/raid1/www/Hosts/bankrupt/TCRAP_Public/050513.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
Friday, May 13, 2005, Vol. 8, No. 94
Headlines
A U S T R A L I A
ABOUND CATERING: Names Maurice John Kellett Liquidator
ACCESS BROKERAGE: Collapse Sees Chief Arrested
A.C.N. 079 467 682: To Declare Dividend May 17
A.M. DAVIS: Members Agree to Wind Up Company
APRINT PTY: To Pay Dividend May 18
BARNETT REMOVALS: Passes Winding Up Resolution
BHP MINERALS: Final Meeting Set May 16
BULLDOG STEEL: Winds Up Voluntarily
CH DANIEL: Appoints Official Liquidator
CHELATED LABORATORIES: Faces Winding Up Proceedings
DANDY LEATHERGOODS: To Hear Liquidator's Winding Up Report
DITWITCH TRENCHING: Picks Richard Herbert Judson as Liquidator
FRIDGEWAYS OF AUSTRALIA: Receivers and Managers Quit
GOTTARD PROPERTY: To Declare Dividend May 25
G.V.L.T. LOGISTICS: Members Pass Winding Up Resolution
HARD ROCK: Taps Liquidator from Ferrier Hodgson
HELBREY INVESTMENTS: To Undergo Voluntary Liquidation
HUDSON TIMBER: To Book Net Loss in FY2004/05
ION LIMITED: Union Convinced Sale Will Push Through
NATIONAL AUSTRALIA: Costello Demands Justification of Job Cuts
NATIONAL AUSTRALIA: To Close 100 Branches in Scotland
PRESTIGE CONTRACTORS: Creditors Confirm Liquidator's Appointment
PRIMELIFE CORPORATION: Three New Directors Join Board
PYRAMID BUILDING: To Declare Dividend June 1
RETRAL MEATS: Members Agree to Hire Liquidators
WAVERLEY WOOLLEN: Historic Wool Mills Go Into Administration
WESFARMERS: Mining Woes Cut Into Shares
WESTSIDE VISTA: To Convene Final Meeting May 16
C H I N A & H O N G K O N G
AGL MEDIATECH: 1Q/FY05 Net Loss Shrinks to HKD352,000
BANK OF CHINA: Enters Alliance With China UnionPay
CO-WINNER ENTERPRISE: Q1 Net Loss Swells to HKD1.56 Mln
EZCOM HOLDINGS: CEIEC Files HKD23.4 Mln Suit
EZCOM HOLDINGS: Notes Unusual Price, Volume Movements
GLOBAL DIGITAL: Q1 Net Loss Shrinks to HKD7 Mln
GOLDEN EAGLE: Proofs of Debt, Claims Due May 31
IIN INTERNATIONAL: Net Loss Balloons to HKD10.8 Mln
INTELLICOM TECH: Issues Debt Claim Notice
RENOUVEAU LIMITED: To Convene Creditors Meeting May 18
TIANJIN TEDA: Q105 Net Loss Drops to RMB3.96 Mln
I N D O N E S I A
BANK MANDIRI: Top Execs Named Suspects in Lending Snafu
BANK MANDIRI: Operations to Remain Unaffected by Probe
PERTAMINA: Government Pays IDR3.3 Trillion Fuel Subsidy
J A P A N
EITAI CREDIT: Former Executive Gets 3-Year Prison Term
JAPAN AIRLINES: Unveils Golden Week Period Results
KAGOSHIMAKENRISAIKURUJIGYO K.D.: Enters Bankruptcy
KITZ CORPORATION: METI OKs Restructuring Plan
MATSUSHITA ELECTRIC: To Boost Plasma Output by 13%
MITSUBISHI FUSO: Achieves Record Overseas Sales in 2004
OLYMPUS CORPORATION: Closing Plants in Japan
OLYMPUS CORPORATION: Shares Fall 2.3% on Wednesday
SATOH KOGYO: Files for Bankruptcy
SEIYU LIMITED: To Issue US$95 Mln Shares to Wal-Mart
K O R E A
JINRO LIMITED: FTC Still Reviewing Hite Takeover
LG CARD: Goes Overseas, Issues Check Cards in Japan
SAMSUNG CARD: Closes Securitization of Card Receivables
M A L A Y S I A
ASIAN PAC: Extends Maturity of Loan Stocks to December 2007
ASIAN PAC: To Return to Black This Year
FABER GROUP: Set to List Extra Shares
GOLDEN FRONTIER: Buys Back 1,000 Shares
LION CORPORATION: Unveils Executive Share Option Scheme
LION INDUSTRIES: To List Additional Shares Next Week
NAIM INDAH: Converts Loan Stocks into New Shares
NORTH BORNEO: To Revise FY04 Financial Statements
PANTAI HOLDINGS: Issues Shares Buy Back Notice
P H I L I P P I N E S
ATLAS CONSOLIDATED: Mulls Share Offer to Bankroll Mine Ops
BELLE CORPORATION: Notes Changes in Shareholdings
COLLEGE ASSURANCE: SEC Approves Equity Infusion Deal
COLLEGE ASSURANCE: Eyes Php1-Bln Funds from Local Lender
COLLEGE ASSURANCE: Faces Tax Evasion Charges
NATIONAL TRANSMISSION: Moves to Beat Privatization Deadline
S I N G A P O R E
ALLGREEN PROPERTIES: Releases 1Q/2005 Financial Statement
ASIA-PACIFIC BULK: Court to Hear Petition May 20
ASTI HOLDINGS: Posts SG$1.5Mln Net Loss for 1Q/2005
BALLAST NEDAM: Proofs of Claims Due June 6
FHTK HOLDINGS: Passes All Resolutions Set Out in AGM
GREATRONIC LIMITED: Group Finance Manager Steps Down
GREATRONIC LIMITED: Court Schedules Hearing May 20
THAKRAL CORPORATION: Names New Group Chief Financial Officer
WEARNES INTERNATIONAL: Submits Financial Results to Bourse
T H A I L A N D
INTER FAR EAST: Dismissed from Rehabilitation
THAI PETROCHEMICAL: GPF Earmarks THB6Bln to Buy Shares
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ABOUND CATERING: Names Maurice John Kellett Liquidator
------------------------------------------------------
Notice is hereby given that at a General Meeting of Abound
Catering Conventions & Receptions Pty Ltd A.C.N. 004 772 445
held on March 31, 2005 it was resolved that the company be wound
up voluntarily as a Members' Voluntary Winding up and that for
such a purpose, Maurice John Kellett be appointed liquidator.
Dated this 31st day of March 2005
Maurice John Kellett
Liquidator
PO Box 796,
Eltham Vic 3095
ACCESS BROKERAGE: Collapse Sees Chief Arrested
----------------------------------------------
The collapse of Access Brokerage has led to the arrest of its
former chief Peter Marshall, according to The New Zealand
Herald.
Mr. Marshall was arrested by the Serious Fraud Office (SFO)
Tuesday and is now facing 13 charges for false accounting which
carry a maximum penalty of 10 years imprisonment. Financial
penalties may also be imposed if he is found guilty.
The SFO explained the charges arose from the "accounting entries
and liquidity reports that it is alleged disguised the true
financial position of Access Brokerage over several years".
Access, owned by former Olympic Committee head Bill Garlick,
went into liquidation on Sept. 6 last year after an AU$5 million
deficit in client funds was uncovered.
An initial report by liquidators Michael Stiassny and Brendan
Gibson of Ferrier Hodgson showed the firm had been using client
funds to run the company for some time, creating a shortfall in
the trust account. It said the company had suffered accounting
discrepancies dating back to at least June 1998.
Thousands of Access clients were bailed after the Bank of New
Zealand and NZX underwrote the shortfall on the firm's trust
account.
CONTACT:
Access Brokerage Ltd
Web site: http://www.access-brokerage.co.nz
A.C.N. 079 467 682: To Declare Dividend May 17
----------------------------------------------
A first and final dividend is to be declared on May 17, 2005 for
A.C.N. 079 467 682 Pty Ltd (In Liquidation) formerly known as
A.B.M.T. Textiles Pty Ltd A.C.N. 079 467 682.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 30th day of March 2005
Richard J. Cauchi
Joint and Several Liquidator
CJL Partners Pty Ltd
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773
A.M. DAVIS: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a general meeting of members of
A.M. Davis Pty Ltd (In Members Voluntary Liquidation) A.C.N. 004
204 406 held on March 25, 2005 it was resolved that the company
be wound up voluntarily and that Tom Fernandez and Paul Burness,
of Messrs Worrells, Solvency & Forensic Accountants, Level 5 15
Queen Street, Melbourne Vic 3000 be appointed Liquidators for
the purposes of such winding up.
Dated this 31st day of March 2005
Tom Fernandez
Liquidator
Worrells
Solvency and Forensic Accountants
GPO Box 1834,
Melbourne Vic 3001
Facsimile: (03) 9614 3233
Web site: http://www.worrells.net.au
APRINT PTY: To Pay Dividend May 18
----------------------------------
A first and final dividend in respect to priority and unsecured
creditors claims is to be declared on May 18, 2005 for Aprint
Pty Ltd (In Liquidation) A.C.N. 099 079 428.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 4th day of April 2005
Richard J. Cauchi
Joint and Several Liquidator
CJL Partners Pty Ltd
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773
BARNETT REMOVALS: Passes Winding Up Resolution
----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Barnett Removals Pty Limited (In Liquidation) A.C.N. 102 732 570
duly convened and held at 121-133 Pacific Highway, Waitara NSW
2077 on Friday, April 1, 2005 at 9:00 a.m. a Special Resolution
that the Company be wound up voluntarily was passed by members
and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 4th day of April 2005
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
BHP MINERALS: Final Meeting Set May 16
--------------------------------------
Notice is given that a final meeting of members of BHP Minerals
Norway Pty Ltd (in liquidation) will be held at the offices of
Ernst & Young, Level 33, 120 Collins Street, Melbourne, Victoria
on May 16, 2005 at 9:00 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the companies disposed of, and for hearing
any explanation that may be given by the Liquidators.
Dated this 1st day of April 2005
Michael Scales
Liquidator
Ernst & Young
Level 27, 120 Collins Street,
Melbourne Vic 3000
Telephone: 03 9288 8000
BULLDOG STEEL: Winds Up Voluntarily
-----------------------------------
Notice is hereby given that at a general meeting of the members
of Bulldog Steel Pty Ltd (In Liquidation) A.C.N. 004 330 689
held on March 16, 2005, it was resolved that the company be
wound up voluntarily and that, Stan Traianedes, Accountant of
Hall Chadwick, Level 9 459 Collins Street, Melbourne, be
nominated to act as Liquidator for the purpose of the winding
up.
Dated this 29th day of March 2005
Stan Traianedes
Liquidator
Hall Chadwick
Chartered Accountants
Level 9, 459 Collins Street, Melbourne
CH DANIEL: Appoints Official Liquidator
---------------------------------------
Notice is hereby given that at a General Meeting of the Members
of CH Daniel Pty Ltd A.C.N. 004 748 396 held on March 30, 2005
it was resolved that the Company be wound up voluntarily and
that Mr. Thomas Eager of Eager and Partners, Accountants, 74
Main Street, Bairnsdale be appointed Liquidator of the Company
for the purposes of such winding up.
Dated this 30th day of March 2005
Thomas Eager
Liquidator
CHELATED LABORATORIES: Faces Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that the Meeting of Members of Chelated
Laboratories Pty. Ltd. (In Liquidation) A.C.N. 006 357 366 held
on March 29, 2005 resolved that the company be wound up
voluntarily and that Anthony Robert Cant of Romanis Cant,
Chartered Accountants, 106 Hardware Street, Melbourne be
appointed Liquidator for the purpose of such winding up.
Dated this 29th day of March 2005
Donald Instone Murchie
Director
DANDY LEATHERGOODS: To Hear Liquidator's Winding Up Report
----------------------------------------------------------
Notice is given that a annual general meeting of members, and a
final meeting of members pursuant to Section 509 of the
Corporations Act 2001, of Dandy Leathergoods (Aust) Pty Ltd (In
Liquidation) A.C.N. 005 292 624 will be held at the offices of
Foremans Business Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay
Road, Sandringham Vic 3191 on May 18, 2005 at 11:00 a.m., for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanations that may be given by the Liquidator.
Dated this 5th day of March 2005
Dean R. McVeigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham Vic 3191
DITWITCH TRENCHING: Picks Richard Herbert Judson as Liquidator
--------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ditwitch Trenching And Excavations Pty Ltd (In
Liquidation) A.C.N. 092 827 579 held on March 29, 2005 it was
resolved that the company be wound up voluntarily.
At a meeting of creditors held on the same day pursuant to
Section 497, it was resolved that for such purpose, Richard
Herbert Judson of Judson & Co, Chartered Accountants, Level 1,
10 Park
Road, Cheltenham be appointed liquidator.
Dated this 29th day of March 2005
Richard Herbert Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham Vic 3192
Telephone: 9585 4155
FRIDGEWAYS OF AUSTRALIA: Receivers and Managers Quit
----------------------------------------------------
Notice is hereby given that Messrs B. A. Secatore and S. L.
Horne ceased to act as Receivers and Managers of Fridgeways Of
Australia Pty. LTD. A.C.N. 102 442 919 on March 31, 2005.
Dated this 31st day of March 2005
B. A. Secatore
Bentleys MRI
114 William Street,
Melbourne Vic 3000
GOTTARD PROPERTY: To Declare Dividend May 25
--------------------------------------------
A first and final dividend is to be declared on May 25, 2005 for
Gottard Property Group Pty. Ltd. (In Liquidation) A.C.N. 093 934
091.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 1st day of April 2005
Barry Keith Taylor
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004
G.V.L.T. LOGISTICS: Members Pass Winding Up Resolution
------------------------------------------------------
Notice is hereby given that on April 1, 2005 the following
special resolution was passed in respect of G.V.L.T. Logistics
Pty Ltd (In Liquidation) A.B.N. 28 073 155 414:
That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr K. L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.
Dated this 1st day of April 2005
K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004
HARD ROCK: Taps Liquidator from Ferrier Hodgson
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Hard Rock Plumbing Pty Ltd (In Liquidation) A.C.N.
006 059 650 held on March 9, 2005 it was resolved that the
company be wound up voluntarily.
At a meeting of creditors held on the same day it was resolved
that for such purpose, Adrian Lawrence Brown of Ferrier Hodgson,
Chartered Accountants, Level 29, 600 Bourke Street, Melbourne,
Vic be appointed Liquidator.
Dated this 30th day of March 2005
A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000
HELBREY INVESTMENTS: To Undergo Voluntary Liquidation
-----------------------------------------------------
Notice is hereby given that a General Meeting of Members of
Helbrey Investments Pty Ltd (In Voluntary Liquidation) A.C.N.
004 703 020 was held on March 31, 2005 at which a Special
Resolution was passed that the Company be wound up voluntarily
and that Bruce Neil Mulvaney of Bruce Mulvaney & Co, 1st Floor,
613 Canterbury Road, Surrey Hills, Victoria, 3127 be appointed
Liquidator for such winding up.
Dated this 5th day of April 2005
Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
HUDSON TIMBER: To Book Net Loss in FY2004/05
--------------------------------------------
Hudson Timber Products Limited will tally a net loss of AU$5.4
million (US$4.2 million) for the year ended June 30, 2005 due to
sluggish residential building demand and legal and refinancing
costs, Asia Pulse reports.
The firm's subsidiary, Hudson Frame & Truss Limited, has been
badly hit by the building downturn particularly in New South
Wales (NSW) where Hudson Timber has its largest operations.
However, Hudson Timber Ian Fraser is confident the business will
recover by the end of this year after incurring a net loss of
US$ million in the previous fiscal year.
Hudson Timber is in legal proceedings with Hudson Investment
Group Limited.
Hudson Timber Products Ltd.
Phone: 61 2 8870 4600
Fax: 61 2 9805 0641
Web site: http://www.hudsontimber.com.au
ION LIMITED: Union Convinced Sale Will Push Through
---------------------------------------------------
The Australian Manufacturer Workers Union (AMWU) is confident
Ion Limited's automatic transmission factory in Lavington will
de disposed of in the next few weeks, The Border Mail reports.
The union, which represents 750 workers of Ion's Lavington
plant, reportedly conducted talks Wednesday with one of the two
potential buyers to ensure the buyer has a long-term commitment
to manufacturing on that site.
The union declined to reveal the firm's identity but said it was
a major player in the global motor industry.
The AMWU and the Australian Workers Union, which represents most
of Ion's South Australian workers, have both supported a
decision by creditors to continue the Ion group under a deed of
Company arrangement. This means that McGrath Nicol and Partners
will continue to administer the Lavington, Springvale and
Adelaide factories until the various components are sold.
Mr. Colin Nicol, of McGrath Nicol, told creditors this week that
the administrators expected to sign the deed documents with
effect from May 27. This will pool the 18 companies involved so
that creditors claims are treated equally across the group.
CONTACT:
ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/
NATIONAL AUSTRALIA: Costello Demands Justification of Job Cuts
--------------------------------------------------------------
Federal Treasurer Peter Costello has urged National Australia
Bank (NAB) to justify its planned slashing of 2,000 Australian
jobs over the next two years, according to the Sydney Morning
Herald.
Mr. Costello demands a "pretty good explanation" for its
decision because it is a highly profitable organization.
Mr. Costello said all he could do about the job losses was run a
strong economy with low interest rates so other businesses could
become profitable enough to create work.
"I feel for the people who have lost their jobs," he said.
"I know that will be no great consolation to the people at the
National Australia Bank, but your chances of getting a job today
are better than they have been in the last 28 years."
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
NATIONAL AUSTRALIA: To Close 100 Branches in Scotland
-----------------------------------------------------
National Australia Bank surprised the market after it disclosed
plans to shut down around 100 branches in Scotland, Asia Pulse
reveals.
Although NAB assured that it will not leave many small Scottish
towns without banking facilities, union leaders view NAB's
decision to close branches of its two British banks, the
Clydesdale and the Yorkshire, as going against its pledge not to
shut the last bank in town.
Most of the 60 Scottish towns will be left with no bank after
their Clydesdale branch closes in August. But each of the 40
towns in northern England where the Yorkshire banks are doomed
will still have other banks available.
Amicus, Britain's largest union, will lobby to stop the closures
especially in remote Scottish towns such as Dunlop, Kincardine-
on-Forth, Larbert and Tayport which will be left without a bank.
NAB's British Chief Operating David Thorburn, meanwhile, advised
Clydesdale customers to access banking in post offices. He said
the nearest branch would be an average of eight kilometers away
for Cydesdale clients, and about 18 kilometers for Yorkshire
customers.
Mr. Thorburn said staff from the nearest bank will travel and
make home visits if customers want personal advice.
NAB says the closures are an essential result of changing
banking habits.
PRESTIGE CONTRACTORS: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Prestige Contractors Pty Limited (In Liquidation) A.C.N. 104 440
842 duly convened and held at 17 Mariner Crescent, Abbotsbury
NSW 2176 on Friday, April 1, 2005 at 9:30 a.m. a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 4th day of April 2005
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
PRIMELIFE CORPORATION: Three New Directors Join Board
-----------------------------------------------------
Primelife Corporation Limited announced the appointment of three
new non-executive directors to the Primelife Board.
The new directors are:
(1) Mr. Andrew Love - a Senior Partner, Ferrier Hodgson. Mr.
Love has had over 30 years experience in corporate recovery and
reconstruction. He has had experience at the public company
level in the energy, mining and exploration, mortgage
securitization and international property sectors. Mr. Love is
currently Chairman and non-executive director of ROC Oil Company
Limited; a director of Museum of Contemporary Art Sydney; and
prior to its take over in 2004, a non-executive director of
Principal Real Estate Investors (Australia) Limited. Mr. Love
will join the Board on July 1, 2005.
(2) Mr. Graeme Martin - National Director - Health & Retirement
Living Services, Colliers International - Australia. Mr. Martin
has had extensive experience in all Australian States in
providing professional advice to private and public sector
owners, lending institutions, property trusts and government
agencies in respect of high and low acre aged care facilities,
retirement villages and private hospitals. Mr. Martin will join
the Board before its next meeting in June 2005.
(3) Mr. Peter O'Connell - Managing Director, Multiplex
Infrastructure Pty Ltd and Executive Chairman, Multiplex FM Pty
Ltd. Mr. O'Connell is a former commercial law partner with
Minter Ellison and Gilbert & Tobin in Sydney. Peter is an
experienced company director and has served on the Boards of a
number of significant Australian companies. Mr. O'Connell will
join the Board before its next meeting in June 2005.
Primelife Chairman, Mr. Robert Champion de Crespigny AC, said:
"on behalf of the other continuing directors, Ron Walker, Robert
Topfer of Babcock & Brown, Jim Hazel and Lou Panaccio, we are
delighted to welcome the new directors to the Board. They bring
skills, experience and industry expertise that will add value to
the Company and help oversee the next phase of Primelife's
growth and development."
Due to increased business commitments, Mr. Phil Green and Ms.
Snadra McPhee will resign as directors. Mr. Champion de
Crespigny acknowledged the valuable contribution both directors
have made in helping the Company meet the challenges associated
with the rebuilding of Primelife.
CONTACT:
Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/
PYRAMID BUILDING: To Declare Dividend June 1
--------------------------------------------
An eleventh and final dividend is to be declared on June 1, 2005
for Pyramid Building Society Limited (In Liquidation) A.C.N. 087
822 204.
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
G. P. MEREDITH
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street, Melbourne Vic 3000
RETRAL MEATS: Members Agree to Hire Liquidators
-----------------------------------------------
Notice is given that Susan Carter and Jason Bettles, Registered
Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of
Retral Meats Pty Ltd (In Liquidation) A.C.N. 106 063 156 at a
general meeting of the company's members on March 22, 2005.
Dated this 30th day of March 2005
Susan Carter
Liquidator
Downie Insolvency
WAVERLEY WOOLLEN: Historic Wool Mills Go Into Administration
------------------------------------------------------------
The Waverley Woollen Mills, operator of Australia's oldest wool
mills, was placed in administration Tuesday, ABC Premium News
reveals.
Russel Hogarth, the founder's great grandson, said he is
saddened by the plight of the mill, which has produced a range
of products over the years.
Robert Hogarth and his brother-in-law Peter Bullman established
the woollen mill in 1874. It has since had a number of owners.
Joint administrator Steven Hernyk refused to disclose the
circumstances behind the decision.
A creditors meeting will be held on Monday.
CONTACT:
Waverley Woollen Mills
PO Box 31
Launceston
Tasmania, Australia, 7250
By Phone/Fax in Australia:
Phone: 03 6339 1106
Facsimile: 03 6339 3537
By Phone/Fax Internationally:
Phone: +61 3 6339 1106
Facsimile: +61 3 6339 3537
Web site: http://www.waverleyknittingyarn.com.au/
WESFARMERS: Mining Woes Cut Into Shares
---------------------------------------
Wesfarmer's diversified mining business has been hit by rising
construction costs and industrial dispute, driving the firm's
shares down this week, according to the Sydney Morning Herald.
The Company revealed Monday that the expansion cost of its
Curragh North coalmine in Queensland had ballooned due to the
skyrocketing price of construction materials. The expansion,
which was previously estimated to amount to AU$290 million, is
now expected to cost around AU$360 million.
Wesfarmers, likewise, forecasts that an industrial action at its
Premier coalmine in Western Australia would trim earnings by
about AU$15 million this fiscal year.
Shaw Stockbroking analyst Brent Mitchell said the Premier
blowout had implications for other construction projects being
planned by Wesfarmers.
The Company is also battling cutthroat competition in the
insurance sector. Its general insurers Wesfarmers Federation
Insurance and Lumley General Insurance are finding it hard to
maintain top-line growth due to greater competition, moderating
premium growth and a gradual return to long-term claim patterns.
Wesfarmers' hardware chain, Bunnings, posted comparative store
growth of 5.5 per cent in the first four months of the calendar
year. But Bunnings managing director John Gillam warned that
stores were feeling the impact of less robust consumer
confidence and falling housing approvals.
CONTACT:
Wesfarmers Limited
Wesfarmers House
11th Floor
40 The Esplanade
Perth 6000
Western Australia
Telephone: (61 8) 9327 4211
Facsimile: (61 8) 9327 4216
Web site: http://www.wesfarmers.com.au
WESTSIDE VISTA: To Convene Final Meeting May 16
-----------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of the members of Westside
Vista Pty Limited (In Voluntary Liquidation) A.C.N. 007 904 243
will be held at Rinaldi & Co, 100 Greenhill Road, Unley, South
Australia on May 16, 2005 at 1:00 p.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
assets and property of the company have been disposed of.
Dated this 29th day of March 2005
Dominic Rinaldi
Liquidator
Rinaldi & Co
Chartered Accountants
Ground Floor, 100 Greenhill Road,
Unley SA 5061
Telephone: (08) 8373 7388
Facsimile: (08) 8383 7366
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C H I N A & H O N G K O N G
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AGL MEDIATECH: 1Q/FY05 Net Loss Shrinks to HKD352,000
-----------------------------------------------------
AGL Mediatech Holdings Limited disclosed its financial results
for the first quarter of this year ending March 31, 2005.
Year-end date: 31/12/2005
Currency: HKD
Auditors' report: N/A
1st Quarterly Report Reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/3/2004
Note (000) (000)
Turnover : 304 619
Profit/(Loss) from Operations: (350) (3,358)
Finance cost : (2) (3)
Share of Profit/(Loss) of Associates: N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI: (352) (3,361)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0006) (HKD 0.007)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (352) (3,361)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter Dividends: N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
AGL MEDIATECH HOLDINGS LIMITED
Signature:
Name : LEE Chan Wah
Title : Company Secretary
LOSS PER SHARE
The calculation of basic loss per share for the three months
ended 31 March 2005 is based on the unaudited net loss from
ordinary activities attributable to shareholders for the three
months ended 31 March 2005 of approximately HK$352,000 (three
months ended 31 March 2004: net loss of approximately
HK$3,361,000 and the weighted average of 576,000,000 shares in
issue during the three months ended 31 March 2005 (three months
ended 31 March 2004: 480,000,000 shares).
No diluted loss per share has been presented because there is no
dilutive potential share. In the last corresponding period, no
diluted loss per share was presented as the exercise price of
the Company's share options was higher than the average market
price of the Company shares during the period.
BANK OF CHINA: Enters Alliance With China UnionPay
--------------------------------------------------
The Bank of China (BOC) and China UnionPay (CUP) have entered an
agreement to construct a national CUP card brand, Asia Pulse
reports.
The two banks will cooperate in offering on-line payment and
payment by mobile phone services, and will jointly launch
overseas emergency aid service mechanism catering to CUP
cardholders.
BOC will fully use its advantages in exchange business and
overseas branches to help promote the usage of CUP cards, as
well as offer CUP cardholders convenient and swift capital
clearing service overseas.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
CO-WINNER ENTERPRISE: Q1 Net Loss Swells to HKD1.56 Mln
-------------------------------------------------------
Co-Winner Enterprise Limited announced its first quarter results
ending in March 31, 2005.
Year-end date: 31/12/2005
Currency: HKD
Auditors' report: N/A
1st Quarterly Report Reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/3/2004
Note (000) (000)
Turnover : 1,227 0
Profit/(Loss) from Operations: 79 (940)
Finance cost : (1) (1)
Share of Profit/(Loss) of Associates: N/A (92)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI :(1,564) (898)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) :(HKD 0.019) (HKD
0.017)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items :(1,564) (898)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Co-winner Enterprise Limited
Name: TAI Chi-ching
Title: Executive Director
No dividends have been paid or declared by the Company for the
three months ended 31 March 2005 (three months ended 31 March
2004: Nil)
The calculation of the basic loss per share is based on the
Group's net loss for the three months ended 31 March 2005 of
approximately HK$1,564,000 (three months ended 31 March 2004:
net loss of HK$898,000), and the weighted average of
approximately 82,915,000 ordinary shares (three months ended 31
March 2004: 54,000,000 ordinary shares) in issue during the
three months ended 31 March 2005 after adjusting for the effects
of the share consolidation on 10 January 2005. The basic loss
per share for the three months ended 31 March 2004 had been
adjusted accordingly.
Diluted loss per share for the three months ended 31 March 2005
and 2004 have not been provided as the share options outstanding
during the period had an anti-dilutive effect on the basic loss
per share for the period.
CONTACT:
Co-Winner Enterprise Limited
Room 4202, Far East Finance Centre
16 Harcourt Road, Admiralty
Hong Kong
Phone: 23954838
Fax: 23092948
Web site: http://www.grandmass.com.hk
EZCOM HOLDINGS: CEIEC Files HKD23.4 Mln Suit
--------------------------------------------
The board of directors of Ezcom Holdings Limited informed the
shareholders of the Company that, the Company, Ezcom Technology
Limited and Ezcom Electronics Limited, subsidiaries of the
Company, have received a writ of summons (the Writ) dated May 9,
2005 issued by CEIEC (H.K.) Limited in the High Court of Hong
Kong Special Administrative Region, claiming outstanding sum
amounted to US$3,009,482.88 (approximately HK$23,473,966), in
respect of letters of credits drawn by CEIEC (H.K.) Limited in
relation to purchases of goods by Ezcom Technology Limited and
Ezcom Electronics Limited, payment of which is guaranteed by the
Company.
The Company is seeking legal advice in response to the Writ. The
Company will keep the public informed as to the progress of the
Writ and further announcement will be made as and when
appropriate. No hearing date for the Writ is fixed yet.
The Board would confirm that CEIEC (H.K.) Limited and its
ultimate beneficial owners are not connected persons (as defined
in the Listing Rules) of the Company and are independent of and
not connected with any director, chief executive or substantial
shareholder of the Company or any of its subsidiaries or any
associate of any of them.
CONTACT:
Ezcom Holdings Limited
Unit 1C & 1D
14/F, Tower 2,
Admiralty Centre
18 Harcourt Road
Ceutral, Hong Kong
Phone: 28276388
Fax: 28276788
Web site: http://www.ezcom.com.hk/
EZCOM HOLDINGS: Notes Unusual Price, Volume Movements
-----------------------------------------------------
This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The Board of Ezcom Holdings Limited has noted that there was a
decrease in price and increase of the trading volume of the
shares of the Company on May 11, 2005 and wishes to state that,
save as disclosed in this announcement, it is not aware of any
reasons for such decrease in price and increase in trading
volume.
The Board confirms that, save for (i) the announcement made by
the Company on April 28, 2005 in relation to a writ of summons
against Ezcom Technology Limited and Mr. Kok Kin Hok, an
executive director of the Company and winding up petitions
against Ezcom Technology Limited and the Company and (ii) the
Writ as disclosed in this announcement, the Board is not aware
of any matter discloseable under the general obligation imposed
by Rule 13.09 of the Listing Rules, which is or may be of a
price-sensitive nature and there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Rule 13.23 of the Listing Rules,
save for those negotiations of proposed acquisitions and
investment of the Company in relation to (i) the mobile phone
business in China disclosed in the announcement of the Company
dated 18 March 2005 and (ii) the gaming-related business in
Macau disclosed in the announcements of the Company dated 18
November 2004 and 22 December 2004 respectively.
The Board would like to confirm that, up to the date of this
announcement, negotiations with the relevant parties concerning
the mobile phone business and the gaming-related business are
still in progress and no binding agreements have been made in
relation thereto.
Shareholders and potential investors of the Company are advised
to exercise extreme caution when dealing in the shares of the
Company.
Made by the order of the Board, the directors of which
individually and jointly accept responsibility for the accuracy
of this statement.
The Board as at the date of this announcement comprises Mr. Kok
Kin Hok, Mr. Li Tung Wai and Mr. Lian Song Qing, being executive
directors, Dr. Li Jianhua, Mr. Wu Tak Lung and Mr. Chu Po Tien,
being independent non-executive directors.
By order of the Board
Ezcom Holdings Limited
Kok Kin Hok Chairman
Hong Kong, 11 May 2005
GLOBAL DIGITAL: Q1 Net Loss Shrinks to HKD7 Mln
-----------------------------------------------
Global Digital Creations Holdings Limited announced its first
quarter results ending in March 31, 2005.
Year-end date: 31/12/2005
Currency: HKD
Auditors' report: N/A
Interim report reviewed: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/3/2004
Note (000) (000)
Turnover : 5,750 5,920
Profit/(Loss) from Operations : (5,417) (9,605)
Finance cost : (1,620) (1,040)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (7,037) (10,645)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 2 : (0.0088) (0.0136)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (7,037) (10,645)
1st Quarter Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
1st Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
Global Digital Creations Holdings Limited
Name: Cheung Kei Yim
Title: Chief Financial Officer
The calculation of the basic loss per share is based on the net
loss for the period of approximately HK$7,037,000 (2004:
HK$10,645,000) and the weighted average of 800,820,000 shares
(2004: 780,000,000 shares) in issue during the period.
No diluted loss per share has been calculated for the period
ended 31 March 2005 as the exercise of the share options would
result in a decrease in the loss per share. Diluted loss per
share was not presented for the period ended 31 March 2004
because there were no potential ordinary shares in existence for
that period.
CONTACT:
Global Digital Creations Holdings Limited
6/F, Bank of East Asia Harbour View Centre
56 Gloucester Road, Wan Chai
Hong Kong
Phone: 25791070
Fax: 25791131
Web site: http://www.gdc-world.com
GOLDEN EAGLE: Proofs of Debt, Claims Due May 31
-----------------------------------------------
Notice is hereby given that the creditors of Golden Eagle
Limited (In Voluntary Winding-up) are required on or before May
31, 2005, to send in their names, addresses and particulars of
their debts or claims, and the name and address of their
solicitors, if any, to the undersigned.
If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally and prove the said
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 6th day of May 2005.
Ying Hing Chiu
Liquidator
24th Floor, Prince's Building
Hong Kong
IIN INTERNATIONAL: Net Loss Balloons to HKD10.8 Mln
---------------------------------------------------
IIN International Limited disclosed its financial results for
the six months ended March 31, 2005.
Year-end date: 30/09/2005
Currency: HKD
Auditors' report: N/A
2nd Quarterly Report Reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/10/2004 from 01/10/2003
to 31/03/2005 to 31/3/2004
Note (000) (000)
Turnover : 45,649 63,619
Profit/(Loss) from Operations: (9,228) (7,485)
Finance cost : (827) (1,060)
Share of Profit/(Loss) of Associates: N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI :(10,854) (7,984)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) :(HKD 0.007) (HKD 0.0056)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items :(10,854) (7,984)
2nd Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarter Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
CONTACT:
IIN International Limited
Suite 15C, Entertainment Building
30 Queen's Road Central, Central
Hong Kong
Phone: 28912332
Fax: 28912727
Web site: http://www.iini.com
INTELLICOM TECH: Issues Debt Claim Notice
-----------------------------------------
Notice is hereby given that the creditors of Intellicom Tech.
Co. Limited (In Members' Voluntary Liquidation) are required on
or before June 30, 2005, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Liquidator of the said
Company at Room 1204, 48 Hennessy Road, Wanchai, Hong Kong.
If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally and prove the said
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 10th day of May 2005.
Siu Yue Wa Logan
Liquidator
RENOUVEAU LIMITED: To Convene Creditors Meeting May 18
------------------------------------------------------
Notice is hereby given that pursuant to Rule 114(3) of the
Companies (Winding-Up) Rules, the meeting of the creditors of
Renouveau (H.K.) Limited will be held at 12/F., Bel Trade
Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong at
10:15 a.m. on May 18, 2005 for the purpose of appointing a
liquidator to fill the vacancy of the office of a liquidator.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be lodged at 12/F., Bel
Trade Commercial Building, 1-3 Burrows Street, Wanchai, Hong
Kong, not later than 4:00 p.m. on the day before the meetings.
Dated this 6th day of May 2005.
For and on behalf of
Masaru Iwai Enterprises (Hong Kong) Limited
Liu Ming Hui
Director
(a creditor of the Company)
TIANJIN TEDA: Q105 Net Loss Drops to RMB3.96 Mln
------------------------------------------------
Tianjin TEDA Biomedical Engineering disclosed its first quarter
results for fiscal 2005.
Year-end date: 31/12/2005
Currency: RMB
Auditors' report: N/A
1st Quarterly Report Reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/3/2004
RMB' (000) RMB' (000)
Turnover : 17,110 12,565
Profit/(Loss) from Operations: (3,227) (4,620)
Finance cost : (825) (671)
Share of Profit/(Loss) of Associates: N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI :(3,963) (4,918)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : RMB (0.00991) RMB
(0.0123)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (3,963) (4,918)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Tianjin TEDA Biomedical Engineering Company Limited
Name: Edmund Yip
Title: Company Secretary
For the three months ended 31 March 2005, the calculation of
basic loss per share is based on the unaudited loss attributable
to shareholders of the Group of RMB3,963,018 (2004:
RMB4,918,331), divided by the total number of shares issued by
the Company of 400,000,000 (2004: 400,000,000 shares). Diluted
loss per share is not presented as there are no dilutive
potential shares during the period.
3. Dividend
The Board does not recommend the payment of interim dividend for
the three months ended 31 March 2005 (2004: NIL).
CONTACT:
Tianjin Teda Biomedical Engineering Company Limited
Suites 1501-1503, 15/F,
Gloucester Tower, The Landmark
11 Pedder Street, Central,
Hong Kong
Phone: 86-22-24138796
Fax: 86-22-24138796
Web site: http://www.bioteda.com.cn
=================
I N D O N E S I A
=================
BANK MANDIRI: Top Execs Named Suspects in Lending Snafu
-------------------------------------------------------
The Attorney General's Office (AGO) has implicated Bank
Mandiri's top officials in a lending scam involving over IDR1
trillion in loans to ineligible private companies, reports the
Associated Press.
The bank's president director Edwin Neloe, vice president I.
Wayan Pugeg and corporate banking affairs director Shoeh
Tasripan were named suspects in allegations of irregular lending
practices. Three more suspects will be brought in for
questioning by authorities, according to AGO spokesman R.J.
Soehandojo.
Minister of State Enterprises Sugiharto said that the three bank
executives, who face four years to life in jail if convicted,
will be replaced in the bank's shareholder's meeting to be held
next week.
The lending scandal also hinted at the possibility of
politicians involved, with media reporting ties between two of
the 28 companies who applied for loans at the bank to the
country's vice president Jusuf Kalla and Coordinating Minister
for the Economy Aburizal Bakrie.
This marks the end of an investigation opened by the AGO last
month after the State Audit Agency uncovered 28 accounting
irregularities in the bank's 2004 financial statements.
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: Operations to Remain Unaffected by Probe
------------------------------------------------------
Bank Mandiri said that its operations would not be affected by
the Attorney General Office's naming of its three senior
executives as suspects in a recent investigation on the bank's
lending practices, Dow Jones reports.
In a statement issued on May 10, 2005, the bank urged its
customers to remain calm as its internal system was "adequate"
and it was carefully scrutinizing its bad loans, and would
continue to cooperate with authorities in the ongoing case into
the bank's lending practices.
The bank further said to adopt the policy of "innocent until
proven guilty" in the case of its executives who were named
suspects in the case.
Bank Mandiri's share price has also risen 1.8% to IDR1,690 per
share, which reflects investor confidence that the investigation
would improve the bank's corporate governance and financial
fundamentals.
The bank posted IDR5.26 trillion in net profit for 2004.
PERTAMINA: Government Pays IDR3.3 Trillion Fuel Subsidy
-------------------------------------------------------
The Indonesian government has fully paid its IDR3.3 trillion
fuel subsidy debt to PT Pertamina, reports Asia Pulse.
Coordinating Minister for the Economy Aburizal Bakrie said that
the debt was an accumulation of fuel subsidies owed to the
Company from January to May.
With its latest payment, the government has no more outstanding
debts to Pertamina, and will pay a subsidy worth IDR1.2 trillion
every month to the Company starting next month.
The government will pay the monthly subsidies to Pertamina to
prevent the firm from buying more U.S. dollars from the foreign
exchange market.
Pertamina and other state-owned firms were urged not to buy
dollars from the market so as to stabilize and improve the value
of the local currency. As an alternative, firms were told to
arrange their supply of dollars with the state's central bank.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
=========
J A P A N
=========
EITAI CREDIT: Former Executive Gets 3-Year Prison Term
------------------------------------------------------
The Tokyo District Court has sentenced a former executive of the
collapsed Eitai Credit Union to three years in prison for taking
over loans from an affiliate knowing them to be irrecoverable,
Kyodo News reports.
Mr. Yukio Yamaya had pleaded not guilty to the charge of breach
of trust, saying taking over the loans was part of a plan to
rescue the ailing affiliate.
The prosecutors had demanded a five-year prison term.
JAPAN AIRLINES: Unveils Golden Week Period Results
--------------------------------------------------
Japan Airlines (JAL) Group announced on May 9 the results for
the traditional Japanese "Golden Week'' vacation period,
stretching this year from April 28 to May 8, 2005. The number of
passengers traveling on JAL Group airlines international routes
increased by 2.4% on the same period last year.
International passenger reservations during the 11-day period,
made up by a combination of public holidays and weekends,
totaled 203,375. JAL and its subsidiaries - Japan Asia Airways
(JAA) and JALways (JAZ) - benefited from the length of this
year's Golden Week, and as a result experienced increases in
passenger traffic on most notably Korea, Transpacific and Europe
routes up respectively by 12.1%, 8.3% and 3.9% on last year.
Significant decreases in passenger traffic occurred on both
China, and Oceania routes: down 8.3% and 12.2% respectively.
The overall moderate growth in international traffic was
somewhat offset by a decrease in traffic on Japan domestic
routes which was down 1.5% on last year's results. JAL Group
domestic Golden Week passenger reservations totaled 1,365,496.
The seat load factor for international routes was 61.2%, and
64.4% on domestic routes.
For more information, go to
http://bankrupt.com/misc/tcrap_jal101205.pdf
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
KAGOSHIMAKENRISAIKURUJIGYO K.D.: Enters Bankruptcy
--------------------------------------------------
Kagoshimakenrisaikurujigyo K.D. has begun bankruptcy proceedings
with total liabilities of US$34.29 million, says Teikoku
Databank America.
The industrial waste disposal service firm is based in
Kagoshima-Shi, Kagoshima 891-0144.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
KITZ CORPORATION: METI OKs Restructuring Plan
---------------------------------------------
Changes to the business-restructuring plan submitted by Kitz
Corporation were evaluated and found to fulfill the requirements
of the Law on Special Measures for Industrial Revitalization.
The Ministry of Economy, Trade and Industry consequently
approved the changes on May 11, 2005.
CONTACT:
Kitz Corporation
10-1 Nakase 1-Chome
Mihama-Ku Chiba 261-8577, Chiba 261-8577
Japan
Phone: +81 43 299 0114
Fax: +81 43 299 1740
MATSUSHITA ELECTRIC: To Boost Plasma Output by 13%
--------------------------------------------------
Matsushita Electric Industrial Co. plans to increase the
production of plasma panels by 13 percent to meet rising demand
for flat-screen TVs, according to Reuters.
The Company said it would expand output capacity at a plant in
Osaka, western Japan, to 120,000 panels a month from 100,000,
raising its total capacity by 13 percent to 170,000 panels on a
global basis.
Strong sales of flat TVs helped Matsushita to report a better-
than-expected 58 percent jump in annual operating profit for the
year ended March 2005, and it forecast a further rise this year.
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
MITSUBISHI FUSO: Achieves Record Overseas Sales in 2004
-------------------------------------------------------
At the Brisbane Truck Show in Australia, Mitsubishi Fuso Truck
and Bus Corporation (MFTBC) on May 11 announced details of its
group overseas sales* for the fiscal year 2004 (April 2004 -
March 2005). Overseas sales surged by 21% or 20,800 units to a
company record of 118,200 trucks and buses (FY 2003: 97,300
units).
Mr. Bert van Dijk, MFTBC Board member and responsible for
International Sales & Services, said: "We are very satisfied
that we met our ambitious targets. Tailwind from the
international markets, a strong brand image, the right products,
a very high customer loyalty and a dedicated organization helped
us in setting a new company record. This performance shows also
the high confidence of our customers in our products and
services."
Mitsubishi Fuso increased its overseas sales in every world
region. In the fiscal year 2004, MFTBC achieved particularly
strong growth in Asia, the Middle East and Oceania:
In the Asia region (excluding Japan), group sales went up by 22%
to 69,900 units. This represents the largest unit sales increase
of all regions (plus 12,600 units).
In the Middle East & Africa region, group sales increased by 21%
to 26,100 units, a plus of 4,500 units.
In Oceania which includes Australia and New Zealand, group sales
were boosted by 55% to 5,200 units, a plus of 1,800 units.
In fiscal year 2004, MFTBC global sales of trucks and buses
(including Japan) reached 179,200 units. Overseas sales of
118,200 units accounted for about two-thirds of global unit
sales.
MFTBC is one of the leading Asian commercial vehicle
manufacturers and a fully consolidated subsidiary of
DaimlerChrysler AG, which owns 85% of MFTBC shares. The
remaining 15% of shares continue to be held by various
Mitsubishi group companies. With strong business partners and
shareholders and as an integral part of DaimlerChrysler AG, the
largest commercial vehicle manufacturer in the world, MFTBC is
well positioned to master its challenges and to compete in the
competitive global truck and bus market.
* : Group sales are defined as wholesales at subsidiaries plus
shipments to international distributors.
This is a Company press release.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,Minato-ku,Tokyo 108-8285, Japan
Global Communication
Phone: +81-3-6719-4889
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
OLYMPUS CORPORATION: Closing Plants in Japan
--------------------------------------------
Electronics maker Olympus Corporation is shutting down two of
its digital camera plants in Japan to cut costs in its money-
losing digital camera business, the Business World reports.
The Company said it would cut 4,000 jobs in its camera division,
mostly relatively low-paying ones in China, and said that it was
considering consolidating some of its factories, but did not
give details.
The restructuring plan calls for the closure of its Ohmachi and
Sakaki plants and consolidate production at its Tatsuno factory.
All three factories are located in Nagano prefecture, central
Japan.
Most of those employees will be transferred to the Tatsuno
headquarters but some are expected to accept early retirement
packages, the company said.
The Company posted a net loss of JPY11.83 billion ($112.1
million) for the year ended March 31 as sliding prices of
digital cameras pushed its imaging division deep into the red.
It was its first loss since it began reporting consolidated
results in 1978.
CONTACT:
Olympus Corporation
Monolith, 3-1 Nishi-Shinjuku,
2-chome, Shinjuku-ku
Tokyo 163-0914, Japan
Phone: +81-3-3340-2111
Fax: +81-3-3340-2062
OLYMPUS CORPORATION: Shares Fall 2.3% on Wednesday
--------------------------------------------------
Shares of Olympus Corporation fell 2.3 percent on Wednesday, as
investors doubted plant closures would put the loss-making
digital camera business back on track, according to Reuters.
The Company disclosed plans to eliminate 4,000 jobs in its
camera division and consolidate domestic production into one
factory as part of its cost cutting scheme.
Analysts said Olympus would have to come up with more aggressive
measures to ensure a long-term revival at its imaging division,
which lost JPY24 billion on an operating basis in the year ended
on March 31, hit by sliding digital camera prices.
SATOH KOGYO: Files for Bankruptcy
---------------------------------
Satoh Kogyo K.K. has entered bankruptcy, according to Teikoku
Databank America.
The golf course operator based in Abiko-Shi, Chiba 270-1143, has
total liabilities of US$561.90 million.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
SEIYU LIMITED: To Issue US$95 Mln Shares to Wal-Mart
----------------------------------------------------
Struggling supermarket chain operator Seiyu Limited will issue
about US$95 million worth of new shares to Wal-Mart Stores Inc.,
The Associated Press results.
The move will boost Wal-Mart's stake to 42 percent from 37
percent in the Company, which operates about 400 stores
nationwide.
The Japanese firm aims to strengthen its capital base by
increasing funds to be used for yet-be-specified general
business projects.
Seiyu said it would issue the 58.47 million shares worth JPY10
billion (US$94.7 million) on May 30. The new shares will be
entirely allotted to Wal-Mart's wholly owned Swiss arm, Wyoming
Holdings GmbH.
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/
=========
K O R E A
=========
JINRO LIMITED: FTC Still Reviewing Hite Takeover
------------------------------------------------
South Korean antitrust watchdog, the Fair Trade Commission
(FTC), is still analyzing the impact of a takeover of soju maker
Jinro Ltd. by Hite Brewery Co. on the local liquor market, Asia
Pulse reports.
Hite Brewery Co. was chosen as a preferred bidder for the
leading soju maker, after which it filed an application with the
FTC to approve the takeover.
The commission asked nine soju distilling firms and 247 alcohol
distributors to submit their opinions on the takeover, as a
reference to decide whether the takeover would create a monopoly
or not.
An FTC official said that it may take a while before the
commission can decide whether to approve or reject the deal, as
all the relevant data would have to be carefully reviewed.
Hite Brewery Co. controls 58% of the local beer market, while
Jinro Co. Ltd. commands a 55% share of the soju market, thus
concerns over a monopoly are justified.
CONTACT:
Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax: +82 2 520 3453
Web site: http://www.jinro.co.kr/
LG CARD: Goes Overseas, Issues Check Cards in Japan
---------------------------------------------------
LG Card is set to issue check cards in Japan next month, making
it the first Sotu Korean credit card firm to launch business
abroad, reports Asia Pulse.
The Company, together with Japan's leading credit card firm JCB
International Co., will issue check cards to an estimated 23
million potential customers this year alone, since Japan doesn't
issue them yet.
Check cards are debit cards that look like credit cards but act
like checks since the purchase amount would be deducted from a
cardholder's checking account.
LG Card posted a huge net loss of KRW5.6 trillion in 2003 but
escaped bankruptcy due to a KRW5 trillion bailout package by
creditors last year. The troubled credit card firm was able to
reduce its losses to KRW81.6 billion in 2004, and garnered net
profit of KRW326 billion in the last quarter. For the first
quarter of 2005, the Company recorded a net profit of KRW292
billion.
LG Card's creditors are seeking to sell the Company for at least
KRW4.5 trillion before March next year.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
SAMSUNG CARD: Closes Securitization of Card Receivables
-------------------------------------------------------
Samsung Card Co. Ltd., had on May 12, 2005 successfully closed a
KRW299.78 billion (USD300 million) securitization of credit card
receivables, the first Korean cross-border credit card ABS deal
in 2005, reports Xinhua News.
The transaction involves the sale of credit card receivables
from Samsung Card to a trust that issued senior interest paper
in the receivables to a Korean special purpose company,
Challenger V Asset Securitization Specialty Co. The sale
culminates in the issuance of asset-backed notes by Frontier V
Limited, a Cayman Islands vehicle.
ING Wholesale Banking's Asian Securitization Group is the sole
arranger, structuring agent and lead manager of the transaction.
ING's Financial Markets division provided the cross-currency and
basis swap.
The Notes are rated "AA-" by Standard and Poor's and "Aa3" by
Moody's Investors Service Limited, with a final maturity of 2.7
years and an average life of 2.5 years.
The transaction structure provides for a 26-month revolving
period, during which only interest is paid each month followed
by a 6-month controlled amortization period, where one-sixth of
the original principal will be payable each month.
Samsung Card, established in March 1988, is one of the two
largest credit card companies in Korea, issuing MasterCard and
Visa brand credit cards as well as its own branded credit cards.
CONTACT:
Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax: +82-2-756-8942
Web site: http://www.samsungcard.co.kr
===============
M A L A Y S I A
===============
ASIAN PAC: Extends Maturity of Loan Stocks to December 2007
-----------------------------------------------------------
Asian Pac Holdings Berhad announced that the Company's
Redeemable Convertible Secured loan Stocks (RCSLS) 2000/2005
holders approved of the following special resolution on the
extension of the maturity of the RCSLS from Dec. 22, 2005 to
Dec. 22, 2007:
SPECIAL RESOLUTION
PROPOSED REDEEMABLE CONVERTIBLE SECURED LOAN STOCKS 2000/2005
("RCSLS 2000/2005") EXTENSION ("PROPOSED RCSLS 2000/2005
EXTENSION")
"THAT, subject to the approvals of all the relevant authorities
being obtained, approval be and is hereby given to Asianpac to
extend the conversion period of the RCSLS 2000/2005 issued on 23
December 2000, by a further period of two (2) years, thereby
amending the conversion period of the RCSLS 2000/2005 to
commence from the date of issue and expiring at 5.00 p.m. on 22
December 2007 and all the terms, provisions and conditions
attaching to the RCSLS 2000/2005 as set out in the RCSLS
2000/2005 trust deed dated 19 December 2000 ("RCSLS 2000/2005
Trust Deed") constituting the RCSLS 2000/2005 shall, continue to
be full force and effect.
AND THAT the Directors of the Company be and are hereby
authorised to give full effect to the execution of a
supplemental RCSLS Trust Deed or such supporting documents
expressed to be supplemental to the RCSLS 2000/2005 Trust Deed.
AND THAT the Directors of the Company be and are hereby
authorised to give full effect to the Proposed RCSLS 2000/2005
Extension with full powers to conclude to any conditions,
modifications, variations and/or amendments in any manner as may
be imposed by any relevant authorities, and to take all steps
and to enter into all such agreements, deeds, arrangements,
undertakings, indemnities, transfer, assignments and guarantees
with any party or parties, as may be required and to do all such
acts as they may consider necessary or expedient in order to
give full effect to the Proposed RCSLS 2000/2005 Extension.
AND THAT the Trustee of the RCSLS be and is hereby authorised to
execute all or any documentations to give effect to this special
resolution hereto and to take all steps and do all acts and
things in any manner that it may deem necessary and fit to do so
or expedient in connection with the above including concurring
in varying the amended terms in accordance with Securities
Commission's approval for the Proposed RCSLS 2000/2005 extension
(if and where required) provided the same is in the opinion of
the Trustee not materially prejudicial to the interest of the
RCSLS holders."
CONTACT:
Asian Pac Holdings Berhad
6 Lorong P Ramlee
Kuala Lumpur,
Kuala Lumpur 50250
Malaysia
Phone: +60 3 2070 5152
Fax: +60 3 2070 5195
ASIAN PAC: To Return to Black This Year
---------------------------------------
Asian Pac Holdings Berhad is set to return to profit for the
year ended March 31, 2005, due to expected revenue from a
property development project, reports the Star News.
According to the Company's managing director Datuk Mustapha
Buang, the Company expects a turnaround this year after
incurring losses for the past two years, as its fourth quarter
results are better than the previous quarters.
Last year, the Company posted an increase in net loss to MYR98
million, from MYR33.6 million in 2003. Sales also fell to
MYR50.3 million from MYR56.5 million.
The expected revenue is set to come from a development project
in Kepong, with a total gross development value of MYR540
million, between 2003 and 2005. The Company has already launched
6 phases of the project in Kepong Entrepreneurs' Park, and plans
to launch another phase of its Levenue project at the Desa Park
City development in Kepong within three months, and is set to be
completed in 2007 with a GDV of MYR122 million.
The Company has proposed to buy two pieces of land in Johor and
Seremban, Negri Sembilan, but the proposals are awaiting the
relevant authorities' approval.
FABER GROUP: Set to List Extra Shares
-------------------------------------
Faber Group Berhad's additional 660,600 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of
MYR1,321,200 nominal value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 660,600 new ordinary shares will be
granted listing and quotation effective Monday, May 16, 2005,
9:00 a.m.
CONTACT:
Faber Group Berhad
20th Floor, Menara 2 Faber Towers,
Jalan Desa Bahagia, Taman Desa
Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax: 03-76282828
GOLDEN FRONTIER: Buys Back 1,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 11,
2005.
Date of buy back: 11/05/2005
Description of shares purchased: Ordinary Shares of MYR1.00 Each
Total number of shares purchased (units): 1,000
Minimum price paid for each share purchased (MYR): 0.560
Maximum price paid for each share purchased (MYR): 0.560
Total consideration paid (MYR): 573.23
Number of shares purchased retained in treasury
(units): 1,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,487,600
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
LION CORPORATION: Unveils Executive Share Option Scheme
-------------------------------------------------------
Lion Corporation Berhad's additional 223,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Executive Share
Option Scheme will be granted listing and quotation effective
Monday, May 16, 2005, 9:00 a.m.
CONTACT:
Lion Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
LION INDUSTRIES: To List Additional Shares Next Week
----------------------------------------------------
Lion Industries Corporation Berhad's additional 379,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Monday, May 16, 2005, 9:00 a.m.
CONTACT:
Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
NAIM INDAH: Converts Loan Stocks into New Shares
------------------------------------------------
Naim Indah Corporation Berhad's additional 6,700 new ordinary
shares of MYR0.20 each arising from the Company's Conversion of
6,700 nominal value of MYR0.20 Irredeemable Convertible
Unsecured Loan Stocks 2003/2006 into 6,700 new ordinary shares
will be granted listing and quotation effective Monday, May 16,
2005, 9:00 a.m.
CONTACT:
Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411
NORTH BORNEO: To Revise FY04 Financial Statements
-------------------------------------------------
The North Borneo Corporation Berhad announced that its external
auditors, Messrs Ernst & Young, qualified the Company's
financial statements for the year ended Dec. 31, 2004 (which
were released on April 29, 2005), since they think the company's
going concern assumption is not appropriate.
The Company had on May 10, 2005 retracted its financial
statements for revision based on basis and assumptions that are
deemed appropriate by the auditors, and will resubmit the
revised financial statements for the financial year ended Dec.
31, 2004 once the revision is completed.
CONTACT:
North Borneo Corporation Berhad
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
Malaysia
Phone: +60 87 263232
Fax: +60 87 234363
PANTAI HOLDINGS: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad disclosed the details of shares it had
bought back on May 11, 2005 to the Bursa Malaysia Securities
Berhad.
Date of buy back: 11/05/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 66,000
Minimum price paid for each share purchased (MYR): 1.010
Maximum price paid for each share purchased (MYR): 1.020
Total consideration paid (MYR): 67,186.84
Number of shares purchased retained in treasury
(units): 66,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 29,026,200
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Mulls Share Offer to Bankroll Mine Ops
---------------------------------------------------------
Atlas Consolidated Mining and Development Corp. is considering
an international public offering this year to raise US$150
million needed to reopen its Toledo copper mine in Cebu,
Business World reports.
Atlas is set to ink supply agreements with partners to raise
half or US$ million of the needed capital. Some US$ million will
be raised from a share offering this year and the remaining US$
million from short-term borrowings.
Atlas has selected Macquarie Bank of Australia as underwriter
for the issue, the size of which has yet to be determined.
The mining firm was reportedly in talks with Chinese firms who
have expressed interest to participate in Atlas' reopening of
its Cebu mines. This followed a mining road show in China
earlier this year that had sparked the interest of Chinese
investors in Philippine mining ventures.
Last week, the Department of Environment and Natural Resources
gave the green light for Atlas to reopen its Toledo mines.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
BELLE CORPORATION: Notes Changes in Shareholdings
-------------------------------------------------
Eastern Securities Development Corp., a shareholder of Belle
Corporation, furnished the Exchange a copy of its SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities),
reporting changes in its shareholdings for the month of April
2005.
A copy of the said document shall be made available for
reference at the PSE Center and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE web
site: http://www.pse.com.ph(under Listed Companies).
For your information.
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
Belle Corporation
Exchange Road Ortigas Centre
28/F East Tower PSE Centre Ortigas Cent
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
COLLEGE ASSURANCE: SEC Approves Equity Infusion Deal
----------------------------------------------------
Troubled pre-need firm College Assurance Plan Philippines (CAP)
was allowed by the Securities and Exchange Commission (SEC) to
pursue a deal that would bring in around Php1 billion in fresh
funds from a foreign investor, relates The Philippine Daily
Inquirer.
The money which CAP will secure from Zurich-based International
Global Capital Holdings AG (IGCH) will go to the CAP trust fund
and used to service claims.
Under the deal, CAP will issue an "asset safekeeping receipt"
(ASKR) to IGCH to certify that CAP owns some US$150 million
worth of Metro Rail Transit bonds. The issuance of the ASKR
would guarantee the release of new funds for CAP.
Once the ASKR is issued, IGHI would put in new equity to plug
CAP's shrinking trust fund over a certain period.
As soon as SEC certifies the deal, CAP will issue Php1 billion
worth of preferred shares to IGCH in exchange for the same
amount of new capital.
CAP also awaits SEC approval for raising its capital to Php1
billion from Php300 million.
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
COLLEGE ASSURANCE: Eyes Php1-Bln Funds from Local Lender
--------------------------------------------------------
A local bank is keen on infusing fresh capital into cash-
strapped College Assurance Plan Philippines Inc. (CAP) after the
pre-need firm's dealer's license is renewed, Today News reports.
The unnamed bank is reportedly interested in injecting Php1
billion in cash into CAP in exchange for preferred shares that
would allow the bank to expand its branch network through CAP's
70 offices nationwide. But the bank would only come in as soon
as CAP is authorized to sell plans.
The Securities and Exchange Commission, however, has yet to
issue the pre-need firm a dealer's license.
CAP is looking at more financial backing from foreign and local
institutions, as it needs Php1.2 billion to pay obligations to
plan holders for the second semester of school year 2005-2006. A
portion of the amount would be covered by a sale of CAP assets,
including a 1,000-hectare property housing the CAP Building on
Sucat Road in Paranaque City, and shares of stock.
COLLEGE ASSURANCE: Faces Tax Evasion Charges
--------------------------------------------
The Bureau of Internal Revenue (BIR) has accused College
Assurance Plans (CAP) and a pension unit of tax evasion charges,
says The Philippine Daily Inquirer.
The BIR claimed CAP and its pension subsidiary failed to remit
withholdings taxes for May 2004 to February 2005 and value-added
tax collections from June 2004 to February 2005.
The two firms allegedly filed their returns electronically but
were unable to remit the actual taxes.
BIR Commissioner Guillermo Parayno filed the charges at the
Department of Justice.
NATIONAL TRANSMISSION: Moves to Beat Privatization Deadline
-----------------------------------------------------------
The national government is rushing to finish the privatization
of state-run National Transmission Corp. (Transco) by October
with the terms of references almost complete, Business World
reports.
Energy Secretary Raphael P.M. Lotilla said more investors have
inquired about the sale. "We are hoping they will also
participate, to make the results (of the sale) more credible."
The Electric Power Industry Reform Act of 2001 had tasked the
Power Sector Assets and Liabilities Management Corp. (PSALM) to
oversee the sale of the National Power Corp.'s (Napocor) assets
to the private sector. It earlier targeted a first-quarter
schedule to privatize Transco.
Transco, a spin-off firm of Napocor, has been tasked to run the
country's high-voltage transmission network which is valued at
around US$2 billion.
The winning concessionaire will be allowed to operate Transco
for 25 years, renewable for another 25 subject to performance
conditions. The government will require at least 25 percent of
the enterprise value of the business as upfront payment upon
closing of the transaction.
The winning bidder is expected to pay around US$500 million, and
shoulder about US$1.5 billion of debts.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
=================
S I N G A P O R E
=================
ALLGREEN PROPERTIES: Releases 1Q/2005 Financial Statement
---------------------------------------------------------
Allgreen Properties Ltd. issued to the Singapore Stock Exchange
(SGX) its financial statement for the first quarter of 2005.
31/03/05 31/12/04
S$'000 S$'000
Property, plant and equipment 501 532
Investment properties - -
Subsidiary companies 1,600,110 1,580,285
Associated companies 3,510 3,510
Stocks - -
Development properties - -
Trade debtors 1,519 925
Other debtors 267 260
Cash and bank balances 466 67
Total current assets 2,252 1,252
Total assets 1,606,373 1,585,579
Share capital 525,842 525,608
Reserves 325,525 325,314
Retained profits 489,650 488,009
1,341,017 1,338,931
Minority interests - -
Total equity 1,341,017
1,338,931
Long-term borrowings 20,000 20,000
Rental deposits - -
Deferred taxation - -
Current liabilities
Trade creditors 1,744 2,941
Rental deposits - -
Other creditors - -
Advances from subsidiary companies 192,551 191,758
Advances from associated companies 3,473 3,153
Provision for taxation 6,259 5,779
Borrowings 41,329 23,017
Total current liabilities 245,356 226,648
Total equity and liabilities 1,606,373 1,585,579
To view a full copy of the financial statement, click
http://bankrupt.com/misc/AllgreenProperties051005.pdf
CONTACT:
Allgreen Properties Ltd
1 Kim Seng Promenade
237994
Singapore
Telephone: +65 6733 2822/ +65 6738 3800
ASIA-PACIFIC BULK: Court to Hear Petition May 20
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Asia-Pacific Bulk Terminal Services Pte Ltd by the High Court
was made on April 29, 2005, presented by Asia-Pacific Bulk
Terminal (Holdings) Pte Ltd (In Compulsory Liquidation) (RC No.
199507394W) of 1 Shenton Way #10-09, Singapore 068803, a
creditor.
The said Petition is to be heard before the Court sitting at
10:00 o'clock in the forenoon, on Friday, May 20, 2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of the hearing by himself or his Counsel
for that purpose.
A copy of the said Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
The Petitioner's address is 1 Shenton Way #10-09, Singapore
068803.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
Drew & Napier LLC
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the above-named Drew &
Napier LLC a 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 above-named, not later than twelve o'clock noon of
May 19, 2005.
ASTI HOLDINGS: Posts SG$1.5Mln Net Loss for 1Q/2005
---------------------------------------------------
Mainboard-listed ASTI Holdings Limited (ASTI) a leading global
technology company and market leader in semiconductor equipment,
service and machine vision, has recorded a net loss of SG$1.5
million on turnover of SG$15.3 million for the first quarter of
FY2005.
The decrease in sales is attributable to the continuing slow
activities in the semiconductor industry, which resulted in a
decrease in equipment orders and business loadings from
customers.
While the Group's sales have decreased across all its main core
businesses, ASTI's financial position remained strong. Cash
holding at March 31, 2005 was SG$36.8 million whilst Group NAV
per ordinary share was 17.51 cents.
Group loss per share for first quarter of FY2005 was 0.51 cents.
Commenting on the results, Chief Executive Officer Mr. Charles
Cher said, "Despite the loss incurred for the first quarter, we
are optimistic about our prospects for the full year as the
global semiconductor industry is looking up.
Global sales for semiconductors for the first quarter of 2005
increased by 0.4% compared to the fourth quarter of last year
according to the Semiconductor Industry Association in May. This
could indicate an upturn as the industry has "bottomed-out" in
the last few months.
Indeed, the company's equipment and service businesses have been
experiencing a gradual increase in business activities which are
likely to bear fruit and translate to revenue in the second half
of this year.
In March the equipment division secured orders worth a total of
about S$1.2 million from leading global assembly and test
contract manufacturers in Japan and South Korea." He added, "We
are also focusing significant efforts in securing new business
outside the semiconductor industry.
Since the company's machine vision subsidiary Microview was
started in early 2004, it has successfully penetrated a range of
high-growth industries such as personal care, fasteners and
optical media.
The applications for the machine vision solutions are endless
and the company will strive to continuously improve its machine
vision technology and explore opportunities to enable to make
in-roads into similar high-growth industries."
About ASTI Holdings Limited
ASTI, listed on the SGX Mainboard, is a leading global
technology company and market leader in semiconductor equipment,
service and machine vision inspection solutions.
ASTI has a comprehensive range of semiconductor equipment that
encompasses wafer level CSP/bare die sorting systems, vision
inspection and tape and reel systems, laser markers and lead
conditioners.
ASTI is also one of the world's leading providers for
semiconductor chip handling and inspection services as well as
programming service. We serve as an alternative to allow our
customers to optimize their resources on their core value
propositions.
ASTI's proprietary machine vision inspection applications
represent the cornerstone of our technology, enabling precise
characterization of mechanical defects such as flawed laser
markings, cracks, chips and misaligned leads.
With ASTI's intelligent software, in-house digital cameras and
programmable lighting systems, we offer customized solutions for
inspection needs in semiconductor, electronics, pharmaceutical
and biometrics industries.
ASTI currently operates in Singapore, Malaysia, the Philippines,
Thailand, Taiwan, Hong Kong, China, India, United Kingdom and
the USA.
For more information on ASTI, please visit its web site:
http://www.astigp.com
Issued on behalf of ASTI Holdings Limited
For more information, please contact:
Ms Tham Moon Yee / Ms Geraldine Goh
Stratagem Consultants Pte Ltd
Telephone: 65 6227 0502
Fax: 65 6227 5663
E-mail: tmy@stratagemconsultants.com
geraldine@stratagemconsultants.com
To view a full copy of the financial statement, click
http://bankrupt.com/misc/AstiHoldingsQtr1_05_Results.pdf
BALLAST NEDAM: Proofs of Claims Due June 6
------------------------------------------
Notice is hereby given that the creditors of Ballast Nedam
Equipment Services Pte Ltd (In Members' Voluntary Liquidation),
which is being wound up voluntarily are required on or before
June 6, 2005 to send in their names and addresses and
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the liquidator
of the said Company.
If so required by notice in writing by the said liquidator are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 6th day of May 2005.
Johannes Robert Salis
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
FHTK HOLDINGS: Passes All Resolutions Set Out in AGM
----------------------------------------------------
FHTK Holdings Ltd announced to the Singapore Stock Exchange
(SGX) that the resolutions proposed at the Extraordinary General
Meeting held on May 11, 2005 have been duly passed.
FHTK Holdings Ltd
Mrs. Tan Lay Beng
Company Secretary
11-May-2005
CONTACT:
FHTK Holdings Limited
20 Harbour Drive #06-02
PSA Vista
Singapore 117612
Telephone: 65 67795688
Fax: 65 67773960
GREATRONIC LIMITED: Group Finance Manager Steps Down
----------------------------------------------------
Greatronic Limited announced in a disclosure made to the
Singapore Stock Exchange (SGX) the resignation of Ms Tan Choong
Sim as Group Finance Manager with effect from May 12, 2005.
By order of the Board
Greatronic Limited
12 May 2005
CONTACT:
Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
GREATRONIC LIMITED: Court Schedules Hearing May 20
--------------------------------------------------
Notice is hereby given that a petition for placing Greatronic
Limited (formerly known as Cybermast Limited) under the judicial
management of judicial managers by the High Court was, on April
30, 2005 presented by the Company (pursuant to a resolution of
its board of directors).
The said petition is to be heard before the Court at 10:00 a.m.
May 20, 2005 and Chay Fook Yuen and Chan Soon Hee Eric both of
KPMG, have been nominated as the judicial managers.
Any person who intends to oppose the making of an order under
section 227B (5) (b) or the nomination of the judicial managers
under section 227B (3) (c) 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
member of the Company requiring it by the undersigned on payment
of the regulated charge.
The Petitioner's address is 627A Aljunied Road, #07-02 Biztech
Centre, Singapore 389842.
The Petitioner's solicitors are Cheo Yeoh & Associates LLC of
No.15 McCallum Street, #11-02 Natwest Centre, Singapore 069045.
Dated this 6th day of May 2005.
Cheo Yeoh & Associates LLC
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 above-named Cheo Yeoh &
Associates LLC, Solicitors for the Petitioner, notice in writing
of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 noon of May 19,
2005 (the day before the day appointed for the hearing of the
Petition).
CONTACT:
Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
THAKRAL CORPORATION: Names New Group Chief Financial Officer
------------------------------------------------------------
Thakral Corp. Ltd. unveiled to the Singapore Stock Exchange
(SGX) the appointment of Ting Sii Tien @ Yao Sik Tien as its new
Group Chief Financial Officer on May 11, 2005.
Mr. Ting Sii Tien was the Chief Financial Officer of China
Yuchai International Limited and Group Chief Financial Officer
of Hong Leong Asia Ltd. since 1994 and 2002 respectively.
He was also Chief Financial Officer of Hong Leong Corporation
Limited [now known as Hong Leong (China) Limited] from 1994 to
2001.
George Lau
Executive Vice President
11-May-2005
CONTACT:
Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Telephone: 65 63368966
Fax: 65 63367225
Web site: http://www.thakral.com
WEARNES INTERNATIONAL: Submits Financial Results to Bourse
----------------------------------------------------------
The Directors of Wearnes International (1994) Ltd. furnished the
Singapore Stock Exchange (SGX) a copy of its second quarter
ended March 31, 2005 (Q2 FY 2005) and for the half-year October
1, 2004 to March 31, 2005 (H1 FY 2005).
The company also announced that it would declare dividend for
the current period reported on.
Name of Dividend: Interim Dividend
Type: Cash Dividend
Amount per Share (in cents): 4 cents per ordinary share (less
tax)
Dividend Rate (in %): 8% per ordinary share (less tax)
Par Value of Shares: S$0.50
Tax Rate: 20%
To view a full copy of the financial results, click
http://bankrupt.com/misc/WearnesInternational051005.pdf
CONTACT:
Wearnes International (1994) Limited
45 Leng Kee Road
159103
Singapore
Telephone: +65 6471 6288
Fax: +65 6472 0009
===============
T H A I L A N D
===============
INTER FAR EAST: Dismissed from Rehabilitation
---------------------------------------------
Inter Far East Engineering Public Company Limited informed the
Stock Exchange of Thailand (SET) that the Central Bankruptcy
Court ordered on May 9, 2005 the dismissal of the company from
the rehabilitation plan.
This is forwarded for your information and record.
Sincerely yours,
Mr. Narong Taychachaiwong, Mr. Damri Aimmanoj)
Director
Inter Far East Engineering PCL
CONTACT:
Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: http://www.ifct.co.th
THAI PETROCHEMICAL: GPF Earmarks THB6Bln to Buy Shares
------------------------------------------------------
The Government Pension Fund (GPF) is planning to buy shares in
debt-ridden Thai Petrochemical Industry Plc (TPI) for a total of
THB6 billion, Business Day reports.
The investment is part of GPF's alternative investment portion,
which is limited to a quarter of the total outstanding fund of
THB260 billion. Currently, the GPF puts only 1.6 percent of its
money in this "high-risk, high-return" investment.
According to GPF secretary general Visit Tantisunthorn, the
funds to be used for the purchase of the shares will be financed
by GPF and its own Taweeton Fund, which is a joint fund between
GPF and the government of Brunei.
PTT Plc the major new shareholder of TPI recently set the
share's purchase price at THB3.30 each after the conclusion of
due diligence on the company.
The recent acquisition terms state that PTT will have to pay
THB20.27 billion for 6,142.5 million shares of TPI. The price
was set based on the projection of an internal rate of return of
no less than 15 percent per year. The acquisition is expected
to expand PTT's petrochemical business to fully integrated
operation.
TPI's creditors led by Bangkok Bank Plc, International Finance
Corporation and Bank of Ayudhya Plc holds about 75 percent of
TPI, while the existing shareholders have the remaining 25
percent.
TPI, the country's largest debt defaulter, is currently
undergoing debt restructuring on a total debt of $2.95 billion.
The company plans to exit its business rehabilitation plan no
later than November 4, 2005.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Guangdong Sunrise-B 200030 (-177.22) 45.09
Guangdong Sunrise-A 000030 (-177.22) 45.09
Hainan Dadong-A 000613 (-5.15) 18.72
Hainan Dadong-B 200613 (-5.15) 18.72
Informatics Holdings Ltd INFO 26.82 62.92
Shenzhen China Bicycles-B
Co., Ltd. 200017 (-203.9) 52.16
Shenzhen China Bicycles-A
Co., Ltd. 000017 (-203.9) 52.16
INDONESIA
---------
Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72
PT Smart Tbk SMAR (-30.07) 430.99
MALAYSIA
--------
Innovest Berhad INV (-0.3) 10.64
Kemayan Corp Bhd KOP (-393.11) 67.55
Panglobal Bhd PGL (-50.36) 189.92
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-159.78) 280.22
SINGAPORE
---------
Pacific Century Regional PAC -176.29 1050.46
THAILAND
--------
Asia Hotel PCL ASIA (-30.12) 101.17
Asia Hotel PCL ASIA/F (-30.12) 101.17
Bangkok Rubber PCL BRC (-57.12) 78.77
Bangkok Rubber PCL BRC/F (-57.12) 78.77
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Circuit Elect PCL CIRKIT (-25.89) 61.3
Circuit Elect PCL CIRKIT/F (-25.89) 61.3
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
National Fertilizer PCL NFC 70.66 142.61
National Fertilizer PCL NFC/F 70.66 142.61
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.71) 13.38
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.71) 13.38
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
*********
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 S. Bacatan,
Reiza Dejito, and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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