/raid1/www/Hosts/bankrupt/TCRAP_Public/050713.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, July 13, 2005, Vol. 8, No. 137
Headlines
A U S T R A L I A
ABORAF PTY: To Pay Dividend to Creditors
ACG PAVING: Sets Final Meeting to Hear Liquidator's Report
AINTREE COURTYARD: Members, Creditors to Convene Final Meeting
AUSTRAL COAL: Centennial Varies, Extends Offer Period
CLASSIC CELLARS: Members Pass Wind-up Resolution
CONVERTEK PTY: To Undergo Voluntary Liquidation
COOLONG CONSULTING: Begins Winding Up Proceedings
C3 PTY: To Close Operations
EMPEROR MINES: DRD Lends AU$10 Mln to Revamp Fiji Gold Mine
FLORGALE UNIFORMS: M. J. Orders Bows Out
HENRY WALKER: Small Creditors Get Very Little
HENRY WALKER: Administrators Aim to Sell Mining Biz by October
HORDERN BROTHERS: Enters Voluntary Liquidation
JAMES HARDIE: Shares Hit Record High Despite Asbestos Issues
JOPAH PTY: Distributes Dividend This Week
KAZ'S SERVICES: Appoints Official Liquidator
MINERALS & COAL: Liquidator to Detail Manner of Winding Up
MITTAGONG BOWLING: To Declare Dividend July 21
NAGARD PTY: Creditors OK Appointment of Liquidator
NIK NAT: Priority Creditors to Receive Dividend
NORTHSHORE MOTORCYCLES: Liquidator Lays Out Final Meeting Agenda
NORTHSIDE CONCRETING: Final Meeting Fixed July 20
PAUL GRICE: Appoints Official Liquidator
QANTAS AIRWAYS: Boosts New Zealand Services
QANTAS AIRWAYS: Singapore Officials Urge Merger Talks
QANTAS AIRWAYS: NJS Flies More Modern Aircraft
QANTAS AIRWAYS: Resumes Flights to Korea After 7 Years
SYNERGY REGIONAL: Received Gallop Support Amid Backer's Collapse
TYRONE PTY: Names Robert Harper Liquidator
WHET INVESTMENTS: ASIC Calls In External Administrators
YUNGFONG PTY: Idle Ops Prompt Wind-up Action
C H I N A & H O N G K O N G
APPLIED INTERNATIONAL: Buys Back 460,000 Shares
BANK OF COMMUNICATIONS: Insurance Venture Wins Nod
CHINA MOTION: Issues Profit Warning, Sees Hefty Loss in FY05
FAITH DEE: Court Orders Winding Up
GENERAL CREATION: Begins Wind-up Proceedings
HOPYEE MOTORS: Commences Winding Up Process
J'S COLLECTION: Receives Bankruptcy Order
KWOK WAI: Court Declares Bankruptcy
ORIENTAL PHOENIX: Court Issues Winding Up Order
RAINBOW BEAUTY: Court to Hear Wind-up Petition July 20
RICHFAME DYNASTY: Winding Up Process Initiated
RICH GLOBAL: Undergoing Liquidation Process
VANCOUVER FUR: Receives Winding Up Notice
WEALTH ENGINEERING: Winding Up Hearing Fixed August 3
WISE ALLIED: Court to Hear Winding Up Petition July 27
YUKOS OIL: Closes Office in China
* First Data Serves China's Five Largest Commercial Banks
I N D O N E S I A
BANK MANDIRI: Aims for State "Anchor Bank" Post
GARUDA INDONESIA: Hit by High Aviation Fuel Costs
PERTAMINA: Secures Oil Imports, Can Deliver Oil to Java
STAR AIR: Back to Normal Operations After One-month Shutdown
J A P A N
HITACHI ZOSEN: Pays Compensation to Asbestos Victims
JAPAN AIRLINES: Expands Customer Services in Japan
LSI CARD: Files For Bankruptcy
SANYO ELECTRIC: Cuts Digital Camera Costs
SANYO ELECTRIC: Execs Stake Posts on Profitability Hopes
SKYLARK COMPANY: Dissolves Subsidiary
TADA CORPORATION: Enters Bankruptcy
TOSHIBA CORPORATION: SanDisk Says Lexar Injunction is Denied
K O R E A
DAEWOO SHIPBUILDING: Inks Letter of Intent to Build Gas Carrier
HYNIX SEMICONDUCTOR: Exits Debt Workout Program
HYNIX SEMICONDUCTOR: Moody's Ups B1 Senior Unsecured Rating
M A L A Y S I A
ANCOM BERHAD: Buys Back 108,700 Shares
ANTAH HOLDING: Updates Winding Up Petition Against Unit
ANTAH HOLDING: Court Bars Unit from Disposing of Assets
BELL & ORDER: Proposed Composite Scheme of Arrangement Granted
CEPATWAWASAN GROUP: Defendants Fail to Comply with Order
HONG LEONG: Repurchases Ordinary Shares
I-BERHAD: Notes Shares Buyback
JOHAN HOLDINGS: To Convene AGM July 29
MBF HOLDINGS: Court Moves Summary Judgment Date
METROPLEX BERHAD: Shareholders Agree to Appoint New Auditors
PAN MALAYSIA: Units Undertake Voluntary Liquidation
PAN MALAYSIA: Buys Back Ordinary Shares
PANTAI HOLDINGS: Purchases 136,000 Shares on Buy Back
PETALING TIN: Unit Inks SPA with Starpuri Development
TELEKOM MALAYSIA: Bourse to List Additional Shares
UNITED CHEMICAL: Status of Payment Default Unchanged
P H I L I P P I N E S
GLOBE TELECOM: Fitch Revises Outlook to Negative
MONDRAGON INTERNATIONAL: Asks Watchdog to Reconsider Penalty
NATIONAL BANK: SEC Reviews Request for Bidding Rule Exemption
NATIONAL POWER: S&P Cuts Outlook to Negative from Stable
NATIONAL TRANSMISSION: Launches New Project in Negros
PHILIPPINE LONG: S&P Changes Outlook in Line with RP Sovereign
PHILIPPINE LONG: Director Sadao Maki Quits
PLATINUM PLANS: Draws Interest of Canadian Firm
* S&P Revises RP Sovereign Rating Outlook To Negative
S I N G A P O R E
BOYED PTE: Members Agree to Wind Up Operations
CHANGHE INTERNATIONAL: Court Orders Wind-up
ENG WAH: Posts Notice of AGM
EXXONMOBIL OIL(S): Creditors Must Submit Debt Claims Next Month
GREATRONIC LIMITED: Posts Details of Mandatory Cash Offer
JAYA HOLDINGS: Unit Enters Voluntary Liquidation
OA SUPPLIES: Creditor Seeks Winding Up in Court
RSH LIMITED: To Hear Report, Declare Dividend at Upcoming AGM
SUMIKIN BUSSAN: Begins Liquidation Process
T H A I L A N D
CIRCUIT ELECTRONICS: Director Tenders Resignation
HANTEX: To Seek Court Approval on Rehab Plan Procedure
INTER FAR EAST: Director Steps Down
- - - - - - - -
=================
A U S T R A L I A
=================
ABORAF PTY: To Pay Dividend to Creditors
----------------------------------------
A first and final dividend is to be declared on Aug. 4, 2005,
for Aboraf Pty Limited, trading as Tony Affleck Meats.
Priority and unsecured creditors who were not able to prove
their debts or claims will be excluded from the benefit of the
dividend.
Dated this 14th day of June 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: (02) 9233 2111
Fax: (02) 9233 2144
ACG PAVING: Sets Final Meeting to Hear Liquidator's Report
----------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act, that a Final Meeting for ACG Paving Pty Limited will be
held on July 21, 2005, 10:00 a.m. at the offices of Messrs Ernst
& Young, Chartered Accountants, in the Jacaranda Room, St.
Michael's Hall.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the company disposed of, and for hearing any
explanation that may be given by the Liquidator.
Dated this 2nd day of June 2005
John Georgakis
Liquidator
Ernst & Young
Chartered Accountants
120 Collins Street
Melbourne Vic 3000
AINTREE COURTYARD: Members, Creditors to Convene Final Meeting
--------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Aintree Courtyard Pty Limited will be held on July
19, 2005, 9:30 a.m. at the offices of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the Liquidators.
Dated this 13th day of May 2005
Robyn Erskine
Peter Goodwin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road
Hawthorn East 3123
Phone: 9882 6666
AUSTRAL COAL: Centennial Varies, Extends Offer Period
-----------------------------------------------------
Centennial Coal Company Limited advised that it varies the
takeover offers dated March 21, 2005 (Offers) made by it under
its off-market takeover bid to acquire all of the ordinary
shares in Austral Coal Limited and contained in its bidder's
statement dated March 9, 2005 (as supplemented) by extending the
offer period during which the Offers will remain open for
acceptance until 7:00 p.m. Sydney time on Monday, July 25, 2005
(unless further extended).
The Offers were previously varied by notices dated April 22, May
17, May 30, June 10 and June 24, 2005.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
CLASSIC CELLARS: Members Pass Wind-up Resolution
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Classic Cellars & Racks Pty Limited held on June 2, 2005, a
special resolution was passed that the company be wound up
voluntarily, and that Gregory Stuart Andrews, 22 Drummond
Street, Carlton 3053 be appointed Liquidator for such purpose.
Dated this 2nd day of June 2005
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street
Carlton Vic 3053
Phone: (03) 9662 2666
Fax: (03) 9662 9544
CONVERTEK PTY: To Undergo Voluntary Liquidation
-----------------------------------------------
At a general meeting of the members of Convertek Pty Limited
duly convened and held on June 2, 2005 at the Level 8, 525
Collins Street, Melbourne, the following Special Resolution was
passed:
That the company be wound up voluntarily.
Glenn A Crisp be appointed Liquidator.
Dated this 2nd day of June 2005
Glenn A. Crisp
Liquidator
RSM Bird Cameron Partners
Chartered Accountants
Level 8, 525 Collins Street
Melbourne Vic 3000
Phone: (03) 9286 1800
Fax: (03) 9286 1899
COOLONG CONSULTING: Begins Winding Up Proceedings
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Coolong Consulting (Australia) Pty Limited will be held on
Thursday, July 21, 2005, 11:30 a.m. at Suite 67, Level 14/88
Pitt Street, Sydney NSW 2000.
The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of, and
of hearing any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4.00 p.m. on Wednesday, July 20, 2005.
Dated this 3rd day of June 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0889
C3 PTY: To Close Operations
---------------------------
Notice is hereby given that at a general meeting of the members
of C3 Pty Limited held on June 1, 2005, it was resolved that the
company be wound up voluntarily, and that for such purpose
Graeme Trevor Lean, CPA of G T Lean & Associates, 424 Fitzgerald
Street, North Perth WA 6006 be appointed Liquidator.
Dated this 3rd day of June 2005
Graeme T. Lean
Liquidator
G. T. Lean & Associates
424 Fitzgerald Street
North Perth WA 6006
EMPEROR MINES: DRD Lends AU$10 Mln to Revamp Fiji Gold Mine
-----------------------------------------------------------
Emperor Mines Limited announced the finalization of a financial
and operational restructuring package aimed at returning the
Company to positive cash flow and creating a sustainable, long-
term future for the Company and its operations in Fiji.
As announced previously, Emperor has finalized a plan designed
to restore the Emperor Gold Mine to positive cash flow
conditional on completing arrangements for short term financing
of AU$10 million. This plan envisages production of
approximately 650,000 tonnes of ore at an average grade of 8.00
g/t delivering 145,000 oz of gold for the current financial year
at the Emperor Gold Mine.
This plan was announced following the earlier announcement that
the Company expects to report a loss from ordinary activities
before income tax and exceptional items in the order of AU$18
million for the year ended June 30, 2005.
The Company is therefore pleased to announce the finalization of
an AU$10 million Convertible Loan Facility with the Company's
major shareholder, DRDGOLD Limited, which owns 45.3% of Emperor.
The financing package also includes an agreement with ANZ Bank,
subject to a number of conditions, to a restructuring of the
Company's debt servicing obligations to assist the Company with
its restructuring plan. The ANZ Bank has also consented to the
Convertible Loan Facility and the related security.
The AU$10 million Convertible Loan Facility, which was
negotiated on behalf of the Company by its independent
directors, carries an interest rate of 9% per annum and is
repayable upon receipt of the proceeds of sale expected from the
sale of Emperor's interest in the Tuvatu Gold Prospect or by
December 31, 2007.
Emperor has previously announced a conditional sale agreement in
relation to the Tuvatu Gold Prospect and expects to receive
consideration worth approximately AU$10 million on completion of
that transaction. The Convertible Loan facility is secured by a
first ranking charge over Emperor's 100% interest in the Tuvatu
Gold Prospect in Fiji, the rights under the sale agreement and
the proceeds from the sale. The Australian Stock Exchange has
also granted a waiver of Listing Rule 10.1 to permit Emperor to
grant security to DRDGOLD on terms which have also been
incorporated in the Convertible Loan Facility.
The Convertible Loan Facility is convertible at DRDGOLD's
election into ordinary fully paid shares of Emperor. The
Conversion Price will be equal to the lower of AU$0.30 or the 45
day volume weighted average price of Emperor shares on ASX prior
to the date of conversion.
The Convertible Loan Facility requires approval from the
shareholders of Emperor (other than DRDGOLD) and a Notice of
Meeting and Explanatory Statement (including full details of the
Convertible Loan Facility) will be dispatched to all
shareholders at the earliest opportunity. In the event that
shareholder approval is not obtained an event of default will be
deemed to have occurred 60 days after the date of such
shareholders meeting. In this event DRDGOLD will not be obliged
to make further advances and any advances that have been made
must then be repaid within a period of 270 days after the event
of default.
As part of the restructuring package, the Company has also
entered into an Operational Support Agreement with DRDGOLD to
provide management and technical services to the Company.
Under the Operational Support Agreement, DRDGOLD will provide
management and technical services to the Company. This agreement
was also negotiated on behalf of the Company by its independent
directors.
As previously announced, the services of Mr. Mike Marriott and
Mr. Sean O'Connor have been made available to the Company and
are provided under the terms of the Operational Support
Agreement.
Following the appointment of Mr. Marriott as Chief Operating
Officer and Mr. O'Connor as General Manager, Emperor has
commenced has commenced introducing new working practices at
Vatukoula. Some of these new practices have already been
implemented and initial reactions have been positive.
To minimize the head office costs of the Company, Emperor's head
office in Sydney will be closed and certain Emperor staff will
work out of DRDGOLD's operational base in Brisbane.
Commenting on the announcement, Emperor Chairman Mr. Jim Wall
said:
"The Board of Emperor is totally committed to restoring Emperor
to positive cash flow and we are delighted that this package has
been agreed."
"While the record high oil prices continue to present challenges
for Emperor, the willingness of all stakeholders to make a
success of the Emperor Gold Mine is most encouraging."
CONTACT:
Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au
FLORGALE UNIFORMS: M. J. Orders Bows Out
----------------------------------------
Notice is given that on June 1, 2005, M. J. Orders ceased to act
as Receiver and Manager of the property of Florgale Uniforms Pty
Limited, that property being described in the schedule of
property shown below:
SCHEDULE OF PROPERTY
The property under control comprises all the property and assets
charged by the Debenture dated Jan. 30, 1989 by virtue of the
Property Law Act 1958.
Dated this 1st day of June 2005
M. J. Orders
Former Receiver and Manager
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street, Melbourne 3000
HENRY WALKER: Small Creditors Get Very Little
---------------------------------------------
Small creditors of failed construction group Henry Walker Eltin
(HWE) were dismayed after the administrators told them they
would only receive 10 Australian cents in the dollar of what
they were owed, Asia Pulse relates.
At a meeting conducted simultaneously in Darwin, Perth, Sydney
and Auckland Friday last week, the disgruntled creditors asked
why they were at such a disadvantage compared to some others
who'll receive more than 55 cents in the dollar.
Their frustration has been compounded by the fact that they're
owed money from companies within the HWE group, such as Simon
Engineering, that had little or nothing to do with the group
being placed under administration in January.
But McMcGrathNicol+Partners administrator Scott Kershaw said
there's nothing the administrators can do for small creditors.
He explained that HWE firms had are obliged to prioritize United
States bondholders and Australian banks. He added that HWE's
borrowing from both the U.S. bondholders and Australian banks
was guaranteed by the majority of the entities in the HWE group.
Some HWE 26 companies went into administration in January due to
HWE's inability to meet the payments for an ambitious mining
contract in Indonesia.
About 6,000 creditors are owed a total of around AU$360 million
(US$266.11 million) from the HWE companies.
The administrators expect to call a further creditors' meeting
within 60 days when creditors will vote on whether to adopt a
deed of company administration or else put the companies into
liquidation.
CONTACT:
Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/
HENRY WALKER: Administrators Aim to Sell Mining Biz by October
--------------------------------------------------------------
The administrators of collapsed Henry Walker Eltin (HWE) are
looking to sell the group's largest business within the year,
according to Asia Pulse.
HWE Mining, the only unsold business of the HWE group, is
expected to be turned over to its new owner by October.
Scott Kershaw, a partner of administrators McGrath
Nicol+Partners, said that 25 parties had expressed an interest
in HWE Mining. He added that if the sale is successful,
creditors of HWE's mining-related companies are likely to
receive 55 cents in the dollar under a deed of company
arrangement.
HWE's administrators have successfully sold off nearly all the
businesses, realizing nearly AU$150 million (US$110.88 million)
to pay back creditors.
HORDERN BROTHERS: Enters Voluntary Liquidation
----------------------------------------------
At a general meeting of the members of Hordern Brothers Pty
Limited held on June 2, 2005 at 12 Arthur Street, Killara NSW
2071, a special resolution that the company be wound up
voluntarily was passed.
David Clement Pratt
Simon John Cathro
Liquidators
Level 15, 201 Sussex Street
Sydney NSW 1171
JAMES HARDIE: Shares Hit Record High Despite Asbestos Issues
------------------------------------------------------------
Shares in embattled building materials manufacturer James Hardie
Industries soared to a record high, as it strives to settle its
asbestos-related woes, The Advertiser reports.
The recent share price increase is an indication of investors'
growing confidence that the firm's asbestos problems would now
be resolved.
Shaw Stockbroking head dealer James Spiteri noted the absence of
damaging news regarding asbestos claims recently. He also
stressed James Hardie has been putting provisions in place to
meet future obligations.
James Hardie shares fell to as low as AU$4.95 last August during
revelations of a massive shortfall in compensation to asbestos
victims, followed by boycotts and a union campaign against the
company.
The company has since signed a draft agreement to meet asbestos
compensation claims over the next four decades, however a final,
binding agreement is not expected to be signed until later this
month or early next month.
James Hardie on Monday sold its Chile business for US$15.8
million (AU$21.15 million), which analysts said did not cause a
material change in earnings for the company.
Goldman Sachs JBWere in a note to clients said, "Although we
expect James Hardie to report strong earnings growth in FY06,
the near term performance of the stock remains largely dependent
upon the timing and nature of the proposed resolution of the
asbestos funding short-fall."
CONTACT:
Investor and Analyst Inquiries:
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
JOPAH PTY: Distributes Dividend This Week
-----------------------------------------
Jopah Pty Limited will declare a first and final dividend on
Thursday, July 14, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
John Park
Liquidator
KordaMentha (Qld)
22 Market Street
Brisbane Qld 4000
Phone: (07) 3225 4000
Fax: (07) 3225 4999
KAZ'S SERVICES: Appoints Official Liquidator
--------------------------------------------
Notice is now given that at meetings of members and creditors of
Kaz's Services Pty Limited convened and held on June 1, 2005,
creditors resolved that the company be wound up and pursuant to
Section 491(1) of the Corporations Act 2001, R. A. Sutcliffe was
appointed liquidator for the winding up.
Dated this 1st day of June 2005
R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: (03) 9482 6277
MINERALS & COAL: Liquidator to Detail Manner of Winding Up
----------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, a final meeting of Minerals & Coal echnologies
(Australia) Pty Limited will be held on July 21, 2005, 10:00
a.m. at the offices of the liquidator, 5 Segura Street,
Copacabana NSW 2251, to lay before it the liquidator's final
account, showing how the winding up has been conducted and the
giving of any explanation thereof.
Dated this 14th day of June 2005
P. F. Gosling
Liquidator
5 Segura Street
Copacabana NSW 2251
MITTAGONG BOWLING: To Declare Dividend July 21
----------------------------------------------
A second and final dividend is to be declared on
Thursday, July 21, 2005, for Mittagong Bowling & Recreation
Club, Limited.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 31st day of May 2005
Chris Wykes
Liquidator
c/o Lawler Partners
Level 70, 1 Margaret Street
Sydney NSW 2000
Phone: (02) 8346 6000
Fax: (02) 8346 6099
NAGARD PTY: Creditors OK Appointment of Liquidator
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Nagard Pty Limited duly convened and held on June 1, 2005, a
Special Resolution that the Company be wound up voluntarily was
passed by members, and Mr P. Ngan and Mr G. Parker were
appointed Joint and Several Liquidators.
The Liquidators' appointments were confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held that same day.
Dated this 2nd day of June 2005
P. Ngan
Joint Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
NIK NAT: Priority Creditors to Receive Dividend
-----------------------------------------------
Nik Nat Investments Pty Limited (formerly Body Spectrum Beauty &
Nail Salon) will declare a first and final dividend on July 14,
2005 in respect of its priority creditors.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 6th day of June 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road
Hawthorn East Vic 3123
Phone: (03) 9882 6666
NORTHSHORE MOTORCYCLES: Liquidator Lays Out Final Meeting Agenda
----------------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001, that a Final Meeting of the Members and Creditors of
Northshore Motorcycles Pty Limited will be held on Tuesday, July
19, 2005, 10:30 a.m. at Ngan & Co, Level 5, 49 Market Street,
Sydney NSW 2000.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.
(2) To consider any other business brought before the meeting.
Dated this 6th day of June 2005
P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000
NORTHSIDE CONCRETING: Final Meeting Fixed July 20
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act, that a final meeting of members and creditors
of Northside Concreting Services Pty Limited will be held on
Wednesday, July 20, 2005, 11:30 a.m. at Suite 67, Level 14/88
Pitt Street, Sydney NSW 2000.
The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of, and
of hearing any explanations that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
Liquidator no later than 4.00 p.m. on Tuesday, July 19, 2005.
Dated this 6th day of May 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0889
PAUL GRICE: Appoints Official Liquidator
----------------------------------------
On June 6, 2005, the Supreme Court of New South Wales, Equity
Division, made an Order that Mr. Christopher J. Palmer be
appointed Official Liquidator of Paul Grice Electrical Pty
Limited, which is in liquidation.
Dated this 14th day of June 2005
Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
QANTAS AIRWAYS: Boosts New Zealand Services
-------------------------------------------
National flag carrier Qantas Airways Limited will add flights to
popular New Zealand holiday destination Queensland, according to
Asia Pulse.
Qantas, which operates services to Queenstown from Sydney and
Brisbane during the ski season, but will add Queenstown to its
year-round route network from October 1.
The start of the new weekly Queenstown service, operating from
Sydney on Saturdays, would coincide with the end of the region's
ski season.
Qantas executive general manager John Borghetti said the
airline's decision to extend the Sydney-Queenstown service to a
permanent operation reflects the growing attraction of
Queenstown as a year-round holiday destination for Australians.
"New Zealand is a very important market for Qantas, and we are
continually exploring ways of maximizing opportunities for
growth in the region," Mr. Borghetti said.
Qantas would use two-class Boeing 737-800 aircraft on the route,
accommodating up to 150 return passengers a week. The airline
currently operates more than 200 flights per week between
Australia and New Zealand.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
QANTAS AIRWAYS: Singapore Officials Urge Merger Talks
-----------------------------------------------------
The Singaporean Government wants Singapore Airlines to pursue a
possible alliance with Qantas Airways, the Sydney Morning Herald
says.
Singapore Transport Minister Yeo Cheow Tong insisted that Qantas
and Singapore Airlines should be encouraged to talk to each
other since there are "many issues to be discussed".
Singapore Airlines chief executive Chew Choon Seng, likewise,
believed that the two carriers would benefit from at least
sharing some facilities especially that the international
airline industry is due for consolidation.
Mr. Chew said Qantas and Singapore Airlines had made comments
last year about talks going on in relation to the sharing of
maintenance facilities for the new Airbus 380 super jumbo.
"It makes sense that neither of us duplicate facilities but
rather put our heads together and see where we can have joint
efforts and share facilities and thereby spread costs," he said.
The international airline industry needed to consolidate to help
cut losses of more than US$6 billion (AU$8.13 billion) a year.
Mr. Chew said airlines should in the future be able to operate
like other major industries and consider mergers across national
boundaries.
Singapore wants the Australia to honor its side of a commitment
made by both nations in February to arrive at a "road map" for
an open-skies agreement by the middle of the year. The
Australian Government last month again deferred a request from
Singapore Airlines to start services rivaling Qantas on routes
between Australia and the U.S.
QANTAS AIRWAYS: NJS Flies More Modern Aircraft
----------------------------------------------
National Jet Systems (NJS) has spread its wings with its
inaugural flight of a new airliner for Qantas Airways this
month, according to The Advertiser.
The first Boeing 717 to be operated by Adelaide-based NJS flew
from Perth to Port Hedland in Western Australia last week.
NJS will use eight 115-seat jets on QantasLink regional routes
in WA, the Northern Territory and northern Queensland. By the
end of 2005, it expects to have replaced eight BAe 146 passenger
aircraft with a fleet of 717s.
The BAe 146 aircraft will be kept by NJS for resource industry
and freighter operations for the next decade.
NJS and sister company National Air Support are part of the
Cobham's Flight Operation and Services Group in Australia.
They operate a fleet of 48 aircraft throughout Australia and
nearby countries, employing more than 1000 people.
The group provides outsourced passenger and freight services to
Qantas and Australian Air Express, charter and resource industry
air services for major corporate and government organizations.
QANTAS AIRWAYS: Resumes Flights to Korea After 7 Years
------------------------------------------------------
Qantas Airways Limited is again flying its Australia-Korea route
for the first time since 1998, the Australian Associated Press
reports.
The seasonal service, which will operate between December 28,
2005 and February 5, 2006, is expected accommodate the growing
influx of tourists during the traditional Korean New Year peak
period.
"The market between Korea and Australia is growing. The number
of Korean visitors traveling to Australia has increased by 10
per cent in the last 12 months and by 24 per cent over the past
five months," Qantas executive general manager John Borghetti
said.
"These services will assist in further stimulating traffic
between the two countries."
The 18 return services between Brisbane and Seoul will operate
on Wednesday, Friday and Sunday using two-class Boeing 767-300
aircraft.
Meanwhile, Qantas will continue its code share arrangement on
Asiana Airlines' daily services from Sydney to Seoul.
SYNERGY REGIONAL: Received Gallop Support Amid Backer's Collapse
----------------------------------------------------------------
Failed call center venture Synergy Regional Pty Ltd was found to
have received around AU$1.8 million in taxpayer's money from the
Gallop government despite its backer being put into liquidation,
The West Australian reports.
A probe commissioned by WestBusiness revealed that Synergy CRM
Pty Ltd called in a liquidator, just two days before Premier
Geoff Gallop announced the State's plan to bankroll Synergy
Regional in June 2003.
Less than 18 months after the government package was approved,
Synergy Regional collapsed in March. The firm's downfall led to
about AU$700,000 million losses in taxpayers' money.
The failed backer, Synergy CRM, owed more than AU$1 million to
its creditors in mid-2003 when it transferred all its call
center staff and its contracts to the newly created Synergy
Regional.
Synergy Regional directors and former Bond Corp senior
accountants Graeme Pepper and Mike Swann set up the company in a
new office over the road from Synergy CRM center in Adelaide
Terrace and operated the latter's lucrative paging contract with
Optus.
The Government funded an expansion of Synergy Regional from
Adelaide Terrace into new call centers in Collie and Albany in
late 2003. Mr. Pepper called in Perth insolvency accountant
Peter Quigley, the brother of high profile Labor backbencher
John Quigley, as receiver to Synergy Regional in late March.
Mr. Quigley closed the Collie and Albany call centers then shut
the Adelaide Terrace center, leading to the loss of more than
100 jobs.
Last month, the State Opposition asked the Government in
Parliament to table its documents on its due diligence leading
up to its decision to bankroll Synergy Regional since there were
allegedly big gaps in the information provided by the
Government.
But State Development Minister Alan Carpenter said in a
statement that the funding of Synergy Regional was consistent
with the Government's commitment to upgrade telecommunications
infrastructure and provide jobs in the Southwest.
The Gallop government said in June 2003 the funding was made
available after weeks of negotiations.
CONTACT:
Synergy Regional Pty Ltd.
Head office:
Level 1
200 Adelaide Tce
East Perth WA 6000
Telephone: 1300 138 515
Fax: 1300 138 535
Web site: https://www.synergyccs.com.au/
TYRONE PTY: Names Robert Harper Liquidator
------------------------------------------
Notice is given that at an extraordinary general meeting of
Tyrone Pty Limited held on June 3, 2005, it was resolved that
the company be wound up voluntarily, and that Robert James
Harper, Chartered Accountant, 2A Hope Street, Pymble, 2073, be
appointed liquidator for that purpose.
Robert J. HARPER
Liquidator
Chartered Accountant
2A Hope Street, Pymble 2073
WHET INVESTMENTS: ASIC Calls In External Administrators
-------------------------------------------------------
An application by the Australian Securities and Investments
Commission (ASIC) to appoint a provisional liquidator to Whet
Investments Limited (Whet) has been adjourned after the
directors of Whet appointed Mr. Geoffrey McDonald and Mr. Robert
Elliot, of Hall Chadwick, as voluntary administrators.
ASIC's application to have a provisional liquidator appointed to
Whet was to be heard by the NSW Supreme Court on Monday, July
11, 2005.
Under section 436A of the Corporations Act, the directors of a
company may appoint an administrator if they believe the company
is insolvent, or is likely to become insolvent at some future
time.
Last week, ASIC received the interim report of Mr Peter Hicks,
of Forsythes Chartered Accountants, the Investigative Accountant
engaged by Whet. Mr Hicks reported on certain aspects of Whet's
financial affairs after being engaged by Whet in accordance with
undertakings Whet gave to the Court on 23 May 2005.
ASIC's application for a provisional liquidator appointment has
now been adjourned to July 25, 2005. Before this time, the first
meeting of Whet's creditors must be held, and will determine
whether a committee of creditors will be appointed, and consider
whether to have the administrators replaced.
Anyone with questions about the voluntary administration of
Whet, or the state of their investments with Whet, should
contact the administrators, or the ASIC Infoline on 1300 300
630.
ASIC's investigations into Whet are continuing.
Background
Whet is an unlisted, Newcastle-based public company that issues
redeemable preference shares to members of the public and uses
those funds to acquire and operate business investments. Mr.
Hugh Gordon is a director and the Chief Executive Officer of
Whet.
ASIC commenced proceedings against Whet and Mr. Gordon following
concerns that Whet is carrying on a financial services business
without holding an Australian financial services license. ASIC
is also concerned that Whet has redeemed a number of redeemable
preference shares contrary to the requirements of the
Corporations Act 2001.
Under the Corporations Act, redeemable preference shares may
only be redeemed on the terms on which they are issued and
either out of profits, or from the proceeds of a new issue of
shares made for the purpose of the redemption.
The interim relief sought by ASIC includes the appointment of a
provisional liquidator, pending the hearing of its final
application for orders which include the appointment of an
official liquidator.
YUNGFONG PTY: Idle Ops Prompt Wind-up Action
--------------------------------------------
The following resolutions were passed at a General Meeting of
Members of Yungfong Pty Limited, held on June 4, 2005:
That as the company is not carrying on business, the company be
wound up as a Members Voluntary Liquidation and that the assets
be distributed in whole or in part to the Members in specie or
kind should the liquidator so desire, and that Mr Michael Kah be
approved as liquidator for the winding up.
Dated this 4th day of June 2005
Michael Kah
Liquidator
c/o Partlett, Chave & Rowland Baulkham Hills
PO Box 528, Baulkham Hills NSW 1755
==============================
C H I N A & H O N G K O N G
==============================
APPLIED INTERNATIONAL: Buys Back 460,000 Shares
-----------------------------------------------
Applied International bought back 460,000 shares at prices
ranging from HK$0.197-HK$0.204, or at a total of HK$91,580, on
July 11, Infocast News reports.
The Company posted a net profit of HK$96.48 million in the year
ended June 30, 2004, versus a net loss of HK$167 million a year
earlier.
CONTACT:
Applied International Holdings Limited
41/F Far East Finance Centre
16 Harcourt Road, Central
Hong Kong
Phone: 25538267
Fax: 28734676
Web site: http://www.appliedintl.com
BANK OF COMMUNICATIONS: Insurance Venture Wins Nod
--------------------------------------------------
Bank of Communications (BoCom) is planning to set up China's
first bank-controlled insurance firm capitalized at CNY500-800
million, reports The International Finance News.
BoCom is inviting about 10 shareholders to invest in the
insurance company, which would be headquartered in Shanghai and
Beijing.
It planned to provide property, health and accident insurance
services initially before expanding into life insurance and
reinsurance, the report said.
CONTACT:
Bank of Communications Company Limited
20 Pedder Street Central Hong Kong
Phone: 86-21-58781234
Web site: http://www.bankcomm.com
CHINA MOTION: Issues Profit Warning, Sees Hefty Loss in FY05
------------------------------------------------------------
The board of directors of China Motion Telecom International
Limited wishes to inform its shareholders and investors that the
consolidated final results of the Group for the financial year
ended March 31 2005 are expected to record a significant loss,
principally due to the material provisions relating to:
(i) the debts (the Debt) owing by China Motion Telecom Holdings
Limited (CMTH) and/or its subsidiaries (CMTH Group) to the
Group, comprising technical consultancy and maintenance fees,
sales of telecommunications equipment, maintenance service
income and leasing income, and trust investment in GSM project;
and
(ii) the business (the "VOIP Related Business") of providing
long distance call services of voice information delivered in a
digital form using the Internet protocol, and other long
distance call related services in the People's Republic of
China.
DETAILS OF THE VOIP
Related Business is set out in the announcements of the Company
dated 13 February 2003 and 24 December 2004 respectively and the
circular of the Company dated 6 March 2003. However, the Board
would like to emphasize that the daily business operation and
working capital of the Group are not materially adversely
affected by such provisions.
As the Group's consolidated results for the financial year ended
31 March 2005 have not yet been finalized, the Board is not in a
position to quantify the final financial implication of such
provisions on the Group at this stage. The Company expects to
publish such results by the end of July 2005.
As stated in the Company's announcement dated 7 June 2005, the
Board is actively seeking legal and financial advice on the
remedies and alternatives available to the Company in relation
to the Debt. The Board wishes to announce that the Company has
appointed legal advisers to advise the Company in relation
thereto.
CMTH Group is willing to co-operate with the Company in
formulating the Company's remedies and alternatives relating to
the Debt. As CMTH Group has been a strategic partner of the
Group for over 10 years, the future business development of the
Group in the People's Republic of China may be hindered by any
actions of the Group against CMTH Group. The Company will make
further announcement as and when appropriate.
CONTACT:
China Motion Telecom International Limited
20/F, Tower II & III
Enterprise Square
9 Sheung Yuet Road
Kowloon Bay
Hong Kong
Phone: 22092888
Fax: 28279883
Web site: http://www.chinamotion.com
FAITH DEE: Court Orders Winding Up
----------------------------------
Faith Dee Limited, whose place of business is located at Flat B,
9th Floor, Block 3, Site 5 Whampoa Garden, Hung Hom, 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 27, 2005.
Date of Presentation of Petition: March 22, 2005
Dated this 8th day of July 2005
ET O'Connell
Official Receiver
GENERAL CREATION: Begins Wind-up Proceedings
--------------------------------------------
General Creation International Limited, whose place of business
is located at 2308-9, 23rd Floor, Tower II, Llippo Centre, 89
Queensway, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 29, 2005.
Date of Presentation of Petition: April 13, 2005
Dated this 8th day of July 2005
ET O'Connell
Official Receiver
HOPYEE MOTORS: Commences Winding Up Process
-------------------------------------------
Hopyee Motors Co. Limited, whose place of business is located at
Shop F, G/F Fuk Cheong Building, 12 Kwong Fuk Lane, Tai Po, 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 29, 2005.
Date of Presentation of Petition: April 27, 2005
Dated this 8th day of July 2005
ET O'Connell
Official Receiver
J'S COLLECTION: Receives Bankruptcy Order
-----------------------------------------
Notice is hereby given that the bankruptcy order against J'S
Collection Trading Co. was made on June 29, 2005.
All debts due to the estate should be paid to its official
receiver.
Dated this 8th day of July 2005
ET O'Connell
Official receiver
KWOK WAI: Court Declares Bankruptcy
-----------------------------------
Notice is hereby given that a bankruptcy order against Kwong Hon
Shing trading as Kwok Wai Engineering Co. was made on June 27,
2005. All debts due to the estates should be paid to the
official receiver.
Dated this 8th day of July 2005
ET O'Connell
Official Receiver
ORIENTAL PHOENIX: Court Issues Winding Up Order
-----------------------------------------------
Oriental Phoenix Investment (Hong Kong) Limited, whose place of
business is located at Unit 18, 2-18 D' Aguilar Street, Central,
Hong Kong was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on June 29, 2005.
Date of Presentation of Petition: April 1, 2005
Dated this 8th day of July 2005
ET O'Connell
Official Receiver
RAINBOW BEAUTY: Court to Hear Wind-up Petition July 20
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rainbow Beauty Skin Care Limited by the High Court of Hong Kong
was on May 21, 2005 presented to the said Court by the
Petitioner Triumph Wise International Limited, whose registered
office is situated at Flat A, 9th Floor, Yue Cheung Centre, Nos.
1-3 Wong Chuk Yeung Street, Fo Tan, New Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Simon C. W. Yung & Co.
Solicitors for the Petitioner
21/F., Hing Yip Commercial Centre
272-284 Des Voeux Road Central
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 19, 2005.
RICHFAME DYNASTY: Winding Up Process Initiated
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Richfame Dynasty Limited by the High Court of Hong Kong Special
Administrative Region was on May 31, 2005 presented to the said
Court by the Incorporated Owners of Fortune House (Fanling)
whose registered office is situated at Management Office,
Fortune House, No. 16 Chi Fuk Circuit, New Territories, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
CHUNG & KWAN
Solicitors for the Petitioner
Rooms 1601-1606, 16/F., ING Tower
Nos. 308-320 Des Voeux Road Central
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 26, 2005.
RICH GLOBAL: Undergoing Liquidation Process
-------------------------------------------
Notice is hereby given that a Petition for the winding up of
Rich Global Technologies Limited by the High Court of Hong Kong
Special Administrative Region was on May 30, 2005 presented to
the said Court by Sturdy Industrial Limited whose registered
office is situated at 20th Floor, Tung Luen Industrial Building,
1-4 Yip Shing Street, Castle Peak Road, Kwai Chung, New
Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005. Any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
RAYMOND CHAN, KENNETH YUEN & CO.
Solicitors for the Petitioner
Rooms 1001-3, 10/F., San Toi Building
137-139 Connaught Road Central
Hong Kong
Phone: 2514 2348 Fax: 2810 0297
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 26, 2005.
VANCOUVER FUR: Receives Winding Up Notice
-----------------------------------------
Vancouver Fur & Leather (H.K.) Limited, whose place of business
is located at Unit 307, 3/F, Chevalier House, 45-51 Chatham Road
South, Tsimshatshui, 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 27, 2005.
Date of Presentation of Petition: December 23, 2004
Dated this 8th day of July 2005
ET O'Connell
Official Receiver
WEALTH ENGINEERING: Winding Up Hearing Fixed August 3
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wealth Engineering Services Limited by the High Court of Hong
Kong was on June 6, 2005 presented to the said Court by Ho Kei
Wei of Room 2002, Shek Fook House, Shek Lei (II) Estate, Kwai
Chung, New Territories, Hong Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on August 3, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 2, 2005.
WISE ALLIED: Court to Hear Winding Up Petition July 27
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wise Allied Limited by the High Court of Hong Kong was on May
31, 2005 presented to the said Court by Tsen Kin Pong of 4/F.,
Block 1, Unit M, Prince Centre, 70 Tai Po Road, Kowloon, Hong
Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
(THOMAS E KWONG)
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 26, 2005.
YUKOS OIL: Closes Office in China
---------------------------------
Yukos Oil Company is liquidating its Chinese office due to
problems with its financing, Interfax-PIA reports.
"Regular contacts with Chinese partners will be carried out by
ZAO Yukos RM (oil and gas trade and transportation board)," says
a release published on the Company's Web site.
The Group's principal activities are production, exploration and
refining of oil and gas resources and products. The Group is the
second largest oil exploration company in Russia. The oil
reserves are estimated to amount 1.3 billion tons; gas reserves,
71 billion cubic meters.
The main part of the resources is in Western Siberia. Produces
and explores oil and gas, refines and markets oil and gas
products.
CONTACT:
Yukos Oil Company
Ulansky Lane, 26
103045 Moscow,
Russian Federation
Phone: +7 095 232 3161
Fax: +7 095 232 3160
* First Data Serves China's Five Largest Commercial Banks
---------------------------------------------------------
First Data Corp., a global leader in electronic commerce and
payment services, announced that it has significantly expanded
its presence in China and North Asia with a broader set of
payment solutions to meet the dynamic demands of the payment
services market.
First Data, with a fully operational data centre in Shanghai
providing card and merchant processing solutions, serves four of
China's five largest commercial banks, including Industrial and
Commercial Bank of China (ICBC), Bank of China (Hong Kong), a
subsidiary of Bank of China (BOC), Agricultural Bank of China
(ABC) and Bank of Communications, plus other financial
institutions in China and North Asia.
Following the recent software and service agreements signed with
Bank of Communications (Hong Kong) and a card processing
agreement to serve China's Ping An Bank, First Data is pleased
to announce further expansion of its client base and a broader
set of payment solutions in the North Asian region.
The new business relationships include:
Joined forces with the global player JCB:
Enhancing its VisionPLUS card processing system to support JCB
issuance and acquiring, First Data will support JCB in its
efforts to enable First Data's worldwide client base to issue
JCB cards by increasing the reach and appeal of JCB's brand in
the region.
"We are very pleased with our partnership with First Data, which
has a global reputation for high-quality, customer-focused
products and services," said Masahiro Omoto, executive vice
president, head of Planning Department at JCB International Co.,
Ltd. "In addition to having delivered a quality product in a
timely manner, we are also jointly developing new market entry
opportunities."
A bankcard conversion project for ICBC:
Using a full suite of First Data's VisionPLUS modules, ICBC will
integrate the data source of its newly acquired bank in Hong
Kong. First Data will provide ICBC the conversion to this
enhanced platform and a quality solution with ongoing technical
support and service.
Providing China banks with a near real-time fraud detection
platform:
In addition to providing outsourcing services to banks in China,
First Data further enhanced its offerings by providing on-line
fraud detection capabilities through a partnership with aiCorp.
First Data will be integrating aiCorp's RiskNet fraud detection
system into its processing centre in Shanghai, making available
the ability to monitor client transactions in near real-time and
providing prompt notification of fraudulent account activity.
Partnering with Austin Logistics in offering risk solutions:
First Data will assimilate Austin Logistics' credit risk
management analytic and business intelligence technologies into
the financial processing systems it sells in China, Taiwan, Hong
Kong and Korea.
"These new agreements and product offering expansion further
solidify First Data's market position in this region and
demonstrates our focus to provide a compelling suite of payment
solutions to our clients," said Henry Tsuei, president of First
Data China and North Asia. "In 2002, we established First Data's
regional operations center in Shanghai, and within three years
have become the leading payments processing and technology
provider, greatly expanding our footprint within the region, and
are well-positioned to serve the solid growth in the region."
First Data now serves 12 clients in the region, with a broad
range of electronic payment solutions and processing services.
Since the first bankcard was issued in China in 1985, the market
was predicted to grow exponentially as consumer adoption of
electronic payments and general-purpose consumer loans
increases, and is expected to continue to grow as the 2008
Olympics in Beijing and other international events approach.
About First Data
First Data Corp. (NYSE:FDC) is a leading provider of electronic
commerce and payment solutions for businesses and consumers
worldwide. Serving 4.1 million merchant locations, 1,400 card
issuers and millions of consumers, First Data powers the global
economy by making it easy, fast and secure for people and
businesses around the world to buy goods and services using
virtually any form of payment. The company's portfolio of
services and solutions includes credit, debit, private-label,
smart and stored-value card issuing and merchant transaction
processing services; money transfer services; money orders;
fraud protection and authentication solutions; check guarantee
and verification services through TeleCheck; as well as Internet
commerce and mobile solutions. Western Union and its subsidiary,
Orlandi Valuta, together make up one of the world's largest
money transfer networks with approximately 225,000 Agent
locations in more than 200 countries and territories. The
company's STAR Network offers PIN-secured debit acceptance at
1.6 million ATM and retail locations.
CONTACT:
First Data Corporation
6200 South Quebec Street
Greenwood Village, COLORADO 80111
Phone: +1 303 967-8000
Web site: http://www.firstdata.com
=================
I N D O N E S I A
=================
BANK MANDIRI: Aims for State "Anchor Bank" Post
-----------------------------------------------
State-owned PT Bank Mandiri Tbk is targeting to become an
"anchor bank," a bank that performs well in order to have the
right to acquire or merge with other banks, reports Reuters
News.
According to president director Agus Martowardojo, Bank Mandiri
hopes to solve its problems with non-performing loans and
improve performance, in order to become an anchor bank.
Most of Bank Mandiri's top management was replaced earlier this
year after a lending scandal involving loans worth IDR1
trillion, which led to the arrest of the bank's former president
director and two executive directors.
Bank Mandiri's 10% ratio of non-performing loans was higher than
the central bank's 5% ceiling, which was mainly due to credit
problems and difficulties in consolidating its banking units.
Bank president Martowardojo said that the ban is planning to
resolve 22 bad loans, without elaborating the worth of such
loans, and selling the assets of its debtors, in order to
achieve its aim of becoming an anchor bank.
CONTACT:
PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id
GARUDA INDONESIA: Hit by High Aviation Fuel Costs
-------------------------------------------------
Troubled state carrier PT Garuda Indonesia is yet to suffer
another setback along with its huge debts as global oil prices
continue to rise, Asia Pulse reports.
Garuda communications chief Pujobroto said that a USD0.10
increase per liter in the price of avtur (aviation fuel) will
raise aviation gas costs by USD90 million (IDR879.6 billion), as
one U.S. cent increase in avtur prices translates to an annual
USD9 million (IDR88 billion) increase in fuel costs.
The company could be paralyzed by a further increase on avtur,
despite the fact that it has improved efficiency in the last
three months, with an increase in flight punctuality from 78.7 %
to 91%.
Garuda Indonesia posted a net loss of IDR861 billion in 2004,
and its operating net loss for January to March 2005 was IDR139
billion. The airline also has an outstanding IDR8.07 trillion
debt, to be repaid annually in IDR1.08 trillion installments.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax: +62 21 231 1679
Web site: http://www.garuda-indonesia.com
PERTAMINA: Secures Oil Imports, Can Deliver Oil to Java
-------------------------------------------------------
State-owned oil and gas firm PT Pertamina said that it will be
able to make deliveries this month, with domestic fuel stocks to
last 21.6 days, reports the Jakarta Post.
Pertamina president director Widya Purnama said that the Company
bought 8 million barrels of crude oil and 16 million barrels of
fuel products, and would be able to meet 80% of the demand for
deliveries next month.
Pertamina delivered premium gasoline, diesel fuel and kerosene
to the island of Java earlier this week, and encouraged gasoline
stations in West Java and Jakarta to remain open, as under
instructions by Indonesian president Susilo Bambang Yudhoyono,
the Company would continue to supply fuel to the public without
imposing limits.
The oil firm had previously cut its fuel supply to gasoline
stations nationwide, for fear that the government wound not
disburse enough fuel subsidies to pay for oil imports. But
according to the Ministry of Finance, the President assures that
the ministry would provide the necessary funds to meet public
demand for fuel, which had risen 10% above the 59.6 million
kiloliter quota of the government.
The Indonesian government has had to revise its initial state
fuel budget in order to disburse up to IDR76.5 trillion in funds
for oil imports, from the much lesser initial IDR19 trillion
budget. Fuel subsidies may even reach as high as IDR150
trillion, if oil prices continue at USD60 per barrel.
Minister of Energy & Mineral Resources Purnomo Yusgiantoro said
that the continuation of disbursing fuel subsidies to meet
public demand for oil will not solve the long-term fuel shortage
problem, adding that the only feasible way to solve the problem
is if the government lowers fuel consumption by at least 15% in
the near future.
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
STAR AIR: Back to Normal Operations After One-month Shutdown
------------------------------------------------------------
Privately owned carrier Star Air said that it would resume
normal operations next month after being forced to shut down
last month due to fierce local competition and rising oil
prices, Asia Pulse reports.
The airline had halted operations indefinitely as of June 1,
2005, and `temporarily suspended' its 557 employees until it
could find a buyer. Due to rising global oil prices, Star Air
was suffering monthly losses of up to IDR1 billion, as aviation
fuel costs accounted for 53% of the firm's total costs.
But now the airline is ready to fly to local destinations, after
a review from the communications ministry on its preparations,
said Air Communications director Cucuk Suryo Suprojo.
The ministry will also check the routes plied by Star Air, as
well as human resources availability and whether the firm's
documents are in order.
Star Air operated domestic routes, with one international route
from Jakarta to Kuala Lumpur, Malaysia. The airline has six
Boeing 737-200 and two MD-82 aircraft.
CONTACT:
Star Air
Jl. Gunung Sahari Raya No. 57 A - B
Jakarta 10610, Indonesia
Phone: 62 21 422 2622, 424 9622, 424 9742
Fax: 62 21 424 9538
Email: commercial@starair-online.com
Web site: http://www.starair-online.com
=========
J A P A N
=========
HITACHI ZOSEN: Pays Compensation to Asbestos Victims
----------------------------------------------------
Diseases that may have been caused by asbestos killed three
former employees at Hitachi Zosen Corporation, Bloomberg News
reports.
The former workers died last year of mesothelioma, a form of
cancer that attacks the chest cavity or lungs and is believed to
be caused by asbestos, company spokesman Yoshihiro Kawai said.
The company is paying an undisclosed amount of compensation to
the victims.
The Japan Asbestos Association said last week a total of 175
people at eighteen member companies died from cancer, a lung
disease called pneumoconiosis, or other asbestos- related
diseases.
Hitachi Zosen shares fell as much as 0.7 percent to 142 yen as
of Tuesday.
CONTACT:
Hitachi Zosen Corporation
7-89 Nankoukita 1-Chome
Suminoe-Ku Osaka 559-8559,
Osaka 559-0034 Japan
Phone: +81 6 6569 0022
Fax: +81 6 6569 0002
JAPAN AIRLINES: Expands Customer Services in Japan
--------------------------------------------------
Japan Airlines will further expand telephone, Internet, and
ticket delivery services in Japan for greater customer
convenience by eliminating the need for customers to visit city
ticket offices.
Following the expansion of domestic ticket-less service and an
increase in the use of e-tickets for international flights, JAL
has created new systems for customers to not only make flight
bookings and purchase tickets through the Internet and by
telephone, but also request ticket re-issues and refunds by
telephone and mail/courier.
In March 2005 JAL introduced the "Domestic Ticket Support
Service", a system of ticket distribution for customers needing
ticket re-issues and refunds making use of mail and courier
services. (The "Domestic Ticket Support Service'' will be
renamed the "Domestic Ticket Assist Service'' from October
2005).
From October 2005 JAL will introduce the "International Ticket
Assist Service" through which customers can make a telephone
call when changing itineraries and arrange to receive new
tickets by mail or courier. The new services will also include
an international ticket refund desk through which refunds can be
requested by telephone and credited directly to customers' bank
accounts.
The introduction of the new services eliminates the need for
customers to visit ticket offices in Japan. As a result, after
October 2005, domestic ticketing counters at city ticket offices
in Japan will be reduced and counter service will be available
in six major centers only: Sapporo, Tokyo, Nagoya, Osaka,
Fukuoka and Okinawa. Ticket counter services at 35 regional city
ticket offices in Japan are scheduled to end by September 30,
2005.
Reservations, Information
JAL Home Page www.jal.co.jp/en
JAL Domestic Service (Fee Dial 0120-25-5971)
For further information contact: geoffrey.tudor@jal.com
/stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487/
Web site: www.jal.com/en/corporate/
This is a company press release.
LSI CARD: Files For Bankruptcy
------------------------------
LSI Card Corporation has commenced bankruptcy proceedings,
according to Teikoku Databank America.
The Company's principal activity is to manufacture card
equipment. The operations involve manufacturing of traffic
system equipment, cameras, data terminals, IC memory cards.
The operations are carried out through the following divisions:
card equipment and terminal equipment and others.
CONTACT:
Teikoku Databank America, Inc.
Address 747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com
SANYO ELECTRIC: Cuts Digital Camera Costs
-----------------------------------------
Sanyo Electric Co. Ltd. is on track to hit its target for
digital camera output of 13 million units this year and aims to
double sales of its own branded cameras, according to Reuters.
The Company unveiled plans to double sales of its own-brand
cameras by increasing output of its "Xati C" series that can
take both still pictures and video.
Sanyo said last week it would slash 14,000 workers, or about 15
percent of its global work force of 96,000, shutter domestic
factories and halve debt in a sweeping restructuring designed to
return the company to profitability.
CONTACT:
Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086
SANYO ELECTRIC: Execs Stake Posts on Profitability Hopes
--------------------------------------------------------
Top leaders of Sanyo Electric Co. are risking their jobs on
attaining the Company's goal of boosting profitability in three
years, Kyodo News reports.
Sanyo Chairman Tomoyo Nonaka and President Toshimasa Iue said
they would quit if the Company fails to reach its target of
raising the ratio of operating profit to sales to 5 percent by
fiscal 2007, ending in March 2008, from 1.7 percent in fiscal
2004.
The Company also plans to halve interest-bearing debt to JPY600
billion and increase the ratio of operating profit to sales to 5
percent by fiscal 2007.
SKYLARK COMPANY: Dissolves Subsidiary
---------------------------------
Skylark Company Ltd. announced that it has been decided that
Taiwan Skylark Inc., a consolidated subsidiary of Skylark, will
be split up, and that it will be subsequently dissolved. The
details are as follows.
1. Reason for dissolution
Despite the fact that, at present, Taiwan Skylark has been
successfully restored to profitability, and it is in a stage of
aggressive business expansion, previous losses carried forward
have weakened its financial position. As a result, and in
anticipation of future business expansion, Skylark have decided
to reorganize the operations of Taiwan Skylark for the purpose
of strengthening its financial position and building a
management framework, which will allow decisions to be made
rapidly.
Specifically, Skylark will split up Taiwan Skylark, and transfer
the restaurant business to a new acquiring company, as an active
step to expand our business. Taiwan Skylark will then transfer
all of the shares it holds in the new acquiring company to
Skylark, and Taiwan Skylark will subsequently be dissolved.
2. Profile of Taiwan Skylark
(1) Location: 4F, No. 410, Songhe St, Nan-Kang
District,Taipei,
TAIWAN, R.O.C.
(2) Representative: Nobuyuki Morita, President
(3) Established: March 1981
(4) Business description: Restaurant business
(5) Capital: 548 million New Taiwan dollars
(6) Employees: 150
(7) Ownership structure: Skylark Co., Ltd.
81.8%
Other corporations and individuals
18.2%
3. Profile of acquiring company
(1) Company name: Taiwan Skylark Inc. (Same as the
old company name)
(2) Location: 4F, No. 410, Songhe St, Nan-Kang
District,Taipei,
TAIWAN, R.O.C.
(3) Representative: Nobuyuki Morita
(4) Established: August 2005 (tentative)
(5) Business description: Restaurant business
(6) Capital: 150 million New Taiwan dollars
(7) Ownership structure: Skylark Co., Ltd. 100%
(8) Outlook for business results
4. Schedule for company split and dissolution
August 1, 2005: Company split
September 2005: Transfer of new company shares to Skylark
September 30, 2005 (tentative): Dissolution of Taiwan Skylark
5. Effects on profit and loss
With regard to Taiwan Skylark, an allowance totaling 2,165
million yen had already been made in the year ended December
2002, covering an allowance for doubtful accounts and accounting
for impairments.
A loss on liquidation, corresponding to the dissolution of
Taiwan Skylark, of approximately JPY2,100 million is
anticipated.
However, there will be no significant effect to Skylark's
consolidated profit and loss for the year ending December 2005,
due to the fact the abovementioned loss is within the scope of
the allowance, and the fact that the restaurant business, which
makes up the majority of sales for Taiwan Skylark, will be
transferred to the acquiring company which will become a
consolidated subsidiary of Skylark.
CONTACT:
Skylark Co. Ltd
25-8 Nishi-Kubo 1-Chome
Musashino-City 180-8580, Tokyo 180-0013
Japan
Phone: +81 422 37 5211
Fax: +81 3 3346 0615
TADA CORPORATION: Enters Bankruptcy
-----------------------------------
Tada Corporation has begun bankruptcy proceedings, says Teikoku
Databank America.
The Company was established in 1916 and incorporated in 1947.
The company is a general construction company with emphasis on
residential and architectural construction.
Construction works accounted for 86% of fiscal 1997 revenues;
real estate sales, rental and leasing, 9% and others, 5%.
The company has eight consolidated subsidiaries, six in Japan
and two in the United States. Overseas sales accounted for less
than 10% of fiscal 1997 revenues.
CONTACT:
Tada Corporation
8-6, Ohjima 2-Chome
Koto-ku, Tokyo 136
Japan
Phone: +81 3 36833111
Fax: +81 3 36836287
TOSHIBA CORPORATION: SanDisk Says Lexar Injunction is Denied
------------------------------------------------------------
SanDisk(R) Corporation (Nasdaq:SNDK) announced on July 11 that
the court presiding over the lawsuit brought in California state
court by Lexar Media, Inc. against Toshiba Corporation (Toshiba)
and Toshiba America Electronic Components, Inc. (TAEC) issued
its decision on July 8, 2005, denying Lexar's request for an
injunction against Toshiba and TAEC.
"We are pleased that Judge Komar has made this ruling. We have
always believed that there was no legal basis for the requested
injunction," said Charles Van Orden, SanDisk's Vice President
and General Counsel.
SanDisk is the original inventor of flash storage cards and is
the world's largest supplier of flash data storage card
products, using its patented, high-density flash memory and
controller technology. SanDisk is headquartered in Sunnyvale, CA
and has operations worldwide, with more than half its sales
outside the U.S.
SanDisk's web site/home page address: http://www.sandisk.com
SanDisk and SanDisk logo are trademarks of SanDisk Corporation,
registered in the United States and other countries. Other brand
names mentioned herein are for identification purposes only and
may be the trademarks of their respective holder(s).
Contacts:
SanDisk Corporation
Bob Goligoski, 408-542-0463
E-mail: bgoligoski@sandisk.com
=========
K O R E A
=========
DAEWOO SHIPBUILDING: Inks Letter of Intent to Build Gas Carrier
---------------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. is bullish on
winning a US$450 million order to build five liquefied petroleum
gas tankers, JoongAng Daily reveals.
Daewoo will build the gas carriers for Athens-based shipping
investor Ghassan Ghanduor. The company has signed a letter of
intent for the said project. The target delivery date is year
2008. The proposed contract includes an option to build three
more ships, with a capacity of 80,000 cubic meters of gas.
Ghanduor has existing order with Daewoo for three very large
crude carriers able to carry 2 million of oil each. Mr. Ghandour
manages his shipping investment through Gulf Marine Management
SA.
Expectations on increased usage of LPG for cooking and to power
cars in expanding Asian economies resulted to a rise in demand
for gas carriers.
CONTACT:
Daewoo Shipbuilding & Marine Engineering Co.
South Korea
Phone: 02-2129-0114
Web site: http://www.dsme.co.kr
HYNIX SEMICONDUCTOR: Exits Debt Workout Program
-----------------------------------------------
Hynix Semiconductor Inc. has reached the end of its debt workout
scheme paving the way of a stake sale worth more than US$2
billion, relates Reuters, citing main creditor Korea Exchange
Bank.
Creditors will gradually sell the shares in order to avoid slump
in price and help the company achieve stable management. The
stake sale would be done domestically as well as overseas with
creditors holding around 50 percent will have management rights
for a while. By the end of 2007, remaining stakes held by
creditors would be sold.
Hynix concluded the scheme ahead of deadline set by creditors at
the end of 2006, due to improved earnings and on condition that
Hynix paid of debt maturing at the end of this year.
The company recently raised $1.3 billion in syndicated loans and
floated bonds worth $500 million in New York, which is a part of
the debt workout program.
Creditors, which hold an 81-percent stake in Hynix rescued the
company in 2000 to 2001 for KRW4.9 trillion.
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
HYNIX SEMICONDUCTOR: Moody's Ups B1 Senior Unsecured Rating
-----------------------------------------------------------
Moody's Investor Service affirmed its B1 senior unsecured rating
for Hynix Semiconductor Inc's US$500 million bonds upon its
successful closing.
Moody's also affirmed the company's Ba3 corporate family rating
(previously called senior implied rating) for Hynix, removing
both ratings from provisional status. The ratings outlook is
stable.
The bond proceeds, together with the newly raised US$750 million
syndicated bank loan, has been utilized to early repay existing
restructured bank debt due in 2006. This removes the refinancing
risk and allows Hynix to focus on developing its core
competitiveness in dynamic random access memory (DRAM) and NAND
flash businesses.
The Ba3 corporate family rating reflects Hynix's four credit
strengths:
(1) Position as the world's second largest DRAM manufacturer;
(2) Cost competitiveness;
(3) Position in the fast growing NAND flash segment; and
(4) Improving balance sheet and financial flexibility.
At the same time, the rating reflect the following key
challenges: (1) unpredictable cash flow stemming from highly
volatile nature of DRAM pricing and the silicon cycle; (2)
participation in a capital-intensive industry, and which
requires massive capex requirements for technological
migrations; and (3) track record of liquidity crises and
bailouts, partially mitigated by its improved balance sheet
liquidity.
The B1 bond rating further incorporates the risks of legal
subordination given that over 50% of projected total debts are
secured debts.
Moody's says that upward rating pressure would arise if Hynix
demonstrates the ability to generate positive free cash flow and
establishes a track record for managing a stable capital
structure through the silicon cycle. A build-up in its cash
balance and the maintenance of strong balance sheet liquidity to
buffer against industry cyclicality would also be positive for
the rating.
On the other hand, the rating would undergo downward pressure
if:
(1) There is a continual widening of its technology migration
gap with competitors;
(2) It is unable to generate positive free cash flow by 2007; or
(3) A deterioration in its credit metrics occurs, due to a
significant industry downturn or margin erosion, such that
Debt/Cap exceeds 35%.
Hynix Semiconductor Inc, headquartered in Kyongki-do, the
Republic of Korea, is one of the world's leading memory
semiconductor manufacturers.
===============
M A L A Y S I A
===============
ANCOM BERHAD: Buys Back 108,700 Shares
--------------------------------------
Ancom Berhad posted a notice of shares buy back on July 6, 2005
at the Singapore Stock Exchange (SGX) with the following
details:
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 108,700
Minimum price paid for each share purchased (RM): 0.640
Maximum price paid for each share purchased (RM): 0.655
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 108,700
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 10,820,600
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my
ANTAH HOLDING: Updates Winding Up Petition Against Unit
-------------------------------------------------------
Antah Holding Berhad informed Bursa Malaysia Securities Berhad
that a winding-up petition had been presented at the Kuala
Lumpur High Court on June 24, 2005 against Kaseh Lebuhraya Sdn.
Bhd. (Kaseh Lebuhraya), a wholly owned subsidiary of the Company
and was served on Kaseh Lebuhraya on July 4, 2005, for a claim
of MYR1,100,000.00.
(a) The details of default or circumstances leading to the
filing of the winding-up petition against Kaseh Lebuhraya
The petition was filed by ECK Construction Sdn. Bhd. (ECK)
against Kaseh Lebuhraya. ECK had been appointed as a sub-
contractor of Brem Maju Sdn. Bhd., who was previously the main
contractor in relation to the construction of Lebuhraya Kajang-
Seremban Project (the Project). ECK alleged that a sum of
MYR1,100,000.00 is due and owing by Kaseh Lebuhraya pursuant to
the settlement agreement reached between the both parties in
respect of the privatization of the project.
(b) The total cost of investment in Kaseh Lebuhraya
The total cost of investment in Kaseh Lebuhraya is
MYR190,000,000.00.
(c) The financial and operational impact of the winding-up
proceedings on the Group
Until and unless a Provisional Liquidator is appointed pursuant
to the application to the Kuala Lumpur High Court by the
Petitioner to appoint a Provisional Liquidator for Kaseh
Lebuhraya on the hearing date on November 29, 2005, the winding
up petition will not have a significant impact on Antah Group's
operations as Antah is currently working out a debt
restructuring scheme.
(d) The expected losses arising from the winding-up proceedings
The expected losses, if any, would be the legal costs incurred.
(f) The steps taken and proposed to be taken by Kaseh Lebuhraya
in respect of the winding-up proceeding
Antah, with legal advise from its solicitors are taking the
appropriate actions to resist the said winding up petition.
Necessary announcement will be made to Bursa Malaysia Securities
Berhad as and when it is required.
This announcement is dated 6 July 2005.
CONTACT:
Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234
ANTAH HOLDING: Court Bars Unit from Disposing of Assets
-------------------------------------------------------
Antah Holding Berhad advised Bursa Malaysia Securities Berhad
that an Ex-Parte Order of Court dated June 29, 2005 had been
served on Kaseh Lebuhraya Sdn. Bhd. (Kaseh), a wholly owned
subsidiary of the Company, on June 30, 2005 to Kaseh's
solicitors and subsequently served on Kaseh on July 4, 2005,
restraining Kaseh Lebuhraya from removing and/or disposing any
and all of its assets up to a value of MYR19,400,000.00 until
further Order to be made by the Court.
The inter-partes hearing is fixed on the July 18, 2005.
The Ex-Parte Order of Court was applied by Azam Developers &
Construction Sdn. Bhd.
This announcement is dated 6 July 2005.
BELL & ORDER: Proposed Composite Scheme of Arrangement Granted
--------------------------------------------------------------
The Board of Directors of Bell & Order Berhad informed Bursa
Malaysia Securities Berhad that there is no change in the status
of the default payments of the interest and repayment of
principal to financial institutions in respect of various credit
facilities granted to B&O.
B&O through the Court Convened Scheme Creditors Meeting held on
June 17, 2005 had obtained approval for the Proposed Composite
Scheme of Arrangement pursuant to Section 176 of the Companies
Act, 1965.
This announcement is dated 6 July 2005
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
CEPATWAWASAN GROUP: Defendants Fail to Comply with Order
--------------------------------------------------------
Further to the announcement on June 20, 2005 regarding the Civil
Suit No D3-22-1168-2004 by Cepatwawasan Group Berhad (the
Company) and its subsidiary, Prolific Yield Sdn. Bhd. against
the following persons:
(1) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant; and
(2) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant
for contempt of court proceeding as they failed to comply with
the Mareva Order, the Board of Directors of the Company
announced to the Bourse that the Court has fixed the matter for
further mention on September 2, 2005 for the status of the
application of committal against the 9th and 10th Defendants.
Dated this 6th day of July 2005
CONTACT:
Cepatwawasan Group Berhad
Lot 39-40, Block C
Taman Indah Jaya Shophouses
Mile 4, North Road, P O Box 1562
90717 Sandakan, Sabah
Malaysia
Phone: 089-271775/ 089-221569
Fax: 089-220881
HONG LEONG: Repurchases Ordinary Shares
---------------------------------------
Hong Leong Industries Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on July 6, 2005 with the
following details:
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 35,000
Minimum price paid for each share purchased (RM): 3.360
Maximum price paid for each share purchased (RM): 3.360
Total consideration paid (RM): 117,600.00
Number of shares purchased retained in treasury (units): 35,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 7,424,000
Adjusted issued capital after cancellation (no. of shares)
(units):
This announcement is dated 6 July 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
I-BERHAD: Notes Shares Buyback
------------------------------
I-Berhad posted at Bursa Malaysia Securities Berhad a notice of
shares buy back on July 5, 2005 with the following details:
Date of buy back from: June 24, 2005
Date of buy back to: July 5, 2005
Total number of shares purchased (units): 166,900
Minimum price paid for each share purchased (RM): 0.795
Maximum price paid for each share purchased (RM): 0.810
Total amount paid for shares purchased (RM): 134,514.57
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 166,900
Total number of shares retained in treasury (units): 2,987,800
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: July 7, 2005
Lodged by: Company Secretary
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
JOHAN HOLDINGS: To Convene AGM July 29
--------------------------------------
Notice is hereby given that the Eightieth Annual General Meeting
of Johan Holdings Berhad will be held at the Registered Office
of the Company, George Kent Technology Centre, Lot 1115, Batu 15
Jalan Dengkil 47100 Puchong, Selangor Darul Ehsan on Friday,
July 29, 2005 at 10:00 a.m. for the following purposes:
ORDINARY BUSINESS
(1) To receive the Audited Financial Statements for the year
ended January 31, 2005 and the Directors' and Auditors' Reports
thereon.
(2) To re-elect Datin Tan Swee Bee who retires by rotation as a
Director pursuant to Article 83 of the Articles of Association
and being eligible, offers herself for re-election.
(3) To re-elect Dato' Ahmad Khairummuzammil Bin Mohd Yusoff, who
retires pursuant to Article 90 of the Articles of Association
and being eligible, offers himself for re-election.
(4) To approve the payment of Director's fees.
(5) To re-appoint Auditors and to authorise the Directors to fix
their remuneration.
SPECIAL BUSINESS
(6) To consider and if thought fit, pass with or without
modifications the following as Ordinary Resolutions:-
(6.1) Authority To Allot And Issue Shares Pursuant To Employee
Share Option Scheme (ESOS)
"That pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby empowered to issue shares in the
capital of the Company from time to time, in accordance with the
terms and conditions of the Employee Share Option Scheme (ESOS)
as approved by the shareholders at the Extraordinary General
Meeting held on June 19, 2003.
And that the Directors be and are also empowered to obtain the
approval from the Bursa Malaysia Securities Berhad for the
listing of and quotation for the additional shares so issued.
And that such authority shall continue to be in force until the
conclusion of the next Annual General Meeting of the Company."
(6.2) Authority To Allot And Issue Shares In General Pursuant To
Section 132D Of The Companies Act, 1965
"That pursuant to Section 132D of the Companies Act, 1965 and
subject to the approvals of the relevant governmental/regulatory
authorities, the Directors be and are hereby empowered to issue
shares in the capital of the Company from time to time and upon
the terms and conditions and for such purposes as the Directors,
may in their absolute discretion deem fit provided that the
aggregate number of shares issued pursuant to this resolution
does not exceed 10% of the issued share capital of the Company
for the time being.
And that the Directors be and are also empowered to obtain the
approval from the Bursa Malaysia Securities Berhad for the
listing of and quotation for the additional shares so issued.
And that such authority shall continue to be in force until the
conclusion of the next Annual General Meeting of the Company."
(7) To transact any other business of which due notice shall
have been given.
By Order Of The Board
Teh Yong Fah
Group Secretary (MACS00400)
Kuala Lumpur
7 July 2005
MBF HOLDINGS: Court Moves Summary Judgment Date
-----------------------------------------------
Further to the announcement on June 24, 2005, MBf Holdings
Berhad announced that on July 6, 2005, MBf Leasing Sdn Bhd's
(the Defendant) application for summary judgment against MBf
Automobile Sdn Bhd and MBfH via Kuala Lumpur High Court Suit
No.D5-22-1573-2004 has been postponed to July 14, 2005.
Yours faithfully,
For and on behalf of
MBf Holdings Berhad
CONTACT:
MBF Holdings Berhad Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Website: http://www.federal-furniture.com
METROPLEX BERHAD: Shareholders Agree to Appoint New Auditors
------------------------------------------------------------
The Board of Directors of Metroplex Berhad (MB) informed Bursa
Malaysia Securities Berhad that at its 42nd AGM, the
shareholders of MB have approved all the ordinary resolutions as
set out in the Notice of 42nd AGM dated June 14, 2005.
The company also informed the bourse that the shareholders of
the Company at the said meeting have approved the resolution to
appoint Messrs BDO Binder as Auditors of the Company in place of
the retiring Auditors, Messrs P.C Chan & Partners, to hold
office until the conclusion of the next Annual General Meeting
at a remuneration to be determined by the Directors.
This announcement is dated 6 July 2005.
CONTACT:
Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798
PAN MALAYSIA: Units Undertake Voluntary Liquidation
---------------------------------------------------
Pan Malaysia Holdings Berhad (PMH) issued to Bursa Malaysia
Securities Berhad an update on creditors' voluntary winding-up
of subsidiary companies.
(1) Introduction
The company announced that the respective statutory declarations
made pursuant to Section 255(1) of the Companies Act, 1965 in
respect of the following subsidiaries have been lodged with the
Companies Commission of Malaysia on July 6, 2005 for the
winding-up of the said subsidiaries by way of creditors'
voluntary winding-up and Mr. Venkiteswaran Sankar has been
appointed as Provisional Liquidator:
(a) Anglo Pacific Holdings (Malaysia) Sdn Bhd (APH)
(b) Upali Group Sdn Bhd (UG)
(2) Details of the subsidiaries companies
Details of the aforesaid subsidiary companies are:
Company Name Date of Principal Cost of Investment
Incorporation Activities
APH 30/09/1988 Investment APH is a wholly
Holding owned subsidiary
of GCIH Property
Limited (GCIH), a
subsidiary of
Pengkalen (UK) Plc
(in liquidation)
(PUK), which in
turn is a subsidiary
of PMH. The cost of
investment of APH
to GCIH is MYR2,137,345
and a provision for
diminution in value of
investment of
MYR2,137,344 has been
made in respect of this
investment.
UG 20/05/1992 UG is a wholly owned
subsidiary of GCIH.
The cost of investment
of UG to GCIH is
MYR1.00.
(3) Effects of the voluntary winding-up
When PUK was placed under creditors' voluntary winding-up in
2004, the consolidated financial statements of the PMH Group did
not deal with PUK and its subsidiaries from the date PUK was
placed under creditors' voluntary winding-up.
Accordingly, the Voluntary Winding-Up is not expected to have
any material financial or operational impact on the PMH
Group for the current financial year ending December 31, 2005.
(4) Rationale
The Voluntary Winding-up is pursuant to PMH's continuing
rationalization efforts to divest and winding-up non-core
businesses and focus its resources on core businesses and income
generating operations, and the creditors winding-up of PUK.
(5) Directors' and Major Shareholders' Interests
None of the Directors, major shareholders and person connected
with the directors and major shareholders of PMH has any
interest, direct or indirect, in the Voluntary Winding-Up.
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299
PAN MALAYSIA: Buys Back Ordinary Shares
---------------------------------------
Pan Malaysia Corporation Berhad advised Bursa Malaysia
Securities Berhad that it bough back 300,000 ordinary shares of
MYR0.50 each on July 6, 2005.
The minimum price paid for each share purchased MYR0.450 and
maximum price paid for each share purchased MYR0.455.
Total consideration paid amounted MYR135,811.36. The number of
shares purchased retained in treasury (units) is 300,000.
Cumulative net outstanding treasury shares as at to-date (units)
totaled 1,830,000.
PANTAI HOLDINGS: Purchases 136,000 Shares on Buy Back
-----------------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad the details of its shares buy back on July 6, 2005.
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 136,000
Minimum price paid for each share purchased (RM): 0.980
Maximum price paid for each share purchased (RM): 0.990
Total consideration paid (RM): 134,549.47
Number of shares purchased retained in treasury (units): 136,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 35,569,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Phone: +60 3 2713 2282
Fax: +60 3 2094 4528
PETALING TIN: Unit Inks SPA with Starpuri Development
-----------------------------------------------------
Petaling Tin Berhad issued to Bursa Malaysia Securities Berhad
details of the proposed disposal by PTB Horticulture Farm Sdn
Berhad, a wholly owned subsidiary of the company of a freehold
development land held under Geran No. 49875 Lot 1315 Seksyen 57,
Bandar Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah
Persekutuan Kuala Lumpur, to Starpuri Development Sdn Berhad for
a cash consideration of MYR59,000,000.00 (Proposed Disposal).
(1) Introduction
The Board of Directors of Petaling Tin Berhad (PTB) announced
that PTB Horticulture Farm Sdn Bhd (PTBHF), a wholly owned
subsidiary of PTB, had on July 6, 2005 entered into a Sale and
Purchase Agreement (SPA) with Starpuri Development Sdn Bhd (the
Purchaser) for the disposal of its freehold development land
held under Geran No. 49785 Lot 1315 Seksyen 57, Bandar Kuala
Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala
Lumpur (hereinafter referred to as the Property) for a cash
consideration of Ringgit Malaysia Fifty Nine Million
(MYR59,000,000.00) only (the Consideration) in accordance with
the terms and conditions of the SPA.
(2) Details of Proposed Disposal
(2.1) Background Information on the Property
The Property is a piece of unencumbered freehold development
land measuring approximately 9,764 square metres in area. The
land is located at Seksyen 57, Jalan Ceylon, Kuala Lumpur and is
held under Geran 49875 Lot 1315. The Property is currently
vacant and is designated for mix development of residential and
commercial use.
(2.2) Original Date of Acquisition and Cost of Investment
The Property was originally acquired on 2 February 2000 at a
cost of MYR60,000,000.00. Based on the latest audited accounts
of PTBHF as at October 31, 2004, the net book value of the
Property amounted to MYR61,309,426.00.
(2.3) Basis of Arriving at the Consideration for the Property
The disposal consideration amounting to MYR59,000,000.00 for the
Property was arrived at on a willing-buyer willing-seller basis.
The Proposed Disposal is on an "as is where is" basis with the
benefit of an approved Development Order by Dewan Bandaraya
Kuala Lumpur (DBKL)
(2.4) Information on Starpuri Development Sdn Bhd
Starpuri Development Sdn Bhd was incorporated in Malaysia as a
private company on November 8, 1995.
The authorized share capital of the company is MYR100,000.00
comprising 100,000 ordinary shares of MYR1.00 each, of which
MYR2.00 comprising 2 ordinary shares of MYR1.00 have been issued
and fully paid-up.
The Purchaser is principally involved in the business of
property development. The Purchaser is a wholly owned subsidiary
of Nikmat Jaya Sdn Bhd which in turn is a wholly owned
subsidiary of DNP Holdings Berhad, a public company listed on
the Main Board of Bursa Malaysia Securities Berhad.
(2.5) Particulars of Liabilities to be Assumed by Purchaser
The Purchaser will not be assuming liabilities other than the
usual liabilities as the legal and beneficial owner of the land.
(2.6) Estimated timeframe for Completion
Barring any unforeseen circumstances, the Proposed Disposal is
expected to be completed by fourth quarter of 2005.
(3) Salient Features of the SPA
The salient terms and conditions of the SPA include, inter alia,
the following:
(3.1) The SPA is conditional upon the following being satisfied:
(a) The Purchaser having applied for and obtained the approval
of Foreign Investment Committee for the purchase of the Property
upon the terms and conditions as stipulated in the SPA;
(b) The Purchaser having applied for and obtained the approval
under Section 433B of the National Land Code, 1965 for the
transfer of the Property;
(c) The Development Charges of MYR1,524,808.00 having been duly
paid by PTBHF to DBKL and the approval for the transfer of the
Development Order to the name of the Purchaser being obtained by
PTBHF;
(d) The assessment notice of stamp duty adjudication for the
transfer of the title being obtained by the Purchaser's
Solicitors;
(e) The approval from the shareholders of PTB, if so required;
(f) The approval(s) of any other relevant authority or
authorities for the sale and purchase of the Property, if so
required; and
(g) The Purchaser having been satisfied with the Piling Works
Test Report from the qualified professional consultant appointed
by the Purchaser and confirming that the piling works which have
been carried out and completed by the Vendor, have been carried
out in accordance with the Piling Records based on accepted
engineering practice.
(3.2) A refundable Deposit Sum of 10% amounting to
MYR5,900,000.00 is payable by the Purchaser upon the execution
of the SPA.
(3.3) The balance of the Consideration of MYR53,100,000.00
(Balance Consideration) shall be payable by the Purchaser to the
Stakeholders within ten (10) business days from the date of
fulfillment of all the conditions precedent (Unconditional
Date).
(3.4) The parties also agree and acknowledge that the Purchaser
is entitled to take vacant possession of the Property
immediately upon receipt of the Balance Consideration by PTBHF
in accordance with the agreed terms.
(4) Utilization of Proceeds
The sale proceeds from the Proposed Disposal will be used to
invest in viable businesses as the Board of Directors of PTB
deems appropriate.
(5) Financial Effects
(5.1) On Share Capital and Substantial Shareholders'
Shareholdings
The Proposed Disposal will not have any effect on the share
capital and substantial shareholders' shareholdings of PTB.
(5.2) On Earnings
The Proposed Disposal would result in a loss on disposal upon
completion of MYR3,834,234.00 based on the latest audited
accounts of PTB Group as at October 31, 2004.
(5.3) On Net Tangible Assets (NTA)
The Proposed Disposal will on a proforma basis reduce the
consolidated NTA of PTB from MYR1.11 per share to MYR1.10 per
share.
(6) Rationale
The Proposed Disposal is in line with PTB's plan to increase
liquidity and cash flow to enable PTB to invest in viable
businesses as the Board of Directors may deem fit.
(7) Approvals Required
The Proposed Disposal is subject to the approvals of:
(a) Foreign Investment Committee;
(b) Consent from the appropriate authorities pursuant to Section
433B of the National Land Code 1965; and
(c) Any other relevant authorities/parties (if required).
(8) Directors' and/or substantial shareholders' and/or persons'
connected with a director or substantial shareholders'
interests.
None of the Directors and/or substantial shareholders of PTB
and/or persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.
(9) Securities Commission's Policies and Guidelines on
Issue/Offer of Securities
To the best knowledge and belief of the Board of Directors of
PTB, the Proposed Disposal has not departed from the Policies
and Guidelines on Issue/Offer of Securities issued by the
Securities Commission.
(10) Documents Available for Inspection
A copy of the SPA is available for inspection at the registered
office of PTB at 1st Floor, No.118, Jalan Semangat, 46300
Petaling Jaya, Selangor Darul Ehsan during normal business hours
from Mondays to Fridays (except public holidays) from the date
of this announcement up to the date of completion.
(11) Directors' Recommendation
The Board of Directors of PTB is of the opinion that the
Proposed Disposal is in the best interests of PTB.
This announcement is dated 6th July 2005.
CONTACT:
Petaling Tin, Berhad
No 8 Lorong P Ramlee
Level 19 Menara PanGlobal
50250 Kuala Lumpur 50250
Malaysia
Telephone: +60 3 2026 4491 / +60 3 2026 3106
TELEKOM MALAYSIA: Bourse to List Additional Shares
--------------------------------------------------
Telekom Malaysia Berhad advised that its additional 117,000 new
ordinary shares of MYR1.00 each issued pursuant the Employee
Share Option Scheme will be granted listing and quotation with
effect from 9:00 a.m., Friday, July 8, 2005.
About the Company
Telekom Malaysia, which once owned Malaysia's telecommunications
landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management. The company is also a leading ISP.
Among Telekom Malaysia subsidiaries are units that publish phone
directories and operate fiber optic networks. It sold its
cellular unit in 2002 but gained control of Celcom (Malaysia) in
2003. The company also owns stakes in businesses in nine
countries in Asia and Africa. It is controlled by the state
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415
Web site: http://www.telekom.com.my
UNITED CHEMICAL: Status of Payment Default Unchanged
----------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) informed Bursa Malaysia Securities Berhad that further to
the announcement made on June 3, 2005, there are no new
significant developments in relation to the various default in
payment.
The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No.1/2001.
To view a full copy of Table A, click
http://bankrupt.com/misc/UnitedChemicalLoanDefaulted070705.xls
This announcement is dated 6 July 2005.
CONTACT:
United Chemical Industries Bhd
Malaysia
Phone: 60 3 4043 9411
Fax: 60 3 4043 1233
Web site: http://www.uci.com.my
=====================
P H I L I P P I N E S
=====================
GLOBE TELECOM: Fitch Revises Outlook to Negative
------------------------------------------------
Fitch Ratings, the international rating agency, has revised the
Outlook on the Long-term foreign currency rating of the
Philippines' Globe Telecom Inc. (Globe) to Negative from Stable.
At the same time, Fitch affirmed Globe's Long-term foreign
currency rating at 'BB' and the rating on its USD300 million
Senior Notes due 2012 at 'BB'. Meanwhile, Fitch also affirmed
the company's Long-term local currency rating at 'BB+' with a
Stable Outlook.
The revision in Outlook reflects a similar revision in Fitch's
rating Outlook on the Republic of the Philippines' 'BB' Long-
term foreign currency and 'BB+' local currency ratings to
Negative from Stable. Globe's foreign currency and senior debt
instrument ratings are constrained by the sovereign foreign
currency rating. However, as Globe's Long-term local currency
rating is not constrained by the sovereign, the Stable Outlook
on this rating has been maintained.
Contact Jonathan Cornish, Hong Kong, Tel: +852 2263 9901.
Fitch's rating definitions are available on the agency's public
site, www.fitchratings.com. Published ratings, criteria and
methodologies and relevant policies and procedures are also
available from this site, at all times. This document will
remain on the public site for seven days. The issuer did not
participate in the process other than through the medium of its
public disclosure.
CONTACT:
Globe Telecom Incorporated
Pioneer Corner Madison Streets
2/F Globe Telecom Plaza
Mandaluyong, MANILA 1552
PHILIPPINES
Phone: +63 2 730 2000
Fax: +63 2 739 2000
Web site: http://www.globe.com.ph
MONDRAGON INTERNATIONAL: Asks Watchdog to Reconsider Penalty
------------------------------------------------------------
Mondragon International Philippines Inc. is asking the
Securities and Exchange Commission (SEC) to allow it to sell
securities at the Philippine Stock Exchange, Today News reports.
In its motion for reconsideration, Mondragon begged the
corporate regulator to reconsider its decision. The Company also
requested for additional time to fulfill its obligations.
The SEC suspended Mondragon's registration and permit to sell at
the bourse in December last year.
The Company claimed that the suspension left it with no direct
source of income since its main revenue source, Mimosa Regency
Casino, was closed down when Mimosa Leisure Estate took over.
The firm has been experiencing financial difficulties since,
because the casino accounted for 80 percent of its reserves.
Aggregate principal expenses of the company stood at Php5.3
billion.
Mondragon was also forced to lay off practically all employees
because of its dire financial situation.
Further, Mondragon feared that its remaining assets including
its office in Makati City might be foreclosed since it did not
have enough money to get legal services.
The firm, which has Php12 billion in unsettled penalties and
obligations, has negotiated with Clark Development Corp. (CDC)
to ensure that it would be able to get the best possible deal
for its stockholders and creditors.
Mondragon said it received Php491.29 million from CDC for the
takeover of Mimosa Leisure. This reportedly compensated the
Php325 million which it owed CDC under the compensation
agreement they signed in August 28, 1999.
Mondragon was suspended for their lack of compliance with the
reportorial requirements of the PSE as well as delayed
submission of reports to the corporate regulator.
CONTACT:
Mondragon International Philippines Inc.
Penthouse, Mondragon House
324 Sen. Gil J. Puyat Ave., Makati City
Phone: 818-2060/7084
Fax: 810-7584
NATIONAL BANK: SEC Reviews Request for Bidding Rule Exemption
-------------------------------------------------------------
The Securities and Exchange Commission (SEC) is studying a
request by Philippine National Bank (PNB) to exempt its public
bidding from the regulator's tender offer rule, The Philippine
Star relates.
PNB reportedly sought the exemption since the shares to be
offered involve government shares.
Under the Securities Regulation Code, acquisitions involving at
least 35 percent of a listed company are subject to a mandatory
tender offer. But the regulatory body may exempt such
transactions if it finds that the requirements of registration
are not necessary in the public interest or for the protection
of investors.
In order to get such exemption, PNB must submit documents
showing that the sale is considered privatization.
PNB's 67-percent stake up for sale comprises he government's
entire shareholdings and almost half of tobacco and beer magnate
Lucio Tan's stake in PNB. The government and Mr. Tan each own 45
percent of PNB while the remaining 10 percent is publicly
listed.
Mr. Tan is likely to regain majority control of PNB should the
bidding proceed in September since he has the right to offer or
match third-party bids under the bank's privatization.
A floor price of Php43 per share had been set for the joint
sale, which is expected to generate proceeds of between Php9
billion and Php15 billion.
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: S&P Cuts Outlook to Negative from Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it revised the outlook
on long-term foreign and local currency credit ratings on the
National Power Corporation to negative from stable, while
affirming its credit ratings:
National Power Corp. (Napocor; foreign currency BB-/Negative/--;
local currency BB+/Negative/--).
This outlook revision comes after Standard & Poor's revised the
outlook on the local and foreign currency sovereign ratings on
the Republic of Philippines to negative from stable (foreign
currency BB-/Negative/B; local currency BB+/Negative/B.
The revised outlook on the sovereign ratings reflects Standard &
Poor's concerns over the country's ability to maintain the
fiscal consolidation needed to reduce its high level of public
and external debt.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
NATIONAL TRANSMISSION: Launches New Project in Negros
-----------------------------------------------------
The Central Visayas Regional Development Council recently
endorsed the Negros V Transmission Line Project of the National
Transmission Corp. (Transco), BusinessWorld reports.
The project involves the construction of a 69-kilovolt
connecting loop via Transco substations in Cadiz City, Negros
Occidental and Amlan, Negros Oriental to boost power delivery to
the northeastern part of Negros Island.
This will benefit consumers in the franchise areas of Negros
Oriental Electric Cooperative (NORECO) II, NOCECO and VRESCO,
improve voltage quality and enhance power efficiency and
reliability during peak hours.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
PHILIPPINE LONG: S&P Changes Outlook in Line with RP Sovereign
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised the outlook
on long-term foreign and local currency credit ratings on
Philippine Long Distance Telephone Co. (PLDT) to negative from
stable, while affirming its credit rating:
Philippine Long Distance Telephone Co. (foreign currency BB-
/Negative/--).
This outlook revision comes after Standard & Poor's revised the
outlook on the local and foreign currency sovereign ratings on
the Republic of Philippines to negative from stable (foreign
currency BB-/Negative/B; local currency BB+/Negative/B.
The revised outlook on the sovereign ratings reflects Standard &
Poor's concerns over the country's ability to maintain the
fiscal consolidation needed to reduce its high level of public
and external debt.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
PHILIPPINE LONG: Director Sadao Maki Quits
------------------------------------------
Sadao Maki has resigned as a director of the Philippine Long
Distance Telephone Co. (PLDT), according to The Philippine Daily
Inquirer.
"The resignation of Mr. Sadao Maki is not expected to have any
significant impact on the company's current and future
operations, financial position or results," PLDT told the stock
exchange.
PLDT did not give any reason for the resignation of Mr. Maki,
who represented NTT Communications of Japan on the 13-person
board.
NTT has a 15-percent stake in PLDT.
PLATINUM PLANS: Draws Interest of Canadian Firm
-----------------------------------------------
A Canadian investor has reportedly hinted on plans to buy out
ailing Platinum Plans Inc. from the Salas family, according to
The Philippine Star.
The embattled pre-need provider claimed it has been eyed by the
foreign investor but said it cannot predict the prospect of
closing a deal with the Canadian firm due to its current
controversies and financial woes.
In its rehabilitation plan filed with the Makati regional Trial
Court, Platinum said the prospect of getting a white knight will
require a period for normal due diligence.
"This is best done under a rehabilitation climate with the
supervision of the court and receiver so that the terms and
conditions that will be discussed can have legal stability and
protection," Platinum said.
The pre-need firm stressed that getting a foreign investor will
strengthen not only the company but restore credence and
confidence in the pre-need industry as well. It believes its
existing long-term commitments to planholders will be better
protected with new resources and management.
Platinum also plans to introduce a new program involving a
homeowning system addressing the contractual savings
capabilities of overseas Filipino workers and developing non-
performing assets of banks suitable for housing from which the
pre-need firm can earn a hefty income of as much as Php2.2
billion from just one specific property. The need to venture
into a new business is due to the absence of Platinum's
dealership license for 2005.
Platinum sought a moratorium on the payment of its debts to
allow it to map out a viable recovery plan. The company believes
that given enough breathing space it would be able to settle all
maturing obligations given the realizable value of its existing
assets.
In its petition, Platinum said it could settle only up to Php75
million of its maturing obligations to plan holders. The pre-
need firm intends to sell assets to raise funds to cover
obligations to planholders.
CONTACT:
Platinum Plans Philippines Inc.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
E-mail: els@platinumplans.com
* S&P Revises RP Sovereign Rating Outlook To Negative
-----------------------------------------------------
Standard & Poor's Ratings Services today revised the outlook on
the Philippines government to negative from stable. At the same
time, the 'BB-/B' foreign currency and 'BB+/B' local currency
ratings on the sovereign were affirmed.
The outlook revision highlights Standard & Poor's concerns over
the country's ability to maintain the fiscal consolidation
needed to reduce its high level of public and external
indebtedness. This concern stems from the ongoing political
crisis in the country--sparked by allegations of electoral
impropriety by the president, and punctuated by the Supreme
Court's freezing of an expanded sales tax, and the departure of
President Arroyo's economic team.
Although recent fiscal consolidation measures brought about
tangible improvement in revenue collection and a fall in the
central government budget deficit to a projected 3.4% of GDP,
maintaining and expanding these trends requires sustained strong
political commitment and effective governance, which are stymied
by the ongoing political disturbances.
By adding to policy uncertainty and prolonging the delay in
fiscal consolidation, recent events may also exacerbate the
country's external vulnerability to three global trends:
moderating growth, rising interest rates, and upward oil prices.
With public sector debt of more than 90% of GDP, and net general
government external debt of an estimated 48% of current account
receipts, the Philippines is considerably more exposed to these
risks than its peers. The 'BB' median ratios are 68% and 22.7%,
respectively.
The combination of delayed fiscal consolidation, protracted
political stalemate, and a possible change in economic policy
has shifted the balance of risks onto the downside, making a
stable outlook no longer justified.
The ratings on the Philippines continue to be supported at the
current level by adequate external liquidity, with stable
foreign reserves. However, this support could also be at
increased risk by a drawn-out political crisis, or if lower
investor confidence precipitates a sharp fall in the peso and
foreign exchange reserves through capital flight.
Failing a timely resolution of the leadership crisis, risk
perceptions toward the country are set to increase, ultimately
putting pressure on the ratings at the current level. The
ratings could, however, revert to a stable outlook once the
political crisis is over and the government returns to a
credible and sustained fiscal consolidation process.
=================
S I N G A P O R E
=================
BOYED PTE: Members Agree to Wind Up Operations
----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Boyed (Singapore) Pte Limited (formerly known as Dimarco
Overseas (Singapore) Pte Limited) held on June 30, 2005, the
following resolutions were duly passed:
1. Special Resolution- Winding Up of the Company
That the Company be wound up voluntarily pursuant to section 290
(1) (b) of the Companies Act, Cap. 50.
2. Special Resolution - Appointment of Liquidator
That Mr. Sanjay Prakash Mohnot of Messrs S. P. MOHNOT & CO. of
20 Maxwell Road, #08-01N Maxwell House, Singapore 069113 be and
is hereby appointed as Liquidator to conduct the said winding up
and that his remuneration be fixed on the usual scale of his
professional charges for the work involved.
3. Special Resolution - Distribution of Assets in Specie
That the Liquidator of the Company be authorized to exercise any
of the powers set out in section 272 (1) and (2) of the
Companies Act, Cap. 50, and to distribute any part of the
Company assets to members, in cash and in specie.
Dated this 30th Day of June 2005
Sanjay P. Mohnot
Liquidator
S. P. Mohnot & Co.
#08-01N Maxwell House, 20 Maxwell Road
Singapore 069113
CHANGHE INTERNATIONAL: Court Orders Wind-up
-------------------------------------------
In the matter of Changhe International Investments Pte Limited
(formerly known as Druidstone Pte Limited), a winding up order
was made on July 1, 2005, with the following details:
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
ENG WAH: Posts Notice of AGM
----------------------------
Eng Wah Organization Limited announced that the Company will
hold its 37th Annual General Meeting (AGM) on July 28, 2005, 9:30
a.m. at The Legends Fort Canning Park, Legends 1 (Park Level),
11 Canning Walk, Singapore 178881.
For further details on the agenda to be discussed at the
Company's AGM, click on:
http://bankrupt.com/misc/EngWah1.pdf
EXXONMOBIL OIL(S): Creditors Must Submit Debt Claims Next Month
---------------------------------------------------------------
Notice is hereby given that the creditors of ExxonMobil Oil
Singapore PTe Limited, which is being wound up voluntarily, are
required on or before Aug. 8, 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
liquidators of the Company.
If so required by notice in writing by the said liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice.
In default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
Dated this 8th day of July 2005.
Neo Ban Chuan
Yeap Lam Kheng
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
GREATRONIC LIMITED: Posts Details of Mandatory Cash Offer
---------------------------------------------------------
Greatronic Limited announced that the Company is releasing an
offer document that contains the details on a mandatory
conditional cash offer by Mr. James Hong Gee Ho to acquire all
the ordinary issued shares of SGD0.50 each in the capital of the
Company.
To view a copy of the report, go to:
http://bankrupt.com/misc/GreatronicLimited.pdf
CONTACT:
Greatronic Limited (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Phone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
JAYA HOLDINGS: Unit Enters Voluntary Liquidation
------------------------------------------------
Jaya Holdings Limited announced that the Company members put its
subsidiary Seadex Pte Limited into voluntary liquidation on July
8, 2005.
Seadex shareholders have agreed to the liquidation, as the
company has ceased operations and become dormant.
The liquidation of the subsidiary is not expected to affect the
Company's net tangible assets or earnings per share for the
financial year ended June 30, 2005.
By Order of the Board
Caroline Yeo Poh Noi
Company Secretary
CONTACT:
Jaya Holdings Limited
13 Tuas Crescent
Singapore 638707
Phone: (65) 6265 1010
Fax: (65) 6864 5555
Email: jaya@jayaholdings.com
Web site: http://www.jayaholdings.com
OA SUPPLIES: Creditor Seeks Winding Up in Court
-----------------------------------------------
Notice is hereby given that a Petition for the winding up of OA
Supplies Pte Limited by the High Court was presented by GE
Commercial Financing (Singapore) Limited (formerly known as
Heller Financial (Singapore) Limited), a creditor, on June 24,
2005.
The said Petition is to be heard before the Court sitting at the
High Court in Singapore on July 22, 2005, 10:00 a.m.
Any creditor or contributory of the said Company desiring 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
solicitors for the Petitioner on payment of the regulated
charges for the same.
The Petitioner's address is 6 Temasek Boulevard, #35-01 Suntec
Tower Four, Singapore 038986.
The Petitioner's Solicitors are Messrs A.Ang, Seah & Hoe of 141
Market Street, #06-01 International Factors Building, Singapore
048944.
Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Messrs A.Ang,
Seah & Hoe of 141 Market Street, #06-01 International Factors
Building, Singapore 048944, notice in writing of his intention
so to do. 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 solicitors not later than 12:00
p.m. of July 21, 2005 (the day before the day appointed for the
hearing of the Petition).
CONTACT:
OA Supplies Pte limited
159 Sin Ming Road
#04-03 Amtech Building
Singapore 575625
Phone: (65) 6553 6116
Fax: (65) 6553 6006
Email: sales@oa-supplies.com.sg
Web site: http://www.oa-supplies.com.sg
RSH LIMITED: To Hear Report, Declare Dividend at Upcoming AGM
-------------------------------------------------------------
RSH Limited announced that the Company will hold its 27th Annual
General Meeting (AGM) on July 26, 2005, 11:00 a.m. at 190
MacPherson Road #09-00, VK's Club, Wisma Gulab, Singapore
348548.
To view the details on the agenda at the upcoming AGM, click on:
http://bankrupt.com/misc/RSHLimited.pdf
CONTACT:
RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Phone: 65 67466555
Fax: 65 68404327
SUMIKIN BUSSAN: Begins Liquidation Process
------------------------------------------
Notice is hereby given that the Creditors of Sumikin Bussan
International Pte Limited, which is being wound up voluntarily,
are required on or before Aug. 4, 2005 to send in their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their Solicitors (if any), to the
Joint Liquidators of the Company.
If so required by notice in writing from the said Joint
Liquidators, they are to come in personally or by their
Solicitors and prove their said debts or claims at the time and
place specified in the notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 5th day of July 2005
Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538
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T H A I L A N D
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CIRCUIT ELECTRONICS: Director Tenders Resignation
-------------------------------------------------
Circuit Electronics Industries Public Company Limited informed
the Stock Exchange of Thailand (SET) that Mr. Vittaya Nganthavee
has resigned from the position of Director from the company
effective June 4, 2005.
The company has registered the resignation with the Department
of Business Development, Ministry of Commerce and now is under
legal process. The company will submit its affidavit to the SET
upon completion of the legal process.
Please be informed
Yours faithfully,
Mr. Sukit Nganthavee
Director
CONTACT:
Circuit Electronic Industries Public Company Limited
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711
Fax: 0-3533-0560, 0-3522-6710
Web site: http://www.cei.co.th
HANTEX: To Seek Court Approval on Rehab Plan Procedure
------------------------------------------------------
Pursuant to the approval of the Board of Directors of Hantex
Public Company Limited to prepare the rehabilitation plan, to
which information on the approval has been disseminated through
letter on March 29, 2005.
The company advised the Stock Exchange of Thailand (SET) that it
has not been able to prepare the rehabilitation plan on the date
mentioned in the letter. The capital increase procedure has not
been done as well.
The company unveiled to the Stock Exchange of Thailand the
result of the Board of Directors' Meeting held on July 11, 2005:
(1) Approval of the procedure of the Rehabilitation Plans under
the Bankruptcy Act. The company will submit this case to the
Bankruptcy Court for them to consider and allow it to get into
the procedure of the Rehabilitation Plan within August 1, 2005.
(2) Approval of the appointment of Rehabilitation Legal
consultant Co. Ltd. to be the company's Legal Consultant.
Yours sincerely,
Mr. Monchai Pongstabadee
Director
CONTACT:
Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822
INTER FAR EAST: Director Steps Down
-----------------------------------
The Board of Directors of Inter Far East Engineering
Public Company Limited at the meeting No. 1/2005 held on July 7,
2005, approved the resignation of Mr. Somchai Jaitrong as the
company's director due to health problems.
The board resolved to elect Mr. Marut Simasathien in place of
Mr. Somchai.
Please be informed accordingly.
Sincerely yours,
Mr. Narong Taychachaiwong
President of Director
Inter Far East Engineering Public Company Limited
CONTACT:
Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: http://www.ifct.co.th
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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
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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