/raid1/www/Hosts/bankrupt/TCRAP_Public/050404.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 4, 2005, Vol. 8, No. 65
Headlines
A U S T R A L I A
AGRIPOWER PTY: To Declare Final Dividend April 19
AMP LIMITED: To Hold AGM on May 19
CHEMEQ LIMITED: Appoints Interim Company Secretary
CLEARY ENTERPRISES: To Pay Dividend April 6
CRAWFORD HOUSE: Lays Out Agenda of Final Meeting
D&K BLACKBERRY: To Declare Final Dividend April 7
EPIC DEVELOPMENT: Faces Voluntary Winding Up Process
FOXTEL: New Chairman Steps In
MANATOBA PTY: To Declare Final Dividend April 4
MCQUILLAN HOLDINGS: To Convene Final Meeting April 8
MINNOW ENERGY: Members Agree to Wind Up Company
MURRAY HOLDINGS: Liquidator to Report Manner of Winding Up
NATIONAL AUSTRALIA: Local Staff Braces for Huge Job Cuts
PACMIN RESOURCES: Liquidators Appointed to Wind Up Company
PARAMOUNT CAPITAL: Appoints Liquidator to Wind Up Company
PARRAMATTA PRODUCE: To Hear Liquidator's Report at Meeting
PEROOMBA COURT: To Hold Final Meeting April 4
PRIMELIFE CORPORATION: Winds Up Unregistered Schemes
QANTAS AIRWAYS: Introduces Skybed Business Class Seat to Sydney
REMOTE POSSIBILITIES: Lays Out Final Meeting Agenda
ROBERT BOYD: Final Meeting Set April 8
ROCTONI PTY: Members Pass Resolution to Wind Up Company
SANTOS LIMITED: Pegs FUELS Dividend Rate at 5.25% per Annum
SONS OF GWALIA: Administrators Hand Over Gold Biz to St. Barbara
SOUTHERN GROUP: Final Meeting Set April 8
SUN SKY: Lays Out Final Meeting Agenda
TARMOOLA JOINT: Hires Liquidator from Ferrier Hodgson
UNIDAY PTY: Meeting Set April 4
C H I N A & H O N G K O N G
ALL TIME CONSTRUCTION: To Exit Bankruptcy on September 12
EY DESIGNS: To Emerge from Bankruptcy on September 19
ISTEELASIA HOLDINGS: Still in Capital Restructuring Talks
ISTEELASIA HOLDINGS: Explains Unusual Volume Movement
KIN HING: Exits Bankruptcy
LEUNG CHI: Ends Bankruptcy Proceedings
TAK NGAR: Release from Bankruptcy Set September 12
VICTORY SECURITIES: Officer Guilty of Mishandling Securities
YUXING INFOTECH: Chairman Arrested in China
I N D O N E S I A
GARUDA INDONESIA: Clarifies Role in Advertising Program
MERPATI NUSANTARA: Resumes Flights to Nias
J A P A N
JAPAN AIRLINES: Introduces Domestic Bargain Fare
JAPAN AIRLINES: Expects JPY27 Bln Net Profit This Fiscal Year
FUJITSU HITACHI: METI Approves Restructuring Plan
GS YUASA: JCR Downgrades LTD/CP Ratings to BB+/J-3
JASUTO K.K.: Files for Bankruptcy
KANAYA HOTEL: Reaches Debt Purchase Agreement
KYOWA HAKKO: METI Authorizes Changes to Restructuring Plan
MATSUSHITA ELECTRIC: Launches Car Electronics Companies in China
MISAWA HOMES: Unveils Issuance of Shares
MISAWA HOMES: IRCJ Reaches Debt Purchase Deal
MITSUI BUSSAN: METI OKs Restructuring Scheme
MIYAZAKI KOTSU: Issues Debt Purchase Deal
TOKAI ALUMINUM: METI Approves Business Restructuring
TOKYO KOKUSAI: Begins Bankruptcy Proceedings
TOKYOFASSHONTAUN K.K.: Enters Bankruptcy
K O R E A
CHOHUNG BANK: Shinhan Bank Aims to Boost Merger Efforts
JINRO LIMITED: Hite Brewery Offers Highest Bid
M A L A Y S I A
BELL & ORDER: Court Orders Meeting with Creditors
BUKIT KATIL: Discloses February Production Figures
CONSOLIDATED FARMS: Posts Fourth Quarter FY05 Results
HONG LEONG: Unit's Transfer of Shares Completed
INNOVEST BERHAD: Asks SC to Reconsider Proposed Restructuring
JASATERA BERHAD: Discloses FY05 Fourth Quarter Results
LITYAN HOLDINGS: To Settle Defaults, Focus on Core Businesses
NAUTICALINK BERHAD: Unveils Proposed Restructuring Details
OCEAN CAPITAL: SC Withdraws Approval of Proposed CRE
PADIBERAS NASIONAL: Granted Listing of Additional Shares
PANGLOBAL BERHAD: Sees No Change in Default Status
PAN MALAYSIA: Buys Back 150,000 Shares
PILECON ENGINEERING: Default Status Remains the Same
POS MALAYSIA: To List Additional 130,000 Shares
PROMTO BERHAD: Seeks SC Approval on Proposed Restructuring Plan
TENCO BERHAD: Still No Change in Default Status
P H I L I P P I N E S
ATLAS CONSOLIDATED: Expects to Open Toledo Mine by Year-end
BACNOTAN CONSOLIDATED: Eyes Investment in Medical Sector
BACNOTAN CONSOLIDATED: Notes Changes in Director's Shareholdings
EXCELLANCE WEAVING: BIR Runs After Unpaid Taxes
HACIENDA LUISITA: CBCP Wants to Solve Killings
LMG CHEMICALS: Aims to Resume Operations by May 25
LMG CHEMICALS: To Convene Stockholder's Meeting on May 3
PHILIPPINE TELEPHONE: Faces Tax Evasion Suit
SWIFT FOODS: Scales Back Operations by 40%
SWIFT FOODS: BOD Accepts Resignation of Treasurer
S I N G A P O R E
ALLIANCE TECHNOLOGY: Court Extends Judicial Management Order
BEST INVESTMENT: Members to Hear Report on Manner of Winding Up
BLU INC: Proofs of Debt, Claim Due April 29
DATACRAFT ASIA: EGM Pass Resolutions Set Out in Notice
GREATRONIC LIMITED: Terminates Agreement on Share Acquisition
MEASUREX ENGINEERING: Receiving Proofs of Claims Until April 11
RSH LIMITED: Unit Applies for Member's Winding Up
WEE POH: Increases Issued Share Capital to 2,925,737,636
T H A I L A N D
KRUNG THAI: To Bring Up Election Matter at Annual Meeting
PRASIT PATANA: Debt Conversion to Equity Increases Profit
SRITHAI FOOD: Unveils Reasons Why Auditor Fails to Give Opinion
THAI HEAT: Convertible Debenture Reaches 45,592 Shares
- - - - - - - -
=================
A U S T R A L I A
=================
AGRIPOWER PTY: To Declare Final Dividend April 19
-------------------------------------------------
A first dividend is to be declared on April 19, 2005 for
Agripower Pty Ltd (In Liquidation) A.C.N. 009 578 885.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 28th day of February 2005
S. A. Hernyk
Official Liquidator
Deloitte Touche Tohmatsu
Chartered Accountants
49 Elizabeth Street, Launceston Tas 7250.
Telephone: 03 6337 7000
AMP LIMITED: To Hold AGM on May 19
----------------------------------
The Annual General Meeting of shareholders of AMP Limited (AMP)
will be held at the State Theatre, 49 Market Street, Sydney NSW
at 10:00 a.m. (Sydney time) on Thursday, May 19, 2005.
Items of business
Item 1: Financial Statements and Reports
To receive and consider the Financial Report and the Reports of
the Directors and the Auditor in respect of the year ended
December 31, 2004.
Item 2: Election of directors
(a) To consider and, if thought fit, to pass the following
ordinary resolution:
"That John Frederick Astbury, a Director appointed since the
last Annual General Meeting and ceasing to hold office in
accordance with clause 62.3 of the constitution of AMP Limited,
being eligible, is elected as a Director of AMP Limited."
(b) To consider and, if thought fit, to pass the following
ordinary resolution:
"That Richard John Grellman, a Director retiring in accordance
with clause 64.1 of the constitution of AMP Limited, being
eligible, is re-elected as a Director of AMP Limited."
Item 3: Capital return to shareholders
To consider and, if thought fit, to pass the following ordinary
resolution:
"That the capital of AMP Limited be reduced by paying the sum of
40 cents per fully paid ordinary share in AMP Limited to the
holders of such shares on the record date specified by AMP
Limited."
Item 4: Amendments to constitution
To consider and, if thought fit, to pass the following special
resolution:
"That the constitution of AMP Limited is amended in the manner
set out in Annexure A to the Explanatory Notes to the Notice
convening this meeting."
By Order of the Board
P.A. Milne
Company Secretary
March 17, 2005
CONTACT:
AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au
CHEMEQ LIMITED: Appoints Interim Company Secretary
--------------------------------------------------
Chemeq Limited (ASX:CMQ) announced that its Financial Controller
Mr. Ben Ritchie has been appointed as Company Secretary of
Chemeq.
Mr. Ritchie will act as Company Secretary on an interim basis as
Mr. Adam Deane steps down as Company Secretary on Friday.
Chemeq is currently recruiting a permanent replacement for Mr.
Deane and expects to be able to make an announcement shortly.
About Chemeq
Chemeq is an emerging veterinary drug producer that has
developed a unique product, CHEMEQ polymeric antimicrobial, for
the prevention and control of intestinal bacterial diseases in
feedstock animals such as pigs and poultry.
The Company's manufacturing facility in Western Australia was
completed in August 2004 and is currently undergoing
commissioning and optimization.
Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of Perth, Western
Australia.
To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South Africa, New
Zealand and Malaysia.
Chemeq signed an AU$1.5 million sales order for its CHEMEQ
polymeric antimicrobial with an agent in South Africa in August
2004.
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/
CLEARY ENTERPRISES: To Pay Dividend April 6
-------------------------------------------
A first and final dividend is to be declared on April 6, 2005
for Cleary Enterprises Pty Limited (In Liquidation) A.C.N. 063
482 986.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 23rd day of February 2005
Michael H. Cooke
Liquidator
KPMG
33 George Street,
Launceston Tas 7250
CRAWFORD HOUSE: Lays Out Agenda of Final Meeting
------------------------------------------------
Notice is hereby given that the final meeting of creditors and
members of Crawford House Publishing Pty Ltd (In Liquidation)
A.C.N. 056 287 060 will be held at the offices of KordaMentha
(SA & NT), Level 4, 70 Pirie Street, Adelaide SA on Monday,
April 11, 2005 at 2:30 p.m.
AGENDA
(1) To receive the Liquidator's final account of his acts and
dealings and of the conduct of the winding up and to hear any
explanations thereof.
(2) To consider any other matters which may be properly brought
before the meeting.
Dated this 28th day of February 2005
Stephen J. Duncan
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street,
Adelaide SA 5000
D&K BLACKBERRY: To Declare Final Dividend April 7
---------------------------------------------------
A first dividend is to be declared on April 7, 2005 for D&K
Blackberry Transport Proprietary Limited (Subject To Deed Of
Company Arrangement) A.C.N. 009 576 318.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 28th day of February 2005
John William Woods
Administrator of the Deed of Company Arrangement
Wilson Woods & Partners
30 Davey Street,
Hobart Tasmania 7000
Telephone: 03 6223 4343
EPIC DEVELOPMENT: Faces Voluntary Winding Up Process
----------------------------------------------------
At a General Meeting of Epic Development (TPA) Pty Ltd (In
Liquidation) A.C.N. 086 385 220, duly convened and held at Level
7 GHD House, 239 Adelaide Terrace, Perth, WA on February 15,
2005, the following Special Resolution was passed:
That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidator so
desire.
Dated this 28th day of February 2005
I. C. Francis
Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade,
Perth WA 6000
FOXTEL: New Chairman Steps In
-----------------------------
Telstra Chairman Mr. Donald McGauchie AO announced that,
following Mr. Sam Chisholm's decision to step down as Chairman
of FOXTEL:
(1) Mr. Bruce Akhurst had been appointed as the Chairman of
FOXTEL; and
(2) Mr. Gerry Sutton had been appointed as a Telstra nominated
director of FOXTEL.
Mr. Akhurst is the Chief Executive Officer of Telstra's
advertising and media business, Sensis.
He also has management responsibility for Telstra's advertising
and media strategy, including FOXTEL.
Mr. Akhurst has been a director of FOXTEL since March 2000. Mr.
Sutton is Telstra's Managing Director of BigPond Media and
Content and is presently a Telstra alternate director on the
Foxtel Board.
Mr. McGauchie thanked Mr. Chisholm for his important
contribution to the development of FOXTEL over his four years as
Chairman and noted that he would have a continuing role on the
Foxtel Board of Directors.
CONTACT:
Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/
MANATOBA PTY: To Declare Final Dividend April 4
-----------------------------------------------
A First and Final dividend is to be declared on April 4, 2005,
for Manatoba Pty Ltd (In Liquidation) A.C.N. 009 170 610.
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
P. M. Melsom
Liquidator
MCQUILLAN HOLDINGS: To Convene Final Meeting April 8
----------------------------------------------------
Notice is given that a final meeting of members of Mcquillan
Holdings Pty Ltd (In Voluntary Liquidation) A.C.N. 009 662 355
will be held at McGrathNicol+Partners, Level 11, 115 Grenfell
Street, Adelaide, on April 8, 2005 at 10:00 a.m.
The purpose of the meetings is to receive the accounts showing
how the winding up has been conducted and the property of the
companies has been disposed of, and to receive any explanation
of the accounts.
The Company is a part of the K & S Corporation Limited Group of
Companies. This is a statutory notice advising of the final
meeting with respect to the winding up of this dormant Company.
Dated this 28th day of February 2005
M. J. Dwyer
Liquidator
c/- McGrathNicol+Partners
115 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8468 3700
Web site: http://www.mcgrathnicol.com.au
MINNOW ENERGY: Members Agree to Wind Up Company
-----------------------------------------------
At a General Meeting of Minnow Energy Pty Ltd (In Liquidation)
A.C.N. 103 564 469, duly convened and held at Level 7 GHD House,
239 Adelaide Terrace, Perth, WA on February 15, 2005, the
following Special Resolution was passed:
That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidator so
desire.
Dated this 28th day of February 2005
I. C. Francis
Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade,
Perth WA 6000
MURRAY HOLDINGS: Liquidator to Report Manner of Winding Up
----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Murray Holdings Pty Ltd
(In Liquidation) A.C.N. 008 714 565 will be held at the offices
of Ferrier Hodgson, Level 26, 108 St George's Terrace, Perth on
April 12, 2005, at 11:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidator.
Dated this 23rd day of February 2005
Garry Trevor
Liquidator of Murray Holdings Pty Ltd
NATIONAL AUSTRALIA: Local Staff Braces for Huge Job Cuts
--------------------------------------------------------
Local employees of National Australia Bank (NAB) fear a possible
mass layoff after the Company slashed 1700 staff from its
British arms last week, says the Sydney Morning Herald.
Some 3000 jobs are likely to be cut in Australia as part of the
restructure to bring NAB into line with other major banks. The
Finance Sector Union said it had already identified 600 jobs
that were under threat.
NAB Chief Executive John Stewart said the numbers for Australia
had not been worked out but he admitted that the restructuring
charge would be large. Details of its plans for Australia will
be announced on May 11 at its earnings briefing.
Meanwhile, NAB will take a AU$266 million restructuring charge
in its first-half financial accounts because of the changes in
the U.K.
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/
PACMIN RESOURCES: Liquidators Appointed to Wind Up Company
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Pacmin Resources Pty Ltd (In Liquidation) A.C.N.
079 447 439 held on February 24, 2005, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Garry Trevor, Andrew Love and Darren Weaver of Ferrier Hodgson,
Chartered Accountants, Level 26, 108 St George's Terrace, Perth
WA 6000 be appointed Joint & Several Liquidators.
Dated this 24th day of February 2005
Garry Trevor
Joint and Several Liquidator of PacMin Resources
Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000
PARAMOUNT CAPITAL: Appoints Liquidator to Wind Up Company
---------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Paramount Capital Limited (In Liquidation) A.C.N. 100 800
557, held on February 23, 2005 it was resolved that the Company
be wound up voluntarily and that, K.S. Wallman of PO Box 4055,
Wembley WA, be appointed Liquidator.
Dated this 25th day of February 2005
K. S. Wallman
Liquidator
PO Box 4055, Wembley WA
PARRAMATTA PRODUCE: To Hear Liquidator's Report at Meeting
----------------------------------------------------------
Notice is given that a final meeting of members of Parramatta
Produce Co Pty Ltd (In Voluntary Liquidation) A.C.N. 000 132 301
will be held at McGrathNicol+Partners, Level 11, 115 Grenfell
Street, Adelaide, on April 8, 2005 at 10:00 a.m.
The purpose of the meetings is to receive the accounts showing
how the winding up has been conducted and the property of the
companies has been disposed of, and to receive any explanation
of the accounts.
The Company is a part of the K & S Corporation Limited Group of
Companies. This is a statutory notice advising of the final
meeting with respect to the winding up of this dormant Company.
Dated this 28th day of February 2005
M. J. Dwyer
Liquidator
c/- McGrathNicol+Partners
115 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8468 3700
Web site: http://www.mcgrathnicol.com.au
PEROOMBA COURT: To Hold Final Meeting April 4
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001 the final meeting of members of Peroomba
Court Proprietary Limited (In Liquidation) A.C.N. 007 609 083
will be held at the offices of Grant Thornton 67 Greenhill Road,
Wayville, South Australia on April 4, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.
Dated this 25th day of February 2005
Geoffrey Neil Huddleston
Liquidator
Grant Thornton
Chartered Accountants
67 Greenhill Road, Wayville SA 5034
PRIMELIFE CORPORATION: Winds Up Unregistered Schemes
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) and
Primelife Corporation Limited (Primelife) have on Friday reached
an agreement in ASIC's proceedings in the Federal Court of
Australia against Primelife and others in relation to more than
20 allegedly unregistered managed investment schemes.
The proceedings remain on foot against a number of other parties
involved in these allegedly unregistered schemes.
In June 2004, Primelife drew ASIC's attention to potential
problems associated with the schemes. After discussions with
Primelife and further investigation, in September 2004, ASIC
commenced action against Primelife and other defendants because
of concerns that the schemes were not registered and therefore
investors were not provided with the appropriate information and
protection, as required by the Corporations Act 2001.
"Today's result is an important and significant step towards
investors being properly informed about their investments," said
Ms Jan Redfern, ASIC's Executive Director of Enforcement.
"ASIC took this action because it is important that investors
have all the protections provided by the Act for registered
schemes. In this case, ASIC is seeking to ensure investors have
sufficient information to make a decision about their options in
relation to these schemes.
"These terms of settlement, including the appointment of an
investigating accountant, will help with that process," Ms
Redfern said.
Primelife today agreed to:
(1) a declaration that the schemes should have been registered
under the Act;
(2) the appointment of an independent accountant to investigate
the affairs of the schemes and report back to the court;
(3) to extend full cooperation to the independent accountant and
pay up to $1 million towards the costs of the independent
accountant's reports;
(4) the winding up of the schemes and to support ASIC's efforts
to resolve the outstanding matters with the other defendants;
(5) pay AU$600,000 to ASIC to defray ASIC's legal costs incurred
in the Federal Court litigation; and
(6) bear its own costs of litigation.
Primelife has also agreed to support and assist ASIC's review of
two further schemes that ASIC is currently investigating.
"ASIC's next step is to engage the other defendants in Federal
Court ordered mediations," said Ms Redfern.
"We are hopeful that the other defendants will support the
process agreed to by Primelife today. This would ensure that
investors obtain proper disclosure and that the scheme assets
were protected," she said.
Ms. Redfern reiterated that ASIC's proceedings should not cause
any disruption to the residents of the retirement villages and
aged care facilities operated by Primelife.
Background
On 23 September 2004, ASIC filed 37 proceedings in the Federal
Court of Australia seeking, amongst other things, that an
investigating accountant be appointed over each of the schemes
to report to the Federal Court and enable proper disclosure of
the position of each of the schemes to be made to the investors.
ASIC also applied for the schemes to be wound up.
ASIC alleged that the schemes were not registered, as required
under the Act. ASIC brought the Federal Court proceedings
against Primelife and a number of other defendants including
parties who, ASIC alleged, had been involved in promoting and
managing the schemes to a large number of investors since 1997.
While ASIC has entered into terms of settlement with Primelife,
the proceedings remain on foot against the other defendants.
Subsection 601ED(1) of the Act sets out the criteria as to
whether a managed investment scheme must be registered and
subsection 601ED(5) prohibits the operation of a managed
investment scheme that is required to be registered, where it is
not registered.
Under the Act, registered managed investment schemes must have a
single responsible entity to hold scheme property on trust for
investors, operate and perform the functions conferred on it by
the scheme's constitution and the Act. A scheme must have both a
constitution and a compliance plan, which explains how the
responsible entity will comply with the scheme's constitution
and the Act.
A responsible entity must be a public Company that holds an
Australian Financial Services licence authorising it to operate
the scheme. These requirements, along with associated provisions
of the Act, afford important protections to investors in regards
to the control of investor funds and property, as well as the
functions and obligations of responsible entities.
CONTACT:
Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/
QANTAS AIRWAYS: Introduces Skybed Business Class Seat to Sydney
---------------------------------------------------------------
Qantas Airways, a leader in the global aviation industry, has
taken comfort to a new level with the introduction of its award-
winning Skybed business class sleeper seat.
The first and only seat of its kind on certain routes to the
South Pacific, Qantas international business class passengers
can experience the ultimate luxuries of Skybed on their visit
Down Under. Skybed is now available on Boeing 747-400 aircraft
on select flights from Los Angeles and New York (JFK) to Sydney
and Melbourne, and beginning April 1, 2005 to Auckland, New
Zealand.
Designed by world-famous Australian industrial designer Marc
Newson and developed by USA based BE Aerospace, Skybed is 6 feet
6.5 inches long and 23.5 inches wide when fully reclined to
eight degrees. In 2004, the Qantas Skybed received the
prestigious Chicago Athenaeum Museum Good Design Award.
Comprehensive Skybed features include:
(1) A fixed cocoon-style design to provide maximum security
(2) Privacy screens between seats
(3) Extensive range of seat adjustments, offering passengers
outstanding comfort in every position
(4) Built-in back massager
(5) A large 10.4-inch screen with multi-channel entertainment
(6) AC power outlet that allows laptops direct access, without
the need for adaptor cables
(7) World's first inflight Short Message System (SMS) with reply
capability
(8) Unlimited complimentary onboard telephone access to call
other passengers
(9) Clever storage compartments, including a shoe cupboard,
glove box for glasses, books and travel documents and a water
bottle holder
"Passenger reaction to Skybed has been absolutely overwhelming,"
said Howard Goldberg, Qantas Airways vice president, sales and
marketing, The Americas.
"Our international business class service offers a brand-new
inflight experience for passengers who require all the benefits
of an office, hotel or home theater, and the demand has far
surpassed our best expectations," he added.
As the airline that originally pioneered business class, Qantas
enhanced service reflects a new era in business travel.
Featuring a distinctive five-star dining experience created by
renowned Australian chef and restaurateur Neil Perry, enhanced
inflight cuisine options include fresher, healthier menu
selections, a choice of restaurant-style or express meal
service, hot or cold snacks on request and overnight orders for
room service-style breakfast to cater to individual sleep
schedules. In addition to newly advanced onboard communications
features, passengers will enjoy premium quality noise canceling
headsets and luxurious amenity kits. Qantas' specially trained
flight attendants also offer a new level of service and greater
understanding of travelers' needs.
About Qantas Airways
Qantas Airways is a global air carrier with more than 200
aircraft offering service to 135 destinations in 32 countries.
Founded in 1920, Qantas Airways in 2004 celebrated 50 years of
continuous flying between North America and Australia with more
nonstop flights to Australia and New Zealand than any other
carrier and provides convenient connections from Los Angeles to
Bali and Denpasar, Indonesia; Mumbai, India; and Johannesburg,
South Africa, via the Sydney hub. Named Airline of the Year in
2004 by Air Transport World magazine, Qantas Airways has long
been recognized for its continued focus on excellence in the air
as well as on the ground.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
REMOTE POSSIBILITIES: Lays Out Final Meeting Agenda
---------------------------------------------------
Notice is given that a joint meeting of creditors and members of
Remote Possibilities Australia Pty Limited (In Liquidation)
A.C.N. 097 352 817 will be held in the Boardroom of Deloitte
Touche Tohmatsu, Level 5, 62 Cavenagh Street, Darwin, Northern
Territory at 9:30 a.m. CST on Monday, April 11, 2005.
AGENDA
(1) The liquidator to lay before the meeting an account showing
how the winding up has been conducted and the property of the
Company has been disposed of and give any explanation thereof.
A person is not entitled to attend the meeting unless he or she
is personally a creditor or a member or unless he or she holds a
proxy for a creditor or member.
It is requested that both proxies and proofs, duly completed, be
lodged at the office of Deloitte Touche Tohmatsu, Level 5, 62
Cavenagh Street (or GPO Box 4296) Darwin, Northern Territory no
later than April 8, 2005.
A person is not entitled to vote as a creditor at the meeting
unless he or she has lodged with the liquidator a proof of debt
which he or she claims to be due to him or her from the Company.
Dated this 28th day of February 2005
David J. Coates
Liquidator
ROBERT BOYD: Final Meeting Set April 8
--------------------------------------
Notice is given that a final meeting of members of Robert Boyd
Transport (Aust) Pty Ltd (In Voluntary Liquidation) A.C.N. 005
658 033 will be held at McGrathNicol+Partners, Level 11, 115
Grenfell Street, Adelaide, on April 8, 2005 at 10:00 a.m.
The purpose of the meetings is to receive the accounts showing
how the winding up has been conducted and the property of the
companies has been disposed of, and to receive any explanation
of the accounts.
The Company is a part of the K & S Corporation Limited Group of
Companies. This is a statutory notice advising of the final
meeting with respect to the winding up of this dormant Company.
Dated this 28th day of February 2005
M. J. Dwyer
Liquidator
c/- McGrathNicol+Partners
115 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8468 3700
Website: http://www.mcgrathnicol.com.au
ROCTONI PTY: Members Pass Resolution to Wind Up Company
-------------------------------------------------------
At an extraordinary meeting of the members of Roctoni Pty Ltd
(In Liquidation) A.C.N. 007 673 127 held on January 26, 2005,
the resolutions set out below were duly passed:
SPECIAL RESOLUTION
That the Company be wound up voluntarily pursuant to Section 491
of the Corporations Act 2001 and that the liquidator be hereby
authorized to make distributions in specie of the Company's
assets; and
ORDINARY RESOLUTION
That Rocco Giglio of 19 Fitzroy Terrace, Fitzroy SA 5082, be and
is hereby appointed to act as liquidator of the Company for the
purpose of such winding up.
Dated this 28th day of February 2005
Rocco Giglio
Liquidator
c/- Merchant Accounting Partners Pty Ltd
Level 1, 193 West Terrace,
Adelaide SA 5000
Telephone: (08) 8212 5866
SANTOS LIMITED: Pegs FUELS Dividend Rate at 5.25% per Annum
-----------------------------------------------------------
Santos Limited announced that the dividend rate for its Franked
Unsecured Equity Listed Securities (FUELS) will be 5.2862% per
annum for the dividend period from and including 31 March 2005
to 29 September 2005. (The next dividend period will be from 30
September 2005 to 30 March 2006 inclusive.)
After incorporating the value of expected franking credits, the
grossed-up dividend rate equates to 7.5517% per annum for the
dividend period.
According to the FUELS terms of issue, the non-cumulative
floating rate dividend on the FUELS, incorporating, on a
grossed-up basis, the value of franking credits, would be set at
a 1.55% gross margin above the 180 day bank bill swap rate for
the applicable dividend period.
This bank bill swap rate on the first day of the dividend period
(31 March 2005) was 6.0017%.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SONS OF GWALIA: Administrators Hand Over Gold Biz to St. Barbara
----------------------------------------------------------------
The administrators of Sons of Gwalia Limited have completed the
sale of the failed miner's gold division to St. Barbara last
week, reports the Australian Associated Press.
Earlier this month, St. Barbara agreed to pay AU$2 million in
cash to Gwalia, replace some AU$30 million in environmental
performance bonds and assume an additional AU$5.7 million in
performance bonds with the WA Department of Industry and
Resources. St. Barbara is backed by U.S.-based Resource Capital
Funds.
Joint administrator Andrew Love from Ferrier Hodgson said the
sale was a positive outcome for Gwalia's creditors and
stakeholders.
CONTACT:
Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/
SOUTHERN GROUP: Final Meeting Set April 8
-----------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Southern Group Caterers (Aust) Pty Ltd (In
Liquidation) A.C.N. 050 020 605 will be held in the offices of
PPB, Chartered Accountants, 10th Floor, 26 Flinders Street,
Adelaide in the State of South Australia, on the Friday, April
8, 2005, at 10:00 a.m.
AGENDA
(1) To receive the Liquidator's account showing how the winding
up has been conducted and the property of the Company disposed
of and explanations thereof in pursuance of section 509 of the
Corporations Act 2001.
Dated this 28th day of February 2005
M. C. Hall
Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800
SUN SKY: Lays Out Final Meeting Agenda
--------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
Sun Sky Moon Investments Pty Ltd (In Liquidation) (Sun Sky)
A.C.N. 072 694 181 will be held at the offices of PPB, Level 1,
5 Mill Street Perth WA, 6000 on Friday, April 8, 2005 at 10:00
a.m.
AGENDA
(1) To provide an account to the members and creditors of the
liquidation.
(2) For creditors to resolve to approve the Liquidators'
remuneration.
(3) To discuss any other matters that arise.
Dated this 8th day of March 2005
Cliff Rocke
Liquidator
TARMOOLA JOINT: Hires Liquidator from Ferrier Hodgson
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Tarmoola Joint Venture Pty Ltd (In Liquidation)
A.C.N. 076 871 657 held on February 24, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day it was resolved that for such
purpose, Garry Trevor, Andrew Love and Darren Weaver of Ferrier
Hodgson, Chartered Accountants, Level 26, 108 St George's
Terrace, Perth WA 6000 be appointed Joint & Several Liquidators.
Dated this 24th day of February 2005
Garry Trevor
Joint and Several Liquidator of Tarmoola Joint
Venture Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000
UNIDAY PTY: Meeting Set April 4
-------------------------------
Notice is hereby given that a meeting of the Members of Uniday
Pty Limited (In Liquidation) A.C.N. 000 432 146 will be held at
Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 on
April 4, 2005 at 10:00 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 April 4, 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 companies on completion of all duties.
(3) Any other business.
Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
ALL TIME CONSTRUCTION: To Exit Bankruptcy on September 12
---------------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Ng Kwong Sang trading
as All Time Construction Design Gallrt (the bankrupt), will be
discharged from its bankruptcy on September 12, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.
The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
Dated this 31st day of March, 2005
ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro
EY DESIGNS: To Emerge from Bankruptcy on September 19
-----------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Hung Ping Kuen trading
as EY Designs and Contracting Company (the bankrupt), will be
discharged from its bankruptcy on September 19, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.
The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
Dated this 31st day of March, 2005
ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax.: 3105 1814
Web site: http://www.info.gov.hk/oro
ISTEELASIA HOLDINGS: Still in Capital Restructuring Talks
---------------------------------------------------------
ISteelAsia Holdings Limited (8080) said that negotiations
between one of the substantial shareholders and a third party
with regards to certain possible capital restructuring and fund
raising exercise in the Company are still in progress, reports
Infocast News.
There is a possibility that a change of control in the Company
may result from the said restructuring.
As there is no assurance the transactions can proceed,
shareholders are advised to exercise caution when dealing in the
shares of the Company.
CONTACT:
ISteelAsia Holdings Limited
Room 4902-8
Hoppewell Centre
183 Queen'st Road East
Wanchai, Hong Kong
Phone: 28657106
Fax: 28650578
ISTEELASIA HOLDINGS: Explains Unusual Volume Movement
-----------------------------------------------------
ISteelAsia Holdings Limited have noted the recent increase in
price and trading volume of the shares of the Company and wish
to state that it is not aware of any reasons for such increase.
Save as disclosed in the announcement dated March 30, 2005, the
Company confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under Chapters 19 and 20 of the GEM Listing Rules,
neither is the board of Directors aware of any matter
discloseable under the general obligation imposed by rule 17.10
of the GEM Listing Rules, which is or may be of a price-
sensitive nature.
Made by the order of the Board, the Directors of which
collectively and individually accept responsibility for the
accuracy of this announcement.
By Order of the Board
Desmond Hay Ching Fu
Director and Chief Executive Officer
Hong Kong, 1st April 2005
As at the date of this announcement, the Board comprised Andrew
Cho Fai Yao (Chairman), Desmond Hay Ching Fu (being the
executive Directors), David Michael Faktor (being the non-
executive Director), Philip King Huen Ma, Kennedy Ying Ho Wong,
Kenny King Ching Tam (being the independent non-executive
Directors).
KIN HING: Exits Bankruptcy
--------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Cheung Chung Sum
trading as Kin Hing Polybags Factory (the bankrupt), will be
discharged from its bankruptcy on September 19, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.
The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
Dated this 31st day of March, 2005
ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax.: 3105 1814
Web site: http://www.info.gov.hk/oro
LEUNG CHI: Ends Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Leung Chi formerly
trading as Shing Hing Engineering Work Co. (the bankrupt), will
be discharged from its bankruptcy on September 10, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.
The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
Dated this 31st day of March, 2005
ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax.: 3105 1814
Web site: http://www.info.gov.hk/oro
TAK NGAR: Release from Bankruptcy Set September 12
--------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Hui Shing Tak trading
as Tak Ngar Interior Decoration & Design Co. (the bankrupt),
will be discharged from its bankruptcy on September 12, 2005, in
the absence of any objections from their trustee in bankruptcy
or creditors.
The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
Dated this 31st day of March, 2005
ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax.: 3105 1814
Web site: http://www.info.gov.hk/oro
VICTORY SECURITIES: Officer Guilty of Mishandling Securities
------------------------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Victory Securities Company Limited and its
responsible officer Ms. Kou Kuen Katerine for pledging clients'
securities without obtaining prior approval from clients, in
breach of the Securities and Futures (Client Securities) Rules.
An SFC investigation revealed that on two occasions in August
2003, Victory had pledged clients' securities to its bank
accounts in order to secure overdraft facilities provided by the
banks. Victory did so without the clients' knowledge and
without obtaining their prior approval.
Ms. Kou was the responsible officer of Victory in charge of the
overall administration and operation of the Company. The breach
by the Company was attributable to Kou.
Victory and Kou each pleaded guilty to two summonses on March
31, 2005 before Mr. Anthony Yuen, a Magistrate at Eastern
Magistracy.
CONTACT:
Victory Securities Limited
H.K. Office:
Rm 601-603 V-Heun Building
138 Queen's Road,C.,HK
Phone: 25252437
Fax: 28107616
Kowloon Office:
3/F., Granville House
41C-D Granville Rd., TST.
Phone: 23683068
Fax: 23167684
YUXING INFOTECH: Chairman Arrested in China
-------------------------------------------
The board of directors of Yuxing InfoTech Holdings Limited and
together with its subsidiaries, (the Group) noted various
newspaper articles on March 30, 2005 in relation to the
detainment of the Chairman of the Company, Mr. Zhu Wei Sha, by
the Guangdong Province authorities in the People's Republic of
China (PRC) in connection with an investigation into the
possible embezzlement of funds by the Jianlibao Group.
So far as the Directors are aware, Mr. Zhu had an indirect
interest of approximately 14.6% in Guangdong Jianlibao Group
Company Limited through his approximately 9% holdings in Sanshui
Zheng Tian Technology Investment Company Limited, which
indirectly holds approximately 52.5% interests in Guangdong
Jianlibao and his 30% holdings in CASA Ltd., which holds about
32.8% interests in Guangdong Jianlibao.
The Directors wish to state that it has been informed that Mr.
Zhu has been detained by the Foshan Police Offices. As the
matter is under investigation by the PRC authorities, the
Company is not in a position to comment further. The Directors
have appointed Mr. Chen Fu Rong as provisional President and
deputy Chairman of the board temporarily in place of Mr. Zhu.
The Directors (excluding the independent non-executive
Directors) emphasize that the detainment of Mr. Zhu will not
materially affect the operations of the Group. A further
announcement, if necessary, will be published.
Mr. Zhu, aged 50, is a co-founder of the Group and has been the
chairman of the board and the president of the Group since 1996.
He graduated from the Department of Automatic Control of the
Beijing Industrial University with a bachelor degree in
engineering. He had worked at the Beijing Machinery Electronic
Research Institute and the Industrial Economic Research
Department of the China Social Science Institute and as the
legal representative and general manager of the Beijing
Shanchuan Jinji Technology Company.
He is a committee member of the Political Consultative Committee
and Democracy and Constructive Alliance in Beijing. Mr. Zhu has
extensive experience and insights in corporate management and
operation as well as solid technological background. He also has
an in-depth understanding of the growth of a corporation by
combining the concept of both capital investment and business
operation.
He has accumulated years of successful experience in this
regard. Mr. Zhu is a director and a shareholder of Super Dragon
Co., Ltd., which is interested in 41.25% of the share capital of
the Company.
Mr. Chen, aged 44, is a co-founder of the Group and has been a
vice president of the Group since 1996. He graduated from the
Department of Automatic Control of the Beijing Industrial
University with a bachelor degree in engineering. He had worked
at the Industrial Economic Research Department of the China
Social Science Institute and Beijing Machinery Electronics Co.
and has extensive experience in computer hardware design and
management of research and development activities.
Mr. Chen possesses 12 years of experience in research and
development and engineering management. Mr. Chen is the
executive president of Sheng Bang, which is a wholly owned
subsidiary of the Group and is a director and a shareholder of
Super Dragon Co., Ltd.
Both Mr. Zhu and Mr. Chen entered into service contracts dated
October 7, 1999 with the Company for a term of three years
subject to automatic renewal upon expiry. Mr. Zhu and Mr. Chen
is entitled to director's emoluments of approximately HK$35,000
and HK$11,000 per month respectively. Neither Mr. Zhu nor Mr.
Chen is entitled to discretionary bonus based upon their
performance.
Save for Mr. Zhu's and Mr. Chen's interests in 41.25% of the
share capital of the Company through their respective interests
in Super Dragon Co., Ltd., neither Mr. Zhu nor Mr. Chen has any
interests in shares of the Company within the meaning of Part XV
of the Securities and Futures Ordinance.
They are not related to any other directors, senior management,
management shareholders, substantial shareholders or controlling
shareholders of the Company. Save as disclosed in this
announcement, there are no other matters, which need to be
brought to the attention of the Shareholders in respect of the
re-designation of Mr. Zhu and Mr. Chen. Directors At the date of
this announcement, the Directors of the Company are:
Mr. Zhu Wei Sha - Chairman
Mr. Chen Fu Rong - Executive Director (Deputy Chairman)
Mr. Shi Guang Rong - Executive Director
Mr. Wang An Zhong - Executive Director
Mr. Wu Jia Jun - Non-executive independent Director
Mr. Zhong Peng Rong - Non-executive independent Director
Ms. Shen Yan - Non-executive independent Director
By the order of the board
Yuxing Infotech Holdings Limited
Chen Fu Rong
Deputy Chairman
Shenzhen, the PRC, 30th March 2005
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Clarifies Role in Advertising Program
-------------------------------------------------------
PT Garuda Indonesia claimed that it has no part in the
circulation of a proposal to publish joint advertisements in
newspapers, reports the Jakarta Post.
According to Garuda corporate communications head Pujobroto,
the Company has never undertaken in any partnership program to
congratulate new Garuda president director Emirsyah Satar and
new board chairman Abdulgani.
The Company issued the clarification in answer to questions from
its business partners regarding the "truth" about a partnership
ads proposal issued by a certain "Joint Ads Publication
Coordinator" that carries the Garuda logo without any address.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com
MERPATI NUSANTARA: Resumes Flights to Nias
------------------------------------------
PT Merpati Nusantara Airlines resumed flights from Medan to
Gunung Sitoli, Nias after a temporary stop in its flights due to
the recent earthquake in the area of Nias, Antara News reports.
The Company secretary, Jaka Pujiyono said they will reopen the
route today since authorities in the Gunung Sitoli airport gave
the go signal for planes to land in the airport.
The Company is planning to increase the frequency of its flights
to Sibolga, depending on demand. The planes used to service this
route are CN-235 planes with a 33 person seating capacity, with
20 kilograms baggage per person.
CONTACT:
Merpati Nusantara Airlines
Telephone: +61 (0) 8 8941 1606
Web site: http://www.merpati.co.id
=========
J A P A N
=========
JAPAN AIRLINES: Introduces Domestic Bargain Fare
------------------------------------------------
Travelers can take advantage of the JAL Group's discount economy
class `Bargain Fares', enabling them to travel at very low rates
on some 115 routes within Japan, on specific days.
JAL makes regular advance announcements for these special low
fares. Fares for July or September 2005 have been set and the
periods for reservations have also been fixed. Owing to the
popularity of previous `Bargain Fares', the number of departures
dates has been extended to 18, including weekends.
For full details including terms and conditions please visit
http://www.jal.co.jp/dom/fare/.
For reservations please go to www.jal.co.jp/5971/ or call us on
our dedicated `Bargain Fare` telephone reservation number: 0120
25 7450
Travellers resident in countries outside Japan who would like
information on suitable domestic discount economy fares, please
visit: http://www.jal.co.jp/yokosojapan/.
This is a Company press release.
JAPAN AIRLINES: Expects JPY27 Bln Net Profit This Fiscal Year
-------------------------------------------------------------
Japan Airlines group is struggling to put its safety management
and business performance back on track, reports the Asahi
Shimbun.
The airline underwent an inspection by the Civil Aviation Bureau
on Monday after reporting a series of mishaps.
The aviation bureau has demanded that the airline by mid-May
submit a report on specific measures it has applied to prevent
further problems.
The JAL group, partly because of surging jet fuel prices,
incurred a consolidated net loss of about 89 billion yen in
fiscal 2003 and suspended dividend payments.
For the current fiscal year ending Thursday, the group forecasts
a net profit of 27 billion yen, but an analyst attributes the
improvement largely to changes to the retirement allowance
system and other accounting procedures.
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
FUJITSU HITACHI: METI Approves Restructuring Plan
-------------------------------------------------
The business restructuring plan submitted by Fujitsu Hitachi
Plasma Display Ltd. on March 23, 2005, was evaluated pursuant to
Article 3, Paragraph 6 of the Law on Special Measures for
Industrial Revitalization, and found to fulfill the business
structure modification requirements of Article 2, Paragraph 2,
Clause 1, and business innovation requirements of Clause 2.
The Ministry of Economy, Trade and Industry consequently
approved the plan on March 28.
CONTACTS:
Ministry of Economy, Trade and Industry
Consumer Policy Division
Phone: +81-3-3501-1905
Fax: +81-3-3580-6407
E-mail: qqjcbbc@meti.go.jp
Fujitsu Hitachi Plasma Display Limited
Kanagawa Science Park
2-1 Sakado 3
Takatsu-ku, Kawasaki-shi
Kanagawa-ken, Japan
GS YUASA: JCR Downgrades LTD/CP Ratings to BB+/J-3
--------------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the long-term debts and CP program of GS Yuasa Corporation from
BBB- and J-2 to BB+ and J-3, respectively.
Yen CP Maximum Backup Line
Y30 billion 0%
Rationale:
GS Yuasa is a holding Company established on April 1, 2004 with
Yuasa and Japan Storage Battery being merged. GS Yuasa was
forced to revise the earnings forecasts for fiscal 2004 ending
March 31, 2005 twice due to rise in price of raw materials and
the lowered capacity utilization associated with consolidation
of production sites.
It estimates that the pretax profit before extraordinary items
will be zero and that it will incur a net loss of 8 billion yen.
The earnings will be lowered further. There has been much room
for improvement in the financial structure.
The financial ratios such as ratio of capital to total assets
are poor. There is room for restructuring, given delay in
realization of synergy arising from integration. However, JCR
downgraded the ratings for GS Yuasa, taking into account the
poor earnings and weak financial structure on the back of severe
business environment. GS Yuasa should strengthen the earnings
power through drastic measures in an urgent manner.
CONTACT:
GS Yuasa Corporation
Kyoto Head Office
Nippon Seimei Shijo Bldg.,
60 Tachiurinishimachi,
Higashiiru Higashino Toin,
Shijodori, Shimogyo-ku, Kyoto
600-8007, Japan
Phone: 81-75-253-3800
Fax: 81-75-253-3801
Tokyo Head Office
(Shiba-koen Tower) 2-11-1
Shiba-koen, Minato-ku
Tokyo 105-0011, Japan
Phone: 81-3-5402-5800
Fax: 81-3-5402-1828
JASUTO K.K.: Files for Bankruptcy
---------------------------------
Jasuto K.K. has begun bankruptcy proceedings with total
liabilities of US$29.91 million, says Teikoku Databank America.
The ceramics manufacturer is located in Fujisawa-shi, Kanagawa
252-0815 ($29.91)
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
KANAYA HOTEL: Reaches Debt Purchase Agreement
---------------------------------------------
Following its approval on February 3, 2005 of an application for
assistance by Kanaya Hotel Kanko K.K. under Article 22, Clause 3
of the Industrial Revitalization Corporation Act of 2003, the
Industrial Revitalization Corporation of Japan (IRCJ) on March
25, 2005, under Article 25, Clause 1 of the same act, reached an
agreement with financial institutions on the purchase of debt
owed by Kanaya Hotel Kanko.
Note:
This agreement on the purchase of debt means that agreement has
been reached between the necessary financial institutions and
the IRCJ in respect of either a) sale of debt by the financial
institutions concerned to the IRCJ at market price
or b) financial support by the financial institutions concerned
(for example debt forgiveness while continuing to hold the
balance of debt, debt equity swaps, etc.). Any decision by the
IRCJ to purchase the debt of companies it has approved for
assistance is only made at a point when it is evident that the
revitalization plan of the business concerned can be progressed
as planned.
1. Name(s) of Company concerned
Kanaya Hotel Kanko K.K.
2. Amount of debt to be purchased
(Million yen)
Principal value of total debt 6,809 (A)
Principal value of debt to be 43 (B)
purchased as per note a) above
Principal value of debt for which 6,766
financial support to be provided
by financial institutions (A-B)
as per note b) above
Note:
The actual amount of debt purchased may change between this
announcement and completion of the purchase.
3. Amount of financial assistance
Debt forgiveness: 4,901 million yen
Note:
Unchanged from time of decision to support
4. Schedule
A capital increase is scheduled for May 2005.
5. Comment from the state ministers in charge of the Industrial
Revitalization Corporation of Japan
None expressed.
Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the government ministers in charge of the IRCJ.
6. Treatment of trade and other creditors
The agreement on the purchase of debt as outlined above is an
agreement between relevant financial institutions and the IRCJ;
there will continue to be no effect on the claims of trade and
other creditors.
For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437
About the IRCJ
The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp
KYOWA HAKKO: METI Authorizes Changes to Restructuring Plan
----------------------------------------------------------
Changes to the business restructuring plan submitted by Kyowa
Hakko Kogyo Co., Ltd. were evaluated and found to fulfill the
requirements of the Law on Special Measures for Industrial
Revitalization.
The Ministry of Economy, Trade and Industry consequently
approved the changes on March 29.
CONTACT:
Kyowa Hakko Kogyo
1-6-1 Ohtemachi, Chiyoda-ku
Tokyo 100-8185, Japan
Phone: +81-3-3282-0007
Fax: +81-3-3284-1968
MATSUSHITA ELECTRIC: Launches Car Electronics Companies in China
----------------------------------------------------------------
Panasonic, the leading brand by which Matsushita Electric
Industrial Co., Ltd. is known, launched its first car navigation
system into the Chinese market. In the midst of fast-paced
economic growth in China, the number of car owners is increasing
along with interest in sophisticated in-car electronic equipment
including car navigation systems. Featuring the first
"bilingual" voice guidance in the industry, the Strada CN-D100H
is suitable to car owners across China. With this new car
navigation system, Panasonic aims to attract car owners far and
wide in China.
The CN-D100H supports Mandarin and Cantonese, the two most
common Chinese dialects. Cantonese is spoken in Guangdong and
neighboring provinces. Guangdong Province, a manufacturing
center of the country, has been experiencing rapid economic
growth led by such key cities as Shenzhen. The city, located at
the border of Hong Kong, is one of the first regions to benefit
from economic freedoms. With many affluent car owners, demand
for car navigation systems is expected to grow in the province.
The CN-D100H comes with a DVD containing a vast amount of search
data and road maps. The disc holds route maps of four
municipalities under the direct control of the central
government, Beijing, Shanghai, Tianjin and Chongqing, and 16
provinces. It also stores 142,000 points of interest including
restaurants, hotels, and public places and 31,000 address data.
When connecting with Panasonic's in-dash monitor via RGB cord,
maps can be displayed more vividly in detail.
Panasonic's DVD navigation system offers a safer and more
pleasant driving experience as well as entertainment in the car.
When used with a DVD changer and a rear monitor, rear seat
passengers can enjoy complete in-car audio and visual
entertainment. The new system can also be connected to an
existing TV monitor in the car.
The CN-D100H will be available in China at an expected retail
price of 12,000 yuan* on March 30, 2005. The Company plans to
manufacture 1,000 units of the model every month. In China, the
car navigation systems will be marketed under the name of
Strada, which was introduced in Japan in July 2003.
About Panasonic
Best known by its Panasonic brand name, Matsushita Electric
Industrial Co., Ltd. is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated net sales of US$71.92 billion
for the year ended March 31, 2004. The Company's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext
Amsterdam and Frankfurt stock exchanges. For more information on
the Company and the Panasonic brand, visit the Company's website
at http://panasonic.co.jp/global/index.html.
MEDIA CONTACTS:
Mike Kitadeya / Karl Takahashi
International PR
Tel: +81-6-6949-2293
Fax: +81-6-6949-2255
Panasonic News Bureau
Phone: +81-3-3542-6205
Fax: +81-3-3542-9018
MISAWA HOMES: Unveils Issuance of Shares
----------------------------------------
UFJ Holdings, Inc. hereby gives notice that the terms and
conditions of new share issuance by Misawa Homes Holdings, Inc.
subscribed by UFJ Bank Limited have been determined. The
subscription is a part of the financial assistance announced on
December 28, 2004.
1. Outline of the Subscription by UFJ Bank
Amount : JPY19,999,998,000
Type of Shares : Preferred shares
Form of Subscription : Debt-for-equity swap for the
loans extended to Misawa Homes
Holdings
Subscription Date : Early June 2005
The above subscription shall be conditional upon the approval
for the necessary change in the articles of incorporation at the
extraordinary shareholders meeting of Misawa Homes Holdings to
be held in late April 2005.
2. Impact on Earnings of UFJ
There is no change to the current forecasts of UFJ's
consolidated and non-consolidated financial results for the
fiscal year ending March 31, 2005.
CONTACT:
Misawa Homes Co. Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/
MISAWA HOMES: IRCJ Reaches Debt Purchase Deal
---------------------------------------------
Following its approval on December 28, 2004 of an application
for assistance by Misawa Homes Holdings, Inc and related group
companies (Misawa Group) under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003 on March 25,
2005, under Article 25, Clause 1 of the same act, reached
agreement with financial institutions on the purchase of debt
owed by Misawa Group.
Note:
This agreement on the purchase of debt means that agreement has
been reached between the necessary financial institutions and
the IRCJ in respect of either a) sale of debt by the financial
institutions concerned to the IRCJ at market price or b)
financial support by the financial institutions concerned (for
example debt forgiveness while continuing to hold the balance of
debt, debt equity swaps, etc.). Any decision by the IRCJ to
purchase the debt of companies it has approved for assistance is
only made at a point when it is evident that the revitalization
plan of the business concerned can be progressed as planned.
1. Name(s) of Company concerned
Misawa Homes Holdings, Inc. and 30 related group companies (see
attached)
2. Amount of debt to be purchased
(Million yen)
Principal value of total debt 294,152 (A)
Principal value of debt to be purchased 48,480 (B)
as per note a) above
Principal value of debt for which 245,672
financial support to be provided (A-B)
by financial institutions as per note
b) above
Note:
The actual amount of debt purchased may change between this
announcement and completion of the purchase.
3. Amount of financial assistance
Debt forgiveness: 120.0 billion yen
DES total: 20.0 billion yen
Cancellation of preferred shares: 108.0 billion yen of preferred
shares
Notes:
1. Unchanged from time of decision to support
2. The above figure may change between this announcement and
completion of the debt purchase due to factors such as the sale
of collateral.
4. Schedule
There will be an extraordinary general meeting of shareholders
in April 2005.
5. Comment from the state ministers in charge of the Industrial
Revitalization Corporation of Japan
None expressed.
Note on comments from ministers:
The IRCJ is a quasi-governmental organization. As such the IRCJ
is required to obtain comments about decisions to assist
private-sector companies from the government ministers in charge
of the IRCJ.
6. Treatment of trade and other creditors
The agreement on the purchase of debt as outlined above is an
agreement between relevant financial institutions and the IRCJ;
there will continue to be no effect on the claims of trade and
other creditors.
About the IRCJ
The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp
List of 31 companies included in application for support Misawa
Homes Holdings, Inc.
Misawa Homes Co., Ltd.
Misawa Homes Hokkaido Co., Ltd.
Misawa Homes Kitanihon Co., Ltd.
Tohoku Misawa Homes Co, Ltd.
Misawa Homes Fukushima Co., Ltd.
Misawa Homes Shin-Etsu Co., Ltd.
Misawa Homes Higashi-kanto Co., Ltd.
Misawa Homes Nishi-Kanto Co., Ltd.
Homing Saitama Co., Ltd.
Misawa MG Kensetsu Co., Ltd.
Misawa Homes Tokyo Co., Ltd.
Misawa Homes Shizuoka Co., Ltd.
Misawa Homes Toukai Co., Ltd.
Mie Misawa Kensetsu Co., Ltd.
Misawa Homes Kinki Co., Ltd.
Awaji Misawa Homes Co., Ltd.
Misawa Homes Chugoku Co., Ltd.
Misawa Homes San-in Co., Ltd.
Misawa Homes Kyushu Co., Ltd.
K.K. Misawa Techno
Toyama Jyutaku Kogyo K.K.
Shikoku Jyutaku Kogyo K.K.
Mother Earth K.K.
Techbuild K.K.
Misawa Real Estate Co, Ltd.
K.K. Biruzugaden Sapporo
K.K. Kokusai Koutou Kenkyujyo
Kyushu Land Kaihatsu Co., Ltd.
Setouchi Resort K.K.
Misawa Finance K.K.
For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437
MITSUI BUSSAN: METI OKs Restructuring Scheme
--------------------------------------------
The business restructuring plan submitted by Mitsui Bussan Coil
Center Co., Ltd. on March 23, 2005, was evaluated pursuant to
Article 3, Paragraph 6 of the Law on Special Measures for
Industrial Revitalization, and found to fulfill the business
structure modification requirements of Article 2, Paragraph 2,
Clause 1, and business innovation requirements of Clause 2.
The Ministry of Economy, Trade and Industry consequently
approved the plan on March 30.
MIYAZAKI KOTSU: Issues Debt Purchase Deal
-----------------------------------------
Following its approval on January 18, 2005 of an application for
assistance by Miyazaki Kotsu Co., Ltd. under Article 22, Clause
3 of the Industrial Revitalization Corporation Act of 2003, the
Industrial Revitalization Corporation of Japan (the IRCJ) on
March 25, 2005, under Article 25, Clause 1 of the same act,
reached agreement with financial institutions on the purchase of
debt owed by Miyazaki Kotsu.
Note:
This agreement on the purchase of debt means that agreement has
been reached between the necessary financial institutions and
the IRCJ in respect of either a) sale of debt by the financial
institutions concerned to the IRCJ at market price
or b) financial support by the financial institutions concerned
(for example debt forgiveness while continuing to hold the
balance of debt, debt equity swaps, etc.). Any decision by the
IRCJ to purchase the debt of companies it has approved for
assistance is only made at a point when it is evident that the
revitalization plan of the business concerned can be progressed
as planned.
1. Name(s) of Company concerned
Miyazaki Kotsu Co., Ltd. Miyazaki Chuo Unrin Co., Ltd.
Miyazaki Taxis Co., Ltd. Miyazaki Kanko Hotel Co., Ltd.
Miyazaki Air-Line Hotel Co., Ltd. Aoshima Resort Co., Ltd.
Miyazaki City Miyazaki Trading Co., Ltd.
Miyazaki Building Service Co., Ltd. Miyazaki Restaurants Co.,
Ltd.
Miyazaki Tourism Development Business
Cooperative
2. Amount of debt to be purchased
(Million yen)
Principal value of total debt 50,606 (A)
Principal value of debt to be
purchased as per note a) above 33,250 (B)
Principal value of debt for
which financial support
to be provided by financial
institutions as per note b) above 17,356 (A-B)
Note:
The actual amount of debt purchased may change between this
announcement and completion of the purchase.
3. Amount of financial assistance
Debt forgiveness: 24,267 million yen
DES total: 500 million yen
Note:
Due to factors such as greater gains than expected from the sale
of assets, this figure has decreased slightly from the amount of
approximately 24.4 billion yen announced at the time of decision
to support.
4. Schedule
Debt purchase will be implemented in May 2005 and a capital
increase is scheduled for June 2005.
5. Comment from the state ministers in charge of the Industrial
Revitalization Corporation of Japan
None expressed.
Note on comments from ministers:
The IRCJ is a quasi-governmental organization. As such the IRCJ
is required to obtain comments about decisions to assist
private-sector companies from the government ministers in charge
of the IRCJ.
6. Treatment of trade and other creditors
The agreement on the purchase of debt as outlined above is an
agreement between relevant financial institutions and the IRCJ;
there will continue to be no effect on the claims of trade and
other creditors.
About the IRCJ
The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp
For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437
TOKAI ALUMINUM: METI Approves Business Restructuring
----------------------------------------------------
The business restructuring plan submitted to the Ministry of
Economy, Trade and Industry (METI) by Tokai Aluminum Foil Co.,
Ltd. was approved on March 25. Debt forgiveness by the Bank of
Yokohama, debt-for-equity swaps, and new stock allocation from
Nippon Light Metal Co., Ltd. are planned in order to improve the
Company's finances.
Increased profitability is also being sought through
restructuring management and developing new products.
This METI announcement is dated March 28, 2005.
TOKYO KOKUSAI: Begins Bankruptcy Proceedings
--------------------------------------------
Tokyo Kokusai Kantori Kurabu K.K., a firm that operates golf
courses, has entered bankruptcy with total liabilities of
US$112.15 million, says Teikoku Databank America.
The Company, based in Chuo-ku, Tokyo 104-0061, has total
liabilities of US$112.15 million.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
TOKYOFASSHONTAUN K.K.: Enters Bankruptcy
----------------------------------------
Tokyofasshontaun K.K. has entered bankruptcy with total
liabilities of US$1.3 billion, says Teikoku Databank America.
The office space leasing firm is based in Koto-ku, Tokyo 135-
0063
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
=========
K O R E A
=========
CHOHUNG BANK: Shinhan Bank Aims to Boost Merger Efforts
-------------------------------------------------------
Shinhan Bank said that it should increase its efforts in order
to merge with Chohung Bank, reports Asia Pulse.
Shinhan Bank is an affiliate of Shinhan Financial Group Co.,
which owns a controlling stake in Chohung Bank. According to
bank head Shin Sang-hoon, many shareholders were interested in
merging the two companies in last month's shareholders' meeting.
Employees were encouraged to work even harder, in order to
provide different products and services to make them more
attractive.
Chohung Bank, Shinhan Bank and others are set to compete this
year with foreign banks such as Citigroup Inc., that are
planning to expand operations in Asia.
CONTACT:
Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr
JINRO LIMITED: Hite Brewery Offers Highest Bid
----------------------------------------------
In a takeover sale to buy troubled soju maker Jinro Limited,
industry sources said that the consortium led by Hite Co.
offered the highest bidding price for the firm, reports Asia
Pulse.
According to an unnamed Company official, Hite Co. provided
funds up to KRW700 billion through issuing convertible bonds,
and it had a high debt-t-equity ratio of 103%, gaining an
advantageous position in the auction.
Jinro Limited, which is now in court protection, is set to
choose a preferred bidder this week, and hopes to conclude the
sale in July this year.
CONTACT:
Jinro Limited
1448-3 Seocho-dong
Seocho-gu
Jinro Bldg
Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax: +82 2 520 3453
Web site: http://www.jinro.co.kr/
===============
M A L A Y S I A
===============
BELL & ORDER: Court Orders Meeting with Creditors
-------------------------------------------------
Bell & Order Berhad announced that the High Court of Malaya
granted an Order allowing the Company to hold a meeting with its
scheme creditors for a time period of 90 days from March 25,
2005, to consider a Proposed Scheme of Arrangement.
The Court Order stipulates the following:
1. Written Notice of the Court-ordered Scheme Meeting, which
encloses a copy of the Explanatory Statement on the Proposed
Composite Scheme of Arrangement with the form of proxy, must be
sent by registered post or ordinary post to Scheme Creditors at
their last address known to the Company or at the address for
service of their solicitors at least twenty one (21) days before
the Scheme Meeting ordered by Court pursuant to Section 177(1)
of the Companies Act 1965;
2. Written Notice on the Court-ordered Scheme Meeting stating
state how the Explanatory Statement on the Proposed Composite
Scheme of Arrangement may be obtained is published once in
Bahasa Malaysia in Berita Harian and in English Language in The
Star at least 21 days before the Scheme Meeting is carried out;
3. Written Notice of the Court-ordered Scheme Meeting shall be
deemed effected and served on the Scheme Creditors upon posting
by registered post or ordinary post and publication in Berita
Harian and The Star, whichever is later;
4. Mr. James Khong Poh Wah, or failing him, Dato' Abdul Rahman
Bin Mohammed Hashim, be appointed as Chairman of the meeting
between the Company and the Scheme Creditors, which will be
conducted by the Court to approve the said Proposed Scheme and
report to the Court on the proceedings and/or the results of the
Scheme Meeting;
5. Mr. James Khong Poh Wah, or failing him, Dato' Abdul Rahman
Bin Mohammed Hashim, both currently are the directors of the
Company, be appointed and given the liberty to act as Directors
of the Company pursuant to the provision of Section 176(10A)(d)
of the Companies Act 1965;
6. All Court proceedings, actions and/or further proceedings in
any action or proceedings or arbitration or winding-up
proceedings or any execution of judgments or actions against the
Company by any person and/or creditor (including without
limitation to Scheme Creditors whether by themselves or their
servants or their agents or involved as a party in this
proceeding or not) is/are hereby restrained and inhibited except
by leave of the Court for 90 days from the date of this
Restraining Order;
7. A photostated copy of the Restraining Order be served to the
Company's creditors including without limitation the Scheme
Creditors by registered post or ordinary post at the their
address last known to the Company and the Restraining Order be
deemed duly served upon posting by the said registered post or
ordinary post or the service of the said Restraining Order be
deemed duly served to all the Company's creditors, including
without limitation the Scheme Creditors upon its publication in
Berita Harian and The Star;
8. The Company should be at liberty to make further application
to the Court for further directions as deemed proper and fit.
9. The costs of the Application should be borne by the Company.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
BUKIT KATIL: Discloses February Production Figures
--------------------------------------------------
In accordance with Paragraph 9.29 of the Bursa Malaysia
Securities Berhad Listing Requirements, Bukit Katil Resources
Berhad published the Company's production figures for February
this year, with respect to oil palm production:
Current Preceding Current Preceding
Month Year Year to Year
(Feb 2005) Corresponding Date Corresponding
Period (Feb 2005) Period
(Feb 2004) (Feb 2004)
FFB (mt) 579.00 500.11 4,446.10 5,311.00
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
CONSOLIDATED FARMS: Posts Fourth Quarter FY05 Results
-----------------------------------------------------
Consolidated Farms Berhad released its unaudited report for the
financial period ended Jan. 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/01/2005
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
1,102 16,574 10,477 68,220
2 Profit/(loss) before tax
-5,808 -8,393 -44,695 -18,594
3 Profit/(loss) after tax and minority interest
-5,782 -6,288 -42,859 -15,407
4 Net profit/(loss) for the period
-5,782 -6,288 -42,859 -15,407
5 Basic earnings/(loss) per shares (sen)
-27.67 -30.09 -205.09 -73.72
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)
-2.0200 -0.2700
To view a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_consolidatedf040105.xls
http://bankrupt.com/misc/tcrap_consolidatedf040105.doc
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Phone: 03-23001199
Fax: 03-23002299
HONG LEONG: Unit's Transfer of Shares Completed
-----------------------------------------------
Hong Leong Industries Berhad (HLI) announced that the Ministry
of International Trade and Industry has approved the proposed
transfer of the shares of Company subsidiary Guolene Packaging
Industries Berhad in Guolene Paper Products Sdn Berhad and
Guolene Plastic Products Sdn Berhad to the Company.
The proposed transfers were completed on March 31, 2005.
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
INNOVEST BERHAD: Asks SC to Reconsider Proposed Restructuring
-------------------------------------------------------------
Innovest Berhad submitted an appeal to the Securities Commission
(SC) on March 24, 2005, to reconsider the Company's application
for its proposed restructuring scheme.
The appeal is pending the approval of the SC.
CONTACT:
Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2093 3373
Fax: +60 3 2094 3733
JASATERA BERHAD: Discloses FY05 Fourth Quarter Results
------------------------------------------------------
Jasatera Berhad disclosed its unaudited report for the
financial period ended Jan. 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/01/2005
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 3,078 0 12,048
2 Profit/(loss) before tax
-13,704 -3,279 -29,204 -11,007
3 Profit/(loss) after tax and minority interest
-13,704 -3,279 -29,204 -11,007
4 Net profit/(loss) for the period
-13,704 -3,279 -29,204 -11,007
5 Basic earnings/(loss) per shares (sen)
-68.59 -16.41 -146.17 -55.09
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)
-8.1800 -6.7100
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_jasatera040105.xls
http://bankrupt.com/misc/tcrap_jasatera040105.doc
CONTACT:
Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax: 603-7332607
LITYAN HOLDINGS: To Settle Defaults, Focus on Core Businesses
-------------------------------------------------------------
Lityan Holdings Berhad (LHB) released an update on the default
status of its credit facilities by its subsidiaries as at March
31, 2005. The Company is currently disposing of its non-core
investments and non-operating assets, in order to generate cash
flow to settle its defaults and redeem its loans.
Table A, which contains details of the Company's defaults, can
be viewed at:
http://bankrupt.com/misc/tcrap_lityan040105.doc
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2,40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
NAUTICALINK BERHAD: Unveils Proposed Restructuring Details
----------------------------------------------------------
Nauticalink Berhad announced that the Company has executed the
following:
(i) An extension letter duly executed on March 31, 2005 between
Kosmo Technology Industrial Berhad (KTIB) and Kosmo Seraya Sdn
Bhd to extend the cut-off date for the satisfaction of the
conditions as set out in the Share Sale Agreement dated June 6,
2003, as amended by the Supplemental Share Sale Agreement dated
Aug. 7, 2003, the Second Supplemental Share Sale Agreement dated
April 13, 2004 and the Third Supplemental Share Sale Agreement
dated June 4, 2004 between KTIB and Kosmo, to July 31, 2005; and
(ii) An extension letter duly executed on March 31, 2005 between
Cadpro Classic Sdn Bhd (CCSB) and Hexariang Sdn Bhd to extend
the cut-off date for the satisfaction of the conditions as set
out in the Disposal Agreement dated Aug. 7, 2003 and as amended
by the Supplemental Disposal Agreement dated June 4, 2004
entered into between Hexariang and CCSB for the proposed
disposal of Nagatrend Plastics Painting Services Sdn Bhd, to
July 31, 2005.
Further developments in relation to the Proposed Restructuring
Scheme will be announced to the Bursa Malaysia Securities Berhad
in due course.
CONTACT:
Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax: 03-40431058
OCEAN CAPITAL: SC Withdraws Approval of Proposed CRE
----------------------------------------------------
Ocean Capital Berhad announced that the Company received a
letter dated March 29, 20005 from the Securities Commission
(SC), to withdraw the Commission's approval of a proposed
corporate restructuring exercise between Ocean Capital Berhad
and PHK Superstore Berhad, which was previously approved by the
SC last May 13, 2004.
CONTACT:
Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200 Kuala Lumpur
Malaysia
Phone: 03-21480700
Fax: 03-21454825
PADIBERAS NASIONAL: Granted Listing of Additional Shares
--------------------------------------------------------
Padiberas Nasional Berhad's additional 286,500 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Tuesday, April 5, 2005, 9:00 a.m.
CONTACT:
Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/
PANGLOBAL BERHAD: Sees No Change in Default Status
--------------------------------------------------
In accordance with Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Reuqirements, Panglobal Berhad
announces that there is no new development to its PN4 status
since its previous monthly announcement on March 1, 2005.
CONTACT:
Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977
PAN MALAYSIA: Buys Back 150,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 31,
2005.
Date of buy back: 31/03/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 150,000
Minimum price paid for each share purchased (RM): 0.375
Maximum price paid for each share purchased (RM): 0.390
Total consideration paid (RM): 57,602.45
Number of shares purchased retained in treasury
(units): 150,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 21,135,500
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Corporation Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 6722
Fax: +60 3 2031 1299
PILECON ENGINEERING: Default Status Remains the Same
----------------------------------------------------
Further to the announcement dated Feb. 28, 2005, Pilecon
Engineering Berhad announces that in accordance with Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, there has been no change to the Company's default
status since that time.
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-1888
POS MALAYSIA: To List Additional 130,000 Shares
-----------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 130,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Employee share Option Scheme will be granted listing and
quotation effective Wednesday, April 6, 2005, 9:00 a.m.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
PROMTO BERHAD: Seeks SC Approval on Proposed Restructuring Plan
---------------------------------------------------------------
Promto Berhad refers to its announcement dated Dec. 1, 2004,
where the Company would file an application to the Securities
Commission for the approval of its Proposed Restructuring
Scheme, within four months from the date of the announcement.
The Company is currently finalizing its application to relevant
authorities, but is delayed in finalizing the necessary reports
to be included in the application. The Company plans to submit
its application to the SC by the end of the month.
TENCO BERHAD: Still No Change in Default Status
-----------------------------------------------
Tenco Berhad announced that there are no further developments to
the Company's default status in its payment to lenders, as was
previously announced on Feb. 28, 2005.
CONTACT:
Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax: (60) 3 541 0132
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Expects to Open Toledo Mine by Year-end
-----------------------------------------------------------
Atlas Consolidated Mining and Development Corporation is looking
to start operating its Toledo copper mine by the end of 2005,
according to The Manila Bulletin.
The mining Company has been firming up investment talks with a
British Company to reopen the copper mine located in Toledo
City, Cebu this year.
The negotiations are aimed at producing an initial 20,000 tons
of copper ore at the Toledo mine, which is left with a mine life
of 12 years after having operated for around 30 years.
Atlas' Toledo prospect are found in three known copper orebodies
which are Lutopan, Carmen, and Biga and have an estimated
reserve of 881 MT of 41 percent copper. Coupled with the
investments is a plan to explore higher grade ores some of which
are believed to be hidden in areas west of the Carmen-Lutopan
mine site.
Atlas Consolidated has been looking at a US$171 million
investment in the Toledo mine.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
BACNOTAN CONSOLIDATED: Eyes Investment in Medical Sector
--------------------------------------------------------
Bacnotan Consolidated Industries Inc. is considering entering
the medical services business as part of a program to expand
into the services sector, The Philippine Daily Inquirer says.
The Company has started conducting due diligence studies on a
target hospital and expects to complete the process in two
months. Bacnotan said it is keen on acquiring a stake in the
unnamed medical facility.
Bacnotan earlier informed the stock exchange of its plan to
acquire a network of three to five schools with a total student
population of 50,000 to 75,000. The firm is also looking to
invest in a school in the southern province of Iloilo.
The Company has invested in Araullo University in the northern
city of Cabanatuan, and is negotiating terms for the purchase of
a controlling interest in Cagayan de Oro College Inc.
The acquisitions are part of Bacnotan's diversification to
services, including education, energy, financial services and
affordable housing.
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
BACNOTAN CONSOLIDATED: Notes Changes in Director's Shareholdings
----------------------------------------------------------------
Mr. Magdaleno B. Albarracin, Jr., a director and officer of
Bacnotan Consolidated Industries Inc. (BCI) furnished the
Exchange copies of his SEC Form 23-B (Statement of Changes in
Beneficial Ownership of Securities), pursuant to Section 13 of
the Revised Disclosure Rules pertaining to "Disclosure on
Transactions of Directors and Principal Officers in the Issuer's
Securities", reporting changes in his shareholdings related to
transactions last March 21, 22, and 30, 2005.
Copies of the said documents shall be made available for
reference at the PSE Centre and PSE libraries. The same shall
likewise be made available 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
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
EXCELLANCE WEAVING: BIR Runs After Unpaid Taxes
-----------------------------------------------
Excellance Weaving Mills Inc. was accused by the Bureau of
Internal Revenue (BIR) of failing to pay Php138 million in
taxes, Business World reveals.
The Bulacan-based firm was named defendant of a tax evasion
lawsuit filed Thursday with the Department of Justice (DoF).
Excellance failed not only to supply the correct information in
its returns for 2000 and 2001 but also in declaring its true
income and paying its tax liabilities despite notice.
Charged were its Taiwanese owners Wu Wen Ping and Wu Wen Piao,
as well as their Filipino partners Lucila Ventura, Joselito
Sandoval, and Nestor Cuevas.
BIR has intensified its tax generation campaign by running after
high-profile tax evaders. Thursday's filing at the DoF was the
third in a series of filings under the government move to go
after tax evaders. Officials have vowed to file two tax cases
weekly.
The DoF is offering rewards of Php1 million for information that
would lead to the recovery of uncollected taxes. Under the
reward system, informers can call BIR's National Investigation
Division to report incidents and acts of tax evasion.
HACIENDA LUISITA: CBCP Wants to Solve Killings
----------------------------------------------
The Catholic Bishops Conference of the Philippines (CBCP) urged
the government to step up efforts to solve the killings of three
supporters of the striking workers at Hacienda Luisita Inc.,
relates The Philippine Daily Inquirer.
In a pastoral letter, the CBCP calls for immediate government
investigation of the killings especially since the military is
suspected to be the author of such assassinations.
Talks between Hacienda Luisita management and its striking
workers, which are being brokered by the CPCP, have stalled
following the successive killings last month of Tarlac City
Councilor Adelardo Ladera, Fr. William Tadena of the Philippine
Independent Church, and Anakpawis coordinator Victor Concestion.
The three victims are all known supporters of the Hacienda
Luisita workers.
Human rights groups have accused the military of masterminding
the killings, allegedly because of the victims' affiliation with
the Leftist groups. But the military's Northern Luzon Command
pointed its finger to the New People's Army, claiming that the
victims were killed because they had "outgrown their usefulness"
to the communist movement.
At least 10 people have been killed in connection with the
Hacienda Luisita conflict. Seven workers died and 36 others were
wounded during the police dispersal of striking workers on Nov.
16, 2004.
LMG CHEMICALS: Aims to Resume Operations by May 25
--------------------------------------------------
LMG Chemicals Corp. announced the sulfuric acid plant went on
cold shutdown last March 22, 2005 with all the storage tanks
filled to their capacity after operating continuously for almost
two (2) months.
As in previous cold shutdowns, operations and maintenance
personnel will undertake the necessary activities to check and
ensure the integrity of the various plant equipment. It is
expected that the acid plant will resume operations on or about
May 25, 2005.
CONTACT:
LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711
LMG CHEMICALS: To Convene Stockholder's Meeting on May 3
--------------------------------------------------------
The Board Executive Committee of LMG Chemicals Corporation has
approved the holding of the 2005 Annual Stockholders' Meeting on
May 3, 2005 at 2:00 p.m.
Venue of the meeting is the 7/F Boardroom, Chemphil Building,
851 A. Arnaiz Avenue, Legaspi Village, Makati City.
ROLANDO P. NAVARRO
President for Legal Services
PHILIPPINE TELEPHONE: Faces Tax Evasion Suit
--------------------------------------------
The Bureau of Internal Revenue (BIR) has lodged before the
Department of Justice (DoF) tax evasion charges against the
Philippine Telephone and Telegraph Corporation (PT&T), Business
World reports.
BIR on Thursday sued PT&T for failing to remit some Php560
million in taxes it collected from its customers in the last six
years.
PT&T reportedly failed to make payments on returns filed through
BIR's Electronic Filing and Payment System (EFPS) and failed to
turn over their withholding taxes.
Charged with tax evasion and estafa were PT&T chairman and
president Jose Luis Melo Santiago, vice-president and treasurer
Alicia A. Arogo, and vice-president and comptroller Arturo T.
Falco.
CONTACT:
Philippine Telegraph & Telephone Corporation
106 Carlos Palanca Jr St Legaspi Village
Spirit Of Communication Centre Building
Makati City 1229
Philippines
Phone: +63 2 818 0511
Fax: +63 2 8180511
Web site: http://www.theislecorp.com/
SWIFT FOODS: Scales Back Operations by 40%
------------------------------------------
Swift Foods Inc. was forced to cut its capacity by some 40
percent amid softening chicken prices in the domestic market,
according to Dow Jones Newswires.
The listed food firm has scaled down operations at its Php250-
million chicken dressing facility in the southern Philippines to
curb growing losses. The Company also decided to halt the
completion of another processing plant in the same area.
Swift Chairman Jose Concepcion Jr. said the scaling down is
temporary but will result in job cuts.
The Company's principal activities are manufacturing, marketing
and distribution of processed and canned meat products, poultry
products, and commercial feeds. Its main brands are Swift and
Rica. In October 2002 the Company's meat division were
discontinued and transferred to RFM Corp. Agribusiness accounted
for 79 percent of 2002 revenues and meat, 21 percent.
CONTACT:
SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/
SWIFT FOODS: BOD Accepts Resignation of Treasurer
-------------------------------------------------
Please be advised that in Friday's meeting of the Board of
Directors of Swift Foods Inc., the resignation of Ms. Catherine
C. Munoz as its Treasurer effective immediately was accepted.
Mr. Lauro B. ramos was thereby elected as her replacement.
CRISTINA D. REYES
Corporate Secretary and
Disclosure Officer
=================
S I N G A P O R E
=================
ALLIANCE TECHNOLOGY: Court Extends Judicial Management Order
------------------------------------------------------------
The Judicial Managers of Alliance Technology and Development
Limited (In Judicial Management) advised the Singapore Stock
Exchange that the High Court of Singapore has on March 28, 2005
granted an order that the judicial management order be extended
until October 4, 2005.
Seshadri Rajagopalan,
Judicial Manager of Alliance Technology and Development Limited
(In Judicial Management)
April 1, 2005
CONTACT:
Alliance Technology And Development Limited
139 Joo Seng Road #06-01
ATD Centre
Singapore 368362
Telephone: 65 67491090
Fax: 65 62825377
BEST INVESTMENT: Members to Hear Report on Manner of Winding Up
---------------------------------------------------------------
Notice is hereby given that pursuant to section 308 of the
Companies Act, Cap. 50, a Final Meeting of the Members of
Best Investment Holdings Pte Ltd (In Members' Voluntary
Liquidation) will be held at 138 Cecil Street, #15-00 Cecil
Court, Singapore 069538 on April 29, 2005 at 3:30 p.m. for the
purpose of laying before the Meeting an account showing how the
winding up has been conducted, and the property of the Company
disposed of and of hearing any explanation that may be given by
the Liquidators, and also of determining by resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidators shall be disposed of.
Dated this 28th March 2005.
Steven Tan Chee Chuan
Liquidator
Note:
Pursuant to section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.
BLU INC: Proofs of Debt, Claim Due April 29
-------------------------------------------
Notice is hereby given that the creditors of Blu Inc Holdings
(S) Pte. Ltd. (In Members' Voluntary Liquidation), which is
being wound up voluntarily are required on or before April 29,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company and.
If so required by notice in writing by the said Liquidators are,
by their solicitors or personally, to come in and prove their
debts 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.
Dated this 29th day of March 2005.
Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
DATACRAFT ASIA: EGM Pass Resolutions Set Out in Notice
------------------------------------------------------
Datacraft Asia Ltd advised the Singapore Stock Exchange (SGX)
that at the Extraordinary General Meeting (EGM) of the Company
held on March 31, 2005, all the resolutions set out in the
Notice of the EGM dated March 4, 2005 were passed.
Chew Puay Hoon,
Assistant Company Secretary
March 31, 2005
CONTACT:
Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com
GREATRONIC LIMITED: Terminates Agreement on Share Acquisition
-------------------------------------------------------------
Greatronic Limited disclosed to the Singapore Stock Exchange
(SGX) that further to its announcements on May 10, 2004 and
November 10, 2004, the Company and Mr. Lim Kok Koon have
mutually agreed to terminate the Acquisition of 8,537,200
ordinary shares of RM1.00 each (constituting the balance 70
percent) in the issued and paid-up share capital of Greatronic
Technology (M) Sdn Bhd.
CONTACT:
Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
MEASUREX ENGINEERING: Receiving Proofs of Claims Until April 11
---------------------------------------------------------------
Measurex Engineering Pte Ltd. of 994 Bendemeer Road #05-03
Kallang Basin Industrial Estate Singapore 339943 posted a notice
of intended dividend at the Government Gazette, Electronic
Edition with the following details:
Court: High Court of Singapore
Number of Matter: No. 600074 of 2002
Last Day for Receiving Proofs: 11th April 2005
Name of and address of Liquidators:
Ong Yew Huat and Nagaraj Sivaram.
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315
RSH LIMITED: Unit Applies for Member's Winding Up
-------------------------------------------------
RSH Limited informed the Singapore Stock Exchange (SGX) that its
60 percent subsidiary Company iOM International Holdings Limited
had applied to the Office of the Secretary of State, the State
of California, USA, for its 100 percent dormant subsidiary
Company iOM CompositionGroup Inc to be placed under an order of
members' winding up and dissolution (Closure).
The Closure is not expected to have any material impact on the
financial results or net tangible assets of the Company or the
Group for the financial year ending 31 March 2005.
CONTACT:
RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327
WEE POH: Increases Issued Share Capital to 2,925,737,636
--------------------------------------------------------
Further to the announcements made on March 8, 2005, March 16,
2005, March 17, 2005 and March 29, 2005 made to the Singapore
Stock Exchange (SGX) the Directors of Wee Poh Holdings Limited
announced that the Placement Shares, the WPC Debt Restructuring
Shares and the WPP Debt Restructuring Shares have been issued
and allotted to the respective recipients on March 31, 2005.
Pursuant to the completion of the Placement and the Bank
Restructuring Agreements, the existing issued share capital of
the Company has increased from 2,438,744,862 ordinary shares of
$0.005 each (Shares) to 2,925,737,636 Shares.
Listing and quotation of the Placement Shares, the WPC Debt
Restructuring Shares and the WPP Debt Restructuring Shares on
the Official List of the SGX-SESDAQ will take place effective
9:00 am on 1 April 2005.
The in-principle approval of the SGX-ST for the listing and
quotation of the Placement Shares, the WPC Debt Restructuring
Shares and the WPP Debt Restructuring Shares is not an
indication of the merits of the Placement and the Bank
Restructuring Agreements.
By order of the Board
March 31, 2005
CONTACT:
Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg
===============
T H A I L A N D
===============
KRUNG THAI: To Bring Up Election Matter at Annual Meeting
---------------------------------------------------------
The Board of Directors of Krung Thai Bank Pcl at its meeting No.
6/2548 (646) on March 31, 2005 advised the Stock Exchange of
Thailand (SET) that it resolved to submit the matter regarding
the election of the following individuals to be Directors in
replacement of those who are retiring and resigning to the 12th
Annual Ordinary General Meeting on April 22, 2005:
(1) General Mongkon Ampornpisit (Ret.)
(2) Mr. Suparut Kawatkul
(3) Mr. Aswin Kongsiri
(4) Mr. Suri Buakhom
(5) Mrs. Tanya Sirivedhin
Please be advised accordingly.
Yours sincerely,
Krung Thai Bank Public Company Limited
Somgiat Sangsurane
Secretary to the Board of Directors
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: http://www.ktb.co.th
PRASIT PATANA: Debt Conversion to Equity Increases Profit
---------------------------------------------------------
With reference to the previous progress report on April 1,2004
to September 30, 2004, Prasit Patana Public Company Limited
issued to the Stock Exchange of Thailand (SET) a report on the
progress implementation as stipulated in the Rehabilitation Plan
from October 1, 2004 to March 31, 2005 as per the following
details:
The Company reported the progress on the improvement of its
operation in order to move its status from REHABCO to Normal
Trading Board Section to the SET with the following details:
(1) The Company converted debt into equity for the debt of
Sriracha Nakorn Public Company Limited "Phyathai Sriracha
Hospital" for the total amount as at September 30, 2004 of
THB110,505,000.
Phyathai Sriracha Hospital issued additional common shares for
6,864,880 shares at par value of THB10 to pay for such debt, at
a conversion ratio of THB7.254 per share.
Phyathai Sriracha Hospital's shareholders' extraordinary meeting
#1/2005 on January 7, 2005 approved its new issuance of shares.
The Company registered additional shares on January 31, 2005. As
a result of the debt conversion into equity, the Company had
fully reserved for the entire amount and therefore affected the
Company's profit and loss statement.
The result was an increase in profit in January 2005 for the
amount of THB48,951,000. The Company also increased its
shareholding in Phyathai Sriracha Hospital from the previous
holding of 17.19 percent of the paid-up capital of Phyathai
Sriracha Hospital to 33 percent.
The relationship with the Phyathai Sriracha Hospital was changed
from that of an associated Company to a related Company status
and must record its investment as Equity Method for the
financial performance of the year 2005. In 2004, the Company
recorded its performance as a profit of THB50 Million.
(2) For the shareholder's equity in the consolidated financial
statements as at 31st December 2004 showed an accumulated loss
over equity of THB1,127 million, a decrease from the same period
last year when the accumulated loss was recorded at THB1,471
Million.
(3) The Company is in the process of studying the procedures and
methodologies for a share swap process with close consultation
with financial and legal advisors and will propose the
recommendations to the Board of Directors in due course.
For your kind acknowledgement
Respectfully yours,
Mr. Kraivin Srikraivin
Deputy Managing Director
Operational Support Division
CONTACT:
Prasit Patana Public Company Limited
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok
Telephone: 0-2617-2444
Fax: 0-2617-2463
Web site: http://www.pyathai.com
SRITHAI FOOD: Unveils Reasons Why Auditor Fails to Give Opinion
---------------------------------------------------------------
Srithai Food & Beverage Public Company Limited declared to the
Stock Exchange of Thailand (SET) the reasons why the Auditor did
not express the opinions on the total financial statement and
specific financial statement of the Company for the year-end
2004.
(1) The Auditor was unable to audit and obtain sufficient
evidences relating to revalue the fixed assets of building,
improvement and machinery account.
(2) The Auditor was unable to verify and obtain sufficient
evidences relating to debts under the Debt Restructuring
Contract since the Company was in default of payments with
creditors there under.
(3) In the financial statement, the total current liabilities
were higher than the total current assets; the Company suffered
huge amounts cumulative losses; and on September 3, 2004 the
Central Bankruptcy Court issued the Order of Business Recovery
against the Company.
According to the above-said reasons, the Auditor was unable to
express the opinions on the financial statement of the Company
for the year-end 2004 ended on December 31, 2004. However, the
Company has disclosed the said information, in detail, in the
Notes to Financial Statement.
And the main reason for over 20 percent decrease of its
operating result for year end of 2004 when compared to the same
period of the previous year is that the Company has been
severely affected by the spreading of the Bird Flu; as a result
the Company was unable to distribute its products within the
country and overseas as usual.
However the related governmental agencies are now actively
taking actions in various aspects to terminate the said problem.
Forwarded for your acknowledgement
Respectfully Yours,
Mr. Anan Jantranukul
Executive Director
CONTACT:
Srithai Food & Beverage Public Company Limited
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Web site: http://www.srithaifood.thailand.com
THAI HEAT: Convertible Debenture Reaches 45,592 Shares
------------------------------------------------------
Thai Heat Exchange Public Co., Ltd. (THECO) advised the Stock
Exchange of Thailand (SET) that it had issued Convertible
Debenture totaling 80,264 shares and 31,408,200 preferred shares
according to the recent financial restructure and rehabilitation
plan that allows the conversion being done at the end of each
quarter.
As of March 31, 2005 the Company has Convertible Debenture
48,797 shares, Preferred stocks 5,504,100 shares and paid up
common stock 51,602,000 shares
Financial Stock Amount Ratio Common Price Date
(stock) (unit) Stock (unit)
SCNB Convertible 482 1:100 48,200 10.00 31 March 2005
Debenture
Asia Credit PCL
Convertible 2,723 1:100 272,300 10.00 31 March 2005
Debenture
Asia Credit PCL
Preferred 1,169,400 1:1 1,169,400 10.00 31 March 2005
Stock
By the conversion as mentioned above, it is concluded that the
number of Convertible Debenture totals 45,592 shares and
preferred stocks totals 4,334,700 stocks.
The paid up common stock then have been converted from
51,602,000 units value THB516,020,000 to 53,091,900 units value
THB530,919,000.
As the reorganization planner of Thai Heat Exchange PLC
Mr. Surin Wanpensakul
Authorized Director
CONTACT:
Thai Heat Exchange Public Company Limited
1364 Ramkhamhaeng Road, Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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