/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050531.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 31, 2005, Vol. 8, No. 106 Headlines A U S T R A L I A ADSTEAM MARINE: Members Agree to Wind Up Company A.E. & S.L.: Names G. M. Rambaldi Official Liquidator ALBERT G. MCLANE: Resolves to Undergo Winding Up ANALIS CONSULTING: Hires Official Liquidator ASCOT SYSTEMS: Falls Into Voluntary Liquidation AUSTEMP HEATING: Enters Winding Up Proceedings BARBICAN MARINE: Winds Up Voluntarily CLIBIN PTY: To Convene Final Meeting June 15 CONTINUITY GROUP: Members Pass Winding Up Resolution G&S CLAREMONT: Members to Meet June 14 FRANTON PTY: To Undergo Winding Up Process GLENN KNIGHT: Winds Up Voluntarily GROWTHCORP: Former Sydney Bankrupt Sentenced JAMES HARDIE: May Avoid Civil Prosecutions KINGSWAY AUTHORISED: Members Pass Resolution to Wind Up Company MATILDA MOTOR: Former Director Files for Bankruptcy M N' M TRANSPORT: Winds Up Voluntarily NATIONAL AUSTRALIA: Ex-Currency Options Trader Appears in Court PARMALAT AUSTRALIA: To Relist on Milan Bourse This Year PRESCRIPTION HEALTHCARE: ADV Buys Medical Imaging Biz PRIME WINES: Hires Liquidator to Wind Up Company PRINT AND DESIGN: To Pay Dividend to Priority Creditors SANTOS LIMITED: Jeruk-2 ST 4 Appraisal Sidetrack Begins SANTOS LIMITED: Oyong Development Drilling Underway SMITH & BUTTULA: Names Bruce Roland Saward Liquidator TK COLE: To Convene Final Meeting June 14 UPPER HUNTER: Passes Special Resolution to Wind Up Company VILLAGE ROADSHOW: Boss Admits to Lying About Equity Proposal WE ASSIST: Members Resolve to Wind Up Company ZURICH AUSTRALIA: Says it Misled Regulator C H I N A & H O N G K O N G CHINA CONSTRUCTION: Two Senior Heads Quit Due to Irregularities CHINA CONSTRUCTION: To Offer Shares in Hong Kong GREAT ONE: Court Issues Winding Up Notice GREEN LIVING: Begins Winding Up Process HILL RICH: Unveils Appointment of Liquidators HVB CAMPUSTAR: Issues Debt Claim Notice KELAB LIMITED: Receives Winding Up Order KWONG HING: Former Executives Found Guilty of Bribery MARGAUX FINANCE: Creditors General Meeting Set June 9 TCL COMMUNICATION: AGM Set for June 22 ZHU KUAN: Appoints Joint Liquidators * China's Brokerage Industry in Bad Shape I N D O N E S I A KIANI KERTAS: Badly Needs Funds to Cover Debt SEMEN GRESIK: Pefindo Affirms Ratings SEMEN GRESIK: To Opt for Lower Dividend Payments This Year J A P A N KOBE STEEL: Launches Copper Sheet Processing Company in China MITSUBISHI MOTORS: To Expand Operations in India MITSUBISHI MOTORS: Unveils Spec Upgrades for Outlander SEIBU RAILWAY: Posts FY/2004 JPY13 Bln Net Loss TOSHIBA CORPORATION: Court Reschedules Post Trial Hearing K O R E A CHOHUNG BANK: Fitch Upgrades Ratings to 'BBB+' M A L A Y S I A AYER HITAM: To Announce Regularization Plan INTAN UTILITIES: Provides Default Status Update KIG GLASS: Temporarily Shuts Down Two Plants for Maintenance LINEAR COOLING: SSC Serves Winding Up Petition MEGASTEEL CORPORATION: To Contest Winding-Up Petition MULTI VEST: Posts Loss in Q1/FY05 NAIM INDAH: Net Loss Narrows in Q1 NAUTICALINK BERHAD: Net Loss Widens Slightly OCEAN CAPITAL: Shrinks Net Loss in Q1 OLYMPIA INDUSTRIES: Q1/FY05 Net Loss Balloons PAN PACIFIC: Releases FY05 Quarterly Report PANTAI HOLDINGS: Records Profit in Q1/FY05 P H I L I P P I N E S ATLAS CONSOLIDATED: Denies Tax Evasion Report DMCI HOLDINGS: Clarifies Report on Marubeni Alliance LIFETIME PLANS: Seeks Reconsideration of Revocation Order MARIWASA MANUFACTURING: Unveils New Set of Officers MAYNILAD WATER: Manila Water Anticipating Takeover Plan MAYNILAD WATER: Merrill Lynch Mulls Stake, Debt Buys NATIONAL TRANSMISSION: Set to Seal Service Deals This Year SWIFT FOODS: Soaring Production Costs Drive Up Losses S I N G A P O R E ACCORD CUSTOMER: PwC Concludes Investigation AIROCEAN GROUP: Group Profit Rises 22.0% ALLIANCE TECHNOLOGY: Receiving Proofs of Claim Until June 10 APBT MYANMAR: Lays Out Creditor's Meeting Agenda DATACRAFT ASIA: Completes Issuance, Allotment of Shares FHTK HOLDINGS: High Court OKs Capital Reduction Exercise GREATRONIC LIMITED: Another Petition Delays Hearing RSH LIMITED: Releases 1Q/FY2005 Financial Statement WEARNES INTERNATIONAL: Releases PwC, GK Goh Reports T H A I L A N D NAKORNTHAI STRIP: Allocates 117,316,622 Common Shares TONGKAH HARBOUR: Names New Company Director BOND PRICING: For the Week 30 May to 03 June 2005 - - - - - - - - ================= A U S T R A L I A ================= ADSTEAM MARINE: Members Agree to Wind Up Company ------------------------------------------------ At an Extraordinary General Meeting of Adsteam Marine Charters Pty Limited A.C.N. 077 306 506 (In Liquidation) Members' Voluntary, held on April 18, 2005 the Company's members resolved to wind up the companies voluntarily and to appoint Keiran Hutchison and John Gibbons of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as Liquidators of the companies. Dated this 18th day of April 2005 Keiran Hutchison John Gibbons Liquidators Ernst & Young A.E. & S.L.: Names G. M. Rambaldi Official Liquidator ----------------------------------------------------- Notice is hereby given that the Special Resolution that A.E. & S.L. Kerr Pty Ltd (In Liquidation) A.C.N. 004 904 358 be wound up voluntarily was passed by the sole member of the Company on April 14, 2005 and G. M. Rambaldi was appointed Liquidator. Dated this 14th day of April 2005 G. M. Rambaldi Liquidator Pitcher Partners Level 6, 161 Collins Street, Melbourne Vic 3000 ALBERT G. MCLANE: Resolves to Undergo Winding Up ------------------------------------------------ Notice is hereby given that at a general meeting of the members of Albert G. Mclane Investments Pty Limited (In Liquidation) A.C.N. 000 589 597 held on April 8, 2005 it was resolved that the Company be wound up voluntarily and that, Paul William Gidley, Chartered Accountant of Lawler Partners, Chartered Accountants, 763 Hunter Street, Newcastle West NSW 2302 be nominated to act as Liquidator for the purpose of the winding up. Dated this 26th day of April 2005 P. W. Gidley Liquidator Lawler Partners Chartered Accountants 763 Hunter Street, Newcastle West NSW 2302 ANALIS CONSULTING: Hires Official Liquidator -------------------------------------------- Notice is hereby given that at a General Meeting of Members of Analis Consulting Pty Ltd (In Liquidation) A.C.N. 077 727 336 duly convened and held at Level 6, 161 Collins Street, Melbourne on April 4, 2005 a Special Resolution was passed that the Company be wound up voluntarily and that Gess Michael Rambaldi and Andrew Reginald Yeo be nominated Joint & Several Liquidators of the Company. Dated this 12th day of April 2005 Patricia Mary Mahon Director ASCOT SYSTEMS: Falls Into Voluntary Liquidation ----------------------------------------------- Notice is hereby given that at a General Meeting of Members of Ascot Systems Pty Ltd (In Liquidation) A.C.N. 006 861 570 duly convened and held at Level 39, 55 Collins Street, Melbourne on April 13, 2005 a Special Resolution that the Company be wound up voluntarily was passed by members and G. M. Rambaldi was appointed Liquidator. Dated this 13th day of April 2005 G. M. Rambaldi Liquidator Pitcher Partners Level 6, 161 Collins Street, Melbourne Vic 3000 AUSTEMP HEATING: Enters Winding Up Proceedings ---------------------------------------------- Notice is hereby given that at General Meeting of the members of Austemp Heating & Air Conditioning Pty Ltd (In Liquidation) A.C.N. 005 789 819, held on April 15, 2005 it was resolved that the Company be wound up voluntarily and that for such purposes Samuel Richwol be appointed Liquidator. Dated this 15th day of April 2005 Samuel Richwol Liquidator O'Keeffe Walton Richwol Suite 3, 431 Burke Road, Glen Iris Victoria 3146 Telephone: (03) 9822 9823 BARBICAN MARINE: Winds Up Voluntarily ------------------------------------- At an Extraordinary General Meeting of Barbican Marine (Agencies) Pty Limited A.C.N. 002 879 932 (In Liquidation) Members' Voluntary, held on April 18, 2005 the Company's members resolved to wind up the Company voluntarily and to appoint Keiran Hutchison and John Gibbons of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as Liquidators of the Company. Dated this 18th day of April 2005 Keiran Hutchison John Gibbons Liquidators Ernst & Young CLIBIN PTY: To Convene Final Meeting June 15 -------------------------------------------- Notice is hereby given of the final meeting of members of Clibin Pty Limited (in voluntary liquidation) is to be held at Level 7, 60 Pitt Street, Sydney, N.S.W. on June 15, 2005, at 10:00 a.m. The business to be considered is: (1) To lay before the meeting an account showing how the winding up has been conducted and the property of the Company disposed, and (2) Give such explanation of the account as may be required. Dated this 18th day of April 2005 Prudence Elizabeth Reynolds Liquidator CONTINUITY GROUP: Members Pass Winding Up Resolution ---------------------------------------------------- At a general meeting of the members of The Continuity Group Pty Ltd (In Liquidation) A.C.N. 051 315 452 held at Maliebaan 89, 3581 CG Utrecht, The Netherlands on April 8, 2005 a special resolution that the Company be wound up voluntarily was passed. Stephen Graham Longley David Laurence Mcevoy Liquidator 215 Spring Street, Melbourne Vic 3000 G&S CLAREMONT: Members to Meet June 14 -------------------------------------- Notice is hereby given that pursuant to section 509 of the Corporations Law, the final meeting of Members of G&S Claremont Properties Pty Ltd (In Liquidation) A.C.N. 000 369 942 will be held at the offices of Pinker Arnold & McLoughlin, 420 Forest Road, Hurstville, on June 14, 2005 at 10:00 o'clock in the forenoon for the purpose of laying before the meeting the liquidators' final account and report and giving any explanation thereof. Dated this 18th day of April 2005 Colin Mcloughlin Pinker Arnold & McLoughlin Chartered Accountants Suite 1, Level 2, 420 Forest Road, Hurstville NSW 2220 FRANTON PTY: To Undergo Winding Up Process ------------------------------------------ Notice is hereby given that it was resolved by special resolution on April 15, 2005 that Franton Pty Limited (In Liquidation) A.C.N. 008 407 298 be wound up voluntarily and that for such purpose, Mr. John Lord of PKF Chartered Accountants, Level 10, 1 Margaret Street, Sydney, be appointed Liquidator. Dated this 18th day of April 2005 John Lord Liquidator PKF Chartered Accountants Level 10, 1 Margaret Street, Sydney NSW 2000 GLENN KNIGHT: Winds Up Voluntarily ---------------------------------- Notice is hereby given that at General Meeting of the members of Glenn Knight Constructions Pty Ltd (In Liquidation) A.C.N. 004 503 093, held on April 15, 2005 it was resolved that the companies be wound up voluntarily and that for such purposes Samuel Richwol be appointed Liquidator. Dated this 15th day of April 2005 Samuel Richwol Liquidator O'Keeffe Walton Richwol Suite 3, 431 Burke Road, Glen Iris Victoria 3146 Telephone: (03) 9822 9823 GROWTHCORP: Former Sydney Bankrupt Sentenced -------------------------------------------- Mr. Charles Edward Platcher, of Harris Park, Sydney, was on Friday sentenced in the Downing Centre Local Court to 100 hours community service, after being convicted of two counts of managing a Company while disqualified due to bankruptcy. Mr. Platcher was convicted on 21 January 2005 following an investigation by the Australian Securities and Investments Commission (ASIC). ASIC alleged that Mr. Platcher had been involved in the management of Growthcorp (Aust.) Pty Limited (Growthcorp) between 12 February 1999 and 30 October 2000, in breach of his disqualification, and that a number of persons who invested with Growthcorp, while it was under his management, suffered serious financial detriment. Three investors lost $660,000 in total. This matter was prosecuted on behalf of ASIC by the Commonwealth Director of Public Prosecutions. Background On 4 December 2000, ASIC commenced civil proceedings in the Supreme Court of New South Wales alleging that Mr. Platcher had managed Growthcorp while being an undischarged bankrupt. The final relief sought by ASIC included an order disqualifying Mr Platcher from managing corporations. On 13 January 2003, Justice Stone of the Federal Court delivered judgment and disqualified Mr. Platcher from managing corporations for 25 years. Her Honour also dismissed an application by Mr. Platcher for an annulment of his bankruptcy. On 5 May 2003, the Deed of Company Arrangement entered into by Growthcorp on 23 May 2001, was terminated and the Company was placed in liquidation. On 17 December 2004 the Company was deregistered. On 7 March 2005, Mr Platcher was denied special leave to appeal to the High Court against his 25-year disqualification from managing corporations. JAMES HARDIE: May Avoid Civil Prosecutions ------------------------------------------ The New South Wales (NSW) government plans to release James Hardie from civil liability under a legally binding compensation agreement to fund for asbestos victims, according to the Sydney Morning Herald. The firm's directors will avert civil prosecutions for misleading and violating their duties, which carry fines and bans from being a director. However, disgruntled Australian Securities and Investments Commission (ASIC) Chairman Jeff Lucy warned the plan would compromise both the integrity of the Corporations Act and the commission. But NSW Premier Bob Carr, who has taken interest in forcing James Hardie to face up to its liabilities, defended the latest plans. He said the commission would still be free to pursue criminal charges against James Hardie and others. Meanwhile, the commission is not commenting its investigation as to whether there were any Corporations Law breaches by any James Hardie directors or executives. CONTACT: James Hardie Industries Website: http://www.jameshardie.com.au/ Greg Baxter Executive Vice President Level 3, 22 Pitt Street Sydney NSW 2000 Telephone: (02) 8274 5305 Fax: (02) 8274 5218 Mobile: 0419 461 368 Steve Ashe Vice President Investor Relations Telephone: (02) 8274 5246 Fax: (02) 8274 5218 Mobile: 0408 164 011 Julie Sheather Vice President Public Affairs Telephone: (02) 8274 5206 Fax: (02) 8274 5218 Mobile: 0409 514 643 All other enquiries to CustomerLink Service Centre on 13 1103. KINGSWAY AUTHORISED: Members Pass Resolution to Wind Up Company --------------------------------------------------------------- Notice is hereby given that at a General Meeting of Members of Kingsway Authorised Newsagency Pty Ltd (In Liquidation) A.C.N. 006 172 149 duly convened and held at 226 Canterbury Road, Ringwood East on April 13, 2005 a Special Resolution that the Company be wound up voluntarily was passed by members and G. M. Rambaldi was appointed Liquidator. Dated this 14th day of April 2005 G. M. Rambaldi Liquidator Pitcher Partners Level 6, 161 Collins Street, Melbourne Vic 3000 MATILDA MOTOR: Former Director Files for Bankruptcy --------------------------------------------------- The business behind failed campervan manufacturer Matilda Motor Homes went bust just days after creditors agreed to wind up the business, The Courier Mail reveals. Former Matilda Motor Homes sole director and secretary Lawrence Neil Chapman reportedly filed for bankruptcy on April 26, four days after Matilda Motor Homes creditors met and detailed missing equipment and evidence of insolvent trading. Matilda Motor Homes collapsed in early April with more than AU$5 million in debt. Its liquidation will not provide any return to unsecured creditors of employees owed AU$4 million since the proceeds of the assets sale will be handed over to secured creditor ANZ Bank. Employees are pursuing their entitlements under the Federal Government's General Employee Entitlement Redundancy Scheme. Liquidator Todd Kelly of Foremans Business Advisors said he had found evidence to suggest Matilda Motor Homes had been trading insolvently and while he plans to detail that in his final report, he will not pursue the matter on behalf of the creditors. CONTACT: Matilda Motor Homes 1/36 Buchan Street Cairns QLD 4870 Phone: (07) 4035 6321 E-mail: sales@mmha.com.au Web site: http://www.matilda-motorhomes.com.au/ M N' M TRANSPORT: Winds Up Voluntarily -------------------------------------- Notice is hereby given that at a General Meeting of Members of M N' M Transport Pty. Ltd. (In Liquidation) formerly trading as Avilla Bin Hire A.C.N. 104 371 468 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 NATIONAL AUSTRALIA: Ex-Currency Options Trader Appears in Court --------------------------------------------------------------- Mr. David Bullen, a former trader at the National Australia Bank (NAB) Foreign Currency Options Desk (FX Options Desk), appeared in the County Court of Victoria Friday in relation to 19 charges of dishonestly using his position as an employee, as well as one charge of obtaining a financial advantage by deception. Mr. Bullen, 33 years, of Ararat in Victoria, was asked by the court to enter a plea of guilty or not guilty to the charges. Mr. Bullen declined to enter a formal plea one way or the other and the Court recorded a plea of not guilty. Mr. Bullen was remanded on continuing bail and is due to reappear in the County Court on 15 August 2005 for a contested trial. Friday's hearing followed an ASIC investigation into the alleged unauthorized trading in foreign exchange and foreign exchange options at the NAB by Mr. Bullen, Mr. Luke Duffy, Mr. Gianni Gray and Mr. Vincent Ficarra. The former NAB foreign exchange traders were first charged by ASIC in December 2004. ASIC alleged that Mr. Bullen, together with co-defendants Messrs Duffy, Gray and Ficarra, entered false information into the NAB's accounting systems in order to falsely inflate the profit results of the FX Options Desk between September 2003 and January 2004. ASIC alleged that Mr. Bullen took part in the entering of this false information for a number of reasons including obtaining a performance bonus for the 2003/2004 financial year. Mr. Duffy has pleaded guilty and is due to appear for sentencing in the County Court in Melbourne on 14 June 2005. Messrs Gray and Ficarra will next appear in the Melbourne Magistrates Court for a contested committal hearing on 1 August 2005. Neither Mr. Gray nor Mr. Ficarra has been required to enter their pleas. The Commonwealth Director of Public Prosecutions is prosecuting the matter. As this matter is currently before the Courts, ASIC will not be commenting further at this stage. 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/ PARMALAT AUSTRALIA: To Relist on Milan Bourse This Year ------------------------------------------------------- Parmalat Australia will be part of the restructured dairy group Parmalat Finanziaria, which is set to relist on the Milan Stock Exchange in the second half of this year, according to Dow Jones Newswires. Parmalat Australia, one of the country's biggest milk suppliers, was confirmed to be a core member of the restructures group. Its insolvent Italian parent was granted approval last week by the Italian stock market regulator Consob to re-list its shares. The stock was de-listed in December 2003 after the discovery of what prosecutors said was a fraud that left a EUR20 billion hole in its books. However, Parmalat Australia is now focused on a turnaround, saying the uncertainty created by the administration of its parent Company has been managed well. The Company added it is now firmly in a position to continue to drive growth by focusing on core activities and markets. CONTACT: Parmalat Australia Ltd South Brisbane, Queensland, Australia PRESCRIPTION HEALTHCARE: ADV Buys Medical Imaging Biz ----------------------------------------------------- ADV Group Ltd has bought the Lifespan Medical Imaging business operations in Sydney and Brisbane from the Prescription Healthcare Ltd liquidator. Prescription Healthcare was placed into administration by its secured creditor ADV, after it defaulted on loan repayments. Prescription Healthcare was then placed into liquidation by its creditors. The purchase may require shareholder and regulatory approval. PRIME WINES: Hires Liquidator to Wind Up Company ------------------------------------------------ Notice is hereby given that at an extraordinary general meeting of members of Prime Wines Australia Pty Ltd (In Liquidation) A.C.N. 097 960 873 held on April 12, 2005 it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Stephen Dixon and Laurence Fitzgerald of Horwath Melbourne Partnership, Chartered Accountants, Level 5, 114 William Street, Melbourne, Victoria 3000 be appointed Joint and Several Liquidators. Dated this 13th day of April 2005 Stephen Dixon Joint and Several Liquidator Horwath Melbourne Partnership Chartered Accountants Level 5, 114 William Street, Melbourne Vic 3000 PRINT AND DESIGN: To Pay Dividend to Priority Creditors ------------------------------------------------------- A second and final dividend to Priority Creditors is to be declared on June 25, 2005 for Print And Design A.C.N. 090 983 047. Priority creditors who were not able to prove their debt or claims will be excluded from the benefit of the dividend. Dated this 19th day of April 2005 R. G. Tolcher Liquidator Lawler Partners Chartered Accountants 763 Hunter Street, Newcastle West NSW 2302 SANTOS LIMITED: Jeruk-2 ST 4 Appraisal Sidetrack Begins ------------------------------------------------------- Cue Energy Resources Limited announced that the reentry of Jeruk-2 operated by Santos Limited began on May 29, 2005. The Jeruk oil discovery is located in the Sampang Production Sharing Contract area, offshore East Java, Indonesia, in approximately 44 meters water depth. It is planned to sidetrack the well out of the existing well bore with the objective of intersecting the reservoir at a point about 200 meters south west of the Jeruk-2 sidetrack 2 reservoir penetration and to then run a production test at the top of the reservoir before cutting a number of cores. Additional production tests will be run deeper in the well as required. The planned total depth is 5570 meters measured depth. The well should be finished in around 85 days, depending on coring and testing requirements. Participants in Jeruk and the Sampang PSC are: Cue Sampang Pty Ltd 15% Santos (Sampang) Pty Ltd 45% (Operator) Singapore Petroleum Sampang Pte Ltd 40% CONTACT: Santos Limited Ground Floor, Santos House, 91 King William Street, Adelaide, S.A. 5000 Web site: http://www.santos.com.au/ SANTOS LIMITED: Oyong Development Drilling Underway --------------------------------------------------- Cue Energy Resources Limited announced that the Oyong field development drilling operated by Santos Limited is underway and 2-inch casing has been set on all seven planned development wells (Oyong 4 DW1-Oyong 10 DW1) and 13 3/8 inch casing has been set to date on Oyong 7 DW1 and Oyong 8 DW1. The seven deviated development wells are being batched drilled through the Oyong well head platform by the Ocean Sovereign jack up drilling rig. Development drilling and well completions are expected to continue to around the end of third quarter 2005 with first oil production expected by the end of 2005. The Oyong field is located in the Sampang Production Sharing Contract area, offshore East Java, Indonesia, in 41 meters water depth. Participants in the Sampang PSC are: Cue Sampang Pty Ltd 15% Santos (Sampang) Pty Ltd 45% (Operator) Singapore Petroleum Company Limited 40% SMITH & BUTTULA: Names Bruce Roland Saward Liquidator ----------------------------------------------------- Notice is hereby given that at a General Meeting of Smith & Buttula Holdings Pty. Limited A.C.N. 004 754 947 held on April 6, 2005 it was resolved that the Company be wound up voluntarily as a Members' Voluntary Winding up and that for such a purpose, Bruce Roland Saward be appointed liquidator. Dated this 6th day of April 2005 Bruce Roland Saward Liquidator TK COLE: To Convene Final Meeting June 14 ----------------------------------------- Notice is hereby given that pursuant to section 509 of the Corporations Law, the final meeting of Members of TK Cole Insurance Agencies Pty Ltd (In Liquidation) A.C.N. 001 498 004 will be held at the offices of Pinker Arnold & McLoughlin, 420 Forest Road, Hurstville, on June 14, 2005 at 11:00 o'clock in the forenoon for the purpose of laying before the meeting the liquidators' final account and report and giving any explanation thereof. Dated this 18th day of April 2005 Colin Mcloughlin Pinker Arnold & McLoughlin Chartered Accountants Suite 1, Level 2, 420 Forest Road, Hurstville NSW 2220 UPPER HUNTER: Passes Special Resolution to Wind Up Company ---------------------------------------------------------- At a General Meeting of Upper Hunter Timbers Pty Limited (In Liquidation) A.C.N. 000 068 100, duly convened and held at 49A Bundarra Avenue, Wahroonga NSW on April 15, 2005 the following Special Resolution was passed: That the Company be wound up as a Members Voluntary Liquidation and that the assets of the Company may be distributed in whole or in part to the members in specie should the liquidator so desire. Dated this 15th day of April 2005 Timothy G. Looby Liquidator Davies, Thompson & Wright Chartered Accountants 60 Brook Street, Muswellbrook NSW 2333 VILLAGE ROADSHOW: Boss Admits to Lying About Equity Proposal ------------------------------------------------------------ The Chairman of Village Roadshow, Robert Kirby, confessed he had lied to former executive Peter Ziegler about the firm's proposal to offer him equity in its film production operations, The Australian reports. Village is facing an AU$70 million lawsuit by former executive Mr. Ziegler. The amount will serve as compensation for his role in setting up US$900 million (AU$1.192 billion) in financing for Village Roadshow Pictures (VRP). Mr. Kirby admitted telling Mr. Ziegler in 1997 that that he had discussed an equity stake in VRP with his brother, deputy chairman John Kirby, despite having only raised the topic with finance director Peter Foo. Mr. Kirby said the Company had wanted to reward Mr. Ziegler for his efforts in setting up the film production unit, and denied it was intended to be a payoff for Mr. Ziegler dropping a demand for a US$10 million commission he claimed to be owed for securing US$200 million in non-recourse finance. He said it didn't occur to him to clear the proposal with Village's remuneration committee or board of directors before making the offer to Mr. Ziegler. Mr. Kirby conceded he understood the real meaning of non- recourse financing when he had signed another Village executive's employment contract, which provided for a share in profits created by the use of debt facilities, prior to Mr. Ziegler's 1996 agreement. VRP's use of non-recourse or limited-recourse financing allowed Village to access investor funds to make films such as the Matrix trilogy, without the risk of having to pay back the money if the movie flopped. CONTACT: Village Roadshow Limited 206 Bourke Street Melbourne Vic 3000 Australia Phone: 61 3 9667 6666 Fax: 61 3 9639 1540 WE ASSIST: Members Resolve to Wind Up Company --------------------------------------------- Notice is hereby given that at a meeting of members of We Assist U Pty Ltd (In Liquidation) A.C.N. 101 393 588 held on April 18, 2005 it was resolved that the Company be wound up voluntarily and Nicholas Crouch of Crouch Insolvency, Chartered Accountants, Level 5, 82 Elizabeth Street Sydney NSW 2000 be appointed Liquidator. Dated this 26th day of April 2005 ZURICH AUSTRALIA: Says it Misled Regulator ------------------------------------------ Zurich Australia was found to have deliberately overstated its accounts in 2000, The Australian relates. The Swiss insurance giant admitted it propped up its profits by AU$61 million using financial reinsurance and staff knowingly misled the regulator, as it reached a deal with authorities. The insurer accepted a string of enforceable undertakings from the Australian Prudential Regulation Authority (APRA) to overhaul its corporate governance, and for two years will have to advise APRA before taking out more financial reinsurance contracts. It will also have to maintain higher minimum capital requirements than the rest of the industry until the end of 2006. As well as admitting the extent of the accounting fraud discovered in its 2000 accounts, Zurich revealed it would not have met regulatory solvency requirements without the additional income. The Company said it regretted "without reservation" those circumstances. APRA began an investigation into Zurich's reinsurance arrangements a year ago after discovering irregularities in its accounts. CONTACT: Zurich Financial Services Australia Ltd 5 Blue St North Sydney NSW 2060 Australia Web site: http://www.zurich.com.au/ ============================== C H I N A & H O N G K O N G ============================== CHINA CONSTRUCTION: Two Senior Heads Quit Over Irregularities ------------------------------------------------------------- China Construction Bank (CCB) has accepted resignations of two provincial executives after it found irregularities in their branches during the past two years, Xinhua News reports. The two officials, Mr. Liang Fucheng of Shanxi provincial branch and Sun Jiancheng of Hunan provincial branch, proposed their resignation after some illegal cases had been found in areas under their jurisdiction. New branch heads have been assigned to fill the vacancies, the bank said. The bank is stepping up supervision and speeding reorganization as it aims to sell shares for the first time by the end of this year. The bank in March named Mr. Guo Shuqing, head of the country's foreign exchange regulator, to replace Mr. Zhang Enzhao as Chairman. Mr. Zhang quit amid media reports of a corruption probe. CONTACT: China Construction Bank 25 Finance St. Beijing, 100032, China Phone: +86-10-6759-7114 Fax: +86-10-6360-3194 Web site: http://www.ccb.cn/portal/cn/home/index.html CHINA CONSTRUCTION: To Offer Shares in Hong Kong ------------------------------------------------ China Construction Bank (CCB) will offer shares in Hong Kong as it presses ahead with its long-awaited plans for an initial public offering, AFP News reports. The listing plan has yet to be approved by regulators, and as such, no date for the listing has been set, bank spokesman Fan Yifei said. The bank is also planning to sell shares on China's domestic A- share markets and on other bourses, Mr. Fan said. GREAT ONE: Court Issues Winding Up Notice ----------------------------------------- Great One Development Company Limited with registered office located at Shop 110, 1/F, Ka Fuk Shopping Centre, Ka Fuk Est, Fanling, New Territories was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 17, 2005. Date of Presentation of Petition: November 4, 2004. Dated this 27th day of May 2005. ET O'Connell Official Receivers GREEN LIVING: Begins Winding Up Process --------------------------------------- Green Living Limited with registered office located at Room 1305, Peninsula Square, No. 18 Sung On Street, Hung Hom, Kolon was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 18, 2005. Date of Presentation of Petition: March 14, 2005. Dated this 27th day of May 2005. ET O'Connell Official Receiver HILL RICH: Unveils Appointment of Liquidators --------------------------------------------- By an order made by the High Court of Hong Kong Special Administrative Region Court of First Instance dated March 10, 2005, Mr. Desmond Chung Seng Chiong and Mr. Roderick John Sutton both of Ferrier Hodgson Limited, 14th Floor, Hong Kong Club Building, 3A Chater Road, Central, Hong Kong, were appointed as the Joint and Several Liquidators of Hill Rich Development Limited on May 6, 2005. Dated this 27th day of May 2005 E T O'CONNELLs Official Receiver HVB CAMPUSTAR: Issues Debt Claim Notice --------------------------------------- Notice is hereby given that the creditors of HVB Campustar (Hong Kong) Limited (In Members' Voluntary Liquidation), which is being wound up voluntarily, are required on or before June 27, 2005 at noon, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the Joint and Several Liquidator of the Company at 31/F., The Center, 99 Queen's Road Central, Hong Kong. If so required in writing from the said Liquidator, they are to come in by their solicitors or personally and prove the said debts or claims at such time and place as shall be specified in such notice. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. In default thereof, they will be deemed to waive all of such debts or claims and the Liquidators will be entitled, seven days after the above date, to distribute any and all surplus assets or funds available or any part thereof to the members. Dated this 27th day of May 2005. Kam Tim Hei Fok Pui Ling Linda Joint and Several Liquidators 31/F., The Center 99 Queen's Road Central Hong Kong KELAB LIMITED: Receives Winding Up Order ---------------------------------------- Kelab Limited with registered office located at Shop 110, 1/F, Ka Fuk Shopping Centre, Ka Fuk Est, Fanling, New Territories was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 17, 2005. Date of Presentation of Petition: November 4, 2004. Dated this 27th day of May 2005. ET O'Connell Official Receivers KWONG HING: Former Executives Found Guilty of Bribery ----------------------------------------------------- A former executive Director of publicly listed Kwong Hing International Holdings (Bermuda) Limited (Kwong Hing) and a former executive Director of a securities Company, charged by the Independent Commission Against Corruption (ICAC), were on Friday convicted at the District Court of bribery in relation to the purchase of Kwong Hing's shares and the publication of a research report of the listed Company. Mr. Li Man-tak, 38, a former executive director of Kwong Hing, and Nicholas Tan Chye-seng, 31, a former executive director of UBS AG (UBS), were found guilty before Judge Fergal Sweeney on one count of conspiracy to offer advantages to an agent. Li was further convicted of a similar offence. The judge adjourned the case to June 25, 2005 for mitigation, and remanded the defendants in the custody of the Correctional Services Department. The court heard that in July 2003, Mr. Li came to know Adrian Mr. Foo Tiang-hock, at the time a fund manager of ING Investment Management Asia Pacific (HK) Limited (ING), through Mr. Louis Lin Chak-pui and Mr. Vincent Yum. Mr. Lin and Mr. Yum were then respectively a Director and a Senior Vice President of SBI E2- Capital China Holdings Limited (SBI E2-Capital). They agreed that Mr. Foo would use ING's fund to take up 15 million shares of Kwong Hing. In return, Mr. Li would offer an advantage equivalent to the difference between the market price and $0.92 per share for 3.8 million shares of Mr. Kwong Hing, which was to be shared by Mr. Lin, Mr. Foo and Mr. Yum. It was also agreed that Mr. Foo would use ING's fund to buy an additional 3.8 million shares of Kwong Hing, which Mr. Li would realize for paying the advantage. Between August and December 2003, Mr. Li, on three separate occasions, paid Yum a total of about $1.8 million, the court heard. On February 25, 2004, Mr. Li, in the presence of Mr. Lin, gave Mr. Yum another $594,500, being the balance of the advantage, outside a parking complex in Central. After ICAC officers arrested the trio, the $594,500 bribe payment was recovered from Yum. A piece of paper recording the total bribe payments amounting to about $2.39 million was also seized from Lin. The court also heard that in September 2003, Li, having acquainted with Tan through Yum, asked Tan to write a favourable research report on the shares of Kwong Hing. Mr. Li promised to pay an advantage, equivalent to the difference between the market price and $1.38 per share for 10 million shares of Kwong Hing. The advantage was to be shared by Mr. Lin, Mr. Tan and Mr. Yum. Through Mr. Yum, Mr. Li subsequently paid Tan $1 million as an advance payment. On February 12, 2004, Tan caused UBS to publish a favorable report in relation to Kwong Hing shares. Mr. Lin, 36, and Mr. Foo, 35, who earlier pleaded guilty to their respective roles in the case, have been remanded in custody and ordered to attend court on June 1, 2005 for mitigation. The prosecution was represented by Mr. Alex Lee, Acting Senior Assistant Director of Public Prosecutions, and assisted by ICAC officer Mr. Aman Chee. CONTACT: The Independent Commission Against Corruption Commission Access to Information Officer Senior Executive Officer / Finance and General Phone: 2826 3109 Fax: 2537 1741 This is a press release. MARGAUX FINANCE: Creditors General Meeting Set June 9 ----------------------------------------------------- Notice is hereby given that the general meetings of Creditors and Contributories of Margaux Finance Limited (In Winding-up Proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on June 9, 2005 at the times specified below, for the purpose of having an account laid before the meetings by the liquidators. Creditors' Meeting: 10 a.m. Contributories Meeting: 10:30 a.m. Dated this 27th day of May 2005 E T O'Connel Official Receiver & Provisional Liquidator TCL COMMUNICATION: AGM Set for June 22 -------------------------------------- Notice is hereby given that the annual general meeting of the TCL Communication Technology Holdings Limited will be held at 11 a.m. on June 22, 2005 at Chatham Room, 7th Floor, Conrad Hong Kong, Pacific Place, 88 Queensway, Hong Kong for the purpose of transacting the following business: ORDINARY BUSINESS 1. To receive and consider the consolidated audited financial statements and the reports of the directors of the Company (Directors) and the auditors of the Company (Auditors) for the year ended December 31, 2004. 2. To declare a final dividend for the year ended 31 December 2004. 3. To re-elect the retiring Directors and authorize the board of directors of the Company to fix their remuneration. 4. To re-appoint Messrs. Ernst & Young as the Auditors and authorize the board of directors of the Company to fix their remuneration. SPECIAL BUSINESS To consider and, if thought fit, to pass the following resolutions (with or without modification): As Ordinary Resolutions 5. ``THAT a. A general mandate be and is hereby unconditionally given to the Directors to exercise during the Relevant Period (as hereinafter defined) all the powers of the Company to allot, issue and deal with un-issued shares in the Company (Share) or securities convertible into Shares or options, warrants or similar rights to subscribe for any Shares and to make or grant offers, agreements or options which would or might require the exercise of such powers either during or after the Relevant Period, in addition to any Shares which may be issued from time to time on a Rights Issue (as hereinafter defined) or under any option scheme or similar arrangement for the time being adopted for the grant or issue of Shares or rights to acquire Shares or any scrip dividend pursuant to the articles of association of the Company, not exceeding twenty percent of the aggregate nominal value of the share capital of the Company in issue as at the date of this resolution; and b. for the purpose of this resolution, ``Relevant Period'' means the period from the passing of this resolution until whichever is the earliest of: i. the conclusion of the next annual general meeting of the Company; ii. the expiration of the period within which the next annual general meeting of the Company is required by law or the articles of association of the Company to be held; and iii. the revocation or variation of the authority given under this resolution by an ordinary resolution of the shareholders of the Company in general meeting; 1 and ``Rights Issue'' means an offer of Shares open for a period fixed by the Directors to holders of Shares on the register of members of the Company on a fixed record date in proportion to their then holdings of such Shares (subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractions entitlements or having regard to any restrictions or obligations under the laws of any relevant jurisdiction, or of the requirements of any recognised regulatory body or any stock exchange applicable to the Company).'' 6. ``THAT there be granted to the Directors an unconditional general mandate to repurchase Shares, and that the exercise by the Directors of all powers of the Company to purchase Shares subject to and in accordance with all applicable laws, be and is hereby generally and unconditionally approved, subject to the following conditions: a. such mandate shall not extend beyond the Relevant Period; b. such mandate shall authorize the Directors to procure the Company to repurchase Shares at such price as the Directors may at their discretion determine; c. the Shares to be repurchased by the Company pursuant to paragraph a of this resolution during the Relevant Period shall be no more than ten per cent. of the Shares in issue at the date of passing this resolution; and d. for the purpose of this resolution, ``Relevant Period'' means the period from the passing of this resolution until whichever is the earliest of: i. the conclusion of the next annual general meeting of the Company; ii. the expiration of the period within which the next annual general meeting of the Company is required by law or the articles of association of the Company to be held; and iii. the revocation or variation of the authority given under this resolution by an ordinary resolution of the shareholders of the Company in general meeting.'' 7. ``THAT, subject to the availability of unissued share capital and conditional upon the resolutions nos. 5 and 6 above being passed, the aggregate nominal amount of the Shares which are repurchased by the Company pursuant to and in accordance with resolution no. 6 above shall be added to the aggregate nominal amount of the share capital of the Company that may be allotted or agreed conditionally or unconditionally to be allotted by the Directors pursuant to and in accordance with resolution no. 5 above.'' As Special Resolution 8. ``THAT, the existing articles of association of the Company (the ``Articles'') be and is hereby amended by deleting the existing Article 87(1) in its entirety and substitution therefor the following: ``Notwithstanding any other provisions in the Articles, at each annual general meeting one-third of the Directors for the time being (or, if their number is not a multiple of three (3), the number nearest to but not less than one-third) shall retire from office by rotation, provided that every Director shall be subject to retirement by rotation at least once every three years.'''' By order of the Board Li Dong Sheng Chairman Hong Kong, 30 May 2005 Notes: 1. The Hong Kong Branch Register of Members of the Company will be closed from 21 June 2005 to 22 June 2005 (both days inclusive), during which period no transfers of Shares will be registered. In order to be eligible to attend and vote at the Annual General Meeting to be held on 22 June 2005, all transfers accompanied by the relevant share certificates must be lodged with the branch share registrar of the Company in Hong Kong, Tricor Investor Services Limited, at Ground Floor, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong not later than 4: 30 p.m. on 20 June 2005. 2. A member of the Company who is a holder of two or more Shares, and who is entitled to attend and vote at the Annual General Meeting is entitled to appoint more than one proxy or a duly authorised corporate representative to attend and vote in his stead. A proxy need not be a member of the Company. Completion and return of the form of proxy will not preclude a member of the Company from attending the Annual General Meeting and vote in person. In such event, his form of proxy will be deemed to have been revoked. 3. A form of proxy for the Annual General Meeting is enclosed. In order to be valid, the form of proxy together with the power of attorney or other authority, if any, under which it is signed, or a notarially certified copy of such power or authority, must be deposited at the branch share registrar of the Company in Hong Kong, Tricor Investor Services Limited, at Ground Floor, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong not less than 48 hours before the time for holding the Annual General Meeting or any adjournment thereof. 4. With regard to resolutions nos. 5 and 7 above, the Directors wish to state that they have no immediate plans to issue any new Shares of the Company pursuant to the general mandate granted under resolution no. 5 above. 5. As at the date of this notice, the board of Directors is composed of Mr. Li Dong Sheng, Mr. Yuan Xin Cheng, Mr. Wan Mingjian, Mr. Wong Toe Yeung, Mr. Yan Yong, Vincent, Mr. Du Xiaopeng, Simon and Mr. Guo Aiping, George as executive Directors, Mr. Shi Cuiming, Mr. Wang Chongju and Mr. Lau Siu Ki, Kevin as independent non-executive Directors. CONTACT: TCL Communication Technology Holdings Limited Alexandra House 16-20 Chater Road Central, Hong Kong Phone: (852) 3170 6750 Fax: (852) 2136 6068 ZHU KUAN: Appoints Joint Liquidators ------------------------------------ Mr. Cosimo Borrelli and Mr. Kelvin Edward Flynn, both of RSM Nelson Wheeler Corporate Advisory Services Limited, 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, have been appointed as the Joint and Several Liquidators of Zhu Kuan Group Company Limited by orders of the High Court of the Hong Kong Special Administrative Region Court of First Instance dated the March 21, 2004. Dated this 27th day of May, 2005. Cosimo Borrelli Kelvin Edward Flynn Joint and Several Liquidators Zhu Kuan Group Company Limited Zhu Kuan (Hong Kong) Company Limited * China's Brokerage Industry in Bad Shape ----------------------------------------- Xinhua Far East China Ratings (Xinhua Far East), the pioneer in ranking credit risk among Chinese corporations using international standards, on May 27 announced its sector research report on China's brokerage industry. The report revealed that the brokerage industry in China is in bad shape. Since 2002, among the 100 or so brokerages in China, seventeen securities companies have been sanctioned to close or put under external receivership due to severe non-compliance and financial distress. In addition, two brokerages are being restructured. The audited financial statements of 50 brokerages published in through the inter-bank market or exchanges showed that this group of domestic brokerages, arguably relatively healthy players, reported a net loss of RMB 4.7 billion (USD 562 million) in 2004. A fairly optimistic estimate would be that even among 50 relatively healthy brokerages, 23 will require a total of RMB 21.9 billion (USD 2.5 billion) to recapitalize, disregarding quite apart from the ongoing bailout of troubled brokerages (China Southern Securities alone will cost about RMB 8 billion or USD 1 billion). Xinhua Far East Managing Director Ivan Chung said that while most industry players blamed the poor market condition and lack of hedging tools like such as futures for the huge losses, Xinhua Far East believes the core reasons are poor risk management, inadequate compliance and lack of proper internal control system. "All these are the key factors that "caused" the poor market condition despite buoyant GDP growth," added Mr Chung. "The industry in general requires considerable recapitalization and more importantly cultivation of proper risk management, internal control and investment banking skills. Without addressing these issues, a cash bailout alone will only provide a temporary respite and fuel further moral hazard." Xinhua Far East acknowledges that recent government policies to tighten supervision of the brokerage industry and liberalize the capital markets are favorable to restructuring in the sector. Mr. Chung said, "We believe that the recent approval for Goldman Sachs to invest in a domestic brokerage is not an isolated case. We foresee more co-operations between international investment banks, and young and small to medium sized local brokerages." CONTACT: Xinhua Finance Global Headquarters 2003-5 Vicwood Plaza 199 Des Voeux Road Central Hong Kong Phone: +852 3196 3939 Fax: +852 2541 8266 ================= I N D O N E S I A ================= KIANI KERTAS: Badly Needs Funds to Cover Debt --------------------------------------------- Former son-in-law of ex-president Soeharto Prabowo Subianto is set to sell his controlling stake in paper firm PT Kiani Kertas if no investors will invest capital into the ailing firm, reports the Jakarta Post. According to the Company's vice president Widjono Hardjanto, Mr. Subjanto said he would sell his stake in the firm within three months, to rescue the troubled Company from bankruptcy due to lack of working capital and huge debt. PT Kiani Kertas is 99.99% owned by Fayola Investment, Ltd., a subsidiary of Mr. Subjanto's flagship company, PT Nusantara Energy. In 2003, Mr. Subjanto acquired a controlling stake in Kiani Kertas for IDR7.1 trillion from the now-defunct Indonesian Bank Restructuring Agency (IBRA), after it was surrendered by former owner Mohammad "Bob" Hasan. But the Company couldn't operate at full capacity due to lack of working capital. Company shareholders are now in talks with foreign investors interested in acquiring stake, but are wary of investing funds in the firm due to its massive debt. The Company needs around IDR474.3 billion to pay its debts to state-owned Bank Mandiri before the 2007 due date. If it were to operate at full capacity, Kiani Kertas could garner at least IDR948.8 billion in operational profit, but at present it would only reap about IDR284.6 billion in profits. CONTACT: PT Kiani Kertas Bidakara Building, 9th Floor Jl. Gatot Subroto Kav. 71-73 Jakarta, 12870 Indonesia Phone : +62(021)8379-3211 Fax: +62(21)8379-3215 Web site: http://www.kiani.com SEMEN GRESIK: Pefindo Affirms Ratings ------------------------------------- Pefindo affirmed the ratings of "idA+" for PT Semen Gresik (Persero)-parent only (SMGR or the Company), as well as its Bond I/2001 series B amounting to IDR447.5 billion due on July 12, 2006. The ratings are based on SMGR's parent only figures to anticipate the possibility of its subsidiaries' spin-off, PT Semen Padang (SMPD) and PT Semen Tonasa (SMTN). The assigned ratings reflect SMGR's sound market position, conservative capital structure and strong financial coverage. Nevertheless, the ratings are mitigated by prolonged settlement of Cemex dispute and spin-off as well as slightly weakened operating profit margin. SMGR is one of the largest cement companies in Indonesia with operating facilities in Gresik and Tuban, East Java. At present, the Company's major shareholders are still the Indonesian government and Cemex Asia Holdings Ltd., which respectively hold 51.01% and 25.53% ownerships. CONTACT: PT Semen Gresik (Persero) Terbuka Jalan Veteran Gresik 61122 Indonesia Phone: +62 31 398 1731-2/1745 Fax: +62 31 398 3209/3972 2264 SEMEN GRESIK: To Opt for Lower Dividend Payments This Year ---------------------------------------------------------- PT Semen Gresik plans to allot less than 40% of its net profit last year for dividend payments, as it needs funds to construct new plants, reports the Jakarta Post. The dividend payment would be proposed in the Company's upcoming annual general meeting on June 27, 2005. There was a need to construct new plants to anticipated expected cement shortages in 2007, due to high demand for government infrastructure projects. The new plants are estimated to cost a total of IDR3.3 trillion, and would produce 2.5 million to 3.5 million tons of cement annually at installed capacity. The Company's 2004 net profit was IDR520.5 billion, compared to IDR372.5 billion net profit in 2003. ========= J A P A N ========= KOBE STEEL: Launches Copper Sheet Processing Company in China ------------------------------------------------------------- Kobe Steel, Ltd. (TSE: 5406)(US: KBSTF) announces that it has established a wholly owned Company in China to slit copper sheet for use in electronic applications. Called Suzhou Kobe Copper Technology Co., Ltd., the new Company is based in Suzhou, Jiangsu Province, west of Shanghai. A plant will be constructed in Suzhou Industrial Park, and Suzhou Kobe Copper Technology, which will employ 40 people, will have a slitting capacity of 600 metric tons per month. Operations are to commence in spring 2006. By 2009 or 2010, its fourth or fifth year of operation, the new Company aims to produce over 6,000 metric tons per year with sales of roughly 4 billion yen. Kobe Steel's copper sheet business specializes in copper sheet for automotive terminals and connectors and semiconductor leadframes. To meet customer needs for high electrical conductivity, material strength, and heat resistance, Kobe Steel supplies proprietary copper alloys such as KLF5 and CAC60, which are qualified and used by major wire harness makers and automakers for use in terminals and connectors, and KFC, a world-standard material for high current, high voltage semiconductor leadframes. These products are highly rated in the market. Demand for copper sheet for electronic use is expanding in Shanghai and the southern China area, including Hanzhou. Car production is increasing sharply, furthering demand for electrical connector parts. In addition, semiconductor manufacturers are setting up plants, creating a need for leadframes. To date, Kobe Steel has been making master copper coils in wide widths and slitting them at its Chofu Plant in Japan for its customers in China. In the future, Kobe Steel will keep an inventory of wide-width coils made at the Chofu Plant in Suzhou. This will enable Suzhou Kobe Copper Technology to promptly slit the coils in accordance with customer requirements. By situating a slitting operation in China, Kobe Steel will be able to more promptly and flexibly respond to the rising demand for copper sheet products in that country. Combining technical services, Kobe Steel aims to incorporate design and product development with its customers in its marketing activities. In addition to alloy development, group companies positioned in Japan and Asia contribute to Kobe Steel's strong presence in the market. Kobe Leadmikk, Ltd. and Singapore Kobe Pte., Ltd. stamp and plate leadframe material, while Kobe Electronics (Thailand) Co., Ltd. slits coils. Through these group companies, Kobe Steel supplies copper alloy sheet made at its Chofu Plant in Shimonoseki, Japan, to users throughout Asia. As a result, Kobe Steel estimates it has the top share of the copper sheet market in the Asian region. It has roughly 40% of the 6,000 metric ton- per-month market for copper sheet used in automotive terminals and connectors. It estimates it has about one-fourth of the 13,000 metric-ton-per-month market for semiconductor leadframes. Suzhou Kobe Copper Technology Co., Ltd. Location: Suzhou Industrial Park, Suzhou, Jiangsu Province Capital: 500 million yen (100% owned by Kobe Steel) President: Hideo Ohgi (concurrently Senior Officer, Kobe Steel) Established: May 2005 Business: Slitting, sale and servicing of copper sheet for electronic use Employees: About 40 (at start-up in February 2006) Start-Up: Spring 2006 Slitting capacity: 600 metric tons per month Kobe Leadmikk, Ltd. Location: Kita-Kyushu, Fukuoka, Japan Capital: 1.8 billion yen (Kobe Steel 75%) President: Kazuomi Hashiguchi Established: 1984 Business: Leadframe stamping and plating Singapore Kobe Pte., Ltd. Location: Singapore Capital: S$4 million (Kobe Steel 100%) President: Kazuhiro Nakata Established: 1976 Business: Manufacture and sale of leadframes, copper coil Slitting and plating Kobe Electronics Material (Thailand) Co., Ltd. Location: Ayutthaya, Thailand Capital: 72 million baht (Kobe Steel 85%) President: Minoru Uehara Established: 2001 Business: Slitting and sale of copper alloys for electronic use About Kobe Steel, Ltd. Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is a leading supplier of direct reduction plants and other plant engineering services for the steel, energy and chemical industries. Kobe Steel is one of Japan's top steel makers and producers of aluminum and copper products. Other businesses include welding consumables, machinery, construction equipment, and real estate. CONTACT: Gary Tsuchida Publicity Group Kobe Steel, Ltd. Tokyo, Japan Phone: +81-(0)3-5739-6010 E-mail: www-admin@kobelco.co.jp MITSUBISHI MOTORS: To Expand Operations in India ------------------------------------------------ Mitsubishi Motors Corporation (MMC) announced that it has reached an agreement with Hindustan Motors Limited (HML), its local partner in India, to work together in driving forward MMC business strategy in India. HML began local production of the Mitsubishi Lancer sedan in 1998. In recently taken decisions aimed at bolstering MMC's operations, HML is to start production of another model in the Lancer range in January 2006. HML is also to add Mitsubishi models such as Pajero, Outlander and Grandis to its lineup of imported built-up models. All of these Mitsubishi brand models will be sold through the HML sales network in India. The two companies have also agreed to explore the possibility of HML supplying MMC with automotive parts made in India. As part of the Company's global sourcing program, this move would allow MMC to reduce procurement and material costs. The strengthening of operations in India announced today forms part of MMC's strategy for the BRIC countries (Brazil, Russia, India and China), which are seen as promising growth markets. HML corporate profile Company name: Hindustan Motors Limited (part of the Birla group, a major Indian business combine) Date of establishment: 1942 Location: Head office: Calcutta Lancer production plant: Chennai Senior management: Chairman: C.K. Birla President: R. Santhanam Headcount: Approx. 400 (Mitsubishi Motors division) Capitalization: Approx. INR1.6 billion (JPY4.0 billion @ JPY1 = IRP2.5) Business lines: Manufacture and sales of motor vehicles Models sold: Lancer, Pajero 2004FY sales volume: Approx. 2,200 units 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: Unveils Spec Upgrades for Outlander ----------------------------------------------------- Mitsubishi Motors Corporation has launched its all-new Outlander 4x4-crossover in some markets, but the current model will continue a while yet in Europe, 4Car News reports. For 2006, it will receive a few minor upgrades: all models gain redesigned front and rear light clusters, a new tailgate, a new rear spoiler with a clear-glass stop lap, new two-tone bumpers with a body-coloured upper layer and light grey lower section, and a revised front grille and dashboard. Sport and Sport SE models gain cruise control and 17-inch alloy wheels, plus more sculpted bumper mouldings and side air dams. SEIBU RAILWAY: Posts FY/2004 JPY13 Bln Net Loss ----------------------------------------------- Seibu Railway Co. posted a group net loss of JPY13 billion in fiscal 2004, the second year in a row it has posted losses, Kyodo News reports. In its consolidated earnings report for the year ended March 31, however, its operating profit increased 5.8 percent to JPY24.4 billion on operating revenue of JPY407.8 billion yen, down 1.6 percent. CONTACT: Seibu Railway Co Ltd 11-1 Kusunokidai 1-Chome Tokorozawa 359-8520, Saitama 359-8520 Japan Phone: +81 42 926 2081 Fax: +81 42 926 2237 Web site: http://www.seibu-group.co.jp/ TOSHIBA CORPORATION: Court Reschedules Post Trial Hearing --------------------------------------------------------- Lexar Media, Inc. (Nasdaq:LEXR), a leading marketer and manufacturer of high-performance digital media and accessories, on May 26 confirmed that the Court has re-scheduled the Lexar Media, Inc. v. Toshiba Corporation post-trial hearing for June 21, 2005 beginning at 1:30 PM PDT. If necessary, the hearing may continue to June 22. The Court has also scheduled a conference with counsel for June 14 to determine which matters will be addressed at the hearing. In post trial motions, Lexar has asked the Court for an injunction of Toshiba products that have specifically been found to incorporate Lexar's trade secrets, including Toshiba's large and small block NAND flash chips, as well as Toshiba's CompactFlash, Secure Digital and xD Picture Card products and any other products that contain the same functionality covered by Lexar's trade secrets. Lexar has also asked that the Court consider Lexar's claim of unfair competition, which is based on California Business and Professions Code Section 17200 and follows the jury verdicts finding Toshiba Corporation (JP:6502) and Toshiba America Electronic Components, Inc. (PNK:TOSBF.PK) liable for $465.4 million in damages for breach of fiduciary duty and theft of trade secrets. Toshiba has asked the Court to rule on its equitable defenses. The Court is expected to rule on the various post-trial motions sometime after all hearings have been completed. About Lexar Media, Inc. Lexar is a leading marketer and manufacturer of flash memory cards, USB flash drives, card readers and ATA controller technology for the digital photography, consumer electronics, industrial and communications markets. The Company holds over 80 issued or allowed controller and system patents, and licenses its technology to companies including Olympus, Samsung Electronics, SanDisk and Sony. For more information, please call 800-789-9418 or visit www.lexar.com. Contacts: Lexar Media, Inc. Diane Carlini, 510-580-5604 dcarlini@lexar.com or The Fratelli Group Ted Richane, 202-822-9491 trichane@fratelli.com This is a Company press release. ========= K O R E A ========= CHOHUNG BANK: Fitch Upgrades Ratings to 'BBB+' ---------------------------------------------- Fitch Ratings, the international rating agency, had on May 30, 2005 upgraded the ratings on Korea-based Chohung Bank (CHB) to Long-term 'BBB+' from 'BBB', Short-term 'F2' from 'F3' and Individual 'C' from 'C/D'. CHB's Support rating, meanwhile, was affirmed at '2'. Fitch's ratings on CHB's Lower and Upper Tier II subordinated debt have also been raised by one notch to 'BBB' and 'BBB-' (BBB minus). The Outlook on CHB's ratings is Positive. At the same time, the agency also revised the rating Outlook on Shinhan Bank (Shinhan) to Positive from Stable. Shinhan's ratings were simultaneously affirmed at Long-term 'BBB+', Individual 'C', Short-term 'F2' and Support '2'. The rating action follows the significant improvement in CHB's performance in 2004 and the first quarter of 2005. Previously, Shinhan's rating has been constrained by its weaker sister, CHB, as losses at other Shinhan Financial Group (SFG) subsidiaries required Shinhan to upstream additional dividends to SFG. However, CHB's improved financials has considerably eased this concern; CHB posted net income of KRW265.2 billion resulting in 11.7% ROE in 2004, a meaningful turnaround from losses of KRW987bn in 2003. The bank's NPL ratio also declined significantly to 1.94% at end-2004 from 4.8% a year earlier. Thanks to the bank's downsizing and book-cleaning efforts in its credit card and unsecured loans businesses, CHB continued to post favorable operating results in the first quarter of 2005, registering KRW125.9 billion for an annualized 0.80% ROA and 20.1% ROE, mainly thanks to falling provisioning charges. Shinhan has continuously shown a favorable and stable operating performance. In 2004, the bank posted a record high net income of KRW844.1bn, which saw ROE at 22.1% and ROA at 1.2%; the bank also posted KRW218.3 billion (for an annualized 23% ROE) in the first quarter of 2005. The bank has also demonstrated a good track record of risk management and exhibited among the best asset quality in the sector. The two banks are scheduled to be merged into one entity by September 2006, forming the second- largest banking group in Korea with KRW135 trillion in assets. Fitch views Shinhan Financial Group's ("SFG") on-going efforts to raise CHB's risk management systems to the level of Shinhan as a significant contributor to CHB's improved results in 2004 and the first quarter 2004. In addition, although there is a risk in the integration process including a possible conflict with CHB's labor union, Fitch views that the related risk has been much moderated given recent efforts by SFG to improve staff relationships, including pay raises and the introduction of a cultural harmonization program. However, Fitch notes that there remain some challenges to achieving higher ratings for the integrated entity, including the need to improve CHB's operating efficiency and capital adequacy. At end-March 05, the two banks' combined capital ratio is estimated at 11.24% CAR and 7.24% Tier 1, an improvement from 10.8% CAR with a 6.32% Tier 1 capital ratio at end-04. SFG targets 12% CAR and 8% Tier 1 capital ratio (including 1% hybrid Tier 1 capital) for the integrated entity: this could be achievable if the two banks continue to generate the current level of profits with a limited dividend payout. CONTACT: Chohung Bank South Korea Web site: http://www.chohungbank.co.kr/ E-mail: zpwcho2@chohungbank.co.kr =============== M A L A Y S I A =============== AYER HITAM: To Announce Regularization Plan ------------------------------------------- Ayer Hitam Tin Dredging Malaysia Berhad announced that in relation to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad (Bursa Securities) Listing Requirements, the Company still has not made a requisite announcement in its plan to regularize its financial condition. The Company filed an application to extend the release of the announcement from April 28, 2005 to Oct. 28, 2005. The application is currently pending Bursa Securities' approval. On May 27, 2005, the Company received a letter from Bursa Securities, asking it to make written representations documentary evidence so that its securities would not be suspended from trading in the market, if its extension application is rejected. CONTACT: Ayer Hitam Tin Dredging Malaysia Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 Malaysia Phone: +60 3 2031 9633 Fax: +60 3 2031 6920 INTAN UTILITIES: Provides Default Status Update ----------------------------------------------- Intan Utilities Berhad announced that in relation to Practice Note 1/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, the Company has issued a summary of the defaults of units IDS Electronics Berhad and IDS Technology Berhad. Attached is a copy of the default status report: http://bankrupt.com/misc/tcrap_intanutilities053005.xls CONTACT: Intan Utilities Berhad 11th Floor Menara Berjaya, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia Phone: 03-2935 8888 Fax: 03-29358043 Web site: http://www3.jaring.my/intan KIG GLASS: Temporarily Shuts Down Two Plants for Maintenance ------------------------------------------------------------ Kig Glass Industrial Berhad announced that since April 26, 2005, the Company has reduced its production in its plants located in Pasir Gudang and Johor because of limited cash flow. On May 26, 2005, Company management decided to shut down the two plants completely for maintenance purposes and to improve efficiency. Company directors endorsed the management's decision in a board meeting held on May 27, 2005. Production is set to restart within two to three months (peak season). The Company will try to sell its stocks on hand to generate operating cash flow, while other operations would continue as the Company has existing to stock ready for delivery. The Company will make arrangements with customers to reduce any losses incurred. CONTACT: KIG Glass Industrial Berhad Suite 5.3A, Level 5, Menara Pelangi No. 2, Jalan Kuning, Taman Pelangi 80400 Johor Bahru, Johor Malaysia Phone: 07-3341750 Fax: 07-3318617 LINEAR COOLING: SSC Serves Winding Up Petition ---------------------------------------------- Linear Cooling Industries Berhad (LCI) announced that the Company was served a notice of a winding-up petition by Syarikat Success Construction Berhad (SSC) on May 26, 2005. The winding- up petition was presented to the Malaya High Court in Penang on May 24, 2005. Last Sept. 9, 2003, LCI chose SSC to construct a district cooling plant room in Penang for a contract value of MYR3,799,900. SSC is claiming for an amount of MYR583,418.82, a retention sum and disputes of variation works, overdue interest and claimed losses. LCI's paid-up capital as of Dec. 31, 2004 was MYR3,087,000, with net tangible assets worth MYR27,668,963. CONTACT: Linear Cooling Industries 20A, Jalan Perusahaan, Prai Industrial Estate 4, 13600 Prai, Penang, Malaysia Phone: 604-507 8822 Fax: 604-507 8359 Email: soh@linear.com.my Web site: http://www.linear.com.my MEGASTEEL CORPORATION: To Contest Winding-Up Petition ----------------------------------------------------- Megasteel Corporation Berhad announced that the Company was served a winding-up petition by MSET Engineering Berhad on May 26, 2005, for an amount of MYR238,455.70, the amount due to MSET for the provision of equipment, labor, material and tools. The Company is disputing the said amount. It was legally advised that since there is a dispute as to the amount due, MSET should have sued the Company for the debt instead of proceeding to serve a winding-up petition. The Company's net profit for the year ended June 30, 2004 was MYR150 million, and its net tangible assets are approximately MYR760 million, therefore the Company is not insolvent, and is fully capable of paying its due debts. The Company plans to contest the said petition. CONTACT: Megasteel Corporation Sdn Berhad Lot 2319, Kawasan Perindustrian Olak Lempit, Mukim Tanjung 42700 Banting Selangor Darul Ehsan Malaysia Phone: 03-3181 6666/8866 Fax: 03-31816929 MULTI VEST: Posts Loss in Q1/FY05 --------------------------------- Multi Vest Resources Berhad released its unaudited report for the financial period ended March 31, 2005. SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2005 INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR QUARTER CORRESPONDING TO DATE CORRESPONDING QUARTER PERIOD 31/12/2004 31/12/2003 31/12/2004 31/12/2003 1 Revenue 10,609 13,724 35,531 36,303 2 Profit/(loss) before tax -57 -1,946 1,366 -1,610 3 Profit/(loss) after tax and minority interest -325 -2,369 97 -2,754 4 Net profit/(loss) for the period -325 -2,369 97 -2,754 5 Basic earnings/(loss) per shares (sen) -0.22 -1.58 0.06 -1.54 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) 0.6000 0.6000 For further details on the report, go to: http://bankrupt.com/misc/tcrap_multivest1053005.xls http://bankrupt.com/misc/tcrap_multivest2053005.doc CONTACT: Multi Vest Resources Berhad Level 8, Wisma Integrated Persiaran Kewajipan, USJ1 47600 UEP Subang Jaya Selangor Darul Ehsan Malaysia Phone: 03-76508099 Fax: 03-76508088/9 NAIM INDAH: Net Loss Narrows in Q1 ---------------------------------- Naim Indah 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 2,142 5,215 2,142 5,215 2 Profit/(loss) before tax -345 1,499 -345 1,499 3 Profit/(loss) after tax and minority interest -345 1,237 -345 1,237 4 Net profit/(loss) for the period -345 1,237 -345 1,237 5 Basic earnings/(loss) per shares (sen) -0.08 0.69 -0.08 0.69 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) 0.3111 0.6000 To view a full copy of the report, click on: http://bankrupt.com/misc/tcrap_naimindah1053005.xls http://bankrupt.com/misc/tcrap_naimindah2053005.doc CONTACT: Naim Indah Corporation Berhad Jalan Kampar Off Jalan Tun Razak 50400 Kuala Lumpur Malaysia Phone: +60 3 4043 9411 NAUTICALINK BERHAD: Net Loss Widens Slightly -------------------------------------------- Nauticalink 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 64 177 64 177 2 Profit/(loss) before tax -657 -566 -657 -566 3 Profit/(loss) after tax and minority interest -657 -566 -657 -566 4 Net profit/(loss) for the period -657 -566 -657 -566 5 Basic earnings/(loss) per shares (sen) -3.29 -2.83 -3.29 -2.83 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) -2.2580 -2.2250 A copy of the report is attached: http://bankrupt.com/misc/tcrap_nauticalink053005.xls CONTACT: Nauticalink Berhad 8th Flr, Tower Block Plaza Pekeliling 2, Jln Tun Razak 50400 Kuala Lumpur Malaysia Phone: 03-40431005 Fax: 03-40431058 OCEAN CAPITAL: Shrinks Net Loss in Q1 ------------------------------------- Ocean Capital 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 0 1,922 0 1,922 2 Profit/(loss) before tax -1,653 -3,920 1,653 -3,920 3 Profit/(loss) after tax and minority interest -1,653 -3,920 1,653 -3,920 4 Net profit/(loss) for the period -1,653 -3,920 1,653 -3,920 5 Basic earnings/(loss) per shares (sen) -4.14 -9.82 -4.14 -9.82 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) -1.8500 -1.8000 For further details on the report, go to: http://bankrupt.com/misc/tcrap_oceancapital1053005.xls http://bankrupt.com/misc/tcrap_oceancapital2053005.doc CONTACT: Ocean Capital Berhad No. 43B, 2nd Floor Changkat Bukit Bintang 50200 Kuala Lumpur, Malaysia Phone: 03-21480700 Fax: 03-21454825 OLYMPIA INDUSTRIES: Q1/FY05 Net Loss Balloons --------------------------------------------- Olympia 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 53,629 54,958 150,366 157,382 2 Profit/(loss) before tax -24,485 -17,185 -80,163 -66,108 3 Profit/(loss) after tax and minority interest -25,256 -16,193 -78,327 -63,770 4 Net profit/(loss) for the period -25,256 -16,193 -78,327 -63,770 5 Basic earnings/(loss) per shares (sen) -4.97 -3.19 -15.41 -12.54 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) -1.6400 -1.4800 For a full copy of the report, click on: http://bankrupt.com/misc/tcrap_olympia1053005.xls http://bankrupt.com/misc/tcrap_olympia2053005.doc CONTACT: Olympia Industries Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 Malaysia Phone: +60 3 2070 0033 Fax: +60 3 2070 0011 PAN PACIFIC: Releases FY05 Quarterly Report ------------------------------------------- Pan Pacific Asia 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 0 0 0 0 2 Profit/(loss) before tax -9,497 -8,848 -28,968 -30,849 3 Profit/(loss) after tax and minority interest -9,497 -8,848 -28,968 -30,849 4 Net profit/(loss) for the period -9,497 -8,848 -28,968 -30,849 5 Basic earnings/(loss) per shares (sen) -7.39 -6.88 -22.53 -23.99 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) -4.6100 -4.3800 For further details on the report, click on: http://bankrupt.com/misc/tcrap_panpacific052805.xls CONTACT: Pan Pacific Asia Berhad Unit No. 602B, Level 6, Tower B, Uptown 5, 5 Jalan SS21/39, Damansara Uptown, 47400 Petaling Jaya, Selangor Malaysia Phone: 03-77278168 Fax: 03-77271622 PANTAI HOLDINGS: Records Profit in Q1/FY05 ------------------------------------------ Pantai 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 177,384 156,654 517,711 453,891 2 Profit/(loss) before tax 16,571 -121,384 47,987 -104,992 3 Profit/(loss) after tax and minority interest 10,081 -125,313 29,589 -113,159 4 Net profit/(loss) for the period 10,081 -125,313 29,589 -113,159 5 Basic earnings/(loss) per shares (sen) 2.59 -33.57 7.60 -31.23 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) 1.0016 0.9241 A copy of the report is attached: http://bankrupt.com/misc/tcrap_pantaiholdings1053005.xls http://bankrupt.com/misc/tcrap_pantaiholdings2053005.doc Notes: The Board of Directors have declared the following interim dividend on the ordinary shares of the Company for the financial year ending 30 June 2005 as follows: 1. First Interim Dividend - 1% less income tax of 28% per share amounting to RM2,803,334. The dividend was paid on 29 April 2005. 2. Second Interim Dividend - 1% less income tax of 28% per share amounting to approximately RM2,803,895. The date of payment shall be determined by the Directors at a later date. 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/ ===================== P H I L I P P I N E S ===================== ATLAS CONSOLIDATED: Denies Tax Evasion Report --------------------------------------------- Atlas Consolidated Mining and Development Corporation issued this announcement in reference to the news article entitled "Atlas facing tax evasion suit" published in the May 26, 2005 issue of BusinessWorld. The article reported in part that "(a)uthorities in Aroroy, Masbate are considering suing Atlas Consolidated Mining and Development Corp. for failing to pay excise taxes to the local government since 1991." Atlas Consolidated Mining and Development Corporation (AT), in its letter dated May 26, 2005, informed the Exchange that: "Atlas is not aware of any tax evasion case filed or instituted by the Bureau of Internal Revenue (BIR) against the Company." For your information. (Original Signed) MA. PAMELA D. QUIZON Head, Disclosure Department Noted by: (Original Signed) JURISITA M. QUINTOS Senior Vice President 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. DMCI HOLDINGS: Clarifies Report on Marubeni Alliance ---------------------------------------------------- DMCI Holdings Inc. issued this announcement in reference to the news article entitled "DMCI taps Marubeni" published in the May 26, 2005 issue of the Philippine Daily Inquirer (Internet Edition). The article reported in part that "Construction conglomerate DMCI Holdings Inc. has received offers from local and foreign groups, including Marubeni Corp. of Japan, to form a joint venture in its bid to acquire a controlling stake in Metro Manila's west zone water concessionaire Maynilad Water Services Inc., Inquirer sources in DMCI said. "'DMCI has received offers from local and foreign groups to form the consortium, but we could not act on these proposals unless the due diligence on Maynilad starts,' a source in DMCI said. "Another source added that DMCI had tapped investment bank Macquarie Group as financial adviser in its bid to acquire Maynilad." Further to Circular for Brokers No. 2532-2005 dated May 26, 2005, DMCI Holdings Inc., in its letter of even date, disclosed to the Exchange that: "We would like to reiterate our previous disclosure that the Company has received indications from local and foreign groups in our bid to acquire Maynilad. They have also requested confidentiality and since everything is preliminary in nature, it may be premature to disclose the names of such groups. "We also wish to inform you that the Company has engaged the services of Macquarie Securities Hong Kong Limited as our financial adviser to the Maynilad transaction." (Original Signed) MA. PAMELA D. QUIZON Head, Disclosure Department Noted by: (Original Signed) JURISITA M. QUINTOS CONTACT: DMCI Holdings Incorporated 3/F, Dacon Building 2281 Chino Roces Ave. Ext. Makati City 1231 Telephone: 888-3000 Fax: 816-7362 E-mail Address: dmcihi@dmcinet.com Web site: http://www.dmchi.com LIFETIME PLANS: Seeks Reconsideration of Revocation Order --------------------------------------------------------- Lifetime Plans Inc. said it will request the Securities and Exchange Commission (SEC) to reweigh its decision to close the pre-need firm, according to The Philippine Daily Inquirer. The Company recently ceased operations after the SEC revoked its certificate of incorporation. SEC's decision to cancel the firm's certificate of incorporation meant Lifetime Plans' liabilities would have to be transferred back to its ailing sister firm, Pacific Plans. The SEC said earlier it had found Lifetime's submissions "insufficient". It gave no explanation. Lifetime Plans said the SEC decision effectively put in limbo the payment of benefits to more than 400,000 plan holders and the employment of the Company's 14,400 employees and agents. MARIWASA MANUFACTURING: Unveils New Set of Officers --------------------------------------------------- At the annual meeting of stockholders of Mariwasa Manufacturing Inc. (MMI) on May 26, 2005, at which at least a majority of the stockholders was present or represented and acting throughout, the stockholders approved the following: (1) The election of the following officers of the Corporation for fiscal year 2005-2006: Edison Co Seteng Chairman of the Board, President & General Manager Kajohnder Sangsuban Vice Chairman Ferdinand Edwin Co Seteng Executive Vice President Thavi Tanboonrit Vice President for Finance, Treasurer Corporate Information and Compliance Officer Pramoth Phromaue Vice President for Operations Antonio A. Picazo Corporate Secretary Paul T. Salanga Assistant Corporate Secretary (2) The information of the following committees: Nomination Committee Audit Committee Kajohndet Sangsuban (Chairman) Kan Trakulhoon (Chairman) Lourdes Sy Jacinto Sy Ferdinand Edwin Co Seteng Benjamin Laurel Compensation Committee Executive Committee Dusit Nontanakon (Chairman) Edison Co Seteng Jacinto Sy Kahjohndet Sansuban Benjamin Laurel Ferdinand Edwin Co Seteng Benjamin Laurel CONTACT: Mariwasa Manufacturing Inc. C. Raymundo Avenue Barrio Rosario, Pasig City Phone: 628-1986 to 89; 628-3871 to 80 Fax: 625-1985/3991; 628-3991; 628-1983 to 85 E-mail Address: hotline@mariwasa.com Web site: http://www.mariwasa.com MAYNILAD WATER: Manila Water Anticipating Takeover Plan ------------------------------------------------------- Manila Water Company is confident it will be allowed to participate in the tender for the takeover of fellow water concessionaire Maynilad Water Services, BusinessWorld reports. Manila Water, which operates the east concession of the Metropolitan Waterworks and Sewerage System (MWSS), has indicated its interest in acquiring troubled west water concessionaire Maynilad with a group that includes ING Barings. The water utility firm is optimistic it will be allowed to bid for Maynilad since the old pre-bid rules, which prevented it from operating both the east and west concessions of the MWSS, no longer applies in the takeover bid for Maynilad. Under the pre-bid rules that were drafted when the operations of MWSS were privatized in 1997, no single concessionaire could operate both concessions in order to prevent monopoly and allow for benchmarking of water tariffs. Manila Water President Antonino T. Aquino said, "There are no pre-bid rules that have been formulated at this time. The government is still forming an advisory panel to study the process. They will formulate a new set of rules since the circumstances are very different and there are now additional stakeholders like the creditors." CONTACT: Maynilad Water Services Inc. G/F MWSI Building, Katipunan Road MWSS Compound, Balara Quezon City Philippines MAYNILAD WATER: Merrill Lynch Mulls Stake, Debt Buys ---------------------------------------------------- Maynilad Water Services Inc. has drawn the interest of investment bank Merrill Lynch PLC, The Philippine Daily Inquirer says. Merrill Lynch recently indicated its intention to acquire a "significant stake" and buy a debt paper in the cash-strapped Maynilad. Merrill Lynch has also asked that Maynilad officers make a presentation of the Company's financial reports and capital expenditure program that have been included in a rehabilitation plan it has submitted to the Quezon City Regional Trial Court for approval. Maynilad expects a net income of about Php2 billion this year after seven years of consecutive net losses. He said cash flow would reach Php5 billion by yearend, and brushed aside criticism that the Company depended on price increases to boost its income. Maynilad booked a Php215-million net income in February after it raised its tariff in January. NATIONAL TRANSMISSION: Set to Seal Service Deals This Year ---------------------------------------------------------- National Transmission Corporation (Transco) expects to sign transmission service agreements (TSA) with the country's electric cooperatives and distribution utilities within the year, Today News reveals. The state-owned firm is currently visiting regional centers and holdings discussions with customers about the importance of signing a TSA. Under Energy Regulatory Commission rules, Transco requires all its customers to sign the agreement, which will govern transmission and related services to a distribution utility's customers. Previously, cooperatives and distribution utilities only signed one contract with the National Power Corp. (Napocor) in the form of a Power Supply Agreement, which covered both generation and transmission services. But with the move to unbundle power rates and the subsequent independent operation of Transco, these customers must sign a transmission service agreement to avail of Transco's services. This agreement will be co-terminus with the terms of their contract with Napocor. The firm recently inked a TSA with the Mountain Province Electric Cooperative, which was presented by Board President Michael Dacoy and Manager Jude Domogoen. CONTACT: National Transmission Corporation Power Center BIR Road, cor. Quezon Avenue Diliman, Quezon City Telephone: (02) 9812100 Web site: https://www.transco.ph SWIFT FOODS: Soaring Production Costs Drive Up Losses ----------------------------------------------------- Swift Foods Inc. saw its net loss more than double in the first quarter amid slumping net sales, according to Business World. Net loss for the first quarter reached Php76 million from Php37 million as net sales fell 11.32 percent to Php768 million from Php866 million. The food company blamed its lackluster gross margin performance to higher production costs and the unprecedented level of frozen inventory of the industry. In a filing to the Securities and Exchange Commission (SEC), the firm claimed the successive increases in oil prices have affected the purchasing power of consumers resulting in lower sales for the period. Swift Foods, whose assets were lower 32.64 percent year on year to Php1.3 million, said the first semester is a slow period for poultry industry. CONTACT: SWIFT FOODS, INC. Pioneer Corner Sheridan Streets RFM Corporate Center Mandaluyong City 1603 Philippines Phone: +63 2 631 8101 Fax: +63 2 631 5064 Web site: http://www.rfm.com.ph/ ================= S I N G A P O R E ================= ACCORD CUSTOMER: PwC Concludes Investigation -------------------------------------------- The Board of Directors of Accord Customer Care Solutions Limited advised the Singapore Stock Exchange (SGX) on: (1) Results of Investigation into Overstatement of Revenue On February 23, 2005 the Company had announced that there was an overstatement of revenue for the 3-month period in the 3rd quarter of financial year 2004 in relation to one particular contract in Singapore with a customer of the Company. It was further announced that based on information available to the management of the Company at that time, this overstatement of revenue in relation to the particular contract for the said period was not expected to be material in the context of the revenue and profits of the Company and its subsidiaries (the Group) for the financial year ended December 2004 as announced by the Company on February 22, 2005. On February 28, 2005 it was announced that PricewaterhouseCoopers (PwC) had been appointed to carry out a thorough investigation. The Board wishes to announce that PwC has concluded its investigations into the overstatement of revenue in relation to a particular contract for the financial year 2004. PwC's investigations in this regard has shown that the effect of such overstatement is not likely to be material in the context of the revenue and profits of the Group for the financial year ended December 31, 2004 as announced by the Company on February 22, 2005. (2) Refurbishment Income In the course of the investigations being conducted by PwC, PwC has discovered a possible overstatement of the Group's revenue and profit before tax attributable to its refurbishment business for the financial years 2003 and 2004. Following further investigations carried out by PwC into the refurbishment business of the Group, it was discovered that there had been an overstatement of the revenue and profit before tax amounting to approximately SG$22 million and SG$19 million respectively for the financial year 2003 and approximately SG$60 million and SG$54 million respectively for the financial year 2004 in relation to the refurbishment business of the Group. (3) Additional Provisions to Full Year Financial Statement Following the cessation of the Group's after-market services contract with Nokia to provide after-market services in 10 countries (as announced on February 17, 2005), the investigations being carried out on the Company by the Commercial Affairs Department (as announced on February 22, 2005) and the discovery of the overstatement of the profit before tax attributable to the refurbishment business of the Group, the Company has decided to undertake a review of its business model and to focus solely on its after-market services business and distribution management solutions business. The after-market services business of the Group relates to the provision of an integrated suite of services in the management of after-sales care for manufacturers of mobile phones and high- tech consumer products. The distribution management solutions business of the Group relates to the distribution and retail of mobile phones and the provision of value-added logistics management services in relation to spare parts for mobile handsets and accessories. In light of the new business model of the Group, the Company has decided to take prudent steps to make certain provisions against the carrying value of the assets of the Group. In this regard, the Company intends to make a further provision in its financial statements for the financial year ended December 31, 2004 as announced on February 22, 2005 (the Financial Statement). The additional provisions are against the following balance sheet items as reflected in the Financial Statement: (i) An additional provision of SG$26.2 million against Goodwill, mainly in connection with Shanghai ACCS Forte Science & Technology Co., Ltd., ACCS PRC Limited, Broadmax Services Limited, Accord Customer Care Solutions (Aust) Pty Ltd, Accord Customer Care Solutions (Taiwan) Corp. and PT Accord Customer Care Solutions; (ii) An additional provision of SG$14.0 million against Long- Term Receivables, in connection with Accord Customer Care Solutions (Aust) Pty Ltd; (iii) An additional provision of SG$9.3 million against Investments, in connection with Accord Customer Care Solutions (Aust) Pty Ltd, Allpro International Limited and Mobile Communication Service Pte. Ltd.; (iv) An additional provision of SG$5.0 million against Plant and Equipment; (v) An additional provision of SG$18.2 million against Advance Payment for Investments; (vi) An additional provision of S$5.3 million against Trade Receivables; and (vii) An additional provision of S$3.0 million for Contingent Liabilities. In light of the abovementioned provisions to be made, the financial statements for the financial year ended December 31, 2004 as announced on February 22, 2005 will be restated. The Company is currently working with its auditors to finalize the accounts of the Company for the financial year ended 31 December 2004. (4) Working Capital of the Company The Group has sufficient working capital to meet its present requirements as well as to carry on as a going concern. (5) Management Changes Mr. Victor Tan Hor Peow has resigned as the Chief Executive Officer and Director of the Company with effect from May 25, 2005. Mr. Tong Choo Cherng has been appointed as the Chief Executive Officer and Director of the Company with effect from May 25, 2005 to oversee the day-to-day management of the Company. Mr. Victor Tan Hor Peow will be retained as a consultant to the Company to assist in the management of the Company's clients. Mr. Tong first joined the Company in August 2003 as the Company's Regional Director and was responsible for managing the Group's operations in Australia and New Zealand. Prior to joining the Company, Mr. Tong was previously employed by Flextronics International Ltd as Chief Financial Officer (South Asia) and JIT Limited as Group Chief Financial Officer. Mr. Yip Hwai Chong has resigned as the Chief Financial Officer of the Company with effect from May 25, 2005. Mr. Low Hwee Chiak has been appointed as the Chief Financial Officer of the Company to replace Mr. Yip with effect from May 26, 2005. Mr. Low has more than 24 years of financial and management experience, having worked in various senior management positions for companies across several industries. The personal details and declarations of each of Mr. Tong Choo Cherng and Mr. Low Hwee Chiak as required under Rule 704(7) of the Listing Manual of the Singapore Exchange Securities Trading Limited are contained in separate announcements. (6) Independent Committee On February 23, 2005 the Company had announced that the Board had constituted an Independent Committee of the Board to oversee the Company's independent investigation in addition to the investigation being carried out by the Commercial Affairs Department. Following the completion of the investigation by PwC, the role of the Independent Committee has come to an end. The Independent Committee has accordingly been dissolved. (7) Potential Investors The Company had previously announced that its financial advisor, nTan Corporate Advisory Pte Ltd, were in discussions with several potential investors. With the findings from the investigations being carried out by PwC, the Company is now in a position to move forward with its discussions with such potential investors. By Order of the Board Woo Kah Wai Company Secretary 26 May 2005 Singapore 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 AIROCEAN GROUP: Group Profit Rises 22.0% ---------------------------------------- Airocean Group Ltd. Furnished the Singapore Stock Exchange (SGX) a copy of an income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year. Airocean Group Limited is a leading global integrated air, sea and land cargo logistics group with strong core businesses in international freight forwarding, airline general sales agency (GSA) and airport terminal ground cargo handling services. Committed to growth, the Group has recently entered into China's international and domestic express courier market with Express Courier (China) Limited (Express), a new subsidiary that was established through a joint venture with A-Sonic Aerospace Limited. To view a full copy of the financial report, click http://bankrupt.com/misc/Airocean_FY2005.pdf CONTACT: Airocean Group Limited 80 Robinson Road #08-01/02 Singapore 068898 Telephone: 65 62255111 Fax: 65 62243594 Web site: http://www.airocean.com.sg ALLIANCE TECHNOLOGY: Receiving Proofs of Claim Until June 10 ------------------------------------------------------------ Take notice that a dividend is intended to be declared for Alliance Technology And Development Limited (In Judicial Management). If proof of debt (Form 77) has not been filed, please do so to the satisfaction of the Judicial Managers on or before June 10, 2005, or such later date as the Judicial Managers may fix, failing which you will not be entitled to this dividend and payment shall be made to all creditors whose claims have been admitted, on a pari passu basis, without regard to such claim. Dated this 27th May 2005. Seshadri Rajagopalan Judicial Manager Alliance Technology and Development Limited c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315 APBT MYANMAR: Lays Out Creditor's Meeting Agenda ------------------------------------------------ Take notice that a meeting of creditors of APBT Myanmar Pte Ltd will be held at 8 Cross Street, #12-00 PWC Building, Singapore 048424 on June 3, 2005 at 11:00 am. AGENDA (1) To obtain approval to compromise the debt in relation to the agreement by the Company to release MIPS SEA (S) Pte Ltd (formerly known as Myanmar Integrated Port Services Pte Ltd) (MIPS) from and waive their rights to the debt owing by MIPS in connection with the sale of the whole of the issued ordinary shares and issued convertible redeemable preference shares fully paid up in the capital of MIPS. (2) To appoint Committee of Inspection. (3) Any other matters. Dated this 27th day of May 2005. Ramasamy Subramaniam Iyer Joint Liquidator for APBT Myanmar Pte Ltd c/o 8 Cross Street #17-00 PWC Building Singapore 048424 Forms of general and special proxies are enclosed herewith. Proxies to be used at the meeting must be deposited at 8 Cross Street, #17-00 PWC Building, Singapore 048424, not less than forty-eight (48) hours before the time appointed for holding the above meeting. DATACRAFT ASIA: Completes Issuance, Allotment of Shares ------------------------------------------------------- On May 27, 2005, Datacraft Asia Ltd advised the Singapore Stock Exchange (SGX) that it has issued and allotted 56,000 Ordinary shares (the New Shares) at a price of US$0.725 each to a director and certain employees of the Company's subsidiaries upon the exercise of options pursuant to the Datacraft Asia Share Option Scheme. The New Shares will rank pari passu in all respects with the existing shares of the Company in issue. Application is being made to the Singapore Exchange Securities Trading Limited for the listing and quotation of the New Shares. Following the issue of the New Shares, the number of issued and paid-up ordinary shares of the Company is increased to 467,324,683 ordinary shares of SG$0.10 each. Chew Puay Hoon Assistant Company Secretary 27 May 2005 CONTACT: Datacraft Asia Ltd - Headquarters 6 Shenton Way #24-11 DBS Building Tower Two Singapore 06880 Telephone: (65) 6 323 7988 Fax: (65) 6 323 7933 E-mail: ask@datacraft-asia.com FHTK HOLDINGS: High Court OKs Capital Reduction Exercise -------------------------------------------------------- The Directors of FHTK Holdings Ltd. announced to the Singapore Stock Exchange (SGX) that the High Court has confirmed the Capital Reduction Exercise pursuant to Section 73 of the Act. The Company intends to lodge the Order of the High Court confirming the Capital Reduction Exercise (the Court Order) with the Accounting and Corporate Regulatory Authority (ACRA) on June 13, 2005 (the Effective Date), whereupon the capital reduction will take effect. The Company will make an announcement when the Court Order is lodged with ACRA. Members who either have their names registered in the Register of Members of the Company (other than the CDP) or Depositors whose Securities Accounts are credited with Shares as at 5:00 p.m. on the Effective Date will, following the Capital Reduction Exercise, be entitled to such number of SG$0.005 Shares corresponding to and in place of the number of Shares held by them as at 5:00 p.m. on the Effective Date. Members who are holding Old Share Certificates are advised to refer to pages 7 and 8 of the Circular under the section "Shareholders' Entitlement to the New Shares pursuant to the Capital Reduction Exercise". A summary of the procedures is set out below. Deposit of Share Certificates with CDP Shareholders who hold Old Share Certificates in their own names and who wish to deposit the same with CDP and have their New Shares credited to their Securities Accounts must deposit their Old Share Certificates, together with the duly executed instruments of transfer in favour of CDP, no later than 5 Market Days prior to the Effective Date in order for their Securities Account to be credited with the relevant Shares prior to the Effective Date. After the Effective Date, CDP will only accept for deposit New Share Certificates which reflect a par value of SG$0.005 each. Shareholders who wish to deposit their share certificates with CDP after the Effective Date must first deliver their Old Share Certificates to the Share Registrar at 63 Cantonment Road, Singapore 089758, in exchange for New Share Certificates. The New Share Certificates will be sent by ordinary mail to the registered addresses of Shareholders at their own risk within 15 Market Days from the date of the receipt of the Old Share Certificates. To view a full copy of the press release, click http://bankrupt.com/misc/FHTKholdingsHearingandBankNegotiations. pdf CONTACT: FHTK Holdings Limited 20 Harbour Drive #06-02 PSA Vista Singapore 117612 Telephone: 65 67795688 Fax: 65 67773960 GREATRONIC LIMITED: Another Petition Delays Hearing --------------------------------------------------- On May 20, 2005 the Board of Greatronic Limited announced that at the hearing of the Company's Petition for a Judicial Management Order, the Company's application was adjourned to May 27, 2005 because Mr. Lim Kok Koon had filed an affidavit objecting to the persons nominated to be the Judicial Managers and the Company needed time to respond to that affidavit. The Board announced to the Singapore Stock Exchange (SGX) that on May 27, a group of minority shareholders led by Mr. Peter Boo filed an affidavit questioning the Company's need for a JM Order, disputing that such an Order would be in the interest of the Company's shareholders and asking the Court to give the Company's shareholders an opportunity to consider a proposal that they had put to the Independent Directors earlier and which the Independent Directors had rejected. The proposal, as it finally evolved to, included Mr. Peter Boo offering his services as Chairman and CEO for a token $1 per month, an undertaking by him to subscribe or cause to be subscribed 20 percent new shares at SG$0.02 per share in a placement and a further undertaking, in the event of a rights issue, to subscribe or cause to be subscribed for his full entitlement and to underwrite the entitlement of the remaining rights except those of Mr. Huang Ming Lang at Max Huang and Mr. Lim Kok Koon. Pending the placement, he also offered to make available a cash advance of $25,000 initially with another $25,000, if necessary. The Board made it clear from the start that it had been offered similar proposals but the crux of the matter was the Company's need for sufficient cash to carry on its minimal operations, manage outstanding liabilities and pursue the actions that could be pursued if cash was available. In the Board's view, a credible cash commitment, significantly above Mr. Peter Boo's offer, is necessary. Mr. Peter Boo was not prepared to increase his offer and the proposal was not accepted. As a result of Mr. Peter Boo's affidavit the Company's lawyer applied and was granted another adjournment to June 27 for the Company to respond to that affidavit. By order of the Board 30 May 2005 CONTACT: Greatronic Ltd (formerly: Cybermast Ltd) 627A Aljunied Road #07-02 Biztech Centre Singapore 389842 Telephone: 65 68417828 Fax: 65 68417282 Web site: http://www.greatronic.com/ RSH LIMITED: Releases 1Q/FY2005 Financial Statement --------------------------------------------------- RSH Limited issued to the Singapore Stock Exchange (SGX) its full year financial statement and dividend announcement for the Year Ended March 31, 2005. Books closure date If the final dividend as recommended is approved by the shareholders at the Annual General Meeting to be held on July 28, 2005 the Share Transfer Books and the Register of Members of the Company will be closed on August 10, 2005 for the purpose of determining Members' entitlement to the final dividend. Duly completed registerable transfers in respect of the shares in the Company received up to the close of the business at 5:00 p.m. on August 8, 2005 by the Company's Share Registrar, M&C Services Pte Ltd, 138 Robinson Road #17-00, The Corporate Office, Singapore 068906 will be registered to determine Members' entitlements to such dividends. Members whose Securities Accounts with The Central Depository (Pte) Ltd are credited with shares in the Company as at 5:00 p.m. on August 8, 2005 will be entitled to such dividend. To view a full copy of the financial results, click http://bankrupt.com/misc/RSHLimitedFY05Results.pdf To view a full copy of the auditor's Report, click http://bankrupt.com/misc/RSHLimitedAuditorsReport.pdf CONTACT: RSH Limited (formerly: Royal Clicks Limited) 190 MacPherson Road #07-08 Wisma Gulab Singapore 348548 Telephone: 65 67466555 Fax: 65 68404327 WEARNES INTERNATIONAL: Releases PwC, GK Goh Reports --------------------------------------------------- The directors of Wearnes International (1994) Limited (the Company) refer to the announcement by the Company on May 11, 2005 in connection with the Second Quarter and Half-Year Financial Statement for the Period Ended March 31, 2005 (the Interim Results Announcement). Further to the Interim Results Announcement, the directors informed shareholders that the unaudited results of the Company and its subsidiaries (the Group) for the half-year, October 1, 2004 to March 31, 2005 (H1 FY 2005) and the prospect statement has been reported on by the auditors of the Company, PricewaterhouseCoopers (PwC), and the independent financial adviser of the Company, G.K. Goh Stockbrokers Pte Ltd (GK Goh), in accordance with the Singapore Code on Take-overs and Mergers. The reports of PwC and GK Goh on the unaudited results of the Group for H1 FY 2005 and the prospect statement are attached to this Announcement. The directors have taken all reasonable care to ensure that the facts stated and opinions expressed in this Announcement are fair and accurate and that no material facts have been omitted from this Announcement, and they jointly and severally accept responsibility accordingly. By Order of the Board Wearnes International (1994) Limited Ong Kim Teck Company Secretary 27 May 2005 Singapore Click to view a full copy of the Company's assumptions http://bankrupt.com/misc/WearnesInternationalAssumptions.pdf To view a full copy of GK Goh report http://bankrupt.com/misc/WearnesInternationalGKGoh.pdf Click to view a full copy of PwC report http://bankrupt.com/misc/WearnesInternationalPWC.pdf CONTACT: Wearnes International (1994) Limited 45 Leng Kee Road 159103 Singapore Telephone: +65 6471 6288 Fax: +65 6472 0009 =============== T H A I L A N D =============== NAKORNTHAI STRIP: Allocates 117,316,622 Common Shares ----------------------------------------------------- Starting from May 31, 2005 the Stock Exchange of Thailand (SET) allowed the securities of Nakornthai Strip Mill Public Company Limited (NSM) to be listed on the SET after finishing capital increase procedures. Name: NSM Issued and Paid up Capital Old: THB74,137,788,788.25 Common Share 8,986,398,641 shares New: THB75,105,650,919.75 Common Share 9,103,715,263 shares Par value per share: THB8.25 Allocate to: Creditors under the Business Rehabilitation Plan Number of Share: 117,316,622 common shares Ratio: Conversion price per share: THB2.20 Exercise Date: March 23, 2005 CONTACT: Nakornthai Strip Mill Public Company Limited U.M. Tower, Floor 19, 9 Ramkhamhaeng Road, Suan Luang, Bangkok Telephone: 0-2719-9800-9, 0-2719-9830-2 Fax: 0-2719-9828 TONGKAH HARBOUR: Names New Company Director ------------------------------------------- Pursuant to the Board of Director's Meeting No. 2/2005 held on May 27, 2005 Tongkah Harbour Public Company (THL) informed the Stock Exchange of Thailand (SET), shareholders and investors that its Board resolved to: (1) Acknowledged that Dr. Monthop Valayapetre intends to resign as the Company's Director effective April 12, 2005. (2) The appointment of Mr. Surapong Chaingtong as Company Director to represent the Ministry of Finance (replace Dr. Monthop Valayapetre) effective May 27, 2005. Please be informed accordingly. Yours faithfully, Mr. Chailermchai Martmuang Secretary to the Executive Board of Directors CONTACT: Tongkah Harbour Public Company Limited Muang Thai Phatra Office Tower 1, Floor 7, 252/11 Rachadapisek Road, Huai Khwang Bangkok Telephone: 0-2695-4912-28 Fax: 0-2695-4901 BOND PRICING: For the Week 30 May to 03 June 2005 ------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group 10.000% 4/15/06 1 Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 9 Austral Coal 9.500% 10/01/06 1 BIL Finance Ltd 8.000% 10/15/07 8 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.250% 10/15/06 8 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 8 CBH Resources 9.500% 12/16/09 1 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 7 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Print Group Ltd. 10.250% 10/15/09 10 Primelife Corp. 9.500% 12/08/06 1 Prime Infrastructure 8.500% 2/28/49 9 Prime Infrastructure 8.500% 12/31/49 9 Salomon SB Australia 4.250% 2/01/09 8 Sapphire Securities Ltd 9.160% 9/20/35 9 Sapphire Securities Ltd 9.250% 12/20/06 9 Sherlock Bay Nickel 12.000% 9/01/07 1 Sky Network Television Ltd 9.300% 10/29/49 8 Software of Excellence 7.000% 8/09/07 1 Strathfield Group 11.000% 12/31/05 1 Sydney Gas Company 12.000% 4/01/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.300% 12/15/08 8 TrustPower Ltd 8.500% 9/15/12 8 TrustPower Ltd 8.500% 3/15/14 8 Urbus Properties Ltd 9.250% 3/10/07 1 Vision Systems Ltd 9.000% 12/15/08 2 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/06/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder 7.000% 2/24/06 1 Dataprep Holdings Bhd 4.000% 8/05/05 1 Dataprep Holdings Bhd 4.000% 8/06/07 1 Denko Industrial Corporation Bhd 5.000% 3/15/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 1 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Huat Lai Resources Bhd 5.000% 3/28/10 1 I-Berhad 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kamdar Group Bhd 3.000 11/09/09 1 Killinghall Bhd 5.000% 4/13/09 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Jetson 5.000% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/06/07 4 Lion Diversified Holdings Bhd 2.000% 6/01/09 2 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/05/12 1 Mithril Bhd 8.000% 4/05/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corp. 0.500% 8/24/06 1 Nam Fatt Corporation Bhd 2.000% 6/24/11 1 Pantai Holdings Bhd 5.000% 3/28/07 1 Pantai Holdings Bhd 5.000% 7/31/07 1 Patimas Computers Bhd 6.000% 2/19/06 1 Poh Kong Holdings 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 1.500% 6/30/07 75 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Conoslidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/09/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 1 WCT Land Bhd 3.000% 8/02/09 1 Wah Seong Corp 3.000% 5/21/12 3 SINGAPORE --------- Sengkang Mall 8.000% 11/20/12 1 Structural System Singapore 11.000% 6/30/07 1 Tampines Assets Ltd 5.625% 12/07/06 1 ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***