/raid1/www/Hosts/bankrupt/TCRAP_Public/050630.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
Thursday, June 30, 2005, Vol. 8, No. 128
Headlines
A U S T R A L I A
ADVERTISING PRINT: Receiver Steps Aside
COMPLETE FINANCIAL: To Distribute Dividends to Creditors
D B RAMSAY: Liquidator to Detail Wind-up Account
D CLUB: Last Minute Payments Save Club from Liquidation
DERCON PTY: Final Meeting Set July 8
EASTERN SUBURBS: Unable to Pay Debts, Enters Liquidation
EVANS & TATE: To Report Losses on Inventory Write Downs
GLENBAR PASTORAL: Members Resolve to Wind Up Operations
GLOBAL AUCTIONS: Priority Creditors to Receive Dividends
HEDZ UP: Creditors Confirm Liquidator Appointment
HENRY WALKER: Administrators Propose Deed of Company Arrangement
HILLS MOTORWAY: Transurban Releases Tax Summary of Takeover
ION LIMITED: Investors Given Chance to Get Their Money Back
JA AUTO: Members Pass Wind-Up Resolution
JANBARDY PASTORAL: Members to Hold Final Meeting on July 5
JUSTIN DAVIES: Members Decided to Wind Up Firm
MARYBOROUGH VEHICLE: To Declare Final Dividend July 20
MONTEGO GOLD: Names Robert Cole Official Liquidator
NATIONAL AUSTRALIA: Raised Alarm on Data Theft
NATIONAL AUSTRALIA: Idoport Drags Bank Back to Court
NOIR RETAIL: Members Opt for Winding Up
PAY TELEVISION: Gregory Winfield Hall Ceases to Act as Receiver
PRIMARY INSURANCE: To Pay Dividend to Unsecured Creditors
QANTAS AIRWAYS: To Fly Sydney-Beijing Route in 2006
RAY'S SECURITY: Court Orders Winding Up
R.O. & G.C.: Creditors Confirm Liquidator's Appointment
SHARPES EXCAVATIONS: Members to Hear Liquidator's Report
WONDERFIELD PTY: Declares Final Dividend
C H I N A & H O N G K O N G
BEST & PRESTIGE: Creditors' Meeting Slated for July 4
CHINA CONSTRUCTION: Temasek To Acquire 5.1% Stake
DAYNICE INTERNATIONAL: Court Issues Winding Up Notice
GUANGDONG KELON: Clarifies 'Inaccurate' Media Reports
HUALING HOLDINGS: Discloses EGM Voting Results
INDUSTRIAL AND COMMERCIAL: FY/2004 Net Income Dives 8%
INTERNATIONAL ENTERTAINMENT: [First Quarter] Net Loss Narrows to HK$19.2 Mln
KWONG FAI: To Exit Bankruptcy November 15
LEE SUN: Schedules Winding Up Hearing July 20
MAN HON: Fined $320K by SFC
MILKWAY IMAGE: Net Loss Shrinks to HK$8.3-Mln
MOULIN GLOBAL: Suspected Fraud Spurs Creditors to Call Police
NECKER ENGINEERING: Enters Winding Up Proceedings
RICH HONOUR: Receives Winding Up Notice
SINOPLAN ENGINEERING: Court Issues Winding Up Notice
TARZAN DEVELOPMENT: Braces for Bankruptcy Discharge
TOTAL TECHNOLOGY: Court to Hear Wind-up Petition July 20
WEALTHY UNIT: Winding Up Hearing Set August 10
WELLDONE CIVIL: Prepares to Exit Bankruptcy
ZERIO INVESTMENT: Holds Creditors' Meeting Today
I N D O N E S I A
BANK DANAMON: Moody's Ups Financial Strength Rating to D-
PERTAMINA: Boosts Oil Imports by 42%
PERTAMINA: Delays VAT Inclusion on Aviation Fuel
SEMEN GRESIK: Pays Out IDR182.2-Bln Dividends
TELEKOMUNIKASI INDONESIA: May Miss Deadline to Submit Report
J A P A N
FUNAI ELECTRIC: To Pay JPY16.5 Bln in Back Taxes
JAPAN AIRLINES: To Tie-up Frequent Flyer Programs With LAN
JAPAN AIRLINES: Apologizes to Shareholders for Safety Issues
MITSUBISHI FUSO: Incurs FY/2004 JPY88.1-Bln Net Loss
MITSUBISHI MOTORS: Unveils Sales, Exports for May 2005
MITSUBISHI MOTORS: Concept Car Snags Industrial Design Award
SKYNET ASIA: Eyes Code-sharing With ANA
K O R E A
DOOSAN HEAVY: Completes Construction of Evaporator in Libya
HYNIX SEMICONDUCTOR: To Increase Output Despite WTO Ruling
SK NETWORKS: Beats Local Bidders for Construction Deal
PAN OCEAN: IPO Proceeds Could Boost Fleet
M A L A Y S I A
BELL & ORDER: Gets SC Nod on Proposals
BERJAYA GROUP: Units Undertake Migration Exercise
DAI HWA: SC Finds Proposal Not Comprehensive
DATUK KERAMAT: Gets Interim Extension for Restraining Order
HONG LEONG: Unit to Launch Islamic Banking Business July 1
METROPLEX BERHAD: Court Reschedules MSEMI Winding Up Petition
PECD BERHAD: Strong Force Withdraws Winding Up Petition
PSC INDUSTRIES: Carries Out All Resolutions at AGM
SARAWAK ENTERPRISE: Unveils Resolutions Passed at Meeting
TALAM CORPORATION: Amends Audited Financial Statements
TRU-TECH HOLDINGS: Granted 180-Day Stay Order
TRU-TECH HOLDINGS: All AGM Resolutions Passed
UNITED CHEMICAL: Court Extends Completion Date of Restructuring
P H I L I P P I N E S
ABS-CBN BROADCASTING: Clarifies Role of Former President
COLLEGE ASSURANCE: Senator Wants SEC to Take Over Firm
COLLEGE ASSURANCE: Chief Says SEC Report Inaccurate
MANILA ELECTRIC: Elects Officers, Appoints External Auditor
MANILA ELECTRIC: Sees More Losses in 2005 on Weak Sales
MANILA MINING: SEC Approves Amended By-laws
NATIONAL BANK: Confirms Contents of News Article
NATIONAL POWER: Two of Three Calaca Plant Bidders Back Out
PACIFIC PLANS: PEPC Questions Sale of Napocor Bonds
RB DALAGUETE: Awaits Termination of Liquidation Proceedings
S I N G A P O R E
BOUSTEAD SINGAPORE: Unit Builds Water Treatment Plant in China
DIGILAND INTERNATIONAL: Creditors Approve Proposed Scheme
FLEXTECH HOLDINGS: Unit Incorporates New Subsidiary
LULEE METAL: Issues Notice of First, Final Dividend
OVERSEAS BUSINESS: Creditor Seeks Winding Up
SGT ASIA: Intends to Pay Dividend
T H A I L A N D
CHRISTIANI & NIELSEN: Seeks Revocation of Rehabilitation Plan
CENTRAL PAPER: Processes Change in Par Value of Shares
THAI PETROCHEMICAL: Court to Decide CITIC Due Diligence July 4
- - - - - - - -
=================
A U S T R A L I A
=================
ADVERTISING PRINT: Receiver Steps Aside
---------------------------------------
Gregory Winfield Hall, of PricewaterhouseCoopers, 201 Sussex
Street, Sydney NSW 1171 gave notice that on May 13, 2005, he
ceased to act as Receiver and Manager of Advertising Print Sales
Pty Ltd.
Dated this 13th day of May 2005
Gregory Winfield Hall
PricewaterhouseCoopers
COMPLETE FINANCIAL: To Distribute Dividends to Creditors
--------------------------------------------------------
A first and final dividend is to be declared on July 29, 2005
for Complete Financial Group Pty Ltd.
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
G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street
Melbourne Vic 3000
D B RAMSAY: Liquidator to Detail Wind-up Account
------------------------------------------------
Notice is hereby given that a final meeting of members of D B
Ramsay Pty Limited will be held at Suite 11 Lyndhurst, 303
Pacific Highway, Lindfield on Friday, July 8, 2005, at 10:00
a.m. for the purpose of having an account laid before them,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the liquidator.
Dated this 23rd day of May 2005
Michael C. Bingham
Liquidator
Suite 11, Lyndhurst
303 Pacific Highway
Lindfield NSW 2070
D CLUB: Last Minute Payments Save Club from Liquidation
-------------------------------------------------------
D Club, the operator of nightclub Metro City, averted
liquidation on June 24, 2005, thanks to its manager Tony Grego,
The West Australian reports.
Mr. Grego rushed to court before the hearing was about to start
with checks amounting to AU$402,000 to pay creditors including
the Australian Taxation Office (ATO).
D Club lost about AU$500,000 this year when the giant club was
forced to shut down while the Department of Racing, Gaming and
Liquor investigated its offshore ownership. Its problems started
when Metro City was the scene of a violent gangland brawl in
February, leading The West Australian to investigate the
Company's ownership.
The club resumed operations five weeks after when it satisfied
the department the new owner on its registry, Beautex Offshore,
was owned by Jopie Widjaja, an Indonesian who already had a
substantial stake in the club.
But on June 24, 2005 Delmere Holdings planned to apply to the
Supreme Court to have D Club wound up over a $200,000 debt, a
move that was also supported by the tax office, which was also
running after D Club for unpaid taxes for the past three fiscal
years.
Mr. Grego, who said the club has recovered in the past two
months, apparently saved the firm by handing lawyers for Delmere
and the ATO a check each.
DERCON PTY: Final Meeting Set July 8
------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Dercon Pty, Ltd will be held at the office of
Nicholls & Co, Chartered Accountants, Suite 6, 459 Peel Street,
Tamworth NSW 2340, on Friday, July 8, 2005 at 11:00 a.m., for
the purpose of receiving the Liquidator's account showing how
the winding up has been conducted and the property of the
Company disposed of, and hearing any explanation which may be
given by the Liquidator.
Dated this 20th day of May 2005
A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6 459 Peel Street
Tamworth NSW 2340
EASTERN SUBURBS: Unable to Pay Debts, Enters Liquidation
--------------------------------------------------------
Notice is hereby given that at a meeting of Eastern Suburbs
Project Management Pty Limited held on May 16, 2005, the
following Special Resolution was passed:
That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Moodie and Daniel Civil be appointed Joint and Several
Liquidators for the purpose of such winding up.
Robert Moodie
Daniel Civil
Joint and Several Liquidators
c/- Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
EVANS & TATE: To Report Losses on Inventory Write Downs
-------------------------------------------------------
Evans & Tate Limited has provided the market with a shareholder
update for the year ending June 30, 2005.
Evans & Tate has in recent years grown its business through
market penetration, brand development and investment in
wineries, vineyards and distribution businesses which has led to
a significant inventory build up.
The Company is currently facing a challenging wine market and
has been working to overcome these challenges.
The Board of Directors on Tuesday decided to accelerate the
reduction of the Company's unallocated wine inventory (i.e. wine
not allocated to customers).
In making this decision, the Board has elected to adopt a
conservative approach to the accounting treatment of the
carrying value of its wine inventory, and believes the
acceleration of the reduction of the Company's wine inventory
will result in a once-off write-down in the value of its
inventory.
The Board expects the wine inventory write-down will be in order
of AU$8 million to AU$10 million, approximately 7% to 9% of
total inventory levels.
The exact level of the inventory write-down will depend on the
final outcome of an independent wine evaluation currently
underway.
In addition, The Board considered the carrying value of Yarra
Valley subsidiary Oakridge Vineyards Pty Ltd. Based on the
unaudited management accounts for Oakridge for the year to date,
the Board believes it is likely that a write-down of the AU$4.3
million goodwill relating to Oakridge Vineyards Pty Ltd will be
required in the current financial year.
Even though the Company's revenues and EBITDA earnings are
expected to increase for the year ending June 30, 2005, as a
result of the above write-downs and based on the Company's
unaudited management accounts for the eleven months ended May
31, 2005, the Company expects to report its first net loss since
listing of between AU$4.8 million and AU$7.5 million for the
year.
This expected loss will not restrict the Company's ability to
pay a final dividend. The Board intends to declare a final
dividend on the Company's preference shares in accordance with
their terms and declare a final dividend on the Company's
ordinary shares for the current financial year, subject to
finalization of the Company's annual audited accounts.
Evans & Tate Executive Chairman Franklin Tate said that the
Company has in place strategies to reduce inventory to more
appropriate levels.
Detailed Financial Guidance
The Company is forecasting operating revenue of AU$95 million
for the year ending June 30, 2005. This represents an increase
on last year's operating revenue of approximately 12%.
For comparison purposes, Earnings before Interest, Tax,
Depreciation and Amortization (EBITDA) before inventory write-
downs is anticipated to be in the range of AU$21 million to
AU$23 million for the year ending June 30, 2005, an increase of
approximately 7% to 17%.
The Company recognizes that it needs to reduce its inventory. In
the past, the Company has blended slow moving inventory with
other wines for distribution over time. However, given the
current difficult market environment and the Company's need to
reduce debt, the Board has decided to begin to reduce some
inventory immediately.
Sales of unallocated inventory are expected to be in order of
AU$8 million. The Board expects these rules to result in a once-
off write-down of AU$8 million to AU$10 million in the current
financial year.
As previously announced, the Company intends to reduce inventory
further by reducing the 2006 vintage intake, which is
anticipated to be less than the 2005 vintage. The 2005 vintage
intake was 7,000 tonnes less than the 2004 vintage intake. Given
the anticipated sales program for the 2005/2006 fiscal year, the
Company's inventories are expected to fall to AU483 million to
AU$88 million by June 30, 2006 from current levels of
approximately AU$100 million following the inventory write-down.
As part of its ongoing business planning, Evans & Tate has also
been undergoing a review of its costs and part of its planned
initiatives include the intention to reduce its packaged stock
by AU$4 million over the next 12 months and the consideration of
a sale and leaseback of the Griffith winery which the Company
expects would realize a further AU$10 million to AU$12 million
for debt reduction.
The Company will provide further updates on these initiatives as
they progress.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
GLENBAR PASTORAL: Members Resolve to Wind Up Operations
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Glenbar Pastoral Company Pty Ltd 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
GLOBAL AUCTIONS: Priority Creditors to Receive Dividends
--------------------------------------------------------
A first and final dividend to priority creditors is to be
declared on July 13, 2005 for Global Auctions Pty Ltd (formerly
trading as Bells Auctions Pty Ltd).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 17th day of May 2005
Brian McMaster
Liquidator
KordaMentha
Level 11, 37 St Georges Terrace
Perth WA 6000
HEDZ UP: Creditors Confirm Liquidator Appointment
-------------------------------------------------
Notice is given under Subsection 491(2)(b) that at a meeting of
the members of Hedz Up Hair Salon Mt Gravatt Pty Ltd held on May
23, 2005, it was resolved that the Company be wound up and that
Matthew L. Joiner and Gerald T. Collins be nominated as Joint
and Several Liquidators, and that at a separately convened
meeting of creditors held later the same day, the creditors
confirmed the appointment.
Dated this 23rd day of May 2005
Matthew L. Joiner
Gerald T. Collins
Joint and Several Liquidators
Horwath Jefferson Stevenson
Chartered Accountants
Level 4, 370 Queen Street
Brisbane Qld 4000
HENRY WALKER: Administrators Propose Deed of Company Arrangement
----------------------------------------------------------------
The Administrators of the Henry Walker Eltin Group Limited (HWE)
and its subsidiaries on Tuesday released their Report to
Creditors pursuant to Section 439A of the Corporations Act.
Administrator Scott Kershaw of McGrathNicol+Partners said the
Report informed creditors of the financial position of the
various entities, the reasons for HWE's failure and recommended
the most appropriate course of action to take in relation to the
Companies.
Mr. Kershaw said the Administrators recommended a Deed of
Company Arrangement be adopted by creditors, the basis for which
was decided in consultation with HWE's Committees of Creditors,
Financial Creditors and Bondholder representatives.
The Deed of Company Arrangement Proposal requires the support of
a simple majority of creditors and will be presented at meetings
scheduled for July 8, 2005 to be held in Darwin and Perth, with
video connections from Sydney and Auckland.
"The Deed of Company Arrangement Proposal seeks to consolidate
the assets of HWE into two distinct pools, and provides
different classes of creditors with varying rights to claim
against each pool," Mr. Kershaw said.
"The proposal will streamline the process for adjudication of
claims, reduce costs and accelerate the payment of distributions
to creditors."
Mr. Kershaw also said that the Company's asset realization
strategy was progressing well.
"The majority of HWE businesses have now been sold or are in
advanced negotiations. The sales process for the Companies'
major mining contracting businesses has commenced and initial
interest is most encouraging."
While it was unlikely there would be any return to shareholders
of HWE, it is necessary to progress the sale process before the
Administrators can form a final view on that matter.
The Report to Creditors shall be available at:
http://bankrupt.com/misc/tcrap_hwemainbody062905.pdf
http://bankrupt.com/misc/tcrap_hweappendices062905.pdf
http://bankrupt.com/misc/tcraP_hwedeed062905.pdf
For further information please contact Gavin Anderson & Company:
Australia
Stuart Barton
Phone: (02) 9552 4499
0404 054 857
E-mail: sbarton@gavinanderson.com.au
New Zealand
Bridget Hargreaves
Phone: + 64 (4) 472 4688
+ 64 21 485 422
E-mail: bhargreaves@gavinanderson.co.nz
HILLS MOTORWAY: Transurban Releases Tax Summary of Takeover
-----------------------------------------------------------
Transurban completed the compulsory acquisition of the remaining
Hills Motorway Group securities on June 10, 2005, as a result
Hills was delisted on June 22, 2005.
Greenwoods & Freehills have provided the attached "Summary of
tax implications for former Hills security holders" (Australian
residents only), who held their Hills securities on capital
account for tax purposes.
The attached summary is for guidance only and Hills security
holders should consult their own tax advisor for advice
applicable for their own circumstances.
Attachment:
http://bankrupt.com/misc/tcrap_hillsmotorway062905.pdf
CONTACT:
Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/
ION LIMITED: Investors Given Chance to Get Their Money Back
-----------------------------------------------------------
A listed litigation firm is urging small investors in Ion
Limited to join a class action to recover part of the former
value of their interests in the failed autoparts maker, The
Advertiser reveals.
IMF (Australia) announced fund claims by Ion shareholders to
help recoup their losses, after administrators McGrathNicol and
Partners told shareholders they would not receive any
distribution for their shares.
The IMF case would claim recovery of loss and damages sustained
by shareholders as a result of Ion's collapse. This was "on the
basis that between October 20, 2003, and December 7, 2004 (the
date voluntary administrators were appointed), Ion engaged in
misleading or deceptive conduct and breached the continuous
disclosure provisions of the Corporations Act by failing to keep
the market fully informed".
IMF has offices in Sydney, Melbourne and Perth and has
previously launched claims involving the collapse of other
listed companies such as Sons of Gwalia.
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
JA AUTO: Members Pass Wind-Up Resolution
----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of JA Auto Recovery Pty Limited held on May 17,
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, Michael John Morris Smith of
Smith Hancock, Chartered Accountants, Level 4, 88 Phillip
Street, Parramatta NSW 2150 be appointed Liquidator.
Dated this 17th day of May 2005
M. J. M. Smith
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street, Parramatta NSW 2150
JANBARDY PASTORAL: Members to Hold Final Meeting on July 5
----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of the members of Janbardy
Pastoral Company PTY Limited will be held at the offices of
Graham P. Brown, Graham P. Brown Pty Limited, 216 Victoria
Street on July 5, 2005 for the purposes of laying before the
meeting the liquidator's final account and report and giving an
explanation thereof.
Dated this 17th day of May 2005
Graham P. Brown
Graham P. Brown Pty Limited
216 Victoria Street
Taree NSW 2430
JUSTIN DAVIES: Members Decided to Wind Up Firm
----------------------------------------------
At a general meeting of the members of Justin Davies Investments
Pty Ltd held at 67 Rembrandt Drive Merewether Heights NSW 2291
on May 18, 2005, a special resolution that the Company be wound
up voluntarily was passed.
Timothy James Cuming
Simon John Cathro
Liquidators
PricewaterhouseCoopers
8 Auckland Street, Newcastle NSW 2300
MARYBOROUGH VEHICLE: To Declare Final Dividend July 20
--------------------- --------------------------------
Maryborough Vehicle Center Pty Lyd will declare a first and
final dividend on July 20, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend. Creditors are
advised that they need to provide documentary evidence to
substantiate their debt or claim.
Dated this 23rd day of May 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road
Hawthorn East Vic 3123.
Phone: (03) 9882 6666
MONTEGO GOLD: Names Robert Cole Official Liquidator
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Montego Gold Pty Ltd 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 it was resolved that
for such purpose, Robert Molesworth Hobill Cole of Cole Downey &
Co, Chartered Accountants, Unit 2, 6 Moorabool Street, Geelong
Vic 3220 be appointed Liquidator.
Dated this 19th day of May 2005
Robert M. H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Unit 2, Moorabool Street
Geelong Vic 3220
NATIONAL AUSTRALIA: Raised Alarm on Data Theft
----------------------------------------------
The National Australia Bank (NAB) has warned the Federal Bureau
of Investigation (FBI) about theft of data from credit and debit
cards by hackers in the United States, reports the Bank Systems
and Technology News.
NAB, Australia's largest bank, supposedly discovered the fraud
and reported it to MasterCard and Visa in September last year.
The FBI immediately commissioned a probe after it was notified
of the data theft, and declared it a "crime scene" on June 1,
2005.
According to Australia's Treasurer Peter Costello, the FBI did
not permit organizations to disclose the fraud during the
investigation. They were only allowed public comment on Thursday
or Friday last week.
Mr. Costello admitted he and Justice Minister Chris Ellison only
became aware of the fraud through media reports this week. He
said his office was told that NAB had raised the alarm months
earlier.
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
NATIONAL AUSTRALIA: Idoport Drags Bank Back to Court
----------------------------------------------------
An epic legal battle between computer systems group Idoport and
National Australia Bank is back in court, according to The
Australian.
Idoport, which had a $50 billion lawsuit against National
Australia Bank dismissed three years ago, has returned to the
New South Wales Supreme Court Monday.
John Maconochie's Idoport sued NAB and subsidiary National
Markets Group for allegedly breaching a contract over the bank's
failure to develop and market his electronic trading platform,
Ausmaq.
The case was dismissed in the NSW Supreme Court in January 2002,
when Mr. Maconochie failed to secure funds to continue the fight
after the trial costs swelled to more than $50 million. But
Idoport has since won the support of US-based hedge fund Elliott
Associates, which has a record of fighting for investor rights.
Idoport has again attempted to begin fresh proceedings against
NAB that focus on claims for payment of contractual performance
bonuses.
Idoport said the fresh proceedings relate to narrow contractual
matters vastly different to the previous matter. It says the
Company has paid costs in any matters that might overlap in the
new proceedings.
NAB said it would argue that the proceedings could not be
brought to the court until costs had been paid for all matters
in the previous case.
NOIR RETAIL: Members Opt for Winding Up
---------------------------------------
Notice is hereby given that at a General Meeting of the members
of Noir Retail Pty Ltd (formerly Easy Going Pty Ltd) duly
convened and held at Level 6, 161 Collins Street, Melbourne on
May 23, 2005, a Special Resolution that the Company be wound up
voluntarily was passed, and G. M. Rambaldi was appointed
Liquidator for the winding up.
Dated this 24th day of May 2005
G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street
Melbourne Vic 3000
PAY TELEVISION: Gregory Winfield Hall Ceases to Act as Receiver
---------------------------------------------------------------
Gregory Winfield Hall, of PricewaterhouseCoopers, 201 Sussex
Street, Sydney NSW 1171 gave notice that on May 13, 2005, he
ceased to act as Receiver and Manager of Pay Television Sales
Australia Pty, Ltd.
Dated this 13th day of May 2005
Gregory Winfield Hall
PricewaterhouseCoopers
PRIMARY INSURANCE: To Pay Dividend to Unsecured Creditors
---------------------------------------------------------
A first and final dividend to priority employee unsecured
creditors is to be declared for Primary Insurance Brokers of
Australia PTY Limited on July 6, 2005.
Priority creditors who were not able to prove their debts or
claims will be excluded from the benefit of the dividend.
Dated this 17th day of May 2005
M. J. M. Smith
Official Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150
QANTAS AIRWAYS: To Fly Sydney-Beijing Route in 2006
---------------------------------------------------
Qantas Airways Limited has revealed it would begin servicing
flights to Beijing from Sydney and vice versa early next year,
Asia Pulse reports.
The national flag carrier said it will fly to Beijing three
times a week starting January 9, 2006, and hopes to increase
flight frequency to once a day within the next two years.
Qantas already flies thrice weekly between Sydney and Shanghai.
It expects to add a fourth flight and to be able to offer a
daily service by 2007.
The airline decided to expand its operations in China, since the
travel between the Asian country and Australia has increased
more than 40 percent in the past three years and is expected to
grow 20 percent in the next 12 months.
Qantas said it will use Airbus A330-300 jets on the China bound
routes.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
RAY'S SECURITY: Court Orders Winding Up
---------------------------------------
On May 17, 2005, the Supreme Court of New South Wales made an
Order that Ray's Security Services Pty Limited be wound up by
the Court and appointed Maxwell William Prentice to be
Liquidator of the winding up.
Dated this 18th day of May 2005
Maxwell William Prentice
c/- PPB
Chartered Accountants & Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: (02) 9233 4955
Fax: (02) 9221 1310
R.O. & G.C.: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Notice is hereby given that, at a general meeting of members of
R.O. & G.C. Day Pty Limited held on May 18, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose Danny Vrkic of Jirsch Sutherland & Co - Wollongong
Chartered Accountants be appointed Liquidator. A meeting of
creditors held later that day confirmed this appointment.
Dated this 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
SHARPES EXCAVATIONS: Members to Hear Liquidator's Report
--------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Sharpes
Excavation and Tar Sealing 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
WONDERFIELD PTY: Declares Final Dividend
----------------------------------------
A final dividend is to be declared on the 18th day of July 2005
for Wonderfield Pty Ltd.
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
John Georgakis
Official Liquidator
Ernst & Young
Chartered Accountants
Level 27, 120 Collins Street
Melbourne Vic 3000
Phone: Mark Sheales (03) 9288 8917
==============================
C H I N A & H O N G K O N G
==============================
BEST & PRESTIGE: Creditors' Meeting Slated for July 4
-----------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Best & Prestige Company Limited will be held at Room 1701,
17/F., Olympia Plaza, 255 King's Road, North Point, Hong Kong on
July 4, 2005 at the 3 o'clock in the afternoon.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be lodged at Room 1701,
17/F., Olympia Plaza, 255 King's Road, North Point, Hong Kong,
not later than 4:00 p.m. in the afternoon of the day before the
time appointed for holding of the Meeting or any adjourned
meeting.
Dated this 24th day of June 2005
On behalf of the Board
Cheung Hin Kei
Director
CHINA CONSTRUCTION: Temasek To Acquire 5.1% Stake
-------------------------------------------------
Singapore's Temasek Holdings has agreed to pay US$1.4 billion
(HK$10.9 billion) for a 5.1 percent stake in China Construction
Bank, Xinhua reports, citing the Caijing magazine.
The financial magazine did not disclose its source for the
report, though it said an agreement was signed late Friday.
The lender plans to sell 15 percent of its shares to raise about
US$5 billion before listing on the Hong Kong exchange later this
year.
In late 2003, the government gave China Construction Bank a
US$22.5 billion bailout, part of a vast effort to revamp the
country's financial system.
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
DAYNICE INTERNATIONAL: Court Issues Winding Up Notice
-----------------------------------------------------
Daynice International Limited, whose place of business is
located at Unit 1801-02, Stelux House, 698 Prince Edward Road
East, San Po Kong, 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 15, 2005.
Date of Presentation: March 31, 2005
Dated this 28th day of June 2005
ET O'Connell
Official Receiver
GUANGDONG KELON: Clarifies 'Inaccurate' Media Reports
-----------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited clarifies
certain inaccurate statements made recently in media press
releases in Hong Kong and the PRC.
There are recent media press releases in Hong Kong and the
People's Republic of China (PRC) reporting that:
a) The Chairman and single largest shareholder of Guangdong
Kelon Electrical Holdings Company Limited (together with its
subsidiaries), Mr. Gu Chu Jun has initiated discussions with the
relevant department about selling his shareholdings in the
Company;
b) The Company is faced with financial difficulties and has
reduced its goods production due to its banks ceasing to provide
the Company with finance, the suppliers ceasing to supply goods
and the sales agents chasing for goods; and
c) The China Securities Regulatory Commission ("CSRC") has
completed its investigation into the Company but the directors
of the Company do not agree with the results of such
investigation.
The Company clarifies these inaccurate releases as follows:
a) The Company has made enquiries with its single largest
shareholder Guangdong Greencool Enterprise Development Limited
(Guangdong Greencool). Guangdong Greencool and its beneficial
owner, Mr. Gu have confirmed that as at the date of this
announcement, neither Guangdong Greencool nor Mr. Gu has entered
into any discussions with other companies in relation to a sale
of its shareholdings in the Company.
b) The directors of the Company are looking further into the
financial, production and trading position of the Group and
after the satisfactory conclusion of their review, further
announcement will be made as and when appropriate.
c) As stated in the Company's announcement dated May 9, 2005,
the Company is being formally investigated by the CSRC for
alleged breaches of securities laws and regulations in the PRC.
As at the date of this announcement the Company has not received
any written notice in respect of any conclusion of such
investigation.
At the request of the Company, trading in shares of the Company
was suspended with effect from 10 a.m. on June 16, 2005 pending
the release of an announcement in relation to price sensitive
information. Subject to the publication of an announcement in
relation to the financial, production and trading position of
the Group, trading in shares of the Company will remain
suspended until further notice.
By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun Chairman
CONTACT:
Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Center
25 Harbour Road
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com
HUALING HOLDINGS: Discloses EGM Voting Results
----------------------------------------------
References are made to the announcement dated May 19, 2005
published by Hualing Holdings Limited, the circular, dated June
9, 2005 issued by the Company and the notice convening the
extraordinary general meeting (EGM) incorporated into the
Circular. Terms used herein shall have the same meanings as
defined in the Circular unless the context requires otherwise.
Hualing Holdings Limited announces that the following
resolutions were duly passed at the EGM:
(1) The increase in the authorized share capital of the Company
from HK$300,000,000 to HK$1,000,000,000 by creation of an
additional 7,000,000,000 Shares and all such new Shares rank
pari passu in all respects with the existing Shares;
(2) (a) subject to the satisfaction of certain conditions, the
Rights Issue of not less than 2,382,054,612 Rights Shares to the
Qualifying Shareholders in the proportion of three Rights Shares
for every two Shares of the Company then held at the
Subscription Price and otherwise on the terms and conditions set
out in the Circular;
(b) Subject to the satisfaction of certain conditions, the
Directors be authorized to allot and issue the Rights Shares
pursuant to or in connection with the Rights Issue provided that
the Rights Shares shall not be issued to the Excluded
Shareholders but shall be aggregated and issued to a nominee to
be named by the Company and such Rights Shares shall be sold in
the market as soon as practicable after dealings in Rights
Shares in their nil-paid form commence and the proceeds of such
sale (after deduction of expenses) of HK$100 or more will be
paid to the Excluded Shareholders and the Company shall retain
any individual amount of less than HK$100;
(c) Subject to the satisfaction of certain conditions, the
Directors be authorized to make such other exclusions or other
arrangements in relation to the Excluded Shareholders as they
may deem necessary or expedient and generally to do such things
or make such arrangements as they may think fit to effect the
Rights Issue; and
(3) Subject to the Executive granting to Midea International and
parties acting in concert with it the Whitewash Waiver and the
satisfaction of any condition attached to the Whitewash Waiver
imposed by the Executive, the waiver pursuant to Note 1 on
dispensations from Rule 26 of the Takeovers Code waiving any
obligation on the part of Midea International and parties acting
in concert with it to make a mandatory general offer to the
shareholders of the Company to acquire shares in the Company
other than those already owned by Midea International and
parties acting in concert with it which would otherwise arise
under Rule 26.1 of the Takeovers Code as a result of any issue
and allotment pursuant to application(s) made by parties acting
in concert with Midea International and/or fulfillment of Midea
International's underwriting obligations under the Underwriting
Agreement.
References are made to the announcement dated May 19, 2005
published by Hualing Holdings Limited, the circular dated June
9, 2005 issued by the Company and the notice convening the
extraordinary general meeting incorporated into the Circular.
Terms used herein shall have the same meanings as defined in the
Circular unless the
VOTING RESULTS OF THE EGM
Pursuant to Rule 13.39(5) of the Listing Rules, the Board is
pleased to announce that all the ordinary resolutions set out in
the Notice were duly passed at the EGM held on 28 June 2005.
Resolution no. 1 in relation to the increase in the authorized
share capital of the Company from HK$300,000,000 to
HK$1,000,000,000 by creation of an additional 7,000,000,000
Shares and all such new Shares rank pari passu in all respects
with the existing Shares set out in the Notice was duly passed
by the Shareholders on show of hands.
The Whitewash Waiver has been granted by the Executive to Midea
International on June 21, 2005 subject to the approval of the
Whitewash Waiver by the Independent Shareholders at the EGM.
The following resolutions no. 2(a) to 2(c) (in relation to the
Rights Issue) and no. 3 (in relation to the Whitewash Waiver)
set out in the Notice were duly passed by the Independent
Shareholders by way of poll at the EGM:
Resolutions:
2(a) Subject to the satisfaction of certain conditions, the
Rights Issue of not less than 2,382,054,612 Rights Shares to the
Qualifying Shareholders in the proportion of three Rights Shares
for every two Shares of the Company then held at the
Subscription Price and otherwise on the terms and conditions set
out in the Circular.
Number of Votes (%) For Against
193,054,000 3,678,000
(98.13%) (1.87%)
2(b) subject to the satisfaction of certain conditions, the
Directors be authorized to allot and issue the Rights Shares
pursuant to or in connection with the Rights Issue provided that
the Rights Shares shall not be issued to the Excluded
Shareholders but shall be aggregated and issued to a nominee to
be named by the Company and such Rights Shares shall be sold in
the market as soon as practicable after dealings in Rights
Shares in their nil-paid form commence and the proceeds of such
sale (after deduction of expenses) of HK$100 or more will be
paid to the Excluded Shareholders and the Company shall retain
any individual amount of less than HK$100.
Number of Votes % For Against
193,054,000 3,678,000
(98.13%) 1.87%)
2(c) subject to the satisfaction of certain conditions, the
Directors be authorized to make such other exclusions or other
arrangements in relation to the Excluded Shareholders as they
may deem necessary or expedient and generally to do such things
or make such arrangements as they may think fit to effect the
Rights Issue.
Number of Votes % For Against
193,054,000 3,678,000
(98.13%) (1.87%)
3. Subject to the Executive granting to Midea International and
parties acting in concert with it the Whitewash Waiver and the
satisfaction of any condition attached to the Whitewash Waiver
imposed by the Executive, the waiver pursuant to Note 1 on
dispensations from Rule 26 of the Takeovers Code waiving any
obligation on the part of Midea International and parties acting
in concert with it to make a mandatory general offer to the
shareholders of the Company to acquire shares in the Company
other than those already owned by Midea International and
parties acting in concert with it which would otherwise arise
under Rule 26.1 of the Takeovers Code as a result of any issue
and allotment pursuant to application(s) made by parties acting
in concert with Midea International and/or fulfillment of Midea
International's underwriting obligations under the Underwriting
Agreement.
Number of Votes % For Against
193,054,000 3,678,000
(98.13%) (1.87%)
As at the date of the EGM, the total issued share capital of the
Company was HK$158,803,640.8 divided into 1,588,036,408 ordinary
Shares. In accordance with the Listing Rules and the Takeovers
Code and as disclosed in the Circular, Midea International, its
associates and parties acting in concert with it, who are
collectively interested in 670,076,808 Shares, representing
approximately 42.2% of the total issued share capital of the
Company as at the date of the EGM, abstained from voting in
relation to the resolutions no. 2(a) to 2(c) and no. 3 set out
in the Notice at the EGM. As at the date of the EGM, the total
number of Shares entitling the Independent Shareholders to
attend and vote for or against the resolutions no. 2(a) to 2(c)
and no. 3 set out in the Notice at the EGM is 917,959,600
representing approximately 57.8% of the total issued share
capital of the Company and there was no Share entitling the
Independent Shareholders to attend and vote only against the
resolutions no. 2(a) to 2(c) and no. 3 set out in the Notice at
the EGM.
The Company's share register, Computershare Hong Kong Investor
Services Limited was appointed as the scrutineer at the EGM for
the purpose of vote taking.
By order of the board of Directors
Hualing Holdings Limited
Fang Hongbo
Chairman
Hong Kong, 28 June 2005
CONTACT:
Hualing Holdings Limited
Room 4108-10, 41st Floor
Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
Phone: 28022155
Fax: 25988995
Phone: http://www.hualing.com.hk
INDUSTRIAL AND COMMERCIAL: FY/2004 Net Income Dives 8%
------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) posted a net
income of CNY2.3 billion (HK$2.16 billion) in 2004 from CNY2.5
billion a year earlier, The Standard reports.
New lending increased 9.2 percent last year to CNY3.7 trillion,
versus a 13 percent rise in fresh lending the previous year.
Analysts said ICBC's earnings slump resulted from mounting
restructuring costs, including branch closures, higher salaries
and costly outside consultancy work - all meant to prepare for
an initial public offering overseas next year.
Investors, though, are likely to remain concerned that ICBC may
have still more bad loans lurking on its balance sheet. ``There
are probably more NPLs there that need to be cleaned up before
they can complete their IPO,'' said Ivan Chung, credit ratings
managing director at Xinhua Finance.
Mr. Chung added ICBC ``may also need a further US$40 billion to
US$50 billion'' capital injection prior to an overseas stock
sale, in order to boost its capital adequacy ratio to
international standards.
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
INTERNATIONAL ENTERTAINMENT: [First Quarter] Net Loss Narrows to HK$19.2 Mln
-----------------------------------------------------------------------------
International Entertainment Corporation disclosed its financial
results ended March 31, 2005.
Year end date: 31/03/2005
Currency: HKD
Auditors' report: Unqualified
Audited Audited
Current Last Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
$'000 $'000
Turnover : 34,448 16,131
Profit/(Loss) from Operations: (28,761) (33,905)
Finance cost : (1,117) (1,214)
Share of Profit/(Loss) of Associates: 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI: (19,295) (35,552)
% Change Over the Last Period: N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.1) (HKD 42.76)
Diluted (in dollar): (HKD 0.1) N/A
Extraordinary (ETD) Gain/(Loss): 0 0
Profit (Loss) after ETD Items :(19,295) (35,552)
Final Dividends per Share : NIL NIL
(specify if with other options): N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting: N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution: N/A
(bdi: both days inclusive)
For and on behalf of
International Entertainment Corporation
Name: Kwok Chi Kin
Title: Company Secretary
The calculation of the basic loss per share is based on the net
loss for the year of approximately HK$19,295,000 (2004:
HK$35,552,000) and the weighted average number of shares of
192,793,091 (2004: 831,447) in issue during the year.
The weighted average number of shares for the year ended March
31, 2004 for the purpose of basic losses per share has been
adjusted for the share consolidation of every 100 ordinary
shares of HK$0.01 each into one share of HK$1.00 each, which
become effective on April 22, 2004.
The computation of diluted loss per share did not assume the
exercise of the subsidiary's outstanding share options existed
during the year ended March 31, 2005 since their existence would
reduce loss per share. For the year ended March 31, 2004, no
diluted loss per share has been presented as there were no
options in issue.
CONTACT:
International Entertainment Corporation
Rooms 1502-05
New World Tower 1
16-18 Queen's Road Central
Hong Kong
Phone: 27902233
Fax: 27989900
Web site: http://www.cyberonair.com
KWONG FAI: To Exit Bankruptcy November 15
-----------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Lui Siu Kwong trading
as Kwong Fai Printing Factory (the bankrupt), will be discharged
from bankruptcy on November 15, 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.
CONTACT:
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
LEE SUN: Schedules Winding Up Hearing July 20
---------------------------------------------
Notice is hereby given that a Petition for the winding-up of Lee
Sun Lan Tobacco Company Limited by the High Court of Hong Kong
was on May 20, 2005 presented to the said Court by Lee Kwan Kit
of Flat H, 3rd Floor, Ko On Mansion, Tai Koo Shing, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
MESSRS. TANG, LAI & LEUNG
Solicitors for the Petitioner
7th Floor, Chung Nam House
No. 59 Des Voeux Road Central
Central, Hong Kong
Tel: 2845 5333 Fax: 2845 5322
Ref: SL/10442/M-2626/2004
Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of July 19, 2005.
MAN HON: Fined $320K by SFC
---------------------------
The Securities and Futures Commission (SFC) has reprimanded Man
Hon Yeung Securities Limited (MHYSL) and its responsible
officer, Mr. Man Hon Yeung. MHYSL has also been fined $320,000.
MHYSL failed to maintain the required liquid capital on 32
occasions between September 2003 and February 2004, thereby
breaching section 6 of the Securities and Futures (Financial
Resources) Rules (FRR). The breaches were caused by MHYSL's
margin lending to its clients for IPO subscriptions and over-
trading of its margin clients. MHYSL's accounting staff were
unfamiliar with the FRR requirements and failed to include
MHYSL's short-term bank loans in its FRR computation.
At all material times, Man was a responsible officer of MHYSL
responsible for the general management of MHYSL. He bears
primary responsibility for MHYSL's failures.
In deciding on the penalty, the SFC has taken into account the
Disciplinary Fining Guidelines (Note 2) and all the
circumstances of the case including the following:
The breaches were unintentional and resulted from the
inexperience of MHYSL's accounting staff;
MHYSL volunteered to provide the SFC with the details of its
liquid capital deficiencies;
Man immediately injected sufficient liquid capital into MHYSL as
soon as he was informed by the SFC of the FRR deficiencies; and
MHYSL and Man co-operated with SFC's investigation and frankly
admitted their responsibilities.
Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"This case is a good example of why it is important for both the
management and the accounting staff of licensed corporations to
have a good grasp of the FRR requirements. MHYSL's liquid
capital deficiencies might have been avoided had Man and his
subordinates paid proper heed to the relevant legislation and
SFC circulars regarding FRR requirements."
"FRR compliance is vital to ensuring that a licensed corporation
is adequately capitalized and can therefore meet its obligations
to clients, other market participants and creditors. This is
essential to the stability of the industry as a whole," Mr.
Linning added.
This is a press release.
CONTACT:
The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
MILKWAY IMAGE: Net Loss Shrinks to HK$8.3-Mln
---------------------------------------------
Milkway Image 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 Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
$'000 $'000
Turnover : 36,836 22,696
Profit/(Loss) from Operations: (8,329) (11,567)
Finance cost : (36) (10)
Share of Profit/(Loss) of Associates: N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI:(8,365) (10,788)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0105) (HKD 0.017)
Diluted (in dollar) : N/A (HKD 0.017)
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit (Loss) after ETD Items: (8,365) (10,788)
Final Dividends per Share: NIL NIL
(specify if with other options): N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting: N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution: N/A
(bdi: both days inclusive)
For and on behalf of
Milkyway Image Holdings Limited
Signature:
Name: Lee Wai Ming
Title: Company Secretary
The calculation of basic loss per share for the year is based on
the net loss for the year of approximately HK$8,365,000(2004:
HK$10,788,000) and the weighted-average number of 793,972,603
(2004: 636,288,525) ordinary shares in issue during the year.
Diluted loss per share is not presented as there were no
dilutive potential ordinary shares during the year. The
computation of diluted loss per share for the year ended March
31, 2004 did not assume the exercise of the Company's
outstanding share options existed during that year since their
exercise would reduce loss per share in that year.
The directors do not recommend the payment of a dividend.
CONTACT:
Milkway Image Holdings Limited
1/F, 77 Hung To Road
Kwun Tong, Kowloon
Hong Kong
Phone: 27188128
Fax: 27188122
Web site: http://www.milkywayimage.com
MOULIN GLOBAL: Suspected Fraud Spurs Creditors to Call Police
-------------------------------------------------------------
Creditors of Moulin Global Eyecare Holdings have called in the
police over suspected fraud at the Company, AFX relates, citing
the South China Morning Post.
Moulin Global accounts may have been overstated and the tally of
its outstanding obligations may increase as claims from trade
and overseas creditors surface, the newspaper reported.
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.
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
NECKER ENGINEERING: Enters Winding Up Proceedings
-------------------------------------------------
Necker Engineering Limited, whose place of business is located
at Flat D, 13th Floor, Fuk Cheong Factory Bldg, No. 1 Walnut
St., Tai Kok Tsui, 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 28th day of June 2005
ET O'Connell
Official Receiver
RICH HONOUR: Receives Winding Up Notice
---------------------------------------
Rich Honour Engineering Limited, whose place of business is
located at Room 348, 3rd Floor, 30-38 Lam Tin Street, Kwai
Chung, New Territories was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on June 15, 2005.
Date of Presentation: April 7, 2005
Dated this 28th day of June 2005
ET O'Connell
Official Receiver
SINOPLAN ENGINEERING: Court Issues Winding Up Notice
----------------------------------------------------
Sinoplan Engineering Limited, whose place of business is located
at G/F, 55 Tai Tsun Street, Tai Kok Tsui, 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
15, 2005.
Date of Presentation: March 21, 2005
Dated this 28th day of June 2005
ET O'Connell
Official Receiver
TARZAN DEVELOPMENT: Braces for Bankruptcy Discharge
---------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Kwok San Tak trading as
Tarzan Development Company (the bankrupt), will be discharged
from bankruptcy on November 8, 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
TOTAL TECHNOLOGY: Court to Hear Wind-up Petition July 20
--------------------------------------------------------
Notice is hereby given that a petition for the winding-up of
Total Technology Company Limited by the High Court of The Hong
Kong Special Administrative Region was on May 27, 2005 presented
to the said Court by Thomson Optical Components (HK) Limited
whose registered office is at 13/F, Evergain Centre, 28 On Muk
Street, Siu Lek Yuen, Shatin, New Territories, Hong Kong.
The said petition is directed to be heard on July 20, 2005 at
9:30 a.m.
Any creditor or contributory of the said Company desirous to
support or oppose 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.
Dated the Twenty-Eighth day of June 2005
TANG TSO & LAU
Solicitors for the Petitioner
12/F, Silver Fortune Plaza
1 Wellington Street, 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, the name and
address of the firm or his or their solicitors (if any) and must
be signed by the person or firm, or his or their solicitors (if
any), and must be served, or if posted, must be sent by post in
sufficient time to reach the abovenamed not later than six
o'clock in the afternoon of July 19, 2005.
WEALTHY UNIT: Winding Up Hearing Set August 10
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wealthy Unit International Enterprises Limited by the High Court
of Hong Kong Special Administrative Region was on June 10, 2005
presented to the said Court by Hollywood Palace Company Limited
whose principal place of business in Hong Kong is situated at
Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui
East, 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.
Ford Kwan and Company
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
No. 77 Mody Road, Tsimshatsui East
Kowloon, Hong Kong
Phone: 2366 0688
Fax: 2722 0736
Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of August 9, 2005.
WELLDONE CIVIL: Prepares to Exit Bankruptcy
-------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Sit Ka Keung trading as
Welldone Civil Engineering Company (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
ZERIO INVESTMENT: Holds Creditors' Meeting Today
------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Zerio Investment Limited will be held at 16B, Empire Land
Commercial Centre, 81-85 Lockhart Road, Wanchai, Hong Kong on
June 30, 2005 at the 3 p.m. for the following purposes:
1. To receive a statement of financial position of the Company.
2. To appoint, if thought fit, one person to act as Liquidator
for the purposes of the winding-up of the Company.
3. To appoint, if thought fit, not more than five person to
serve on a committee of inspection for the purposes of the
winding-up of the Company, and to review the appointment to such
committee of any persons appointed by the Shareholder of the
Company; and
4. To fix the remuneration of the Liquidator if no committee of
inspection as referred to in item (3) above is appointed.
Dated this 6th day of June 2005
On behalf of the Board of Directors
TSANG YUK KUM
(Representative of PACAS Business Management Limited)
Director
=================
I N D O N E S I A
=================
BANK DANAMON: Moody's Ups Financial Strength Rating to D-
---------------------------------------------------------
Moody's Investors Service has raised Bank Danamon Indonesia's
(BDI) bank financial strength rating (BFSR) from E+ to D-. The
revised rating carries a stable outlook. This rating action
concludes a review initiated on April 11, 2005, to consider the
bank's improving financial performance.
The higher BFSR captures BDI's improved, albeit modest financial
fundamentals under major shareholder Asia Financial Indonesia.
In particular, the bank's positive economic solvency and
earnings recovery have positioned it at the current rating
range.
Further ratings upgrades will depend on the sustainability and
strength of recurring earnings over the next 12 months. At the
same time, problem loans will have to stay at current or lower
levels, despite the rapid loan growth in new niche segments,
which comprise low-income consumers and the self-employed.
The debt and deposit ratings remain underpinned by expected
support from major shareholder, in particular, Temasek Holdings
of Singapore (rated Aaa). Moody's has a positive view on the
backing of a financially strong and reputable shareholder - it
provides greater comfort of expected support in light of BDI's
position as the fifth largest bank in the system and hence,
relatively lower systemic importance.
As the fifth largest bank, BDI has a 5% share of the deposit
market. As of March 2005, it had assets of IDR60 trillion. The
bank has an established brand name in the consumer market,
relatively healthy financial fundamentals and a professional
management team. As of March 31, 2005, the Asia Financial
Indonesia consortium (comprising Temasek Holdings with 85% and
Deutsche Bank 15%) held a 65.76% stake in the bank.
Since new management entered BDI in June 2003, they have honed
the bank's strategy and are redefining its competitive position
in the banking landscape. While the bank will remain a bank for
consumers as well as small and medium sized enterprises, it is
expanding into the mass-market segments, including the self-
employed and consumer mass market. To help it in these areas, it
acquired a 75% stake in Adira Finance for IDR850 billion in cash
in April 2004.
The following rating was raised:
BFSR to D- from E+. The outlook is stable.
The following ratings were unaffected:
Subordinated debt of B2. The outlook is positive; and
Long-term/short-term deposit of B3/Not Prime. The long-term
rating carries a positive outlook and short-term stable.
CONTACT:
PT Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax: +62 1 577 0716
Web site: http://www.danamon.co.id/
PERTAMINA: Boosts Oil Imports by 42%
------------------------------------
State-controlled PT Pertamina is expected to increase its oil
imports to 10.73 million barrels this month (a 42% increase),
Star News reports.
The oil & gas firm is able to increase its oil imports after
receiving almost IDR10 trillion in fuel subsidies from the
Indonesian government.
Pertamina had to reduce its oil imports to 250,000 barrels per
day this month, compared to almost 400,000 barrels per day in
March, due to cash flow problems caused by the late disbursement
of fuel subsidies from the government and increasing global oil
prices. It had to cancel shipments for two 92-octane cargoes as
suppliers could not deliver on time.
The oil and gas firm must import oil from other countries, as
its refineries do not produce enough oil to meet national
demand.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERTAMINA: Delays VAT Inclusion on Aviation Fuel
------------------------------------------------
State-owned oil & Gas firm PT Pertamina has chosen to postpone
the imposition of value-added tax (VAT) on aviation fuel (avtur)
used by airlines, reports Asia Pulse.
According to the Company's Marketing & Commercial Director Ari
H. Sumarno, they decided not to impose the VAT on the scheduled
July 1 date for several reasons, among which was to encourage
airlines abroad to add more routes to Indonesia, and to boost
the country's airline business.
He further added that the delay in the VAT imposition would
benefit Pertamina, as they expect an increase in foreign flights
into the country, which would increase sales of avtur.
Director General of Taxation Hadi Poernomo said that if the
government succeeds in abolishing the 10% VAT on avtur, it would
result in state losses of IDR1 trillion.
SEMEN GRESIK: Pays Out IDR182.2-Bln Dividends
---------------------------------------------
State-run cement maker PT Semen Gresik got approval from
shareholders to allot IDR182.2 billion as dividends, which
accounts for 35% of its 2004 IDR521 billion net profit, reports
the Jakarta Post.
According to Semen Gresik's President Director Satrio, the
Company cannot provide a bigger dividend than that
(IDR307.18/share) to its shareholders as it still needs finances
for future plans, such as allocating some of its profits to pay
bonds amounting to IDR447 billion, which are due next year.
Added to that is an outstanding IDR 125 billion debt by
subsidiary PT Semen Tonasa to the government, along with plans
to build a plant in central Java, which would cost IDR3.4
trillion, and would take up to four years to build.
The firm had earlier predicted a cement shortage by 2007, due to
the increased demand for cement to be used in government
infrastructure projects, and has estimated that investment for
such projects would go beyond USD150 billion in five years'
time.
At present, Semen Gresik produces 44% of the national supply for
cement. It is operating at full capacity of around 6.9 million
tons. But with chnges to some of its plants, the Company may
produce up to 7.5 million tons of cement by the end of the year.
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: May Miss Deadline to Submit Report
------------------------------------------------------------
State telecommunications firm PT Telekomunikasi Indonesia said
that it may not be able to meet the June 30 deadline to submit
its 2004 earnings report to the U.S. Securities & Exchange
Commission (SEC), Dow Jones reports.
This is the second time that the Company has been unable to
submit its report to the U.S. SEC, as in 2003 it could not
submit its 2002 earnings report, since its auditor was not
recognized by the commission.
According to the Company, its auditor KPMG has not completed its
audit of its financial statements, which would present its
earnings based on U.S. generally accepted accounting principles.
Spokeswoman for the Company, Dina Arifani, said that they expect
the audit to be completed early next month.
She added that there are no accounting problems in the Company's
2004 earnings report, and they expect the U.S. SEC to extend its
deadline for submission to July 15, 2005.
PT Telekomunikasi Indonesia is 51.2% owned by the Indonesian
government.
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
=========
FUNAI ELECTRIC: To Pay JPY16.5 Bln in Back Taxes
------------------------------------------------
Funai Electric Co. was ordered by tax authorities to pay JPY16.5
billion (HK$150 million) in back taxes because they did not
agree that the Company's Hong Kong unit should be exempt from
Japanese taxes, Kyodo News reports.
The Osaka-based audio-visual equipment maker said it plans to
file a petition of objection to the Osaka Regional Taxation
Bureau's judgment.
CONTACT:
Funai Electric Co., Ltd.
7-1 Nakagaito 7-Chome
Daito Osaka 574-0013, Osaka 574-0013
JAPAN
Phone: +81 72 870 4304
Fax: +81 72 871 1112
JAPAN AIRLINES: To Tie-up Frequent Flyer Programs With LAN
----------------------------------------------------------
The Japan Airlines Group and LAN Airlines will inaugurate a
reciprocal frequent flyer program agreement on July 1, 2005
(subject to Japanese Government approval). The agreement will
enable members of the JAL Mileage Bank (JMB), JAL's frequent
flyer program, and LANPASS, LAN's frequent flyer program, to
accumulate and redeem mileage on each other's networks.
LAN Airlines Group is an alliance of five airlines in Latin
America: LAN Airlines, LAN PERU, LAN ECUADOR, LAN ARGENTINA and
LAN EXPRESS. The LAN alliance's route network covers 46
destinations in Latin America and seven destinations in United
States, Europe and South Pacific. LAN Airlines joins Air France,
American Airlines, British Airways, Cathay Pacific, Dragonair,
and Emirates to become JAL's 7th global frequent flyer program
partner airline, further extending and enhancing the network and
benefits available to JMB members.
JAL Mileage Bank members will be able to accumulate JMB mileage
when traveling on LAN Airlines, LAN PERU, and LAN ECUADOR
international flights on or after July 1,2005. LAN Airlines
domestic flights and LAN ARGENTINA flights are not included in
the agreement. JMB award tickets can be redeemed on both
international and domestic LAN CHILE and LAN PERU flights, as
well as on LAN ECUADOR international flights and LAN ARGENTINA
domestic flights. Award applications can be made by JMB members
from August 1, 2005 for flights departing on and after August
15, 2005.
JAL Mileage Bank's more than 17 million members can accumulate
mileage not only by flying with JAL Group and its JMB partner
airlines, but also by staying at JMB partner hotels and by using
the services of various other JMB partner companies. Members can
exchange mileage for a choice of awards, including flights,
ticket upgrades, and JAL Coupons.
LANPASS members traveling on Japan Airlines international
flights will be able to accumulate and redeem LANPASS kilometers
on JAL flights. Japan Airlines, Asia's biggest airline group,
serves some 208 airports in 35 countries and territories
worldwide. The group network extends over 227 international
passenger routes, and provides the largest Japan domestic
network covering more than 60 destinations.
Please refer to www.jal.com for full details on the JAL Mileage
Bank.
This is a Company press release.
For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate/
JAPAN AIRLINES: Apologizes to Shareholders for Safety Issues
------------------------------------------------------------
The Board of Japan Airlines Corporation apologized to 2,600
shareholders at a meeting in Tokyo in the wake of a recent
series of safety problems, Kyodo News reports.
"Safety is the basis on which an airline operates and it is also
our duty to society," JAL President Toshiyuki Shimmachi said in
apologizing for recent events that included nose wheels coming
off a passenger jet and pilots failing to follow the orders of
air traffic controllers.
JAL has been under severe scrutiny by local media after a string
of operational gaffes and safety breaches that in March prompted
the ministry to issue it with a business improvement order.
For the year ended in March, JAL said its net profit totaled
JPY30.1 billion (USD$284.9 million) on sales of JPY2.13 trillion
(USD$20.2 billion). It logged a group net loss of JPY88.62
billion (USD$839.1 million) in the year-earlier period.
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
MITSUBISHI FUSO: Incurs FY/2004 JPY88.1-Bln Net Loss
----------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation posted an unconsolidated
net loss of JPY88.1 billion in the fiscal year ended March 31,
2005, the Nihon Keizai Shimbun reports.
"Although the Company enjoyed brisk sales in the Middle East,
Oceania and elsewhere outside Japan, domestic sales of 4-ton and
larger trucks plummeted more than 30 percent in the wake of the
recalls," the report said.
Last year, Fuso recalled more than 850,000 vehicles to fix
defects dating back to 1971.
Mitsubishi Motors Corporation (MMC) transferred its remaining 20
percent state in Fuso to DaimlerChrysler earlier this year, and
reportedly paid the U.S.-German automaker an estimated JPY20-30
billion in cash.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: Unveils Sales, Exports for May 2005
------------------------------------------------------
Mitsubishi Motors Corporation, in a press release, announced
production, domestic sales and export results for May 2005.
Total global production was 97,721 units, a decline of 17
percent from May 2004. Domestically, 41,279 units were produced
in the month, 7.8 percent less than the same period last year.
Total Sales in Japan increased for the first time in 17 months
since December 2003, to 14,800 units, or 100.9 percent compared
to the previous year. Total sales for passenger cars were 9,320
units, 101.4 percent of last year's volume, while commercial
vehicle sales remained stable, reaching 5,480 units, or 99.9
percent year-on-year.
Overseas production for the month decreased to 56,442 units, or
77.3 percent of the amount manufactured last year. European
production dropped to 4,126 units, or 47 percent of the previous
year. Production in Asia declined to 40,563 units, or 84.2
percent of last year's figure for May. Production in North
America also fell 38.5 percent to 7,221 units.
Total exports from Japan declined by 18 percent to 20,540 units.
Exports to Europe decreased by 50.3 percent year-on-year to
5,097 units. Exports to Asia were down by 28.8 percent, for a
total of 3,761 units, while exports to North America boosted to
2,542 units, or 204 percent compared to the year before.
This is a Company press release.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: Concept Car Snags Industrial Design Award
------------------------------------------------------------
Mitsubishi Motors North America (MMNA) announced on June 28 its
E-boost concept vehicle was awarded the 2005 Industrial Design
Excellence Awards (IDEA) Gold Award in the category of Design
Explorations. Presented for the last 25 years by the Industrial
Design Society of America (IDSA), this year's IDEA competition
is prominently featured on the cover of BusinessWeek and on
www.businessweek.com with more images, additional information
and an interactive slide show that includes Mitsubishi Motors'
Gold Award-winning E-boost concept.
"It's a great honor to be recognized by IDSA and the premier
designers in the country," said Dan Sims, general manager of
Mitsubishi Research and Design Center in Cypress, Calif. "It's
not often that a concept car design makes it to production, and
we're extremely pleased that the all-new 2006 Eclipse sport
coupe resembles the E-boost so closely."
Mitsubishi's E-boost concept, along with the manufacturer's
Sport Truck Concept, also are on display at the Pasadena Museum
of California Art in the California Design Biennial exhibition,
taking place through August 28 (www.pmcaonline.org). The
exhibition pays tribute to the unique history and experimental
design produced in California today and features displays in the
categories of consumer products, transportation, fashion,
furniture and graphic design.
The Mitsubishi E-boost concept car introduces a new direction
for sports car design, demonstrating the possibilities for
expanded performance hybrid systems of the future. E-boost
combines the look and performance of an exotic car with sport-
coupe fuel efficiency. Many of the design innovations in the E-
boost are found in its mechanics with the electric motor also
doubling as a performance-enhancing device. The car's evocative
appearance and soft, athletic lines are a unique departure from
the current automotive trend toward heavy, sharp, boxy forms.
The exterior color features a specially developed pigment that
appears to glow from within to create the effect of molten
metal, while the interior styling is forward thinking with a
clean, uncluttered instrument panel centered around an LCD
screen.
The all-new, two-door 2006 Mitsubishi Eclipse sport coupe went
on sale at the end of May 2005 and is the first of three new
products MMNA will introduce in the next 12 months. Designed to
combine exotic styling and performance with the comfort and
utility of a daily driver, the fourth generation Eclipse
exhibits an impressive power range, outstanding handling, room
for four, available options like the 650-watt Rockford Fosgate
stereo system, and luxury amenities without sacrificing the
incredible value that the Eclipse name has come to represent.
The Eclipse GS features a 162-horsepower 2.4-liter four-cylinder
engine with Mitsubishi Innovative Valve timing and lift
Electronic Control (MIVEC) technology and a five-speed manual
transmission or four-speed Sportronic(TM) automatic. The Eclipse
GT sports a 263-horsepower 3.8-liter V6 MIVEC engine and a six-
speed manual transmission or five-speed Sportronic(TM)
automatic.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.
This is Company press release.
CONTACT:
Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com
SKYNET ASIA: Eyes Code-sharing With ANA
---------------------------------------
Skynet Asia Airways Co. is considering entering a code-sharing
agreement with all Nippon Airways Co. for its flights, Kyodo
News reports.
The low-budget carrier based in Miyazaki Prefecture has been
rehabilitating itself under the state-backed Industrial
Revitalization Corporation of Japan.
CONTACT:
Skynet Asia Airways co., Ltd. (SNA)
148 Hieda Aza, Oaza Akae
Miyazaki City
Miyazaki Prefecture
Phone: (0985) 55-2200
Fax: (0985) 55-2211
=========
K O R E A
=========
DOOSAN HEAVY: Completes Construction of Evaporator in Libya
-----------------------------------------------------------
Doosan Heavy Industries and Construction has concluded the fresh
water plant project it acquired from Libya's General Electricity
Company, relates The Korea Times.
The project is the first endeavor of South Korea to export
desalination facilities to an African country.
Doosan constructed an evaporator for desalination facilities in
Libya that will supply fresh water to an industrial and
residential belt in the African country.
The evaporator is a key element of the desalination plant. The
plant is expected to produce 2,500 tons of desalinized water at
a full daily capacity. It would play a key role in resolving
the water shortage faced by the area.
The method used in manufacturing the facility is multieffect
distillation, which produces fresh water by condensing vapor.
"We expect orders worth over $5 billion to be placed by African
countries for the MED facilities by 2010, the Company said in a
release. "The MED method costs less than other methods and is
more efficient.
Doosan set up a branch office in Tripoli last year to brace for
the emerging market. It is considered one of the most active
players in the African desalination market.
CONTACT:
Doosan Heavy Industries and Construction Company Ltd.
Phone: 82 55 278 7114
Fax: 82 55 264 5552
Web site: http://www.doosanheavy.com
HYNIX SEMICONDUCTOR: To Increase Output Despite WTO Ruling
----------------------------------------------------------
The World Trade Organization will not stop Hynix Semiconductor
Inc. from raising its chip output abroad, Manila Bulletin
reports.
According to Jay Kim, an analyst at Hyundai Securities, the WTO
ruling will not have much impact on Hynix. But initially, the
sentiment could be bad and investors could be scared about
potential implications that the conflict will continue.
The WTO decision entails countervailing duties totaling 44
percent on DRAM (dynamic random access memory) chips made by
Hynix can remain in place.
A Hynix spokesman said they don't expect much impact from the
ruling but the Company plans to make the best use of overseas
production facilities in the United States, Taiwan and China to
cover any damages.
The U.S. accused South Korea of violating WTO regulations on its
bail out of Hynix. Korean creditors have, however, denied
government involvement in the bailout of Hynix Semiconductor.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
SK NETWORKS: Beats Local Bidders for Construction Deal
------------------------------------------------------
SK Networks Co. wins over local rivals on a bid to build 12 gas
stations in Shenyang, northeastern China, reports Asia Pulse.
The gas stations would use the brand name SK and will deal in
gas and liquefied natural gas. SK targets the end of the year
to complete the construction of the stations.
The Company will set up a holding company, capitalized at US$60
million, in early August in Shenyang to push for the project and
raise the number of gas stations to about 30 by 2006.
SK has plans to extend its business areas to China's three
northeastern provinces, Heilongjiang, Jilin and Liaoning by
2010.
CONTACT:
SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Phone: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr
PAN OCEAN: IPO Proceeds Could Boost Fleet
-----------------------------------------
STX Pan Ocean Co. Ltd. is aiming for an initial public offering
(IPO) to raise up to $455 million next month, Reuters reports.
The Company will price its shares between SG$0.96 and SG$1.27
and plans to issue 600 million shares. If the shares are priced
at the top end of the range, the IPO will be valued at seven
times the Company's 2004 earnings, which analysts say is rich
compared with other shipping firms. Proceeds for the IPO will be
used to buy new ships as well as replacement ships to boost its
fleet.
The possible share offering is considered the second biggest in
Singapore this year. The IPO comes amid increasing investor
worries that the shipping industry's economic cycle is
approaching its peak.
On Tuesday, Pan Ocean said China's growth puts it in a favorable
position. With its growth, China would increase its need for
raw materials such as iron ore and coal. The Company is the
biggest in South Korea's dry bulk sector in terms of tonnage of
cargo.
STX, ranked among the top 10 in the world in terms of tonnage
capacity of its owned dry bulk fleet, started out as Pan Ocean
Bulk Carriers Ltd. in 1966.
Pan Ocean went into receivership in 1993 when it failed to meet
its debt obligations after emerging with several other shipping
firms. When STX Corp. bought a 67 percent stake in the firm for
about KRW450 billion last November, the Company emerged from a
court-approved reorganization.
CONTACT:
Pan Ocean Shipping Co. Ltd.
51-1, Namchang-Dong, Jung-Ku,
Seoul 100-778, Korea
===============
M A L A Y S I A
===============
BELL & ORDER: Gets SC Nod on Proposals
--------------------------------------
Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of
Directors of Bell & Order Berhad, advised Bursa Malaysia
Securities Berhad that the Securities Commission (SC) (on behalf
of the Foreign Investment Committee) had, vide its letter dated
June 24, 2005 (which was received on June 27, 2005), approved
the following proposals, subject to the following terms and
conditions:
- Proposed rights issue
- proposed acquisitions
- proposed go exemption
- proposed increased in authorized share capital; and
- proposed placement
(1.1) Terms
(i) Rights issue of 57,552,000 new B&O ordinary shares of
RMB1.00 each, on the basis of three (3) rights issue shares for
every one (1) existing share held on an entitlement date to be
determined later (Proposed Rights Issue);
(ii) Acquisitions of the following:
(a) The entire equity interests in Oiltools Pte Ltd (OPL)
comprising 1,010,800 ordinary shares of SG$1.00 each from KMC
Oiltools Bermuda Limited (KMC OB) (formerly known as Oiltools
International Limited);
(b) The entire equity interests in OMS Oilfield Holdings
(Malaysia) Sdn Bhd (OOHMSB) (formerly known as Oiltools Holdings
(Malaysia) Sdn Bhd) from KMC Oiltools (Cayman) Ltd (KMC OC)
(formerly known as Oiltools International (Cayman) Ltd)
comprising:
(aa) 900,000 Class A shares of RMB1.00 each in OOHMSB (OOHMSB A
shares) and 200,000 Class B shares of RMB1.00 each in OOHMSB
(OOHMSB B shares); and
(bb) 300,000 OOHMSB A shares and 600,000 OOHMSB B shares
currently held by Syarikat Pesaka Antah Sdn Bhd for a total
purchase consideration of RM237.5 million to be satisfied via
the issuance of 160,472,973 new B&O ordinary shares of RMB1.00
each, at an issue price of RM1.48 per share;
(c) The entire equity interest in Scomi Transportation Solutions
Sdn Bhd (SCOTS) comprising 500,000 ordinary shares of RMB1.00
each; and
(d) The entire equity interest in Scomi Sdn Bhd (SSB) comprising
9,281,762 ordinary shares of RM1.00 each, for a total purchase
consideration of RM47,500,000 to be satisfied via the issuance
of 32,094,594 new B&O ordinary shares of RM1.00 each, at an
issue price of RM1.48 per share.
(Hereinafter collectively referred to as Proposed Acquisitions);
(iii) Placement of 37,379,400* B&O ordinary shares of RM1.00
each, representing approximately 13.88% of the enlarged share
capital of B&O (Proposed Placement); and
(iv) Listing of and quotation for the new B&O ordinary shares of
RM1.00 each, to be issued pursuant to the Proposals, on the
Second Board of Bursa Malaysia Securities Berhad (Bursa
Securities).
For more information, click
http://bankrupt.com/misc/BellOrder062805.doc
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
BERJAYA GROUP: Units Undertake Migration Exercise
-------------------------------------------------
The Board of Directors of Berjaya Group Berhad (BGroup) informed
Bursa Malaysia Securities Berhad that the Company has on June
27, 2005 deregistered Berjaya Forest Products (Cayman) Limited
(BFP), a wholly owned subsidiary of Berjaya Group (Cayman)
Limited (BGC) in the Cayman Islands (Deregistration) and has
also on the same date registered by way of continuation of BFP
to the Grand Duchy of Luxembourg (Re-domiciliation). BGC is a
wholly owned subsidiary of BGroup.
In conjunction with the Re-domiciliation, BFP's registered
office and effective place of management have been relocated to
the Grand Duchy of Luxembourg. The name of BFP has also been
changed to Berjaya Forest Products (Luxembourg) S.… r.l
effective June 27, 2005 (Effective Date).
The Deregistration and Re-domiciliation (collectively known as
the Migration Exercise) shall not affect the property or assets
of BFP or any of its rights, powers, authorities, function,
liabilities or obligations, each of which shall be maintained
without discontinuance for all purposes following the Effective
Date.
The rationale for the Migration Exercise is to optimize the
return on investment in BFP.
None of the Directors and major shareholders of BGroup or
persons connected to them has any interests, direct or indirect,
in the Migration Exercise.
The Board of Directors of BGroup is of the opinion that the
Migration Exercise is in the best interest of the Group.
CONTACT:
Berjaya Group Berhad Co.
11th Fl., Menara Berjaya, KL Plaza, 179,
Jalan Bukit Bintang
55100 Kuala Lumpur, Malaysia
Phone: +60-3-2935-8888
Fax: +60-3-2935-8043
DAI HWA: SC Finds Proposal Not Comprehensive
--------------------------------------------
K & N Kenanga Bhd, on behalf of Dai Hwa Holdings (M) Berhad
advised Bursa Malaysia Securities Berhad that the Securities
Commission (SC), via a letter dated June 24, 2005 disapproved
DAIHWA's application in relation to the following Proposals as
the SC is of the view that the Proposals were not comprehensive.
- Proposed acquisitions of the entire equity interest in ST
Polymer Industries (M) Sdn Bhd, Richbox Paper Products (M) Sdn
Bhd, Various Resources (M) Sdn Bhd, Soon Ye Plastic Resin
Manufacturing Sdn Bhd And Multi Assembly Corporation Sdn Bhd
(Proposed Acquisitions); and
- Proposed Private Placement
(collectively known as the proposals)
The Board of Directors of DAIHWA will deliberate on the decision
of the SC and will expeditiously submit an appeal to the SC in
respect of its decision on the Proposals.
This announcement is dated 28 June 2005.
CONTACT:
Dai Hwa Holdings (M) Berhad
Suite 14A2,
Level 14,
Menara Ansar,
65 Jalan Trus,
80000 Johor Bahru,
Johor
Phone: 07-2241035
Fax: 07-2210891
Web site: http://www.dahw.com.my
DATUK KERAMAT: Gets Interim Extension for Restraining Order
-----------------------------------------------------------
On 10 March 2005, Datuk Keramat Holdings Berhad informed Bursa
Malaysia Securities Berhad that the Company and its following
subsidiary companies have been granted a restraining order for a
period of 90 days effective from March 9, 2005 to June 5, 2005
by the Kuala Lumpur High Court pursuant to Section 176(10) of
the Companies Act, 1965. The Order was given on March 9, 2005.
(1) George Town Holdings Berhad
(2) DKH Management Sdn Bhd
(3) Steady Capital Sdn Bhd
(4) George Town Chemist Sdn Bhd
(5) Super Departmental Stores (George Town) Sdn Bhd
(6) Super Tanjung Department Stores Sdn Bhd
(7) Super Kinta Departmental Stores Sdn Bhd
(8) Usra Iwaki Plastic Technology (M) Sdn Bhd
(9) Batu Road Supermarket Sdn Bhd
(10) DKH Bina Sdn Bhd
(11) Super Clothing Manufacturing (M) Sdn Bhd
(12) DKH Properties Sdn Bhd
(13) UMBC Holdings Sdn Bhd
(14) DKH Mergers and Acquisitions Sdn Bhd
(15) DKH International Sdn Bhd
(16) Profile Vantage Sdn Bhd
(17) Asia Incorporated Businesses Sdn Bhd
(18) Impian Saksama Sdn Bhd
(19) Alpine Sign Sdn Bhd
(20) Arrow- Mega Development Sdn Bhd
(21) Euro Growth Sdn Bhd
(22) GT Design Sdn Bhd
(23) GT Group Management Sdn Bhd
(24) Super Parking Sdn Bhd
(25) Syarikat Great Eastern Clothing Manufacturing (M) Sdn Bhd
(26) Herald Square Sdn Bhd
(27) Asia Incorporated Publishers Sdn Bhd
(28) Arrow Projects Sdn Bhd
(29) George Town Chemist (Penang) Sdn Bhd
(30) Golden Pharmaceutical Sdn Bhd
(31) Keramat Supermarket Sdn Bhd
(32) Principle Innovation Sdn Bhd
(33) Sky Dynamics Sdn Bhd
(34) The Super Pastry Centre Sdn Bhd
(35) Super Kinta Goldsmith Sdn Bhd
(36) Alpine Express Sdn Bhd
The Company announced that the Companies had applied to the
Court for an extension of time for the Order and that the Court
had on June 24, 2005 granted an interim extension to the Order
dated March 9, 2005 until July 5, 2005 pending further
directions with regard to the extension application.
CONTACT:
Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766
HONG LEONG: Unit to Launch Islamic Banking Business July 1
----------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Behrad dated October 12, 2004, March 29, 2005 and April 26,
2005, Hong Leong Bank Berhad (HLB) advised that the Minister of
Finance has granted an Islamic banking license to Hong Leong
Islamic Bank Berhad (HLIB), a wholly owned subsidiary of HLB,
pursuant to Section 3(4) of the Islamic Banking Act, 1983, to
undertake Islamic banking business.
A Vesting Order has also been obtained from the High Court of
Malaya for the transfer and vesting of the Islamic banking
business of HLB to HLIB.
Effective July 1, 2005, HLB will conduct its Islamic banking
business through HLIB.
This announcement is dated 28 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
METROPLEX BERHAD: Court Reschedules MSEMI Winding Up Petition
-------------------------------------------------------------
Metroplex Berhad (MB) refers to its announcements dated April
28, 2005 and May 10, 2005 on:
(1) Winding-up petition served on MB by Morgan Stanley Emerging
Markets, Inc. (MSEMI)
The Company wishes to inform that the Kuala Lumpur High Court
has on June 24, 2005 adjourned the hearing of the winding-up
petition by MSEMI to September 23, 2005.
(2) Winding-up petition served on MB by Philippine Asset
Investment (SPV-AMC), Inc. (PAII)
The Company also refers to its announcements dated May 16, 2005,
May 25, 2005, May 27, 2005 and June 9, 2005 on the above matter.
The Company informed the bourse that the Kuala Lumpur High Court
has on June 24, 2005 fixed the hearing on MB's stay application
in PAII's winding-up petition to July 8, 2005 and PAII's
application for the appointment of a provisional liquidator to
August 3, 2005.
This announcement is dated 27 June 2005.
CONTACT:
Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur.
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798
PECD BERHAD: Strong Force Withdraws Winding Up Petition
-------------------------------------------------------
PECD Berhad refers to its earlier announcement on May 11, 2005,
made to Bursa Malaysia Securities Berhad (PP-050511-4EA21)
pertaining to the winding up petition by Strong Force
Engineering Sdn Bhd (the Petitioner).
Please be informed that the Petition has been withdrawn by the
Petitioner with no order as to cost on the hearing date of the
Petition, which is June 24, 2005 at the Kuala Lumpur High Court.
CONTACT:
PECD Berhad
Block E, Peremba Square
Saujana Resort, Sec. U2
40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 603 - 7844 9888
Fax: 603 - 7845 5494
E-mail: marketing@pecd.com.my
Web site: http://www.pecd.com.my
PSC INDUSTRIES: Carries Out All Resolutions at AGM
--------------------------------------------------
Bursa Malaysia Securities Berhad was informed that all the
Ordinary Resolutions, and the under mentioned resolution (as
special business), which were put to the Thirty-Third Annual
General Meeting of PSC Industries Berhad held on June 27, 2005
were duly carried:
"That subject to the provisions of Section 132D of the Companies
Act, 1965, and the approval of the relevant authorities, the
Directors be and are hereby authorized from time to time to
issue and allot ordinary shares in the Company upon such terms
and conditions and at such times as may be determined by the
Directors to be in the interest of the Company provided always
that the aggregate number of shares to be issued pursuant to
this resolution shall not exceed ten (10) percent of the issued
share capital for the time being of the Company and that such
authority shall continue in force until the conclusion of the
next Annual General Meeting of the Company".
CONTACT:
PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768
SARAWAK ENTERPRISE: Unveils Resolutions Passed at Meeting
---------------------------------------------------------
Sarawak Enterprise Corporation Berhad informed Bursa Malaysia
Securities Berhad that at the Annual General Meeting held on
June 25, 2005, all resolutions tabled under Agenda 1 to 5 were
duly passed except for Agenda 4(a) which was withdrawn from the
meeting following the declaration by Datuk Wan Abdul Kadir @ Wan
Ali bin Wan Yubi @ Tuanku Yubi at the Annual General Meeting
that he did not wish to seek re-election.
The following Ordinary Resolutions which were tabled as Special
Business under Agenda 6 to 8 were also duly passed:
Agenda 6 - Authority to allot and issue shares pursuant to
Section 132D of the Companies Act, 1965
"That, subject always to the Companies Act, 1965, the Articles
of Association of the Company and the approvals of the relevant
governmental and/or regulatory authorities, the Directors be and
are hereby empowered, pursuant to Section 132D of the Companies
Act, 1965, to issue shares in the Company from time to time and
upon such terms and conditions and for such purposes as the
Directors may deem fit provided that the aggregate number of
shares issued pursuant to this resolution does not exceed ten
per centum (10%) of the total issued capital of the Company and
that such authority shall continue in force until the conclusion
of the next Annual General Meeting of the Company."
Agenda 7 - Proposed Renewal of and New Shareholders' Mandate for
Sarawak Enterprise Corporation Berhad and/or its subsidiary
companies to enter into Recurrent Related Party Transactions of
a Revenue or Trading Nature and Proposed Renewal of and New
General Mandate for the Provision of Financial Assistance
involving the interests of the State Government of Sarawak (SGS)
"That, approval be and is hereby given to the Company and/or its
subsidiary companies (SECB Group) to enter into any of the
categories of recurrent transactions of a revenue or trading
nature with persons connected to the SGS and to provide
financial assistance to persons connected to the SGS as set out
in Sections 2.2.1 and 2.2.2 of the Circular to Shareholders
dated May 31, 2005, which are necessary for the day-to-day
operations of the SECB Group, in the ordinary course of
business, at arm's length basis and on normal commercial terms
which are not more favorable to the related parties than those
generally available to the public and are not detrimental to the
minority shareholders of the Company;
And that such authority shall commence upon the passing of this
Ordinary Resolution and shall continue to be in force until:
(a) The conclusion of the first Annual General Meeting (AGM) of
the Company following the passing of this Ordinary Resolution,
at which time it will lapse, unless the authority is renewed by
a resolution passed at a general meeting;
(b) The expiration of the period within which the next AGM after
that date is required to be held in accordance with the
Companies Act, 1965 (but shall not extend to such extension as
may be allowed pursuant to Section 143(2) of the Companies Act,
1965); or
(c) Revoked or varied by Ordinary Resolution passed by the
shareholders of the Company in a general meeting;
whichever is the earlier;
And that the Directors and/or any one of them be and are/is
hereby authorized to complete and do all such acts and things as
they/he may consider expedient or necessary to implement,
finalize and give full effect to the transactions contemplated
and/or authorized by this Ordinary Resolution."
Agenda 8 - Proposed Renewal of Shareholders' Mandate for Sarawak
Enterprise Corporation Berhad and/or its subsidiary companies to
enter into Recurrent Related Party Transactions of a Revenue or
Trading Nature with Multi-Purpose Holdings Berhad and/or its
subsidiary companies
"That, approval be and is hereby given to the Company and/or its
subsidiary companies (SECB Group) to enter into any of the
categories of recurrent transactions of a revenue or trading
nature with Multi-Purpose Holdings Berhad and/or its subsidiary
companies as set out in Section 2.2.1 of the Circular to
Shareholders dated 31 May 2005, which are necessary for the day-
to-day operations of the SECB Group, in the ordinary course of
business, at arm's length basis and on normal commercial terms
which are not more favorable to the related parties than those
generally available to the public and are not detrimental to the
minority shareholders of the Company;
And that such authority shall commence upon the passing of this
Ordinary Resolution and shall continue to be in force until:
(a) The conclusion of the first Annual General Meeting (AGM) of
the Company following the passing of this Ordinary Resolution,
at which time it will lapse, unless the authority is renewed by
a resolution passed at a general meeting;
(b) The expiration of the period within which the next AGM after
that date is required to be held in accordance with the
Companies Act, 1965 (but shall not extend to such extension as
may be allowed pursuant to Section 143(2) of the Companies Act,
1965); or
(c) Revoked or varied by Ordinary Resolution passed by the
shareholders of the Company in a general meeting;
whichever is the earlier;
And that the Directors and/or any one of them be and are/is
hereby authorized to complete and do all such acts and things as
they/he may consider expedient or necessary to implement,
finalize and give full effect to the transactions contemplated
and/or authorized by this Ordinary Resolution."
TALAM CORPORATION: Amends Audited Financial Statements
------------------------------------------------------
Talam Corp. Berhad informed Bursa Malaysia Securities Berhad
that amendments have been made to the Audited Financial
Statements of the Company.
Thirty (30) copies of the Company's Audited Financial Statement
had earlier been sent to Bursa Malaysia Securities on May 31,
2005.
Click to view a full copy on the details of the amendments
http://bankrupt.com/misc/TalamCorp062805.pdf
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439
TRU-TECH HOLDINGS: Granted 180-Day Stay Order
---------------------------------------------
Further to the announcement dated 6 December 2004, Avenue
Securities Sdn Bhd, on behalf of the Board of Directors of Tru-
Tech Holdings Berhad, advised Bursa Malaysia Securities Berhad
that Tru-Tech and its subsidiaries, namely Tru-Tech Electronics
(M) Sdn Bhd and Tru-Tech Technology Sdn Bhd were granted an
extension of restraining and stay order for a period of 180 days
effective from March 25, 2005 up to September 20, 2005 by the
Johor Bahru High Court on June 27, 2005.
This announcement is dated 27 June 2005.
CONTACT:
Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371
TRU-TECH HOLDINGS: All AGM Resolutions Passed
---------------------------------------------
The Board of Directors of Tru-Tech Holdings Bhd has informed
Bursa Malaysia Securities Berhad that all resolutions, as set
out in the Notice of the 12th Annual General Meeting of the
Company dated June 6, 2005 and tabled at the said meeting, were
duly passed.
UNITED CHEMICAL: Court Extends Completion Date of Restructuring
---------------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad dated December 16, 2004 in respect of the approval for an
extension of time by the Securities Commission (SC) on the
Proposed Restructuring, Alliance Merchant Bank Berhad, on behalf
of the Board of Directors of United Chemical Industries Berhad,
advised that the SC, via its letter dated June 27, 2005,
approved UCI's application for a further extension of time of
six (6) months to December 31, 2005, for UCI to complete it's
Proposed Restructuring.
This announcement is dated 28 June 2005.
CONTACT:
United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax: 603-2610502
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Clarifies Role of Former President
--------------------------------------------------------
ABS-CBN Broadcasting Corp. has recently clarified the status of
its former president and chief operating officer, Freddie M.
Garcia, BusinessWorld relates.
The loss-making network said its management has retained Mr.
Garcia's services only as a senior management consultant since
his retirement in December 2003 up to the present.
In a statement ABS-CBN said "the network consults Mr. Garcia
occasionally in certain areas of its operations where his
experience and input can shed light on issues."
But ABS-CBN said Mr. Garcia is no longer involved in the day-to-
day running of the network's operations.
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/
COLLEGE ASSURANCE: Senator Wants SEC to Take Over Firm
------------------------------------------------------
The chairman of the Senate trade and commerce committee is
urging the Securities and Exchange Commission (SEC) to take over
the ailing College Assurance Plans (Philippines) Inc. (CAP) for
the benefit of the pre-need firm's planholders, BusinessWorld
reports.
Sen. Manuel A. Roxas II said he is dismayed over the corporate
watchdog's failure to make CAP and Pacific Plans Inc. meet their
obligations to planholders.
"The SEC, which is the entity that is empowered to make the
judgment, must step up its role. We might disagree or agree but
it has come to a point where [they] must decide," Se. Roxas said
in a statement.
Meanwhile, SEC commission secretary Gerard Lukban welcomed a
proposal by lawmakers to give the regulator more powers, in a
bid to boost its enforcement efforts.
"We welcome the proposal because that would enable the SEC to
act like the SEC of the United States, which could prosecute
firms or individuals immediately. In our case, the rules are not
clearly defined so the SEC's compliance and enforcement
department is in limbo and could not immediately act on the
pending cases," Mr. Lukban said.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
COLLEGE ASSURANCE: Chief Says SEC Report Inaccurate
---------------------------------------------------
The president and chief executive officer of the beleaguered
College Assurance Plans (Philippines) Inc. (CAP) said the report
made by the third oversight committee of the Securities and
Exchange Commission (SEC) on the pre-need firm's financial
health is inaccurate, says BusinessWorld.
Enrique Sobrepena said the report may be 30-40 percent
inaccurate and claimed that the ones working on the report are
inexperienced.
The decision, he added, was not also made properly as they were
not given enough opportunity to correct some of the
"disinformation" which may have been churned out in the report.
He said the recommendation of the third oversight report was
"very simple" and was done without proper study of the business,
especially on the matter of the determination of actuarial
reserve liabilities (ARL).
Mr. Sobrepena said some of the remaining assets of CAP may be
used as collateral in order to procure loans to fund liabilities
to planholders. He said the Company is in the process of paying
off tuition liabilities.
However, Committee Chairman, Sen. Manuel A. Roxas, said he does
not see CAP's trust fund will meet the Company's liabilities at
present and in the future. CAP's reserve liabilities at present
stood at Php31 billion, while its trust fund is only Php4.7
billion.
Four commissioners out of five, including him and SEC Chairman
Fe Barin, voted to defer the implementation of the third
oversight committee recommendations, asking CAP for more
information and documents.
MANILA ELECTRIC: Elects Officers, Appoints External Auditor
-----------------------------------------------------------
At the annual meeting of stockholders of Manila Electric Company
held Tuesday, June 28, 2005, the stockholders appointed Sycip,
Gorres, Velayo & Co. (SGV as the registrant's independent
auditors.
At the said annual meeting, the following persons were elected
directors to serve for the ensuing year and until the election
and qualification of their successors:
(1) Mr. Felipe B. Alfonso
(2) Mr. Gregory L. Domingo (independent director)
(3) Mr. Octavio Victor R. Espiritu (independent director)
(4) Mr. Jesus P. Francisco
(5) Mr. Manuel m. Lopez
(6) Mr. Christian S. Monsod
(7) Mr. Washington Z. Sycip (independent director)
(8) Mr. Margarito B. Teves (independent director)
(9) Mr. Mr. Emilio A. Vicens
(10)Mr. Francisco L. Viray (independent director)
(11)Mr. Cesar E.A. Virata (independent director)
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
MANILA ELECTRIC: Sees More Losses in 2005 on Weak Sales
-------------------------------------------------------
Manila Electric Company (Meralco) said it will be in the red
again this year if sales remain flat for the rest of the year,
according to The Manila Bulletin.
The power distributor, which booked a Php1.7-billion net loss in
the first quarter, said losses are expected to continue if the
negative sales trend will remain. Meralco reported an average
drop of 0.2% in sales for the first five months due to the
slowdown in consumption brought about by the weak economy.
Last year, the utility firm logged a net loss of Php2.61
billion, as against a net profit of Php1.27 billion in 2003. The
2004 loss is attributed to provisions for a stalled rate hike.
Based on current sales, Meralco would lose around Php500 million
a month in operating income. Taking into account the tax impact,
the net effect on Meralco's bottom line would be Php340 million
a month.
Meralco Chairman Manuel Lopez disclosed during the firm's annual
stockholders meeting Tuesday that Meralco has suffered a 0.2
percent on-year contraction in sales during the first five
months due to slowing business activity as a result of rising
interest rates.
Mr. Lopez said that electricity sales rose 0.6 percent on year
for May alone, but the rise wasn't not enough to offset the 1.6
percent on-year contraction experienced in April.
Total electricity sold by Meralco in the first three months was
flat at 5.588 billion kilowatt-hours from 5.589 billion kWh in
the year-ago period.
Lopez said the Company has seen a slowdown in residential
consumption, possibly due to the rising cost of power.
For a copy of Meralco's Financial Report, click on:
http://bankrupt.com/misc/tcrap_meralco062905.pdf
MANILA MINING: SEC Approves Amended By-laws
-------------------------------------------
This is in reference to Circular for Brokers Nos. 929-2005 dated
February 23, 2005 and 1795-2005 dated April 18, 2005, in
connection with the approval by the Board of Directors and
stockholders of Manila Mining Corporation of the amendment to
Company's By-Laws.
In relation thereto, MA, in its letter to the Exchange dated
June 28, 2005, advised that:
"Our application for the approval of our Amended By Laws
[Section 1 of Article II re: inclusion of two (2) Independent
Directors] had been approved by the Securities and Exchange
Commission."
Likewise, the Company furnished the Exchange a SEC Certified
True Copy of its Amended By-Laws. A copy of the said document
shall be made available for reference at the PSE Centre Library.
For your information.
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
Manila Mining Corporation
20/F, Lepanto Building
8747 Paseo de Roxas
Makati City
Phone: 815-9447 to 50
Fax: 812-0451; 810-5583
E-mail Address: odette.javier@lepantomining.com
NATIONAL BANK: Confirms Contents of News Article
------------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Lucio Tan to bid for
gov't shares in PNB" published in the June 28, 2005 issue of the
Philippine Daily Inquirer (Internet Edition).
The article reported in part that:
"TOBACCO tycoon Lucio Tan has notified the government that he
will exercise his right of first offer on the government's
shares in Philippine National Bank (PNB), the Department of
Finance said Monday.
"`By exercising its right of first offer and participating in
the bidding, the Lucio Tan group has the right to match the
highest bid price received from third parties in the public
auction to be conducted ... this August,' a finance department
statement said.
"`Should the Lucio Tan group exercise its right to match, [the
group] shall reimburse the due diligence expenses incurred by
the two highest qualified bidders, up to a maximum of 25 million
pesos each,' it added.
"The announcement of the Tan group's intention to exercise its
right of first offer came after the board of Philippine Deposit
Insurance Corp. (PDIC) and the Privatization Council, on
recommendation of ING Bank NV, the government's financial
adviser for the share sale, set the floor price at 43 pesos a
share."
Philippine National Bank (PNB), in a letter to the Exchange
dated June 28, 2005, stated that:
"Please be advised that our office has received today the Notice
of Exercise of First Offer dated June 21, 2005 signed by Mr.
Lucio Tan, in his personal capacity and as AIF of the Lucio Tan
Group of Companies. Accordingly, we would like to confirm the
contents of the aforementioned news article."
For your information.
(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
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 POWER: Two of Three Calaca Plant Bidders Back Out
----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
has cancelled the auction of one of National Power Corporation's
(Napocor) power facilities after two of three potential
investors dropped their bids, according to BusinessWorld.
The two qualified bidders decided to back out after learning
that the Napocor plant lacked a sure market for its electricity.
The 600-megawatt coal-fired Calaca facility, which was put up
for auction by state-run PSALM on behalf of Napocor, failed to
secure transition supply contracts that would have assured
bidders of a committed market for the plant's output.
Under auction rules, the government did not accept the bid
documents of the third and sole bidder, First Gen Luzon Power
Corp. Another auction would probably be scheduled in September,
provided the plant could ink transition supply contracts.
PSALM said the two bidders that withdrew Tuesday may join the
next bidding.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
PACIFIC PLANS: PEPC Questions Sale of Napocor Bonds
---------------------------------------------------
An advocacy group wants to hear an explanation for Pacific Plans
Inc.'s sale of its National Power Corporation (Napocor) zero-
rated coupon bonds to the scandal-hit Lifetime Plans Inc.,
BusinessWorld reports.
The Parents Enabling Parents Coalition (PEPC) believed the sale
of part of the Napocor bonds at 66 percent of face value was
negotiated sale. It claimed the sale could possibly be a case of
self-dealing as there were no such transactions recorder by
Bloomberg between Dec. 10, 2002 and June 23, 2005.
Pacific Plans bought the bonds on Dec. 27, 2002 from Goldman
Sachs at 52.3 percent of face value, or US$146.43 million of the
face value of Php280 million. It was bought partly from a
US$76.4-million leverage loan from the Rizal Commercial Banking
Corp. (RCBC) Treasury, due 2007.
The US$190.9 million of the face value of the said bonds were
reportedly transferred to Lifetime. Of the US$89.1 million worth
of bonds at face value left to Pacific, US$37.4 million were
sold at 66 percent of face value, in order to finance its loan
to RCBC Treasury.
Pacific President and Chief Executive Ernesto Garcia confirmed
the contract party was indeed Lifetime, and they accepted the 66
percent of face value offer as it was above market value.
Meanwhile, Sen. Sergio R. Osmena III said the allegation remains
to be proven, as information is still lacking. Furthermore, he
said he wants to see the contract of sale and ask Pacific to
justify the pricing.
CONTACT:
Pacific Plans Inc.
Web site: http://www.pacificplans.com/
RB DALAGUETE: Awaits Termination of Liquidation Proceedings
-----------------------------------------------------------
Please take notice that on July 8, 2005 at 9:00 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Community
Rural Bank of Dalaguete (Cebu), Inc. will be submitted to the
Liquidation Court (RTC 7th Judicial Region, Branch 11, Cebu
City, Sp. Proc. No. 1750-Ceb) for approval.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
CONTACT:
Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.malaya.com.ph/
=================
S I N G A P O R E
=================
BOUSTEAD SINGAPORE: Unit Builds Water Treatment Plant in China
--------------------------------------------------------------
Boustead Singapore Limited announced to the Singapore Stock
Exchange its subsidiary's plans to build a water treatment
project in China.
Company subsidiary Salcon Pte Ltd is designing a water treatment
plant capable of treating 40,000 cubic metres of water daily in
the city of Tianjin, China. The plant is scheduled to be
commissioned in December 2006.
Attached is the Company's press release on the matter:
http://bankrupt.com/misc/tcrap_bousteadsingapore062905.pdf
CONTACT:
Boustead Singapore Limited (formerly: Bousteadco Singapore Ltd)
63 Ubi Avenue 1 #06-01
Boustead House
Singapore 408937
Telephone: 65 67470016
Fax: 65 67418689
Web site: http://www.bousteadco.com
DIGILAND INTERNATIONAL: Creditors Approve Proposed Scheme
---------------------------------------------------------
Digiland International Limited disclosed to the Singapore Stock
Exchange the results of its creditors' meeting on a scheme
arrangement for the Company.
The Scheme creditors have approved the proposed scheme of
arrangement, and the Company will then apply to the Singapore
High Court for approval of such scheme.
Principal terms of scheme
(1) The Company will divide each claim of a scheme creditor into
two parts:
(1.1) A serviceable loan (to be serviced during the scheme
period); and
(1.2) A convertible two-year bond which the Company will convert
into new shares.
Amount payable under serviceable loan
(1.3) The Company estimates that the aggregate amount payable to
all scheme creditors under the serviceable loan is USD7,198,000
(SGD12.1 million).
(1.4) For the serviceable loan, the Company will pay
USD1,948,000 (SGD3.3 million) to the scheme creditors pro rata
in 24 equal installments. The Company will pay the first
installment within five business days after the effective date
of the scheme. If the effective date is less than five business
days before August 31, 2005 the Company must pay the 1st
installment no later than August 31, 2005.
The Company will pay each subsequent installment on or before
the last day of each subsequent month.
(1.5) For the remaining USD5,250,000 (SGD8.8 million) of the
serviceable loan, the Company expects to derive the funds from
the sale of some of its assets. It will pay the proceeds from
the sale of these assets when it receives the proceeds and
subject to the Company obtaining the approval from its
shareholders for the sale of such assets (if necessary) or a
waiver from the Singapore Exchange Securities Trading Limited.
For further details on the Company's disclosure report, go to:
http://bankrupt.com/misc/tcrap_digiland062905.pdf
CONTACT:
Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Telephone: 65 67889898
Fax: 65 63691613
Web site: http://www.digiland.com.sg
FLEXTECH HOLDINGS: Unit Incorporates New Subsidiary
---------------------------------------------------
Flextech Holdings Limited (FHL) announced that FE Global (North
Asia) Ltd, the subsidiary of the Company's unit FE Global
Electronics Pte Ltd, recently incorporated a wholly owned
subsidiary Company in the British Virgin Islands known as
Excelgood Holdings Limited (EHL).
Excelgood Holdings Limited will be engaging in investment
holding as its principal activity.
The initial issued and paid-up share capital of EHL is USD100.00
represented by 100 ordinary shares of USD1.00 each.
By Order of the Board
Chow Kek Tong
Chief Financial Officer
Dated: 28 June 2005
CONTACT:
Flextech Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 62129629
Fax: 65 62129630
Web site: http://www.flextechholdings.com.sg
LULEE METAL: Issues Notice of First, Final Dividend
---------------------------------------------------
Lulee Metal Pte Ltd. posted a notice of intended dividend at the
Government Gazette, Electronic Edition with the following
details:
Amount per centum: 1.37 cents
First and Final or otherwise: First and Final
When Payable: July 1, 2005
Where Payable: c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
Dated this 24th day of June 2005
Tam Chee Chong
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
OVERSEAS BUSINESS: Creditor Seeks Winding Up
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Overseas Business Development Pte Ltd by the High Court was on
the June 16, 2005 presented by Bank of China Limited (formerly
known as Bank of China) of 4 Battery Road, Bank of China
Building, Singapore 049908, a creditor.
The 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 themselves or their 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 4 Battery Road, Bank of China
Building, Singapore 049908.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.
Dated this 20th day of June 2005
Messrs Rajah & Tann
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their
solicitors (if any) and must be served, or, if posted must be
sent by post in sufficient time to reach the Petitioner's
solicitors not later than 12:00 p.m. of July 7, 2005 (the
working day before the day appointed for the hearing of the
Petition).
SGT ASIA: Intends to Pay Dividend
---------------------------------
SGT Asia Pacific Pte Ltd. posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:
Court: High Court, Singapore
Number of Matter : Companies Winding Up No. 419 of 1998
Last Day for Receiving Proofs: Aug. 24, 2005
Name & Address of Liquidators: John Thong How Ley and Lim Jen
Howe
27 Cantonment Road
Singapore 089745
John Thong How Ley
Lim Jen Howe
27 Cantonment Road
Singapore 089745
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: Seeks Revocation of Rehabilitation Plan
-------------------------------------------------------------
Christiani & Nielsen Public Company Limited informed the Stock
Exchange of Thailand (SET) that after the successful completion
of its rehabilitation plan, its Total Assets are now higher than
its Total Liabilities per the Rehabilitation Plan dated January
15, 2003 under clause 17.2.
Presently, Christiani & Nielsen (Thai) PCL has already filed a
petition to the Bankruptcy Court on June 28, 2005 to revoke the
Rehabilitation Plan.
Please be informed accordingly.
Yours faithfully,
Mr. Sommai Ungsrithong
Mr. Danuch Yontararak
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited
CONTACT:
Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th
CENTRAL PAPER: Processes Change in Par Value of Shares
------------------------------------------------------
Central Paper Industry Public Company Limited (CPICO) advised
the Stock Exchange of Thailand (SET) that it has reduced its
registered capital from THB1,800,000,000.00 to
THB600,054,000.00.
Registered paid-up capital has been reduced from
THB600,054,000.00 to THB600,054.00 as mentioned before.
At present CPICO is in the process of changing the par value
from THB0.01 per share to THB10.00 per share, so the amount of
share reduce from 60,005,400 shares to 60,006 shares.
The Company will issue further announcements on the undertaking.
Yours Sincerely
Mr. Parkpoom Sitthiprasert
Rehabilitative Plan Administrator of
Central Paper Industry Public Company Limited.
CONTACT:
Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9
THAI PETROCHEMICAL: Court to Decide CITIC Due Diligence July 4
--------------------------------------------------------------
The Central Bankruptcy Court will rule on July 4 as to whether
CITIC Resources Holdings can conduct due diligence on Thai
Petrochemical Industry Public Company Limited (TPI), The Nation
says.
TPI founder, Prachai Leophairatana and other minority
shareholders, who own about 25 percent of TPI shares have
entered into a memorandum of understanding with CITIC in a bid
to repay $2.7 billion of debt to creditors and regain control.
CITIC will conduct a due diligence on TPI as part of Mr.
Prachai's move to overthrow the current rehabilitation plan of
the Company. CITIC needs to know TPI's finances before it buys
a stake of the debt-ridden Company.
TPI's plan administrators withheld TPI's financial information.
Mr. Prachai then filed a petition to the Central Bankruptcy
Court to allow his potential partner access to the Company's
financial information.
"After considering the request, the court will announce the
verdict on July 4," said Kamol Teeravet-ponkul, a Central
Bankruptcy Court judge, after a hearing to decide TPI's fate was
briefly suspended. He said the court needs time to study the
details of CITIC's offer.
According to Mr. Kamol, TPI's plan administrator has continued
providing information on the Company's expenditure and debt
restructuring. But it could only provide that much information
to Mr. Prachai.
Information regarding business contracts or business secrets, to
other firms particularly now, after the Company signed a deal on
June 1 to sell 17.55 billion new and existing shares at THB3.30
per share to a group of government-related investors led by PTT
Plc. would not be disclosed. The plan administrator doesn't know
whether PTT will change the deal or not if they provide such
information.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***