/raid1/www/Hosts/bankrupt/TCRAP_Public/050530.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, May 30, 2005, Vol. 8, No. 105
Headlines
A U S T R A L I A
127 RIVERSDALE: Members to Meet June 14
AQUARIAN AUTOMOTIVE: Final Meeting Fixed May 30
BARTON INVESTMENTS: Members Agree to Wind Up Company
CERVIN PTY: Names K.L. Sutherland Liquidator
CRAFTSMEN OFFICE: Liquidator to Report on Winding Up
DMCK DEVELOPMENTS: To Convene Final Meeting June 14
ELDRIDGE AMBER: Hires Official Liquidators
EVANS BUILDERS: Creditors Terminate Deed of Arrangement
GROVAM INVESTMENTS: Liquidator to Lay Winding Up Account June 14
J&M ENERGY: Receiver Steps Down
KITARON PRODUCTIONS: To Undergo Voluntary Liquidation
LEADING EDGE: Members Pass Winding Up Resolution
LIGHTS PTY: Creditors Due to Prove Claims June 8
MAYNE GROUP: Sigma Fancies Brands
MELBOURNE UNIVERSITY: Liquidator Seeks AU$$ Mln in Damages
MICROCAPS LIMITED: To Convene Final Meeting June 14
MULTIPLEX: Wembley Woes Intensify
MULTIPLEX: Chairman Quits Amid Wembley Issues
NATIONAL AUSTRALIA: Court Postpones Bullen Case to Aug. 15
RAEGUN PTY: To Declare Dividend June 8
SPORTS ENTERTAINMENT: Voluntary Administration Looms
STAG PTY: Members to Meet June 14
T.J. GOLF: To Hold Final Meeting May 31
VICTORIAN TUBERCULOSIS: Liquidator to Lay Account on Winding Up
WHET INVESTMENTS: Appoints Investigating Accountant
WALKER SITE: To Declare Dividend June 15
WINTY ENTERPRISES: Dividend Declaration Set May 30
C H I N A & H O N G K O N G
BANK OF CHINA: Faces Delay in Overseas Share Sale
BANK OF COMMUNICATIONS: HSBC May Increase Stake to 40%
BANK OF COMMUNICATIONS: To Offer H Shares at $1.9-2.3
CWT TEXTILE: Creditors Annual Meeting Set June 8
EVERBRIGHT BANK: Updates Restructuring Scheme
HAIER ELECTRONICS: Notes Unusual Price Movement
HAIER ELECTRONICS: Clarifies Asset Injection Report
INDUSTRIAL AND COMMERCIAL: Updates Conditional Option Deed
INDUSTRIAL AND COMMERCIAL: Forges Alliance With 12 Online Firms
PCCW LIMITED: To Redeem Telstra Note for US$58 Mln Cash
PRICERITE GROUP: To Issue Convertible Note Worth HK$108 Mln
PRICERITE GROUP: AGM Set for Today
PROFIT GEM: Begins Winding Up Process
RBG GLOBAL: Sets Creditors, Contributories Meeting June 10
I N D O N E S I A
BANK PERMATA: Stewart Hall Named New President
BANK PERMATA: 2004 Dividend Omission Okayed
J A P A N
ASHIKAGA BANK: Posts JPY121.9 Bln FY04 Net Profit
MITSUBISHI MOTORS: Unveils Changes in NedCar Management
MITSUBISHI MOTORS: U.S. Appoints John McElroy General Counsel
RESONA HOLDINGS: Moody's Upgrades Rating to Ba1
SANYO ELECTRIC: Selects Mentor for Multimedia LSI Design
UFJ BANK: Moody's Affirms Ratings on ABCP Programme CLOs
UFJ BANK: S&P Downgrades OPCO Preferred Securities To 'C'
K O R E A
BRIDGE SECURITIES: FSC Blocks Sale to Rival
M A L A Y S I A
CHG INDUSTRIES: Books Net Loss in Q1
GOLDEN FRONTIER: Buys Back 13,000 Shares
GOLDEN FRONTIER: Bounces Back to Black
JIN LIN: Posts Lower Net Loss
K.P. KENINGAU: Provides Default Status Update
MECHMAR CORPORATION: Discloses Q1/FY05 Results
MENTIGA CORPORATION: Net Loss Swells in Q1
MERCES HOLDINGS: First Quarter Net Loss Drops
PADIBERAS NASIONAL: 11th AGM Set June 21
PANTAI HOLDINGS: Repurchases More Shares
PILECON ENGINEERING: Q1 Net Loss Reaches MYR2.38 Mln
TT RESOURCES: To Hold AGM Next Month
WCT ENGINEERING: Passes All AGM Resolutions
P H I L I P P I N E S
ATLAS CONSOLIDATED: Embroiled in Tax Evasion Scandal
CAMP JOHN: Baguio to Benefit from Debt Settlement
COLLEGE ASSURANCE: Admits to Low Cash Flow
GLOBAL STEEL: Downstream Sector Seeks Review of Tax Perks
LIFETIME PLANS: SEC Orders Closure
MAYNILAD WATER: DMCI Eyes Foreign Partner in Takeover Bid
PACIFIC PLANS: DOF Demands Probe on Yuchengco Group Deals
PILIPINO TELEPHONE: Shares Plunge After Losing Fight
* Fitch Revises Philippines Outlook to Stable from Negative
S I N G A P O R E
ACCORD CUSTOMER: Requests End of Trading Halt
ADVENTURE TRAINING: Court to Hear Petition July 1
CHARTERED SEMICONDUCTOR: Broadens Venture with IBM
CHINA AVIATION (S): Adjournment of SK Petition Hearing Gets Nod
DATACRAFT ASIA: Clinches US$3Mln Contract with SCB
FHTK HOLDINGS: Court Hears Confirmation of CRE
INFORMATICS HOLDINGS: Restructures Rights Issue
IRE CORPORATION: Exercises SCB Put Option May 26
T H A I L A N D
THAI PETROCHEMICAL: Founder Must Prove He Could Pay Debt
THAI WIRE: Issues Update on Major Shareholder Structure
- - - - - - - -
=================
A U S T R A L I A
=================
127 RIVERSDALE: Members to Meet June 14
---------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of 127
Riversdale Road Pty Ltd (In Liquidation) A.C.N. 004 697 634 will
be held in the Meeting Room, Members Voluntarys Pty Ltd 1st
Floor, 10 Park Road, Cheltenham on June 14, 2005 at 12:15 p.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 each of the Company has been disposed of and of
hearing any explanation that may be given by the Liquidator.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road, Cheltenham 3192
AQUARIAN AUTOMOTIVE: Final Meeting Fixed May 30
-----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Aquarian Automotive & Marine Windows Pty Ltd (In
Liquidation) A.C.N. 006 892 600 will be held at the offices of
Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, on Monday, May 30, 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 11th 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
BARTON INVESTMENTS: Members Agree to Wind Up Company
----------------------------------------------------
Notice is hereby given that at general meetings of the members
of Barton Investments Pty. Ltd. A.C.N. 009 719 117 (Voluntary
Winding Up By Members) held on April 14, 2005 it was resolved
that the Company be wound up voluntarily by the members and
that, Richard Herbert Judson of Members Voluntarys Pty Ltd be
appointed liquidator.
Dated this 14th day of April 2005
Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189
CERVIN PTY: Names K.L. Sutherland Liquidator
--------------------------------------------
Notice is hereby given that on April 15, 2005 the following
special resolution was passed in respect of Cervin Pty Ltd (In
Liquidation) A.B.N. 75 056 258 210:
That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. K.L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.
Dated this 15th day of April 2005
K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004
CRAFTSMEN OFFICE: Liquidator to Report on Winding Up
----------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Craftsmen
Office Interiors (WA) Pty Ltd (In Liquidation) A.C.N. 051 010
336 will be held in the Meeting Room, Members Voluntarys Pty Ltd
1st Floor, 10 Park Road, Cheltenham on June 14, 2005 at 10:30
a.m.
The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of each of the Company has been disposed of and of
hearing any explanation that may be given by the Liquidator.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
DMCK DEVELOPMENTS: To Convene Final Meeting June 14
---------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of DMCK
Developments Pty Ltd (In Liquidation) A.C.N. 096 634 347 will be
held in the Meeting Room, Members Voluntarys Pty Ltd 1st Floor,
10 Park Road, Cheltenham on June 14, 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 each of the Company has been disposed of and of
hearing any explanation that may be given by the Liquidator.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
ELDRIDGE AMBER: Hires Official Liquidators
------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Eldridge Amber Pty Ltd (In Liquidation) A.C.N.
060 793 946, held on April 13, 2005 it was resolved that the
Company be wound up voluntarily.
At a meeting of creditors held on the same day, it was resolved
that for such purpose, Richard John Cauchi and David James
Lofthouse, of CJL Partners, Level 3, 180 Flinders Lane,
Melbourne, be appointed Joint and Several Liquidators.
Dated this 14th day of April 2005
Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: (03) 9639 4779
Facsimile: (03) 9639
4773
EVANS BUILDERS: Creditors Terminate Deed of Arrangement
-------------------------------------------------------
Bruno A. Secatore of Level 7, 114 William Street, Melbourne, the
Liquidators of Evans Builders Pty. Ltd. (In Liquidation) A.C.N.
065 536 898, give notice that:
(1) At a meeting convened under section 445F, the creditors of
the Company:
(a) Passed a resolution terminating the deed of Company
arrangement executed by the Company; and
(b) Resolved on April 15, 2005 under section 445E that the
Company be wound up and that Mr. B.A. Secatore be appointed
Liquidator.
(2) Accordingly, the Company is taken, because of the
application of Section 446A and regulation 5.3A.07, to have
passed on April 15, 2005 a special resolution under section 491
that the Company be wound up voluntarily.
Dated this 15th day of April 2005
B. A. Secatore
Bentleys MRI
114 William Street,
Melbourne Vic 3000
GROVAM INVESTMENTS: Liquidator to Lay Winding Up Account June 14
----------------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Grovam
Investments Pty Limited (In Liquidation) A.C.N. 000 870 860 will
be held in the Meeting Room, Members Voluntarys Pty Ltd 1st
Floor, 10 Park Road, Cheltenham on June 14, 2005 at 11:30 a.m.
The purpose the meeting is to lay accounts before it showing the
manner in which the winding up has been conducted and the
property of each of the Company has been disposed of and of
hearing any explanation that may be given by the Liquidator.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
J&M ENERGY: Receiver Steps Down
-------------------------------
Notice is hereby given that Gideon Isaac Rathner of Lowe
Lippmann, Chartered Accountants of 5 St Kilda Road, St Kilda,
3182, who was appointed Receiver over certain assets and
properties of J&M Energy Pty Ltd (In Liquidation) (Managing
Controllers Appointed) (Receiver Appointed To Sell Assets) under
the powers contained in an instrument dated June 18, 2004 being
number 935951 in the Register of Charges at the Australian
Securities and Investments Commission, ceased to act on April
12, 2005.
Gideon Rathner
Receiver Appointed to Sell Assets
E-mail: Grathner@lowelippmann.com.au
KITARON PRODUCTIONS: To Undergo Voluntary Liquidation
-----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Kitaron Productions Pty Ltd (In Liquidation)
A.C.N. 006 573 164, held on April 12, 2005 it was resolved that
the Company be wound up voluntarily.
At a meeting of creditors held on the same day, it was resolved
that for such purpose, Richard John Cauchi and David James
Lofthouse, of CJL Partners, Level 3, 180 Flinders Lane,
Melbourne, be appointed Joint and Several Liquidators.
Dated this 13th day of April 2005
Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: (03) 9639 4779
Facsimile: (03) 9639 4773
LEADING EDGE: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Leading Edge Gifts Pty. Ltd. (In Liquidation) A.C.N. 005 643 881
held on April 13, 2005 a special resolution was passed that the
Company be wound up voluntarily and that Gregory Stuart Andrews,
22 Drummond Street, Carlton 3053 be appointed Liquidator.
Dated this 14th day of April 2005
G. S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street,
Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544
LIGHTS PTY: Creditors Due to Prove Claims June 8
------------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Lights Pty Ltd (In Liquidation) A.C.N. 088 984 150.
Creditors whose debts or claims have not already been admitted
are required on or before June 8, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
MAYNE GROUP: Sigma Fancies Brands
---------------------------------
Drug maker and distributor Sigma is keen on acquiring some
brands from its rival Mayne Group, says the Sydney Morning
Herald.
Sigma said it is interested in some pharmaceutical products from
Mayne, such as natural remedies and dietary supplements.
"We are interested at looking at any brands on the market that
fit in with our business model, and with Mayne's consumer
products we'd certainly do that," Sigma added.
Sigma has been enjoying a solid first quarter performance, in
line with expectations.
CONTACT:
Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
MELBOURNE UNIVERSITY: Liquidator Seeks AU$$ Mln in Damages
----------------------------------------------------------
The liquidator of failed Melbourne University Student Union Inc.
has filed a multi-million dollar lawsuit with the Victorian
Supreme Court against former runaway businessman Andrew
Landeryou and seven other men, reports the Australian Associated
Press.
Liquidator Dean McVeigh of receivers Foremans Business Advisers
is seeking damages totaling AU$3.4 million from former MUSU
Presidents Landeryou, Ben Cass, Darren Ray and Scott Crawford
and former MUSU employees Dean Sherriff and John Gunn.
Mr. McVeigh explained the damages are related to an alleged
conspiracy where profits from the MUSU bar and food outlets were
diverted to Mr. Landeryou and Mr. Cass via Marbain Pty Ltd and
other companies.
At least another AU$450,000 will be sought from Cass and former
MUSU acting general secretaries Peter Marczenko and Tim Lisle-
Williams.
Damages of AU$50,000 from Mr. Marczenko, AU$70,000 from Crawford
and AU$70,000 from Mr. Gunn were sought over the terms under
which Gunn was hired and fired as the general manager and chief
executive of MUSU, which Mr. McVeigh said were "overly
generous".
Another AU$95,000 will be sought from Mr. Ray, Mr. Crawford and
Mr. Lisle-Williams, who Mr. McVeigh alleged were overpaid for
the outsourcing of market survey functions to a Company, the
B.V. Sachsen Group.
This Company was allegedly secretly established by and for Mr.
Landeryou with a nominal director, and was used as an
intermediary for the supply of building and security services
for the union building, Mr. McVeigh said.
Four companies, Marbain, Global Tertiary Solutions, B.V. Sachsen
and Institutional Services, were also sued as corporate
recipients of money allegedly misappropriated from the union.
Mr. Landeryou, Mr. Cass and Mr. Ray were sued as beneficiaries
of allegedly dishonest and fraudulent plans facilitated by Mr.
Ray, Mr. Marczenko, Mr. Crawford and Mr. Lisle-Williams.
MICROCAPS LIMITED: To Convene Final Meeting June 14
---------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Microcaps
Ltd (In Liquidation) A.C.N. 075 925 094 will be held in the
Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on June 14, 2005 at 9:45 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 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
MULTIPLEX: Wembley Woes Intensify
---------------------------------
The Multiplex Group admitted its troubled Wembley Stadium
construction project in the United Kingdom may end up with a
multimillion loss, according to the Associated Press.
Multiplex said in a statement that the losses on the huge
building project could balloon to over AU$50 million (US$38
million).
The family of Executive Chairman John Roberts had agreed to pay
any loss up to AU$50 million on the Wembley project, but
Multiplex said the loss could end up being more than that.
Multiplex said an internal report had indicated that the margin
position on the Wembley project may have deteriorated
significantly, but the board at present did not have sufficient
information to form a view as to the likely impact on earnings.
Previously, the project was expected to break even.
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/
MULTIPLEX: Chairman Quits Amid Wembley Issues
---------------------------------------------
John Roberts has stepped down as the executive chairman of the
Wembley Group, as the group conducts a review of the key aspects
of its Wembley operations, the Sydney Morning Herald says.
Mr. Roberts on Friday resigned from his position, though he will
remain as a director of the board.
Deputy Chairman Allan McDonald has now been elected as non-
executive, independent chairman, effective immediately.
Executive Director Noel Henderson has resigned from the board
but remains chairman of the construction division.
The board is now searching for a new independent director to
replace Mr. Henderson, "preferably with property experience in
the United Kingdom". Shortlisted candidates for the post have
already been identified.
As a result of these changes and following the appointment of a
new independent director, the board of Multiplex Ltd will
comprise five independent and five executive directors, led by
an independent chairman.
NATIONAL AUSTRALIA: Court Postpones Bullen Case to Aug. 15
----------------------------------------------------------
A local court has put off to August 15 the case against former
National Australia Bank (NAB) currency trader David Bullen after
he said would enter a plea on charges tied to alleged fictitious
trades, Reuters reports.
Prosecutor Shane Kirne sought an adjournment for a further case
conference till after a hearing starting on August 1 for two of
Bullen's former colleagues, Vincent Ficarra and Gianni Gray, who
are contesting the claims against them. Mr. Kirne said the
government would ideally like to pursue a joint trial for Mr.
Bullen, Mr. Ficarra and Mr. Gray.
Mr. Bullen said he had no dispute with any of the issues, which
resulted in NAB declaring AU$252 million (US$192 million) in
authorized trading losses.
Mr. Bullen is facing 19 charges of making foreign exchange spot
trades and options trades to falsely inflate the bank's profit
figures and one charge under the state of Victoria's Crimes Act
for obtaining a bonus deception.
Former head of NAB's foreign currency options desk Luke Duffy,
on the other hand, has pled guilty on each of three charges
related to dishonestly using his position to gain advantage for
him and others. He is due back in court on June 14.
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/
RAEGUN PTY: To Declare Dividend June 8
--------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Raegun Pty Ltd (In Liquidation) A.C.N. 010 007 600.
Creditors whose debts or claims have not already been admitted
are required on or before June 8, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
SPORTS ENTERTAINMENT: Voluntary Administration Looms
----------------------------------------------------
Sports radio network Sports Entertainment Network (SEN) is
reportedly seeking voluntary administration, endangering the
careers of some of Australia's top sporting stars, The
Australian says.
SEN, which employs high-profile presenters, has been struggling
under large operating losses.
SEN has adopted a unique business model, leasing the radio
signal of the former 3AK radio station in Melbourne from Pacific
Star Network, and the Australian Radio Network's 5DN station in
Adelaide, both of which have been rebadged as SEN.
It was launched in Melbourne in January last year, becoming the
first radio station to provide sports-focused radio programs,
before starting in Adelaide this year.
But despite a buoyant radio advertising market SEN has faced an
uncertain revenue base after its sluggish ratings failed to
recover.
CONTACT:
Sports Entertainment Network
473 - 479 Swan St.
Richmond, Victoria, 3121
Phone: 8420 1116
Fax: 8420 1144
Web site: http://www.3ak.com.au/
STAG PTY: Members to Meet June 14
---------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Stag Pty Ltd
(In Liquidation) A.C.N. 006 276 384 will be held in the Meeting
Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park Road,
Cheltenham on June 14, 2005 at 12:30 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 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
T.J. GOLF: To Hold Final Meeting May 31
---------------------------------------
Notice is hereby given that a final meeting of members and
creditors of T.J. Golf Enterprises Pty Ltd (In Liquidation)
A.C.N. 006 454 520 will be held at the offices of Brooke Bird &
Co, Chartered Accountants, 471 Riversdale Road, Hawthorn East,
3123, on May 31, 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 16th 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
VICTORIAN TUBERCULOSIS: Liquidator to Lay Account on Winding Up
---------------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Victorian
Tuberculosis And Lung Association (In Liquidation) A.C.N. 004
275 334 will be held in the Meeting Room, Members Voluntarys Pty
Ltd 1st Floor, 10 Park Road, Cheltenham on June 14, 2005 at 9:30
a.m.
The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of each of the Company has been disposed of and of
hearing any explanation that may be given by the Liquidator.
Dated this 18th day of April 2005
Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192
WHET INVESTMENTS: Appoints Investigating Accountant
---------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), Whet Investments Limited (Whet)
and Mr. Hugh Gordon have given undertakings to the Supreme Court
of New South Wales that Whet would engage Peter Charles Hicks,
of Forsythes Chartered Accountants in Newcastle, as
investigating accountant.
The purpose of the investigating accountant's appointment is for
an independent person to report on the concerns raised in ASIC's
application.
Mr. Hicks is to provide a report to ASIC, Whet and the court
within six weeks, which will examine a number of matters,
including:
(1) Whet's financial position;
(2) the shareholding of each member in Whet;
(3) the nature and processes taken by Whet in setting its share
price;
(4) whether there are any grounds to suspect contraventions of
the Corporations Act 2001 by the officers of Whet.
Whet and Mr. Gordon also agreed to continue the undertakings
previously made to the Court on 2 May 2005, including that Whet
would not deal with any assets under its control other than in
the ordinary course of business, for reasonable legal expenses
or to notify and inform shareholders of the proceedings.
The Court also made orders with the consent of all parties
including that Whet is restrained from carrying on a financial
services business or from dealing with its redeemable preference
shares, including registering any transfers of those shares.
Both Whet and Mr. Gordon were also ordered to provide to ASIC,
within seven days:
(1) details of investors who had agreed to obtain a transfer of
Whet Shares after 22 December 2004, and
(2) confirmation that funds received in each case are held
separately.
Further, Whet undertook to remove a publication entitled
'Investor Update', dated 2 May 2005, that had been posted on the
Whet website, and to give notice to ASIC if it intended to
publish any other statements about the current proceedings. ASIC
was concerned that statements made in that publication were not
accurate.
Both ASIC's interim and final applications will return to Court
on 4 August 2005 for further directions.
Background
Whet is an unlisted, Newcastle-based public Company that issues
redeemable preference shares to members of the public and uses
those funds to acquire and operate business investments. Mr.
Hugh Gordon is a director and the Chief Executive Officer of
Whet.
ASIC commenced the proceedings following concerns that Whet is
carrying on a financial services business without holding an
Australian financial services license. ASIC is also concerned
that Whet has redeemed a number of redeemable preference shares
contrary to the requirements of the Corporations Act 2001.
Under the Corporations Act, redeemable preference shares may
only be redeemed on the terms on which they are issued and
either out of profits, or from the proceeds of a new issue of
shares made for the purpose of the redemption.
The interim relief sought by ASIC includes the appointment of a
provisional liquidator, pending the hearing of its final
application for orders which include the appointment of an
official liquidator.
WALKER SITE: To Declare Dividend June 15
----------------------------------------
A first and final dividend is to be declared on June 15, 2005 in
respect of Walker Site Welding Pty Ltd (In Liquidation) A.C.N.
095 404 989.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 11th day of April 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666
WINTY ENTERPRISES: Dividend Declaration Set May 30
--------------------------------------------------
A first and final dividend is to be declared on May 30, 2005 in
respect of Winty Enterprises Pty Ltd (In Liquidation) A.C.N. 004
496 306.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 18th day of April 2005
Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: 9882 6666
==============================
C H I N A & H O N G K O N G
==============================
BANK OF CHINA: Faces Delay in Overseas Share Sale
-------------------------------------------------
The Bank of China (BOC) may have to abandon plans to sell shares
overseas this year, The Standard reports, citing Bank of China
Chief Executive Xiao Gang.
"We won't rush to do an (initial public offering) until we are
well prepared," Mr. Xiao said after the annual shareholder
meeting of its Hong Kong-listed unit on Thursday. "(Our) IPO has
some hardship."
Mr. Xiao said the Company is in talks with strategic investors
from Asia, Europe and the United States, but declined to name
the banks.
In advance of the initial public offering, the bank is
reorganizing into a stockholding Company and writing down bad
loans.
Beijing-based Bank of China hired BOC International (Holdings),
its investment-banking arm, CITIC Securities, China Galaxy
Securities, and Guotai Junan Securities to advise on its
reorganization.
The bank hasn't yet hired banks to arrange its IPO.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
BANK OF COMMUNICATIONS: HSBC May Increase Stake to 40%
------------------------------------------------------
HSBC Holdings plans to raise its stake in Bank of Communications
(BoComm) to as much as 40 percent after August 2008 from the
current 20 percent, Infocast News reports, citing Goldman Sachs.
Goldman is one of the sponsors of the mainland lender for the
latter's initial public offering.
BANK OF COMMUNICATIONS: To Offer H Shares at $1.9-2.3
-----------------------------------------------------
Bank of Communications (BoComm) plans to offer 6.9 billion H
shares at $1.9-2.3 each, raising $13.1 billion to $15.9 billion,
according to Infocast News.
The said offering price represent 1.6-1.8 times its book value.
Trading in the shares of the bank will start in Hong Kong as
early as June 23.
Retail portion accounts for 5 percent of the new shares offered
but may increase to 20 percent if the market feedback is good.
CWT TEXTILE: Creditors Annual Meeting Set June 8
------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the annual meetings of the
Creditors and Contributories of CWT Textile Supplies Company
Limited (In Creditors' Voluntary Liquidation) will be held at
the office of Grant Thornton, 13/F., Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong on June 8, 2005
at the times specified below, for the purpose of having an
account laid before the meetings by the liquidators.
Creditors' Meeting: 11 a.m.
Contributories Meeting: 11:30 a.m.
Creditors and Contributories may attend a vote either in person
or by proxy. Proxy forms to be used at the Meetings must be
lodged at 13th Floor, Gloucester Tower, The Landmark, 11 Pedder
Street, Central, Hong Kong or sent by facsimile to 2218 3500,
not later than 4 pm. on the day before the meetings or any
adjourned meetings at which they are to be used.
Dated this May 27, 2005
Alan C. W. Tang
Alison Wong Lee Fung Ying
Joint and Several Liquidators
EVERBRIGHT BANK: Updates Restructuring Scheme
---------------------------------------------
The Chinese government will lead the restructuring and bailout
of China Everbright Bank Co. Limited and raise its capital
adequacy ratio to the required 6 percent by the end of this
year, The Standard reports, citing parent firm China Everbright
Limited.
China Everbright Ltd's Chief Executive Officer Zhou Liqun
declined to reveal the lender's current capital adequacy ratio,
as it has not completed the 2004 audited accounts under mainland
regulatory requirements and standards.
Mr. Zhou said the Company is uncertain whether the capital
injection proposal will include the introduction of strategic
foreign investors to the bank. Sources earlier said Standard
Chartered Bank is seeking to take a 15-20 percent stake.
Everbright Bank posted a CNY4.58 billion (HK$4.31 billion) loss
on massive provisions, partly due to loans to failed China
Aviation Oil (Singapore). This has dragged China Everbright,
which owns 21.39 percent stake in the bank, into a HK$215
million loss last year.
CONTACT:
China Everbright Bank
29 Zhongshan Dongyi Road
Shanghai 200002, China
Phone: +86-(21)-63606360
HAIER ELECTRONICS: Notes Unusual Price Movement
-----------------------------------------------
The Board of Directors of Haier Electronics Group Co. Ltd. has
noted the recent increases in the price and trading volume of
the shares of the Company.
The board stated that it is not aware of any reasons for such
increases save as disclosed in the circular of the Company dated
November 18, 2004 and its annual report for the year ended
December 31, 2004, regarding possible further injection of the
assets relating to research, manufacturing and sales of various
white-colored household electrical appliances including but not
limited to air-conditioners, refrigerators, freezers and washing
machines (collectively, the White Goods) from the parent
companies of the Company.
By Order of the Board of
Haier Electronics Group Co. Ltd.
Yang Mian Mian
Chairman
Hong Kong, May 26, 2005.
CONTACT:
Haier Electronics Group Co. Limited
Unit 6507-0865/F., The Centre, 99 Queen's Road Central, HK
Phone: 21693338
Fax: 21693938
HAIER ELECTRONICS: Clarifies Asset Injection Report
---------------------------------------------------
The Board of Directors of Haier Electronics Group Co. Ltd.
refers to the statements made in newspaper articles published on
May 26, 2005 regarding the current status of the proposal to
inject further assets into the Company by Haier Group
Corporation and Qingdao Haier Investment and Development Co.,
Ltd. (together with their respective subsidiaries, the Haier
Group).
The Company wishes to clarify that the timing of such further
asset injection, if materialized, will be subject to various
factors, including the progress of restructuring of assets.
In the event that a transaction materializes, the Company will
make appropriate announcements as required by the Rules
Governing the Listing of Securities on the Stock Exchange of
Hong Kong Limited (The Listing Rules).
Shareholders and potential investors are advised to exercise
caution when dealing in the shares of the Company.
By Order of the Board of
Haier Electronics Group Co. Ltd.
Yang Mian Mian
Chairman
Hong Kong, May 26, 2005.
INDUSTRIAL AND COMMERCIAL: Updates Conditional Option Deed
----------------------------------------------------------
Reference is drawn to Industrial and Commercial Bank of China
(Asia) Limited's (0349) announcement dated November 26, 2004 in
relation to, amongst other things, the conditional Option Deed
dated November 26, 2004 entered into between CIHC, CIIH and the
Company. Capitalized terms used herein shall have the same
meanings as defined therein, unless otherwise defined in this
announcement.
Pursuant to the Option Deed, each of CIHC and CIIH has agreed to
grant to the Company the CIHC Option and the CIIH Option in
respect of the right to the Company at nil consideration to,
conditional upon the Completion of the capital injection of
RMB250,000,000 each from CIHC and CIIH into TPI, to acquire from
CIHC and CIIH 2.475% and 9.975% respectively of the equity
interest in TPI at an aggregate consideration of RMB124,500,000
(approximately HK$117 million) within six months from the date
of the Option Deed or otherwise, such later date as the partiers
may extend pursuant to the terms of the Option Deed. The
Directors had indicated in the Announcement that they will
carefully consider whether the Company should exercise the
Options prior to the expiry of six months from the date of the
Option Deed.
Since the Completion took place on March 17, 2005, the Options
are exercisable by the Company at any time thereafter until May
25, 2005 pursuant to the Option Deed. In view the the Options
will soon expire, the Board of Directors has reviewed the latest
circumstances of the Company's investment in TPI and the
Directors, including the independent non-executive directors,
are of the current view that non-exercise of the Options and the
keeping of the existing level of shareholding of 12.45% in TPI
are in the best interest of the Company and its Shareholders as
a whole.
Therefore, the Board of Directors has revolved not to exercise
the Options expiring on May 25, 2005 to acquire from CIHC and
CIIH 2.475% and 9.975% respectively as to top up the Company's
shareholding to 24.9% from 12.45% in TPI following the
Completion on March 17, 2005.
By Order of the Board
Zhu Qi
Managing Director and Chief Executive Officer
Hong Kong, May 25, 2005
INDUSTRIAL AND COMMERCIAL: Forges Alliance With 12 Online Firms
---------------------------------------------------------------
The Industrial and Commercial Bank of China (0349) has signed a
strategic cooperation agreement with 12 domestic online services
companies, AFX News reports.
The lender said the deals signed between the ICBC and Internet
firms including Shanda, Sina, Netease and Tencent, are mainly
focused on online payment and sharing customer resources.
ICBC Chairman Jiang Jianqing said that online banking
transactions accounted for 25 percent of the bank's total
transactions for the first quarter, compared with 20 percent for
the whole of last year.
Mr. Jiang added that online banking transactions by individuals
hit CNY144.1 billion for the first four months, without giving
comparative figures.
CONTACT:
Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com
PCCW LIMITED: To Redeem Telstra Note for US$58 Mln Cash
-------------------------------------------------------
PCCW Limited (0008) issued a US$190 million 5 percent mandatory
convertible note due 2005 to Telstra on June 28, 2002 as part of
the disposal of the Group's 40 percent interest in Joint Venture
(Bermuda) No. 2 Limited and such note is secured by the Group's
interest in Reach.
On April 15, 2003, the Company redeemed US$143 million of such
note and issued as a replacement the Telstra Note with a face
value of US$54,377,474.94, being the remaining amount of
principal and accrued interest at that time.
Pursuant to the original terms and conditions of the Telstra
Note, upon maturity on June 30, 2005, the sum of the outstanding
principal amount and accrued interest will be mandatory
converted in full into such number of Shares to be determined
based upon a conversion price determined by reference to the
volume weighted average closing price of the Shares as quoted on
the Stock Exchange for the 20 dealing days immediately preceding
June 30, 2005 (i.e. the volume weighted average closing price
from June 2, 2005 to June 29, 2005).
The Company and Telstra have agreed on May 26, 2005 that the
Company will redeem the Telstra Note upon its scheduled maturity
on June 30, 2005 for US$58,386,346.06 in cash, which is a 5
percent discount to the outstanding principal amount and accrued
interest as at June 30, 2005 of US$61,459,311.64, and not by the
mandatory conversion into Shares. The terms and conditions of
the redemption of the Telstra Note were determined after arm's
length negotiation between the Company and Telstra.
By the Order of the Board
PCCW Limited
Hubert Chak
Company Secretary
Hong Kong, May 26, 2005
CONTACT:
PCCW Limited
979 King's Road
39th Flr HK Telecom Tower TaiKoo Place
Quarry Bay
Hong Kong
Phone: +852 2888 2888
Fax: +852 2877 8877
Web site: http://www.pccw.com
PRICERITE GROUP: To Issue Convertible Note Worth HK$108 Mln
-----------------------------------------------------------
Loss-making household products retailer Pricerite Group Ltd.
plans to raise HK$108 million through a convertible note issue
to a private Australian investment firm, Dow Jones reports.
Upon full conversion of the note, AustChina Information
Technology will own 19.5 percent of Pricerite's total issued
share capital.
The conversion price at 45 HK cents a share represents a 53
percent discount to Pricerite's last closing share price of HK96
cents.
Pricerite intends to use the proceeds from the issue to develop
its retail operation in Mainland China. The Company mainly
operates outlets in Hong Kong at present.
As part of their agreement, the Australian investor will be
responsible for providing or procuring investments of up to
AU$100 million in funds for the Company's development in China.
CONTACT:
Pricerite Group Limited
21/F The Center 99 Queen's Road Central
Hong Kong
Phone: 27911996
Fax: 27911849
Web site: http://www.pricerite.com.hk
PRICERITE GROUP: AGM Set for Today
----------------------------------
Notice is hereby given that the Annual General Meeting of
Pricerite Group Limited will be held at Salon 6, Level III, JW
Marriot Hotel, 88 Queensway, Hong Kong on 30 May 2005, Monday,
at 9:45 am for the following purposes:
1. To receive and consider the Financial Statements and the
Reports of the Directors and the Auditors for the year ended 31
December 2004.
2. To re-elect the retiring Directors of the Company for the
ensuing year, to determine 20 as the maximum number of
Directors, to authorise the Directors to appoint additional
Directors up to the maximum number and to fix the Directors'
remuneration.
3. To re-appoint Messrs Deloitte Touche Tohmatsu as auditors of
the Company for the ensuing year and to authorise the Directors
to fix their remuneration.
4. To consider and, if thought fit, to pass the following
resolutions, with or without amendments, as ordinary
resolutions.
For more information, go to
http://bankrupt.com/misc/tcrap_pricerite052705.pdf
PROFIT GEM: Begins Winding Up Process
-------------------------------------
Profit Gem International Limited with registered office located
at Room 2207-10, 22nd Floor, World Wide House, 19 Dex Voeux Road
Central, 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 11, 2005.
Date of Presentation of Petition: March 14, 2005.
Dated this 20th day of May 2005.
ET O'Connell
Official Receiver
RBG GLOBAL: Sets Creditors, Contributories Meeting June 10
----------------------------------------------------------
Notice is hereby given that the first meetings of creditors and
contributories of RBG Global S.A. (Winding Up) will be held at
13/F., Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong on June 10, 2005 at the following times:
1. Meeting of Creditors: 10 a.m.
2. Meeting of Contributories: 11 a.m.
Contributories and creditors may vote either in person or by
proxy. Proxies need not be contributories or creditors of the
Company. Proxies to be used at the meetings must be lodged at
the office of the Joint and Several Provisional Liquidators c/o
Grant Thornton, Certified Public Accountants, 13th Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong
Kong or sent by facsimile to (852) 2218 3500 not later than 12
noon on June 9, 2005.
Dated this May 27, 2005.
Malcolm Shierson
Alan C W Tang
Wong Kwok Man
Joing & Several Provisional Liquidators
c/o Grant Thornton
13/F, Gloucester Tower
The Landmark
11 Pedder Street
Central
Hong Kong
=================
I N D O N E S I A
=================
BANK PERMATA: Stewart Hall Named New President
----------------------------------------------
PT Bank Permata has chosen Standard Chartered CEO Stewart Hall
as president, replacing Mr. Agus Martowardojo, the new president
director of Bank Mandiri, reports AFX News.
Together with Mr. Hall, shareholders also selected Standard
Chartered consumer banking head Wilson Chia as commissioner, to
replace Mr. Vincent Plant. This is in line with a consortium led
by Standard Chartered to strengthen the bank's operations,
according to bank director Hans Theikul.
Standard Chartered Bank holds a 31.55 % stake in Bank Permata.
It formed a consortium with another firm that also owns shares
in the bank to acquire a controlling interest from the
Indonesian government.
CONTACT:
Pt Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Jakarta, 12920
Indonesia
Phone: +62 21 523 7899
Fax: +62 21 250 0680
BANK PERMATA: 2004 Dividend Omission Okayed
--------------------------------------------
PT Bank Permata's proposal to skip dividend payment for 2004
obtained approval from its shareholders, according to AFX News.
The bank's shareholders also agreed that the entire profit be
retained, in a bid to to boost its capital.
For the year 2004, Permata booked a net profit of IDR623 billion
on net interest income of IDR1.56 trillion.
It is aims to achieve a 30 percent credit growth this year from
IDR13.79 trillion at the end of 2004, which the Company hopes to
partially attain by divesting part of its government
recapitalization bonds.
However due to soaring interest rates, the bank expects sluggish
growth in the net interest income at 25 percent this year, as
against last year's 36.8 percent.
Standard Chartered Bank and Astra International currently hold
31.55 percent stake each in Bank Permata. The two formed a 50-50
venture last year to acquire a controlling stake in Permata from
the Indonesian government.
=========
J A P A N
=========
ASHIKAGA BANK: Posts JPY121.9 Bln FY04 Net Profit
-------------------------------------------------
Temporarily state-controlled Ashikaga Bank posted a net profit
of JPY121.9 billion for fiscal 2004, beating the bank's earlier
forecast of a JPY65 billion profit, Asia Pulse reports.
The Company's liabilities still exceeded its assets by JPY562.2
billion at the end of March, but this figure was down
considerably from JPY116.8 billion a year ago. This portion of
liabilities surpassing assets eventually could be covered by
public funds.
The unexpectedly high profit was due in large part to the
JPY53.7 billion gain Ashikaga obtained by tapping into its loan
loss reserves.
The bank also booked a JPY10.1 billion gain from returning to
the government the public pension assets that it had managed on
its behalf.
CONTACT:
Ashikaga Bank Limited (The)
1-25 Sakura 4-Chome
Utsunomiya 320-8610, Tochigi 320-8610
Japan
Phone: +81 28 622 0111
Fax: +81 28 625 5546
Web site: http://www.ashikagabank.co.jp/
MITSUBISHI MOTORS: Unveils Changes in NedCar Management
-------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced changes in senior
management positions at its European production facility
Netherlands Car B.V. (NedCar) to take effect on June 30. Mr.
Makoto Ochi will take up the positions of Chairman and Chief
Executive Officer while Mr. Joost Govaarts will assume the posts
of President and Chief Operating Officer. Mr. Gunter Butschek,
current NedCar President and CEO, will resign from the Company
on the same date.
NedCar forms a cornerstone in Mitsubishi Motors' global
production network and plays a vital role in the growth and
expansion of the Company's operations in Europe. The senior
appointments announced today will insure continuity of the
ongoing production efficiency improvement and cost reduction
programs in the drive to strengthen NedCar's operating platform
and its future sustainability.
Europe represents a vital market for Mitsubishi Motors in its
efforts to revitalize its operations. MMC is aiming to
stabilize, consolidate and grow its operations in the region
through the forward-looking introduction of new products in the
current fiscal year.
NedCar officer appointments, effective June 30:
Name New Appointment Current Appointment
Makoto Ochi Executive Officer (MMC) Executive Officer (MMC)
Chairman and CEO, NedCar Plant General Manager of
Powertrain Plant
Joost Govaarts President & COO, NedCar Executive Vice President
and CFO, NedCar
Gunter Butschek Resignation President and CEO, NedCar
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
This is a Company press release.
MITSUBISHI MOTORS: U.S. Appoints John McElroy General Counsel
-------------------------------------------------------------
Mitsubishi Motors North America (MMNA) announced on May 26 the
appointment of Mr. John McElroy to general counsel, and the
promotion of Curt Neal to Senior Vice President of Human
Resources.
Mr. McElroy had served as senior vice president, human resources
and corporate services for MMNA since 2002. As general counsel
to MMNA, Mr. McElroy will oversee all corporate legal matters.
Curt Neal, who had served as Vice President human resources for
Mitsubishi Motors Manufacturing of America in Normal, Ill. since
1999, will be responsible for all aspects of human resources and
corporate services in his new position at MMNA Sales Division.
"After 15 years in our human resources department we are
thrilled to have someone of Mr. John McElroy's caliber and
talent assuming our top legal position," said Mr. Rich Gilligan,
president and CEO of MMNA. "Additionally, Curt Neal's wealth of
human resources experience with us at the plant and previously
with Ford makes him the perfect successor to John."
Prior to his post of senior vice president of human resources
and corporate services, Mr. McElroy served in MMNA's Sales
Division in several capacities, including vice president of
franchise development, dealer relations and real estate.
McElroy joined MMNA in 1985 as an attorney in the Company's
legal department, becoming manager of human resources in 1990
and director of human resources in April 1993. In August 1995,
McElroy assumed responsibility for administration as well. He
was promoted to vice president of human resources, information
systems and administration in 1997.
Mr. McElroy holds a bachelor's degree from California State
University, Long Beach, and earned his J.D. from the University
of California, Los Angeles. He is a member of the California
Bar Association.
Prior to serving as vice president of human resources for
Mitsubishi Motors Manufacturing, Neal worked in the human
resources department at Ford Motor Company for 32 years, where
he served in various human resource functions at the plant,
division and headquarter levels. A native of Atlanta, Georgia,
Neal received his bachelor's degree in economics and master's
degree in business administration from Georgia State University.
Mr. Mike Guttas, presently general manager of human resources at
Mitsubishi Motors Manufacturing, will replace Curt Neal at the
plant as vice president, human resources.
Prior to serving as general manager of human resources, Guttas
worked for 10 years at Mitsubishi Motors Manufacturing in
various human resource areas, including personnel
administration, compensation and benefits, employee relations,
and safety and security. Before that position, he worked for
the Illinois Department of Human Rights for six years. Guttas
received a bachelor's degree in political science from Illinois
State University.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.
Mitsubishi Motors North America Inc.
Dotty Diemer, 714-372-5528
ddiemer@mmsa.com
or
Mitsubishi News Bureau
888-560-MMSA (6672)
newsbureau@mmsa.com
RESONA HOLDINGS: Moody's Upgrades Rating to Ba1
-----------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba3 the
preferred stock rating for AB International Cayman Trust (ABI),
a special purpose corporation of Resona Holdings Inc. (Resona
Holdings). The rating outlook is now stable for all ratings.
This rating action concludes the review for possible upgrade
that was initiated in December 2004. The A3 long-term deposit
ratings and D- bank financial strength ratings of Resona Bank,
Ltd. (Resona Bank) and Saitama Resona Bank, Ltd. (Saitama Resona
Bank) -- Resona Holdings' operating banks -- were not included
in the review and therefore are not affected by this review.
The preferred stock rating upgrade is prompted by Resona Bank's
and Saitama Resona Bank's rapid recovery of fundamentals, which
is to lead to in the near future to their resuming currently
suspended preferred dividend payments.
The upgrade also reflects Moody's belief that the risk of
another preferred dividend suspension has been reduced. This is
due to Resona Holdings' improved capital structure -- as
evidenced by the conservatively adjusted book value of equity
securities in its operating banks -- and the higher likelihood
of future dividend upstream, both from its operating banks and
from Resona Trust & Banking Co., Ltd., another of its operating
subsidiaries, where the predictability of earnings has been
stable.
Moody's noted that direct linkages of Japanese mandatory
preferred securities' ratings to deposit ratings should
carefully consider the levels of financial strength of the
banks, its trend and the regulatory stance toward the suspension
of mandatory preferred securities. As deposit ratings of large
Japanese banks in general incorporate to a significant degree
the probability of regulatory support in case of stress, Moody's
continues to believe that deposit ratings are not logically
appropriate reference points for these banks' mandatory
preferred shares.
Rather, Moody's added that final level of mandatory preferred
rating for Japanese banks should remain closely linked to the
level of its bank financial strength rating. In this connection,
Moody's will treat bank financial strength rating of D minus as
an important element of Baa3 rating for bank issued mandatory
deferral preferred stock rating. Additional adjustment is made
to ABI's preferred stock rating as a result of its being
subordinated to obligations of Resona Bank.
In Moody's view, notching between optional and mandatory
preferred may continue to exist except for those financially
very weak banks. The degree of notching between mandatory and
optional preferred is also a function of the level of bank
financial strength rating and deposit rating. As bank financial
strength rating will improve, this differential will become
narrower.
The following ratings were upgraded:
AB International Cayman Trust: preferred stock rating upgraded
to Ba1 from Ba3
Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
SANYO ELECTRIC: Selects Mentor for Multimedia LSI Design
--------------------------------------------------------
Mentor Graphics Corporation (Nasdaq:MENT - News) announced on
May 25 that SANYO Electric Co., Ltd. (Nasdaq:SANYY - News) has
selected the Mentor Graphics Catapult(TM) C Synthesis tool after
an evaluation comparing leading high-level synthesis tools.
SANYO chose the Catapult C Synthesis tool based on quality of
results, timesavings, ease of use, product maturity, and the
tool's compatibility with the Company's C/C++ design flow.
In the past, the Company employed behavioral synthesis tools to
shorten device development time. Recently, SANYO decided to move
beyond behavioral synthesis to explore algorithmic synthesis,
which uses pure, untimed system models as input. Algorithmic
synthesis requires far less user effort, allowing designers to
specify interfaces and hierarchy using constraints, and
instantly target FPGA or ASIC implementations without changing
the original C source.
"We found Catapult C's quality of results and ease-of-use to be
very convincing. Using the tool, we were able to start at a
higher level of abstraction and produce concise RTL code more
quickly than before. Automatically producing ASIC and FPGA
hardware from an algorithmic description will enable our
hardware designers to spend less time coding details and more
time optimizing the more meaningful areas of the design," stated
Dr. Hideki Yamauchi, senior LSI design technical manager, SANYO
Digital Systems Research Center, R&D H.Q.
The Catapult C Synthesis tool is the only product to synthesize
an ANSI C++ source where both the core algorithm and interface
are untimed. As a result, designers can perform detailed "what-
if" analysis on varying micro-architecture and interface
scenarios achieving fully optimized hardware designs. The tool
creates RTL that can be synthesized into gates using standard
RTL synthesis products, enabling it to fit within a wide variety
of tool flows.
"SANYO Electric is a leading global multimedia consumer
electronics Company with extensive expertise in using high-level
synthesis tools. We are delighted that SANYO has selected
Catapult C Synthesis to reach its quality and time-to-market
goals," said Simon Bloch, general manager of the Mentor Graphics
Design Creation and Synthesis Division. "SANYO's selection of
Catapult C validates Mentor's recent increased presence and
focus on serving the Japanese market."
About SANYO Electric Co., Ltd.
SANYO Electric Co., Ltd. is one of the global consumer
electronics giants leading the way in technology innovation for
its strategic business domains "Digital & Device" and "Energy &
Ecology." SANYO's businesses cover a broad range from
AV/Information and Communications Equipment, Home Appliances,
Commercial Equipments, Electronic Devices, Batteries and Others.
The SANYO group is a truly international organization,
consisting of 109 subsidiaries and 67 affiliates globally with
consolidated sales of 2,490 billion Yen for the fiscal year
ended March 31, 2005. For further information, please visit
SANYO's web site at http://www.global-sanyo.com/.
About Mentor Graphics
Mentor Graphics Corporation (Nasdaq:MENT - News) is a world
leader in electronic hardware and software design solutions,
providing products, consulting services and award-winning
support for the world's most successful electronics and
semiconductor companies. Established in 1981, the Company
reported revenues over the last 12 months of over $700 million
and employs approximately 3,850 people worldwide. Corporate
headquarters are located at 8005 S.W. Boeckman Road,
Wilsonville, Oregon 97070-7777; Silicon Valley headquarters are
located at 1001 Ridder Park Drive, San Jose, California 95131-
2314. World Wide Web site: http://www.mentor.com/.
Mentor Graphics is a registered trademark and Catapult is a
trademark of Mentor Graphics Corporation. All other Company or
product names are the registered trademarks or trademarks of
their respective owners.
Contact:
Mentor Graphics Corporation, Wilsonville
Nate James, 503-685-0449
nathan_james@mentor.com
Sonia Harrison, 503-685-1165
sonia_harrison@mentor.com
UFJ BANK: Moody's Affirms Ratings on ABCP Programme CLOs
--------------------------------------------------------
Moody's Investors Service has affirmed the Prime-1 ratings of
UFJ Bank, Ltd.'s asset-backed commercial paper (ABCP) program
collateralized loan obligations (CLOs), listed below, following
amendments to relevant documents pursuant to the Law Concerning
Book-Entry Transfer of Corporate Bonds, etc. (Law #75 of 2001).
These amendments enable the programs to issue paperless
commercial paper (CP).
Programs:
Laputa V Funding Corporation
Gannet One Funding Corporation
Gannet II Funding Corporation
Gannet III Funding Corporation
Gannet IV Funding Corporation
Gannet V Funding Corporation
Gannet VI Funding Corporation
Moody's believes the programs' actual or potential issue of
paperless CP would not affect their Prime-1 ratings, based on
the following factors: 1) The backup lines would be provided by
UFJ Bank, Ltd. as before 2) Paperless CP will be issued at a
discount to maturity so that the redemption amount will be fixed
at the issue date. 3) UFJ Bank, Ltd. would act as issuing and
paying agent for paperless CP on behalf of these programs.
CONTACT:
UFJ Holdings Inc.
5-6, Fushimimachi 3-chome
Chuo-ku, Osaka-shi
Osaka, Japan
Phone: +81-6-6228-7111
Fax: +81-3- 3212-5870
UFJ BANK: S&P Downgrades OPCO Preferred Securities To 'C'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
operating Company (OPCO) preferred securities issued by a
funding vehicle of UFJ Bank Ltd. (A-/Positive/A-1) to 'C' from
'BB', following the bank's announced suspension of dividend
payments. All ratings on UFJ Bank and UFJ Trust Bank Ltd.(A-
/Positive/A-1), including counterparty ratings, bank
survivability ratings, and issue ratings were affirmed.
Standard & Poor's issue rating on UFJ's OPCO securities was
lower than the counterparty rating on the bank by five notches,
a larger gap than in the case of other major banks in Japan,
given uncertainties over dividend payments arising from the UFJ
group's weaker financial profile.
The rating gap shrank to five notches in December 2004 when the
OPCO securities were upgraded based on UFJ's decision to pay
dividends on the securities. The bank had announced that it
would likely suspend dividend payments on their preferred stocks
with mandatory deferral clauses, due to anticipated exhaustion
of the bank's financial resources.
UFJ kept the decision of dividend payment on this instrument in
June 2005 ambiguous, while it decided to continue to pay a
dividend in December 2004. The decision to continue dividend
payment on this instrument avoided the immediate threat of
default on the instrument at that time, and future suspension of
payments appeared less likely. The bank's steady progress toward
consolidation with the Mitsubishi Tokyo Financial Group also
supported the upgrade.
The rating on OPCO securities will be lowered to 'D' as of June
30, 2005, based on Standard & Poor's rating criteria. However,
the counterparty and other ratings on the UFJ banks are affirmed
and will not be downgraded to 'D' or 'SD', since the suspension
of dividend payment is in accordance with the terms and
conditions of securities issuance and does not constitute a
default of payment.
According to Standard & Poor's rating criteria, the 'C'-issue
rating is assigned to a subordinated debt or preferred stock
obligation that is highly vulnerable to nonpayment. This is the
lowest issue rating assigned to an instrument for which there
are ongoing payments.
=========
K O R E A
=========
BRIDGE SECURITIES: FSC Blocks Sale to Rival
-------------------------------------------
The Financial Supervisory Commission is opposed to a KRW81-
billion (US$80.92 million) deal to sell brokerage Bridge
Securities to a domestic online rival, Reuters reports.
The financial watchdog rejected said the application by online
brokerage Leading Investment & Securities Co. Ltd. to buy Bridge
also failed to give a realistic post-merger business plan
because of its poor financing program.
"The FSC concluded that the proposed merger fails to satisfy
merger requirements," it said in a statement.
It said the financing put forward by Leading Investment could be
covered only by disposing of nearly all of the liquid assets of
the merged Company, leaving the merged entity with illiquid
assets such as unlisted shares and physical assets.
The regulatory decision is feared to result in the break up of
the small-sized local securities firm, majority owned by
British-based Bridge Investment Holdings fund.
Bridge Securities had said early in May it would put a
liquidation plan up for vote at a shareholders' meeting on June
1 should regulators reject the deal.
CONTACT:
Bridge Securities Company, Limited
198 Ulchiro 2-ga, Chung-gu
Seoul, South Korea
Phone: +82 2 771 0900
Fax: +82 2 3779 3610
Web site: http://www.bridgefn.com/
===============
M A L A Y S I A
===============
CHG INDUSTRIES: Books Net Loss in Q1
------------------------------------
CHG 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
24,161 19,686 24,161 19,686
2 Profit/(loss) before tax
-6,816 -7,664 -6,816 -7,664
3 Profit/(loss) after tax and minority interest
-6,816 -7,664 -6,816 -7,664
4 Net profit/(loss) for the period
-6,816 -7,664 -6,816 -7,664
5 Basic earnings/(loss) per shares (sen)
-14.24 -16.02 -14.24 -16.02
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)
-3.4300 -3.2900
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_chgindustries052705.pdf
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor
Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax: +60 3 907 66215
GOLDEN FRONTIER: Buys Back 13,000 Shares
----------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of it shares buy back on May 26,
2005.
Date of buy back: 26/05/2005
Description of shares purchased: Ordinary Shares of MYR1.00 Each
Total number of shares purchased (units): 13,000
Minimum price paid for each share purchased (MYR): 0.530
Maximum price paid for each share purchased (MYR): 0.550
Total consideration paid (MYR): 7,072.93
Number of shares purchased retained in treasury
(units): 13,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,526,700
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
GOLDEN FRONTIER: Bounces Back to Black
--------------------------------------
Golden Frontier 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
20,786 19,691 44,354 42,706
2 Profit/(loss) before tax
103 -1,061 1,277 -584
3 Profit/(loss) after tax and minority interest
117 -969 1,254 -612
4 Net profit/(loss) for the period
117 -969 1,254 -612
5 Basic earnings/(loss) per shares (sen)
0.19 -1.56 2.01 -0.98
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)
0.5200 0.5100
A copy of the report is attached:
http://bankrupt.com/misc/tcrap_goldenfrontier052705.xls
JIN LIN: Posts Lower Net Loss
-----------------------------
Jin Lin Wood 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
2,335 2,900 5,329 8,554
2 Profit/(loss) before tax
-2,056 -4,815 -6,917 -11,500
3 Profit/(loss) after tax and minority interest
-2,056 -4,815 -6,917 -11,500
4 Net profit/(loss) for the period
-2,056 -4,815 -6,917 -11,500
5 Basic earnings/(loss) per shares (sen)
-4.67 -10.94 -15.72 -26.14
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)
-0.3100 -0.1500
A full copy of the report is available at:
http://bankrupt.com/misc/tcrap_jinlin1052705.xls
CONTACT:
Jin Lin Wood Industries Berhad
177, 2nd Floor, Taman Sri Dagang
P O Box 3181, 97013 Bintulu
Sarawak, Malaysia
Phone: 086-334661/335570
Fax: 086-330866/334808
K.P. KENINGAU: Provides Default Status Update
---------------------------------------------
K.P. Keningau Berhad announced that the Company updated its
default status in payments to financial institutions as of April
30, 2005.
The Company defaulted on a total of MYR39,620,313.53 on its
principal sums with interest. The Company's default status
report is attached herewith:
http://bankrupt.com/misc/tcrap_kpkeningau052705.doc
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax: 03-7784 1988
MECHMAR CORPORATION: Discloses Q1/FY05 Results
----------------------------------------------
Mechmar Corporation (Malaysia) 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
119,578 109,405 119,578 109,405
2 Profit/(loss) before tax
4,338 3,769 4,338 3,769
3 Profit/(loss) after tax and minority interest
2,140 3,707 2,140 3,707
4 Net profit/(loss) for the period
2,140 3,707 2,140 3,707
5 Basic earnings/(loss) per shares (sen)
1.43 2.48 1.43 2.48
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)
1.4700 -1.3600
CONTACT:
Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax: +60 5569 1316
MENTIGA CORPORATION: Net Loss Swells in Q1
------------------------------------------
Mentiga Corporation 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
1,590 866 1,590 866
2 Profit/(loss) before tax
-4,193 -3,319 -4,193 -3,319
3 Profit/(loss) after tax and minority interest
-4,193 -3,319 -4,193 -3,319
4 Net profit/(loss) for the period
-4,193 -3,319 -4,193 -3,319
5 Basic earnings/(loss) per shares (sen)
-11.18 -8.85 -11.18 -8.85
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)
-1.4700 -1.3600
To view a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_mentiga1052705.xls
http://bankrupt.com/misc/tcrap_mentiga2052705.doc
http://bankrupt.com/misc/tcrap_mentiga3052705.xls
CONTACT:
Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax: +60 3 40431233
MERCES HOLDINGS: First Quarter Net Loss Drops
---------------------------------------------
Merces Holdings 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
899 2,901 899 2,901
2 Profit/(loss) before tax
-1,087 -2,197 -1,087 -2,197
3 Profit/(loss) after tax and minority interest
-1,086 -2,039 -1,086 -2,039
4 Net profit/(loss) for the period
-1,086 -2,039 -1,086 -2,039
5 Basic earnings/(loss) per shares (sen)
-2.13 -4.00 -2.13 -4.00
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)
0.5500 0.5700
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_mercesholdings052705.doc
http://bankrupt.com/misc/tcrap_mercesholdings2052705.doc
CONTACT:
Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
Phone: 03-2919366
Fax: 03-2928773/2919901
PADIBERAS NASIONAL: 11th AGM Set June 21
----------------------------------------
Padiberas Nasional Berhad announced that the Company will hold
its 11th Annual General Meeting (AGM) on June 21, 2005, 10:00
a.m., Dewan Bunga Tanjung, Kelab Shah Alam Selangor, Persiaran
Istana Kayangan, Seksyen 13, 40740 Shah Alam, Selangor Darul
Ehsan, in Malaysia.
Attached is a copy of the AGM Notice:
http://bankrupt.com/misc/tcrap_padiberas052705.pdf
CONTACT:
Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/
PANTAI HOLDINGS: Repurchases More Shares
----------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on May 26, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 26/05/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 111,000
Minimum price paid for each share purchased (MYR): 0.965
Maximum price paid for each share purchased (MYR): 0.995
Total consideration paid (MYR): 109,069.51
Number of shares purchased retained in treasury
(units): 111,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 29,936,900
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala LumpurMalaysia
Phone: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
PILECON ENGINEERING: Q1 Net Loss Reaches MYR2.38 Mln
----------------------------------------------------
Pilecon Engineering 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
14,924 12,017 14,924 12,017
2 Profit/(loss) before tax
-1,144 -1,149 -1,144 -1,149
3 Profit/(loss) after tax and minority interest
-2,384 -1,743 -2,384 -1,743
4 Net profit/(loss) for the period
-2,384 -1,743 -2,384 -1,743
5 Basic earnings/(loss) per shares (sen)
-0.60 -0.44 -0.60 -0.44
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)
0.1100 0.1200
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-188
TT RESOURCES: To Hold AGM Next Month
------------------------------------
TT Resources Berhad announced that the Company will hold its
10th Annual General Meeting on Monday, June 20, 2005, 10:30 a.m.
at Ballroom1 of the Tropicana Golf & Country Resort, Jalan Kelab
Tropicana, 47410 Petaling Jaya, Selangor Darul Ehsan, Malaysia.
A copy of the notice, which is hereby attached, was published in
The Star on May 27, 2005:
http://bankrupt.com/misc/tcrap_ttresources052705.pdf
CONTACT:
TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama 47400
Petaling Jaya, Selangor
Darul Ehsan, Malaysia
Phone: 03-77268297
Fax: 03-77268076
Web site: http://www.ttrb.com.my
WCT ENGINEERING: Passes All AGM Resolutions
-------------------------------------------
WCT Engineering Berhad announced that the Company passed the
following resolutions that were proposed in its 24th Annual
General Meeting (AGM) held last May 26, 2005:
Ordinary Resolution 1
-Adoption of the Audited Financial Statements and Reports of the
Directors and Auditors for the year ended 31 December 2004.
Ordinary Resolution 2
-Declaration of Special Dividends of 12 sen per share (tax
exempt) and 10 sen per share (less Malaysian Income Tax of 28%)
and a Final Dividend of 7.5 sen per share (less Malaysian Income
Tax of 28%)
Ordinary Resolution 3
-Re-election of Y. Bhg. Dato' Capt. Ahmad Sufian @ Qurnain Bin
Abdul Rashid as a Director of the Company.
Ordinary Resolution 4
-Re-election of Mr Taing Kim Hwa as a Director of the Company.
Ordinary Resolution 5
-Re-election of Mr Goh Chin Liong as a Director of the Company.
Ordinary Resolution 6
-Re-appointment of Messrs Ernst & Young as the Company's
Auditors and authorisation of Directors to fix their
remuneration.
Ordinary Resolution 7
-Authority for the Directors to allot and issue shares pursuant
to Section 132D of the Companies Act, 1965.
Ordinary Resolution 8
-Renwal of Shareholders' Mandate for Existing Recurrent Related
Party Transactions of a Revenue or Trading Nature.
Ordinary Resolution 9
-Share Buy-Back by the Company.
Ordinary Resolution 10
-Allocation of options to Mr Liang Kai Chong.
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
=====================
ATLAS CONSOLIDATED: Embroiled in Tax Evasion Scandal
----------------------------------------------------
Atlas Consolidated Mining and Development Corporation is facing
tax evasion accusations by authorities in Aroroy, Masbate,
Business World relates.
The local government officials have reportedly discussed plans
to file tax evasion charges against Atlas for failing to pay
excise taxes since 1991. The suit would demand payment of around
Php32.92 million because under the local government code, Aroroy
is supposed to get a 40 percent share of the total tax payments
of the mining firm.
Dr. Orencio Pusing, president of the Aroroy Goldpanners and
Processors Cooperative (an association of small-scale miners)
urged the Bureau of Internal Revenue pore over the tax records
of Atlas because the assessment of the Aroroy municipal
government shows that aside from the unpaid excise taxes, Atlas
also owes about Php15.9 million in realty taxes.
According to the Mining Law of 1995, government share in mineral
production sharing agreements consists of the collected excise
tax on minerals extracted by miners.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
CAMP JOHN: Baguio to Benefit from Debt Settlement
-------------------------------------------------
The Baguio government expects to get a substantial amount from
whatever the Bases Conversion Development Authority (BCDA)
collects on the debts owed by the troubled Camp John Hay
Development Corp. (CJHDevCo), Today News relates.
The BCDA pledged the Baguio local government some Php300 million
in development funds, which was supposed to be earmarked for the
rehabilitation of the city's waterworks.
The fund is the share of Baguio City in the Php2.3 billion in
arrears that CJHDevCo failed to pay to the BCDA and its
subsidiary, John Hay Management Corp. (JHMC).
The CJHDevCo's Php2.3-billion liability is composed of arrears
and rentals, which it failed to pay since 1999, after entering
into a lease contract with JHMC and BCDA for a 286-hectare
property in Baguio in 1996.
The BCDA and the JHMC also promised not to enter "into any
irresponsible compromise with the debtor" referring to an
earlier proposal made by CJHDevCo, which pushed for a reduction
of the Php2.3-billion arrears into a measly Php192,000.
However, the BCDA and JHMC's assurance runs contrary to an
earlier accusation made by CJHDeVco.
In an official statement, the CJHDevCo implied that the JHMC and
the BCDA are milking money from the Company owing to its
inability to fund the 94-kilometer Subic Clark Tarlac Expressway
(SCTEP).
Georgina Alvarez, CJHDevCo lawyer, has said that the money to be
collected by the BCDA will not go to the Baguio City government,
but to the SCTEP project.
CONTACT:
Camp John Hay Dev. Corp.
Marketing Department
Loakan Road, Baguio City
Philippines 2600
Phone: (6374)442-7902 to 08
Fax: (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/
COLLEGE ASSURANCE: Admits to Low Cash Flow
------------------------------------------
College Assurance Plans has admitted it only had less than
Php100 million in cash, according to The Philippine Star.
The ailing pre-need provider revealed to the House of
Representatives oversight committee its dire financial
condition, when asked how much of its Php8.5 billion assets were
in "physical cash".
CAP Vice President Bobby Cafe explained the firm's predicament
started last year when the Securities and Exchange Commission
(SEC) changed the system for computing " actuarial reserve
liabilites", which represent future obligations to plan holders.
Mr. Cafe blamed CAP's inflated liabilities and dwindling assets
value to the new computation.
He added that CAP's financial woes even worsened when the
regulator ordered CAP to stop selling educational plans and
refused to renew its dealer's license.
He said since CAP was prohibited from selling educational plans,
it could not augment its trust funds which were being depleted
by continuous withdrawals to pay out for plan holders' claims.
CAP is the largest pre-need Company in the country, with nearly
a million customers who invest in educational plans.
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 STEEL: Downstream Sector Seeks Review of Tax Perks
---------------------------------------------------------
The local domestic downstream steel sector is asking the
national government to review the tax perks and tariff
privileges given to Global Steelworks International Inc. (GSII)
following its raw material import violations, according to The
Philippine Daily Inquirer.
Global Steelworks has received tax holidays and other financial
and non-financial privileges as investment incentives. These
include benefits from an executive order from President Gloria
Macapagal-Arroyo, which increased tariffs on imported raw
materials to seven percent from three percent.
The Filipino Galvanizers Institute Inc. (FGII) and Federation of
Philippine Industries (FPI) aired their complaints after the
Bureau of Customs had found some anomalies regarding the raw
material imports of GSII.
The BOC recently made an inspection of GSII's import activities
in the Port of Cagayan following increasing complaints from
local downstream steel industry players that GSII is selling its
supposed raw materials imports to the domestic market to show a
semblance of commercial operation. Unfortunately, the BOC had
discovered that GSII has not been properly reporting its imports
and its sale of so-called "wastage" or scrap raw materials.
Global Steelworks acquired the National Steel plant in the
southern city of Iligan last year and launched an extensive
plant rehabilitation program.
Global Steelworks is a subsidiary of Global Infrastructure
Holding Ltd., one of the world's leading steel manufacturers.
CONTACT:
Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Telephone: 063-221-2663
Fax: 063-492-2566
LIFETIME PLANS: SEC Orders Closure
----------------------------------
Lifetime Plans Inc. was forced to close its doors Wednesday
after the Securities and Exchange Commission (SEC) decided to
cancel its registration certificate for failure to comply with
requirements, reveals The Philippine Star.
The corporate regulator revoked Lifetime Plans' certificate
since it failed to provide records that it had collected
receivables totaling Php40.61 million, and that it owned 33
transportation equipment with a net book value of Php5.74
million as of May 31, 2004.
According to the SEC, Lifetime Plans was unable to submit the
required documents despite sufficient time given by the SEC. The
Company was given until September last year to comply with the
remaining requirements.
The SEC has also directed Lifetime Plans' trustee banks Rizal
Commercial Banking Corp., ING Bank N.V., and China Banking Corp.
to preserve the trust fund of the pre-need firm until further
orders of the commission.
With the order, it is expected that the assets of Lifetime Plans
shall revert to its troubled sister firm, Pacific Plans.
MAYNILAD WATER: DMCI Eyes Foreign Partner in Takeover Bid
---------------------------------------------------------
DMCI Holdings confirmed it is working with a foreign partner to
forge a consortium that would take over the cash-strapped
Maynilad Water Services Inc., reports The Philippine Daily
Inquirer.
DMCI is reportedly in talks with Japanese firm Marubeni
Corporation to acquire a controlling stake in Maynilad. The
Filipino firm will hold a major stake in the consortium, as it
has to be 60-percent Filipino-owned to be legal.
A source said that DMCI had tapped investment bank Macquarie
Group as financial adviser in its bid to acquire Maynilad.
DMCI is up against investment bank ING Barings, the Ayala group,
whose unit operates the East Zone concession, the International
Finance Corp. and DMCI Holdings Inc., which are also eyeing the
water concessionaire.
Further moves by DMCI, including a plan to conduct due diligence
on the water conces-sionaire were ruled out, however, until a
court hearing on the rehabilitation of Maynilad rules on the
petition.
In 2003 Maynilad petitioned for corporate rehabilitation,
indicating its difficulties in paying off debts. Maynilad also
owes the MWSS some Php10 billion in concession fees.
Besides DBP, other creditors include Equitable-PCI Bank, Rizal
Commercial Banking Corp., Credit-Agricole, Indo-suez, Merchant
Bank Asia Ltd., Citibank NA, Barclays-Bank Plc and BNP Paribas.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
PACIFIC PLANS: DOF Demands Probe on Yuchengco Group Deals
---------------------------------------------------------
The Department of Finance (DOF) has asked the Securities and
Exchange Commission to scrutinize transactions between the firms
of the Yuchengco Group before Pacific Plans Inc. filed for court
rehabilitation, The Manila Standard reports.
Finance Secretary Cesar Purisima personally urged SEC Chairman
Fe Barin to investigate if the intercompany dealings between the
members of the Yunchengco Group were to blame for Pacific Plans'
collapse.
Mr. Purisima said SEC should determine whether the transfer of
Pacific Plans' pension, memorial and fixed education plans to
the now-defunct Lifetime Plans and its sale to GPL Holdings Inc.
at its book value of Php205.138 million was conducted fairly.
The department secretary was responding to claims by a group of
planholders that Pacific Plan's stake in subsidiary Lifetime
Plans, Inc. could have been sold for at least Php2.5 billion.
An independent audit by accounting firm Punongbayan and Araullo
dated March 30 showed that Lifetime had unrealized gross profits
from installment contracts of Php2.774 billion as of May 31,
2004, as well as Php16.741 billion in assets.
PILIPINO TELEPHONE: Shares Plunge After Losing Fight
----------------------------------------------------
Shares of Pilipino Telephone Corp. dived Thursday after the
National Telecommunications Commission (NTC) rejected its appeal
for the regulator to ban the unlimited call and text scheme of
rival Digitel Mobile Philippines Inc., according to The
Philippine Daily Inquirer.
The NTC has authorized Sun Cellular, Digitel's mobile phone
brand, to continue with its promo, saying the popularity of the
new and innovative price plans reflect the appreciation that
consumers have options that enable them to shop for and choose
the price-quality package that best suit their needs.
Piltel and Innove Communications of Globe Telecom Inc. had
complained that Sun Cellular's service fails to pass the
required standard that 93 out of 100 calls should connect on the
first attempt and that 95 out of 100 calls should not be dropped
prematurely.
But with a recent ruling, telecommunications firms are now
permitted to set their own standards for different pricing
plans, as long as subscribers are told what these standards
entail.
CONTACT:
Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888
* Fitch Revises Philippines Outlook to Stable from Negative
-----------------------------------------------------------
Fitch Ratings, the international rating agency, has affirmed the
Republic of the Philippines' Long-term foreign currency and
Long-term local currency ratings at 'BB' and 'BB+',
respectively, but revised the Outlook on both ratings to Stable
from Negative. At the same time, the agency also affirmed the
country's Short-term foreign currency rating at 'B' and the
foreign currency Country Ceiling at 'BB'.
The Outlook revision reflects the recent passage of significant
fiscal policy measures which should help restore the public
finances to a sustainable path over the medium term, assuming
they are implemented as planned.
"We have had to wait a long time for this package but it has
been worth it. The policy response that has taken shape is
really quite something in the Philippines' historical context
and should mark the turning point in the country's fiscal
profile," said Brian Coulton, Senior Director of Fitch Ratings'
Sovereigns team in Asia.
President Gloria Macapagal Arroyo signed the VAT package into
law earlier this week, harboring a two percentage point increase
in the VAT rate from January 2006, a significant narrowing of
VAT exemptions and an increase in the corporate income tax rate
until 2009. While the VAT increase is not immediate and subject
to certain conditions being met, Fitch believes that there is a
very strong likelihood that it will go ahead. The package
represents the key component of the government's tax policy
response to the fiscal problems that have blighted the
Philippines in recent years.
Together with other measures passed earlier including the
indexation of 'sin' taxes, the lateral attrition bill and
increased petroleum import duties, the VAT package should secure
additional revenues of around 2% of GDP by 2006. The tax policy
effort has been accompanied by an impressive degree of restraint
in the government's non-interest expenditure as reflected in its
decline to an historical low of 12.9% of GDP in 2004, and growth
well below nominal GDP in the first four months of 2005. Recent
electricity tariff increases should also help substantially
reduce the deficit of state power Company NAPOCOR. Additionally,
efforts to improve the efficiency of tax collection appear to be
gaining momentum, though at this stage it is still hard to
identify a concrete impact on tax elasticity.
Fitch estimates that these efforts should help the national
government deficit fall to 3.2% of GDP this year from 3.9% in
2004 and further to 2.7% of GDP in 2006. The primary balance -
which excludes interest payments and more closely reflects
policy driven movements in the public finances - is expected to
improve more rapidly to over 3% of GDP in 2006 from 1.5% in
2004, even allowing for some pick up in non-interest spending
after 2005. Doubtless, the Philippines' public debt burden
remains high at an estimated 73.4% of GDP at end-2004 for the
general government, and 95.6% for the broader non-financial
public sector (NFPS), although the recent consolidation exercise
has seen public debt ratios reduced significantly compared to
previous estimates. But crucially, the prospect of increased
primary surpluses should, in combination with still-healthy
nominal GDP growth, see public debt ratios decline firmly over
the short and medium term.
General government debt is expected to fall below 70% of GDP by
end-2006 even allowing for the transfer of debts of 3.7% of GDP
from NAPOCOR this year, while the NFPS debt-to-GDP ratio should
decline by around 10 percentage points between end-2004 and end-
2006. And while the interest payment burden will remain heavy
for the foreseeable future, the ratio of interest payments to
revenue should start to fall after 2005, in contrast to Fitch's
earlier projections.
Needless to say, the Stable Outlook assumes that the government
will persist with the implementation of the fiscal effort and
avoid the temptation to spend an excessive portion of additional
tax revenues or ease up on efforts to improve tax administration
and the health of state enterprises. But it is also supported by
the stability of Philippines' external finances. The current
account registered its seventh successive year of surplus in
2004 at 2.4% of GDP and continues to be supported by strong
remittance flows.
Stronger-than-expected portfolio investment inflows this year
have supported the capital account, and official foreign
exchange reserves excluding gold rose to USD14.1 billion in
April, their highest level for almost three years. Rising US
interest rates and weakening global demand will present a less
favorable external environment over the next couple of years but
with a 2005 external liquidity ratio of 151% and net external
debt of 62% of current external receipts at end-2004, the
Philippines should be no more vulnerable than 'BB' rated peers.
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Requests End of Trading Halt
---------------------------------------------
Accord Customer Care Solution Ltd. issued to the Singapore Stock
Exchange a request for the lifting of the trading halt effective
May 27, 2005 at 9:00 a.m.
Woo Kah Wai
Company Secretary
26 May 2005
CONTACT:
Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com
ADVENTURE TRAINING: Court to Hear Petition July 1
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Adventure Training Systems (Asia-Pacific) Pte Ltd by the High
Court was, on May 17, 2005, presented by Ubin Lagoon Resort Pte
Ltd (Registration No. 199609098N) (In Liquidation), a Company
duly incorporated in the Republic of Singapore under the
Companies Act (Cap. 50), and having its registered office at 600
Ponggol Seventeenth Avenue, Singapore 829734, the Creditors.
The said Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m. in the forenoon on Friday, July 1, 2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the said Petition
may appear at the time of 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.
The Petitioners' Solicitors are Messrs Madhavan Partnership of
80 Robinson Road #08-01/02, Singapore 068898.
Dated this 20th day of May 2005.
Messrs Madhavan Partnership
Solicitors for the Petitioners
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed
Solicitors, Messrs Madhavan Partnership, notice in writing of
his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than twelve o'clock noon
on June 30, 2005 (the day before the day appointed for the
hearing of the Petition).
CHARTERED SEMICONDUCTOR: Broadens Venture with IBM
--------------------------------------------------
IBM and Chartered Semiconductor Manufacturing announced to the
Singapore Stock Exchange (SGX) a further expansion of their
jointly developed 90-nanometer (nm) process platform with the
addition of common design enablement support.
The additional support includes power-optimized, manufacturing-
aware libraries, low power electronic design automation (EDA)
reference flows, and design kits for critical high-speed
connectivity interface standards, including USB 2.0 and PCI
Express.
Expanded support - provided by ARM, Cadence Design Systems,
Inc., Magma Design Automation Inc. and Synopsys, Inc - augments
the existing ecosystem of support for the IBM-Chartered 90nm
base process platform and underscores the companies' expanding
efforts to help early adopters reduce design risks and achieve
fast volume ramp for their leading-edge system-on-chip (SoC)
products.
Extending ARM's current library support for the 90nm base
process at IBM and Chartered, ARM's Artisan Metro low-power
libraries - a suite of standard cells, memory generators, and
general purpose and specialty I/O cells developed and optimized
for low-power design - are immediately available as the initial
foundation library offering to support low-power processes and
third-party low-power reference flows.
Cadence, Magma and Synopsys are collaborating with Chartered and
IBM to provide low-power reference flows for the 90nm common
platform.
The validation process involves running both a high-level block-
based design and more complex SoC design through the reference
flows to demonstrate important low-power design techniques while
achieving electromigration, signal integrity and timing closure
requirements.
Upon availability, the reference flows, coupled with the
libraries will support a variety of power reduction
methodologies- multi-voltage threshold design, voltage scaling
and voltage islands- and therefore help enable a more efficient
and effective way to design to the 90nm low-power process
platform. (See separate releases from Cadence, Magma and
Synopsys.)
To provide design enablement for high-speed interface standards,
IBM and Chartered intend to offer design kits for their jointly
developed 90nm process that support Synopsys' USB 2.0 Physical
Layer core (PHY IP) and ARM's Velocity Serial Link PHY IP for
supporting specifications such as PCI Express, Serial ATA, SAS,
and XAUI.
The design kits will include a comprehensive set of views and
models required by EDA tools to support designers with their
early design exploration. (See separate releases from ARM and
Synopsys.)
"IBM and Chartered's jointly developed process continues to gain
acceptance with both customers and other companies in the value-
chain.
Broadening the commonality of the platform is helping it emerge
as the standard that partners and design solutions companies are
targeting with new capabilities," said Steve Longoria, vice
president, Semiconductor Technology Platform for IBM.
"The addition of these critical elements for leading-edge design
addresses pressing issues for early adopters of 90nm process
technology, namely low power and high-speed connectivity
applications." Both the low-power design and high-performance
cores benefit from a comprehensive validation approach.
A team comprised of IBM and Chartered technical experts worked
closely with design enablement companies to accelerate the
development of technology files and scripts as well as provide
access to critical manufacturing data for more accurate design
kits and reference flows.
The collaboration also extended to comprehensive design rule
checking (DRC), layout versus schematic (LVS) matching, and
design for manufacturability (DFM) and design for yield (DFY)
analysis and review.
"We now have the advantage of a well-defined and thorough
approach, which is enabling us to offer new and validated 90nm
EDA and IP support faster," said Kevin Meyer, vice president of
worldwide marketing at Chartered. "We continue to enhance the
design enablement support for 90nm even as we move to 65nm and
beyond, which should result in earlier availability for leading-
edge adopters of new technology."
To view a full copy of the press release, click
http://bankrupt.com/misc/CharteredSemiconductorMay25.pdf
CONTACT:
Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com
CHINA AVIATION (S): Adjournment of SK Petition Hearing Gets Nod
---------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd informed the
Singapore Stock Exchange (SGX) that the High Court of Singapore
has adjourned the hearing of the judicial management petition
presented by SK Energy Asia Pte Ltd (SK Energy) to June 13,
2005, which is after the creditors' meeting on June 8, 2005 to
consider and approve the Company's Scheme of Arrangement.
The adjournment was granted by the High Court at the request of
the petitioner, SK Energy, and agreed to by the Company. The
Company is pleased with this new development, as it is a
positive step in the Company's plan to have a consensual
restructuring scheme with its creditors.
The Company can now focus on the debt restructuring exercise
under the Scheme of Arrangement.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
DATACRAFT ASIA: Clinches US$3Mln Contract with SCB
--------------------------------------------------
Datacraft Asia Ltd. advised the Singapore Stock Exchange (SGX)
that it has been awarded a US$3 million contract by Siam
Commercial Bank (SCB).
The 12-month project entails the migration of the bank's
interbranch network on to a new Internet Protocol (IP)
technology platform, upgrades to branch local area networks and
implementation of a comprehensive security and network
management solution.
Upon project completion in early 2006, the bank will achieve
significant operational cost saving while benefiting from
improved network performance, manageability and security. It
will also have a foundation upon which it can implement a new
generation of network services for both internal and external
customers.
"We are dedicated to providing quality customer services and
this project directly supports our drive to achieve the highest
levels of customer satisfaction through innovation, service
enhancement and operational efficiency. Datacraft has been
selected because it has the track record of successfully
managing large-scale bank network projects to deliver on time,
to specification and within budget," said Woraphon
Watunyuta, Vice President,IT Operations Division of Siam
Commercial Bank.
A key project objective is the migration of SCB's current wide
area network, which is based on Frame Relay technology, to a new
IP foundation with Cisco technology providing the network core.
The WAN will be restructured into core, node and branch layers
for better manageability and performance.
At the branch level, the existing local area networks based on
Token Ring technology are being replaced with a Fast Ethernet
infrastructure. Branches will be connected to the enterprise WAN
over channelised E1 links with either ADSL or ISDN lines for
backup.
Datacraft revamps network for Siam Commercial Bank
"Siam Commercial Bank is leveraging the experience and solutions
Datacraft has developed through its engagement on the region's
largest banking network projects," said Somchart Kanha, General
Manager of Datacraft Thailand.
"A new integrated network management centre will enable the bank
to simplify and largely automate the process of configuring new
branch networks while also enhancing security across the bank."
Putting the bank's network on to an all-IP foundation means it
can move ahead with the introduction of converged network
services such as voice and video.
Datacraft will implement end-to-end quality-of-service
management across the new SCB network, enabling service level
guarantees to be put in place to support different classes of
applications.
The new network will also be capable of supporting virtual
private network (VPN) traffic, ensuring that confidential
communications is fully protected when running across the SCB's
enterprise-wide infrastructure. The contract has no material
impact on this financial year.
About Datacraft
"Best Asian Systems Integrator" for fifth consecutive year -
Telecom Asia Datacraft is the leading independent IT services
and solutions Company in Asia Pacific. The Company helps clients
plan, build and support their IT infrastructures.
Datacraft combines an expertise in networking, security,
operating environments, storage and contact centre technologies,
with advanced skills in consulting, integration and managed
services, to craft IT solutions for businesses.
A member of the Dimension Data Group, Datacraft is listed on the
main board of the Singapore Exchange and is a component company
of the Straits Times Index.
Headquartered in Singapore, Datacraft spans more than 50 major
offices and has over 1,200 employees across 13 Asia Pacific
markets. More information can be found at www.datacraft-asia.com
Media Contacts
Datacraft Asia
Esther Quah, Head,
Corporate Communications & Brand Management,
Telephone: 6322 6688
E-mail: esther.quah@datacraft-asia.com
BeeKee Lim, Specialist
Corporate Communications & Brand Management
Telephone: 6322 6605
E-mail: beekee.lim@datacraft-asia.com
FHTK HOLDINGS: Court Hears Confirmation of CRE
----------------------------------------------
Further to the announcement made by FHTK Holdings Ltd on May 16,
2005 that a court hearing to confirm the Capital Reduction
Exercise (CRE) has been fixed for hearing on May 25, 2005, the
Company would like to inform shareholders that the court hearing
has been adjourned for hearing on May 27, 2005.
The Company will continue to update shareholders on the progress
of the Capital Reduction Exercise as well as the effective date.
By Order of the Board
CONTACT:
FHTK Holdings Limited
20 Harbour Drive #06-02
PSA Vista
Singapore 117612
Telephone: 65 67795688
Fax: 65 67773960
INFORMATICS HOLDINGS: Restructures Rights Issue
-----------------------------------------------
The board of Directors of Informatics Holdings Ltd refers to the
announcement made to the Singapore Stock Exchange (SGX) on March
22, 2005 in relation to the proposed Rights Issue, the Whitewash
Resolution and the Berjaya Loan.
In view of the prevailing market conditions and the current
price levels of the Shares, the Company has reviewed the terms
of the proposed Rights Issue. To encourage greater participation
by all Shareholders, the Board has decided to restructure the
Rights Issue as set out below.
Update on the Principal Terms of the Rights Issue
The Company announced that, following its review the terms of
the proposed Rights Issue shall be as follows:
There shall be issued a minimum of 196,000,000 and a maximum of
240,002,625 Rights Shares at an issue price of SG$0.125 for each
Rights Share with between a minimum of 196,000,000 and a maximum
of 240,002,625 Warrants, each Warrant carrying the right to
subscribe for one (1) New Share at an Exercise Price of S$0.125
for each New Share, on the basis of one (1) Rights Share with
one (1) Warrant for every two (2) existing Shares held by
Shareholders as at the Books Closure Date, fractional
entitlements disregarded.
The issue price of SG$0.125 for each Rights Share with Warrant
represents a discount of approximately 13.8% to the last
transacted price of SG$0.145 per Share on the SGX-ST on May 26,
2005, being the last transacted price prior to the release of
this announcement.
Based on the issued and paid-up share capital of the Company as
at the date of this announcement of 392,000,000 Shares, a
minimum of 196,000,000 Rights Shares with Warrants will be
issued pursuant to the Rights Issue, with gross proceeds of
SG$24.5 million, assuming that the Rights Issue is fully
subscribed.
As at the date of this announcement, there are (i) 13,510,000
outstanding share options granted under the Informatics Group
Share Option Scheme, of which 9,605,250 are exercisable as at
the date of this announcement and (ii) 78,400,000 outstanding
warrants issued by the Company pursuant to the previous rights
issue in 2004, all of which are exercisable as at the date of
this announcement.
Assuming that all the aforesaid exercisable outstanding share
options and all the aforesaid outstanding warrants are exercised
before the Books Closure Date, the issued and paid-up share
capital of the Company as at the Books Closure Date would
comprise 480,005,250 Shares, in which event a maximum of
240,002,625 Rights Shares with Warrants will be issued pursuant
to the Rights Issue, with gross proceeds of approximately S$30.0
million, assuming that the Rights Issue is fully subscribed.
Appropriate adjustments, if any, will be made to the outstanding
warrants and the share options granted or to be granted under
the Informatics Group Share Option Scheme, in connection with
the Rights Issue.
To view a full copy of the press release, click
http://bankrupt.com/misc/InformaicsRightsIssue-26May2005.pdf
http://bankrupt.com/misc/InformaticsRightsIssue-update-
26May2005.pdf
CONTACT:
Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Telephone: 65 65625625
Fax: 65 65651371
Web site: http://www.informaticsgroup.com
IRE CORPORATION: Exercises SCB Put Option May 26
------------------------------------------------
Further to the announcement made by the Company on May 20, 2005,
the Board of Directors of IRE Corporation Limited advised the Singapore
Stock Exchange (SGX) that it has on May 26, 2005 exercised the
SCB Put Option by serving a notice on Standard Chartered Bank
(SCB) to convert SG$1,948,256.90 out of the SCB Restructured
Loan of SG$3,871,810.90 into 77,930,276 ordinary shares of
SG$0.01 each in the capital of the Company at a conversion price
of SG$0.025 per share in accordance with the terms and
conditions of the Debt Conversion Agreement dated April 29,
2004, as amended by the supplemental agreement thereto dated May
19, 2005 (collectively, the Debt Conversion Agreement).
In accordance with the terms of Debt Conversion Agreement, the
Company expects to allot and issue to SCB the abovementioned
77,930,276 ordinary shares of SG$0.01 each in the capital of the
Company within five business days from the date of exercise of
the SCB Put Option. The said shares will be listed and quoted
on the SGX-ST.
Pursuant to the terms of the amended Debt Conversion Agreement,
the Company may, subject to the fulfillment of the relevant
conditions, exercise the SCB Put Option a second time on or
before December 27, 2005 for the conversion of the entire sum of
SG$1,923,554 (and not part only), being the balance of the
Restructure Loan.
Please refer to the Company's announcement on May 20, 2005 for
more details relating to the exercise of the SCB Put Option.
Terms used in this announcement shall bear the same meetings as
those used in the announcement of May 20, 2005 unless otherwise
defined.
By Order of the Board
Michael Tay Kwang How
Company Secretary
May 26, 2005
CONTACT:
IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg
===============
T H A I L A N D
===============
THAI PETROCHEMICAL: Founder Must Prove He Could Pay Debt
--------------------------------------------------------
The court ordered the founder of Thai Petrochemical Industry
Public Company Limited (TPI) to prove his ability to repay the
$2.7 billion in debt, relates Reuters.
Prachai Leophairatana claims he had acquired aide from a CITIC
Group, China's largest conglomerate to block the government-
restructuring plan for TPI. But the Central Bankruptcy Court
required Mr. Prachai to provide guarantees that the debt would
be repaid.
More evidence such as cash should be presented before the court,
in order to make sure that the said firm has enough money to
repay the debt.
Under Mr. Prachai's plan, which still needs court approval,
China Development Bank and Japan's Mizuho Corporate Bank would
provide loans of $900 million to repay the first lot of debt and
CITIC would help finance repayment of the remaining $1.8
billion.
CITIC plans to conduct due diligence on TPI's book for 90 days.
Mr. Prachai said he would ask CITIC to speed up the due
diligence in order for him to get hold of the money as soon as
possible.
"No problem for the $2.7 billion," Reuters quoted Mr. Prachai as
saying. "We will get the money before 90 days".
The Finance Ministry is scheduled to sign a contract with
strategic partners on June 1 to buy a majority stake in TPI.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
THAI WIRE: Issues Update on Major Shareholder Structure
-------------------------------------------------------
Whereas Thai Wire Products Public Company Ltd. increased its
capital by the issuance of 5,000,000 ordinary shares and
allotted to the creditors for debt equity conversion on November
15, 2004, it had no effect to the number of shares held by the
shareholders except for the dilution effect.
The Company issued to the Stock Exchange of Thailand (SET) an
update on the structure of major shareholders after the capital
increase. The details are:
Major Shareholders (As of March 31, 2005)
Name No. of shares % of
paid-up capital
Southern Concrete Pile PCL 4,357,050 16.14
J.T.S Company Limited 3,202,360 11.86
Bangkok Bang PCL 1,859,063 6.89
Mr. Siva Nganthavee 1,721,840 6.38
Mr. Sukit Nganthavee 1,319,040 4.89
Krung Thai Bank PCL 823,457 3.05
Bangkok Commercial Asset
Management Company Limited 757,817 2.81
Arron International Limited 457,151 1.69
The Siam Commercial Bank PCL 423,692 1.57
Mr. Prachit Kijpitak 219,600 0.81
Yours faithfully,
Mr. Sukit Nganthavee
Managing Director
CONTACT:
Thai Wire Products Public Company Limited
Zeer Street Bldg, Fl7, 99/2 Moo 8,
Phaholyothin Road Pathum Thani
Telephone: 0-2992-6867
Fax: 0-2992-6870-1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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