/raid1/www/Hosts/bankrupt/TCRAP_Public/050302.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, March 2, 2005, Vol. 8, No. 43
Headlines
A U S T R A L I A
ARMION PTY: To Hear Liquidator's Report March 11
AUSTRAL COAL: Forges Merger Deal with Centennial Coal
AUSTRAL COAL: Stumbles Into Some Difficulties
AUTO RANGE: To Hold Final Meeting March 10
DOUBLE SHOT: Members Pass Resolution to Wind Up
EDKA HOLDINGS: Enters Winding Up Proceedings
GALSON PTY: Sets March 11 as Date of Final Meeting
GARFOX 65: To Convene Final Meeting March 10
GOLDEN CIRCLE: Sydney Group Throws Financial Lifeline
HOGAN SYSTEMS: Members Agree to Wind Up Company
I.H.M. PTY: To Undergo Winding Up Process
MICROTAG SECURITY: Final Meeting Slated for March 11
MILLER INVESTMENTS: Decides to Wind Up Voluntarily
NARANI PTY: Schedules Final Meeting on March 4
NATIONAL AUSTRALIA: Expects New Lending to Exceed AU$10 Bln
NATIONAL AUSTRALIA: Completes Sale of Irish Banks
NODROGAN PTY: Creditors Should Prove Claims by March 24
PACIFIC EDGE: To Convene Final Meeting March 10
PARBURY HENTY: To Hear Liquidator's Report During Meeting
SAVINK PTY: Lays Out Purpose of Meeting
SELECT HOLDINGS: Names A.H.J. Wily as Liquidator
S&L HOLDINGS: Appoints Liquidator to Wind Up Company
SLINGO INVESTMENTS: Members Pass Resolution to Wind Up Company
SUPER IMPOSE: Members, Creditors to Meet March 11
TORLEN PTY: Faces Voluntary Winding Up
C H I N A & H O N G K O N G
ALLIED CHOICE: Winding Up Hearing Set April 13
CHARTER FAVOUR: Court Commences Winding Up Proceedings
GO MEDIA: Court to Hear Winding Up Petition March 30
LUCIDA LIMITED: Winding Up Hearing Slated for April 13
MAXWELL ENGINEERING: Enters Winding Up Proceedings
RIGHT WORLD: Court Schedules Hearing April 6
TAT HOO: Undergoes Winding Up Process
YAU CHOI: Court Begins Bankruptcy Proceedings
I N D O N E S I A
PERTAMINA: Notes 15% Increase in Fuel Consumption
TOTAL E&P: Files Complaint for Losses Incurred in Project Delays
J A P A N
MATSUSHITA INVESTMENT: To Slash Capital by 90%
MITSUBISHI MOTORS: Aims to Rebuild Ties with DaimlerChrysler
RESONA HOLDINGS: Unit Supports Gakkouhoujin Houjugakuen's Plan
SANRIO COMPANY: METI OKs Business Restructuring Plan
SEIBU RAILWAY: Tsutsumi Authorized Share Sale to Avert Delisting
SOJITZ HOLDINGS: Issues Notice Concerning Merger
SOJITZ HOLDINGS: Unveils Organizational Changes at Unit
SOJITZ HOLDINGS: Reshuffles Top Posts
K O R E A
*Listed Companies' Profitability on the Rise
M A L A Y S I A
AKTIF LIFESTYLE: Default in Payments Remedied
AKTIF LIFESTYLE: Seeking New Business to Regularize Condition
HONG LEONG: To Hold EGM on March 16
INNOVEST BERHAD: Sees No Developments in Restructuring Plan
KIG GLASS: Details Default Status Updates
KILANG PAPAN: Proposed Restructuring Scheme Awaits Approval
NALURI BERHAD: Discloses FY04 Quarterly Results
NORTH BORNEO: Revised Restructuring Plan Pending Approval
OMEGA HOLDINGS: Submits Proposed Rehab Scheme to SC
PANGLOBAL BERHAD: Issues Monthly Status Update
POS MALAYSIA: Appoints Adam Kadir as New Chairman
PSC INDUSTRIES: Unveils FY04 Quarterly Results
RHB CAPITAL: Court Sets Hearing for Material Litigation Case
SETEGAP BERHAD: Posts FY04 Fourth Quarter Results
WCT ENGINEERING: Discloses Fourth Quarter Results for FY04
P H I L I P P I N E S
HACIENDA LUISITA: Government to Aid Workers Amid Closure
MANILA ELECTRIC: Resets Annual Stockholders Meeting to June 28
NATIONAL POWER: Inks JPY23-Mln Deal with WESTJEC
NATIONAL POWER: Sen. Drilon Supports Masinloc Sale
PHILIPPINE AIRLINES: Looking for New Aircraft, Seeks New Routes
PHILIPPINE LONG: Mobile Growth Drives 2004 Profit Jump
PHILIPPINE LONG: Furnishes Copy of SEC Form 23-A
PILIPINO TELEPHONE: Pays Php540-Mln in Fees, Penalties
S I N G A P O R E
ASIA IWANT-IN.NET: Receives Winding Up Order
BANDUNG SHIPPING: Court Issues Winding Up Order
BUILDSPEED CONSTRUCTION: Issues Dividend Notice
CHINA AVIATION (S): Creditors Team Up for Speedy Negotiations
DIAMOND PLASTICS: Final Meeting Set March 31
GAINES LABORATORIES: Invites Creditors to Prove Claims
INNOVATION WORLD-WIDE: Faces Bankruptcy Proceedings
HIJAU ENERGY: Court to Hear Petition March 11
LAM SENG: Receiving Proofs of Claim Until March 14
T H A I L A N D
ADVANCE PAINT: SET Halts Trading of Securities
ASIA HOTEL: SET Posts SP, NP Signs on Securities
EMC: Releases Audited Yearly Financial Statement
TPI POLENE: Unveils New Appointment
- - - - - - - -
=================
A U S T R A L I A
=================
ARMION PTY: To Hear Liquidator's Report March 11
------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the Final Meeting of Armion Pty Ltd (In
Liquidation) A.C.N. 001 125 560 will be held at 1 Currawong
Avenue, Palm Beach, NSW on March 11, 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 4th day of February 2005
Peter Geoffrey Akehurst
Liquidator
7/13 Avalon Parade, Avalon Beach NSW
AUSTRAL COAL: Forges Merger Deal with Centennial Coal
-----------------------------------------------------
On 23 February 2005, the directors of Austral Coal Limited and
the directors of Centennial Coal Limited announced that they
have agreed to a merger of the companies through an offer of
Centennial shares to Austral shareholders.
The combined entity will be one of Australia's leading
independent coal producers, with a diversified portfolio of
quality coal assets. The enlarged group will have the following
profile:
(1) market capitalization of approximately AU$1.1 billion (based
on the closing prices of each Company on 18 February 2005);
(2) 2006 expected total production under management of around 22
million tonnes, supplying both domestic and export thermal and
coking coal markets;
(3) diversified customer base, with approximately 50% of revenue
derived from coal exports and 50% from long-term fixed price
domestic coal supply contracts;
(4) enhanced earnings profile; and
(5) strong balance sheet and improved gearing.
The proposed merger will be implemented by way of a conditional
scrip-based off-market takeover offer made by Centennial to
Austral's shareholders for all of the ordinary shares in
Austral. Centennial's offer is 10 Centennial shares for every 37
Austral shares held.
If Centennial's offer becomes unconditional, Austral noteholders
will have the opportunity to convert their notes into Austral
ordinary shares and will be able to accept the offer for those
shares.
Austral directors recommend that, in the absence of a superior
offer, Austral convertible noteholders convert their notes once
the Centennial offer becomes unconditional and accept the
Centennial offer.
Austral noteholders who do not convert their notes into Austral
shares during the 15 days after a 'Takeover Notice' has been
issued will risk having their notes redeemed by Austral at their
issue price of AU$0.55 per note.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street,
Sydney NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
Web site: http://www.austcoal.com.au
E-mail: info@austcoal.com.au
AUSTRAL COAL: Stumbles Into Some Difficulties
---------------------------------------------
Austral Coal's troubles keep on mounting as the Company booked a
net loss after tax of AU$30.3 million for the year ended
December 31, 2004, Egoli News reports.
The Company acknowledged it has been hit hard by poor production
levels and engineering problems. Major issues included an
extended commissioning and rectification period for the new
longwall system related to shortcomings in electrical,
mechanical and software.
Austral also blamed its under-performance on a 12-week delay in
the start-up panel 22 as a result of adverse geology.
The geological problems required the Company to use drill and
fire mining methods, which were more expensive and slower than
conventional mining methods.
Another factor was the abandonment of panel 21 in the Tahmoor
lease in March 2004 as a result of roof convergence, resulting
in a loss of 120,000 ROM tones.
However, Austral said as a result of rectifying the major
longwall equipment problems in December 2004, equipment
reliability has improved considerably and production for January
and February has totaled 365,000 ROM tonnes.
Meanwhile, Austral expects its proposed business consolidation
with fellow miner Centennial Coal Limited (CEY) to proceed over
the next two months.
The merger has been endorsed by the Austral Board in the absence
of a higher offer.
Centennial offered to buy Austral for about AU$350 million in
late February 2004
To view Austral Coal's operating results, click on:
http://bankrupt.com/misc/tcrap_australcoal010305.pdf
AUTO RANGE: To Hold Final Meeting March 10
------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the Final Meeting of Auto Range Quality Cars
Pty Ltd (In Liquidation) A.C.N. 001 824 540 will be held at
13/432 Chapel Road, Bankstown, NSW on March 10, 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 3rd day of February 2005
Suzanne Maree Jakovich
Liquidator
14 Central Avenue,
Chipping Norton NSW
DOUBLE SHOT: Members Pass Resolution to Wind Up
-----------------------------------------------
At a general meeting of the members of The Double Shot Company
Pty Ltd (In Liquidation) A.C.N. 083 904 867 duly convened and
held at 57 Grosvenor Street, Neutral Bay NSW 2089 on January 24,
2005, the special resolutions set out below were duly passed:
SPECIAL RESOLUTIONS:
(A) That the Company be wound up voluntarily and that Peter
George Burton and Brian Hugh Allen of Burton Glenn Allen,
Chartered Accountants, Level 2, 57 Grosvenor Street, Neutral
Bay, New South Wales, be appointed Liquidators for the purpose
of such winding up.
(B) That on the winding up of the Company (subject to the
payment of the debts and liabilities of the Company and the cost
of Liquidation and if necessary), the assets may be distributed
amongst the Members in Specie, the whole or in part according to
their rights and interest in the Company.
Both resolutions were unanimously carried.
Dated this 24th day of January 2005
T. R. Wiles
Director
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW
Telephone: (02) 9904 4644
Facsimile: (02) 9904 9644
EDKA HOLDINGS: Enters Winding Up Proceedings
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Edka Holdings Pty Ltd A.C.N. 009 595 966 held on January 21,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Carol Holley of c/- Level 4, 155
Castlereagh Street, Sydney be appointed Liquidator.
Dated this 24th day of January 2005
Carol Holley
Liquidator
GALSON PTY: Sets March 11 as Date of Final Meeting
--------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Galson Pty Limited (In Liquidation) A.C.N. 008 550
749 will be held at the office of Rangott & Slaven, Chartered
Accountants, Unit 12, Level 3, Engineering House, 11 National
Circuit, Barton ACT on March 11, 2005 at 2:30 p.m.
The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.
Dated this 8th day of February 2005
W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966
GARFOX 65: To Convene Final Meeting March 10
--------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the Final Meeting of Garfox 65 Pty Limited (In
Liquidation) A.C.N. 002 787 162 will be held at 43 Auburn
Street, Moree, NSW on March 10, 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 1st day of February 2005
Frank William O'Connor
Liquidator
43 Auburn Street, Moree NSW
GOLDEN CIRCLE: Sydney Group Throws Financial Lifeline
-----------------------------------------------------
Embattled Queensland fruit processing icon Golden Circle
welcomes a rescue bid by Sydney-based financial group, according
to the Sydney Morning Herald.
Babcock and Brown has thrown a financial lifeline to Golden
Circle through an AU$50 million investment offer from its
superannuation funds offshoot Direct Investment Fund.
Golden Circle, a cooperative owned by around 700 pineapple and
beetroot growers with an ageing facility at Northgate, has been
struggling under an AU$25 million loan from the National
Australia Bank and dwindling exports following the Asian SARS
epidemic.
The Company, which is currently undergoing restructuring, posted
an operating loss of almost AU$27 million in the six months to
last June.
Babcock and Brown said the investment would be the first by
Direct Investment Fund since it was launched late last year and
needed approval of Golden Circle shareholders and the Foreign
Investment Review Board.
The details of the rescue offer are still being discussed and
had to be approved by Golden Circle's owners.
The deal was to be finalized in late March or early April.
CONTACT:
Golden Circle Limited
Web site: www.goldencircle.com.au/
HOGAN SYSTEMS: Members Agree to Wind Up Company
-----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hogan Systems Pty Limited A.C.N. 003 377 393 (In Voluntary
Liquidation) duly convened and held on January 14, 2005, a
Special Resolution that the Company be wound up voluntarily was
passed by members and M. C. Smith was appointed Liquidator.
Dated this 25th day of January 2005
M. C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
I.H.M. PTY: To Undergo Winding Up Process
-----------------------------------------
Notice is hereby given that at a meeting of members of I.H.M.
Pty Ltd (In Liquidation) A.C.N. 006 532 001 pursuant to Section
491(1) of the Corporations Act 2001 duly convened and held on
January 28, 2005 it was resolved that the Company be wound up
voluntarily.
For such purposes Steven Nicols of Nicols + Brien, Level 2, 350
Kent Street, was confirmed as Liquidator by creditors pursuant
to Section 497(1) at a meeting of creditors held later that same
day.
Dated this 31st day of January 2005
Steven Nicols
Liquidator
Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: 9299 2289
Facsimile: 9299 2239,
Web site: http://www.bankrupt.com.au
MICROTAG SECURITY: Final Meeting Slated for March 11
----------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Microtag Security Systems (Aust) Pty Limited (In
Liquidation) A.C.N. 008 546 558 will be held at the office of
Rangott & Slaven, Chartered Accountants, Unit 12, Level 3,
Engineering House, 11 National Circuit, Barton ACT on March 11,
2005 at 2:00 p.m.
The meetings are convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.
Dated this 8th day of February 2005
W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966
MILLER INVESTMENTS: Decides to Wind Up Voluntarily
--------------------------------------------------
The following Special Resolution was passed at a meeting of
members of Miller Investments Pty Limited (In Liquidation)
A.C.N. 008 392 765 held on January 31, 2005.
That the Company be voluntarily wound up and that Mr. David
Bryan Gurney be appointed Liquidator.
Dated this 8th day of February 2005
D. B. Gurney
Liquidator
c/- PF Fisher & Co Pty Ltd
Level 5, 55 Phillip Street,
Parramatta NSW 2150
NARANI PTY: Schedules Final Meeting on March 4
----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Law that a final meeting of members of Narani Pty
Limited (In Liquidation) A.C.N. 001 233 932 will be held at the
office of Rhodes Docherty & Co, Suite 202, 164A Mona Vale Road,
St Ives on March 4, 2005 at 11:00 a.m. for the purpose of laying
before the meeting the liquidator's final account and report and
giving any explanation thereof.
Dated this 24th day of January 2005
John B. Docherty
Liquidator
NATIONAL AUSTRALIA: Expects New Lending to Exceed AU$10 Bln
-----------------------------------------------------------
The Business and Private Banking arm of the National Australia
Bank announced it expects its new lending to the country's
small, medium and large businesses to exceed AU$10 billion over
the next 12 months.
"We are seeing increasing demand from business owners and
managers for further funding to help them grow their
businesses," said George Frazis, Executive General Manager of
Business and Private Banking.
"We are hearing from a lot of businesses that they want to grow
and take advantage of various current economic opportunities,"
Mr. Frazis said. "We are listening and responding."
Recently the national has undertaken a number of other
initiatives to improve its ability to meet business customer
needs. These include;
(1) The launch in January of "On the Spot" business loans, where
customers receive quicker response times to their requests for
loans. In many instances this is "on the spot", and
(2) Freeing up our credit decision processes by increasing
credit decision limits for our front line relationship managers
and significantly reducing policies requiring referral of
lending decision to a 3rd party.
"We are reducing complexity around our lending processes and
making finance easier for our customers," said Mr. Frazis. "By
improving our lending processes we are able to do this without
compromising the quality of our lending." There is no softening
in lending criteria or increase in risk profile.
"These moves signify how we are responding to the needs of
business owners and managers and their business as well as their
personal financial needs. Reducing the time business owners and
managers are spending on their finance will help them get on
with running their business," he said.
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/
NATIONAL AUSTRALIA: Completes Sale of Irish Banks
-------------------------------------------------
The National Australia Bank (the National) on Tuesday announced
the completion of the sale of Northern Bank and National Irish
Bank to Danske Bank.
The purchase was subject to certain conditions, which included
obtaining certain regulator consents. These conditions have been
satisfied and completion occurred on terms consistent with the
original sale announcement on Dec. 14, 2004.
The banks were sold for AU$2.5 billion, generating a profit on
sale of approximately AU$1.1 billion. As a result of the sale,
the National's Adjusted Common Equity capital will increase by
approximately AU$1.8 billion.
Transitional services will be provided by the National to Danske
in respect of the Northern bank and National Irish bank
operations to assist in the smooth transition of ownership of
those businesses. These transitional services will be provided
at cost and are expected to be in place for up to 18 months.
For further information:
Brandon Phillips
Group Manager
Group Corporate Relations
Phone: 03 8641 3857 (work)
0419 369 058 (mobile)
Callum Davidson
Head of Group Investor Relations
Phone: 03 8641 4964 (work)
0411 117 984 (mobile)
NODROGAN PTY: Creditors Should Prove Claims by March 24
-------------------------------------------------------
A fifth and final dividend is to be declared on March 24, 2005
for Nodrogan Pty Limited (In Liquidation) A.C.N. 002 152 418.
Creditors whose debt or claims have not already been admitted
are required, on or before 10 March 2005, to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 18th day of January 2005
R. J. Dean-Willcocks
Official Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
PACIFIC EDGE: To Convene Final Meeting March 10
-----------------------------------------------
Notice is hereby given that the final meeting of Pacific Edge
Software Pty Limited (In Liquidation) A.C.N. 093 369 067 will be
held at 9:00 a.m. on March 10, 2005, at 46 Middle Head Road,
Mosman, NSW, 2088.
The purpose of the meeting is to lay before it by the Liquidator
an account showing how the winding up has been conducted and the
assets of the Company distributed and of having an explanation
of accounts of the Liquidator.
Phillip Steven Rowe
Liquidator
PARBURY HENTY: To Hear Liquidator's Report During Meeting
---------------------------------------------------------
Notice is given that the final meeting of members of Parbury
Henty Finance Pty Ltd A.C.N. 008 608 142 will be held at Level
9, 10 Shelley Street, Sydney, on March 9, 2005 at 10:00 a.m.
The purpose of the meeting is to receive the Liquidator's
accounts showing how the liquidation has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.
Dated this 25th day of January 2005
M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666
SAVINK PTY: Lays Out Purpose of Meeting
---------------------------------------
Notice is given that the final meeting of members of Savink Pty
Ltd (In Voluntary Liquidation) A.C.N. 065 013 845 will be held
at Level 9, 10 Shelley Street, Sydney, on March 9, 2005 at 10:00
a.m.
The purpose of the meeting is to receive the Liquidator's
accounts showing how the liquidation has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.
Dated this 25th day of January 2005
M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666
SELECT HOLDINGS: Names A.H.J. Wily as Liquidator
------------------------------------------------
Notice is hereby given that at a meeting of creditors of Select
Holdings Pty Ltd (In Liquidation) A.C.N. 093 069 188 convened
pursuant to Section 439A of the Corporations Act 2001 held on
January 27, 2005, it was resolved that the Company be wound up.
Pursuant to Section 446A(4) of the Corporations Act 2001, A.H.J.
Wily of Armstrong Wily, Chartered Accountants, Level 5, 75
Castlereagh Street, Sydney NSW 2000 was appointed Liquidator.
Dated this 31st day of January 2005
A.H.J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
S&L HOLDINGS: Appoints Liquidator to Wind Up Company
----------------------------------------------------
Notice is hereby given that at a general meeting of members of
S&L Holdings Pty Ltd A.C.N. 001 166 709 held on January 21,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Carol Holley of c/- Level 4, 155
Castlereagh Street, Sydney be appointed Liquidator.
Dated this 24th day of January 2005
Carol Holley
Liquidator
SLINGO INVESTMENTS: Members Pass Resolution to Wind Up Company
--------------------------------------------------------------
At a General Meeting of members of Slingo Investments Pty
Limited A.C.N. 000 801 374 duly convened and held at 1st Floor
379 Kent Street Sydney NSW 2000 on January 14, 2005, the
following Special Resolution was passed:
That the Company be wound up voluntarily and that Brent
McLauchlan be appointed liquidator for the purposes of such
winding up and that the liquidator be and is hereby authorized
to distribute in specie such assets of the Company as he may
determine.
Dated this 27th day of January 2005
John Keith Slingo
Director
c/- Peter Walker Partners
1st Floor, 379 Kent Street,
Sydney NSW 2000
SUPER IMPOSE: Members, Creditors to Meet March 11
-------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Super Impose Pty Limited (In Liquidation) A.C.N.
064 488 544 will be held at the office of Rangott & Slaven,
Chartered Accountants, Unit 12, Level 3, Engineering House, 11
National Circuit, Barton ACT on March 11, 2005 at 2:45 p.m.
The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.
Dated this 8th day of February 2005
W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966
TORLEN PTY: Faces Voluntary Winding Up
--------------------------------------
Notice is hereby given that at a General meeting of members of
the Torlen Pty Ltd held on January 21, 2005, it was resolved
that the Company be wound up voluntarily and that for such
purpose, Carol Holley of c/- Level 4, 155 Castlereagh Street,
Sydney be appointed Liquidator.
Dated this 24th day of January 2005
Carol Holley
Liquidator
==============================
C H I N A & H O N G K O N G
==============================
ALLIED CHOICE: Winding Up Hearing Set April 13
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Allied Choice Limited by the High Court of Hong Kong Special
Administrative Region was on February 1, 2005 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 is to be heard before the Court at 9:30 am on
April 13, 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.
Tong & Tsoi
Solicitors for the Petitioner
Room 3402, 34th Floor, Bank of America Tower
12 Harcourt 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
12th day of April 2005.
CHARTER FAVOUR: Court Commences Winding Up Proceedings
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Charter Favour Limited by the High Court of Hong Kong Special
Administrative Region was on the 12th day of January 2005
presented to the said Court by The Incorporated Owners of
Million Fortune Industrial Centre whose registered office is
situated at Million Fortune Industrial Centre, No. 34-36 Chai
Wan Kok Street, Tsuen Wan, New Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 am on
the 23rd day of March 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.
Ho & Tam
Solicitors for the Petitioner
Suite 2202, 22nd Floor, Chinachem Tower
34-37 Connaught Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the above named,
notice in writing of his intention to do so.
The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of the
22nd day of March 2005.
GO MEDIA: Court to Hear Winding Up Petition March 30
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Go
Media Limited (formerly known as Just Communications Limited and
Grade Fortune Limited) by the High Court of Hong Kong Special
Administrative Region was on the 27th day of January 2005
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 is to be heard before the Court at 9:30 am on
the 30th day of March 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.
K. W. Ng & Co.
Solicitors for the Petitioner
11/ Floor, Wings Building
110 Queen's Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
29th day of March 2005.
LUCIDA LIMITED: Winding Up Hearing Slated for April 13
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lucida (Hong Kong) Limited by the High Court of Hong Kong
Special Administrative Region was on the 5th day of February
2005 presented to the said Court by Singapore Company Limited
whose registered office is situated at 6-10, Yishino-Machi, Gifu
City, Japan.
The said Petition is to be heard before the Court at 9:30 am on
the 13th day of April 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.
Charles Yeung Clement Lam Liu & Yip
Solicitors for the Petitioner
13th Floor, Grand Building
18 Connaught Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
12th day of April 2005.
MAXWELL ENGINEERING: Enters Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Maxwell Engineering Limited by the High Court of Hong Kong
Special Administrative Region was on the 15th day of February
2005 presented to the said Court by Chung Fai Engineering
Company Limited whose registered office is situated at Flat D,
1st Floor, Block B, Marvel Industrial Building, 17-23 Kwai Fung
Crescent, Kwai Chung, New Territories, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 am on the 27th day of April 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.
Philip Tsui & Co. Solicitors
Solicitors for the Petitioner
Suite 3805, 38th Floor, COSCO Tower
183 Queen's Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
26th day of April 2005.
RIGHT WORLD: Court Schedules Hearing April 6
--------------------------------------------
Notice is hereby given that a Petition for the winding up of
Right World Limited by the High Court of Hong Kong Special
Administrative Region was on the 4th day of February 2005
present to the said Court by Golden Harvest Entertainment
Company Limited whose registered office is situated at 16th
Floor, The Peninsula Office Tower, 18 Middle Road, Tsimshatsui,
Kowloon, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 am on the April 6, 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
10 Des Voeux Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the 4th
day of April 2005.
TAT HOO: Undergoes Winding Up Process
-------------------------------------
Notice is hereby given that a Petition for the Winding up of Tat
Hoo Holdings Limited by the High Court of Hong Kong Special
Administrative Region was on the 1st day of February 2005
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 is to be heard before the Court at 9:30 am on
the 13th day of April 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.
Tong & Tsoi
Solicitors for the Petitioner
Room 3402, 34th Floor, Bank of America Tower
12 Harcourt 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 abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
12th day of April 2005.
YAU CHOI: Court Begins Bankruptcy Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of Yau
Choi Development Limited by the High Court of Hong Kong Special
Administrative Region was on the 27th day of January 2005
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 is to be heard before the Court at 9:30 am on
the 30th day of March 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.
K. W. Ng & Co.
Solicitors for the Petitioner
11/ Floor, Wings Building
110 Queen's Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
29th day of March 2005.
=================
I N D O N E S I A
=================
PERTAMINA: Notes 15% Increase in Fuel Consumption
-------------------------------------------------
Pertamina said that fuel consumption rose 15% over the past two
months as compared to the same period last year, the Jakarta
Post reports.
According to the state oil and gas firm, fuel consumption
increased from 165,100 kiloliters per day in Jan.-Feb. 2004 to
189,700 kiloliters per day in the same period this year. The
increase in consumption may be in accordance with the
government's plan to hike up fuel prices by 29% in March.
Pertamina said in a statement that it is unusual for fuel
consumption to increase so early in the year, because the
reverse usually happens, fuel consumption usually drops in the
fist few months of the year. Amidst allegations of stockpiling
by distributors following the government's plan to raise fuel
prices, the firm has fuel stock good for 22 days, if the plan is
effected.
Pertamina is still struggling with distribution delays, partly
due to limited production capacity, and increased fuel
smuggling. The firm is trial testing a new fuel, "Solar Plus,"
to answer market demand for a high-performing, environmentally
friendly fuel.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
TOTAL E&P: Files Complaint for Losses Incurred in Project Delays
----------------------------------------------------------------
Total E&P Indonesie filed a complaint to the Indonesian National
Board of Arbitration (BANI) for losses amounting to US$12
million, incurred by delays in a construction project by
contractor PT Sanggar Kaltim Jaya (SKJ), reports the Jakarta
Post.
According to the contract, SKJ had to bear all possible losses
incurred by delays in the construction project, whether caused
by subcontractors or third parties.
The Company's lawyer Fredrik J. Pinakunary said in a Feb. 28
press conference that any dispute that couldn't be settled by
both parties had to be settled through arbitration. The
contractor didn't meet the requirements of the contract.
SKJ's lawyer OC Kaligis said that Total's complaint was
baseless, since they don't have proof. Mr. Kaligis said that he
hasn't been informed yet of the complaint, but that SKJ is
thinking of making it a criminal case, as Total is lying.
According to Mr. Kaligis, Total's complaint was presented as
legal evidence in court, in the Company's ongoing bankruptcy
case against the same contractor, SKJ, which is now in its last
session with both parties.
Conclusions will be read on March 2 before a verdict is to be
handed down on March 7.
CONTACT:
Total E&P Indonesie
Plaza Kuningan Manara Utara
JL. H.R Rasuna Said Kav C.11-14
P.O Box 1010
12940 Jakarta, Indonesia
Phone: + 62 21 523 1999
Fax: + 62 21 523 1888
=========
J A P A N
=========
MATSUSHITA INVESTMENT: To Slash Capital by 90%
----------------------------------------------
Debt-ridden Matsushita Investment and Development Company has
decided to cut its capital by 90 percent and sell off assets as
part of its revival scheme, Reuters reports, citing the Nihon
Keizai Shimbun.
Matsushita Investment, the real estate arm of Matsushita
Electric Industrial Company, will reduce its capital to JPY100
million (US$949,300) from about JPY1 billion at present, while
implementing a 1-for-10 reverse split of its common shares.
The rehabilitation plan also calls for Matsushita Electric and
the Matsushita founding family to return some JPY30 billion
worth of preferred shares to Matsushita Investment at no cost,
ensuring the top shareholders bear responsibility for the unit's
woes.
In turn, the ailing real estate firm will also sell warehouses
to Matsushita Electric for about JPY50 billion. The proceeds of
the sale along with other fresh funds will then be used to pay
back some JPY100 billion worth of debt.
Matsushita Investment is struggling to recover from the burden
of ill-fated investments made in overseas resorts and other
developments during the Japanese bubble years of the 1980s.
MITSUBISHI MOTORS: Aims to Rebuild Ties with DaimlerChrysler
------------------------------------------------------------
Scandal-mired Mitsubishi Motors Corporation (MMC) is seeking to
revive its operations in three to four years and rebuild its
relationship with DaimlerChrysler in the process, reports The
Asahi Shimbun.
MMC Chairman Takashi Nishioka said the German-American automaker
is keen on reconnecting its ties with the Japanese carmaker. He
added that DaimlerChrylser intends to keep its stake in MMC for
the time being.
MMC is expected to reach a formal settlement with
DaimlerChrysler on Friday by paying it JPY80 billion for the
shares it bought in Mitsubishi Fuso Truck & Bus Corp., an MMC
affiliate.
DaimlerChrysler refused to infuse more funds into MMC in April.
It has also sought compensation for the deterioration in
corporate value in Mitsubishi Fuso after a string of recall and
defect cover-ups came to light
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
RESONA HOLDINGS: Unit Supports Gakkouhoujin Houjugakuen's Plan
--------------------------------------------------------------
Resona Bank Limited, one of the banking subsidiaries of Resona
Holdings Incorporated, acceded to the Business Rehabilitation
Plan formulated by Gakkouhoujin Houjugakuen (the borrower)
utilizing the corporate rehabilitation scheme of the Resolution
and Collection Corporation.
Resona Bank will provide the Company with financial assistance
as specified below.
(1) Outline of the Borrower
Address: 1-8, 1-chome Shimooichiai, Shinjuku-ku, Tokyo
Representative: Hirosuke Mitsutake
Line of Business: Administration of higher vocational school
(2) Financial Assistance
Debt forgiveness: JPY5.1 billion
Date of debt forgiveness: February 28, 2005
Other banking subsidiaries of Resona HD, Saitama Resona bank,
Kinki Osaka Bank and Nara Bank have no claims on the borrower.
(3) Impact of This Development of the Forecasted Earnings
The anticipated losses arising from this development are covered
by loan loss reserves. Therefore, the previous earnings
forecasts of Resona HD for the fiscal year ending March 31,
2005, which were announced on November 25, 2005, remain the
same.
CONTACT:
Resona Holdings Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp
SANRIO COMPANY: METI OKs Business Restructuring Plan
----------------------------------------------------
The business restructuring plan submitted to the Ministry of
Economy, Trade and Industry (METI) by Sanrio Co., Ltd. was
examined pursuant to Article 3, Paragraph 6 of the Law on
Special Measures for Industrial Revitalization, and found to
fulfill the restructuring requirements of Article 2, Paragraph
2, Clause 1, and innovation requirements of Clause 2.
The plan was consequently approved on February 25.
CONTACT:
Sanrio Company Limited
6-1, Osaki 1-Chome, Shinagawa-Ku,
Tokyo 141-8603
Phone: 81-3-3779-8111
Web site: http://www.sanrio.co.jp/
SEIBU RAILWAY: Tsutsumi Authorized Share Sale to Avert Delisting
----------------------------------------------------------------
The controversial former chairman of Kokudo Corporation
allegedly approved in May 2004 the sale of Seibu Railway shares
to avert delisting from the Tokyo Stock Exchange, according to
Kyodo News.
Sources said that Yoshiaki Tsutsumi authorized the share sale,
thinking it might be necessary to divest Kokudo's shareholdings
in Seibu railway to avoid delisting.
Mr. Tsustumi is currently undergoing a special investigation by
the Tokyo Public Prosecutor's Office. Prosecutors suspect that
Mr. Tsutsumi was aware of Kokudo's falsifying the volume of its
shareholdings in Seibu Railway before the railway firm submitted
a financial report in June last year.
The investigating team is trying to find out whether the former
director was involved in falsifying the statement.
Meanwhile, Mr. Tsutsumi said in a statement issued Friday that
he will accept a restructuring plan for the Seibu Railway group
that calls for dividing Kokudo into two parts: one for the
management of the group's founding family's assets, and the
other that would succeed Kokudo's other operations.
CONTACT:
Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/
SOJITZ HOLDINGS: Issues Notice Concerning Merger
------------------------------------------------
The Sojitz Group expects to achieve targets, including those to
create a robust asset portfolio, for the first year of the
three-year New Business Plan, which is progressing as planned
since its announcement in September 2004. The New Business Plan
aims to enhance corporate value by quickly restoring market
confidence in the Sojitz Group.
Founded in April 2003 as a holding Company for the Sojitz Group,
Sojitz Holdings Corporation (Sojitz Holdings) believes that its
efforts to promote business integration, realize rationalization
targets, drastic review of the group's asset portfolio,
accelerate selection and focus as well as reinforce corporate
governance are having the desired effect toward achieving
objectives.
At the start of the second year of the New Business Plan, Sojitz
Holdings has begun the necessary preparations for the merger
with consolidated subsidiary Sojitz Corporation on October 1,
2005, to ensure the achievement of the New Business Plan by
accelerating decision-making and aiming for a simpler Group
management framework.
This measure was approved in a meeting of the Board of Directors
held on February 28, 2005.
The Company will give notification of details concerning the
merger as they are decided.
CONTACT:
Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com
SOJITZ HOLDINGS: Unveils Organizational Changes at Unit
-------------------------------------------------------
Sojitz Corporation (Sojitz), a subsidiary of Sojitz Holdings
Corporation (hereinafter referred to as (Sojitz Holdings),
hereby gives notification of organizational changes and changes
in directors that were resolved in a meeting of the Board of
Directors held on February 28, 2005.
Regarding changes in directors and auditors, an official
decision will be reached after the Extraordinary General Meeting
of Shareholders of Sojitz planned in late March.
SOJITZ HOLDINGS: Reshuffles Top Posts
-------------------------------------
Sojitz Holdings Corporation has resolved to make the following
change in President and CEO, Representative Director at the
meeting of the Board of Directors held on February 28, 2005.
Official approval is expected at the meeting of the Board of
Directors to be held after the General Meeting of Shareholders
in late June, under the condition that he is re-elected as
director at the General Meeting of Shareholders.
Change of President and CEO, Representative Director
(Name) (New Position) (Current Position)
Hidetoshi Nishimura Senior Advisor President and CEO,
Representative Director
Akio Dobashi President and CEO Director
Representative
Director
=========
K O R E A
=========
*Listed Companies' Profitability on the Rise
--------------------------------------------
South Korea's listed companies that showed increased growth in
2004 performance saw that profit gains were far higher than
sales growth, reports Asia Pulse.
According to the Korea Stock Exchange, the combined net profit
of 379 listed Korean companies rose 69.9 % to KRW46.14 trillion
in 2004, with their total operating profit increasing to KRW
trillion, an increase of 36.8 %. Instead, revenue increased by
only 19.6 %, or KRW498.54 trillion.
Among the companies that posted high increase in profits are
Woori Financial Holdings Co., with a total profit of KRW1.51
trillion last year, from KRW396.6 billion in 2003, and SK
Corporation, with a total 2004 net profit of KRW1.64 trillion,
from KRW15.2 billion in 2003.
A stock exchange official stated `brisk exports and a decline in
loss provisions' as the cause of the companies' better
performance for 2004.
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Default in Payments Remedied
---------------------------------------------
Aktif Lifestyle Corporation Berhad refers to its announcement
dated Feb. 2, 2005, on its default in payment under Practice
Note /2001.
The Company's disposal of Aktif Lifestyle Stores Sdn Bhd to CP
Properties Sdn Bhd was completed on July 30, 2004.
The Company had on Jan. 3, 2005 announced to Bursa Malaysia
Securities Berhad that OCBC Bank (Malaysia) Berhad had, via its
letter dated Dec. 27, 2004, informed that Aktif was released and
discharged from its obligations and liabilities under its
corporate guarantee effective Dec. 27, 2004.
The Company announced that RHB Bank Berhad had, via its letter
dated Feb. 22, 2005, informed that the Company was released and
discharged from its obligations and liabilities under its
corporate guarantee effective Feb. 22, 2005.
Following the release of the above corporate guarantees, the
Company's default in payment has been remedied.
CONTACT:
Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798
This announcement is dated March 1, 2005.
AKTIF LIFESTYLE: Seeking New Business to Regularize Condition
-------------------------------------------------------------
Further to the Company announcement dated Feb. 2, 2005, on
Practice Note 4/2001, Aktif Lifestyle Corporation Berhad
announced that the Company is still continuing its efforts to
seek and acquire new core businesses to regularize its financial
condition.
This announcement is dated March 1, 2005.
HONG LEONG: To Hold EGM on March 16
-----------------------------------
Hong Leong Industries Berhad (HLI) announced that an
Extraordinary General Meeting (EGM) of the Company will be held
at the Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak,
50450 Kuala Lumpur on Wednesday, March 16, 2005, 11:30 a.m., to
consider and if thought fit, pass with or without modifications,
the ordinary resolution as set out in the notice of EGM as
attached.
To view the EGHM Notice, go to:
http://bankrupt.com/misc/tcrap_hongleong030105.jpg
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
This announcement is dated Feb. 28, 2005.
INNOVEST BERHAD: Sees No Developments in Restructuring Plan
-----------------------------------------------------------
Further to the announcement made on Feb. 2, 2005, Innovest
Berhad announced that there are no material changes to the
status of the Company's plan to regularize its financial
position.
CONTACT:
Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2093 3373
Fax: +60 3 2094 3733
This announcement is dated March 1, 2005.
KIG GLASS: Details Default Status Updates
-----------------------------------------
KIG Glass Industrial Berhad made an update announcement in
relation to the Company's defaults of all principals and
interests set out in Table 1 as at Jan. 31, 2005.
1. Reasons for default in payments.
KIG is unable to service the loan repayments to the
banks/financial institutions, as the cash flow of KIG from
operations was only able to meet operational needs.
2. Measures taken to address the default in payments:
KIG is still negotiating with the banks/financial institutions
to address and resolve this issue. The Company and the Group are
exploring the possibility of undertaking a restructuring
exercise to address all the Company's defaults. Announcement
would be made at the appropriate time, if and when the terms of
the restructuring have been finalized.
KIG Glass Industrial Berhad (KIG) appointed a financial advisor
to review and advise on the capital-restructuring plan for the
Company and its subsidiaries. The review is in its final stage.
The appointment of the financial advisor was announced by KIG on
Aug. 30, 2004 in the Company's Quarterly Report for the
financial period ended June 30, 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 1. KIG is currently in talks with lenders with regard
to the proposed restructuring.
The Board wishes to make an additional announcement in relation
to the Company subsidiary in China, Zibo Jiali Glass Industry
Co.Ltd. (ZICO). KIG, being a joint corporate guarantor for a
term loan facility extended to ZICO has been served with a
letter of demand from the advocates and solicitors acting for
United Overseas Bank Limited, China (UOB Limited) on the 11 of
February 2005 to repay the sum of USD1,441,250 together with all
interest and banker's charges.
Bumiputra-Commerce Bank (Labuan) Limited began legal proceedings
against one of KIG's subsidiaries, KIG Ceramics Industrial Sdn
Bhd (KIGC). The Memorandum of Appearance has been filed in Court
and a copy served on the Plaintiff's solicitors on Feb. 4, 2005.
The Court allowed the Plaintiff's application to amend its
Statement of Claim on Feb. 18, 2005. The next course of action
would be for KIG Ceramics to file the leave application to the
court to allow preparation for its defense. The Company is
currently seeking legal advice on the matter.
4. In the event the default in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:
As earlier announcements on 2/11/2004, 30/11/2004, 31/12/2004
and 2/2/2005, some of the defaults will empower the debenture
holders to appoint a receiver and/or manager under the
debenture.
5. Whether the default in payment constitute an event of default
under a different agreement for indebtedness (cross default and
details thereof, where applicable):
All indebtedness as stipulated in Table 1 as such does not have
any cross default.
To view Table 1, go to:
http://bankrupt.com/misc/tcrap_kig030105.doc
CONTACT:
KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Malaysia
Phone: 07-3341750
Fax: 07-3318617
KILANG PAPAN: Proposed Restructuring Scheme Awaits Approval
-----------------------------------------------------------
Further to the announcement dated Feb. 2, 2005, Kilang Papan
Seribu Daya Berhad (KPSD) announced that it is currently waiting
for approvals from the Securities Commission and Foreign
Investment Committee on its revised Proposed Restructuring
Scheme.
Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.
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
This announcement is dated March 1, 2005.
NALURI BERHAD: Discloses FY04 Quarterly Results
-----------------------------------------------
Naluri Berhad released its unaudited report for the fourth
quarter of the financial period ended Dec. 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
31/12/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
41,294 12,489 78,195 46,151
2 Profit/(loss) before tax
3,832 14,624 23,738 66,348
3 Profit/(loss) after tax and minority interest
-1,825 11,403 10,597 57,012
4 Net profit/(loss) for the period
-1,825 11,403 10,597 57,012
5 Basic earnings/(loss) per shares (sen)
-0.26 1.65 1.53 8.26
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
1.0000 1.8600
For further details on the report, click on:
http://bankrupt.com/misc/tcrap_naluri1030105.pdf
http://bankrupt.com/misc/tcrap_naluri2030105.pdf
http://bankrupt.com/misc/tcrap_naluri3030105.pdf
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax: +60 3 2162 0676
NORTH BORNEO: Revised Restructuring Plan Pending Approval
---------------------------------------------------------
The North Borneo Corporation Berhad informed the Bursa Malaysia
Securities Berhad that there are no changes to the status of its
plan to regularize its financial position, since the Securities
Commission, via its letter dated Jan. 24, 2005, received a
conditional approval for its Revised Scheme.
Please refer to the Company announcement dated Jan. 25, 2005,
for details of the conditions imposed by the Securities
Commission.
However, the Revised Scheme is still pending the approval from
the Foreign Investment Committee.
CONTACT:
North Borneo Corporation Berhad
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
Malaysia
Phone: +60 87 263232
Fax: +60 87 234363
This announcement is dated March 1, 2005.
OMEGA HOLDINGS: Submits Proposed Rehab Scheme to SC
---------------------------------------------------
Omega Holdings Berhad announced that the application for the
Proposed New Restructuring Scheme was submitted to the
Securities Commission (SC) and Foreign Investment Committee
(through the SC) on Feb. 28, 2005.
Save for the above, there have been no material developments in
respect of the Company's plan to regularize its financial
position.
CONTACT:
Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur,
Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax: +60 3 2713 2170
This announcement is dated March 1, 2005.
PANGLOBAL BERHAD: Issues Monthly Status Update
----------------------------------------------
Panglobal Berhad announced that under Practice Note 4/2001 of
the Bursa Malaysia Listing Requirements, there is no new
development in the Company's status since the previous monthly
announcement on Feb. 2, 2005.
CONTACT:
Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977
This announcement is dated March 1, 2005.
POS MALAYSIA: Appoints Adam Kadir as New Chairman
-------------------------------------------------
POS Malaysia & Services Holdings Bhd appointed Tan Sri Adam
Kadir as the Company's new chairman, effective March 1, 2005,
reports the Star.
Mr. Kadir will be replacing Tan Sri Abdul Halim Ali.
Mr. Kadir is a Master of Law in Commercial and Corporate Law
from the University of London and a Master of Science from Ohio
University, USA. He was trained in Advanced Management at the
Harvard University Business School, USA and in insurance at the
Chartered Institute of Insurance in London.
Mr. Kadir also served as president of the Senate until 1997.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
PSC INDUSTRIES: Unveils FY04 Quarterly Results
----------------------------------------------
PSC Industries Berhad released its unaudited report for the
fourth quarter of the financial period ended Dec. 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
31/12/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
119,019 335,438 523,983 1,049,363
2 Profit/(loss) before tax
-462,625 26,396 -488,134 90,710
3 Profit/(loss) after tax and minority interest
-376,325 30,248 -391,597 91,799
4 Net profit/(loss) for the period
-376,325 30,248 -391,597 91,799
5 Basic earnings/(loss) per shares (sen)
-219.50 19.11 -228.41 58.01
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-3.9400 -1.5500
To view the entire report, go to:
http://bankrupt.com/misc/tcrap_pscindustries030105.xls
CONTACT:
PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax: +60 3 232 6214
RHB CAPITAL: Court Sets Hearing for Material Litigation Case
------------------------------------------------------------
RHB Capital Berhad refers to the Reply to Query dated March 15,
2004, and earlier announcements dated Oct. 20, 2004, and Dec. 8,
2004, respectively, regarding the material litigation suit by
the Company against Tan Sri Dato' Abdul Rashid Hussain.
The case was heard before the High Court on Dec. 6 and Dec. 7,
2004, Jan. 5 and Jan. 6, 2005, as well as from Feb. 22 to Feb.
24, 2005.
The Company announces that the case is now fixed for further
hearing on April 27, 2005, and May 3, 2005.
CONTACT:
Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax: +60 3 9280 6507
This announcement is dated Feb. 28, 2005.
SETEGAP BERHAD: Posts FY04 Fourth Quarter Results
-------------------------------------------------
Setegap Berhad released its unaudited report for the fourth
quarter of the financial period ended Dec. 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
31/12/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
25,045 41,188 103,774 149,306
2 Profit/(loss) before tax
-37,975 -18,931 -46,528 -31,704
3 Profit/(loss) after tax and minority interest
-36,757 -20,413 -44,485 -30,275
4 Net profit/(loss) for the period
-36,757 -20,413 -44,485 -30,275
5 Basic earnings/(loss) per shares (sen)
-73.95 -41.07 -89.50 -60.91
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-0.8400 0.0400
For a copy of the report, click on:
http://bankrupt.com/misc/tcrap_setegap2030105.doc
CONTACT:
Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my
WCT ENGINEERING: Discloses Fourth Quarter Results for FY04
----------------------------------------------------------
WCT Engineering Berhad released its unaudited report for the
fourth quarter of the financial period ended Dec. 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
31/12/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
213,027 193,192 796,309 910,110
2 Profit/(loss) before tax
8,475 20,833 66,972 104,589
3 Profit/(loss) after tax and minority interest
-3,474 15,745 25,127 75,544
4 Net profit/(loss) for the period
-3,474 15,745 25,127 75,544
5 Basic earnings/(loss) per shares (sen)
-2.86 14.27 21.18 75.52
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
3.5944 3.4653
For further details on the report, click on:
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266
=====================
P H I L I P P I N E S
=====================
HACIENDA LUISITA: Government to Aid Workers Amid Closure
--------------------------------------------------------
The city hall of Tarlac will set up a crisis committee as a
possible solution to the "temporary cessation of operations" of
the Central Azucarera de Tarlac (CAT) on Hacienda Luisita
workers who will be displaced by the closure, reports the Manila
Times.
According to Mayor Genaro Mendoza, the city government is
preparing for the worst. The government is bracing for an
unpleasant scenario, which is likely to happen because the
families of the workers who will be displaced, numbering at
least five thousand, will lose their livelihood source.
Mr. Mendoza said that the crisis committee would assist the
displaced farm and sugarcane workers who will be out of a job
from March 1 to October 2005, the refinery's closure date.
The committee will also explore the possibility of livelihood
and educational programs for the workers.
CAT corporate affairs manager Romy Ecraela said that the
decision to shut down CAT was due to heavy losses incurred from
falling sugar prices both locally and abroad, and the four-month
strike staged by the CAT Labor Union.
The refinery has also declared that it will default on its tax
payments for 2005, which means a big cut on tax revenues for the
city government. Mr. Mendoza has talked with national government
agencies to come up with sustainable programs as alternative
sources of livelihood for the workers.
CAT management is in talks with third-party representatives to
solve the refinery's labor problem.
MANILA ELECTRIC: Resets Annual Stockholders Meeting to June 28
--------------------------------------------------------------
At the regular meeting of the Board of Directors of the Manila
Electric Company (Merlaco) held Monday, February 28, 2005, the
following matters were approved by the Board:
(1) The postponement of the Annual Stockholders Meeting of the
Company scheduled on May 31, 2005 to June 28, 2005 due to time
constraints in the finalization of the Company's audited
financial statements as a result of recent developments.
(2) The reversal from "subscribed" to "unissued" shares of
76,116 common shares arising from cancellations of ESOP
subscriptions as of 31 December 2004, under the Meralco
Employees Stock Ownership Plan approved by the SEC, and the
reversal from "subscribed" to "unissued" shares on a monthly
basis of such number of common shares that may arise from
cancellation of ESOP subscriptions starting January, 2005.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL POWER: Inks JPY23-Mln Deal with WESTJEC
------------------------------------------------
The National Power Corporation (Napocor) recently signed a JPY23
million (Php12 million) Supplemental Agreement (SA) with West
Japan Engineering Consultants (WESTJEC) Incorporated for
consultancy services for the Tiwi/Makban rehabilitation Project,
Napocor's Power Hotline newsletter reports.
The SA is an extension of the 3 1/2-year consultancy contract
originally signed by the Napocor and the consortium of WESTJEC
and Philippine Geothermal Incorporated in 1997. Under the terms
of reference of the SA, the total contract cost will have a
foreign currency portion of JPY22,465,660 and a local currency
portion of Php391,980.
Napocor had tapped the Japan Bank for International Cooperation
of the foreign currency portion of the contract. Local
counterpart funding will be raised by Napocor through internal
cash generation.
Under the SA, WESTJEC will provide additional engineering
consultancy services to Napocor and Mitsubishi Corporation for
the rehabilitation of the Makban geothermal power plant in
Laguna, and to Napocor and Marubeni Corporation for the
rehabilitation of the Tiwi geothermal power plant in Albay.
Napocor had signed separate supplemental agreements with
Mitsubishi and Marubeni last year after it was discovered that
additional rehabilitation work would have to be done on the two
power plants.
The supplemental agreement signed by Napocor President and Chief
Executive Officer Rogelio M. Murga and WESTJEC Managing Director
Shin-Ichi Ota.
The Tiwi rehabilitation project aims to extend the life of the
geothermal complex by another 17 years, and to increase the
rated capacity of four of its units from 55 megawatts each to 59
MW for Units 1 and 2, and 57 MW for Units 5 and 6. Similarly,
the rehabilitation of the Makban power plant is seen to add
another 15-20 years to the facility's economic life, and to
upgrade the capacity of four of its units from 55 MW each to 63
MW.
Napocor expects the additional rehabilitation works on Tiwi and
Makban to be completed.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Sen. Drilon Supports Masinloc Sale
--------------------------------------------------
Energy Secretary Vincent S. Perez, Jr. has commended the all-out
support given by Senate President Franklin M. Drilon to the
impending sale of the 600-megawatt Masinloc power plant to YNN
Pacific Consortium, Inc., the Filipino-Australian joint venture
which won the December 2004 bidding for the said plant,
according to Napocor's Power Hotline newsletter.
In a statement, Secretary Perez said Senator Drilon's
"unequivocal support for the transaction is an important boost
to the country's bid for speedy and meaningful reforms in the
power sector".
"With the Senate President's support behind us, we can now
proceed with the sale of the Masinloc power plant and avert any
possible damage to the country's reputations in the
international community," Secretary Perez added.
The Energy Chief and concurrent Vice Chairman of the National
Power Board was reacting to an earlier warning by Senator Drilon
that "any unjustified delay in the sale of the Masinloc plant
will cause more harm than good as it would put in question the
credibility of the government's privatization program."
Senator Drilon had expressed his support for the privatization
of Masinloc after being assured by Power Sector Assets and
Liabilities Management Corporation President and incoming Energy
Secretary Raphael P.M. Lotilla that the sale of the plant went
through a transparent and competitive bidding process, and that
"the interests of the people and the government in the
transaction were amply protected."
Among other safeguards, Senator Drilon noted that all bidders
for the Masinloc plant were required to post a bid security in
the amount of US$9 million.
"Should the winning bidder fail to make good on any of its
obligations, including its financial undertaking, PSALM may
proceed against the performance bond and re-bid the power
plant."
YNN Pacific submitted the highest bid for Masinloc at US$561.74
million, besting First Generation Holdings Corporation's tender
of US$281 million. YNN Pacific is a joint venture of YNN
Holdings, a Filipino-owned Company, and Great Pacific Financial
Group of Australia.
Under PSALM's bidding rules, YNN Pacific has nine months from
the announcement of the sale (or until September 2005) to pay
PSALM at least 40 percent of the acquisition price of Masinloc.
Failure to do so would cause YNN Pacific to lose the US$9
million it had paid as performance bond.
Masinloc is the first big-ticket power plant to be sold by PSALM
since it started placing the National Power Corporation's
generation assets on the auction block in March last year.
Masinloc was built in 1998 at a cost of US$530 million.
PHILIPPINE AIRLINES: Looking for New Aircraft, Seeks New Routes
---------------------------------------------------------------
Philippine Airlines (PAL) is looking for more airplanes as it
considers new routes, reports Sun Star News.
According to PAL vice president for corporate communications
Rolando Estabillo, the Company has added 3 new Airbus planes to
its existing 29 aircraft fleet, and are adding a new route from
Manila to Nagoya. He said the Company is also looking to expand
to China, India, and Europe, though it will require additional
aircraft.
The airline is currently looking for new planes to replace its
smaller 737 planes.
PAL may not be able to expand its domestic routes anytime soon,
because the airline's planes are big, and require a longer
runway than those found in most airports. Also, PAL can only
land in airports with night landing facilities, which currently
present in Manila, Cebu, Iloilo, Bacolod, and Davao.
Other problems such as the condition of the runway have hindered
PAL from realizing full potential of their aircraft; at present,
Mactan International Airport in Cebu City has been allotted as a
captain's runway, which means only a captain can land or take
off in this specific runway so as to avoid certain `rough'
areas.
CONTACT:
Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com
PHILIPPINE LONG: Mobile Growth Drives 2004 Profit Jump
------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) saw its net
profit for 2004 surge primarily because of strong mobile growth,
Reuters reports.
The telecommunications Company tallied a record profit of Php28
billion (US$513 million), exceeding the firm's Php24-billion
target.
However, analysts believe the mobile growth will be hard to
maintain this year due to cutthroat competition in the
telecommunications market.
"The strong performance of the wireless business continues to
drive our profits, but we have begun to look beyond mobile
growth and are now focusing on developing new products and
services," PLDT Chairman Manuel Pangilinan said in a statement.
The Company also risked disappointing investors by revising its
2003 net profit to Php2.12 billion from Php11.2 billion to
conform with new accounting standards that require currency
losses to be booked more promptly.
PLDT, which has not paid a dividend since April 2001 preferring
to channel funds into debt reduction, said it wanted to raise
its dividend payout ratio in 2006 to at least 15 percent of
earnings per share this year.
For a copy of PLDT's financial report, click on:
http://bankrupt.com/misc/tcrap_philippinelongfs010305.pdf
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
PHILIPPINE LONG: Furnishes Copy of SEC Form 23-A
------------------------------------------------
Further to Circular for Brokers No. 351-2005 dated January 25,
2005, Philippine Long Distance Telephone Company (TEL) furnished
the Philippine Stock Exchange a copy of the Initial Statement of
Beneficial Ownership of Securities (SEC Form 23-A) showing the
shareholdings of its newly appointed officer, Ma. Anna Isabel V.
Bengzon.
A copy of the said document shall be made available for
reference at
http://bankrupt.com/misc/tcrap_philippinelong030105.pdf.
For your information.
(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
PILIPINO TELEPHONE: Pays Php540-Mln in Fees, Penalties
------------------------------------------------------
The National Telecommunications Commission has received Php540
million from Pilipino Telephone Corporation as payment for
regulatory fees and penalties for the period 1992 to 2004, Dow
Jones Newswires relates.
Based on the NTC's decision last month, the computation of the
fees was based on the mobile phone operator's paid up capital
but excluded preferred shares issued by the Company as part of
its debt restructuring in 2002.
The Company didn't provide more details on the matter.
CONTACT:
Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888
=================
S I N G A P O R E
=================
ASIA IWANT-IN.NET: Receives Winding Up Order
--------------------------------------------
In the matter of Asia Iwant-In.Net Singapore Pte Ltd., a winding
up order was made on February 18, 2005.
Name and address of Liquidators:
Insolvency and Public Trustee's Office
The URA Centre (East Wing)
Maxwell Road #06-11
Singapore 069118.
Dated this 21st day of February 2005
M & A Law Corporation
Solicitors for the Company
Note:
(a) All creditors of the abovenamed Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.
(b) All debts due to the abovenamed Company should be forwarded
to the liquidator.
BANDUNG SHIPPING: Court Issues Winding Up Order
-----------------------------------------------
A Winding Up order was made on February 18, 2005 for Bandung
Shipping Pte Ltd.
Mr. Lai Seng Kwoon of 8 Robinson Road, #13-00 ASO Building,
Singapore 048544 was appointed Liquidator.
Dated this 22nd day of February 2005
Unilegal Llc
Solicitors for the Petitioner
BUILDSPEED CONSTRUCTION: Issues Dividend Notice
-----------------------------------------------
Buildspeed Construction Pte Ltd (In Creditors' Voluntary
Liquidation) of 5 Jalan Masjid #01-09 Kembangan Court Singapore
418924 posted a notice of intended preferential dividend at the
Government Gazette, Electronic Edition.
Last day of receiving proofs: 14th March 2005
Name of liquidators: Chee Yoh Chuang and Lim Lee Meng.
Address of liquidators:
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
Dated this 25th day of February 2005
Chee Yoh Chuang
Lim Lee Meng
Liquidators
CHINA AVIATION (S): Creditors Team Up for Speedy Negotiations
-------------------------------------------------------------
Creditors of China Aviation Oil (Singapore) Corporation (CAO)
have created a committee to negotiate with the troubled oil
trader, according to Bloomberg.
Barclays Bank, Standard Bank London, BP, Macquarie Bank and
Singapore unit of Societe Generalae have formed the committee to
hasten up talks with CAO, which on Nov. 29 sought court
protection after losing US$550 million from trading oil
derivatives.
In January, the Company asked creditors to write off 58.5 cents
of every dollar they were owed to allow it to stay afloat, an
offer that several creditors deemed inadequate.
Analysts believe the creditors are better operating together,
rather than to negotiate singly.
CAO said it would not acknowledge any creditor groups if they do
not represent a majority.
Meanwhile, CAO's Beijing-based parent China Aviation Oil
Holdings has offered to lead a US$100-million investment in CAO
if creditors join the current reorganization.
CAO's survival depends on approval of its restructuring plan by
creditors. The Company needs the approval of more than 50
percent of the creditors representing 75 percent of its
outstanding debt.
Creditors are due to vote on the proposal at a meeting on June
10.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
DIAMOND PLASTICS: Final Meeting Set March 31
--------------------------------------------
Notice is hereby given pursuant to section 308 of the Companies
Act, Chapter 50 that a Final Meeting of the Members of Diamond
Plastics (Singapore) Private Limited (In Members' Voluntary
Liquidation) will be held at 138 Cecil Street, #15-00 Cecil
Court, Singapore 069538 on March 31, 2005 at 10:00 a.m.
The purpose of the Meeting is to lay before it an account
showing how the winding up has been conducted, showing how the
property of the Company disposed of, of hearing any explanation
that may be given by the Liquidator, and also of determining by
resolution the manner in which the books, accounts and documents
of the Company and of the Liquidator shall be disposed of.
Dated this 28th day of February 2005
Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
Note:
Pursuant to section 181 of the Companies Act, Chapter 50 a
member entitled to attend and vote at this Meeting is entitled
to appoint another person or persons (whether a member or not)
as his proxy to attend and vote in his stead.
GAINES LABORATORIES: Invites Creditors to Prove Claims
------------------------------------------------------
Notice is hereby given that the creditors of Gaines Laboratories
Pte Ltd (In Members' Voluntary Winding Up), which is being wound
up voluntarily, are required on or before March 25, 2005 send in
their names and addresses and the particulars of their debts or
claims, and the names and addresses of their solicitors (if
any), to the liquidators, c/o 47 Hill Street, #05-01 Chinese
Chamber of Commerce & Industry Building, Singapore 179365.
If so required, they are to come in and prove their debts or
claims as shall be specified. In default, they will be excluded
from the benefits of any distribution made before such proof.
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
Date: 25th February 2005
INNOVATION WORLD-WIDE: Faces Bankruptcy Proceedings
---------------------------------------------------
In the matter of Innovation World-Wide Trader Pte Ltd., a
winding up order was made on February 18, 2005.
Name and address of Liquidator:
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
Dated this 18th day of February 2005
Rajah & Tann
Solicitors for the Petitioner
Note:
(a) All creditors of the abovenamed Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.
(b) All debts due to the abovenamed Company should be forwarded
to the liquidator.
HIJAU ENERGY: Court to Hear Petition March 11
---------------------------------------------
Notice is hereby given that a Petition for the winding up of
Hijau Energy Pte Ltd by the High Court was, on February 17,
2005, presented by Oversea-Chinese Banking Corporation Limited,
a Company incorporated in Singapore and having its registered
office address at 65 Chulia Street, #29-02/04 OCBC Centre,
Singapore 049513, Judgment Creditor.
The said Petition is directed to be heard before the Court
sitting at the High Court at 10.00 a.m., on Friday the 11th day
of March 2005.
Any creditor or contributory of the said Company desiring 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 said 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.
The Petitioner's address is at 65 Chulia Street, #29-02/04 OCBC
Centre, Singapore 049513.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.
Dated this 23rd day of February 2005
Rajah & Tann
Solicitors for the Petitioner
4 Battery Road #15-01
Bank of China Building
Singapore 049908
Telephone: 6535 3600
Fax: 6438 4787
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Rajah &
Tann, the Petitioner's solicitors, notice in writing of his
intention to do so.
The notice must state the name and address of the persons, 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 abovenamed not later then 12
o'clock noon of the 10th day of March 2005 (the day before the
day appointed for the hearing of the Petition).
LAM SENG: Receiving Proofs of Claim Until March 14
--------------------------------------------------
Lam Seng Hang Commodities Pte Ltd (In Creditors' Voluntary
Liquidation) of 47 Hill Street #05-04 Chinese Chamber of
Commerce & Industry Building Singapore 179365 posted a notice of
intended preferential dividend to the Government Gazette,
Electronic Edition.
Last day of receiving proofs: 14th March 2005
Name of liquidators: Chee Yoh Chuang and Lim Lee Meng.
Address of liquidators:
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
Dated this 25th day of February 2005
Chee Yoh Chuang
Lim Lee Meng
Liquidators
===============
T H A I L A N D
===============
ADVANCE PAINT: SET Halts Trading of Securities
----------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Advance Paint & Chemical (Thailand) Public Company
Limited (APC) because APC has submitted the information of
Financial Statements ending 31 December 2004 to the SET.
However, such information have not yet been completely released
to the public.
Therefore, the SET has temporarily halted trading of the
Company's securities, effective from the second trading session
of February 28, 2005 until the Company has clarified or
disclosed this information to the SET and allow such information
to be disseminated to the public .
CONTACT:
Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871
ASIA HOTEL: SET Posts SP, NP Signs on Securities
------------------------------------------------
Asia Hotel Public Company Limited (ASIA) has submitted to the
Stock Exchange of Thailand (SET) its audited financial
statements for the period ended 31 December 2004.
As the Company's auditor issued a disclaimer of opinion on the
financial statements, it can be considered that the numbers,
which represent the Company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.
Due to these discrepancies, the Securities and Exchange
Commission (SEC) required the Company to amend its financial
statements on the issues raised by its auditor.
Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of ASIA effective from the morning
session of February 28, 2005 to enable shareholders and general
investors to have sufficient time to scrutinize an auditor's
report on the audit of its financial statements.
However, the SET will post an NP (Notice Pending) sign effective
from the morning session of March 1, 2005 until the Company has
the opportunity to submit its amended financial statements or
the SEC concludes that it will not be necessary to amend its
financial statements.
The SET has still suspended trading on the securities of ASIA
until the causes of delisting are eliminated.
CONTACT:
Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Web site: www.asiahotel.co.th
EMC: Releases Audited Yearly Financial Statement
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EMC Public Company Limited issued to the Stock Exchange of
Thailand (SET) its audited yearly financial statement for the
year ended December 31, 2004.
Audited (In thousands)
Ending 31 December
For year
Year
2004
2003
Net profit (loss) 162,645 109,479
EPS (baht) 0.53 1.85
Auditors Opinion: Unqualified Opinion with an emphasis of
matters
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Mr.Suthisak Lohsawat
Position Chairman of the Board of Directors
Authorized to sign on behalf of the Company
CONTACT:
EMC Public Company Limited
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0333
Fax: 0-2937-0329
Web site: http://www.emc-group.co.th
TPI POLENE: Unveils New Appointment
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TPI Polene Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Company as the Plan Administrator,
appointed Mrs. Orapin Leophairatana as the Company's director,
executive director and Senior Executive Vice President effective
February 25, 2005 onwards.
The above appointment is in compliance with the resolution of
the Plan Administrator's meeting on February 21, 2005 and the
Bankruptcy Court's order on February 25, 2005.
Please be informed accordingly.
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer
CONTACT:
TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com
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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, Faith Marie Bacatan, Reiza Dejito, Erica Fernando,
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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