/raid1/www/Hosts/bankrupt/TCRAP_Public/050607.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, June 7, 2005, Vol. 8, No. 111
Headlines
A U S T R A L I A
ABC LEARNING: Surprise Shutdowns Anger Parents
ACM EXPLORATION: Final Meeting Slated for June 10
AUSTRAL COAL: Panel Receives Centennial Application
AUSTRALIAN SAFETY: To Declare First Dividend June 15
BLUE LEADER: Lays Out Final Meeting Agenda
CAPE MODERN: Members Pass Winding Up Resolution
CLOUGH LIMITED: Sees 2004/05 Loss Ballooning to AU$60 Mln
COMDEK: Fights Wind Up Threat
ECOSOL RSF100: Members Agree to Wind Up Company
ESP ADMINISTRATION: Creditors Must Prove Claims by June 10
E.S.P. NOMINEES: To Pay Dividend to Unsecured Creditors
INGOT METAL: Appoints Official Liquidator
LIM-SACX PTY: Hires Downie Insolvency Liquidators
METAL TRADERS: Final Meeting Fixed June 10
MILNER INVESTMENTS: Members Opt for Voluntary Liquidation
MORRISON COURT: Sets Final Meeting on June 10
MULTIPLEX: Denies Wembley Loss Has Grown
NATIONAL AUSTRALIA: Picked to Arrange Nationwide's Debt Program
NEWMONT TENNANT: Liquidator to Lay Winding Up Account
NICRON RESOURCES: To Convene Final Meeting June 10
PAN OCEAN RESOURCES: Final Meeting Set June 10
PHILLIP CREEK: To Hear Liquidator's Winding Up Report
POSOR PTY: Liquidator to Detail Winding Up Process
RAE SERVICES: To Hold Meeting June 15
SANDTECH PTY: Lays Out Final Meeting Agenda
SPORTS ENTERTAINMENT: Pacific Star Buys Biz
SPORTS ENTERTAINMENT: Pacific Star Appoints Radio Management
WILLERS & CO: Names Michael J. Fitzpatrick Official Liquidator
WMC RESOURCES: BHP Billiton Grabs 76.25% Stake
WMC RESOURCES: S&P Says Ratings Unaffected as BHP Takes Control
C H I N A & H O N G K O N G
BANK OF COMMUNICATIONS: To Raise HK$14.9 Bln in Overseas IPO
BANK OF COMMUNICATIONS: Signs Fund Management Venture Deal
FORTUNE SIGN: Court Orders Winding Up
FUJIAN SHUNDA: Appoints Joint, Several Liquidators
HONGKONG BICYCLES: Issues Debt Claim Notice
INDUSTRIAL AND COMMERCIAL: Sets Up Joint-stock Bank
LEE MAN: Receives Winding Up Order
RICH NICE: Winding Up Hearing Set for July 6
SINHANG PRINTING: To Undergo Winding Up Process
SUN SOON: Enters Winding Up Process
VANCOUVER FUR: Winding Up Hearing Slated for June 21
WAH HAY: Court Orders Winding Up
I N D O N E S I A
DIRGANTARA INDONESIA: Delivers Pakistan's CN-235 Aircraft Order
GREAT RIVER: Averts Bankruptcy with IDR55-Bln Bailout
PERTAMINA: Indonesia Urges Iraq to Honor Oil Contract
J A P A N
FUJITSU LIMITED: Annual Shareholders' Meeting Set June 23
JAPAN AIRLINES: To Hike Fares on International Routes July 1
KANEBO LIMITED: To Raise JPY20 Bln in Extra Capital
MITSUBISHI MOTORS: U.S. Dealership Firm Faces Closure
OLYMPUS CORPORATION: Employs Cost Cutting Scheme
PIONEER CORPORATION: Unveils Group-wide Management Reform
TAIHEIYO CEMENT: JCR Affirms BBBp Rating
UFJ HOLDINGS: Expects Approval of Merger
K O R E A
JINRO LIMITED: Hite Inks Formal Purchase Agreement
LG CARD: Attracts Interest of Shinhan Financial Group
M A L A Y S I A
AKTIF LIFESTYLE: Amends Financial Statements
ANTAH HOLDINGS: Seeks to Extend Deadline to Acquire WFE
MEGASTEEL CORPORATION: Winding Up Petition Withdrawn
PANTAI HOLDINGS: To List New Shares Tomorrow
SATERAS RESOURCES: Still Regularizing Financial Condition
SETEGAP BERHAD: Incurs Additional Losses
SETEGAP BERHAD: Resumes Stock Trading Today
TRU-TECH HOLDINGS: Set to Hold AGM June 28
UNITED CHEMICAL: Seeks Extension of Court-convened Meetings
UNITED CHEMICAL: Sees No Change in Default Status
P H I L I P P I N E S
BELLE CORPORATION: Moves to Wipe Out Php2.8-Bln Debt
BELLE CORPORATION: Unveils New Officers
DMCI HOLDINGS: Eyes Maynilad's French-held Shares
LEPANTO CONSOLIDATED: Begins Commercial Operations
MAYNILAD WATER: Current President Likely to Retain Post
NATIONAL RAILWAYS: Government Absorbs Php220-Mln Debts
PACIFIC PLANS: Planholders Throw Accusations at SEC
PACIFIC PLANS: Resumes Tuition Payment
PHILIPPINE LONG: Lists Additional Shares
* S&P to Keep Philippines' Junk Rating
S I N G A P O R E
APBT MYANMAR: Faces Winding Up Proceedings
ASIA-PACIFIC BULK: Served with Winding Up Order
CHINA AVIATION (S): Releases PwC Findings
CHINA AVIATION (S): Unit Concludes Tender for Deliveries
DATACRAFT ASIA: Court OKs Proposed Capital Reduction
ELOGICITY INTERNATIONAL: Proofs of Claim Due June 20
IRE CORPORATION: Disposes of China Subsidiary
NATSTEEL LIMITED: Unit Issues 2.5Mln Ordinary Shares
SEATOWN CORPORATION: New Financial Regulations Delay Agreement
WANT WANT HOLDINGS: Puts Up New Unit in China
T H A I L A N D
EASTERN WIRE: SET Demands Clarification to Loan Transaction
EMC: Renders Services to Ek-Chai
BOND PRICING: For the Week 06 June to 10 June 2005
- - - - - - - -
=================
A U S T R A L I A
=================
ABC LEARNING: Surprise Shutdowns Anger Parents
----------------------------------------------
Parents of ABC Learning Center students were forced to send
their children to rival operators after the learning institute
closed down some of its centers, The Advertiser says.
The transfers came after ABC sparked parental anger on the
closures of 19 of its 644 centers in Australia and New Zealand.
ABC is completing last year's merger with Peppercorn Management
Group (PMG), Peppercorn Investment Fund and Child Care Centres
Australia. But analyst Merrill Lynch highlighted a strategic
change with ABC dropping managed centers acquired from PMG and
reducing the targeted number of owned centers operated by ABC by
about 100.
ABC claimed it has announced the closures earlier and has even
offered children replacement positions at neighboring ABC
centers. But some parents insisted they were not given
alternatives and were angry about getting only two-week's notice
of the shutdowns.
The closures reportedly came after changes to some suburbs'
demographics and resulted in an oversupply of centers.
Despite the latest debacle, ABC released a statement saying it
was on track to meet 2006 forecasts of net profit of AU$77.5
million and revenues of AU$262 million.
ACM EXPLORATION: Final Meeting Slated for June 10
-------------------------------------------------
Notice is given that a final meeting of members of ACM
Exploration Pty Ltd (in liquidation) will be held at the offices
of Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at 10:50 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005
Timothy Paul Burfield
Liquidator
ACM Exploration Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
AUSTRAL COAL: Panel Receives Centennial Application
---------------------------------------------------
The Takeovers Panel has advised that it received an application
on Friday, June 3, 2005 from Centennial Coal Limited, in
relation to the affairs of Austral Coal Limited, which is
currently the subject of a takeover offer by Centennial.
Centennial has alleged that unacceptable circumstances exist in
relation to the failure by Glencore International AG (Glencore)
to make timely disclosure regarding equity swap arrangements its
entered into relation to more than 5% of Austral.
Centennial has sought a declaration of unacceptable
circumstances and interim and final orders, including orders
that the swaps be unwound and the shares held by the swap
counterparties to hedge their exposure under the swaps be
entered into Centennial's bid.
The Panel has not decided whether to conduct proceedings in
relation to the application and makes no comment on the merits
of the application. It also notes that it has not received
submissions from the other parties to the application and it is,
therefore, unaware of their views.
The sitting Panel for this matter will comprise Meredith
Hellicar (sitting President), Guy Alexander (sitting Deputy
President) and Harnish Douglass, being the sitting Panel for the
Austral 01 matter recently concluded.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
AUSTRALIAN SAFETY: To Declare First Dividend June 15
----------------------------------------------------
A first dividend is to be declared on June 15, 2005 for
Australian Safety Sing Audits Pty Ltd (Subject To Deed Of
Company Arrangement).
Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.
Dated this 29th day of April 2005
Philip G. Jefferson
Deed Administrator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000
BLUE LEADER: Lays Out Final Meeting Agenda
------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
Blue Leader Pty Ltd (In Liquidation) formerly trading as the
Railway Tavern Northampton will be held at the offices of PPB,
Level 1, 5 Mill Street, Perth WA 6000 on Monday, June 13, 2005
at 10:30 a.m.
AGENDA
(1) To provide an account to the members and creditors of the
liquidation.
(2) For creditors to resolve to approve the early destruction of
Blue Leader's books and records.
(3) For creditors to resolve to approve the Liquidator's
remuneration under Section 473(3)b of the Corporations Act 2001.
(4) Any other business that may arise.
Dated this 10th day of May 2005
Cliff Rocke
Official Liquidator
c/- PPB
Chartered Accountants
Level 1, 5 Mill Street,
Perth WA 6000
CAPE MODERN: Members Pass Winding Up Resolution
-----------------------------------------------
At a general meeting of the members of Cape Modern Pty Ltd (In
Liquidation) held at 376 Victoria Road, Malaga, WA on April 27,
2005 a special resolution that the Company be wound up was
voluntarily passed.
G. F. Totterdell
Liquidator
PricewaterhouseCoopers
Level 19, QV1, 250
St George's Terrace WA 6000
CLOUGH LIMITED: Sees 2004/05 Loss Ballooning to AU$60 Mln
---------------------------------------------------------
Clough Limited expects to book a net loss of around AU$60
million for the current financial year, Reuters relates.
Clough, which incurred an AU$42 million loss in the first half,
blames the additional losses on the ongoing disputes with
clients, primarily related to Origin Energy's BassGas
development.
Clough said it had fully provided for legal fees to pursue the
substantial incremental costs incurred on the contract.
The firm is confident of its position in the dispute and has
issued Origin and the BassGas joint venture with a "formal
notice under the contract detailing claims amounting to AU$111.7
million".
But the ultimate outcome of the claim and the amount recovered
would be determined by arbitration, with a decision anticipated
no earlier than April or May next year.
CONTACT:
Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/
COMDEK: Fights Wind Up Threat
-----------------------------
Comdek is seeking to avert a wind-up petition by technology
supplier Todaytech Distribution Pty Ltd, The West Australian
reveals.
Lawyers for the beleaguered technology firm are pushing for the
West Australian Supreme Court to reject a winding up application
by Todaytech after it settled last week some AU$78,252 in
allegedly unpaid bills.
But despite its payment of the account on Friday, Comdek still
faces moves by at least one other creditor to pursue the winding
up petition.
Michael Doherty, a director of the eSat vending Company 154
Collins Street Pty Ltd, said his firm was trying to enforce its
claim against Comdek with two statutory demands, which are a
precursor under the Corporations Act to a winding-up
application. Mr. Doherty said his firm intended to apply to the
Supreme Court to become the substitute petitioning creditor in
Todaytech's winding-up application.
Todaytech last month filed the application, which was disclosed
only recently to the stock exchange following calls by
WestBusiness to the Company about the liquidation push and a
AU$376,690 legal row with a Tasmanian Company that sold a
satellite equipment installation business to Comdek three months
ago.
The West Perth-based firm is a long-standing supplier of
computer hardware to government agencies and last year bought
Internet service provider Vianet. Its March quarter statement
showed it had net negative operating cash flow of AU$450,000 and
negative cash at the end of the quarter of AU$383,000.
CONTACT:
673 Murray St
West Perth, 6005
Western Australia
Phone: +61 8 9214-5200
Fax: +61 8 9214-5201
E-mail: info@comdek.net.au
Web site: http://www.comdek.com.au
ECOSOL RSF100: Members Agree to Wind Up Company
-----------------------------------------------
At a General Meeting of Ecosol Rsf100 Pty Ltd (In Liquidation),
duly convened and held at 121 Wright Street, Adelaide SA 5000 on
March 31, 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 20th day of April 2005
Craig Reeves
Liquidator
200 East Terrace,
Adelaide SA 5000
ESP ADMINISTRATION: Creditors Must Prove Claims by June 10
----------------------------------------------------------
A Second and Final dividend to unsecured creditors is to be
declared on June 13, 2005 for ESP Administration Company Pty
Limited (In Liquidation).
Creditors whose debts have not already been admitted are
required on or before June 10, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 26th day of April 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
E.S.P. NOMINEES: To Pay Dividend to Unsecured Creditors
-------------------------------------------------------
A Second and Final dividend to unsecured creditors is to be
declared on June 13, 2005 for E.S.P. Nominees Pty Limited (In
Liquidation).
Creditors whose debts have not already been admitted are
required on or before June 10, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 26th day of April 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
INGOT METAL: Appoints Official Liquidator
-----------------------------------------
Take notice that special resolutions were passed on April 28,
2005 by the members and the creditors of Ingot Metal Pty Ltd,
whereby it was resolved that the Company be wound up and Peter
Douglas Crowe be appointed liquidator.
Dated this 28th day of April 2005
P. D. Crowe
A.K. Graham & Co
Chartered Accountants
PO Box 203, Subiaco WA 6904
Telephone: (08) 9388 9917
Facsimile: (08) 9388 9919
LIM-SACX PTY: Hires Downie Insolvency Liquidators
-------------------------------------------------
Notice is given that Jason Bettles and Susan Carter, Registered
Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of Lim-
Sacx Pty Ltd (In Liquidation) at a general meeting of the
Company's members on April 28, 2005.
Dated this 29th day of April 2005
Jason Bettles
Liquidator
Downie Insolvency
Web site: http://www.downieinsolvency.com.au
METAL TRADERS: Final Meeting Fixed June 10
------------------------------------------
Notice is given that a final meeting of members of Metal Traders
Australasia Pty Ltd (In Liquidation) will be held at the offices
of Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at 11:10 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005
Timothy Paul Burfield
Liquidator
Metal Traders Australasia Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
MILNER INVESTMENTS: Members Opt for Voluntary Liquidation
---------------------------------------------------------
At a general meeting of the Members of Milner Investments Pty
Ltd (In Member's Voluntary Liquidation) duly convened and held
at Level 1, 5 Mill Street, Perth WA on Tuesday, April 26 at
10:00 a.m., the Special Resolutions set out below were duly
passed:
Special Resolutions
(i) That the Company be wound up voluntarily.
The resolution was unanimously carried.
(ii) That the Liquidators shall distribute in cash or in specie
the assets of the Company to the Shareholders in accordance with
the Articles of Association.
The resolution was unanimously carried.
Mr. Clifford Rocke and Mr. Jeffrey Herbert of PPB, Level
1, 5 Mill Street, Perth were appointed as Joint and Several
Liquidators.
Dated this 26th day of April 2005
Cliff Rocke
Liquidator
PPB
Level 1, 5 Mill Street,
Perth WA 6000
MORRISON COURT: Sets Final Meeting on June 10
---------------------------------------------
Notice is given that a Final Meeting of the Members of Morrison
Court Pty Ltd (In Liquidation) will be held on Friday, June 10,
2005, at Freer Parker & Associates, 40 Sturt Street, Adelaide,
at 11:00 a.m.
AGENDA
(1) To lay before the Meeting an account showing how the winding
up has been conducted and the property of the Company has been
disposed of.
(2) Any other business.
Dated this 29th day of April 2005
Richard George Freer
Liquidator
Freer Parker & Associates
40 Sturt Street,
Adelaide SA 5000
Telephone: (08) 8211 7177
Facsimile: (08) 8212 6177
MULTIPLEX: Denies Wembley Loss Has Grown
----------------------------------------
Embattled Multiplex Group has denied claims that costs at its
Wembley Stadium project have blown out further, Dow Jones
Newswires reports.
The construction giant outrightly rejects a report by the U.K.
Sunday Press that costs at the loss-making project had blown out
to GBP150 million.
The firm also denied that it had lost any contracts in the
Sydney suburb of Parramatta.
Multiplex is currently facing an AU$109-million cost overrun on
the rebuilding of London's Wembley Stadium.
CONTACT:
Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au/
NATIONAL AUSTRALIA: Picked to Arrange Nationwide's Debt Program
---------------------------------------------------------------
National Australia Bank (NAB) has been chosen to handle a debt
programme of Britain's largest building society, Reuters
reports.
Nationwide Building Society has appointed NAB to arrange a new
Australian dollar medium-term note and short-term note issuance
programme.
Dealers on the programme will include National Australia Bank,
Commonwealth Bank of Australia, Citigroup Global Markets, UBS
Investment Bank and Westpac Banking Corp.
Nationwide is rated Aa3 stable by Moody's Investors Service, A-
plus stable by Standard & Poor's and AA-minus by Fitch Ratings.
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/
NEWMONT TENNANT: Liquidator to Lay Winding Up Account
-----------------------------------------------------
Notice is given that a final meeting of members of Newmont
Tennant Creek Pty Ltd (in liquidation) will be held at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide,
South Australia on June 10, 2005 at 11:50 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005
Timothy Paul Burfield
Liquidator
Newmont Tennant Creek Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
NICRON RESOURCES: To Convene Final Meeting June 10
--------------------------------------------------
Notice is given that a final meeting of members of Nicron
Resources (US) Pty Ltd (In Liquidation) will be held at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide,
South Australia on June 10, 2005 at 11:00 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005
Timothy Paul Burfield
Liquidator
Nicron Resources (US) Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
PAN OCEAN RESOURCES: Final Meeting Set June 10
----------------------------------------------
Notice is given that a final meeting of members of Pan Ocean
Resources Pty Ltd (in liquidation) will be held at the offices
of Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at 11:20 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005.
Timothy Paul Burfield
Liquidator
Pan Ocean Resources Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
PHILLIP CREEK: To Hear Liquidator's Winding Up Report
-----------------------------------------------------
Notice is given that a final meeting of members of Phillip Creek
Pastoral Co Pty Ltd (In Liquidation) will be held at the offices
of Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at 11:40 a.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005
Timothy Paul Burfield
Liquidator
Phillip Creek Pastoral Co Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
POSOR PTY: Liquidator to Detail Winding Up Process
--------------------------------------------------
Notice is given that a final meeting of members of Posor Pty Ltd
(in liquidation) will be held at the offices of Newmont
Australia Limited, 100 Hutt Street, Adelaide, South Australia on
June 10, 2005 at 12:10 p.m.
The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.
Dated this 2nd day of May 2005
Timothy Paul Burfield
Liquidator
Posor Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111
RAE SERVICES: To Hold Meeting June 15
-------------------------------------
Notice is given that a meeting of the creditors and members of
Rae Services Pty Ltd (In Liquidation) will be held at the
offices of Maris Rudaks, Chartered Accountant, Level 2, 99 Frome
Street, Adelaide, South Australia, 5000 on Wednesday, June 15,
2005 at 10:00 a.m.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.
Dated this 27th day of April 2005
M. A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street,
Adelaide SA 5000
Telephone: (08) 8236 1500
Facsimile: (08) 8236 1555
SANDTECH PTY: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is given that a final meeting of members and creditors of
Sandtech Pty Ltd (In Liquidation) will be held at the offices of
KordaMentha, Level 11, 37 St George's Terrace, Perth on Monday,
June 13, 2005 at 3:30 p.m.
AGENDA
(1) To receive the account made out by the Liquidator pursuant
to Section 509(1) of the Corporations Act 2001 and any
explanation of the account.
(2) Any other business that may properly be conducted.
Dated this 27th day of April 2005
Louis Nilant
Liquidator for Sandtech Pty Ltd
KordaMentha
Telephone: (08) 9221 6999
SPORTS ENTERTAINMENT: Pacific Star Buys Biz
-------------------------------------------
Pacific Star Network Limited (the Company) is pleased to
announce that it entered into agreements with the Voluntary
Administrator of Sports Entertainment Network (SEN 1116 AM) to
purchase the Melbourne based business of SEN.
Since SEN 1116 AM's launch in January 2004, it has developed a
devoted audience with particularly attractive advertising
demographics. The purchase of SEN brings ownership of both radio
stations under the Company's control and is expected to allow
significant duopoly synergies.
CONTACT:
Sports Entertainment Network
473 - 479 Swan St.
Richmond, Victoria, 3121
Phone: 8420 1116
Fax: 8420 1144
Web site: http://www.3ak.com.au/
Pacific STar Network Limited
473 Swan Street
Richmond Victoria 3121
Australia
Phone: +61 3 8420 1167
Fax: +61 3 9421 5383
E-mail: info@d-c-l.com
Web site: http://www.d-c-l.com
SPORTS ENTERTAINMENT: Pacific Star Appoints Radio Management
------------------------------------------------------------
Pacific Star Network announced that it has secured the services
of Mr. George Buschmann to oversee the integration of the Sports
Entertainment Network (SEN) business with that of 3MP.
Mr. Buschmann has a long and successful radio industry track
record including 9 years as Managing Director of Macquarie Radio
Network where he built the 2GB and 2CH Sydney radio duopoly into
the most successful Sydney AM broadcasting business. Prior to
this he spent 13 years with the Triple M Network that included 5
years running Triple M Melbourne. In addition to his Pacific
Star Network appointment, Mr. Buschmann is providing services to
Mr. Richard Branson's global Virgin Radio Group.
WILLERS & CO: Names Michael J. Fitzpatrick Official Liquidator
--------------------------------------------------------------
Notice is hereby given that at a resolution of the Member of
Willers & Co Pty Ltd (In Voluntary Liquidation) on April 26,
2005, a Special Resolution that the Company be wound up
voluntarily was resolved by the members and Michael J.
Fitzpatrick was appointed Liquidator.
Dated this 27th day of April 2005
Michael J. Fitzpatrick
Liquidator
c/- KPMG
Level 30, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
WMC RESOURCES: BHP Billiton Grabs 76.25% Stake
----------------------------------------------
BHP Billiton announced that it has on Friday achieved
acceptances under its offer for WMC Resources for 72.99 percent
of WMC's issued shares.
BHP Billiton has also acquired a further 3.26 percent of WMC's
issued shares as a result of on-market purchases.
Accordingly, BHP Billiton has an aggregate interest of 76.25
percent in WMC's issued shares (inclosing instructions under the
Acceptance Facility. This does not include BHP Billiton's 4.31
percent economic exposure to WMC shares under its cash settled
swap contracts with Deutsche Bank AG.
BHP Billiton's offer was scheduled to close on Friday, June 17,
2005.
CONTACT:
WMC Resources Limited
Level 16, IBM Centre, 60 City Rd.
Southbank, Vic. 3006
Telephone: +61 (0)3 9685 6000
Facsimile: +61 (0)3 9686 3569
Web site: http://www.wmc.com/
WMC RESOURCES: S&P Says Ratings Unaffected as BHP Takes Control
---------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that its 'BBB/A-
2' corporate credit ratings on WMC Resources Ltd. (WMCR) remains
on CreditWatch with positive implications. BHP Billiton Ltd.
(BHPB; A+/Stable/A-1) now holds about 76% of WMCR and controls
the WMCR board of director following a series of board member
retirements announced Monday.
The ratings on WMCR will remain on CreditWatch at least until
BHPB's unconditional takeover offer closes on June 17, 2005, and
strategy for the future funding and outstanding debt issues of
WMCR has been reviewed by Standard & Poor's.
WMCR has two long-dated guaranteed bond issues comprising US$500
million due in May 2013, and US$200 million due in May 2033. The
outcome for the ratings on WMCR depends on the level of support
to be provided by BHPB. If the WMCR bonds were explicitly
guaranteed by BHPB, then the issue ratings would be equalized
with the 'A+' long-term rating on BHPB. However, if the bonds
were not explicitly supported by BHPB, only implicit support
would be considered and the ratings could be notched down from
the parent Company.
The ratings on BHP Billiton are unaffected by the WMC Resources
takeover as the Company has significant flexibility to fund the
all-cash offer through its strong free cash flow and substantial
headroom within its current capital structure.
==============================
C H I N A & H O N G K O N G
==============================
BANK OF COMMUNICATIONS: To Raise HK$14.9 Bln in Overseas IPO
------------------------------------------------------------
China's Bank of Communications (BoComm) will raise as much as
HK$14.9 billion in the industry's first overseas share sale, The
Standard reports.
The bank, which has about US$138 billion (HK$1.07 trillion) of
assets, will offer 5.856 billion shares for HK$1.95 to HK$2.55
each in an initial public offering in Hong Kong.
HSBC Holdings and Goldman Sachs Group are arranging the sale.
London-based HSBC, Europe's largest bank by market value, last
year paid US$1.75 billion for a 20 percent stake in Bank of
Communications. HSBC will purchase shares in the IPO to maintain
its stake.
Big state-owned banks have been seeking foreign strategic
partners and preparing for IPOs as part of its restructuring.
CONTACT:
Bank of Communications
20 Pedder Street, Central, Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk
BANK OF COMMUNICATIONS: Signs Fund Management Venture Deal
----------------------------------------------------------
U.K.'s Schroders PLC (SDR.LN) has signed an agreement last month
with China's Bank of Communications to jointly form a fund
management venture, Dow Jones reports.
The report said Schroders would own a 25-percent stake in the
venture, which will likely be established in Beijing with a
registered capital of CNY200 million.
FORTUNE SIGN: Court Orders Winding Up
-------------------------------------
Fortune Sign Investment Limited with registered office located
at 6/F, Chuang's London Plaza, 219 Nathan Road, Kowloon was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on May 25,
2005.
Date of Presentation of Petition: March 18, 2005
Dated this 3rd day of June 2005
ET O'Connell
Official Receivers
FUJIAN SHUNDA: Appoints Joint, Several Liquidators
--------------------------------------------------
Notice is hereby given that Mr. Kennic Lai Hang Lui and Ms. Ruby
Mun Yee Leung, both of Messrs. Kennic L. H. Lui & Co., Certified
Public Accountants of 5th Floor, Ho Lee Commercial Building, 38-
44 D'Aguilar Street, Central, Hong Kong, have been appointed as
the Joint and Several Liquidators of Fujian Shunda Polyester
Fibre Company Limited (In Liquidation) by order of the High
Court of Hong Kong Special Administrative Region dated on March
19, 2005.
Dated this 3rd day of June, 2005
Kennic Lai Hang Lui
Ruby Mun Yee Leung
Joint and Several Liquidators
HONGKONG BICYCLES: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that the creditors of HongKong (Link)
Bicycles Limited, which is being wound up by the court, are
required (if they have not already done so), on or before 4:30
p.m. on June 30, 2005, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Official Receiver's Office
at 10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong.
In default thereof, they will be excluded from the benefit of
the distribution made next after June 30, 2005 or as the case
may be from objecting to such distribution.
Dated this 3rd day of June 2005
Dermot Agnew
Joseph Kin Ching Lo
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Central, Hong Kong
INDUSTRIAL AND COMMERCIAL: Sets Up Joint-stock Bank
---------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) will set up a
joint-stock bank by October to pave the way for an initial
public offering in 2006 or 2007, according to Reuters, citing
ICBC Chairman Jiang Jian Qing.
The bank will complete its financial restructuring in this
year's first half and aims for a listing in 2006 or 2007, ICBC
Chairman Jiang Jian Qing said.
Last month, ICBC said it would offload $30 billion in bad assets
to a state debt clearer as it grapples with a mountain of bad
debt.
The Company is courting strategic foreign investors for more
capital and global management expertise.
CONTACT:
Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com
LEE MAN: Receives Winding Up Order
----------------------------------
Lee Man Knitters Limited with registered office located at 12/F,
William Industrial Building, 218-220 Choi Hung Road and 23-25 Ng
Fong Street, San Po Kong, Kolon was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on May 25, 2005.
Date of Presentation of Petition: March 4, 2005
Dated this 3rd day of June 2005
ET O'Connell
Official Receivers
RICH NICE: Winding Up Hearing Set for July 6
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rich Nice (Group) Limited by the High Court of Hong Kong Special
Administrative Region was on May 10, 2005 presented to the said
Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 6, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
71 Des Voeux Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 5, 2005.
SINHANG PRINTING: To Undergo Winding Up Process
-----------------------------------------------
Sinhang Printing Company Limited with registered office located
at Unit B2A, 2nd Floor Ph II, Hang Fung Industrial Building, 2G
Hok Yuen Street, Hunghom, Kolon was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on May 25, 2005.
Date of Presentation of Petition: March 17, 2005
Dated this 3rd day of June 2005
ET O'Connell
Official Receivers
SUN SOON: Enters Winding Up Process
-----------------------------------
Sun Soon King Restaurant Limited with registered office located
at G/F, 2-3 Landale Street, Wanchai, Hong Kong, was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on May 25, 2005.
Date of Presentation of Petition: March 18, 2005
Dated this 3rd day of June 2005
ET O'Connell
Official Receivers
VANCOUVER FUR: Winding Up Hearing Slated for June 21
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Vancouver Fur & Leather (H.K.) Limited (formerly known as Loyal
Forward Limited0 by the High Court of Hong Kong Special
Administrative Region was on December 23, 2004 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong and amended on May 24, 2005.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 22, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 21, 2005.
WAH HAY: Court Orders Winding Up
--------------------------------
Wah Hay (China) Limited with registered office located at 6/F,
Wen Wei Commercial Centre, 199 Wanchai Road, Hong Kong, was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on May 25,
2005.
Date of Presentation of Petition: March 18, 2005
Dated this 3rd day of June 2005
ET O'Connell
Official Receivers
=================
I N D O N E S I A
=================
DIRGANTARA INDONESIA: Delivers Pakistan's CN-235 Aircraft Order
---------------------------------------------------------------
PT Dirgantara Indonesia delivered a special CN-235 airplane to
Pakistan on June 6, 2005, reports Antara News.
The USD24 million (IDR230 billion) CN-235 VIP aircraft was the
last of four airplanes ordered by Pakistan. It would be used as
a presidential plane, while the other three were for military
transportation.
The CN-235 VIP was extended to Pakistan by the Indonesian
aircraft firm in a ceremony on June 6.
Pakistan ordered the four planes for a total of USD54 million
(IDR517.5 billion), with the other three military planes costing
USD10 million (IDR95.8 billion) each.
CONTACT:
PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com
GREAT RIVER: Averts Bankruptcy with IDR55-Bln Bailout
-----------------------------------------------------
PT Great River International will be saved from bankruptcy as
shareholders are set to inject IDR55 billion in capital to the
Company, the Jakarta Post reports.
According to Capital Market Supervisory Agency (Bapepam) Chief
Darmin Nasution, Company shareholders signed an agreement to
inject the funds into the Company throughout the year. The
additional capital would be enough to cover operational costs.
Bapepam is acting as facilitator to the Company in order to
rescue the firm.
The Company's shares were suspended on Jan. 13, 2005, due to its
failure to pay interest payments on IDR300 billion worth of
bonds issued in 2003, which amounted to IDR11 billion. Company
subsidiary PT Inti Fasindo International also failed to issue
IDR17 billion in bond payments.
The Company also owes IDR250 billion in bonds and IDR20 billion
in loans to state-owned Bank Mandiri.
Bapepam will carefully watch the activities of the Company,
which is set to implement cost-effective in efforts to reduce
expenses and be able to make payments.
CONTACT:
Pt Great River Internasional
Plaza Great River Industries lantai 18
Jl. HR. Rasuna Said, Blok X-2 No. 1, Jakarta 12950
Phone: 021 5262450-51-60-61
Fax: 021 5262462; 5262463; 5262686
E-mail: direksi.gri@greatriver.co.id
PERTAMINA: Indonesia Urges Iraq to Honor Oil Contract
-----------------------------------------------------
Indonesia's Mines & Energy Minister Purnomo Yusgiantoro said
that the Indonesian government will remind the Iraqi government
to honor its contracts with foreign firms, including state-owned
PT Pertamina.
Mr. Yusgiantoro is scheduled to meet Iraqi officials on June 15,
at a meeting of the Organization of Petroleum-Exporting Products
in Vienna.
This is in relation with statements by Iraqi oil minister
Ibrahim Bahr al-Uloum saying that Iraqi's Prime Minister Ibrahim
al-Jaafari formed a ministerial committee to revise its oil
contracts.
Mr. Yusgiantoro said that he will remind them to honor
contractsa that they had already signed, but added that the
Indonesian government was willing to renegotiate on technical
and non-significant matters.
IN 2002, Pertamina was awarded a contract to develop Iraq's
Western Desert Block. Company subsidiary PT Elnusa was tasked to
review the gas block, but operations were halted last May 2004
for security reasons.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
=========
J A P A N
=========
FUJITSU LIMITED: Annual Shareholders' Meeting Set June 23
---------------------------------------------------------
The Shareholders of Fujitsu Limited are invited to attend the
105th Annual Shareholders' Meeting, to be held as set forth
below.
1. Date & Time June 23, 2005; 10 a.m.
2. Venue Shin Yokohama Prince Hotel, Sinfonia Hall (5th Floor)
3-4 Shin Yokohama Kohoku-ku, Yokohama-shi Kanagawa
3. Business to Be Conducted
Reports: Presentation of the Business Report, Consolidated
Balance Sheet, Consolidated Statement of Income, Non-
consolidated Balance Sheet, and Non-consolidated Statement of
Income for the 105th Business Period (April 1, 2004 - March 31,
2005); Report of Independent Auditor and Board of Auditors on
Consolidated Financial Statements.
Agenda:
Proposal No. 1 Approval of the Proposed Appropriation of
Retained Earnings for the 105th Business Period
Proposal No. 2 Partial Revision to the Articles of Incorporation
A summary of the proposal is included on pages 3 of the attached
voting materials.
Proposal No. 3 Election of Ten Members of the Board
Proposal No. 4 Election of Two Auditors
Proposal No. 5 Granting of Retirement Allowances to Retiring
Members of the Board and Auditors
Notes:
(1) Those attending the meeting are requested to present the
enclosed Document for Exercise of Voting Rights to the
receptionist.
(2) This English version Notice of Convocation and Reference
Material are based on the separate Japanese version. The style
of the English version differs slightly from the Japanese
version.
To view The Reports on the 105th Business Period, please paste
the following link into your web browser;
http://www.fujitsu.com/global/about/ir/yearendrep/.
CONTACT:
Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
JAPAN AIRLINES: To Hike Fares on International Routes July 1
------------------------------------------------------------
On June 3, 2005, the Japan Airlines (JAL) Group requested
approval from the Japanese Ministry of Land, Infrastructure and
Transport (MLIT), to increase the fuel surcharge placed on all
international passenger tickets issued on or after July 1, 2005.
JAL introduced the fuel surcharge in February this year in
response to rises in the cost of fuel. Since then continued fuel
cost increases have led JAL to review the amount of fuel
surcharge levied.
The surcharge applies to flights operated by Japan Airlines and
its international subsidiaries JALways and Japan Asia Airways
including JAL code-share flights operated by other airlines, and
will remain in effect until September 30, 2005. However, the
revised surcharge will be reduced to the original February
levels once the average monthly price of Singapore kerosene
falls below the benchmark of US$60.00 per barrel. The surcharges
will be cancelled completely when the average monthly price of
Singapore kerosene falls below the benchmark of US$40.00 per
barrel.
The continuing rise in fuel costs is cause for concern for its
impact on JAL's business performance and its ability to serve
the public. JAL has taken a wide range of counter measures to
offset the price increase including hedging. The JAL Group's
medium term corporate plan for the period 2005 through 2007
includes reform of structural costs by 75 billion annually by
2007 but despite these measures the Company is reluctantly
obliged to ask its international passengers to bear part of the
burden.
For more information, go to
http://bankrupt.com/misc/tcrap_jal060605.pdf
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
This is a Company press release.
KANEBO LIMITED: To Raise JPY20 Bln in Extra Capital
---------------------------------------------------
Kanebo Limited will raise JPY20 billion in fresh capital next
month through a third-party allotment of new shares to be
purchased by Kanebo Cosmetics Inc., Kyodo News reports.
As a result of the planned share purchase, Kanebo Cosmetics, a
profitable unit spun off from Kanebo in May 2004, will be
Kanebo's largest shareholder, with a 37.9 percent stake in terms
of voting rights.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MITSUBISHI MOTORS: U.S. Dealership Firm Faces Closure
-----------------------------------------------------
U.S.-based Autoplex Mitsubishi is closing on June 10 in response
to sustained nationwide declines in car sales, Arizona Daily
reports.
Mitsubishi Motors sales across the United States posted a 45
percent drop in sales for the first four months of 2005, said
Jerry Lauer, Chief Operating Officer at O'Rielly Autoplex
Mitsubishi.
But he faulted Mitsubishi for a "lack of advertising support."
"It's just the truth," he said. "Most manufacturers are pretty
focused on creating brand awareness. Mitsubishi may no longer
have the budget to spend a lot on ads. And it hurts us."
Mr. Lauer is placing his hopes on Mitsubishi's new sports car,
the Eclipse. Mitsubishi Motors North America launched a new
national advertising campaign last month featuring prime time
ads for hit shows like ABC's "Alias" and "Lost" for the 2006
Eclipse.
CONTACT:
Autoplex Mitsubishi
3701 West Orange Grove Road
Tucson, AZ 85741
Phone: 800-398-9871
Fax: 520-498-1644
OLYMPUS CORPORATION: Employs Cost Cutting Scheme
------------------------------------------------
Olympus Corporation plans to cut production costs for digital
cameras by 30 percent or more as part of its cost cutting
scheme, Bloomberg News reports, citing Olympus President
Tsuyoshi Kikukawa.
Price declines for digital cameras are hurting profit at
companies such as Olympus, Pentax Corp. and Fuji Photo Film Co.
Olympus, which gets more than a third of its sales from cameras
and other visual-related equipment, expects to save about JPY3
billion in the year ending March 2006. The Company also plans to
reduce camera inventory and close two loss-making factories in
Japan.
The Company posted a net loss of JPY11.83 billion ($112.1
million) for the year ended March 31 as sliding prices of
digital cameras pushed its imaging division deep into the red.
It was its first loss since it began reporting consolidated
results in 1978.
CONTACT:
Olympus Corporation
Monolith, 3-1 Nishi-Shinjuku,
2-chome, Shinjuku-ku
Tokyo 163-0914, Japan
Phone: +81-3-3340-2111
Fax: +81-3-3340-2062
PIONEER CORPORATION: Unveils Group-wide Management Reform
---------------------------------------------------------
Pioneer Corporation announced on June 1 the reorganization of
its headquarters functions, R&D organization and solutions
business operations, effective June 1, 2005, and the
establishment of two subsidiaries in Japan, effective July 1,
2005. These structural changes will be implemented as a part of
Pioneer's group-wide management reform plans.
1) The group's headquarters function is divided into two,
Corporate Strategy Planning and Corporate Management, aiming to
smoothly and speedily solve various challenges and to make its
operation processes more efficient and simple. The Corporate
Strategy Planning function includes Corporate Planning Division
and Corporate Branding and Communications Division. The
Corporate Management function consists of Legal Affairs
Division, General Administration Division, Personnel Division,
Finance and Accounting Division, and External Relations
Division.
2) At Research & Development Group, Strategy Planning Division
is newly established, aiming to strengthen the group-wide
planning and promoting function of technological and engineering
development strategies. In addition, Intellectual Property
Division is transferred and incorporated into this group.
3) Industrial Solutions & Entertainment Company is dissolved and
its businesses are transferred as follows:
- The solutions business is transferred to Pioneer Solutions
Corporation, Pioneer's wholly owned subsidiary, which will be
newly established on July 1, 2005.
- As for industrial plasma display panels, planning, engineering
and quality assurance operations are transferred to Plasma
Display Business Company. The marketing operation in Japan is
transferred to Pioneer Marketing Corporation, Pioneer's wholly
owned subsidiary, which will be newly established on July 1,
2005, and the marketing operation outside Japan to International
Business Group.
- Pro. Sound & Visual Division is transferred and incorporated
into AV Business Company of Home Entertainment Business Company.
Thus, Pioneer operates its core businesses as 3-internal-Company
organization: Home Entertainment Business Company, Mobile
Entertainment Company, and Plasma Display Business Company.
4) Production Management & Coordination Division is reorganized,
where Production Coordination Department is newly established.
Its engineering management function is transferred to Research &
Development Group.
5) Procurement Center is renamed as Procurement Group.
At the same time, Pioneer announced the changes in management as
follows:
Effective June 1, 2005
a) Mr. Akira Niijima, previously Senior Managing Director and
Representative Director; and in charge of Administration and
Export Management in general, becomes Senior Managing Director
and Representative Director; and in charge of Japanese domestic
subsidiaries.
b) Mr. Tamihiko Sudo, previously Senior Managing Director and
Representative Director, and President of Mobile Entertainment
Company, becomes Senior Managing Director and Representative
Director; and in charge of Corporate Strategy Planning,
Corporate Management, and Export Management in general,
c) Mr. Hajime Ishizuka, previously Senior Managing Director and
Representative Director, President of Home Entertainment
Business Company, President of AV Business Company and General
Manager of Tokorozawa Plant, becomes Senior Managing Director
and Representative Director, President of Home Entertainment
Business Company, President of AV Business Company, General
Manager of Tokorozawa Plant; and in charge of Procurement Group.
d) Mr. Kiyoshi Uchida, previously Senior Executive Officer and
President of Industrial Solutions & Entertainment Company,
becomes Senior Executive Officer in charge of the solutions
business.
e) Mr. Seiichiro Kurihara, previously Senior Executive Officer
and General Manager of Intellectual Property Division, becomes
Senior Executive Officer and General Manager of Intellectual
Property Division of Research & Development Group.
f) Mr. Masao Kawabata, previously Senior Executive Officer and
General Manager of Corporate Communications Division, becomes
Senior Executive Officer and General Manager of Corporate
Branding and Communications Division.
g) Mr. Koki Aizawa, previously Executive Officer and General
Manager of External Relations Division; and in charge of RW
Coordination Center, becomes Executive Officer in charge of RW
Coordination Center.
h) Mr. Akira Haeno, previously Executive Officer, General
Manager of Kawagoe Plant and General Manager of Production
Division of Mobile Entertainment Company, becomes Executive
Officer and President of Mobile Entertainment Company.
i) Mr. Yoichi Suzuki becomes General Manager of External
Relations Division.
j) Mr. Takahisa Shimizu, previously General Manager of
Procurement Department of Procurement Center, becomes General
Manager of Procurement Group.
k) Mr. Haruyuki Inohana, previously General Manager of OEM
Designing Division and General Manager of Designing Department
V, Kawagoe Plant, Mobile Entertainment Company, becomes General
Manager of Kawagoe Plant, Mobile Entertainment Company.
Effective May 16, 2005
a) Mr. Kaoru Sato, previously President of Components Business
Company of Home
Entertainment Business Company, became Vice President of Home
Entertainment Business Company.
b) Mr. Toshihiko Kurihara, previously General Manager of Device
Solutions Department, Components Business Company, and General
Manager of OEM Sales Division, AV Business Company of Home
Entertainment Business Company, became President of Components
Business Company of Home Entertainment Business Company.
Outline of the new subsidiaries
Company name: Pioneer Marketing Corporation
Head office: 1-13-7, Hiroo, Shibuya-ku, Tokyo, Japan
Capital: 250 million yen (Pioneer's wholly-owned subsidiary) No.
of employee 442
President: Ryoji Menjo
Establishment: July 1, 2005
Purpose of establishment: Established as a marketing subsidiary
by consolidating the domestic sales operation of Home
Entertainment Business
Company and the domestic sales operation for industrial plasma
display panels of Industrial Solutions & Entertainment Company.
The new Company is established to increase the total marketing
and sales power and reduce the cost, and to aim at concentrating
marketing and sales activities in Japan.
Company name: Pioneer Solutions Corporation
Head office: 1-13-7, Hiroo, Shibuya-ku, Tokyo, Japan
Capital: 200 million yen (Pioneer's wholly-owned subsidiary)
No. of employee 107
President: Kiyoshi Uchida
Establishment: July 1, 2005
Purpose of establishment: Established as an independent
subsidiary for the solutions business transferred from
Industrial Solutions & Entertainment Company. This is to aim at
realization of high value-added solutions business, and speedy
management and operation for planning and carrying out more
dynamic business strategies.
Others
Pioneer Plasma Display Corporation (hereinafter PPD), Pioneer's
wholly owned subsidiary, will become a wholly owned subsidiary
of Pioneer Display Products Corporation (hereinafter DPC)
effective July 1, 2005, by exchange of shares. This will further
strengthen the relationship between DPC and PPD to increase the
competitiveness of the Pioneer group's plasma display panels.
About Pioneer:
Pioneer Corporation is one of the leading manufacturers of
consumer and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange (ticker symbol PIO),
Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities
Exchange.
For further information, please contact:
Public Relations
Pioneer Corporation, Tokyo, Japan
Phone: +81-3-3495-9885
E-mail: pioneer_prd@post.pioneer.co.jp
Website: http://www.pioneer.co.jp
This is a Company press release.
TAIHEIYO CEMENT: JCR Affirms BBBp Rating
----------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBBp rating on
senior debts of Taiheiyo Cement Corporation.
Taiheiyo Cement is Japan's largest cement manufacturer. The
domestic cement business has been facing severe business
environment due to drop in demand and rise in price of coal for
fuel. Taiheiyo Cement has been assuring stable earnings through
utilization of recycled fuel and raw materials and streamlining.
However, this warrants no optimism for the future.
On the other hand, Taiheiyo Cement's offshore cement business in
North America and Asia has been going well thanks to expansion
in demand. Taiheiyo Cement has been reducing the interest-
bearing debt, which was swollen by the past large capital
investments offshore. However, the debt level remains high. The
amount is excessive compared to capital and cash flow. Taiheiyo
Cement is required to reduce the interest-bearing debt
continually in the future.
CONTACT:
Taiheiyo Cement Corporation
St. Luke's Tower, 8-1, Akashi-cho, Chuo-ku, Tokyo
104-8518, Japan
Phone: +81-3-6226-9020
Fax: +81-3-6226-9154
Web site: http://www.taiheiyo-cement.co.jp
UFJ HOLDINGS: Expects Approval of Merger
----------------------------------------
UFJ Holdings Inc. is expected to merge with Mitsubishi Tokyo
Financial Group Inc. this month, Dow Jones reports, citing UFJ
President Ryosuke Tamakoshi.
Mr. Tamakoshi said UFJ needed to unite with the larger and
healthier bank to strengthen its own financial standing as it
accelerated its bad-loan write-offs.
Both companies will hold their shareholder meetings on June 29.
If shareholders approve the move, Mitsubishi Tokyo will absorb
UFJ on October 1 to create the world's largest banking group,
with assets of about JPY190 trillion, or about $1.8 trillion,
surpassing Citigroup Inc. of the U.S.
CONTACT:
UFJ Holdings Inc.
5-6, Fushimimachi 3-chome
Chuo-ku, Osaka-shi
Osaka, Japan
Phone: +81-6-6228-7111
Fax: +81-3- 3212-5870
=========
K O R E A
=========
JINRO LIMITED: Hite Inks Formal Purchase Agreement
--------------------------------------------------
Hite Brewery and consortium signed a KRW3.4 trillion formal
agreement for the acquisition of troubled soju maker Jinro Ltd.,
on June 3, 2005, Reuters News reports.
The bidding price was slightly increased from KRW3.41 trillion
to KRW3.43 trillion, in accordance with adjustments made by a
local court that approved the takeover deal. A portion of the
proceeds would be used to pay the Company's existing debt, while
the rest would be used to stabilize Company operations.
Major creditor Goldman Sachs put the Company under court
receivership on May 2003 due to mismanagement, and had
previously estimated that an acquisition of the Company would
require KRW3.6 trillion.
South Korean antitrust Fair Trade Commission is still reviewing
the acquisition to determine whether it would result to a
monopoly in the liquor market, as Hite owns 58% of the local
beer market, while Jinro commands 55% of the soju market.
Hite Brewery Co. has said that it plans to list the Company on
the local and foreign exchange by 2007.
CONTACT:
Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax: +82 2 520 3453
Web site: http://www.jinro.co.kr/
LG CARD: Attracts Interest of Shinhan Financial Group
-----------------------------------------------------
Financial services provider Shinhan Financial Group has
expressed interest in acquiring troubled credit card firm LG
Card Co. Ltd., reports Reuters News.
Shinhan Financial Group would be competing with Hana Bank and
Woori Financial Group for the acquisition of the credit card
firm. Aside from the three potential bidders, the sale of LG
Card Co. is also expected to attract the interest of foreign
buyers.
A Shinhan Financial spokesman has confirmed that they are
interested in taking over LG Card, but no talks have been
initiated at present, and the major factor to be considered
would be the offering price.
LG Card Co. Ltd. posted a huge net loss of KRW5.6 trillion in
2003, but escaped bankruptcy due to a KRW5 trillion bailout
package by creditors last year. The troubled credit card firm
was able to reduce its losses to KRW81.6 billion in 2004, and
garnered net profit of KRW326 billion in the last quarter. In
the first quarter of 2005, the Company recorded a net profit of
KRW292 billion.
The Company's creditors are seeking to sell the business for at
least KRW4.5 trillion before March 2006.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Amends Financial Statements
--------------------------------------------
Aktif Lifestyle Corporation Berhad announced that on May 6,
2005, the Securities Commission (SC) ordered the Company to
amend and re-issue its financial statements for the financial
year ended Feb. 29, 2004.
The Company was also directed to make a detailed announcement of
the corrections to the Bursa Malaysia Securities Berhad,
together with the reasons and the results of such corrections.
The amendments to the financial statements are as follows:
1) Reasons for Amendment:
The Sale and Purchase of Shares Agreement (SPA) for the disposal
of Aktif Lifestyle Stores Sdn Bhd and its 3 subsidiaries (ALS
Group) to CP Properties Sdn Bhd, a wholly owned subsidiary of
Lion Diversified Holdings Berhad (the purchaser) was signed on
Oct. 31, 2003. The last condition precedent to the SPA, i.e
Aktif's shareholders' approval, was only obtained on June 18,
2004.
The SC had found that the Company had applied March 1, 2003 as
the date of disposal and deconsolidation of ALS Group in its
2004 financial statements, whereas the date of disposal applied
by the purchaser was June 18, 2004. As such, the Company failed
to comply with Paragraphs 33 and 35 of MASB 21, Business
Combination (now FRS 122), and thus contravened Regulation 4 of
the Securities Industry (Compliance With Approved Accounting
Standards) Regulations 1999.
The matter was amended upon the order of the SC.
2) Effects on the Amendment of 2004 Financial Statements
The financial effects of the rectification of the 2004 financial
statements are set out in Table A attached. A copy of the
reissued financial statements for the year ended Feb. 29, 2004
is also attached herewith.
3) The Company announces that it had contravened MASB 21 by
taking the deconsolidation date as March 1, 2003 on the disposal
of ALS Group, instead of June 18, 2004. In the future, the
Company will strive to comply with approved accounting standards
in preparing its financial statements.
To view a copy of Table A, together with the modified quarterly
report, go to:
http://bankrupt.com/misc/tcrap_aktiflifestyle1060405.xls
http://bankrupt.com/misc/tcrap_aktiflifestyle2060405.pdf
CONTACT:
Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798
ANTAH HOLDINGS: Seeks to Extend Deadline to Acquire WFE
-------------------------------------------------------
Antah Holdings Berhad announced that in relation to the
Company's proposed restructuring scheme, the Company agreed in
writing with Koh Tian Joo, Tan Hui Ken and Ngiow Lee Eng, who
are selling Westform Far East Sdn Berhad (WFE), to extend the
period for the Company to conduct financial/legal due diligence
on the Company.
This is pursuant to the terms of the sale and purchase agreement
entered into last Aug. 23, 2004 by both companies.
The extension is for two months, up to July 30, 2005.
CONTACT:
Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax: 03-20949940
MEGASTEEL CORPORATION: Winding Up Petition Withdrawn
----------------------------------------------------
Megasteel Corporation Berhad provided an update to the winding-
up petition served on the Company by MSET Engineering Sdn
Berhad.
The Company announced that in relation to the winding-up
petition, the dispute over the claim was resolved. Hence MSET
Engineering Sdn Berhad's solicitors sent a written undertaking
to the Company, in order to file for an application to withdraw
the winding-up petition, with no costs and liberty to file anew.
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
PANTAI HOLDINGS: To List New Shares Tomorrow
--------------------------------------------
Pantai Holdings Berhad's additional 25,000 new ordinary shares
of MYR1.00 each arising from the Company's Conversion of
MYR28,000 nominal value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 25,000 new ordinary shares will be
granted listing and quotation effective Wednesday, June 8, 2005,
9:00 a.m.
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/
SATERAS RESOURCES: Still Regularizing Financial Condition
---------------------------------------------------------
Sateras Resources (Malaysia) Berhad announced that in relation
to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, there are no further developments to the
Company's plan to regularize its financial condition.
Any changes will be announced in due course.
CONTACT:
Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Telephone: +60 2161 8529
SETEGAP BERHAD: Incurs Additional Losses
----------------------------------------
Setegap Berhad announced that there is a variation in the net
loss for the Company's fourth quarter results of the financial
year ended Dec. 31, 2004, which were released last Feb. 28,
2005.
The Company announced that the variation in the net loss is a
MYR17.5 million increase in the net loss for that period.
The additional loss was incurred because of the Company's
provision for unsure debts and costs, together with a write down
of its investments, as was suggested by the Company's auditors.
CONTACT:
Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my
SETEGAP BERHAD: Resumes Stock Trading Today
-------------------------------------------
Setegap Berhad announced that trading in the Company's shares
was suspended on June 6, 2005, 9:00 a.m., and resumes today,
June 7, 2005, 9:00 a.m.
TRU-TECH HOLDINGS: Set to Hold AGM June 28
------------------------------------------
Tru-Tech Holdings Berhad announced that the Company will hold
its 12th Annual General Meeting (AGM) on Tuesday, June 28, 2005,
11:00 a.m., at its conference room in Lot 45, Batu 12, Jalan
Johor Bahru- Kota Tinggi, Mukim of Plentong, 81800 Ulu Tiram,
Johor Darul Takzim.
Attached is a copy of the Company's AGM notice:
http://bankrupt.com/misc/tcrap_trutech060405.doc
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax: (60) 3 7861 7972
UNITED CHEMICAL: Seeks Extension of Court-convened Meetings
-----------------------------------------------------------
United Chemical Industries Berhad (UCI) announced that in
relation to the Company's proposed restructuring scheme, the
Company submitted an application to the Ipoh High Court on June
1, 2005 to extend the order to hold separate court-convened
meetings for:
(a) UCI shareholders
(b) UCI secured creditors and
(c) UCI unsecured creditors.
The order to hold court-convened meetings expired on June 3,
2005. The Court has yet to set a hearing date for the
application on the extension to the order.
CONTACT:
United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax: 603-2610502
UNITED CHEMICAL: Sees No Change in Default Status
-------------------------------------------------
United Chemical Industries Berhad announced that pursuant to
Practice Note 1/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, there are no changes to the Company's
default in payments on its credit facilities.
The Company also provides an update on its facilities that are
currently in default, which is attached below:
http://bankrupt.com/misc/tcrap_unitedchem060405.xls
=====================
P H I L I P P I N E S
=====================
BELLE CORPORATION: Moves to Wipe Out Php2.8-Bln Debt
----------------------------------------------------
Belle Corporation is working towards a debt-free status through
the sale of its Manila Bay property, The Philippine Daily
Inquirer says.
The leisure home developer hopes to erase its remaining Php22.8-
billion debt after it sells the seven-hectare property so it
could pursue more aggressively its expansion into Tagaytay
Highlands.
The firm has set a price of Php40,000 per square meter for the
property, which was originally planned to house a casino-hotel.
Belle Bay City Corp. (BBCC), a 44-percent owned subsidiary of
Belle, used to own through a consortium 19 hectares of reclaimed
land along Roxas Boulevard that was earmarked for a mixed-use
complex. But due to the slowing economy, BBCC dissolved the
Company and subdivided the property among its shareholders.
Belle received seven hectares.
This year, Belle is earmarking approximately Php1.3 billion for
its subdivision projects Plantation Hills and Saratoga Hills.
Plantation Hills is Belle's first residential venture since the
Alta Mira and Lakeview Heights subdivision in 1998.
CONTACT:
Belle Corporation
28/F East Tower PSE Centre
Exchange Road Ortigas Centre
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
BELLE CORPORATION: Unveils New Officers
---------------------------------------
Belle Corporation advised that during the annual shareholders'
meeting held Friday, June 3, 2005, the following were elected as
members of the Board of Directors of the Corporation for the
year 2005-2005 to hold office as such until their successors
shall have been duly elected and qualified:
Rogelio R. Cabunag Thelmo Y. Cunanan
Benito Tan Guat Antonio A. Henson
Gregorio U. Kilayko Jacinto C. Ng, jr.
Willy N. Ocier Hans T. Sy
Henry T. Sy, Jr. Washinngton Z. Sycip
Cesar E.A. Virata
Messrs. Washington Z. Sycip, Cesar E.A. Virata and Gregorio U.
Kilayko were e;ected as the Corporation's "independent
directors" in accordnace with the requirements of the Securities
Regulation Code.
Further, during the aforesaid shareholders' meeting, the
shareholders likewise approved the audited financial statements
of the Company as of year-end 2004, as well as the re-
appointment of Sycip Gorres Velayo & Co. as the Company's
external auditor for the year 2005-2006.
In the organizational meeting of the Board of Directors held
immediately after the shareholders' meeting, the following
persons were elected as officers of the Corporation for the year
2005-2006 to serve as such until their successors have been duly
elected and qualified:
Benito Tan Guat Chairman of the Board
Willy N. Ocier Vice-Chairman
Henry T. Sy, Jr. Vice-Chairman
Rogelio R. Cabunag Officer-in-Charge
A. Bayani K. Tan Corporate Secretary
Jason C. Nalupta Asst. Corporate Secretary
Manuel A. Gana SVP-Finance & Chief Financial
Officer
Fernando R. Santico, Jr. VP-Property Development &
Management
Carlos T. Delfino VP-Planning & Development
Belinda Lim-Herrera VP-Marketing
Conrad Nicholson M. Celdran VP & Gen. Manager, Tagaytay
Highlands
The following directors were likewise elected as members of the
different Committees of the Board of Directors of the
Corporation:
Executive Committee
Willy N. Ocier Chairman
Henry T. Sy, Jr.
Rogelio R. Cabunag
Antonio A. Henson
Jacinto C. Ng, Jr.
Compensation and Remuneration Committee
Willy N. Ocier Chairman
Rogelio R. Cabunag
Cesar E.A. Virata
Audit Committee
Gregorio U. Kilayko Chairman
Cesar E.A. Virata
Antonio A. Henson
Jacinto C. Ng, Jr.
Nomination Committee
Washington Z. Sycip Chairman
Willy N. Ocier
Henry T. Sy, Jr.
DMCI HOLDINGS: Eyes Maynilad's French-held Shares
-------------------------------------------------
DMCI Holdings has hinted on plans to buy the 16-percent stake of
French water utility Lyonnaise Asia Water (Holdings) Pte. Ltd.
in water concessionaire Maynilad Water Services Inc., The
Philippine Daily Inquirer reveals.
DMCI said it wants to acquire the shares based on the provisions
set under Maynilad's rehabilitation plan, approved by the Quezon
City Regional Trial Court on Wednesday last week.
DMCI, which was reportedly allocating around US$27 million from
internal funds to finance Maynilad's rehabilitation, is set to
review Maynilad's books this week. It expects to complete its
due diligence in a month's time.
DMCI has received several offers from foreign investors such as
Japan's Marubeni Corp. for possible partnerships in its bid for
Maynilad, but has yet to decide on which companies it will
include in its team.
Meanwhile, the regulating agency Metropolitan Waterworks and
Sewerage System (MWSS) and the designated receiver, Rosario
Bernaldo, are currently preparing the guidelines in selecting a
new investor for Maynilad. The MWSS would create a technical
working group to help draw up the guidelines.
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
LEPANTO CONSOLIDATED: Begins Commercial Operations
--------------------------------------------------
Lepanto Consolidated Mining Co.'s Teresa gold project is among
four of the government's 23 priority mining projects which have
started commercial operations, The Manila Bulletin reports.
The other three currently operating mines are Palawan high
pressure acid leach project of the Coral Bay Nickel Corp. (CBNC)
in Bataraza, Palawan; Canatuan Gold Project of the TVI Resource
Development Philippines Inc. (TVI-RDP) in Siocon, Zamboanga del
Norte; and the Rapu-Rapu Polymetallic Project of the Lafayette
Philippines Inc. (LPI) in Rapu Rapu, Albay.
The operations of the four miners signaled increasing mining
activity which are seen to boost the country's metal production
this year.
As of the first quarter of the year, Lepanto's Teresa mine
yielded 49,340 metric tons (MT) of ore, 6,033 ounces of gold,
and 7,753 of nickel. Teresa began operating since April last
year.
Lepanto said it will continue to explore its mine site in
Mankayan, Benguet under its mineral production sharing agreement
(MPSA) for any additional ore reserves. However it needs the
final approval of its feasibility study (FS) and three-year work
program for this.
CONTACT:
Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
MAYNILAD WATER: Current President Likely to Retain Post
-------------------------------------------------------
Maynilad Water will still be headed by its current president and
former head of a Lopez group unit, even with the government
owning a majority stake in the water concessionaire.
The Manila Times reported that Fiorello Estuar is most likely to
lead Maynilad, 48 percent of which is now owned by the
Metropolitan Waterworks and Sewerage System (MWSS).
MWSS will also be studying whether or not to absorb Maynilad's
current senior management. The MWSS board is scheduled to meet
today to discuss the matter and conditions set by the court.
Meanwhile the MWSS source also maintained that the government
will not shell out money for the acquisition of Maynilad's 84-
percent stake, indicating that the firm's remaining Php3-billion
debt will be used for the debt to equity swap.
In 2003, Maynilad petitioned for corporate rehabilitation,
indicating its difficulties in paying off debts. The water firm
also owes the MWSS some Php10 billion in concession fees.
Last week, the Quezon City Regional Trial Court has finally
given the go-ahead for Maynilad's debt and capital
restructuring, clearing the way for an immediate takeover by a
private investor.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL RAILWAYS: Government Absorbs Php220-Mln Debts
------------------------------------------------------
The government recently approved the release of Php220 million
to service maturing obligations of cash-strapped Philippine
National Railways (PNR), according to The Philippine Daily
Inquirer.
The cash infusion was done to fulfill a mandate for the national
government to provide sovereign guarantee to state-owned
corporations and provide cash advances whenever these firms
become unable to pay up their debts.
The state-owned firms are, however, required to pay the
government back, as the cash advances are also sourced from
loans.
PNR's maturing obligations reportedly consisted of a Php185-
million loan from Export Finance Insurance Corporation (EFIC)
and a Php35.62-million borrowing from the Japan Bank for
International Cooperation (JBIC). The loan from EFIC matured
last month, while that from JBIC will fall due this month.
Finance Secretary Cesar Purisima, meanwhile, advised PNR to
restructure its operations and reformulate their rates in order
for them to become more financially independent.
"We cannot have PNR forever dependent on the (national
government)," Sec. Purisima said in the statement.
The Department of Finance (DOF) has been ordering losing firms
to improve their financial status because the DOF could not
tolerate their losses for long.
CONTACT:
Philippine National Railways
PNR Management Center, Torres Bugallon Street,
Sangandaan, Caloocan City 1408 Philippines
Telephone: (632) 287-3062, 365-4716
Facsimile: (632) 362-0824
Web site: http://www.pnr.gov.ph/
PACIFIC PLANS: Planholders Throw Accusations at SEC
---------------------------------------------------
A group of angry planholders of ailing Pacific Plans Inc. has
criticized the Securities and Exchange Commission (SEC) for not
doing its part in protecting the interest of the investing
public, The Philippine Star reports.
The Parents Enabling Parents Coalition (PEPC) taunted the
corporate regulator for failing to file a criminal case against
Pacific Plans after the pre-need firm halted its tuition
assistance to planholders on account of SEC's revocation of its
sister firm Lifetime Plan's registration certificate.
PEPPC insisted Pacific Plans has no right to claim that it would
not be able to pay the tuition of its planholders because
Lifetime and PPI are two different companies.
Lawyer Maricel Lopez, one of the members of the legal team of
PEPC and former head of the Philippine Stock Exchange's
Compliance and Surveillance group, urged the government to do
its part in protecting the public from violators of the
securities law.
Ms. Lopez said the SEC should make a strong stand by
implementing the full force of the law against erring
corporations.
PACIFIC PLANS: Resumes Tuition Payment
--------------------------------------
Ailing Pacific Plans Inc. has resumed payments of tuition fee
supports from the Php250-million fund extended by Alfonso T.
Yunchengco, relates The Manila Bulletin.
Pacific Plans spokesperson Jeanette C. Tecson said the "the move
is consistent with our desire to address the needs of our
availing planholders".
The controversial pre-need provider has resumed the tuition
payments in the wake of confusion brought about by the
Securities and Exchange Commission's (SEC) decision to revoke
the articles of incorporation of its sister firm, Lifetime Plans
Inc.
Lifetime was forced to shut its doors and transfer its plan
holders back to ailing sister firm, Pacific Plans, after SEC
decided to cancel its registration certificate for failure to
comply with requirements.
Pacific Plans announced planholders can get their corresponding
checks at the Philippine International Convention Center (PICC)
starting June 7, 2005.
PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
Philippine Long Distance Telephone Company listed 437 shares
Monday that were issued under the Company's stock-option plan,
Dow Jones Newsires reports.
The additional listing brings the number of shares issued to
executives under the plan and listed on the exchange to 459,891.
A total of 1.29 million shares have been set aside for the plan.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
* S&P to Keep Philippines' Junk Rating
--------------------------------------
Standard and Poor's Rating Agency (S&P) said that it will
maintain its credit rating for the Philippines for the next year
and a half despite an improvement in the credit-rating outlook
assigned by Fitch Ratings, according to the Manila Times.
S&P said it will not revise its rating due to the Philippine
government's high level of debt and the lack of significant
progress in the implementation of tax-reform measures.
In January last year, S&P downgraded the country's long-term
foreign currency rating to "BB minus" from "BB" and its long-
term local currency rating to "BB plus" from "BB minus" with a
stable outlook.
The country's present credit ratings are considered junk, or
below-investment grade, which entails higher borrowing costs for
the government.
A delegation from the rating firm recently conducted its annual
review of the Philippines to assess its fiscal and macroeconomic
situation.
Philippe Sachs, the S&P's associate in sovereign and
international public finance ratings, said the rating firm will
monitor the Philippines' progress in generating revenues from
the implementation of new tax laws, including the recently
passed value-added tax bill and an earlier measure raising
excise taxes on sin products.
=================
S I N G A P O R E
=================
APBT MYANMAR: Faces Winding Up Proceedings
------------------------------------------
In the matter of APBT Myanmar Pte Ltd (formerly known as
Vredelco (Myanmar) Pte Ltd) a winding up order was made on May
20, 2005.
Name and address of Liquidators:
Ramasamy Subramaniam Iyer and Goh Thien Phong
both of Messrs PriceWaterhouseCoopers of
8 Cross Street, #17-00 PWC Building, Singapore 048424
(a) All creditors of the abovenamed Company should file their
proof of debt with the Liquidators who will be administering all
affairs of the Company.
(b) All debts due to the abovenamed Company should be forwarded
to the
Liquidators.
Drew & Napier LLC
Solicitors for the Petitioner
ASIA-PACIFIC BULK: Served with Winding Up Order
-----------------------------------------------
In the matter of Asia-Pacific Bulk Terminal Services Pte Ltd a
winding up order was made on May 20, 2005.
Name and address of Liquidators:
Ramasamy Subramaniam Iyer and Goh Thien Phong
both of Messrs PriceWaterhouseCoopers
of 8 Cross Street, #17-00
PWC Building, Singapore 048424
(a) All creditors of the abovenamed Company should file their
proof of debt with the Liquidators who will be administering all
affairs of the Company.
(b) All debts due to the abovenamed Company should be forwarded
to the
Liquidators.
Drew & Napier LLC
Solicitors for the Petitioner
CHINA AVIATION (S): Releases PwC Findings
-----------------------------------------
China Aviation Oil (Singapore) Corporation Ltd furnished the
Singapore Stock Exchange (SGX) findings of
PricewaterhouseCoopers pursuant to the completion of its
investigations.
(1) Introduction
China Aviation Oil (Singapore) Corporation Ltd wishes to
announce that PricewaterhouseCoopers (PwC), the Special Auditors
appointed by the Company on November 30, 2004 at the direction
of the Singapore Exchange Ltd under Rule 704(12) of the Listing
Rules, has completed its investigations into the circumstances
which gave rise to the losses that were incurred by the Company
as a result of speculative trading in oil options. A copy of
PwC's Executive Summary setting out their findings and
conclusions is enclosed.
The Company had on March 29, 2005 announced and published PwC's
findings in its initial report entitled Statement of Phase I
Findings. In the initial report, PwC expressed their views on
the circumstances leading to the losses without examining the
issues pertaining to responsibilities and the causes. This final
report contains PwC's views on this area.
(2) Results of Investigation
Pursuant to their investigations, PwC has concluded that the
substantial losses suffered by the Company was caused by the
significant risks that resulted from the restructuring of the
Company's options portfolio that began in January 2004.
The upward movement in oil prices caused an exponential increase
in the negative MTM value of the options portfolio. The Company
was then faced with mounting margin calls, which it was
eventually unable to cope with financially. This led to the
Company's current financial situation.
The Report also concludes that the following other factors
contributed individually or collectively to the losses which the
Company suffered as a result of its speculative options trading:
(a) A view of the trend of oil prices from 4th quarter 2003
which subsequently proved incorrect;
(b) A desire not to disclose losses in 2004;
(c) A failure to value the options portfolio in accordance with
industry standards;
(d) A failure to appropriately recognize the correct value of
the options portfolio in the Company's financial statements;
(e) The absence of proper and stringent risk management
procedures specifically for options trading;
(f) The willingness by the management to override risk
management policies that ought to have been obeyed; and
(g) A failure on the part of the Audit Committee in particular
and the Board in general to fulfill their duties in relation to
risk management and controls applicable to the Company's
speculative derivatives trading.
To view a full copy of the PwC report, click
http://bankrupt.com/misc/ChinaAviationPWCReportAnnouncement.pdf
To view a full copy of PwC Executive Summary, click
http://bankrupt.com/misc/ChinaAviationPWCExecSummary.pdf
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
CHINA AVIATION (S): Unit Concludes Tender for Deliveries
--------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd (CAO) advised the
Singapore Stock Exchange (SGX) that its wholly owned subsidiary,
China Aviation Oil Trading Pte Ltd (CAOT), has closed its
physical Jet A-1 Fuel tender for deliveries in July/August 2005.
CAOT's fourth tender for the year was highly successful and
received a strong response from 19 physical jet fuel suppliers
(tenderers), which included both the oil majors and major
trading houses.
In aggregate, based on the July/August 2005 volume requirements
of 440,000 metric tonnes of Jet A-1 Fuel, the tender was
approximately six times over-subscribed.
Mdm Gu Yanfei, Special Task Force Leader said: "I am pleased
with the strong responses we have received for all our tenders
this year as it underpins the market's regaining confidence in
CAO. Including this latest tender, CAOT has completed tenders
for a total of 1.64 million tonnes of Jet A-1 Fuel to date, and
the volumes are comparable to same period last year."
CAOT will award the mandates to the most competitive tenderers
and is pleased to note that the tenders that were received
continued to be very competitive and complied with CAOT's
standard terms and conditions.
"The recent tender bids have also been very competitive and this
highlights how the tenderers, some of whom are our creditors,
are positive about the continuation of our Jet Fuel business.
The continuation of our Jet Fuel business will be a key
component in the overall restructuring of the Company moving
forward." Mdm Gu added.
The Company, on behalf of CAOT, wishes to express its
appreciation to all tenderers for their continued support of its
jet fuel procurement business.
For media enquiries, please contact:
Mr. Gerald Woon
Director
Cogent Communications Pte Ltd
Office: (65) 6323-1060
Mobile: (65) 9694-8364
E-mail: woon@cogentcomms.com
DATACRAFT ASIA: Court OKs Proposed Capital Reduction
----------------------------------------------------
The Directors of Datacraft Asia Ltd. announced to the Singapore
Stock Exchange (SGX) that the High Court of Singapore has on May
30, 2005 confirmed the proposed capital reduction (Capital
Reduction) and cash distribution to shareholders (Capital
Distribution) by way of a reduction in par value of the ordinary
shares of the Company from SG$0.10 to S$0.05.
Notice is hereby given that the Register of Members, Register of
Transfer and Depository Register of the Company will be closed
from 5:00 p.m. on Monday, June 20, 2005 to 5:00 p.m. on Tuesday,
June 21, 2005 (Books Closure Date) for the purpose of
determining shareholders' entitlement to the Capital
Distribution by the Company of SG$0.05 in cash for each share
held as at the Books Closure Date.
Duly completed transfers received by the Company's registrar,
Barbinder & Co Pte Ltd. of 8 Cross Street #11-00 PWC Building
Singapore 048424 up to the close of business at 5:00 p.m. on
June 20, 2005 will be registered to determine shareholders'
entitlement to the Capital Distribution.
Shareholders should note that the last date to deposit share
certificates for Shareholders (not being Depositors) who wish to
trade in their shares and be entitled to the Capital
Distribution via the Central Depository (Pte) Ltd (CDP) is June
10, 2005.
The Capital Reduction will take effect as of the date when a
copy of the Order of Court confirming it is lodged with the
Accounting and Corporate Regulatory Authority of Singapore for
registration, which is expected to take place on Tuesday, June
21, 2005. The cheques for payment of the Capital Distribution
will be dispatched to shareholders on or about July 4, 2005.
Alternatively, with respect to shareholders with shares standing
to the credit of these securities account maintained with CDP,
such shareholders will have payment of their respective
entitlements to the Capital Distribution made in such manner as
they may have agreed with CDP for the payment of dividend or
other distributions (Direct Crediting Services).
If the Capital Distribution is made by CDP to such shareholders
through the Direct Crediting Service, such shareholders will be
notified of the payment of the cash amount of their respective
entitlements of the Capital Distribution through the monthly
statement.
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
ELOGICITY INTERNATIONAL: Proofs of Claim Due June 20
----------------------------------------------------
eLogicity International Pte Ltd (In Liquidation) posted a notice
of intended dividend at the Government Gazete, Electronic
Edition with the following details.
Address of registered office:
8 Cross Street
#11-00 PWC Building
Singapore 048424
Court: High Court of the Republic of Singapore
Number of matter: 307 of 2003/N
Last day of receiving proofs: 20th June 2005
Name and address of liquidators:
Chee Yoh Chuang and Lim Lee Meng
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
Dated this 3rd day of June 2005
Chee Yoh Chuang
Lim Lee Meng
Liquidators
IRE CORPORATION: Disposes of China Subsidiary
---------------------------------------------
The Board of Directors of IRE Corporation Ltd. (IRE) announced
to the Singapore Stock Exchange (SGX) the sale of its entire
investment of 60 percent equity in its subsidiary, Beijing
Changbeng I.R.E. Construction Engineering & Renovation Co. Ltd.
(Beijing Changcheng IRE), a Company registered in People's
Republic of China-to-China View Investment Pte. Ltd, a Company
incorporated in Singapore under the terms and conditions stated
in the Sales and Purchase Agreement.
The principal activities of Beijing Changcheng IRE are those
relating to provision of building renovation services.
The consideration for the sale of its investment at RMB4,229,346
(equivalent to SG$845,869) was agreed upon after negotiation on
a willing buyer and willing seller basis.
The cost of the shares sold was RMB7,500,000 (equivalent to
SG$1,647,428), thus the sale incurred a loss of approximately
SG$801,559. However, net cost of investment after taking into
consideration the impairment loss was SG$947,428. Thus upon the
disposal, there will be a loss of SG$101,559 at Company level.
The sale proceeds will be used to finance the working capital of
the Company.
This transaction is not expected to have any material impact on
the net earnings per share or net tangible assets per share of
the Company for the financial year ending December 31, 2005.
None of the directors or substantial shareholders of IRE has any
interest, direct or indirect, in the aforesaid transactions save
their shareholdings in the Company.
The Singapore Exchange Securities Trading Ltd. (SGX-ST) has
granted the Company a waiver to dispense with shareholders'
approval for the above sale under the above sale under Rule 1014
of the SGX-ST Listing Manual.
By Order of the Board
Michael Tay Kwang How
Company Secretary
3 June 2005
CONTACT:
IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg
NATSTEEL LIMITED: Unit Issues 2.5Mln Ordinary Shares
----------------------------------------------------
Natsteel Limited informed the Stock Exchange of Thailand (SET)
that its subsidiary, Eastern Pretech (HK) Limited (EPHK) has
issued 2.5 million ordinary shares of par value HK$1.00 each in
the capital of EPHK to Mr. Andy Ip Kam Wa for a cash
consideration of HK$1.35 per ordinary share pursuant to the
Joint Venture Agreement dated 15 December 1997.
This subscription will increase the paid-up and issued capital
of EPHK to HK$22.5 million.
As a result of this transaction, NATSTEEL's equity interest in
EPHK will decrease to 80%.
EPHK has a net tangible asset value of HK$48.38 million as at
December 31, 2004.
This transaction is not expected to have a material effect on
the earnings per share and net tangible assets per share of
NATSTEEL Group.
None of the directors or substantial shareholders of NATSTEEL
LTD has any interest in this transaction.
By Order of the Board
Lim Su-Ling
Company Secretary
3 June 2005
Announced pursuant to Rule 704 (16) (d) of the Listing Manual of
the SGX-ST
CONTACT:
NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Telephone: 65 62651233
Fax: 65 62658317
Web site http://www.natsteel.com.sg
SEATOWN CORPORATION: New Financial Regulations Delay Agreement
--------------------------------------------------------------
Seatown Corporation Ltd provided the Singapore Stock Exchange
(SGX) an update on the following matters:
(1) Banking facilities, which are in default resulting in the
outstanding amounts repayable on demand.
Other than matters previously announced by the Company, there
have been no further developments since the date of the earlier
announcement.
(2) Annual Report for the year ended September 30, 2004
Paragraph 4(v) of the auditors' report states that the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due are
dependent, inter alia, on the following factors:
(a) The successful restructuring of the Company and Group's
outstanding debts with lenders as at September 30, 2004;
(b) The Group not incurring significant losses in the future and
being able to secure additional new profitable contracts;
(c) The successful implementation of the Investment Agreement
with King Premier by the Judicial Manager;
(d) The successful outcome of negotiations between the Group and
lenders to the Group concerning the preservation of existing
banking facilities available to the Group including those where
covenants have been breached not being withdrawn or materially
reduced by the banks and the indemnities provided by the Company
to third parties such as financial institutions in respect of
performance bonds and guarantees issued by such third parties on
account of its subsidiaries not being called upon by such third
parties.
There have been no further developments since the date of the
auditors' report.
(3) Resumption of trading proposal
As announced, the Company has entered into an investment
agreement dated July 9, 2004 (Investment Agreement) with King
Premier Holdings Holdings Limited (King Premier), pursuant to
which King Premier will inject its assets into the Company in
return for a majority equity stake. The Company understands that
changes made to the financial regulatory laws in the People's
Republic of China may impact the Investment Agreement.
King Premier is taking advice on the nature and extent of these
changes and the potential impact on the Investment Agreement. If
necessary, steps and modifications may have to be taken or made
to ensure compliance with the new financial regulatory laws. As
a result of these effects, the progress in the Investment
Agreement has been delayed.
As a result of the delay, the Company's financial advisor has
advised the Company and King Premier to update its financial
results to avoid having to update the financial results of the
Company and King Premier subsequent to the submission to the
Exchange. The Company is currently in negotiations with King
Premier regarding revisions that may have to be made to the
Investment Agreement, including inter alia, the advance of
additional funds to fund the work of the professionals involved
in the transaction.
Upon completion of the review of the position of the Investment
Agreement, in light of the new financial regulatory laws and
finalization of the financial results, the Company expects to be
in a position to proceed with the submission to the Exchange.
The Company will provide further announcements on the status of
the Investment Agreement with King Premier.
(4) Schemes of arrangement for Seatown Construction Pte Ltd and
Fermold Pte Ltd
There have been no further developments since the date of the
earlier announcement.
CONTACT:
Seatown Corporation Limited (In Judicial Management)
(formerly: Pacific Can Investment Holdings Limited)
20 Maxwell Road #02-01
Maxwell House
Singapore 069113
Telephone: 65 62211777
Fax: 65 62235202/65 67887788
WANT WANT HOLDINGS: Puts Up New Unit in China
---------------------------------------------
The Board of Directors of Want Want Holdings Ltd announced to
the Singapore Stock Exchange (SGX0 that it has incorporated the
following wholly owned subsidiary in the People's Republic of
China:
Name of Subsidiary: Lianyungang Want Want Foods Ltd
Place of Incorporation: Jiangsu Province, Lianyungang Economic
and Technological Development Zone
Registered Capital: US$3.5 million
Principal Activities:
Manufacturing, processing and distribution of baked products,
seaweeds products, biscuits, breads, cakes, food seasonings,
starch products, beverages and other related products and
services.
The above transaction is not expected to have any material
impact on the net tangible assets or earnings per share of the
Company for the financial year ending 31 December 2005. None of
the Directors or substantial shareholders of the Company has any
interest, direct or indirect, in the aforesaid transactions.
Submitted by
Adams Lin Feng I
Group Vice President and Director on
04 June 2005
CONTACT:
Want Want Holdings Ltd
400 Orchard Road #17-05
Orchard Towers
Singapore 238875
Telephone: 65 62251588
Fax: 65 62211588
Web site: http://www.want-want.com
===============
T H A I L A N D
===============
EASTERN WIRE: SET Demands Clarification to Loan Transaction
-----------------------------------------------------------
Reference is made to the financial statement as of March 31,
2005 submitted to the Stock Exchange of Thailand (SET) by
Eastern Wire Public Company Limited (EWC).
The SET found a loan transaction provided to other Company in
the amount of THB328.7 million, which is considered to be
significant and not classified as a normal business of EWC.
Moreover, in the same accounting period and same date of Board
of Directors' meeting (no 1/2005 dated Jan 20,2005), EWC raised
short term fund in form of bill of exchange under the advisory
of a financial advisor amounting of THB500 million. This
transaction is reported the outstanding in financial statement
equivalent to THB489.7 million.
The SET seeks EWC to clarify material information as the
following:
Fund raising in form of bill of exchange totaling THB500
million.
(1) Buyers' name and their relationship with EWC, amount of B/E
that each buyer received, financial advisor's name.
(2) Date when EWC received fund and relevant conditions of B/E
e.g. term and conditions.
(3) Use of proceed and benefit of the transaction.
Loan provided to other Company totaling THB328.7 million.
(1) Name of the borrower, business type, name of shareholders
and board of directors. The relationship of those mentioned
shareholders and directors with EWC's direct, major shareholders
and controlling parties is also required.
(2) Execution date of transaction and relevant information in
relation to the captioned loan e.g. term and collateral.
(3) BOD's opinion and their rationale upon approving the
transaction which is not EWC's normal business and the loan is
not fully covered by collateral.
Moreover, reference is made to EWC's subsidiary advance payment
to local Company amounting to THB80 million which is reported in
the financial statement.
The SET requests EWC to clarify the name of that local Company,
type of business, shareholders, relationship with EWC's
managements, shareholders, controlling parties, the rationale
and the progress of this transaction.
The SET requests EWC to disseminate the above requested
information via SETSMART within June 8, 2005.
CONTACT:
Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067
EMC: Renders Services to Ek-Chai
--------------------------------
EMC Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Company has been employed by Ek-chai
Distribution System Co. Ltd. for supply and installation of air
conditioning and ventilation systems, fire fighting and sanitary
systems, electrical and communication systems for Tesco Lotus
Pathumthani Project.
The contract value is THB111,469,390 including VAT.
Please be informed accordingly.
Yours faithfully,
Lt. Gen. Samang Thongpan
Director
CONTACT:
EMC Public Company Limited
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0333
Fax: 0-2937-0329
Web site: http://www.emc-group.co.th
BOND PRICING: For the Week 06 June to 10 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
Arrow Energy NL 10.000% 3/31/08 1
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 8
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 7.410% 9/20/35 7
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
Silver Chef Ltd 10.000% 8/31/08 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
Sunshine Gas Company Ltd 12.000% 9/30/06 1
Sydney Gas Company 12.000% 4/01/06 1
Tower Finance Ltd 8.650% 10/15/09 9
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
KOREA
-----
Korea Electric Power 7.950% 4/01/96 50
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 5
Lion Diversified Holdings Bhd 2.000% 6/01/09 1
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 Corporation Bhd 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
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*** End of Transmission ***