/raid1/www/Hosts/bankrupt/TCRAP_Public/050621.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 21, 2005, Vol. 8, No. 121
Headlines
A U S T R A L I A
AAL MARKETING: Lays Out Final Meeting Agenda
ALPEN'S PTY: Final Meeting Slated for June 24
AMP LIMITED: New Appointment Sparks Takeover, Merger Talks
BAYLINE CONSTRUCTIONS: Liquidator to Lay Account on Winding Up
BRENDAN TRACEY: To Convene Final Meeting June 22
BOSDAY PTY: Final Meeting Fixed June 29
COUTIS HOLDINGS: Sets Final Meeting June 23
ESME ENTERPRISES: Liquidator to Explain Wind-up Process
EUREKA FENCING: Members, Creditors to Meet June 22
GASLIGHT MUSIC: Seeking White Knight to Save Ops
GAZAL & BAKER: Final Meeting Slated for June 29
GLENN INDUSTRIES: Cash Flow Woes Prompt Receivership
HILLS MOTORWAY: ASX to Remove Firm from Official List
INTERFAB FINISHERS: Lays Out Final Meeting Agenda
INTERNATIONAL WINE: Berren Reconfirms Redemption Offer Price
LLOYD ANGLICAS: To Declare Dividend June 29
LLOYD BUILDING: Dividend to be Declared June 29
MARYSAN PTY: Priority Creditors Set to Receive Dividend
METALEC SERVICES: Final Meeting Fixed June 22
MOSSBROOK PTY: Former Financial Adviser Pleads Guilty to Fraud
ONE.TEL LIMITED: Court Snubs Jodee Rich
RA&LJ GOWING: Names Stuart Ariff Liquidator
SAFEWAY CONSTRUCTION: Court Issues Winding Up Order
SNEDDON'S BAKEHOUSE: Members Pass Wind-up Resolution
SHOWERSCREENS PTY: Served with Winding Up Order
SONS OF GWALIA: Court Moves 2nd Creditors' Meeting to Aug. 31
TECHNOFIN: Hires Official Liquidator
TOTAL HEALTH: To Declare Dividend July 1
WMC RESOURCES: Collapses After BHP Billiton Secures 90% Stake
XANADU WINES: Seeks Shareholder OK for AU$26.16-Mln Sale
C H I N A & H O N G K O N G
BANK OF COMMUNICATIONS: Updates International Offering
BEAUTIFUL MIND: Schedules Winding Up Hearing July 20
CHINA CONSTRUCTION: Fitch Affirms 'D/E' Rating
CHINA LIFE: Jan-May Premium Income Reaches RMB70.4 Bln
CHINA LIFE: Releases June 16 AGM Result
EVEREX SYSTEMS: Issues Dividend Notice
FITRACO, FINANCE: Creditors' Proofs of Claim Due July 15
ISTEELASIA HOLDINGS: Unveils June 9 AGM Resolutions
JILIN CHEMICAL: Notes Unusual Volume Movement
PING AN: To Disclose Premium Income Results
QPL INTERNATIONAL: U.S. Unit Records HK$156-Mln Impairment
RAINBOW BEAUTY: Enters Winding Up Process
SUCCESS TARGET: Creditors' Meetings Set July 22
TAPSFIELD LIMITED: To Hold Creditors Meeting July 22
WATERCORE LIMITED: Annual Meeting Fixed July 22
YANION INTERNATIONAL: Changes Name to Yingkou Steel Ltd
YANION INTERNATIONAL: Special General Meeting Set for July 13
* HK Records 810 Bankruptcy Petitions in May
I N D O N E S I A
PERTAMINA: Needs to Stock Up on Fuel
PERTAMINA: Sees End to Cepu Row with ExxonMobil
PERUSAHAAN LISTRIK: Signs Contracts to Build 24 Power Plants
TELEKOMUNIKASI INDONESIA: Set to Undergo Internal Reorganization
J A P A N
ASHIKAGA BANK: Mizuho Group Eyes Takeover
DAIEI INCORPORATED: New Boss to Adopt Fresh Approach
JAPAN AIRLINES: Opens Code Share Flights With Vietnam Airlines
KEIYO CO.: JCR Downgrades Rating to BB+
MATSUSHITA ELECTRIC: Executives Repurchase Own Shares
MITSUBISHI MOTORS: Plans to Enter Iran Market
UFJ HOLDINGS: AGM Set for June 29
K O R E A
CHOHUNG BANK: Reaps KRW10 Bln from Syndicated Loans
HYNIX SEMICONDUCTOR: May End Debt Workout Next Month
M A L A Y S I A
ANCOM BERHAD: Repurchases 9,000 Shares
BELL & ORDER: Awaits SC Approval on Regularization Plan
HONG LEONG EQUITIES: Placed Under Voluntary Wind Up
NALURI BERHAD: Shareholder Files Petition
PADIBERAS NASIONAL: Expects Lower Profits Due to Higher Costs
PANGLOBAL BERHAD: Seeks Extension to Implement Restructuring
POS MALAYSIA: Lists Extra Shares Today
SETEGAP BERHAD: Asks Court to Extend RO on Restructuring Plan
TRU-TECH HOLDINGS: Defaults on Monthly Deposit
P H I L I P P I N E S
COLLEGE ASSURANCE: SEC Defers Regulatory Action
DMCI HOLDINGS: Books Record Php2.2-Bln Net Income in Q1
GLOBAL STEELWORKS: Cleared of Smuggling Raps
LEPANTO CONSOLIDATED: 16-day Strike Costs Firm Php80 Mln
NATIONAL POWER: To Save Php5.9 Bln from Diesel Plant Phase-out
NATIONAL POWER: Three Groups Qualify for Calaca Plant Tender
NATIONAL TRANSMISSION: Sees Flat Profits This Year
S I N G A P O R E
ALLCHEM INDUSTRIES: Court to Hear Wind-up Petition July 1
CHUAN JOO: Served with Winding Up Order
FUNAI ASIA: Lays Out Agenda of Creditors' Meeting
JAYA HOLDINGS: Passes All Resolutions Set Out in EGM
LIANG HUAT: Appoints New Company Secretary
PUERSTINGER ASIA: Winding Up Hearing Set July 1
SMRT CORPORATION: Unit Struck off from Register of Companies
T H A I L A N D
ASIA HOTEL: Unveils Scope of Duties of Audit Committee
DON MUANG: Unveils New Debt-Restructuring Plan
BOND PRICING: For the Week 20 June to 24 June 2005
- - - - - - - -
=================
A U S T R A L I A
=================
AAL MARKETING: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that the final meeting of the members of
AAL Marketing Pty Ltd (In Liquidation) (Members Voluntary
Winding Up) will be held at 54 Lansell Road, Toorak, Victoria
3142 on Wednesday, June 22, 2005 at 10:00 a.m.
AGENDA
(1) To receive the liquidators account showing how the winding
up has been conducted and the property of the company has been
disposed of, and hearing any explanation that may be given by
the liquidator.
(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the liquidator be empowered to destroy all
books and records of the company on completion of all duties.
(3) Any other business.
Dated this 9th day of May 2005
Wayne V. Reid
Liquidator
54 Lansell Road,
Toorak Vic 3142
Telephone: 03 9824 4418
ALPEN'S PTY: Final Meeting Slated for June 24
---------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Alpen's
Pty Ltd will be held at the offices of Kellaway Cridland Pty
Ltd, Chartered Accountants, 48 Hunter Street, Sydney on Friday,
June 24, 2005 at 10:00 a.m. for the purposes of laying before
the meeting the Liquidator's final accounts and report and
giving any explanation thereof.
Dated this 10th day of May 2005
Robert Kellaway
Liquidator
Kellaway Cridland Pty Ltd
Level 4, 48 Hunter Street,
Sydney NSW 2000
AMP LIMITED: New Appointment Sparks Takeover, Merger Talks
----------------------------------------------------------
AMP Limited's appointment of investment banker Peter Mason as
its new chairman is likely to spur further speculations of
corporate activity for the funds management group, says the
Sydney Morning Herald.
AMP has been the subject of takeover and merger rumors ever
since it separated its U.K. operations. The talks include
supposed deals with ANZ, Westpac and Axa Asia Pacific.
On Friday, the market speculated that British group Friends
Provident was about to offer AU$7.55 for AMP. But analysts
dismissed the talk, given the U.K. company has a market
capitalization of about AU$9 billion compared with AMP's AU$12.3
billion. It is also trading on a lower price to earnings
multiple, making it difficult to justify what would be an
expensive acquisition.
Newly appointed Mr. Mason takes over the well-liked Peter
Willcox, who will step down in September to focus on family and
his other chairman's role at Mayne.
Mr. Willcox announced his retirement at the company's annual
meeting last month, telling shareholders that becoming chairman
of AMP had never been part of his plans.
He joined the AMP board in September 2002 and at his first board
meeting, in London, chief executive Paul Batchelor was sacked.
Within five months, chairman Stan Wallis had resigned and Mr.
Willcox was put in the role.
CONTACT:
AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au
BAYLINE CONSTRUCTIONS: Liquidator to Lay Account on Winding Up
--------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Bayline Constructions Pty Limited (In Liquidation) will be
held at Suite 67, Level 14/88 Pitt Street, Sydney NSW 2000 on
Wednesday, June 22, 2005 at 11:30 a.m.
The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. today, June 21, 2005.
Dated this 7th day of May 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
BRENDAN TRACEY: To Convene Final Meeting June 22
------------------------------------------------
Notice is given that a final meeting of members and creditors of
Brendan Tracey Advertising Pty Ltd (In Liquidation) will be held
at the offices of Lawler Partners, Level 7, 1 Margaret Street,
Sydney, on Wednesday, June 22, 2005 at 10:00 a.m.
AGENDA
(1) To have an account of the company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.
Dated this 5th day of May 2005
C. Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000
BOSDAY PTY: Final Meeting Fixed June 29
---------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Bosday Pty
Limited (In Liquidation) will be held at Suite 67, Level 14/88
Pitt Street, Sydney NSW 2000 on Wednesday, June 29, 2005 at
10:30 a.m.
The purpose of the meeting is to lay before the members an
account for the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, June 28, 2005.
Dated this 10th day of May 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
COUTIS HOLDINGS: Sets Final Meeting June 23
-------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of the members and creditors of Coutis
Holdings Pty Limited (In Liquidation) will be held at the
offices of Lawler Partners, 763 Hunter Street, Newcastle West
NSW 2302 on Thursday, June 23, 2005 at 12:00 p.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and hearing any explanations that may be
given by the Liquidator.
Dated this 17th day of May 2005
R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302
ESME ENTERPRISES: Liquidator to Explain Wind-up Process
-------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Esme Enterprises Pty Ltd (In Liquidation) will be held at the
offices of Lawler Partners, Level 7, 1 Margaret Street, Sydney,
on Tuesday, June 21, 2005 at 10:00 a.m.
AGENDA
(1) To have an account of the company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.
Dated this 5th day of May 2005
C. Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000
EUREKA FENCING: Members, Creditors to Meet June 22
--------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Eureka Fencing (Vic) Pty Ltd (In
Liquidation) will be held at the offices of PPB, Level 10, 90
Collins Street, Melbourne on June 22, 2005 at 10:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and hearing any explanations that may be
given by the liquidator.
Dated this 4th day of May 2005
Warren White
Liquidator
Eureka Fencing (Vic) Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000
GASLIGHT MUSIC: Seeking White Knight to Save Ops
------------------------------------------------
Ailing retailer Gaslight Music is facing closure if it fails to
find a white knight within weeks, according to the Herald Sun.
The music institution, which is currently under the control of
insolvency expert PPB Chartered Accountants, is searching for a
white knight to save it from financial ruin.
Administrator Rod Slattery is optimistic the firm will be
rescued through a sale or finding fresh funds to keep trading.
Gaslight Music, one of Australia's oldest independent music
retailers, collapsed due to huge debts and insufficient funds to
expand or maintain the operation.
The Company was established in the mis-1970s by music tour
impresario Michael Coppell. Melbourne entrepreneur Jeff Harrison
acquired it in 1983. Mr. Harrison built the business by
specializing in hard-to-get music and instigating headline-
grabbing events such as nude days.
By the late 1990s, Gaslight was earning more than AU$5 million a
year from its 30,000-strong music catalogue, even winning an
ARIA as Victoria's best music store. Its success prompted Mr.
Harrison to agree to sell the business for a reported Au$2
million to online music retailer Chaosmusic.
Chaos used Gaslight as the foundation for a AU$15-million share
market listing at the height of the dot.com craze in 1999.
Chaos' fortunes then soured and chief executive Rob Appel bought
Gaslight with business partner Greg Murison.
Mr. Appel still operates the store.
CONTACT:
Gaslight Music
85 Bourke St
Melbourne
Phone: 9654 2266
Fax: 9654 2333
E-mail: info@gaslight.com.au
Web site: http://www.gaslight.com.au
GAZAL & BAKER: Final Meeting Slated for June 29
-----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Gazal &
Baker Pty Limited (In Liquidation) will be held at Suite 67,
Level 14/88 Pitt Street, Sydney NSW 2000 on Wednesday, June 29,
2005 at 11:00 a.m.
The purpose of the meeting is to lay before the members an
account for the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, June 28, 2005.
Dated this 10th day of May 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
GLENN INDUSTRIES: Cash Flow Woes Prompt Receivership
----------------------------------------------------
Adelaide firm Glenn Industries Pty Ltd went under receivership
due to financial difficulties, The Advertiser says.
Receiver John Irving is now seeking potential buyers for the
Company, which built Glenelg's now-demolished Magic Mountain.
"The company ran into cashflow problems after hitting a flat
spot in trade and as a result of a long-standing court case in
Singapore," Mr. Irving said.
"We are looking to continue trading until a sale can be
finalized."
About Glenn Industries
Glenn Industries Pty Ltd is a leading manufacturer of
lightweight engineered building systems servicing commercial,
industrial, civil engineering, agricultural and domestic
projects globally.
With more than 40 years construction experience, Glenn
Industries, a Quality Assured company under ISO:9001:2000, can
offer a total construction package incorporating design,
manufacture and site installation of a diverse range of building
products.
Glenn Industries understanding of the demands of the industry,
market trends and project specific requirements together with
their exceptional technical knowledge has enabled the company to
produce an extensive range of functional and cost effective
building products.
The Company has been averaging AU$3.5 million in annual
turnover.
CONTACT:
Glenn Industries Pty Ltd
54 Howards Road Beverley
South Australia 5009 Australia
Phone: +61 (8) 8347 2088
Fax: +61 (8) 8268 6479
Email: info@glenn.com.au
Web site: http://www.glenn.com.au/
HILLS MOTORWAY: ASX to Remove Firm from Official List
-----------------------------------------------------
Hills Motorway Group will be removed from the official list of
Australian Stock Exchange Limited from the close of trading on
Wednesday, June 22, 2005, at the request of the Company,
following the completion of the compulsory acquisition by
Transurban Group, in accordance with listing rule 17.14.
CONTACT:
Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/
INTERFAB FINISHERS: Lays Out Final Meeting Agenda
-------------------------------------------------
Notice is given that a final meeting of members and creditors of
Interfab Finishers Pty Ltd (In Liquidation) formerly trading as
Elite Industrial Finishers Pty Ltd will be held at the offices
of Lawler Partners, Level 7, 1 Margaret Street, Sydney, on
Tuesday, June 21, 2005 at 11:00 a.m.
AGENDA
(1) To have an account of the company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.
Dated this 5th day of May 2005
C. Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000
INTERNATIONAL WINE: Berren Reconfirms Redemption Offer Price
------------------------------------------------------------
In accordance with the Unit Redemption Offer released on June 6,
2005, the Board of Berren Asset Management Limited (Berren), the
responsible entity for The International Wine Investment Fund
(IWIF), reconfirms that the Unit Redemption Offer price is
AU$2.68 per unit.
This supplementary announcement provides important further
information and should be read in conjunction with the Unit
Redemption Offer booklet.
The basis of the calculation of the Unit Redemption Offer price
was set out in Section 1.3 of the Unit Redemption Offer booklet.
Section 1.3 states:
"The Unit Redemption Offer price is subject to the independent
review of IWIF's auditor, PricewaterhouseCoopers (PwC), who will
undertake certain agreed upon procedures to verify the
calculation. The procedures will not comprise an audit, nor will
PwC comment on the unlisted valuations. PwC's independent review
will focus principally on the determination of the NTA
calculation. Details of thier procedures and report will be
released on or before Tuesday, June 14, 2005."
We wish to clarify PwC's role and take this opportunity to
advise that the Board of Berren is responsible for the
calculation of the Net Tangible Assets (NTA) per unit including
its completeness, correctness and proper disclosure.
We provide the following clarification of the role of PwC:
(1) The limited Agreed Upon Procedures (AUP) performed by PwC
were performed exclusively for Berren in relation to the NTA
calculation determined by the Board and accordingly PwC disclaim
any responsibility to individual Unitholders.
(2) The AUP undertaken by PwC did not:
- express any option on the un-audited management accounts
of IWIF;
- verify, ascertain, audit or provide an opinion on the
directors' NTA pr the NTA post redemption;
- provide any express or implied valuation of the carrying
values of the unlisted investments in the IWIF; or
- provide any opinion on the potential market value of units
post redemption.
(3) PwC has only provided the tax opinion referred to in Section
3.3 of the Unit Redemption Offer booklet and has not provided
any other tax opinion for inclusion in the Unit Redemption Offer
booklet.
Following further review and consideration by the Board of the
NTA calculation, Berren makes the following comments:
(1) A further adjustment has been made to the values of certain
foreign monetary and equity assets and liabilities to reflect
movement in exchange rates as at May 31, 2005.
(2) A further adjustment has been made to the accrual for the
Responsible Entity's fees to reflect the estimated liability for
the five months to May 31, 2005.
(3) A further adjustment has been made to the accrual for
professional fees as at May 31, 2005 including an estimate for
the costs necessary to complete the Unit Redemption Offer.
The net effect of these changes as at May 31, 20054 does not
alter the estimated AU$2.82 NTA per unit or the AU$2.68 Unit
Redemption Offer price.
Berren provides the following additional information with
respect to the manner in s\which the May 31, 2005 NTA was
calculated:
(1) The unlisted investments have been valued by the Berren
Board at their carrying value in the books of IWIF as at
December 31, 2004, except to account fpr additional investment
since that time. No additional accrual has been made for
dividends payable, equity accounting or interest receivable.
(2) All IWIF's listed investments including trading stock have
been adjusted to market price as at
(3) There has been no tax effect included for any unrealized
gains or losses arising from the revaluation of listed
investments to market price as at May 31, 2005.
Unitholder in IWIF are reminded that the Unit Redemption Offer
closes and acceptances must be received no later than 5.00 pm
(Adelaide time) on Wednesday, May 31, 2005.
In the event the number of acceptances exceeds the limit of 40
million units, the Unit Redemption Offer will be suspended and
Berren will take steps to wind up the IWIF on an orderly basis.
CONTACT:
International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm
LLOYD ANGLICAS: To Declare Dividend June 29
-------------------------------------------
A first and final dividend is to be declared on June 29, 2005
for Lloyd Anglicas Constructions Pty Ltd (Subject To Deed Of
Company Arrangement).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 9th day of May 2005
William James Hamilton
Administrator
Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2001
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166
LLOYD BUILDING: Dividend to be Declared June 29
-----------------------------------------------
A first and final dividend is to be declared on June 29, 2005
for Lloyd Building & Civil Constructions Pty Ltd (Subject To
Deed Of Company Arrangement).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 9th day of May 2005
William James Hamilton
Administrator
Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2001
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166
MARYSAN PTY: Priority Creditors Set to Receive Dividend
-------------------------------------------------------
A first and final dividend to priority creditors is to be
declared on June 22, 2005 for Marysan Pty Limited (In
Liquidation).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 6th day of May 2005
R. L. Duggan
Liquidator
c/- Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000
METALEC SERVICES: Final Meeting Fixed June 22
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Metalec Services Pty Ltd (In Liquidation) will be
held at the offices of Brooke Bird & Co, Chartered Accountants,
471 Riversdale Road, Hawthorn East, 3123, on June 22, 2005 at
9:30 a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and of hearing any
explanations that may be given by the Liquidators.
Dated this 3rd day of May 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
MOSSBROOK PTY: Former Financial Adviser Pleads Guilty to Fraud
--------------------------------------------------------------
Mr. Michael Andrew Smith, of Glenata in South Australia, on
Friday pleaded guilty in the District Court in Adelaide to
charges arising from an investigation by the Australian
Securities and Investments Commission (ASIC). The charges relate
to Mr. Smith's conduct as a financial planner and adviser.
Mr. Smith conducted his business via the company Mossbrook Pty
Ltd, and the registered business names Mossbrook Financial
Management and Mossbrook Financial Planning. Mossbrook Pty Ltd
was placed into receivership on 8 February 2002.
During the trial, which commenced on 6 June 2005, it was alleged
that between June 1996 and January 2002 Mr. Smith dishonestly
concealed material facts to induce clients to deal in
securities. ASIC also alleged that Mr. Smith fraudulently
converted proceeds of cheques, entrusted to him for investment,
for his own, or his company's, use or benefit.
Mr. Smith pleaded guilty to three counts of fraudulently
converting $83,666 of clients' money.
Mr. Smith was found not guilty of eleven charges of inducing
clients to deal in securities.
On 1 July 2002, ASIC permanently banned Mr. Smith from acting as
a representative of a securities dealer, investment adviser or
holder of an Australian Financial Services license.
Mr. Smith has been remanded on bail for submissions on sentence
on 21 June 2005.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
ONE.TEL LIMITED: Court Snubs Jodee Rich
---------------------------------------
The High Court has rejected a bid by former One.Tel Limited
director Jodee Rich to block expert advice being admitted in his
trial over the telco's collapse, reports The Advertiser.
The Australian Securities and Investments Commission (ASIC) is
suing Mr. Rich in the New South Wales Supreme Court over his
involvement in One.Tel's downfall.
ASIC claims Mr. Rich, former finance director Mark Silberman,
joint chief executive officer Bradley Keeling and chairman John
Greaves failed to act with due care and diligence as executives
under the Corporations Act, causing One.Tel's AU$92-million
collapse.
In March, NSW Supreme Court Justice Robert Austin ruled a report
by PricewaterhouseCoopers accountant Paul Carter was
inadmissible on the grounds he had been too close to the initial
ASIC investigation and drawn conclusions from "extraneous
material".
Last month, the NSW Court of Appeal disagreed and readmitted the
evidence. Mr. Rich on Friday last week applied for special leave
to the High Court to appeal against the decision.
However, the High Court refused to grant Mr. Rich special leave
saying it would have to be an exceptional case for it to
intervene in a hearing.
One.Tel collapsed four years ago with debts of more than AU$600
million and appointed Ferrier Hodgson as liquidator.
CONTACT:
Ferrier Hodgson
Level 17, 2 Market Street
SYDNEY NSW 2000
Phone: (02) 9286 9999
Fax: (02) 9286 9888
E-mail: fhsydney@syd.fh.com.au
Web site: http://www.ferrierhodgson.com
RA&LJ GOWING: Names Stuart Ariff Liquidator
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of RA&LJ Gowing Pty Limited (In Liquidation) held on
May 6, 2005 the following special and ordinary resolutions
respectively were 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 and that Mr. Stuart Ariff be appointed Liquidator of the
company.
Notice is also given that creditors having claim against the
company should furnish particulars of that claim to the
Liquidator.
Dated this 6th day of May 2005
Stuart Ariff
Liquidator
Stuart Ariff Insolvency Administrators
Telephone: 02 4929 7880
Facsimile: 02 4929 7882,
E-mail: office@sariff.com.au
Web site: http://www.sariff.com.au
SAFEWAY CONSTRUCTION: Court Issues Winding Up Order
---------------------------------------------------
On May 3, 2005 the Supreme Court made Orders that Safeway
Construction Services Pty Limited (In Liquidation) be wound up
and appointed Mark Roufeil to be Official Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
SNEDDON'S BAKEHOUSE: Members Pass Wind-up Resolution
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Sneddon's Bakehouse Pty Ltd duly convened and held at Level 6,
161 Collins Street, Melbourne on May 4, 2005 at 2:30 p.m. a
Special Resolution was passed that the company be wound up
voluntarily and that Gess Michael Rambaldi and Andrew Reginald
Yeo be nominated Joint & Several Liquidators of the company.
Dated this 4th day of May 2005
Stuart Andrew Sneddon
Director
SHOWERSCREENS PTY: Served with Winding Up Order
-----------------------------------------------
On May 3, 2005 the Supreme Court made Orders that Showerscreens
(Aust) Pty Limited (In Liquidation) be wound up and appointed
Mark Roufeil to be Official Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
SONS OF GWALIA: Court Moves 2nd Creditors' Meeting to Aug. 31
-------------------------------------------------------------
The Administrators advised that the Supreme Court of Western
Australia has on Friday made orders extending the statutory
convening period for the second (decision) meeting of creditors
of the Sons of Gwalia Limited (Administrators Appointed) Group
until August 31, 2005.
The Administrators have leave to apply for an extension of the
convening period beyond August 31, 2005.
The Administrators sought the orders after detailed consultation
with the Committee of Creditors. The orders allow the
Administrators time to finalize arrangements and terms relevant
to the Deed of Company Arrangement proposal to be put to
creditors to consider at the next meeting.
The Administrators remain focused on the completion of these
matters within the shortest timetable that is consistent with
maximizing for all stakeholders.
CONTACT:
Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/
TECHNOFIN: Hires Official Liquidator
------------------------------------
Notice is hereby given that, at a creditors meeting of Technofin
(In Liquidation) held on May 9, 2005, it was resolved that the
company be wound up voluntarily and that for such purpose Danny
Vrkic, of Jirsch Sutherland & Co - Wollongong, Chartered
Accountants be appointed Liquidator.
Dated this 9th day of May 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546
TOTAL HEALTH: To Declare Dividend July 1
----------------------------------------
A dividend being a first and interim dividend is to be declared
on Friday, July 1, 2005 for Total Health Screening Pty Ltd
(Subject To Deed Of Company Arrangement).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 2nd day of May 2005
William James Hamilton
Pino Fiorentino
Administrators
Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2001
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166
WMC RESOURCES: Collapses After BHP Billiton Secures 90% Stake
-------------------------------------------------------------
BHP Billiton announced Friday it has secured a 90.59-percent
stake in its takeover target WMC Resources, allowing it the
right to purchase all remaining stock.
WMC is a base metals miner that holds significant copper and
nickel deposits, and almost 40-percent of the world's known
uranium resources at its Olympic Dam mine in South Australia
state.
The takeover consolidates BHP's dominance in global mining, and
creates the world's second-biggest copper producer and third
biggest nickel producer.
The announcement came just before the closure of BHP's AU$9.2-
billion (US$7.1 billion) takeover bid for WMC on Friday night.
BHP clinched more than 50 percent of WMC two weeks ago after a
late rush by shareholders to accept its offer of AU$7.85
(US$7.07) a share.
Since taking control of WMC, BHP has cut a substantial number of
WMC's 600 employees to reduce costs.
BHP, which is listed in Australia and London, is already the
world's biggest miner by market capitalization.
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/
XANADU WINES: Seeks Shareholder OK for AU$26.16-Mln Sale
--------------------------------------------------------
The Directors of Xanadu Wines Limited advised that the Company
has entered into a sale agreement with a subsidiary of RW Group
Pty Ltd, a company associated with the Rathbone Family.
The sale agreement includes Xanadu's Margaret River winery,
vineyards, tourism, restaurant and cellar door complex, the
Xanadu brand, finished goods and select bulk wine relating to
the Xanadu brand for AU$26.16 million, which includes the
assumption of AU$2.93 million in leasing and rental liabilities.
The Xanadu directors will ask shareholders, at a meeting to be
scheduled in late July 2005 for approval of the transaction. The
directors will all be voting in favor of the transaction.
The Future
The Company will be providing guidance to the market on the
future direction of the business before the Company's shares are
re-listed later in the week.
CONTACT:
Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389
==============================
C H I N A & H O N G K O N G
==============================
BANK OF COMMUNICATIONS: Updates International Offering
------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from Bank
of Communications Co., Ltd., a new listing applicant, which is
reproduced as follows:
"Announcement of the Offer Price, the levels of indication of
interest in the International Offering, the results of
applications in the Hong Kong Public Offering (with successful
applicants' identification document numbers, where appropriate)
and the basis of allotment of the Hong Kong Offer Shares to be
published in South China Morning Post (in English) and Hong Kong
Economic Times (in Chinese) on or before June 22, 2005.
H Share certificates in respect of wholly or partially
successful applications to be dispatched on or before June 22,
2005.
Refund cheques in respect of wholly or partially unsuccessful
applications to be dispatched on or before June 22, 2005.
Dealings in the H Shares on the Hong Kong Stock Exchange
expected to commence on June 23, 2005.
If you apply using a white Application Form:
If you apply for 1,000,000 Hong Kong Offer Shares or more on a
white Application Form and have indicated your intention in your
Application Form to collect your refund cheque(s) (where
applicable) and/or H Share certificate(s) (where applicable)
from Computershare Hong Kong Investor Services Limited and have
provided all information required by your Application Form, you
may collect your refund cheque(s) (where applicable) and H Share
certificate(s) (where applicable) from Computershare Hong Kong
Investor Services Limited at Room 1712-16, 17th Floor, Hopewell
Centre, 183 Queen's Road East, Wan Chai, Hong Kong from 9:00
a.m. to 1:00 p.m. on Wednesday, June 22, 2005 or such other date
as notified by the Company in the newspapers as the date of
collection/despatch of refund cheques/H Share certificates. If
you are an individual who opts for personal collection, you must
not authorize any other person to make collection on your
behalf.
If you are a corporate applicant, which opts for personal
collection, you must attend by your authorized representative
bearing a letter of authorization from your corporation stamped
with your corporation's chop. Both individuals and authorized
representatives (if applicable) must produce, at the time of
collection, evidence of identity acceptable to Computershare
Hong Kong Investor Services Limited. If you do not collect your
refund cheque(s) (where applicable) and/or H Share
certificate(s) (where applicable) personally within the time
specified for collection, they will be sent to the address as
specified in your Application Form promptly thereafter by
ordinary post and at your own risk.
If you apply for less than 1,000,000 Hong Kong Offer Shares or
if you apply for 1,000,000 Hong Kong Offer Shares or more but
have not indicated on your Application Form that you will
collect your refund cheque(s) (where applicable) and/or H Share
certificate(s) (where applicable) in person, your refund
cheque(s) (where applicable) and/or H Share certificate(s)
(where applicable) will be sent to the address on your
Application Form on Wednesday, June 22, 2005, by ordinary post
and at your own risk.
June 20, 2005
CONTACT:
Bank of Communications
20 Pedder Street, Central, Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk
BEAUTIFUL MIND: Schedules Winding Up Hearing July 20
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Beautiful Mind Worldwide Limited by the High Court of Hong Kong
Special Administrative Region was on May 25, 2005 presented to
the said Court by Air Sea Worldwide Logistics Limited whose
registered office is situate at Units 3403-6, 34th Floor, AIA
Tower, 183 Electric Road, North Point, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 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.
Messrs. Huen & Partners
Solicitors for the Petitioner
Units 3309-11, 33rd Floor
West Tower, Shun Tak Centre
168-200 Connaught Road Central
Sheung Wan, 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 19, 2005.
CHINA CONSTRUCTION: Fitch Affirms 'D/E' Rating
----------------------------------------------
Fitch Ratings has affirmed China Construction Bank's (CCB)
Individual rating at 'D/E' on the announcement that Bank of
America (BOA) is to take a 9% stake in CCB for US$2.5 billion,
with a five and half year option to raise it to 19.9% after the
bank's IPO as planned for later this year. The Support rating of
CCB is affirmed at '2'.
Fitch expects that the presence of BOA as a strategic investor
will accelerate CCB's ongoing reform program which will, over
time, lead to a material improvement in its corporate
governance, risk management and internal controls. However, this
will be a long-term process and CCB's short to medium term
performance will be determined by the quality of its past
lending and the extent to which China's economy may slow down
after the current economic boom.
Therefore, at this stage Fitch is not changing CCB's Individual
rating which was raised to D/E after CCB's recapitalisation at
end-2003. Further upgrades will depend on the bank's ability to
keep its NPL ratio low, which a clean up exercise in 2004
reduced it to 3.9% at end-2004, and to maintain adequate capital
ratios. Fitch's Support rating of 2 reflects the agency's
expectation that, given the bank's systemic importance, the
Chinese government will step in to prevent the bank's failure,
though its aim would be to protect the creditors and depositors,
more than the investors in the bank's capital.
CCB's key financial numbers for 2004 generally appear adequate
by international standards. The NPL ratio was just 3.9%
(although the bank was still carrying a significant amount of
weak "special mention" loans - 16.7% of total loans), while
other ratios including the capital ratio ("BIS CAR" ratio) was
11.3% and the net return on equity was 25.4%. David Marshall,
Head of Banks and Financial Institutions for Fitch in Asia,
however said that an analysis of asset quality would need to
evaluate the flow of NPLs, rather than their level at a given
moment and while the current trend still appears reasonably
benign, Fitch is concerned that the investment-led and bank loan
financed economic boom that peaked in 2003 will give rise to new
NPLs as China's growth slows, especially in the overheated
sectors.
Similarly, while the bank's capital appears adequate at a CAR of
11%, which is above the 8% minimum, the high leverage in banking
means that its capital is vulnerable to any deterioration in
asset quality. Fitch also notes that CCB's profitability for
2004 was helped by a temporary reduction in its tax charge and
that the bulk of its net profits were in fact earmarked for
dealing with historical bad-debts related issues.
CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html
CHINA LIFE: Jan-May Premium Income Reaches RMB70.4 Bln
------------------------------------------------------
Reference is made to China Life Insurance Company Ltd.'s
announcement dated August 27, 2004.The unaudited accumulated
premiums income of the Company for the period from January 1,
2005 to May 31, 2005 was about RMB 70.431 billion. The figure is
to be released on CIRC's website at www.circ.gov.cn.
The above information on premiums income is unaudited and
prepared in accordance with PRC Generally Accepted Accounting
Practice (GAAP), which is different from Hong Kong GAAP adopted
by the Company in the preparation of its financial statements.
As of December 31, 2004, the Company's current assets were
HK$43.5 million while its current liabilities were HK$342.9
million, according to Chong Hing Securities.
By Order of the Board of Directors,
Heng Kwoo SengCompany Secretary
Hong Kong, 16 June 2005
CONTACT:
China Life Insurance Company Limited
18th Floor, C.L.I. Building
313 Hennessy Road, Wanchai
Hong Kong
Phone: 25458111
Fax: 25444395
Web site: http://www.chinalife.com.hk
CHINA LIFE: Releases June 16 AGM Result
---------------------------------------
The Annual General Meeting (the AGM) of China Life Insurance
Company Limited was held at Nathan Room, Lower Lobby, Conrad
Hong Kong, Pacific Place, 88 Queensway, Hong Kong on June 16,
2005 at 10 o'clock in the morning.
There were a total of 26,764,705,000 shares, representing 100%
of the total issued share capital of the Company, entitled to
attend and vote for or against the resolutions considered at the
AGM. The meeting was convened in accordance with the
requirements of the Company Law of the PRC and the Articles of
Association of the Company. Mr. Wang Xianzhang, Chairman of the
Board of Directors of the Company, chaired the AGM.
At the AGM, the Chairman demanded to put each of the resolutions
set out in the Notice of the AGM dated April 28, 2005 to the
vote by way of poll.
The poll results in respect of the resolutions proposed at the
AGM are as follows:
Resolutions No. of Votes %
For Against
Ordinary resolutios:
1. To review and approve the Report of the Board of Directors of
the Comapny for the year 2004 20,213,193,354
460,040
(99.9977%) (0.0023%)
The resolution was duly passed as an ordinary resolution.
2. To review and approve the Report of the Supervisory Commitee
of the Company for the year 2004.
20,213,224,554 425,240
(99.9979%) (0.0021%)
The resolution was duly passed as an ordinary resolution.
3. To review and approve the audited Financial Statements of the
Company and the Auditors' Report for the year ended December
31,2004.
20,204,346,354 5,103,040
(99.9747%) (0.0253%)
The resolution was duly passed as an ordinary resolution.
4. To authorize the Board of Directors to determine the
remuneration of the Directors and Supervisors 20,199,774,114
12,712,680
(99.9371%) (0.0629%)
The resolution was duly passed as an ordinary resolution.
5. To re-appoint PricewaterhouseCoopers Zhong Tian Certified
Public Accountants Co., Ltd., Certified Public Accountants, and
PricewaterhouseCoopers, Certified Public Accountants as the PRC
auditors and international auditors of the Company, respectively
for the year 2005 and to authorize the Board of Directors to
determine their remuneration.
20,244,410,754 5,224,280
(99.9742%) (0.0258%)
The resolution was duly passed as an ordinary resolution.
II. As special resolutions:
6. To amend the Articles of Association of the Company.
20,198,925,554 997,240
(99.9951%) (0.0049%)
The resolution was duly passed as a special resolution.
7. To give a general mandate to the Board of Directors to issue,
allot and deal with additional domestic shares and overseas
listed foreign shares of the Company not exceeding 20% of each
of the aggregate nominal amount of the domestic shares and
overseas listed foreign shares of the Company in issue as at the
date of the AGM.
19,603,038,680 640,534,514
(96.8359%) (3.1641%)
The resolution was duly passed as a special resolution.
By order of the Board of Directors
China Life Insurance Company Limited
Wang Xianzhang
Chairman
Hong Kong, June 16, 2005
EVEREX SYSTEMS: Issues Dividend Notice
--------------------------------------
Everex Systems (Far East) Limited issued a notice of intended
dividend in the High Court of the Hong Kong Special
Administrative Region Court of First Instance. The following
details are as follows:
Name of Liquidator: The Official Receiver
Registered Office and Liquidator's Address: 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.
Last Day for Receiving Proofs: July 2, 2005
Dated this 17th day of June 2005
E T O'CONNELL
Official Receiver & Liquidator
FITRACO, FINANCE: Creditors' Proofs of Claim Due July 15
--------------------------------------------------------
Notice is hereby given that the creditors of Fitraco, Finance &
Trading Company Limited, which is being voluntarily wound up,
are required on or before July 15, 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 Liquidators of
the said Company.
If so required by notice in writing from the said Liquidators,
they are to personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.
Dated this 17th day of June 2005
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
ISTEELASIA HOLDINGS: Unveils June 9 AGM Resolutions
---------------------------------------------------
At a meeting of the board of directors of ISteelAsia Holdings
Limited held on June 9, 2005, the Directors of the Company
announced the audited consolidated results of the Company and
its subsidiaries for the year ended March 31, 2005.
It was also resolved on the same day that at the annual general
meeting to be held on July 14, 2005, resolutions to grant to the
Directors general mandates to issue shares of the Company and to
repurchase shares of the Company will be proposed. The purpose
of this circular is to provide shareholders of the Company with
details of the proposed general mandates to be dealt with at the
Annual General Meeting.
For more details, go to
http://bankrupt.com/misc/tcrap_isteel062005.pdf
CONTACT:
ISteelAsia Holdings Limited
Room 4902-8, Hoppewell Centre
183 Queen'st Road East
Wanchai, Hong Kong
Phone: 28657106
Fax: 28650578
Web site: http://www.isteelasia.com
JILIN CHEMICAL: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Jilin Chemical Industrial Company Limited, which is reproduced
as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The Company have noted the recent increases in the trading
volume of the shares of the Company and wish to state that we
are not aware of any reasons for such increase.
The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.
Made by the order of the Board of Jilin Chemical Industrial
Company Limited, the directors of which individually and jointly
accept responsibility for the accuracy of this statement.
(Executive directors Yu Li, Shi Jianxun, Zhang Xingfu; non-
executive directors Xu Fengli, Ni Muhua, Jiang Jixiang, Lan
Yunsheng and independent non-executive directors Lu Yanfeng,
Wang Peirong, Zhou Henglong, Fanny Li)
By order of the Board
Zhang Liyan
Company Secretary
Jilin, the People's Republic of China
June 17, 2005"
CONTACT:
Jilin Chemical Industrial Company Limited
No 9 Longtan Street Longtan District
Jilin City, Jilin Province 132021
CHINA
Phone: +86 432 390 3651
Fax: +86 432 302 8126
PING AN: To Disclose Premium Income Results
-------------------------------------------
Reference is made to the announcement of Ping An Insurance
(Group) Company of China, Ltd. dated August 27, 2004. The
premium incomes of Ping An Life Insurance Company of China, Ltd.
and Ping An Property & Casualty Insurance Company of China, Ltd.
for the period from 1 January 2005 to 31 May 2005 were RMB
24,362.55 million and RMB 5,079.04 million respectively. Such
information will be released on the website of China Insurance
Regulatory Commission (CIRC) (http://www.circ.gov.cn).
The figures are based on unaudited management accounts which
have not been reviewed by the Company's audit committee and are
prepared in accordance with accounting rules and regulations in
the PRC, i.e. PRC GAAP which are different from the
international accounting standards adopted by the Company in
preparing its financial statement published and to be published
in accordance with the Listing Rules.
As the information to be disclosed by CIRC is based on unaudited
financial information, investors are advised to exercise utmost
caution when dealing with the shares of the Company.
For the business year ended December 31, 2004, Ping An has
current assets of HK$53 million while current liabilities stood
at HK$220 million, according to Chong Hing Securities.
By order of the Board
Yao Jun
Joint Company Secretary
Shenzhen, PRC, 17 June 2005
As at the date of this announcement, the executive directors of
the Company are Ma Mingzhe, Sun Jianyi, the non-executive
directors of the Company are Huang Jianping, Liu Haifeng David,
Henry Cornell, Lin Yu Fen, Cheung Lee Wah, Anthony Philip
Hope,Lin Lijun, Fan Gang, Dou Wenwei, Shi Yuxin, Hu Aimin, and
the independent non-executive directors are Bao Youde, Kwong Che
Keung Gordon and Cheung Wing Yui.
CONTACT:
Ping An Insurance (Group) Company of China, Ltd
11th Floor, Dah Sing Financial Center
108 Gloucester Road, Wan Chai
Hong Kong
Phone: 86-755-82262888
Fax: 86-755-82414817
Web site: http://www.pingan.com.cn
QPL INTERNATIONAL: U.S. Unit Records HK$156-Mln Impairment
----------------------------------------------------------
QPL International Holdings Ltd's (0243) 42.5 percent-owned U.S.-
listed unit, ASAT Holdings, posted a net loss of US$36.723
million for the fourth quarter ended April 30 and a net loss of
US$60.425 million ($471 million) for the fiscal year ended April
30, Infocast News reports.
The losses were mainly as a result of a US$19.944 million ($156
million) impairment of property, plant and equipment, which
included a charge associated with a headcount reduction of
approximately 160 workers in the company's Hong Kong operations.
On June 16, ASAT obtained a commitment for US$15 million ($117
million) of financing from one of its principal shareholders,
Asia Opportunity Fund LP. QPL has an option to participate up to
US$7.5 million of the US$15 million. QPL has decided not to
participate in that financing.
As of April 30, 2004, the Company's current assets were HK$171
million while current liabilities were HK$254 million, Chong
Hing Securities reports.
CONTACT:
QPL International Holdings Limited
2/F QPL Industrial Building
138 Texaco Road, Tsuen Wan
N.T.Hong Kong
Phone: 24065111
Web site: http://www.qpl.com
RAINBOW BEAUTY: Enters Winding Up Process
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rainbow Beauty Skin Care Limited by the High Court of Hong Kong
Special Administrative Region was on May 21, 2005 presented to
the said Court by Triumph Wise International Limited whose
registered office is situate at Flat A, 9th Floor, Yue Cheung
Centre, Nos. 1-3 Wong Chuk Yeung Street, Fo Tan, New
Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 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.
Simon C. W. Yung & Co.
Solicitors for the Petitioner
21st Floor, Hing Yip Commercial Centre
No. 272-284 Des Voeux Road Central
Central, Hong Kong
Ref: MIS/TSM/996455
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 19, 2005.
SUCCESS TARGET: Creditors' Meetings Set July 22
-----------------------------------------------
Notice is hereby given that pursuant to Section 248 of the
Companies Ordinance (Chapter 32), the Final Meeting of the
members and creditors in Success Target Limited will be held at
Room 403, Hong Kong Exhibition Centre, China Resources Building,
26 Harbour Road, Wanchai, Hong Kong on July 22, 2005 at the time
as prescribed below, for the purpose of having an account laid
before them showing the manner in which the winding up has been
disposed of, and of hearing any explanation that may be given by
the liquidator, and also of directing by Special Resolution the
manner in which the books, accounts and documents of the above-
named Company and of the Liquidator thereof, be retained by the
Liquidator, and at the expiration of three months from the
dissolution of the Company, shall be disposed of.
Members Creditors
Success Target Limited 11:00a.m. 11:30a.m.
A member or creditor entitled to attend vote at the above
meetings may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies may be obtained from the office of Room 1102, Pacific
Plaza, 418 Des Voeux Road West, Hong Kong and must be lodged at
the above address not later than 4:00 o'clock in the afternoon
on Thursday the 21st day of July, 2005.
Dated this 13th day of June 2005
Lo Kwok Hung, John
Liquidator
TAPSFIELD LIMITED: To Hold Creditors Meeting July 22
----------------------------------------------------
Notice is hereby given that pursuant to Section 248 of the
Companies Ordinance (Chapter 32), the Final Meetings of the
members and creditors in Tapsfield Limited will be held at Room
403, Hong Kong Exhibition Centre, China Resources Building, 26
Harbour Road, Wanchai, Hong Kong on July 22, 2005 at the time as
prescribed below, for the purpose of having an account laid
before them showing the manner in which the winding up has been
disposed of, and of hearing any explanation that may be given by
the liquidator, and also of directing by Special Resolution the
manner in which the books, accounts and documents of the above-
named Company and of the Liquidator thereof, be retained by the
Liquidator, and at the expiration of three months from the
dissolution of the Company, shall be disposed of.
Members Creditors
Tapsfield Limited 12:00p.m. 12:30p.m.
A member or creditor entitled to attend vote at the above
meetings may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies may be obtained from the office of Room 1102, Pacific
Plaza, 418 Des Voeux Road West, Hong Kong and must be lodged at
the above address not later than 4:00 o'clock in the afternoon
on July 21, 2005.
Dated this 13th day of June 2005
LO KWOK HUNG, JOHN
Liquidator
WATERCORE LIMITED: Annual Meeting Fixed July 22
-----------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the members
and creditors in Watercore Limited will be held at Room 403,
Hong Kong Exhibition Centre, China Resources Building, 26
Harbour Road, Wanchai, Hong Kong on July 22, 2005 at the time as
prescribed below for the Company, for the purpose of receiving
an account of the liquidator's act and dealings and of the
conduct of the winding up of the company during the preceding
year.
Members' meeting 09:00am
Creditors' meeting 09:30am
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies may be obtained from the office of Room 1102, Pacific
Plaza, 418 Des Voeux Road West, Hong Kong and must be lodged at
the above address not later than 4:00 o'clock in the afternoon
on Thursday the 21st day of July, 2005.
Dated this 13th day of June 2005
LO KWOK HUNG, JOHN
Liquidator
YANION INTERNATIONAL: Changes Name to Yingkou Steel Ltd
-------------------------------------------------------
The Board proposes to change the name of the Company from
"Yanion International Holding Limited" to "Yingkou Steel Rolling
Limited."
A circular containing, among other things, the conditional
Acquisition, the propsed placing of Shares to the Sale and
Purchase Agreement, further details of the proposed change of
name of the Company and the adoption of the new Chinese name of
the Company will be despatched to the Shareholders on June 20,
2005.
The proposed change of name of the Company is conditional upon:
1. The passing of a special resolution by the schareholders of
the Company at a special general meeting to approve the proposed
change of Company name.
2) Completion of the Sale and Purchase Agreement.
3) The approval by the Registrar of Companies in Bermuda
The effective date of the change of Company name will be the
date on which the new Company name is entered by the Registrar
of Companies in Bermuda on the register of companies in place of
the existing name. Thereafter, the Company will comply with the
necessary filing procedure with the Registrar of Companies in
Hong Kong.
Yanion International incurred a net loss of HK$74.33 million in
the fiscal year ended December 31, 2004, versus a net loss of
HK$52.61 million a year earlier, relates Chong Hing Securities
Ltd.
CONTACT:
Yanion International Holdings Limited
3506 Gloucester Tower The Landmark
11 Pedder Street,
Central, Hong Kong
Phone: 24112269
Fax: 24110369
Web site: www.chinamed82.com.hk
YANION INTERNATIONAL: Special General Meeting Set for July 13
-------------------------------------------------------------
Notice is hereby given that a Special General Meeting of Yanion
International Holdings Limited will be held at 10 a.m. on
Wednesday, July 13, 2005 at Salon 2&3 (Level 3), JW Marriot
Hotel Hong Kong, Pacific Place, 88 Queensway, Hong Kong for the
purpose of considering and, if thought fit, passing each of the
following resolutions at
http://bankrupt.com/misc/tcrap_yanion062005.pdf
* HK Records 810 Bankruptcy Petitions in May
--------------------------------------------
Hong Kong's bankruptcy petitions reached 810 in May, down 22.2
percent compared with last year's average monthly figure of
1,041, Xinhua News Agency reports, citing the Official
Receiver's Office of Hong Kong.
The court made 904 bankruptcy orders in May, up 44.6 percent
from the previous month's figure of 625, but a drop of 20.2
percent on the average monthly figure of 1,133 last year.
CONTACT:
Official Receiver's Office
10/F., Queensway Government Offices,
66 Queensway, Hong Kong.
Telephone: (852) 2867 2448
Facsimile: (852) 3105 1814
E-mail: oroadmin@oro.gov.hk
=================
I N D O N E S I A
=================
PERTAMINA: Needs to Stock Up on Fuel
------------------------------------
State-controlled PT Pertamina said it would need up to IDR14.5
trillion to replenish national fuel stock levels for the next
ten days, AFX News reports.
Company president Widya Purnama said that the national stock
level is enough for 17.5 days only, against the normal level of
22 days, as this month's fuel consumption increased and exceeded
the quota.
Last June 15, the oil and gas firm received IDR4 trillion in
fuel subsidies from the government to import oil. Mr. Purnama
said that in the next 10 days, they would try to bring the
national stock level to cover 20 or 21 days.
According to Pertamina, daily domestic fuel consumption is
pegged at 1.15 million barrels per day, which means that the
Company has to import 350,000 barrels of crude oil and 400,000
barrels of fuel products daily. The company produces 650,000
barrels of oil and day, and imports 350,000 barrels, which
brings daily production to 1 million barrels per day.
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
PERTAMINA: Sees End to Cepu Row with ExxonMobil
-----------------------------------------------
The long-standing dispute over the Pertamina-owned gas block in
Cepu, Indonesia, may finally come to an end as the government
makes an agreement with U.S. based firm ExxonMobil Corporation
on the gas block's development, reports Xinhua News.
Vice President Jusuf Kalla said that ExxonMobil may be willing
to accept a revenue sharing scheme proposed by the Indonesian
government, wherein the government would pay the firm 13.5% pf
the revenue from the Cepu block, lower than the usual 15% share
for the contractor.
Mr. Kalla Added that with the agreement, the government hopes to
close a deal with ExxonMobil that would extend the firm's
contract to develop the field, along with the revenue split.
This way, the government would gain a 70% share of the revenue
from the oil field, and the remaining 30% would be split between
ExxonMobil and state-owned oil and gas firm PT Pertamina, as
well as the local administration. ExxonMobil is expected to get
a 13.5% share of the revenues, as well as Pertamina, with the
remaining 3% going to the local administration.
The Cepu block is owned by Pertamina, and ExxonMobil has a
contract to develop the land until 2010, but wanted to extend
the agreement as it discovered additional oil reserves in the
field. Under the new agreement, ExxonMobil would be able to
extract oil from the field until 2035, and the block would start
producing up to 170,000 barrels of oil per day by 2008.
PERUSAHAAN LISTRIK: Signs Contracts to Build 24 Power Plants
------------------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) is set
to sign 24 contracts with independent power firms to build 24
power plants, reports Yahoo News.
With a combined cost of more than IDR10.6 trillion, the new
power plants are expected to raise the Company's capacity to
generate power by 1,134 megawatts.
According to PLN president Eddie Widiono, a pre-qualification
stage was completed last year for the tender of the 24 projects,
where 88 local and foreign investors participated in the tender.
The plants are expected to be completed by 2008.
PLN, one of Indonesia's struggling state-owned corporations, was
able to swing to profit in 2004 with an unaudited net profit of
IDR225.95 billion, against a IDR3.56 trillion net loss the year
before.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
TELEKOMUNIKASI INDONESIA: Set to Undergo Internal Reorganization
----------------------------------------------------------------
The Indonesian government may embark on a massive reorganization
of state-owned telecommunications firm PT Telekomunikasi
Indonesia, including a change of its board of directors and
management structure, the Jakarta Post reports.
The reorganization plan, which is still to be decided in the
Company's annual shareholder meeting on June 24, was launched
after the government's anti-corruption team discovered
irregularities in the company's operations, which resulted in
huge state losses.
According to an unnamed senior official at the state minister's
office, the recent probe on the company has forced the
minister's office to rethink the positions of certain directors,
including current president director Kristiono, but the
President would make the final decision.
Among the four candidates who are likely to replace Mr.
Kristiono are cellular unit PT Telkomsel president Kiskenda
Suriahadja and former Telkomsel president director Bajoe
Narbito. The other candidates are Telkom human resources
director Woeryanto Soeradji and former business development
director Garuda Sugardo.
Aside from the changes in top management, the government is also
set on changing the company's management structure by adding a
directorate for investment and infrastructure.
The government is careful to reorganize Telkom as it contributes
the largest amount of revenue to the state, with a recorded net
profit of IDR6.12 trillion for 2004. Telkom also has a
significant role in the Jakarta stock market, with the largest
market capitalization at 15%.
PT Telekomunikasi Indonesia is 51% owned by the government,
while the remaining 49% is held by public investors.
CONTACT:
P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/
=========
J A P A N
=========
ASHIKAGA BANK: Mizuho Group Eyes Takeover
-----------------------------------------
Mizuho Financial Group Inc. is considering taking over Ashikaga
Bank, which is undergoing rehabilitation under state control,
Kyodo News reports.
Mizuho plans to set up an investment fund with other sponsors,
rather than by directly purchasing shares from the state, the
report said.
Ashikaga Bank was placed under government control two years ago
after it was found to be insolvent with a negative net worth of
JPY102.3 billion as of September 30, 2003.
CONTACT:
Ashikaga Bank Limited (The)
1-25 Sakura 4-Chome
Utsunomiya 320-8610, Tochigi 320-8610
Japan
Phone: +81 28 622 0111
Fax: +81 28 625 5546
Web site: http://www.ashikagabank.co.jp/
DAIEI INCORPORATED: New Boss to Adopt Fresh Approach
----------------------------------------------------
Daiei Incorporated President Yasuyuki Higuchi said that
improving the freshness of perishable foods would support the
Company's strength in the food business, the Yomiuri Shimbun
reports.
The debt-laden retailer has been rehabilitating itself under the
supervision of the state-backed Industrial Revitalization
Corporation of Japan.
The newly appointed President said the company would enhance the
ratio of local procurement done without going through head
office to 50 percent. General merchandise stores that have
safety and sanitation problems will be refurbished, and a number
of stores would be closed.
Mr. Higuchi also aims to make all stores profitable within a few
years, following the completion of a drastic makeover within two
years aimed at attracting tenants.
CONTACT:
Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
JAPAN AIRLINES: Opens Code Share Flights With Vietnam Airlines
--------------------------------------------------------------
Japan Airlines (JAL) and Vietnam Airlines (VN) agreed today to
open a new code share flight between Nagoya (Chubu) and Ho Chi
Minh City from July 29,2005. As a result, the number of routes
between Japan and Vietnam will increase to six and the number of
cities served in Japan to four.
JAL and Vietnam Airlines together offer the biggest network of
routes and flights between the two countries offering 34 flights
per week to travelers flying from Japan to Vietnam.
From July 29, JAL and Vietnam Airlines will offer three code
share flights a week from Nagoya's recently opened Chubu
International Airport (also known as Centrair). Vietnam Airlines
Boeing 767 aircraft and crews will handle flight operations.
JAL and Vietnam Airlines' code share cooperation goes back to
April 1996 when the two airlines inaugurated code share flights
on the Osaka (Kansai)-Ho Chi Minh route. The network now
includes code share operations on five routes between the two
countries, linking two cities in Vietnam with three cities in
Japan. Currently JAL and Vietnam Airlines operate code share
flights on these five routes: Tokyo-Ho Chi Minh, Tokyo-Hanoi,
Osaka-Ho Chi Minh, Osaka-Hanoi and Fukuoka-Ho Chi Minh.
For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate
This is a company press release.
KEIYO CO.: JCR Downgrades Rating to BB+
---------------------------------------
Japan Credit Rating Agency (JCR) has removed the ratings on
senior debts and bonds of Keiyo Co. Ltd. from the Credit Monitor
and has downgraded them from BBB- to BB+, respectively.
Issues Amount(bn) Issue Date Due Date Coupon
JPY bonds no.1 Y7 June 23, 2003 and June 23, 2006 1.09%
RATIONALE
Keiyo plans to differentiate itself from peers. However, it will
be difficult for Keiyo to establish competitive edge in
household goods market where competition is fierce. Keiyo has
been increasing its revenue by opening outlets on a massive
scale. However, the same-store sales dropped largely while the
costs increased.
As a result, it plunged into an operating loss. Keiyo plans to
turn profitable on an operating income basis by closing money-
losing stores while making efforts to increase the same-store
sales through improvement in selection of goods. Whether or not
Keiyo can improve the same-store sales in the face of fierce
competition is uncertain.
The interest-bearing debt has doubled for the recent three
years. The financial structure is expected to deteriorate
further in the future due to write-downs of fixed assets. There
is uncertainty also over improvement in the financial soundness.
CONTACT:
Keiyo Co. Limited
28-1 Mitsuwadai 1-Chome
Wakaba-Ku Chiba 264-0032, Chiba 264-0032
Japan
Phone: +81 43 255 1111
Fax: +81 43 253 5951
MATSUSHITA ELECTRIC: Executives Repurchase Own Shares
-----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol:
MC]), best known for its "Panasonic" brand, announced that it
has repurchased a portion of its own shares from the market in
conformity with provisions of Article 211-3, Paragraph 1, Item 2
of the Japanese Commercial Code.
Details of the share repurchase are as follows:
1. Class of shares: Common stock
2. Period of repurchase: Between May 18, 2005 and June 17, 2005
3. Aggregate number of shares repurchased: 15,234,000 shares
4. Aggregate repurchase amount: 24,999,982,000 yen
5. Method of repurchase: Shares were repurchased on the Tokyo
Stock Exchange
(Reference 1)
1) The following details were resolved at the Board of
Directors meeting held on April 28, 2005:
Class of shares: Common stock
Aggregate number of repurchasable shares: Up to 120 million
shares
Aggregate repurchase amount: Up to 150 billion yen
2) Cumulative total of shares repurchased since the April 28,
2005 Board of Directors resolution through today:
Aggregate number of shares repurchased: 21,505,000 shares
Aggregate repurchase amount: 34,999,742,000 yen
(Reference 2)
The number of shares issued and treasury stock as of March 31,
2005:
Total number of shares issued (excluding treasury stock):
2,258,357,710 shares
Treasury stock: 194,695,787 shares
Media Contacts:
Akira Kadota (Tokyo)
International PR
(Phone: +81-3-3578-1237)
Panasonic News Bureau (Tokyo)
(Phone: +81-3-3542-6205)
(Phone: +1-212-698-1365)
Jim Reilly (U.S.)
(Phone: +1-201-392-6067)
Brendon Gore (Europe)
(Phone: +44-20-8899-2217)
MITSUBISHI MOTORS: Plans to Enter Iran Market
---------------------------------------------
Mitsubishi Motors Corporation (MMC) plans to enter the Iranian
market by the end of this month with the Pajero sport-utility
vehicle, the Yomiuri Shimbun reports.
The carmaker's worldwide sales in 2004 fell by 214,000 units to
1.31 million from the previous year, driven partly by the
scandal over its cover up of faults in vehicles that should have
been recalled.
As part of its effort to reverse the trend, the automaker plans
to increase overseas sales, which account for more than 80
percent of its total sales.
MMC will boost sales promotion in Iran, which has a population
of 70 million, and in emerging economies, such as India. About 1
million cars are sold annually in Iran, and South Korean and
European automakers have entered the market there.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
UFJ HOLDINGS: AGM Set for June 29
---------------------------------
Notice is hereby given that the fourth Annual General
Shareholders' Meeting (AGM) and the class shareholders' meeting
of shareholders of ordinary shares of UFJ Holdings, Inc. will be
held in accordance with the schedule described below. Your
attendance is respectfully requested.
This annual general shareholders' meeting will put the Agenda
Item, 'Approval of the plan for disposition of loss for the
fourth fiscal year,' under which the Company decides not to
distribute preferred dividends, on the agenda of the meeting.
Pursuant to the Articles of Incorporation of the Company, the
shareholders of preferred shares also have voting rights in
connection with each agenda item.
Furthermore, the Agenda Item, 'Approval of the merger agreement
between the Company and Mitsubishi Tokyo Financial Group, Inc.,'
will be put on the agenda of the meeting. Therefore, the class
shareholders' meeting of shareholders of ordinary shares will be
concurrently held to resolve this agenda item in accordance with
Articles 345 and 346 of the Commercial Code of Japan.
Schedule
1. Date and Time: June 29, 2005 (Wednesday) at 10:00 a.m.
2. Place: UFJ Tokyo Building
1-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
3. Subject Matters of the Meeting:
[Fourth Annual General Shareholders' Meeting]
Matters to be reported:
1. Report on the business report, the balance sheet, and the
profit and loss statement for the fourth fiscal year (from April
1, 2004 to March 31, 2005)
2. Report on the consolidated balance sheet, the consolidated
profit and loss statement, and the results of audits of the
consolidated financial statements by the accounting auditor and
the board of corporate auditors for the fourth fiscal year (from
April 1, 2004 to March 31, 2005)
Matters to be resolved:
Agenda Item No. 1: Approval of the plan for disposition of loss
for the fourth fiscal year
Agenda Item No. 2: Partial amendment to the Articles of
Incorporation
Agenda Item No. 3: Approval of the merger agreement between the
Company and Mitsubishi Tokyo Financial Group, Inc.
Agenda Item No. 4: Election of seven (7) Directors
Agenda Item No. 5: Election of four (4) Corporate Auditors
Please note that financial statements and a complete copy of the
audit report, as well as consolidated financial statements and a
complete copy of the audit report relating thereto, that are
required to be attached hereto are set forth in 'Report for the
Fourth Fiscal Year' of the 'Schedule of the Convocation
Notice of the Fourth Annual General Shareholders' Meeting and
the Class Shareholders' Meeting of Shareholders of Ordinary
Shares' enclosed herewith.
Matters to be resolved:
Agenda Item: Matters concerning the approval of the merger
agreement between the Company and Mitsubishi Tokyo Financial
Group, Inc.
Upon attending the meeting, please submit the enclosed voting
instruction form to the reception desk at the meeting place.
Further details for each agenda are available on UFJ Holdings's
website at
http://www.ufj.co.jp/english/investor_relations/stock_informatio
n/050613/u_slides050613e.html
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp
=========
K O R E A
=========
CHOHUNG BANK: Reaps KRW10 Bln from Syndicated Loans
---------------------------------------------------
Chohung Bank announced that it raised KRW201.7 billion in
syndicated loans from foreign markets in order to repay its
debts, reports the Korea Times.
The Korean bank was able to borrow funds from Calyon France,
U.S. Citigroup Global Markets Asia, U.K. Standard Chartered Bank
and the Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Financial
Group in Japan.
The loan, which carries an interest rate 0.17 percentage points
higher than the London Interbank offered rate, will be used to
pay its debts.
Shinhan Financial Group, which has an 80.04% stake in Chohung
Bank, is set to consolidate the banks starting September, in
order to improve its banking unit. The merger is expected to be
completed by the first quarter of 2006.
CONTACT:
Chohung Bank
South Korea
E-mail: zpwcho2@chohungbank.co.kr
Web site: http://www.chohungbank.co.kr/
HYNIX SEMICONDUCTOR: May End Debt Workout Next Month
----------------------------------------------------
Chipmaker Hynix Semiconductor Inc. said that it was able to
borrow KRW1.3 trillion as part of a debt-restructuring program,
the Korea Herald reports.
The banks involved in the debt restructuring are Chohung Bank,
Citibank, Korea Development Bank, Korea Exchange Bank, and Woori
Bank.
The loan is comprisec of two parts: KRW756.1 billion came from
regular loans, while the remaining KRW554.5 billion is a
revolving facility.
The company also sold KRW756.1 billion in overseas bonds, and
together with the loan, expects to graduate from its debt
workout program as early as next month, according to main
creditor Korea Exchange Bank.
Creditors said that they expect the overseas bonds sale to be
completed next week with "good conditions," enabling Company
management to regain control of the firm by next month.
After a KRW1.7 trillion loss in 2003, the Company was able to
turn itself around, garnering a net profit of KRW1.7 trillion
last year. The Company's debt has also greatly reduced from
KRW11 trillion in 2000 to KRW1.8 trillion as of March 31, 2005.
Even though Hynix's first quarter profit dropped by 10% due to
an oversupply of memory chips, analysts predict a positive
outlook for the firm, thanks to stronger cost competitiveness
and a growing demand for memory chips.
According to credit rating agency Moody's Investor Service, the
completion of Hynix's debt workout program would also contribute
to a more positive future for the firm.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
===============
M A L A Y S I A
===============
ANCOM BERHAD: Repurchases 9,000 Shares
--------------------------------------
Ancom Berhad disclosed the details of its shares buy back on
June 17, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 17/06/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 9,000
Minimum price paid for each share purchased (MYR): 0.625
Maximum price paid for each share purchased (MYR): 0.640
Total consideration paid (MYR):
Number of shares purchased retained in treasury
(units): 9,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 10,160,800
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
BELL & ORDER: Awaits SC Approval on Regularization Plan
-------------------------------------------------------
Bell & Order Berhad announced that the in its court-convened
scheme creditors' meetings held last June 17, 2005, the
Company's scheme creditors approved its proposed composite
scheme of arrangement.
As announced last Jan. 7, 2005, the proposed composite scheme of
arrangement is an important part of the Company's plan to
regularize its financial condition. While the Ministry of
International Trade and Industry and Bank Negara Malaysia have
already approved some of the proposals in the Company's
regularization plan, the Securities Commission (SC) has yet to
give its approval on the plan.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
HONG LEONG EQUITIES: Placed Under Voluntary Wind Up
---------------------------------------------------
Hong Leong Equities (Hong Kong) Ltd (HLE), a wholly owned
subsidiary of Hong Leong Credit Berhad has been placed under a
member's voluntary winding-up by its parent firm. Mr. So Kai
Cheung of the 9th floor of Henan Building, 90-92 Jaffe Road,
Wanchai, Hong Kong, was appointed liquidator for the winding-up
proceeding.
Initially an investment company, HLE (HK) ceased its operations
in April 2004, and there are no plans to activate the dormant
firm. The voluntary winding-up of the company will not result in
a loss, and will not affect Hong Leong Credit Berhad's net
tangible assets and earnings per share for the financial year
ending on June 30, 2005.
CONTACT:
Hong Leong Credit Berhad
18 Jalan Perak
50450 Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2164 8228
Fax: +60 3 2164 2503
NALURI BERHAD: Shareholder Files Petition
-----------------------------------------
Naluri Berhad announced that shareholder Adenan bin Ismail filed
Petition No. D2-26-88-2004 against the Company for:
(1) the following orders:
(a) that Atlan Holdings Berhad (AHB) and/or Atlan Properties Sdn
Bhd (APSB) be:
(aa) compelled to make a mandatory general offer to purchase
the shares of Naluri;
(bb) restrained and an injunction be granted restraining AHB
and/or APSB:
(i) from appointing any director to the Board of
Directors ("Board") of Naluri or exercising the voting rights
attached to the voting shares of Naluri which have been acquired
from Pengurusan Danaharta Nasional Berhad until the provisions
of the Malaysian Code on Takeovers and Mergers 1998 have been
complied with;
(ii) in the event that AHB and/or APSB have appointed any
directors to the Board of Naluri, AHB and/or APSB be restrained
and an injunction be granted compelling AHB and/or APSB to
ensure that the said directors do not hold themselves out and/or
act as directors of Naluri until the provisions of the Code have
been complied with;
(iii) from registering the shares of Naluri acquired from
Danaharta in the name of APSB or any of its nominees until the
provisions of the Code have been complied with;
(iv) from charging, selling and/or dealing with the
shares of Naluri acquired from Danaharta until the provisions of
the Code have been complied with;
(b) that any resolutions passed by the shareholders and/or
directors of Naluri approving the related party transactions as
set out in the petition be cancelled;
(c) that the Listing Requirements in relation to the related
party transactions as set out in the petition be complied with
by all the respondents except Naluri
(d) that Sriwani Holdings Berhad do pay to Naluri the monies
paid to the financial institutions who received monies pursuant
to the related party transactions as set out in the petition;
(e) that Naluri be paid by all the other respondents damages
resulting from the oppressive acts as set out in the petition;
(f) that all the respondents except Naluri, jointly and
severally pay the Plaintiff costs; and
(2) declarations that the transactions as set out in the
petition are related party transactions and that the respondents
named therein are obliged to abstain from voting at Naluri's
shareholders' meeting; and
(3) any further or other relief as the Court deems fit.
We refer to the previous announcements in particular the
announcement dated April 13, 2005 in relation to Petition No.
D2-26-88-2004 filed by Adenan bin Ismail against Naluri and
others.
The Company further announces that on June 17, 2005, the Kuala
Lumpur High Court gave its decision for the barious applications
pertaining to the petition:
a) Adenan bin Ismail's application for injunction was dismissed
with costs; and
b) the Company's application to strike out the Petition was
allowed with costs.
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax: +60 3 2162 0676
PADIBERAS NASIONAL: Expects Lower Profits Due to Higher Costs
-------------------------------------------------------------
Padiberas Nasional Berhad said that its profits for this year
may be affected by the increasing costs of importing rice,
reports Business Times.
According to the Company's chairman Datuk Mohd Hashim Hassan,
the Company's profits may be lower than last year's, as the
international price of rice was increased by 20%, added to last
year's 15% increase. The Company has managed to absorb the
increase without raising its price, but this year is difficult,
as they do not want to pass the burden of increased prices to
consumers.
The Company imports 30-35% of its rice to supply the national
demand. Last year, the Company garnered a net profit of
MYR120.97 million, a huge turnaround from a MYR18.88 million net
loss the year before. For the first quarter of 2005, net profit
dropped 16% to MYR33.23 million.
Mr. Hassan said that Padiberas Nasional will continue to cut
costs by improving its production processes. The Company has an
adequate rice supply to last until December, and has begun
upgrading five of its 15 rice mills that are set to be completed
by next year, while the remaining 10 mills would be completed by
2007.
The Company is also restructuring its rice unit, Jasmine Group,
to streamline operations of its rice units and integrating
wholesaling and milling activities.
The Company is planning to venture into other commodities to
strengthen its position as a food supplier, and is set to
venture into "halal" food by 2007.
CONTACT:
Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/
PANGLOBAL BERHAD: Seeks Extension to Implement Restructuring
------------------------------------------------------------
Panglobal Berhad announced that on July 1, 2004, the Securities
Commission (SC) had approved a one-year extension up to June 10,
2005 for the Company to implement a proposed rights issue and
disposal of Panglobal Insurance Berhad. Last May 26, 2005, the
Company proposed to make revisions on the original proposals by
undertaking a restructuring scheme.
At present, the Company is seeking the approval of the SC for an
extension to implement its proposed restructuring scheme.
CONTACT:
Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977
POS MALAYSIA: Lists Extra Shares Today
--------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 152,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective today, Tuesday, June 21, 2005, 9:00 a.m.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
SETEGAP BERHAD: Asks Court to Extend RO on Restructuring Plan
-------------------------------------------------------------
Setegap Berhad announced that on March 16, 2005, the Kuala
Lumpur High Court granted a restraining and stay order (RO) to
the Company and its subsidiaries (Generla Plus Infraworks Sdn
Berhad, SG Tech Sdn Berhad, Tekun Bina Sdn Berhad) for 90 days
(from March 16, 2005 to June 17, 2005), in order to facilitate a
debt restructuring scheme.
The Company's solicitors filed an extension of the restraining
order with the court. Further updates will be announced in due
course.
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
TRU-TECH HOLDINGS: Defaults on Monthly Deposit
----------------------------------------------
Tru-Tech Holdings Berhad announced that in relation to Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company was unable to pay a monthly deposit of
MYR1,500,000 due on June 17, 2005 into a sinking fund account
maintained to redeem a MYR55,000,000 nominal amount of
redeemable unsecured loan stock due to its current cash flow
condition.
Attached is a copy of the Company's defaults on its credit
facilities as of May 31, 2005:
http://bankrupt.com/misc/tcrap_trutech062005.xls
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
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: SEC Defers Regulatory Action
-----------------------------------------------
The corporate watchdog has decided to postpone action on the
recommendations of the third Oversight Committee on College
Assurance Plan (Philippines) Inc. (CAP), according to
BusinessWorld.
The Securities and Exchange Commission (SEC) on Friday sought
additional documents to address some of its concerns on the
recommendations, which may include management takeover.
The regulator, which has been carefully reviewing the oversight
committee's recommendations for at least two months, is expected
to decide soon on the oversight report.
The commission's decision would effectively address the
interests of CAP and its planholders.
Ailing CAP has yet to obtain a new dealer's license so it could
sell new plans. The firm's failure to renew its license was a
result of alleged shortfall in its actuarial reserve liability
(ARL).
The ARL is CAP's estimated liability on all in-force and lapsed
contracts at varying maturity dates projected at tuition
inflation rate (future value) and withdrawal rate, and
altogether brought to its present value as of certain reporting
cutoff date.
The SEC revealed it has been flocked with complaints from CAP
planholders, who are asking the regulator to intervene and help
them claim their money from the embattled pre-need provider.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
DMCI HOLDINGS: Books Record Php2.2-Bln Net Income in Q1
-------------------------------------------------------
DMCI Holdings Inc. tallied a record net income of Php2.2 billion
in the first quarter of the current financial year, as against a
net profit of Php57 million in fiscal 2004, reports The
Philippine Star.
The Consuji-owned firm booked a Php2-billion gain on the sale of
its shares in Semirara Mining Corp., the country's biggest coal
producer. The sale, however, reduced DMCI's stake in Semirara
from 94 percent to 60 percent.
The income boost was attributed to the Semirara's strong
performance in the past two fiscal years.
DMCI said it expects its mining unit to remain a major source of
recurring income for the group and a source of opportunities and
synergies that can facilitate the company's consolidated
operations.
Meanwhile, DMCI's wholly owned construction company D.M.
Consunji Inc. reported a 67-percent drop in its first quarter
net profit to Php9 million from Php15 million in the same period
last year due to the stiff competition in the construction
industry.
As for its real estate business, DMCI said East Ortigas Mansions
registered sales of hp89 million in the first three months of
the year, accounting for 38 percent of all real estate sales.
The figure was also higher by 15 percent from the same period
last year.
Backed by Php2-billion in cash from the sale of shares in
Semirara, DMCI is exploring prospects for new investments this
year to further improve cash flow. Among its targets is the
acquisition of the Lopez-owned water utility firm Maynilad Water
Services Inc.
DMCI said it is willing to invest an amount in Maynilad
equivalent to the amount required under its rehabilitation plan
to pay off between US$50 million and US$60 million worth of
liabilities to creditor banks.
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
GLOBAL STEELWORKS: Cleared of Smuggling Raps
--------------------------------------------
Global Steelworks International Inc. has been cleared of
anomalies in raw materials imports, according to The Manila
Times.
The Bureau of Customs (BOC) said it will withdraw charges
against the Company, formerly the National Steel Corporation
(NSC), due to lack of evidence that the Company has smuggled
materials through one of its warehouses in Iligan City.
In May, BOC official Ana Marie Magla-sang revealed that the GSII
has been receiving "too much leniency" in its operations,
including the approval of its deferred payment of duties for
steel shipments imported into its customs bonded warehouse in
Iligan. Ms. Maglasang also claimed the absence of an account
officer for GSII's warehouse, a direct violation of the Customs
Administrative Order 2-91.
GSII was also linked to a Php600-million debt owed by the NSC,
which the Ispat Group acquired through a government-brokered
deal.
BOC Commissioner Alberto Lina insisted no evidence exists that
GSII was involved in smuggling or in any illegal act arising
from its importation. But he refused to comment on allegations
the firm deferred payment of duties and taxes amounting to
Php2.475 billion.
Instead, he stressed it would be in the government's best
interest to protect GSII's legitimate investment. He also
explained that the Php600-million debt should not be blamed on
Ispat Group's local unit since the obligation was contracted by
NSC.
The Iligan steel mill was reopened early this year by GSII after
purchasing the facility from the National Steel Corporation, its
previous owner.
CONTACT:
Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Philippines
Telephone: 063-221-2663
Fax: 063-492-2566
LEPANTO CONSOLIDATED: 16-day Strike Costs Firm Php80 Mln
--------------------------------------------------------
Besieged Lepanto Consolidated Mining Company claimed it had lost
about Php80-million due to the refusal of its striking workers
to go back to work, The SunStar Daily reports.
The mining firm said it has been incurring daily losses of Php5-
6 million for the past 16 days, as a result of the industrial
action, which started June 2.
"We have incurred opportunity losses to foreign investors, which
consequently is an opportunity loss for the country," the
Company said in a statement.
Lepanto is firm on its decision not to rehire workers who were
already issued dismissal orders, saying it would not be fair to
absolve the dismissed employees who have been aware of the
consequences of their illegal acts.
Lepanto maintains that the strike conducted by the labor union
was illegal.
"You defied the order when you staged a strike and padlocked all
four existing access to the mine and mill operations of the
company and consequently paralyzing its operations," the mining
company told the protesters.
The striking workers refused to go back to work even after the
labor department ordered the company to give the employees an
increase in their daily take home pays amounting to Php25,
Php27, Php29, respectively, for the first, second and third
years of their Collective Bargaining Agreement (CBA).
They said they would not return to work unless the Lepanto
management decides to admit all terminated employees.
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
NATIONAL POWER: To Save Php5.9 Bln from Diesel Plant Phase-out
--------------------------------------------------------------
The National Power Corporation (Napocor) stands to save Php5.9
billion this year by cutting down on the use of its oil-based
power plants, Energy Secretary Raphael P.M. Lotilla has said.
In a presentation before the Legislative-Executive Development
Advisory Council last Thursday, Secretary Lotilla disclosed
Napocor's plans to bring down its consumption of bunker oil and
diesel by 470 million-liters this year by reducing the use of
its oil-based power plants. Citing Napocor computations, he said
such a move will result in savings of as much as Php5.9 billion.
To reduce its oil consumption, Napocor had already placed the
Bataan Combined-Cycle Plant and the Malaya Thermal Power Plant
under asset preservation. For this year, it will minimize the
operation of the Subic Diesel Plant II in Olongapo City, the
Bauang Diesel Power Plant in La Union and the Naga Land-Based
Gas Turbine in Cebu to reduce its consumption of oil-based fuel
by at least 16 percent.
With the said strategy, Napocor hopes to bring down the share of
oil-based plants in Napocor's generation mix from 14 percent in
2004 to only 11 percent this year. Correspondingly, it will be
maximizing the use of hydro and geothermal plants, which are
considered to be the least expensive of its fuel sources. The
share of hydro in the generation mix is expected to increase
from 19 percent in 2004 to 20 percent in 2005, while that of
geothermal is expected to go up from 25 percent in 2004 to 27
percent in 2005.
"With the high prices of imported oil, the only way to go is to
be prudent in the use of electricity and to intensify efforts to
develop alternative and renewable energy sources," Secretary
Lotilla said.
Government figures show that world oil prices have been on the
uptrend this month, with the price of Dubai crude hovering at
US$49 per barrel from an average of US$45.39 per barrel in May.
Asian benchmarks for finished petroleum products, on the other
hand, have also gone up this month, with unleaded gasoline now
priced at US$58 per barrel from only US$52 per barrel in May.
Prices of diesel in the region meanwhile are also hitting US$70
per barrel.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
NATIONAL POWER: Three Groups Qualify for Calaca Plant Tender
------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) has picked three consortium to bid for National Power
Corporation's Calaca coal-fired thermal power plant, The Manila
Times relates.
The pre-qualified bidders, composed of a foreign firm and two
local firms with foreign partners, have complied with the
required documents for the final bid date.
The bidders have were given until June 20 to complete their due
diligence for the Calaca power facility located in San Rafael,
Calaca, Batangas. PSALM will release the final transaction
documents on June 21. The bids will be opened at 12 in the
afternoon on June 28.
The bidding for Calaca plant was supposed to take place last
June 15 but was moved to June 28 after the interested bidders
asked for more time to finalize their consortium membership.
BusinessWorld reported the Calaca facility will be the first
power generating asset to be auctioned this year. PSALM sold six
generating assets last year, including the 600-megawatt coal-
fired Masinloc plant in Zambales. The proceeds amounted to
US$566.95 million.
Due to pending foreign creditors' consent, however, PSALM is yet
to collect the first payment for the Masinloc plant amounting to
US$221 million. Sources had said that the World Bank, Asian
Development Bank (ADB), and the Japan Bank for International
Cooperation are all questioning the Australian firm's financial
capability. The ADB had denied the issue.
Despite some hurdles, the company is still eyeing to achieve
targeted privatization of at least 70 percent of NPC generation
assets by the end of this year.
NATIONAL TRANSMISSION: Sees Flat Profits This Year
--------------------------------------------------
State-owned National Transmission Corp. (Transco) expects its
net income to level at Php14 billion in 2005, according to The
Philippine Star.
Transco president Alan T. Ortiz said Transco's net income will
remain flat this year because the country's power generation
capacity has not been increased.
Transco is a spin-off unit of the Power Sector Assets and
Liabilities Management Corp. (PSALM), both of which were created
under Republic Act 9136 or the Electric Power Industry Reform
Act (EPIRA) of 2001. Under the set-up, all the power
transmission assets of the National Power Corp. (Napocor), the
state-owned power generation company, will be transferred to
Transco.
Mr. Ortiz is hoping that the transfer of the transmission assets
will be hasten as Napocor's creditors, which include
multilateral institutions Asian Development Bank, World Bank and
Japan Bank for International Cooperation (JBIC), have already
approved the move.
The Transco chief said the transfer of assets, which is a
crucial factor in the privatization of the transmission highway
scheduled this October, would likely to be completed by the
third quarter of this year.
Despite the flat profit projection this year, Transco's power
delivery has been steadily improving for the past years.
As of end-2004, Transco has posted a 1.8-percent increase in its
power delivery to the country's major electricity grids compared
to the same period in 2003. The improved performance is
attributed to higher demand from the Visayas and Mindanao
regions, which benefited from the completion of Transco's
crucial projects in those areas.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
=================
S I N G A P O R E
=================
ALLCHEM INDUSTRIES: Court to Hear Wind-up Petition July 1
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Allchem Industries (Singapore) Pte Ltd by the High Court was, on
May 19, 2005, presented by TCL Industries (Malaysia) Sdn. Bhd.,
a company incorporated in Malaysia and having their registered
address at Plot No. 4248, Teluk Kalong Industries Estate, 24007
Kemaman, Terengganu, Malaysia, a creditor.
The said Petition is to be heard before the Court sitting at
10:00 a.m. in the forenoon, on July 1, 2005.
Any creditor or contributory of the abovenamed Company desiring
to support or opposed the making of an Order on the said
Petition may appear at the time of hearing by himself or his
Counsel for the purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the above said Company requiring the copy of the
Petition by the undersigned on payment of the regulated charges
for the same.
The Petitioner's address is Plot No. 4248, Teluk Kalong
Industries Estate, 24007 Kemaman, Terengganu, Malaysia.
The Petitioner's solicitors are Messrs Wee Swee Teow & Co. of
No. 65 Chulia Street, #27-00 OCBC Centre, Singapore 049513.
Messrs Wee Swee Teow & Co.
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed
Solicitors, notice in writing of his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the abovenamed not later than 12 o'clock noon of June
27, 2005.
CHUAN JOO: Served with Winding Up Order
---------------------------------------
In the matter of Chuan Joo (Pte) Ltd. a winding up order was
made on May 20, 2005.
Name and Address of Liquidator:
Mr. Goh Boon Kok
of Messrs Goh Boon Kok & Co.
No. 1 Stadium Walk
Level 2, Kallang Theatre Building
Singapore 397688
Dated this 15th day of June 2005.
East Asia Law Corporation
Solicitors for the Petitioners
Note:
(a) All creditors of the abovenamed company should file their
proof of debt with the Liquidator who will be administering all
affairs of the company.
(b) All debts due to the abovenamed company should be forwarded
to the Liquidator.
FUNAI ASIA: Lays Out Agenda of Creditors' Meeting
-------------------------------------------------
Take notice that a meeting of creditors in Funai Asia Pte Ltd
(In Creditors' Voluntary Liquidation) will be held at 16 Raffles
Quay, #22-00 Hong Leong Building, Singapore 048581 on July 8,
2005 at 11:00 a.m. for the following purposes:
AGENDA
(1) To accept the resignation of Mr. Michael Ng Wei Teck as
liquidator of the Company.
(2) Any other matters.
To entitle you to vote thereat your proof of debt must be lodged
with us not later than 1200 hours on the 7th July 2005.
Dated this 17th day of June 2005.
Bob Yap Cheng Ghee
Neo Ban Chuan
Michael Ng Wei Teck
Joint and Several Liquidators
Address of Liquidators:
c/o KPMG Business Advisory Pte Ltd
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
Note:
A creditor entitled to attend and vote at the meeting is
entitled to appoint a proxy to attend and vote on his or her
behalf. A proxy need not also be a creditor.
JAYA HOLDINGS: Passes All Resolutions Set Out in EGM
----------------------------------------------------
The Board of Directors of Jaya Holdings Ltd informed the
Singapore Stock Exchange (SGX) that at the Extraordinary General
Meeting of the Company, the resolution relating to matter set
out in the Notice of the meeting was duly passed.
By Order of the Board
Jaya Holdings Ltd
CONTACT:
Jaya Holdings Limited
13 Tuas Crescent
Singapore 638707
Telephone: 65 62651010
Fax: 65 68645555
Web site: http://www.jayaholdings.com
LIANG HUAT: Appoints New Company Secretary
------------------------------------------
The Board of Directors of Liang Huat Aluminium Limited advised
the Singapore Stock Exchange on the appointment of Ms. Liew Meng
Ling as Company Secretary of the Company with effect from June
16, 2005.
By order of the Board
Liang Huat Aluminium Limited
Tan Yong Kee
Group Managing Director
CONTACT:
Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/
PUERSTINGER ASIA: Winding Up Hearing Set July 1
-----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Puerstinger Asia Pacific Pte Ltd by the High Court was on May 9,
2005 presented by Alfred Purstinger of 4 A-4643 Pettenbach,
Austria, a Creditor of the abovenamed Company.
The said Petition is to be heard before the Court sitting at the
High Court at 10 o'clock in the forenoon on Friday, July 1,
2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is at 4 A-4643 Pettenbach, Austria.
The Petitioner's solicitors are Messrs Harry Elias Partnership
of 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619.
Messrs Harry Elias Partnership
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the abovenamed Messrs Harry
Elias Partnership notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their 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 twelve o'clock noon
of June 30, 2005 (the day before the day appointed for the
hearing of the Petition).
SMRT CORPORATION: Unit Struck off from Register of Companies
------------------------------------------------------------
SMRT Corp. Ltd. advised the Singapore Stock Exchange that its
dormant wholly owned subsidiary, Fin Holdings Ltd., a company
incorporated in the Republic of Ireland, has been struck off the
Register of Companies pursuant to Section 311(5) of the Irish
Companies Atc, 1963.
About SMRT Corporation Ltd
SMRT Corporation Ltd (SMRT) is a holding company with
transportation as its core business. It offers premier multi-
modal public transport services in Singapore through its
subsidiaries. In addition to the provision of train, bus and
taxi services, SMRT provides maintenance consultancy and project
management services in railway systems.
CONTACT:
SMRT Corporation Ltd
251 North Bridge Road
Singapore 179102
Telephone: 65 63311000
Fax: 65 63340247
Web site: http://www.smrtcorp.com
===============
T H A I L A N D
===============
ASIA HOTEL: Unveils Scope of Duties of Audit Committee
------------------------------------------------------
Asia Hotel Public Company Limited advised the Stock Exchange of
Thailand (SET) on resolutions passed at the board of directors
meeting held on May 16, 2005 to re-appoint Audit Committee's
members whose tenure have ended, and to give the Committee the
authority to elect the Chairman of the Audit Committee.
(1) Names of members of the Audit Committee and their respective
remaining terms of office are:
Chairman of the Audit Committee
Major General Serm Ruhsakul: 2 year (s)
Member of the Audit Committee
Mr. Piyawudh Senapoopitaksa: 2 year (s)
Member of the Audit Committee
Mr. Sombut Poopipathirunkul: 2 year (s)
Member of the Audit Committee
Mr. Dhani Jaroenchaiyapongs: 2 year (s)
Member of the Audit Committee
Mr. Suwat Dusitrojanawongs: 2 year (s)
Secretary of the Audit Committee: Mrs. Pornpun Tanariyakul
(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the board of directors
to:
(2.1) Ensure the correctness and reliability as well as to
enhance the transparency of Company financial interim and annual
reports by performing a review in co-ordination with internal
and external auditors and the management.
(2.2) Ensure the Company has adequate and effective internal
control system be conducting a review in co-ordination with
internal and external auditors and the management.
(2.3) Advise the board on the appointment of the external
auditor and on the remuneration.
(2.4) Ensure the Company does not engage in any activities that
may lead to the conflicts of interest. Any of the connected
transaction must be reviewed.
(2.5) Ensure that Company management has complied with all
relevant laws and regulations.
(2.6) Additionally scrutinize fraud or unusual matters arising
from the internal control system that deems necessary.
(2.7) Assess auditing plan and the scope of auditing activities
in order to ensure the appropriateness and effectiveness of the
internal control systems.
(2.8) Commission and review the findings of investigations into
matters where there is an infringement of SET's regulations and
all relevant laws which have or are likely to have a material
impact on the Company's operating results and financial
position.
(2.9) Be responsible for other matters as assigned by the board
of directors.
The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.
Mr. Kumpol Techaruvichit
Chairman and Managing Director
CONTACT:
Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Web site: http://www.asiahotel.co.th
DON MUANG: Unveils New Debt-Restructuring Plan
----------------------------------------------
Financial advisers of Don Muang Tollway Co. issued a second
debt-restructuring proposal after the Government Savings Bank
(GSB) rejected its first proposal to write off 22 percent of its
liabilities, relates The Nation.
Don Muang is seeking for an elimination of its THB1.5-billion
overdue interest owed to creditors and for its expressway
concession to be extended by eight years. Currently, the
concession period for the Don Muang Tollway operator will end in
17 years.
The new debt-restructuring plan awaits the final approval from
Finance Minister Somkid Jatusripitak. Mr. Somkid is to return
next week from a trip to Japan to promote tourism and
investment.
The new plan calls for the waiver on all of the company's THB1.5
billion in unpaid interest. The creditors would also charge the
company a fixed interest rate of three percent on its loans over
the next five years. From the sixth to the tenth year, they
would charge interest that is 2 percentage points less than the
minimum lending rate (MLR).
From years 11 to 15, the rate would be the MLR less 0.5
percentage points, said the source.
Given that the company's revenues exceed an agreed figure,
creditors would be given half the surplus income of the company
in the first five years. The proposal also constitutes
reduction of revenue sharing with creditors of 33 percent for
the rest of the concession.
According to Goanpot Asvinvichit, director general of the GSB,
after one month of negotiations between company and its
creditors, the new plan may take another month to conclude.
Creditors would not accept a haircut because all banks must
raise reserves to account for the lost future income. There are
some alternatives that can be drawn to appease all parties.
One of them is for new investors to take over Don Muang. Mr.
Goanpot refers to the government's intention to take over all
public transit and expressway stations.
Last week, the company agreed to extend its toll discount for
motorists another 30 days.
Don Muang Tollway's THB12.2 billion in debts include THB3.9
billion owed to the GSB. Other creditors include TMB Bank, which
is owed THB3.4 billion; Siam City Bank, owed Bt1.1 billion;
Krung Thai Bank, owed THB748 million; Siam Commercial Bank, owed
THB768 million; and BankThai, which is owed THB256 million.
CONTACT:
Don Muang Tollway Public Co. Ltd.
40/40 Viphavadi Rangsit Road,
Don Muang, Bangkok 10210
Telephone: 0-2973-3436-41
Web site: http://www.tollway.co.th/home.html
BOND PRICING: For the Week 20 June to 24 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
Chrome Corporation Ltd 10.000% 2/28/08 1
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 3/15/11 8
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 7
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
GPS Online Ltd 10.000% 6/30/06 1
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
Hudson Timber Products Ltd 7.000% 12/31/10 1
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8
Infrastructure & Utilities NZ Ltd 8.500% 11/15/15 8
Kagara Zinc Ltd 9.750% 5/06/07 1
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 10
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 1/31/08 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 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
KOREA
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Korea Electric Power 7.950% 4/01/96 49
MALAYSIA
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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 Holdings Bhd 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
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Furqan Business Organization 2.000% 12/19/05 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 Bhd 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 2.652% 6/30/07 75
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated 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
Tincel Properties (Private) Ltd 5.000% 6/13/11 1
Tincel Properties (Private) Ltd 7.400% 6/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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