) is
keen on setting up a new management team for struggling retailer
Daiei Incorporated possibly in May, The Japan Times reports.
The IRCJ was willing to establish the team in April but will
have to postpone it until May, as the selection of Daiei's
rehabilitation sponsor may be delayed until the end of March.
IRCJ President Atsushi Saito said the management team will
include a president who will be sent by the sponsor, as well as
some directors appointed by the IRCJ.
Revival sponsorship candidates were required to submit their
rehabilitation proposals this month.
The IRCJ and the sponsor will focus business resources on food
sales that feature higher profitability.
DAIEI INCORPORATED: Mulls End of Okinawa, Shikoku, Chugoku Ops
--------------------------------------------------------------
Daiei Incorporated is considering shutting down its entire store
network in Okinawa, Shikoku and the Chugoku regions under a
restructuring program managed by the Industrial Revitalization
Corporation of Japan (IRCJ), according to The Japan Times.
The embattled retailer is also planning to halt operations of
its two outlets in the Tohoku region.
The government-backed IRCJ said it will trim Daiei's business
areas as it believes the company's insistence to stick to
nationwide operations was one factor that contributed to its
dismal performance.
Daiei, which currently has six outlets in the Chugoku region,
four in Shikoku and two in Okinawa, will shut down 53
unprofitable stores out of its 263 outlets. It plans to open 100
new supermarkets in the Tokyo and Osaka areas.
KANEBO LIMITED: Faces Probe Over Slush Fund
-------------------------------------------
Investigators have discovered that 10 executives of Kanebo
Limited were involved in creating a slush fund worth JPY250
million, reports The Asahi Shimbun.
Sources said the former executives, who worked at the textile
maker's Tokyo head office, operated the fund from 1999 to 2002.
The fund was allegedly run by a former vice president from the
former Sakura Bank, one of the predecessor banks of Sumitomo
Mitsui Banking Corp., Kanebo's main creditor.
The discovery prompted the Tokyo District Prosecutors Office and
the Securities and Exchange Surveillance Commission (SESC) to
begin investigations into the embattled textile company.
The SESC is working to find out what the slush fund was for. It
will pore over the firm's financial documents and questions the
former executives on suspicions that the Securities and Exchange
Law has been violated.
Kanebo has allegedly operated slush funds for more than 10
years, using fictitious transactions to transfer several tens of
millions of yen annually.
MISAWA HOMES: Toyota Taps Nomura in Rehab Sponsorship Deal
----------------------------------------------------------
Toyota Motor Corporation has named Nomura Securities Co. as its
financial adviser, in line with the carmaker's move to sponsor
the revitalization of stricken Misawa Homes Holdings
Incorporated, Kyodo News says.
Nomura, the core arm of Nomura Holdings Inc., will work closely
with Toyota to design a rehabilitation scheme for the ailing
homebuilder.
Last week, it was announced that Toyota and a yet-undetermined
third party will take up to a 33.4-percent stake in Misawa
Homes.
Toyota confirmed it will buy to a 10 percent stake in the
homebuilder, and the remaining percent will be purchased to help
rehabilitate Misawa Homes.
The announcement followed a formal decision by the state-backed
Industrial Revitalization Corporation of Japan to help
rehabilitate Misawa Homes.
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/
=========
K O R E A
=========
LG CARD: Creditors, LG Group Provide KRW1 Trillion Bailout Fund
---------------------------------------------------------------
LG Card Co. creditors and LG Group have agreed to contribute
KRW500 billion each as bailout fund for LG Card, Digital
Chosunilbo relates.
The agreement was reached at a meeting Friday and is expected to
keep the ailing card issuer from liquidation. The deal will
normalize the operation of LG Card, and would creditors would
most likely turn their efforts to selling their stake in LG Card
next year.
The creditors' initial proposal was a KRW1.2 trillion bailout
package and a demand that LG Group convert KRW875 billion of
debt into equity. However, LG Group argued that it could only
provide KRW264.3 billion in the debt-for-equity swap.
Meanwhile, creditors stressed they will sell a combined 20
percent stake in LG Card, which will be remained listed,
following the KRW1 trillion bailout package.
Minority shareholders owned just 0.7 percent of the ailing card
issuer's shares listed on the Korea Stock Exchange at the end of
2004, the remainder is held by creditors.
"Under KSE rules, minority shareholders should own at least 10
percent of a stock in order for the stock to stay listed, so the
creditors have decided to sell a 20 percent stake by the end of
2005," main lender Korea Development Bank said in a statement.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
SSANGYONG MOTOR: Domestic Figures Drive 20.5% Sales Slump
---------------------------------------------------------
Sales of Ssangyong Motor Co. fell 20.5 percent from 2003 to
11,170 units in December on sinking domestic sales, reports Asia
Pulse citing Yonhap News.
Domestic sales dropped 44.5 percent year on year to 6,370 units
last month.
New Rexton and Musso sports utility vehicles propped up exports
to 86.8 percent to 4,800 units in December.
Ssangyong posted record overseas sales of 37,546 units in the
whole of 2004, up 63.1 per cent from a year ago, Ssangyong Motor
said. Total sales stood at 135,548 units, down 12.2 percent
from a year ago.
Ssangyong will increase portion of its exports to over 30
percent of its total sales to curb falling sales amid slumping
domestic consumption.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
Fax: +82 31 610 3739
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: To Choose White Knight Soon
----------------------------------------------
Actacorp Holdings Berhad expects to select a white knight soon
and shift from construction to the manufacturing and services
sectors as part of its restructuring scheme, The Star Online
reports.
The Company, which has RM200 million in debts, is exploring
various strategies to make it attractive to potential white
knights that could help keep it afloat.
Actacorp had posted a smaller pre-tax loss of RM13 million for
its financial year ended June 30, compared with a loss of RM22.5
million the year before.
CONTACT:
Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
Fax: +60 3 9284 7133
ACTACORP HOLDINGS: To Unveil Restructuring Scheme in 3 Months
-------------------------------------------------------------
Cash-strapped Actacorp Holdings Berhad expects its debt-
restructuring scheme to be unveiled in three months, reports The
Edge Daily, citing Non-executive Director Syed Adeli Syed Amir.
The Company faced difficulty in repaying its debts over the
years due to poor returns from declining construction projects.
Mr. Syed Adeli said the Company would try to achieve the same
repayment scheme as per its earlier proposed restructuring
scheme, where Actacorp would repay RM25 million to its creditors
while the remaining RM175 million was expected to be waived.
The Company securities were reclassified from Practice Note No.
4/2001 (PN4) status to the Industrial Products sector on January
3, 2005 due to the introduction of Practice Note No. 17/2005.
AMSTEEL CORPORATION: Dissolves Dormant Subsidiaries
---------------------------------------------------
Amsteel Corporation Berhad announced that the following dormant
subsidiaries of the Company had been dissolved:
i) Amsteel Research (HK) Ltd, a company incorporated in Hong
Kong.
ii) Amsteel Securities (Far East) Limited, a company
incorporated in United Kingdom.
The dissolution of the aforementioned companies does not have
any impact on the earnings and net tangible assets of the
Company.
CONTACT:
Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax: +60 3 2162 3448
AMSTEEL CORPORATION: SC OKS Proposed Restructuring Variations
-------------------------------------------------------------
The Board of Directors of Amsteel Corporation Berhad (ACB)
announced that the Securities Commission (SC) has on 30 December
2004 approved the proposed variations to its debt and corporate
restructuring exercises, which have been announced on 23
November 2004 and 16 December 2004, as follows:
1) Redemption Date Of The Zero-Coupon Redeemable Secured Rm
Denominated Bonds; And
2) Repayment Date Of The Zero-Coupon Redeemable Secured Usd
Denominated Consolidated And Rescheduled Debts;
3) Proposed Variation To The Calculation For Penalty Interest.
AOKAM PERDANA: Unveils 50th AGM Resolutions
-------------------------------------------
Aokam Perdana Berhad announced that all resolutions (under
agenda 1, 3, 4, 5 and 6) with the exception of the resolution
under agenda 2, as set out in the Notice of the Fiftieth Annual
General Meeting (50th AGM) of the Company dated 6 December 2004,
were duly passed at its 50th AGM held on Friday, 31 December
2004 at Dewan Berjaya, Bukit Kiara Equestrain & Country Resort,
Jalan Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur.
The resolution under Agenda 2 of the Notice of the 50th AGM of
AOKAM was as follows:
"To re-elect Tan Sri Dato' Samshuri Bin Hj. Arshad, the Director
who is retiring pursuant to Article 76 of the Company's Articles
of Association"
In view of the completion of the Corporate Restructuring Scheme,
Tan Sri Dato' Samshuri Bin Hj. Arshad indicated that he does not
wish to stand for re-election. Consequently, this resolution was
not tabled for the member's approval.
CONTACT:
Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 3466
Fax: +60 3 2166 3455
BUKIT KATIL: Mapping Out Scheme to Regularize Financial Status
--------------------------------------------------------------
Pursuant to Paragraph 4.1(b) of the Practice Note No. 4/2001,
Bukit Katil Resources Berhad announced that there has been no
material change in the status of the Company's plan to
regularize its financial conditions since the last announcement
dated 1 December 2004.
The Company is still in the midst of formulating a restructuring
plan to regularize its financial condition and is currently in
discussions with prospective investors on potential assets for
injection.
The details of the restructuring plan will be announced once it
is finalized and agreed upon by all parties concerned and in any
event, not later than six months from the date of the first
announcement.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur
50490 Malaysia
Telephone: +60 3 2095 7077
Fax: +60 3 2094 9940
BUKIT KATIL: Still Seeking Third Party to Settle Loan Facilities
----------------------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKATIL)
issued an update to its loan facilities:
BUMIPUTRA-COMMERCE BANK BERHAD
The application by the bank to enter summary judgment against
the Company was allowed by the Learned Senior Assistant
Registrar on 16 July 2004. The Company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.
The Company is still in the process of seeking third party
financing to settle the loan facilities.
OCBC BANK (MALAYSIA) BERHAD
OCBC Bank (Malaysia) Berhad has obtained an order for sale on 14
November 2003 on Omega Bricks Sdn Bhd's land held under Grant
Reg No. 31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian,
Negeri Perak.
OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on 6
October 2003 and was served on the Company on 14 November 2003.
The High Court on 8 September 2004 allowed the bank's
application for the winding-up petition. The winding-up shall
only be effective once the High Court approves the draft copy of
the order to be filed by OCBC Bank (Malaysia) Berhad's lawyers.
The Company has already filed a Notice of Appeal to the Court of
Appeal against the decision of the High Court. A stay of
execution of the winding-up order was filed on 5 October 2004.
The hearing of the Court of Appeal is fixed for 4 January 2005.
The Company is still in the process of seeking alternative
financing from other financial institutions for the repayment of
the defaulted sums.
ALLIANCE MERCHANT BANK BERHAD
Hearing has been fixed for 15 February 2005 to consider the
Bank's application for summary judgment as well as the Company's
counterclaim.
The Company is still actively negotiating with other financial
institutions to refinance the outstanding sums.
PERBADANAN KEMAJUAN NEGERI PAHANG
The Company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
19 April 2004, a final judgment was granted by the High Court
for RM14.0 million against the Company, inclusive of interest
until the date of full settlement. The Court dismissed the
Company's appeal against the said judgment on 18 November 2004.
The Company is in the midst of filing a Notice of Appeal to the
Court of Appeal.
The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.
Borrowings in Default as at 30 November 2004.
NAME OF BORROWER: BUKIT KATIL RESOURCES BERHAD
Lender: Bumiputra Commerce Bank Berhad
Type of Facility: Term Loan Revolving Credit
Amount (RM) (Interest/Others):
8,636,210.82
216,550.82
Amount (RM) (Principal):
41,000,000.00
1,700,000.00
Amount (RM) (Total):
49,636,210.82
1,916,550.82
NAME OF BORROWER: OMEGA BRICKS SDN BHD
Lender: OCBC Bank (Malaysia) Berhad
Type of Facility:
Term Loan 1
Term Loan 2
Term Loan 3
Term Loan 4
Overdraft
Amount (RM) (Interest/Others):
1,148,751.05
127,080.35
152,460.10
70,294.34
195,763.25
Amount (RM) (Principal):
3,286,509.91
359,913.60
430,595.54
197,998.60
600,000.00
Amount (RM) (Total):
4,435,260.96
486,993.95
583,055.64
268,292.94
795,763.25
NAME OF BORROWER: BK PLANTATIONS SDN BHD
Lender: Alliance Merchant Bank Berhad
Type of Facility: Revolving Credit
Amount (RM) (Interest/Others): 1,436,341.53
Amount (RM) (Principal: 5,000,000.00
Amount (RM) (Total): 6,436,341.53
EKRAN BERHAD: Issues Default Status Update
------------------------------------------
Ekran Berhad announced a status report in respect of the default
in payment of the credit facilities of the group.
For more information, go to
http://bankrupt.com/misc/tcrap_ekran010305.doc
CONTACT:
Ekran Berhad
Jalan Parlimen
Kuala Lumpur, SARAWAK 50480
Malaysia
Phone: +60 82 236908
Fax: +60 82 236922
FARLIM GROUP: Shareholders' OK AGM Resolutions
----------------------------------------------
Farlim Group Berhad announced that the ordinary resolution for
the proposed acquisition as contained in the Notice of
Extraordinary General Meeting (EGM) in the circular to
shareholders dated 15 December 2004, has been duly approved by
the shareholders of the Company at the Extraordinary General
Meeting held on 31 December 2004.
PROPOSED ACQUISITION:
Proposed acquisition of freehold land held under PT38112 -
PT38246, PT42509 - PT42530, PT38089 - PT38111, PT42531 -
PT42639, PT42642 - PT42677, PT43144 - PT43195, PT38264 -
PT38270, PT42253 - PT42496, PT41952 - PT42153, PT42155 -
PT42222, PT42248, PT42249 - PT42250, PT41850 - PT41931, Mukim
Kajang, lot 946, Mukim Cheras, Daerah Ulu Langat, Selangor Darul
Ehsan with a gross land area Of 60.067 acres by Bandar Subang
Sdn Bhd, a wholly-owned subsidiary of Farlim, from Rakyat
Corporation Sdn Bhd for a cash consideration of RM38,000,000
CONTACT:
Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my
This announcement is dated 31 December 2004.
FURQAN BUSINESS: Strikes Off Dormant Subsidiaries
-------------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
(FBO) announced that the following direct/indirect subsidiary
companies had on 30 December 2004 proceeded with an application
to the Companies Commission of Malaysia to strike off their
names pursuant to Section 308 of the Companies Act, 1965:
1. Austral Amal Property Management Sdn. Bhd.
2. Austral Amalgamated Hotel Management Sdn. Bhd.
3. Austral Amalgamated Hotels and Resorts Sdn. Bhd.
4. Austral Venture Sdn. Bhd.
5. FBO Asset Management Sdn. Bhd.
6. Profound Schemes Sdn. Bhd.
7. Broadland Amal (Myamar) Sdn. Bhd.
The above named subsidiary companies are dormant companies and
the strike off exercise will not have material effect on the
share capital, net tangible assets of FBO and the Group for the
year ending 31 December 2004.
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
GENERAL SOIL: Releases Monthly Status Update
--------------------------------------------
General Soil Engineering Holdings Berhad (Gensoil) announced
that there have been no material development other than those
that have been publicly announced since the last monthly status
announcement pursuant to the Practice Note No. 4/2001 (PN4)
announced on 30 November 2004.
CONTACT:
General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Phone: 03-2698 9888
Fax: 03-2693 8580/670
This announcement is dated 31 December 2004.
JASATERA BERHAD: Discloses Unaudited Quarterly Results
-------------------------------------------------------
Jasatera 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
0 3,102 925 8,970
2 Profit/(loss) before tax
-8,711 -4,339 -15,500 -7,728
3 Profit/(loss) after tax and minority interest
-8,711 -4,339 -15,500 -7,728
4 Net profit/(loss) for the period
-8,711 -4,339 -15,500 -7,728
5 Basic earnings/(loss) per shares (sen)
-43.60 -21.72 -77.58 -38.68
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF FINANCIAL YEAR
CURRENT QUARTER AS AT PRECEDING END
7 Net tangible assets per share (RM)
-7.4900 -6.7100
For a full copy of its quarterly report, go to
http://bankrupt.com/misc/tcrap_jasatera010304.xls
CONTACT:
Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax: 603-7332607
KAI PENG: Shareholders Approve AGM Resolutions
----------------------------------------------
Kai Peng Berhad announced that at the 26th Annual General
Meeting (AGM) held on 31 December 2004, the shareholders of the
Company approved all the resolutions as set out in the Notice of
AGM dated 08 December 2004.
The shareholders of the Company also approved the Ordinary
Resolution as set out in the Notice of EGM dated 16 December
2004.
For more information, go to
http://bankrupt.com/misc/tcrap_kaipeng010304B.pdf
http://bankrupt.com/misc/tcrap_kaipeng010304A.pdf
CONTACT:
Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Phone: 03-55685000
Fax: 03-55685027
Web site: http://www.kaipeng.com
KEMAYAN CORPORATION: Details Restructuring Scheme Developments
--------------------------------------------------------------
Kemayan Corporation Berhad announced the execution of the
following agreements in relation to its proposed restructuring
scheme:
(i) Third supplemental agreement dated 27 December 2004 between
Jawira Holdings Berhad (Jawira), Positif Megah Sdn Bhd (PMSB)
and certain vendors of Amber Resources Sdn Bhd (Amber)
(Continuing Vendors) to vary and include certain terms to the
conditional sale and purchase agreement between Jawira and the
vendors of Amber dated 31 October 2002, first supplemental
agreement dated 25 August 2003 and second supplemental agreement
dated 22 June 2004 in respect of the Proposed Acquisition of
Amber (Amber Third Supplemental Agreement); and
(ii) Third supplemental agreement dated 27 December 2004 between
Jawira, PMSB and vendors of CDM Sdn Bhd (CDM) to vary and
include certain terms to the conditional sale and purchase
agreement between Jawira and the vendors of CDM dated 31 October
2002, first supplemental agreement dated 25 August 2003 and
second supplemental agreement dated 22 June 2004 in respect of
the Proposed Acquisition of CDM (CDM Third Supplemental
Agreement).
Furthermore, Major Entreprenuer Sdn Bhd (MESB) and Satujaya Sdn
Bhd (Satujaya) had, via exchange of letters to Jawira dated 27
December 2004 and 31 December 2004 respectively, also agreed to
vary and include certain terms to the following agreements:
(i) Conditional subscription agreement between Jawira, MESB and
shareholders of MESB dated 21 October 2002 and first
supplemental agreement dated 12 April 2004 in respect of the
Proposed Subscription in MESB; and
(ii) Conditional sale and purchase agreement between Jawira and
the vendors of Satujaya dated 21 October 2002, first
supplemental agreement dated 14 November 2002, second
supplemental agreement dated 20 July 2003 and third supplemental
agreement dated 21 January 2004 in respect of the Proposed
Acquisition of Satujaya.
Additionally, KCB had, via letter to Jawira dated 31 December
2004, agreed to further extend the condition period for the
satisfaction of the conditions precedent as set out in the
conditional restructuring agreement dated 21 October 2002, to 30
June 2005.
The salient terms of the aforementioned agreements/documents are
summarized below:
(i) Amber Third Supplemental Agreement
(a) Jawira and the Continuing Vendors mutually agree that
pursuant to the withdrawal of the remaining vendors of Amber
(Remaining Shareholders):
(1) the number of ordinary shares to be acquired by Jawira will
be reduced from the entire issued and paid up share capital of
Amber to 80% of the issued and paid up shares capital of Amber
constituted by the Continuing Vendors' shareholdings;
(2) the purchase consideration shall be reduced from
RM11,598,786 to RM9,279,019 only; and
(3) the consideration shares to be issued and allotted to the
Continuing Vendors shall be issued and allotted by Jawira in
proportion to the shareholdings of the Continuing Vendors.
(b) The Continuing Vendors warrant that the audited profit after
tax (PAT) of Amber for the financial years ending 31 March 2005
and 31 March 2006 shall not be less than RM1,300,000 and
RM1,000,000 respectively (Amber Guaranteed Profit);
(c) Subject to certain provision of the agreement, in the event
the audited PAT of Amber is less than the Amber Guaranteed
Profit, the Continuing Vendors agree and undertake to compensate
Jawira by paying eighty percent (80%) of the difference between
the Amber Guaranteed Profit and Amber's audited PAT within
thirty (30) days from date of receipt by Continuing Vendors of
Jawira's notice of request for payment of the shortfall;
(d) In consideration of the Continuing Vendors agreeing to
continue with the disposal of their shares to Jawira at the
request of PMSB, PMSB warrant that the audited PAT of Amber for
the financial years ending 31 March 2007 and 31 March 2008 shall
not be less than RM645,000 and RM3,880,000 respectively;
(e) Subject to certain provisions of the agreement, in the event
the audited PAT of Amber is less than PMSB's guaranteed profit,
PMSB agree and undertake to compensate Jawira by paying eighty
percent (80%) of the difference between the PMSB's guaranteed
profit and Amber's audited PAT within thirty (30) days from date
of receipt by PMSB of Jawira's notice of request for payment of
the shortfall;
(f) The Continuing Vendors and Jawira mutually agreed:
(i) that the condition period for the relevant parties to fulfil
the conditions precedent be extended to 31 March 2005;
(ii) to procure the approval of DBKL for the disposal of the
Continuing Vendors' shares to Jawira (DBKL Approval);
(iii) to procure the approval of the SC and other relevant
authority for the proposed changes as set out in part (a) above
and the variations of the guaranteed profits as set out in parts
(b) and (d) above (Amber Variations Approval); and
(iv) to procure fulfillment of the conditions precedent and to
procure the DBKL Approval and the Amber Variations Approval
within the extended condition period.
(ii) CDM Third Supplemental Agreement
(a) The vendors of CDM warrant that the audited PAT of CDM for
the financial years ending 31 March 2005 and 31 March 2006 shall
not be less than RM300,000 in aggregate (CDM Guaranteed Profit);
(b) Subject to certain provision of the agreement, in the event
the aggregated audited PAT of CDM for the financial years ending
31 March 2005 and 31 March 2006 is less than the CDM Guaranteed
Profit, the vendors of CDM agree and undertake to compensate
Jawira by paying the difference between the CDM Guaranteed
Profit and CDM's aggregated audited PAT for financial years
ending 31 March 2005 and 31 March 2006 within thirty (30) days
from date of receipt by the vendors of CDM of Jawira's notice of
request for payment of the shortfall;
(c) In consideration of the vendors of CDM agreeing to continue
with the disposal of their shares to Jawira at the request of
PMSB, PMSB warrant that the audited PAT of CDM for the financial
year ending 31 March 2007 shall not be less than RM911,000;
(d) Subject to certain provisions of the agreement, in the event
the audited PAT of CDM for the financial year ending 31 March
2007 is less than PMSB's guaranteed profit, PMSB agree and
undertake to compensate Jawira by paying the difference between
the PMSB's guaranteed profit and CDM's audited PAT for the
financial year ending 31 March 2007 within thirty (30) days from
date of receipt by PMSB of Jawira's notice of request for
payment of the shortfall;
(e) The vendors of CDM and Jawira mutually agreed:
(i) that the condition period for the relevant parties to
fulfill the conditions precedent be extended to 31 March 2005;
(ii) to assist Amber to procure the DBKL Approval;
(iii) to procure the approval of the SC and other relevant
authority for the variations of the guaranteed profits as set
out in parts (a) and (c) above (CDM Variations Approval); and
(iv) to procure fulfillment of the conditions precedent and to
procure the DBKL Approval and the CDM Variations Approval within
the extended condition period.
(iii) MESB letter dated 27 December 2004
The shareholders of MESB agreed that the condition period for
the relevant parties to fulfill the conditions precedent be
extended to 30 April 2005 on condition that the profit guarantee
of RM4,742,000 and RM11,689,000 as imposed by the SC for the
financial years ending 31 March 2005 and 31 March 2006
respectively be revised to financial years ending 31 March 2007
and 31 March 2008 respectively instead, with the amount of
profit guaranteed remaining unchanged.
(iv) Satujaya letter dated 31 December 2004
The vendors of Satujaya agreed that the condition period for the
relevant parties to fulfill the conditions precedent be extended
to 30 June 2005 on condition that the profit guarantee of
RM2,276,000 and RM4,764,000 as imposed by the SC for the
financial years ending 31 March 2005 and 31 March 2006
respectively be revised to financial years ending 31 March 2006
and 31 March 2007 respectively instead, with the amount of
profit guaranteed remaining unchanged.
2. DETAILS OF THE PROPOSED VARIATIONS TO THE PROPOSED
RESTRUCTURING SCHEME
(i) Revised terms of the Proposed Acquisition of Amber
Jawira shall acquire 959,999 ordinary shares of RM1.00 each in
Amber, representing 80% of the issued and paid-up share capital
of Amber constituted by the Continuing Vendors' shareholdings,
instead of the entire issued and paid-up share capital of Amber
as originally proposed. The purchase consideration shall be
reduced proportionately from RM11,598,786 to RM9,279,019 only to
be satisfied by the issuance of 9,279,019 new Jawira Shares at
par.
The Continuing Vendors are, Mustakob Sdn Bhd, Bayu Luruh Sdn
Bhd, Mustaffa bin Haji Yacob, Datin Chan Yoke Heng and Chan Yoke
Fun. The Remaining Shareholders are Y.A.M Raja Dato' Seri Eleena
Azlan Shah and Datuk Lim Fung Chee. The proportions of
consideration shares to be issued to the Continuing Vendors
based on their respective shareholdings.
(ii) Variations to profit guarantees
(a) Amber
The Continuing Vendors warrant that the audited PAT of Amber for
the financial years ending 31 March 2005 and 31 March 2006 shall
not be less than RM1,300,000 and RM1,000,000 respectively
instead of RM3,336,000 and RM3,489,000 as originally imposed by
the SC for the financial years ending 31 March 2005 and 31 March
2006 respectively.
In addition, PMSB warrants that the audited PAT of Amber shall
not be less than RM645,000 and RM3,880,000 for the financial
years ending 31 March 2007 and 31 March 2008 respectively.
Nevertheless, the proposed revised guaranteed PAT of Amber for
the financial years ending 31 March 2005 to 2008 aggregates to
RM6,825,000 which remains unchanged from the aggregate of
guaranteed PAT of Amber for the financial years ending 31 March
2005 to 2006 as originally imposed by the SC.
The proposed variations to the profit guarantees has taken into
consideration the revised profit forecast and projections of
Amber for the financial years ending 31 March 2005 to 2008.
(b) CDM
The vendors of CDM warrant that the audited PAT of CDM for both
the financial years ending 31 March 2005 and 31 March 2006 in
aggregate shall not be less than RM300,000 instead of RM535,000
and RM676,000 as originally imposed by the SC for the financial
years ending 31 March 2005 and 2006 respectively.
Additionally, PMSB also warrants that the audited PAT of CDM
shall not be less than RM911,000 for the financial year ending
31 March 2007.
Nevertheless, the proposed revised guaranteed PAT for the
financial years ending 31 March 2005 to 2007 aggregates to
RM1,211,000 which remains unchanged from the aggregate of
guaranteed PAT for the financial years ending 31 March 2005 to
2006 as originally imposed by the SC.
The proposed variations to the profit guarantees has taken into
consideration the revised profit forecast and projections of CDM
for the financial years ending 31 March 2005 to 2007.
(c) MESB
As originally imposed by the SC, the vendors of MESB are
required to provide profit guarantees of RM4,742,000 and
RM11,689,000 for the financial years ending 31 March 2005 and
2006 respectively.
Pursuant to the revision of the forecast and projected profits
of MESB for the financial years ending 31 March 2005 to 2008, it
is proposed that the profit guarantee period be deferred to the
financial years ending 31 March 2007 and 31 March 2008
respectively instead, with the amount of profit guaranteed
remaining unchanged.
(d) Satujaya
As originally imposed by the SC, the vendors of Satujaya are
required to provide profit guarantees of RM2,276,000 and
RM4,764,000 for the financial years ending 31 March 2005 and
2006 respectively.
Pursuant to the revision of the forecast and projected profits
of Satujaya for the financial years ending 31 March 2005 to
2008, it is proposed that the profit guarantee period be
deferred to the financial years ending 31 March 2006 and 31
March 2007 respectively instead, with the amount of profit
guaranteed remaining unchanged.
((i) and (ii) above are collectively referred to as "Proposed
Variations)
A summary of the proposed variations to the profit guarantees is
set out in Table 2 below.
3. RATIONALE FOR THE PROPOSED VARIATIONS
(i) Revised terms of the Proposed Acquisition of Amber
Under the conditional sale and purchase agreement between Jawira
and the vendors of Amber dated 31 October 2002, one of the
conditions precedent requires the approval of DBKL for the
proposed disposal of shares held by the vendors of Amber to
Jawira pursuant to the Proposed Acquisition of Amber under the
Proposed Restructuring Scheme. However, DBKL, via its letter
dated 6 July 2004, had rejected the application made by Amber to
seek the approval.
Following thereto, the Remaining Shareholders do not intend to
continue with the disposal of the shares held by them in Amber
to Jawira. Pursuant to the withdrawal of the Remaining
Shareholders and at the request of PMSB, the Continuing Vendors
who represents 80% of the registered owners of the issued and
paid-up share capital of Amber agreed to continue with the
Proposed Acquisition of Amber subject to variations to be
mutually agreed upon.
Nevertheless, subsequent to the appeal to DBKL made by Amber
against the decision to reject the application by Amber on 22
October 2004, DBKL had, via its letter dated 26 November 2004
granted approval for the proposed disposal of shares held by
vendors of Amber to Jawira under the Proposed Restructuring
Scheme of KCB.
(ii) Variations to profit guarantees
Amber and CDM
Earlier profit forecast and projections of Amber for the years
2005 onwards was based on the assumption that Phases 2 and 3 of
Amber's development project was to have been launched in years
2004 and 2005 respectively in accordance to the development
schedule for Site 1.
However, part of Phase 3 and boundary of Phase 2 Site 1
partially occupies a football field used by the tenants of DBKL
flats in Sri Johor. As DBKL is conscious of recent public
sensitivities with regards to preservation of playing fields and
green areas, it has requested that the football field be
relocated. An alternative site to relocate the field was to have
been found prior to submission of the development plans. The
directive from the authorities deferred the submission of Phase
2 until a solution for relocating the football field was found.
An alternative site for the football field was eventually
identified on an adjacent Lot 3688 by DBKL in June 2004 and
development plans for Phase 2 have now been finalized for
submission in January 2005.
Pursuant to the relocation of the football field which forms
part of Amber's development project, Amber has to revise the
layout plan and other relevant plans of the development project
and such revision has affected the development schedules for
Phases 2 and 3 of the development project.
Based on the representation of the management of Amber, the
commencement of the development of Phases 2 and 3 has been
delayed and as a result, the revenue of Amber for the future
financial years is affected. CDM which manages the development
of all sites for Amber under the joint venture agreement with
DBKL is consequently affected in terms of its fee income derived
for the various phases of development in accordance to the
various stages of progress of each phase.
In view of the above, the management of Amber and CDM has
revised the forecast and projected profits to better reflect the
present situation i.e. based on new work schedule.
Therefore, in consideration of the revisions in the terms of the
Proposed Acquisition of Amber and the delay of Phases 2 and 3 of
the development project, the profit guarantees to be provided by
Amber and CDM have to be deferred and revised to reflect the
achievable future profits based on the revised forecast and
projected profits for the financial years ending 31 March 2005
to 2008.
Furthermore, in consideration of the Continuing Vendors and the
vendors of CDM agreeing to continue with the disposal of their
shareholdings in Amber and CDM respectively to Jawira at the
request of PMSB, PMSB has provided profit guarantees for the
financial years ending 31 March 2007 and 2008.
MESB
The profit guarantee of MESB is proposed to be deferred due to,
inter-alia, the following:
a) With regards to the development of 110 acres Semeling land,
MESB have proceeded with the preparation of the entire earthwork
platform for Plot 2 upon obtaining the necessary planning
approval. However, during the process of site preparation and
earthwork carried out on the project land, MESB encountered
extremely soft ground conditions that would certainly cause
difficulty for the construction of buildings unless soil
improvement works were to be carried out. In such case,
continuing with the development works on Plot 2 would result in
much higher cost and would inevitably reduce the projected
profits compared to the original forecast.
b) As part of MESB's business strategy to meet the projected
profit and to spearhead the project to be undertaken by Kedah
Resort City Sdn Bhd (KRC), the management of MESB is
contemplating possible joint development or ventures with a
selected party to develop Plot 1 and Plot 2 of the Semeling
Land. However, careful consideration need to be given to ensure
the overall objectives of KRC in providing good housing projects
and at the same time achieving reasonable profit for the company
in accordance with its projections.
c) The transfer of the relevant land titles to KRC in respect of
the 1400 acres Tupah land are still being processed by all the
relevant authorities. As a result, development work has not
commenced yet.
In view of the above, the profit guarantee to be provided by
MESB has to be deferred accordingly to reflect the changing set
of assumptions used to generate the revised forecast and
projected profits of MESB Group as certain assumptions used in
the original forecast and projections are required to be updated
to reflect current situation.
Satujaya
The profit guarantee of Satujaya is proposed to be deferred to
reflect the revisions in the company's forecast and projected
financial results for the years 2005 onwards which are due to
the following:
(i) Certain projects have been postponed at the request of the
owners and there are also projects, which were unable to
commence as expected since the owners have not obtained the
relevant approvals. Hence, the revenue expected from the
projects has to be revised based on current situation; and
(ii) As demand for construction of factories for the previous
year has not been good, Satujaya has shifted its strategy to
building more bungalows instead of factories. Furthermore,
bungalow schemes generate more profit margin compared to
factories.
In view of the above, certain assumptions used as basis for the
earlier financial forecast and projections are required to be
updated to reflect the current situation and hence, the profit
guarantee has to be deferred.
4. EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME AFTER THE
PROPOSED VARIATIONS
4.1 Share Capital
The proforma effects of the Proposed Restructuring Scheme, which
includes the Proposed Variations on the existing share capital
of KCB and Jawira, are set out in Table 3 below.
4.2 Net tangible assets (NTA)
The proforma effects of the Proposed Restructuring Scheme which
includes the Proposed Variations on the latest audited NTA of
KCB as at 31 May 2004 and Jawira as at 31 March 2003, being the
latest audited accounts, are set out in Table 4 below.
4.3 Substantial shareholders' shareholding structure
The Proposed Variations will not change the effect of the
shareholdings of the substantial shareholders of KCB.
Nevertheless, the effects of the Proposed Restructuring Scheme
which includes the Proposed Variations on the shareholdings of
the substantial shareholders of Jawira are set out in Table 5
below.
4.4 Earnings
The Proposed Restructuring Scheme, which includes the Proposed
Variations, is not expected to materially affect the earnings of
Jawira Group for the financial year ending 31 March 2005 as it
is expected to be completed only in the second quarter of 2005.
However, it is expected to contribute positively to the earnings
of the Jawira Group for the financial year ending 31 March 2006.
For more information, go to
http://bankrupt.com/misc/tcrap_kemayan010305.doc
CONTACT:
Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax: +60 7 236 5307
This announcement is dated 31 December 2004.
KIG GLASS: Reveals Practice Note 1/2001 Status
----------------------------------------------
The Board of Directors of Kig Glass Industrial Berhad (KIG)
wishes to update the announcement made previously on 30 November
2004.
The Company wishes to make an additional announcement in
relation to the Company subsidiary in China, Zibo Jiali Glass
Industry Co.Ltd. (ZICO)
This Company has been served with a letter from United Overseas
Bank Limited Shenzhen Branch, China (UOB Limited) on the 2nd and
21st of December 2004 to recall the outstanding principal of
USD1,400,000. Failing which the Bank may institute legal
proceedings against the Company.
(1) Reasons for default in payments.
ZICO is unable to service the loan repayments to the banks as it
was facing cash flow problems.
(2) Measures taken to address the default in payments:
ZICO is in the process of negotiating with the bank to address
and resolve this issue. The Company and the Group as a whole are
in the process of exploring the possibility of undertaking a
restructuring exercise, which would address all the defaults
faced by the Company. Announcement would be made at the
appropriate time if and when the terms of the restructuring have
been finalized.
KIG Glass Industrial Berhad (KIG) has appointed a financial
advisor to review and advise on the capital-restructuring plan
for KIG and its subsidiaries. The review is still on going. The
appointment of the financial advisor was previously announced by
KIG on 30 August 2004 in KIG's Quarterly Report for the
financial period ended 30 June 2004.
(3) The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness:
Details of the financial implications on the default are given
in Table 2.
UOB Limited, China has issued a letter of demand against the
Company on 21 December 2004.
(4) In the event of default is in respect of secured loan stocks
or bonds, the lines of action available to the guarantors or
security holders against the listed issuer:
Not applicable.
(5) In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:
Not applicable.
(6) Whether the default in payment constitute an event of
default under a different agreement for indebtedness (cross
default and details thereof, where applicable):
Not applicable.
(7) Any other information:
None.
For details of default in payments as at 30 November 2004, go to
table I at http://bankrupt.com/misc/tcrap_kigglass010305.doc
For details of default in payments as at 21 December 2004, go to
Table II at http://bankrupt.com/misc/tcrap_kigglass010305B.doc
CONTACT:
KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Phone: 07-3341750
Fax: 07-3318617
KILANG PAPAN: Extends Moratorium Period
---------------------------------------
The moratorium period for Kilang Papan Seribu Daya Berhad under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Act), which took effect from the date of appointment of the
Special Administrators on 14 December 1999 has been extended to
30 June 2005.
The extension is pursuant to Section 41 (3) of the Act. During
the period of the moratorium, no creditor may take action
against the Company except in accordance with Section 41 of the
Act.
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
KUMPULAN EMAS: Hopes to Return to Profitability by 2006
-------------------------------------------------------
Kumpulan Emas Berhad (KEB) aims to return to profitability by
2006 by venturing into new core businesses and expanding its
palm oil operations in India and Solomon Islands, The Star
Online reports, citing Chief Executive Officer Kee Lian Yong.
The Company is aggressively exploring and developing new
businesses that would bring good value to shareholders, and one
such business was the manufacture of wood-plastic composite,
i.e. natural fiber composite (NFC).
Mr. Yong said the NFC could be used to replace plastic in
various applications and was much cheaper compared with plastic,
which has seen growing prices due to increasing petroleum
prices.
CONTACT:
Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan, USJ 1
47600 Subang Jaya
Selangor
Phone: 03-8024 8899
Fax: 03-8024 8998
Web site: http://www.keb.com.my
LION CORPORATION: Updates Debt Restructuring Scheme
---------------------------------------------------
The Board of Directors of Lion Corporation Berhad (LCB)
announced that the Securities Commission has on 30 December 2004
approved the proposed variations to its corporate and debt
restructuring exercise, which has been announced on 23 November
2004 and 16 December 2004.
PROPOSED VARIATIONS
1.1 redemption date of the zero-coupon redeemable secured rm
denominated bonds; and
1.2 repayment date of the zero-coupon redeemable secured usd
denominated consolidated and rescheduled debts; and
2. Proposed variation to the calculation for penalty interest.
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
TENCO BERHAD: Issues Monthly Status Update
------------------------------------------
The Board of Directors of Tenco Berhad announced that there is
no material development to the status of default payment to
lenders as announced previously on 30 November 2004.
CONTACT:
Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Telephone: (60) 3 541 0612
Fax: (60) 3 541 0132
TRU-TECH HOLDINGS: Submits Restructuring Scheme
-----------------------------------------------
Further to the announcement on 10 November 2004, the Board of
Directors of Tru-Tech Holdings Berhad announced that the
applications in relation to the proposed restructuring scheme
have been submitted to the Securities Commission on 31 December
2004.
THE PROPOSED RESTRUCTURING SCHEME
Proposed Capital Reconstruction;
Proposed Scheme Of Arrangement With Creditors;
Proposed Acquisition;
Proposed JVA Settlement;
Proposed Exemption;
Proposed Listing Transfer;
Proposed Disposal;
Proposed Offer For Sale; and
Proposed Placement
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone: (60) 3 7861 5220
Fax: (60) 3 7861 7972
This announcement is dated 31 December 2004.
WEMBLEY INDUSTRIES: Bursa Malaysia Issues Public Reprimand
----------------------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) publicly
reprimanded Wembley Industries Holdings Berhad (WEMBLEY or the
Company) for breach of Paragraphs 9.16(1)(a) and 9.19(34) of the
Listing Requirements of Bursa Malaysia Securities (Bursa
Securities LR).
Paragraph 9.16, in particular 9.16(1)(a) of the Bursa Securities
LR states that the content of a press or other public
announcement is as important as its timing. A listed issuer must
ensure that each announcement is factual, clear, unambiguous,
accurate, succinct and contain sufficient information to enable
investors to make informed investment decisions.
Paragraph 9.19(34) of the Bursa Securities LR requires a listed
issuer to make immediate announcements to Bursa Securities on
any deviation of 10% or more between the profit after tax and
minority interest stated in the announced un audited accounts
snd audited accounts, giving an explanation of the deviation and
the reconciliation thereof.
The Company was found to be in breach of Paragraph 9.16(1)(a) of
the Bursa Securities LR for failing to take into account some
significant items in its 4th quarterly report for the financial
year ended 31 December 2002 (FYE 31 December 2002) which was
announced to Bursa Securities on 27 February 2003. These items
which were only adjusted in the annual audited accounts for the
FYE 31 December 2002 and announced on 2 May 2003 has resulted in
a deviation between the un audited profit after taxation and
minority interest of RM8.92 million and the audited loss after
tax and minority interest of RM585.51 million for the FYE 31
December 2002.
The Company was also found to be in breach of Paragraph 9.19(34)
of the Bursa Securities LR for failing to make an immediate
announcement on 2 May 2003 in respect of the explanation of the
deviation between the un audited results and the audited results
for the fiscal year ending (FYE) 31 December 2002. The
explanation of the deviation was only announced on 30 May 2003.
The public reprimand was imposed pursuant to Paragraph 16.17 of
the Bursa Securities LR after taking into consideration all
relevant factors.
Bursa Securities views the above contravention seriously and
hereby cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
WONG ENGINEERING: Discloses Unaudited Quarterly Results
-------------------------------------------------------
Wong Engineering Corporation 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
7,504 33,619 28,352 120,615
2 Profit/(loss) before tax
-3,209 -595 -6,372 2,258
3 Profit/(loss) after tax and minority interest
-2,911 -968 -5,901 -1,802
4 Net profit/(loss) for the period
-2,911 -968 -5,901 -1,802
5 Basic earnings/(loss) per shares (sen)
-6.35 -2.11 -12.87 3.99
6 Dividend per share (sen)
3.00 0.00 3.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
1.5700 1.7200
CONTACT:
Wong Engineering Corporation Berhad
2nd Floor, 6762
Jalan Kampung Gajah
12200 Butterworth
Pulau Pinang
Phone: 04-3313031
Fax: 04-3321200
Web site: http://www.wec.com.my
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: Financial Woes May Spill Over to Units
---------------------------------------------------------
The financial problems of College Assurance Plans Philippines
Inc. is expected to continue this year and may even spill over
to the firm's eight affiliates and subsidiaries, the Business
World reports.
The September 30 terminal report by the Securities and Exchange
Commission-designated CAP comptroller said that among the CAP
subsidiaries and affiliates, which are having financial
difficulties are the following:
1) CAP Pension Corporation
2) CAP Tech Sales Corporation
3) CAP Technology Inc.
4) Community Media Network
5) CAP Management Consultancy Services Inc.
6) CAP Health Maintenance Organization, Inc.
7) CAP Network Insurance Agency
8) CAP College Foundation
Ms. Nonilonia Ambat, which was then the SEC designated
comptroller for the pre-need firm, resigned as CAP comptroller
immediately after its submission.
The two other members of the oversight panel, former SEC lawyer
Carlo Taparan, resigned in August, while lawyer Danilo
Concepcion left in July, a month after the second oversight
panel was constituted.
CAP officials could not be contacted over the weekend.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
MAYNILAD WATER: Three Firms Eyeing Takeover
-------------------------------------------
Three private firms have expressed interest in acquiring the
Maynilad Water Services Inc. as soon as the court approves its
revised rehabilitation plan, the Manila Times reports.
While senior officials have declined to elaborate, Maitet Diokno
Pascual of the non-government organization Bantay Tubig said the
interest of these three firms is premised on the Company's
rehabilitation scheme not having a provision that would require
the new owner to put up a performance bond.
Ms. Pascual said the rehabilitation plan calls for lower
performance requirements and reduced service obligations but
higher water rates.
CONTACT:
Maynilad Water Services Inc.
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines
PHILIPPINE AIRLINES: Back Into Red in Third Quarter
---------------------------------------------------
Philippine Airlines (PAL) posted a third quarter net loss in
2004, versus a net income of Php1.43 billion in the first six
months of last year, the Business World reports.
PAL President Jaime Bautista declined to provide specific
figures on the carrier's third-quarter results.
In September, Philippine Airlines' total assets stood at
PhP108.2 billion, Php448.8 million higher than the PhP108.8
billion figures it reported at the beginning of its fiscal year.
The carrier, which is working through a program to settle debts
of around US$1.5 billion, had over US$17.8 million in net income
in the first two months of 2004.
CONTACT:
Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Phone: (632) 817-1234
Phone: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph
PHILIPPINE LONG: To Cut Debt by US$540-Mln in 2005
--------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) plans to reduce
its debt by US$540 million this year as part of its continued
efforts to clean up its books, reports ABS-CBN News.
The telecommunications giant will settle US$370 million in debt
incurred by its fixed-line business, and another US$170 million
of the wireless units' obligations.
PLDT Chairman Manuel V. Pangilinan said the quick settling of
debts would allow the Company to save on interest payments and
minimize currency risks.
The Company kicked off an aggressive debt-restructuring program
in 2004, when it cut US$350 million from its outstanding
obligations.
The decision brought to US$450 million the total borrowings
retired in 2004.
Of the PLDT group's outstanding US$2.99 billion debt as of the
third quarter, US$2.2 billion is owed by the fixed-line
business.
Wireless subsidiaries Smart Communications Inc. and Pilipino
Telephone Corp., on the other hand, have a combined obligation
of US$718 million.
PLDT promises a more aggressive debt payment program this year.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
=================
S I N G A P O R E
=================
ASIA FOOD: Releases Debt Rescheduling Updates
---------------------------------------------
Further to an announcement dated 30 November 2004, Asia Food &
Properties Ltd advised that AFP Group, including Golden Agri-
Resources Ltd Group, did not reschedule any additional debts.
The negotiations with its various creditors are still on-going.
Announcements will be made on a timely basis when there is
further progress on our debt rescheduling efforts.
To view the entire document click on:
http://bankrupt.com/misc/tcrap_asiafood123004.pdf
Kimberley Lye Chor Mei
Senior Manager / Secretary
ASIA IWANT-IN.NET: Winding Up Hearing Set January 14
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Asia Iwant-In.Net Singapore Pte Ltd by the High Court was, on
the 17th day of December 2004 presented by Asia IWant-In.Net
Singapore Pte Ltd, the above Company.
The petition will be heard before the Court sitting at The High
Court of the Republic of Singapore at 10:00 o'clock in the
morning, on the 14th day of January 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Company's address is 451 Joo Chiat Road, #04-04 Breezeway in
Katong, Singapore 427664.
The Company's solicitors are Messrs M & A LAW CORPORATION of
9 Temasek Boulevard, #09-03 Suntec City Tower 2, Singapore
038989.
Dated this 31st day of December 2004.
M & A LAW CORPORATION
Solicitors for the Company
Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the Company's
Solicitors, notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person 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 Company's Solicitors not later than twelve o'clock
noon of 14th day of January 2005.
CHINA AVIATION (S): Misses Deadline to File Defense
---------------------------------------------------
Troubled China Aviation Oil (S) Corporation (CAO) has missed a
crucial deadline for filing a defense against a claim by a
consortium of Indonesia businessmen, Asia Intelligence Wire
reports.
CAO's failure to meet a legal deadline while being sued means it
could be liable for total damages worth SG$47 million (US$223.24
million) under default judgment.
Satya Capital, which is owned by a group of Indonesian
businessmen, is suing both CAO and its Beijing-based parent
after its agreement to purchase 20.6% of Singaporean oil
refiner, Singapore Petroleum Corp, did not fall through. The
US$220 million deal fell apart in November after CAO lost funds
due to its oil derivatives loss.
Satya, which claimed it lost a total of SG$85 million in the
unfulfilled SPC deal, is seeking a minimum of SG$47 million in
damages.
CAO's failure to file in its defense against Satya's claims has
entitled Satya to ask for default judgment against the troubled
company for the full amount of damages it asked for in its
original claims. But CAO can still apply to the courts for an
extension wherein it can file for legal defense.
To date, CAO has not shown any inclination for filing.
CONTACT:
China Aviation Oil (S) Corporation
Phone: (65)6334 8979
Fax: (65)6333 5283
E-mail: http://www.caosco.com/
COYDEN FOOD: Court to Hear Bankruptcy Petition on January 14
------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Coyden Food Asia Pte Limited by the High Court was on the 15th
day of October 2004 presented by Everasia Holdings Limited (ID
No. UF31930Z) of PO Box 957, Offshore Incorp TR, Rd Town,
Tortola, British Virgin Islands, a creditor.
The said Petition will be heard before the Court sitting at
Singapore at 10:00 a.m. in the forenoon on the 14th day of
January 2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the Petition may
appear at the time of the hearing by themselves or their
Counsel for that purpose. A copy of the Petition will be
furnished to the creditor or contributory of the said Company
requiring the same by the undersigned on payment of the
regulated charge for the same.
The Petitioners' address is PO Box 957, Offshore Incorp TR, Rd
Town, Tortola, British Virgin Islands.
The Petitioners' Solicitors are Messrs Ang & Partners of 150
Beach Road, #32-00 The Gateway West, Singapore 189720.
Messrs Ang & Partners
Solicitors for the Petitioner
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
Messrs Ang & Partners, notice in writing of his intention to do
so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (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 12
o'clock noon of the 13th day of January 2005.
This Singapore Government Gazette notice is dated 31 December
2004.
COYDEN GRAINS: Winding Up Hearing Slated for January 14
-------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Coyden Grains Corporation Pte Ltd by the High Court was on the
14th day of October 2004 presented by Everasia Holdings Limited
(ID No. UF31930Z) of PO Box 957, Offshore Incorp TR, Rd Town,
Tortola, British Virgin Islands, a creditor.
The said Petition will be heard before the Court sitting at
Singapore at 10:00 a.m. in the forenoon on the 14th day of
January 2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the Petition may
appear at the time of the hearing by themselves or their
Counsel for that purpose. A copy of the Petition will be
furnished to the creditor or contributory of the said Company
requiring the same by the undersigned on payment of the
regulated charge for the same.
The Petitioners' address is PO Box 957, Offshore Incorp TR, Rd
Town, Tortola, British Virgin Islands.
The Petitioners' Solicitors are Messrs Ang & Partners of 150
Beach Road, #32-00 The Gateway West, Singapore 189720.
Messrs Ang & Partners
Solicitors for the Petitioner
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
Messrs Ang & Partners, notice in writing of his intention to do
so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (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 12
o'clock noon of the 13th day of January 2005.
This Singapore Government Gazette notice is dated 31 December
2004.
COYDEN HOLDINGS: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Coyden Holdings Pte Limited by the High Court was on the 15th
day of October 2004 presented by Everasia Holdings Limited (ID
No. UF31930Z) of PO Box 957, Offshore Incorp TR, Rd Town,
Tortola, British Virgin Islands, a creditor.
The said Petition will be heard before the Court sitting at
Singapore at 10:00 a.m. in the forenoon on the 14th day of
January 2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the Petition may
appear at the time of the hearing by themselves or their
Counsel for that purpose. A copy of the Petition will be
furnished to the creditor or contributory of the said Company
requiring the same by the undersigned on payment of the
regulated charge for the same.
The Petitioners' address is PO Box 957, Offshore Incorp TR, Rd
Town, Tortola, British Virgin Islands.
The Petitioners' Solicitors are Messrs Ang & Partners of 150
Beach Road, #32-00 The Gateway West, Singapore 189720.
Messrs Ang & Partners
Solicitors for the Petitioner
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
Messrs Ang & Partners, notice in writing of his intention to do
so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (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 12
o'clock noon of the 13th day of January 2005.
This Singapore Government Gazette notice is dated 31 December
2004.
PANPAC MEDIA: Completes Acquisition of Maxful Management
--------------------------------------------------------
Panpac Media Group Limited disclosed at the Singapore Stock
Exchange the completion of its acquisitions of a 100% stake in
Maxful Management Corp. and Optima Media International Ltd.
Panpac Media Group Limited refers to the announcements dated 8
November 2004, 12 November 2004, 15 December 2004 and 30
December 2004 in relation to the proposed acquisitions by the
Company's wholly-owned subsidiary The Observer Star Global
Publishing Holdings Limited of the entire issued and paid-up
share capital in Maxful Management Corp. and Optima Media
International Ltd.
The Company is pleased to announce that it has today completed
both transactions, and that Maxful and Optima have become
wholly-owned subsidiaries of The Observer Star, the Company's
wholly-owned subsidiary.
Following the completion of the acquisitions, the total number
of issued and paid up shares in the Company is 638,051,376
ordinary shares SG$0.05 each.
None of the Company's directors or substantial shareholders has
any interest, direct or indirect, in the transactions.
Ricky Ang Gee Hing
Group MD and CEO
31 December 2004
PANPAC MEDIA: Disposes of Entire Stake in Panpac Lifestyle
----------------------------------------------------------
Panpac Media Group Limited revealed at the Singapore Stock
Exchange the completion of its disposal of 100% stake in Panpac
Lifestyle Magazines Pte Ltd.
Panpac Media Group Limited refers to the announcement dated 8
November 2004 in relation to the proposed disposal of the
Company's entire shareholding in its wholly owned subsidiary,
Panpac Lifestyle Magazines Pte Ltd to Sky Win Advertising Group
Limited.
The Company is pleased to announce that it has today completed
the transaction, and Panpac Lifestyle Magazines Pte Ltd is no
longer a subsidiary of the Company.
None of the Company's directors or substantial shareholders has
any interest, direct or indirect, in the transaction.
Ricky Ang Gee Hing
Group MD and CEO
31 December 2004
PENGUIN BOAT: Appoints New Company Secretary
--------------------------------------------
Troubled Penguin Boat International Limited announced at the
Singapore Stock Exchange its appointment of a new company
secretary after the resignation of Ms. Lim.
The Board of Directors of Penguin Boat International Limited
wishes to announce that Ms. Lo Swee Oi has been appointed as
Company Secretary of the Company with effect from 31 December
2004 in place of Ms. Lim Lan Sim who has resigned as Company
Secretary.
By Order of the Board
Chuang Sheue Ling
Company Secretary
31 December 2004
===============
T H A I L A N D
===============
CAPETRONIC INTERNATIONAL: Shareholders to Meet on January 17
------------------------------------------------------------
With reference to the Board of Directors' Meeting No.11/2004 of
Capetronic International (Thailand) Public Company Limited held
on 15 December 2004, at which the Board of Directors approved to
hold an Extraordinary Shareholders' Meeting No.2/2004 on 17
January 2005, the company disclosed to the Stock Exchange of
Thailand the details of the shareholders' meeting:
(1) Place: Sky Ballroom at The Alexander Hotel Bangkok, 3303
Ramkhamhaeng Rd., Huamark, Bangkapi, Bangkok 10240
(2) Time: 1:30 p.m., on 17 January 2005.
Please be informed accordingly.
Yours sincerely,
(Mr. Pathrlap Davivongsa)
Chief Executive Officer
CONTACT:
Capetronic International (Thailand) Pcl
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4
* Thailand Won't Need Debt Relief Despite Tsunami Devastation
-------------------------------------------------------------
Thailand's economy is strong enough to cope with the recent
Asian tsunami disaster, so the country will not need debt
relief, Reuters said, citing a senior finance ministry official
Friday.
"Our financial sector is sufficiently strong and Thai commercial
banks are prepared to provide fresh loans to businesses hit by
the tsunami," Pannee Sathavarodom, head of the finance
ministry's public debt management office, told Reuters.
"With our position, we see no need to enter the moratorium
programme. We are not affected to the extent of running out of
funds to repay debt," she said.
Paris Club of creditor governments are examining countries hit
by tsunami whether there is a need for it to be given a debt
moratorium.
"We are going to examine the situation of the countries affected
by the tsunami; in particular, all the countries of the region.
- Indonesia, Sri Lanka, Malaysia, Myanmar, Thailand and so
forth," said a source close to the Paris Club, an ad hoc forum
for western creditor governments.
Thailand's government and state enterprises have tapped mostly
concessional loans from 11 members of the Paris Club. It has
about $8.6 billion in outstanding government loans from Paris
Club members, of which $8.2 billion came from Japan.
A total of at least 125,000 people were killed by the Tsunami,
which was the strongest in 40 years. In Thailand some 4,500
people including about 2,000 foreigners were killed. The killer
wave slammed in the southern provinces of Thailand where tourism
is the major industry.
It caused damage and destruction to hotels in main resort
provinces of Phuket, Phang Nga and Krabi and is estimated to
cause tens of thousands of Thais out of work.
BOND PRICING: For the Week 03 January to 07 January 2005
--------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 8
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 8.750% 10/15/05 9
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 4/15/05 8
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
Citigold Corp. 12.000% 3/29/07 1
Consolidated Minerals Ltd 11.250% 3/31/05 2
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 7
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 7
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd. 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 11
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure and Utility 8.500% 9/15/13 8
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd. 10.250% 10/15/09 10
Powerco Ltd 8.150% 9/01/07 7
Sapphire Securities 9.160% 9/20/35 9
Sherlock Bay Nickel 12.000% 9/1/07 1
Sky Network Television Ltd 9.300% 10/29/49 7
Software of Excellence 7.000% 8/09/07 2
Strathfield Group 11.000% 12/31/05 1
Structural Systems Ltd 11.000% 6/30/07 1
Sydney Gas Company 12.000% 4/1/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
CHINA
-----
China Government Bond 2.900% 5/24/32 67
KOREA
-----
Korea Electric Power Corporation 7.950% 4/1/96 69
MALAYSIA
--------
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Artwright Holdings Bhd 5.500% 3/05/07 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 4
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder 3.000% 2/25/06 2
Dataprep Holdings Bhd 4.000% 8/5/05 1
Dataprep Holdings Bhd 4.000% 8/6/07 1
Eden Enterprises (M) Bhd 2.500% 12/2/07 1
Fountain View Development Sdn Bhd 3.500% 11/3/06 6
Furqan Business Organization 2.000% 12/19/05 1
Gadang Holdings Bhd 2.000% 12/24/08 1
Grand Central Enterprises Bhd 5.000% 2/17/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
I-Bhd 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Killinghall Bhd 5.000% 4/13/09 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/28/12 1
LBS Bina Group Bhd 4.000% 12/31/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
Lebar Daun Bhd 2.000% 1/6/07 6
Lion Diversified Holdings Bhd 2.000% 6/1/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/5/12 1
Mithril Bhd 8.000% 4/5/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
NAM Fatt Corporation Bhd 2.000% 6/24/11 1
Orlando Holdings Bhd 3.000% 3/16/05 1
OSK Holdings Bhd 3.500% 3/1/05 1
OSK Holdings Bhd 6.000% 3/1/05 1
Patimas Computer Bhd 6.000% 2/19/06 1
Poh Kong Holdings 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/20/16 1
Rashid Hussain Bhd 0.500% 12/23/12 1
Rashid Hussain Bhd 1.500% 6/30/07 75
Rashid Hussain Bhd 3.000% 12/23/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel Bhd 5.500% 7/31/08 2
Tanah Emas Corporation Bhd 2.000% 12/9/06 1
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
WCT Land Bhd 3.000% 8/02/09 1
Wah Seong Corp 3.000% 5/21/12 3
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Rabobank Singapore 1.000% 1/15/13 75
Sengkang Mall 8.000% 11/20/12 1
Tampines Assets Ltd 5.625% 12/7/06 1
Tincel Ltd 5.000% 6/13/11 1
Tincel Ltd 7.400% 6/13/11 1
*********
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 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***