/raid1/www/Hosts/bankrupt/TCRAP_Public/050519.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
Thursday, May 19, 2005, Vol. 8, No. 98
Headlines
A U S T R A L I A
AMAROO CONSTRUCTIONS: Director Convicted for Falsifying Document
ANSTEE-WILLIAMS: To Convene Final Meeting May 20
AUSTRAL COAL: Takeovers Panel Declines Interim Orders
AUTOMOTIVE TEXTILES: Receivers and Managers Appointed
BARTECH AUSTRALIA: Creditors Resolve to Wind Up Company
B.& J. HOWE: Final Meeting Set May 24
CAKE CITY: Placed Under Voluntary Liquidation
CALIGIURI HOLDINGS: Creditors Confirm Appointment of Liquidator
CHEMEQ LIMITED: Commercial-scale Field Trials Succeed
CHEMEQ LIMITED: Board OKs Appointment of Non-executive Directors
CO-GENERATION AUSTRALIA: Enters Winding Up Process
DUNSCOMBE CONSULTING: To Hear Liquidator's Report on Winding Up
EMIMAR PTY: Final Meeting Fixed May 24
FOTINOS PTY: Schedules Final Meeting May 20
GUNNERSEN NOSWORTHY: NAMES G. M. Rambaldi Official Liquidator
ION LIMITED: Administrators Fight for 700 Jobs
INNOVATIVE ASSOCIATES: To Discuss Winding Up at May 20 Meeting
JANE COOPER: To Declare Dividend June 8
MEDIA WORLD: Falls Into Liquidation
MONTGOMERY PASTORAL: Sets Final Meeting May 24
MULTIPLEX: Trust Unit Launches AU$1-Bln CMBS Issue
NATIONAL AUSTRALIA: Plans to Move Jobs to India
NORFOLK GLOBAL: Faces Winding Up Proceedings
OZIMO INVESTMENTS: To Hold Final Meeting May 24
SUPATRUST FINANCE: To Declare Dividend May 20
TCS CONTAINERS: Liquidator to Explain Winding Up Manner
THOMAS LAYTON: Winds Up Voluntarily
TIFINE PTY: To Convene Final Meeting May 22
C H I N A & H O N G K O N G
401 HOLDING: Postpones Board Meeting Date
ADVANCED MEDICAL: Winding Up Hearing Fixed June 8
ASAHI ELECTRIC: Issues Debt Claim Notice
BRI FINANCE: Members Annual Meeting Set June 7
ELECTRONIC SPIDER: Court Releases Winding Up Order
FAR EARN: Enters Bankruptcy Proceedings
IST EASY: Begins Winding Up Process
GENERAL CREATION: Court to Hear Winding Up Petition June 8
GENERAL RICH: Court Orders Winding Up
NAM FONG: Adjourns Court Hearing to May 30
PROSPEROUS TRADERS: Winding Up Hearing Slated June 8
RENREN HOLDINGS: New Shares Placement Under General Mandate
RICH GLEAM: Schedules Winding Up Hearing June 8
VES ELECTRONICS: Winding Up Hearing Slated for June 22
I N D O N E S I A
GARUDA INDONESIA: Suspends Staff Named Suspects in Killing
SAMPOERNA: U.S. Firm to Complete Acquisition
J A P A N
JAPAN AIRLINES: Fixes 23 Planes Without Gov't Approval
MATSUSHITA ELECTRIC: To Enter DVD Pact With Sony
MITSUBISHI PAPER: Chuetsu Pulp Scraps Acquisition Plan
OLYMPUS CORPORATION: Shares Dip on Closure, Job Cut Concerns
SUMITOMO MITSUI: In Talks on Share Sale Plan
* Japan April Bankruptcy Cases Down 20.3% On Year
K O R E A
TRIGEM COMPUTER: Seeks Court Protection to Suspend Debt Payment
M A L A Y S I A
BUKIT KATIL: Net Loss Widens in Q1/FY05
GOLDEN FRONTIER: Issues Notice of Shares Buy Back
I-BERHAD: Buys Back 7,000 Shares
MANGIUM INDUSTRIES: Posts First Quarter Results for 2005
METROPLEX BERHAD: Disputes Order to Pay MYR7 Mln to HSBC
PAN MALAYSIA: Repurchases Extra Shares
PAN PACIFIC: Holds Shareholders' Meetings on Restructuring
PANTAI HOLDINGS: Set to List Additional Shares
PARK MAY: Sees Lower Q1/FY05 Net Loss
WCT ENGINEERING: Court Moves Hearing to May 26
P H I L I P P I N E S
ABS-CBN BROADCASTING: Gets Court Backing on Tax Refund
COLLEGE ASSURANCE: May Fail to Meet Tuition Fee Claims On Time
GLOBAL STEELWORKS: BOC Reveals Anomalies in Raw Material Imports
MAYNILAD WATER: NGO Asks BSP to Nix Debt Agreement
NATIONAL TRANSMISSION: Sale Attracts New Prospective Bidders
PACIFIC PLANS: Clients Seek Redress Despite Yuchengco Aide
* Finance Department to Watch Budget of Losing GOCCs
S I N G A P O R E
CHAMPION BEANFOOD: Served with Winding Up Order
CHINA AVIATION (S): PwC to Release Report End of the Month
DB INVESTMENTS: Creditors Should Prove Claims by June 13
HUA KOK: Extends Completion of Strategic Subscription
HUA KOK: Passes All Resolutions at EGM
LIVERLAND HOLDINGS: Receiving Proofs of Debt Until June 15
UNITED FIBER: Unit Secures SG$4.5Mln Loan
T H A I L A N D
CIRCUIT ELECTRONICS: Files Exemption from Submission of FS
HANTEX: To Submit 1Q/2005 Report June 10
M.D.X: SET Concludes Company Needs Rehab Plan
PAE THAILAND: 1Q/2005 Net Profit Shrinks to THB11,078
THAI DURABLE: SET Suspends Trading of Securities
- - - - - - - -
=================
A U S T R A L I A
=================
AMAROO CONSTRUCTIONS: Director Convicted for Falsifying Document
----------------------------------------------------------------
Mr. Stephen William Summerville, of Brighton-le-Sands in New
South Wales, was on Wednesday sentenced in the Downing Centre
Local Court after pleading guilty to lodging a document with the
Australian Securities and Investments Commission (ASIC) that
contained a false or misleading statement.
Mr. Summerville was required to enter into a recognizance in the
amount of AU$1,000 to be of good behavior for twelve months. Mr.
Summerville was also required to pay court costs and to report
to his local police station for fingerprinting. Mr. Summerville
is disqualified from managing a corporation until 3 May 2010 as
a result of his conviction.
An ASIC investigation found that Mr. Summerville authorized the
lodgment of an application for the voluntary deregistration of
Amaroo Constructions Pty Limited. Applicants are required to
make a number of declarations when lodging such documents with
ASIC including that the Company has no outstanding liabilities.
When the application was lodged in September 2002 Mr.
Summerville, a director of Amaroo Constructions, was aware that
his Company owed the Corinthian Industries Group AU$1,120 for
timber products that had been supplied to Amaroo Constructions
in February 2001.
"Individuals who attempt to deregister a Company knowing that
there are outstanding liabilities or legal proceedings afoot in
relation to that Company are engaging in conduct that is
dishonest and contravenes the law," ASIC's Director of
Complaints Compliance Actions, Mr. Adrian Borchok said.
"ASIC will not hesitate to prosecute individuals who lodge
statutory forms knowing full well that the forms contain false
or misleading statements," Mr. Borchok added.
The charges were prosecuted by the Commonwealth Director of
Public Prosecutions.
ANSTEE-WILLIAMS: To Convene Final Meeting May 20
------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Anstee-Williams Pty Ltd (In Liquidation) A.C.N. 106
839 981 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on Friday, May 20, 2005 at 9:15 a.m., for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and of hearing any explanations that may be given by
the Liquidators.
Dated this 6th day of April 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Insolvency Practitioners
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666
AUSTRAL COAL: Takeovers Panel Declines Interim Orders
-----------------------------------------------------
Centennial Coal Company Limited is authorized by the Takeovers
Panel to announce that the Panel has decided not to make interim
orders in response to the application made on May 12, 2005 by
Glencore International AG and Fornax Investments Limited
(together Glencore) in relation to the scrip takeover offer by
Centennial for Austral Coal Limited.
Glencore had sought interim orders restraining the further
processing of applications under the Centennial takeover pending
the outcome of the application.
As a result of Glencore's application being denied, acceptances
received before the close of the offer will therefore continue
to be processed.
However, the Panel has not yet determined the outcome of the
proceedings, nor made any decision in relation to the final
orders (if any) pursuant to the proceedings. Centennial is
prohibited by the Rules of the Takeovers Panel from making any
further comment for the time being in relation to the
proceedings.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
AUTOMOTIVE TEXTILES: Receivers and Managers Appointed
-----------------------------------------------------
Allied Drive Pty Ltd and 49 Allied Drive Pty Ltd of 10 Metung
Road, Metung, 3904 gave notice that on 6th day of April 2005
they appointed David James Lofthouse and Richard John Cauchi,
Chartered Accountants of CJL Partners Pty Ltd, Level 3, 180
Flinders Lane, Melbourne, 3000 as joint and several receivers
and managers of the whole of the undertaking property and assets
of Automotive Textiles Pty Ltd A.C.N. 067 428 166 pursuant to
Fixed and Floating Charges dated 6 September 2004, registered
numbers 1080174 and 1080175.
Dated this 8th day of April 2005
Ed Browne
Solicitor
Frenkel Partners
Lawyers
Level 18 500 Collins Street,
Melbourne
BARTECH AUSTRALIA: Creditors Resolve to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a meeting of creditors of Bartech
Australia Pty Ltd (In Liquidation) (The Company) A.C.N. 078 821
637 convened pursuant to Section 439A of the Corporations Act
2001 and held on April 6, 2005 it was resolved that the Company
be wound up.
Pursuant to Section 446A(4) of the Corporations Act 2001, Adrian
Lawrence Brown and George Georges of Ferrier Hodgson, Level 29,
600 Bourke Street, Melbourne, Victoria were appointed
Liquidators.
Dated this 7th day of April 2005
A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000
B.& J. HOWE: Final Meeting Set May 24
-------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members for each of B.& J.
Howe Pty Ltd (In Liquidation) A.C.N. 006 006 140 will be held in
the Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on May 24, 2005 at 1:15 p.m.
The purpose of each of the meetings is to lay accounts before it
showing the manner in which the winding up has been conducted
and the property of each of the companies has been disposed of
and of hearing any explanation that may be given by the
Liquidator.
Dated this 7th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
CAKE CITY: Placed Under Voluntary Liquidation
---------------------------------------------
Notice is hereby given that on April 5, 2005 the following
special resolution was passed, that Cake City Pty Ltd (In
Liquidation) A.B.N. 27 093 462 563 be wound up voluntarily in
accordance with the Corporations Act 2001 relating to a
Creditors' Voluntary Winding Up and that Mr. K. L. Sutherland
and Mr. H. A. MacKinnon, Chartered Accountants, of 332 St Kilda
Road, Melbourne be appointed joint and several Liquidators.
Dated this 5th day of April 2005
H. A. Mackinnon
K. L. Sutherland
Joint and Several Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road, Melbourne Vic 3004
CALIGIURI HOLDINGS: Creditors Confirm Appointment of Liquidator
---------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Caligiuri Holdings (Vic) Pty Ltd (In Liquidation) A.C.N. 100 137
175 duly convened and held at Institute of Chartered Accountants
Level 10, 600 Bourke Street, Melbourne Vic 3000 on Thursday,
April 7, 2005 at 11:30 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 11th day of April 2005
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000
CHEMEQ LIMITED: Commercial-scale Field Trials Succeed
-----------------------------------------------------
Chemeq Limited announced the results of recent commercial-scale
field trials of Chemeq polymeric antimicrobial (for poultry) on
South African farms.
A total of 600,000 birds were involved in the trials.
The birds were managed in accordance with existing management
procedures of the particular farms used for the trials,
including the routine use of antibiotics.
The only variation from existing management procedures was the
introduction of Chemeq polymeric antimicrobial in the drinking
water of half of the birds.
The trials showed that Chemeq polymeric antimicrobial is an
effective antimicrobial.
Its usage on-farm demonstrated the following benefits:
(1) Reductions in mortality rates (average reduction 1.4%)
(2) Reduced feed required per kilogram of meat produced (average
improvement 3.6%)
(3) Increased weight per bird (average increase 0.9%)
(4) Overall improvements in performance Efficiency Factor
(average increase in PEF 5.3%)
Chemeq Chairman Dr. Graham Melrose said the results were most
encouraging as they demonstrated the efficacy of Chemeq
polymeric antimicrobial.
"These results are significant as previous R&D trials with
Chemeq polymeric antimicrobial were conducted under controlled
conditions, whereas these trials were in actual farming
situations," he said.
"These latest results confirm that our product works effectively
in normal farming conditions across very large numbers of
birds."
"Commercially, the benefits to farmers from using Chemeq
polymeric antimicrobial are clear."
"This is particularly important as poultry producers operate on
very low margins, and small percentage point increases in growth
rates in animals are significant for farmers."
Following the launch of sales and marketing campaigns, Chemeq is
now progressing with further commercial trials and continuing
the collection of field data under a wide range of production
conditions.
These additional trials will support sales and marketing
activities in the various countries in which Chemeq polymeric
antimicrobial has received regulatory approval.
Commercial trials are the usual prerequisite to making
substantial sales. Farmers normally seek reassurance of product
efficacy on-farm, before adopting new products.
About Chemeq
Chemeq is an emerging veterinary drug producer, which has
developed a unique product, CHEMEQ polymeric antimicrobial for
the prevention and control of intestinal bacterial diseases in
feedstock animals such as pigs and poultry.
The Company's manufacturing facility in Western facility in
Western Australia was completed in August 2004 and is currently
undergoing commissioning and optimization.
Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of Perth, Western
Australia.
To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South Africa, New
Zealand and Malaysia.
Chemeq's breakthrough AU$1.5 million sales order was signed with
a South African group in August 2004.
Last month, Chemeq shareholders approved a facility of up to
AU$60 million with investment group Mizuho that underpins the
future financial strength of the group.
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/
CHEMEQ LIMITED: Board OKs Appointment of Non-executive Directors
----------------------------------------------------------------
Chemeq Limited announced the appointment of Mr. Tony Davies and
Mr. John Nicholls as non-executive directors of Chemeq.
Mr. Davies and Mr. Nicholls were nominated for the Board of
Chemeq by Mizuho International Plc., Stark Trading, and Sheppard
Investments International Ltd. Their appointment has been
approved by the Board of Chemeq.
Chemeq's Chairman, Dr. Graham Melrose said, "The appointments of
Mr. Davies and Mr. Nicholls provide Chemeq's Board with
significant additional skills in finance and manufacturing."
"Tony is an experienced executive, particularly as a senior
executive at Futuris Corporation and as a director of various
Futuris Group companies."
"John's international business experience will be of
considerable value as we begin sales and marketing of our
products in world markets."
"John has been working with Chemeq since January, as a member of
the Interim Management Consulting Team, and in this time, he has
gained considerable knowledge about Chemeq."
Mr. Nicholls has relinquished his role with the Interim
Management Consulting Team.
CO-GENERATION AUSTRALIA: Enters Winding Up Process
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
Co-Generation Australia Limited (In Liquidation) A.C.N. 006 865
041 held on April 6, 2005 it was resolved that the Company be
wound up as a members' voluntary winding up.
Dated this 7th day of April 2005
Andrew W. Beck
Simon A. Wallace-Smith
Liquidators
DUNSCOMBE CONSULTING: To Hear Liquidator's Report on Winding Up
---------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Dunscombe Consulting Pty Ltd (In Liquidation)
A.C.N. 086 764 228 will be held at the offices of Brooke Bird &
Co, Chartered Accountants, 471 Riversdale Road, Hawthorn East,
3123, on Friday, May 20, 2005 at 9:30 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidators.
Dated this 5th day of April 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666
EMIMAR PTY: Final Meeting Fixed May 24
--------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members for each of Emimar
Pty Ltd A.C.N. 004 612 220 at 12.45 p.m. will be held in the
Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on May 24, 2005 at 12:45 p.m.
The purpose of each of the meetings is to lay accounts before it
showing the manner in which the winding up has been conducted
and the property of each of the companies has been disposed of
and of hearing any explanation that may be given by the
Liquidator.
Dated this 7th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
FOTINOS PTY: Schedules Final Meeting May 20
-------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Fotinos Pty Ltd (In Liquidation) A.C.N. 106 840 162
will be held at the offices of Brooke Bird & Co, Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, on
Friday, May 20, 2005 at 9:15 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidators.
Dated this 6th day of April 2005
Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Insolvency Practitioners
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666
GUNNERSEN NOSWORTHY: NAMES G. M. Rambaldi Official Liquidator
-------------------------------------------------------------
Notice is hereby given that a Special Resolution that Gunnersen
Nosworthy (NSW) Pty Ltd (In Liquidation) A.C.N. 001 290 062 be
wound up voluntarily was passed by the sole member of the
Company on April 7, 2005 and G. M. Rambaldi was appointed
Liquidator.
Dated this 8th day of April 2005
G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000
ION LIMITED: Administrators Fight for 700 Jobs
----------------------------------------------
Administrators of troubled car parts maker Ion Limited fear that
the firm's entire South Australian workforce may be lost if it
is forced to meet new tough pollution controls, The Advertiser
says.
Administrator McGrathNicol told creditors that complying with
the controls, which is estimated to cost up to AU$10 million,
would make Ion's struggling North Plympton plant and its 700-
strong workforce "economically unviable" and unsaleable.
On Friday, the administrators will go to the Environment,
Resources and Development Court to request urgent extension to
the deadline to meet Environment Protection Authority (EPA)
demands to address noise and odor levels at North Plympton.
The EPA is firm on its stand despite claims its pollution
controls will hurt the viability of the Ion facility. The EPA
deferred action against the Company in April to give
administrators time to discuss environmental constraints with
prospective buyers.
The sale of the North Plympton factory was withdrawn pending
negotiations with EPA for a new, long-term license after its
existing license expires on August 31. The administrators are
asking for another three or four months to consider "alternative
means" of satisfying EPA standards.
But EPA Chairman and Chief Executive Paul Vogel said no request
for an extension of time had been received, and it was a matter
that would have to be decided by the full board.
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/
INNOVATIVE ASSOCIATES: To Discuss Winding Up at May 20 Meeting
--------------------------------------------------------------
Take note that the affairs of Innovative Associates Pty Ltd (In
Liquidation) A.C.N. 079 213 077 are now finalized, and pursuant
to Section 509(1) of the Corporations Act, 2001, a final meeting
of members and creditors of the Company will be held at the
offices of Lucas & Currie Chartered Accountants, Level 8, 100
Edward Street, Brisbane, Queensland, on Friday, May 20, 2005 at
10.00 a.m.
The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of, and giving explanations thereof.
Dated this 5th day of April 2005
P. A. Lucas
I. A. Currie
Liquidators
Lucas & Currie
Chartered Accountants
Level 8, 100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200
Facsimile: (07) 3003 0334
JANE COOPER: To Declare Dividend June 8
---------------------------------------
A first and final dividend is to be declared on June 8, 2005 in
respect of the priority creditors of Jane Cooper Clothing Pty
Ltd (In Liquidation) A.C.N. 084 197 080.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Creditors are advised that they are required to provide
documentary evidence to substantiate their debt or claim.
Dated this 8th day of April 2005
Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Insolvency Practitioners
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666
MEDIA WORLD: Falls Into Liquidation
-----------------------------------
Investor Adam Clark's failure to come up with AU$4 million to
secure a deed of Company arrangement has forced Media World
Communications into liquidation, according to The Advertiser.
Mr. Clark is at loggerheads with Media World over the validity
of his video compression technology that the Company bought more
than three years ago for AU$16 million in cash and shares. Media
World later claimed the Mr. Clark's technology did not live to
its earlier promises. The firm even blamed the firm's collapse
on the failed technology.
Mr. Clark, who stands by his invention and had plans to revive
and possibly relist Media World, won a reprieve February 11
after creditors voted in favor of his deed, which entitled them
to 53.8 cents in the dollar. A temporary AU$4 million was put
into a trust fund maintained by Mr. Clark's lawyers Baker &
McKenzie, but after 90 days this had not been replaced with
money from elsewhere and the deed was terminated.
Craig Crosbie of PPB, who was appointed administrator of MWC in
September and is now liquidator, described the turn of events as
"unusual". Mr. Crosbie said he would pursue several courses of
legal action to try to recover money for creditors.
Mr. Clark and the directors of Media World also face an AU$35
million class-action lawsuit from shareholders.
MONTGOMERY PASTORAL: Sets Final Meeting May 24
----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members for each of
Montgomery Pastoral Proprietary Limited A.C.N. 004 395 886 will
be held in the Meeting Room, Members Voluntarys Pty Ltd 1st
Floor, 10 Park Road, Cheltenham on May 24, 2005 at 10:00 a.m.
The purpose of each of the meetings is to lay accounts before it
showing the manner in which the winding up has been conducted
and the property of each of the companies has been disposed of
and of hearing any explanation that may be given by the
Liquidator.
Dated this 7th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
MULTIPLEX: Trust Unit Launches AU$1-Bln CMBS Issue
--------------------------------------------------
Multiplex Property Trust of the Multiplex Group announced that
it has on Tuesday launched and priced its AU$1.0 billion
Commercial Mortgage Backed Securities (CMBS) programme.
Settlement of the securities is scheduled to occur on Friday,
May 20, 2005.
The transaction is arranged by ANZ Investment Bank. ANZ
Investment Bank and the Royal Bank of Scotland plc are the Joint
Lead Managers.
The CMBS is being issued in two series 2005-1 having a scheduled
maturity of three years and Series 2005-2 having a scheduled
maturity of five years.
Multiplex Group's Chief Financial Officer John Corcoran said:
"We are very pleased with the result the Group has achieved on
this transaction. Proceeds will be used to repay existing
Multiplex Property Trust bank debt facilities and it provides
the Trust with a substantial reduction in its average cost of
debt. The weighted average margin applicable to the debt raised
under this programme will be 0.334% per annum."
CONTACT:
Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au/
NATIONAL AUSTRALIA: Plans to Move Jobs to India
-----------------------------------------------
Embattled National Australia Bank (NAB) was keen on moving part
of its back-office to India, fuelling fear of more job losses
just days after it unveiled plans to axe 4200 positions,
according to the Sydney Morning Herald.
NAB considered the move following similar announcements from
rival banks that are looking to take advantage of the lower
wages paid in countries such as India and the Philippines.
NAB admitted the plan to move jobs offshore would affect up to
20 positions in the accounts processing division. But the
Finance Sector Union said expected hundreds of NAB employees
would be retrenched.
The bank is reportedly locked in talks with companies in
Bangalore, southern India, about the project, but no contract
has been signed.
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/
NORFOLK GLOBAL: Faces Winding Up Proceedings
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Norfolk Global Pty Ltd (In Liquidation) A.C.N. 067
511 200 held on April 6, 2005 it was resolved that the Company
be wound up voluntarily and at a meeting of creditors held on
the same day pursuant to Section 497, it was resolved that for
such purpose, Leonard A. Milner of Venn Milner & Co. of Suite 1,
43 Railway Road, Blackburn Vic 3130 be appointed Liquidator.
Dated this 6th day of April 2005
Leonard A. Milner
Liquidator
OZIMO INVESTMENTS: To Hold Final Meeting May 24
-----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members for each of Ozimo
Investments Pty Ltd A.C.N. 001 189 091will be held in the
Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on May 24, 2005 at 10:15 a.m.
The purpose of each of the meetings is to lay accounts before it
showing the manner in which the winding up has been conducted
and the property of each of the companies has been disposed of
and of hearing any explanation that may be given by the
Liquidator.
Dated this 7th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
SUPATRUST FINANCE: To Declare Dividend May 20
---------------------------------------------
A first and final dividend is to be declared on May 20, 2005 for
Supatrust Finance Limited (In Liquidation) A.C.N. 090 697 395.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 19th day of April 2005
David Mcevoy
Official Liquidator
PricewaterhouseCoopers
Level 4, 215 Spring Street,
Melbourne Vic 3000
TCS CONTAINERS: Liquidator to Explain Winding Up Manner
-------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations 2001, a final meeting of members and creditors of
TCS Containers Pty Ltd (In Liquidation) will be held in the
Meeting Room, HLB Mann Judd, Chartered Accountants, Level 1, 160
Queen Street, Melbourne on May 23, 2005 at 10:00 a.m.
The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator.
Dated this 7th day of April 2005
C. P. White
Liquidator
THOMAS LAYTON: Winds Up Voluntarily
-----------------------------------
Notice is hereby given that at a General Meeting of Members of
Thomas Layton Holdings Pty Ltd (In Voluntary Liquidation)
A.C.N. 005 709 320 duly convened and held at 36-40 La Trobe
Street, Melbourne, Victoria 3000 on April 6, 2005 a Special
Resolution that the Company be wound up voluntarily was passed
by members and my partner, Colin McIntosh Nicol, and Robyn
Mckern were appointed joint and several Liquidators.
Dated this 6th day of April 2005
Robyn Mckern
Liquidator
c/- McGrathNicol+Partners
Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9038 3164,
Web site: http://www.mcgrathnicol.com.au
TIFINE PTY: To Convene Final Meeting May 22
-------------------------------------------
Notice is hereby given that a final meeting of members of Tifine
Pty Limited (In Members' Voluntary Liquidation) A.C.N. 003 030
260 will be held at Jamieson Louttit & Associates, Level 15, 88
Pitt Street, Sydney NSW on May 22, 2005 at 10:00 a.m.
The purpose of the meeting is to lay the Account of the
Liquidator before it, showing the manner in which the winding up
has been conducted and the property of the Company disposed of,
and for hearing any explanation that may be given by the
Liquidator.
Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW
Telephone: (02) 9231 0505
Facsimile: (02) 9231 0303
==============================
C H I N A & H O N G K O N G
==============================
401 HOLDING: Postpones Board Meeting Date
-----------------------------------------
The Provisional Liquidators of 401 Holdings Limited (0401) has
notified the Hong Kong Stock Exchange that a meeting to approve
the final results for the year ended March 31, 2005 of the
Company originally scheduled on May 18, 2005 has been postponed
until further notice.
CONTACT:
401 Holdings Limited
Shun Tak Centre, 200 Connaught Road
Central, Hong Kong
Telephone: +852 2363 8301
Fax: +852 2363 8192
ADVANCED MEDICAL: Winding Up Hearing Fixed June 8
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Advanced Medical China Limited by the High Court of Hong Kong
Special Administrative Region was on the 9th day of April 2005
present to the said Court by Consummate International Trading
Company of Room 3, 10th Floor, Block B, Lai Tong Building, 198F
Tong Mei Road, Mongkok, Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 8, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the petition will be furnished to
any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.
Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 7, 2005.
ASAHI ELECTRIC: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the creditors of Asahi Electric Wire
(HK) Co. Limited, which is being voluntarily wound up, are
required on or before May 27, 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 Joint and
Several Liquidator of the Company at Messrs. Kennic L. H. Lui &
Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, Central, 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 13th day of May 2005.
Kennic Lai Hang Lui
Ruby Mun Yee Leung
Joint and Several Liquidators
BRI FINANCE: Members Annual Meeting Set June 7
----------------------------------------------
Notice is hereby given that pursuant to Section 238 of the
Companies Ordinance (Chapter 32), Annual Meeting of the Members
of BRI Finance Limited (In Members' Voluntary Liquidation) will
be held at 27th Floor, Alexander House, 16-20 Chater Road,
Central, Hong Kong on June 7, 2005 at 10 a.m., for the purposes
of receiving an account of the liquidators showing their acts
and dealings and the conduct of the winding-up of the above
Company during the year to April 15, 2005.
A member entitled to attend and vote at the above meeting is
entitled to appoint a proxy to attend and vote on his behalf. A
proxy need not also be a member of the Company. Proxies to be
used at the meetings must be lodged at 27th Floor, Alexander
House, 16-20 Chater Road, Central, Hong Kong, not later than 24
hours before the time for holding the members' meeting.
Dated this 13th day of May 2005.
Gabriel CK Tam
Joint and Several Liquidator
ELECTRONIC SPIDER: Court Releases Winding Up Order
--------------------------------------------------
Electronic Spider Technology Limited with registered office
located at 6th Floor, Culturecom Centre, 47 Hung to Road, Kwun
Tong, Kolon was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 4, 2005.
Date of Presentation of Petition: March 4, 2005
Dated this 13th day of May 2005.
Lee Mei Yee May
Acting Official Receiver
FAR EARN: Enters Bankruptcy Proceedings
---------------------------------------
Far Earn Limited with registered office located at 1/F, East
Ocean Court, 525 Shanghai Street, Mongkok, Kolon was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on May 4, 2005.
Date of Presentation of Petition: March 4, 2005
Dated this 13th day of May 2005.
Lee Mei Yee May
Acting Official Receiver
IST EASY: Begins Winding Up Process
-----------------------------------
Ist Easy Limited with registered office located at 7th Floor,
Wing Tuck Commercial Centre, 177-184 Wing Lok Street, Sheung
Wan, Hong Kong was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on May 4, 2005.
Date of Presentation of Petition: March 4, 2005
Dated this 13th day of May 2005.
Lee Mei Yee May
Acting Official Receiver
GENERAL CREATION: Court to Hear Winding Up Petition June 8
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
General Creation International Limited by the High Court of Hong
Kong Special Administrative Region was on April 13, 2005
presented to the said Court by GPI International Limited whose
registered office is situate at 8th Floor, Gold Peak Building,
30 Kwai Wing Road, Kwai Chung, New Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 8, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Lam, Lee, and Lai
Solicitors for the Petitioner
Room 2609, 26th Floor
Tower 11, Lippo Centre
No. 89 Queensway
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 7, 2005.
GENERAL RICH: Court Orders Winding Up
-------------------------------------
General Rich Limited with registered office located at G/F, Shop
A and B, Harvard Commercial Building, 105-111 Thomson Road,
Wanchai, Hong Kong was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on May 4, 2005.
Date of Presentation of Petition: March 4, 2005
Dated this 13th day of May 2005.
Lee Mei Yee May
Acting Official Receiver
NAM FONG: Adjourns Court Hearing to May 30
------------------------------------------
On 4 February 2005, a winding-up petition (the fourth winding-up
petition against Nam Fong International Holdings Limited by
Nanyang Commercial Bank, Limited (NCB) in regarding the same
loan) (HCCW 113/2005) (the Petition) was filed against the
Company by NCB, a creditor of the Company.
It was alleged in the Petition that a sum of about HK$31,000,000
(i.e. the principle plus interests and penalty interests and
deduct the aggregate repayments up to the date of the Petition)
together with the interests (from the date of the Petition to
the repayment date) and the related costs (approximate
HK$865,000) was due and owing to NCB by the Company who is a
guarantor of the loan due from Guangzhou Sui Nan Property
Development Company Limited (GZ Sui Nan), a wholly-owned
subsidiary of the Company, to NCB as result of default payment
of GZ Sui Nan.
The first hearing on April 13, 2005, the High Court has
adjourned the hearing of the Petition to May 11, 2005 that has
been further adjourned to May 17, 2005. On May 17, 2005, High
Court has adjourned the hearing of the Petition to May 30, 2005.
Further announcement of the hearing of the Petition will be made
as and when appropriate.
BACKGROUND
The Company executed a deed of guarantee dated July 29, 1997
agreed to guarantee a loan for not exceed HK$80,000,000 for 5
years from NCB to GZ Sui Nan and had certain shop premises in
zone 2C of Guangzhou Liwan Plaza for the gross floor area of
approximate 5,000 sq. m. as a secured property (the Secured
Property).
The principal of aforesaid loan drawn down is actually
approximate HK$33,000,000 (the Loan). Up to June 30, 2004, the
Company and GZ Sui Nan has repaid to NCB for the sum of
HK$27,520,000 (including both principle and interest repayment).
However, on 30 June 2004, Nanyang filed a winding-up petition in
the High Court against the Company (HCCW 735/2004) for the
amount of approximate HK$43,000,000 (which represents that total
drawn down amount of HK$33,000,000 plus interest accrued up to
30 June 2004 less the amount repaid by the Company up to 30 June
2004 of approximately HK$27,520,000) together with the interests
to be incurred thereafter.
From August 2004 to September 2004, GZ Sui Nan has repaid
further sum of HK$4,700,000 to NCB. On November 20, 2004, NCB
agreed, upon receipt of HK$10,500,000, to dismiss the petition
(HCCW 735/2004) and GZ Sui Nan paid the said amount on the same
date. On November 20, 2004, NCB had also given an offer in
writing to the Company to discharge all the remaining
liabilities of the Group as full and final settlement of the
Loan and release of the Secured Property to the Group if GZ Sui
Nan would pay a further sum of HK$19,100,000 on or before
November 25, 2004. As announced by the Company on November 25,
2004, the High Court granted a dismissal order on November 22,
2004 to dismiss the winding-up petition (HCCW735/2004).
Since May 5, 2003 (being the first repayment date) up to
November 20, 2004, the Company and GZ Sui Nan have repaid to NCB
in aggregate about HK$42,720,000 (i.e. HK$9,720,000 more than
the principal of the Loan) and NCB also has the discretion of
the Secured Property (i.e. NCB can dispose the Secured Property
under PRC's law according to NCB's own discretion), therefore,
GZ Sui Nan did not pay HK$19,100,000 as GZ Sui Nan needed to
process the negotiation with NCB in order to reach a better
settlement schedule.
Since then, the Company and GZ Sui Nan have been negotiating
with NCB on the final settlement of the Loan and the release of
the Secured Property. No agreement is reached. However, on
February 4, 2005, NCB filed the Petition (HCCW113/2005) in the
High Court against the Company. The Company is now working with
NCB on final settlement of the Loan and the release of the
Secured Property. Terms and conditions of which have not yet
been finalized.
Further announcement will be made as and when appropriate. The
amount of the Petition (HK$31,000,000) is about 2.7% and 53.8%
of the total assets value and net assets value of the Group as
at December 31, 2004 respectively as disclosed in 2004 annual
report.
As at December 31, 2004, Greater China Appraisal Limited, a
registered and qualified valuation firm in Hong Kong, basis on
the open market value, valued the total investment properties of
the Group was HK$735,000,000 of which with valuation of
approximate HK$72,780,000 (i.e. the Secured Property) and
HK$25,000,000 has been pledged to NCB and a finance Company for
loans respectively. The Group has investment properties, which
are not subject to any pledges and are freely transferable of
approximately HK$637,220,000.
As disclosed in its 2004 annual report, the Group disposed of
two units of Liwan Plaza (which boosted the percentage of the
net assets value of the Group as at 31 December 2004) and
recorded incomes from sales or properties of approximately
HK$40,600,000 and rental income under tenancy agreement from the
investment properties of approximate HK$19,100,000 for the year
ended December 31, 2004, cash balance HK$85,000 and inventory of
completed properties held for sale of approximately HK$3,600,000
as at December 31, 2004.
The property-market in Guangzhou is active in recent years. The
Board believes that if necessary, the Group can dispose some of
the properties in short time and has the ability to repay the
Loan together with interests and the related cost due to NCB.
Trading in the shares of the Company on the Stock Exchange was
suspended from 10:45 a.m. on February 7, 2005 at the request of
the Company to the Stock Exchange pending for the release of the
announcement in relation to the winding-up petition against the
Company by NCB.
Trading in the shares of the Company on the Stock Exchange will
remain suspended pending the demonstration by the Company to the
satisfaction of the Stock Exchange that, among others, the
continuing listing of the shares of the Company is warranted.
Further announcement will be made as and when appropriate.
Investors should exercise extreme caution when dealing in the
shares of the Company.
By Order of the Board
Tong Shi Jun
Chairman
Hong Kong, 17 May 2005
CONTACT:
Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013
Web site: http://www.irasia.com/listco/hk/namfong
PROSPEROUS TRADERS: Winding Up Hearing Slated June 8
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Prosperous Traders International Limited by the High Court of
Hong Kong Special Administrative Region was on April 11, 2005
presented to the said Court by Symcon (Asia) Limited whose
registered office is situate at No. 5, 21/F., Metropole Square,
2 On Yiu Street, Shatin, New Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 8, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
T. H. Wong & Co.
Solicitors for the Petitioner
Room 401, 4th Floor
Crocodile House 1
No. 50 Connaught Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 7, 2005.
RENREN HOLDINGS: New Shares Placement Under General Mandate
-----------------------------------------------------------
On May 17, 2005, Renren Holdings Limited (0059) entered into the
Placing Agreement with the Placing Agent in relation to the
placing of 1,355,000,000 new Shares on a best effort basis.
PRINCIPAL TERMS OF THE PLACING AGREEMENT DATED 17 MAY 2005
Placing Shares : Pursuant to the Placing Agreement, the Placing
Agent agrees to place, on a best effort basis, 1,355,000,000 new
Shares, representing approximately 19.8% of the existing issued
share capital of the Company. Assuming all the Placing Shares
are successfully placed by the Placing Agent and there is no
change in the issued share capital of the Company before
completion of the Placing, the Placing Shares will represent
approximately 16.5% of the issued share capital of the Company
as enlarged by the issue of the Placing Shares. The Company will
make a further announcement in the event that the number of
Placing Shares finally placed is less than 1,355,000,000.
The Placing Shares will be issued under the authority of an
existing general mandate, which has not been utilized since it
was granted to the Directors at the annual general meeting of
the Company held on 24 May 2004. As at the date of this
announcement, the maximum number of new Shares, which can be
issued under the general mandate is 1,355,915,577 Shares.
Placing Agent: The Placing Agent, Tai Fook Securities Company
Limited and its holding Company, Tai Fook Securities Group
Limited, are independent of and not connected with the
directors, chief executive or substantial shareholders of the
Company or any of its subsidiaries or any of their respective
associates (as defined in the Listing Rules). The Placing Agent
will receive a placing commission of 2.0% on the gross proceeds
from the Placing.
Placing Price: The issue price of HK$0.016 per Placing Share is
arrived at after arm's length negotiation and represents:
- a discount of approximately 15.8% to the closing price of
HK$0.019 per Share as quoted on the Stock Exchange on 17 May
2005, the date on which the Placing Agreement was signed;
- a discount of approximately 14.0% to the average closing price
of HK$0.0186 per Share as quoted on the Stock Exchange for the
last 5 trading days up to and including May 17, 2005;
- a discount of approximately 15.3% to the average closing price
of HK$0.0189 per Share as quoted on the Stock Exchange for the
last 10 trading days up to and including May 17, 2005; and
- approximately 11 times of the audited net asset value per
Share of approximately HK$0.0014 as at 31 December 2004.
Based on the above analysis, the Directors consider the issue
price of HK$0.016 per Placing Share is fair and reasonable and
in the interests of the Company and the Shareholders as a whole.
Based on the estimated net proceeds from the Placing of
approximately HK$21.0 million, the net issue price per Placing
Share is approximately HK$0.0155.
Placees: The Placing Shares will be placed to not less than six
Placees, who are individual, corporate and/or institutional
investors. All the Placees and their respective ultimate
beneficial owners will be independent of and not connected with
the directors, chief executive or substantial shareholders of
the Company or any of its subsidiaries or any of their
respective associates (as defined in the Listing Rules).
Conditions : Completion of the Placing is conditional upon:
(i) the Listing Committee of the Stock Exchange agreeing to
grant a listing of, and permission to deal in, the Placing
Shares;
(ii) the compliance of any other requirements under the Listing
Rules and the Takeovers Code or otherwise of the Stock Exchange
and the SFC which requires compliance in relation to the Placing
and the issue of the Placing Shares;
(iii) (where required) the Bermuda Monetary Authority granting
its permission to the issue and allotment of the Placing Shares;
and
(iv) the obtaining of all consents from any relevant persons
which are necessary or desirable in connection with the Placing
(and, where such consents are given subject to conditions, such
conditions are on terms as may be reasonably acceptable to the
Placing Agent and the Company).
If the above conditions have not been fulfilled by 15 June 2005
(or such later date as may be agreed by the Placing Agent and
the Company), all rights, obligations and liabilities of the
parties thereunder in relation to the Placing shall cease and
determine and none of the parties shall have any claim against
any other in respect of the Placing save for any antecedent
breaches.
Completion: Completion of the Placing is to take place on the
second business day following the fulfillment of all the
conditions stated above.
The Directors consider the terms of the Placing Agreement,
including the placing price, are fair and reasonable and in the
interests of the Company and the Shareholders as a whole.
LISTING AND RANKING OF THE PLACING SHARES
An application will be made by the Company to the Stock Exchange
for the listing of, and permission to deal in, the Placing
Shares to be issued under the Placing Agreement. The Placing
Shares, when fully paid, will rank pari passu in all respects
inter se and with all other Shares in issue as at the date of
issue of the Placing Shares.
SHAREHOLDING STRUCTURE
Set out below is a table showing (i) the existing shareholding
structure of the Company; and (ii) the Company's shareholding
structure immediately upon the completion of the Placing,
assuming that all the 1,355,000,000 Placing Shares are
successfully placed by the Placing Agent and there is no other
change to the existing issued share capital of the Company prior
to the completion of the Placing:
As of the date Immediate upon
of this announcement completino of placing
Shares % Shares %
Mr. Yu Pan 3,160,922,790 46.2 3,160,922,790 38.5
Placees - - 1,355,000,000 16.5
Public shareholders 3,686,450,795 53.8 3,686,450,795 45.0
6,847,373,585 100.0 8,202,373,585 100.0
REASONS FOR THE PLACING AND USE OF PROCEEDS
The Company is an investment holding Company and its principal
subsidiaries are engaged in the provision of telecommunication
services, Internet and website services, and trading and
financial services.
The Company reported a loss of approximately HK$47.5 million for
the year ended December 31, 2004 and had net assets of
approximately HK$9.5 million as at December 31, 2004. The Board
considers that the Placing represents an opportunity to raise
additional funds for the Group to finance its working capital
requirement while broadening the capital base of the Company.
Assuming that all the Placing Shares are successfully placed by
the Placing Agent, the Company will receive gross proceeds upon
completion of the Placing of approximately HK$21.7 million.
After deducting related expenses of approximately HK$0.7
million, approximately HK$21.0 million will be available for the
Group. It is the intention of the Company to use the net
proceeds from the Placing as additional working capital of the
Company. The Company is exploring for new investment and
acquisition opportunities but no contract or agreement for any
such investment or acquisition has been entered into yet.
There has been no fund raising activities by the Company in the
past twelve months immediately preceding the date of this
announcement.
SHARE CONSOLIDATION
As the market price of the Shares approaches the extremities of
HK$0.01, at the request of the Stock Exchange and pursuant to
Rule 13.64 of the Listing Rules, the Company will convene a
special general meeting of the Shareholders within 3 months from
the date of this Announcement for the purpose of considering and
approving a consolidation of the Shares. Further details of the
consolidation of the Shares will be published by the Company at
the appropriate time.
By Order of the Board of
renren Holdings Limited
Yu Pan
Chairman
Hong Kong, 17 May 2005
CONTACT:
Renren Holdings Limited
2502B 25 th Floor Tower I
Admiralty Center 18
Harcourt Road HK
Phone: 28510736
Fax: 25430736
Web site: http://www.renren.com
RICH GLEAM: Schedules Winding Up Hearing June 8
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rich Gleam Engineering Limited by the High Court of Hong Kong
Special Administrative Region was on April 13, 2005 presented to
the said Court by the Solicitors for the petitioner, Gleamtech
Engineering Company Limited (formerly trading as Sun Gleam
Engineering Company) of Unit 04, 14/F., Yue Fung Industrial
Building, 35-45 Chai Wan Kok Street, Tsuen Wan, New Territories,
Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 8, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Burke, Fung & Li
Solicitors for the Petitioner
3rd Floor
Alliance Building
130-136 Connaught Road Central
Central, Hong Kong
(Ref: 11-1649)
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of June 7, 2005.
VES ELECTRONICS: Winding Up Hearing Slated for June 22
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Ves
Electronics (Asia) Company Limited by the High Court of Hong
Kong Special Administrative Region was on April 21, 2005
presented to the said Court by Shanghai Commercial Bank Limited
whose registered office is situate at No. 12 Queen's Road
Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 22, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
(Ref: TC/SC/101485/04/CMP)
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 21, 2005.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Suspends Staff Named Suspects in Killing
----------------------------------------------------------
Garuda Indonesia suspended three employees who were named
suspects in the death of human rights activist Munir, the
Jakarta Post reports.
Munir was found dead in a Garuda flight from Jakarta to
Amsterdam last Sept. 7, 2004. An autopsy report uncovered large
amounts of arsenic in his body.
Indonesian police named pilot/aviation security officer
Polycarpus Budihari Priyanto and flight attendants Oedi Irianto
and Yeti Susmiyarti as suspects in the case. The three employees
are currently detained.
According to Company Operations Director Ari Sapari, the move to
suspend the employees was according to Company regulations.
Ari Sapari, the Company's operations director, said after a
meeting with Vice President Jusuf Kalla on Tuesday that the move
was in accordance with Garuda's internal regulations.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com
SAMPOERNA: U.S. Firm to Complete Acquisition
--------------------------------------------
Altria Group Inc. was scheduled to complete the acquisition of
cigarette maker PT Sampoerna on May 18, 2005, reports Bloomberg
News.
The group's unit, Philip Morris International, bought a 40%
stake in the Company for IDR18.6 trillion, and plans to own 97%
stake. It also offered to buy the remaining share in the Company
for IFR10,600 per share, in a tender that also ended on May 18,
2005.
The purchase of the Company will be the biggest purchase yet of
a local Company by a foreign investor.
PT Hanjaya Mandala Sampoerna reported a 41% increase in its 2004
net profit, from IDR1.41 billion in 2003 to IDR1.99 trillion,
due to increased sales and steady tax rates.
P.T. Hanjaya Mandala Sampoerna Terbuka
Jalan Rungkut Industri Raya
Surabaya, 60293
Indonesia
Phone: +62 31 843 1699
Fax: +62 31 843 0986
=========
J A P A N
=========
JAPAN AIRLINES: Fixes 23 Planes Without Gov't Approval
------------------------------------------------------
Japan Airlines Corporation (JAL) has conducted unauthorized
aircraft maintenance on a total of 23 passenger planes owned by
other airline operators without obtaining mandatory government
approvals, according to Reuters.
JAL said it had repaired parts such as landing gear on 10
aircraft owned by group firm Japan Transocean Air and fixed
parts on seven aircraft owned by Taiwan's Eva Airways
Corporation.
Japanese law requires airlines to obtain government
authorization before carrying out maintenance on aircraft owned
by other firms.
If an illegal act is confirmed, the Ministry of Economy, Trade
and Industry will first order JAL to follow the safety
procedures, then the government may move on to penalties such as
a fine.
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
MATSUSHITA ELECTRIC: To Enter DVD Pact With Sony
------------------------------------------------
The Company Presidents of Matsushita Electric Industrial Company
and Toshiba Corporation will meet as early as this week to map
out a plan to create a unified format for next-generation DVD
technology, The Star Online reports.
The high-level talks will offer new hope for negotiations that
appeared to have reached an impasse in recent days.
A senior Toshiba official was quoted on Monday as saying one
format based on Sony technology would be "extremely difficult"
at this stage.
Officials from Toshiba, which backs a new DVD technology called
HD-DVD, and Sony and Matsushita, which support a rival standard
known as Blu-ray, began meeting earlier this year to try and
establish a format incorporating technology from both sides.
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 PAPER: Chuetsu Pulp Scraps Acquisition Plan
------------------------------------------------------
Chuetsu Pulp & Paper Co. shelved plans to buy Mitsubishi Paper
Mills Ltd. for JPY58.2 billion (US$542 million) after the
companies failed to agree on how to combine their sales and
distribution businesses, Bloomberg reports.
Both firms said in March they intended to combine to fend off
competition from Chinese rivals.
Chuetsu Pulp and Mitsubishi Paper were expected to sign their
merger agreement on May 20 and complete the sale as early as
October, the Nihon Keizai newspaper said on May 14.
Mitsubishi Paper posted a net loss of JPY709 million for the
first nine months, versus a net income of JPY1.46 billion a year
earlier. Its sales fell 1.6 percent to JPY175.5 billion.
CONTACT:
Mitsubishi Paper Mills Ltd
4-2 Marunouchi 3-Chome
Chiyoda-Ku 100-0005, Tokyo 100-0005
Japan
Phone: +81 3 3213 3762
Fax: +81 3 3214 4534
OLYMPUS CORPORATION: Shares Dip on Closure, Job Cut Concerns
------------------------------------------------------------
Shares of Olympus Corporation fell 2.3 percent on Wednesday, as
investors doubted plant closure and job cuts would put its loss-
making digital camera business back on track, LetsGoDigital
reports.
Olympus unveiled plans on Tuesday to eradicate 4,000 jobs in its
camera division and consolidate domestic production into one
factory as part of its cost cutting scheme.
To help restore profitability, it plans to cut the workforce of
its imaging division by 30 percent to 10,000 by March. Mainly
composed of digital cameras, the division accounts for about
one-third of consolidated revenues of JPY814 billion.
As a group, Olympus employs about 32,000 people worldwide. But
most of the job losses will be at two camera factories in China,
where wages are relatively low. The Company is targeting
headcount savings of JPY3 billion in this financial year,
meaning each job cut will reduce costs by only JPY750,000.
CONTACT:
Olympus Corporation Company
Monolith, 3-1 Nishi-Shinjuku
2-chome, Shinjuku-ku
Tokyo 163-0914, Japan
Phone: +81-3-3340-2111
Fax: +81-3-3340-2062
SUMITOMO MITSUI: In Talks on Share Sale Plan
--------------------------------------------
Sumitomo Mitsui Construction Co. is in talks to sell new shares,
following a report that Daiwa Securities Group Inc. will invest
JPY60 billion (US$559 million) in the Company, according to
Bloomberg.
The report didn't say with whom the Company is negotiating.
Daiwa will buy new shares of Sumitomo Mitsui Construction,
becoming its largest shareholder, to help Sumitomo recover its
finances.
Sumitomo Mitsui Construction's liabilities exceeded its assets
by about JPY210 billion in the year ended March 31, the report
said. The contractor will also ask about 60 lenders, including
Sumitomo Mitsui Financial Group Inc., to waive JPY184 billion in
debt.
CONTACT:
Sumitomo Mitsui Construction Co. Limited
1-36-5, Nihonbashi-Kakigaracho, Chuo-ku
Tokyo 103-0014, Japan
Phone: +81-3-5614-9832
Fax: +81-3-5614-9810
* Japan April Bankruptcy Cases Down 20.3% On Year
-------------------------------------------------
Japanese corporate bankruptcies fell 20.3 percent on year in
April to 948 cases, declining for the 28th consecutive month,
Dow Jones reports, citing Teikoku Databank Ltd.
Debts left behind by insolvent firms fell 36.5 percent to
JPY388.27 billion compared with the same month a year earlier.
Compared with March, debts fell 30.7 percent, while bankruptcy
cases fell 13.8 percent said Teikoku Databank.
The number of bankruptcy cases fell beneath 950 for the first
time since January 1992, shortly after the collapse of the
bubble economy.
But concerns still remain about Japanese corporate health,
Teikoku reported.
"It is estimated the decline in the number of corporate failures
is largely attributable to the expanded government's public
assistance for small to medium-sized companies, as well as to
the decrease in amount cleared with the expanded business
practices not relying on notes," Teikoku said.
=========
K O R E A
=========
TRIGEM COMPUTER: Seeks Court Protection to Suspend Debt Payment
---------------------------------------------------------------
TriGem Computer Inc. filed for court protection in order to
escape bankruptcy after overseas sales fell sharply, reports
Agence France Presse.
After a price war with its Taiwanese rivals who penetrated the
global computer market, the Company's original design
manufacturing (ODM)-based sales overseas fell by 50%.
The Company, which almost defaulted on its debt after incurring
a KRW16.2 billion loss in 2004 and KRW2.9 billion net loss from
January to March this year, said that its financial difficulties
were caused by high costs and idle assets, aside from poor ODM
sales.
Trigem Computer Inc. filed for court protection in order to
suspend its debt payments, and would initiate a restructuring
program to reduce its overseas operations and focus on its
domestic operations.
The Company's current assets are worth KRW900 billion, while its
total liabilities are at KRW950 billion.
CONTACT:
TriGem Computer Incorporated
1055 Singil-dong Ansan-SI
Gyeonggi-do, 425-839
South Korea
Phone: +82 31 489 3000
Fax: +82 31 489 3333
===============
M A L A Y S I A
===============
BUKIT KATIL: Net Loss Widens in Q1/FY05
---------------------------------------
Bukit Katil Resources Berhad released its unaudited report for
the financial period ended March 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
708 807 2,428 5,752
2 Profit/(loss) before tax
-2,900 -1,760 -93,969 -1,961
3 Profit/(loss) after tax and minority interest
-2,900 -1,540 -93,924 -2,133
4 Net profit/(loss) for the period
-2,900 -1,540 -93,924 -2,133
5 Basic earnings/(loss) per shares (sen)
-4.38 -2.33 -141.99 -3.22
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-0.2156 1.2043
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_bukitkatil051805.doc
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
GOLDEN FRONTIER: Issues Notice of Shares Buy Back
-------------------------------------------------
Golden Frontier disclosed the details of its shares buy back on
May 17, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 17/05/2005
Description of shares purchased: Ordinary Shares of MYR1.00 Each
Total number of shares purchased (units): 5,100
Minimum price paid for each share purchased (MYR): 0.555
Maximum price paid for each share purchased (MYR): 0.580
Total consideration paid (MYR): 2,919.55
Number of shares purchased retained in treasury
(units): 5,100
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,496,800
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
I-BERHAD: Buys Back 7,000 Shares
--------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of its shares buy back on May 17, 2005.
Date of buy back: 17/05/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 7,000
Minimum price paid for each share purchased (MYR): 0.800
Maximum price paid for each share purchased (MYR): 0.800
Total consideration paid (MYR): 5,641.84
Number of shares purchased retained in treasury
(units): 7,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,744,900
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
MANGIUM INDUSTRIES: Posts First Quarter Results for 2005
--------------------------------------------------------
Mangium Industries Berhad released its unaudited report for the
financial period ended March 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
11,971 6,824 11,971 6,824
2 Profit/(loss) before tax
-108 -2,288 -108 -2,288
3 Profit/(loss) after tax and minority interest
-74 -2,268 -74 -2,268
4 Net profit/(loss) for the period
-74 -2,268 -74 -2,268
5 Basic earnings/(loss) per shares (sen)
-0.23 -7.09 -0.23 -7.09
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-0.0600 -0.0600
To view a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_mangiumindustries1051805.xls
http://bankrupt.com/misc/tcrap_mangiumindustries2051805.doc
CONTACT:
Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah, Malaysia
Phone: 6088-315000
Fax: 6088-312213
METROPLEX BERHAD: Disputes Order to Pay MYR7 Mln to HSBC
--------------------------------------------------------
Metroplex Berhad announced that on May 16, 2005, the Company
received a letter of demand (dated May 10, 2005) from HSABC Bank
Malaysia Berhad (HSBC) for a repayment of MYR7,602,846.51,
pursuant to a revolving credit facility worth MYR5,000,000
granted to the Company.
The Company further announced that it will dispute the said
demand.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911
PAN MALAYSIA: Repurchases Extra Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on May 17, 2005 to the Bursa Malaysia Securities
Berhad.
Date of buy back: 17/05/2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 3,901,000
Minimum price paid for each share purchased (MYR): 0.430
Maximum price paid for each share purchased (MYR): 0.465
Total consideration paid (MYR): 1,808,852.73
Number of shares purchased retained in treasury
(units): 3,901,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 44,004,500
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Corporation Berhad
Jalan P Ramlee, Kuala Lumpur
50250 Malaysia
Phone: +60 3 2031 6722
Fax: +60 3 2031 1299
PAN PACIFIC: Holds Shareholders' Meetings on Restructuring
----------------------------------------------------------
Pan Pacific Asia Berhad announced that in relation to the
Company's restructuring scheme, the Malaya High Court granted an
order for the Company to hold shareholders' and creditors'
meetings, pursuant to Section 176(1) of the Companies Act, 1965.
The meetings are to be held within 6 months from May 16, 2005,
and the sealed order is pending extraction of the Court.
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax: 03-77271622
PANTAI HOLDINGS: Set to List Additional Shares
----------------------------------------------
Pantai Holdings Berhad's additional 60,000 new ordinary shares
of MYR1.00 each arising from the Company's Conversion of
MYR67,200 nominal value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 60,000 new ordinary shares will be
granted listing and quotation effective Friday, May 20, 2005,
9:00 a.m.
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/
PARK MAY: Sees Lower Q1/FY05 Net Loss
-------------------------------------
Park May Berhad released its unaudited report for the
financial period ended March 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
9,007 18,225 9,007 18,225
2 Profit/(loss) before tax
-1,405 -4,910 -1,405 -4,910
3 Profit/(loss) after tax and minority interest
-1,390 -4,817 -1,390 -4,817
4 Net profit/(loss) for the period
-1,390 -4,817 -1,390 -4,817
5 Basic earnings/(loss) per shares (sen)
-1.90 -6.40 -1.90 -6.40
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-0.6600 -0.6400
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax: +60 3 7625 4987
WCT ENGINEERING: Court Moves Hearing to May 26
----------------------------------------------
WCT Engineering Berhad announced that in relation to the writ of
summons served by Maju Holdings Sdn Berhad on Company subsidiary
WCT Construction Sdn Berhad, wherein the Company filed an
application with the Kuala Lumpur High Court to strike out the
summons, the Court adjourned on May 18, 2005 the hearing on the
application to May 26, 2005. This will allow Maju Holdings Sdn
Berhad to file an affidavit in reply to the striking out
application by Friday, May 20, 2005.
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Gets Court Backing on Tax Refund
------------------------------------------------------
ABS-CBN Broadcasting Corp. is hoping the Supreme Court would
endorse a court ruling that ordered a local government to refund
the firm at least Php20 million in franchise tax payments,
according to Business World.
The losing network appealed to the high tribunal for dismissal
of a petition filed by the Quezon City government that sought
the imposition of local franchise tax on the firm. ABS-CBN
argued that, with the passage of Republic Act 7966 in 1995, it
could no longer be compelled to pay local franchise tax.
The Company claimed that Quezon City breached a legislation,
which provides that "the grantee shall pay a franchise tax
equivalent to three percent of all gross receipts of the radio
and television business transacted... said percentage shall be
in lieu of all taxes on this franchise", since it has charged
the network around Php19.9 million in franchise tax from 195 to
1997.
ABS-CBN lodged the case before the regional trial court of
Quezon City, which ruled in its favor and ordered the city
government to refund the Php19.9-million franchise tax it
collected from the network.
CONTACT:
ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone: 2 924 4101
Fax: 2 921 5888
COLLEGE ASSURANCE: May Fail to Meet Tuition Fee Claims On Time
--------------------------------------------------------------
Struggling pre-need provider College Assurance Plan Philippines
Inc. (CAP) admitted it might delay tuition payments for its
Cagayan de Oro City planholders as the first semester opens next
month, SunStar Daily reports.
CAP regional head Vic Mabaquiao, however, assured around 1,500
CAP scholars in the city that the Company is " all it can settle
its obligations".
To calm apprehensions that CAP may default on its first semester
obligations, Mr. Mabaquiao announced a hefty funding from a
foreign firm is underway.
As to whether CAP can readily settle its obligations before the
June 6 opening of classes, Mabaquiao said, "we expect some
delays".
Except Xavier University (XU) and Liceo de Cagayan University
(LCU), other schools in Cagayan de Oro still allow CAP plan
holders to enroll even with the delayed payments. XU and LCU
require CAP plan holders to pay first before they can enroll and
reimburse the student later after the educational fund is
received.
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
GLOBAL STEELWORKS: BOC Reveals Anomalies in Raw Material Imports
----------------------------------------------------------------
The Bureau of Customs (BOC) has unearthed some anomalies
regarding the raw material imports of newly reopened steel mill,
Global Steelworks International Inc., The Philippine Star says.
The oddities were discovered when BOC inspected GSII's import
activities in response to increasing complaints from local
downstream steel industry players. The steel firm's claim GSII
is selling its supposed raw materials imports to the domestic
market to show a semblance of commercial operation.
In a report to Customs Commissioner Alberto Lina, Customs Deputy
Commissioner Celso Templo reported among others that GSII failed
to file the requisite entries for the following shipments:
Shipment of 19,077.134 metric tons of hot rolled coils which
arrived on April 16 2004 ex M/V "Panamanian",Reg. No. 039-04,
covered by two bills of lading; shipment of 9,748.35 MT of hot
rolled coils which arrived on 12 February 2005 ex M/V "Al
Barakak", Reg. No. 014-05, covered by four (4) bills of lading;
shipment of 12,142.61 MT of hot rolled coils which arrived on 14
February 2005 ex M/V "Ducky Splendid" of Ducky Sovereign
Shipping S.A., covered by five (5) bills of lading; shipment of
7,447.86 MT of hot rolled coils which arrived on 25 February
2005 ex M/V "CEC Cristobal" Voy. 02 of Clipper Elite Carriers
A/S, covered by two (2) bills of lading.
The investigation also revealed that GSII failed to obtain a
requisite clearance from BOC when it sold wastages to Iligan Rod
and Bar Milling Corp.
BOC has already instructed GSII to make available all import and
export documents, as well as, documents covering the sale of
wastages in the local market.
CONTACT:
Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Telephone: 063-221-2663
Fax: 063-492-2566
MAYNILAD WATER: NGO Asks BSP to Nix Debt Agreement
--------------------------------------------------
A non-government agency (NGO) has urged the Bangko Sentral ng
Pilipinas (BSP or the central bank) to junk a debt and capital-
restructuring scheme of the cash-strapped Maynilad Water
Services Inc., relates The Manila Times.
The Action for Economic Reforms said it opposes Maynilad's the
agreement, as it is contrary to law and public policy.
Nepomuceno A. Malaluan, Action for Economic Reform member and
lawyers Frederico Q. Quevedo and Solomon F. Lumba cited three
reasons for the group's opposition.
First, the agreement bails out Maynilad's majority shareholder
Benpres Holdings and creditor banks using public funds under
terms unfavorable to the state-run Metropolitan Waterworks and
Sewerage System (MWSS). The MWSS is expected to incur a
substantial debt in favor of Maynilad once the court approves
the firm's rehabilitation plan.
Second, the agreement is an essential component of an illegal
rehabilitation plan since Maynilad's obligations are under a
concession contract that was subject to public bidding.
Lastly, the debt and capital restructuring agreement constitutes
an indispensable component of a rehabilitation plan that uses an
illegal increase in water tariff to support Maynilad's cash
flow.
Maynilad has applied for corporate rehabilitation in 2003,
citing difficulties in paying off debts.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL TRANSMISSION: Sale Attracts New Prospective Bidders
------------------------------------------------------------
The planned sale of the beleaguered National Transmission Corp.
(Transco) has drawn the interest of a number of new investors,
according to The Philippine Star.
Energy Secretary Raphael P.M. Lotilla confirmed several unnamed
groups have signified their interest to bid for Transco.
"We are hoping they will also participate to make the results
more credible," Sec. Lotilla said.
Last year, food and beverage giant San Miguel Corp. (SMC) teamed
up with Japan's Tokyo Electric in bidding for the US$2-billion
nationwide transmission highway under Transco.
Other groups reportedly keen on acquiring Transco are Transco
are Electricity Generating Authority of Thailand (EGAT) and a
Filipino firm, Hydro Quebec and the Delgados of the
Transnational Diversified Group, and Metro Pacific Corp. and
Australia's Trans-Grid.
But Sec. Lotilla raised the possibility of a delay in the
Transco bidding. Congress said earlier it would move the target
date for Transco's privatization to October this year instead of
July to make the schedule "more realistic".
The new timeline for Transco's privatization was revealed by
chief economic strategist and Albay Rep Joey Salceda. "This
could be a more reasonable target. We have to do this so as not
to disappoint investors," he told reporters.
The National Government aims to raise about US$2 billion to
US$2.5 billion revenues from the sale of Transco.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
PACIFIC PLANS: Clients Seek Redress Despite Yuchengco Aide
----------------------------------------------------------
Disgruntled planholders of Pacific Plans Inc. are demanding
reparation even as tycoon Alfonso Yuchengco extended Php250
million in financial support to help meet tuition obligations,
Business World says.
The Parents Enabling Parents Coalition (PEPC), a grouping of
Pacific Plans' planholders, said the check issued by Mr.
Yuchengco to Pacific Plans President Ernesto C. Garcia belonged
to planholders "left in the lurch".
PEPC said the parents' sole request is for Pacific Plans to pay
them their hard-earned money for their children's education.
The group, which filed its opposition to Pacific Plan's
rehabilitation, said the pre-need firm's "liquidity problem was
fraudulently self-engineered and artificially contrived" and a
"result of its own negligence."
Pacific Plan's total fund now stands at Php5591 million after
Mr. Yunchengco handed over the Php250-million check. The pre-
need firm advised planholders that checks for additional tuition
support can be picked up starting Monday at meeting rooms 2 and
3 of the Philippine International Convention Center from 8 a.m.
to 6 p.m. by bringing a copy of the certificate of full payment
and original valid ID.
* Finance Department to Watch Budget of Losing GOCCs
----------------------------------------------------
The Department of Finance (DoF) is mapping out a system to
standardized budget programming of all government owned and
controlled corporations (GOCCs), Malaya News reports.
The new system will help the DoF monitor the budgets of
unprofitable GOCCs by determining unnecessary expenses that add
to the widening public sector debt.
The DoF is aiming to cut the consolidated public sector debt,
composed of borrowings of the national government and GOCCs, to
Php203 billion this year from Php233 billion in 2004.
The agency has already required the GOCCs to submit their
corporate operating programs until the end of May to be subject
to review and revisions. Under the old scheme, GOCCs just submit
their budgets for approval of the Department of Budget and
Management.
The DoF will specifically look at the 14 monitored GOCCs that
have the highest share in the public sector debt.
The DoF is aiming to cut the consolidated public sector debt,
composed of borrowings of the national government and GOCCs, to
Php203 billion this year from Php233 billion in 2004.
For the year, the DoF is expecting the financing deficit of
GOCCs to go down to Php42.5 billion from Php90.7 billion in 2004
as the government tightens its watch on the expenses of these
state-owned corporations.
Among the 14 GOCCs with expected to report huge deficits are
National Food Corporation (Php15 billion), Light Rail Transit
Authority (Php6.9 billion), National Development Corp. (Php6
billion) and National Power Corporation (Php73.4 billion).
Meanwhile, the Philippine National Oil Company posted a surplus
of Php1.2 billion, as did the NDC (Php212 million), National
Electrification Administration (Php700 million), and Philippine
Economic Zone Authority (Php150 million).
=================
S I N G A P O R E
=================
CHAMPION BEANFOOD: Served with Winding Up Order
-----------------------------------------------
In the matter of Champion Beanfood Manufacturer (S) Pte Ltd a
winding up order was made on April 29, 2005.
Name and address of Liquidator:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
Dated this 11th day of April 2005
Messrs Infinitus Law Corporation
Solicitors for the Petitioners
CHINA AVIATION (S): PwC to Release Report End of the Month
----------------------------------------------------------
PricewaterhouseCoopers (PwC) will likely release its final
report on the trading scandal involving China Aviation Oil
(Singapore) Corp. by the end of this month, reports Channel News
Asia.
The previous report PwC released in March delved on the
background of events that lead up to the losses. In the final
report to be released soon, PwC is uncertain if it can point out
who is to blame for the losses and the disclosure issues
surrounding it.
The final report is also expected to impart a recommendation as
to how CAO could prevent another scandal from happening. PwC
would submit the report to the Singapore Stock Exchange, however
it is yet unknown whether the bourse would make the final report
available to the public.
CAO collapsed last year as a result of US$550 million losses
from trading in derivatives.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
DB INVESTMENTS: Creditors Should Prove Claims by June 13
--------------------------------------------------------
Notice is hereby given that the creditors of DB Investments Pte
Ltd (In Voluntary Liquidation) which is being voluntarily wound
up are required on or before June 13, 2005 to send in their
names and addresses with particulars of their debts and claims
and the names and addresses of their solicitors (if any) to the
undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street #06-10, The Adelphi, Singapore 179803.
If so required by notice in writing from the said Liquidator,
are by their solicitors or personally to come and prove their
debts and 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 and claims
are proved.
Wee Hui Pheng
Liquidator
Singapore, 10th May 2005
HUA KOK: Extends Completion of Strategic Subscription
-----------------------------------------------------
Hua Kok International Ltd refers to its announcements made to
the Singapore Stock Exchange (SGX) as of August 31, 2004,
December 22, 2004, December 29, 2004, January 5, 2005 and March
14, 2005.
Pursuant to the Second Supplemental Agreement dated March 14,
2005 entered into between Prosperity Steel (Asia) Co. Ltd.
(Prosperity) and the Company, the parties had agreed to extend
the deadline to complete the Strategic Subscription by
Prosperity from March 31, 2005 to April 30, 2005.
For the purposes of seeking approval from the Company's
shareholders for, inter alia, the Strategic Subscription, the
Company had on April 23, 2005, dispatched a circular to its
shareholders, including the notice of extraordinary general
meeting to be held on May 17, 2005.
In view of the fact that the said extraordinary general meeting
of the Company is to be held on May 17, 2005, Prosperity and the
Company have agreed to extend the deadline for completion of the
Strategic Subscription from April 30, 2005 to May 30, 2005.
The Directors wish to assure shareholders that the Company would
use its best efforts to pursue the completion of the Strategic
Subscription by Prosperity. However, shareholders must be
cautioned that there is no certainty that the Strategic
Subscription will be completed as it is subject to, inter alia,
approval of shareholders of the Company at the upcoming
extraordinary general meeting to be held on May 17, 2005.
Accordingly, shareholders of the Company are advised by the
Directors to exercise caution in their dealings in the shares of
the Company as the Strategic Subscription may or may not
materialize.
Submitted by
Phua Puay Heng
David Group Financial Controller
16 May 2005
CONTACT:
Hua Kok International Ltd
32 Sungei Kadut Way
Hua Kok Industrial Building
Singapore 728787
Telephone: 65 63625667
Fax: 65 63685593
Web site: http://www.huakok.com.sg
HUA KOK: Passes All Resolutions at EGM
--------------------------------------
The Board of Hua Kok International Ltd advised the Singapore
Stock Exchange (SET) that at the Extraordinary General Meeting
(EGM) of the Company held on May 17, 2005, all the resolutions
as set out in the Notice of EGM dated April 23, 2005 were duly
passed.
The Company also issued to the Exchange a request for trading
halt effective May 17, 2005 at 2:00 p.m. pending material
announcement.
Submitted by
David Phua Puay Heng
Group Financial Controller
17 May 2005
LIVERLAND HOLDINGS: Receiving Proofs of Debt Until June 15
----------------------------------------------------------
Notice is hereby given that the creditors of Liverland Holdings
Pte Ltd (In Voluntary Liquidation) which is being voluntarily
wound up are required on or before June 15, 2005 to send in
their names and addresses with particulars of their debts and
claims and the names and addresses of their solicitors (if any)
to the undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street #06-10, The Adelphi, Singapore 179803.
If so required by notice in writing from the said Liquidator,
are by their solicitors or personally to come and prove their
debts and 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 and claims
are proved.
Wee Hui Pheng
Liquidator
Singapore, 12th May 2005
UNITED FIBER: Unit Secures SG$4.5Mln Loan
-----------------------------------------
The Board of Directors of United Fiber System Limited (UFS or
the Group) announced in a disclosure made to the Singapore Stock
Exchange (SGX) that its first joint venture construction
development project with Shimizu Corporation is off to a smooth
start.
Poh Lian Construction Pte Ltd (PLC), a wholly owned subsidiary
Company of UFS, has secured a SG$4.5 million banking facility
from a foreign bank to finance its construction project at The
Cosmopolitan.
Mr. Kishore Dass, the Group's Chief Executive Officer commented:
"This financing facility is significant as it underscores our
bankers' continued support, especially when the Construction
Division remains as one of the core revenue streams of the
Group."
"The strategy for the Construction Division is to participate in
selected projects that can deliver revenue and profit to the
Group's financials in tandem with our other strategic businesses
in forestry, wood chip and market pulp", Mr. Dass added.
The Cosmopolitan is the first JV construction project for PLC
and has a contract sum of SG$62.4 million. Located at Kim Seng
Road/ River Valley Road, The Cosmopolitan consists of 2 blocks
of 36-storey condominium developments with 228 dwelling units
and a basement car park The Cosmopolitan officially commenced in
late February 2005 and is scheduled to be completed in 2007.
For media enquiries, please contact:
Mr. Gerald Woon,
Director, Cogent Communications Pte Ltd
DID: 6323-1051
HP: 9694-8364
E-mail: woon@cogentcomms.com
CONTACT:
United Fiber System Limited
(formerly: Poh Lian Holdings Limited)
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Telephone: 65 62846006
Fax: 65 62840074
Web site: http://www.ufs.com.sg
===============
T H A I L A N D
===============
CIRCUIT ELECTRONICS: Files Exemption from Submission of FS
----------------------------------------------------------
With reference to the order of the Central Bankruptcy Court on
May 9, 2005 for Circuit Electronic Industries (Public) Company
Limited to enter into reorganization process according to the
Bankruptcy Law, the Company advised the Stock Exchange of
Thailand (SET) that it is now under reorganization.
In this regard, the Company applied for the exemption from
submission of quarterly financial statements audited by the
Certified Public Accountant to the Office of the Security and
Exchange Commission from the first quarter of 2005 ending at 31
March 2005 onwards.
The Company shall prepare financial reports for the first six
months of the accounting period including explanations,
financial status analysis and operating results to be reported
to the SET office according to Notification No. Korjor. 40/2540,
clause 4(1) onwards, such application for exemption is pending
for consideration from the office of SEC.
Please be informed accordingly.
Yours sincerely,
Mr. Sukit Nganthavee
Director
CONTACT:
Circuit Electronic Industries Public Company Limited
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711
Fax: 0-3533-0560, 0-3522-6710
Web site: http://www.cei.co.th
HANTEX: To Submit 1Q/2005 Report June 10
----------------------------------------
According to the Stock Exchange of Thailand's (SET) regulations
pertaining to the Preparation and Submission of Financial
Statement, Financial Reports and Operating Results of Listed
Companies, 2001, all listed Companies are required to submit of
quarterly financial Statements within in 45 days from end of
each quarter, Hantex Public Company Limited advised the SET
that:
It would delay its submission of the Financial Statements for
the 1st quarter of 2005 as a result of a delay in the
appointment of new Auditor, as several auditors declined to
accept the job due to the fact that auditor for the previous
year failed to provide opinions on the 3rd quarter financial
statements and on the annual audited statements ending December
2004, citing insufficient provisions of depletion of unutilized
assets.
The Company shall be unable to submit the Financial Statements
quarter 1/2005 to release to public within the period allowed by
the SET.
The Company has just appointed Dharmniti Auditing Co., Ltd by
Ms. Jantra Wongsrivudornporn no. 4996 or Mr. Poj Aswasantichai
no. 4891 as the new Auditor for the year 2005. The Auditor is
preparing to review the Company's financial statements on May 16
to 27 and send the reports to the Company by June 8, 2005.
Therefore, the Company shall submit the quarterly financial
statements to the SET by June 10.
Please be informed accordingly.
Yours sincerely,
Mr. Monchai Pongstabadee
Director
CONTACT:
Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822
M.D.X: SET Concludes Company Needs Rehab Plan
---------------------------------------------
M.D.X. Public Company Limited (MDX) has submitted to the Stock
Exchange of Thailand (SET) its reviewed financial statements for
the period ending March 31, 2005.
As the Company's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the Company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.
The SET then informs shareholders and investors on the above
matter to scrutinize the auditor 's report on its financial
statements.
The SET has still suspended trading on the securities of MDX in
view of the fact that MDX must prepare a rehabilitation plan.
CONTACT:
M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731
PAE THAILAND: 1Q/2005 Net Profit Shrinks to THB11,078
-----------------------------------------------------
PAE (Thailand) Public Company Limited furnished the Stock
Exchange of Thailand (SET) a summary of its reviewed quarterly
financial statements.
Reviewed (In thousands)
Ending 31 March Quarter 1
Year 2005 2004
Net profit (loss) 11,078 2,990,142
EPS (baht) 0.31 109.04
Type of report: Unqualified Opinion
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
CONTACT:
PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th
THAI DURABLE: SET Suspends Trading of Securities
------------------------------------------------
Thai Durable Group Public Company Limited (TDT) has submitted to
the Stock Exchange of Thailand (SET) its reviewed financial
statements for the period ending March 31, 2005.
As the Company's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the Company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.
Due to these discrepancies, the Securities and Exchange
Commission (SEC) considered requiring the Company to amend its
financial statements on the issues raised by its auditor.
Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of TDT effective from the first
trading session of May 17, 2005 to enable shareholders and
general investors to have sufficient time to scrutinize an
auditor's report on the review of its financial statements.
However, the SET will allow the trading of its security and post
an NP (Notice Pending) sign effective from the first trading
session of May 18, 2005 until the Company has the opportunity to
submit its amended financial statements or the SEC concludes
that it will not be necessary to amend its financial statements.
CONTACT:
Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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