/raid1/www/Hosts/bankrupt/TCRAP_Public/050629.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
Wednesday, June 29, 2005, Vol. 8, No. 127
Headlines
A U S T R A L I A
AUSTRALIAN GAS: Welcomes PNG Gas Sales
BASZOE ENTERPRISES: Enters Voluntary Wind Up Process
B.&M. BUILDING: Creditors Must Submit Proof of Claims
CALC CORP: To Declare Dividend on July 18
CITY DAY: Members Opt to Wind Up Operations
CMI CONTRACT: To Hold Joint Creditors, Members Meeting July 6
COM-TEC POOL: Creditors, Members to Meet for the Last Time
EMPEROR MINES: Alcaston Acquires Golden Stake
EXODUS COMMUNICATIONS: To Declare Third, Final Dividend
FELTEX CARPETS: Weighs Merger Plans with Godfrey Hirst
FLEET SYSTEMS: Members Decide to Liquidate Firm
F.M. INVESTIGATIONS: Members Voluntarily Wind Up Operations
G.A.P. FORMWORKERS: Court Orders Winding Up
HEYDON PARK: Falls Into Liquidators' Hands
ION LIMITED: Big Clients Retain Ties
JAMES HARDIE: MPs Rush Interim Law for Asbestos Payouts
KELNARRA PTY: Creditors Confirm Liquidator's Appointment
KNIGHTS INSOLVENCY: Quietly Slashing Back Ops
LEAH MANAGEMENT: Posts Agenda of Final Meeting
MAD RON'S: Empty Shell Put Into Liquidation
NORMA SOUVLIS: Names Michael J.M. Smith Official Liquidator
PETER BYRNE: Members Decide on Winding Up
PITKIN CARRYING: To Hold Final Meeting on July 5
QUALARO PTY: To Receive Final Wind Up Report
RMG LIMITED: Ousted Founder Buys Back Business
RT1 PTY: Set to Hear Liquidator's Report
SHARPES ASPHALT: Members to Convene Meeting July 11
SONS OF GWALIA: U.S. Tycoon Finds Tantalum Biz Attractive
SPECTRA CONSULTING: Members Pass Wind-Up Resolution
STT TRAINING: Liquidator to Explain Winding Up to Members
C H I N A & H O N G K O N G
CHINA CONSTRUCTION: Launches Emergency System to Avoid Loss
CYBERM INTERNATIONAL: FY05 Net Loss Shrinks to HK$2.4 Mln
CYBERM INTERNATIONAL: Appoints New Executive Director
ETERNITY & SON'S: Prepares to Exit Bankruptcy
GOLDEN CRYSTAL: Receives Winding Up Order
GUANGZHOU SOUTEC: Debt Prompts Closure of Mobile Phone Maker
INDUSTRIAL AND COMMERCIAL: ICBC Mulls CNY100-Bln Bond Offer
INDUSTRIAL AND COMMERCIAL: Posts 17.4% Jump in 2004 Profits
GEEWING COMPANY: Enters Winding Up Proceedings
HO HO KWONG: Goes Into Bankruptcy
HUAXIA SECURITIES: Brokerage Firm Gets CNY6-Bln Aid
JILIN CHEMICAL: Unveils June 27 Board Meeting Results
KWOK SHUN: Enters Winding Up Proceedings
MOULIN GLOBAL: Seeking White Knight to Save Ops
OCEAN JET: Schedules Winding Up Hearing August 10
PROSPERITY INTERNATIONAL: Incurs FY05 HK$34.9 Mln Net Loss
SHUN KING: Completes Bankruptcy Proceedings
TAI KA: To Exit Bankruptcy on October 17
TOPOWER MARBLE: Winding Up Hearing Set July 6
* S&P Says Chinese Insurers Face High Risk
I N D O N E S I A
EXCELCOMINDO PRATAMA: Local Currency Rating Gets Upgrade
KIANI KERTAS: AGO Set to Grill Owner Over Scam
PERTAMINA: Receives IDR9.3-Trillion Fuel Subsidy
SEMEN GRESIK: Appoints New President Director
TELEKOMUNIKASI INDONESIA: Names New Director, Sets Dividend
J A P A N
KANEBO LIMITED: Files Suit Against Ex-officials
MATSUSHITA ELECTRIC: Sets Up PDP Production Line in Taiwan
MITSUBISHI MOTORS: Enters Alliance with BIG4
MITSUBISHI FUSO: Hires Ex-Nissan Executive to Oversee Quality
NIPPON BROADCASTING: Faces Delisting on July 28
TOSHIBA CORPORATION: To Strengthen Ties With Microsoft
K O R E A
CITIBANK KOREA: Moody's Raises Financial Strength Rating to D
DAEWOO SHIPBUILDING: To Build Largest Dockyard in Oman
HYNIX SEMICONDUCTOR: U.S. Wins Appeal Against South Korea
M A L A Y S I A
ANCOM BERHAD: Unveils Salient Terms of Warrants
ASIAN PAC: SC Approves Proposed RCSLS Extension
CEPATWAWASAN GROUP: Issues Update on Civil Suit
CHG INDUSTRIES: Default in Payment Status Unchanged
EMICO HOLDINGS: Resolutions Get Shareholders Nod
FOUNTAIN VIEW: AGM Passes Resolutions Set Out in Notice
HABIB CORPORATION: SC OKs Various Proposals
HARVEST COURT: Carries Out Resolutions at AGM
HONG LEONG: SC Grants U.S. Dollar Debt Issue
INTAN UTILITIES: To Acquire Shares in Berjaya Sports
K.P. KENINGAU: Payment Default Reaches RMB39,901,342.28
LANKHORST BERHAD: Bourse Slaps Company with RMB151,000 Fine
LEBAR DAUN: SC Rejects Appeal on Transfer to Main Board
LION CORPORATION: Unveils Transaction Involving Shares
LION INDUSTRIES: Details Dealings of Principal Officer
PAN MALAYSIA: All Resolutions Passed During AGM
P H I L I P P I N E S
ABS-CBN BROADCASTING: To Dismiss News Staffers to Pare Losses
MAKATI MEDICAL: Calls In Money Doctor
MANILA ELECTRIC: January-May Sales Down 0.2% Year-on-year
NATIONAL BANK: Invites Investors to Pre-qualify and Bid
NATIONAL BANK: Shares Soar on Lucio Tan Bid
NATIONAL TRANSMISSION: Warns of More Power Shortages in Cebu
PRYCE GASES: Mulls Transport LPG Fuel Venture
RFM CORPORATION: Reverses Net Losses on Lower Costs
S I N G A P O R E
ACCORD CUSTOMER: Granted Extension to Release Financial Records
GREATRONIC LIMITED: Withdraws Petition for Judicial Management
IPS-ORU ASIA: Served Winding Up Petition By Italian Firm
LANDIS & GYR: Issues Dividend Notice
NEPTUNE ORIENT: Posts 4-Week Operating Performance Results
OCEANIC FATS: To Hold Creditors Meeting July 8
RSH LIMITED: Incorporates Thai Subsidiary
STARTECH ELECTRONICS: Director Resigns
STEAG ELECTRONIC: Enters Voluntary Liquidation
3P ACCESS: Court to Hear Winding Up Petition on July 1
T H A I L A N D
PACIFIC ASSETS: Bourse Seeks Clarification to N-Park Transaction
RS PROMOTION: Unveils Board's Resolutions on Disposal of Shares
SINO-THAI: To Purchase APEX Assets to Strengthen Business
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN GAS: Welcomes PNG Gas Sales
--------------------------------------
Australian Gas Light Co. and consortium partner Petronas
Australia Pty. Ltd. Tuesday welcomed news Alcan Inc. (AL) has
clinched a conditional deal with the Papua New Guinea Gas
Project for its Northern Territory-based Gove alumina project,
reports Dow Jones Newswires.
The consortium, APC, continues to progress existing Front End
Engineering and Design, or FEED, program activities for the
Australian component of the Papua New Guinea to Queensland
natural gas pipeline.
AGL disclosed that APC will work with the PNG Gas Project
participants to meet the requirements for a lateral extension of
the pipeline to the Northern Territory to supply Gove as a
result of the new agreement.
The PNG Gas Project, which is 54.2-percent owned by Oil Search
Ltd. (OSH.AU) and 39.4-percent owned by U.S.-based Exxon Mobil
Corp. (XOM) said earlier it has a conditional agreement to sell
43.5 petajoules of gas a year for 20 years to Alcan's Gove
project in Australia's Northern Territory.
Petronas Australia is a unit of Malaysia's Petroliam Nasional
Bhd.
CONTACT:
Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/
BASZOE ENTERPRISES: Enters Voluntary Wind Up Process
----------------------------------------------------
At a General Meeting of Baszoe Enterprises Pty Ltd held on May
23, 2005 at 81 Tusmore Avenue, Tusmore, in the State of South
Australia, the following Special Resolution was duly passed:
That the Company be wound up voluntarily, and that Richard James
Wishart, Chartered Accountant of Level 3, 27 Leigh Street,
Adelaide be appointed Liquidator.
For the purpose of such winding up, and after the satisfaction
of all creditors' claims, costs of winding up and Liquidator's
fees, to sanction the distribution of the assets of the Company,
by the Liquidator, in specie as between the members and further,
that such values and specific modes of distribution to be all as
determined by the Liquidator whose decision shall be final and
binding.
Dated this 23rd day of May 2005
John J. B. Cooper
Director
Richard James Wishart
Liquidator
Chartered Accountant
Level 3, 27 Leigh Street
Adelaide, Australia
B.&M. BUILDING: Creditors Must Submit Proof of Claims
-----------------------------------------------------
B.&M. Building & Carpentry Pty ltd will declare a first and
final dividend on July 5, 2005.
Creditors whose debt or claims have not already been admitted
are required on or before June 30, 2005 to prove their debts or
claims. If they do not, they will be excluded from the benefit
of the dividend.
Dated this 20th day of May 2005
Anthony R. Cant
Liquidator
Romanis Cant
Chartered Accountants
2nd Floor, 106 Hardware Street, Melbourne Vic 3000
CALC CORP: To Declare Dividend on July 18
-----------------------------------------
A first and final dividend is to be declared on 18 July 2005 for
Calc Corp Pty Limited.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 18th day of May 2005
Riad Tayeh
Joint & Several Liquidator
de Vries Tayeh
PO Box 218, Parramatta NSW 2124
CITY DAY: Members Opt to Wind Up Operations
-------------------------------------------
Notice is hereby given that at a general meeting of members of
City Day & Night Security Pty Ltd held on May 12, 2005, it was
resolved that the Company be wound up voluntarily and that
Thomas Javorsky, of Jones Condon Chartered Accountants, Level 3,
189 Kent Street, Sydney, NSW, 2000 be appointed Liquidator for
the purposes of such winding up.
Dated this 18th day of May 2005
THOMAS JAVORSKY
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone (02) 9251 5222
CMI CONTRACT: To Hold Joint Creditors, Members Meeting July 6
-------------------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of CMI Contract Labor Pty Ltd will be held at the
Meeting Room, B.K. Taylor & Co., 9th Floor, 608 St Kilda Road,
Melbourne on Wednesday, July 6, 2005 at 3.00 p.m., for the
purpose of laying before the meeting an account of the
Liquidator's acts and dealings and of the conduct of the winding
up.
Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.K.
Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during
business hours.
Dated this 19th day of May 2005
Barry Keith Taylor
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road, Melbourne Vic 3004
COM-TEC POOL: Creditors, Members to Meet for the Last Time
----------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Com-Tec Pool Services Pty Ltd will be held at 126
George Street, Morwell on July 7, 2005 at 11:00 a.m., to lay
before the meeting the account of the liquidator's acts and
dealings and of the conduct of the winding up.
Dated this 23rd day of May 2005
R. D. M. Smith
Liquidator
126 George Street
Morwell Vic 3840
EMPEROR MINES: Alcaston Acquires Golden Stake
---------------------------------------------
The Board of Directors of Alcaston Mining NL (Alcaston)
announced that final agreements for the acquisition by Alcaston
of Emperor Mines Limited's (Emperor Mines) interest in the
Tuvatu gold project were formally executed on June 24, 2005.
Alcaston announced an agreement with Emperor Mines on February
2, 2005 to purchase Emperor Mines' 100-percent interest in the
Tuvatu gold project, located 24 kilometers north east of Nadi on
the island of Viti Levu in Fiji.
Alcaston is acquiring the Tuvatu gold project by acquiring 100
percent of the issued ordinary shares of Tuvatu Gold Mining
Company Limited (Tuvatu) from Emperor Gold Mining Company
Limited (Emperor) (a wholly owned subsidiary of Emperor Mines)
and the benefit of the inter-Company group loan. Upon
settlement, Alcaston will acquire all of the issued shares of
Tuvatu which holds all of the assets associated with the Tuvatu
gold project including special prospecting licenses 1283 "Bebe"
ans 1296 "Vavuna".
The transaction is structured as follows:
(i) Alcaston will take an assignment of an inter-Company group
loan (as a receivable in its favor) owed by Tuvatu to Emperor of
AU$9.729 million in consideration for payment of this amount by
Alcaston to Emperor.
(ii) Alcaston will pay AU$1 per Tuvatu share to Emperor to
acquire all of the issued ordinary shares in Tuvatu, being 1,000
shares;
(iii) Emperor will subscribe for 6 million shares in Alcaston on
a post consolidation basis at an issue price of 20 cents per
Share; and
(iv) Emperor will pay AU$30,000 for the grant by Tuvatu of a
royalty in respect of gold produced from the Tuvatu gold project
pursuant to a royalty deed.
Alcaston has paid a non-refundable deposit of AU$50,000 which
will be applied towards the acquisition price for Tuvatu. As
Emperor is re-investing AU$1,200,000 in shares in Alcaston, the
net cash consideration payable by Alcaston to Emperor will be
AU$8,500,000 (taking into account the AU$1,000 paid by Alcaston
for the Tuvatu shares and the AU$30,000 paid by Emperor for the
rant of the royalty, as described below).
Settlement of the acquisition is subject to:
(i) Alcaston obtaining shareholder approval for the:
A. 1 for 7 consolidation of its issued ordinary Shares;
B. the issue of shares, on a post consolidation basis, to
raise up to AU$10,000,000 and the issue of 6,000,000
shares, on a post consolidation basis, to Emperor;
(ii) Alcaston raising not less than AU$10 million by way of
equity finance; and
(iii) Alcaston and Emperor obtaining all other necessary
statutory and regulatory approvals required to complete
the acquisition.
The necessary shareholder approvals are being sought at a
general meeting of shareholders on July 7, 2005. In the event
that the necessary approvals are not given by shareholders, the
acquisition will not proceed.
The Fiji Islands Trade and Investment Bureau issued Alcaston
with a Foreign Investment Registration Certificate in respect of
the acquisition of Tuvatu on June 16, 2005.
The two companies have agreed that a gold production royalty
will be payable by Alcaston from the Tuvatu tenements in the
event that gold is produced. As part of the Tuvatu acquisition,
Emperor will pay AU$30,000 for the royalty. This royalty is to
be calculated on the basis of AU$10 per ounce of gold produced
from within the Royalty Area (as defined in the royalty deed),
up to a total of AU$1 million per annum. This obligation will
cease once a total of AU$2 million has been paid by Alcaston. An
additional royalty of 1 percent of the value of the gold
produced is payable for gold produced outside of the Royalty
Area, excluding the first 200,000 ounces of production.
Alcaston and Emperor have also agreed to meet to consider the
appointment of an Emperor Mines director to the Alcaston Board
in the event of a decision to mine in respect of the Tuvatu Gold
Project.
CONTACT:
Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au
EXODUS COMMUNICATIONS: To Declare Third, Final Dividend
-------------------------------------------------------
Exodus Communications Australia Pty Limited will declare a third
and final dividend is to be declared on July 7, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 30th day of May 2005
Brian R. Silva
Liquidator
c/- Ferrier Hodgson
GPO Box 4114, Sydney NSW 2001
Phone: (02) 9286 9999
Fax: (02) 9286 9888
FELTEX CARPETS: Weighs Merger Plans with Godfrey Hirst
------------------------------------------------------
Feltex Carpets Limited has scheduled a meeting with rival
Godfrey Hirst Australia Pty. Ltd. next week to consider a merger
proposal, Dow Jones Newswires reports.
Feltex chairman Tim Suanders confirmed he will meet with Godfrey
Hirst head Kim McKendrick, following the latter's public
statement that it wants to discuss about a merger.
"If Godfrey Hirst has a merger proposal to present to Feltex, we
will approach such a proposal with an open mind and with a
commitment to consider whether such an outcome will create
shareholder value for Feltex shareholders when compared against
alternatives," Mr. Saunders said.
On Tuesday, Godfrey Hirst revealed it has acquires a 5.8 percent
stake in Feltex.
Feltex has been struggling to regain the confidence of its
investors and shareholders, who lost faith in the New Zealand-
based carpet maker after announcing two hefty profit downgrades.
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/
FLEET SYSTEMS: Members Decide to Liquidate Firm
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Fleet Systems Pty Ltd held on May 17, 2005, it was resolved
that the Company be wound up voluntarily and that, George
Georges, Chartered Accountant of Ferrier Hodgson, Level 29, 600
Bourke Street, Melbourne, Vic be nominated to act as Liquidator
for the purpose of the winding up.
Dated this 17th day of May 2005
G. Georges
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street, Melbourne Vic 3000
F.M. INVESTIGATIONS: Members Voluntarily Wind Up Operations
-----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of F.M. Investigations Pty Limited held on May 19,
2005, it was resolved that the Company be wound up voluntarily,
and at a meeting of creditors held on the same day it was
resolved that for such purpose, Peter Paul Krejci of GHK Green
Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 be
appointed Liquidator.
Dated this 23rd day of May 2005
Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street, Sydney NSW 2000
G.A.P. FORMWORKERS: Court Orders Winding Up
-------------------------------------------
On May 17, 2005, the Supreme Court made an Order that G.A.P.
Formworkers Pty Limited be wound up, and appointed Gavin
Thomas to be Official Liquidator for such purpose.
Gavin Thomas
Liquidator
Gavin Thomas & Partners
Level 8, 31 Market Street, Sydney
HEYDON PARK: Falls Into Liquidators' Hands
------------------------------------------
The Federal Court has on June 23, 2005 ordered the liquidation
of agribusiness tax shelter, Heydon Park, reports the Sydney
Morning Herald.
David Lombe and Peter Yates of Deloitte Touche Tohmatsu were
appointed to wind up the insolvent olive and gensing venture
after it went into receivership in December last year.
The liquidators are now seeking for another responsible entity
to restructure and manage the projects.
Mr. Lombe said the two projects, in Albury and Tasmania, had not
been well managed and were producing low yields, and that
investors might be asked to kick in further funds to keep them
going. It appears funds that should have gone to maintain the
two projects went into another related Company, Ausforest Ltd,
which is associated with Heydon Park.
The Australian Securities and Investments Commission is
investigating the circumstances of the funds transfer. Heydon
Park and several related companies were placed into receivership
last December by a secured creditor, who claimed he was owed
AU$6.3 million.
In May last year, ASIC obtained interlocutory orders in the
Federal Court preventing Heydon Park from promoting, accepting
or issuing interests in its investment scheme for the growing
and harvesting of ginseng in Tasmania due to concerns that
product disclosure statements and promotional material issued by
the Company contained misleading and deceptive statements.
The matter returns to the Federal Court on August 19.
ION LIMITED: Big Clients Retain Ties
------------------------------------
The restructuring of Ion Limited's troubled Plympton plant is
reportedly making good progress, and so are negotiations for the
sales of the various businesses, The Age reports.
Administrator Colin Nicol of McGrathNicol said that shareholders
should feel free to write off their shares in their tax returns
if they wanted to, because there was no likelihood of them
getting a distribution.
The Plympton plant is crucial for Ion because it services the
group's longest-lived contract, supplying the Harley-Davidson
motorcycle Company with wheels and other components.
As well as the restructuring of operations, the Company was
making good progress on environmental issues at Plympton, Mr.
Nicol said.
Mr. Nicol made the comments after South Australian Premier Mike
Rann announced in Milwaukee he would visit Harley-Davidson
executives in the U.S. to discuss rescuing almost 700 jobs at
the plant.
Mr. Nicol said he would issue a new creditors' report next week
that would contain an update on the asset sale negotiations.
Since he was appointed, the engine block project in Melbourne
has been cancelled and the Wingfield plant in Adelaide has been
marked for closure at the end of the financial year.
Mr. Nicol and financial adviser Credit Suisse First Boston are
still negotiating deals on Ion's other plants: North Plympton,
the transmission factory in Albury, the New Zealand wheel plant
and the Kentucky wheel plant.
Earlier, Mr. Nicol had hinted that the North Plympton and Albury
plants would take longer to get into saleable condition.
CONTACT:
ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/
JAMES HARDIE: MPs Rush Interim Law for Asbestos Payouts
-------------------------------------------------------
The Carr government on June 21 brought in an emergency
legislation that will guarantee compensation payments for James
Hardie asbestos victims while they battle with the troubled
building products manufacturer over issues including immunity
from civil prosecution for its directors, The Australian
reveals.
The legislation was introduced to save the Medical Research and
Compensation Foundation from possible liquidation, a moved that
was triggered by failure of parties to agree on a proposed
AU$1.7-billion asbestos compensation package.
The MRCF, which handles civil damages claims of Hardie asbestos
victims, is running low on money, and its directors fear they
could be charged with trading while technically insolvent.
The MRCF was the independent trust Hardie set up in 2001 with
AU$293 million to compensate future victims of the asbestos
products it manufactured up until 1987. Hardie subsequently
separated itself from the MRCF and moved to the Netherlands,
refusing to make up a shortfall of what is now estimated at
AU$1.4 billion until it gave in to political and union pressure
and signed a provisional, non-binding agreement in December.
The parties now hope to sign a principal agreement in late July
or early August. But Hardie said the delay would mean it could
not meet its earlier target of presenting a final deal to
shareholders for approval at its annual general meeting in
August, and it would now go to shareholders in late September or
early October.
But above all, the government expects to resolve Hardie's
insistence on immunities from civil prosecution by the
Australian Securities and Investments Commission for its current
and past directors, executives and employees in relation to the
underfunding of the MRCF.
CONTACT:
Investor and Analyst Enquiries:
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Enquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
KELNARRA PTY: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Kelnarra Pty Limited held on May 13, 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 creditors' meeting held later that day confirmed the
appointment.
Dated this 31st day of May 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street, Wollongong NSW 2500
Phone: 02 4225 2545
Fax: 02 4225 2546
KNIGHTS INSOLVENCY: Quietly Slashing Back Ops
---------------------------------------------
Knights Insolvency Administration has reportedly been paring its
operations in the past weeks without advising the market about
the move, according to The Courier Mail.
A liquidator's office at Perth has been closed and forensic
division staff was quietly culled from the failed insolvency
group.
Knights has even filed a legal claim against the Perth office's
former registered liquidator in a dispute understood to relate
to work in progress.
In February, the insolvency firm promoted a forensic division as
performing very well, but by May the division failed to produce
positive cash flow which prompted Knights to flag restructuring
or divesting the operation. The "forensic services" division is
no longer listed on its website and several staff were
retrenched recently.
Knights has struggled after recently writing off millions of
dollars for jobs it has done but from which it probably could
not recoup money, and posting sudden losses. Its accounts are
now under Australian Securities & Investments Commission
investigation.
CONTACT:
Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/
LEAH MANAGEMENT: Posts Agenda of Final Meeting
----------------------------------------------
Notice is given that the final meeting of members and creditors
of Leah Management Services Pty Limited will be held at Level 1,
32 Martin Place, Sydney, NSW, on July 8, 2005 at 10:30 a.m.
AGENDA
(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.
Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.
Dated this 23rd day of May 2005
Adam Shepard
Liquidator
Leah Management Services Pty Limited
MAD RON'S: Empty Shell Put Into Liquidation
-------------------------------------------
Mad Ron's, the Gold Coast mobile phone business founded by the
bankrupt Ron Bakir, was placed the entire business into
liquidation by its creditors, relates the Sydney Morning Herald.
The appointment of liquidators followed news that the entire Mad
Ron's business was sold in a questionable transaction last year,
leaving the group of companies, headed by the BHL Group, with
virtually no assets against creditors' claims of about AU$1.5
million.
Liquidators will investigate whether the sale can be overturned
as an "uncommercial transaction". They are also investigating
whether CRC traded while insolvent.
Mad Ron's is now controlled by Mobile Australia Holdings (MAH)
but the business is effectively controlled by Mr. Bakir.
Mr. Bakir's brother, Azzam Hassan, was a director of BHL's
subsidiaries at the time of the sale, with Sebastian Canzoneri,
a disgraced Melbourne businessman, acting as director of BHL
Group. It is understood that the Australian Securities and
Investments Commission is investigating Mr. Canzoneri.
In 1998, Mr. Canzoneri was convicted of fraud and sentenced to
two years' jail, suspended for 16 months. The sentence is meant
to carry an automatic five-year ban from running a Company. He
became a director of BHL in late 2001 after acquiring the mobile
business from one of Mr. Bakir's companies, which collapsed
months after the sale.
That collapse sent Mr. Bakir bankrupt in 2002. Mr. Bakir was
discharged from bankruptcy in late 2003 after he agreed to pay
AU$30,000 to settle claims of more than AU$500,000. Mr. Bakir
paid off the final installment, believed to be no more than
AU$1000, within the last month.
NORMA SOUVLIS: Names Michael J.M. Smith Official Liquidator
-----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Norma Souvlis Holdings Pty Limited held on May 6, 2005, it
was resolved that the Company be wound up voluntarily and that,
Michael John Morris Smith, Chartered Accountant of Smith
Hancock, Chartered Accountants, Level 4, 88 Phillip Street,
Parramatta NSW 2150 be appointed to act as Liquidator for the
purpose of the winding up.
Dated this 6th day of May 2005
M. J. M. Smith
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street, Parramatta NSW 2150
PETER BYRNE: Members Decide on Winding Up
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Peter Byrne Concepts Pty Limited held on May
18, 2005, it was resolved that the Company be wound up
voluntarily, and at a meeting of creditors held on the same day
pursuant to Section 497, it was resolved that for such purpose,
Messrs Clyde Peter White and Philip Newman of HLB Mann Judd,
Chartered Accountants, Level 1, 160 Queen Street, Melbourne be
appointed joint and several Liquidators.
Dated this 18th day of May 2005
P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street, Melbourne 3000
PITKIN CARRYING: To Hold Final Meeting on July 5
------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Pitkin Carrying Services Pty Limited will be held
at Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 on
July 5, 2005, at 10:00 a.m.
The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.
Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street, Sydney NSW 2000
QUALARO PTY: To Receive Final Wind Up Report
--------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Qualaro Pty Limited will be held at Ngan & Co, Level 5, 49
Market Street, Sydney NSW 2000 on Monday, July 4, 2005 at
10:45 a.m. for the following purposes:
(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 20th day of May 2005
P. Ngan
Liquidator
RMG LIMITED: Ousted Founder Buys Back Business
----------------------------------------------
Businessman Paul Cooney has repurchased RMG Limited, the debt
collection agency he founded and later watched sink into
voluntary administration, according to The Herald Sun.
Mr. Cooney bought back the RMG for an undisclosed sum and
planned to incorporate the business into his latest collection
agency, the unlisted Australian Receivables.
Mr. Cooney, who founded RMG and floated it in 2000 before being
ousted as its chief executive a year later, said he had "mixed
thoughts" about the purchase.
After he left the Company in 2003 Mr., Cooney gradually sold
down his holding, which cost him some AU$15 million.
RMG underwent a series of capital raisings during the past year
which generated AU$16 million. The amount was reportedly used to
reduce borrowing, to buy unpaid debts and pay operating costs,
claiming the business model was flawed.
In February, RMG Chairman Don Bourke told investors that the
Company would turn around. The firm hired joint administrators
Wayne Benton and Rod Slattery of PPB in early April after
incurring AU$21 million in debt.
Some shareholders and convertible note holders are considering a
class action against RMG directors, alleging they were misled.
Mr. Cooney said he has offered employment to some of the 100 RMG
staff who were sacked due to the administration.
CONTACT:
RMG Limited
Level 1, 363 King St
Melbourne
VIC, 3000
Phone: +61 1300 135 284
Fax: +61 3 9326 4616
E-mail: contact@rmg.com.au
Web site: http://www.rmg.com.au/
RT1 PTY: Set to Hear Liquidator's Report
----------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members & creditors of
RT1 Pty Limited will be held at Suite 67, Level 14/88 Pitt
Street, Sydney NSW 2000 on Monday, July 4, 2005 at 11:00 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 Liquidator
Murray Godfrey no later than 4:00 p.m. on Friday, July 1, 2005.
Dated this 17th day of May 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0889
SHARPES ASPHALT: Members to Convene Meeting July 11
---------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Sharpes
Asphalt Pty Ltd will be held at the office of Harmer Services
Pty Limited of 326 West & Berith Streets, Umina, on July 11,
2005, at 4:00 p.m. for the purpose of laying before the meeting
the liquidators' final account and report and giving any
explanation thereof.
Dated this 18th day of May 2005
Darrol Harmer
Liquidator
West & Berith Streets, Umina NSW 2257
SONS OF GWALIA: U.S. Tycoon Finds Tantalum Biz Attractive
---------------------------------------------------------
A privately owned U.S. Company appears set to play a part in the
selling off of assets by collapsed miner Sons of Gwalia Limited,
The West Australian relates.
Marc Bullock, CEO of Somers-Hayes Group, has signified his
interest in acquiring Gwalia's tantalum division. In fact, he
had been in preliminary negotiations with Gwalia since the late
1990s.
Somers is best known for its lithium metals and chemicals
businesses, and also is active in trading of specialty metals.
It may be looking to assume some debt owed to Gwalia creditors
in return for improved access to the Company's lithium
production at Greenbushes in Western Australia.
New Gwalia chief executive Luke Tonkin, who succeeded former
boss John Leevers last month, yesterday confirmed Gwalia had
held numerous discussions with Mr Bullock about lithium
supplies.
However, Mt. Tonkin revealed that most of Gwalia's lithium
production at Greenbushes, where it also mines tantalum, was
already committed to existing clients.
Gwalia's lithium operations are inseparable from its lucrative
tantalum operations, making any split virtually impossible.
Investment bank UBS is weighing up the options to monetise the
combined advanced minerals division valued at over $500 million
to recoup most creditors funds.
A trade sale is under consideration, though many believe a float
in which creditors would swap debt for scrip is the most likely
option.
CONTACT:
Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/
SPECTRA CONSULTING: Members Pass Wind-Up Resolution
----------------------------------------------------
At a general meeting of the members of Spectra Consulting
Services Pty Limited duly convened and held at 103-105
Northbourne Avenue, Turner ACT on May 13, 2005, the special
resolution set out below was duly passed:
That the Company be wound up voluntarily.
Dated this 13th day of May 2005
Mark Edward Edwards
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2611
Phone: (02) 6247 5988
STT TRAINING: Liquidator to Explain Winding Up to Members
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of STT
Training Services Pty Ltd will be held at the offices of Horwath
Sydney, Level 10, 1 Market Street, Sydney NSW on Monday, July 4,
2005, at 11:00 a.m., for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.
Dated this 23rd day of May 2005
G. T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
CHINA CONSTRUCTION: Launches Emergency System to Avoid Loss
-----------------------------------------------------------
After a report that the U.S. Cardsystems information was
attacked by hackers, the China Construction Bank (CCB) Credit
Card Center immediately launched the emergency system,
maintaining close communications with Visa and Mastercard and
requiring those international organizations to offer the list of
cardholders influenced.
On June 20, it received the list of cardholders who once used
the bank's Dragon Debit Card (dual currency) in the United
States. It quickly contacted those customers, offered new cards
for them for free and sent the card to them by EMS, trying to
minimize the impact.
For those customers the bank failed to find currently, it has
locked their cards and continues to contact them. Some customers
who are finally found say that they are abroad and still using
the Dragon Card. The bank pays close attention to this part of
customers' cards through transaction monitoring and maintains
close contact with them. Up to now no customer of CCB is found
suffering any loss. The bank will continue to pay a close eye on
the event and follow it up.
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
This is a press release.
CYBERM INTERNATIONAL: FY05 Net Loss Shrinks to HK$2.4 Mln
---------------------------------------------------------
CyberM International (Holdings) Limited disclosed its financial
results ended March 31, 2005.
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
Audited Audited
Current Last
Period Corresponding
Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000) ('000)
Turnover : 24,160 14,674
Profit/(Loss) from Operations : (2,142) (9,689)
Finance cost : (272) (263)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : (2,414) (9,729)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 2 : (0.010) (0.039)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : (2,414) (9,729)
Final Dividend : 0 0
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
CyberM International (Holdings) Limited
Name: Lau Chiu Pui
Title: Chairman
Remarks:
1. Basis of preparation
The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standards issued by the Hong Kong Institute of
Certified Public Accountants (HKICPA) and the disclosure
requirements of the Hong Kong Companies Ordinance and the GEM
listing rules. They have been prepared under the historical
cost convention except that an investment property is stated at
fair value.
2. Loss per share
The calculation of the basic loss per share is based on the
Group's loss attributable to shareholders for the year of
HK$2,414,000 (2004: HK$9,729,000) and on the weighted average
number of 250,060,000 (2004: 250,060,000) ordinary shares in
issue during the periods.
No diluted profit per share is presented, as the outstanding
share options were anti-dilutive.
CONTACT:
Cyberm International (Holdings) Limited
2007-9, China Resources Building
26 harbour Road, Wanchai, Hong Kong
Phone: 27458113
Fax: 27424903
Web site: http://www.cyberm.com.hk
CYBERM INTERNATIONAL: Appoints New Executive Director
-----------------------------------------------------
The Board of Directors of Cyberm International (Holdings)
Limited hereby announce that Mr. Lai Cho Wai (Mr. Lai) has been
appointed as an executive director of the Company with effect
from June 22.
The Company's board of directors refers to the Company's
announcement dated April 20, 2005, whereby the Company announced
that it is proposing to enter into the Macau gaming business.
In order to ensure that management has experience in this field,
the Company has agreed to appoint Mr. Lai as an executive
director of the Company.
Mr. Lai, aged 36. Mr. Lai is the executive manager of the JADE
VIP Lounge in the Jai Alai Casino in Macau since 1996. Mr Lai is
also the Director of Macau Street E-Tech & Advertising Limited
and the Director of Rock & Roll Amusement Development
Incorporation Limited since 2000. He has vast experience in the
gaming industry, in particular, in relation to the management of
VIP lounges in casinos, formulating policies of VIP lounges and
analysing monthly business statements of VIP lounges.
Mr. Lai does not have any relationships with any directors,
senior management, management shareholders or substantial or
controlling shareholders of the Company for the purpose of the
Rules Governing the Listing of Securities on the Growth
Enterprise Market of The Stock Exchange of Hong Kong Limited. He
has no interests in the shares of the Company within the meaning
of Part XV of the Securities and Futures Ordinance. Mr. Lai did
not hold any directorship in any listed Company in the past
three years before the date of appointment as an executive
director. The Board is not aware of any other matters relating
to the appointment of
Mr. Lai that need to be brought to the attention of the
shareholders of the Company.
There is no service contract between the Company and Mr. Lai. He
is entitled to an annual salary of HK$240,000 as an executive
director of the Company which is based on that Directors'
experience, responsibility, workload and time devoted to the
Company and its subsidiaries. Mr. Lai is subject to retirement
by rotation and re-election pursuant to the byelaws of the
Company.
By Order of the Board
CyberM International (Holdings) Limited
Lau Chiu Pui
Chairman
Hong Kong, 22nd June, 2005
ETERNITY & SON'S: Prepares to Exit Bankruptcy
---------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Tse Kwok Hing trading
as Eternity & Son's Industrial Co. (the bankrupt), will be
discharged from bankruptcy on October 17, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro
GOLDEN CRYSTAL: Receives Winding Up Order
-----------------------------------------
Golden Crystal Development Limited, whose place of business is
located at 5 Suffolk Road, Kowloon Tong, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on June
13, 2005.
Date of Presentation: April 7, 2005
Dated this 24th day of June 2005
ET O'Connell
Official Receiver
GUANGZHOU SOUTEC: Debt Prompts Closure of Mobile Phone Maker
------------------------------------------------------------
A local court has ordered the closure of mobile handset maker
Guangzhou Soutec (Group) Technology Co. Ltd. because of
financial difficulties and massive debts, China Daily reports.
According to Mr. Wang Baosen, General Manager of Soutec's
Marketing and Sales Centre, the crisis concerns debts worth some
CNY20 million (US$2.4 million).
The report said the municipal government is examining Soutec's
debts, and is considering reorganizing the firm.
Soutec (Group) Technology Co., Ltd., established in May 1999,
specializes in R&D, manufacturing, and marketing of mobile
communication terminals and relevant telecommunication products.
CONTACT:
Guangzhou Soutec (Group) Co. Ltd.
No. 3,Caipin Rd.
Guangzhou Science Park
Tian He District
Guangzhou, 510663
China
Phone: 862082332059
Fax: 862082340208
Web site: http://www.soutec.com
INDUSTRIAL AND COMMERCIAL: ICBC Mulls CNY100-Bln Bond Offer
-----------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) plans to
issue CNY100 billion subordinated bonds before the end of this
year in a move to strengthen its financial position ahead of an
initial public offering, the China Daily said.
The bank is currently seeking regulatory approval for the bond
issuance following the smaller-than-expected US$15 billion
capital injection by the government in April.
Ms. May Meizhi Yan, Vice-president and Senior Analyst at Moody's
Investors, said that the bank would need a minimum of US$51
billion to meet China Banking Regulatory Commission (CBRC)
requirements.
Ms. Yan noted although the US$15 billion capital injection for
the ICBC was smaller than expected, the bank is receiving
government funding through other channels such as bad loan
subsidies.
The ICBC had CNY5.7 trillion (US$690 billion) in total assets at
the end of January.
CONTACT:
Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com
INDUSTRIAL AND COMMERCIAL: Posts 17.4% Jump in 2004 Profits
-----------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) announced
that its business profits totaled CNY74.6 billion (US$9 billion)
in 2004, up 17.4 percent over the previous year, Xinhuanet
relates.
The bank's non-performing asset ratio also fell to 14.32 percent
at the end of last year, the bank said in its annual report.
Industrial and Commercial Bank of China (Asia) Limited's
principal activities are the provision of commercial banking,
retail banking, treasury and markets, corporate banking and
investment banking. Commercial and retail banking includes
retail banking, commercial lending and trade finance. Treasury
and markets include foreign exchange, money market and capital
market. Corporate and investment banking includes corporate
banking, provision of debt capital market and corporate finance
and advisory services.
The Group's operations are carried out in Hong Kong. Corporate
and investment banking accounted for 42% of 2002 gross revenues;
commercial and retail banking, 31% and treasury and markets,
27%.
GEEWING COMPANY: Enters Winding Up Proceedings
----------------------------------------------
Geewing Company Limited, whose place of business is located at
Ground Floor, 138 Wanchai 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
10, 2005.
Date of Presentation: July 13, 2000.
Dated this 24th day of June 2005
ET O'Connell
Official Receiver
HO HO KWONG: Goes Into Bankruptcy
---------------------------------
Notice is hereby given that a Bankruptcy Order against Ho Ho
Kwong formerly trading as A Step Ahead Cleaning Engineering Co.
was made on June 15, 2005.
All debts due to the estates should be paid to its official
receiver.
Dated this 24th day of June 2005.
ET O'CONNELL
Official Receiver
HUAXIA SECURITIES: Brokerage Firm Gets CNY6-Bln Aid
---------------------------------------------------
China Central Huijin Investment Co. and China Cinda Asset
Management Corporation will jointly infuse CNY6 billion into
Huaxia Securities Co. Ltd in a bid to keep the Company afloat,
the Economic Observer reports.
Central Huijin Investment, the agency charged with overseeing
the restructuring of China's big state-owned banks, will inject
CNY4 billion with management corporation Cinda adding two
billion, the report said.
The loss-making securities house, also known as China
Securities, was set up in 1992 by the Industrial and Commercial
Bank of China, and then hived off in 1995 when the government
ordered banks to get rid of their securities operations.
JILIN CHEMICAL: Unveils June 27 Board Meeting Results
-----------------------------------------------------
The board of directors (the Board) of Jilin Chemical Industrial
Company Limited held a meeting on June 27, 2005 by way of
written resolutions. The meeting was convened and held in
compliance with the relevant requirements of the Company Law of
the People's Republic of China and the articles of association
of the Company.
The following resignations were received and noted by the Board:
1. The resignation of Mr. Xu Fengli as a non-executive director
of the Company and deputy chairman of the Board with effect from
the close of the extraordinary general meeting ("EGM") of the
Company to be held on 12 August, 2005.
Mr. Xu wished to resign due to other work commitment.
2. The resignation of Mr. Lan Yunsheng as a non-executive
director of the Company with effect from the close of the EGM.
Mr. Lan wished to resign due to other work commitment.
3. The resignation of Mr. Shi Jianxun as an executive director
of the Company with effect from the close of the EGM and his
resignation as the general manager of the Company with immediate
effect from the close of the Board meeting.
Mr. Shi wished to resign due to his retirement.
The following resolutions were considered and passed:
1. The nominations of Ms. Yang Dongyan, Mr. Xiang Ze and Mr. Li
Chongjie as candidates for the directors to be elected by the
shareholders of the Company at the EGM were approved.
2. The notice to convene the EGM was approved to be delivered to
the shareholders of the Company.
3. The appointment of Mr. Zhang Xingfu as a deputy general
manager of the Company was approved.
Mr. Zhang Xingfu is currently also a director of the Company.
The supervisory committee (the Supervisory Committee) of the
Company held a meeting on 27 June, 2005 by way of written
resolutions. The meeting was convened and held in compliance
with the relevant requirements of the Company Law of the
People's Republic of China and the articles of association of
the Company.
The resignations of Mr. Yang Jigang, Mr. Yan Weidong and Mr.
Wang Huaiqing, as the supervisors of the Company were received
and noted by the Supervisory Committee.
The resolutions to nominate Mr. Wang Jianrong and Mr. Xue Feng
as the candidates for the supervisors to be elected by the
shareholders of the Company at the EGM were considered and
approved.
By Order of the Board
Zhang Liyan
Company Secretary
Jilin, PRC
27 June 2005
CONTACT:
Jilin Chemical Industrial Company Limited
21/F, Entertainment Building
30 Queen's Road, Central
Hong Kong
Phone: 86-432-3903651
Fax: 86-432-3028126
Web site: http://www.jcic.com.cn
KWOK SHUN: Enters Winding Up Proceedings
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kwok Shun Communication (HK) Investment Limited by the High
Court of Hong Kong Special Administrative Region was on June 10,
2005 presented to the said Court by Bank of China (Hong Kong)
Limited (the successor banking corporation to Kincheng
Banking Corporation pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on August 10, 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.
CHU & LAU
Solicitors for the Petitioner
2nd Floor, The Chinese General
Chamber of Commerce Building
No. 24-25 Connaught Road
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of August 9, 2005.
MOULIN GLOBAL: Seeking White Knight to Save Ops
-----------------------------------------------
Moulin Global Eyecare was seeing a number of investors, but no
white knight has yet emerged to acquire the entire Company, The
Standard reports.
Italy's Luxottica Group, the world's biggest eyewear maker, were
among foreign rivals interested in acquiring parts of Moulin
while Cheung Chung-kiu, Chairman of Yugang International and YT
Realty, plans to offer HK$200 million to buy the Company's
manufacturing operations.
A total of 29 banks, led by HSBC, filed a winding-up petition
last week after Moulin disclosed more accounting irregularities
and the pending insolvency of its German subsidiary, NiGuRa
Optik.
Moulin's debts total HK$5.33 billion, most of which is related
to its acquisition of a 56 percent stake in Eye Care Centers of
America, the second-largest U.S. retail optical chain.
CONTACT:
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
OCEAN JET: Schedules Winding Up Hearing August 10
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ocean Jet Development Limited by the High Court of Hong Kong
Special Administrative Region was on June 10, 2005 presented to
the said Court by Hong Kong Win Mode Industries Limited whose
registered office is situate at Unit 1412, 14th Floor, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on August 10, 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.
Yung, Yu, Yuen & Co.
Solicitors for the Petitioner
11th Floor, Wing Lung Bank Building
45 Des Voeux Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of August 9, 2005.
PROSPERITY INTERNATIONAL: Incurs FY05 HK$34.9 Mln Net Loss
----------------------------------------------------------
Prosperity International Holdings (H.K.) Limited disclosed its
financial results for the fiscal year ended March 31, 2005.
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Qualified
Audited Audited
Current Last
Period Corresponding
Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000) ('000)
Turnover : 59,808 66,499
Profit/(Loss) from Operations : (34,565) (28,571)
Finance cost : (3,501) (3,692)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : (34,954) (29,333)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0562) (0.0553)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (34,954) (29,333)
Final Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
Prosperity International Holdings (H.K.) Limited
Name: Kong Siu Keung
Title: Company Secretary
Remarks:
1. Basis of preparation
These financial statements have been prepared in accordance with
the HKFRSs (which also include Statements of Standard Accounting
Practice and Interpretations) issued by the HKICPA, accounting
principles generally accepted in Hong Kong and the disclosure
requirements of the Hong Kong Companies Ordinance. They have
been prepared under the historical cost convention, except for
the periodic remeasurement of certain fixed assets.
2. Turnover
Turnover represents the net invoiced value of goods sold, after
allowances for returns and trade discounts.
3. Loss per share
The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$34,954,000 (2004: HK$29,333,000) and the weighted
average of 622,021,858 (2004: 530,360,655) ordinary shares in
issue during the year.
Diluted loss per share amount for the year ended March 31, 2005
has not been disclosed because the share options outstanding
during the year had an anti-dilutive effect on the basic loss
per share for the year.
Diluted loss per share amount for the year ended March 31, 2004
has not been disclosed because no diluting event existed during
the prior year.
CONTACT:
Prosperity International Holdings (HK) Limited
10th Floor Prosperity Industrial Building
89 Wai Yip Street, Kwun Tong
Kowloon, Hong Kong
Phone: 27592618
Fax: 27564884
SHUN KING: Completes Bankruptcy Proceedings
-------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Chan Shui Ming trading
as Shun King Printing (the bankrupt), will be discharged from
bankruptcy on October 31, 2005, in the absence of any objections
from their trustee in bankruptcy or creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro
TAI KA: To Exit Bankruptcy on October 17
----------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Chan Yung Fan trading
as Tai Ka International Trading Company (the bankrupt), will be
discharged from bankruptcy on October 17, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro
TOPOWER MARBLE: Winding Up Hearing Set July 6
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Topower Marble Works Company Limited by the High Court of Hong
Kong was on May 4, 2005 presented to the said Court by Sze Ka
Heung of Flat 21, 14/F., Block B, 432 Des Voeux Road West, Hong
Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on July 6, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
(THOMAS E KWONG)
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of July 5, 2005.
* S&P Says Chinese Insurers Face High Risk
------------------------------------------
Standard and Poor's announced that Chinese insurers need to
improve operational management to avoid high risks, Xinhua News
reports.
The rating agency also said that China's insurance market is
facing severe competition in terms of pricing, reserve funds
ratios, professional training and operational management.
The report said that Chinese insurers have made progress in the
past few years, but the sector is still plagued by
uncertainties, especially in portfolio structure and market
risks. A lack of detailed insurance laws also pose a risk to the
sustainable growth of the sector.
=================
I N D O N E S I A
=================
EXCELCOMINDO PRATAMA: Local Currency Rating Gets Upgrade
--------------------------------------------------------
Moody's Investors Service has upgraded the local currency
corporate family rating (previously called senior implied
rating) of PT Excelcomindo Pratama (XL) to Ba3 from B2. At the
same time, Moody's has upgraded the foreign currency bond rating
of Excelcomindo Finance Company BV (a wholly-owned subsidiary of
XL) to B1 from B2. The ratings outlook is stable. This concludes
the review for possible upgrade commenced on April 22, 2005.
The rating upgrade reflects Moody's view that XL's operational
and management profile will undergo enhancement with the
presence of a larger and financially stronger shareholder,
Telekom Malaysia T. Currently, TM owns 27.3% and exercises
majority management control. Moody's understands that TM further
plans to move to a majority shareholding by Oct. 31, 2005 and
has obtained shareholder approval to raise its stake up to 80%.
The rating upgrade has also factored in the likelihood of
financial support from TM to XL. Moody's notes that Malaysia has
capital control for providing funding to overseas investment,
however it draws comfort that Khazanah, Malaysian government
investment arm and major shareholder of TM, has given approval
for TM's investment in XL. Moody's therefore considers that any
further approval for potential funding support from TM to XL is
likely.
TM's investment in XL represents its largest international
business and is in line with its strategy of acquiring mobile
assets in lowly penetrated markets, such as Indonesia. For TM,
Indonesia is also a priority market which helps ensuring its
long-term commitment to XL's development. In Moody's opinion,
TM's position as the market leader in Malaysia combined with its
extensive experience as a regional investor affords XL benefits
in terms of operations and a conservative management style.
Moreover, XL, by leveraging its relationship with TM, is likely
to benefit from and develop synergies, based on network and
infrastructure sharing for voice and data traffic between
Indonesia and Malaysia as well as better procurement terms and
product bundling. Such achievements should further enhance its
competitive strengths and operating efficiencies.
XL's Ba3 rating also reflects its established network and market
position as Indonesia's third-largest cellular operator as well
as continued solid growth in the country's under-penetrated
(14%) cellular market.
On the other hand, XL's rating reflects the Company's ongoing
challenge as the market's smaller cellular player (13% share),
competing with Telkomsel (Ba2, under review for possible
upgrade) and Indosat (Ba2/stable). Both these companies command
larger market power and better financial resources.
Moody's went on to say that XL's challenge is to successfully
execute a business plan in a growing market and where operating
margins could come under pressure if competition intensifies. In
addition, its plan is associated with a huge capex requirement
for the next 2-3 years, leading to negative free cash flow, and
which needs to be funded by additional debt.
XL's credit metrics, as a result of its higher debt, are likely
to weaken with Gross debt (defined to include vendor financing)-
to EBITDA in the range of 4-5x -- but a level still appropriate
for its rating level -- from 2.7x as at FY2004. In addition,
Moody's notes that the Company's refinancing risk will rise in
2008 and 2009, when its IDR1.25 trillion and IDR3.4 trillion in
bonds become due. Moodsy's expects XL, under the leadership of
TM, to conservatively manage this risk going forward.
In addition, the Ba3 rating factors in XL's exposure to
political, economic and social issues in Indonesia, coupled with
the challenges it faces in managing its foreign currency
obligations with cash flow primarily denominated in IDR.
The B1 foreign currency bond rating incorporates all the above
factors and adds convertibility risk, which is the likelihood
that the government will declare a debt moratorium to counter a
foreign currency crisis. As such, XL's foreign currency rating
is a function of a) its own risk of default (as indicated by its
local currency rating of Ba3), b) the probability of an
Indonesian government default on its foreign debt (implied by
its B2 rating) and c) the likelihood that the government would
declare a moratorium given a default and, if it did, the chances
that it would exempt a Company such as XL.
Positive rating pressure could evolve over time if XL improves
operating margins and cash flow, reduces Gross debt-to EBITDA to
below 3x on a sustainable basis, and lowers its refinancing and
FX risks. On the other hand, the rating would come under
negative pressure if margins deteriorate and operating cash flow
fails to grow, such that EBITDA margins drop below 45% and Gross
debt-to-EBITDA exceeds 5x. Furthermore, a reduction of TM's
ownership level in XL would be negative for the rating.
PT Excelcomindo Pratama, based in Jakarta, Indonesia, provides
cellular servicesnationwide. It commanded a market share of 13%
at December 2004 with 3.8 million subscribers. Current
shareholders include PT Telekomindo Primabhakti, a wholly owned
subsidiary under the Rajawali group (60%), Indocel Holding Sdn
Bhd (27.3%), a wholly owned subsidiary under TM International
(L) Limited, and AIF (Indonesia) Ltd (12.7%).
CONTACT:
PT Excelcomindo Pratama
Jl. Mega Kuningan Lot. E4-7 No. 1
Kawasan Mega Kuningan
Jakarta 12950, Indonesia
Phone: +62-21-579 59818 (from PSTN) or 818 (free of charge from
XL card)
Fax: +62-21-579 59808
Email: customerservice@xl.co.id
Web site: http://www.xl.co.id
KIANI KERTAS: AGO Set to Grill Owner Over Scam
----------------------------------------------
The Attorney General's Office (AGO) is set to question retired
general Prabowo Subianto as owner of troubled pulp and paper
firm PT Kiani Kertas, in relation with a lending scam at state-
owned Bank Mandiri, the Jakarta Post reports.
According to investing team chief Arnold Angkouw, General
Subianto will be questioned about a loan that the paper firm
obtained from Bank Mandiri, which became a bad debt, but he did
not say when the general would be questioned.
Bank Mandiri extended loans amounting to IDR1.95 trillion to Pt
Kiani Kertas, and approved a restructuring agreement which would
extend the Company's settlement of its IDR474.3 billion debt to
the bank (due in 2007) for another three years, at 6.5% annual
interest.
The Company is set to be sold off to JP Morgan Chase & Co. for
IDR1.93 billion.
CONTACT:
PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax: +62(21)8379-3215
Web site: http://www.kiani.com
PERTAMINA: Receives IDR9.3-Trillion Fuel Subsidy
------------------------------------------------
The Indonesian government paid another fuel subsidy worth IDR9.3
trillion to state-owned oil and gas firm PT Pertamina, reports
Reuters News.
According to the Finance Ministry, the payment was made "to
cover a fuel subsidy reimbursement" worth IDR8.7 trillion for
May, and a IDR617.9 billion subsidy that the government owed to
Pertamina since 2003, but no other details were given out.
The payment was made to the oil firm's accounts in several bank,
including Bank Mandiri and Bank Negara Indonesia.
Indonesia has paid IDR9.3 trillion ($963.5 million) to the state
oil Company, Pertamina, to cover a fuel subsidy reimbursement,
the Finance Ministry said.
The subsidies would increase the Company's cash flow, which
would enable it to import more oil from other countries in order
to cope with the current fuel shortage in Indonesia.
Company marketing director Arie Soemarno said that Pertamina
expects to import 10.1 million barrels of crude oil and 11.4
million barrels of oil products next month.
The Indonesian government has been injecting fresh funds into
the oil & gas firm, but this serves as a temporary solution to a
long-standing problem. The government has increased its oil
price assumption from USD24 to USD45 per barrel, and has assumed
an oil subsidy worth IDR76.5 trillion in order to keep oil
prices low.
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
SEMEN GRESIK: Appoints New President Director
---------------------------------------------
Shareholders of cement maker PT Semen Gresik chose the president
director of one of the Company's subsidiaries to be their new
president director, Dow reports.
Mr. Dwi Sutjipto, current president director of Semen Gresik
unit PT Semen Padang, will replace president Satriyo.
Three new directors were also appointed, along with industry
ministry secretary general Agus Tjahyana as president
commissioner of the Company.
The shareholders also appointed three other new directors and
named Agus Tjahyana, currently the secretary general at the
industry ministry, as president commissioner of Semen Gresik.
The appointments are in line with a recent increase in local
demand for cement products, spurred by economic growth that has
encouraged consumer spending.
Analysts are hoping that the new management will be able to
resolve a years-long dispute between the government and Mexican
Cemex SA de CV over ownership of Semen Gresik. The Company is
51% owned by the government, 25.5% owned by Cemex SA, while the
remaining stake is owned by the public.
CONTACT:
PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
TELEKOMUNIKASI INDONESIA: Names New Director, Sets Dividend
-----------------------------------------------------------
Shareholders of state-owned telecommunications firm PT
Telekomunikasi Indonesia Tbk (Telkom) approved a government
proposal to appoint banker Arwin Rasyid as its new president
director.
Mr. Rasyid, who was vice president director of PT Bank Negara
Indonesia, will replace Telkom's current president director
Kristiono.
They also approved a total dividend payment of IDR152.014 per
share last June 24, 2005, according to Telkom corporate
communications official Sri Rezeki. This would give a 3.06%
yield, based on Telkom's closing share price of IDR4,975 as of
June 24.
PT Telekomunikasi Indonesia owns more than 50% of the state's
mobile communications market.
CONTACT:
P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/
=========
J A P A N
=========
KANEBO LIMITED: Files Suit Against Ex-officials
-----------------------------------------------
Kanebo Limited has filed a JPY1-billion lawsuit against former
President Takashi Hoashi and former Vice President Takashi
Miyahara in damages for managerial decisions that caused huge
losses to the Company, Kyodo News reports.
The suit is over assistance Kanebo provided to Koyo Senshoku
Co., a Kanebo subsidiary that sold blankets, when it was obvious
there was no chance of turning the unit around.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MATSUSHITA ELECTRIC: Sets Up PDP Production Line in Taiwan
----------------------------------------------------------
Matsushita Electric Industrial Co. Ltd. has decided to build a
PDP (plasma display panel) TV production line in Taiwan before
February 2006, reports the Economic Daily News.
Panasonic Taiwan said it has no knowledge of such news but did
not deny the possibility of such a plan happening in the near
future, the report said.
Market sources stated the new PDP line will satisfy demand for
the Taiwan market only, as currently all Panasonic PDP TVs sold
in Taiwan are imported from Japan, while its LCD TVs are made in
Taiwan.
CONTACT:
Matsushita Electric Industrial Co. Ltd. (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351
MITSUBISHI MOTORS: Enters Alliance with BIG4
--------------------------------------------
BIG4 Holiday Parks has signed a two-year partnership with
Mitsubishi Motors Australia. This strategic partnership will
provide significant benefits to both BIG4 Club Members and
Mitsubishi Motors customers.
Under this joint agreement Mitsubishi Motors will become the
exclusive vehicle provider for BIG4 offering great promotions
and discounts, while in turn, BIG4 will become Mitsubishi's
preferred caravan and camping industry partner. BIG4 Holiday
Park Club Members will be able to take advantage of discounted
rates on the full range of Mitsubishi Motor vehicles, in
particular the Pajero 4WD.
Now offering the best way for holidaymakers to experience
adventure travel within Australia, BIG4 and Mitsubishi Motors
are the perfect combination. BIG4 Holiday Parks' Chief Executive
Officer, Terry Goodall, says the lure of the open road, the
prospect of adventure and a great holiday experience is what
holidaymakers are looking for, however, they also like to know
they can still enjoy the comforts of home while on holiday.
"The range of locations and variety of accommodation on offer at
BIG4 Holiday Parks have made them firm favorites with
holidaymakers of all ages, and now with the offer of a
Mitsubishi 4WD to enjoy the journey, why not travel in comfort
both on and off the road," Mr. Goodall says.
With over 165 Holiday Parks around Australia, BIG4 have both
powered sites and fully- contained cabins in every state and
territory, while Mitsubishi's most popular 4WD - the Pajero - is
known as the King of OFF-ROAD.
BIG4 and Mitsubishi Motors members and customers should start
looking out for ongoing joint promotional activities on both
BIG4 and Mitsubishi Motors websites and member newsletters.
CONTACT:
Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au
This is a press release.
MITSUBISHI FUSO: Hires Ex-Nissan Executive to Oversee Quality
-------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation has hired a former
employee at Nissan Motor Co. to improve its product quality,
Bloomberg News reports.
Mr. Naoya Hasegawa was named as Senior Vice President in charge
of quality management at Fuso. Mr. Hasegawa joined Nissan in
1967 and worked to assure quality of the Company's vehicles.
Fuso's shareholders also approved the appointment of Mr. Harald
Boelstler as President and Chief Executive.
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
NIPPON BROADCASTING: Faces Delisting on July 28
-----------------------------------------------
The Tokyo Stock Exchange will delist Nippon Broadcasting System
Inc. from its Second Section on July 28, according to Kyodo
News.
The Company's stock can be traded in the liquidation post
between Tuesday and July 27, the bourse said.
The Group's principal activity is the broadcasting of AM radio,
the Group is also engaged in the production of audio/ visual
software, broadcasting of TV programs and publishing of
periodicals and books. Other activity includes the sale of
merchandise and daily necessities, advertising and studio
management services.
CONTACT:
Contact Information
Nippon Broadcasting System, Incorporated
4-8 Daiba 2-Chome
Minato-Ku 137-8686, Tokyo 137-8686
JAPAN
Phone: +81 3 5500 1234
Fax: +81 3 5500 3902
TOSHIBA CORPORATION: To Strengthen Ties With Microsoft
------------------------------------------------------
Microsoft Corp. and Toshiba Corporation announced on June 27 a
significant expansion of the companies' global relationship to
enhance the development and delivery of innovative digital
consumer electronics products and personal computers by sharing
each other's respective hardware and software technologies. The
expanded collaboration is designed to accelerate the
availability of new devices for the benefit of customers, while
demonstrating mutual respect for each Company's intellectual
property rights.
"Microsoft values our strong relationship with Toshiba, a
Company we admire for its long-standing commitment to
innovation," said Bill Gates, chairman and chief software
architect of Microsoft. "This agreement demonstrates our desire
to share our innovations with other companies in ways that
promote the spread of new ideas - and benefit customers by
accelerating the development of exciting new products."
The two companies have agreed to investigate development of HD
DVD players using Microsoft Windows CE technology, by bringing
together Microsoft's expertise in software and PC technologies
with Toshiba's expertise in consumer electronics and computing.
The companies also plan to strengthen their collaboration on
iHD, the DVD Forum's latest interactivity format.
As leaders in the PC industry, Microsoft and Toshiba promote
joint ongoing projects in an effort to deliver breakthrough
mobile PCs and expand the mobile market, showcasing integration
of the key software features of the Windows operating system
with the cutting-edge hardware technologies from Toshiba. The
companies have been working closely to promote Windows XP-based
Tablet PCs and Media Center PCs on a worldwide basis, offering
customer's new PC work styles and benefits. Microsoft and
Toshiba also expect to develop and deliver compelling mobile PCs
with the next version of the Windows operating system, code-
named "Longhorn."
In April 2005 the companies signed a cross-licensing agreement
to promote the exchange of innovations developed by each
Company. The licensing agreement covers developments in computer
and digital consumer electronics areas. Microsoft and Toshiba
both have traditions of investing heavily in research and
development, a fact reflected in the depth of their respective
patent portfolios and diverse products.
"We are very excited to take our long-standing partnership with
Microsoft to the next level. Our companies have worked together
since Toshiba launched the world's first laptop PC back in 1985,
and we enjoy a relationship rooted in mutual respect and
understanding," said Atsutoshi Nishida, president and CEO of
Toshiba. "We look forward to extending the scope of our
relations to encompass HD DVD, a major driver of the next-
generation consumer electronics."
Microsoft and Toshiba will continue to introduce new
breakthrough innovations that will bring about new scenarios for
years to come.
About Toshiba
Toshiba Corporation is a leader in the development and
manufacture of consumer products, information and communication
systems, electronic devices and components, power systems, and
social infrastructure systems. The Company's ability to
integrate wide-ranging capabilities, from hardware to software
and services, assure its position as an innovator in diverse
fields and many businesses. Toshiba has 165,000 employees
worldwide and annual sales of over US$54 billion. Visit
Toshiba's Web site at http://www.toshiba.co.jp/index.htm.
About Microsoft
Founded in 1975, Microsoft (Nasdaq MSFT) is the worldwide leader
in software, services and solutions that help people and
businesses realize their full potential.
Microsoft and Windows are either registered trademarks or
trademarks of Microsoft Corp. in the United States and/or other
countries.
The names of actual companies and products mentioned herein may
be the trademarks of their respective owners.
This is a Company press release.
CONTACT:
Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096
=========
K O R E A
=========
CITIBANK KOREA: Moody's Raises Financial Strength Rating to D
-------------------------------------------------------------
Moody's Investors Service upgraded Citibank Korea Inc.'s
financial strength rating (BFSR) to D+ from D with a stable
outlook.
The upgraded BFSR is underpinned by anticipated improvements in
Citibank Korea's operating and financial performance under
Citigroup (rated Aa1/Prime-1), its shareholder since May 2004.
In addition to its bright prospects under Citigroup, Citibank
Korea's firmly adequate economic capital is also better captured
by the current rating range.
Despite some initial integration challenges, such as a labor
union strike, the integration process now appears to be
progressing smoothly. This situation will enable Citibank Korea
to begin accruing benefits from being part of Citigroup sooner.
We expect the bank's franchise and financial fundamentals to be
positively impacted as it capitalizes on Citigroup's global
brand name, formidable franchise, vast resources as well as
strong capital and management backing.
Citibank Korea, formerly known as KorAm Bank, was established in
1983 as a joint venture between Bank of America and a few major
Korean corporations. It suffered from deteriorating asset
quality during the 1997 economic crisis and this situation led
to a foreign financial investor assuming control. It is now the
seventh largest of Korea's nationwide banks with assets of KRW52
trillion at March 31, 2005. It focuses on the consumer segment,
credit cards, capital market & treasury, and corporate banking.
In May 2004, Citigroup acquired a 97.47% stake in the bank,
including 36.6% stake from former major shareholder, the JP
Morgan/Carlyle consortium. Then, in November 2004, Citigroup
merged its 15 Korean branches into the enlarged entity. As of
end-2004, Citigroup's stake in the bank had increased to 99.89%.
The holding is divided between Citibank Overseas Investment
Corporation (77.43%; not rated) and Citibank N.A. (22.46%; rated
Aa1/Prime -1).
The following rating was raised:
Bank financial strength rating to D+ from D. Outlook stable.
The following ratings were unaffected:
Subordinated debt of A3. Outlook stable; and
Long-term/short-term deposit of A3/Prime-2. Outlook stable.
DAEWOO SHIPBUILDING: To Build Largest Dockyard in Oman
------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. will build a
dockyard in Duqm, on Oman's central coast, relates Asia Pulse.
A service agreement on providing a post-sale service shipyard
has been concluded Monday between President Jung Sung-leep and
Ahmed Bin Maki, minister of national economy of Oman.
The dockyard will be considered the largest of its kind in the
Middle East. It will be capable of accommodating repairs to
even the largest crude carriers at two docks.
Oman, Korea's second-largest provider of natural gas, has great
demand for ship repair services as it is located at the entrance
of the Arabian Gulf.
Daewoo Shipbuilding will operate the shipyard for some time
following its completion, on behalf of the Oman government.
According to the Company spokesman, the cost and construction
period of the shipyard will be decided after a consultation on
the issue until April next year has been concluded.
The project is designed to expand social infrastructure and
create jobs to liven up the underdeveloped region. The Oman
government has requested Daewoo heavy since March to participate
in the project.
Daewoo Shipbuilding as well, will benefit from the project. The
Company would be able to earn an estimated profit of $8 million
in 10 months directly from providing consulting service. Daewoo
could also offer quality service to clients who navigate in the
region.
Daewoo's other shipyards are located in Mangaliam, Romania, and
plans to build a sections yard, where ship sections are made, in
China. In May, it announced its aim to reach sales of KRW20
trillion by establishing a global network.
CONTACT:
Daewoo Shipbuilding & Marine Engineering Co.
South Korea
Phone: 02-2129-0114
Web site: http://www.dsme.co.kr
HYNIX SEMICONDUCTOR: U.S. Wins Appeal Against South Korea
---------------------------------------------------------
The World Trade Organization (WTO) overturned its ruling in
December against the United States on its dispute with South
Korea on duties imposed to Hynix Semiconductor Inc., Asia Pulse
reports.
The panel backed its ruling on the argument that the Korean
government illegally directed banks to provide that aid.
According to the WTO appellate panel, its December ruling, which
allowed South Korea to request that the U.S. scrap its
countervailing duties on Hynix chips, "failed to apply the
proper standard of view". The panel encountered an error in the
process of reviewing documents provided by the U.S.
The U.S. government filed in March an objection to the panel's
ruling which the latter partially accepted. It claims that the
bailout made by South Korean creditors to keep Hynix afloat
breached WTO guidelines regarding subsidiaries.
Creditors rescued Hynix Semiconductor in 2003 with a
multibillion-dollar bailout package in exchange for 81-percent
stake in the ailing chipmaker.
South Korea was accused of illegally bailing out Hynix through
government-backed financial restructuring packages. Both the
U.S. and European Union regulators slapped Hynix with a 45
percent and 35 percent tax on memory chips respectively.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
===============
M A L A Y S I A
===============
ANCOM BERHAD: Unveils Salient Terms of Warrants
-----------------------------------------------
On behalf of the Board of Directors of Ancom Berhad, Hwang-DBS
Securities Berhad informed Bursa Malaysia Securities Berhad that
the salient terms of the renounceable rights issue of 97,771,983
Three (3)-Year Warrants 2005/2008 (Warrants) are as set out in
Table 1 below.
Click to view the table
http://bankrupt.com/misc/AncomBerhad062405.doc
This announcement is dated 24 June 2005.
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor, Malaysia
Phone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
ASIAN PAC: SC Approves Proposed RCSLS Extension
-----------------------------------------------
Further to the announcement of Asian Pac Holdings Berhad to
Bursa Malaysia Securities Berhad dated March 2, 2005, Hwang-DBS
Securities Berhad (Hwang-DBS), on behalf of the Board of
Directors of Asianpac, advised that the Securities Commission
(SC) has, vide its letter dated June 24, 2005 (which was
received on June 27, 2005), approved the proposed extension of
the tenure and conversion period of Asianpac's Redeemable
Convertible Secured Loan Stocks 2000/2005 (RCSLS) from 22
December 2005 up to and including December 21, 2007 (Proposed
RCSLS Extension).
The approval of the SC in respect of the Proposed RCSLS
Extension is subject to the following conditions:
(i) Hwang-DBS and Asianpac have undertaken all necessary due
diligence in relation to the Proposed RCSLS Extension;
(ii) Hwang-DBS and Asianpac to obtain all other regulatory
approvals (if any) for the Proposed RCSLS Extension;
(iii) Hwang-DBS to inform all relevant parties in relation to
the RCSLS including (but not limited to) the rating agency of
the Proposed RCSLS Extension, and where applicable, obtain their
consents thereto;
(iv) Hwang-DBS to e-mail a soft copy (in 'PDF' format) of the
following reflecting the Proposed RCSLS Extension to
DS@seccom.com.my:-
(a) The executed supplemental trust deed (if any); and
(b) The complete revised principal terms and conditions for the
RCSLS (if any) in the following format:
- Font: Arial
- Font Size: 11
- Margins (Top, Down, Right, Left): 1.25"
- Spacing: Single; and
(v) Hwang-DBS to submit a written confirmation on compliance
with all the above conditions.
This announcement is dated 27 June 2005.
CONTACT:
Asian Pac Holdings Berhad
6 Lorong P Ramlee
Kuala Lumpur,
Kuala Lumpur 50250
Malaysia
Phone: +60 3 2070 5152
Fax: +60 3 2070 5195
CEPATWAWASAN GROUP: Issues Update on Civil Suit
-----------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on April 22, 2005 regarding the Civil Suit No D3-22-1168-
2004 by Cepatwawasan Group Berhad and its subsidiary, Prolific
Yield Sdn. Bhd. against the following persons:
(1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021) - 1st Defendant;
(2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135) - 2nd Defendant;
(3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd
Defendant;
(4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant;
(5) Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th
Defendant;
(6) Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant;
(7) Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant;
(8) Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133)
- 8th Defendant;
(9) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant;
(10) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant;
(11) Yip Ha @ Yip See Khow (NRIC: 2708621) - 11th Defendant;
(12) Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08-
5075) - 12th Defendant;
(13) Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10-
5555) - 13th Defendant;
(14) Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179) - 14th
Defendant;
(15) Dato Chua Tiong MOON (NRIC: 590831-06-5179) - 15th
Defendant;
(16) Chai Kim Chong (NRIC: 620118-06-5035) - 16th Defendant;
(17) Chai Woon Chet (also known as Eddie Chai) - 17th Defendant;
and;
(18) Tan Kok Aun (NRIC: 580522-08-5907) - 18th Defendant, for
recovery of:
- RM13 million which was wrongfully and fraudulently paid out
by the former directors of Prolific Yield Sdn. Bhd. to Opti
Temasek Sdn. Bhd. as advance; and
- RM3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment, the
Board of Directors of the Company wishes to announce that the
application for attachment of the 1st to 4th Defendants and the
6th to 11th Defendants assets has been granted by the Court with
cost. At the hearing today, the Court has directed that:
(a) The Sheriff be ordered to forthwith seize all movable
property liable to be seized under a writ of seizure and sale
which shall be identified by or on behalf of the Company and
Prolific Yield Sdn. Bhd. as belonging to 1st to 4th Defendants
and the 6th to 11th Defendants to the value of RMB16,500,000.00
being the amount of claim and costs as a pledge or surety to
answer the just claim of the Company and Prolific Yield Sdn.
Bhd. amounting to RMB16,000,000.00 and satisfaction of any
judgment that may be given against the 1st to 4th Defendants and
the 6th to 11th Defendants;
(b) The seizure of all movable property liable to be seized
under a writ of seizure and sale shall be carried out at the
following addresses of the:
(i) 1st Defendant at No. 6, Jalan Setiakasih 6, Bukit Damansara,
50490 Kuala Lumpur;
(ii) 2nd Defendant at No. 2, Jalan S16/6, Seksyen 16, 46350
Petaling Jaya, Selangor;
(iii) 3rd Defendant at No. 19, Jalan SS14/5H, 47500 Subang Jaya,
Selangor;
(iv) 4th Defendant at A-1808, Taman Telok Cempedak, Jalan Teluk
Sisek, 25250 Kuantan, Pahang;
(v) 6th Defendant at No. 10, Jalan Convent, Taman Convent, 34000
Taiping, Perak;
(vi) 7th Defendant at No. 10, Jalan Convent, Taman Convent,
34000 Taiping, Perak;
(vii) 8th Defendant at No. 59, Kampung Padand Manggis, Pekan,
26600 Pahang;
(viii) 9th Defendant at No. 10, Jalan Convent, Taman Convent,
34000 Taiping, Perak;
(ix) 10th Defendant at Y-5-7, Block D'man Kayangan, PJU 1A/41,
47301 Petaling Jaya, Selangor; and
(x) 11th Defendant at 209, Jalan Putra, Mergong, Alor Setar,
Kedah,
(c) All properties seize shall be taken out from the Defendants
premises and stored at a warehouse situated at Lot 247, Lorong
Peusahaan 10, Prai Industrial Estate, 13700 Prai, Pulau Pinang
for the properties seize from the 6th, 7th, 9th and 11th
Defendants and at a warehouse situated at Lot 22205, Jalan
33/28, Section 33, 40400 Shah Alam, Selangor and for the
properties seize from the 1st, 2nd, 3rd, 4th, 8th and 10th
Defendants and satisfaction of any judgment that may be given
against 1st to 4th Defendants and the 6th to 11th Defendants or
until any further order by the Court.
Dated this 23rd day of June 2005
CONTACT:
Cepatwawasan Group Berhad
Lot 39-40, Block C
Taman Indah Jaya Shophouses
Mile 4, North Road, P O Box 1562
90717 Sandakan, Sabah
Malaysia
Phone: 089-271775/ 089-221569
Fax: 089-220881
CHG INDUSTRIES: Default in Payment Status Unchanged
---------------------------------------------------
CHG Industries Berhad advised Bursa Malaysia Securities Berhad
that its position on default in payment remains unchanged as
detailed in the announcement released on March 25, 2005.
This announcement is dated 27 June 2005.
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor
Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax: +60 3 907 66215
EMICO HOLDINGS: Resolutions Get Shareholders Nod
------------------------------------------------
Emico Holdings Berhad refers to the Thirteenth Annual General
Meeting (AGM) of the Company held Monday. The Company informed
Bursa Malaysia Securities Berhad that all resolutions tabled at
the said AGM were duly approved by shareholders/proxies at the
meeting.
The notice of the AGM was announced to the Exchange on June 3,
2005.
This announcement is dated 27 June 2005.
FOUNTAIN VIEW: AGM Passes Resolutions Set Out in Notice
-------------------------------------------------------
The Board of Directors of Fountain View Development Berhad
informed Bursa Malaysia Securities Berhad that at the Third
Annual General Meeting of the members of Fountain View
Development Berhad duly convened and held at LG level, Eastin
Hotel, 13, Jalan 16/11, Pusat Dagang Seksyen 16, 46350 Petaling
Jaya, Selangor Darul Ehsan on Monday, June 27, 2005 at 10:00
a.m., resolutions 1 to 5 tabled under Ordinary Business and
resolution 6 tabled under Special Business were duly passed.
HABIB CORPORATION: SC OKs Various Proposals
-------------------------------------------
Habib Corporation Berhad refers to its announcement made to
Bursa Malaysia Securities Berhad dated February 14, 2005 and
April 6, 2005 in relation to:
(I) Proposed acquisitions by HCB from Chuan Hup Holdings Limited
(CH or vendor) of the following:
- the Entire Marine Logistics business of CH;
- 205,000,000 ordinary shares of SG$0.05 each representing
29.07 percent equity interest in CH Offshore Ltd. (CHO); and
- 298,905,500 ordinary shares of IDR100 each representing 49.07
percent equity interest in PT Rig Tenders Indonesia Tbk (PTRT)
for a total purchase consideration of SGD570,621,190
(RMB1,312,428,737) to be satisfied via a cash payment of
SGD485,621,190 (RMB1,116,928,737) and the issuance of
170,000,000 new ordinary shares of RMB1.00 each in HCB (HCB
shares) at the issue price of RMB1.15 each (Proposed
Acquisitions);
(II) Proposed rights issue of 74,000,000 new HCB shares (rights
shares) at an issue price of RMB1.15 per rights share on the
basis of one (1) rights share for each HCB share held on a date
to be determined and announced later (proposed rights issue);
(iii) Proposed restricted issue of 173,913,043 new HCB shares at
an issue price of rm1.15 per HCB share to Scomi Group Bhd
(Scomi) (proposed restricted issue);
(IV) Proposed placement of up to 96,000,000 new HCB shares at a
minimum issue price of RMB1.25 per HCB share to institutional
investors (to be identified) (proposed placement);
(V) Proposed issuance of up to 160,000,000 redeemable
convertible cumulative preference shares of RMB0.01 each (HCB
RCCPS or RCCPS) at an issue price of RMB1.00 each to investors
(to be identified) and on terms to be determined at a later date
(proposed RCCPS issue);
(VI) Proposed general offer for the remaining 310,224,500
ordinary shares of rp100 each (PTRT Shares) representing 50.93%
equity interest in PTRT not owned by HCB After The Proposed
Acquisitions (Proposed PTRT GO); and
(VII) Proposed increase in the authorized share capital of HCB
from RMB100,000,000 comprising 100,000,000 HCB shares to
RMB802,000,000 comprising 800,000,000 HCB shares and 200,000,000
HCB RCCPS
On behalf of HCB, Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Securities Commission
(SC) had, vide its letter dated June 23, 2005 (which was
received on June 24, 2005), approved the following:
(a) Proposed Acquisitions;
(b) Proposed Rights Issue;
(c) Proposed Restricted Issue;
(d) Proposed Placement;
(e) Proposed RCCPS Issue; and
(f) Proposed PTRT GO.
(Collectively hereinafter referred to as the Proposals)
The SC's approval was granted under Section 32(5) of the
Securities Commission Act, 1993 and the Foreign Investment
Committee's Guidelines on the Acquisition of Interests, Mergers
and Takeovers by Local and Foreign Interests, and is subject to
the following conditions:
(i) HCB to make full disclosure in the circular to shareholders
on the basis used in arriving at the purchase consideration for
the acquiree companies comprising Grundtvig Marine Pte Ltd, CH
Ship Management Pte Ltd, Goldship Private Limited, CH Logistics
Pte Ltd, CHO and PTRT (Acquiree Companies).
In this regard, CIMB is to comment on the reasonableness of the
purchase consideration;
(ii) Moratorium on disposal of shares is to be imposed on
85,000,000 new HCB Shares which represents 50% of the total new
HCB Shares to be issued to CH as consideration for the
acquisitions of the Acquiree Companies, in accordance with the
moratorium requirements as stipulated in the Policies and
Guidelines on Issue/Offer of Securities of the SC (SC
Guidelines).
The moratorium condition is also to be imposed on 86,956,522 new
HCB Shares to be issued to SCOMI which represents 50% of the
total new HCB Shares to be issued pursuant to the Proposed
Restricted Issue;
(iii) CIMB/Placement agents/HCB to submit the list of placees,
the number of shares and/or HCB RCCPS placed to them and a
confirmation to the SC that the placement exercise complies with
paragraphs 8.03 to 8.06 of the SC Guidelines upon completion of
the placement exercise;
(iv) HCB to seek SC's prior approval for any proposal in the
future to dispose of its existing core business in the
manufacturing and dealing of jewellery to the existing or new
substantial shareholders of HCB or parties connected to them;
(v) CIMB/HCB should inform the SC on the completion of the
Proposals; and
(vi) CIMB/HCB to comply with the relevant requirements of the SC
Guidelines in relation to the implementation of the Proposals.
This announcement is dated 24 June 2005.
CONTACT:
Habib Corporation Berhad
Lot 106
Lorong Memanda 2,
Ampang Point,
68000 Ampang,
Selangor, Malaysia
Phone: 03-42527777
Fax: 03-42527484
HARVEST COURT: Carries Out Resolutions at AGM
---------------------------------------------
Harvest Court Industries Bhd informed Bursa Malaysia Securities
Berhad that all Ordinary Resolutions nos. 1 to 9 (of which
Resolutions nos. 7 to 9 were passed as special business) were
duly passed and carried at the Twenty Seventh Annual General
Meeting (AGM) of the Company duly convened and held on 27th June
2005.
The summary of Ordinary Resolutions 7 to 9 passed as Special
Business are as follows:
Authority to Issue Shares - Ordinary Resolution 7
It was resolved that pursuant to Section 132D of the Companies
Act, 1965, the Directors of the Company be empowered to issue
new shares from time to time provided that the aggregate number
of shares issued does not exceed 10% of the issued capital of
the Company for the time being until the conclusion of the next
AGM of the Company.
Ordinary Resolutions 8 and 9 - Proposed Shareholders' Mandate
for Recurrent Related Party Transactions of a Revenue or Trading
Nature Pursuant to paragraph 10.09 of the Listing Requirements
of the Bursa Malaysia Securities Berhad, the authority from
shareholders have been obtained for shareholders' mandate for
the Company and its subsidiaries to enter into recurrent related
party transactions of a revenue or trading nature with related
parties at the Twenty Seventh Annual General Meeting.
CONTACT:
Harvest Court Industries Bhd
Lot 450, Jalan Papan Pandamaran Industrial Area
42000 Port Klang, Selangor Darul Ehsan, Malaysia.
Phone: 603-3165 2218, 603-3165 2517
Fax: 603-3168 1336
E-mail: harvest@harvestcourt.com
HONG LEONG: SC Grants U.S. Dollar Debt Issue
--------------------------------------------
Further to the announcement made by Hong Leong Bank Berhad to
Bursa Malaysia Securities Berhad, the Company announced that the
proposed United States Dollar subordinated debt issue (Proposed
Issue) by the Bank to raise funds to be utilized for general
banking and other corporate purposes has been approved by the
Securities Commission (SC) vide its letter dated June 22, 2005,
which was received on June 24, 2005.
A further announcement will be made once details of the Proposed
Issue are finalized.
This announcement is dated 27 June 2005.
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
INTAN UTILITIES: To Acquire Shares in Berjaya Sports
----------------------------------------------------
Intan Utilities Berhad issued to Bursa Malaysia Securities
Berhad the details of the proposed acquisition of 320,000,000
ordinary shares of RMB0.50 each in Berjaya Sports Toto Berhad
(BToto), for a total cash consideration of approximately
RMB1.152 billion or RMB3.60 per ordinary share in BToto from
Berjaya Land Berhad and its wholly-owned subsidiary companies,
Gateway Benefit Sdn Bhd, Immediate Capital Sdn Bhd and Berjaya
Land Development Sdn Bhd; Revised Proposed Rights Issue; and
Revised Proposed Restricted Issue.
To view details of the proposals, click
http://bankrupt.com/misc/IntanUtilitiesTABLES062805.doc
CONTACT:
Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia
Phone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan
K.P. KENINGAU: Payment Default Reaches RMB39,901,342.28
-------------------------------------------------------
In compliance with Bursa Malaysia Securities Berhad Practice
Note 1/2001, K.P. Keningau Bhd. (KPK) provided an update on its
default in payments status as at May 31, 2005 as attachment in
Appendix A.
Click to view a full copy of Appendix A
http://bankrupt.com/misc/KPKENINGAU062805.doc
Total default by KPK and its subsidiaries on principal sums plus
interest as at May 31, 2005 amounted to RMB39,901,342.28. The
defaulted amounts owing to financial institutions are in respect
of past banking facilities, which comprised of trade financing,
term loans, revolving credits and overdrafts.
On the current status of the Writs of Summons and Statements of
Claims - Suit No: K22-165-2004 and K22-169-2004 respectively the
hearing date for the appeals to the Judge-in-Chambers on the
summary judgements entered against the defendants is fixed for
October 16, 2006.
On Suit No: K22-164-2004, the next hearing date is on June 28,
2005. On the Writ of Summon and Statement of Claims - Suit K22-
32-2005 filed by RHB Bank Bhd, no mention date has yet been
fixed by the courts. KPK would provide periodical updates on
status of the above legal suits.
Save for the above there is no new development on the default in
payments since the previous announcement made pursuant to this
Practice Note.
This announcement is dated 27 June 2005.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax: 03-7784 1988
LANKHORST BERHAD: Bourse Slaps Company with RMB151,000 Fine
-----------------------------------------------------------
On June 24, 2005 Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of
RMB151,000 on Lankhorst Berhad (LANKHOS) for breach of
paragraphs 9.19(19) and 9.22(1) of the Listing Requirements of
Bursa Securities (Bursa Securities LR).
The said fine of RMB151,000 comprised of RMB25,000 for breach of
paragraph 9.19(19) of the Bursa Securities LR and RMB126,000 for
breach of paragraph 9.22(1) of the Bursa Securities LR.
Paragraph 9.19(19) of the Bursa Securities LR states that a
listed issuer must make immediate announcements to Bursa
Securities of any commencement of winding-up proceedings against
the listed issuer or any of its subsidiaries or major associated
companies.
Paragraph 9.22(1) of the Bursa Securities LR states that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis,
as soon as the figures have been approved by the board of
directors of the listed issuer, and in any event not later than
2 months after the end of each quarter of a financial year.
LANKHOS has breached the following provisions of the Bursa
Securities LR:
(i) Paragraph 9.19(19) for failure to make immediate
announcements when two winding-up petitions were served on
Lankhorst Pancabumi Contractors Sdn Bhd (LPCSB), a wholly owned
subsidiary Company of LANKHOS by Reinforced Earth Management
Services Sdn Bhd and Mudajaya Corporation Berhad on December 4,
2004 and February 16, 2005 respectively. LANKHOS only made the
announcements on the two petitions to Bursa Securities for
public release on March 18, 2005; and
(ii) Paragraph 9.22(1) for not submitting the Company's
quarterly report for the quarter ended December 31, 2004 (QR 31
Dec 2004) to Bursa Securities for public release on or before
February 28, 2005. To date, LANKHOS has yet to furnish the QR
December 31, 2004 to Bursa Securities for public release.
The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors including the fact that LANKHOS had
previously breached the Bursa Securities LR.
Bursa Securities further directed LANKHOS to furnish the QR 31
Dec 2004 to Bursa Securities for public release within one (1)
month from the date hereof.
Previous Public Reprimands
(i) On July 2, 2004 LANKHOS was publicly reprimanded by Bursa
Securities for breach of paragraph 9.19(19) of the Bursa
Securities LR for failure to make an immediate announcement when
a winding-up petition was served on LPCSB on February 26, 2004.
The Company only made the announcement on the petition on March
25, 2004.
(ii) On March 11, 2005 LANKHOS was publicly reprimanded by Bursa
Securities for breach of paragraph 9.19(19) of the Bursa
Securities LR for failure to make an immediate announcement when
a winding-up petition was served on LPCSB on October 19, 2004.
The Company only made the announcement on the petition on
November 8, 2004.
(iii) On May 9, 2005 LANKHOS was publicly reprimanded by Bursa
Securities for breach of paragraph 9.19(19) of the Bursa
Securities LR for failure to make an immediate announcement when
a winding-up petition was served on LPCSB on February 15, 2005.
The Company only made the announcement on the petition on
February 21, 2005.
Bursa Securities views the above contravention seriously and
hereby cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.
CONTACT:
Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036
LEBAR DAUN: SC Rejects Appeal on Transfer to Main Board
-------------------------------------------------------
AmMerchant Bank, on behalf of Lebar Daun Berhad, informed Bursa
Malaysia Securities Berhad that the Securities Commision (SC)
had, vide its letter dated June 24, 2005 rejected LDAUN's appeal
for the proposed transfer to the main board of Bursa Malaysia
Securities Berhad (Transfer).
The extension of time application to implement and complete the
private placement of up to 11,848,367 new ordinary shares of
RMB0.50 each in LDAUN, which was announced on June 8, 2005, is
still pending the approval of the SC.
This announcement is dated 27 June 2005.
LION CORPORATION: Unveils Transaction Involving Shares
------------------------------------------------------
With reference to the conditional take-over offer by Lion
Corporation Berhad (LCB) to acquire the remaining 71,522,971
issued and fully paid-up ordinary shares of RMB1.00 each in
Amalgamated Containers Berhad (ACB) representing approximately
95.73% of the issued and paid-up share capital of ACB (offer
shares) not already owned by LCB and its wholly-owned
subsidiary, Limpahjaya Sdn Bhd, on the basis of two (2) new
ordinary shares of RMB1.00 each in LCB (LCB consideration
shares) for every existing three (3) offer shares held at the
issue price of RMB1.31 per LCB consideration share.
- Disclosure of Dealings Pursuant to the Malaysian Code on
Take-Overs and Mergers 1998 (Code)
Pursuant to Section 32 of the Code, K & N Kenanga Berhad
(Kenanga) announced in a disclosure made to Bursa Malaysia
Securities Berhad on behalf of LCB, the dealings in the ordinary
shares in LCB and ACB as well as warrants of LCB (collectively,
Affected Securities) by LCB, persons acting in concert with LCB
and/or the persons connected to them, which are dealt in for
their own account, as set out in Section 32 of the Code
(collectively, the Parties).
The details of the dealings in the Affected Securities by the
Parties are set out in Table 1 below.
Click to view a full copy of Table 1.
http://bankrupt.com/misc/LionCorpTable1.pdf
Any disclosures made by Kenanga pursuant to Section 32 of the
Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by LCB.
Kenanga shall not be responsible for any omission and/or error
in such disclosure to the authorities.
This announcement is dated 24 June 2005.
LION INDUSTRIES: Details Dealings of Principal Officer
------------------------------------------------------
Pursuant to Paragraph 14.09(a) of the Listing Requirements of
Bursa Malaysia Securities Berhad, a Principal Officer of Lion
Industries Corporation Berhad has dealings in the securities of
the Company as set out in Table 1 hereunder.
To view a full copy of Table 1, click
http://bankrupt.com/misc/LionIndustries062805.pdf
PAN MALAYSIA: All Resolutions Passed During AGM
-----------------------------------------------
Pan Malaysia Holdings Berhad informed Bursa Malaysia Securities
Berhad that at the 22nd AGM held on June 27, 2005, the
shareholders of the Company approved all the resolutions as set
out in the Notice of AGM dated June 2, 2005.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: To Dismiss News Staffers to Pare Losses
-------------------------------------------------------------
ABS-CBN Broadcasting Corporation will retire 35 news personnel,
as part of a reorganization plan aimed at overcoming financial
losses, The Manila Times reports.
The loss-making media network is offering retirement packages to
newsroom staffers, including prominent reporters and news
anchors.
The current head of the network's news and current affairs
division, Maria Ressa, confirmed more than 30 of the affected
employees accepted the deal. The remaining 35, however, have not
yet responded to the offer.
ABS-CBN decided to offer early retirement packages after finding
out that the positions of the 35 staffers were no longer needed.
The Company will also pursue the review of the sales and other
divisions of the network.
The changes were triggered by a recent financial loss and
efforts by the firm to expand its domestic and international
news operations with "a lean but mean" staff.
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/
MAKATI MEDICAL: Calls In Money Doctor
-------------------------------------
In a bid to recover from its financial distress, Makati Medical
Center plans to seek a cure from telecom czar Manuel V.
Pangilinan, reports The Philippine Daily Inquirer.
Makati Med, once considered as the country's premier hospital,
is reportedly in bad shape allegedly due to mismanagement.
Sources said the hospital's books were in disarray, with huge
uncollected receivables and several expensive yet idle medical
equipment.
Makati Med has reportedly invited Mr. Pangilinana, who had
successfully revived struggling firms like the Philippine Long
Distance Telephone Company (PLDT) and Pilipino Telephone Corp.
(Piltel), to join its board of directors. He is also likely to
be asked to inject fresh funds into the cash-starved
institution.
The hospital's owners and managers have been coordinating with
business experts who could help alleviate its worsening
condition. Mr. Pangilinan was asked to find a cure to its
problems after the hospital invited former Asian Institute of
Management president Gabino Mendoza to join the hospital.
Mr. Pangilinan said he was considering the invitation despite
discouragements from advisers from taking the post. He
acknowledged Makati Med has lots of financial issues and badly
needed new capital. He, however, did not elaborate.
Makati Med's net worth stood at only Php1.8 billion last year
against Php3.5 billion in 2003. Outstanding loans were more than
Php2 billion. The hospital reportedly managed to register a net
income of Php25.3 million in 2004 out of Php2.6 billion in
revenues at the back of overwhelming costs and expenses.
Makati Med was founded in the 1960s by Dr. Constantino P.
Manahan, Dr. Jose Y. Fores, Dr. Mariano M. Alimurung, Dr. Carlos
L. Sevilla and Luis Ma. Araneta, Romeo Gustilo, Manuel Fernandez
Sr., Jorge Araneta, Raul Fores, Julieta Ledesma and Daniel Go.
Of the six, only Daniel Go is not a member of the board.
Other Makati Med directors are Amando Eduque, lawyer Constantino
Manahan, Ashok K. Nath, Vicente Q. Arguelles and Dr. Edmundo V.
Villacorta.
CONTACT:
Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph
MANILA ELECTRIC: January-May Sales Down 0.2% Year-on-year
---------------------------------------------------------
The Manila Electric Co. (Meralco) saw its sales volume in the
January-May period drop 0.2 percent year-on-year, says The
Philippine Daily Inquirer.
Meralco chairman Manuel Lopez attributed the decline to a
general business slowdown, which have hurt its sales.
Mr. Lopez did not disclose further details.
The power distributor earlier said sales volume in the first
quarter totaled 5.6 billion kilowatt hours, down a marginal 0.03
percent year-on-year.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL BANK: Invites Investors to Pre-qualify and Bid
-------------------------------------------------------
The Joint Technical Committee (the Committee), duly constituted
by the Republic of the Philippines (ROP), through the Department
of Finance (DOF), and the Philippine Deposit Insurance
Corporation (PDIC), announced that the ROP, PDIC, and Lucio Tan
Group shall jointly sell a 67% ownership interest in Philippine
National Bank (PNB or the Bank) (the Transaction), in accordance
with the provisions of the Joint Sale Agreement dated 1 August
2002 and other related agreements.
Invitation to Pre-Qualify and to Bid
Interested parties in good standing with regulatory agencies,
committed to, and with sufficient financial capability to
further develop and enhance the Bank are invited to submit to
ING Bank N.V., the exclusive financial advisor to the Committee,
a request to pre-qualify together with the following:
(1) Full name of the interested party, address, telephone and
telefax number of principal contact;
(2) Business overview;
(3) List and nationality of shareholders and their respective
shareholdings; in the case of corporate shareholders, the
principal shareholders thereof and their respective
nationalities;
(4) Evidence of financial capacity to pursue the Transaction
(e.g. audited financial statements or equivalent);
(5) Duly executed confidentiality agreement (form may be
obtained from ING Bank N.V.);
(6) If the interested party is a consortium, all the information
and documents enumerated above in respect of each member of the
consortium, and the consortium shareholding structure.
All documents must be duly certified/signed by an authorized
representative of the interested party.
All pre-qualification requirements must be submitted to ING Bank
N.V. no later than 5:00 p.m. Manila time on July 1, 2005 at any
of the following addresses:
The Philippines
21st Floor, Ayala Tower I
Ayala Avenue
Makati City
Philippines
Attention: Juan Carlos Syquia
Phone: (632) 840 8887
Hong Kong
39th Floor, One International Finance Center
1 Harbour View Street,
Central
Hong Kong
Attention: Gopal T. Menon
Phone: (852) 2913 8639
Interested parties should direct all clarifications to ING Bank
N.V. - Corporate Finance during regular office hours at the
above contact details.
Pre-qualified interested parties will be informed shortly
thereafter and will be provided with a Bidding Package, which
includes the bidding rules and an information memorandum on PNB.
The Committee reserves the right to accept or reject any
interested party without offering any reason whatsoever.
Only pre-qualified interested parties shall be allowed to
further participate in the bidding. Bids shall be submitted to
the Bidding and Negotiating Committee at Long Gallery, 3rd Flr,
PNB Financial Center, Pres. Diosdado Macapagal Avenue, Pasay
City from 8 a.m. to 12 noon on 12 August 2005 or at such date,
time and place as may be subsequently announced by the
Committee.
The Bidding and Negotiating Committee has the right to accept or
reject any bid.
In the event of a failed bid, the Bidding and Negotiating
Committee shall negotiate directly with the highest qualified
bidder.
The bidding process shall be governed by applicable Philippine
laws, rules and regulations.
The Committee and the Bidding and Negotiating Committee do not
assume any obligation to compensate or indemnify any party for
any expense or loss that may be incurred as a result of
participating in the Transaction.
Finally, the Committee and the Bidding and Negotiating Committee
reserve the right to terminate the Transaction or modify,
supplement or change the rules and conduct of bidding and any
other aspects of the Transaction at any time. Interested
parties will be notified subsequently of any modification,
supplement or change.
NATIONAL BANK: Shares Soar on Lucio Tan Bid
-------------------------------------------
Shares of the Philippine National Bank (PNB) were sharply higher
in yesterday after tycoon Lucio Tan announced plans to purchase
a majority stake in the bank, according to The Philippine Daily
Inquirer.
In mid-trade PNB jumped 7.14 percent or Php3.00 at 45 on volume
147,600 shares.
The Department of Finance confirmed Monday that Mr. Tan already
notified the government that he would exercise his right of
first offer, which means that he will have the right to match
the highest bid price in a public auction of bank stock
scheduled in August.
Dealers said Tan's decision means he sees good earnings
prospects for the country's fifth largest bank by assets, which
is under a five-year rehabilitation program set to end in 2007.
The government and Tan, who each own 45 percent of PNB, have
agreed on a joint sale of at least 67 percent of the bank as
part of a rehabilitation program they approved in 2002.
CONTACT:
Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph
NATIONAL TRANSMISSION: Warns of More Power Shortages in Cebu
------------------------------------------------------------
The National Transmission Corporation (Transco) warned that Cebu
might suffer occasional power shortages for a few more years
since the province has below the normal requirement in power
reserve, Asia Pulse says.
Transco network operations division manger Jimmy Sevilla said
Cebu needs a power reserve of 90 megawatts, but manual load
trapping of power now stands at only 40 to 50 megawatts.
He explained there has been a long backlog of maintenance in the
power plants in Naga that supplies Cebu with electricity.
If any of the power plants fails, the power stored by Transco is
not sufficient to provide power to all the areas, resulting in
power shortages.
Transco's study on the shortage of power supply is based on the
present demand. But the construction of a base plant in Cebu
would take a few more years, while the demand is increasing.
Transco is hoping to start with the project soon to lessen the
demand of power supply in the island.
In the meantime, Transco is constructing another power line from
Leyte to Cebu, equivalent to 200 megawatts. They hope to finish
the project by the end of August this year.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
PRYCE GASES: Mulls Transport LPG Fuel Venture
---------------------------------------------
Pryce Gases Inc., a wholly owned unit of the Pryce Corporation,
is looking to team up with taxi and bus operators to promote the
use of liquefied petroleum gas (LPG) for public vehicles,
relates The Manila Bulletin.
The firm explained that LPG is a good alternative fuel along
with compressed natural gas (CNG), biodiesel and alcogas because
it is less polluting than petroleum-based fuels like diesel and
gasoline. It also noted that the use of LPG as an alternative to
fuel is now being widely practiced in 38 countries worldwide.
The Department of Energy welcomes the prospect of LPG as a
transport fuel substitute since supply infrastructures are
already in place and the refueling process is simple and
cheaper.
Pryce Gases, which manufactures and distributes LPG and other
gases, is currently undergoing a creditor-initiated
rehabilitation. Under its revival plan, its parent firm Pryce
Corp. shall offer its real estate assets as partial payment
(dacion en pago) on the obligations of Pryce Gases to its
creditors.
As of end April 2002, the Company is estimated to have owed its
banks and financial creditors a total of Php2.671 billion, or
approximately US$53.5 million, of which about 44 percent was due
to the International Finance Corp. (IFC) and the Netherlands
Development Finance Co. (FMO) combined. Pryce Gases has been in
default on its interest payments to IFC and FMO since December
2000 and on its principal payments since December 2001, which
prompted the two creditors to file the rehabilitation petition.
The rehabilitation plan is the first-ever initiated by creditors
in local courts seeking to preserve a borrower's business as on
going concern.
RFM CORPORATION: Reverses Net Losses on Lower Costs
---------------------------------------------------
Food and beverage company RFM Corporation reported a modest net
income of Php4 million for the first quarter of 2005, reversing
its losses of Php30 million for the same period in 2004.
RFM's net sales posted an increase of 6 percent for the first
quarter, reaching Php1.40 billion from Php1.32 billion in 2004.
More significantly, RFM achieved an operating income of Php49
million for the period, a seven-fold increase from the Php7
million operating income in the first quarter of 2004.
"We're just trying to start the year right, by sustaining the
turn-around in operations that we began middle of last year,"
said Felicisimo Nacino Jr., executive vice president and COO of
the listed Concepcion-led Company.
Nacino attributed the positive trend in the group to lowering
cost structures and improving margins in the branded food
business, as well as the continuing strong performance of the
flour business.
From a longer-term viewpoint, RFM President and CEO Jose A.
Concepcion III noted "the impressive gains in building the
Company's milk and juice business in 2004, and the increasing
market dominance of the Selecta ice cream business". He said
more work will still have to be done in the Company's other
business units, such as the meat business.
Meanwhile, in its audited financial statements filed with the
Securities and Exchange Commission, RFM reported an operating
income from continuing operations of Php162 million for 2004, a
full turn-around from its operating loss of Php646 million in
2003.
Net sales for the year was basically flat at Php5.85 billion, a
against Php5.75 billion the previous year, as the Company
reviewed and reconfigured its multiple product lines in a bid to
lower production costs and discontinue marginal products.
Nonetheless, RFM still booked a net loss of Php436 million in
2004, compared to a net loss of Php455 million in 2003 from
continuing operations. This was due largely to a one-time asset
impairment charge of Php556 million in 2004 that the Company
decided to take on its investment in preferred shares of Swift
Foods Inc. (SFI), in compliance with new International
Accounting Standards (IAS).
SFI, an integrated chicken producer which used to be a
subsidiary of RFM until it was dividend up to the shareholders
in 2003, incurred losses in 2004 as the poultry industry
continued to suffer in the wake of the bird-flu scare and the
influx of chicken imports.
CONTACT:
RFM Corporation
6/F, RFM Building
Cor. Pioneer & Sheridan Sts.
Mandaluyong City
Phone: 637-5400; 631-8101 loc. 7679
Fax: 632-0839
E-mail Address: empalomares@rfm.com.ph
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Granted Extension to Release Financial Records
---------------------------------------------------------------
Singapore's Accounting & Corporate Regulatory Authority has
approved a further extension for the release of Accord Customer
Care Solutions Ltd.'s financial statements for the year ended
Dec. 31, 2004, reports Dow Jones.
The deadline was extended for another two months, up to Aug. 31,
2005, which is the same date for the Company's' annual general
meeting.
In May, the mobile phone repair firm said that it had overstated
its 2004 pretax profit by SGD54 million, and its revenue by
SGD60 million. Its 2003 pretax profit and revenues for 2003 were
also overstated. This means that the Company's 2003 profit is
smaller than the earlier reported pretax profit of SGD21.4
million, and it incurred losses in 2004, instead of a SGD52
million profit.
The Company's announcement of its overstated financial records
comes after the investigation of PricewaterhouseCoopers of its
financial statements for 2003 and 2004, which hinted at possible
overstatement.
Attached is the Company's press release on the extension to
release its financial statements:
http://bankrupt.com/misc/tcrap_accordsolutions062805.pdf
CONTACT:
Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com
GREATRONIC LIMITED: Withdraws Petition for Judicial Management
--------------------------------------------------------------
Greatronic Limited announced that in relation to the Company's
Petition for a Judicial Management Order, it was granted leave
of Court and has withdrawn its petition to issue such order.
By order of the Board
Greatronic Limited
June 27, 2005
CONTACT:
Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Phone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
IPS-ORU ASIA: Served Winding Up Petition By Italian Firm
--------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
IPS-ORU Asia Pacific Pte Limited by the High Court was on June
16, 2005 presented by Officine Riunite-Udine S.p.A., (a Company
incorporated in the Republic of Italy) a Judgment Creditor.
The said Petition is to be heard before the Court sitting at
Singapore on July 8, 2005, 10:00 a.m.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is at Via Santa Caterina 35, 33030
Basaldella di Campoformido (UD), Italy.
The Petitioner's solicitors are Messrs Lee & Lee of 5 Shenton
Way, #19-00 UIC Building, Singapore 068808.
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to solicitors Messrs
Lee & Lee, 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 solicitors not later than 12:00 p.m. of July
7, 2005 (the day before the day appointed for the hearing of the
Petition).
CONTACT:
iPS-ORU ASIA PACIFIC PTE LTD
71 Tech Park Crescent
Tuas TechPark
Singapore 638072
Phone: 65 8618770
Fax: 65 8618768
E-mail: ipsoru@pacific.net.sg
LANDIS & GYR: Issues Dividend Notice
------------------------------------
Landis & Gyr Communications Pte Ltd. formerly of 7 International
Business Park, #04-02 Transtech Building, Singapore 267385
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600035 of 2001
Last Day for Receiving Proofs: July 8, 2005
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: 24th June 2005
Kamala Ponampalam
Assistant Official Receiver
NEPTUNE ORIENT: Posts 4-Week Operating Performance Results
----------------------------------------------------------
Neptune Orient Lines Limited announced its monthly operating
performance from May 7, 2005 to June 3, 2005.
Attached is a copy of the Company's report:
http://bankrupt.com/misc/tcrap_neptuneorient062805.pdf
Neptune Orient Lines Limited (NOL) is a global transportation
Company, with its core business in container transportation and
supply chain management, specializing in the different aspects
of transportation and logistics.
The Company was publicly listed in 1981, and currently has 1.45
million issued shares. It is 68% owned by Temasek Holdings, the
Singapore government's investment arm.
CONTACT:
Neptune Orient Lines Limited (NOL)
456 Alexandra Road
NOL Building
Singapore 119962
Phone: (65) 6278 9000
Fax: (65) 6278 4900
Email: nol_group_corp_comms@nol.com.sg
Web site: http://www.nol.com.sg
OCEANIC FATS: To Hold Creditors Meeting July 8
----------------------------------------------
Notice is hereby given that the first meeting of creditors of
Oceanic Fats & Oils (Singapore) Pte Ltd on the Court Order for
to wind up the Company will be held at Room 902, Level 9, NTUC
Center, 1 Marina Boulevard, Singapore 018989 on Friday, July 8,
2005, 2:30 p.m.
The Agenda of the Meeting is to:
1. Consider the Company's statement of affairs and the progress
of the Liquidation;
2. Inform the creditors about the litigation proceedings in Suit
No. 54/2005 commenced by the Liquidator and to seek directions
from the creditors as to the prosecution of further proceedings;
and
3. Consider any other matters.
Proxy Forms and Proof of Debt must be lodged with the Liquidator
no later than 12:00 p.m. on Thursday, July 7, 2005.
A copy each of the Forms of Proxy and Proof of Debt have been
dispatched to all known creditors of the Company as at Oct. 31,
2003. Any other person claiming to be a creditor of the Company
as at Oct. 31, 2003 may write to the Liquidator to request for
copies thereof.
Dated 24th June 2005
Yin Kum Choy
Liquidator
C/o K C Yin & Co
Certified Public Accountants
100 Tras Street
#16-01 Amara Corporate Tower
Singapore 079027.
Phone: 6323 1613
Fax: 6323 1763
Note: Creditors of the Company who have previously lodged a
Proof of Debt form do not need to lodge another Proof of Debt
form in response to this Notice.
RSH LIMITED: Incorporates Thai Subsidiary
-----------------------------------------
RSH Limited announced that it had incorporated a subsidiary
Company, Aryan (Thailand) Co. Ltd. in the Kingdom of Thailand.
The Company's markets and retails fashion products.
The registered share capital of Aryan is 100,000 ordinary shares
of THB100 each. The issued and paid-up share capital of Aryan
was 100,000 ordinary shares of THB25 Thai Bahts each.
Through its 49% associate Company RSH Thailand Co. Ltd., the
Company subscribed in cash for 50,995 Ordinary Shares and
through its 100% subsidiary Company RSH Holdings Pte Ltd.
subscribed in cash for 48,998 Ordinary Shares.
The incorporation of the Thai subsidiary is not expected to
affect RSH Limited's net tangible assets and earnings per share
for the financial year ending March 31, 2006, but is expected to
contribute to the Company's earnings in the future.
CONTACT:
RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Phone: 65 67466555
Fax: 65 68404327
STARTECH ELECTRONICS: Director Resigns
--------------------------------------
Startech Electronics advised the Singapore Stock Exchange that
the Company's director, Mr. Seah Siew Heng, has resigned from
his position as of June 27, 2005.
After his resignation, Mr. Seah ceases to be Chairman of the
Board, Nominating Committee and Remuneration Committee.
The Company acknowledges Mr. Seah's past contributions.
Startech Electronics Limited's principal activities are the
marketing and trading of electronics components, which includes
printed circuit board, and chip-on flex.
Other activities includes distribution of chemical products and
consumable materials for the electronic industry, distribution
of power transmission products, contract manufacturing and
designing assembling, supplying and installing of electrical
switch boxes and investment holding. It operates in Singapore,
Europe and in the United States of America.
CONTACT:
Startech Electronics Limited
11 Collyer Quay
The Arcade #13.01
Singapore 049317
Phone: (65) 6220 0762
Fax: (65) 6220 2839
Email: info@startechgrp.com
Web site: http://www.startechgrp.com
STEAG ELECTRONIC: Enters Voluntary Liquidation
----------------------------------------------
Notice is hereby given that the creditors of Steag Electronic
Systems Southeast Asia Pte Ltd are required within thirty days
thereof to send in their names and addresses and the particulars
of their debts or claims and the names and addresses of their
solicitors (if any) to the Liquidator of the Company c/o 2
Mistri Road, #12-01 HMC Building, Singapore 079624.
If so required by notice in writing from the said Liquidator,
are by their solicitors or personally to come in and prove the
said debts or claims at such time and place as shall be
specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 24th day of June 2005
The Kwang Hwee
Liquidator
C/o 2 Mistri Road
#12-01 HMC Building
Singapore 079624
3P ACCESS: Court to Hear Winding Up Petition on July 1
------------------------------------------------------
Notice is hereby given that a petition for the winding up of 3P
Access Pte Ltd by the High Court was, on June 16, 2005,
presented by Phua Tiak Chuang of 11 Dairy Farm Road #04-05,
Singapore 679040, the Petitioner.
The petition is to be heard before the Court sitting at the High
Court at 10:00 a.m. on Friday, July 1, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 11 Dairy Farm Road #04-05, Singapore
679040.
The Petitioner's solicitors are David Rasif & Partners of 43
Carpenter Street, #04-01 Greatwood Building, Singapore 059922.
Note: Any person who intends to appear at the hearing of the
Petition, either to oppose or support, must serve on or send by
post to solicitors David Rasif & Partners a 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 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 solicitors not
later than 12:00 p.m. on June 30, 2005 (the day prior to the day
appointed for the hearing of the Petition).
===============
T H A I L A N D
===============
PACIFIC ASSETS: Bourse Seeks Clarification to N-Park Transaction
----------------------------------------------------------------
The Pacific Assets Public Company Limited (PA) has announced the
Board of Directors' resolution approving the sale of the core
assets to the interested investors which consist of
Hotel business and Real Estate business amounting to THB3,220
million and the resolution approving the purchase of Hotel
business from Natural Park Public Company Limited (N-PARK), a
major shareholder (Details following the news on SETSMART of
June 27 and 28, 2005).
The SET requires PA to provide additional information on the
following:
(1) With reference to the disclosed information, the Company's
policy is to focus mainly on hotel business and to become a
leader in the hotel industry in Thailand by strategically invest
in a major tourist attraction of Thailand.
However, the sale of Le Royal Meridien Baan Taling Ngam and Le
Royal Meridien Phuket Yacht Club, which is located in an
attractive location and generates large income to the Company,
is contrary to Company's policy, therefore the SET requires PA
to clarify this.
The SET also requires the details about the type of core assets
that will be sold whether it is securities or assets and the
details of the investor who is interested in purchasing PA's
core assets such as the investors' name, type of business, name
of directors, name of major shareholders the financial status
and performance and etc.
(2) Do PA have the obligation to purchase the assets from
N-PARK, whether the selling transaction is completed?
(3) If N-PARK could not sell those assets to PA while PA has
sold out the core assets to the interested investor, what will
be the consequence to PA's financial status and performance as
well as the Company's policy in operating the business?
Moreover the SET requires PA to provide additional information
about the structure of income during 2003, 2004 and the first
quarter of 2005 of Hotel business and Real Estate business by
presenting separately in each core assets that will be sold, the
ratio of revenue from these assets to total revenue, the gross
profit margin of the above business and the net profit of the
Company.
(4) Refer to the disclosed information that the sale of assets
amount of THB3,220 Million will be used as working capital, the
amount is considered to be material, and consequently the SET
requires PA to provide details of using this fund.
The SET requires PA to provide the disseminate the above
required information via SETSMART within July 1, 2005.
Since the information is material to the decision of
shareholders and general investors, the SET continue to post the
SP sign against PA until the required information can be
disclosed.
CONTACT:
Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287
RS PROMOTION: Unveils Board's Resolutions on Disposal of Shares
---------------------------------------------------------------
RS Promotion Public Company Limited informed the Stock Exchange
of Thailand (SET) on the resolutions of the Board concerning the
disposal of investment in ordinary shares of
Moradok Entertainment Co. Ltd. (previous name Screen Head Co.
Ltd.), which is the Company's 99.99% subsidiary, in proportion
of 24% as following details:
(1) Transaction period: Within July 2005
(2) The parties involved:
Seller: R.S. Promotion Public Company Limited
Buyer: Third party who is not a person considered as connected
person.
(3) The general features of the transaction:
(3.1) Type of transaction: Disposal of Moradok Entertainment
Co., Ltd.'s ordinary shares.
(3.2) Basis used to determine the transaction size: Total asset
value criteria.
(3.3) Transaction size (%): 0.09%
(4) The details of disposed assets:
(4.1) Securities of Moradok Entertainment Co. Ltd.
General information: Moradok Entertainment Co., Ltd. (previous
name Screen Head Co. Ltd.) has registered and paid-up capital of
THB2,800,000 (28,000 ordinary shares at the par value of
THB100).
Board of directors:
(1) Mr. Surachai Chetchotisak
(2) Miss Malee Chetchotisak
(3) Miss Pornpan Rungruengbangchan
(4) Mr. Bannarong Pichyakorn
Major Shareholders:
(1) R.S. Promotion Public Company Limited- 99.99%
(2) Other individual shareholders - 0.01%
Proportion of securities holding before disposal: 99.99%
Proportion of securities holding after disposal: 76%
(5) Total value of the consideration
(5.1) Total value of the consideration: The Company will receive
the proceed from Moradok Entertainment Co. Ltd.'s shares selling
amounted to THB478,315.
(5.2) Type of payment: By cashier cheque
(6) The value of the disposed assets: THB478,315
(7) The basis used to determine the value of the consideration:
Estimated book value of Moradok Entertainment Co. Ltd.
(8) The benefits of the transaction to the Company: Business
expansion.
(9) Proceed utilization: Working capital
10. Opinions of Board of Directors: The Board of Directors
agreed that the aforementioned transaction is reasonable and
being the Company's best interest.
Please be informed accordingly.
Yours faithfully,
Mr. Surachai Chetchotisak
Chief Executive Officer and Managing Director
CONTACT:
R.s. Promotion Public Company Limited
419/1 Chetchotisak Building Ladphrao
Bangkok, 10900
Thailand
Telephone: +66 2511 0555/ +66 2511 2324
SINO-THAI: To Purchase APEX Assets to Strengthen Business
---------------------------------------------------------
Sino-Thai Resources Development Public Company Limited unveiled
to the Stock Exchange of Thailand the resolutions adopted at the
Board of Directors meeting on June 27, 2005.
(1) Approval of the Board of Directors' Meeting to purchase
APEX Oil Co. Ltd.'s assets in order to expand and strengthen in
energy business which is the core business of STRD. STRD will
be the producer and sale distributors of Oil Lubricant products
both under both STRD's own brands and trademarks, and under
customers' brands and trademarks which STRD brands and
trademarks.
The total value of these assets is THB15,165,841 not including
VAT. This transaction falls within the meaning of an acquisition
of assets by the Company in accordance with the Notification of
the Stock Exchange of Thailand Board Re: Information disclosure
and procedures for a listed Company concerning the acquisition
or disposal of assets.
When the size of this transaction is calculated in accordance
with the rules of the SET, the size of this transaction is found
to account for 26.9 percent that is in the SET Notification on
Rule No. 2.
The details of the assets transaction are as follows: Buildings,
Machines, Equipments and Spare Parts, Office furniture and
equipments, Vehicles, and Right to produce and distribute of
existing brands and trademarks.
(2) Approval of the Board of Directors' Meeting to lease the
land from for the area of 3,320 square wahs, at 33 Moo 5
Suksawad Road, Bang Kru Sub-district, Phra-Pradaeng, Samut
Prakarn Province for three years since July 1, 2005.
This land is for the purpose of producing Oil Lubricants and
supporting oil lubricants. The monthly lease payment is
THB110,000.
(3) Approval of selling 2,280,000 common shares in Siam
Dimension Stone Company Limited to Flight Sergeant Koravit
Kirkchayanon for the total sale price of THB364,800.The shares
sold under this transaction represented 19 percent of the SDS's
total paid-up capital of 12,000,000 shares (par Bath 10) and
reduced STRD's shareholding in SDS from 19 to 0 percent.
Please be informed accordingly
Sincerely yours,
Umyos Huvanandana
Managing Director
For more information, click
http://bankrupt.com/misc/Sino-ThaiResources062805.doc
CONTACT:
Sino-Thai Resources Development Public Co., Ltd.
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok
Telephone: 0-2633-0088
Fax: 0-2633-0008
*********
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