/raid1/www/Hosts/bankrupt/TCRAP_Public/050419.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, April 19, 2005, Vol. 8, No. 76
Headlines
A U S T R A L I A
AUSTRAL COAL: Hands Tahmoor Mine Over to Centennial
AUSTRAL COAL: Completes AU$130-Mln Refinancing
AUSTRAL COAL: Settles Tahmoor Contract Dispute with Roche
AUSTRAL COAL: Three Directors Step Down
BALI IN ESSENDON: Members Agree to Wind Up Company
CITY OF LIVERPOOL: Liquidator to Report Manner of Winding Up
COASTAL FREIGHT: To Hear Liquidator's Report at April 26 Meeting
COASTAL GAS: Members Resolve to Wind Up Company
CREST TECHNOLOGIES: Final Meeting Set April 29
E.R. BLADWELL: To Declare Dividend April 26
GC UPTON: To Declare Dividend April 26
GTK TRADING: Begins Winding Up Process
HBB PLUMBING: Names G.S. Andrews as Liquidator
KIRFAM PTY: To Undergo Voluntary Winding Up
LCC GROUP: Final Meeting Slated for April 22
MARTIN MCLEAN: Sets April 29 as Date of Final Meeting
MULTIPLEX: Workers Brave Second Shooting Threat
NATIONAL AUSTRALIA: To Reopen its Foreign Exchange Options Desk
NERRAW PTY: Appoints Liquidator to Wind Up Company
NETWORK CONSOLIDATED: Fixes April 29 as Date of Final Meeting
NUPLAS DISTRIBUTORS: To Convene Final Meeting April 29
NYLEX LIMITED: Seeking to Raise More Cash
RENWOOD PTY: To Hold Final Meeting April 29
RT1 PTY: Gives Creditors Until April 27 to Prove Claim, Debt
SOFTWOOD CRAFT: Hires Liquidator from Chartered Accountants
SUPER RELEASE: ASIC Busts Unlicensed Superannuation Advisers
UJ EV PTY: To Pay Dividend April 26
TAXI INDUSTRY: To Hold General Meeting April 21
C H I N A & H O N G K O N G
BAKER GROUP: High Court Issues Winding Up Notice
CHUN HO: Creditors Annual Meeting Date Set April 22
CONSCIENCE SLIMMING: Receives Winding Up Notice
CRESVALE FAR: Creditors Meeting Slated for May 18
CRESVALE FUTURES: Sets Creditors Meeting on May 18
FORTUNE WEAL: Court Releases Winding Up Notice
FUYO LEASE: Proofs of Debt, Claim Due May 17
HALSBURG ASSET: SFC Reprimands Managing Director
KOOLLCARE COLD: Winding Up Hearing Slated for June 1
LAI SUN: 2004 Net Loss Balloons To HKD1.2 Bln
PRINCETON ECONOMICS: Creditors Meeting Slated for May 18
STABLY ENGINEERING: Enters Winding Up Proceedings
XIN CORPORATION: Notes Unusual Market Movement
YANOVA LIMITED: Begins Winding Up Process
I N D O N E S I A
BANK GLOBAL: Depositors to Get IDR176.6 Bln from Government
BANK MANDIRI: AGO Grills Three Execs About Accounting Scandal
BANK MANDIRI: President Prepares to Step Aside
SEMEN GRESIK: Unit Completes Financial Report, Posts Profit
J A P A N
EBARA KOGYO: Enters Bankruptcy
JAPAN AIRLINES: Boosts Internal Safety Procedures
SEIBU DEPARTMENT: Data on 151 Customers Disappears
TOSHIBA CORPORATION: Offers Revolutionary Flat 3-D Screens
TUENTIWAN KURIETO: Begins Bankruptcy Proceedings
UNIVERSAL STUDIOS: Posts JPY26.5 Billion Losses in 2004
* Moody's Says Electronics Firm Ratings Have Started to Improve
K O R E A
KOREA EXCHANGE: Bond Pricing Hits a Snag
M A L A Y S I A
BOUSTEAD HOLDINGS: Set to List Extra Shares on April 20
GOLDEN FRONTIER: Issues Shares Buy Back Notice
GULA PERAK: To List New Ordinary Shares
I-BERHAD: Repurchases 30,000 Shares
JASATERA BERHAD: Fails to File Appeal with SC
OCEAN CAPITAL: Warrants to Expire on May 20
PAN MALAYSIA: Buys Back 140,000 Shares
TAP RESOURCES: To Hold EGM on May 10
TRU-TECH HOLDINGS: Restructuring Scheme Awaits Approval
TRU-TECH HOLDINGS: Unable to Make Deposit, Pay Interest
P H I L I P P I N E S
COLLEGE ASSURANCE: SEC OKs Proposed Deal with White Knight
DIGITAL TELECOMMUNICATIONS: Clarifies Financial Results News
MANILA ELECTRIC: Provisioning Hurt FPHC's 2004 Earnings
MARICALUM MINING: Gov't to Mend Ownership Dispute Out of Court
MAYNILAD WATER: Creditors Pave Way for Buyout
NATIONAL BANK: Government Picks ING to Assist Stake Sale
NATIONAL POWER: Pushes for New Power-rate Hike
NATIONAL POWER: Saves Php17 Bln on Cost-cuts
VICTORIAS MILLING: Rakes in Php120-Mln in Profits
VICTORIAS MILLING: Surrenders Board Seat to Tanduay
* JCR Downgrades Forex/Local of Philippines to BBB-
S I N G A P O R E
AELDON TECHNOLOGIES: Faces Winding Up Proceedings
BULSING PRIVATE: Posts Notice of Dividend
GES INTERNATIONAL: Units Commence Voluntary Liquidation
IPCO INTERNATIONAL: Defers Listing of Unit
MEDIA ASIA: Places Unit in Voluntary Liquidation
NATSTEEL LIMITED: Delays Transfer of Interest in Changzhou
NIPPECRAFT LIMITED: Hopes SG$6.6Mln Order Would Lift Earnings
SHINING CORPORATION: Replies to SGX Query on Annual Report
SING KOON: Pays Second Preferential Dividend
TTS FOOD: Invites Creditors to Attend Winding Up Hearing
T H A I L A N D
CHRISTIANI & NIELSEN: Debt to Equity Ratio Down to 1.82:1
COUNTRY THAILAND: Hopes for Turnaround this Year
THAI PETROCHEMICAL: Issues Progress Report of Rehab Plan
BOND PRICING: For the Week 18 April to 22 April 2005
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRAL COAL: Hands Tahmoor Mine Over to Centennial
---------------------------------------------------
Centennial Coal finally took over Austral Coal's Tahmoor mine
and board after receiving acceptances from 68 percent of
shareholders in less than two months, reports Sydney Morning
Herald.
The Tahmoor mine was Austral's troubled asset, but Centennial
said it will get production back on track.
Centennial appointees have replaced Austral managing director
Ugo Cario and the Tahmoor mine general manager who left the
Company on Friday. Mr. Cario accepted Centennial's scrip offer
of 10 Centennial shares for every 37 Austral shares and said he
planned to keep his shares.
Centennial managing director Bob Cameron visited Tahmoor on
Friday to reassure all of Austral's 300 employees that their
jobs were secure.
But while Centennial has control of Austral, it might face
difficulties in obtaining the 90 per cent stake needed for
compulsory acquisition of shares. Swiss commodities group
Glencore holds about 13 per cent of Austral shares, having
purchased a surprise stake just before Centennial reached the 50
per cent mark.
The merged Centennial and Austral would have a market
capitalization that might get it into the ASX 100 and attract
additional institutional interest. Glencore will block that goal
if it does not accept the bid, which closes on April 22.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
AUSTRAL COAL: Completes AU$130-Mln Refinancing
----------------------------------------------
The directors of Austral Coal Limited are pleased to announce
the Company's refinancing and the termination of the Standstill
Agreement with its banks.
Centennial Coal Company Limited has become principal lender and
replaced the existing lenders in the secured Syndicated
Facilities Agreement.
In order to secure sufficient funding for Tahmoor Coal's
operations the facility size has been increased to a total
commitment of AU$130.3 million. The terms offered by Centennial
were superior to the Investec Loan Facility Option (referred to
in Section 7.8 of the Target's Statement).
As a result of the refinancing, the ANZ Bridge Loan and the loan
from Noble Group Limited have been repaid in full. In addition,
all outstanding loan and takeover related advisory fees have
also been settled.
NM Rothschild & Sons (Australia) Limited will continue to
provide Guarantee and Stockpile facilities to Austral under the
Syndicated Facilities Agreement.
AUSTRAL COAL: Settles Tahmoor Contract Dispute with Roche
---------------------------------------------------------
Austral Coal and Roche Mining have reached a satisfactory
commercial agreement with respect to contract variations arising
from development work being carried out at the Tahmoor Colliery.
Under the agreement, Roche completed its obligations under the
contract with Austral on April 15, 2005.
As part of the agreement, Austral has taken over the Roche
equipment and development activities from that date.
AUSTRAL COAL: Three Directors Step Down
---------------------------------------
Austral Coal directors Vince Pendal, Anthony Sherlock, Matthew
Blackham and Vivian Forbes have resigned with effect from
Monday, April 18, 2005.
These outgoing directors have consistently supported the
takeover and have accepted for their own shareholdings.
Accordingly, they considered it appropriate to resign at this
time.
Their resignation follows Centennial gaining an ownership
interest in excess of 69 percent and the appointment of
replacement directors who have continuing responsibilities to
consider the interests of all Austral shareholders.
BALI IN ESSENDON: Members Agree to Wind Up Company
--------------------------------------------------
Notice is hereby given that at the extraordinary general meeting
of the members of Bali In Essendon Pty. Ltd. (In Liquidation)
A.C.N. 097 174 073 held on March 1, 2005 it was resolved that
the company be wound up voluntarily.
At a meeting of creditors held later the same day it was
resolved that Victor Raymond Dye and Nicholas Giasoumi,
Registered Liquidators, both of Suite 8 260 Auburn Road,
Hawthorn 3122 be appointed joint and several liquidators.
Dated this 1st day of March 2005
V. R. Dye
N. Giasoumi
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road, Hawthorn 3122
CITY OF LIVERPOOL: Liquidator to Report Manner of Winding Up
------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of City
Of Liverpool Chamber Of Commerce And Industry Ltd (In
Liquidation) A.C.N. 082 239 763 will be held at the offices of
Horwath Sydney Partnership, Level 10, 1 Market Street, Sydney
NSW 2000, on Friday, April 22, 2005 at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanations that may
be given by the Liquidator.
Dated this 7th day of March 2005
G. T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000
COASTAL FREIGHT: To Hear Liquidator's Report at April 26 Meeting
----------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Coastal Freight Links Pty Limited (In Liquidation) A.C.N. 105
142 470 will be held at the offices of Senatore Brennan Rashid,
Level 7, 27 University Avenue Canberra ACT 2601, on April 26,
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 22nd day of March 2005
Stephen Brennan
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799
COASTAL GAS: Members Resolve to Wind Up Company
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Coastal Gas Australia Pty Ltd (In Liquidation) A.C.N. 073 608
269 held on February 16, 2005 it was resolved that the company
be wound up as a members' voluntary winding up.
Dated this 4th day of March 2005
Simon Wallace-Smith
Salvatore Algeri
Liquidators
CREST TECHNOLOGIES: Final Meeting Set April 29
----------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of Crest Technologies (SA) Pty Ltd (In
Liquidation) A.C.N. 071 023 955 will be held at the offices of
Dye & Rennie, Suite 8 260 Auburn Road, Hawthorn 3122 on Friday
April 29, 2005 at 10:45 a.m. for the purpose of laying before
the meetings accounts showing how the winding up has been
conducted and the property of the company disposed of and giving
any explanation thereof.
Dated this 15th day of March 2005
V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
E.R. BLADWELL: To Declare Dividend April 26
-------------------------------------------
A Final dividend is to be declared on April 26, 2005 in respect
of E.R. Bladwell (Golden Plains) Pty Limited (In Liquidation)
A.C.N. 008 448 799.
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 March 2005
Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988
GC UPTON: To Declare Dividend April 26
--------------------------------------
A First and Final dividend is to be declared on April 26, 2005
in respect of GC Upton Pty Limited (In Liquidation) A.C.N. 069
621 978.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 11th day of March 2005
Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988
GTK TRADING: Begins Winding Up Process
--------------------------------------
At a General Meeting of GTK Trading Pty Ltd (In Liquidation)
(The Company) A.C.N. 008 794 974, duly convened and held at 342
Scarborough Beach Road, Osborne Park on February 28, 2005, the
following Special Resolutions were passed:
That the Company be wound up voluntarily.
That on the winding up of the Company its assets may, at the
sole discretion of the Liquidators and subsequent to the payment
of the liabilities of the Company and the costs of the
liquidation, be distributed amongst the members in specie in
whole or in part according to their respective rights and
interest in the Company.
Dated this 1st day of March 2005
I. C. Francis
Joint and Several Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade,
Perth WA 6000
HBB PLUMBING: Names G.S. Andrews as Liquidator
----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
HBB Plumbing Pty. Ltd. (In Liquidation) A.C.N. 101 909 040 held
on March 2, 2005 a special resolution was passed that the
company be wound up voluntarily and that Gregory Stuart Andrews,
22 Drummond Street, Carlton 3053 be appointed Liquidator.
Dated this 3rd day of March 2005
G. S. Andrews
Liquidator
GS Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544
KIRFAM PTY: To Undergo Voluntary Winding Up
-------------------------------------------
Notice is hereby given that at a General Meeting of Kirfam Pty
Ltd held on March 4, 2005 it was resolved that the Company (In
Liquidation) A.C.N. 001 182 449 be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose, John
Gerard Newton be appointed liquidator.
Dated this 4th day of March 2005
John Gerard Newton
Liquidator
LCC GROUP: Final Meeting Slated for April 22
--------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of LCC
Group Employment Training Ltd (In Liquidation) A.C.N. 077 711
123 will be held at the offices of Horwath Sydney Partnership,
Level 10, 1 Market Street, Sydney NSW 2000, on Friday, April 22,
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 7th day of March 2005
G. T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000
MARTIN MCLEAN: Sets April 29 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Martin Mclean Pty Ltd (In Liquidation) A.C.N. 087
278 573 will be held at the offices of Dye & Rennie, Suite 8 260
Auburn Road, Hawthorn 3122 on Friday, April 29, 2005 at 11:45
a.m. for the purpose of laying before the meetings accounts
showing how the winding up has been conducted and the property
of the company disposed of and giving any explanation thereof.
Dated this 15th day of March 2005
V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
MULTIPLEX: Workers Brave Second Shooting Threat
-----------------------------------------------
Multiplex employees across Australia carried on with their work
as the deadline expired on a second extortion threat to shoot
the firm's crane drivers, Sydney Morning Herald reports.
In the second threat against Multiplex in two months,
extortionists demanded a ransom of AU$50 million with a threat
to kill crane drivers in Australia or the United Kingdom if the
money was not paid.
Police tightened security on sites in Sydney, Melbourne and
Brisbane after the threat was revealed two weeks ago, although
police said the danger against the construction firm posed only
a low-level risk.
Meanwhile, members of the Construction Forestry Mining and
Energy Union (CFMEU) across the country have met to discuss the
matter during the past two weeks. The union stressed it would
support its members regardless of their decision about whether
to continue working at the Multiplex sites.
Multiplex was first targeted in early February when
extortionists threatened to shoot a crane driver unless the
Company handed over AU$50 million.
CONTACT:
Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au
NATIONAL AUSTRALIA: To Reopen its Foreign Exchange Options Desk
---------------------------------------------------------------
National Australia Bank (NAB) announced Monday it will reopen
its foreign exchange options desk on May 9, 2005.
The reopening of the foreign exchange options desk has been
approved by the Australian Prudential Regulation Authority
(APRA) and follows the completion of the specific requirements
stipulated for reopening the desk.
In respect of the overall APRA remedial actions program, 72 of
the 81 requirements have been submitted to APRA to date. Of
these, 30 items have closed.
John Stewart, Chief Executive, said, "We have reached a
milestone in the remedial actions program and will continue to
work closely with APRA to complete the program. We have made
good progress but we envisage that it will take some time to
close out the remaining actions."
Commenting on the reopening Mr. John Hooper, Executive General
Manager, Institutional Markets & Services, said: "We look
forward to restoring our presence and meeting the broader
foreign exchange needs of our client base."
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/
NERRAW PTY: Appoints Liquidator to Wind Up Company
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Nerraw Pty Ltd (In Liquidation) A.C.N. 001 360 569, held on
February 25, 2005, the following Special Resolution was passed:
That the Company be wound up voluntarily.
Brian R. Wall of Tamworth, New South Wales was appointed
Liquidator.
Dated this 8th day of March 2005
B. R. Wall
Liquidator
NETWORK CONSOLIDATED: Fixes April 29 as Date of Final Meeting
-------------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Network Consolidated Pty. Ltd. (In Liquidation)
A.C.N. 082 882 380 will be held at the offices of Dye & Rennie,
Suite 8 260 Auburn Road, Hawthorn 3122 on Friday, April 29, 2005
at 12.15 p.m. for the purpose of laying before the meeting
accounts showing how the winding up has been conducted and the
property of the company disposed of and giving any explanation
thereof.
Dated this 15th day of March 2005
V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
NUPLAS DISTRIBUTORS: To Convene Final Meeting April 29
------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Nuplas Distributors Pty. Ltd. (In Liquidation)
A.C.N. 056 221 553 will be held at the offices of Dye & Rennie,
Suite 8 260 Auburn Road, Hawthorn 3122 on Friday, April 29, 2005
at 12:45 p.m. for the purpose of laying before the meeting
accounts showing how the winding up has been conducted and the
property of the company disposed of and giving any explanation
thereof.
Dated this 15th day of March 2005
V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
NYLEX LIMITED: Seeking to Raise More Cash
-----------------------------------------
Cash-strapped Nylex Limited is looking to secure another AU$45
million in fresh funds only 18 months after it received AU$100
million from shareholders to help clean up its balance sheet and
revive operations, Sydney Morning Herald reports.
The plant hire and water conservation group is expected to
complete its five-year bank-governed rehabilitation and the new
capital raising will cut the firm's debt to a level that will
free the Company from the banks' grip.
Nylex was expected to exceed earlier forecasts and post a full-
year profit of between AU$17 million and AU$19 million before
write-downs. This would be about 18 percent above the original
forecast of AU$14.4 million to AU$15.7 million.
However, the AU$50 million of write-downs already booked before
the sale of the automotive division could swell by as much as
AU$15 million and leave the group with another bottom-line loss.
This would be the company's fifth heavy loss in a row, and would
swell to more than AU$600 million the losses posted since
company founder Alan Jackson stepped down as chief executive in
January 2001.
CONTACT:
Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
Web site: http://www.nylexlimited.com.au
E-mail: contactus@nylexlimited.com.au
RENWOOD PTY: To Hold Final Meeting April 29
-------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Renwood Pty. Ltd. (In Liquidation) A.C.N. 004 881
010 will be held at the offices of Dye & Rennie, Suite 8 260
Auburn Road, Hawthorn 3122 on Friday, April 29, 2005 at 2:15
p.m. for the purpose of laying before the meeting accounts
showing how the winding up has been conducted and the property
of the company disposed of and giving any explanation thereof.
Dated this 15th day of March 2005
V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8 260 Auburn Road,
Hawthorn 3122
RT1 PTY: Gives Creditors Until April 27 to Prove Claim, Debt
------------------------------------------------------------
A First and Final dividend to ordinary unsecured creditors is to
be declared on April 27, 2005 for RT1 Pty Limited (In
Liquidation) A.C.N. 003 792 078.
Creditors whose debts or claims have not already been admitted
are required on or before April 26, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 8th day of March 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
SOFTWOOD CRAFT: Hires Liquidator from Chartered Accountants
-----------------------------------------------------------
Notice is hereby given that at the extraordinary general
meetings of the members of Softwood Craft Pty. Ltd. (In
Liquidation) A.C.N. 006 507 982 held on March 1, 2005 it was
resolved that the companies be wound up voluntarily and at a
meetings of creditors held later the same day it was resolved
that Victor Raymond Dye and Nicholas Giasoumi, Registered
Liquidators, both of Suite 8 260 Auburn Road, Hawthorn 3122 be
appointed joint and several liquidators.
Dated this 1st day of March 2005
V. R. Dye
N. Giasoumi
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122
SUPER RELEASE: ASIC Busts Unlicensed Superannuation Advisers
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained injunctions, by consent, against Mr. Troy Graetz and
his companies, Super Release Pty Ltd (Super Release) and
Intelligent Super Pty Ltd (Intelligent Super), preventing them
from providing unlicensed superannuation advice.
ASIC obtained the orders in the Federal Court in Sydney as part
of a campaign against illegal early access to superannuation and
its overall aim to identify and police bad practices in the
superannuation marketplace.
Mr. Graetz was the sole shareholder and director of Super
Release and Intelligent Super, located on the Central Coast of
New South Wales. The companies set up self-managed
superannuation funds for people and arranged for their existing
superannuation to be rolled over into self-managed funds. Super
Release and Intelligent Super operated around Australia.
Mr. Graetz and his companies were not licensed to provide
financial services.
"People need to check that they are getting advice about their
hard-earned retirement savings from someone who is licensed to
provide superannuation advice," Ms. Jan Redfern, Executive
Director of Enforcement said.
Mr. Graetz, Super Release and Intelligent Super consented to:
(1) declarations that Super Release and Mr Graetz had carried on
a financial services business without holding an Australian
financial services licence;
(2) injunctions that stop Super Release, Intelligent Super and
Mr Graetz from various activities, including:
- advertising or promoting any business arranging and/or
facilitating the transfer of superannuation interests;
- maintaining, promoting or marketing any business that
facilitates the rollover, redemption or transfer of
superannuation interests;
- receiving or dealing with the redemption, by a member of the
public, of a superannuation interest; and
- charging a fee or commission for facilitating the redemption,
rollover or transfer of superannuation interests.
Super Release came to the attention of ASIC as a result of
complaints received from the public and from advertisements it
placed in newspapers that included slogans such as 'Where is
your super going? Unlock your super for your future'.
"The law stipulates that you can only access your superannuation
under certain conditions. If a person qualifies for early access
to superannuation because of financial hardship they can obtain
help directly and legally from their existing superannuation
company. A self-managed fund does not automatically allow early
access to your super," Ms. Redfern said.
"People should be cautious of advertisements promoting early
release of superannuation benefits," Ms. Redfern added.
UJ EV PTY: To Pay Dividend April 26
-----------------------------------
A priority dividend is to be declared on April 26, 2005 in
respect of UJ EV Pty Limited (In Liquidation) A.C.N. 083 030
951.
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 March 2005
Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988
TAXI INDUSTRY: To Hold General Meeting April 21
-----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of the members and
creditors of Taxi Industry Co (WA) Pty Ltd (In Liquidation)
A.C.N. 008 726 029 will be held at the offices of Taylor
Woodings, Chartered Accountants, Level 6, 30 The Esplanade,
Perth, WA 6000 on Thursday, April 21, 2005 at 10:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanation that may
be given by the liquidator.
Dated this 1st day of March 2005
I. C. Francis
Joint Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade,
Perth WA 6000
Telephone: (08) 9321 8533
Facsimile: (08) 9321 8544
==============================
C H I N A & H O N G K O N G
==============================
BAKER GROUP: High Court Issues Winding Up Notice
------------------------------------------------
Baker Group International Holdings Limited, formerly known as
Luen Cheong Tai International Holdings, situated at Centry Yard
Cricket Square Hutchins Drive P.O Box 2681 GT George Town Grand
Cayman British West Indies, was issued a winding up notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on April 4, 2005.
Date of Presentation of Petition: June 3, 2002
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
CHUN HO: Creditors Annual Meeting Date Set April 22
---------------------------------------------------
Notice is hereby given that pursuant to Section 274 of the
Companies Ordinance (Chapter 32), annual meetings of the Members
and Creditors of Chun Ho Decoration & Design Engineering Company
Limited (In Creditors' Voluntary Liquidation) will be held at
2/F, Wing Yee Commercial Building, 5 Wing Kut Street, Central,
HK on April 22, 2005 at the times listed for the purpose of
laying before the meeting by the Liquidator an account of his
acts and dealings and of the conduct of the winding-up during
the preceding year.
Time of Meeting of Members 2:30 p.m.
Time of Meeting of Creditors 3:30 p.m.
Dates this 15th April 2005.
Lau Siu Hung
Liquidator
CONSCIENCE SLIMMING: Receives Winding Up Notice
-----------------------------------------------
Conscience Slimming Company Limited with registered office
located at 2/F, Progress Commercial Bldg, 9 Irving St, Causeway
Bay, Hong Kong was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on April 4, 2005.
Date of Presentation of Petition: December 8, 2004.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
CRESVALE FAR: Creditors Meeting Slated for May 18
-------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the Annual General Meetings of
the members and creditors of Cresvale Far East Nominees Limited
(In Creditors' Voluntary Liquidation) will be held at 20th
Floor, Prince's Building, Central, Hong Kong on May 18, 2005 at
the following times for the purpose of receiving an account of
the liquidator's act and dealings and of the conduct of the
winding up of the company during the year ended March 30, 2005.
Time of Meeting of Members 9:00 a.m.
Time of Meeting of Creditors 10:00 a.m.
Creditors and members entitled to attend vote at the above
meeting may appoint a proxy. A proxy need not be a member or
creditor of the company. To be valid, a proxy for both meetings
must be lodged with Joanne Oswin at 20th Floor, Prince's
Building, Central, Hong Kong not later than 4 p.m. on the day
before the meetings or adjourned meetings at which they are to
be held.
Dated this 15th day of Aril 2005.
Joanne Oswin
Joint and Several Liquidator
CRESVALE FUTURES: Sets Creditors Meeting on May 18
--------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the Annual General Meetings of
the members and creditors of Cresvale Futures Asia Limited (In
Creditors' Voluntary Liquidation) will be held at 20th Floor,
Prince's Building, Central, Hong Kong on May 18, 2005 at the
following times for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the company during the year ended March 30, 2005.
Time of Meeting of Members 11 a.m.
Time of Meeting of Creditors 12 p.m.
Creditors and members entitled to attend vote at the above
meeting may appoint a proxy. A proxy need not be a member or
creditor of the company. To be valid, a proxy for both meetings
must be lodged with Joanne Oswin at 20th Floor, Prince's
Building, Central, Hong Kong not later than 4 p.m. on the day
before the meetings or adjourned meetings at which they are to
be held.
Dated this 15th day of Aril 2005.
Joanne Oswin
Joint and Several Liquidator
FORTUNE WEAL: Court Releases Winding Up Notice
----------------------------------------------
Fortune Weal Enterprises Limited with registered office located
at B1-9 Franki Centre, No 320 Junction Road, Kowloon Tong, Kln
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
March 30, 2005.
Date of Presentation of Petition: January 31, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
FUYO LEASE: Proofs of Debt, Claim Due May 17
--------------------------------------------
Notice is hereby given that the creditors of Fuyo Lease Company
Limited (In Members' Voluntary Liquidation) are required on or
before May 17, 2005 to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors.
If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally and prove the said
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 14th day of April 2005.
(Sd.) NATALIA K M SENG
(Sd.) SUSAN Y H LO
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai
Hong Kong
HALSBURG ASSET: SFC Reprimands Managing Director
------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Halsburg Asset Management Ltd and suspended its major
shareholder and managing director, Mr. Hui Chiu Kit, Eddie for
three years, effective from April 15, 2005 to April 14, 2008 for
gross negligence in conducting due diligence on and serious
misconduct in selling investment products (Note 1).
The discipline action stems from an inquiry in which the SFC
found that Halsburg and Mr. Hui were grossly negligent in
performing due diligence on the Alphaŭ Series Fund (ASF) managed
by IC Mutual Ltd (ICM). Halsburg introduced the ASF to its
clients between August 2001 and May 2002. Mr. Hui received
commissions made in selling the ASF. Although at all times Mr.
Hui was responsible for conducting due diligence, he was unaware
that overseas regulators had published warnings about the
Imperial Consolidated Group (IC Group), to which ICM belonged
(Note 2). The SFC found that the information should have been
readily available to Mr. Hui and he should have disclosed the
facts of these warnings to his clients.
In early 2002, Mr. Hui became aware that ICM faced liquidity
problems because of large redemption requests in relation to
ICM. But Mr. Hui did not disclose this material and relevant
information to his clients. By not disclosing unfavorable
information to his clients when he sold the ASF, he placed
himself in a conflict of interests. He was grossly negligent and
his ability was seriously called into question.
Further, in mid 2002, the ASF was suspended and both ICM and the
IC Group were liquidated. But Mr. Hui only informed the clients
of these matters in late 2002, which was unreasonably late as he
had known of its suspension since mid 2002.
Mr. Hui also introduced another investment product managed by
Alpha Toronto Series Inc in June and August 2002 to several
overseas intermediaries although he knew or should have known
that the management of this product was closely related to the
IC Group (Note 3).
The SFC concludes that Halsburg and Mr. Hui are guilty of
serious misconduct and that their fitness and properness has
been called into question. The SFC decided to revoke the
licences of Halsburg and Mr. Hui. They appealed to the
Securities and Futures Appeals Tribunal against the SFC's
decision, which was withdrawn following negotiations. Mr. Hui
agreed to accept the suspension, resign as a director of
Halsburg and refrain from being involved in Halsburg's
management and operations.
Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Investment advisers should be vigilant in performing due
diligence on products that they promote. Clients rely on their
advice when they invest and therefore investment advisers have a
duty to act with due care, skill and diligence. They must always
act in the best interest of their clients and avoid conflict of
interests.
"Hui should have disclosed all material, relevant information,
whether favorable or otherwise, to his clients, so that they had
a choice as to what they should do about their investments. Mr.
Hui's conduct was extremely serious and a serious penalty is
warranted."
Notes:
1. Halsburg is a corporation licensed to carry on business in
Type 4 (advising on securities) regulated activities. Hui is the
sole responsible officer of Halsburg and licensed to carry on
Type 4 regulated activities. Halsburg's licence prohibits
Halsburg from handling clients' monies or assets whether
directly, or indirectly through any associate. Halsburg can only
engage in investment advisory activities in relation to unit
trusts and mutual funds.
2. ICM was registered in Grenada and the ASF was an unauthorized
fund. The New Zealand Securities Commission (http://www.sec-
com.govt.nz/) and the Australian Securities & Investments
Commission (http://www.asic.gov.au/asic/asic.nsf)respectively
issued two press releases on 3 May 1999 and 21 December 2000
concerning questionable marketing practices conducted by two
related companies of the IC Group. These involved advertisements
banned by the NZSC due to the promotion of funds to the public
without a registered prospectus, and concerns by the ASIC of
inadequate disclosure in a prospectus leading to the forced
withdrawal of a share offer.
3. Neither the product was authorized by nor Alpha Toronto
Series Inc registered with the SFC.
KOOLLCARE COLD: Winding Up Hearing Slated for June 1
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Koollcare Cold Chain Logistics Limited by the High Court of Hong
Kong Special Administrative Region was on April 4, 2005
presented to the said Court by Li Fong Heung of Flat H, 33rd
Floor, Tower 5, Nan Fung Plaza, 8 Pui Shing Road, Tseung Kwan O,
Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 1, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
LI FONG HEUNG
Solicitors for the Petitioner
Flat H, 33rd Floor, Tower 5
Nan Fung Plaza, 8 Pui Shing Road
Tseung Kwan O, Kowloon
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.
The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of May
31, 2005.
LAI SUN: 2004 Net Loss Balloons To HKD1.2 Bln
---------------------------------------------
Lai Sun Development Company Limited (0488) disclosed its
financial period ended January 31, 2005.
Year end date: 31/07/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/08/2004 from 01/08/2003
to 31/01/2005 to 31/01/2004
Note ($) ($)
Turnover : 396,134,000
1,709,416,000
Profit/(Loss) from Operations : 222,801,000
13,731,000
Finance cost : (52,582,000)
(157,116,000)
Share of Profit/(Loss) of
Associates : 139,111,000
(17,673,000)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (1,255,969,000)
(167,120,000)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 2 : (0.19) (0.04)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (1,255,969,000)
(167,120,000)
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. BASIS OF PREPARATION AND CORPORATE UPDATE
(a) The condensed consolidated financial statements have not
been audited by the Company's auditors but have been reviewed by
the Company's audit committee.
(b) Last year, the Company reached an agreement, in principle,
with the informal committee (the Informal Committee) of the
holders (the Exchangeable Bondholders) of US$115 million
exchangeable guaranteed bonds (the Exchangeable Bonds) and the
holders (the Convertible Bondholders) of US$150 million
convertible guaranteed bonds (the Convertible Bonds)
(collectively, the Bondholders) concerning the settlement of the
Exchangeable Bonds and the Convertible Bonds owed by the Group
to Bondholders (the Bonds Settlement).
On June 28, 2004, the Company also entered into a settlement
agreement with eSun Holdings Limited (eSun), an associate of the
Group, in connection with the proposed settlement of an amount
payable to Golden Pool Enterprise Limited (GPEL), a wholly owned
subsidiary of eSun, of HK$1,500 million (the Debt) (the eSun
Debt Settlement).
On October 6, 2005, the Bondholders passed the necessary
resolutions to duly approve the terms agreed between the
Informal Committee and the Company. Pursuant to a resolution
passed at a special general meeting held by eSun on October 13,
2004, the independent shareholders of eSun approved the eSun
Debt Settlement. On the same date, pursuant to a resolution
passed at an extraordinary general meeting held by the Company,
the Bonds Settlement and the eSun Debt Settlement (collectively,
the Settlements) were duly approved by the independent
shareholders of the Company.
On December 7, 2004, all of the conditions precedent had been
fulfilled and the Settlements were completed on that date. The
major terms of the Settlements have been disclosed in the
Company's last annual report.
Upon completion of the Bonds Settlement, the Group settled its
indebtedness owed to the Bondholders including the outstanding
principal amount, accrued outstanding interest, redemption
premium in aggregate of HK$2,279 million and an agreed
settlement premium of HK$257 million. The total amount due to
the Bondholders was settled by:
(i) cash repayments of approximately US$38 million (equivalent
to approximately HK$300 million) which were made to the
Bondholders on about 18th October, 2004;
(ii) HK$266,058,100 zero coupon guaranteed secured A Bonds due
2005 (the A Bonds) issued by Lai Sun International Finance
(2004A) Limited, a wholly-owned subsidiary of the Company;
(iii) HK$70,059,100 zero coupon guaranteed secured B Bonds due
2005 (the B Bonds) issued by Lai Sun International Finance
(2004B), a wholly-owned subsidiary of the Company; and
(iv) 3,800,040,000 ordinary shares of the Company at a price of
HK$0.50 per share.
Upon completion of the eSun Debt Settlement, the Group settled
the principal amount of the Debt of HK$1,500 million and an
agreed settlement premium of approximately HK$1,345 million.
The total amount due to eSun was settled by:
(i) a cash repayment of HK$20,000,000 which was made to the eSun
Group on 18th October, 2004;
(ii) a 5-year secured interest-bearing term loan in the
principal amount of HK$225,000,000 owed by Furama Hotel
Enterprises Limited, a wholly-owned subsidiary of the Company,
to GPEL; and
(iii) 5,200,000,000 ordinary shares of the Company at a price of
HK$0.50 per share.
The Group incurred a loss arising from the Settlements of
HK$1,484 million which comprised (i) an agreed premium of HK$257
million pursuant to the Bonds Settlement and (ii) an agreed
premium of HK$1,345 million pursuant to the eSun Debt Settlement
of which was partially offset by the write back of accrued
overdue interest on the Debt of HK$119 million as such overdue
interest was waived by eSun upon completion of the Settlement.
Following the completion of the Settlements, the Group also
managed to refinance all major bank and other borrowings to
medium and long term loans as necessary.
Upon completion of the Settlements, the Group turned around from
a deficiency in asset position to a net asset position. As at
31st January, 2005 the Group had consolidated net assets of
HK$3,345 million (as at 31st July, 2004: consolidated deficiency
in assets of HK$116 million). The Group' has also turned around
from a current liability position of from HK$5,664 million as at
31st July, 2004 to a net current asset position of HK$33 million
as at 31st January, 2005.
2. LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
period of HK$1,255,969,000 (2004: HK$167,120,000) and the
weighted average number of 6,485,145,000 (2004: 3,746,002,000)
ordinary shares in issue during the period.
Diluted loss per share amounts for the current and prior periods
have not been disclosed, as no diluting event existed during
both periods.
3. INTERESTS IN ASSOCIATES
Included in the Group's interests in associates as at 31st
January, 2005 is the Group's share of net assets of eSun and its
subsidiaries (the eSun Group) of HK$779,048,000.
As at 31st December, 2004, the eSun Group recorded consolidated
net current liabilities of HK$207 million (2003: HK$172
million), consolidated accumulated losses of HK$2,284 million
(2003: HK$2,336 million) and consolidated net assets of HK$1,831
million (2003: HK$1,779 million).
Included in the net current liabilities of HK$207 million were
bank loans of HK$21 million, loans from directors of HK$10
million and other loans of HK$150 million (collectively, the
"Financial Creditors), all of which are due for repayment within
the next 12 months from the balance sheet date.
In order to improve the eSun Group's working capital position,
profitability and operations, the eSun Group has adopted and
continue to implement the following measures:
(a) the eSun Group continues to seek ongoing support from its
Financial Creditors, and to explore opportunities for different
sources of financing to strengthen the Group's working capital
position; and
(b) the eSun Group continues to implement measures to tighten
cost controls over various general and administrative expenses
and to attain positive and profitable cash flow operations.
The directors of eSun believe that the eSun Group will be
successful in obtaining ongoing support from its Financial
Creditors and in exploring opportunities for different sources
of financing and that it will be successful in improving cash
flow through tightening of cost controls and attaining positive
and profitable cash flow operations. On this basis, the
directors of eSun consider that the eSun Group will have
sufficient working capital to finance its operations in the
foreseeable future.
Accordingly, the directors of eSun are satisfied that it is
appropriate to prepare the financial statements on a going
concern basis.
If the going concern basis was not appropriate, adjustments
would have to be made to restate the values of the assets to
their recoverable amounts, to provide for any further
liabilities which might arise and to reclassify non-current
assets and liabilities as current assets and liabilities,
respectively. The effects of these potential adjustments have
not been reflected in the eSun Group's financial statements.
At 31st December, 2004, the film rights of the eSun Group
represented all rights, titles and interests in 127 films (the
127 Film Rights) with an aggregate carrying value of
HK$190,570,000 (2003: HK$197,541,000) and the television rights
to another two films for a period of 10.5 years (the 2 TV
Rights) of with an aggregate carrying value of HK$114,000 (2003:
HK$ 114,000). The directors of eSun engaged Astoria Films
Distribution Limited (the Valuar), an independent film
distributor, to perform a valuation (the Valuation) on the 127
Film Rights as at December 31, 2004. Having regard to the
Valuation, which indicated that the fair value of the 127 Film
Rights as at 31st December, 2004 was above their carrying value
stated in the eSun Group's financial statements and having
regard to the current market conditions, the directors of eSun
are of the opinion that there was no impairment in the Group's
film rights as at December 31, 2004.
The auditors of eSun have issued a qualified opinion on the
financial statements of the eSun Group for the year ended 31st
December, 2004 in respect of the scope limitation of the
carrying value of film rights. In their report, the auditors
state that they have been unable to obtain sufficient reliable
information to carry out the audit procedures required by the
Statement of Auditing Standards 520 "Using the Work of an
Expert" (SAS 520) issued by the HKICPA, to satisfy themselves as
to (i) the competence and objectivity of the Valuer; and (ii)
the adequacy of the scope of the Valuer's work on the 127 Film
Rights. Accordingly, they have been unable to carry out
adequate audit procedures to assess the carrying amount of the
film rights as at December 31, 2004. Included in the
consolidated profit and loss account for the year ended 31st
December, 2004 is an amortization charge of the eSun Group's
film rights of HK$6, 971,000. They are also unable either to
obtain sufficient reliable information, or to carry out
alternative audit procedures to satisfy themselves as to the
appropriateness of the basis of computation of the amortization
charge.
CONTACT:
Lai Sun Development Company Limited
11/F Lai Sun Commercial Centre
680 Cheung Sha Wan Road
Kowloon, Hong Kong
Phone: 27410391
Fax: 27852775
Web site: http://www.laisun.com.hk
PRINCETON ECONOMICS: Creditors Meeting Slated for May 18
--------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the Annual General Meetings of
the members and creditors of Princeton Economics International
Hong Kong Limited (In Creditors' Voluntary Liquidation) will be
held at 20th Floor, Prince's Building, Central, Hong Kong on May
18, 2005 at the following times for the purpose of receiving an
account of the liquidator's act and dealings and of the conduct
of the winding up of the company during the year ended March 30,
2005.
Time of Meeting of Members 2 p.m.
Time of Meeting of Creditors 3 p.m.
Creditors and members entitled to attend vote at the above
meeting may appoint proxy. A proxy need not be a member or
creditor of the company. To be valid, a proxy for both meetings
must be lodged with Joanne Oswin at 20th Floor, Prince's
Building, Central, Hong Kong not later than 4:00 p.m. on the day
before the meetings or adjourned meetings at which they are to
be held.
Dated this 15th day of Aril 2005.
JOANNE OSWIN
Joint and Several Liquidator
STABLY ENGINEERING: Enters Winding Up Proceedings
-------------------------------------------------
Stably Engineering Limited with registered office located at DD
124 Lot No 1276 (Middle Ptn) San San Tsuen Tin Ha Road, Hung
Shui Kiu, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on April 4, 2005.
Date of Presentation of Petition: January 6, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
XIN CORPORATION: Notes Unusual Market Movement
----------------------------------------------
The Stock Exchange of Hong Kong has received a message from Xin
Corporation Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The Company has noted the increase in the trading volume and
decrease in the price of the share of the Company on April 18
and wish to state that it is not aware of any reasons for such
movements save as its announcement dated April 13, 2005.
Save as our announcement dated April 13, 2005, it also confirm
that there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under rule 13.23, neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09,
which is or may be of a price-sensitive nature.
Made by the order of Xin Corporation Limited, the Board of the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.
By order of the Board
Xin Corporation Limited
15 April 2005.
Yu Wai Man
Director
As at the date of this statement, the Board comprises Mr. Lo
Ming Chi, Charles (Chairman), Mr. Yu Wai Man, Mr. Wilson Ng, Mr.
Ng Wee Keat and Mr. Ng Eng Leng as executive directors and Mr.
Wong Kwok Tai, Mr. Lau Pok Lam and Mr. Ko Kwong Woon, Ivan as
independent non-executive directors.
CONTACT:
Xin Corporation Limited
Room 2107, 21st Floor
Nan Fung Tower
173 Des Voeux Road Central
Hong Kong
Phone: 26498682
Fax: 26496830
YANOVA LIMITED: Begins Winding Up Process
-----------------------------------------
Yanova Limited with registered office located at Room 212, 2nd
Floor, New East Ocean Centre, 9 Science Museum Road, Tsimshatsui
East, Kln was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on April 4, 2005.
Date of Presentation of Petition: January 27, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
=================
I N D O N E S I A
=================
BANK GLOBAL: Depositors to Get IDR176.6 Bln from Government
-----------------------------------------------------------
The Ministry of Finance verified 3,997 savings accounts of the
depositors of defunct Bank Global Indonesia, and will pay
IDR151.13 billion in 2,196 of the above accounts next week,
reports the Jakarta Post.
This is part of the government's deposit guarantee scheme. Under
the scheme IDR25.26 billion in non-savings accounts would be
also covered, with IDR615.58 billion in 1,888 savings and non-
savings accounts still to be verified. Around 14 savings
accounts totaling IDR21.32 billion will not be paid under the
scheme, as these were found to belong to the banks' owners and
management. Some 27 non-savings accounts worth IDR406.67 billion
will, likewise, be excluded since they are not part of the
government's guarantee program.
According to Director General for Financial Institutions Darmin
Nasution, the depositors can get their payments for the
guaranteed accounts at selected banks beginning April 21, 2005.
On the other hand, depositors who have to submit claims to the
payment banks must do so within two months after the end of the
guarantee program, Nov. 22, 2005 being the latest date.
The ministry received a total of 9,872 accounts worth IDR1.25
trillion from Bank global for verification, and previously said
that they would guarantee 2, 398 accounts at IDR500.2 billion
and had paid IDR488.14 billion in 634 accounts through Bank BNI
as of April 7, 2005.
Mr. Darmin said that 1,888 accounts still had to be verified due
to the bank management's "overdrafting" such accounts - huge
fund transfers from the accounts to other false accounts - but
that it was very difficult since the bank's database was jammed.
He added, however, that the results of the final verification
would be announced next month, and they would try to cover all
the accounts and facilitate fast and easy payments to the
depositors of the accounts.
Bank Global was officially closed on Jan. 13, 2005 because of
banking fraud, and failing capital.
CONTACT:
PT Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
Fax: +62 21 2511214
Web site: http://www.bni.co.id
BANK MANDIRI: AGO Grills Three Execs About Accounting Scandal
-------------------------------------------------------------
Three officials of Bank Mandiri were questioned by the Attorney
General's Office (AGO) on April 15, 2005, in an effort to hasten
the investigation on alleged accounting irregularities leading
to the IDR1 trillion fraud, the Jakarta Post reports.
Deputy Attorney General Sudhono Iswahyudi has also questioned
the finance director of one of the bank's debtor companies, TV
broadcasting firm PT Lativi Media Karya (LMK). No names were
revealed, except the initials WW, MA and FE, who are charged
with providing loans to a company named PT Siak Zamrud Pusaka
(SZP). The three officials are being questioned as witnesses.
The investigation follows the discovery of Bank Mandiri's giving
out IDR1 trillion in loans to 24 companies, and not 28 as was
previously reported. According to the report by the Supreme
Audit Agency (BPK), the bank provided credit facilities to
ineligible companies, including LMK and SZP.
The AGO is looking into the possibility that bank official
received bribes from the bank's debtor companies who wanted
special treatment. Four bank officials have already been
questioned as witnesses, while two others have yet to be
questioned, since they are on an overseas trip.
The investigating team is set to seize documents related to the
credit facilities given by the bank to the debtor companies, and
to list the assets of those companies.
CONTACT:
PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id
BANK MANDIRI: President Prepares to Step Aside
----------------------------------------------
President of state-owned Bank Mandiri Edwin Neloe offered to
resign if an investigation led by the Attorney General confirms
fraud of IDR1 trillion, reports Dow Jones.
Mr. Neloe expressed concern over the allegations, and is "ready
to be replaced" despite minister of State Enterprises Sugiharto
saying that the government did not plan to replace the bank's
management because of the allegations.
According to Mr. Neloe, the bank will cooperate fully in the
investigation, providing the necessary information requested.
But he asked that the bank be presumed innocent in the ongoing
investigation. Authorities will call in some bank executives for
questioning this week.
The allegations of fraud included "28 accounting irregularities"
discovered in an audit of the bank's financial reports. No other
details have been given on the findings.
SEMEN GRESIK: Unit Completes Financial Report, Posts Profit
-----------------------------------------------------------
PT Semen Gresi can now issue the consolidated account of its
affiliate, PT Semen Padang, as the latter has completed its
financial report for 2004, the Jakarta post reports.
According to the unit's chief financial officer, Endang Irzal,
it was a great improvement from its previous reports for 2002
and 2003, which were completed only in October last year.
The report showed that Semen Padang garnered a net profit of
IDR76.9 billion on sales of IDR1.78 trillion for 2004. For 2005,
the company is planning to reach IDR2.2 trillion in sales,
resulting in a profit of IDR90 billion to IDR100 billion.
But this would be possible only if the Company obtained approval
to restructure its short-term loans totaling IDR450 billion, and
it would also have to spend IDR135 billion in capital
expenditures, so as to produce at full capacity. Mr. Irzal
mentioned, however, that repairs on its plant are almost
finished, and that the company is cooperating with a special
audit on its 2002 and 2003 performance, as mandated by Semen
Gresik shareholders last year.
Semen Gresik is partially owned by Mexico-based Cemex, who holds
25.53% of the Company, while the government owns 51.01% and the
remaining 23.46% belongs to public shareholders.
CONTACT:
PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
=========
J A P A N
=========
EBARA KOGYO: Enters Bankruptcy
------------------------------
Ebara Kogyo K.K. has begun bankruptcy proceedings with total
liabilities of US$59.81 million, says Teikoku Databank America.
The Company, which engaged in amusement and recreation
facilities, is located in Shinagawa-ku, Tokyo 101-0061.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
JAPAN AIRLINES: Boosts Internal Safety Procedures
-------------------------------------------------
Japan Airlines announced a series of measures to improve safety
monitoring and reporting within the organization, in response to
a business operational improvement order and administrative
warnings made by the Japan Civil Aviation Bureau (JCAB) of the
Ministry of Land, Infrastructure and Transport in March 2005.
The JCAB acted following a series of incidents involving JAL
maintenance and flight operations between December 2004 and
March 2005, issuing a Business Improvement Order to Japan
Airlines International and Administrative Warnings to Japan
Airlines Corporation, the group holding company, and Japan
Airlines Domestic on March 17.
JAL Group's new safety measures:
Fundamental to the new safety measures is the re-emphasis to all
Group staff that safety is top priority before service
considerations such as on-time performance.
The airline established a new Safety Measures Committee on March
17, 2005 comprising: the President, Executive Vice President,
executive directors for safety and executives from flight
operations, maintenance, cabin attendants, airport operations
and cargo departments. This will meet regularly and also
whenever an irregular situation arises, to share important
information related to flight operations and decide on counter
measures and also to consider important measures for the whole
JAL Group and decide policy.
Additionally three safety officers of vice president level have
been be assigned since April 1st 2005 to collect information on
safety that could affect daily flight operations and everyday
work of the JAL Group. In turn they will report directly to
JAL's President and provide advice.
The JAL Group has also launched a special safety awareness
improvement campaign during April and May 2005 to reaffirm and
reinforce principles of safety and raise safety awareness
throughout the organization and its subsidiaries. More than 100
safety meetings will be held in Japan and overseas. The
president and all board members will visit all workplaces to
hold emergency safety meetings to enlighten staff on safety and
talk directly with staff to increase interactive communication.
Focusing on elimination of human error, from April to the end of
December JAL is reviewing all procedures and manuals in all
departments related to flight operations, utilizing feedback
from within the company and other sources, with the objective of
adopting new methods or actions that will make procedures and
manuals more user-friendly and clearer to follow.
With regard to specific recent incidents, JAL has already
overhauled flight operations and cabin operations manuals to
provide clearer instructions for flight crews and cabin crew for
pre-take off procedures including cockpit workload management
and ATC communications.
A new computer system for aircraft parts monitoring will be
operational this year
On March 17 when the JCAB issued the orders Japan Airlines
announced a reshuffle of top management to take responsibility
for the incidents.
The specific incidents subject to the MLIT order included:
Use of inappropriate parts in a 747 freighter landing gear
(January 2005)
Failure to confirm ATC instructions at Shin Chitose Airport
(Sapporo) Japan (JAL 1036 January 22)
Failure to confirm ATC instructions at Incheon Airport, (Seoul)
Korea (JL 954 March 11)
Operating a domestic passenger flight with disarmed emergency
slides (JAL 1021 March 16)
JAL PRESIDENT STATEMENT
In a statement, JAL President Toshiyuki Shinmachi said, `'
Flight safety is the foundation and social responsibility of the
JAL Group, as an air transport operator responsible for the
lives and property of customers.
"JAL management and staff of the JAL Group have reflected deeply
on the series of safety-related incidents. We have analyzed the
causes of each and have formulated countermeasures to improve
safety based on our findings," he added.
ANALYSIS
An in-house analysis of the causes of incidents produced three
common factors: first, a fall in safety awareness; second, a
lack of quick and accurate information-sharing and third,
pressure to secure on-time-performance (OTP) combined with
pressure caused by time limitations.
There was also a lack of communication between management and
front offices, due to the new JAL Group framework of one holding
company and two business companies created in the process of
integrating Japan Airlines (JAL) and Japan Air Systems (JAS),
which were completed in April 2004.
In the airline's new medium range business plan for the three
years from April 1, 2005 through March 31, 2008, the three
companies will be unified by March 31, 2006.
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
SEIBU DEPARTMENT: Data on 151 Customers Disappears
--------------------------------------------------
Seibu Department Limited has lost personal data on 151
customers, Kyodo News reports.
A mailing list containing personal information on customers who
shopped at its outlet in Funabashi, Chiba Prefecture in August
2004 or later, was lost.
The data include names, addresses, telephone numbers, children's
names and birth dates.
"We take this with utmost seriousness and intend to enhance our
information management system to prevent a recurrence," the
company said.
CONTACT:
Seibu Department Stores Ltd.
Seibu Ikebukuro Bldg.,
1-16-15 Minami-Ikebukuro, Toshima-ku
Tokyo 171-8530, Japan
Phone: +81-3-3989-0111
Fax: +81-3-5396-5285
TOSHIBA CORPORATION: Offers Revolutionary Flat 3-D Screens
----------------------------------------------------------
Toshiba Corporation (TSE: 6502; US: TOSBF) announced a new
display technology that allows 3-D images to be viewed on a
flatbed display without any need for special glasses. Viewing
the display from an angle allows the viewer to experience 3-D
images that stand out several centimeters from the surface of
the display. The new technology opens up new areas of
application for 3-D displays, including arcade games, e-
learning, simulations of buildings and landscapes, and even 3-D
menus in restaurants.
Toshiba will continue to refine the technology, including
integration of touch-screen control, and plans to commercialize
products based on it within two years.
3-D displays that do not require aids such as glasses work by
projecting slightly different images to each eye, a form of
visual stereo. The displays consist of micro-lenses that control
the direction of light emission, and supporting software that
creates images. However, mainstream 3-D technology is limited in
terms of the viewing angle at which it can display 3-D images,
and the images are also tiring to view.
Toshiba's new displays employ an integral imaging system that
reproduces light beams similar of those produced by a real
object, not its visual representation. This overcomes the main
problem with a flatbed display: distance. The difference in the
distance from the eye to the center of a display, and from the
eye to the display's edges and corners, is greater for a flatbed
display than for a standard upright display. In seeking
reproduction of natural 3-D images on the flatbed display,
Toshiba developed proprietary software that utilizes 10 or more
views of an object (the current prototype takes 12 or 16),
either live-action images or CG images, and which processes and
reproduces the images in 3-D, with a wide viewing angle. Toshiba
also developed middleware and dedicated circuitry that supports
fast playback of the images with only a graphics card.
On commercialization, Toshiba will deliver both the hardware and
the software as a total solution.
The combination of advanced technologies achieves a full 3-D
effect when viewed at an angle as wide as 30< from the center
of the screen, and from distances of over 30 cm. The naturalness
of the image signal allows long viewing.
Toshiba has applied the new technology to 24- and 15.4- inch
displays with 480 x 300 pixels, a resolution 1.5 times that
found in the company's conventional 3-D displays, allowing
viewers to see high quality stereoscopic images.
The new display will be exhibited at the "The 1st Display 2005
International FPD Expo," which will be held from April 20 to
April 22, 2005 at Tokyo Big Sight in Tokyo, Japan. Display 2005
is an international trade show for all kinds of flat panel
displays, including LCDs, PDPs, OLEDs and FEDs.
About Toshiba Corporation
Toshiba Corporation is a leader in the development and
manufacture of electronic devices and components, information
and communication systems, digital consumer products and power
systems. The company's ability to integrate wide-ranging
capabilities, from hardware to software and services, assure its
position as an innovator in diverse fields and many businesses.
In semiconductors, Toshiba continues to promote its leadership
in the fast growing system-on-chip market and to build on its
world-class position in NAND flash memories, analog devices and
discrete devices.
Contact:
Toshiba Corporation
Midori Suzuki
E-mail: midori.suzuki@toshiba.co.jp
Phone: +81-3-3457-2105
TUENTIWAN KURIETO: Begins Bankruptcy Proceedings
------------------------------------------------
Machinery and equipment manufacturer Tuentiwan Kurieto K.K. has
entered bankruptcy, according to Teikoku Databank America.
The Company, based in Chiyoda-ku, Tokyo 102-0073, has total
liabilities of US$37.38 million.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com\ or +1-212-421-9805.
UNIVERSAL STUDIOS: Posts JPY26.5 Billion Losses in 2004
-------------------------------------------------------
Universal Studios Japan (USJ) posted losses of JPY26.5 billion
in the year ended March 31, The Asahi Shimbun reports.
Primary attractions of the Company, such as rides and shows,
have been based on Hollywood movies, from Jaws to Jurassic Park.
The park's financial problems include declining per-visitor
spending and an accompanying fall in operating revenue.
USJ is a public-private joint venture of which the city of Osaka
is the top shareholder with a 25-percent stake.
CONTACT:
Universal Studios Japan
2-1-33, Sakurajima
Konohana-ku, Osaka-shi
Osaka City, Japan
Phone: +81-6-6465-3100
Fax: +81-6-6465-3883
* Moody's Says Electronics Firm Ratings Have Started to Improve
----------------------------------------------------------------
The ratings of Japan's integrated electronics companies started
to improve in 2004 after successive downgrades since the early
1990s, notes Moody's Investors Service in a new report, as most
of the firms become focused on those select business areas where
they exhibit distinct and visible strengths, explains the
report, "Japan's Integrated Electronics Companies Outlook." As a
result, their profitability has recovered.
Meanwhile, the companies namely NEC Corporation, Fujitsu
Limited, Toshiba Corporation, Mitsubishi Electric Corporation
and Hitachi Limited, have finally begun to withdraw from
volatile and unprofitable businesses - particularly
semiconductors.
"Another driving factor for the rating upgrades in 2004 was that
business risks have decreased because of a change in these
companies' business portfolios," describes Naoki Takahashi,
Moody's Vice President-Senior Credit Officer.
The integrated electronics companies' current strategy is to
select a limited number of businesses and concentrate on them,
mainly in the social infrastructure-related market, Takahashi
says. While this market - except for the software/solution-
providing business - is mature in Japan, it is still growing in
Asia, generating new business opportunities for Japanese
companies.
Moody's expects that the ratings of these firms could experience
positive rating momentum if they further concentrate on selected
businesses while diversifying geographically, into Asian markets
in particular.
Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
Journalists: (03) 5408-4110
Subscribers: (03) 5408-4100
Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
Journalists: (03) 5408-4110
Subscribers: (03) 5408-4100
=========
K O R E A
=========
KOREA EXCHANGE: Bond Pricing Hits a Snag
----------------------------------------
Korea Exchange Bank (KEB) was set to price its bonds on April
18, 2005, but have put off the bonds pricing as market
conditions remained uncertain, Dow Jones reports.
The bank was set to complete its marketing exercises last April
18, but investor concerns over the poor performance of
(Indonesia) bonds sold last week halted the bank's pricing of
its bonds immediately after that.
According to a person familiar with the deal, there would be no
immediate deal from KEB, as it would be unwise to rush into
anything at the moment. The bonds would go on the market once it
becomes more stable, he said. Other banks hinted that KEB could
sell the deal if they would consider the spread it offers.
Moody's Investors Service has rated the deal at Baa3, while both
Fitch Ratings and Standard & Poor's Ratings have given it a BB+
rating, indicating the bank's strong position in its trade and
foreign exchange, despite having a shaky shareholder structure.
CONTACT:
Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm
===============
M A L A Y S I A
===============
BOUSTEAD HOLDINGS: Set to List Extra Shares on April 20
-------------------------------------------------------
Boustead Holdings Berhad's additional 226,500 new ordinary
shares of MYR0.50 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Wednesday, April 20, 2005, 9:00 a.m.
CONTACT:
Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Malaysia
Phone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my
GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buyback on April 15,
2005.
Date of buy back: 15/04/2005
Description of shares purchased: Ordinary Shares of MYR1.00 Each
Total number of shares purchased (units): 3,200
Minimum price paid for each share purchased (MYR): 0.585
Maximum price paid for each share purchased (MYR): 0.600
Total consideration paid (MYR): 1,911.76
Number of shares purchased retained in treasury
(units): 3,200
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,458,300
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
GULA PERAK: To List New Ordinary Shares
---------------------------------------
Gula Perak Berhad's additional 42,000 new ordinary shares of
MYR1.00 each issued pursuant to the Company's Conversion of
42,000 irredeemable convertible secured loan stocks 200/2005
into 42,000 new ordinary shares will be granted listing and
quotation effective Wednesday, April 20, 2005, 9:00 a.m.
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax: 03-4044 668
I-BERHAD: Repurchases 30,000 Shares
-----------------------------------
I-Berhad disclosed the details of shares it bought back on April
15, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 15/04/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 30,000
Minimum price paid for each share purchased (MYR): 0.800
Maximum price paid for each share purchased (MYR): 0.800
Total consideration paid (RM): 24,177.60
Number of shares purchased retained in treasury
(units): 30,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,468,500
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
JASATERA BERHAD: Fails to File Appeal with SC
---------------------------------------------
Jasatera Berhad refers to its financial report stating that the
Company's prospects this year will depend on the results of the
Company's application to the Securities Commission (SC) to
extend the implementation of its restructuring scheme to Aug.
31, 2005.
The Company clarified that it did not file an appeal against the
SC's decision to reject its proposal for a further time
extension, as it was unable to file the appeal within the
specified time frame to do so.
This is because the Company failed to obtain lenders' approval
of its proposed debt settlement, necessary to file the appeal.
The Company has also met SC representatives on March 9 to
discuss the possibilities of an appeal.
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
OCEAN CAPITAL: Warrants to Expire on May 20
-------------------------------------------
Ocean Capital Berhad announced that the Company's warrants
2000/2005 will expire on Friday, May 20, 2005, 5:00 p.m.
Trading in the Company's warrants has been suspended since Jan.
24, 2005, and the warrants will be removed from the Official
List of the Bursa Malaysia Securities Berhad on Tuesday, May 24,
2005, 9;00 a.m.
CONTACT:
Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200
Kuala Lumpur, Malaysia
Phone: 03-21480700
Fax: 03-21454825
PAN MALAYSIA: Buys Back 140,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buyback on April 15, 2005 to the Bursa Malaysia
Securities Berhad.
Date of buy back: 15/04/2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 140,000
Minimum price paid for each share purchased (MYR): 0.360
Maximum price paid for each share purchased (MYR): 0.390
Total consideration paid (MYR): 54,036.90
Number of shares purchased retained in treasury
(units): 140,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 21,665,500
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
TAP RESOURCES: To Hold EGM on May 10
------------------------------------
Tap Resources Berhad announced that the Company will hold its
Extraordinary General Meeting (EGM) on Tuesday, May 10, 2005,
10:30 a.m. at Hotel Sri Petaling Kuala Lumpur (Function Rooms 2
& 3, Level 2), 30 Jalan Radin Anum, Bandar Baru Sri Petaling,
57000 Kuala Lumpur, in order to pass resolutions as mentioned in
the report attached.
To view the report, click on:
http://bankrupt.com/misc/tcrap_tapresources041605.doc
CONTACT:
Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329
TRU-TECH HOLDINGS: Restructuring Scheme Awaits Approval
-------------------------------------------------------
Tru-Tech Holdings Berhad announced that on Dec. 31, 2004, the
Company filed an application to the Securities Commission (SC)
on its proposed restructuring scheme.
In accordance with Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad (Bursa Securities) Listing Requirements, the
Company must obtain the necessary approvals to implement its
proposed restructuring scheme within four months from date of
submission (of the application), in this case April 30, 2005.
The Company filed an application to Bursa Securities on April
13, 2005 for an extension of three months up to July 13, 2005,
to obtain the necessary approvals. The Company announces that
Bursa Securities will await the result of the Company's
application to relevant authorities before deciding to
suspend/de-list the Company's securities upon failure to obtain
the approvals needed for its proposed restructuring plan.
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax: (60) 3 7861 7972
TRU-TECH HOLDINGS: Unable to Make Deposit, Pay Interest
-------------------------------------------------------
Tru-Tech Holdings Berhad announced that on March 18, 2005, the
Company obtained its scheme creditors' approvals for a proposed
scheme of arrangement with creditors at the court-convened
meeting of scheme creditors on the same day.
The Company further announced that it was unable to make a
MYR1,500,000 monthly deposit due on April 17, 2005 to redeem
MYR55,000,000 nominal amount of redeemable unsecured loan stock,
As well as the MYR1,470,000 interest payment due on April 18,
2005, because of the Company's cash flow problems.
Aside from that, there are no other developments of the
Company's default in payment, in accordance with Practice Note
1/2001 of the Bursa Malaysia Securities Berhad.
To view the Company's principal amounts outstanding of all its
other credit facilities and subsidiaries as of March 31, 2005
can be viewed at:
http://bankrupt.com/misc/tcrap_trutechh041605.xls
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: SEC OKs Proposed Deal with White Knight
----------------------------------------------------------
The Securities and Exchange Commission has agreed to a proposed
equity agreement between College Assurance Plans Philippines
Inc. (CAP) and its reputed European "white knight", The
Philippine Star says.
CAP will issue preferred shares to International Global Capital
Holdings Inc. (IGCH), which will in turn inject between US$15
million and US$25 million into the ailing pre-need firm. CAP
expects to receive the capital infusion within 15 to 30 days.
Under a consulting agreement, IGCH shall help raise funds for
financially distressed CAP. CAP said IGCH will only need to
receive a bank-to-bank authenticated message of an asset
safekeeping receipt (ASKR) over CAP's Metro Rail Transit (MRT)
bonds to confirm that CAP's assets. Without an ASKR, investment
banks would have to conduct extensive due diligence on a Company
to determine asset valuations. IGCH will tap HSBC Zurich as the
disbursing bank for the proposed transaction.
The SEC earlier warned CAP not to draw from its trust fund, or
pool of assets that guarantee its liabilities to plan holders,
which has shrunk to around Php4.7 billion from Php8.5 billion
last year.
CAP is now completing all requirements needed for the approval
of its Php8 billion capital increase application now pending at
the SEC.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
DIGITAL TELECOMMUNICATIONS: Clarifies Financial Results News
------------------------------------------------------------
Digital Telecommunications Philippines (Digitel) issued this
disclosure in reference to the news article entitled "Digitel
revenue reach Php7.33 B" published in the April 17, 2005 issue
of the Manila Bulletin.
The article reported that:
"Digital Telecommunications Philippines Inc. Friday said its
operating revenue in 2004 reached Php7.33 billion, up from
Php6.47 billion in the previous year due to the growth in
subscribers to its cellular service. 'The increase in
consolidated operating revenues was substantially attributable
to the increase in the wireless segment of the Company's
business, which was launched in March 2003,' the Company said.
Digitel's cellular operations contributed Php576.1 million in
operating revenue, up 55 percent year-on-year. The Company
didn't provide other financial data."
Digitel, in its letter to the Philippine Stock Exchange dated
April 18, 2005, confirmed that:
"Digitel's consolidated operating revenues rose to Php7,328.7
million for the year ending December 31, 2004 or a 13.3%
increase from Php6,470.7 million for the year ending December
31, 2003. The increase in consolidated operating revenues was
substantially attributable to the increase in the wireless
segment of the Company's business, which was launched on March
29, 2003. This segment contributed Php576.1 million, a business
segment increase of 55.2% to the increase in consolidated
operating revenues."
For your information.
(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/
MANILA ELECTRIC: Provisioning Hurt FPHC's 2004 Earnings
-------------------------------------------------------
First Philippines Holdings Corporation (FPHC) saw its net profit
dip to Php3.3 billion in 2004 from Php3.82 billion in 2003 due
to losses incurred by its unit Manila Electric Co. (Meralco),
says The Philippine Daily Inquirer.
FPHC booked a provision of Php1.2 billion representing its share
in Meralco's provisioning for probable losses, should the
Supreme Court adversely decide on the power utility firm's
pending unbundling rate case.
Embattled Meralco last year tallied a net loss of Php2.61
billion after a recording a net profit of Php1.27 billion in
2003.
FPHC said it would have made a net profit of Php4.5 billion in
the previous year, 18 percent higher than its 2003 earnings
without the Meralco provisioning.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MARICALUM MINING: Gov't to Mend Ownership Dispute Out of Court
--------------------------------------------------------------
The government will put together an out-of-court settlement on
the ownership issue of a 30-megawatt power plant supposedly
owned by Maricalum Mining Corporation, Today News reports.
President Gloria Macapagal-Arroyo has directed Environment and
Natural Resources chief Michael T. Defensor to discuss the issue
with Maricalum Minning owner Teodoro Bernardino, who put up the
power plant in Sipalay City, Negros Occidental many years ago
for its mining operation.
The mining firm ceased operations in 2001 with accrued tax
deficits and debts, leaving its various facilities including the
power plant under custody of the Asset Privatization Trust (APT)
and the provincial government. The ownership of the power plant
has since been the subject of litigation between Maricalum and
the government.
The provincial government, which has already submitted to the
Department of Energy all the documents supporting its ownership
claim, is seeking to revive the facility to supply half of the
province's power needs.
MAYNILAD WATER: Creditors Pave Way for Buyout
---------------------------------------------
Maynilad Water Services Inc.'s creditors and shareholders have
approved a new amendment that would shape the water
distributor's restructuring, The Philippine Daily Inquirer
relates.
Maynilad's lenders and stakeholders agreed to allow private
investors to acquire a majority stake in Maynilad instead of
turning over control of the Company back to the government.
The proposal would be part of new revisions to Maynilad's final
revival plan to be submitted to a local court by the end of the
month.
But the government, through the Metropolitan Waterworks and
Sewerage System (MWSS), would take over Maynilad's operations in
the absence of an interested party.
Potential investors, including DMCI Holdings Inc. and another
consortium of private banks, have reportedly signified their
interest in Maynilad.
The MWSS is on top of Maynilad's list of creditors with an
exposure of P8 billion representing unpaid concession fees. The
company's other creditors, accounting for the remaining P10
billion in obligations, include Credit Agricole, Indosuez
Merchant Bank Asia Ltd., Citibank NA, Barclays Bank PLC and BNP
Paribas, Equitable PCI-Bank, Rizal Commercial Banking Corp. and
the Development Bank of the Philippines.
Maynilad has earlier proposed a debt-for-equity swap agreement
with its creditors to meet maturing obligations of Php18
billion. But creditor banks snubbed the deal and opted to get
paid within the next seven years.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL BANK: Government Picks ING to Assist Stake Sale
--------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) and the
Department of Finance (DoF) has accepted a financial advisorship
offer by investment bank ING Barings for Philippine National
Bank's (PNB) stake sale, according to Business World.
The government has once again hired the services of ING Barings
to sell two-thirds of the government's PNB shares, despite its
failure to attract bidders during the first attempt to privatize
the bank several years ago.
As financial adviser, ING will be tasked to help in the pricing
of the shares and scout potential investors in the bank.
ING Bank was chosen over five other investment banks such as
Citigroup, Deutsche Bank, Goldman Sachs, Macquarie Securities
and UBS Investment Bank.
CONTACT:
Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph
NATIONAL POWER: Pushes for New Power-rate Hike
----------------------------------------------
Cash-strapped National Power Corporation (Napocor) recently
filed with the Energy Regulatory Commission its fourth petition
for rate adjustments under the GRAM, The Manila Times reports.
The state-run power firm applied for rate adjustments of
Php0.4226 a kilowatt-hour for Luzon, Php0.5245 for the Visayas
and Php0.6862 for Mindanao.
In its third Icera filing, Napocor wants to adjust rates by
Php0.5194 for Luzon, Php0.1023 for the Visayas and Php0.0864 for
Mindanao.
Icera allows Napocor to adjust rates on a quarterly basis due to
foreign-exchange adjustments. The GRAM is a deferred accounting
mechanism approved by the ERC after Napocor unbundled its rates.
Petitions for an adjustment in the GRAM are filed on a quarterly
basis and allow power producers and distribution utilities to
recover fluctuations in fuel prices and in the cost of power
bought from independent power producers (IPPs).
These rates are reviewed by the ERC before they are passed on to
customers.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
NATIONAL POWER: Saves Php17 Bln on Cost-cuts
--------------------------------------------
The National Power Corporation (Napocor) saved Php16.94 billion
in 2004 as a result of its cost-cutting program, or 32.49
percent more than the Php12.79 billion savings realized in 2003,
according to Napocor Power Hotline.
Speaking at the recent San Miguel Corporation - Economic
Journalists' Association of the Philippines seminar at Mimosa,
Clark Field in Pampanga, newly appointed Napocor President and
Chief Executive Officer Cyril C. del Callar said Php8.06
billion, or the biggest chunk of the 2004 savings, was due to
the reduced contractual obligations of Napocor to some of its
independent power producers (IPPs).
Citing official figures, Mr. del Callar said another Php3.79
billion was saved through the prioritization of capital
expenditures. This means that focus was given to key capex
requirements that have been certified urgent and were considered
crucial in ensuring the operational capability and efficiency of
the Napocor plants.
The economic load dispatching of Napocor's power plants on the
other hand yielded Php3.40 billion in savings, or almost four-
fold the 2003 savings of Php854 million. Under the said cost-
cutting measure, the plants that are more efficient and that
have lower fuel costs are dispatched first in order to minimize,
or altogether eliminate, the use of more expensive plants.
The rest of the savings were generated through the following
measures:
(1) Php820.36 million from the reduction of operations expenses,
including strict limitations on foreign travels and trainings,
and other controllable expenditures;
(2) Php582.73 million as a result of the improved operational
efficiency of Napocor plants. Among other indicators, Napocor
was able to bring down its forced outage rate from 2.58 percent
in 2003 to 2.32 percent in 2004, while overall net heat rate was
recorded at 9,822 BTU per kWh (British Thermal Unit per
kilowatt-hour);
(3) Php255.15 million through the electronic bidding system,
which has enabled Napocor to secure competitive tenders for its
fuel and matrails/supplies requirements; and
(4) Php33.31 million from the utilization of cheaper local coal
from Semirara in some of its coal-fired power plants.
VICTORIAS MILLING: Rakes in Php120-Mln in Profits
-------------------------------------------------
Victorias Milling Co. Inc. (VMC) generated a net income of
Php120.95 million and earnings of Php0.08 per share in the first
quarter, The Manila Times reports.
In the same period last year, WMC's net income stood at
Php75.199 million, while its share price was at Php0.05 a share.
VMC's gross profit also increased to Php309.183 million, higher
than last year's Php240.977 million. Cost of sales declined
from Php656.493 million to Php592.344 million this year.
Its revenue from operations stand at Php1,456,729 billion.
Since February 28, 2005, the Company's revenues from its raw-
sugar sales amounted to Php746.66 million; tolling revenues at
Php606.822 million; refined-sugar sales at Php2.041 million;
molasses at Php71.674 million; and engineering contracts at
Php29.532 million.
VMC's revenues from other income rose to Php30.289 million from
the Php7.375 million it made last year.
CONTACT:
Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.
VICTORIAS MILLING: Surrenders Board Seat to Tanduay
---------------------------------------------------
Victorias Milling Co. Inc. (VMC) recently ceded a board seat to
Tanduay Holdings Inc. after clinching a Php300-million loan
deal, according to The Manila Times.
The loan would have an annual interest of 1.5 percent payable
semiannually in arrears for a period of five years. The payment
would balloon to Php300 million at the end of the fifth year
unless it is converted into common shares at the end of the
third year from April 8, 2003.
The shares could be converted at a rate of one common share for
each Php1 of the principal based on a par value of Php1 a share.
The total interest expense due to Tanduay amounted to Php6.75
million for November 30, 2004, and Php4.5 million for August
31,2004.
* JCR Downgrades Forex/Local of Philippines to BBB-
---------------------------------------------------
The Japan Credit Rating Agency (JCR) has downgraded the ratings
on the bonds and local currency long-term senior debts of the
Republic of the Philippines to BBB-/Stable from BBB/Negative.
Issue Amount(bln) Issue Date Due Date Coupon
Yen Bonds
7th Series JPY35 Aug. 2, 2000 Aug. 2, 2005 3.200%
Rationale:
President Gloria Macapagal-Arroyo declared last August that
Philippines was in a fiscal crisis and proposed a combination of
efficiency-enhancing administrative reforms and eight tax
increase measures to cope with the crisis. JCR has since kept a
close watch on the development of the proposed reforms,
particularly the eight tax measures. However, only the
indexation of the excise tax on alcohol and tobacco products and
institutionalization of an attrition law have come through so
far. Thus, the fiscal reform has been delayed as a whole. While
JCR does not think that the country has fallen into a fiscal
crisis, it understands that the country faces an urgent
necessity to push the fiscal reform, given its worsening fiscal
position as shown by the decreasing tax revenue to GDP ratio.
In addition, the government late last year took over a part of
the National Power Corporation's debts to pave the way for its
privatization. This also necessitates the government to
implement the proposed measures to cover additional interest
expenses. The most important thing in carrying out fiscal
reforms is to improve domestic and external confidence through
drafting appropriate measures and implementing them steadily. In
this respect, there remains concern over the development of the
country's fiscal reforms since the second half of last year.
JCR has decided to downgrade the rating by one notch, especially
considering this point in its recent rating review. On the other
hand, JCR has decided to revise the rating outlook to stable
from negative. This reflects JCR's view that the fiscal reform
policy itself is expected to be maintained despite concern over
the process of its implementation so far. It also reflects the
country's comparatively stable macroeconomic performance.
While the uptrend in the inflation rate needs to be cautiously
watched in view of the surging oil prices, the country's economy
has maintained comparatively stable growth on strong private
consumption supported by overseas workers' remittances. In
addition, the current account balance has continued in surplus
due mainly to strong growth of exports and increases of overseas
workers' remittances and tourism revenues, leaving the country's
external balance stable. This economic trend is expected to
continue for the present. However, JCR will continue to keep a
close watch on the development of the tax increase measures.
(1) Fiscal reform
President Arroyo's statement made last August on the country's
fiscal crisis has drawn wide attention. The ratio of central-
government fiscal deficit to GDP dropped to 3.8% in 2004 from
4.6% in 2003. The government plans to bring the ratio further
down to 3.5% in the 2005 budget through the indexation of the
excise tax on alcohol and tobacco products and administrative
measures to increase tax revenues. Simply judging from the
central-government fiscal balance, it may appear that the
country's fiscal situation is gradually improving. In fact,
however, problems are not that easy. Tax revenues as a
percentage of GDP turned declining after peaking out at 17.0% in
1997, falling to 12.5% in 2003. The tax revenue basis has
continued weakening due to a number of difficult problems
including structural corruption.
In addition, the consolidated public-sector fiscal deficit as a
percentage of GDP stood at 5.0% in 2004, little changed from
5.2% in 2003.The main reason for the larger deficit as compared
with the central-government deficit was the chronic loss
incurred by the National Power Corporation (NPC). While NPC's
deficit is expected to turn decreasing thanks to the hike of
electricity rates, repayment of NPC's outstanding debts through
the sale of its power generation assets will be unavoidable to
improve the consolidated public-sector fiscal position. Whether
NPC will succeed in its plan to sell 70% of its power generation
assets by the end of this year needs to be watched.
Meanwhile, in hopes of promoting NPC's privatization, the
government had initially considered taking over all of its debts
amounting to PhP500 billion. However, due to legislative
restrictions, the government undertook PhP200 billion out of the
total at the end of 2004. The central government's outstanding
debt to GDP ratio increased to 78.7% at the end of 2004 from 78%
at the end of 2003 (the consolidated public-sector debt
outstanding to GDP ratio declined to 94.8% at end-September 2004
from 101.2% at the end of 2003). Additional measures to increase
tax revenues are needed to absorb the debt burdens and to
achieve a balanced budget in the medium to long term. To that
end, President Arroyo announced an eight-point revenue expansion
package and tried to enact at least four of them by the end of
2004. However, the government has run into difficulties in the
ongoing parliamentary debate on the package.
Out of its eight measures, only the indexation of the excise tax
on alcohol and tobacco products and institutionalization of an
attrition law have come through so far. Since the turn of the
year, the government has been pushing for the bills to increase
the value added tax rate and withdraw exemptions from the VAT in
addition to these two enacted measures to reverse the decline in
the tax effort. Once again, however, the government has been
faced with difficulty in the parliamentary debate on a bill to
increase the VAT. No agreement has been made yet due to conflict
of opinion on its specifics.
(2) Macroeconomy
GDP growth rate rose 6.1% in 2004 in real terms, the highest in
recent years, from 4.7% in 2003. Steady expansion of private
consumption supported by overseas workers' remittances, export
recovery and increased agricultural production in the 3rd
quarter contributed to the higher growth rate in 2004. In 2005,
the growth of exports is expected to decelerate due to a
moderate slowdown of the world economy, particularly in the
United States and China. In addition, with private consumption
expected to weaken amid accelerated inflation mainly caused by
the rising oil prices, the real GDP growth rate is expected to
decelerate moderately to the level of 5.0%.
The country's external balance has stayed comparatively stable
since the currency crisis, thanks to the growing exports, a
stable inflow of remittances from overseas workers and a
favorable change in the I-S balance (elimination of an excess of
investments over savings). The current account surplus increased
to 2.4% of GDP in 2004 (based on the revised balance of payments
data announced by the central bank in March 2005) from 1.8% in
2003. The ratio is seen to follow a downward trend in the future
but an annual surplus is expected to be maintained in the medium
term.
Although the import coverage ratio of foreign exchange reserves
(excluding gold) slightly decreased to 3.0 months of average
imports of goods and payment of services and income in 2004 from
3.4 times in 2003, the reserves/short-term external debt ratio
rose to 2.6 times at the end of 2004 from 2.2 at the end of 2003
due mainly to a decrease in short-term external debts. This
indicates that there is little concern over the country's
foreign currency liquidity position for the present.
Meanwhile, the ratio of external debt to goods and services
exports and income receipts, which had been steadily falling
from the level of 200% in the early 1990's, further declined to
an estimated 118.2% in 2004. The country's external debt
position is expected to remain generally stable in and after
2005.
=================
S I N G A P O R E
=================
AELDON TECHNOLOGIES: Faces Winding Up Proceedings
-------------------------------------------------
In the matter of Aeldon Technologies (1978) Pte Ltd. a winding
up order was made on April 1, 2005.
Name and address of Liquidator:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
Messrs Eng Leong & Partners
Solicitors for the Petitioners
Note:
(a) All creditors of the abovenamed company should file their
proof of debt with the Liquidator who will be administering all
affairs of the company.
(b) All debts due to the abovenamed company should be forwarded
to the Liquidator.
BULSING PRIVATE: Posts Notice of Dividend
-----------------------------------------
Bulsing (Private) Ltd. posted a notice of dividend at the
Government Gazette, Electronic Edition with the following
details.
Address of Registered Office:
Formerly of 6 Tractor Road
Jurong Town
Singapore 627967
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 152 of 1999
Amount Per Centum: 2.05%
First and Final or otherwise: First & Final Dividend
When Payable: 2nd April 2005
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
15th April 2005
Beverly Wee
Assistant Official Receiver
GES INTERNATIONAL: Units Commence Voluntary Liquidation
-------------------------------------------------------
The Board of Directors of GES International Limited advised the
Singapore Stock Exchange (SGX) that:
(i) Spectrum Tech (Singapore) Pte Ltd (Spectrum) and Evictronics
Engineering Pte Ltd (Evictronics), which are wholly owned by the
Company's 100 percent subsidiary, GES (Singapore) Pte Ltd (GES).
Spectrum and Evictronics have been inactive since 2003 and 1999,
respectively.
(ii) The Networking Company Pte Ltd (TNC), which is 80 percent
owned by GES. TNC has been inactive since 2001.
(iii) Eltech Electronics Technology (Singapore) Pte Ltd (EETS),
which is wholly owned by the Company's 100 percent subsidiary,
Eltech Electronics Technology (Malaysia) Sdn Bhd. EETS has been
inactive since 2001.
have commenced members' voluntary liquidation on 15th April
2005.
Messrs Chee Yoh Chuang & Lim Lee Meng of Chio Lim & Associates
have been appointed as Liquidators of the Subsidiaries.
By Order of the Board
Tan San-Ju
Company Secretary
15th April 2005
CONTACT:
GES International Limited
28 Marsiling Lane
Singapore 739152
Telephone: 65 67329898
Fax: 65 63686225
Web site: http://www.ges.com.sg
IPCO INTERNATIONAL: Defers Listing of Unit
------------------------------------------
On March 11, 2005, the Board of Directors of IPCO International
Limited announced in a disclosure made to the Singapore Stock
Exchange (SGX) that it had on the same day, submitted a listing
application of its subsidiary, ESA Electronics Pte Ltd, to the
Singapore Exchange Securities Trading Limited.
Further to this announcement, the Board would like to advise
that it has decided to defer the listing application until
further notice.
The Company may make further announcements as and when
appropriate.
By Order of the Board
IPCO International Limited
CONTACT:
IPCO International Limited
7 Temasek Boulevard 038987
Singapore
Telephone: +65 2642711/ +65 2642091/2641469
Web site: http://www.ipco.com.sg/
MEDIA ASIA: Places Unit in Voluntary Liquidation
------------------------------------------------
The Board of Directors of Media Asia Entertainment Group Limited
(the Group) advised the Singapore Stock Exchange (SGX) that on
April 15, 2005, the directors and shareholders of the Group's 60
percent-owned subsidiary, Media Asia Consumer Products Ltd.,
which is held through Media Asia Entertainment Ltd., have passed
their respective resolutions for a winding up of Media Asia
Consumer Products Ltd. In connection with the said winding up,
Mr. Liu Wing Leung, Jerry, has been appointed its Liquidator.
Media Asia Consumer Products Ltd. has been a dormant company in
the Group since 2001. The voluntary liquidation of Media Asia
Consumer Products Ltd. will have no impact on the business or
affairs of the Group and will have no material impact on the net
tangible assets or earnings per share of the Group for the year
ending December 31, 2005.
By order of the Board
Yeung Kam Hoi and Ng Joo Khin
Joint Company Secretaries
15 April 2005
CONTACT:
Media Asia Entertainment Group Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Telephone: (852)2314 4288
Fax: (852)2314 7908
Web site: http://www.mediaasia.com
NATSTEEL LIMITED: Delays Transfer of Interest in Changzhou
----------------------------------------------------------
The Board of Directors of Natsteel Ltd (NATSTEEL) refers to the
announcement made to the Singapore Stock Exchange (SGX) dated
February 15, 2005 (the Announcement) in relation to the
completion of the sale of the Company's regional and Singapore
steel businesses to The Tata Iron and Steel Company Limited
(Tata Steel).
Unless otherwise defined, capitalized terms used in this
announcement bear the same meaning as those used in the
Announcement and the Company's circular to shareholders dated
November 25, 2004.
Due to a delay in the receipt of the necessary approvals from
governmental and regulatory authorities, the Company's interest
in Changzhou Wujin NatSteel Company Limited (Wujin NSL) has not
been transferred to NatSteel Asia Pte Ltd (NatSteel Asia) on
April 15, 2005.
As such Tata Steel will not be under any obligation to transfer
S$60 million (the Wujin Amount) to NatSteel Asia for subsequent
payment to the Company.
However pursuant to the terms of the Amended Subscription
Agreement and the Amended BTA, the Company continues to be
obliged to procure the transfer of Wujin NSL's 30 per cent.
interest in Wuxi Jinyang Metal Products Company Limited and 5.91
per cent interest in Southern NatSteel (Xiamen) Limited
(collectively, the Wujin Minority Shares) to NatSteel Asia on or
before May 15, 2005 failing which the Company will pay NatSteel
Asia S$20 million.
Other than the Wujin Amount, the remainder of the consideration
payable will be made to NatSteel Asia for subsequent payment to
the Company after the determination of the Completion
Adjustments, which is expected to be determined within three
months from the date of Completion.
The Directors will continue to explore ways to realize value for
the Company's interest in Wujin NSL, including initiating new
negotiations with Tata Steel.
By Order of the Board
Lim Su-Ling (Ms)
Company Secretary
Singapore
15 April 2005
CONTACT:
NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Telephone: 65 62651233
Fax: 65 62658317
Web site http://www.natsteel.com.sg
NIPPECRAFT LIMITED: Hopes SG$6.6Mln Order Would Lift Earnings
-------------------------------------------------------------
Nippecraft Limited advised the Singapore Stock Exchange (SGX)
that it has secured orders worth SG$6.6m from major American
office supply chain.
(1) S$6.6m represents 10 percent of FY2004 revenue
(2) Will have positive impact on FY2005's earnings
(3) Orders are to be delivered in FY2005 and company accepted
offer to supply products for 3 years.
Mainboard-listed Nippecraft Limited, a specialist provider of
personal and business organizing tools, has accepted a Letter of
Offer (LO) on April 14, 2005 from a major American Office Supply
Chain (The Chain) to supply diaries, calendars and dated
products for a term of 3 years commencing January 14, 2005 to
North America and Canada.
As a result of this, the Company received purchase orders with a
total value of approximately SG$6.6 million (US$4.0 million) for
FY2005. The $6.6m value represents about 10% of FY2004 revenue.
The Chain is understood to be one of the world's largest
business-to-business suppliers of essential office and computer
products and services with 2004 sales of over US$4 billion in
North America.
Dr. Howard Lo, Executive Director and Chief Operating Officer of
Nippecraft, said, "We have identified the US market as a key
growth area for us since 2003 and concerted efforts have been
put into developing this market. The orders secured are a
testament to the increasing awareness and acceptance of our
products in this key market."
Dr Lo added, "Our presence in this market is further
strengthened by our acceptance of the LO, signaling the start of
a fruitful working relationship with an established player in
the US office products industry. This year is shaping out to be
a rewarding one for Nippecraft."
The Company expects the orders to have a positive impact on the
Group's earnings for this year.
To view a full copy of the press release, click:
http://bankrupt.com/misc/nippecraftNLCESGXannoc041605.pdf
http://bankrupt.com/misc/NippecraftPressRelease041805.pdf
CONTACT:
Nippecraft Limited
9 Fan Yoong Road
Singapore 629787
Telephone: 65 6262662
Fax: 65 62621551
Web site: http://www.nippecraft.com.sg
SHINING CORPORATION: Replies to SGX Query on Annual Report
----------------------------------------------------------
Shining Corp. Ltd. has received the following query from
Singapore Exchange (SGX):
SGX Query
"We noted several material discrepancies between the balance
sheet (Group level) in the Annual report and in the Company's
full year results announcement on March 1, 2005. Please provide
explanations for the following items:
Contract work in progress
Trade debtors
Trade creditors
Other creditors and accruals
Progress billings in excess of costs"
Shining Corp.'s reply to the above query is as follow:
Contract work in progress
Progress billings in excess of costs
In the Company's full year results announcement on March 1,
2005, we had disclosed $3.6m for the Contract work in progress
net of Progress billings in excess of costs. In the annual
report Contract work in progress and Progress billings in excess
of costs were disclosed separately as $3.9m in the current
assets and $0.3m in the current liabilities respectively.
Trade debtors
Trade creditors
Other creditors and accruals
In the Company's full year results announcement on March 1,
2005, advances from customers amounting to $1.1m were included
as Trade creditors. In the annual report, we had net off $0.5m
of these advances against Trade debtors to reflect the net
receivables from the same customers as at year-end.
The remaining balance of $0.6m of these advances relates to
deposits received from customers for goods that were not
delivered as at yearend.
We had classified these deposits as Other creditors & accruals
in the annual report."
Note:
Please note that the differences were due to classification
between the current assets and liabilities on our balance
sheets. Our Net current assets position remain as $9.5m.
CONTACT:
Shining Corporation Ltd
11 Changi South Street 3 #04-01
Builders Centre
Singapore 486122
Telephone: 65 65455225
Fax: 65 65455665
SING KOON: Pays Second Preferential Dividend
--------------------------------------------
Sing Koon Seng Shipbuilding & Engineering Pte Ltd. formerly of 1
Colombo Court #05-25 Singapore 0617 posted a notice of second
preferential dividend at the Government Gazette, Electronic
Edition with the following details.
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 192 of 1992
Amount Per Centum: 16.3284%
First and Final or otherwise: 2nd & Final Preferential Dividend
When Payable: 2nd April 2005
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
15th April 2005.
Beverly Wee
Assistant Official Receiver
TTS FOOD: Invites Creditors to Attend Winding Up Hearing
--------------------------------------------------------
Notice is hereby given that a petition for the winding up of TTS
Food Industries Pte Ltd by the High Court was April 4, 2005
presented by Anbros Industries (S) Pte Ltd, a creditor.
The Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m. on April 29, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his Counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring a copy of the Petition by
the undersigned on payment of the regulated charges for the
same.
The Petitioners' address is No. 22 Tuas Avenue 12, Singapore
639040.
The Petitioners' solicitors are Messrs Haridass Ho & Partners of
24 Raffles Place, #18-00 Clifford Centre, Singapore 048621.
Dated this 15th day of April 2005.
Messrs Haridass Ho & Partners
Solicitors for the Petitioners
Note:
Any person who intends to appear on the hearing of the Petition
must serve and or send by post to the abovenamed solicitors,
notice in writing of his or their intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm; or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than twelve o'clock noon
of April 28, 2005 (the day before the day appointed for the
hearing of the Petition).
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: Debt to Equity Ratio Down to 1.82:1
---------------------------------------------------------
CN Advisory Company Limited as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited submitted to
the Stock Exchange of Thailand (SET) a progress report on Debt
Restructuring Plan of the Company between October 1, 2004 to
March 31, 2005 for your acknowledgement.
Please be informed accordingly.
Yours faithfully,
Mr. Sommai Ungsrithong/Mr. Danuch Yontararak
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited
To view a full copy of the Progress Report, click
http://bankrupt.com/misc/tcrap_ChristianiNielsen041805.pdf
CONTACT:
Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th
COUNTRY THAILAND: Hopes for Turnaround this Year
------------------------------------------------
Country (Thailand) Plc is planning to clear out its remaining
debt of THB126 billion by June and hopes to exit rehabilitation
by September, Bangkok Post relates, citing Swechak Lochaya,
managing director of Country.
The Company was once on the brink of bankruptcy. But with the
near completion of the rehabilitation plan, and the development
of five upcoming projects this year, it hopes to make a comeback
in the market.
In the event of the completion of the rehab plan which is
handled by Property Planner, the company will have THB6 billion
in paid-up capital, and will adjust its capital base and
shareholding structure to reflect its actual operations and
prospect.
Country is still holding a listed status in the Stock Exchange
of Thailand (SET) because it filed a request of temporary
delisting from the bourse last year. The Company expects to
resume normal trading in the last quarter of this year.
Compared to the previous year, Country sees an improvement in
its financial status. It recorded THB60 billion in operating
profits this year. The income mainly came from sales at Country
Complex condominium on Sanpavut Road, the residential-cum-office
project it bought back from creditors.
Country plans to develop five projects this year. The Company
obtained THB1 billion in new loans from Krung Thai Bank to buy
back its property projects from creditors, which are mostly
unfinished. It is also seeking strategic partners to become its
co-investors on its plans to develop two luxury condominiums.
Among the projects planned for this year are the 23-storey Royal
Beach Condominium on Chao Samran Beach, Phetchaburi; Country
Village on Suwintawong Road, My Home Pracha Chuen, a 33-detached
house project on Pracha Chuen-Song Prapa Road, and My Home
Chiang Mai, a 170-rai detached house project in Mae Rim
district.
Country has talked with financial institutes to buy two
distressed assets- one on New Phetchaburi Road and the other on
the banks of the Chao Phraya. If the purchases are approved, it
will link up with overseas property funds to build both
projects.
The Company is planning to change its name to Everland late this
year upon the advise of brand consultants.
THAI PETROCHEMICAL: Issues Progress Report of Rehab Plan
--------------------------------------------------------
Thai Petrochemical Industry Plc furnished the Stock Exchange of
Thailand a progress report of its business reorganization plan
during the October 1, 2004 to March 31, 2005 period.
(A) The Progress of the Amendment of the Business Reorganization
Plan
Regarding the meeting of the creditors for the vote on the
amendment of Business Reorganization Plan convened by the
Official Receiver on October 12, 2004, the amendment was
approved by creditors in accordance with section 90/46 (2) and
92/63 of the Bankruptcy Act. B.E.2483. In addition, on October
26, 2004 the creditors of the subsidiaries of Thai
Petrochemical Industry Public Company Ltd. (TPI) which consist
of:
(1) Thai ABS Co. Ltd.
(2) TPI OIL Co. Ltd.
(3) Thai Polyurethane Industry Co. Ltd.
(4) TPI Aromatics Pcl.
(5) TPI Energy Co. Ltd. and;
(6) TPI Polyol Co. Ltd. approved the amended Business
Reorganization Plan of each subsidiary in accordance with the
Bankruptcy Act B.E. 2483.
Accordingly, the Central Bankruptcy Court approved the amendment
of the Business Reorganization Plan of Thai Petrochemical
Industry Pcl. (TPI) and its 6 subsidiaries on November 10, 2004.
(B) The Operating Performance of the Plan Administration
(1) Productivity
TPI has increased average crude oil refining level to 180,000
barrels per day since the first quarter of 2004 and maintained
the production at such level ever since. Consequently, to secure
the stability of the production, TPI has signed additional long-
term crude supply contracts with suppliers from the middle east.
(2) Finance
TPI has changed the terms and conditions of the interest payment
to conform with those stipulated in the amended Business
Reorganization Plan.
Consequently after the amended Business Reorganization Plan was
approved by the Central Bankruptcy Court in November 2004, TPI
made its first interest payment amounting to THB663.27 million
and the second payment of THB673.30 million on December 29, 2004
and March 31, 2005 respectively.
(C) Capital Restructuring
The Ministry of Finance (MOF) has conducted negotiation with
several prospect investors since the approval of the amended
plan.
After all, on January 17, 2005 MOF and a group of prospect
invertors consisting of PTT Pcl., Government Saving Bank and
Government Pension Fund signed the Memorandum of Understanding
regarding the allocation of TPI's equity.
(D) Outstanding Litigation
Outstanding litigation under the administration of the current
Plan Administrator between 1 October 2004 and 31 March 2005 are
as follows:
(1) Cases related to Thai Petrochemical Industry Pcl. and its
subsidiaries can be divided into 2 categories.
(1.1) Seven major cases related to the company's business
reorganization process that filed after the court issuance of
the order placing TPI and its subsidiaries under the
reorganization process.
(1.2) Seventeen debt under claim cases which the creditors filed
their claims under the reorganization process.
(2) Eighty ordinary course of business cases, including
commercial contract default cases, trade agreement cases, cheque
cases and labor cases.
Remarks:
(1) On February 28, 2005, the Central Bankruptcy Court ordered
Effective Planner Ltd., the Planner to refund the money in the
amount of THB24,965,021.47 to the Debtor.
(2) On April 8, 2005, the Central Bankruptcy Court issued orders
as follows:
(2.1) Dismissed the petition requesting the Plan Administrator
to reimburse the business reorganization payment.
(2.2) Dismissed the petition to remove Ministry of Finance from
Plan Administrator.
(2.3) Permitted Mr. Prachai Leophairatana to withdraw the
petition requesting the right to purchase TPI shares before
other parties.
(2.4) Permitted Mr. Prachai Leophairatana to withdraw the
petition requesting to repay all the outstanding debt of
US$2,700 million under business reorganization plan.
Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
BOND PRICING: For the Week 18 April to 22 April 2005
----------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group 10.000% 4/15/06 1
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 8
Austral Coal 9.500% 10/01/06 1
Australis Holdings 15.000% 11/01/02 1
BIL Finance Ltd 8.000% 10/15/07 8
BIL Finance Ltd 8.750% 10/15/05 10
BIL Finance Ltd 9.250% 10/15/06 8
Capital Properties NZ Ltd 8.500% 4/15/05 8
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
CBH Resources 9.500% 12/16/09 1
Citigold Corporation 12.000% 3/29/07 1
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 7
Hy-Fi Securities Ltd 8.750% 8/15/08 10
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 9
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd. 10.250% 10/15/09 10
Primelife Corp. 9.500% 12/08/06 1
Prime Infrastructure 8.500% 2/28/49 10
Prime Infrastructure 8.500% 12/31/49 10
Salomon SB Australia 4.250% 2/01/09 8
Sapphire Securities Ltd 7.410% 9/20/35 7
Sapphire Securities Ltd 9.250% 12/20/06 9
Sherlock Bay Nickel 12.000% 9/01/07 1
Sky Network Television Ltd 9.300% 10/29/49 8
Software of Excellence 7.000% 8/09/07 1
Strathfield Group 11.000% 12/31/05 1
Sydney Gas Company 12.000% 4/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
CHINA
-----
China Government Bond 2.900% 5/24/32 73
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Artwright Holdings Bhd 5.500% 3/06/07 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 4
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder 7.000% 2/24/06 2
Dataprep Holdings Bhd 4.000% 8/05/05 1
Dataprep Holdings Bhd 4.000% 8/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 5
Furqan Business Organization 2.000% 12/19/05 1
Gadang Holdings Bhd 2.000% 12/24/08 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
Huat Lai Resources Bhd 5.000% 3/28/10 1
I-Berhad 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Kamdar Group Bhd 3.000 11/09/09 1
Killinghall Bhd 5.000% 4/13/09 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 1/06/07 5
Lion Diversified Holdings Bhd 2.000% 6/01/09 2
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/05/12 1
Mithril Bhd 8.000% 4/05/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
Naim Indah Corp. 0.500% 8/24/06 1
Nam Fatt Corporation Bhd 2.000% 6/24/11 1
Pantai Holdings Bhd 5.000% 7/31/07 1
Patimas Computers Bhd 6.000% 2/19/06 1
Poh Kong Holdings 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 1.500% 6/30/07 75
Rashid Hussain Bhd 3.000% 12/24/12 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel 5.500% 7/31/08 2
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
Tradewinds Corporation Bhd 2.000% 2/08/12 1
VTI Vintage Bhd 4.000% 8/22/06 1
WCT Land Bhd 3.000% 8/02/09 1
Wah Seong Corp 3.000% 5/21/12 3
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 6/30/07 1
Tampines Assets Ltd 5.625% 12/07/06 1
Tincel Limited 7.400% 6/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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