/raid1/www/Hosts/bankrupt/TCRAP_Public/050627.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, June 27, 2005, Vol. 8, No. 125
Headlines
A U S T R A L I A
ALLSTATE EXPLORATIONS: Files Legal Action Against Law Firm
AMIFRA PTY: Members Pass Wind-up Resolution
ANVIL MINING: Scandal Affects Operators
ATS FORMWORK: To Pay Dividend to Unsecured Creditors
AUDIANCE PTY: Names Stephen Baker Liquidator
AUSTRAL COAL: Centennial Extends Offer Period Again
BASS CIVIL: Members, Creditors to Meet June 29
DEPENDABLE PERSONNEL: Proofs of Claim Due Today
DELPHI CORPORATE: Lays Out Final Meeting Agenda
EVANS & TATE: Insolvency Firm Comes to Aid
FELTEX CARPETS: Says Goodbye to Chief Operating Officer
FELTEX CARPETS: Quizzed By Watchdog After Surprise Downgrades
HOPWOOD FARMS: Final Meeting Slated for July 4
JAMES THOMSON: To Convene Final Meeting July 1
K.A GODDARD: Taps R. M. Sutherland to Liquidate Company
KEY F SYSTEMS: Court Issues Winding Up Order
KEZARNE PTY: Liquidator to Detail Wind-up Manner
MILLER INVESTMENTS: Liquidator to Report on Winding Up
MORGIANNI PTY: To Hold Final Meeting June 30
MYER LIMITED: Urges Suppliers to Share Pain
NETWORK DESIGN: Members, Creditors to Meet June 28
NORFOLK JET: Releases Crucial Information for Creditors
ORACLE AUSTRALIA: Enters Voluntary Winding Up Process
PACIFIC PROPERTY: Served with Winding Up Order
QANTAS AIRWAYS: Adopts New Accounting Standard
QANTAS AIRWAYS: S&P Says Rating Unaffected by A-IFRS
SONRUSH PTY: Final Meeting Fixed July 4
STAR FRIES: Crunch Time for Chip Factory
SYDNEY GOOD: To Declare Dividend June 30
SYNAR CORPORATION: Appoints Official Liquidator
TARMAC ROADSTONE: Hires Liquidator from McGrathNicol+Partners
WMC RESOURCES: Moody's Ups Units' Ratings with Stable Outlook
C H I N A & H O N G K O N G
BANK OF CHINA: Forges Ties With UBS
BESTWAY INTERNATIONAL: Details Convertible Bonds Conversion
CHEUNG FAT: Winding Up Hearing Set July 27
CHINA CONSTRUCTION: Prepares For US$5-Bln Float
FORT DODGE: Annual Creditors' Meeting Fixed July 22
HONGKONG CONSTRUCTION: To Hold EGM July 18
HONG KONG RICHFIELD: Wind-up Hearing Fixed August 3
HONSUIT LIMITED: Court Issues Winding Up Order
LOULAN HOLDINGS: Q1 Net Loss Widens to RMB2.9 Mln
L&M SPECIALIST: Court Orders Winding Up
MOULIN GLOBAL: Unlikely to Resist Creditor Move to Liquidate
MOULIN GLOBAL: Names Provisional Liquidator
MOULIN GLOBAL: Removed from HS Composite Index Series
ON PARK: Court Schedules Winding Up Hearing July 13
PORTEK HONGKONG: Issues Debt Claim Notice
PROSPEROUS TRADERS: Receives Winding Up Notice
UNITED SMART: Court Orders Firm to Wind Up
I N D O N E S I A
PERTAMINA: Fuel Stockpile Rises But Still Below Safe Level
PERTAMINA: To Receive IDR10-Trillion Oil Subsidy from Government
PERUSAHAAN LISTRIK: Plants' Fuel Stock to Last Ten Days
J A P A N
CITIBANK N.A.: Nikko Cordial Pledges Support
DAIEI INCORPORATED: Marubeni Defends Investment
GENERAL MOTORS ASIA: To Recall 115 Cadillac Sedans
MTSUBISHI FUSO: Ex-officials Return JPY100 Mln in Allowances
MITSUBISHI MOTORS: To Produce Electric Cars in 2010
SUN CHEMICAL: METI OKs Restructuring Plan
* Teikoku Unveils 4,257 Rehab Proceedings in Five Years
K O R E A
BRIDGE SECURITIES: Dongbu Eyes Takeover
HANMAUM MUTUAL: Solomon Mulls KRW55-Bln Purchase
LG CARD: May Delinquency Ratio Drops
M A L A Y S I A
AYER HITAM: Bourse to Suspend Securities Next Month
BUKIT KATIL: Delays Announcement of Regularization Plan
CYGAL BERHAD: SC Approves Proposed Rights Issuance
KUB MALAYSIA: Aims to Return to Profit in 2006
KYM HOLDINGS: Posts Net Loss in Fourth Quarter
MALAYAN UNITED: Net Loss Balloons
MALAYAN UNITED: Sells Off Older British Hotels
OMRON TECHNICAL: Parent Starts Dissolution Process
P H I L I P P I N E S
ABS-CBN BROADCASTING: Reorg Starts with Marketing Division
DIGITAL TELECOMMUNICATIONS: In Line Purchase Standoff with Gov't
NATIONAL TRANSMISSION: Assets Sale Draws Power Co-ops
NATIONAL TRANSMISSION: ERC's Failure Delays Revenues from Sales
PACIFIC PLANS: SEC Says Rehab May No Longer Be Necessary
PRICESMART INCORPORATED: May Sales Surge 15.8%
* Fitch Says Philippine Scandal Won't Hurt Ratings
S I N G A P O R E
CHINA AVIATION (S): To Establish Committee for PwC Report
MERIDIAN PETROLEUM: Proofs of Claim Due July 18
MICRO-NET TECHNOLOGY: Creditors Meeting Slated for June 30
PACIFIC MECHANICAL: Court to Hear Winding Up Petition July 1
SMRT CORPORATION: To Convene 6th AGM July 14
UNITED FIBER: Clarifies Straits Times Article
WANT WANT: Chinese Unit Placed in Liquidation
WINBILL INVESTMENT: Sole Member Opts to Wind Up Company
WING TAI: Enters Wind-up Proceedings
T H A I L A N D
CHRISTIANI & NIELSEN: Seals THB142,613,880 Contract from PTT
RATTANA REAL: Unveils New Audit Committee Line-up
T.C.J: Releases Summary of Audited Financial Statement
- - - - - - - -
=================
A U S T R A L I A
=================
ALLSTATE EXPLORATIONS: Files Legal Action Against Law Firm
----------------------------------------------------------
Law firm Blake Dawson Waldron (BDW) is facing an AU$80-million
lawsuit by the administrator of failed gold miner Allstate
Explorations for negligence, The Australian reports.
Allstate's joint administrators, Michael Ryan and Tony Woodings
of Taylor Woodings, filed the writ against BDW in November last
year, alleging breach of contract, negligence, misleading and
deceptive conduct and breach of fiduciary duty. But it did not
serve the notice, issued by the Western Australian Supreme
Court, until last month.
The legal action stemmed from an earlier dispute between
Allstate Explorations and its partner Beaconsfield Gold, which
sued Batepro and Brown & Root Engineering for negligence in
constructing a gold treatment plant.
The latest suit relates to legal advice given by BDW nearly
seven years ago to Allstate Explorations.
Allstate sought advice on an insurance policy for the design and
construction and commissioning of the gold treatment plant
constructed by now-defunct Batepro and Brown & Root. However,
the plant failed to work and now the insurer, QBE, claims the
policy does not cover the claims made against the two
construction firms.
Allstate's administrator alleges that their lawyers failed to
ensure that they had enforceable rights against the insurer, and
are seeking unspecified damages.
BDW has retained law firm Jackson McDonald, according to WA
Supreme Court records. BDW spokesman Tim Graves declined to
comment.
The parties are scheduled to appear before the registrar on July
4 for status conference.
Meanwhile, Allstate's administrators face another action in the
NSW Supreme Court brought by Allstate shareholders seeking to
remove them and overturn a transaction in which they sold $77.4
million worth of Allstate inter-Company debts to Macquarie Bank.
The registrar will set a trial date on July 13.
CONTACT:
Taylor Woodings Chartered Accountants
PERTH OFFICE
Level 6, 30 The Esplanade
Perth WA 6000
Phone: 08 9321 8533
Fax: 08 9321 8544
SYDNEY OFFICE
Level 26
Royal Exchange Building
56 Pitt Street
SYDNEY NSW 2000
Phone: 02 8247 8000
Fax: 02 8247 8099
Web site: http://www.taylorwoodings.com.au/
AMIFRA PTY: Members Pass Wind-up Resolution
-------------------------------------------
Notice is hereby given pursuant to Section 491(2)(b) of the
Corporations Act 2001 that at a general meeting of members of
Amifra Pty Limited (In Voluntary Liquidation), duly convened and
held at 8 Windmill Street Walsh Bay, NSW on 4 May, 2005, the
following special resolution was passed:
That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company be distributed in whole or in
part to the Members in specie should the Liquidator so desire.
Dated this 4th day of May 2005
Robert Thomas Mcgill
Liquidator
8 Windmill Street,
Walsh Bay NSW 2000
ANVIL MINING: Scandal Affects Operators
---------------------------------------
The media frenzy surrounding Anvil Mining Limited's central
Africa Operations has affected other Australian miners working
in Africa, The Age says.
Anvil has been embroiled in controversy since it was forced to
deny any responsibility in killing up to 100 people during the
quashing of a rebel uprising in the Democratic Republic of Congo
in October 2004.
It admitted its vehicles were used in a military attack on
rebels in a village near its mine, but vehemently rejected
allegations it was complicit or implicated in the military
action and associated loss of life.
The incident highlighted the risks of operating in the DRC.
One Company feeling the effects is Perth-based explorer
Discovery Nickel, which has an advanced nickel project in
Botswana, in southern Africa.
Discovery, which aims to raise money later this year to develop
its North East Botswana nickel project, is hoping investors will
differentiate Botswana from the DRC and other troubled African
nations. It explained Botswana is a much lower risk than DRC and
the general African risk profile.
CONTACT:
Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/
ATS FORMWORK: To Pay Dividend to Unsecured Creditors
----------------------------------------------------
A First and Final dividend with respect to unsecured creditors
is to be declared on 28 June 2005 for ATS Formwork &
Construction Pty Limited (Subject To A Deed Company
Arrangement).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 17th day of May 2005
Murray Godfrey
Deed Administrator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
AUDIANCE PTY: Names Stephen Baker Liquidator
--------------------------------------------
At a meeting of Members held on 12 May 2005, it was unanimously
resolved, pursuant to Section 491(1) of the Corporations Act,
that Audiance Pty Limited (In Liquidation) trading as Northside
Audio & Performance be wound up and Stephen Gower Baker be
appointed Liquidator.
Stephen Baker & Co
Chartered Accountant
Suite 2, 98 Woolwich Road,
Woolwich NSW 2110
Telephone: 9817 6427
Facsimile: 9879 0964
AUSTRAL COAL: Centennial Extends Offer Period Again
---------------------------------------------------
For the purpose of Australian Stock Exchange (ASX) Listing Rule
3.2, Centennial Coal Company Limited advised of the following in
relation to its off-market takeover bid (Bid) for all ordinary
shares in Austral Coal Limited:
(a) The offer period in respect of the offers under the Bid
contained in its bidder's statement dated March 9, 2005 (as
supplemented) (Offers) has been further extended to 7:00 p.m. on
Monday, July 11, 2005;
(b) At the time of making the first of the Offers under the Bid,
being March 21, 2005, Centennial and its associates had a
relevant interest in 9.6% of the ordinary shares in Austral;
and
(c) At the date of the extension of the Offers, being June 24,
2005, Centennial and its associates have a relevant interest
in 85.43% of the ordinary shares in Austral.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
BASS CIVIL: Members, Creditors to Meet June 29
----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Bass Civil Contractors Pty Limited (In Liquidation) will be
held at Suite 67, Level 14/88 Pitt Street, Sydney NSW 2000 on
Wednesday, 29 June 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. on Tuesday, 28 June 2005.
Dated this 16th day of May 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
DEPENDABLE PERSONNEL: Proofs of Claim Due Today
-----------------------------------------------
A First and Final Dividend with respect to priority employee
entitlements is to be declared on 28 June 2005 for Dependable
Personnel Pty Limited (Subject To A Deed Of Company
Arrangement).
Creditors whose debts or claims have not already been admitted
are required today, 27 June 2005 to formally prove their debts
or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 16th day of May 2005
Murray Godfrey
Deed Administrator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone 9231 0889
DELPHI CORPORATE: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Delphi Corporate Solutions Pty Limited (In Liquidation) will be
held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on
Monday, 4 July 2005 at 10.30 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.
(2) To consider any other business brought before the meeting.
Dated this 17th day of May 2005
P. Ngan
Liquidator
EVANS & TATE: Insolvency Firm Comes to Aid
------------------------------------------
Evans & Tate executive chairman Franklin Tate has admitted that
the firm has been coordinating with insolvency firm KordaMentha
for three weeks on the recommendation of its major creditor,
ANZ, The West Australian reveals.
Mr. Tate revealed, just a day after it denied KordaMentha's
involvement, that 333 Performance Management was appointed to
the wine group on June 1 to "improve its forecasting, planning
and business efficiencies".
333 Performance Management is owned by KordaMentha founding
partners Mark Mentha and Mark Korda, and operates from
KordaMentha offices around the country.
Mr. Tate denied misleading investors after choosing not to
disclose the appointment of the consultancy on Tuesday when he
was questioned over rumors that KordaMentha had been called in
to take control of E&T, and failing to reveal 333's link to the
insolvency firm.
Mr. Tate also said that 333's appointment was made to meet a
shortfall in financial expertise after the departure of E&T's
chief financial officer, Bryce Houghton, late last year. The
Company confirmed it had recruited Hartleys' chief financial
officer Terence Power to fill the vacant role from July 1.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
FELTEX CARPETS: Says Goodbye to Chief Operating Officer
-------------------------------------------------------
The chief operating officer of embattled Feltex Carpets Limited
is set to follow the departure of its chief executive officer,
according to the national Business Review.
John Kokic will leave Feltex following the firm's second hefty
profit downgrade since its listing a year ago.
Analysts believe that Mr. Kokic's departure has something to do
with the Board's lost of confidence in the firm's senior
management.
Feltex Chairman Tim Suanders did not confirm Mr. Kokic's exit.
He, however, said that Feltex chief financial officer Des Tolan
will stay.
In a recent profit downgrade, Feltex expects its net profit for
the fiscal year to June 30 to be about half of its original
profit guidance when it listed on the New Zealand stock exchange
a year ago.
The carpet maker's chief executive officer, Sam Magill, is set
to step donn later this year, as part of the firm's wide-ranging
review of its operations and senior management team.
CONTACT:
Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/
FELTEX CARPETS: Quizzed By Watchdog After Surprise Downgrades
-------------------------------------------------------------
The New Zealand Securities Commission has grilled Feltex Carpets
Ltd. about the financial woes leading to two surprise profit
downgrades within a year of listing on the local stock market,
Dow Jones Newswires reports.
The New Zealand-based carpet-maker confirmed it has been
contacted by the Commission, but added that it doesn't think the
market watchdog is commissioning a full probe.
The Commission has a long-held policy of refusing to confirm or
deny that it is conducting an investigation. However, it has
received a formal complaint about Feltex's listing prospectus
from the New Zealand Shareholders' Association, an investor
advocacy group.
Feltex has been under fire from investors and some brokerages
after revealing that its net profit for the fiscal year to June
30 will likely be about half of the NZ$23.9 million projected in
its prospectus when it listed on the stock exchange a year ago.
Earlier last week, Feltex again lowered its forecast, saying
that its net profit is now likely to be between NZ$11.5 million
and NZ$12 million, before restructuring costs.
As a response to the surprise downgrades the Shareholders'
Association requested that the Commission look for any breaches
of securities legislation, and said that there appears to be
reasonable basis to believe that Feltex's forecasts could not be
met shortly after it listed.
HOPWOOD FARMS: Final Meeting Slated for July 4
----------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Hopwood Farms Pty Limited (In Liquidation) will be held at Ngan
& Co, Level 5, 49 Market Street, Sydney NSW 2000 on Monday, 4
July 2005 at 10.15 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.
(2) To consider any other business brought before the meeting.
Dated this 17th day of May 2005
P. Ngan
Liquidator
JAMES THOMSON: To Convene Final Meeting July 1
----------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of James Thomson Holdings Pty Limited (In
Liquidation) will be held at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, on 1 July 2005 at 10.00 a.m., for the purpose of laying
before the meeting an account showing how the winding up has
been conducted and the property of the Company has been disposed
and giving any explanation thereof.
Dated this 16th day of May 2005
Schon G. Condon RFD
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
K.A GODDARD: Taps R. M. Sutherland to Liquidate Company
-------------------------------------------------------
Notice is hereby given that at a general meeting of members of
K.A Goddard Pty Limited (In Liquidation) held on 12 May 2005, it
was resolved that the Company be wound up voluntarily and that
for such purpose R. M. Sutherland was appointed Liquidator of
the Company.
Dated this 12th day of May 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000. Telephone
(02) 9233 2111, Facsimile (02) 9233 2144
KEY F SYSTEMS: Court Issues Winding Up Order
--------------------------------------------
On the 12th May 2005 the Supreme Court of New South Wales,
Equity Division made an Order that Key F Systems Pty Ltd (In
Liquidation) be wound up by the Court and appointed Steven
Nicols to be Liquidator.
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
KEZARNE PTY: Liquidator to Detail Wind-up Manner
------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Kezarne Pty Limited (In Liquidation) will be held at Ngan & Co,
Level 5, 49 Market Street, Sydney NSW 2000 on Friday 1 July 2005
at 10.00 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.
(2) To consider any other business brought before the meeting.
Dated this 24th day of May 2005
P. Ngan
Liquidator
MILLER INVESTMENTS: Liquidator to Report on Winding Up
------------------------------------------------------
Notice is hereby given of a General Meeting of the Members of
Miller Investments Pty Limited (In Liquidation) to be held at PF
Fisher & Co Pty Ltd, Level 5, 55 Phillip Street, Parramatta, at
10.00 a.m. on 1st July 2005 for the purpose of laying before it
the Liquidator's accounts showing how the winding up has been
conducted.
David B. Gurney
Liquidator
MORGIANNI PTY: To Hold Final Meeting June 30
--------------------------------------------
Notice is hereby given that a meeting of the Members of
Morgianni Pty Ltd (In Liquidation) will be held at Hall Chadwick
Level 29, 31 Market Street, Sydney, NSW, 2000 on Thursday 30th
June 2005 at 10.00
a.m.
The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.
BUSINESS
(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 30 June 2005.
(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 16th day of May 2005
Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
MYER LIMITED: Urges Suppliers to Share Pain
-------------------------------------------
Troubled department store chain Myer Limited is asking its
suppliers to do their part in order to ease the burden of
consumer-spending downturn, The Australian reveals.
The Coles Myer subsidiary wants its suppliers to help pay for
its marketing budget, in a bid to boost its lackluster
bottomline.
The suppliers' contribution may be extended through the
collection "markdown money" to split the cost of putting items
on sale, as well as demands for a share of the benefits flowing
to suppliers from a lower rate of duty on imported apparel.
Myer chief executive Dawn Robertson also wrote to suppliers in
April and May, advising them of a 10 percent marketing fee on
new season apparel and footwear orders for the new Myer store in
Brisbane. The money will be sued to finance promotional activity
for the relaunch of the Brisbane store in August.
Although it is not unusual for retailers to seek marketing
support from suppliers for a new or refurbished store, one
source said the Myer demand was "deeper and wider" than standard
industry practice.
A Coles spokesman said suppliers were generally supportive of
the fee and would benefit from additional sales in an "updated
environment".
About Myer Limited
With 61 stores nationally, Myer is a market leader in Australian
retailing. It is continually transforming to better serve our
customers and their changing needs.
In 1998, it launched Megamart stores, offering customers the
widest range of electrical and furniture merchandise with
Megamart's low price guarantee. There are now Megamart stores,
located in Coorparoo (Qld), Chadstone, Sunshine, Thomastown and
Narre Warren (Vic) and Perth (WA), Auburn, Alexandra, Casula
(NSW).
Today Myer employs approximately 25,000 people nationally.
CONTACT:
Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au
or
Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au
NETWORK DESIGN: Members, Creditors to Meet June 28
--------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Network Design Solutions Pty Limited (In Liquidation) will be
held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on
Tuesday 28 June 2005 at 10.15 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.
(2) To consider any other business brought before the meeting.
Dated this 24th day of May 2005
P. Ngan
Liquidator
NORFOLK JET: Releases Crucial Information for Creditors
-------------------------------------------------------
Brisbane-based Chartered Accountants, Howarth BRI, have been
named as the Voluntary Administrator appointed by the Directors
of Norfolk Jet Express Pty Ltd Australia following the cessation
of trading by the carrier earlier this month.
As a result of the appointment and termination of flight
services to and from Australia, the Norfolk Island Government
has applied to the Supreme Court for orders in relation to the
winding up of Norfolk Jet Express Pty Ltd, the Norfolk Island
Company.
Community members are advised to contact Official Liquidators
directly if they are a creditor, debtor or person with any other
queries relating to the two companies.
According to advice from the Voluntary Administrator of the
Australian Company and the Official Liquidator for the Norfolk
Island Company, the two are closely related and there is
confusion about which creditors belong to which Company.
Therefore, those wishing to make a claim for money owed to them
by Norfolk Jet Express and are not aware whether it is the
Australian or Norfolk Island Company that owes them the debt,
have been advised to contact both the Voluntary Administrator
and the Official Liquidator of their claim. Contact details are
listed below.
All owners of current Norfolk Jet travel passes are considered
creditors.
Voluntary Administrator appointed by the Directors of Norfolk
Jet Express Pty Lts Australia is:
Messrs Philip Jefferson and Gerald Collins
Horwath BRI Brisbane
Chartered Accountants
Level 4, 370 Queen Street, Brisbane QLD
Phone: 0061 7 3229 2800
Fax: 0061 7 3229 5508
The Court appointed Official Liquidator for Norfolk Jet Express
Pty Ltd Norfolk Island is:
Messrs John Park and Lachlan McIntosh
KordaMentha
22 market Street
Brisbane QLD 4001
Phone: 0061 7 3225 4900
Fax: 0061 7 3225 4999
ORACLE AUSTRALIA: Enters Voluntary Winding Up Process
-----------------------------------------------------
At a general meeting of the members of Oracle Australia Property
Pty Limited (In Liquidation) held at 4-14 Julius Avenue, North
Ryde NSW 2113 on 21 April 2005 a special resolution that the
Company be wound up voluntarily was passed.
David Clement
Simon John Cathro
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171
PACIFIC PROPERTY: Served with Winding Up Order
----------------------------------------------
On 29 April 2005 the Supreme Court of New South Wales made an
Order that Pacific Property Holdings Pty Limited (In
Liquidation) be wound up and appointed P. Ngan to be Official
Liquidator.
P. Ngan
Official Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
QANTAS AIRWAYS: Adopts New Accounting Standard
----------------------------------------------
Qantas said Friday it would adopt Australian Equivalents to
International Financial Reporting Standards (A-IFRS) from July
1, 2005 as required by Corporations Law.
The financial report for the half-year to December 31, 2005 will
be the airline's first report under the new standards.
Comparative financial information will be presented applying A-
IFRS for transition adjustments to the opening balance sheet at
July 1, 2004 and to restate 2004/05 comparative earnings. This
will not include the impact of AASB 139 "Financial Instruments"
as this is not required at this stage.
The Chief Financial Officer of Qantas, Mr. Peter Gregg, said
that A-IFRS would not affect cash flows, credit ratings,
dividend policy or the economic management of the airline and
that Qantas did not expect any significant impact on future
earnings.
"First-time adoption of A-IFRS results in a reduction in
retained earnings of AU$826 million and therefore an increase in
gearing ratios. Despite this, we do not anticipate any change to
Qantas' capital management policies or profitability.
"The most significant adoption adjustments will include the
deferred recognition of frequent flyer revenue, recognition of a
funding deficit for the defined benefit portion of the Qantas
Superannuation Plan and the reclassification of some non-
cancelable aircraft operating leases as finance leases," he
said.
Mr. Gress emphasized that the changes resulted from mandated
changes in accounting standards which had no affect on cash
flows and therefore no affect on the economic value of the
Company.
He said Qantas would provide additional information as required
to explain the impacts of A-IFRS on reported financial
information in future periods.
"As many of the international standards introduce new accounting
concepts, we expect that interpretation of the standards will
continue to evolve for some time to come."
Details of material changes in accounting policies and estimates
of resulting adoption adjustments can be viewed at:
http://bankrupt.com/misc/tcrap_qantasairways062405.pdf.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
QANTAS AIRWAYS: S&P Says Rating Unaffected by A-IFRS
----------------------------------------------------
Standard & Poor's Ratings Services on Friday said that Qantas
Airways Ltd.'s transition adjustments to the new Australian
equivalent of International Financial Reporting Standards-A-
IFRS-would have no immediate effect on its 'BBB+/A-2'ratings or
on the outlook of the airline. The adoption of A-IFRS will
result in a reduction in Qantas' retained earnings of A$826
million and will produce modestly higher gearing ratios at June
30, 2005. Balance-sheet leverage is expected to increase by
about 5% to 59%-60% on a lease-adjusted gross basis (net of
security deposits).
Importantly for the ratings, the adoption of A-IFRS will not
affect Qantas' reported cash flows, strategies, operations, its
ability to meet its financial obligations, or the overall
economic management of the airline.
The largest component of the retained earnings adjustment, some
A$749 million, relates to revenue recognition of frequent flyer
points sold to third parties (such as credit card companies).
Under the new standard, Qantas is required to defer the revenue
raised from selling the points until the points have been
redeemed, in contrast to Australian generally accepted
accounting principles (GAAP), which allowed Qantas to recognize
the revenue from those points when the revenue was received.
Another component of the A$829 million adjustment is the
recognition of a A$19 million funding deficit for the defined
benefit proportion of the Qantas superannuation plan. The
comparative adjustment at July 1, 2004 was A$54 million. Most of
the remaining A$58 million reduction in retained earnings at
June 30, 2005 relates to the reclassification of some
noncancelable aircraft operating leases as finance leases, a
small positive adjustment to fixed assets, and recognition of
additional deferred tax liabilities.
Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities. Standard &
Poor's (Australia) Pty. Ltd. does not hold an Australian
financial services license under the Corporations Act 2001. Any
rating and the information contained in any research report
published by Standard & Poor's is of a general nature. It has
been prepared without taking into account any recipient's
particular financial needs, circumstances, and objectives.
Therefore, a recipient should assess the appropriateness of such
information to it before making an investment decision based on
this information.
SONRUSH PTY: Final Meeting Fixed July 4
---------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Sonrush Pty Limited (In Liquidation) will be held at Ngan & Co,
Level 5, 49 Market Street, Sydney NSW 2000 on Monday, 4 July
2005 at 10.00 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.
(2) To consider any other business brought before the meeting.
Dated this 17th day of May 2005
P. Ngan
Liquidator
STAR FRIES: Crunch Time for Chip Factory
----------------------------------------
The Star Fries factory, one of South Australia's newest and
largest potato chip makers, opted to undergo voluntary
receivership, ABC Rural News reveals.
The Company, which opened in May last year for the purpose of
selling frozen fries into Asia, collapsed due to long-standing
financial woes.
Grower representative Andrew Widdison says potato suppliers have
known the Company was in trouble for some time. The plant
reportedly missed its early payments on potatoes received early
in the season.
In a meeting with suppliers in early April, Star Fries admitted
it was having some financial difficulties at that time.
SYDNEY GOOD: To Declare Dividend June 30
----------------------------------------
A dividend is to be declared on 30 June 2005 for Sydney Good
News Enterprises Pty Ltd (In Liquidation).
Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.
Dated this 16th day of May 2005
D. J. Offermans
Official Liquidator
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2000
SYNAR CORPORATION: Appoints Official Liquidator
-----------------------------------------------
Notice is hereby given that, at a general meeting of members of
Synar Corporation Pty Limited (In Liquidation) held on 13 May
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. A
meeting of creditors held later that day confirmed this
appointment.
Dated this 16th day of May 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
PO Box 573, Wollongong NSW 2520
TARMAC ROADSTONE: Hires Liquidator from McGrathNicol+Partners
---------------------------------------------------------------
Notice is given that a final meeting of members of Tarmac
Roadstone Australia Pty Limited (In Voluntary Liquidation) will
be held at Level 9, 10 Shelley Street, Sydney NSW 2000, on 4
July 2005 at 10.00 a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanations of the account.
Dated this 16th day of May 2005
M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2652,
Web site: http://www.mcgrathnicol.com.au
WMC RESOURCES: Moody's Ups Units' Ratings with Stable Outlook
-------------------------------------------------------------
Moody's Investors Service has upgraded WMC Finance (USA) Limited
and WMC Finance Limited's ratings to A2/P-1 from Baa2/P-2. These
entities are wholly-owned subsidiaries of WMC Resources Limited
(WMCR). The rating outlook is stable.
This concludes WMCR's rating review, which followed BHP
Billiton's announced full takeover acquisition of the Company.
BHP Billiton has achieved over 90% ownership of WMCR and it is
proceeding to compulsorily acquire the remaining shares.
The ratings upgrade reflects Moody's view that BHP Billiton will
likely provide ongoing financial and operational support for
WMCR if required as a fully-owned subsidiary. Such support
reflects the strategic fit of WMCR, with its substantial
operations in nickel and copper, core commodities for the BHP
Billiton group. WMCR's operations will be integrated within BHP
Billiton's existing customer sector groups, and subject to BHP
Billiton's operating management framework.
Moody's says the ratings upgrade also reflect WMCR's stand-alone
solid investment grade rating quality, which will be enhanced by
BHP Billiton's ownership of the Company. Such enhancement
includes operational improvements reflects ongoing cost
enhancements through the elimination of corporate functions and
enhanced procurement arrangements.
Moody's believes that WMCR is likely to receive ongoing funding
from BHP Billiton to finance its growth plans, such as the
potential expansion of Olympic Dam. Accordingly, WMCR's external
debt is not expected to materially grow over the medium term.
The upgrade in the short-term rating from P-2 to P-1 reflects
the enhanced credit fundamentals and the strengthened liquidity
position arising from reduced reliance on short-term debt.
Management intends to shortly cancel WMCR's CP program and
Moody's expects to withdraw the short-term rating when that
occurs. With no short term debt, WMCR will have a strong debt
maturity profile, with the first major maturity not occurring
until 2013.
WMC Resources Ltd is a metal and mining Company currently listed
on the Australian Stock Exchange. The Company is likely to be
de-listed shortly.
Sydney
Terry Fanous
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100
Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100
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/
==============================
C H I N A & H O N G K O N G
==============================
BANK OF CHINA: Forges Ties With UBS
-----------------------------------
UBS is in talks with the Bank of China (BOC) with a view to
forming a mutually beneficial co-operation partnership, UBS
reported on its Web site.
It is envisaged that such a partnership would include commercial
co-operation in certain areas of investment banking yet to be
agreed, and the possibility that UBS could invest approximately
USD500 million to become a strategic investor in BOC.
The talks continue and further details are confidential.
Zurich/Basel, 23 June 2005
UBS
CONTACT:
Bank of Communications
20 Pedder Street, Central,
Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk
Media Relations Switzerland
Phone: +41 44 234 85 00
Media Relations Hong Kong
Matthew McGrath
Phone: +852 2971 8200
Donna Chan
Phone: +852 2971 8792
This is a Company press release.
BESTWAY INTERNATIONAL: Details Convertible Bonds Conversion
-----------------------------------------------------------
The Board of Bestway International Holdings Limited wishes to
announce that on June 23, 2005, Wealthguard has given a notice
to the Company to exercise its right to convert all the Second
Tranche Secured Convertible Bonds into 252,073,520 shares of the
Company at the conversion of price of HK$0.20 per share.
The 252,073,520 shares of the Company are expected to be alloted
to Wealthguard on June 24, 2005 pursuant to the terms of the
Second Tranche Secured Convertible Bonds.
Before Conversion, Wealthguard has an interest of 800,000,000
shares in the Company, represent approximately 16.34% of the
existing issued share capital.
After Conversion, Wealthguard has an interest of 1,052,073,520
shares of the Company, will represent approximately 20.45% of
the enlarged issued share capital.
Wealthguard is a Company, which is a wholly owned by Mr. Yang
Ting. Mr. Yang was appointed as an executive director of the
Company on September 1, 2004 and is the single largest
shareholder of the Company. Mr. Yang confirms that he acts
independently and is not in association or acting n concert with
any other shareholders.
Shareholders hould be careful in dealing with the share of the
Company.
By Order of the Board
Tang Kuan Chien
Chairman
Hong Kong June 23, 2005.
CONTACT:
Bestway International Holdings Limited
18/F, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong
Phone: 28151199
Fax: 28541076
CHEUNG FAT: Winding Up Hearing Set July 27
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cheung Fat Construction & Engineering Limited by the High Court
of Hong Kong was on June 1, 2005 presented to the said Court by
Seak Pak Meng of Room 814, Sin Sam House, Lung Hang Estate,
Shatin, New Territories, Hong Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on July 27, 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.
Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
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 26, 2005.
CHINA CONSTRUCTION: Prepares For US$5-Bln Float
-----------------------------------------------
China Construction Bank (CCB.YY) has filed a preliminary
application with the Hong Kong stock exchange for an
international public offering, Dow Jones reports.
The commercial bank is aiming to sell 15 percent of its shares
to raise about US$5 billion before listing on the Hong Kong
Stock Exchange later this year.
CCB's regulatory filing followed an agreement signed Friday to
sell a stake of about 9 percent to Bank of American Corporation
(BAC) for US$3 billion.
China Construction Bank this month said pre-tax profit rose 34
percent last year to CNY50.2 billion (US$6.1 billion). The bank
received in late 2003 a US$22.5 billion government bailout that
let it write off many bad loans.
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
FORT DODGE: Annual Creditors' Meeting Fixed July 22
---------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the Hong
Kong Companies Ordinance Annual Meetings of Members and
Creditors of Fort Dodge Animal Health (China) Limited will be
held at 5/F Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong on July 22, 2005 at the following times:
Annual Meeting of Members: 10 a.m.
Annual Meeting of Creditors 10:30 a.m.
For the purpose of having laid before the meeting by the
liquidators an account of their acts and dealings and of the
conduct of the winding-up during the year ending July 21, 2005.
Dated this 24th day of June 2005.
Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
HONGKONG CONSTRUCTION: To Hold EGM July 18
------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of the shareholders of HongKong Construction (Holdings)
Limited will be held at Rooms 801-2, East Ocean Centre, 98
Granville Road, Tsimshatsui, Kowloon, Hong Kong on Monday, July
28, 2005 at 10:30 a.m. for the purpose of considering and, if
thought fit, passing the following resolutions as special
resolutions of the Company.
SPECIAL RESOLUTIONS
1. THAT, subject to and conditional upon approval by the Court
of First Instance of the High Court, the Hong Kong Special
Administration Region, the amount standing to the credit of the
share premium account of the Company as at the Effective Date
(as defined in the circular of the Company dated June 24, 2005
dispatched to the shareholders of the Company, of which the
notice convening this Meeting forms part, a copy of which is
produced to this Meeting and initialed by the Chairman of this
Meeting for the purpose of identification) be reduced and
cancelled and the directors of the Company be and are hereby
authorized to apply such reduced and cancelled amount against
the accumulated losses of the Company as at the Effective Date
(Accumulated Losses) and the Directors be and are hereby
authorized generally to do all acts and things and to approve,
sign and execute any other documents which in their opinion may
be necessary, desirable or expedient to carry into effect or to
give effect to such reduction and cancellation of the share
premium account of the Company.
2. THAT, subject to and conditional upon confirmation of the
Capital Reduction (as defined below) by the Court, the filing
with and registration by the Registrar of Companies in Hong Kong
of a copy of the order of the Court and a copy of the minute
approved by the Court, both confirming the Capital Reduction and
the compliance with any conditions as may be imposed by the
Court in relation to the Capital Reduction:
(a) The issued share capital of the Company be reduced by
HK$2,305,125,179.28 from HK$2,328,409,272 divided into
2,328,409,272 ordinary shares of HK$1.00 each to
HK$23,284,092.72 divided into 2,328,409,272 ordinary shares of
HK$0.01 each (Capital Reduction) and the authorized but un-
issued share capital of the Company be reduced by
HK$1,159,874,820.72 from HK$1,171,590,728 divided into
1,171,590,728 ordinary shares of HK$1.00 each to
HK$11,715,907.28 divided into 1,171,590,728 ordinary shares of
HK$0.01 each;
(b) The directors of the Company (the Directors) be and are
hereby authorized to transfer the credit of approximately
HK$2,305.1 million arising as a result of the Capital Reduction
to the capital reduction reserve account of the Company (Capital
Reduction Reserve Account) and apply part of the amount of
approximately HK$813.6 million to set off the remaining balance
of the Accumulated Losses (as defined in the special resolution
numbered 1 (Resolution 1) set out in the notice of this Meeting
of which this resolution forms part) after the reduction and
cancellation of the share premium account of the Company
referred to in Resolution 1 and the balance of the amount in the
Capital Reduction Reserve Account be applied in such manner as
the Directors consider appropriate; and
(c) The Directors be and are hereby authorized generally to do
all acts and things, and to approve, sign and execute any other
documents which in their opinion may be necessary, desirable or
expedient to carry into effect or to give effect to the Capital
Reduction and the reduction of the Capital Reduction Reserve
Account.
By Order of the Board
Tsang Sai Chung Kirk
Company Secretary
1. A shareholder of the Company entitled to attend and vote at
the meeting is entitled to appoint one or two proxies to attend
and, in the event of a poll, vote in his/her stead. A proxy need
not be a shareholder of the Company.
2. A form of proxy for use at the meeting is enclosed. Whether
or not you intend to attend the meeting in person, you are urged
to complete and return the form of proxy in accordance with the
instructions printed thereon.
3. To be valid, a form of proxy and the power of attorney or
other authority (if any) under which it is signed, or a
notarially certified copy thereof, must be deposited at the
office of the Company's share registrars, Computershare Hong
Kong Investor Services Limited, at 46th Floor, Hopewell Centre,
183 Queen's Road East, Wanchai, Hong Kong, not less than 48
hours before the time appointed for holding the meeting or any
adjournment thereof.
4. Completion and return of the form of proxy shall not preclude
a shareholder of the Company from attending and voting in person
at the meeting or on the poll concerned and, in such event, the
instrument appointing a proxy shall be deemed to be revoked.
5. Where there are joint holders of any share of the Company,
any one of such holders may vote at the meeting either
personally or by proxy in respect of such share as if he/she
were solely entitled thereto, but if more than one of such joint
holders be present at the meeting personally or by proxy, that
one of such holders whose name stands first on the register of
members of the Company in respect of such share shall alone be
entitled to vote in respect thereof. Several executors or
administrators of a deceased shareholder in whose name any share
stands shall for this purpose be deemed joint holders thereof.
HONG KONG RICHFIELD: Wind-up Hearing Fixed August 3
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hong Kong Richfield Development Limited by the High Court of
Hong Kong Special Administrative Region was on June 3, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on August 3, 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.
Tong & Tsoi
Solicitors for the Petitioner
Room 3402, 34th Floor
Bank of America Tower
12 Harcourt Road
Central, Hong Kong
(Re: JT/K-1012/01)
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 August 2, 2005.
HONSUIT LIMITED: Court Issues Winding Up Order
----------------------------------------------
Honsuit Limited, whose place of business is located at Room
1003, 10th Floor, Technology Plaza, 29-35 Sha Tsui Road, Tsuen
Wan, New Territories was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 8, 2005.
Date of Presentation: April 11, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
LOULAN HOLDINGS: Q1 Net Loss Widens to RMB2.9 Mln
-------------------------------------------------
Louland Holdings (8039) announced its first quarter results
ending in March 31, 2005.
Year-end date: 31/03/2005
Currency: RMB
Auditors' report: N/A
1st Quarterly Report Reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/3/2004
$'000 $'000
Turnover : 2,771 22,595
Profit/(Loss) from Operations: (2,054) (1,676)
Finance cost : (807) (802)
Share of Profit/(Loss) of Associates: N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI:(2,935) (2,478)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) :(RMB 0.007) (RMB 0.006)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (2,935) (2,478)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter Dividends: N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Loulan Holdings Limited
Signature:
Name: Peng Zhi Heng
Title: Company Secretary
Remarks:
1. Group reorganization
The Company was incorporated in the Cayman Islands on 29 August
2001 as an exempted Company with limited liability and its
shares have been listed on the GEM of the Stock Exchange since
12 August 2002.
Pursuant to group reorganization to rationale the structure of
the Group in preparation for the listing of the Company's shares
on the GEM of the Stock Exchange, the Company became the holding
Company of the Group on July 24, 2002. Details of the
Reorganisation are set out in the prospectus of the Company
dated July 31, 2002 (the Prospectus).
2. Basis of preparation and principal accounting policies
The unaudited consolidated results have been prepared in
accordance with all applicable Statements of Standard Accounting
Practice and Interpretations issued by the Hong Kong Institute
of Public Accountants, accounting principles generally accepted
in Hong Kong, the applicable disclosure requirements of the Hong
Kong Companies Ordinance and the applicable disclosure
provisions of the GEM Listing Rules of the Stock Exchange of
Hong Kong Limited.
The accounting policies adopted in preparing the unaudited
consolidated results for the period ended March 31, 2005 are
consistent with those followed in the preparation of the Group's
annual financial statements for the year ended December 31,
2004.
3. Loss per share
The calculation of the Group's basic loss per share for the
three months ended March 31, 2005 was based on the unaudited
loss attributable to shareholders of approximately RMB3,175,000
(2004: RMB2,478,000) and the weighted average of 400,000,000
(2004: 400,000,000) shares deemed to have been in issue during
the period.
Diluted loss per share for the three months ended March 31, 2005
and 2004 have not been disclosed, as there were no dilutive
potential shares during the period.
CONTACT:
Loulan Holdings Limited
Rooms 2001-4, 20/F
The Broadway
54-62 Lockhart Road
Wanchai, Hong Kong
Phone: 28696178
Fax: 28696306
Web site: http://www.xiloulan.com
L&M SPECIALIST: Court Orders Winding Up
---------------------------------------
L&M Specialist Construction Limited, whose place of business is
located at Room 1901, 19th Floor, The Kwangtung Provincial Bank
Building, 409-415 Hennessy Road, Wanchai, Hong Kong was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on June 8,
2005.
Date of Presentation: April 11, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
MOULIN GLOBAL: Unlikely to Resist Creditor Move to Liquidate
------------------------------------------------------------
Moulin Global Eyecare Holdings will not oppose a legal bid by
creditor banks to have it declared bankrupt, AFX News reports,
citing the South China Morning Post.
Accounting inconsistencies have continued to surface and lenders
were concerned that Moulin would file for Chapter 11 protection
in the U.S. given that the country is home to one of the
Company's largest assets, Eye Care Centers of America, which it
bought in February for US$250 million.
The concern was that this could start a jurisdictional battle
over assets.
CONTACTS:
Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon, H.K.
Phone: 27073800
Fax: 21487272
Web site: http://www.moulin.com.hk
MOULIN GLOBAL: Names Provisional Liquidator
-------------------------------------------
Hong Kong's High Court has appointed Ferrier Hodgson as the
provisional liquidator of Moulin Global Eyecare even as it
became clear that its U.S. unit Eye Care Centers of America
(ECCA) would be excluded from the proceedings, The Standard
reports.
Ferrier Hodgson will work with the 29 creditor banks, which are
collectively owed HK$2.4 billion, and Company management in an
effort to find a way to revive the Company. Overall, Moulin owes
HK$5.33 billion, but much of that debt is related to its
acquisition last year of a controlling stake in ECCA.
Mr. Sutton said ECCA would be excluded from any debt
restructuring agreed between the Company and its creditors.
Earlier this week, in a filing with the Hong Kong stock
exchange, the Company admitted that it had only HK$15 million in
working capital - not the HK$90 million it claimed to have on
hand just a few weeks back due to an error caused by double
counting.
MOULIN GLOBAL: Removed from HS Composite Index Series
-----------------------------------------------------
HSI Services Limited announced that Moulin Global Eyecare (0389)
would be removed from the Hang Seng Composite Index Series
because of the Company's prolonged suspension of trading since
April 18, 2005. Regal Hotels (0078) will fill the vacancy.
Moulin Global Eyecare Holding Ltd (389) will be removed from the
following indexes:
Hang Seng Composite Index Series
Hang Seng Composite Index
Hang Seng Hong Kong Composite Index
Hang Seng HK SmallCap Index
Hang Seng Composite Industry Indexes
Consumer Goods
Hang Seng Freefloat Index Series
Hang Seng Freefloat Composite Index
Hang Seng Hong Kong Freeflot Index
Reason: Prolonged suspension of the Company (suspended from
trading since April 18, 2005.)
Inclusion:
Regal Hotels International Holdings Ltd. (78) will be included
in the following Indexes
Hang Seng Composite Index Series
Hang Seng Composite Index
Hang Seng Hong Kong Composite Index
Hang Seng HK SmallCap Index
Hang Seng Composite Industry Indexes
- Services
Hang Seng Freefloat Index Series
Hang Seng Freefloat Composite Index
Hang Seng Hong Kong Freefloat Index
Constituent Changes in Hang Seng Composite/Freefloat Index
Series / 2
Following the constituent changes on June 27, 2005, the number
of companies in the Hang Seng Hong Kong Composite/Freefloat
Index and the Hang Seng Mainland Composite/Freefloat Index will
remain at 104 and 96 respectively.
Note:
Information on HSI Services Limited
The Hang Seng Family of Indexes is managed and compiled by HSI
Services Limited, which is a wholly owned subsidiary of Hang
Seng Bank. The members of the index family include the Hang
Seng Index, Hang Seng Composite Index Series, Hang Seng
Freefloat Index Series and Hang Seng Total Return Index Series.
For further information on the Hang Seng family of indexes,
please visit the Company's website at www.hsi.com.hk.
Information on the Hang Seng Composite Index Series
The Hang Seng Composite Index Series consists of the top 200
listed companies in Hong Kong in terms of full market
capitalization. It can be classified into nine industries or
seven geographic indexes. Within the Geographical Series, the
seven geographical indexes are further classified into Hong Kong
or Mainland related indexes according to where the majority of
sales revenue is derived.
Companies with over 50 percent of their sales revenue derived
from the Mainland will be included in the "Mainland" series;
others will be included in the "Hong Kong" series. Profits
and/or total assets may also be used for the classification if
they better reflect the geographical status of the companies.
Information on the Hang Seng Freefloat Index Series
The Hang Seng Freefloat Index Series comprises six indexes and
consists of the same 200 listed companies as the Hang Seng
Composite Index Series. It adopts the freefloat-adjusted market
capitalisation method in its calculation to provide investors
with an alternative market benchmark that takes into account the
long-term strategic holdings not readily available for trading
in the market.
The three master indexes - the Hang Seng Freefloat Composite
Index, Hang Seng HK Freefloat Index and Hang Seng Mainland
Freefloat Index - were launched on 23 September 2002. The three
subsets, and Hang Seng 50, Hang Seng HK 25 and Hang Seng
Mainland 25, were launched on 20 January 2003. They are formed
by the largest constituents of the Hang Seng Freefloat Index
Series in terms of freefloat-adjusted market capitalisation and
were created for the purpose of facilitating the creation of
index derivative products.
Information on the Hang Seng Total Return Index Series
The Hang Seng Total Return Index Series captures both the price
change and the cash dividend payments by the constituent
companies to shareholders. Total Return Indexes add back cash
dividends to index calculation, assuming that the dividends are
re-invested into the index portfolio according to their
respective market capitalisation weightings. The Hang Seng Total
Return Index Series was launched on 11 October 2004 and is
mainly used by fund managers, actuaries and financial advisors
in measuring the performance of equity funds, especially pension
funds, as price indexes fail to capture the dividend income of
the funds.
CONTACT:
HSI Services Ltd.
83 Des Voeux Road Central Hong Kong
Phone: (852) 2877-0704
Fax: (852) 2845-8919
E-mail: hsil@hsi.com.hk
This is a press release.
ON PARK: Court Schedules Winding Up Hearing July 13
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of On
Park Parking Limited by the High Court of Hong Kong Special
Administrative Region was on May 12, 2005 presented to the said
Court by the Government of the Hong Kong Special Administrative
Region acting by and/or through the Secretary for Justice of the
Department of Justice, 2nd Floor, High Block, Queensway
Government Offices, 66 Queensway, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 13, 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.
Yau Kam Po
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway, Hong Kong
Note: Any person who intends to appear on 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 12, 2005.
PORTEK HONGKONG: Issues Debt Claim Notice
------------------------------------------
Notice is hereby given that the creditors of Portek HongKong
Limited (In Members' Voluntary Winding Up) which is being wound
up voluntarily are required, on or before July 25, 2005 to send
their names and addresses, with full particulars of their debts
or claims, and the names and addresses of their solicitors, if
any, to the undersigned.
If so required by notice in writing from the said Liquidator,
personally or by their solicitors or representatives, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice. In default thereof, they will
be excluded from the benefit of any distribution made before
such debts are proved.
Dated this 24 June 2005
(Sd.)
CHENG Kwok Wai David
CHENG Kwok Wai David
Joint & Several Liquidator
PORTEK HONG KONG LIMITED
31/F, Gloucester Tower
The Landmark
11 Pedder Street Central
Hong Kong
PROSPEROUS TRADERS: Receives Winding Up Notice
----------------------------------------------
Prosperous Traders International Limited, whose place of
business is located at Room 2A, 2/F, 9A Cheung Wah Street,
Cheung Sha Wan, Kolon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on June 8, 2005.
Date of Presentation: April 11, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
UNITED SMART: Court Orders Firm to Wind Up
------------------------------------------
United Smart Limited, whose place of business is located at Room
512, 5th Floor, Tower 1, Silvercord, 30 Canton Road,
Tsimshatsui, Kln was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 8, 2005.
Date of Presentation: April 11, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
=================
I N D O N E S I A
=================
PERTAMINA: Fuel Stockpile Rises But Still Below Safe Level
----------------------------------------------------------
On June 22, 2005, state oil and gas firm PT Pertamina received
imported fuel from tankers, which raised its stock levels of
local fuel up to 18 days, but it is still 4 days short of the
recommended safe oil stock level of 22 days, reports the Jakarta
Post.
Three tankers in Semangka Bay, Lampung unloaded around 1.8
million barrels of premium and diesel gasoline into the Company,
while 200,000 barrels of premium gasoline from China had also
arrived in Jakarta.
Pertamina Fuel Division Chief Achmad Faisal said that the
Company's stocks of premium gasoline reserves was enough to
cover the country's needs for 14 days, while diesel stock levels
increased slightly to 15 days from 14.5 days.
Mr. Faisal added that there is enough premium gasoline to last
seven days for the area of Jakarta, but did not elaborate on
other areas.
Because of the continuing fuel shortage in the country and
rising global oil prices, the Indonesian government plans to
draft a regulation that limits the use of fuel and electricity,
also because it cannot afford to increase its fuel subsidies to
Pertamina.
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: To Receive IDR10-Trillion Oil Subsidy from Government
----------------------------------------------------------------
The Indonesian government is planning to pay state-owned oil
firm PT Pertamina IDR10 trillion in fuel subsidies today, June
27, 2005, Dow Jonres reports.
The payment, together with an IDR15 trillion subsidy paid to the
Company in the first quarter of the year, is part of an IDR76-
trillion government budget for fuel in 2005 alone.
Pertamina President Widya Purnama told reporters earlier this
week that the Company needs IDR12.5 trillion to raise the stock
levels of its fuel from 12.5 days to a safer level of 20 days,
in order to provide enough fuel supply for the country.
But according to the Ministry of Finance Treasury Director Mulia
Nasution, there is no problem with the government's paying of
fuel subsidies to Pertamina as it has enough liquidity to cover
such payments.
PERUSAHAAN LISTRIK: Plants' Fuel Stock to Last Ten Days
-------------------------------------------------------
State-run power firm PT Perusahaan Listrik (PLN) reports that it
has only enough fuel stock for two to days operations in four of
its power plants, reports Asia Pulse.
The four power plants are: Grati (East Java), Muara Tawar
(Bekasi, West Java), Pesanggaran & Gilimanuk (Bali) and Tambak
Lorok (Central Java).
According to PLN President Eddie Widiono, the power plants
differ in the amount of fuel needed to run them. For example,
Muara Tawar needs 7,000 kiloliters of fuel per day, while the
other plants need only 2,000 to 2,500 kiloliters of fuel a day.
Mr. Widiono added that for the time being, the supply of fuel is
normal, but the Company must ensure a steady fuel supply in the
long run, so as to keep the power plants in operation. In order
to do this, PLN will cooperate with state oil firm PT Pertamina
for the supply of fuel oil.
PT Pertamina contributes 20% of PLN's fuel oil supply, so that
the Company would not be gravely affected by fuel shortages.
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
=========
J A P A N
=========
CITIBANK N.A.: Nikko Cordial Pledges Support
--------------------------------------------
Nikko Cordial Corporation is set to offer as much support to
U.S. partner Citigroup Inc.'s battered Japanese banking unit
Citibank N.A., according to Reuters.
The unit was ordered last year by the Japanese government to
shut down its private banking offices for violations including
manipulative sales practices and failure to screen out money
laundering.
"Citibank N.A. is now struggling in the private banking and
retail businesses and we would like to support it as much as we
can," Nikko Cordial President Junichi Arimura said.
"As it is our partner in our investment banking joint venture
Nikko Citigroup, we would like to work together (with Citigroup)
on both an individual and corporate basis," the President said,
without elaborating.
CONTACT:
Citibank N.A.
3-51, Kawadai-cho
Shinjuku-Ku, Tokyo 162-0054
Japan
Phone: +81-3-3226-7331
DAIEI INCORPORATED: Marubeni Defends Investment
-----------------------------------------------
Marubeni Corporation defended its investment in Daiei Inc. as
secure since the Industrial Revitalization Corporation of Japan
(IRCJ) has taken part in the retailer's rehabilitation, Kyodo
News reports.
Marubeni and investment fund Advantage Partners Inc. have formed
a consortium to aid Daiei's rehabilitation.
Marubeni has acquired a 10 percent stake in Daiei and
participated in the retailer's board of directors.
CONTACT:
Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku, Kobe 650-0046,
Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
GENERAL MOTORS ASIA: To Recall 115 Cadillac Sedans
--------------------------------------------------
General Motors Asia Pacific Japan, the Japanese arm of General
Motors Corporation, will recall 115 units of its ritzy Cadillac
Deville sedan, Kyodo News reports.
In a report filed with the Ministry of Land, Infrastructure and
Transport, the vehicles in question were imported between
October 2003 and December 2004.
The Company became aware of the defect after a Cadillac Deville
bumped into another car at a parking lot in Tokyo's Chiyoda Ward
in January due to the faulty brake, the Company said.
General Motors Corp. had a loss of US$1.1 billion in the first
quarter of 2005 compared with net income of US$1.28 billion a
year earlier, as revenue fell 4.3 percent to US$45.8 billion.
CONTACT:
General Motors Corporation
300 Renaissance Center
Detroit, MICHIGAN 48265-3000
Phone: +1 313 556-5000
Fax: +1 313 556-5108
MTSUBISHI FUSO: Ex-officials Return JPY100 Mln in Allowances
------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation has returned JPY100
million in retirement pay to acknowledge responsibility for a
series of auto defect cover-ups, Kyodo News reports.
The four former directors, including former Chairman Takashi
Usami and former Senior Executive Officer Tadashi Koshikawa,
"voluntarily" declined or returned their retirement benefits.
The carmaker has been involved in a cover-up scandal that first
surfaced in 2000. At that time, the Company, which was still
part of Mitsubishi Motors Corporation, had been systematically
hiding auto defects for more than 20 years to avoid recalls.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: To Produce Electric Cars in 2010
---------------------------------------------------
Mitsubishi Motors Corporation plans to mass-produce electric
motorcars in 2010, while launching a brand-new model of a sport
utility vehicle this fall and a mini-vehicle model in January
2006, Kyodo News reports.
The move was part of the scandal-plagued Company's efforts to
return to profitability, which was badly affected by a series of
vehicle defect cover-ups.
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
SUN CHEMICAL: METI OKs Restructuring Plan
-----------------------------------------
The changes to the business-restructuring plan submitted by Sun
Chemical Co. Ltd., originally approved on August 7, 2004, were
examined pursuant to Article 4, Paragraph 5 of the Law on
Special Measures for Industrial Revitalization, and found to
fulfill the requirements.
The Ministry of Economy, Trade and Industry consequently (METI)
approved changes on June 22, 2005.
CONTACT:
Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html
* Teikoku Unveils 4,257 Rehab Proceedings in Five Years
-------------------------------------------------------
Teikoku Databank America announced that the number of filings
quadrupled that of the "Old Composition", but only 879 cases
completed the civil rehabilitation proceedings.
Introduction
Five years have passed since the "Civil Rehabilitation Law" was
enforced in April 2000. The law aims to legally turnover the
businesses of debtors faced with a financial crisis by
implementing a "reconstruction type of bankruptcy proceedings".
During the past five years, a wide range of companies, from
small to large listed companies of different sizes and sector,
filed for the law. Teikoku Databank analyzed the status of
companies filing for the law by number, liability, sector, and
status of proceedings during the past five years since its
enforcement. (April 2000 - March 2005).
Research Result:
The Number of Filings: There were 4,257 companies that filed for
the law during the past five years (including 165 companies
shifted to utilize the "Civil Rehabilitation Law" from other
bankruptcy proceedings). After reaching the peak in 2001 (1,019
cases), the number of filed companies has been declining every
year. Only 622 companies filed for the law in 2004, dropping
39.0% since 2001.
Comparison with the "Old Composition" -- The Number of Cases
Quadrupled and Liabilities were Larger: The "Civil
Rehabilitation Law" was enforced as an alternative of the "Old
Composition". There were 4,092 bankruptcies filed under the
"Civil Rehabilitation Law" after its enforcement as compared to
1,037 bankruptcies filed under the "Old Composition" for five
years before the enforcement of the "Civil Rehabilitation Law"
(Apr 1995-Mar 2000). The "Civil Rehabilitation Law" enabled
quicker, simpler, and clearer bankruptcy proceedings, which
resulted in an increase of bankruptcy filings almost 4 times
more than those of the "Old Composition". In comparison with the
liabilities per case, "Old Composition" was 3,369 million yen
and "Civil Rehabilitation Law" was 6,137 million yen, which
indicates that the "Civil Rehabilitation Law" was positively
utilized for large sized bankruptcies.
Percentage of filings for the "Civil Rehabilitation Law" in
Overall Bankruptcy: During the five years (April 2002 - March
2005), the number of the overall bankruptcies was 86,972 cases
and the total liabilities were 73,162,800 million yen. In
comparison, the number of bankrupt companies filed under the
"Civil Rehabilitation Law" was 4,092 cases and its total
liabilities were 25,115,200 million yen (ones filed newly). The
bankruptcies filed under the "Civil Rehabilitation Law" accounts
for 4.7 percent in number and 34.3 percent in total liabilities.
By Sector: Manufactures Accounts for 25% of Overall Companies:
Out of 4257 cases, "Manufacturers" ranked the top with 1,013
cases, accounting for 23.8%, followed by "Construction" (848
cases, 19.9%), "Services" (785 cases, 18.4%), "Wholesalers" (649
cases, 15.2%), and "Retailer" (567 cases, 13.3%).
The Number of Approvals, Dismissals/Abolitions, etc of Turnover
Plans: Out of 4,257 companies filing for the "Civil
Rehabilitation Law", 2,841 received the approval for a turnover
plan from the court and 879 cases finalized for the proceedings.
On the other hand, at least 920 cases gave up the proceeding
under the "Civil Rehabilitation Law" (636 companies got refusal,
dismissal, or abolition before approval and 284 companies
received proceeding abolitions after approval). In short, the
number of failed proceedings (920 cases) exceeds that of
completed proceedings (879 cases).
Average Days for Proceeding: On average, it took 29.9 days from
"filing" to "beginning of proceeding" and 225.8 days from
"beginning of procedure" to "approval". In general, the duration
for proceedings varies depending on local court.
CONTACT:
Teikoku Databank America, Inc.
Address 747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com
=========
K O R E A
=========
BRIDGE SECURITIES: Dongbu Eyes Takeover
---------------------------------------
Dongbu Group is looking to acquire the besieged Bridge
Securities, in a bid to boost its securities operations, reports
The Korea Times.
Dongbu, one of Korea's largest business groups, signified its
interest in Bridge after regulators rejected a proposed merger
between Bridge and Leading Investment $ Securities last month.
The Financial Supervisory Commission (FSC) on May 27 junked a
merger deal between Bridge and Leading, citing poor-post-merger
viability. The regulator concluded that the merger plan was
unrealistic after weeks of considering the asset structure, the
underlying business strength and other relevant aspects.
The regulator also said that it is not sensible for Leading
Investment to complete the acquisition with only KRW2 billion in
cash when the merger costs are expected to reach KRW150 billion.
The decision virtually blocked Hong Kong-based fund Bridge
Investment Holding (BIH), the largest shareholder of Bridge
Securities, from disposing of its controlling 78.19 percent
stake in the broker.
The Hong Kong-based British fund has said that it will liquidate
the broker unless the FSC approves the merger plan. But the
fund's stance has been met with strong protest from union
members.
According to analysts, the securities firm may be saved from
liquidation if the merger talk with Dongbu Group goes smoothly.
CONTACT:
Bridge Securities Company, Limited
198 Ulchiro 2-ga, Chung-gu
Seoul, South Korea
Phone: +82 2 771 0900
Fax: +82 2 3779 3610
Web site: http://www.bridgefn.com/
HANMAUM MUTUAL: Solomon Mulls KRW55-Bln Purchase
------------------------------------------------
Solomon Mutual Savings Bank is set to acquire troubled Hanmaum
Mutual Savings Bank for KRW55 billion, Asia Pulse reports.
The savings bank signed an agreement with sale manager Korea
Deposit Insurance Corporation (KDIC) on June 17, 2005 to buy the
troubled institution, which suspended operations in September
2004.
In the takeover deal, Solomon will clear Hanmaum's balance sheet
with an injection of KRW381.5 billion, while most of its KRW55
billion investment would go to increasing the lender's capital
adequacy ratio above the 8% minimum level. If the takeover is
approved, Solomon would spend around KRW25 billion to acquire
the lender and form a new mutual savings bank with a 5.29%
capital ratio by July. Then it would inject the remaining KRW30
billion to boost the bank's capital ratio above 8%.
Solomon Bank and KDIC agreed on the takeover deal six months
before KDIC gained control of the troubled lender from the
Financial Supervisory Service (FSS). The KDIC has been managing
the sale since January this year, but had difficulty attracting
bidders because of a strict vetting process.
Hanmaum Mutual Savings Bank was frozen due to increased bad
assets and a capital ratio that fell below the required 8%
minimum ratio, at -3.46% in June 2004. The bank's liabilities
amounted to KRW1 trillion, while its assets amounted to KRW917
billion, in the same period. For the fiscal year ended June 30,
2004, the bank's interest losses after loan loss provision
amounted to KRW46.82 billion, against an income of KRW25.29
billion. The bank incurred a net loss of KRW56.44 billion,
against an income of KRW14.34 billion.
CONTACT:
Hanmaum Mutual Savings Bank
40-5 BooPyung-Dong 3 Ga
Busan, 600-073 South Korea
Phone: (051) 253 9950
LG CARD: May Delinquency Ratio Drops
------------------------------------
Credit card issuer LG Card Co. Ltd. said on June 17, 2005 that
its delinquency ratio fell from 10.9% in April to 10.2 % in May,
reports Reuters News.
The credit card firm's delinquency ratio dropped due to a
decrease in its credit card bills. Creditors are expecting that
the firm would garner a KRW1 trillion profit by the end of the
year.
LG Card posted a huge net loss of KRW5.6 trillion in 2003, but
avoided bankruptcy due to a KRW5 trillion bailout package by
creditors last year. The troubled credit card firm was able to
reduce its losses to KRW81.6 billion in 2004, and garnered net
profit of KRW326 billion in the last quarter. For the first
quarter of 2005, the Company recorded a net profit of KRW292
billion.
LG Card's creditors are seeking to sell the Company for at least
KRW4.5 trillion before March 2006.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
===============
M A L A Y S I A
===============
AYER HITAM: Bourse to Suspend Securities Next Month
---------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that pursuant
to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company failed to issue a requisite
announcement on its proposed restructuring scheme, which was due
on April 28, 2005.
As a consequence, the Company's securities will be suspended on
Friday, July 1, 2005, 9:00 a.m, until further notice.
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920
BUKIT KATIL: Delays Announcement of Regularization Plan
-------------------------------------------------------
Bukit Katil Resources Berhad announced that on May 13, 2005, the
Company had filed an application to extend the release of a
requisite announcement on its plan to regularize its financial
condition.
The Company further announces that the Bursa Malaysia Securities
Berhad had, via a letter dated June 23, 2005 approved the
Company's application to extend the release of a requisite
announcement until July 15, 2005.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
CYGAL BERHAD: SC Approves Proposed Rights Issuance
--------------------------------------------------
Cygal Berhad announced that in relation to the Company's
proposed restructuring scheme, the Securities Commission (SC)
approved the following:
(i) renounceable rights issue of up to 40,952,574 new ordinary
shares of MYR1.00 each in a new Company (Newco), together with
up to 40,952,574 new warrants for free, at an issue price of
MYR1.00 per Rights Share on the basis of 8 Rights Shares with 8
free warrants for every 7 Newco shares held after the proposed
share exchange; and
(ii) extension of time up to Dec. 31, 2005 for the Company to
implement the Proposals.
The SC's approval is subject to the following conditions:
(i) Cygal/Newco must make detailed disclosures in its circular
to shareholders and prospectus on the following:
(a) The source of funding for the subscription by Cygal
Holdings Sdn Bhd (CHSB) under the Revised Proposed Rights Issue;
and
(b) Whether CHSB has sufficient resources, in relation to
paragraph (i)(a) above, for it to fulfill its obligations
pursuant to its undertaking to subscribe to the Rights Shares
under the Revised Proposed Rights Issue; and
(ii) CIMB/Cygal must fully comply with the other conditions
stipulated in the SC's letter dated Dec. 11, 2002.
For further details on the Company's proposed rights issue, go
to:
http://bankrupt.com/misc/tcrap_cygalberhad062405.doc
CONTACT:
Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Malaysia
Phone: 03-7983 9099
Fax: 03-7981 7629
KUB MALAYSIA: Aims to Return to Profit in 2006
----------------------------------------------
KUB Malaysia Berhad hopes to return to profit next year, and is
expected to break even this year, Business Times reports.
According to the Company's chief executive officer Izham Yusoff,
KUB Malaysia reduced its net loss from MYR29.62 million to
MYR18.05 million for the financial year ended Dec. 31, 2004.
The Company is looking to improve its education and training,
energy, food & beverages and information & communications
technology (ICT) divisions for better performance. It is also
planning to increase revenue from its tertiary education and e-
learning divisions.
Mr. Yusoff added that they are planning to buy a 23% stake in
Avenue Capital Resources Berhad, so as to optimize its
investments. The Company's current chairman, Datuk Hassan Harun
is also set to retire, and the Company will hold a board meeting
in the next two weeks to announce a replacement.
CONTACT:
KUB Malaysia Berhad
Level 20, KUB.Com
Jalan Yap Kwan Seng
50450 Kuala Lumpur
Malaysia
Email: WebAdmin@kub.com
Web site: http://www/kub.com.my
KYM HOLDINGS: Posts Net Loss in Fourth Quarter
----------------------------------------------
KYM Holdings Berhad released its unaudited quarterly report for
the financial period ended Jan. 31, 2005. The Company has been
suffering losses since Jan. 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
01/31/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
19,167 16,964 78,853 67,465
2 Profit/(loss) before tax
-1,193 -46,309 -6,035 -53,931
3 Profit/(loss) after tax and minority interest
-530 -45,324 -6,217 -53,325
4 Net profit/(loss) for the period
-530 -45,324 -6,217 -53,325
5 Basic earnings/(loss) per shares (sen)
-0.65 -107.05 -7.66 -125.95
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.1400 0.2200
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_kymholdings1062405.xls
http://bankrupt.com/misc/tcrap_kymholdings2062405.doc
CONTACT:
KYM Holdings Berhad
122 Lorong Medan Tuanku 1
50300 Kuala Lumpur
Malaysia
Phone: 603-2922923
Fax: 603-2928382
E-mail: carmen@kymhb.po.my
MALAYAN UNITED: Net Loss Balloons
---------------------------------
Malayan United Industries Berhad released its unaudited
quarterly report for the financial period ended March 31, 2005.
The Company has been suffering losses since 2002.
SUMMARY OF KEY FINANCIAL INFORMATION
03/31/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
318,922 344,635 318,922 344,635
2 Profit/(loss) before tax
-33,074 -5,973 -33,074 -5,973
3 Profit/(loss) after tax and minority interest
-31,901 1,592 -31,901 1,592
4 Net profit/(loss) for the period
-31,901 1,592 -31,901 1,592
5 Basic earnings/(loss) per shares (sen)
-1.64 0.08 -1.64 0.08
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.6564 0.2912
To view a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_malayanunited1062405.xls
http://bankrupt.com/misc/tcrap_malayanunited2062405.pdf
CONTACT:
Malayan United Industries Berhad
14th Floor, MUI Plaza
Jalan P. Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: 3 214 8256
Fax: 3 214 4520
Web site: http://mui-global.com.my
MALAYAN UNITED: Sells Off Older British Hotels
----------------------------------------------
Malayan United Industries Berhad will sell eight hotels in
Britain to Swallow Hotels, Ltd. for MYR227.3 million, The Star
reports.
According to a Company spokesman, the hotels were being sold as
they did not fit with its Corus hotel brand. The sale is also
part of the Company's rationalization program, and proceeds from
the sale would go to paying some of its debts.
The Company will continue its core hotel business. But a Company
spokesman said the hotels must fit the Corus brand, as well be
of a suitable size, in a suitable location. The Company sold off
its older hotels, built between the 1400s and the 1980s.
According to MUI, the total acquisition cost of the hotels was
MYR187.4 million, but since then, their net book value has been
pegged at MYR233.3 million. Therefore, the proposed disposal
would result in a MYR6 million loss.
OMRON TECHNICAL: Parent Starts Dissolution Process
--------------------------------------------------
Japanese automation firm Omron Corporation decided to dissolve
affiliate Omron Technical Service Malaysia Sdn Berhad, reports
JCN.
When Omron Corporation terminated its overseas point-of-sales
(POS) business, it created Omron Technical Service Malaysia
Berhad in order to fulfill its obligations to supply POS
terminal maintenance parts to its Asian customers. Since Omron
Corporation has fulfilled all its obligations, there is no need
for the Company to exist.
Company profile
Trading Name OMRON TECHNICAL SERVCE MALAYSIA SDN. BHD
Location Petaling Jaya, Malaysia
Representative Mr. Hiroshi Tomie
Date of
Establishment July 23, 2002
Capital MYR3 million( approximately JPY98.7 million)
Shareholders 100% owned by Omron Corporation
Description of
Business Maintenance and supply of parts for Omron's
retail system products (POS, ECR)
The Company's dissolution begins this month, and is expected be
completely liquidated by December 2006. It is not expected to
have a significant impact on Omron Corporation's financial
results for the fiscal year ended March 2006.
CONTACT:
Omron Technical Services Malaysia Sdn Berhad
Suite 9.01, 9th Floor
PJ Tower, Amcorp Trade Center
18 Persiaran Barat
46050 Petaling Jaya
Selangor, Malaysia
Phone: 603 7594 3119
Fax: 603 7594 1559
E-mail: yap@osm.po.my
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Reorg Starts with Marketing Division
----------------------------------------------------------
The restructuring of loss-making ABS-CBN Broadcasting
Corporation would likely begin with the dissolution of its
marketing and sales division, relates The Philippine Daily
Inquirer.
The embattled media network is expected to abolish its
Integrated Marketing and Sales Division, with the different
broadcast units like Channel 2, UHF stations, cable channels,
and radio again having their own marketing and sales staff
directly reporting and accountable to their mother units.
The Integrated Marketing and Sales Division was created by
senior vice president Nicanor Gabunada Jr., who introduced the
cross-platform and integrated advertising strategy only in 2002.
With the supposed collapse of his division, it is not clear what
fate awaits Mr. Gabunada.
ABS-CBN has been suffering from plunging revenues and ratings
this year after the earnings spike in 2002 and 2003. The network
has booked this year its shocking, first-time loss.
New president Luis Alejandro is will soon announce more details
of the network-wide reorganization and early retirement program.
CONTACT:
ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone: 2 924 4101
Fax: 2 921 5888
Web site: http://www.abs-cbnnews.com/
DIGITAL TELECOMMUNICATIONS: In Line Purchase Standoff with Gov't
----------------------------------------------------------------
Digital Telecommunications (Digitel) will be unable to secure
from the government over 60,000 telephones in Luzon if it fails
to pay around Php2.2 billion in rental for using the lines since
1993, BusinessWorld says.
The government also said it will only sell the lines to Digitel
if the telco agrees to buy all facilities and equipment
connected to the lines, including public calling offices in the
countryside.
The government insists that Digitel first pay line rental
arrears totaling Php2.2 billion, buy lines currently leased
worth Php2.19 billion, and then acquire facilities connected to
the lines worth another Php1.4 billion.
In August last year, Digitel told the Department of
Transportation and Communication (DOTC) that it was only going
to pay around Php2.4 billion for the telephone lines currently
leased, inclusive of paid rentals.
But the DOTC considered Digitels' offer as unacceptable, since
the facilities are part and parcel of an entire communication
network with one backbone. Rejection of some facilities will
result in additional costs for the government because of the
need to continuously operate and maintain the same.
The telephone line business was reportedly key to Digitel's
performance last year, when it profited Php7.3 million.
Meanwhile, Digitel vice-president William S. Pamintuan said his
Company would pursue the long-standing negotiations with the
government to purchase the telephone lines the state had
installed all over Luzon.
CONTACT:
Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/
NATIONAL TRANSMISSION: Assets Sale Draws Power Co-ops
-----------------------------------------------------
The National Transmission Corp. (Transco) is looking to clinch
20 more sales contracts this year with electric cooperatives
interested in acquiring the Company's sub-transmission assets
and top the first semester sales of Php764 million, according to
The Philippine Star.
Transco president and chief executive officer Alan Ortiz
confirmed around 50 interested parties have signified their
interest on the assets but the state-owned firm expects to close
only 10 to 20 deals within the year.
Transco recently made its biggest sale of sub-transmission
assets worth Php257.54 million to the South Cotabato II Electric
Cooperative (Socoteco II).
As of June 21 this year, Transco has firmed up the provisional
sale of 15 sub-transmission assets worth a total Php763.36
million.
The buyers were Angeles Electric Cooperative, Cabanatuan
Electric Cooperative, Subic Bay Metropolitan Authority, San
Fernando Electric Light and Power Co., Tarlac 2 Electric
Cooperative Inc., Aklan Electric Cooperative Inc., Bohol 1
Electric Cooperative Inc., Capiz Electric Cooperative Inc.,
Negros Occidental Electric Cooperative Inc., Visayan Electric
Co. Inc., North Cotabato Electric Cooperative Inc., Davao Light
and Power Inc., South Cotabato I Electric Cooperative Inc.,
Sultan Kudarat Electric Cooperative Inc. and South Cotabato 2
Electric Cooperative Inc.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
NATIONAL TRANSMISSION: ERC's Failure Delays Revenues from Sales
---------------------------------------------------------------
Revenues from the sale of the National Transmission
Corporation's (Transco) subtransmission assets has yet to come
due to the regulator's failure to approve any of the 15 lease
purchase contracts signed by Transco, Today News reports.
The Energy Regulatory Commission's (ERC) approval of the
contracts is essential for Transco to turn over its assets to
its buyers and collect the payments due.
50 private distribution utilities and electric cooperatives have
already approached TRANSCO and expressed interest to acquire
subtransmission assets located within their respective franchise
areas.
"Amid these interests, what we hope will happen is that the ERC
will approve the contracts we have submitted for their
approval," Transco president Alan Ortiz said.
"We've raised almost a billion and yet nothing has been
approved."
"But, I think the ERC must have just been busy completing the
many requirements of other stakeholders in the power industry,"
he admitted.
Meanwhile, the Development Bank of the Philippines has opened a
lending window of up to Php50 billion, which private
distribution and electric cooperatives could tap for the
acquisition of subtransmission assets.
PACIFIC PLANS: SEC Says Rehab May No Longer Be Necessary
--------------------------------------------------------
The corporate regulator said Pacific Plans Inc. may no longer
need rehabilitation once the Court decided to re-incorporate
Lifetime Plans Inc. under its wing, The Philippine Daily
Inquirer reports.
The Makati Regional Trial Court on June 9 directed Pacific Plans
to submit financial documents of Lifetime with Pacific Plans.
The court's June 9 order laid the foundation for the Securities
and Exchange Commission (SEC) to eventually dismiss Pacific
Plans' petition for rehabilitation, because Lifetime's assets,
if Lifetime is folded back into Pacific Plans, may be enough to
cover Pacific Plans' liabilities.
In a supplemental comment, the SEC told the court that since
Lifetime no longer exists, the assets of Lifetime now pertain to
Pacific Plans.
Before the Company could submit the financial reports to the
court, Pacific Plans said it would have to wait for the SEC to
decide on Lifetime's motion to reconsider its order revoking
Lifetime's certificate of incorporation for failing to comply
with requirements to establish itself as a corporation.
Lifetime, which sells fixed-value educational plans, says it has
more than 400,000 plan holders.
Pacific Plans says it has 34,000 plan holders. About 16,000 of
these have filed educational claims for school year 2005-2006.
It has asked the Makati court to allow it to suspend payments
and go through rehabilitation, after it claimed it had run out
of cash.
CONTACT:
Pacific Plans Inc.
Web site: http://www.pacificplans.com/
PRICESMART INCORPORATED: May Sales Surge 15.8%
----------------------------------------------
PriceSmart, Inc. (NASDAQ: PSMT) on June 10 announced that for
the month of May 2005, net sales increased 15.8% to US$56.0
million from US$48.4 million in May a year earlier. For the nine
months ended May 31, 2005, net sales increased 11.0% to US$497.8
million from US$448.4 million in the same period last year.
For the five weeks ended June 5, 2005, comparable warehouse
sales for warehouse clubs open at least 12 full months increased
15.5% compared to the same five-week period last year. For the
thirty-nine weeks ended June 5, 2005, comparable warehouse sales
for warehouse clubs open at least 12 full months increased
10.5%.
About PriceSmart
PriceSmart, headquartered in San Diego, owns and operates U.S.-
style membership shopping warehouse clubs in Central America,
the Caribbean, and the Philippines, selling high quality
merchandise at low prices to PriceSmart members. PriceSmart now
operates 26 warehouse clubs in 12 countries and one U.S.
territory (four each in Panama and the Philippines; three in
Costa Rica; two each in Dominican Republic, El Salvador,
Guatemala, Honduras, and Trinidad; and one each in Aruba,
Barbados, Jamaica, Nicaragua and the United States Virgin
Islands).
CONTACT:
Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com
* Fitch Says Philippine Scandal Won't Hurt Ratings
--------------------------------------------------
Fitch Ratings said Thursday it is comfortable with the recent
adjustment of its Philippine country outlook to stable from
negative despite the political controversy over allegations that
President Gloria Macapagal Arroyo cheated in last year's general
election, Dow Jones Newswires.
Fitch's senior director and head of Asian sovereign ratings
James McCormack said the rating agency's recent outlook revision
was based on improvements in the Philippines' fiscal policy. The
only way the rating will be affected is if the fiscal reform is
affected.
Mr. McCormack said he doesn't believe the political controversy
will result in a deterioration of the country's fiscal
situation.
Opposition and left-wing groups have been clamoring for Pres.
Arroyo to state whether she was among those in wiretapped
conversations that allegedly show she conspired with an official
to rig last year's election to ensure a one-million-vote margin.
Fitch revised its outlook for the Philippines' credit rating in
late May, after Pres. Arroyo signed into law changes to the
value-added tax, or VAT, legislation aimed at boosting revenue.
The new law will do away with most exemptions to the tax
starting July. In January 2006, the VAT rate will be raised to
12% from 10%, while the corporate income tax rate will rise to
35% from 32% until 2008. Corporate income tax will be reduced to
30% in 2009.
Fitch estimated in a June report the tax law will raise
additional revenue of Php80 billion.
Mr. McCormack said though global interest rates are rising, the
Philippines has met most of its borrowing requirements for this
year and shouldn't be overly affected by the high cost of credit
internationally.
Looking to possible credit risks, McCormack said Fitch will be
on the lookout for the "outside chance" that the new tax law
will be delayed by recent political developments.
=================
S I N G A P O R E
=================
CHINA AVIATION (S): To Establish Committee for PwC Report
---------------------------------------------------------
A special committee will be set up to look into a
PricewaterhouseCoopers (PwC) report on China Aviation Oil
(Singapore) Corp. Ltd. (CAO), relates Channel NewsAsia. The
special committee would be comprised of representatives from
China and Singapore.
PwC was commissioned by the Singapore Stock Exchange (SGX) to
conduct a probe on the causes of CAO's massive losses. CAO
shocked the market last year by revealing some US$550 million in
losses from betting on the future price of oil.
Five top CAO officials have been charged ranging from dishonesty
to insider trading. The court allowed three directors to travel
freely until July 12 upon furnishing an itinerary. They were
also ordered to report to the Commercial Affairs Department once
they are back. On the other hand, the two remaining officials
were each given three weeks to prepare for their case.
"We are prepared to set up a special committee to study the
report. Then we will give our comments. We want to
comprehensively analyze the Company's risk management strategies
and management structure. This is to prepare ourselves
internally for the restructuring operations." Channel NewsAsia
quoted CAO Chairman Jia Changbin as saying.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65) 6334 8979
Fax: (65) 6333 5283
Web site: http://www.caosco.com/
MERIDIAN PETROLEUM: Proofs of Claim Due July 18
-----------------------------------------------
Notice is hereby given that the creditors of Meridian Petroleum
& Bunkering Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before July 18,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.
If so required by notice in writing by the said Liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 17th day of June 2005.
Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
MICRO-NET TECHNOLOGY: Creditors Meeting Slated for June 30
----------------------------------------------------------
Notice is hereby given pursuant to section 296 of the Companies
Act (Cap. 50), that a meeting of creditors of Micro-Net
Technology Pte Ltd will be held at 47 Hill Street, #05-01
Chinese Chamber of Commerce & Industry Building, Singapore
179365 on June 30, 2005 at 12:00 p.m. for the following
purposes:
(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company.
(2) To confirm the appointment of Messrs Kon Yin Tong and Wong
Kian Kok of Foo Kon Tan Grant Thornton, 47 Hill Street, #05-01
Chinese Chamber of Commerce & Industry Building, Singapore
179365 as joint and several Liquidators of the Company.
(3) To authorize the appointed Liquidators to open bank accounts
with a bank for the orderly winding up of the Company and the
authorized signatories of such bank accounts be appointed by the
Liquidators.
(4) To consider and if thought fit, appoint a Committee of
Inspection for the purpose of winding up the Company.
(5) Any other business.
Dated this 15th June 2005
Helen Koh Siew Lai
Director
Note:
(1) Proxies to be used at the meeting must be lodged with the
Company at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 not less than 24 hours
before the time appointed for the holding of the Meeting.
(2) Please note that this notice is sent to you without
prejudice to the Company's right to review the nature and
quantum of the debt, if any, owed by the Company to you.
PACIFIC MECHANICAL: Court to Hear Winding Up Petition July 1
------------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Pacific Mechanical & Electrical Engineering Pte Ltd by the High
Court was on May 12, 2005 presented by Hor Kew Pte Ltd (RC No.
197900864C) (known as the Petitioner), a creditor of the
abovenamed Company.
The said Petition is directed to be heard before the Court
sitting at 10:00 a.m. on 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 by his counsel for that
purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the copy of the
Petition by the undersigned on payment of the regulated charge
for the same.
The Petitioner's address is 66 Sungei Kadut Street 1, Singapore
729367.
The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of No. 5 Shenton Way, Level 29, UIC Building, Singapore 068808.
Messrs Tan Kok Quan Partnership
Solicitors for the Petitioner
Note:
Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Tan Kok Quan 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 said Petition).
SMRT CORPORATION: To Convene 6th AGM July 14
--------------------------------------------
Notice is hereby given that the Sixth Annual General Meeting of
SMRT Corporation will be held at Raffies City Convention Centre,
Collyer Room, Level 4, 2 Stamford Road, Singapore 178882, on
Thursday, July 14, 2005 at 2:30 p.m. to transact the following
business:
AS ORDINARY BUSINESS:
(1) To receive and adopt the Directors' Report and Audited
Financial Statements for the financial year ended March 31, 2005
together with the Auditors' Report thereon.
(2) To declare a Final Dividend of 5.0 cents per share, less
income tax at 20 per cent, for the financial year ended March
31, 2005.
(3) To approve the sum of $398,800 as Director's Fees for the
financial year ended March 31, 2005 (FY 2004: $317,000).
(4) (a) To re-elect Ms Engelin Teh Guek Ngor who is retiring in
accordance with Article 94 of the Company's Articles of
Association.
(b) To note the retirement of the following Directors who are
retiring in accordance with Article 94 of the Company's Articles
of Association:
(i) Mr. Cheah Kean Huat; and
(ii) Mr. Victor Loh Kwok Hoong
(5) To re-appoint Messrs KPMG as Auditors of the Company and to
authorize the Directors to fix their remuneration.
AS SPECIAL BUSINESS:
(6) To consider, and if thought fit, to pass, with or without
modifications, the following resolutions as Ordinary
Resolutions:
(6.1) That authority be and is hereby given to the Directors to:
(a) (i) issue shares in the capital of the Company (shares)
whether by way of rights, bonus or otherwise; and/or
(ii) Make or grant offers, agreements or options (collectively,
Instruments) that might or would require shares to be issued,
including but not limited to the creation and issue of (as well
as adjustments to) warrants, debentures or other instruments
convertible into shares, at any time and upon such terms and
conditions and for such purposes and to such persons as the
Directors may in their absolute discretion deem fit; and
(b) (Notwithstanding the authority conferred by this Resolution
may have ceased to be in force) issue shares in pursuance of any
Instrument made or granted by the Directors while this
Resolution was in force, provided that:
(1) The aggregate number of shares to be issued pursuant to this
Resolution (including shares to be issued in pursuance of
Instruments made or granted pursuant to this Resolution) does
not exceed 50 per cent of the issued share capital of the
Company (as calculated in accordance with sub-paragraph (2)
below), of which the aggregate number of shares to be issued
other than on a pro rata basis to shareholders of the Company
(including shares to be issued in pursuance of Instruments made
or granted pursuant to this Resolution) does not exceed 20 per
cent of the issued share capital of the Company (as calculated
in accordance with subparagraph (2) below);
(2) (Subject to such manner of calculation as may be prescribed
by the Singapore Exchange Securities Trading Limited (SGX-ST))
for the purpose of determining the aggregate number of shares
that may be issued under sub-paragraph (1) above, the percentage
of issued share capital shall be based on the issued share
capital of the Company at the time of the passing of this
Resolution, after adjusting for:
(i) New shares arising from the conversion or exercise of any
convertible securities or share options or vesting of share
awards which are outstanding or subsisting at the time of the
passing of this Resolution; and
(ii) Any subsequent consolidation or subdivision of shares;
(3) In exercising the authority conferred by this Resolution,
the Company shall comply with the provisions of the Listing
Manual of the SGX-ST for the time being in force (unless such
compliance has been waived by the SGX-ST) and the Articles of
Association for the time being of the Company; and
(4) (Unless revoked or varied by the Company in General Meeting)
the authority conferred by this Resolution shall continue in
force until the conclusion of the next Annual General Meeting of
the Company or the date by which the next Annual General Meeting
of the Company is required by law to be held, whichever is the
earlier.
(6.2) That authority be and is hereby given to the Directors to:
(a) Offer and grant options in accordance with the provisions of
the SMRT Corporation Employee Share Option Plan (SMRT ESOP)
and/or grant awards in accordance with the provisions of the
SMRT Corporation Restricted Share Plan (SMRT RSP) and/or the
SMRT Corporation Performance Share Plan (SMRT PSP) (the SMRT
ESOP, SMRT RSP and SMRT PSP, together the Share Plans); and
(b) Allot and issue from time to time such number of ordinary
shares of SG$0.10 each in the capital of the Company as may be
required to be issued pursuant to the exercise of the options
under the SMRT ESOP and/or such number of fully paid ordinary
shares as may be required to be issued pursuant to the vesting
of awards under the SMRT RSP and/or SMRT PSP, provided always
that the aggregate number of ordinary shares to be issued
pursuant to the Share Plans shall not exceed 15 per cent of the
issued share capital of the Company from time to time.
(7) To consider, and if thought fit, to pass with or without
modifications, the following resolution as an Ordinary
Resolution:
"That for the purpose of Chapter 9 of the Listing Manual of the
SGX-ST (Chapter 9):
(a) Approval be and is hereby given for the renewal of the
mandate for the Company, its subsidiaries and associated
companies that are entities at risk (as that term is used in
Chapter 9), or any of them, to enter into any of the
transactions falling within the types of interested person
transactions, particulars of which are set out in Appendix B to
the Letter to Shareholders dated June 24, 2005, provided that
such transactions are made on normal commercial terms and in
accordance with the review procedures for such interested person
transactions;
(b) The approval given in paragraph (a) above (the General
Mandate) shall, unless revoked or varied by the Company in
General Meeting, continue in force until the conclusion of the
next Annual General Meeting of the Company; and
(c) The Directors of the Company be and are hereby authorized to
complete and do all such acts and things (including executing
all such documents as may be required) as they may consider
expedient or necessary or in the interests of the Company to
give effect to the General Mandate and/or this Resolution."
To view a full copy of the notice, click
http://bankrupt.com/misc/SMRTcorp062405.pdf
CONTACT:
SMRT Corporation Ltd
251 North Bridge Road
Singapore 179102
Telephone: 65 63311000
Fax: 65 63340247
Web site: http://www.smrtcorp.com
UNITED FIBER: Clarifies Straits Times Article
---------------------------------------------
United Fiber System Limited (UFS) issued to the Singapore Stock
Exchange (SGX) a clarification to the article in The Straits
Times dated June 24, 2005, Money, Page H31. Headline: STI at 5
and one half-year high, set ablaze by oil plays. Written by Goh
Eng Yeow.
In the said article, a stock broking director was quoted as
saying that interest costs could easily run up to US$50 million
a year for the US$1 billion pulp mill project loan, which is
almost equivalent to UFS' total revenue of S$92.4 million last
year.
The Company would like to state that the development cost of the
proposed pulp mill is US$863 million.
The proposed pulp mill will be built by way of turnkey contract
(Contract) by China National Machinery & Equipment Import &
Export Corporation (CMEC) for a consideration of up to US$863
million. Under the Contract, CMEC is responsible for financing
80% of the development costs of the proposed pulp mill which is
equivalent to US$690.4 million (the Loan). Hence the Loan for
this project is up to US$690.4 million and not US$1 billion.
The subsidiary operating the proposed pulp mill under the pulp
division, PT Marga Buana Bumi Mulia (PT MBBM) is required to pay
CMEC an interest of 6% p.a. for the Loan. PT MBBM will not be
required to make any repayment (whether principal or interest)
on the Loan within the first 36 months of the construction of
the proposed pulp mill.
Thereafter, PT MBBM shall be required to make repayments (on
principal and interest) every 6 months after commencement of
commercial production. The pulp mill has an annual capacity of
600,000 air-dry tones and the average market trend pulp price is
US$520 per tonne.
CONTACT:
United Fiber System Limited
(formerly: Poh Lian Holdings Limited)
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Telephone: 65 62846006
Fax: 65 62840074
Web site: http://www.ufs.com.sg
WANT WANT: Chinese Unit Placed in Liquidation
---------------------------------------------
The Board of Directors of Want Want Holdings Ltd issued to the
Singapore Stock Exchange (SGX) the following announcement:
Liquidation Of Fuzhou Family-Want Catering Co. Ltd
Fuzhou Family-Want Catering Co. Ltd (FFWC), a wholly owned
subsidiary of the Company incorporated in Fuzhou City, People's
Republic of China, has been liquidated.
Total losses of FFWC were approximately US$47,000.
The above transactions are not expected to have any material
impact on the net tangible assets or earnings per share of the
Company for the financial year ending December 31, 2005. None of
the Directors or substantial shareholders of the Company has any
interest, direct or indirect, in the aforesaid transactions.
Submitted by
Adams Lin Feng I
Group Vice President and Director
23 June 2005
CONTACT:
Want Want Holdings Ltd
400 Orchard Road #17-05
Orchard Towers
Singapore 238875
Telephone: 65 62251588
Fax: 65 62211588
Web site: http://www.want-want.com
WINBILL INVESTMENT: Sole Member Opts to Wind Up Company
-------------------------------------------------------
The Board of Directors of Wing Tai Holdings Limited advised the
Singapore Stock Exchange (SGX) that the sole member of Winbill
Investment Pte Ltd (Winbill) has resolved that Winbill be wound
up voluntarily pursuant to Section 290(1)(b) of the Companies
Act, Cap 50. Ms Lai Yoke Kwai has been appointed Liquidator of
Winbill.
Winbill is a wholly owned subsidiary of Wing Tai Land Pte. Ltd.,
which in turn is a wholly owned subsidiary of the Company.
By Order of the Board
Gabrielle Tan
Company Secretary
23 June 2005
Singapore
WING TAI: Enters Wind-up Proceedings
------------------------------------
The Board of Directors of Wing Tai Holdings Limited informed the
Singapore Stock Exchange (SGX) that the sole member of Winzest
Investment Pte Ltd (Winzest) has resolved that Winzest be wound
up voluntarily pursuant to Section 290(1)(b) of the Companies
Act, Cap 50. Ms Lai Yoke Kwai has been appointed Liquidator of
Winzest.
Winzest is a wholly owned subsidiary of Wing Tai Land Pte. Ltd.,
which in turn is a wholly owned subsidiary of the Company.
By Order of the Board
Gabrielle Tan
Company Secretary
23 June 2005
Singapore
CONTACT:
Wing Tai Holdings Limited
107 Tampines Road
Singapore 535129
Telephone: 65 62809111
Fax: 65 63838940
Web site: http://www.wingtaiasia.com.sg
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T H A I L A N D
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CHRISTIANI & NIELSEN: Seals THB142,613,880 Contract from PTT
------------------------------------------------------------
Christiani & Nielsen (Thai) Public Company Limited notified the
Stock Exchange of Thailand (SET) that the Company has been
awarded the following construction project:
Name of Project: Gas Pipeline
Owner: PTT Public Company Limited
Contract Value: THB142,613,880 (including VAT)
Commencement Date: May 2, 2005
Construction Period: 365 days
Description of Work: Installation of 9 Km. long, 12 inch
diameter, gas pipeline and ancillary
works along Suksawad Road.
Please be informed accordingly.
Yours sincerely,
Danuch Yontararak
Managing Director
CONTACT:
Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th
RATTANA REAL: Unveils New Audit Committee Line-up
-------------------------------------------------
Rattana Real Estate Public Company Ltd. informed the Stock
Exchange of Thailand (SET) that during its board of directors,
shareholders meeting, a resolution was passed to appoint
Chairman, Member of the Audit Committee. The meeting also
unveiled the scope of performance of the said committee.
Mr. Likit Somnuantad was elected as a new member of the Audit
Committee to replace Mr. Chaipipat Nimwattana who is due to
resign. Therefore on June 15, 2005;
(1) Names of members of the Audit Committee are:
Remaining terms
of holding office
Chairman of the
Audit Committee Mr. Surin Pholyasrisawat 3 year (s)
Member of the
Audit Committee Mr. Supoj Siripornlertkul 3 year (s)
Member of the
Audit Committee Mr. Likit Somnuantad 3 year (s)
Secretary of the
Audit Committee Miss Kwanruen Kanja
(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report the following to the
board of directors:
(1) To review the Company's financial reporting process to
ensure accuracy and adequacy.
(2) To ensure that the Company has suitable and efficient
internal control system and internal audit.
(3) To consider, select, nominate, and recommend remuneration of
the Company's external auditor.
(4) To review the performance of the Company to ensure
compliance with the securities and exchange law, regulations of
Exchange or laws relating to business of external auditor.
(5) To review the disclosure of information of the Company in
case that there is a connected transaction that may lead to
conflict of interest so as to ensure the accurateness and
completeness.
(6) To prepare a report on monitored activities of the audit
committee and disclose it in the annual report of the Company,
and have such report signed by the chairman of the audit
committee, as well as to perform any other act as assigned by
the Board of Directors with approval from the audit committee.
The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.
Mr. Chainid Ngow-sirimanee
Director
Mr. Vitavas Vibhagool
Director
CONTACT:
Rattana Real Estate Public Company Limited
Charn-Issara Tower 2, Fl29, 2922/305-306
New Petchburi Road, Bangkapi, Huai Khwang Bangkok
Telephone: 0-2308-2049, 0-2308-2708-18
Fax: 0-2308-2719-20
T.C.J: Releases Summary of Audited Financial Statement
------------------------------------------------------
T.C.J. Public Company Ltd. issued to the Stock Exchange of
Thailand (SET) a summary of its audited yearly financial
statement.
Audited (In thousands)
Ending 31 December
For year Year
2004 2003
Net profit (loss) 73,680 661,337
EPS (baht) 2.48 26.53
Auditors Opinion:
Unqualified Opinion with an emphasis of matters
Comment:
(1) Please see details in financial statements, auditor's report
and remarks from SET SMART.
"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Miss Srivilai Chatjuthamard
Plan Administrarion
Authorized to sign on behalf of the Company
CONTACT:
T.C.J. Asia Pcl
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok
Telephone: 0-2552-6611, 0-2552-6622
Fax: 0-2552-7185-6
Web site: http://www.tcj.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
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