/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050322.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, March 22, 2005, Vol. 8, No. 57 Headlines A U S T R A L I A A.C.N. 097 904 580: To Declare Final Dividend March 31 ABACUS SECURITY: Court Names Liquidator AUSTRALASIAN PACIFIC: Members, Creditors to Meet March 23 BANKSIA BIOSCIENCE: To Hold Final Meeting April 7 BH MANAGEMENT: To Undergo Voluntary Liquidation BRODIE J: Appoints Receiver and Manager CALZAK SECURITY: Final Meeting Slated for April 11 CARPET FASHION: To Declare Final Dividend April 14 CI ADVERTISING: To Pay Dividend March 30 CHEMEQ LIMITED: Shareholders to Decide on $60-Mln Bailout DESIGNER BATHROOMWARE: Lays Out Purpose of Meeting DYEWRX PTY: To Declare Final Dividend April 18 EAGLE FLY: Members Agree to Wind Up Company ELECTROMASTER PTY: To Declare Final Dividend April 14 JAMES HARDIE: Indigenous Group Seeks Asbestos Compensation KORMOS PTY: Picks Liquidator to Wind Up Company MAYNE GROUP: Non-executive Director Steps Down NATIONAL AUSTRALIA: Eyes Low-doc Loans for Self-employed NATIONAL AUSTRALIA: Axed Traders to Enter Pleas at Court QUANTUM LEAP: Proofs of Debt, Claim Due March 23 R&J CATERING: Sets Final Meeting April 11 STRATUM ENVIRONMENTAL: To Convene Final Meeting March 24 T/E DEVELOPMENT: Court Issues Winding Up Order TRUCAL PTY: Members Pass Resolution to Wind Up Company WAEBRIGHT PTY: Final Meeting Date Fixed March 23 XANADU WINES: Shareholders Set to Pass 6 Resolutions at GM C H I N A & H O N G K O N G ACE LIMITED: Releases Debt Claim Notice to Creditors BRIDESWELL LIMITED: Creditors to Prove Debt on April 4 CSA ABSOLUTE: Appoints Joint Liquidators DON FRANCO: Enters Winding Up Proceedings GRAND SYSTEMS: Receives Winding Up Notice from Court GREEN HAVEN: Proofs of Debt Due April 4 KANHAN TECHNOLOGIES: Net Loss Widens to HKD8.95 Mln KINING LIMITED: Declares Final Dividend on March 21 PCC MEDIA: Creditors to Submit Proofs of Claim by April 4 PROACTIVE TECHNOLOGY: Net Loss Swells to HKD7 Mln PROSPER GLORIES: Court Begins Bankruptcy Proceedings Q9 TECHNOLOGY: Incurs HK$7.8-Mln Net Loss SHANG HUA: Sees Net Loss Balloon to HK$7.9 Mln SHENZHEN HI-TECH: Net Loss Shrinks to HKD17 Mln SHUI HING: Enters Winding Up Proceedings TRIDENT CREATIVE: Court Issues Winding Up Notice UNITY INVESTMENTS: 2004 Net Loss Narrows to HKD16.81 Mln I N D O N E S I A INDOFOOD SUKSES: Picks CSFB to Underwrite Planned IPO SAMPOERNA: Founding Family Still Holds 14% Stake After Sale J A P A N JALECO LIMITED: Unveils Liquidation of Subsidiaries JAPAN AIRLINES: To Cut 5,900 jobs MITSUBISHI FUSO: Teaming Up With Pluss Corporation NIPPON ELECTRIC: Appliance Retail Association Mulls Dissolution SEIBU RAILWAY: May Sell Lions After Baseball Season TOSHIBA CORPORATION: Discloses Year-end Dividend for FY2004 UFJ HOLDINGS: Issues Public Notice of the Record Date K O R E A DACOM CORPORATION: S&P Assigns "BB-" on LT Credit, Global Notes LG CARD: Rumors of NACF Bidding Not True DAEWOO HEAVY: Doosan Heavy to Raise KRW800 Bln for Takeover M A L A Y S I A CONSOLIDATED FARMS: Extension for Plan Submission Approved GENERAL SOIL: Net Loss Shrinks in First Quarter of FY04 GENERAL SOIL: Posts FY04 Quarterly Results for December 2004 GOLDEN FRONTIER: Buys Back 15,000 Shares HONG LEONG: SC OKs Proposed Shares Disposal K.P. KENINGAU: Updates Details of Proposed Restructuring Scheme LANKHORST BERHAD: Clarifies Wind Up Petition Served on Unit LION INDUSTRIES: Granted Listing of Additional Shares NORTH BORNEO: SC to Consider Proposed Exemption, Sets Conditions PAN MALAYSIA: Issues Shares Buy Back Notice PANTAI HOLDINGS: Repurchases 50,000 Shares TRU-TECH HOLDINGS: Creditors Approve Proposed Scheme TT RESOURCES: Details Update on Warrants Expiry WCT ENGINEERING BERHAD: To List Additional Shares WEMBLEY INDUSTRIES: Unit Receives Plaza Rakyat Project Offer P H I L I P P I N E S BACNOTAN CONSOLIDATED: Submits Definitive Information Statement MISAMIS ORIENTAL TELEPHONE: To Pay Php70-Bln Debt Very Soon NATIONAL BANK: Clarifies Stake Sale Report NATIONAL POWER: DOE Usec Gets Top Post NATIONAL POWER: To Issue Php5-Bln Bonds for Debt, Operations NATIONAL POWER: Potential Bidders Begin Prelim Asset Reviews PHILIPPINE LONG: Cebu Board Lauds Service PHILIPPINE LONG: Confirms Tie-up Talks with Foreign Firms PILIPINO TELEPHONE: Set to List Additional Shares Today S I N G A P O R E FORWARD INTERNATIONAL: Creditors Meeting Set April 12 JSD CONSTRUCTION: Court to Hear Winding Up Petition April 1 KOH BROTHERS: Completes Capital Distribution RSH LIMITED: Disposes Of Subsidiary SELCO VESSELS: Lays Out Final Meeting Agenda SYSTRON POWER: Winding Up Hearing Slated for April 1 SUM YUE: Winding Up Hearing Date Fixed April 1 T H A I L A N D CIRCUIT ELECTRONICS: Company Director Resigns NEW PLUS: Clarifies Transfer of Securities to Rehabco Sector THAI-DENMARK: Unveils Board Meeting Resolutions BOND PRICING: For the Week 21 March to 25 March 2005 - - - - - - - - ================= A U S T R A L I A ================= A.C.N. 097 904 580: To Declare Final Dividend March 31 ------------------------------------------------------ A first and final dividend is to be declared on March 31, 2005 for A.C.N. 097 904 580 Pty Limited (In Liquidation) formerly Bestaff Office Services Pty Limited A.C.N. 097 904 580. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 14th day of February 2005 Geoffrey McDonald Liquidator c/- Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 ABACUS SECURITY: Court Names Liquidator --------------------------------------- On February 3, 2005 the Supreme Court of New South Wales, Equity Division made an Order that Abacus Security & Surveillance N.S.W Pty Ltd (In Liquidation) A.C.N. 099 532 028 be wound up by the Court and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street, Sydney NSW 2000 AUSTRALASIAN PACIFIC: Members, Creditors to Meet March 23 --------------------------------------------------------- Notice is hereby given pursuant to Section 509(2) of the Corporations Act 2001 that a final meeting of members and creditors of Australasian Pacific Financial Services Pty Limited (In Liquidation) A.C.N. 090 058 629 will be held at the offices of Jirsch Sutherland, Level 2, 84 Pitt Street Sydney NSW 2000 on Wednesday, March 23, 2005 at 11:00 a.m. for the purpose of having an account laid before the members and creditors showing them the manner in which the winding up has been conducted, the property of the Company disposed, and the hearing of any explanations that may be given by Liquidator. Dated this 22nd day of February 2005 Roderick Mackay Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street, Sydney NSW 2000 Telephone: (02) 9233 2111 Facsimile: (02) 9233 2144 BANKSIA BIOSCIENCE: To Hold Final Meeting April 7 ------------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act that a joint meeting of the members and creditors of Banksia Bioscience Pty Limited (In Liquidation) A.C.N. 082 351 415 will be held at the offices of Lawler Partners, 763 Hunter Street Newcastle West NSW 2302 on Thursday, April 7, 2005, at 12:30 p.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and hearing any explanations that may be given by the Liquidator. Dated this 22nd day of February 2005 P. W. Gidley Liquidator Lawler Partners Chartered Accountants 763 Hunter Street, Newcastle West NSW 2302 BH MANAGEMENT: To Undergo Voluntary Liquidation ----------------------------------------------- The following Special Resolution was passed at a General Meeting of BH Management Pty Limited (In Liquidation) A.C.N. 092 905 096 on February 11, 2005: 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 liquidators so desire. Dated this 11th day of February 2005 Vincent Choy Auswild & Co 1st Floor, 50 Montgomery Street, Kogarah NSW 2217 BRODIE J: Appoints Receiver and Manager --------------------------------------- On February 14, 2005, C. J. Palmer was appointed Receiver & Manager of Brodie J Pty Limited (Receiver & Manager Appointed) A.C.N. 095 976 846 by Shekhinah Pty Limited A.C.N. 094 393 585. Dated this 22nd day of February 2005 C. J. Palmer Receiver & Manager O'Brien Palmer Level 1, 64 Castlereagh Street, Sydney NSW 2000 CALZAK SECURITY: Final Meeting Slated for April 11 -------------------------------------------------- Notice is hereby given that a final meeting of members and creditors of Calzak Security Pty Ltd (In Liquidation) A.C.N. 085 132 065 will be held at the office of Nicholls & Co, Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on Monday, April 11, 2005, at 11:30 a.m. for the purpose of receiving the Liquidator's account showing how the winding up has been conducted and the property of the Company disposed of and hearing any explanation which may be given by the Liquidator. Dated this 14th day of February 2005 A. R. Nicholls Liquidator Nicholls & Co Suite 6, 459 Peel Street, Tamworth NSW 2340 CARPET FASHION: To Declare Final Dividend April 14 -------------------------------------------------- A first and final dividend to priority creditors is to be declared on April 14, 2005 for Carpet Fashion Pty Ltd (In Liquidation) A.C.N. 001 402 071. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 22nd day of February 2005 Sule Arnautovic Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street, Sydney NSW 2000 Telephone: (02) 9233 2111 Facsimile: (02) 9233 2144 CI ADVERTISING: To Pay Dividend March 30 ---------------------------------------- A first and final dividend is to be declared on March 30, 2005 for CI Advertising Pty Limited (In Liquidation) A.C.N. 094 372 915. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 14th day of February 2005 M. C. Donnelly Official Liquidator c/- Ferrier Hodgson Level 17, 2 Market Street, Sydney NSW 2000 CHEMEQ LIMITED: Shareholders to Decide on $60-Mln Bailout --------------------------------------------------------- Shareholders of Chemeq Limited will vote on a $60-million bailout by a Japanese bank on Wednesday, The Age says. The rescue offer by Mizuho International came a year after Chemeq stumbled into various problems. Last year, production delays prevented the drug maker from obtaining unconditional regulatory sign-off on the factory, the Australian Securities and Investments Commission brought action in the Federal Court alleging continuous disclosure breaches, the Company's share price plummeted 77 per cent and its chief financial officer and two directors stepped down. Chemeq's board wants shareholders to approve the Mizuho deal, which KPMG says will significantly dilute shareholder interests, but is "fair and reasonable". The Company will receive $40 million as the first part of a $60 million package from Mizuho through the issue of 40,000 convertible bonds. Mizuho could take up to 40 percent of the Company after the first tranche is converted to shares at the lower of $1.10 or the 30-day trading average before conversion, and up to 50 percent after the second tranche. Chemeq will pay 8.5 percent interest quarterly on the funds. The Company did not disclose what it would do with the money. CONTACT: Chemeq Limited Suite 8 Petroleum House, 3 Brodie Hall Drive, Technology Park, Bentley, Australia, 6102 Head Office Telephone 08 9362 0100 Head Office Fax 08 9355 0199 Web site: http://www.chemeq.com.au/ DESIGNER BATHROOMWARE: Lays Out Purpose of Meeting -------------------------------------------------- Notice is given that a final meeting of the members and creditors of Designer Bathroomware Pty Ltd (In Liquidation) A.C.N. 092 356 208 will be held on March 30, 2005 at 581 Princes Highway, Rockdale NSW at 10:30 a.m. The purpose of the meeting is to: (a) Lay before the meeting an account showing how the winding up has been conducted and the property of the Company disposed of and for the Liquidator to give an explanation of the account; and (b) Consider any other matters which may be properly brought before the meeting. Dated this 15th day of February 2005 Grahame Hill Liquidator Hill's Insolvency Services Pty Ltd 581 Princes Highway, Rockdale NSW 2216 Telephone: (02) 9599 7945 Facsimile: (02) 9599 7946 E-mail: grahame@hillsinsolvency.com.au DYEWRX PTY: To Declare Final Dividend April 18 ---------------------------------------------- A first and final dividend to unsecured creditors is to be declared on or before April 18, 2005 for DYEWRX Pty Limited (Subject To Deed Of Company Arrangement) A.C.N. 003 642 519. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 14th day of February 2005 Geoffrey Mcdonald Deed Administrator Hall Chadwick Chartered Accountants GPO Box 3555, Sydney NSW 2001 EAGLE FLY: Members Agree to Wind Up Company ------------------------------------------- Notice is hereby given that at a meeting of creditors of Eagle Fly Pty Ltd (In Liquidation) A.C.N. 091 397 410 convened pursuant to Section 439A of the Corporations Act 2001 held on February 17, 2005, it was resolved that the Company be wound up and pursuant to Section 446A(4) of the Corporations Act 2001, Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 was appointed Liquidator. Dated this 8th day of February 2005 Peter P. Krejci Liquidator GHK Green Krejci Level 9, 179 Elizabeth Street, Sydney NSW 2000 ELECTROMASTER PTY: To Declare Final Dividend April 14 ----------------------------------------------------- A first priority creditor dividend is to be declared on April 14, 2005 for Electromaster Pty Limited (Subject To Deed Of Company Arrangement) A.C.N. 001 609 963. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 22nd day of February 2005 Sule Arnautovic Joint Deed Administrator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street, Sydney NSW 2000 Telephone: 02 9233 2111 Facsimile: 02 9233 2144 JAMES HARDIE: Indigenous Group Seeks Asbestos Compensation ---------------------------------------------------------- The Aboriginal community in Baryulgil is seeking more than AU$50 million in asbestos compensation from embattled James Hardie Industries, World News says. Sydney-based law firm Stephen Smart and Associates is reportedly arranging a possible legal action by workers of an asbestos mine ran by Asbestos Mines Pty Ltd, a subsidiary of James Hardie. The mine, which was mined mostly by local Aboriginal workers, operated in the Baryulgil town in New South Wales from the 1940s until 1979. A mobile screening program held in the local town earlier this month examined around 200 people for asbestos- related conditions. However, James Hardie spokesman James Rickards said the Company is not responsible for the liabilities of an independently run subsidiary. In a compensation deal hammered out in December, James Hardie agreed to fund a multi-billion dollar Special Purpose Fund for asbestos victims. But it would appear that the compensation fight for the Baryulgil asbestos victims is just beginning. CONTACT: James Hardie Industries Website: http://www.jameshardie.com.au/ Greg Baxter Executive Vice President Level 3, 22 Pitt Street Sydney NSW 2000 Telephone: (02) 8274 5305 Fax: (02) 8274 5218 Mobile: 0419 461 368 Steve Ashe Vice President Investor Relations Telephone: (02) 8274 5246 Fax: (02) 8274 5218 Mobile: 0408 164 011 Julie Sheather Vice President Public Affairs Telephone: (02) 8274 5206 Fax: (02) 8274 5218 Mobile: 0409 514 643 All other enquiries to CustomerLink Service Centre on 13 1103. KORMOS PTY: Picks Liquidator to Wind Up Company ----------------------------------------------- Notice is hereby given that at a General Meeting of Kormos Pty Limited (In Liquidation) A.C.N. 002 352 472 held on February 11, 2005 it was resolved that the Company be wound up voluntarily and that Mr Thomas Javorsky, of Jones Condon, Chartered Accountants, Level 13 189 Kent Street Sydney NSW 2000 be appointed liquidator for the purposes of such winding up. Dated this 14th day of February 2005 Thomas Javorsky Liquidator c/- Jones Condon Chartered Accountants Telephone: (02) 9251 5222 MAYNE GROUP: Non-executive Director Steps Down ---------------------------------------------- Mayne Group Limited advised that following yesterday's announcement of Mr. David Knott's appointment as Chief Executive Officer of the Dubai Financial Services Authority and his impending relocation to Dubai, Mr. Knott has decided to retire as a non-executive director of Mayne Group Limited on March 31, 2005. The Directors of Mayne Group Limited wish Mr. Knott well in this important and challenging role. Karen Kee Company Secretary CONTACT: Mayne Group Level 21/390 St Kilda Rd Melbourne 3004 Head Office Phone: +613 9868-0700 Web site: http://www.maynegroup.com/ NATIONAL AUSTRALIA: Eyes Low-doc Loans for Self-employed -------------------------------------------------------- In a bid to meet growing demand from self-employed people, the National Australia Bank (NAB) plans to enter into the traditional non-banking role of low documentation loans, the Sydney Morning Herald reports. The self-employed can now choose from a range of home loan and business loan products after they have met the lending criteria, and not be penalized with higher interest rates or fees. NAB said its low-doc home and business loan options require a reduced level of income documentation. The loans, which are limited to AU$1.5 million for homes and to AU$750,000 for business loans, can be arranged on the basis of a clear credit history and a statement of income from the borrower, so long as the borrower has more than 40 percent equity or deposit for the loan, supported by residential property. 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: Axed Traders to Enter Pleas at Court -------------------------------------------------------- National Australia Bank's (NAB) four sacked traders during the AU$360-million forex trading loss will enter their pleas at the Melbourne Magistrates Court today, Asia Pulse says. The Australian Securities and Investment Commission (ASIC) filed charges against Luke Duffy, David Bullen, Gianni Gray and Vince Ficarra after it conducted an investigation into the forex scandal. All four, which did not appear on an initial hearing at the Magistrates Court on January 25, are charged with obtaining a financial advantage by deception to earn their performance bonuses. ASIC claims the four dishonestly used their positions as NAB employees with the intention of gaining advantage for themselves. QUANTUM LEAP: Proofs of Debt, Claim Due March 23 ------------------------------------------------ A first dividend is to be declared on March 23, 2005 for Quantum Leap Consultancy Pty Limited (In Liquidation) A.C.N. 003 610 124. Creditors whose debts or claims have not already been admitted are required on or before March 23, 2005 formally to prove their debt or claims. If they do not, they will be excluded from the benefit of the dividend. Dated this 9th day of February 2005 Paul H. Jeffery Liquidator c/- Crispin & Jeffery Chartered Accountants Level 2, 57 Grosvenor Street, Neutral Bay R&J CATERING: Sets Final Meeting April 11 ----------------------------------------- Notice is hereby given that a final meeting of members and creditors of R&J Catering Pty Ltd (In Liquidation) A.C.N. 094 315 116 will be held at the office of Nicholls & Co, Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on Monday, April 11, 2005, at 11:00 a.m. for the purpose of receiving the Liquidator's account showing how the winding up has been conducted and the property of the Company disposed of and hearing any explanation which may be given by the Liquidator. Dated this 14th day of February 2005 A. R. Nicholls Liquidator Nicholls & Co Suite 6, 459 Peel Street, Tamworth NSW 2340 STRATUM ENVIRONMENTAL: To Convene Final Meeting March 24 -------------------------------------------------------- Notice is hereby given that a meeting of the Members and Creditors of Stratum Environmental Technologies Pty Ltd (In Liquidation) A.C.N. 095 780 055 will be held at Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 on Thursday, March 24, 2005 at 11:00 a.m. The meeting will be a Final Meeting in accordance with Section 509 of the Corporations Act 2001. BUSINESS (1) To receive a report from the Liquidator, being an account of his acts and dealings and of the conduct of the winding up during the period of the liquidation ending on March 24, 2005. (2) That subject to any provisions under the Corporations Act 2001 to the contrary, the Liquidator be empowered to destroy all books and records of the Company on completion of all duties. (3) Any other business. Robert Elliott Liquidator c/- Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 T/E DEVELOPMENT: Court Issues Winding Up Order ---------------------------------------------- On February 3, 2005 the Supreme Court of New South Wales, Equity Division made an Order that T/E Development Group No 4 Pty Ltd (In Liquidation) A.C.N. 095 839 151 be wound up by the Court and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street, Sydney NSW 2000 TRUCAL PTY: Members Pass Resolution to Wind Up Company ------------------------------------------------------ At a general meeting of Trucal Pty Limited A.C.N. 000 377 631 duly convened and held at 7 Nyora Street, Killara on February 11, 2005 the following resolution was passed as a Special Resolution: Resolved 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. At the above meeting, Geoffrey Peter Tebbutt was appointed Liquidator for the purpose of winding up. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 11th day of February 2005 Geoffrey Peter Tebbutt Liquidator c/- Truman & Co PO Box 5485, West Chatswood NSW 1515 WAEBRIGHT PTY: Final Meeting Date Fixed March 23 ------------------------------------------------ Notice is given that a final meeting will be held at Level 8, 15 Blue Street, North Sydney, at 9:00 a.m. on March 23, 2005 for the purpose of having laid before it the liquidators account, prepared in accordance with subsection 509(3) and (4) showing how the winding up has been conducted and how the property of Waebright Pty Ltd (In Liquidation) A.C.N. 090 692 112 has been disposed of and hearing any explanations of the account that may be given by the liquidator. Dated this 11th day of February 2005 Broderick Douglas Jones Liquidator Waebright Pty Ltd Level 8, 15 Blue Street, North Sydney NSW 2060 XANADU WINES: Shareholders Set to Pass 6 Resolutions at GM ---------------------------------------------------------- Notice is given that a General Meeting of the Shareholders of Xanadu Wines Limited will be held on the date and at the location and time specified below: DATE: April 18, 2005 LOCATION: The Celtic Club Function Room 48 Ord Street, West Perth, 6005 TIME: 11:00 a.m. BUSINESS The business to be transacted at the General Meeting is the proposal of Resolutions 1 to 6 as set out below. (1) Issue of Convertible Notes to a Director, Mr. Ross Norgard (2) Issue of Convertible Notes to a Director, Mr. Ken Richards (3) Issue of Convertible Notes to a Director, Mr. Sam Atkins (4) Issue of Convertible Notes to a Director, Mr. Connor Lagan (5) Ratification of Issue of Convertible Notes to RW Group Pty Ltd (6) Ratification of Issue of Options to GEM Global Yield Fund Ltd The General Meeting has been convened for the purpose of passing the Resolutions in compliance with the requirements of the ASX Listing Rules and the Corporations Act. AcCompanying this Statement is the Notice of Meeting convening the General Meeting and a Proxy Form. Shareholders are encouraged to attend and vote on each of the Resolutions to be put at the General Meeting. If a Shareholder is not able to attend and vote at the General Meeting of the Shareholder may complete the Proxy Form and return it to the registered office of the Company at the address which appears on the Notice of Meeting not later than 48 hours before the time specified for the commencement of the General Meeting. CONTACT: Xanadu Wines Boodjidup Road, Margaret River West Australia 6285 Phone: (61) 8 9757 2581 Fax: (61) 8 9757 3389 ============================== C H I N A & H O N G K O N G ============================== ACE LIMITED: Releases Debt Claim Notice to Creditors ---------------------------------------------------- Notice is hereby given that the Creditors of Ace Limited (In Members' Voluntarily Liquidation) are required on or before the close of business on 4 April 2005 to send in their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the undersigned at 27th Floor, Alexandra House, 16- 20 Chater Road, Central, Hong Kong. If so required by notice in writing from the said liquidators, they are to prove their debt or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. The Liquidators will then distribute any and all surplus assets to shareholders and contributories thereafter. Dated this 18th day of March 2005 Jacky CW Muk Edward S. Middleton Joint and Several Liquidators BRIDESWELL LIMITED: Creditors to Prove Debt on April 4 ------------------------------------------------------ Notice is hereby given that the Creditors of Brideswell Limited (In Members' Voluntarily Liquidation) are required on or before the close of business on 4 April 2005 to send in their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the undersigned at 27th Floor, Alexandra House, 16- 20 Chater Road, Central, Hong Kong. If so required by notice in writing from the said liquidators, they are to prove their debt or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. The Liquidators will then distribute any and all surplus assets to shareholders and contributories thereafter. Dated this 18th day of March 2005 Jacky CW Muk Edward S. Middleton Joint and Several Liquidators CSA ABSOLUTE: Appoints Joint Liquidators ---------------------------------------- By order of the High Court of the Hong Kong Special Administrative Region, dated March 1, 2005, Mr. John J. Toohey and Mr. Jan G. W. Blaauw of 22/F., Prince's Building, Central, Hong Kong have been appointed Joint and Several Liquidators of CSA Absolute Return Fund Limited with a Committee of Inspection comprising: Randolph Menton Mark Christal Cheung Man Fai German Jenny Wen Chun Liu Duly authorized representative of IPP Financial Advisers Pte Ltd Jason Toms Duly authorized representative of Lloyds (BVI) Nominees Ltd Dated this 18th day of March 2005 John J. Toohey Jan G. W. Blaauw Joint and Several Liquidators DON FRANCO: Enters Winding Up Proceedings ----------------------------------------- Don Franco (HK) Company Limited with registered office located at Unit B, 2/F, Dragon Industrial Bldg, 93-95 King Lam St, Cheung Sha Wan, Kln was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 9, 2005. Date of Presentation of Petition: January 3, 2005. Dated this 18th day of March 2005. ET O'Connell Official Receiver GRAND SYSTEMS: Receives Winding Up Notice from Court ---------------------------------------------------- Grand Systems Trading Limited with registered office located at G/F, 70, Lion Rock Rd, Kowloon City, Kln was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 9, 2005. Date of Presentation of Petition: December 21, 2004. Dated this 18th day of March 2005. ET O'Connell Official Receiver GREEN HAVEN: Proofs of Debt Due April 4 --------------------------------------- Notice is hereby given that the Creditors of Green Haven Limited (In Members' Voluntarily Liquidation) are required on or before the close of business on 4 April 2005 to send in their names, addresses and descriptions, full particulars of their debt or claims, as well as the names and addresses of their solicitors (if any) to the undersigned at 27th Floor, Alexandra House, 16- 20 Chater Road, Central, Hong Kong. If so required by notice in writing from the said liquidators, they are to prove their debt or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. The Liquidators will then distribute any and all surplus assets to shareholders and contributories thereafter. Dated this 18th day of March 2005 Jacky CW Muk Edward S. Middleton Joint and Several Liquidators KANHAN TECHNOLOGIES: Net Loss Widens to HKD8.95 Mln --------------------------------------------------- Kanhan Technologies Group (8175) on March 17, 2005 announced its financial result for the period ended December 31, 2004. Currency :HKD Auditors' report :Unqualified (Audited) (Audited) Current Last Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 $'000 $'000 Turnover : 4,320 2,984 Profit/(Loss) from Operations: (8,950) (16,697) Finance cost : - (11) Share of Profit/(Loss) of Associates: N/A N/A Share of Profit/(Loss) of Jointly Controlled Entites : N/A N/A Profit/(Loss) after Taxation & MI : (8,950) (16,708) % Change Over the Last Period : N/A EPS / (LPS) Basic (in dollar) : (HKD 0.0171) (HKD 0.0349) Diluted (in dollar) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : (8,950) (16,708) Final Dividends per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for Final Dividends : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : NIL B/C Dates for Other Distribution : N/A (bdi: both days inclusive) For and on behalf of KanHan Technologies Group Limited Name: Au Shui Ming Anna Title: Company Secretary Remarks: 1. GENERAL The Company was incorporated in the Cayman Islands on October 10, 2002 as an exempted Company with limited liability under the Companies Law (Revised) of the Cayman Islands. The shares of the Company were listed on the GEM of the Stock Exchange on February 25, 2003. 2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS The Hong Kong Institute of Certified Public Accountants has issued a number of new and revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards (HKFRSs), which are effective for accounting periods beginning or after January 1, 2005. The Group has not early adopted these HKFRSs in the financial statements for the year ended December 31, 2004. However, the Group is in the process of making an assessment of the impact of these new HKFRSs and so far concluded that the adoption of these HKFRSs would not have a significant impact on its results of operations and financial position. The Group will be continuing with the assessment of the impact of the other new HKFRSs and other significant changes may be identified as a result. The financial statements have been prepared under the historical cost convention and in accordance with Statements of Standard Accounting Practice and Interpretations issued by the Hong Kong Institute of Certified Public Accountants, accounting principles generally accepted in Hong Kong and the disclosure requirements of Hong Kong Companies Ordinance and the GEM Listing Rules. 3. TAXATION No provision for taxation has been made in the financial statements for the year ended December 31, 2004 as the Group incurred a tax loss for the year. 4. DIVIDEND No dividend has been paid or declared by the Company or any of its subsidiaries during the years ended December 31, 2004 and 2003. 5. LOSS PER SHARE The computation of the basic loss per share for the year is based on the loss for the year of approximately HK$8,950,000 (2003:HK$16,708,000) and on the weighted average number of 523,645,377 shares (2003:478,464,789 shares) No diluted loss per share was presented, as there were no dilutive potential ordinary shares outstanding. CONTACT: KanHan Technologies Limited Hong Kong Office Address: 15/F, Sun House, 181 Des Voeux Road Central, Hong Kong Hotline: 852-2851-3020 Phone: 852-2865-3800 Fax: 852-2861-1830 E-mail: info@kanhan.com, support@kanhan.com KINING LIMITED: Declares Final Dividend on March 21 --------------------------------------------------- A first and final dividend was declared on March 21, 2005 for Kining Limited (In Compulsory Liquidation). Name of Matter: HCCW 244 of 2002 Registered Office and liquidators' Address: 8th Floor, Wing On Centre 111 Connaught Road Central, Hong Kong. First and Final: 100% Preferential Dividend First and Final: 100% Ordinary Dividend When Payable: On or after 21 March 2005 Where Payable: 29/F., Wing On Centre, 111 Connaught Road Central, Hong Kong Dated this 18th day of March 2005. KONG CHI HOW, JOHNSON Joint & Several Liquidator Presented by BDO McCabe Lo & Co. PCC MEDIA: Creditors to Submit Proofs of Claim by April 4 --------------------------------------------------------- Notice is hereby given that the Creditors of PCC Media Works Limited (In Members' Voluntarily Liquidation) are required on or before the close of business on 4 April 2005 to send in their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to the undersigned at 27th Floor, Alexandra House, 16-20 Chater Road, Central, Hong Kong. If so required by notice in writing from the said liquidators, they are to prove their debt or claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. The Liquidators will then distribute any and all surplus assets to shareholders and contributories thereafter. Dated this 18th day of March 2005. Jacky CW Muk Edward S. Middleton Joint and Several Liquidators PROACTIVE TECHNOLOGY: Net Loss Swells to HKD7 Mln ------------------------------------------------- Proactive Technology Holdings Limited (8089) disclosed to the Hong Kong Stock Exchange its results announcement for the period ended December 31, 2004. (Audited) (Audited) Current Last Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 $'000 $'000 Turnover : 17,515 30,459 Profit/(Loss) from Operations: (7,370) (4,363) Finance cost : (25) (41) Share of Profit/(Loss) of Associates : 198 (377) Share of Profit/(Loss) of Jointly Controlled Entites : 0 0 Profit/(Loss) after Taxation & MI : (7,248) (4,862) % Change Over the Last Period : N/A EPS / (LPS) Basic (in dollar) : (HKD 0.031) (HKD 0.021) Diluted (in dollar) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : (7,248) (4,862) Final Dividends per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for Final Dividends : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : NIL B/C Dates for Other Distribution : N/A (bdi: both days inclusive) For and on behalf of Proactive Technology Holdings Limited Name: Tsang Chi Hin Title: Chairman Loss Per Share The calculation of the basic loss per share is based on the audited consolidated loss attributable to shareholders of approximately HK$7,248,000 (2003: HK$4,862,000) and on the weighted average number of 232,000,000 (2003: 232,000,000) shares. Diluted loss per share is not presented because the effect is anti-dilutive. CONTACT: Proactive Technology Holdings Limited 14/F, Bangkok Bank Building 18 Bonham Strand West Street Sheung Wan Hong Kong Telephone: (852) 2259 7388 Fax: (852) 2259 7588 PROSPER GLORIES: Court Begins Bankruptcy Proceedings ---------------------------------------------------- Prosper Glories Limited with registered office located at Suite C, 13th Floor, Tung Chong Factory Bldg, 659 King's Rd, Quarry Bay, Hong Kong was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 7, 2005. Date of Presentation of Petition: October 18, 2004. Dated this 18th day of March 2005. ET O'Connell Official Receiver Q9 TECHNOLOGY: Incurs HK$7.8-Mln Net Loss ----------------------------------------- Q9 Technology Holdings Limited on March 18, 2005 announced its financial result for the period ended December 31, 2004. (Audited) (Audited) Current Last Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 $'000 $'000 Turnover : 6,683 9,705 Profit/(Loss) from Operations : (7,784) (4,609) Finance cost : (32) 0 Share of Profit/(Loss) of Associates : 0 (454) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (7,816) (4,807) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0063) (0.0039) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (7,816) (4,807) Final Dividend : N/A N/A per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A For and on behalf of Q9 Technology Holdings Limited, Name: Tam Kam Biu William Title: Chief Financial Officer The Group recorded turnover of HK$6,683,000 for the year ended 31st December 2004, representing a decrease of 31.1% from the previous year. The Group recorded HK$3,498,000 of OEM licensing revenue for the year 2004, representing a decrease of 37.0% from the previous year. OEM licensing revenue for the year 2004 represents about 52.3% of turnover for the year, as compared to 57.2% in the year of 2003. Q9 CIS and Qcode CIS package sales and software- licensing revenue from Institution Customers for the year 2004 recorded a decrease of 23.3% from the previous year. 3. Operating loss The Group recorded a net loss attributable to shareholders for 2004 of HK$7,816,000 (2003: HK$4,807,000). Total operating expenses increased by HK$496,000 to HK$14,166,000, representing an increase of 3.6% over 2003. 4. Loss per share The calculation of basis loss per share is based on the Group's loss attributable to shareholders of HK$7,816,000 (2003: HK$4,807,000) and on 1,246,350,000 (2003: 1,246,350,000) ordinary shares in issue during the year. No diluted loss per share is presented, as the exercise of the subscription rights attached to the share options would not have a dilutive effect on the loss per share. SHANG HUA: Sees Net Loss Balloon to HK$7.9 Mln ---------------------------------------------- Shang Hua Holdings Limited (00371) announced its financial result for the period ended June 30, 2005. Currency :HKD Auditors' report :N/A Interim report reviewed by: Both Audit Committee and Auditors (Audited) (Audited) Current Last Corresponding Period Period from 01/07/2004 from 01/07/2003 to 31/12/2004 to 31/12/2003 $'000 $'000 Turnover : 28,028 37,991 Profit/(Loss) from Operations : (7,932) (1,559) Finance cost : N/A N/A Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (7,932) (1,559) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.1428) (0.0325) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (7,932) (1,559) Interim Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A The calculation of the basic loss per share is based on the loss for the period of approximately HK$7,932,000 (six months ended 31st December, 2003: HK$1,559,000) and on 55,523,633 (six months ended 31st December, 2003: on weighted average of 47,982,872 as restated) shares in issue throughout the period. The weighted average number of shares for the purpose of basic loss per share for the six months ended December 31, 2003 had been adjusted for the effect of consolidation of the Company's shares. Diluted loss per share has not presented as there is no dilutive potential ordinary shares in issue for both periods. CONTACT: Shang Hua Holdings Limited 9 Kai Cheung Road Kowloon Bay Kowloon, HONG KONG Phone: +852 2796 9963 Fax: +852 2796 6065 SHENZHEN HI-TECH: Net Loss Shrinks to HKD17 Mln ----------------------------------------------- Shenzhen Hi-Tech Holdings Limited (00106) on March 18, 2005 disclosed its financial result for the period ended June 30, 2005. Currency: HKD Auditors' Report: Unqualified (Audited) (Audited) Current Last Corresponding Period Period from 01/07/2004 from 01/07/2003 to 31/12/2004 to 31/12/2003 $'000 $'000 Turnover : 390,552 331,881 Profit/(Loss) from Operations 1 : (48,772) (170,414) Finance cost : (2,466) (316) Share of Profit/(Loss) of Associates : 3,395 889 Share of Profit/(Loss) of Jointly Controlled Entities : (1,534) (2,677) Profit/(Loss) after Tax & MI : (17,275) 176,854) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) 2a : (0.00124) (0.02337) -Diluted (in dollars) 2a : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (17,275) (176,854) Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Loss per share (a) Basic The calculation of loss per share is based on the net loss for the year of HK$17,275,000 (2003: HK$176,854,000) and the weighted average of 13,948,108,569 (2003: 7,568,215,430) shares in issue during the year. (b) Diluted The computation of diluted loss per share for both years did not assume the exercise of the outstanding share options and/or convertible notes as their exercise would result in a decrease in the loss per share in both years. SHUI HING: Enters Winding Up Proceedings ---------------------------------------- Shui Hing (Ng Lun) Construction with registered office located at 7th Floor, Hong Kong Trade Centre, 161-7 Des Voeux Rd, Central HK was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 9, 2005. Date of Presentation of Petition: January 4, 2005. Dated this 18th day of March 2005. ET O'Connell Official Receiver TRIDENT CREATIVE: Court Issues Winding Up Notice ------------------------------------------------ Trident Creative Limited with registered office located at Suite D, 11th Floor, Ritz Plaza, 122 Austin Rd, Tst, Kln was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 9, 2005. Date of Presentation of Petition: January 4, 2005. Dated this 18th day of March 2005. ET O'Connell Official Receiver UNITY INVESTMENTS: 2004 Net Loss Narrows to HKD16.81 Mln -------------------------------------------------------- Unity Investments Holdings Limited (0913) on March 18, 2005 announced its financial result for the period ended June 30, 2005. Currency: HKD Auditors' Report: Unqualified (Audited) (Audited) Current Last Corresponding Period Period from 01/07/2004 from 01/07/2003 to 31/12/2004 to 31/12/2003 $'000 $'000 Turnover : 125,003 15,525 Profit/(Loss) from Operations : (15,631) (24,626) Finance cost : (1,178) (806) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (16,810) (25,433) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) 6 : (0.0719) (0.1272) -Diluted (in dollars) 6 : N/A (0.1272) Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (16,810) (25,433) Final Dividend : Nil Nil per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A The calculation of basic loss per share is based on the Group's loss attributable to the shareholders of HK$16,810,024 (2003: HK$25,433,132). The basic loss per share is based on the weighted average of 233,651,275 (2003: 167,101,831 being adjusted to reflect the effect of rights issue in November 2004) ordinary shares in issue during the year. Diluted loss per share has not been presented for the year, as there was no dilutive effect. ================= I N D O N E S I A ================= INDOFOOD SUKSES: Picks CSFB to Underwrite Planned IPO ----------------------------------------------------- PT Indofood Sukses Makmur has named Credit Suisse First Boston (CSFB) to underwrite its planned initial public offering of 15- percent stake in flour unit PT Bogasari Flour Mills in September, reports Dow Jones. According to Indofood spokesman Djoko Wibowo, CSFB was chosen as the firm's global coordinator. The firm also picked Trimegah Securities to be the domestic coordinator for the planned IPO with the assistance of DBS Vickers Securities and Mandiri Sekuritas. The Company aims to earn IDR1.4 trillion from the IPO, to reduce its foreign debt and expand operations. The firm's 37-percent decrease in net profit was largely due to foreign exchange losses amounting to IDR296.94 billion last year; net profit fell to IDR378.1 billion from IDR603.5 billion in 2003. As of Dec.31, 2004, the firm's debt amounted to IDR2.97 trillion. CONTACT: P.T. Indofood Sukses Makmur Tbk. Ariobimo Sentral Bldg., 12th Fl., Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan Jakarta, 12950, Indonesia Phone: +62-21-522-8822 Fax: +62-021-522-6014 Web site: http://www.indofood.co.id SAMPOERNA: Founding Family Still Holds 14% Stake After Sale ----------------------------------------------------------- After the sale of PT HM. Sampoerna TBK (HMSP) to U.S. firm Philip Morris International (PMI), the Sampoerna family is set to control some 14% stake in the firm, Indoexchange News reports. But according to Bank BNI equity analyst Fendi Susiyanto, the family still controls 30% stake in HMSP. Shares in public hands are actually controlled by the Sampoerna family members and relatives, and to buy them from the market would be difficult. The family had owned 54% stake in Sampoerna, 27% through Dubuis Holdings Ltd, 10% through PT Lancar Sampoerna Bestari, 17% in sub-account in Credit Suisse Singapore. After having sold 40% of its stake to PMI, the family still holds 14%. After acquiring 40% stake in Sampoerna, PMI intends to conduct a tender offer process to acquire the remaining 60% stake in the Indonesian firm. CONTACT: P.T. Hanjaya Mandala Sampoerna Terbuka Jalan Rungkut Industri Raya Surabaya, 60293 Indonesia Phone: +62 31 843 1699 Fax: +62 31 843 0986 ========= J A P A N ========= JALECO LIMITED: Unveils Liquidation of Subsidiaries --------------------------------------------------- Jaleco Limited announced that a resolution was passed at a board meeting of the directors of the Company held on February 24, 2005 that the Company's subsidiaries, Century Japan International Ltd., and Cyber Japan International Ltd., will be liquidated and dissolved as soon as practicable. Information regarding the liquidation is as follows: 1. Corporate Information (1) Company Name: Century Japan International Ltd. Country of Incorporation: British Virgin Islands Issued Capital: US$1 Directors: Peter Anthony Allen, Lam Sing Keung, Steve and Frankie Lee JALECO Ownership 100% (2) Company Name: Cyber Japan International Ltd. Country of Incorporation: British Virgin Islands Issued Capital: US$1 Directors: Peter Anthony Allen, Lam Sing Keung, Steve and Frankie Lee JALECO Ownership 100% 2. Reason for liquidation To save the administrative work and maintenance costs to maintain these two companies, which have never been used for any business purpose by the Company. 3. Impact on financial forecast for the year 2005 There is no significant financial impact on the Company's financial forecast since these two companies remain dormant since their incorporations. 4. Schedule Following the abovementioned board meeting and after passing the resolutions of liquidations in the shareholders' meetings of two subsidiaries, the liquidations will be commenced upon filing of the liquidation documents with the Registrar of the Companies in the British Virgin Islands as soon as practicable. The liquidation process will normally be completed within 2 to 3 months after the commencement of liquidation. Contact: Jaleco Ltd. Representative Director & CEO Peter Anthony Allen Chief Financial Officer Keiko Toyoshima Phone: 03-6230-2100 JAPAN AIRLINES: To Cut 5,900 jobs --------------------------------- Japan Airlines will slash 5,900 jobs by the end of March 2008 as part of its restructuring plan, Channel NewsAsia reports. The airline returned to profit in the nine months ending in December, although it suffered a net loss in the final quarter of 2004 because of rising fuel costs. Demand for overseas travel has recovered from the impact of the war in Iraq and the 2003 outbreak of severe acute respiratory syndrome. CONTACT: Japan Airlines Corporation Address: 4-11, Higashi-shinagawa 2-chome Shinagawa-ku, Tokyo 140-8605, Japan Phone: +81-3-5769-6097 Fax: +81-3-5460-5929 MITSUBISHI FUSO: Teaming Up With Pluss Corporation -------------------------------------------------- Mitsubishi Fuso Truck and Bus Corporation is negotiating a tie- up with PLUSS Corporation. PLUSS Corporation is an aggressive service company with a sharp focus for finding long-term growth opportunities in the heavy- duty trucking and automotive industries. PLUSS Corporation has recently released an upgrade to their industry leading Part Time Manager software in preparation for future alliances with major vendors and their clients. This revolutionary business management software has been named PTM Echelon Suite for the profit levels it can help you achieve. Mitsubishi Fuso Truck of America, Inc. (MFTA) has worked diligently to offer their dealer network the same level of success while making communications between vendor and dealer more seamless. Because of the levels of service and success PLUSS currently provides dealerships, MTFA has chosen PLUSS Corporation to provide software and business solutions for their Mitsubishi Fuso Dealer Network. This partnership is creating a team that will achieve long lasting results. "We purchased the PTM Business Management Software for our dealership nearly 3 years ago. PLUSS Corporation has provided myself and my employees with a very high level of Education, Consulting, Support, and friendly service that has helped us utilize our investment in PTM to the fullest. The wealth of reporting provides up-to-the minute information throughout the system that gives me sales tracking and forecasting I only dreamed of before. I would recommend PTM and PLUSS Corporation to my all of my peers in the Mitsubishi dealer network!" -- Rich Jukonski Jr, Jukonski Truck Sales, Middletown, CT. "Our dealers are very happy with the relationship they have established with PLUSS Corporation and with the support they receive from their Specialists. They are extremely pleased with the return on investment along with the degree of reporting, efficiency, Company controls, and proper financial record keeping." -- Orin Black, VP Business Operations, MFTA. PLUSS Corporation specialized in complete Heavy-Duty truck/Automotive dealership and repair shop management. Since 1983 PLUSS has been providing PC-based Heavy Duty Business Management System solutions. Their solutions have integrated accounting/payroll, automated inventory/labor controls, and preventative maintenance specifically geared to minimize overhead while maximizing profit. For more information, visit www.pluss.net or contact PLUSS Corporation at 1-800-835-9609. CONTACTS: PLUSS Corporation Kenny Nau Director of Sales 800-835-9609 kenny@pluss.net Mitsubishi Fuso Truck and Bus Corporation 2-16-4, Kounan, Minato-ku,Tokyo 108-8285, Phone: +81-3-6719-4821 Fax: +81-3-6719-0111 Web site: http://www.mitsubishi-fuso.com NIPPON ELECTRIC: Appliance Retail Association Mulls Dissolution --------------------------------------------------------------- The Nippon Electric Big-Stores Association (NEDA) plans to dissolve itself in August due to declining membership, Kyodo News reports. The mass-market home appliance retailer was founded by 79 companies in 1972 and has compiled data on home appliance sales at large retailers. In its prime, the association had as many as 93 members whose combined sales reached nearly JPY3 trillion. SEIBU RAILWAY: May Sell Lions After Baseball Season --------------------------------------------------- The management reform panel of the Seibu Railway group may propose selling the Seibu Lions professional baseball club for JPY4 billion after the end of this year's baseball season, Kyodo News reports. A panel of external consultants headed by Ken Moroi, an adviser to Taiheiyo Cement Corporation, has been study ways to build up the Company's finances. 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/ TOSHIBA CORPORATION: Discloses Year-end Dividend for FY2004 ----------------------------------------------------------- Toshiba Corporation on March 18, 2005 resolved at a meeting of its Board of Directors the plan to offer 3.00 Japanese yen per share for year-end dividend for the fiscal year ending March 31, 2005. (Reference) Interim Dividend Year-End Dividend Total Dividend Dividend Payment for Fiscal 2.00 yen 3.00 yen 5.00 yen Year Ending March 31, 2005 (per share) Dividend Payment for Fiscal 0.00 yen 3.00 yen 3.00 yen Year Ending March 31, 2004 (per share) CONTACT: Toshiba Corporation 1-1-1 Shibaura , Minato-ku, Tokyo, Japan Naoto Hasegawa, General Manager Corporate Communication Office Phone: 81 3 3457 2096 UFJ HOLDINGS: Issues Public Notice of the Record Date ----------------------------------------------------- UFJ Holdings, Inc. announced that, in accordance with its Articles of Incorporation, Shareholders recorded on the register of shareholders or the beneficial owners' register as at the closing thereof on March 31, 2005 will be entitled to exercise their rights at the 4th Annual General Meeting of Shareholders which will be held in late June, 2005. 15th March 2005. UFJ Holdings, Inc. 5-6, Fushimimachi 3-chome, Chuo-ku, Osaka, Japan Handling Place of Business of the Transfer Agent: UFJ Trust Bank Limited Corporate Agency Department 10-11, Higashisuna 7-chome, Koto-ku, Tokyo 137-8081, Japan ========= K O R E A ========= DACOM CORPORATION: S&P Assigns "BB-" on LT Credit, Global Notes --------------------------------------------------------------- Standard & Poor's Ratings Services on March 17 assigned its 'BB- ' long-term corporate credit rating to Korea's Dacom Corp. The outlook on the long-term rating is stable. Dacom's proposed five-year global notes of up to KRW302 billion were also rated 'BB-'. The rating on the unsecured debt is subject to final documentation. "The rating on Dacom reflects the telecom's stable but relatively weak profitability and cash flow, supported by complete access to the extensive network of its subsidiary Powercomm," said Standard & Poor's credit analyst Eun Jin Kim. Powercomm recently requested a retail license so that together with Dacom, they can jointly expand their presence in that sector. Support from the Ministry of Information and Communication (MIC) is a key-rating factor for Dacom, as the agency closely regulates Korea's telecom industry and promotes a favorable environment for smaller, non-incumbent players. The MIC will likely grant Powercomm's retail license as broadband last year became a regulated service in Korea. But of greater concern is the limited growth potential of the Korean broadband market, which has one of the highest penetration rates in the world at 72%. Notwithstanding Dacom's number two position in the corporate leased-line business, the Company is only number three in the retail segment after KT Corp. (A-/Stable/--) and Hanaro Telecom Inc. (BB/Stable/--), from whom it will be difficult and costly to take market share. Dacom faces continued pricing pressures in the Korean telecom industry, where competition is intensifying and technological substitutes-such as wireless networks-are gaining ground. Dacom's financial profile weakened considerably after paying KRW817.8 billion to acquire a 45.4% stake in Powercomm in 2002, and since then Dacom has focused on bringing down its debt. Despite significant improvements in recent years, the Company's financial profile still remains weak. Its EBITDA margin improved to 41.5% at the end of fiscal 2004 from 36.6% the previous year. However, these margins do not appear to be sustainable, as retail market competition should intensify, leading to further pricing pressures and increased marketing expenses. Capital investments are expected to remain within operating cash flow, and debt levels should remain relatively unchanged, as the Company's capital investments are steady at about KRW400-KRW450 billion per year. Dacom's subscriber base should improve with Powercomm's expected retail license and the launch of the Triple Play Service, which bundles telephone, cable TV, and Internet services. Standard & Poor's assumes leverage will remain relatively unchanged, as the Company's continued capital investments over the next few years will leave little excess cash to pay down debt. In order for Dacom's rating to be raised, it would need to achieve significant subscriber growth and materially lower debt levels. On the other hand, the rating could be lowered if Powercomm does not receive its retail license, which would significantly hamper its ability to compete in the market. Rating List: Corporate credit rating BB-/Stable/-- Senior unsecured debt BB- CONTACT: Dacom Corporation 706-1 Yoksam-dong Kangnam-gu Seoul, South Korea 135-987 Phone: +82 2 6220 2215 Fax: +82 2 6220 0377 LG CARD: Rumors of NACF Bidding Not True ---------------------------------------- LG Card's main creditor, National Agricultural Cooperative Federation (NACF), is reportedly not interested to bid for LG Card since it plans to buy a local brokerage firm, Dow Jones reports. An NACF official said that the rumors of the Company's interest in LG Card are untrue, as they are putting all efforts into buying a local securities firm, and do not have the finances to engage in a takeover of the troubled credit card firm. But the official added that NACF would handle LG Card according to market trends, without elaborating further. Creditors are planning to sell LG Card later this year. NACF has received letters of intent from companies interested to bid for the credit card firm. No specific deadline has been set for the sale, but NACF will make a shortlist of companies and initiate negotiations with the preferred bidder/s. CONTACT: LG Card Company Limited Fax: (02) 3420-7002 E-mail: webmaster@card.lg.co.kr Web site: http://www.lgcard.com DAEWOO HEAVY: Doosan Heavy to Raise KRW800 Bln for Takeover ----------------------------------------------------------- In order to finance its takeover of Daewoo Heavy Industries & Machinery Ltd., Doosan Heavy Industries & Construction Co. will raise KRW800 billion in syndicated loans, Dow Jones reports. Woori Bank, Chohung Bank and Hana Bank were chosen by Doosan Heavy as lead managers for the sale. Doosan will repay the debt in installments within five years, including a two-year grace period. Under the deal, Korea Asset Management Corp. sold a 31 % stake of its total 34.2 % stake in Daewoo Heavy to Doosan Heavy. Creditor Korea Development Bank also sold 20 % of its 21.9 % stake in the firm to Doosan Heavy. This year, the government approved the sale of 51 % stake in Daewoo Heavy to Doosan Heavy for KRW1.9 trillion. Daewoo Heavy was put under a debt restructuring program in August 1999 when its parent, Daewoo Group, was dissolved due to its large debt. Before splitting into three separate firms in October 2000, Daewoo Heavy received a KRW-trillion bailout from the government. CONTACT: Daewoo Heavy Industries & Machinery Ltd. 14-34 Youido-Dong, Youngdungpo-Gu, Seoul 150-010 South Korea Web site: http://www.dhiltd.co.kr/eng/index.asp =============== M A L A Y S I A =============== CONSOLIDATED FARMS: Extension for Plan Submission Approved ---------------------------------------------------------- Consolidated Farms Berhad refers to the announcements dated Oct. 11, 2004 and Dec. 31, 2004, pertaining to its Proposed Restructuring Scheme. The Company announced that Bursa Malaysia Securities Berhad has via its letter dated March 18, 2005 approved an extension of time for a period of two (2) months to April 30, 2005, to enable the Company to submit its regularization plan to the relevant authorities. CONTACT: Consolidated Farms Berhad 24-1 Jalan 24/70A, Desa Sri Hartamas, 50480 Kuala Lumpur Phone: 03-23001199 Fax: 03-23002299 GENERAL SOIL: Net Loss Shrinks in First Quarter of FY04 ------------------------------------------------------- General Soil Engineering Holdings Berhad released its unaudited report for the financial period ended Sept. 30, 2004. SUMMARY OF KEY FINANCIAL INFORMATION 30/09/2004 INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR QUARTER CORRESPONDING TO DATE CORRESPONDING QUARTER PERIOD 31/12/2004 31/12/2003 31/12/2004 31/12/2003 1 Revenue 0 0 0 0 2 Profit/(loss) before tax -609 -847 -609 -847 3 Profit/(loss) after tax and minority interest -609 -847 -609 -847 4 Net profit/(loss) for the period -609 -847 -609 -847 5 Basic earnings/(loss) per shares (sen) -2.21 -3.08 -2.21 -3.08 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) -1.0764 -1.0543 CONTACT: General Soil Engineering Holdings Berhad 346, Jalan Tuanku Abdul Rahman 50100 Kuala Lumpur Malaysia Phone: 03-2698 9888 Fax: 03-2693 8580/670 GENERAL SOIL: Posts FY04 Quarterly Results for December 2004 ------------------------------------------------------------ General Soil Engineering Holdings Berhad released its unaudited report for 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 0 528 0 3,208 2 Profit/(loss) before tax -656 -1,431 -1,275 -2,055 3 Profit/(loss) after tax and minority interest -656 -1,431 -1,275 -2,055 4 Net profit/(loss) for the period -656 -1,431 -1,275 -2,055 5 Basic earnings/(loss) per shares (sen) -2.39 -5.20 -4.64 -7.47 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) -1.1006 -1.0543 GOLDEN FRONTIER: Buys Back 15,000 Shares ---------------------------------------- Golden Frontier Berhad disclosed details of shares it bought back on March 18, 2005 to the Bursa Malaysia Securities Berhad. Date of buy back: 18/03/2005 Description of shares purchased: Ordinary Shares of RM1.00 Each Total number of shares purchased (units): 15,000 Minimum price paid for each share purchased (RM): 0.610 Maximum price paid for each share purchased (RM): 0.630 Total consideration paid (RM): 9,349.40 Number of shares purchased retained in treasury (units): 15,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 1,384,800 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Golden Frontier Berhad No 11 Lorong Kinta 10400 Penang, Malaysia Phone: +60 4 226 2226 Fax: +60 4 228 2890 HONG LEONG: SC OKs Proposed Shares Disposal ------------------------------------------- This announcement is in relation to the proposed disposal of 80,820,163 ordinary shares (27.07%) in Camerlin Group Berhad to Brightspring Holdings Limited by Hong Leong Industries Berhad (HLI) and wholly owned subsidiary Hong Leong Industries Trading Limited. HLI announced that the approval of the Securities Commission (SC) for the Proposed Disposal, under the Foreign Investment Committee's Guidelines on the Acquisition of Interests, Mergers and Take-Overs by Local and Foreign Interests, has been obtained. Following the receipt of the SC's approval, all conditions precedent to the Proposed Disposal have been met and the Proposed Disposal has now become unconditional. The Company will take the necessary steps to complete the Disposal in due course. 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 K.P. KENINGAU: Updates Details of Proposed Restructuring Scheme --------------------------------------------------------------- K.P. Keningau (KPK) refers to the announcement dated Sept. 22, 2004 made in relation to Practice Note 4/2001 of the Bursa Malaysia Listing Requirements. KPK announced that the Company had on March 18, 2005 entered into a Heads of Agreement with Gabungan Cendawan Sdn Bhd (GCSB), which sets out the broad parameters for a proposed rescue cum debt restructuring scheme for the Company, which may involve (subject to finalization of the terms) the implementation of the following proposals: (i) Proposed Capital Reconstruction Proposed capital reconstruction involving the reduction of the Company's existing issued and paid-up share capital and thereafter, by a consolidation of the reduced share capital pursuant to Section 64 of the Companies Act, 1965 (Act). (ii) Proposed Debt Settlement Proposed debt settlement pursuant to Section 176 of the Act is implemented to resolve and extinguish all the outstanding liabilities of KPK and all its subsidiary companies (KPK Group) in a manner that would be beneficial to the Company and its scheme creditors. (iii) Proposed Acquisition Proposed acquisition by KPK of the entire issued and paid-up share capital of Asraman Sdn Bhd (ASB) from GCSB for a purchase consideration to be mutually agreed upon by KPK and GCSB, which is subject to the final valuation of the assets of ASB and all its subsidiary companies. The purchase consideration shall be satisfied in full by KPK vide the allotment and issuance of new ordinary shares of RM1.00 each to GCSB. (iv) Proposed Fund Raising Exercise Proposed fund raising exercise to be undertaken by the Company for its working capital purposes. (v) Proposed Waiver Proposed application to the Securities Commission under the Practice Note 2.9.3 of the Malaysian Code on Take-Overs and Mergers 1998 for an unconditional waiver of the requirement by GCSB and/or parties deemed to be acting in concert with it from making a mandatory offer to acquire the remaining KPK Shares not already owned by GCSB and/or parties acting in concert with GCSB upon completion of the Proposed Restructuring Scheme. (vi) Proposed Employees' Share Option Scheme Proposed establishment of a new employees' share option scheme, granting options to qualified and eligible employees and executive directors of the KPK Group to subscribe for up to 10% of the enlarged issued and paid-up capital of the Company at any time during the existence of the Proposed Scheme. Both the Company and GCSB have mutually agreed to finalize all the terms and conditions of the Proposed Restructuring Scheme and to enter into a definite scheme agreement, the sale and purchase of shares agreement and all other relevant agreements, if required, within thirty (30) days from the date of execution of the Heads of Agreement subject to an automatic extension of thirty (30) days or such other extension of time as may be required and mutually agreed upon by both the Company and GCSB. The Company applied to Bursa Malaysia Securities Berhad on March 18, 2005 to seek for an extension of time for the announcement of the Requisite Announcement, which is due by March 22, 2005. The Heads of Agreement dated March 18, 2005 is available for inspection at Lot 10, The Highway Centre, Jalan 51/205, 46050 Petaling Jaya for a period of three (3) months from the date of this announcement. CONTACT: K.P. Keningau Berhad Lot 10, The Highway Centre Jln 51/205 46050 Petaling Jaya, Selangor, Malaysia Phone: 03-7784 3922 Fax: 03-7784 1988 This announcement is dated March 18, 2005. LANKHORST BERHAD: Clarifies Wind Up Petition Served on Unit ----------------------------------------------------------- Lankhorst Berhad issued this announcement is in relation to the advertisement of Lankhorst Pancabumi Contractors Sdn Berhad (LPCSB)'s winding-up petition. Lankhorst Berhad refers to Bursa Malaysia Securities Berhad's letter dated March 11, 2005. As requested, stated below are the information requested for public release: 1. The name of the Petitioner is Mudajaya Corporation Berhad and the winding-up petition was left in the Company's office on Feb. 16, 2005 without proper acknowledgement. 2. The claim was in respect of sub-contract works for the construction of the structural and associated works for the elevated highway along Jalan Kem bridge over Sg. Aur, Kelang for RM3,080,032.24 together with interests and costs. 3. The judgment sum was disputed and LPCSB filed an application for an appeal and stay of execution of the proceedings. Unfortunately before that was heard by the Court, the Petitioner had filed the winding-up proceedings. 4. The total cost of investment in LPCSB is RM25,000,000. 5. The winding-up proceedings are not expected to have any financial or operational impact on the Company. 6. There is no expected loss arising from the wind-up proceedings. 7. Aside from the court process of appeal, LPCSB management is negotiating on the basis of a Corporate Guarantee and contra of properties or lands. 8. The date of the hearing is on March 30, 2005. The Company's Board of Directors endorsed this announcement at the Board of Directors' meeting held on March 18, 2005 endorsed this announcement. CONTACT: Lankhorst Berhad 5th Floor, Bangunan Umno Selangor Persiaran Perbandaran , Section14 40000 Shah Alam Selangor, Malaysia Phone: 03-50313030 Fax: 03-50313036 LION INDUSTRIES: Granted Listing of Additional Shares ----------------------------------------------------- Lion Industries Corporation Berhad's additional 201,000 new ordinary shares of RM1.00 each issued pursuant the Company's Executive Share Option Scheme will be granted listing and quotation effective Wednesday, March 23, 2005, 9:00 a.m. CONTACT: Lion Industries Corporation Berhad Level 46, Menara Citibank 165, Jalan Ampang 50450 Kuala Lumpur Malaysia Phone: 03-21622155 Fax: 03-21623448 Web site: http://www.lion.com.my NORTH BORNEO: SC to Consider Proposed Exemption, Sets Conditions ---------------------------------------------------------------- The North Borneo Corporation Berhad issued this announcement is in relation to the proposed exemption to Yoke Hoh Sdn Berhad (YHSB), Prospell Enterprise Sdn Berhad (PESB), Looh Lim Teng Holdings Sdn Berhad (LLTH), Dato' Looh Keo @ Loh Lim Teng (Dato Looh) and concerted parties Chin Yew Lian and Leong Sze Eam from the obligation to accept a mandatory shares acquisition offer in LLT Resources Berhad. The North Borneo Corporation Berhad (NBC) announced that the Securities Commission (SC) had via its letter dated March 10, 2005, which was received on March 17, 2005, informing that the SC will consider the Proposed Exemption under the application of Practice Note 2.9.1 of the Code instead of the application made under Practice Note 2.9.3. In the said letter, SC states that it will only consider the Proposed Exemption under Practice Note 2.9.1 of the Code after the following conditions have been fulfilled: 1. YHSB, PESB, LLTH, Dato' Looh and the Concerted Parties furnish the SC with their statutory declarations that they have not and will not purchase any voting shares in NBC in the 6 month period prior to the posting of the circular relating to the Revised Scheme to the shareholders of NBC, until the application for Proposed Exemption is approved by the SC; 2. YHSB, PESB, LLTH, Dato' Looh and the Concerted Parties have obtained the approval from NBC shareholders on the Proposed Exemption via a poll in an extraordinary general meeting (EGM), with the interested parties have abstained from voting at the EGM; and 3. An independent adviser provide competent independent advice on the Proposed Exemption to NBC shareholders, whose appointment and content of the independent advice circular on the Proposed Exemption must have obtained the prior approval of the SC. CONTACT: North Borneo Corporation Berhad 6 Lorong Api-Api Centre Kota Kinabalu, Sabah 88000 Malaysia Phone: +60 87 263232 Fax: +60 87 234363 PAN MALAYSIA: Issues Shares Buy Back Notice ------------------------------------------- Pan Malaysia disclosed to the Bursa Malaysia Securities Berhad details of its shares buy back on March 18, 2005. Date of buy back: 18/03/2005 Description of shares purchased: Ordinary shares of RM0.50 each Total number of shares purchased (units): 165,000 Minimum price paid for each share purchased (RM): 0.380 Maximum price paid for each share purchased (RM): 0.395 Total consideration paid (RM): 64,813.56 Number of shares purchased retained in treasury (units): 165,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 20,420,500 Adjusted issued capital after cancellation (no. of shares) (units): 0 CONTACT: Pan Malaysia Industries Berhad 14/F MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur Malaysia Phone: (60) 3244-1470 Fax: (60) 3244-7789 PANTAI HOLDINGS: Repurchases 50,000 Shares ------------------------------------------ Pantai Holdings disclosed details of shares it bought back on March 18, 2005 to the Bursa Malaysia Securities Berhad. Date of buy back: 18/03/2005 Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 50,000 Minimum price paid for each share purchased (RM): 0.985 Maximum price paid for each share purchased (RM): 0.995 Total consideration paid (RM): 49,680.62 Number of shares purchased retained in treasury (units): 50,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 28,275,600 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Pantai Holdings Berhad 3rd Floor, Block B Pantai Medical Center No. 8 Jalan Bukit Pantai 59100 Kuala Lumpur Malaysia Phone: 03-22879822 Fax: 03-22873822 Web site: http://www.pantai.com.my/ TRU-TECH HOLDINGS: Creditors Approve Proposed Scheme ---------------------------------------------------- Further to the announcement dated Feb. 23, 2005, Tru-Tech Holdings Berhad announced that the Company obtained the approvals of their scheme creditors for the Proposed Scheme of Arrangement with Creditors pursuant to Section 176 of the Companies Act, 1965 at the Court Convened Meetings of Scheme Creditors held on March 18, 2005. CONTACT: Tru-Tech Holdings Berhad Lot 45, Batu 12, Jalan Johor Bahru Kota Tinggi, Mukim Plentong, 81800 Ulu Tiram, Johor Malaysia Phone: (60) 3 7861 5220 Fax: (60) 3 7861 7972 TT RESOURCES: Details Update on Warrants Expiry ----------------------------------------------- TT Resources Berhad announced the following: (i) The Company's Warrants will expire on Friday, April 22, 2005, 5:00 p.m. (ii) Trading in The Company's Warrants will be suspended effective Wednesday, April 6, 2005, 9:00 a.m., in order to facilitate the exercise of the Warrants. (iii) The Company's Warrants will be removed from the Official List of Bursa Securities on Monday, April 25, 2005, 9:00 a.m. with effect from 9.00 a.m., Monday, 25 April 2005. Please refer to the Company's notice to warrantholders dated March 18, 2005. CONTACT: TT Resources Berhad Lot 302, 3rd Floor, Wisma Dijaya No. 1A, Jalan SS 20/1 Damansara Utama 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia Phone: 03-77268297 Fax: 03-77268076 Web site: http://www.ttrb.com.my WCT ENGINEERING BERHAD: To List Additional Shares ------------------------------------------------- WCT Engineering Berhad's additional 414,400 new ordinary shares of RM1.00 each issued pursuant to the Company's Exercise of 414,400 Warrants 2000-2005 will be granted listing and quotation effective Wednesday, March 23, 2005. 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 WEMBLEY INDUSTRIES: Unit Receives Plaza Rakyat Project Offer ------------------------------------------------------------ Following the mutual determination (termination) on Feb. 16, 2005 of the contract between Wembley Industries Holdings Berhad's wholly owned subsidiary, Plaza Rakyat Sdn. Bhd. (PRSB), and PJ Indah Sdn Bhd for the Completion of Incomplete Main Building Works to Retail Podium of Proposed Mixed Development on Lots 225, 242 and 288 Section 56, Wilayah Persekutuan Known as PLAZA RAKYAT for PRSB, PRSB has received an offer from Jetwork Engineering Sdn Bhd (JESB) to carry out Phase I of the Plaza Rakyat Project. The offer is subject to negotiations between PRSB and JESB to finalize terms and conditions. While such terms and conditions are being negotiated with a view of undertaking best efforts to conclude and sign a contract on or before 31 May 2005, JESB offered to mobilize immediately to carry out urgent Preliminary Works at the Project site using JESB's own funding up to amount of RM30 million. PRSB accepted JESB's offer to begin mobilization and to start preliminary works on the Project site immediately on scope of work to be agreed. PRSB and JESB are currently negotiating on the terms of the contract, including JESB arranging for further funding of up to RM70 million in relation to Project works. An announcement on the outcome of the negotiations will be made in due course. CONTACT: Wembley Industries Holdings Berhad No 1 Jalan Pandungan Kuching, Sarawak 93100 Malaysia Phone: +60 82 236920 Fax: +60 82 236922 ===================== P H I L I P P I N E S ===================== BACNOTAN CONSOLIDATED: Submits Definitive Information Statement --------------------------------------------------------------- Further to Circular for Brokers No. 1103-2005 dated March 4, 2005, Bacnotan Consolidated Industries, Inc. (BCI) furnished the Exchange a copy of its SEC Form 20-IS (Definitive Information Statement) in connection with its Annual Shareholders' Meeting which will be held on April 11, 2005, at 3:00 p.m. at the makati Shangrila, Makati A & B, Ayala Avenue, Makati City. As previously announced, "(t)he record date for the determination of the shareholders entitled to notice of said meeting and to vote thereat is March 17, 2005." Below is a copy of the Notice of Annual Shareholders' Meeting. A copy of BCI's Definitive Information Statement shall be made available for reference at the PSE Centre and PSE Plaza libraries. The same shall likewise be made available for downloading at the PSE web site: http://www.pse.com.ph(under Listed Companies). For your information. (Original Signed) MA. PAMELA D. QUIZON Head, Disclosure Department NOTICE OF ANNUAL SHAREHOLDERS MEETING TO ALL SHAREHOLDERS: Please be advised that the annual shareholders meeting of Bacnotan Consolidated Industries, Inc. will be held on Monday, April 11, 2005 at 3:00 p.m. at the Makati Shangrila, Makati A & B, Ayala Avenue, Makati City. The Agenda of the meeting is as follows: (1) Call to order (2) Proof of notice and determination of quorum (3) Minutes of previous meeting (4) Annual Report of Management and Ratification of all acts of the Board of Directors and Management since the last annual shareholders meeting (5) Election of Directors (6) Appointment of External Auditors (7) Other Matters (8) Adjournment The record date for the determination of the shareholders entitled to notice of said meeting and to vote thereat is March 17, 2005. JUAN J. DIAZ Corporate Secretary CONTACT: Bacnotan Consolidated Industries Incorporated No 39 Plaza Drive Rockwell Centre 4th Floor PHINMA Building Makati City 1200 Philippines Phone: +63 2 8700 100 Fax: +63 2 8700 456 Web site: http://www.bonecare.com/ MISAMIS ORIENTAL TELEPHONE: To Pay Php70-Bln Debt Very Soon ----------------------------------------------------------- Recovering Misamis Oriental Telephone System, Inc. (Misortel) said it would soon be able to pay its debt worth around Php70 million, according to Business World. Misortel, owned by the provincial government and Gov. Oscar Moreno, decided to settle its obligations very soon due to its improving performance. Gov. Moreno said while the telephone firm has succeeded in improving its operation efficiency, expansion involving new investments would have to wait until the major debts are properly managed. Based on estimates of provincial officials, however, the debts, mostly to Philippine Long Distance Telephone Co. (PLDT) and BayanTel, have been reduced to slightly over Php70 million. PLDT is collecting from the Company roughly Php45 million and BayanTel, another Php30 million. The telecommunications Company reportedly incurred mounting debts in the previous years of over Php100 million due to mismanagement. NATIONAL BANK: Clarifies Stake Sale Report ------------------------------------------ The Philippine National Bank (PNB) wrote in reference to the above news article published in today's issue of the Business World (Internet Edition). (1) "At least three foreign and local groups have expressed interest in buying shares to PNB, Mr. Purisima said." We are not privy to the source of the information given by Secretary Cesar Purisima and hence we cannot confirm. (2) "Proceeds of the sale will be used to pay Bangko Sentral ng Pilipinas (BSP) and Philippine Deposit Insurance Corporation (PDIC) for their Php25 billion emergency loan to PNB for its rehabilitation." Proceeds of the sale of 67% of PNB will go to the National Government and the PDIC which own only half of the shares for their proper disposition. (3) "Finance Undersecretary Jay Singzon told Business World the government would lose its voting rights if it decides to hold on to its shares after the shareholder agreement with Mr. Tan expires on September 16. Mr. Singson explained the shares held by the government are 'preferred' which provide no voting rights and it is only the shareholder agreement that gives the government the right to have a say on the bank's direction. Mr. Purisima said the government hopes to complete the privatization of the bank before that date." The statement of Finance Undersecretary Jay Singzon is basically correct. CONTACT: Philippine National Bank Pres Diosdado P Macapagal Boulevard PNB Financial Center Pasay 1300 Philippines Phone: +63 2 891 6040 Fax: +63 2 551 5187 Web site: http://www.pnb.com.ph/ NATIONAL POWER: DOE Usec Gets Top Post -------------------------------------- National Power Corporation (Napocor) has named an undersecretary of the Department of Energy (DOE) as its new president, The Philippine Star reports. Undersecretary Cyril del Callar, who is in charge of power- related policies and programs in the DOE as well as serving as its "focal person" on international energy cooperation activities, is scheduled to take his oath before President Arroyo. A former law practitioner, Del Callar began his stint with the DOE as assistant secretary in-charge of legal, financial, management and administrative services in 1995 that lasted until June 1997. He concurrently acted as officer-in-charge of the policy and programs office that include international energy cooperation. As undersecretary for the electric power industry, Del Callar "coordinates and administers" the formulation and implementation of the Electric Power Industry Reform Act, or the EPIRA law which governs the restructuring of the Philippine power sector. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 NATIONAL POWER: To Issue Php5-Bln Bonds for Debt, Operations ------------------------------------------------------------ National Power Corporation (Napocor) is poised to issue Php5- billion worth of bonds to the local market next month, Business World says. The peso-denominated bonds, which will mature in five and seven years, will be issued to service a portion of Napocor's debt and for operational expenses. The government will provide sovereign guarantee for the issuance. Deutsche Bank, First Metro Investment Corp., and Land Bank of the Philippines will be the underwriters for the issue. NATIONAL POWER: Potential Bidders Begin Prelim Asset Reviews ------------------------------------------------------------ Several parties interested to support National Power Corporation's (Napocor) privatization have begun their preliminary evaluation on power plants they intend to buy, Today News reports. The potential bidders have responded to a formal invitation early this month by the Power Sector Assets and Liabilities Management Corporation (PSALM) to participate in an Investor Preliminary Asset Review Process (IPARP). The IPARP, which is conducted prior to the bidding process, will allow potential bidders to have a better assessment of their target power plants through site visits and access to plant data. PSALM hopes to reduce the time between individual sales and thereby hasten the privatization process. Napocor declined to reveal the identities of the parties as PSALM and these groups are bound by confidentiality agreements. PHILIPPINE LONG: Cebu Board Lauds Service ----------------------------------------- The Cebu Provincial Board has commended the Philippine Long Distance Telephone Company (PLDT) for providing cheap Internet services to small- and medium-sized firms in the province, according to the Freeman. In a resolution, the Board lauded the PLDT We Roam Internet service as a vital tool for the development of small and medium companies. According to the resolution, several companies can now find it easier to connect with their networks through the Internet. The PLDT We Roam service allows mobility for a Company's workforce while ensuring local area network and wireless Internet connectivity. 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: Confirms Tie-up Talks with Foreign Firms --------------------------------------------------------- This is in reference to the news article entitled "PLDT in talks with US, Singapore carriers for tie-ups" published in the March 18, 2005 issue of the Philippine Daily Inquirer (Internet Edition). The article reported that: "Philippine Long Distance Telephone Co. (PLDT) and its wireless subsidiaries are in serious discussion with Singaporean and North American carriers for possible tie-ups, said Alfredo Panlilio, president of PLDT Global. "The arrangements being worked out would allow PLDT to operate virtual wireless networks in countries hosting big Filipino communities, Panlilio said. He named the two Singaporean carriers as M1 and Starhub. He said that by June or July, PLDT and its wholly owned wireless unit Smart Communications Inc. would start running a mobile virtual network operation, or MVNO, in Singapore and a similar offering will be launched in North America shortly afterwards." Philippine Long Distance Telephone Company ("TEL"), in its letter dated March 21, 2005, stated that: "We confirm that PLDT Global Corporation, a subsidiary of PLDT, is engaged in preliminary discussions with potential partners in Singapore regarding a joint venture arrangement for the provision of mobile virtual network operator services." For your information. (Original Signed) MA. PAMELA D. QUIZON Head, Disclosure Department Noted by: (Original Signed) JURISITA M. QUINTOS Senior Vice President PILIPINO TELEPHONE: Set to List Additional Shares Today ------------------------------------------------------- The Philippine Stock Exchange approved on March 9, 2005, the application submitted by Pilipino Telephone Corporation (Piltel) to list additional 10,079,762,400 common shares, with a par value of Php1.00 per share, to cover the underlying common shares for the conversion of a total of 59,292,720 Class I Series K Convertible Preferred Shares ("Preferred-K Shares"), with a par value of P2.00 per share by Smart Communications, Inc. ("Smart"), at a conversion ratio of one hundred seventy (170) common shares for every one (1) Preferred-K Share. In view thereof, the listing of the 10,079,762,400 common shares is set for Tuesday, March 22, 2005. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. (Original Signed) CLAUDINE E. CRUZ OIC, Listings Department Noted by: (Original Signed) JURISITA M. QUINTOS Senior Vice President, Operations Group 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 ================= FORWARD INTERNATIONAL: Creditors Meeting Set April 12 ----------------------------------------------------- Take notice that a meeting of creditors and contributories of Forward International Singapore Pte Ltd (In Court Winding Up) will be held at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 on April 12, 2005 at 11:00 a.m. AGENDA (1) To obtain an update on the conduct of the liquidation to date; (2) To approve the proposed remuneration of the Liquidators; (3) Any other matter. Dated this 18th day of March 2005 Kon Yin Tong Joint Liquidator Forms of general and special proxies are enclosed herewith. Proxies to be used at the meeting must be lodged not later than 4 p.m. on the 11th day of April 2005 with the Liquidators' office at 47 Hill Street, #05-01 Chinese Chamber of Commerce of Industry Building, Singapore 179365. JSD CONSTRUCTION: Court to Hear Winding Up Petition April 1 ----------------------------------------------------------- Notice is hereby given that a petition for the winding up of JSD Construction Pte Ltd (Judicial Manager Appointed) by the High Court was, on March 16, 2005 presented by Mr. Tay Swee Sze of Messrs Tay Swee Sze & Associates, the Judicial Manager of the Company. That the petition is to be heard before the Court at 10:00 a.m. on April 1, 2005. And 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 Petitioner's address is care of Messrs Tay Swee Sze & Associates at 30 Robinson Road, #04-01 Robinson Towers, Singapore 048546. The Petitioner's solicitors are Messrs Ramdas & Wong of 9 Raffles Place, #07-01 Republic Plaza, Singapore 048619. Messrs Ramdas & Wong Solicitors for the Petitioner Note: Any person who intends to appear at the hearing of the petition must serve on or send by post to the abovenamed solicitors, Messrs Ramdas & Wong of 9 Raffles Place, #07-01 Republic Plaza, Singapore 048619, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than 12:00 noon of March 31, 2005. KOH BROTHERS: Completes Capital Distribution -------------------------------------------- Further to the announcement made by Koh Brothers Group Limited on February 21, 2005, February 22, 2005, February 24, 2005 and March 10, 2005, the Board announced to the Singapore Stock Exchange (SGX) that the Capital Distribution has been made on March 18, 2005. Accordingly, out of the 81,000,000 G&W Shares available for the Capital Distribution, representing approximately 65.22 percent of the issued and paid-up share capital of G&W held by the Company, 80,984,652 G&W Shares have been distributed (fractional entitlements disregarded) by way of the Capital Reduction and the Dividend Distribution, to Shareholders holding Shares as at 5:00 p.m. on March 10, 2005 (Books Closure Date) as follows: (a) In respect of the entitlements to the G&W Shares of a Shareholder whose registered address as recorded in the register of members of KBGL or in the Depository Register maintained by CDP on the Books Closure Date is not outside Singapore (the Singapore Shareholder), 80,721,086 G&W Shares have been distributed and credited to the Singapore Shareholders' Securities Accounts on March 18, 2005; and (b) In respect of the entitlements to the G&W Shares of a Shareholder whose registered address as recorded in the register of members of KBGL or in the Depository Register maintained by CDP on the Books Closure Date is outside Singapore (the Overseas Shareholder), in accordance with Section 3.5 of the Circular, 263,566 G&W Shares have been distributed and credited to a designated securities sub-account maintained with a Depository Agent, on March 18, 2005, which a brokerage firm appointed by Company shall sell the same and thereafter distribute the aggregate amount of the net proceeds, after deducting all dealing and other expenses in connection therewith, proportionately among all such Overseas Shareholders according to their respective entitlements to G&W Shares as at the Books Closure Date in full satisfaction of their rights to the G&W Shares, provided that where the net proceeds which any particular Overseas Shareholder is entitled to shall be less than S$10.00, such net proceeds shall be retained for the benefit of the Company and no Overseas Shareholder shall have any claim whatsoever against CDP, the Company and the Directors in connection therewith. An aggregate of 167 G&W Shares, fractional entitlements disregarded, were distributed for every 1,000 KBGL Shares held by a Shareholder as at the Books Closure Date. For further illustrative purposes, the calculation of the number of G&W Shares to be distributed to Shareholders for the KBGL Shares held by the Shareholders as at the Books Closure Date, pursuant to the Capital Distribution, is as follows: For every 1 KBGL Share For every 100 KBGL For every 1000 KBGL Shares held as at the held as at the Books Shares held as at Books Closure Date Closure Date the Books Closure Date G&W Share(s) to be distributed pursuant to the Capital Reduction 0.037576 3.7576(*) 37.576(*) G&W Share(s) to be distributed pursuant to the Franked Dividend Distribution 0.060605 6.0605(*) 60.605(*) G&W Share(s) to be distributed pursuant to the One-Tier Exempt Dividend Distribution 0.070705 7.0705(*) 70.705(*) Note: (*) Fractional entitlements disregarded. The number of G&W Shares to be distributed pursuant to the Franked Dividend Distribution was calculated based on an interim franked dividend of 16.515% or S$0.016515 declared for every KBGL Share for the financial year ending 31 December 2005. The number of G&W Shares to be distributed pursuant to the One- Tier Exempt Dividend Distribution was calculated based on an interim one-tier tax-exempt dividend of 15.41% or S$0.01541 declared for every KBGL Share for the financial year ending 31 December 2005. By Order of the Board Koh Brothers Group Limited Koh Tiak Chye Chief Executive Officer and Managing Director 18 March 2005 CONTACT: Koh Brothers Group Limited 11 Lorong Pendek Koh Brothers Building Singapore 348639 Telephone: 65 62898889 Fax: 65 68415400 Web site: http://www.kohbrothers.com RSH LIMITED: Disposes Of Subsidiary ----------------------------------- RSH Limited announced to the Singapore Stock Exchange (SGX) that its 60 percent subsidiary Company iOM International Holdings Ltd had disposed its 75.84 percent subsidiary Company Sathosa Computer Services Ltd (Sathosa) to Mahendra Ranjith Jayaratne for a cash consideration of one Sri Lanka Rupee (the Cash Consideration). The Cash Consideration was arrived at based on willing buyer willing seller basis negotiations, taking into view that based on the financial statements as at 28.2.2005, Sathosa had aggregate net liabilities of US$12,552. With this disposal, Sathosa will cease to be a subsidiary of the Company. The transaction will not have a material impact on the earnings per share and net tangible assets per share of the Group for the financial year ending March 31, 2005. None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the transaction. CONTACT: RSH Limited (formerly: Royal Clicks Limited) 190 MacPherson Road #07-08 Wisma Gulab Singapore 348548 Telephone: 65 67466555 Fax: 65 68404327 SELCO VESSELS: Lays Out Final Meeting Agenda -------------------------------------------- Notice is hereby given that a meeting of the creditors of Selco Vessels Pte Ltd will be held at 8 Cross Street, #17-00 PWC Building, Singapore 048424 on April 5, 2005 at 10:00 a.m. AGENDA (1) To lay before the meeting a report of the liquidators showing how the winding up was conducted. (2) To approve the remuneration of the liquidators and disbursements. (3) To consider waiving claim against related Company to facilitate early finalization of liquidation. (4) Any other matters. To entitle you to vote thereat your proof, if not already lodged, must be lodged with me not later than 12:00 p.m. on the April 4, 2005. Proxies to be used at the meeting must be lodged with me not later than 12:00 p.m. on April 4, 2005. Dated this 18th day of March 2005. Ramasamy Subramaniam Iyer Liquidator Address: c/o PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building Singapore 048424 (The statement of Company's affairs has not been lodged) SYSTRON POWER: Winding Up Hearing Slated for April 1 ---------------------------------------------------- Notice is hereby given that an amended petition for the winding up of Systron Power Systems Pte Ltd by the High Court was, on the 10th day of March 2005, presented by Singapore Warehouse Company (Private) Ltd. (RC No. 196900505G), and that the amended petition is directed to be heard before the Court sitting at Singapore at 10:00 a.m. on April 1, 2005. Any creditor or contributory of the said Systron Power Systems Pte Ltd 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 said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner is a Company incorporated in Singapore and having its registered office at 38 South Bridge Road, Singapore 058672. The Petitioner's solicitors are Messrs Allen & Gledhill of One Marina Boulevard #28-00, Singapore 018989. Dated the 11th day of March 2005. Allen & Gledhill Solicitors for the Petitioner Note: Any person who intends to appear on the hearing of the petition must serve on or send by post to the abovenamed Allen & Gledhill, Solicitors for the Petitioner, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than twelve o'clock noon of March 31, 2005 (the day before the day appointed for the hearing of the Petition). SUM YUE: Winding Up Hearing Date Fixed April 1 ---------------------------------------------- Notice is hereby given that a Petition for winding up of Sum Yue Electrical Engineering Pte Ltd by the High Court was on February 28, 2005, presented by Terasaki Circuit Breakers (S) Pte Ltd, a Company incorporated in the Republic of Singapore and having its registered office at No. 9 Toh Guan Road East, #03-01 Alliance Building, Singapore 608604, the Judgment Creditors. The said Petition is directed to be heard before the Court sitting at 10:00 a.m. on April 1, 2005, and 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 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 Petitioners' address is No. 9 Toh Guan Road East, #03-01 Alliance Building, Singapore 608604. The Petitioners' Solicitors are Messrs Eng Leong & Partners of 10 Anson Rd, International Plaza #13-03, Singapore 079903. Messrs Eng Leong & Partners Solicitors for the Petitioners Note: Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the abovenamed Messrs Eng Leong & Partners of 10 Anson Rd, International Plaza #13-03, Singapore 079903, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or if posted must be sent by post in sufficient time to reach the abovenamed not later than twelve o'clock noon of March 31, 2005 (the day before the day appointed for the hearing of the Petition). =============== T H A I L A N D =============== CIRCUIT ELECTRONICS: Company Director Resigns --------------------------------------------- Circuit Electronics Industries Public Co. Ltd advised the Stock Exchange of Thailand (SET) that since Mr. Pairoj Tanbanchong has resigned from the position of Director (Audit Committee) from Circuit Electronic Industries Public Co. Ltd. with the reason that he has been elected as Member of Parliament and being unable to perform his duty anymore. The Company has registered the resignation with the Department of Business Development, Ministry of Commerce on March 15, 2005. Yours faithfully, Sukit Nganthavee Mr. Sukit Nganthavee CONTACT: Circuit Electronic Industries Public Company Limited 45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711 Fax: 0-3533-0560, 0-3522-6710 Web site: http://www.cei.co.th NEW PLUS: Clarifies Transfer of Securities to Rehabco Sector ------------------------------------------------------------ New Plus Knitting Public Company Limited submitted to the Stock Exchange of Thailand (SET) a clarification on the transfer of its securities to the Rehabco sector. Shareholders equity: 2004: (40,316,241.00) Notes (Cause and reason) Registered capital= 100,000,000 Shares premium= 35,564,751 Unrealized loss on sale of stock stock for sale= (25,159,907) Retail loss= (150,721,085) Shareholders equity= (40,316,241) The reason earning per share is less than 0 (1) Result from loss of exchange during the baht weakening in 1997: (78,870,274,73) In the year 1997, the government had a resolution to change the exchange rate policy from fix rate to valuable rate, which caused the weakening of Thai baht. NPK followed the policy and was noted in our financial statement as losses by the auditor in the year 1997 No. 15 (2) Allowance for doubtful accounts. 1999= (12,075,824) 2000 = 1,282,932 2001 = (5,979,796) 2003 = (10,297,131) 2004 = (23,821,908) Allowances for doubtful accounts were fully set by the auditors. NPK had an associated Company that planned to fully return the debt. The plan was agreed upon by both companies in 1999. This could be seen that in the year 2000 with the positive number of THB1.28 million. The dept should not have been totally considered a risk of doubtful account because New Plus 89 was an associated Company, which still ran a normal operation. The results of these allowances for the doubtful accounts should not have been cut in full amount by the auditors. (3) Interest from the loan structure from the subsidiary Company. (18,961,568) For this interest, the Company received a cut on the interest from Bangkok Bank during the loan restructuring. The bank agreed upon the new loan structure added the ending of the contract that the Company must have fully followed the plan in order to get the discount of THB18.96 million. The Company followed the plan without missing any payments or conditions, but the auditors still set the number in full amount. (4) Allowances for obsolete inventory 2001 = (9,904,730) 2002 = (31,302,998) The auditors set the allowances for obsolete inventory by noting down into the statement. Still, textile products were consisted with fabric and yarn, which could last as long as 5-7 years. However, the auditors concluded to set the allowance of the obsolete inventory in the stock older than 2 years follow the accounting standard. Some of these allowances for obsolete inventory were still completely new and would be placed in the market for sales in the year 2005. Also, new method for identifying allowances for obsolete inventory will take place in the year 2005, which will later notify the shareholders. If bringing the second topic and the third topic: THB50.89 million from the allowance for doubtful accounts, and THB18.96 million from the loan restructure that should not be accounted for the deduction, the shareholders equity will be positive by THB48.49 million. The Company would not be suspended from trading and would not have to transfer to REHABCO. The Company has been following all the agreements from the all creditors. Moreover, loan interest and loan principal are being paid regularly in the year 2003, which reduced the loan principal by THB33.47 million. In the year 2004, the Company was able to reduce the loan principal by THB9.24 million, which resulted by deduction of interest from THB23.36 million in the year 2003 to 20.39 in the year 2004. The interest is reduced by THB2.97 million or 12.71 percent in the year 2004. This can be seen from the cash flow that has always been positive from the attached details: Subjects Amount 2002 17,344,548 2003 19,025,539 2004 8,323,358 The Company would like to notify that the Company has an ability to conduct normal business without any interruption. The Company would like to apologize to the shareholders that are not able to sell the shares at this moment. Yours Sincerely, Mrs.Orasa Kruthakool Director Miss Onuma Fuakfon Director CONTACT: New Plus Knitting Public Company Limited 34 Moo 20, Saladang, Ban Num Priao, Chacherngsao Telephone: 0-3859-3126 Fax: 0-3859-3125 THAI-DENMARK: Unveils Board Meeting Resolutions ----------------------------------------------- The board of directors of Thai-Denmark Swine Breeder Public Company Limited unveiled to the Stock Exchange of Thailand that at the meeting (02/2005) held on March 18,2005 the board passed the following resolution: (1) To certify the minutes made at board of directors Meeting (1/2005) held on March 10, 2005. (2) To approve the annual report and director's report for the year 2004. (3) To approve the balance sheet and profit /loss account as of December 31,2004 for the period ended December 31, 2004. (4) To omits dividend payment for the operation from January 1,2004 to December 31,2004 and not to allocate net profit for legal reserves (5) To re-appoint 2 directors whose tenure have ended. (6) To approve director's remuneration for 2005 not more than THB3,000,000 per year. (7) To appoint auditor for 2005 to be Mrs.Vilairat Rojnuckarin or Mrs. Suwimon Kityakean of Office of DIA International Auditing and to approve auditing fee in the amount of THB880,000 per year. (8) That on ordinary general meeting of shareholders (01/2005) should be held on April 22, 2005 at 9:30 a.m. At the meeting room, 17th(B) floor Bangnathanee Building, Bangna-Trad Road, Bangna Bangkok. The agenda for the meeting will: (8.1) Certify the minutes of the ordinary general meeting of shareholder (1/2004) (8.2) Certify the Company's annual report and the board of director's report for 2004. (8.3) Approve the balance sheet and profit/loss account as of December 31, 2004. (8.4) Consider the allocation of net profit for legal reserve and dividend omissions for 2004's operation result. (8.5) Appoint new directors to succeed those completing their terms, and fix the number of director and their authority. (8.6) Consider director's remuneration for 2005. (8.7) Appoint an auditor and fix the auditing fee for 2005. (8.8) Consider other issue. (if any) The date for closing the Company share register for the right to attend the meeting will be on April 7, 2005 at 12:00 p.m. until the meeting will be ended. Miss Nounlahong Rattanapibulkul Director CONTACT: Thai-Denmark Swine Breeder Public Company Limited Bangnathanee Building, Floor 17, 119/34 Bangna-Trad Road, Km.3 Bang Na Bangkok Telephone: 0-2361-4041-9 Fax: 0-2361-4050 BOND PRICING: For the Week 21 March to 25 March 2005 --------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Ainsworth Game 8.000% 12/31/09 1 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 Austral Coal 9.500% 10/1/06 1 Australis Holdings 15.000% 11/1/02 1 BIL Finance Ltd 8.000% 10/15/07 8 BIL Finance Ltd 8.750% 10/15/05 10 BIL Finance Ltd 9.250% 10/15/06 8 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 CBH Resources 9.500% 12/16/09 1 Citigold Corporation 12.000% 3/29/07 1 Consolidated Minerals 11.250% 3/31/05 4 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 7 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 8 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 6.000% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 7 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure & Utilities NZ Ltd 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 Primelife Corp. 9.500% 12/8/06 1 Prime Infrastructure 8.500% 2/28/49 10 Prime Infrastructure 8.500% 12/31/49 10 Salomon SB Australia 4.250% 2/01/09 8 Sherlock Bay Nickel 12.000% 9/1/07 1 Sky Network Television Ltd 9.300% 10/29/49 8 Software of Excellence 7.000% 8/09/07 1 Strathfield Group 11.000% 12/31/05 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 73 KOREA ----- Korea Electric Power 7.950% 4/1/96 45 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/06/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder 7.000% 2/24/06 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 Equine Capital 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 5 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 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-Berhad 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% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/6/07 6 Lion Diversified Holdings Bhd 2.000% 6/1/09 2 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/5/12 1 Mithril Bhd 8.000% 4/5/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corp. 0.500% 8/24/06 1 Nam Fatt Corporation Bhd 2.000% 6/24/11 1 Pantai Holdings 5.000% 3/28/07 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% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 1.500% 6/30/07 75 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel 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 74 Sengkang Mall 8.000% 11/20/12 1 Tincel Limited 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 and Erica Fernando, 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 ***