/raid1/www/Hosts/bankrupt/TCRAP_Public/050427.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, April 27, 2005, Vol. 8, No. 82
Headlines
A U S T R A L I A
A.C.N. 080 736 803: Proofs of Debt, Claims Due Today
ANSAVAH PTY: To Declare Dividend May 29
BALDINA INVESTMENTS: To Hold Members Meeting May 10
BARING PRINTERS: Dividend Declaration Set May 5
BRAMICH'S BAKERY: Members to Meet April 29
HOTLAND PTY: Winds Up Voluntarily
INGAWARRA PTY: To Convene Final Meeting April 29
INTERNATIONAL CONCERT: Boardroom Battle Intensifies
LEWTEC PTY: To Convene Meeting May 3
MAYNE GROUP: Losing Grip of the Drug Market
METABOLISM RECRUITMENT: Lays Out Agenda of Final Meeting
MOORINGA PASTORAL: Members Meeting Slated May 6
NACALU HOLDINGS: To Hold Final Meeting April 29
NATIONAL AUSTRALIA: Cuts Credit Card Loyalty
PBS PTY: Final Combined Meeting Fixed April 29
PENELIAN PTY: Liquidator to Present Final Account April 29
SADOWSKI FINANCIAL: Picks G.D. Trinick as Liquidator
SANTOS LIMITED: Wins Gas Contract for New Power Station
SYNERGY REGIONAL: 50 Lose Jobs on Center Closure
SHERIDAN FURNITURE: Faces Winding Up Proceedings
STANTON & TAYLOR: Appoints Liquidator to Wind Up Company
TOTAL BRAND: Proofs of Debt, Claim Due April 29
TIPBELL PTY: Lays Out Final Meeting Agenda
T.W. REAL: To Undergo Voluntary Liquidation
WONNABUREE PTY: General Members Meeting Set May 6
* ASIC Prosecutes Directors, Corporations on 56 Violations
C H I N A & H O N G K O N G
CHINA SOUTHERN: 2004 Net Loss Shrinks to RMB48 Mln
CHINA SOUTHERN: CSFB Cuts Rating to "Underperform"
DAYE SPECIAL: Incurs Major Losses on Accounting Errors
ELECTRONIC SPIDER: Court Issues Winding Up Petition
FORTUNE CIRCUIT: Winding Up Hearing Slated June 1
GAIN ASSET: Settles SFC Disciplinary Action
HOP SHING: Receives Winding Up Order
INDUSTRIAL AND COMMERCIAL: Moody's Corrects Rating Report
IST EASY: Winding Up Hearing Fixed May 4
JADE KIND: Court to Hear Winding Up Petition May 11
KANISHI LIMITED: Enters Winding Up Proceedings
MAXX BIOSCIENCE: 2004 Net Loss Widens to HKD130 Mln
SKY HAWK: 2004 Net Loss Balloons to HKD18 Mln
I N D O N E S I A
BANK MANDIRI: Fitch Delays Rating Action
BANK MANDIRI: AGO Busts, Questions Directors Over Scam
J A P A N
DAIEI INCORPORATED: Books JPY581 Bln Losses
JAPAN AIRLINES: Expands 'Touch & Go' Boarding System
JAPAN TOBACCO: To Restructure Pharmaceutical Facilities
JAPAN TOBACCO: Hikes Dividend by JPY3,000
KOBE STEEL: Hikes Capital Investments This Year
MATSUSHITA ELECTRIC: Clarifies Consolidated Net Profit Forecast
SANYO ELECTRIC: Launches New Car Audio Receiver Model
SEIYU LIMITED: Posts JPY12.3 Bln in 2004
* Few Appliance Makers Will Survive Market Consolidation
K O R E A
DAEWOO SHIPBUILDING: Suffers KRW31.4 Billion Loss in Q1
SK LIFE: Mirae Asset Group Makes Purchase Offer
SK NETWORKS: Aims to Wrap Up Assets Sale by 2007
M A L A Y S I A
GOLDEN FRONTIER: Repurchases More Shares
KIG GLASS: Still Negotiating to Resolve Default Issue
METROPLEX BERHAD: Court Sets Earlier Date to Hear Unit's Windup
METROPLEX BERHAD: Ordered to Pay Debt to Philippine Bank
PAN MALAYSIA: Repurchases 125,000 Shares
PUNCAK NIAGA: Unveils Employee Share Option Scheme
SARAWAK ENTERPRISE: Court Approves Proposed Restructuring
TALAM CORPORATION: Set to List Additional Shares
WEMBLEY INDUSTRIES: SC OKs Extension to Restructure
P H I L I P P I N E S
COLLEGE ASSURANCE: SEC Proposes Steps to Safeguard Assets
MANILA ELECTRIC: Elects Directors, Amends By-Laws
MANILA ELECTRIC: Says Napocor Rate Hike Won't Hurt Costumers
MAYNILAD WATER: Clarifies Business World News Article
NATIONAL BANK: Confirms News on US$300 Mln Loan to MIAA
NATIONAL POWER: Needs US$500 Mln to Fund Operations
NATIONAL POWER: Cites Measures to Soften Blow of Power Rate Hike
PACIFIC PLANS: DoF Tells SEC to Probe Books
PHILIPPINE LONG: Inks Subscription, Assignment Deal with Smart
PHILIPPINE LONG: Questions NTC's VoIP Draft Rules
S I N G A P O R E
ADVERTISING AGENCY: Pays Preferential Dividend
ALLGREEN PROPERTIES: Issues, Allots Ordinary Shares
ASTI HOLDINGS: Transfers Shares Listing to SGX Mainboard
CAPITALAND LIMITED: To Pay Convertible Bond Interest May 3
CYBER VILLAGE: All AGM Resolutions Passed
MARLEX DISTRIBUTORS: Receiving Proofs of Debt Until May 6
NEPTUNE ORIENT: Names Cedric Foo Group Deputy President
OVERSEAS BUSINESS: Court to Hear Petition May 13
SEVEN SEAS: Creditors May Attend May 13 Hearing
WEE POH: Enters Into Supplemental Agreement with Winning
T H A I L A N D
M.D.X: Appoints Auditor for 2005
NATURAL PARK: Completes Registration of Capital Reduction
THAI PETROCHEMICAL: Administrator to Finalize Share Price Soon
TPI POLENE: Creditors Says Share Swap Not Beneficial
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 080 736 803: Proofs of Debt, Claims Due Today
----------------------------------------------------
A First and Final priority dividend is to be declared on May 11,
2005 for A.C.N. 080 736 803 Pty Limited (Subject To A Deed Of
Company Arrangement) formerly Synateq Pty Ltd.
Creditors whose debt or claims have not already been admitted
are required today, April 27, 2005 to formally to prove their
debt or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 17th day of March 2005
R. E. J. Tenbensel
Deed Administrator
Tenbensel and Dee
Level 2, Coogans Building,
79 Collins Street,
Hobart Tas 7000
ANSAVAH PTY: To Declare Dividend May 29
---------------------------------------
A first and final dividend is to be declared on or before May
29, 2005 for Ansavah Pty Ltd (In Liquidation) A.C.N. 083 231
485.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 29th day of March 2005
Tony Jonsson
Joint Liquidator
c/- KPMG
Level 13, Cairns Corporate Tower,
15 Lake Street,
Cairns Qld 4870
BALDINA INVESTMENTS: To Hold Members Meeting May 10
---------------------------------------------------
Notice is hereby given that a Meeting of Members of Baldina
Investments Pty Limited (In Voluntary Liquidation) will be held
at the offices of the Liquidator, c/- Genders & Wishart, Third
Floor, 27 Leigh Street Adelaide 5000 in the State of South
Australia, on Tuesday May 10, 2005 at 10:00 o'clock in the
morning for the purpose of laying before the meeting an account
showing how the winding up has been conducted and the property
of the Company has been disposed of, and giving an explanation
of the account.
Dated this 14th day of March 2005
R. J. Wishart
Liquidator
BARING PRINTERS: Dividend Declaration Set May 5
-----------------------------------------------
A First and Final Dividend is to be declared on May 5, 2005, for
Baring Printers Pty Limited (In Liquidation) A.C.N. 007 613 514.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 18th day of March 2005
Richard G. Freer
Liquidator
Freer Parker & Associates
40 Sturt Street,
Adelaide SA 5000
Telephone: (08) 8211 7177
Facsimile; (08) 8212 6177
BRAMICH'S BAKERY: Members to Meet April 29
------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Bramich's
Bakery Pty Ltd (In Liquidation) A.C.N. 009 490 126 will be held
at the offices of Bonney Hortle & Partners Pty Ltd, 56 Oldaker
Street, Devonport, on April 29, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.
Dated this 9th day of March 2005
John G. Bonney
Liquidator
Bonney Hortle & Partners Pty Ltd
56 Oldaker Street, Devonport Tas 7310
HOTLAND PTY: Winds Up Voluntarily
---------------------------------
Notice is hereby given that at a general meeting of the members
of Hotland Pty Ltd (In Liquidation) A.C.N. 092 710 855 held on
March 14, 2005, it was resolved that the Company be wound up
voluntarily and that, Christopher Michael Williamson and
Kimberley Andrew Strickland of Hall Chadwick, Level 40, BankWest
Tower, 108 St George's Terrace, Perth WA 6000 be appointed to
act as Joint and Several Voluntary Liquidators for the purpose
of the winding up.
Dated this 15th day of March 2005
C. M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000
INGAWARRA PTY: To Convene Final Meeting April 29
------------------------------------------------
Notice is hereby given in pursuance of Section 509 of the
Corporations Law that a Final Meeting of the Members of
Ingawarra Pty Ltd A.C.N. 007 770 452 will be held at Level 2, 19
North Terrace, Adelaide SA on April 29, 2005 for the purpose of
having an account laid before the shareholders and showing the
manner in which the winding up has been conducted and the
property of the Company disposed of and hearing any explanation
that may be given by the Liquidator.
Dated this 29th day of March 2005
E. P. Ashby
Liquidator
Ashby Roma & Co
Chartered Accountants
North Terrace House, Level 2,
19 North Terrace, Hackney SA 5069
Telephone: (08) 8362 7244
INTERNATIONAL CONCERT: Boardroom Battle Intensifies
---------------------------------------------------
A tussle for boardroom control at embattled concert producer
International Concert Attractions Limited (ICA) is expected to
spill over at an extraordinary general meeting scheduled on May
25, The Australian reports.
The dispute started when investors, led by veteran theatrical
producer and major shareholder Kerry Jewel, asked to join the
board and oust chairman Ian Roberts and non-executive directors
Bruce McLeod and Howard Tily.
But the ICA board gave them the cold shoulder, forcing investors
to call an EGM to present their proposition to shareholders. The
board had initially attempted to block the meeting, saying it
would hamper the firm's making a "consistent recovery".
Mr. Roberts, on the other hand, said he would refute allegations
made against him by disgruntled shareholders.
Since listing in 1994, ICA has failed to live up to its
potential and has not been earnings-per-share positive since
1998. Last financial year, ICA's liabilities swelled to more
than AU$5 million.
CONTACT:
International Concert Attractions Limited
Level 4, 167 Collins Street
Melbourne Vic 3000
Telephone: +61 (0) 3 9639 3677
Facsimile: +61 (0) 3 9639 3766
Web site: http://www.icaaustralia.com/
LEWTEC PTY: To Convene Meeting May 3
------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members and creditors of Lewtec Pty
Ltd (In Liquidation) A.C.N. 092 622 690 will be held at the
offices of Foremans Business Advisors, Suite 1, 29 Lake Street,
Cairns in the state of Queensland on Tuesday, May 3, 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 Liquidators.
Dated this 21st day of March 2005
Todd Kelly
Peter Morris
Liquidators
c/- Foremans Business Advisors
Suite 1, 29 Lake Street,
Cairns Qld 4870
MAYNE GROUP: Losing Grip of the Drug Market
-------------------------------------------
Mayne Group has again stepped into the limelight as investors
worry about the drug-maker's sagging share price and criticism
of the management, relates the Sydney Morning Herald.
Market rumors intensified last week over management's
performance in the wake of Wednesday's board meeting amid
speculation large shareholders were getting anxious.
The recent sale of most of Mayne's hospital portfolio to
Affinity Health even failed to impress investors.
Mayne's share price has fallen as much as 26 percent this year,
from its near AU$5 peak in early February before chief executive
Stuart James massaged earnings guidance for the year to "around
10 per cent" from "at least 10 per cent". Mr. James said there
was "over-exuberance" in the earnings expectations.
Other market observers have also alleged Mayne is sitting on a
stockpile of soon-to-expire drugs that it cannot sell.
Longer than expected shutdowns at two drug-making factories have
also added uncertainty to Mayne's second half earnings, with
analysts saying the market will reserve judgment until the
fallout from the plant closures can be evaluated.
CONTACT:
Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
METABOLISM RECRUITMENT: Lays Out Agenda of Final Meeting
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of Metabolism Recruitment & Training
Services Pty Ltd (In Liquidation) A.C.N. 106 734 114 will be
held at the offices of KordaMentha, Level 11, 37 St George's
Terrace, Perth on Friday, April 29, 2005 at 10:30 a.m.
AGENDA
(1) To receive the Liquidator's final account of acts and
dealings and the conduct of the winding up and to hear any
explanations thereof.
(2) To consider any other matters which may properly be brought
before the meeting.
Dated this 17th day of March 2005
Brian Mcmaster
Liquidator
MOORINGA PASTORAL: Members Meeting Slated May 6
-----------------------------------------------
Notice is given that a general meeting of members of Mooringa
Pastoral Co Pty Ltd (In Liquidation) will be held at the offices
of Maris Rudaks & Associates, Chartered Accountants, Level 2, 99
Frome Street, Adelaide, South Australia, 5000 on May 6, 2005 at
11:30 a.m.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.
Dated this 18th day of March 2005
M. A. Rudaks
Liquidator
Maris Rudakis & Associates
Chartered Accountants
Level 2, 99 Frome Street,
Adelaide SA 5000
Telephone: (08) 8236 1500
NACALU HOLDINGS: To Hold Final Meeting April 29
-----------------------------------------------
Notice is hereby given in pursuance of Section 509 of the
Corporations Law that a Final Meeting of Nacalu Holdings Pty Ltd
A.C.N. 007 658 595 will be held at Level 2, 19 North Terrace,
Adelaide SA on April 29, 2005 for the purpose of having an
account laid before the shareholders and showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and hearing any explanation that may be
given by the Liquidator.
Dated this 29th day of March 2005
E. P. Ashby
Liquidator
Ashby Roma & Co
Chartered Accountants
North Terrace House,
Level 2, 19 North Terrace,
Hackney SA 5069
Telephone: (08) 8362 7244
NATIONAL AUSTRALIA: Cuts Credit Card Loyalty
--------------------------------------------
National Australia Bank recently announced huge cuts to the
value of its credit card loyalty schemes, according to The
Advertiser.
On top of the reductions, some customers will be charged nearly
double the previous annual fee.
The bank's gold card users will no longer be able to earn up to
a maximum of 150,000 points a year from July 1. The maximum
number of points a customer can earn in a year will also be
reduced to 48 percent on the previous maximum.
The annual fee for the card has jumped as much as 73.3 percent
from AU$33 per customer each year to AU$57.20 for each credit
card account.
This will be a saving for couples or families who have multiple
cards from the same credit card number. But individuals will
bear the full impact of the increased charge.
The cutting of points and the increase in annual fee is an
effective reduction of three-quarters in the value of the NAB's
gold rewards program.
Still, NAB claimed it is one of the best loyalty programs in
Australia.
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/
PBS PTY: Final Combined Meeting Fixed April 29
----------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of PBS (Qld) Pty Ltd (In Liquidation)
formerly known as SPB (Qld) Pty Ltd A.C.N. 002 525 519 will be
held at the offices of Knights Insolvency Administration, 14th
Floor, Brisbane Club Tower, 241 Adelaide Street, Brisbane Qld
4001 on Friday, April 29, 2005 at 3:00 p.m. to receive an
account made up by the Liquidator showing how the winding up has
been conducted, how the property of the Company has been
disposed of, to receive any explanation required thereof and any
other business.
Dated this 22nd day of March 2005
Trevor John Schmierer
Joint & Several Liquidator
Knights Insolvency Administration-Brisbane
PENELIAN PTY: Liquidator to Present Final Account April 29
----------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Penelian Pty
Ltd (In Liquidation) A.C.N. 008 690 784 will be held at 14
Albert Street, Claremont WA on April 29, 2005 at 10:00 a.m. for
the purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.
Dated this 22nd day of March 2005
Alan R. Crawford
Liquidator
Stirling Partners
Chartered Accountants
First Floor,
278 Stirling Highway,
Claremont WA 6010
SADOWSKI FINANCIAL: Picks G.D. Trinick as Liquidator
----------------------------------------------------
At a General Meeting of Members of Sadowski Financial Security
Planners Pty Ltd (In Members' Voluntary Liquidation) A.C.N. 008
811 014 held on March 11, 2005 the members resolved that the
Company be wound up under the provisions applicable to a
Members' Voluntary Liquidation.
The Liquidator appointed was Glenn Douglas Trinick.
Dated this 18th day of March 2005
G. D. Trinick
Liquidator
SANTOS LIMITED: Wins Gas Contract for New Power Station
-------------------------------------------------------
Santos Limited has secured a 10-year contract to supply gas to a
new Queensland power station being developed by Babcock & Brown
and ERM Power.
Santos announced that the long-term contract contract is to
supply up to 45 petajoules of gas to the AU$340 million Braemar
Power Project, a 450 MW gas-fired power station at Braemar in
southeast Queensland.
The new contract means Santos will be supplying gas to three of
Queensland's largest gas-fired gas power stations - Braemar,
Swanbank E near Ipswich and Mica Creek at Mount Isa.
Gas supplies for the Braemar contract will be sourced from
Santos' eastern Queensland gas fields, with first supplies
commnecing in 2006.
Santos' Managing Director, Mr. John Ellice-Flint, said the
Company was pleased to welcome Braemar as a gas customer.
"This contract significantly increases the volumes of Santos gas
being used in power generation in southeast Queensland," Mr.
Ellice-Flint said.
"The growth in new gas-fired power projects in eastern
Australia, such as Braemar, will continue to significantly
increase demand for gas over the next decade, and Santos is well
placed to further participate in this growth opportunity."
Santos Limited's participation is through its wholly owned
subsidiary, Santos QNT Pty Ltd, in conjunction with Braemar
Power Project Pty Ltd, Babcock & Brown and ERM Power Pty Ltd.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SYNERGY REGIONAL: 50 Lose Jobs on Center Closure
------------------------------------------------
The closure of Synergy Regional's remaining call center caused
the loss of 50 jobs, according to The West Australian.
Synergy Regional's receiver, Peter Quigley, shut down the failed
firm's Adelaide Terrace operation following the closure of the
Collie and Albany call centers several weeks ago.
Last year, Synergy was granted an AU$1.8-million allocation from
the State Government to set up three regional call centers, as
part of government efforts to create regional jobs in Collie,
Albany and Bunbury. But the Bunbury call center was never opened
and the Albany facility has also gone into receivership.
Synergy's major creditors, which include the State Government,
are owed a total of AU$4 million. The receiver, however, is
still uncertain what return creditors could expect.
Earlier this month, Mr. Quigley was hopeful of keeping the Perth
call centre open. However, attempts to restructure Synergy's
business operations had been unsuccessful and the business had
to be closed.
CONTACT:
Synergy Regional Pty Ltd.
Head office:
Level 1
200 Adelaide Tce
East Perth WA 6000
Telephone: 1300 138 515
Fax: 1300 138 535
Web site: https://www.synergyccs.com.au/
SHERIDAN FURNITURE: Faces Winding Up Proceedings
------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of Sheridan Furniture Mart Pty Ltd (In Liquidation) (The
Company) A.C.N. 007 543 222 held on March 18, 2005, it was
resolved that the Company be wound up voluntarily and that Peter
James Lanthois of KordaMentha (SA & NT), Level 4, 70 Pirie
Street, Adelaide, South Australia, be appointed to act as
Liquidator for the purpose of the winding up.
Dated this 21st day of March 2005
Peter J. Lanthois
Liquidator
STANTON & TAYLOR: Appoints Liquidator to Wind Up Company
--------------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of Stanton & Taylor (Holdings) Pty Limited (In
Liquidation) A.C.N. 000 776 545 held on March 9, 2005, it was
resolved that the Company be wound up voluntarily and that Peter
James Lanthois of KordaMentha (SA & NT), Level 4, 70 Pirie
Street, Adelaide, South Australia, be appointed to act as
Liquidator for the purpose of the winding up.
Dated this 15th day of March 2005
Peter J. Lanthois
Liquidator
TOTAL BRAND: Proofs of Debt, Claim Due April 29
-----------------------------------------------
A first and final dividend is to be declared on May 11, 2005 for
Total Brand Management Group (Receiver And Manager Appointed).
Creditors whose debt or claims have not already been admitted
are required on or before April 29, 2005 formally to prove their
debt or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 18th day of March 2005
J. Irving
Receiver and Manager
SimsPartners
Level 6, 12 Pirie Street,
Adelaide SA 5000
Telephone: (08) 8233 9900
Facsimile: (08) 8211 6644
E-mail: adel@simspartners.com.au
TIPBELL PTY: Lays Out Final Meeting Agenda
------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Tipbell Pty Limited (In Liquidation) formerly
trading as Duxton Hotel Adelaide A.C.N. 102 240 460 will be held
in the offices of PPB, Chartered Accountants, 10th Floor, 26
Flinders Street, Adelaide in the State of South Australia, on
Thursday, April 28, 2005 at 10:00 a.m.
AGENDA
(1) To receive the Liquidator's account showing how the winding
up has been conducted and the property of the Company disposed
of and explanations thereof in pursuance of section 509 of the
Corporations Act 2001.
Dated this 18th day of March 2005
A. McLellan
Liquidator
PPB (Victoria)
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800
T.W. REAL: To Undergo Voluntary Liquidation
-------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of T.W. Real Estate Pty Ltd (In Liquidation) A.C.N. 008
297 032 held on March 17, 2005, it was resolved that the Company
be wound up voluntarily and that Peter James Lanthois of
KordaMentha (SA & NT), Level 4, 70 Pirie Street, Adelaide, South
Australia, be appointed to act as Liquidator for the purpose of
the winding up.
Dated this 21st day of March 2005
Peter J. Lanthois
Liquidator
WONNABUREE PTY: General Members Meeting Set May 6
-------------------------------------------------
Notice is given that a general meeting of members of Wonnaburee
Pty Ltd (In Liquidation) will be held at the offices of Maris
Rudaks & Associates, Chartered Accountants, Level 2, 99 Frome
Street, Adelaide, South Australia, 5000 on May 6, 2005 at 11:00
a.m.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.
Dated this 18th day of March 2005
M. A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street,
Adelaide SA 5000
Telephone: (08) 8236 1500
* ASIC Prosecutes Directors, Corporations on 56 Breaches
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) last
week prosecuted 29 directors and two corporations in the New
South Wales local court, relating to 56 breaches of the
Corporations Act 2001 (the Act). Fines and costs totaling more
than $88,000 were imposed.
The prosecutions related to:
(1 Failures by Company officers to provide external
administrators with key pieces of information about the
Company's finances and history; and
(2) Failures by companies and their officers to update ASIC's
public register with current details of their registered office,
principal place of business and officeholder residential
addresses.
"ASIC will take action in respect of these type of
contraventions of the Act," ASIC's Director of Complaints
Compliance Actions, Mr. Adrian Borchok said.
"Company officers need to ensure that they provide external
administrators with the requisite information to ensure the best
return for creditors and employees of failed companies.
"We view instances of Company officers failing to update ASIC
registers with the addresses of their companies and officers as
serious breaches of the law, particularly if it is an attempt to
thwart creditors' efforts at initiating debt recovery
proceedings," Mr. Borchok added.
A list of the persons and companies prosecuted is available at:
http://bankrupt.com/misc/TCRAP_ASIC042605.pdf.
==============================
C H I N A & H O N G K O N G
==============================
CHINA SOUTHERN: 2004 Net Loss Shrinks to RMB48 Mln
--------------------------------------------------
China Southern Airlines Company Limited (01055) disclosed its
financial results for the year ended December 31, 2004.
Year-end date: 31/12/2004
Currency: RMB
Auditors' Report: Unqualified
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('Million) ('Million)
Turnover : 23,974 17,470
Profit/(Loss) from Operations : 917 304
Finance cost : (691) (824)
Share of Profit/(Loss) of
Associates : 12 48
Share of Profit/(Loss) of
Jointly Controlled Entities : (5) (39)
Profit/(Loss) after Tax & MI : (48) (358)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.01) (0.09)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (48) (358)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : To Be Announced
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
CONTACT:
China Southern Airlines Company Limited
Unit B1, 9/F, United Ctr
95 Queensway, Hong Kong
Phone: 28610288
Web site: http://www.cs-air.com
CHINA SOUTHERN: CSFB Cuts Rating to "Underperform"
--------------------------------------------------
Investment bank Credit Suisse First Boston (CSFB) cut its rating
on China Southern Airlines Co. Ltd. to "underperform" from
"neutral" after it posted an unexpected net loss last year,
according to Reuters.
The airline incurred a net loss of CNY48 million (US$5.8
million) in 2004, worse than a market consensus for a net profit
of CNY584.5 million from 20 analysts polled by Reuters
Estimates.
No net loss estimates for 2004 was seen in the market.
"This set of results was a shock to us and probably to be market
as well," CSFB said in a research note.
Negative surprises mainly came from lower-than-expected traffic
yield and higher costs such as maintenance and some one-off
preliminary expenses, CSFB said.
China Southern lost CNY358 million in 2003.
CSFB cut its earnings forecast for the airline significantly to
reflect the poor 2004 results and the bank's new jet fuel
assumption of US$60 per barrel for next year.
DAYE SPECIAL: Incurs Major Losses on Accounting Errors
------------------------------------------------------
Daye Special Steel Company Limited posted a combined actual net
loss of CNY700 million in 2002 and 2003 instead of earlier
reported net profits, after an accounting firm revealed major
accounting errors in its annual reports, AFX News reports.
PricewaterhouseCoopers found that the Company set aside
inadequate provisions for its bad debts and overrated its
inventory costs in 2003, 2002 and earlier years.
The Company had said in its previous annual reports that its net
profit was CNY24.83 million in 2003 and CNY45.57 million in
2002.
However, the Company said that its operations have not been
affected so far and that it is expecting a net profit for 2004.
The Company will release its 2004 annual report on April 30.
CONTACT:
Daye Special Steel Company Limited
No 316 Huangshi Avenue
Huangshi City Hubei 435001
China
Phone: +86 714 629 3836
Web site: http://www.daye-steel.com
ELECTRONIC SPIDER: Court Issues Winding Up Petition
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Electronic Spider Technology Limited by the High Court of Hong
Kong was on March 4, 2005 presented to the said Court by the
Director of Legal Aid of the Government of the Hong Kong Special
Administrative Region of 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on the May 4, 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.
Thomas E. Kwong
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
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 3, 2005.
FORTUNE CIRCUIT: Winding Up Hearing Slated June 1
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fortune Circuit Limited by the High Court of Hong Kong Special
Administrative Region was on March 31, 2005 presented to the
said Court by Lee Kwok Cheung of 10th Floor, No. 22 Wing Lung
Street, Shamshuipo, Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on the 1st day of June 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.
Henry H. C. Wong & Co.
Solicitors for the Petitioner
18th Floor, On Hing Building
No. 1 On Hing Terrace
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 31, 2005.
GAIN ASSET: Settles SFC Disciplinary Action
-------------------------------------------
Gain Asset Management Limited consented to pay $500,000 to the
Securities and Futures Commission (SFC) in settling the SFC's
disciplinary action against it for breaches in relation to
pledging of client securities and Securities and Futures
(Financial Resources) Rules (FRR) (Note 1).
The SFC found in an inspection that from April to November 2003,
Gain had pledged client securities collateral with other
licensed corporations while not licensed in Type 1 (dealing in
securities) or Type 8 (securities margin financing) regulated
activities, hence breaching the Securities and Futures (Client
Securities) Rules; and while obtaining loans from other licensed
corporations in an Initial Public Offering (IPO) subscription
for itself and its clients, Gain had failed to maintain the
required liquid capital from 31 October to 2 December 2003,
hence breaching the FRR.
The SFC concludes that the fitness and properness of Gain has
been called into question.
Gain has agreed to make the payment in full and final settlement
of the SFC's case.
In settling its disciplinary action and accepting the payment
from Gain, the SFC has taken into account that:
Gain took immediate actions to rectify relevant deficiencies;
Gain co-operated fully with the SFC's investigation; and no
clients suffered loss.
The SFC will pay the sum to the government revenue and the SFC
considers the settlement to be in the public interest.
Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"In accordance with section 10 of the Securities and Futures
(Client Securities) Rules, Gain should not have re-pledged
client securities. Licensees are also obliged to take steps to
ensure their compliance with the FRR. Such compliance is vital
to ensuring that a licensed corporation is adequately
capitalised and can therefore meet its obligations to clients,
other market participants and creditors. This is essential to
the integrity of the market as a whole. As a result, the SFC
views breaches of the FRR by licensed corporations very
seriously."
Gain is licensed under the Securities and Futures Ordinance to
carry on business in Type 1 (dealing in securities) and Type 9
(asset management) regulated activities. It was not licensed or
deemed licensed to conduct Type 1 or Type 8 regulated activities
at the material time.
CONTACT:
The Securities and Futures Commission of Hong Kong
8th Floor, Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222/852-2842-7666
Fax: 852-2521-7836
HOP SHING: Receives Winding Up Order
------------------------------------
Notice is hereby given that a Petition for the Winding up of Hop
Shing Loong Lighting Limited by the High Court of Hong Kong
Special Administrative Region was on March 9, 2005 presented to
the said Court by Chan Wing Kam Dominic of House No. 1 Le
Palais, 8 Pak Pat Shan Road, Tai Tam, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 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.
John Ku & Co.
Solicitors for the Petitioner
6th Floor, Yue Thai Commercial Building
128 Connaught Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.
INDUSTRIAL AND COMMERCIAL: Moody's Corrects Rating Report
---------------------------------------------------------
Moody's Investors Service issued a correction to its April 22,
2005 release, which says, "No immediate rating implications for
Industrial and Commercial Bank of China's US$15 billion capital
injection from the Chinese government.
The revised release follows:
Moody's Investors Service says that, for the time being, it does
not expect the US$15 billion capital injection by the Chinese
government to have any rating implications for the Industrial
and Commercial Bank of China (ICBC).
ICBC announced on April 22, 2005 that the government, through
Central Huijin Investment Company, injected RMB124 billion
(US$15 billion) of capital into the bank. ICBC will retain an
amount of RMB124 billion of existing equity on its book and
transfer about RMB39 billion of equity into reserves. After the
injection, Central Huijin and the Ministry of Finance will each
own 50% of ICBC's new book equity. ICBC is required by its
regulator - China Banking Regulatory Commission (CBRC) - to meet
a total capital adequacy ratio (CAR) of 8%, along with other
Chinese banks, by the end of 2006.
In December 2003, Central Huijin injected US$22.5 billion of
capital into both Bank of China (BOC) and China Construction
Bank (CCB). After the capital injections, Central Huijin has
become the sole owner of BOC and CCB.
The capital injection is clearly positive for ICBC. It also
demonstrates the government's strong will and continued efforts
to reform the banking sector in China. However, Moody's also
noted that US$15 billion of new capital fell significantly short
of what's needed for ICBC to reach similar balance sheet
improvement targets in capital ratios, non-performing loan (NPL)
ratio, and reserve to NPL coverage, which the CBRC had set for
BOC and CCB. The current capital injection is likely to be a
part of a larger recapitalization plan to be conducted in the
future, which could encompass NPL write-offs/sales and/or
additional capital injections.
Moody's has long anticipated that the Chinese government will
inject capital into ICBC. Its current ratings: E+ for bank
financial strength, A2 for foreign currency deposits and stable
outlook have already factored in a robust level of government
support. Chinese government's capital injections into BOC, CCB
and, more recently, ICBC are clearly beneficial to these banks.
However, in order to arrive at any positive rating actions for
the re-capitalized state-owned commercial banks, Moody's
continues to look for a clear demonstration of sustainable
improvements in these banks' stand-alone financial performances
that are underpinned by robust risk management & internal
control practices.
Industrial and Commercial Bank of China (ICBC), headquartered in
Beijing, People's Republic of China, is the largest state-owned
commercial bank in China. As of December 2004, it had total
assets of RMB5.7 trillion (US$690 billion) and equity of RMB163
billion (US$19.7 billion).
Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
IST EASY: Winding Up Hearing Fixed May 4
----------------------------------------
Notice is hereby given that a Petition for the Winding up of IST
Easy Limited by the High Court of Hong Kong was on March 4, 2005
presented to the said Court by the Director of Legal Aid of the
Government of the Hong Kong Special Administrative Region of
27th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on May 4, 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.
Thomas E. Kwong
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
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 3, 2005.
JADE KIND: Court to Hear Winding Up Petition May 11
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Jade Kind International Investment Limited by the High Court of
Hong Kong Special Administrative Region was on March 8, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 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.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.
KANISHI LIMITED: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kanishi (Far East) Limited by the High Court of Hong Kong
Special Administrative Region was on March 15, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on May 18, 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.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 17, 2005.
MAXX BIOSCIENCE: 2004 Net Loss Widens to HKD130 Mln
---------------------------------------------------
Maxx Bioscience Holdings Limited (0512) disclosed its financial
results for the year ended December 31, 2004.
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('000) ('000)
Turnover : 63,162 66,404
Profit/(Loss) from Operations : (140,439) (82,390)
Finance cost : (2,731) (3,279)
Share of Profit/(Loss) of
Associates : (6,072) (1,769)
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : (130,219) (88,156)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.65) (0.60)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (130,219) (88,156)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 27/06/2005 to
30/06/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
The calculation of basic loss per share is based on the loss of
HK$130,219,000 (2003: HK$88,156,000) and on the weighted average
of 199,857,663 (2003: 147,617,207) ordinary shares outstanding
during the year.
The comparative amount for basic loss per share has been
adjusted for the 3 for 1 open offer and capital reorganization
took place during the year.
Diluted loss per share for the year ended 31 December 2003 and
2004 has not been presented as the potential ordinary shares had
an anti-dilutive effect on the basic loss per share for both
years.
CONTACT:
Maxx Bioscience Holdings Limited
Room 3802, Wu Chung House
213 Queen's Road East
Wanchai, Hong Kong
Phone: 27232634
Fax: 27241663
Web site: http://www.trade.net.hk.market/apollo
SKY HAWK: 2004 Net Loss Balloons to HKD18 Mln
---------------------------------------------
Sky Hawk Computer Group Holdings Limited (01129) disclosed its
financial results for the year ended December 31, 2004.
Year-end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('000) ('000)
Turnover : 82,840 109,440
Profit/(Loss) from Operations : (18,609) (7,985)
Finance cost : (198) (279)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (18,401) (9,536)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.038) (0.023)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (18,401) (9,536)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 20/05/2005 to
27/05/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Turnover (Note I): Turnover represents amounts received and
receivable for goods sold during the year, less returns and
discounts.
Earning per share
The calculation of basic earnings per share is based on the
Group's loss attributable to shareholders for the year of
HK$18,401,000 (2003: HK$9, 536,000) and the weighted average of
482,759,563 (2003: 415,000,000) ordinary shares in issue during
the year.
There were no potential ordinary shares in issue during both
years ended 31 December 2004 and 2003.
=================
I N D O N E S I A
=================
BANK MANDIRI: Fitch Delays Rating Action
----------------------------------------
Fitch Ratings, the international rating agency, said on April
25, 2005 that the seeming escalation in the events surrounding
the probe on loan irregularities at Bank Mandiri over the past
week, is a concern, but the implications are as yet too
uncertain to justify any rating action.
Bank Mandiri is rated Long-term foreign and local currency 'BB-'
(BB minus) and Short-term foreign currency 'B'. The Individual
rating is 'C/D' and Support rating '4'.
Recent press reports appear to suggest that the size of the
loans under investigation by state prosecutors may widen to as
large as IDR12.2 trillion, compared to earlier press news over a
week ago of an amount closer to IDR1.1 trillion. Fitch
understands that the IDR12.2 trillion was the amount of loans
identified by the state audit agency BPK in an earlier regular
audit concluded in October 2004 to have some form of procedural
weaknesses or irregularities with regard to the credit
processes. Although BPK's report is being used as a basis for
further investigation by the Indonesian attorney general's
office, Fitch understands that the investigation involves only a
portion of the loans.
According to Bank Mandiri, the IDR12.2 trillion identified by
BPK were extended to 22 debtor groups, including some legacy
loans to large corporate debtors as well as loans that have
already been written off. And of the total loan amount, Fitch
understands that 70% or about IDR8.5 trillion are current or
performing loans in Bank Mandiri's books. The remaining 30% or
IDR3.7 trillion are non-performing loans of which all are
classified as category 5 or 'loss' and fully provisioned or
written off. Furthermore, there is collateral backing for some
of these loans though its quality is unclear. As a result, the
risk of financial fallout from the investigation is likely to
focus on the uncovered/unsecured portion of the loans under
investigation, which at this point seems likely to be much less
than the headline number of IDR12 trillion. It should also be
noted that Bank Mandiri has a profitable banking business, which
earned some IDR5trn last year (or return on equity of 23%),
providing a fairly sizeable cushion against capital impairment.
Fitch also believes that much broader (and high level) issues
may be involved in the ongoing loan probe at Bank Mandiri. As
Indonesia's largest bank (22% of system-wide assets) and 70%
state-owned, the government will not want to see undue financial
damage inflicted on Bank Mandiri, and will, in Fitch's view,
provide support if necessary. Rather, it reflects the reforms
that the Indonesian government is looking to push through,
particularly in its war against corruption at the business and
political levels, possibly involving changes in the management
at some state-owned enterprises, including the banks.
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: AGO Busts, Questions Directors Over Scam
------------------------------------------------------
Bank Mandiri's director of corporate banking M.Sholeh Tasripan
was brought in by prosecutors for questioning in the alleged
graft probe being conducted by the Attorney General's Office
(AGO).
This is the second time Mr. Tasripan has been brought in, but he
is still considered as a witness by the AGO. Mr. Tasripan was
questioned for alleged involvement in disbursing loans to 24
ineligible companies, which resulted into non-performing loans.
At present, the AGO confirms that there were procedural
irregularities in the bank's extending the loans to the private
companies, but it remains to be seen whether it involved only
the bank's directors, or the directors of the companies. The
next question to be answered is who was responsible for giving
out the loans to those companies.
The AGO is focusing efforts on four of the 24 companies who were
provided loans by the bank: PT Lativi Media Karya, PT Cipta
Graha Nusantara/Tahta Medan (CGN/TM), PT Siak Zamrud Pusaka
(SZP) and PT Arutmin. The commissioner (Saiful), director (Diman
Ponijan) and president director (Edison) have been detained by
the AGO, and PT SZP president director and governor candidate
Nader Taher was arrested.
Mr. Nader's wife, Sari Dwei, was also questioned by the AGO for
her role as a commissioner of PT SZP, but is not considered a
suspect at present.
=========
J A P A N
=========
DAIEI INCORPORATED: Books JPY581 Bln Losses
-------------------------------------------
Supermarket chain operator Daiei Incorporated reported special
losses of JPY581.1 billion, AFX News reports.
The retailer, which is restructuring under the support of the
Industrial Revitalization Corporation of Japan, booked the
losses due to closures of unprofitable stores.
Nationwide department store sales for March 2005 will be
announced on April 26. Later, the government will issue data for
overall sales at the retail and wholesale levels in March.
CONTACT:
Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
JAPAN AIRLINES: Expands 'Touch & Go' Boarding System
----------------------------------------------------
As of April 25, Japan Airlines have expanded their `Touch & Go'
boarding system to 44 airports throughout Japan. The boarding
system allows IC (Integrated Circuit) cardholders to board
domestic Japan flights without a ticket or a boarding pass. A
part of JAL's newly developed `IC Check-in Service', the `Touch
& Go' system enables passengers to quickly and smoothly board
their flight, with no need to queue at an airport check-in
counter or to use a self check-in machine.
`Touch & Go' passengers holding an IC credit card or IC JAL
Mileage Bank (JMB) card can purchase their ticket either via
Internet or telephone. From three days before their departure
date up to one hour prior to flight departure, passengers can
make a seat selection, change their seat selection and check-in
for their flight by using the `JAL IC Check-in Service',
accessible either via their computer or mobile phone. As all
relevant data for their booking are recorded automatically on
their IC card, on arrival at the airport passengers simply
`Touch & Go' their IC card at machines located in front of the
airport security check-points and then at the boarding gate and
can be on their aircraft in no time at all.
Inaugurated initially at four airports in February 15, 2005, the
JAL `Touch & Go' system is the first boarding system in Japan to
utilize advanced IC technology for smoother convenient boarding.
Also during April, there was a substantial increase in the
number of sites at which JAL IC Coupons could be used to
purchase good and services. JMB members can now buy goods and
services using IC Coupon mileage credited to their IC card, at
JAL Hotels and domestic airport retail outlets across Japan,
totaling 700 sites in all.
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
This is a Company press release.
JAPAN TOBACCO: To Restructure Pharmaceutical Facilities
-------------------------------------------------------
Japan Tobacco Incorporated and JT Group company Torii
Pharmaceutical jointly announced on April 22 that they have
agreed to reorganize their pharmaceutical manufacturing
facilities, Japan Corporate News Network reports.
Specifically, they will consolidate JT's factory in Hofu,
Yamaguchi Prefecture, and Torii's factory in Sakura, Chiba
Prefecture.
Accordingly, the Hofu factory will be abolished by the end of
March 2006, and the Sakura factory will take over the production
of JT's ethical drugs.
CONTACT:
Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com
JAPAN TOBACCO: Hikes Dividend by JPY3,000
-----------------------------------------
Japan Tobacco Incorporated plans to pay a full-year dividend of
JPY13,000 per share for fiscal 2004, up 3,000 yen from the
previous year, reports the Kyodo News.
In October, the Company forecast a JPY10,000 dividend for the
business year ended in March.
KOBE STEEL: Hikes Capital Investments This Year
-----------------------------------------------
Kobe Steel, Ltd. plans capital investments of JPY65 billion in
fiscal 2005, ending March 2006, up 41% from the estimated 46.2
billion yen invested in fiscal 2004, according to JCN Newswire.
Most of the investments will be centered on the Iron & Steel
segment and the Aluminum and Copper segment. The projects are
focused on remodeling a blast furnace for the stable production
of steel products and improving the production technology
capabilities for distinctive, value-added products to increase
the competitiveness of the Company. Other investments will be in
labor-savings, repairs and facility maintenance.
Construction costs and outlays
(in billions of yen) FY2004 FY2005 % of change
(estimated) (planned)
Construction costs 46.2 65.0 41%
Iron & Steel only 32.2 46.0 43%
Outlays 35.3 60.0 70%
Iron & Steel only 22.7 43.0 89%
Depreciation 55.2 54.0
Iron & Steel only 37.2 36.0
Note: Iron & Steel segment figures are a subset of each
category.
FY2005 Investments by segment
(in billions of yen) Construction costs
Iron & Steel 46.0
Aluminum & Copper 10.0
Others 9.0
Total 65.0
Main projects The main projects in the capital investment plan
for fiscal 2005 are as follows:
Steel investment at Kakogawa Works
Project: Remodeling of No. 2 blast furnace
Products: Steel sheet, plate, wire rod
Amount in FY2005: 5.4 billion yen
Total investment: 40.0 billion yen
Construction period: September 2004 - March 2007
Steel investment at Kobe Works (in billions of yen)
Project: Construction of No. 5 continuous caster
Product: Specialty steels
Amount in FY2004: 2.2 billion yen
Total investment: 8.5 billion yen
Construction period: April 2004 - August 2006
Aluminum investment at Moka Plant
Project: Remodeling of No. 1 cold rolling mill
to increase rolling speed
Product: Aluminum sheet
Amount in FY2004: 700 million yen
Total investment: 1.4 billion yen
Construction period: April 2005 - February 2007
Reference Information
Consolidated capital investment plan (construction costs in
billions of yen)
FY2004 (estimated) FY2005 (planned)
Consolidated total About 64.0 About 87.0
Capital expenditure in previous fiscal years (in billions of
yen)
Fiscal years Construction costs Outlays
1996 66.0 76.0
1997 57.0 47.0
1998 77.0 69.0
1999 56.0 69.0
2000 57.0 40.0
2001 43.9 51.3
2002 24.0 25.0
2003 35.8 33.1
2004 (estimated) 46.2 35.3
2005 (planned) 65.0 60.0
About Kobe Steel, Ltd.
Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is a leading supplier
of direct reduction plants and other plant engineering services
for the steel, energy and chemical industries. Kobe Steel is one
of Japan's top steelmakers and producers of aluminum and copper
products. Other businesses include welding consumables,
machinery, construction equipment, and real estate.
For further information, please visit the Kobe Steel, Ltd. home
page at: www.kobelco.co.jp/index_e_wi.htm
Contact
Gary Tsuchida
Publicity Group
Kobe Steel, Ltd.
Tokyo, Japan
Phone: (03) 5739-6010
MATSUSHITA ELECTRIC: Clarifies Consolidated Net Profit Forecast
---------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC)
commented on media reports about the Company's consolidated
financial forecast for the year ending March 31, 2006 (fiscal
2006), which was reported on April 25, 2005 by the Nihon Keizai
Shimbun.
Specifically, Matsushita bases the references to net profit
doubling from the same period a year ago to JPY100 billion on
conjecture by the media, and not on any official announcements.
The Company currently intends to announce its forecast for
fiscal 2006 consolidated results on April 28, 2005, at the same
time financial results for fiscal 2005 are announced.
CONTACT:
Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351
This is a Company press release.
SANYO ELECTRIC: Launches New Car Audio Receiver Model
-----------------------------------------------------
Sanyo Electric Co. Limited announced that a new car audio
receiver model ECD-HD1990M; a full featured, HD Radio(TM) 200W
receiver which supports the playback of MP3 and WMA music.
The advantages that HD Radio offers over traditional AM/FM
broadcasts include crystal-clear, static-free reception, the
ability to broadcast multiple streams over a single FM
frequency and the delivery of variety of data services ranging
from text-based information (such artist name, weather, or local
news scrolled across the receiver display. Users will now be
able to enjoy AM digital radio with clarity similar to today's
FM analog broadcasts. Additionally, FM digital delivers sound
similar to CD-level quality.
"For too long, AM and FM radio listeners have watched as all
other communications media made their transitions to digital,"
said Tom Van Voy, VP of Sales and Marketing/AV Division, Sanyo.
"With HD Radio, the technology is now available to take radio
into the digital age. For car owners, this means everything from
the elimination of multi-path interference to on-demand access
to news, traffic, and weather. This is truly an exciting time in
the field of mobile entertainment. HD Radio is one of a few
technologies that have the potential to transform the way we
access information."
The ECD-HD1990M is scheduled to be released in June 2005 at a
manufacturer's suggested list price of $499.
Sanyo ECD-HD1990M HD Radio Receiver Key Features
* HD Radio Tuner Built-In
* VFD (Vacuum Fluorescent Display)
* Detachable Front Panel
* Full Function Credit Card Remote
* Power Output 200W Maximum (50 Watts x 4 Channels) MOS-FET
Power
Amplifiers
* Motorized CD Loader
* Rotary Volume and Tone Controls
* MP3/WMA/CD-R/CD-RW Playback
* 6 Mode Preset EQ and 10 Band Parametric EQ
* CD Changer Controls (operates Sanyo EAX-510 CD-Changer)
* 36 Station Presets (6AM/18FM/12ATP)
* RCA Line Outputs (2 pairs)
* RCA Input (1 pair)
* Sub Woofer Output
* Aux Input For Portable Players on Front Panel
About SANYO
SANYO Electric Co., Ltd. (Nasdaq: SANYY) is a $22 billion
manufacturer and distributor of consumer and commercial
electronics, including multimedia and telecommunications
products. Based in Chatsworth, California, SANYO Fisher
Company (a division of SANYO North America Corporation, a
subsidiary of SANYO Electric Co., Ltd.) markets digital cameras,
PCS phones, audio systems, portable and mobile electronics,
televisions, DVD players, voice recorders, home appliances, LCD
projectors, security video equipment and air conditioning
systems.
About iBiquity Digital
iBiquity Digital is the sole developer and licenser of HD
Radio(TM) technology in the U.S., which is transforming today's
AM and FM radio stations to digital, enabling radically upgraded
sound, crystal-clear reception and new wireless data services.
The Company's investors include 15 of the nation's top radio
broadcasters, including ABC, Clear Channel and Viacom; leading
financial institutions, such as Grotech Capital Group, J.P.
Morgan Partners, New Venture Partners, Pequot Capital and J&W
Seligman; and strategic partners Ford Motor Company, Harris,
Texas Instruments and Visteon. iBiquity, named one of Deloitte's
Fast 500 Companies, is a privately held Company with operations
in Columbia, MD, Detroit, MI, Belmont, CA and Warren, NJ. For
more information please visit: http://www.ibiquity.com.
CONTACT:
Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
SEIYU LIMITED: Posts JPY12.3 Bln in 2004
----------------------------------------
Seiyu Limited, the fourth largest supermarket chain, posted
JPY12.3 billion losses for 2004, AFX News reports.
The Company, which is 37.8 percent owned by Wal-Mart Stores Inc.
of the U.S., expects to merely break even on revenue of JPY1
trillion.
No further details were disclosed.
CONTACT:
Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/
* Few Appliance Makers Will Survive Market Consolidation
--------------------------------------------------------
The Japanese domestic market for home appliances (white goods)
is in the process of consolidation, and only a few companies
will be able to survive, says Moody's Investors Service in a new
report.
However, the rating agency expects relatively stable operating
profit margins and positive free cash flows for those companies
that are able to stay in the business after the market
consolidation is complete.
"The domestic market for home appliances has been declining, as
it reached a saturation point a long time ago," notes Naoki
Takahashi, Moody's Vice President - Senior Credit Officer and
author of the report, "Japan's Home Appliances Industry
Outlook."
"Home appliances can generate relatively stable operating profit
margins and positive free cash flows if a Company establishes
its brand in key markets and market consolidation is complete,"
Takahashi adds. "However, we expect that only a few companies
will be able to stay in the sector through the current
deterioration."
Home appliances are part of the business portfolios of Japan's
electronics companies. No Company's ratings depend solely on its
home appliances.
All the rated companies analyzed in the report have presences in
both white goods and AV (audiovisual) products. Although both
segments' customers are the same kind of consumers, their
business models are different.
Japan's home appliances companies have maintained relatively
good long-term ratings, partly because the domestic market --
the world's second-largest, after the US -- has been dominated
by local manufacturers. However, more fundamentally, divisions
other than home appliances support their ratings.
Home appliances are still an important rating factor for only a
limited number of companies. Other business areas -- such as IT
software/solution providing, telecommunication equipment, heavy
electronics, electronic devices and AV products have more
influence on manufacturers' ratings.
Nevertheless, home appliances generate stable free cash flows
for certain companies and have supported their ratings to some
extent. Moody's expects this to continue for those companies
that remain in the segment after consolidation, and that they
will be able to achieve operating profit margin percentages in
the mid-single digits.
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
=========
DAEWOO SHIPBUILDING: Suffers KRW31.4 Billion Loss in Q1
-------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said on
April 26, 2005 that the Company incurred loss amounting to
KRW31.4 billion in the first quarter of 2005, reports Reuters
News.
The Company reported a net profit of KRW100.6 billion for 2004
on sales of KRW1.17 trillion, and its operating profit stood at
KRW72.3 billion. For the first quarter of this year, however,
DSME incurred a net loss of KRW31.4 billion on sales of KRW1.04
trillion; the Company was adversely affected by the increasing
value of the Korean won, and the rising costs of steel products.
Daewoo Shipbuilding is a separate entity of Daewoo Heavy
Industries & Machinery Ltd., which was split up into three
different firms - namely, Daewoo Heavy Industries & Machinery,
Daewoo Shipbuilding & Marine Engineering Co. and paper company
Daewoo Heavy Industries Co. - in October 2000.
CONTACT:
Daewoo Shipbuilding & Marine Engineering Co.
South Korea
Phone: 02-2129-0114
Web site: http://www.dsme.co.kr
SK LIFE: Mirae Asset Group Makes Purchase Offer
-----------------------------------------------
Asset manager Mirae Asset Group offered on April 26, 2005 to buy
SK Life Insurance Co., but did not say how much it would pay to
acquire toe troubled unit of SK Group, Asia Pulse reports.
If Mirae Asset Group succeeds in acquiring the 97.4 stake in SK
Life, it would enable the asset manager to become the leading
investment company in South Korea. The firm is set to conduct
due diligence for SK Life soon.
Earlier, U.S. insurer Metlife Inc. was in talks with the
Company's creditors to take over the troubled unit, but ended
negotiations, citing labor differences and differences in other
matters. The U.S. firm was set to acquire SK Networks Co.'s 71.7
% stake in the Company. The remaining 25.65% stake held by other
affiliates, for a total of KRW290 billion.
As of November 2004, SK Life Insurance Co.'s assets amounted to
KRW4.6 trillion, and the Company enjoys 2.4% of the domestic
life insurance market. The Company posted KRW60.1 billion net
profit in 2004.
SK NETWORKS: Aims to Wrap Up Assets Sale by 2007
------------------------------------------------
SK Networks is set to complete the sale of its major assets by
2007, Reuters News reports. Some of the assets include SK Life
Insurance Co. and SK Securities Co.
Amid talks that the Company might not push through with its
assets sale due to its improved financial condition, SK Networks
CEO and president Jung Man-won said that they are committed to
selling their major assets including SK Life, SK Securities and
Walkerhill Hotel before 2007. The Company also hopes to expand
to the Chinese retail market.
At present, the Company has garnered KRW807 billion in its asset
sales, amounting to 80% of the KRW1 trillion that it promised to
raise in its restructuring.
SK Networks has been in a creditor-led restructuring program
since 2003, after escaping bankruptcy due to a KRW1.21 trillion
accounting scandal. The Company is expected to graduate from the
restructuring program in 2007.
The Company posted an 85% increase in operating profit to
IDR354 billion in 2004, and is targeting to increase sales to
KRW14 trillion this year.
CONTACT:
SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
100-192 South Korea
Phone: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr
===============
M A L A Y S I A
===============
GOLDEN FRONTIER: Repurchases More Shares
----------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buyback on April 25,
2005.
Date of buy back: 25/04/2005
Description of shares purchased: Ordinary Shares of MYR1.00 Each
Total number of shares purchased (units): 2,500
Minimum price paid for each share purchased (MYR): 0.595
Maximum price paid for each share purchased (MYR): 0.600
Total consideration paid (MYR): 1,506.60
Number of shares purchased retained in treasury
(units): 2,500
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,464,800
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
KIG GLASS: Still Negotiating to Resolve Default Issue
-----------------------------------------------------
KIG Glass Industrial Berhad (KIG) makes an update announcement
in relation to the Company's defaults of all principals and
interests as at 31 March 2005.
KIG can't service the loan repayments to the banks/financial
institutions, as the Company's cash flow of from operations was
only able to meet operational needs. The Company is still
negotiating with the banks/financial institutions to address and
resolve this issue.
The Company and the Group as a whole are in the process of
exploring the possibility of undertaking a restructuring
exercise, which would address all the defaults faced by the
Company. An announcement would be made if and when the terms of
the restructuring have been finalized.
KIG appointed a financial advisor to review and advise on the
capital-restructuring plan for the Company and its subsidiaries;
the review is in the final stage.
Details of the financial implications on the default are given
in Table 1 attached below. KIG is currently negotiating with
lenders in respect of the proposed restructuring.
The Company makes an additional announcement in relation to KIG
subsidiary in China, Zibo Jiali Glass Industry Co.Ltd. (ZICO).
KIG, being a joint corporate guarantor for a term loan facility
extended to ZICO, was served with a writ of summon from the
advocates and solicitors acting for United Overseas Bank
Limited, China (UOB Limited) on March 30, 2005 to repay the sum
of MYR5.48 million, together with all interest and banker's
charges. Failing to pay means the Bank would take action as they
deem fit against the Company. The Company's legal representative
is currently addressing the summons.
Bumiputra-Commerce Bank (Labuan) Limited has commenced legal
proceedings against one of KIG subsidiaries, KIG Ceramics
Industrial Sdn Bhd (KIGC). The Memorandum of Appearance was
filed in Court and a copy served on the Plaintiff's solicitors
on Feb. 4, 2005. The Court allowed the Plaintiff's application
to amend its Statement of Claim on Feb. 18, 2005. The next
course of action would be for KIG Ceramics to file the leave
application to the court to allow preparation for its defense,
through the Company's legal representative.
In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:
As earlier announcements on 2/11/2004, 30/11/2004, 31/12/2004,
2/2/2005, 28/2/2005, and 25/3/2005, some of the defaults will
empower the debenture holders to appoint a receiver and/or
manager under the debenture.
To view Table 1, go to:
http://bankrupt.com/misc/tcrap_kigglass042605.doc
CONTACT:
KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Malaysia
Phone: 07-3341750
Fax: 07-3318617
METROPLEX BERHAD: Court Sets Earlier Date to Hear Unit's Windup
---------------------------------------------------------------
Metroplex Berhad (MB) previously announced that in the case of
the winding-up petition served on its wholly owned subsidiary,
Legen International Resorts Limited (LIR), the Hong Kong High
Court fixed the hearing of petitioner Morgan Stanley Emerging
Markets, Inc.'s application to appoint a Provisional Liquidator
and LIR's application to strike out the winding petition on
Sept. 14 & 15, 2005.
The Company announced that the said hearing was rescheduled to
Aril 21 to 23, 2005 by the Hong Kong High Court, which has
reserved judgment to be announced at a later date.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911
METROPLEX BERHAD: Ordered to Pay Debt to Philippine Bank
--------------------------------------------------------
Metroplex Berhad (MB) announced that on April 22, 2005, the
Company received a letter of demand dated April 19, 2005 from
the solicitors of Philippine Asset Investment (SPV-AMC) Inc.
(PAII), demanding the repayment of MYR41.18 million calculated
as at April 18, 2005, made pursuant to a MYR38 million credit
line granted to Company subsidiary Legend International Resorts
Limited (LIR).
The demand is in regard to:
(i) A Credit Line Agreement dated April 26, 1996 whereby Far
East Bank and Trust Company (now merged with the Bank of the
Philippine Islands) agreed to extend a Credit Line Facility to
LIR which is partly secured by a comprehensive suretyship of the
Company.
(ii) By way of 5 Promissiory Notes all dated July 27, 1999 and
pursuant to the Credit Line Agreement and/or the Guarantee, the
bank had granted a loan of MYR17.28 million to LIR on the terms
and conditions as set out in the Promissory Notes and/or the
Credit Line Agreement.
(iii) By way of letters both dated Sept. 18, 2000, Messrs
Benedicto Verzosa, Gealogo & Burkley as attorneys for the Bank
had demanded from LIR and MB to repay its indebtedness to the
Bank under the Loan for the sum of MYR19.56 million calculated
as at Aug. 29, 2000 within 15 days from Sept. 18, 2000, but LIR
and MB failed to pay the said sum.
(iv) By a Deed of Assignment dated Jan. 5, 2005 between the Bank
and PAII, the Bank had irrevocably sold, assigned, transferred
and conveyed to PAII the Indebtedness together with all
outstanding balances, mortgages, securities, rights and interest
thereon.
MB has instructed its solicitors to reply to the solicitors of
PAII to dispute the said demand. LIR filed a Corporate
Rehabilitation Plan with the Republic of the Philippines
Regional Trial Court (RTC) on Nov. 5, 2004, and that a
Rehabilitation Receiver was appointed on Dec. 21, 2004 pursuant
to a Stay Order granted by RTC on the application of LIR.
PAN MALAYSIA: Repurchases 125,000 Shares
----------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buyback on April 25, 2005 to the Bursa Malaysia
Securities Berhad.
Date of buy back: 25/04/2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 125,000
Minimum price paid for each share purchased (MYR): 0.390
Maximum price paid for each share purchased (MYR): 0.410
Total consideration paid (MYR): 50,411.26
Number of shares purchased retained in treasury
(units): 125,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 22,860,500
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
PUNCAK NIAGA: Unveils Employee Share Option Scheme
--------------------------------------------------
Puncak Niaga Holdings Berhad's additional 9,000 new ordinary
shares of MYR1.00 each issued according to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Thursday, April 28, 2005, 9:00 a.m.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SARAWAK ENTERPRISE: Court Approves Proposed Restructuring
---------------------------------------------------------
Sarawak Enterprise Corporation Berhad (SECB) refers to its
announcement dated April 14, 2005, where the Company's
shareholders approved the Company's disposal of its entire stake
in four non-core assets amounting to MYR501.9 million.
The Company announced that it obtained the order from the Sabah
& Sarawak High Court confirming its proposed capital
restructuring scheme.
CONTACT:
Sarawak Enterprise Corporation Berhad
Lot 2679 Jalan Rock
1st Floor Custodev Tower
93200 Kuching
Sarawak 93673
Malaysia
Phone: +60 82 244 000
Fax: +60 82 248 588
Web site: http://www.enzon.com/
TALAM CORPORATION: Set to List Additional Shares
------------------------------------------------
Talam Corporation Berhad's additional 1,330,333 new ordinary
shares of MYR1.00 each issued pursuant to the Company's
Conversion of MYR1,330,333 irredeemable convertible unsecured
loan stocks 2003/2005 into 1,330,333 new ordinary shares will be
granted listing and quotation effective Thursday, April 28,
2005, 9:00 a.m.
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439
WEMBLEY INDUSTRIES: SC OKs Extension to Restructure
---------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) announced that the
Securities Commission (SC), via a letter dated April 18, 2005
(which the Company received on April 22, 2005), granted its
approval for a one-year extension uo to Jan. 27, 2006 for the
Company to complete the implementation of its Proposed
Restructuring Scheme, subject to the following conditions:
(i) The time frame submitted by the Company for the carrying out
of the following matters must be strictly complied with:
Date: Major Events:
May 31, 2005 - Finalization & execution of contract for the
formal appointment of Jetwork Engineering Sdn
Berhad as the main contractor for Phase 1 of
the Plaza Rakyat project
- Submission to the SC on the revisions in the
number of irredeemable convertible unsecured
loan stocks (ICULS) & warrants to be issued
pursuant to the Proposed Debt Restructuring &
Proposed Rights Issue with Warrants
- Signing of Supplemental Joint Venture
Agreement between Dewan Bandaraya Kuala Lumpur
(DBKL) & Plaza Rakyat Sdn Berhad
July 31, 2005 - EGM for the shareholders to consider the
Proposals
- Submission of application to the Kuala Lumpur
High Court for the Proposed Capital Reduction
& Consolidation
(ii) the Company must ensure that the Joint Venture Agreement
and Supplemental Agreement with DBKL dated July 21, 1993
continue to remain in force and that DBKL will not revoke or
reclaim the leased lands at any point in time during the said
one (1) year period.
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: SEC Proposes Steps to Safeguard Assets
---------------------------------------------------------
A committee at the Securities and Exchange Commission (SEC)
tasked at overseeing the operations of ailing College Assurance
Plans Philippines Inc. (CAP) has laid out eight "drastic"
measures to preserve the pre-need firm's assets, says The
Philippine Daily Inquirer.
The SEC oversight committee, composed of assistant directors
Merle Joy Pascual, Maria Gracia Casala and Carol Lema, has
forwarded the measures to the SEC's policy-making body for
approval.
In its report, the committee pushed for management takeover of
CAP and its affiliates, including Comprehensive Annuity Plans
and Pension Corp. and CAP Health.
The group also disclosed that CAP's woes stemmed from its
dependence on its affiliates, such as CAP Pension, CAP Health
and CAP Life, for liquidity support.
The committee suggested that SEC should formulate remedial
actions to anticipate the surge of plan holders claiming on
their policies this coming school year.
The committee said the SEC should foresee the impact of a
possible non-servicing of obligations on planholders and come up
with a settlement plan to allocate CAP's remaining funds to
service present and future claims.
Another recommendation was for the commission to ask its
Compliance and Enforcement Department (CED) to conduct an
independent inquiry on the possible fraudulent activities by
CAP's board and management.
The committee also proposed that SEC step up its public
dissemination campaign.
It also suggested that the SEC coordinate with the central bank
in investigating possible violations by CAP's trustee bank of
its duty in managing the firm's trust funds.
Lastly, the committee recommended that SEC revisit a number of
long-term solutions to CAP's dilemma like offering of
termination scheme to existing planholders, sale of its fund to
another pre-need firm, and conversion to cash of all receivables
and restructure all liabilities.
CAP's capital deficit as of December 2003 stood at Php5.4
billion and is expected to balloon to Php9.2 billion.
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
MANILA ELECTRIC: Elects Directors, Amends By-Laws
-------------------------------------------------
At the regular Board meeting of Manila Electric Co. (Meralco)
held Monday, April 25, 2005, Messrs. Victor R. Espiritu and
Gregory L. Domingo were elected Directors of the Company for the
remaining term of the year 2004-2005 to replace former Directors
Juan B. Santos and Winston F. Garcia who had earlier resigned.
Also at the said Board meeting, the amendment of the provisions
of Section 2, Article II of the Amended By-Laws was approved, to
read as follows:
"SECTION 2. NOMINATIONS. - The Nomination Committee shall
prepare a Final List of Candidates which shall be made available
to the Securities and Exchange Commission (SEC) and to all
stockholders through the filing and distribution of the
Information Statement. Only nominees whose names appear in the
Final List of Candidates shall be eligible for election as
Independent Directors. No further nomination shall be allowed on
the floor during the actual annual stockholders meeting. (As
amended by the Board of Directors at their regular meeting held
on January 26, 2004).
The Company adopts the procedure for the nomination and election
of independent directors prescribed under Rule 38 of the
Implementing Rules and Regulations of the Securities Regulation
Code, as amended." (As amended by the Board of Directors at ots
regular held on April 25, 2005).
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MANILA ELECTRIC: Says Napocor Rate Hike Won't Hurt Costumers
------------------------------------------------------------
Manila Electric Co. (Meralco) said its customers will not bear
the brunt of National Power Corporation's (Napocor) latest power
rate increase, according to The Philippine Star.
The impact of the rate hike on Meralco will be mitigated because
Napocor supplied only 45 percent of Meralco's power requirements
and the utility firm's IPPs (independent power producers) have
not increased their rates.
An upward adjustment, however, will result with the increase in
the generation cost of Napocor as approved by the Energy
Regulatory Commission (ERC), including other authorized
adjustments such as GRAM and ICERA.
Rising fuel and operating costs together with the deterioration
of the local currency earlier prompted the Energy Regulatory
Commission (ERC) to allow Napocor to adjust its generation
rates. This is to enable the state-owned generation company to
recover costs and sustain viable operations.
Based on a 45-percent sourcing of power from Napocor, the
generation charge to end-users is estimated to increase by
around 21 to 22 centavos per kilowatthour.
MAYNILAD WATER: Clarifies Business World News Article
-----------------------------------------------------
Manila Water Company Inc. wishes to clarify the article written
by Ms. Jennee Grace U. Rubrico in Business World on April 25,
2005, entitled "MWSS may allow Ayala group to buy Maynilad".
The article reported that, "the ING group reportedly submitted a
letter of intent to Finance to relay the interest of undisclosed
parties to acquire Maynilad from Lopezes. The buyers that ING
was reportedly representing included the Ayala group, the
International Finance Corp. (the private sector financing arm of
the World Bank), and another private Company. Manila Water Chief
Executive Officer Sherisa Nuesa said over the weekend that her
Company has been approached to invest in Maynilad, but added
that discussions were 'very preliminary'."
Manila Water replied:
"Manila Water has been approached to explore a potential
investment in Maynilad Water Services Inc. However, we wish to
inform you that, at this point in time, Manila Water has not
made any commitments in connection with such potential
transaction.
"As a recently listed public Company on the Philippine Stock
Exchange (PSE), we have certain obligations under the rules and
regulations of the PSE and the Securities and Exchange
Commission to report certain developments in our Company and
business. We hereby confirm that Manila Water intends to fully
comply with such requirements.
"On a separate matter, we wish to clarify that the undersigned
is the Chief Finance Officer of the Company, and not the Chief
Executive Officer as mentioned in the article. The Chief
Executive Officer of the Company is Mr. Antonio T. Aquino.
Sherisa P. Nuesa
Chief Finance Officer
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL BANK: Confirms News on US$300 Mln Loan to MIAA
-------------------------------------------------------
The Philippine National Bank issued this announcement in
reference to the news article entitled "11 banks offer to raise
US$300-M loan for MIAA" published in the April 25, 2005 issue of
the Manila Bulletin.
The article reported that:
"Despite the postponement, 11 banks and financial institutions
tendered proposals to fully underwrite the US$300-million bond
issuance of the national government for the Manila International
Airport Authority (MIAA).
"Banking industry sources said six domestic banks and five
foreign institutions submitted offers to handle the borrowings
with a tenor of between three years and five years. One source
identified the domestic banks as ... Philippine National Bank
(PNB)."
PNB, in a letter to the Philippine Stock Exchange dated April
25, 2005, stated that:
"We would like to advise that the Philippine National Bank is
part of a syndicate of banks interested in lending US$300
Million to the Manila International Airport Authority (MIAA) for
certain specified purposes at an amount to be agreed upon among
the syndicate members."
For your information.
(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department
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: Needs US$500 Mln to Fund Operations
---------------------------------------------------
National Power Corporation (Napocor) will still need around
US$500 million for its operations this year despite a recent
tariff increase granted by the Energy Regulatory Commission
(ERC), relates The Philippine Daily Inquirer.
The Power Sector Assets and Liabilities Management Corp.
(PSALM), which handles the privatization of Napocor's assets,
said the projected financing deficit of the power firm before
the rate hike is at US$700 million. The agency expects the rate
increase would bring in an additional cash flow of around US$200
million.
The PSALM and the Department of Finance have yet to determine
how the deficit will be financed.
The ERC recently granted Napocor a Php0.0556 per kilowatt-hour
in its basic rate in addition to the Php0.98 basic rate granted
to the power firm in September. This brings Napocor's total
basic rate increase to Php1.04, which is less than the average
of Php1.87 per kWh it originally requested.
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: Cites Measures to Soften Blow of Power Rate Hike
----------------------------------------------------------------
Following the decision of the Energy Regulatory Commission (ERC)
to adjust electricity rates of National Power Corporation
(Napocor) effective April 26, 2005, Energy Secretary Raphael
P.M. Lotilla reiterated the need to uphold the general welfare
and to mitigate the impact of the new rates on the consumers,
particularly poor households.
"Poor households will continue to enjoy lifeline rates or
discounts based on their monthly electricity consumption," Mr.
Lotilla said.
In Meralco franchise areas, households that consume 50 kilowatt
hours or below enjoy 50 percent discount, while those who
consume between 51-70 kwh and 71-100 kwh get 35 percent and 20
percent discounts, respectively.
The President also instructed the DOE to assist the ERC in its
review of the lifeline rate structure to enhance the protection
extended to the poorest of the poor.
"While our current lifeline rate has been hailed internationally
as the best designed in the world, ERC's decision to review the
existing scheme in order to strengthen it is a welcome move,"
Mr. Lotilla added.
The Energy Secretary also cited the opportunity for consumers to
maximize their electricity savings under the Time-of-Use (TOU)
pricing. The adoption of the TOU pricing approximates the true
cost of electricity at different times of the day.
Mr. Lotilla explained that the TOU, when fully implemented at
the retail level, will allow consumers the option to use
electricity during off-peak hours when electricity is less
costly. Based on the ERC decision on mandatory TOU pricing,
electricity rates are cheaper between 10 PM to 7AM from Monday
to Saturday.
Mr. Lotilla also directed all power-related corporations of the
government to exert all efforts to bring down the cost of
electricity. He directed the National Power Corp., National
Electrification Administration and electric cooperatives to
vigorously reduce systems losses and pursue efficiency
improvement programs. He said that every 1 percent reduction in
systems loss in the next five years will result in savings
amounting to about Php400 million each year.
The energy chief stressed that electricity is no longer cheap.
"I am calling on the public to fully support our energy
conservation program," Mr. Lotilla said.
The government is pursuing an efficiency and conservation
program, starting with its implementation of the four-day
workweek to cut costs for electricity, oil, water and other
utilities. The private sector has also committed to embark on
reducing wasteful energy consumption. Households are also
encouraged to reexamine their consumption habits to reduce
costs.
PACIFIC PLANS: DoF Tells SEC to Probe Books
-------------------------------------------
The Department of Finance (DoF) is urging the Securities and
Exchange Commission (SEC) to investigate why Pacific Plans Inc.
decided to file for suspension of payments, Today News reports.
DoF Secretary Cesar V. Purisima asked SEC to determine whether
the pre-need firm, its parent Company and their officers
breached the Securities Act and other laws when Pacific Plans
requested for payments suspension.
Mr. Purisima said the SEC's investigation should also include
actions taken by Pacific Plans "in the year prior to the filing
of suspension of payments."
More importantly, Mr. Purisima asked the corporate regulator to
pore over Pacific Plans' books to determine culpability for its
inability to meet commitments to thousands of educational
planholders.
Pacific Plans has reportedly filed its petition for
rehabilitation in court without first notifying the SEC. In
response to its petition, a Makati trial court on April 13
allowed the pre-need firm to stop payments to creditors and
planholders.
PHILIPPINE LONG: Inks Subscription, Assignment Deal with Smart
--------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) and its
wholly-owned subsidiary, Smart Communications Inc. (SMART)
entered into a Subscription and Assignment Agreement covering
the transfer and assignment to SMART of 766,999,816 shares of
common stock of Pilipino Telephone Corporation (the "PILTEL
Common Shares") owned by PLDT.
The PILTEL Common Shares were transferred to SMART as
consideration and in exchange for 11,332,250 shares of SMART
preferred stock subscribed by and Issued to PLDT for a total
subscription/ issue price of approximately Php157.235 million.
As a result of the above transaction, SMART now owns 92.14% of
the total outstanding common stock of PLITEL, thereby
consolidating the PLDT Group's wireless business under SMART.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
PHILIPPINE LONG: Questions NTC's VoIP Draft Rules
-------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) claimed the
National Telecommunications Commission's (NTC) draft rules on
Voice over Internet Protocol (VoIP) may be "unconstitutional",
says The Philippine Daily Inquirer.
PLDT head of regulatory affairs Rogelio Quevedo said NTC's
current draft rules go against provisions of the Philippine
Constitution that limit the operation of public utilities for
Filipino nationals.
The NTC last month issued draft rules that defined VoIP as a
value-added service (VAS) that would effectively allow even
entities with franchises to offer the service. The
classification has since sparked a dispute between local
Internet service providers and traditional telecommunications
companies.
A PLDT lawyer said the NTC draft rules would likely breach both
the Constitution and the Public Telecommunications Policy Act of
the Philippines by proposing that any person or entity can
provide VoIP to the public for a fee provided only that they
register with the commission. Under the Act, only entities
granted a franchise by Congress can offer voice
telecommunications services.
VoIP routes phone calls through the Internet instead of through
traditional public switched telephone networks. Its lower cost
has made it a popular alternative to traditional voice calls.
The NTC has scheduled a public hearing on its VoIP draft rules
on May 3.
=================
S I N G A P O R E
=================
ADVERTISING AGENCY: Pays Preferential Dividend
----------------------------------------------
The Advertising Agency Pte Ltd. formerly of 5 Ann Siang Road
Singapore 069688, posted a notice of preferential dividend at
the Government Gazette, Electronic Edition.
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 469 of 1999
Amount Per Centum: 90.85%
First and Final or otherwise: First & Final Dividend
When Payable: 12th April 2005
Where Payable:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: 22nd April 2005
Sunari Bin Kateni
Assistant Official Receiver
ALLGREEN PROPERTIES: Issues, Allots Ordinary Shares
---------------------------------------------------
Allgreen Properties Limited announced to the Singapore Stock
Exchange (SGX) the issue and allotment of an aggregate of 5,000
ordinary shares of S$0.50 each in the capital of the Company, at
the subscription price of S$0.95 each, pursuant to the exercise
of options granted under the Allgreen Share Option Scheme 2002.
These new shares have been listed and quoted on the Singapore
Exchange on April 19, 2005. The new shares issued will rank pari
passu in all respects with the existing shares of the Company.
Upon the issue of the above shares, the number of issued and
paid-up shares in the capital of the Company is increased to
1,051,700,000 ordinary shares of SG$0.50 each, which has been
subsequently increased to 1,051,741,000 ordinary shares of
S$0.50 each as announced on April 21, 2005.
By Order of the Board
Ms Isoo Tan
Company Secretary
25 April 2005
CONTACT:
Allgreen Properties Ltd
1 Kim Seng Promenade
237994
Singapore
Telephone: +65 6733 2822/ +65 6738 3800
ASTI HOLDINGS: Transfers Shares Listing to SGX Mainboard
--------------------------------------------------------
The Board of Directors of ASTI Holdings Limited (ASTI) announced
that the SGX-ST has granted in-principle approval for the
transfer of the listing and quotation of ASTI shares from the
Official List of SGX SESDAQ to the Official List of the SGX
Mainboard.
The effective date of the listing and quotation of ASTI shares
on the Mainboard of SGX-ST will be April 28, 2005 at 9:00 a.m.
The Company's shares will cease to be quoted on the SGX SESDAQ
with effect from the close of trading on April 27, 2005.
As at the date of this announcement, the Company has an
authorized share capital of $50,000,000 comprising 500,000,000
ordinary shares of $0.10 each and an issued and paid-up share
capital of $30,438,421.50 comprising 304,384,215 ordinary shares
of $0.10 each.
The transfer of the listing and quotation of ASTI shares will
have no effect on the financial position of the Company and its
subsidiaries.
Submitted by
Lai Siang Tung
Company Secretary on
25 April 2005
To view a full copy of the press release, click
http://bankrupt.com/misc/ASTIHOLDINGS042505.pdf
CONTACT:
Asti Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 65365355
Fax: 65 65361360
Web site: http://www.astigp.com
CAPITALAND LIMITED: To Pay Convertible Bond Interest May 3
----------------------------------------------------------
The Board of Directors of CapitaLand Limited (CapitaLand)
advised the Singapore Stock Exchange (SGX) that the sixth
interest payment (Interest Payment) on the SG$380,000,000
principal amount of convertible bonds due 2007 (the Convertible
Bonds), convertible into new ordinary shares of S$1.00 each in
the capital of CapitaLand, shall be made on May 3, 2005 (Actual
Payment Date).
Under the terms and conditions of the Convertible Bonds, the
Convertible Bonds bear interest at the rate of 0.625 per cent
per annum, payable semi-annually in arrear on May 3 and
November 3 in each year (each an Interest Payment Date),
commencing November 3, 2002. Each Convertible Bond will cease to
bear interest, inter alia, from and including the Interest
Payment Date last preceding its conversion date.
Interest will be paid to the holder shown on the Register at the
close of business on the 15th day before the due date for the
payment of interest. Payment will be made by transfer to the
registered account of the bondholder or by Singapore dollar
cheque drawn on a bank in Singapore mailed to the registered
address of the bondholder, if the bondholder does not have a
registered account.
Where payment is to be made by transfer to a registered account,
payment instructions (for value on the Actual Payment Date) will
be initiated on the Actual Payment Date. Where payment is to be
made by cheque, the cheque will be mailed on the Actual Payment
Date.
Bondholders shall not be entitled to any interest or other
payment for any delay in receiving the Interest Payment.
By Order of the Board
Tan Wah Nam
Company Secretary
Singapore
25 April 2005
CONTACT:
CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Telephone: 65 68233200
Fax: 65 68202202
Web site: http://www.capitaland.com
CYBER VILLAGE: All AGM Resolutions Passed
-----------------------------------------
The board of Directors of Cyber Village Holdings Limited
announced in a disclosure made to the Singapore Stock Exchange
(SGX) that at the Annual General Meeting of the Company held on
April 25, 2005, resolutions relating to matters set out in the
Notice of Meeting dated April 8, 2005 were duly passed.
Tony Pua Kiam Wee
Chief Executive Officer
25 April 2005
CONTACT:
Cyber Village Holdings Limited
50 Raffles Place #29-00
Singapore Land Tower
Singapore 048623
Telephone: 65 62212231
Fax: 65 62210919
Web site: http://www.cyber-village.net
MARLEX DISTRIBUTORS: Receiving Proofs of Debt Until May 6
---------------------------------------------------------
Marlex Distributors Pte. Ltd. (In Liquidation) of 60 Martin Road
#07-27 Trademart Singapore Singapore 239065 posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details.
Court: High Court of Singapore
No. of Matter: No. 95 of 2004
Last day for receiving proofs: 6th May 2005
Name and Address of Liquidator:
Kung Seah Lim
c/o 336 Smith Street
#05-310 New Bridge Centre
Singapore 050336
Dated: 22nd April 2005
NEPTUNE ORIENT: Names Cedric Foo Group Deputy President
-------------------------------------------------------
Neptune Orient Lines (NOL) advised the Singapore Stock Exchange
on the appointment of Mr. Cedric Foo to the position of NOL
Group Deputy President.
As Deputy President, Mr. Foo will lead the Group's corporate
planning function, and spearhead its investments into new
markets and business areas.
Group CEO David-Lim said, "NOL is setting out to transform
itself by building on its core logistics and shipping Company
capabilities to become a global cargo transport and logistics
services provider. Cedric has held senior positions in private
sector business experience and public sector perspectives. He
will bring valuable skills and insights as we pursue our goals.
I am pleased that he has accepted my invitation to join NOL
leadership team."
Mr. Foo joins NOL effective May 1. Mr. Foo was most recently
Singapore's Minister of State in both the Ministry of Defence
and Ministry of National Development. Prior to this, he was
Senior Vice President at Singapore Airlines from 2000 to 2002.
He served in NOL from 1985 to 2000, most latterly as Executive
Vice President of Corporate Finance from 1997 to 2000. He has
been a Member of Parliament since November 2001 and was
appointed Chairman of the Standards, Productivity and Innovation
Board, SPRING Singapore, in April 2003. He will retain these
responsibilities when he joins the NOL Group.
"I am looking forward to returning to NOL and taking up the
challenges associated with helping the Group achieve its
strategic vision." Mr. Foo said.
Forty-five year old Mr. Foo holds a Bachelor of Science in
Engineering, Naval Architecture and Marine Engineering from the
University of Michigan, and a Master of Science in Ocean Systems
Management from MIT. He is married, with four children.
Note to editors:
Photo of Mr. Foo available on the following link:
Web site: www.nol.com.sg/newsroom/05news/cf.jpg
Media Inquiries
Sarah Lockie
Telephone: +65 6371 5022
E-mail: sarah_lockie@nol.com.sg
CONTACT:
Neptune Orient Lines Limited
456 Alexandra Road #06-00
NOL Building
Singapore 119962
Telephone: 65 62789000
Fax: 65 62784900
Web site: http://www.nol.com.sg
OVERSEAS BUSINESS: Court to Hear Petition May 13
------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Overseas Business Development Pte Ltd (formerly known as Sing-
Wei Huaguang Enterprises Pte Ltd) by the High Court was on April
15, 2005 presented by Bank Of China Limited (formerly known as
Bank of China) (RC No. F00753/W), a bank incorporated in The
People's Republic of China and having a place of business at 4
Battery Road, Bank of China Building, Singapore 049908, a
creditor.
The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on May 13, 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 themselves or their Counsel for that
purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/03085).
Dated this 18th day of April 2005
Messrs Rajah & Tann
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of May 12, 2005 (the working day before the day
appointed for the hearing of the Petition).
SEVEN SEAS: Creditors May Attend May 13 Hearing
-----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Seven Seas Supply Co. Pte. Ltd. by the High Court was on the
15th day of April 2005 presented by Bank Of China Limited
(formerly known as Bank of China) being the successor-in-title
to The Kwangtung Provincial Bank (RC No. F00753/W), a bank
incorporated in The People's Republic of China and having a
place of business at 4 Battery Road, Bank of China Building,
Singapore 049908, a creditor.
The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on May 13, 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 themselves or their Counsel for that
purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/05213).
Dated this 18th day of April 2005.
Messrs Rajah & Tann
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of May 12, 2005 (the working day before the day
appointed for the hearing of the Petition).
WEE POH: Enters Into Supplemental Agreement with Winning
--------------------------------------------------------
On September 27, 2004 the Directors announced (the Original
Announcement), inter alia, that Wee Poh Holdings Ltd. had
entered into a conditional sale and purchase agreement (the
Original Agreement) with Winning International Limited (WIL or
the Vendor) in respect of the Acquisition for the purchase
consideration of SG$60.0 million (the Original Purchase
Consideration) which shall be satisfied by way of the allotment
and issue of 12,000,000,000 new shares of SG$0.005 each in the
Company (the Original Consideration Shares) at an issue price of
SG$0.005 each, to such party as the Vendor may nominate.
The Directors wish to announce that pursuant to further
negotiations, the Company and the Vendor have entered into a
supplemental agreement dated April 25, 2005 (the Supplemental
Agreement) (collectively, the Agreements) to amend certain terms
and conditions of the Original Agreement.
To view a full copy of the announcement, click
http://bankrupt.com/misc/WEEPOH042505.pdf
CONTACT:
Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg
===============
T H A I L A N D
===============
M.D.X: Appoints Auditor for 2005
--------------------------------
M.D.X. Public Company Limited (MDX) issued a report to the Stock
Exchange of Thailand (SET) on the appointment of Mr. Somchai
Kurujitkosol, a certified public accountant No. 3277 of S.K.
Accountant Services Company Limited (SK) to be MDX's auditor for
the accounting period of year 2005 onward.
In case that the aforementioned auditor cannot perform the work,
SK shall provide another qualified auditor as substitute
auditor.
Please be informed accordingly.
Best regards,
Mrs. Songsri Kalyanamitr
Authorized Director of Wittayu Planner Co., Ltd.
In its capacity as the Plan Administrator of
MDX Public Co., Ltd.
CONTACT:
M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731
NATURAL PARK: Completes Registration of Capital Reduction
---------------------------------------------------------
Natural Park Public Company Limited notified the Stock Exchange
of Thailand (SET) that it has completed the registration of
reduction of the registered capital from the existing amount of
THB100,571,600,000. to THB30,171,480,000. by reducing the par
value of the Company shares from the existing par value of
THB10. to THB3. per share.
The paid-up capital of the Company was reduced from the existing
paid-up capital of THB80,571,600,000. to THB24,171,480,000.
divided into 8,057,160,000 ordinary shares, par value of THB3.-
per share, under the resolution of the Extraordinary General
Meeting of Shareholders No. 1/2005, held on February 11, 2005,
as submitted to the Department of Business Development, Ministry
of Commerce on April 22, 2005.
Please be informed accordingly.
Sincerely yours,
Mr. Sermsin Samalapa
President & Chief Executive Officer
CONTACT:
Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
THAI PETROCHEMICAL: Administrator to Finalize Share Price Soon
--------------------------------------------------------------
Thai Petrochemical Industry Pcl's (TPI) share price is to be
finalized by April 28 following the completion of due diligence
on the Company conducted by the Ministry of Finance, relates
Business Day.
According to the steering committee handling TPI's business
rehabilitation, the next step they would undertake upon the
conclusion of due diligence would be the signing of the share
purchase contract.
Under the rehabilitation plan 30 percent of the capital-raising
shares will be offered to PTT, 20 percent to the Government
Pension Fund and the Vayupak 1 Fund, 10 percent to the
Government Savings Bank and the rest to the Ministry of
Finance's business partners.
In a recent disclosure to the Stock Exchange of Thailand (SET),
TPI announced that its deal with its strategic partners as well
as the capital stock allotment would be finalized by June of
this year.
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
TPI POLENE: Creditors Says Share Swap Not Beneficial
----------------------------------------------------
Creditors rejected the asset swap proposal made by TPI Polene
Pcl's plan administrator before the Central Bankruptcy Court
Monday, Bangkok Post reports.
The Company's plan administrator Prachai Leophairatana plans to
swap shares in TPIPL's petrochemical unit for a 49% stake in
TPIPL held by its parent firm, Thai Petrochemical Industry Plc
(TPI).
The lawyer who prefers anonymity said, the share swap would not
be beneficial to creditors of TPIPL but only to Mr. Prachai's
group, the existing shareholders would be the ones to benefit
from the share swap. The creditors object to the proposal for it
would not provide actual benefit to the Company to be able for
them to repay debt.
The court postponed its ruling on the asset swap, pending the
expected outcome of mediation involving the TPIPL and TPI plan
administration teams. The two sides are at odds over the swap
pricing and asset valuations.
The value of the assets to be swapped with TPI should exceed
US$250 million, the amount set in TPI's rehab plan, otherwise
the share swap would not be successful, a source on the
government-appointed TPI administration team said.
TPIPL's creditors include the German development bank
Kreditanstalt fur Wiederaufbau (KfW) and Bangkok Bank.
CONTACT:
TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites Lao, Faith Marie Bacatan, Reiza
Dejito, and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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