/raid1/www/Hosts/bankrupt/TCRAP_Public/050803.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, August 3, 2005, Vol. 8, No. 152
Headlines
A U S T R A L I A
AIR NEW ZEALAND: Faces AU$2-Mln in Legal Costs
ALU-TECH SHOPFITTERS: Set to Declare Dividend August 12
AMW DEVELOPMENTS: Members Pass Winding Up Resolution
BOXOLA PTY: Liquidator to Distribute Company Assets
CHANNEL CONTRACTORS: Appoints Official Liquidator
CLEMENT STREET: Creditors Approve Liquidator's Appointment
D.J. SHANNON: Members Opt for Voluntary Liquidation
FORTESCUE METALS: US$1.49 Bln Needed for Australian Mine Infra
FRESH SEAFOOD: Court Orders Winding Up
GLOBAL LOYALTY: Members, Creditors to Convene in Final Meeting
GULFNET PTY: Richard Judson Named Liquidator
HOAIPHAN PLUMBING: Enters Liquidation Proceedings
KNIGHTS INSOLVENCY: Mulls Share Issue to Shore Up Cash
LETTS GROUP: Liquidator Details Final Meeting Agenda
MINULE PTY: Begins Winding Up Process
PETER MEDICH: Members Decide to Shut Down Business
PIERCING URGE: Enters Liquidation
PUPSTIR PTY: To Pay Dividend to Creditors
ROCK SOLID: Members Agree to End Operations
SANTOS LIMITED: Confirms New Gas Discovery Offshore Victoria
SCARLETT ENTERPRISES: Joint, Several Liquidators Appointed
STRAMIT ENGINEERS: To File for Voluntary Liquidation
TREVRICH PTY: Members Agree to Wind Up
UMINA BOWLING: Gets Lifeline from Five Suitors
VELAMEN PTY: Liquidator to Discuss Wind Up Report
WMC RESOURCES: BHP Takes Full Control
XANADU WINES: Updates Restructure, Future Strategic Direction
C H I N A & H O N G K O N G
CHINA MERCHANTS: Fitch Upgrades Individual Rating to 'D'
CHINA SOUTHERN: Jianyin Gets CNY8-Bln Credit in Takeover
GUANGDONG KELON: Releases Official Response to Scandal
HONYICK LIMITED: Succumbs to Liquidation
ILIAD COMPANY: Begins Liquidation Proceedings
ORIENT RESOURCES: Capital Reorganization Takes Effect August 8
QUANLOK TRADING: Court Issues Winding Up Order
SHANGHAI LAND: To Enter Into Settlement Deed
VIEWCOM TECHNOLOGY: Receives Order to Wind Up
WONDERTECH ENGINEERING: Winding Up Process Initiated
* Forex Unveils 2 Major Illegal Cases
I N D O N E S I A
BANK MANDIRI: Seeks to Lower Bad Loan Ratio
GARUDA INDONESIA: Aims to Restructure Debt by Year-end
PERTAMINA: Plans to Buy Six Oil Tankers
PERUSAHAAN LISTRIK: China May Lend IDR913.11 Bln to Build Plant
J A P A N
FUJITSU LIMITED: Unveils FY/2005 First-Quarter Financial Results
FUJITSU LIMITED: Unit Partners With Intrepid Technical
JAPAN HIGHWAY: Executive Busted Over Bid-rigging Scandal
MITSUBISHI MOTORS: Q1/FY05 Net Loss Shrinks to JPY21.6 Bln
MITSUBISHI MOTORS: Sees 10% Hike in Domestic Output in 1H/2005
SOFTBANK CORPORATION: Disposes of Entire Stake in Cisco System
K O R E A
ASIANA AIRLINES: Losses to Double by Weekend if Strike Continues
ASIANA AIRLINES: Unveils Modified Flight Schedule for August
DAEWOO SHIPBUILDING: Plunges to Red in First Half
SSANGYONG MOTOR: Sales Rise 50.8% in July
M A L A Y S I A
ANCOM BERHAD: Purchases 23,400 Shares on Buy Back
AYER HITAM: Total Payment Default Reaches MYR40,838,627.10
BELL & ORDER: Mulls Establishment of ESOS
BUKIT KATIL: Unveils Latest Update on Loan Facilities
INTAN UTILITIES: Unveils Scheme to Address Defaults
JIN LIN: Awaits Court Decision on RO Petition
KIG GLASS: Cash Flow Could Not Sustain Debt Payment
KIG GLASS: Receives Statutory Notice
MANGIUM INDUSTRIES: Unit Fails to Pay Financial Obligation
MALAYAN UNITED: Unit's Asset Disposal Nears Completion
MALAYAN UNITED: Director Discloses Dealing in Securities
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
PANTAI HOLDINGS: Buys Back Ordinary Shares
PARK MAY: Updates Proposed Restructuring Scheme
PUNCAK NIAGA: Bourse to List, Quote New Warrants
TA ENTERPRISE: Details Minutes of AGM
TELEKOM MALAYSIA: Issues New Shares for Listing, Quotation
TENAGA NASIONAL: Unit Wraps Up SPA with Sumitomo
WCT ENGINEERING: Directors Intends to Deal on Closed Period
P H I L I P P I N E S
BELLE CORPORATION: Books Higher Income in First Half
BENPRES HOLDINGS: Confirms Delivery of Shares to Receiver
COLLEGE ASSURANCE: Gets Reprieve to Comply with SEC Order
LEPANTO CONSOLIDATED: Eyes Higher Ore Production
MAYNILAD WATER: Economist Picked to Oversee Sale
MAYNILAD WATER: May Avoid Debt Issue
NATIONAL BANK: Four Companies Join List of Bidders
NATIONAL POWER: Inks Forward Sales Deals with Big Buyers
NATIONAL TRANSMISSION: DoE Seeks Higher Capex
NICPHIL INSURANCE: Halts Operations, Seeks Conservatorship
PACIFIC PLANS: Refuses Additional Funding for Planholders
PHILIPPINE AIRLINES: Fears Oil Price Hike May Dispirit Travelers
S I N G A P O R E
CAPITALAND LIMITED: Strikes Off Dormant Units
CAPITOL GRAVURE: Creditor Files Winding Up Petition
LIANG HUAT: Creditors Approve Schemes of Arrangement
MEDIARO.COM PTE: Members, Creditors to Discuss Wind Up
PDSC ASIA: Creditors Given Deadline to Submit Proofs of Claim
TST SUPPLIES: To Distribute Dividend to Creditors
T H A I L A N D
NAKORNTHAI STRIP: Administrator Details Utilization of Proceeds
TONGKAH HARBOUR: Capital Increase Balance Reaches THB124 Mln
TUNTEX: Reduces Share Capital of Unsold, Yet to be Sold Shares
- - - - - - - -
=================
A U S T R A L I A
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AIR NEW ZEALAND: Faces AU$2-Mln in Legal Costs
----------------------------------------------
National flag carrier Air New Zealand was ordered to pay over
NZ$2 million in legal costs to its opponents in relation to a
failed Qantas-Alliance court case, according to the Sydney
Morning Herald.
Air NZ sought the approval of the Commerce Commission for a plan
where Qantas would buy a 22.5 per cent stake in Air NZ for
NZ$550 million and set up a price, and schedule fixing deal
between the two airlines, but the commission denied the request
for fear the alliance might damage customers. The plan was
approved by Australian competition authorities but an Air NZ
appeal to the High Court at Auckland failed.
Now the Commission and alliance opponents Infratil and Gullivers
Pacific have won an application to have Air NZ pay their legal
costs. The Commission's total claim against Air NZ was
AU$1,747,796, while Infratil and Gullivers both asked for
$NZ300,000. While some of their cost requests were turned down
by Justice Rodney Hansen in the High Court, the airline will
have to pay more than NZ$2 million. Air NZ is still deciding
whether to appeal the costs decision.
Despite the possibility of paying huge legal fees, Air NZ is
still trying to stitch up some kind of alliance deal with
Qantas, perhaps in the form of a code-sharing arrangement.
CONTACT:
Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/
ALU-TECH SHOPFITTERS: Set to Declare Dividend August 12
-------------------------------------------------------
Alu-Tech Shopfitters Pty Limited will declare an interim
dividend on Aug. 12, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 5th day of July 2005
David L. McEvoy
Level 23, Freshwater Place
2 Southbank Boulevard
Southbank Vic 3001
AMW DEVELOPMENTS: Members Pass Winding Up Resolution
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
AMW Developments Pty Limited duly convened and held on June 20,
2005, a Special Resolution was passed that the Company be wound
up voluntarily, and Peter Ngan was appointed Liquidator for such
purpose.
Dated this 27th day of June 2005
Peter Ngan
Liquidator
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
BOXOLA PTY: Liquidator to Distribute Company Assets
---------------------------------------------------
At a General Meeting of Boxola Pty Limited held on June 22,
2005, the following Special Resolution was passed:
That the company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed in whole or
in part to the members in specie, should the liquidator so
desire.
Dated this 22nd day of June 2005
F. Bukovitch
Liquidator
PO Box 1480
Chatswood NSW 2057
CHANNEL CONTRACTORS: Appoints Official Liquidator
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Channel Contractors Pty Limited held on June 23,
2005, it was resolved that the Company be wound up voluntarily,
and David G. Young was appointed as Liquidator for the winding
up.
Dated this 27th day of June 2005
David G. Young
Chartered Accountant
Level 24, 201 Elizabeth Street
Sydney NSW 2000
CLEMENT STREET: Creditors Approve Liquidator's Appointment
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Clement Street Pty Limited duly convened and held on June 20,
2005 members passed a Special Resolution to voluntarily wind up
the Company, and Peter Ngan and G. Parker were appointed Joint
and Several Liquidators. Creditors confirmed the liquidator's
appointment at a meeting of creditors held later that day.
Dated this 24th day of June 2005
P. Ngan
G. Parker
Joint Liquidators
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
D.J. SHANNON: Members Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
D.J. Shannon Pty Limited held on June 21, 2005, the following
Resolution was proposed and passed as a Special Resolution at
the meeting:
That the Company be wound up voluntarily.
Dated this 21st day of June 2005
P. J. Bongiorno
Liquidator
MacMillan Cowan & Co
Chartered Accountants
Steampacket House, Level 2
10 Moorabool Street
Geelong, Vic 3220
Phone: (03) 5222 2866
FORTESCUE METALS: US$1.49 Bln Needed for Australian Mine Infra
--------------------------------------------------------------
Fortescue Metals Group has received formal advice from
WorleyParsons of the results of its 45 million tonnes per annum
Definitive Feasibility Study (the Study) for its wholly owned
port and rail transport system, known as TPI.
WorleyParsons, one of the five major global engineering houses,
declared a total capital cost for TPI at AU$1.95 billion,
including a contingency of AU$192 million. It has calculated the
capital cost within an accuracy range of +/- 10%.
Fortescue is well pleased with this result as it is comfortably
within its funding parameters. The Company recently announced in
excess of 2 billion tonnes of resources in its Chichester
tenements including 730 million tonnes of high gradfe material
able to be shipped without beneficiation.
The Board has considered and adopted the Study due to its high
level of accuracy, its competitive capital cost and the ability
for expedient implementation. Fortescue has therefore commenced
the immediate sourcing of the long lead time items to ensure
that there is no impediment to the construction schedule.
TPI includes the mine ore handling facility, railway from Cloud
Break to Port Hedland and a port facility at Port Hedland. The
mine fleet and prestrip costs are expected to be outsourced and
will be included in the finalization of Mining Reserves expected
in the coming months.
With construction expected to take two years, Fortescue and
WorleyParsons are targeting to have the first ore shipped in
late 2007.
CONTACT:
Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/
FRESH SEAFOOD: Court Orders Winding Up
--------------------------------------
On June 17 and June 20, 2005, the Supreme Court of New South
Wales, Equity Division ordered that Fresh Seafood Bistro Pty
Limited be wound up by the Court, and appointed Steven Nicols to
be Liquidator of the Company.
Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000
GLOBAL LOYALTY: Members, Creditors to Convene in Final Meeting
--------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Global Loyalty Solutions Pty Limited will be held
on Aug. 9, 2005, 10:00 a.m. in the boardroom of Anthony Matthews
& Associates, Chartered Accountants, Ground Floor, 91 Hutt
Street, Adelaide, South Australia.
AGENDA
To receive the Liquidator's account showing how the winding up
was conducted and the property of the Company disposed of, and
explanations thereof.
Dated this 22nd day of June 2005
A. C. MATTHEWS
Liquidator
Anthony Matthews & Associates
Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: (08) 8232 8885
Fax: (08) 8232 8886
E-mail: info@matthewsassociates.com.au
GULFNET PTY: Richard Judson Named Liquidator
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Gulfnet Pty Limited held on June 21, 2005, it was
resolved that the company be wound up voluntarily and at a
meeting of creditors held on the same day, Richard Herbert
Judson of Judson & Co, Chartered Accountants, Level 1, 10 Park
Road, Cheltenham was appointed liquidator for the winding up.
Dated this 21st day of June 2005
Richard Herbert Judson
Liquidator
Judson & Co.
Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155
HOAIPHAN PLUMBING: Enters Liquidation Proceedings
-------------------------------------------------
On June 17 and June 20, 2005, the Supreme Court of New South
Wales, Equity Division ordered the winding up of Hoaiphan
Plumbing Services Pty Limited, and appointed Steven Nicols to be
Liquidator of the Company.
Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000
KNIGHTS INSOLVENCY: Mulls Share Issue to Shore Up Cash
------------------------------------------------------
Embattled Knights Insolvency Administration is looking at a
possible share issue, in a bid to boost its finances, The
Courier Mail relates.
Despite stock plunging from 64 last year to 2.4 last week,
Knights said it will proceed with the issuance in conjunction
with an ANZ Bank overdraft.
The overdraft should, with some additional funding from a share
issue, enable the company's operations to be funded until a
general meeting can be called in September.
The said meeting, which was postponed from mid-August, is to
approve a recapitalization proposal that Australia's only listed
insolvency firm said is under consideration.
Knights has been struggling to restore its cashflow amid
scrutiny of its accounts by the Australian Securities and
Exchange Commission (ASIC) and recent job cuts.
CONTACT:
Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/
LETTS GROUP: Liquidator Details Final Meeting Agenda
----------------------------------------------------
Notice is hereby given that, pursuant to Section 509 of the
Corporations Act, the final combined meeting of the members and
creditors of Letts Group Pty Limited will be held on Aug. 9,
2005, 11:00 a.m. at the offices of Horwath Jefferson Stevenson,
Level 4, 370 Queen Street, Brisbane, for the following reasons:
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up was conducted and the property of the Company
disposed of, and to receive any explanation required thereof.
(2) Any other business that may be lawfully considered with the
foregoing matters.
Dated this 23rd day of June 2005
Gerald T. Collins
Liquidator
c/o Horwath Jefferson Stevenson
Level 4, 370 Queen Street
Brisbane Qld 4000
MINULE PTY: Begins Winding Up Process
-------------------------------------
Notice is hereby given that ON June 24, 2005, it was duly
resolved that Minule Pty Limited be wound voluntarily, and that
Peter S. K. Lee of T. F. W. See & Lee, Chartered Accountants,
Suite 1, Level 1A, 405-411 Sussex Street, Sydney, NSW 2000 be
appointed Liquidator of the Company.
Dated this 24th day of June 2005
Peter S. K. Lee
Liquidator
T. F. W. See & Lee
Chartered Accountants
Suite 1, Level 1A
405-411 Sussex Street
Sydney NSW 2000
PETER MEDICH: Members Decide to Shut Down Business
--------------------------------------------------
At a meeting of members of Peter Medich Holdings Pty Limited
held on June 28, 2005, the following Special Resolution was
passed:
That the Company be voluntarily wound up, and that David Bryan
Gurney be appointed Liquidator for such purpose.
Dated this 28th day of June 2005
David B. Gurney
Liquidator
c/o PF Fisher & Co. Pty Ltd
Level 5, 55 Phillip Street
Parramatta NSW 2150
PIERCING URGE: Enters Liquidation
---------------------------------
Notice is given that at a meeting of the members and creditors
of The Piercing Urge Melbourne Pty Limited held on June 22,
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 such purpose.
Dated this 22nd day of June 2005
R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: (03) 9482 6277
PUPSTIR PTY: To Pay Dividend to Creditors
-----------------------------------------
Pupstir Pty Limited will declare a first and final dividend on
Aug. 9, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 27th day of June 2005
Ross Duus
Liquidator
Duus & Co.
Level 4, Toowong Terraces, 31 Sherwood Road
Toowong Qld 4066
Phone: (07) 3870 7388
Fax: (07) 3870 4844
ROCK SOLID: Members Agree to End Operations
-------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Rock Solid I.T. Solutions Pty Limited held on June
22, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day,
it was resolved that for such purpose, Rod Slattery of PPB,
Chartered Accountants, Level 10, 90 Collins Street, Melbourne,
Victoria, be appointed as Liquidator.
Dated this 27th day of June 2005
Rod Slattery
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000
SANTOS LIMITED: Confirms New Gas Discovery Offshore Victoria
------------------------------------------------------------
Santos Limited, as operator of the VIC/P44 joint venture,
confirms that a new gas field has been discovered in the
offshore Otway Basin, Victoria, with the drilling of the Henry 1
wildcat exploration well.
Overnight analysis of gas samples acquired by wireline logging
has confirmed that the gas is good quality with a similar
composition to that at Casino.
The Henry 1 exploration well was drilled to its current total
depth of 2032 metres (measured depth) and intersected
approximately 21 metres of net gas pay within a 30 metre gross
section in the primary objective. A 27.8 metre core was cut in
the reservoir with 100% recovery.
"Henry 1 is a very pleasing result especially given its
proximity to the Casino development and the good quality of the
gas," said Santos Managing Director, Mr. John Ellice-Flint.
"We expect the location of the well close to existing
infrastructure, combined with our innovative gas contracting for
the Casino field, should enable us to commercialize the gas
discovered at Henry 1," he said.
To date, three exploration wells have been drilled in the block
by the joint venture since Santos acquired its 50% interest in
2001. The third of these, Henry 1, gives a 100% exploration
success rate for VIC/P44.
Previous discoveries include the Casino 1 well which discovered
commercial volumes of gas in 2002 and the Martha 1 well which
yielded gas in 2004 but is still being reviewed regarding its
commercial potential.
"The success at Henry 1 augurs well for the other prospects we
have identified in the region through our ongoing active
exploration program," said Mr. Ellice-Flint.
Henry 1 is located in VIC/P44, 8.5 kilometres north-west of the
Casino gas field which is currently being developed to commence
gas supplies early next year under long-term contract to
TruEnergy (formerly TXU).
The participants in VIC/P44 are:
Santos Limited (operator) 50%
Peedamullah Petroleum Pty Ltd (AWE) 25%
Mittwell Energy Resources Pty Limited (Mitsui) 25%
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SCARLETT ENTERPRISES: Joint, Several Liquidators Appointed
----------------------------------------------------------
Notice is hereby given that at a Meeting of Members of Scarlett
Enterprises Pty Ltd duly convened and held on June 20, 2005, it
was resolved that the Company be wound up voluntarily, and that
G. A. Lopez and E. R. Verge be appointed the Joint and Several
Liquidators.
Dated this 20th day of June 2005
J. SCARLETT
Director
Jones Condon
Chartered Accountants
Colmel House, 241 Stirling Street
Perth WA 6000
STRAMIT ENGINEERS: To File for Voluntary Liquidation
----------------------------------------------------
At general meetings of the members of Stramit Engineers
Proprietary Limited duly convened and held on June 24, 2005, a
special resolution to wind up the Company voluntarily was
passed.
Timothy J. Cuming
David C. Pratt
Liquidator
Level 15, 201 Sussex Street
Sydney NSW 1171
TREVRICH PTY: Members Agree to Wind Up
--------------------------------------
At the General Meeting of Trevrich Pty Limited held on June 22,
2005, the following Special Resolution was passed:
That the company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie, should the liquidator so
desire.
Dated this 23rd day of June 2005
Graeme A. Hallam
Morton Watson & Young
51 Robinson Street
Dandenong Vic 3175
UMINA BOWLING: Gets Lifeline from Five Suitors
----------------------------------------------
Umina Bowling Club has been thrown a lifeline with five clubs
showing an 11th-hour interest in rescuing the financially
troubled organization, the Daily Telegraph relates.
The Umina club was devastated earlier this month when four clubs
interested in an amalgamation backed out, citing the financial
pressures of the State Government's poker machine tax and
smoking ban.
The club was forced to consider using part of its property for a
residential development to solve its financial difficulties.
However, club CEO Greg Rand said last week five clubs namely
Ettalong Bowling Club, Manly Leagues, St Marys Band Club and St
Johns Park Bowling Club had now shown interest in merging with
Umina.
Meanwhile Easts Leagues, one of the four clubs which withdrew
from merger discussions earlier last month, has now reconsidered
its position and is again in talks.
Creditors have also given the club a 60-day extension for
further merger discussions.
Administrator Graeme Campbell, of Ferrier Hodgson, also revealed
the club's debt had increased by AU$200,000 to AU$3.2 million
since it was placed in voluntary administration in March.
Interest and administration fees had added to the debt.
Mr. Campbell said renewed interest in a merger was great news
because it was the preferred course of action.
VELAMEN PTY: Liquidator to Discuss Wind Up Report
-------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Velamen Pty Limited will be held on Aug. 18, 2005,
11:00 a.m. at Level 4, 31 Sherwood Road, Toowong Qld.
The purpose of the meeting is to:
(a) Show the manner in which the property of the company was
disposed of;
(b) Lay the accounts before the meeting;
(c) Hear any explanation that may be given by the Liquidator;
and
(d) Approve the destruction of the Company's books and records
upon approval by the Australian Securities and Investment
Commission.
Dated this 27th day of June 2005
Ross Duus
Liquidator
Duus & Co.
Level 4, Toowong Terraces
31 Sherwood Road
Toowong Qld 4066
Phone: (07) 3870 7388
WMC RESOURCES: BHP Takes Full Control
-------------------------------------
Five months after launching its AU$9.2-billion (US$6.99 billion)
takeover bid for WMC Resources, BHP Billiton is taking full
control of the iconic miner, Asia Pulse reports.
Mining giant BHP Billiton has on Tuesday attained 100 percent
ownership of WMC after completing a compulsory acquisition of
last of the shares.
BHP Billiton trumped a AU$8.2 billion (US$6.23 billion) bid from
Swiss-based Xstrata when it launched its bid on March 8 this
year.
It won control of more than 50 percent of the company on June 3
and then moved to compulsorily acquire remaining shares after it
reached 90 percent ownership on June 17.
CONTACT:
BHP Billiton Limited
Level 27, 180 Lonsdale Street,
MELBOURNE, VICTORIA,
AUSTRALIA, 3000
Telephone: (61) 1300 55 47 57
Fax: (61 3) 9609 3015
Web site: http://www.bhpbilliton.com/
XANADU WINES: Updates Restructure, Future Strategic Direction
-------------------------------------------------------------
Xanadu Wines Limited has provided an update of its restructure
and future strategic direction.
BACKGROUND
On June 18, 2005, the Directors of Xanadu Wines Limited entered
into a sale agreement (Sale Agreement) with Shuttlehaven Pty
Ltd, a Company associated with the Rathbone family, to sell the
Xanadu Wines Business.
The Sale Agreement is conditional on shareholder approval. A
shareholders meeting has been called for August 5, 2005 to
approve the sale and to change the Company name to Global Wine
Ventures Limited.
FUTURE DIRECTION
On the basis of shareholder approval the Company will:
(i) Retain the following assets:
- the Jindawarra, Cow Rock, Featherwhite and associated
brands;
- 1,570,000 liters of bulk wine from vintage 2003, 2004
and 2005;
- the remaining fire insurance receivable and uncollected
debtors; and
- a small collection of assets including motor vehicles,
office and computer equipment.
(ii) Be renamed Global Wine Ventures Limited;
(iii) Continue to be listed on the Australian Stock Exchange
(ASX);
(iv) Have significant carry forward tax losses (subject to
compliance with the Australian taxation legislation); and
(v) Have a limited level of external debt.
The overall restructure of the Company's financial position is
likely to take a further four to six months to achieve an
acceptable base from which to build a profitable future. The
Company has already commenced a strategic re-direction of the
business within the Australian wine industry and will continue
this process during the financial restructure.
The vision of the Company is to identify and build a range of
wine industry opportunities and to develop these into viable and
successful operations. The Company will concentrate on re-
building its existing portfolio of branded products, provide
specialized services to the wine industry and is considering the
formation of a new investment trust tailored for the wine and
agricultural industry.
The process has commenced with the Company signing contracts for
the provision of brand and market related management roles to
third parties within the Australian wine industry.
The Company's Managing Director, Mr. Sam Atkins, believes the
current market within the wine industry provides a number of
opportunities to purchase or build new brands and assets along
with the development of a number of strategic alliances in key
markets. Investigations will include a range of wine industry
investments to provide a level of protection, during these
periods of high competition and brand investment, through the
diversification of risk.
A copy of the proposed future structure of the Company can be
downloaded free of charge at:
http://bankrupt.com/misc/tcrap_xanaduwines080205.pdf
CONTACT:
Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389
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C H I N A & H O N G K O N G
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CHINA MERCHANTS: Fitch Upgrades Individual Rating to 'D'
--------------------------------------------------------
Fitch Ratings, the international rating agency, has upgraded its
Individual rating on China Merchants Bank (CMB) to 'D' from
'D/E'. At the same time, CMB's Support rating was affirmed at
'3'.
The rating upgrade reflects Fitch view that CMB is one of
China's best-managed banks with an above average credit profile
and relatively cautious risk management as reflected in its
lower real estate and construction exposure. The bank has a
reputation for good customer services - its individual deposits
accounted for c.40 percent of total deposits, compared with the
more typical 20 percent seen at its peers. The rating is,
however, constrained by its low capital level and China's high-
risk operating environment.
CMB's profitability, although above average compared to its
peers, is only modest by international standards, as loan loss
provisions absorb a significant portion (22 percent) of its net
interest income and non-interest income remained low as a
percentage of total revenues, similar to other Chinese banks. In
2004, net interest income grew strongly by 41 percent,
reflecting strong loan growth, and accounted for 92 percent of
total revenue. Its NIM was also up by 25bps at 2.74 percent. Its
cost/income ratio was good at 41 percent even by international
standards. However, a high tax rate and aforementioned reasons
resulted in only a moderate RoAA of 0.59 percent in 2004.
The bank's asset quality numbers are currently good, with an NPL
ratio of 2.87 percent in 2004 (2003: 3.15 percent). Its loan
loss reserves coverage appeared sufficient at 101 percent. The
macro-economic adjustment from mid-2004 seems to have created
some new NPLs for CMB in 2004, with an estimated new NPL
formation rate of c. 0.5 percent of loans, although this was
manageable. Management expects the slowdown may result in some
new NPLs, but that they will remain at a manageable level.
CMB's loan growth slowed to 22 percent in 2004. Notably,
individual loans (mainly residential mortgages) grew by 58
percent to represent 15 percent of end 2004's total loans (2003:
11 percent). The bank appears to be quite cautious in its real
estate/construction lending - which stood at 7 percent of its
loan book, compared with its peers which are typically at c. 15
percent. This should also help CMB fare better than its peers in
the event of any economic slowdown.
The bank's capitalization level was low with equity to asset
ratio of 3.7 percent. Its end 2004 CAR stood at 9.55 percent
with a Tier 1 ratio of 5.44 percent. For a bank operating in a
high risk-operating environment, Fitch would like to see a
higher capital level to act as a cushion to absorb any potential
losses through the economic cycle.
CMB is the second-largest bank among China's 12 nationwide
shareholding commercial banks. It was established in 1987 and
listed on the Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
CMB had 410 banking outlets nationwide and 17,829 employees at
end-2004.
CHINA SOUTHERN: Jianyin Gets CNY8-Bln Credit in Takeover
--------------------------------------------------------
China Jianyin Investment will receive CNY8 billion (HK$7.66
billion) of credit from China to acquire the investment banking
unit and 74 branches of China Southern Securities, The Standard
reports.
The Chinese government wants to revive brokerages by closing
down struggling firms and injecting capital into bigger or
better-run operations.
Regulators and state-owned asset management companies closed or
took over 19 brokerages in the past two and a half years.
GUANGDONG KELON: Releases Official Response to Scandal
------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited issued this
disclosure in response to recent press articles appearing in
newspapers in Hong Kong and the People's Republic of China (PRC)
reporting that:
1. The Chairman, Mr. Gu Chu Jun (Mr. Gu), the Executive Director
and Vice President of PRC sales, Mr. Yan You Song, the finance
supervisor Jian Bao Jun (also known as Jian Yuan), of Guangdong
Kelon Electrical Holdings Company Limited (the Company) are
subject to residential surveillance.
2. Control of the Company has been taken over by the local
government and the Company's Vice Chairman and President, Mr.
Liu Cong Meng, and the government's representative Mr. Li Zhen
Hua will assist the government in taking charge of the Company's
daily operations.
The Company clarifies these matters below.
1. After making enquiries with the relevant department, the
Company was informed that Mr. Gu, Mr. Yan You Song (Company's
executive director and vice president), Mr. Jiang Bao Jun
(Company's finance supervisor), Mr. An Kuoyu (Company's vice
chief supervisor of the finance and resource department), Mr.
Liu Ke (Company's vice manager of the finance and resource
department) (together the "Relevant Persons"), have been
formally investigated by the PRC police department and are
subject to procedures adopted by the PRC police department in
connection with criminal offences (which may or may not include
residential surveillance), for alleged economic crime. As at the
date hereof, none of the Relevant Persons can be contacted.
2. As at the date hereof, the Company did not receive any notice
from government executive department in relation to it becoming
under the control of the government.
3. In the absence of the Relevant Persons, the Company's vice
Chairman and President Mr. Liu Cong Meng is taking charge of the
daily operations of the Company's board of directors and the
Company's business operations with effect from the date hereof.
The Company's other senior management will continue to work as
usual.
4. In light of the Company's current exceptional circumstances,
the Company's board of directors will convene a meeting as soon
as it can to establish a relevant working unit with an aim to
strengthen and improve the Company's operation management and to
investigate and verify the economic crime allegedly involving
the Company's senior management. Depending on the circumstances,
appropriate legal actions may be taken to protect the Company's
and public shareholder's rights.
The Company's management is liaising with the local government
and financial institutions with a view to facilitating as far as
possible the Company's operations.
5. This announcement is published in China Securities Journal,
Securities Times, Hong Kong Commercial Daily and China Daily.
Investors should treat the disclosure in this announcement as
accurate.
The Company regrets this incident and the potential impact it
may have caused to the investors.
At the request of the Company, trading in shares of the Company
was suspended with effect from 10:00 a.m. on 16th June, 2005
pending the release of an announcement in relation to price
sensitive information. Subject to the publication of an
announcement in relation to the financial, production and
trading position of the Group, trading in shares of the Company
will remain suspended until further notice.
CONTACT:
Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Center
25 Harbour Road
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com
HONYICK LIMITED: Succumbs to Liquidation
----------------------------------------
Honyick Limited whose place of business is located at 5/F, May
Gar Commercial Building, 288-290 Reclamation Street, Kowloon was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
July 20, 2005.
Date of Presentation: May 25, 2005
Dated this 29nd day of July 2005
ET O'Connell
Official Receiver
ILIAD COMPANY: Begins Liquidation Proceedings
---------------------------------------------
Iliad Company Limited whose place of business is located at
Suite 1101, 11/F, Queen's Place, 74 Queen's Road 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 July 20, 2005.
Date of Presentation: May 23, 2005
Dated this 29nd day of July 2005
ET O'Connell
Official Receiver
ORIENT RESOURCES: Capital Reorganization Takes Effect August 8
--------------------------------------------------------------
Orient Resources Group announced that its capital reorganization
would take effect on August 8, Infocast News reports.
The authorized share capital of the company will be diminished
by $95.026 million by the cancellation of 95.026 million
authorized and unissued consolidated shares of $1 each.
At the same time, the company proposed to change the board lot
size of the company's shares from 2,000 shares to 3,000 new
shares upon completion of the capital reorganization.
CONTACT:
Orient Resources Group Company Limited
Room 521, South Block
5/F, Kwai Shun Industrial Centre
51-63 Container Port Road
Kwai Chung, New Territories
Hong Kong
Phone: 24193936
Fax: 24193009
QUANLOK TRADING: Court Issues Winding Up Order
----------------------------------------------
Quanlok Trading Limited whose place of business is located at
Flat F, 13/F, Block 5, Ph 12, Whampoa Garden Hunghom, Kowloon
was issued a winding up order notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on July 20, 2005.
Date of Presentation: May 23, 2005
Dated this 29nd day of July 2005
ET O'Connell
Official Receiver
SHANGHAI LAND: To Enter Into Settlement Deed
---------------------------------------------
Shanghai Land Holdings announced that on July 27, 2005, the
Board resolved to approve its entry into the Settlement Deed in
order that the Receivers could apply to the Court for sanction.
At a hearing on July 29, 2005 in relation to the Receiver's
application to the Court for sanction of the Receivers entering
into the Settlement Deed in their capacity as receivers on
behalf of the Company, it was ordered that sanction be given to
the Receivers to enter into the Settlement Deed dated July 5,
2005 in their capacity as the Receivers and on behalf of the
Company and for the implementation of the Settlement Deed
including, without limitation, the making of the distributions
as provided for in the Settlement Deed.
Mr. Kennic Lai Hang Lui and Ms. Ruby Mun Yee Receivers" Leung,
the joint and several receivers and managers of New Nongkai (The
NNGI Receivers), at a hearing on July 26, 2005, obtained
sanction from the Court to enter into, in their capacity as
receivers of New Nongkai, the Settlement Deed dated July 5, 2005
and the implementation of the Settlement Deed including, without
limitation, the making of the distributions as provided for in
the Settlement Deed.
The approval by a majority of the Directors of the Company
voting at a meeting of the Board convened for the purposes of
approving the Company entering into the Settlement Deed and
sanction from the Court of the Receivers and the NNGI Receivers
entering into this Deed in their capacity as receivers on behalf
of the Company and New Nongkai respectively and their
implementation of the Settlement Deed including, without
limitation, the making of the distributions as provided for in
the Settlement Deed are conditions precedent to the execution of
the Settlement Deed.
Shareholders should note that the Settlement Proposal, the
winding up of the Company and the withdrawal of listing are
subject to a number of conditions and therefore may or may not
proceed.
Trading in the Shares on the Stock Exchange was suspended at the
request of the Company with effect from 9:30 a.m. on June 2,
2003 pending clarification of certain press articles regarding
the Company and remains suspended. The Company will make further
announcement(s) regarding any significant developments as and
when appropriate.
For more information, go to
http://bankrupt.com/misc/tcrap_shanghailand080205.pdf
CONTACT:
Shanghai Land Holdings Limited
18/F., Two International Finance Centre
8 Finance Street, Central, Hong Kong
Phone: 22326767
Fax: 22326700
Web site: http://www.shanghailand.com
VIEWCOM TECHNOLOGY: Receives Order to Wind Up
---------------------------------------------
Viewcom Technology Company Limited whose place of business is
located at Room 813, Nan Fung Centre, 264-298 Castle Peak Road,
Tseun Wan, New Territories was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on July 20, 2005.
Date of Presentation: May 25, 2005
Dated this 29nd day of July 2005
ET O'Connell
Official Receiver
WONDERTECH ENGINEERING: Winding Up Process Initiated
----------------------------------------------------
Wondertech Engineering Limited whose place of business is
located at G/F, Chiap Luen Industrial Building, 30-32 Kung Yip
Street, Kwai Chung, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 20, 2005.
Date of Presentation: May 25, 2005
Dated this 29nd day of July 2005
ET O'Connell
Official Receiver
* Forex Unveils 2 Major Illegal Cases
-------------------------------------
The State Administration of Foreign Exchange (SAFE) on Monday
made public two cases violating foreign exchange management
regulations, each involving over US$10 million, according to
Xinhuanet News.
The administration said that in 2004, Tianjin Huasheng Gas
Investment Co. Ltd. purchased US$15.84 million worth of foreign
exchange from Chinese commercial banks by reporting a false
company profit. The SAFE imposed a forfeit of CNY6 million
(US$730,000) on the company.
In another case, the Tengda Group in northeast China's Liaoning
Province earned US$10.34 million by breaching the regulation on
cancel after verification in 2004. According to the regulation,
the company should sell foreign exchange to Chinese commercial
banks and get back Renmibi, but instead, the company kept the
foreign exchange. It was given a fine of CNY1.22 million
(US$148,000).
The SAFE is responsible for formulating foreign exchange
regulations in export processing areas. Domiciled branches of
the SAFE where the export processing areas are located are
responsible for formulating detailed rules for implementing
relevant regulations. It is also responsible for supervising
foreign exchange revenue and expenditure, as well as other
foreign exchange business in the export processing areas
according to relevant regulations and corresponding detailed
rules for implementation.
=================
I N D O N E S I A
=================
BANK MANDIRI: Seeks to Lower Bad Loan Ratio
-------------------------------------------
State-owned PT Bank Mandiri aims to reduce the level of its non-
performing loans (NPLs) to 5% next year, reports Asia Pulse. The
bank's current NPL ratio is very high at 17.8%.
Bank Indonesia (BI), the state central bank, sets a standard
that non-performing loans should amount to only 5% of a bank's
total loans. But as of this year, Bank Mandiri's bad loans
amount to 10.3% of its total loans.
According to the bank's new management, Bank Mandiri is ready to
reduce the level of its NPLs, as it hopes to become an anchor
bank to enable it to acquire other banks.
The central bank's criteria in order to gain the status of
"anchor bank" include the following: continuous good performance
for the past three years, capital/capital adequacy ratio minimum
limit, and NPL maximum limit. Bank Mandiri corporate secretary
Ekoputro Adjayanto said that the bank has fulfilled all of BI's
requirements except the NPL maximum limit.
Mr. Adjayanto also denied allegations that Bank Mandiri was
reducing the issuance of new credits due to its high NPL ratio.
Bank Mandiri has undergone many changes, including a change in
management, after a recent lending scam led to the arrest of its
president director and two other top officials.
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: Aims to Restructure Debt by Year-end
------------------------------------------------------
State airline Garuda Indonesia said that the Company plans to
restructure IDR342.1 billion debts due in December this year, in
a bid to ease financial pressure, Asia Pulse reports.
The debt-laden airline will tap either Danareksa Securities or
PT Bahan Securities to be its consultant for the restructuring
plan.
Aside from the IDR342.1 billion debt, Garuda Indonesia also has
a debt worth IDR1.17 trillion in promissory notes, as well as an
outstanding debt to its creditor, European Credit Agency.
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: Plans to Buy Six Oil Tankers
---------------------------------------
State oil and gas firm PT Pertamina is planning to purchase six
tankers to add to its fleet of 135 tankers, and has set aside
IDR683.6 billion to spend on the purchase, reports Asia Pulse.
Pertamina marketing director Sumarno said that the Company's 135
tankers are operating fully, but some would need to be revamped
in order to meet international standards.
The company needs to replace 11 of its oil tankers that are
currently too old (21 to 25 years old) and in need of major
repairs. These tankers are used to transport oil for local
distribution. The planned purchase of 6 new tankers is necessary
to aid in local distribution, which has risen 5%, and Pertamina
now distributes up to 62 million kiloliters of oil each year.
Of the 6 tankers to be bought by the Company, state-owned PT Dok
dan Perkapalan Indonesia will build three tankers, while the
rest will be built by other shipyards.
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
PERUSAHAAN LISTRIK: China May Lend IDR913.11 Bln to Build Plant
---------------------------------------------------------------
China is set to lend IDR913.11 billion to Indonesian power firm
PT Perusahaan Listrik Negara (PLN) for the construction of a
coal-fired power plant in West Kalimantan, the Jakarta Post
reports.
According to PLN director of power plants Ali Herman Ibrahim,
the loan, the terms of which are still unknown as it is yet
unsigned, would allow the Company to build a power plant with a
110-megawatt production capacity.
On a recent visit of Indonesian president Susilo Bambang
Yudhoyono to China, both countries had signed an agreement to
build a power plant with 2,400-megawatt production capacity
(consisting of four units producing 600 megawatts each) in
Sumatra.
The project, estimated at IDR20.52 trillion, will be funded by
China Development Bank and China Exim Bank, with China Hua Dian
Corporation to own a 55% stake, while the remaining 45% stake
would be owned by PLN and coal producers PT Indika Intri Energi
and PT Tambang Batubara Batu Asam.
PLN is also planning to build more power plants in order to
provide additional power to the island of Sumatra. The Company
expects power demand to increase in the islands of Bali and Java
later in the year.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax: 62 21 722 1330
Web site: http://www.pln.co.id
=========
J A P A N
=========
FUJITSU LIMITED: Unveils FY/2005 First-Quarter Financial Results
----------------------------------------------------------------
Fujitsu Limited, a leader in customer-focused IT and
communications solutions for the global marketplace, reported
consolidated net sales of JPY1,026.3 billion (approximately
US$9,246 million*) for the first quarter of fiscal 2005 (April
1, 2005 - June 30, 2005), an increase of 1.8% over the first
quarter of fiscal 2004. Stronger year-on-year sales of 3G mobile
phone base stations and mobile phones in Japan, optical
transmission systems in North America and hard disk drives
helped to offset lower sales of LSI devices for consumer
electronics products.
Consolidated operating income rebounded to JPY14.8 billion
(US$133 million), an increase of JPY19.1 billion over the first-
quarter loss reported in fiscal 2004 and the first time Fujitsu
has reported a first-quarter operating profit since the company
began reporting quarterly earnings in fiscal 2000. There was
major improvement in the profitability of the company's
solutions/systems integration business, traditionally a pillar
of its earnings but plagued by projects with deteriorating
profitability in recent years.
With the implementation of strict risk management procedures and
continuing benefits from an organizational realignment carried
out in fiscal 2004, that business is once again generating
strong earnings. Network equipment, hard disk drives, and mobile
phones also posted higher profits on stronger sales, and further
progress in cost cutting and expense efficiencies as a result of
continuing manufacturing innovation initiatives also contributed
to the overall improvement in operating income.
The company posted first quarter consolidated net income of
JPY2.4 billion (US$23 million), an improvement of JPY14.3
billion over the net loss recorded in the first quarter of
fiscal 2004. In addition to the increase in operating income, a
gain on the settlement of HDD-related litigation contributed to
this resul
"Posting operating and net profits in the first quarter -
traditionally a weak quarter for us - is a significant
milestone, and I'm especially pleased to see our
solutions/systems integration business back on track," said
Fujitsu Limited president Hiroaki Kurokawa. "Almost all of our
business units met or exceeded targets for the quarter, and we
now need to continue this momentum to deliver strong performance
this fiscal year."
Fujitsu's revenue and income were also impacted by a change in
accounting policies, including the application of the percentage
of completion method for software development contracts and the
recording on its balance sheets of liabilities for retirement
benefit obligations at subsidiaries in the UK. In addition, as
previously announced, the first quarter marked the introduction
of a new business segment classification.
BUSINESS SEGMENT RESULTS
Net sales in the Technology Solutions segment rose 9.9% over the
same period in fiscal 2004 to JPY613.4 billion (US$5,526
million). Excluding the impact of the change in accounting
policies, the increase was 2.1%. In the System Platforms sub-
segment, higher overseas sales of UNIX servers and optical
transmission systems, along with growth in 3G mobile base
station sales in Japan led to an 8.9% improvement, while in the
Services sub-segment, sales increased by 10.2%.
Overall, the segment recorded operating income for the quarter
of JPY7.3 billion (US$66 million), a major increase of JPY24.2
billion over the same quarter last year. This included increases
of JPY3.6 billion in System Platforms and JPY20.5 billion in
Services. Greater cost efficiencies from manufacturing reforms,
along with significant contributions to earnings from major
outsourcing contracts at Fujitsu Services in the UK and an
improved situation with respect to loss-generating projects in
Japan contributed to the improvement in operating income.
Net sales in the Ubiquitous Product Solutions segment, which
includes PCs, mobile phones, hard disk drives and other
products, were JPY241.3 billion (US$2,174 million), an increase
of 7.6% over the same period last year. Although sales in Japan
were roughly flat, as increases in mobile phone sales were
offset by the impact of intensified price competition in PCs,
overseas sales increased 27.7%, with sales of hard disk drives
rising 30.4%. The segment recorded operating income of JPY11.4
billion (US$103 million), an increase of JPY11.5 billion over
the comparable period last year. Improved quality, purchasing
and cost efficiencies generated by manufacturing innovation
initiatives were significant contributing factors to this
increase.
Net sales in the Device Solutions segment declined 27.7% over
the first quarter of fiscal 2004, to JPY159.1 billion (US$1,434
million), although on a continuing operations basis excluding
the impact of the transfer of its flat panel display businesses,
the decline was 14.8%. Customers' inventory adjustments in the
consumer electronics field and slow recovery in Japan and other
Asian markets for Flash memory used in mobile phones were the
primary factors behind this decline. The segment recorded
operating income of JPY7.2 billion (US$65 million), a decrease
of JPY16.6 billion compared to the same period last year.
In addition to the impact of lower sales and intensifying
pricing competition in the LSI Devices business, operating
income in the segment was affected by outlays related to
depreciation expenses and start-up costs for the new
semiconductor fabrication facility at Fujtisu's Mie Plant, which
began operation in April.
FY 2005 EARNINGS PROJECTIONS
Foreseeing higher demand for certain products and accelerated
realization of cost reductions, along with progress in
generating a more equal distribution of earnings throughout the
fiscal year, Fujitsu has revised its forecast consolidated
financial results for the first half of fiscal 2005. However,
due to an anticipated delay in the recovery of the semiconductor
market, as well as some major uncertainties with respect to the
IT market in the second half, it has left its full-year fiscal
2005 forecast unchanged. The current forecasts for both periods
are as follows.
FY 2005 Consolidated Earnings Forecast (Billion Yen)
First Half Full Year
(4/1/05 - 9/30/05) (4/1/05 - 3/31/06)
FY 2004 FY 2005 Change (%) FY 2004 FY 2005 Change (%)
Net Sales 2,220.0 2,220.0 -0.9% 4,762.7 4,850.0 1.8%
Operating Income 33.2 30.0 -9.9% 160.1 175.0 9.2%
Net Income (Loss) (8.1) (15.0) - 31.9% 50.0 56.7%
Complete information on Fujitsu's first-quarter FY 2005
financial results, including financial tables, explanation of
results and supplementary information, may be found at:
http://www.fujitsu.com/about/ir/
*Note: Yen figures are converted to U.S. dollars, for
convenience only, at a uniform rate of $1 = JPY111, which was
the approximate Tokyo foreign exchange market rate at June 30,
2005.
ABOUT FUJITSU
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of JPY4.7 trillion
(US$44.5 billion) for the fiscal year ended March 31, 2005. For
more information, please see: www.fujitsu.com
CONTACT:
Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Web site: http://www.fujitsu.com
FUJITSU LIMITED: Unit Partners With Intrepid Technical
------------------------------------------------------
Fujitsu Computer Products of America, Inc., a market leader in
document imaging scanners and services, recently announced a
strategic service partnership with Intrepid Technical Services,
Inc., a nationwide hardware maintenance service provider,
providing customers with nationwide scanner maintenance support
and establishing the firm as a Fujitsu authorized service
provider for its entire line of document imaging solutions.
The agreement between Fujitsu and Intrepid will expand both
companies' service maintenance and support capabilities covering
all regions within the United States. Fujitsu will provide
Intrepid and its customers' maintenance services on Fujitsu
scanners within Fujitsu Direct Service Cities. Outside of the
Direct Service Cities, Intrepid will support Fujitsu with
service delivery. Furthermore, Intrepid's technicians will be
trained by Fujitsu and will be held to the same high standards
as all Fujitsu field service engineers for all aspects of
service delivery, including response time, repair quality and
customer satisfaction.
"Fujitsu is an industry leader whose name is synonymous with
quality and excellence," said Steve Ridenhour, president,
Intrepid. "Intrepid is pleased to offer our customers proven
preventative maintenance programs such as Fujitsu ScanCare, in
addition to the entire Fujitsu service product line. This
relationship will ensure that Intrepid and Fujitsu customers
will receive the highest quality service and customer
satisfaction."
"As a Fujitsu authorized service provider, Intrepid provides our
vast network of customers a more comprehensive, integrated
customer service support engine," said Reza Majidansari, vice
president, engineering and customer care, Imaging Products
Group, Fujitsu Computer Products of America. "In addition to
expanding our coverage area and hours throughout the United
States, the partnership with Intrepid adds OEM experience to the
Fujitsu service family."
About Fujitsu Services
Fujitsu offers one of the most comprehensive portfolios of
service programs in the document imaging industry. From
ScanCare(TM), the Fujitsu flagship preventative maintenance
program combining training and consumables with its on-site
basic parts, labor and travel, to ScanAid(TM), the easy-to-
install consumable kit, the Fujitsu services suite has a program
to meet nearly any budget.
For more information about Fujitsu services, contact a Fujitsu
distribution partner or Fujitsu service sales at 800-301-9475 or
visit http://www.ImagingService.com.
About Intrepid Technical Services, Inc.
Intrepid's technical experts deliver efficient and effective
hardware maintenance to government and commercial enterprises
nationwide. Through its ServRightsm customer focused delivery
model, Intrepid ensures high quality tech support that is
technically competent, prompt, and cost effective. Intrepid can
customize its ServRightsm model to accommodate manufacturers,
OEMs, distributors, ISVs and system integrators, as well as end-
users. For more information on Intrepid, call 800-642-6015 or
visit http://www.servright.com/.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702 - News) reported consolidated revenues of 4.7 trillion
yen (US$44.5 billion) for the fiscal year ended March 31, 2005.
For more information, please see: www.fujitsu.com.
About Fujitsu Computer Products of America, Inc.
Fujitsu Computer Products of America, Inc. conducts engineering
and marketing activities in San Jose, CA and sales operations
throughout the United States. Fujitsu Computer Products of
America currently offers products and services including
scanners and scanner maintenance, hard disk drives, and Magneto-
Optical drives. Fujitsu Computer Products of America is located
at 2904 Orchard Parkway, San Jose, CA, 95134. For more
information about Fujitsu products and services, call us at
800-626-4686 or 408-432-6333. For additional information, visit:
http://www.fcpa.fujitsu.com.
NOTE: Fujitsu and the Fujitsu logo are registered trademarks and
The Possibilities are Infinite is a trademark of Fujitsu Ltd.
Advance Exchange and ScanAid are trademarks of Fujitsu Computer
Products of America, Inc. All other trademarks are the property
of their respective owners. Statements herein are based on
normal operating conditions and are not intended to create any
implied warranty of merchantability or fitness for a particular
purpose. Fujitsu Computer Products of America, Inc. reserves the
right to modify at any time without notice these statements, our
services, products, and their warranty and performance
specifications.
MEDIA CONTACTS:
Shareen Harvey
Fujitsu Computer Products of America, Inc.
408-894-3926
sharvey@fcpa.fujitsu.com
Jeff Urquhart
Voce Communications, Inc.
650-228-5181
E-mail: jurquhart@vocecomm.com
JAPAN HIGHWAY: Executive Busted Over Bid-rigging Scandal
--------------------------------------------------------
The Tokyo District Public Prosecutors Office has arrested Mr.
Tsuneo Kaneko, a Japan Highway Public Corporation Director, over
alleged bid rigging involving the company, Kyodo News reports.
Mr. Kaneko is suspected of helping rig bids on Company-ordered
bridge projects, along with arrested Japan Highway Vice
President Michio Uchida.
Mr. Uchida was detained last Monday, for allegedly helping to
rig bids for JH-ordered bridge projects in violation of the
Antimonopoly Law.
CONTACT:
Japan Highway Public Corporation
3-3-2 Kazumigaseki Chiyoda-ku,
Tokyo,100-8979, Japan
Phone: +81-3-3506-267
Fax: +81-3-3506-8870
Web site: http://www.jhnet.go.jp
MITSUBISHI MOTORS: Q1/FY05 Net Loss Shrinks to JPY21.6 Bln
----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced its results for
the first quarter of the 2005 fiscal year (ending March 31,
2006).
FIRST QUARTER OVERVIEW
Mitsubishi Motors consolidated net sales for the first quarter
of fiscal 2005 totaled JPY485.8 billion, down JPY71.8 billion
from the same period last year (JPY557.6 billion). The decrease
is due chiefly to lower sales volumes in markets such as North
America.
The company posted an operating loss of JPY13.8 billion, an
improvement of JPY 17.9 billion over the same period last year.
This improvement stems from cost reductions that outpaced the
slower sales stated above. Reductions in costs included lower
depreciation costs, as a result of asset write downs taken
during the last financial year, lower sales expenses, mainly
advertising, in the U.S., and lower warranty costs.
MMC posted an ordinary loss of JPY 20.0 billion, an improvement
of JPY 19.0 billion over the previous year, and a net loss of
JPY21.6 billion, an improvement of JPY33.1 billion. The strong
improvement in net loss stems partly from the elimination of the
extraordinary losses booked last year, including restructuring
costs in Australia and losses from the cancellation of a new
model development program.
SALES VOLUME
Sales of Mitsubishi Motors vehicles on global markets in the
first quarter of fiscal 2005 totaled 326,000 vehicles, a decline
of 12,000 on the 338,000 sold during the same period last year.
In Japan, MMC sold 48,000 vehicles, a decline of 1,000 over the
same period last year. Month-on-month sales volume was down in
April but rose in May and June, which indicates a firm tone to
the recovery in sales.
In North America, Mitsubishi Motors sold 41,000 vehicles, a
decline of 12,000 over the same period last year. While sales of
the new Eclipse launched on May 19 have exceeded expectations,
overall volume has been impacted by the reduced fleet sales.
In Europe, the Company sold 66,000 vehicles, an increase of
8,000 over the same period last year. Factors contributing to
the higher sales include the introduction of new 3-door and
turbocharged Colt models in March this year, together with
robust sales in Germany, the U.K. and other established markets
as well as in Russia and other growth markets.
In Asia and other regions, Mitsubishi Motors sold 171,000
vehicles, a drop of 7,000 over the same period last year. Higher
sales in Oceania and Latin America failed to counter a downturn
in China and other markets.
Mitsubishi Motors Revitalization Plan progress report
(1) Financial results
Net sales in the first quarter of fiscal 2005 attained a level
equal to approximately 50% of the 980 billion yen 2005 first
half forecast.
Operating loss, ordinary loss and net loss in the first quarter
were all less than 50% of first half forecasts, which shows
steady progress.
(2) Sales volume and outlook
Global sales volume in the first quarter of fiscal 2005 topped
50% of the 647,000 first half forecast.
First quarter sales volume in Japan came in slightly below 50%
of the first half forecast but month-on-month figures for May
and June were up over last year. This and figures for July that
put volume nearly at 130% of that for same month last year are a
clear indication of a firm recovery in sales.
First quarter sales volume in North America also came in
slightly below 50% of the first half forecast. The company
expects volume to increase in the second quarter and beyond with
sales of the new Eclipse already doubled the sales target in
June and with the launch of a new sales finance joint venture
with Merrill Lynch in July.
First quarter sales volume in Europe, Asia and other regions
topped 50% of the first half forecast. Volume continues to grow
smoothly, particularly in Europe and Australia.
(3) Operational measures
NEW MODEL INTRODUCTIONS
May 2005: New Eclipse launched in the U.S.
August 2005: New pickup truck for Thailand.
September 2005: New Lancer Evolution Wagon for Japan.
October 2005: New Outlander SUV for Japan.
New Raider pickup for the U.S.
New 380 sedan for Australia.
January 2006: New concept i minicar for Japan.
TIE-UP STRATEGIES
June 2005: The Company started to supply additional minicar
model to Nissan Motor under a new OEM agreement.
July 2005: The Company signed basic agreement with PSA Peugeot
Citroen covering OEM supply of a new SUV model.
Sales finance joint venture with Merrill Lynch started
operations in the U.S.
The Company started sales of MMC brand cars in Malaysia through
a new company established by Mitsubishi Corporation.
The Company is also preparing to strengthen its partnership with
South East Motor and Hunan Changfeng Motor as part of its
operational strategy in China.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: Sees 10% Hike in Domestic Output in 1H/2005
--------------------------------------------------------------
Mitsubishi Motor Corporation expects its domestic production to
increase to 10 percent year-on-year in the first half of about
313,000 vehicles, because of growing supplies to Nissan Motor
Co. under an original equipment manufacturer deal, the Nihon
Keizai reports.
The carmaker has revised upward by about 15 percent to slightly
more than 20,000 vehicles its estimate of production of Nissan's
Otti model, which Mitsubishi started to supply in May.
Mitsubishi Motors also expects to beat its previous estimate of
production of Nissan's Clipper van, which Mitsubishi Motors has
been supplying since fall 2003.
As a result, the number of vehicles Mitsubishi Motors provides
to Nissan will likely boost by about 11 percent in the first
half.
SOFTBANK CORPORATION: Disposes of Entire Stake in Cisco System
--------------------------------------------------------------
Softbank Corporation announced that the Company has signed a
disposal contract of selling all shares held in Cisco Systems
K.K. (head office: Minato-ku, Tokyo, representative: Yasuki
Kurosawa) with Cisco Systems, Inc. (head office: San Jose,
California, representative: John Chambers)
1. Outline of sale
(1) Shares for sale: 160 preferred shares held in Cisco
Systems K.K.
(2) Sale price: US$ 25 million
Approximately 2.8 billion yen (Yen
equivalent based on
an exchange rate of 1$ = JPY111.84, as of
July 25, 2005)
(3) Buyer: Cisco Systems, Inc.
(4) Time of delivery: July 2005 (Schedule)
2. Effect on financial results
Gain on sale of investment securities would be recognized
approximately 2.6 billion yen on consolidated and stand-alone
bases in the 2nd quarter for the fiscal year ending March 31,
2006.
CONTACT:
Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html
=========
K O R E A
=========
ASIANA AIRLINES: Losses to Double by Weekend if Strike Continues
----------------------------------------------------------------
Asiana Airlines Inc. said economic losses from the pilot's
strike have reached KRW187 billion as it entered its 16th day,
reveals The Korea Herald.
Asiana management and the unionized pilots failed to conclude
contract negotiations Monday. The union said it would reject a
proposal presented by the management, and would only end the
strike granting the carrier accepts its "13 key demands."
On Sunday, Asiana presented to the striking pilots a so-called
"final proposal". The carrier promised to cut the pilots' annual
flying time to 960 hours instead of the current 1,000 hours.
Asiana also pledged to increase the number of pilots who engage
in union activities on a quasi-exclusive basis.
But the demand to increase labor participation in managerial
decisions was scrapped. The company said it would never allow
pilots to interfere in managerial decisions.
"We agreed that the draft presented by the company was
unsatisfactory. Indeed, it was even a step backward from its
original proposal," said Lee Hak-ju, spokesman for the union.
Among the core demands are the extension of the retirement age
to 58, union participation in decisions concerning promotions or
demotions of cockpit crew, and at least 10 paid holidays every
month.
On the other hand, Asiana's fear that international flights
would be affected by the strike has materialized. It has already
cancelled 262 flights on 11 international routes for the month
of August, which is considered the busiest month of the year.
International flights comprise 60 percent of Asiana's business.
Half of the carrier's annual revenue is generated during the
months of July and August.
Asiana estimates it has had KRW110 billion in lost sales so far
while related tourism agencies and exporters have suffered a
loss of KRW77 billion. If the strike continues by this weekend,
additional 230,000 passengers and 20,000 tons of cargo would be
affected.
Asiana is expecting to double its financial loss to KRW210
billion by this weekend as more international flights have been
affected.
CONTACT:
Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114
Fax: +82 2 669 3170
ASIANA AIRLINES: Unveils Modified Flight Schedule for August
------------------------------------------------------------
Asiana Airlines Inc. unveiled its international flight schedule
for August.
Flight (Flight Number) Flight Schedule
Current Modified Date
Schedule
Incheon-Sydney
(OZ601/602) Mon-Sun Cancelled Aug. 1 to 31
Incheon-Jakarta
(OZ761/762) Mon, Wed,
Fri Cancelled Aug. 1 to 31
Incheon-Guilin
(OZ325/326) Mon, Thur,
Fri Cancelled Aug. 1 to 31
Incheon-Chongqing
(OZ357/358) Tue, Thur Cancelled Aug. 1 to 31
Incheon- Los
Angeles
(OZ204/203) Tue, Thur, Fri,
Sat, Sun Cancelled Aug. 1 to 31
Incheon-Jakarta
(OZ761/762) Mon, Wed,
Fri Cancelled Aug. 1 to 31
Cheju, Shanghai
(OZ379/380) Wed Cancelled Aug. 1 to 31
Incheon-Bangkok
(OZ743/744) Mon, Fri Cancelled Aug. 1 to 31
Incheon-Singapore
(OZ751/752) Mon - Sun Tue, Wed, Aug. 1 to 31
Fri, Sat,
Sun
Incheon- New York
(OZ222/221) Mon, Wed, Mon, Wed, Fri Aug. 6 to 10
Fri, Sat,
Sun
Incheon-San
Fransisco
(OZ214/213) Tue, Thur, Tue, Fri, Sun Aug. 4 to 10
Fri, Sun
The Company apologizes for the inconvenience caused by the pilot
strike.
DAEWOO SHIPBUILDING: Plunges to Red in First Half
-------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. reported a KRW43.3
billion in losses for the first half of the year, according to
Asia Pulse.
The loss was a shift from last year's net profit of KRW192
billion. The shipbuilder attributed its losses to the increase
in prices of raw materials such as steel.
Daewoo also reported a KRW171 billion net loss in the first
half, compared to KRW154 billion in operating income last year.
Sales also fell 1.1 percent year-on-year in the first half to
KRW2.29 trillion.
To view a full copy of the financial results, click
http://bankrupt.com/misc/DaewooShipbuilding080105.pdf
CONTACT:
Daewoo Shipbuilding & Marine Engineering Co.
140, Da-dong, Jung-Gu, Seoul
100-180 Korea
Telephone: 82 2 2129
Fax: 82 2 756 4390
SSANGYONG MOTOR: Sales Rise 50.8% in July
-----------------------------------------
Ssangyong Motor Co. reported an increase in sales by 50.8
percent in July from a year earlier, Asia Pulse relates.
In July Ssangyong sold 13,442 cars, down 1.2 per cent from June.
Ssangyong is controlled by China's Shanghai Automotive Industry
Corp. (SAIC).
In mid-June SAIC increased its stake in Ssangyong to 50.91
percent from 50.04 percent. SAIC has been increasing its stake
in Ssangyong since it completed the acquisition of a 48.92-
percent stake in January.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
Fax: +82 31 610 3739
===============
M A L A Y S I A
===============
ANCOM BERHAD: Purchases 23,400 Shares on Buy Back
-------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on July 27, 2005 with the following details:
Date of buy back: July 27, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 23,400
Minimum price paid for each share purchased (MYR): 0.685
Maximum price paid for each share purchased (MYR): 0.695
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 23,400
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 11,876,400
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
AYER HITAM: Total Payment Default Reaches MYR40,838,627.10
----------------------------------------------------------
Further to Ayer Hitam Tin Dredging Malaysia Berhad's (AHTIN)
announcement dated June 6, 2005 and pursuant to Practice Note
No. 1/2001, AHTIN provided an update on its default in payments
position as at June 30, 2005 as shown in Table A.
To view a full copy of Table A, click
http://bankrupt.com/misc/AyerHitamDredging080305.pdf
The total default by AHTIN Group in principal sums plus interest
as at June 30, 2005 amounted to MYR40,838,627.10. The default in
payments owing to the lenders are in respect of the term loan
and syndicated term loan as per the Company's announcement made
on August 27, 2004.
Save as disclosed in Table A, there is no further development on
the default in payments with regard to this Practice Note.
This announcement is dated 27 July 2005.
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920
BELL & ORDER: Mulls Establishment of ESOS
-----------------------------------------
Bell & Order Berhad (B&O) issued to Bursa Malaysia Securities
Berhad an update on the following proposals:
- Proposed establishment of an Employees' Share Option Scheme
(Proposed Esos);
- Proposed amendments to the articles of association of B&O
(Proposed AA amendments); and
- Proposed increase in authorised share capital
(1) Introduction
Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of
Directors of B&O, advised Bursa Malaysia Securities Berhad that
the Company proposes to implement the following:
(i) To establish an employees' share option scheme of up to
fifteen per cent (15 percent) of the enlarged issued and paid-up
share capital of the Company (ESOS or Scheme) after the
Proposals (as defined in B&O's announcement dated January 7,
2005);
(ii) To amend its Articles of Association to facilitate the
Proposed ESOS; and
(iii) To increase the authorized share capital of B&O to MYR400
million comprising 400 million ordinary shares of MYR1.00 each.
(2) Details of the proposed ESOS, the proposed AA amendments and
the proposed increase in authorized share capital.
(2.1) Proposed ESOS
The Proposed ESOS will involve the granting of options to
eligible employees or Executives and Non-Executive Directors or
proposed Executives and Non-Executives Directors of the B&O
Group (other than a subsidiary which is dormant, if any) who
meets the criteria of eligibility for participation in the
Scheme (Eligible Person) in accordance with the by-laws
containing the terms and conditions of the Scheme (By-laws).
The options so granted shall entitle the Eligible Person to have
the right to subscribe for new B&O Shares at the specified price
subject to the terms and conditions of the By-laws (Options).
The salient features of the Proposed ESOS are as follows:
(i) Total Number Of New B&O Shares Available Under The ESOS
The total number of B&O Shares, which may be made available
under the Scheme, shall not exceed fifteen per cent (15 percent)
(or such other higher percentage as may be permitted by the
relevant regulatory authorities) of the total issued and paid-up
share capital of the Company at any time during the existence of
the Scheme.
In the event that the Company carries out a buy-back of its own
shares, any unexercised or partially exercised Options shall
remain valid and exercisable until the expiry of the Scheme
notwithstanding that the number of new B&O Shares to be issued
pursuant to the exercise of such Options may exceed fifteen per
cent (15%) of the issued and paid-up share capital of the
Company at the time of the exercise of the Options.
(ii) Maximum Entitlement
Subject to the adjustments which may be made under the By-laws,
the maximum number of new B&O Shares that may be offered to an
Eligible Person shall be determined at the discretion of the
committee duly appointed and authorized by the Board to
administer the Scheme (Options Committee) after taking into
consideration the performance, seniority, number of years in
service, employee grading and/or potential contribution of the
Eligible Person, subject to the following:
(a) Not more than fifty per cent (50 percent) of the new B&O
Shares available under the Scheme should be allocated, in
aggregate, to the Directors and senior management of the B&O
Group; and
(b) Not more than ten per cent (10 percent) of the new B&O
Shares available under the Scheme should be allocated to any
Eligible Person, who either singly or collectively through
persons connected with such Eligible Person, holds twenty per
cent (20 percent) or more of the issued and paid-up capital of
the Company.
(iii) Duration Of The Scheme
The Scheme shall be in force for a period of ten (10) years
commencing from the date of the following:
(a) Submission of the final copy of the By-laws to Bursa
Malaysia Securities Berhad (Bursa Securities); and
(b) The confirmation letter submitted by the adviser of the
Company to Bursa Securities that the Company has:
- Obtained the approval in-principle of Bursa Securities for
the issuance and listing of the new B&O Shares to be issued
pursuant to the Scheme;
- Obtained the approval of the shareholders of the Company for
the Scheme;
- Obtained the approvals of other relevant authorities of the
Company for the Scheme;
and has fulfilled any conditions imposed therein.
(iv) Subscription Price
The price at which the Option holder is entitled to subscribe
for each new B&O Share (Subscription Price) may be at a discount
of not more than ten per cent (10 percent) (if deemed
appropriate by the Options Committee) from the five (5) day
weighted average market price of the B&O Shares immediately
preceding the offer date of the Options or such other pricing
mechanism as may be prescribed by Bursa Securities from time to
time and subject to such adjustments as provided in the By-laws,
provided that the Subscription Price shall not be less than the
par value of the B&O Shares.
(v) Rights Attaching to the New B&O Shares
The new B&O Shares to be allotted upon any exercise of the
Options shall, upon allotment and issue, rank pari passu in all
respects with the existing issued and fully paid-up ordinary
shares of MYR1.00 each of the Company save and except that the
new B&O Shares will not be entitled to any dividends, rights,
allotments and/or other distributions where the entitlement date
precedes the date of allotment of the new B&O Shares.
For the purpose hereof, entitlement date means the date at the
close of business on which shareholders must be registered in
order to participate in any dividends, rights, allotments and/or
other distributions. The Option shall not carry any rights to
vote at any general meeting of the Company.
(vi) Eligibility And Allocation Criteria
(a) The Board shall determine and have discretion on the ESOS
allocation criteria to all Eligible Person of the Group in
respect of their participation in the Scheme. The Options
Committee shall notify the Eligible Person of the ESOS
allocation criteria (including any amendments thereto) in
writing.
(b) Any employee (including Executive and Non-Executive
Directors) of the B&O Group (other than a subsidiary which is
dormant) shall be eligible to participate in the Scheme, if as
at the Offer Date, the employee:
(aa) has attained the age of eighteen (18) years;
(bb) is employed by and on the payroll of the relevant company
within B&O Group; and
(cc) has been confirmed in the employment of the Group prior to
or up to the Offer Date.
PROVIDED ALWAYS THAT
- The eligibility criteria set out in sub-sections (bb) and
(cc) above shall not apply to Non-Executive Directors; and
- The specific entitlement of the Executive and Non-Executive
Directors and proposed Executive and Non-Executive Directors of
the Company under the Scheme shall be approved by the
shareholders of the Company in a general meeting.
(2.2) Proposed AA Amendments
B&O is proposing to amend its relevant Articles of Association
to facilitate the proposed allocation of options to the Non-
Executive Directors of B&O in conjunction with the Proposed
ESOS.
(2.3) Proposed Increase In Authorized Share Capital
B&O had on January 7, 2005 announced that it proposed to
increase its authorized share capital from MYR100 million
comprising 100 million ordinary shares of MYR1.00 each to MYR300
million comprising 300 million ordinary shares of MYR1.00 each
to facilitate the Proposed Rights Issue and the Proposed
Acquisitions (as defined in B&O's announcement dated January 7,
2005).
The proposed increase in authorized share capital will now be
from MYR100 million comprising 100 million ordinary shares of
MYR1.00 each to MYR400 million comprising 400 million ordinary
shares of MYR1.00 each by the creation of an additional
300,000,000 ordinary shares of MYR1.00 each.
The Proposed Increase In Authorised Share Capital is to
accommodate the increase in the issued and paid-up share capital
of the Company pursuant to the Proposed Rights Issue, the
Proposed Acquisitions and the exercise of the Options. The
Memorandum of Association of the Company will be altered
accordingly.
(3) RATIONALE
(3.1) Proposed ESOS
The rationale for the Proposed ESOS is as follows:
(a) To recognize the contribution of Eligible Persons whose
services are valued and considered vital to the operations and
continued growth of the Company;
(b) To motivate Eligible Persons towards better performance
through greater productivity and loyalty;
(c) To create a greater sense of belonging and dedication since
Eligible Persons are given the opportunity to participate
directly in the equity of the Company;
(d) To encourage the Eligible Persons to remain with the Company
thus ensuring that the loss of key personnel is kept to a
minimum level; and
(e) To reward the Eligible Persons by allowing them to
participate in the Company's profitability and eventually
realize capital gains arising from any appreciation in the value
of the Company's shares.
(3.2) Proposed AA Amendments
The Proposed AA Amendments is to facilitate the participation of
the Non-Executive Directors of B&O in the Proposed ESOS.
(3.3) Proposed Increase In Authorised Share Capital
The Proposed Increase In Authorised Share Capital is to
accommodate the increase in the issued and paid-up share capital
of B&O pursuant to the Proposed Rights Issue, Proposed
Acquisitions and the Proposed ESOS.
(4) UTILISATION OF PROCEEDS
The proceeds to be raised from the Proposed ESOS would depend on
the number of Options granted and exercised at any point of time
as well as the price payable upon the exercise of the Options.
The proceeds from the exercise of the Options shall be utilised
to finance the working capital of B&O.
(5) FINANCIAL EFFECTS OF THE PROPOSED ESOS, THE PROPOSED AA
AMENDMENTS AND THE PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL
The Proposed AA Amendments and the Proposed Increased In
Authorised Share Capital will not have any effect on B&O. The
effects of the Proposed ESOS on the share capital, earnings, net
tangible assets (NTA), substantial shareholders' shareholdings
and the dividends of B&O are as follows:
(5.1) Share Capital
The effects of the Proposed ESOS on the share capital of the
Company are as set out in Table A.
Click to view Table A
http://bankrupt.com/misc/Bell&OrderBerhad080305.doc
(5.2) Earnings
The Proposed ESOS is not expected to have any material effect on
the earnings of the B&O Group for the financial year ending
December 31, 2005. Any potential effect of the Proposed ESOS on
the earnings per share of B&O in the future would be dependent
on the number of Options granted and exercised at any point in
time as well as the price payable upon the exercise of the
Options and the utilization of proceeds arising from the
exercise of the Options.
(5.3) NTA
The Proposed ESOS is not expected to have any immediate material
effect on the NTA of B&O, until such time when the Options are
exercised. Any effect on the NTA of B&O will depend on the
number of Options granted and exercised at any point in time as
well as the price payable upon exercise of the Options.
(5.4) Substantial Shareholdings
The effects of the Proposed ESOS on the substantial shareholding
structure of B&O cannot be determined at this juncture as the
detailed basis of allocation is still pending finalization by
the Board.
(5.5) Dividends
Any potential effect of the Proposed ESOS on the dividends to be
declared for the future financial years will be dependent on the
dividend rate to be determined after taking into consideration
the financial performance of B&O.
(6) APPROVALS REQUIRED
The Proposed ESOS, the Proposed AA Amendments and the Proposed
Increase In Authorised Share Capital are subject to approvals
from the following:
(i) Bursa Securities, for the listing of and quotation for the
B&O Shares to be issued pursuant to the Proposed ESOS on the
Second Board of Bursa Securities; and
(ii) The shareholders of B&O.
The Proposed AA Amendments, the Proposed Increase In Authorised
Share Capital and the Proposed ESOS are inter-conditional. The
Proposed AA Amendments, the Proposed Increase In Authorised
Share Capital and the Proposed ESOS are also conditional upon
the Proposals announced on January 7, 2005.
(7) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
(7.1) Proposed ESOS
The existing Independent Non-Executive Directors of B&O are
entitled to participate in the ESOS and are therefore deemed
interested in the Proposed ESOS (Interested Directors).
The Interested Directors have abstained and will continue to
abstain from all deliberations and voting on their respective
entitlements under the Proposed ESOS at the relevant meetings of
the Board.
The Interested Directors will also abstain from voting in
respect of their direct and indirect interest in B&O, if any,
pertaining to the resolution on the Proposed ESOS as well as
their respective entitlements under the Proposed ESOS at the
general meeting to be convened.
They will also ensure that persons connected to them, if any,
will abstain from voting on the relevant resolutions to be
tabled at the general meeting.
(7.2) Proposed AA Amendments
Following the Proposed AA Amendments, the Interested Directors
of B&O are entitled to participate in the ESOS. The Interested
Directors have abstained and will continue to abstain from all
deliberations and voting on the Proposed AA Amendments at the
relevant meetings of the Board.
Accordingly, the Interested Directors will also abstain and
undertake to ensure that persons connected to them will abstain
from voting in respect of their direct and indirect
shareholdings in B&O on the relevant resolutions pertaining to
the Proposed AA Amendments to be tabled at the general meeting.
(7.3) Proposed Increase In Authorised Share Capital
None of the Directors and substantial shareholders of B&O and/or
persons deemed to be connected to them have any interest, direct
or indirect, in the Proposed Increase In Authorised Share
Capital.
(8) Directors' Recommendation
Save for the Interested Directors who are interested in the
Proposed ESOS pursuant to their respective entitlements and who
are interested in the Proposed AA Amendments, the Board is of
the opinion that the Proposed ESOS and the Proposed AA
Amendments are in the best interest of the B&O Group.
The Board is of the opinion that the Proposed Increase in
Authorised Share Capital is in the best interest of the B&O
Group.
(9) Adviser
Avenue has been appointed as Adviser to B&O for the Proposed
ESOS, the Proposed AA Amendments and the Proposed Increase In
Authorised Share Capital.
This announcement is dated 27 July 2005.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
BUKIT KATIL: Unveils Latest Update on Loan Facilities
-----------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKRB)
issued to Bursa Malaysia Securities Berhad an update on the
following loan facilities.
Bumiputra Commerce Bank Berhad
The application by the bank to enter summary judgement against
the company was allowed by the Learned Senior Assistant
Registrar on July 16, 2004. The company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.
OCBC Bank (Malaysia) Berhad
OCBC Bank (Malaysia) Berhad has obtained an order for sale on
November 14, 2003 on Omega Bricks Sdn Bhd's land held under
Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah
Krian, Negeri Perak. Application for Execution of Order for Sale
has been fixed for hearing on September 19, 2005.
OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on
October 6, 2003 and was served on the company on November 14,
2003. The High Court on September 8, allowed the bank's
application for the winding-up petition. The Company has already
filed a Notice of Appeal to the Court of Appeal against the
decision of the High Court.
A stay of execution of the winding-up order was filed on October
5, 2004. The High Court dismissed the company's application for
stay on May 10, 2005. The company has filed a motion of stay at
the Court of Appeal.
Alliance Merchant Bank Berhad
No date has been set to consider the Bank's application for
summary judgement.
Perbadanan Kemajuan Negeri Pahang
The company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
April 19, 2004, a final judgement was granted by the High Court
for MYR14.0 million against the company, inclusive of interest
until the date of full settlement.
The court dismissed the company's appeal against the said
judgement on November 18, 2004. The Company is in the midst of
filing a Notice of Appeal to the Court of Appeal.
For more information, click
http://bankrupt.com/misc/BukitKatilResources080305.pdf
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
INTAN UTILITIES: Unveils Scheme to Address Defaults
---------------------------------------------------
Further to the announcement dated May 27, 2005 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors of Intan
Utilities Berhad released to Bursa Malaysia Securities Berhad
the summary of the borrowings in default and the steps taken to
address the defaults by IDS Electronics Sdn. Bhd. and IDS
Technology Sdn Bhd, 70 percent effectively owned subsidiaries of
Intan Utilities Berhad, details of which are as per attached.
To view a full list of borrowings in default, click
http://bankrupt.com/misc/IntanUtilities080305.xls
CONTACT:
Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan
JIN LIN: Awaits Court Decision on RO Petition
---------------------------------------------
On July 26, 2005, Avenue Securities Sdn Bhd, on behalf of the
Company, advised Bursa Malaysia Securities Berhad that the
restraining order for Jinlin and its subsidiaries expired on
July 26, 2005.
On July 20, 2005, the Company through its solicitors, filed an
application for an extension of time in relation to the
Restraining Order under Section 176(10) of the Companies Act
1965.
The outcome of the Court's decision will be announced in due
course.
CONTACT:
Jin Lin Wood Industries Bhd
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my
KIG GLASS: Cash Flow Could Not Sustain Debt Payment
---------------------------------------------------
KIG Glass Industrial Berhad (KIG) issued to Bursa Malaysia
Securities Berhad an updated announcement pursuant to Practice
Note 1/2001 (PN 1) of the Bursa Malaysia Securities Berhad's
Listing Requirement (LR).
The Board of Directors issued an updated announcement in
relation to our defaults of all principals and interests set out
in Table 1 as at June 30, 2005.
(1) Reasons for default in payments.
KIG and its subsidiaries are unable to service the loan
repayments to the banks/financial institutions as the cash flow
of KIG from operations was only able to meet operational needs.
(2) Measures taken to address the default in payments:
KIG is still negotiating with the banks/financial institutions
to address and resolve this issue. The Company and the Group as
a whole are in the process of exploring the possibility of
undertaking a restructuring exercise which would address all the
defaults faced by the Company. Announcement would be made at the
appropriate time if and when the terms of the restructuring have
been finalized.
(3) The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness:
Details of the financial implications on the default are given
in Table 1.
Click to view a copy of Table 1
http://bankrupt.com/misc/KIGGlass080305.doc
KIG is currently being served a Statutory Notice Pursuant to
Section 218 of the Companies Act, 1965 (Act) by United Overseas
Bank (Malaysia) Berhad and a Judgment Order being a Defendant
from the High Court of Republic of Singapore entered for United
Overseas Bank Ltd (Shenzen Branch). Both litigations are
addressed in a separate announcement by KIG.
(4) In the event of default is in respect of secured loan stocks
or bonds, the lines of action available to the guarantors or
security holders against the listed issuer:
Not applicable.
(5) In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:
As earlier announcements, some of the defaults will empower the
debenture holders to appoint a receiver and/or manager under the
debenture.
(6) Whether the default in payment constitute an event of
default under a different agreement for indebtedness (cross
default and details thereof, where applicable):
All indebtedness as stipulated in Table 1 as such does not have
any cross default.
(7) Any other information:
None.
CONTACT:
KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282
Fax: +60 7 251 5278
KIG GLASS: Receives Statutory Notice
------------------------------------
The Board of Directors of KIG Glass Industrial Berhad informed
Bursa Malaysia Securities Berhad that a statutory notice
pursuant to section 218 of the Companies Act, 1965 (Act) has
been served on KIG on July 25, 2005.
Pursuant to the statutory notice, KIG is required to pay the
following:
(a) MYR3,953,912.63 (comprising MYR2,912,346.45 outstanding
under the Overdraft Facility and MYR1,041,566.18 outstanding
under the Bankers Acceptance Facility respectively) as at June
30, 2005;
(b) Interest on the sum of MYR3,953,912.63 at the rate of 3.5
percent per annum above the Plaintiff Base Leading Rate (BLR)
(wherein the Plantiff's BLR is currently pegged at the rate of
6.0 percent per annum) calculated on a monthly rest basis from
July 1, 2005 until the date of full settlement; and
(c) Costs in the sum of MYR225.00.
The aforesaid are amount due and owed by KIG to OUBM pursuant to
a Judgment in Default obtained by OUBM in the proceedings under
Johor Bahru High Court Civil Suit No: MT4-22-67-2002 on June 16,
2002, against KIG Ceramics Industrial Sdn Bhd (KIG Ceramics) and
KIG.
KIG has after receiving the Statutory Notice, is seeking legal
advice.
The winding-up petition will commence after three weeks from the
date of the above-mentioned letter dated July 25, 2005.
MANGIUM INDUSTRIES: Unit Fails to Pay Financial Obligation
----------------------------------------------------------
Mangium Industries Berhad (MIB) advised Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, Mangium
Sawmill Sdn Bhd (MSSB) has not paid, and is deemed to have
defaulted in its repayments on facilities granted by Standard
Chartered Bank Malaysia Berhad (SCB) and Southern Bank Berhad
(SBB), which are unsecured.
The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are tabulated in Table
1 attached.
(A) Reason for Default in Payments
Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group.
As a result, the cashflow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.
(B) Measures by the Listed Issuer to Address the Default in
Payments
Both SCB and SBB have agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on December 22, 2003.
(C) Financial and Legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness.
The estimated total outstanding as at June 30, 2005, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to MYR11,420,348.06.
Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.
(D) In the event the default is in respect of secured loan
stocks or bonds, the lines of action available to the guarantors
or security holders against the listed issuer
Not applicable.
(E) In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a Receiver of Receiver and Manager
Not applicable.
(F) Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (Cross
Default) and the details thereof, where applicable
The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the Cross
Default clauses in the Letter of Offers.
However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.
Click to view a full copy of Table I
http://bankrupt.com/misc/MangiumIndustries080305.doc
MALAYAN UNITED: Unit's Asset Disposal Nears Completion
------------------------------------------------------
Malayan United Industries Berhad (MUIB) issued to Bursa Malaysia
Securities Berhad an update on the proposed disposal by four (4)
wholly owned subsidiaries of Corus Hotels Plc, a 99.9 percent-
owned subsidiary of MUIB, of eight (8) hotels to Swallow Hotels
Limited for a total cash consideration of GBP32.8 million
(equivalent to approximately MYR227.3 million) (Proposed
Disposal).
The company refers to its announcement dated June 22, 2005 in
relation to the Proposed Disposal. PM Securities Sdn Bhd, on
behalf of MUIB, wishes to announce that the disposal of six (6)
out of the eight (8) hotels was completed on July 26, 2005. The
six (6) hotels are as follows:
(i) The Rose & Crown Hotel;
(ii) The Chequers Hotel;
(iii) The Roman Way Hotel;
(iv) The Stone House Hotel;
(v) The Chiltern Hotel Luton; and
(vi) The Beverley Arms Hotel
The sale proceeds received in respect of the six (6) hotels
amounted to GBP23.4 million.
Pursuant to the terms of the sale and purchase agreement dated
June 21, 2005, it was contemplated and agreed that the
completion of the sales of the remaining two (2) hotels, namely
The Telford Golf & Country Club and the Plough & Harrow Hotel,
is subject to the consent of third parties.
The respective consents are pending finalization of documents to
be formally executed by the parties before completion takes
effect. Barring unforeseen circumstances, the disposal of the
remaining two (2) hotels is expected to be completed within a
month from the date of this announcement.
This announcement is dated 27 July 2005.
MALAYAN UNITED: Director Discloses Dealing in Securities
--------------------------------------------------------
Malayan United Industries Berhad refers to the Notice of
Director's interest received from Dr Ngui Chon Hee @ Ngui Choo
Hee, which was made pursuant to Section 135 of the Companies
Act, 1965.
As at date of appointment of Dr Ngui as Director of MUIB on July
13, 2005, Dr Ngui holds directly 30,000 ordinary shares of
MYR0.50 each in MUI Properties Berhad (MPB), MYR13,013 nominal
value of Class A1 Irredeemable Convertible Unsecured Loan Stocks
(ICULS) of Malayan United Industries Berhad (MUIB) and MYR13,013
nominal value of Class A2 MUIB ICULS.
Dr Ngui also holds indirectly 84,000 ordinary shares of MYR0.50
each in MPB, MYR36,436 nominal value of Class A1 MUIB ICULS and
MYR36,436 nominal value of Class A2 MUIB ICULS.
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Maxis Communications Berhad advised that its additional
1,766,000 new ordinary shares of MYR0.10 each issued pursuant to
the Employee Share Option Scheme (Scheme) will be granted
listing and quotation with effect from 9:00 a.m., Friday, July
29, 2005.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
PANTAI HOLDINGS: Buys Back Ordinary Shares
------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on July 27, 2005 with the
following details:
Date of buy back: July 27, 2005
Description of shares purchased: Ordinary Shares of MYR1.00 each
Total number of shares purchased (units): 32,000
Minimum price paid for each share purchased (MYR): 0.995
Maximum price paid for each share purchased (MYR): 1.000
Total consideration paid (MYR): 32,111.21
Number of shares purchased retained in treasury (units): 32,000
Number of shares purchased which are proposed to be canceled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 37,072,800
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528
PARK MAY: Updates Proposed Restructuring Scheme
-----------------------------------------------
Park May Berhad (Park May) disclosed to Bursa Malaysia
Securities Berhad the Proposed Restructuring Scheme Comprising
of:
(a) Proposed acquisitions of six (6) subsidiaries of Kumpulan
Kenderaan Malaysia Berhad (KKMB), namely Kenderaaan Langkasuka
Sdn Bhd, Kenderaan Klang Banting Berhad, Kenderaan Labu Sendayan
Sdn Bhd, Starise Sdn Bhd, Syarikat Rembau Tampin Sdn Bhd and
Transnasional Express Sdn Bhd (Transnasional) (collectively to
be referred as Six (6) Bus Companies), by Konsortium
Transnasional Berhad (KTB), the company which will assume the
listing status of Park May pursuant to the Proposed
Restructuring Scheme, for a total purchase consideration of
MYR85,055,614.50 to be satisfied by the issuance of 170,111,229
new Shares in KTB at an issue price of MYR0.50 per Share
(Proposed Acquisitions Of Six (6) Bus Companies);
(b) Voluntary offer by KTB to acquire all the issued and paid-up
share capital of Syarikat Kenderaan Melayu Kelantan Berhad
(SKMK), a subsidiary of KKMB, comprising 7,250,620 ordinary
shares of MYR1.00 each to be satisfied by the issuance of
72,506,200 new Shares in KTB at an issue price of MYR0.50 per
Share on the basis of ten (10) new Shares in KTB for every one
(1) existing ordinary share of MYR1.00 each held in SKMK;
(c) Voluntary offer by KTB to acquire all the issued and paid-up
share capital of Tanjong Keramat Temerloh Utara Omnibus Berhad
(Keramat), a subsidiary of KKMB, comprising 1,054,653 ordinary
shares of MYR1.00 each to be satisfied by the issuance of
7,382,571 new Shares in KTB at an issue price of MYR0.50 per
Share on the basis of seven (7) new Shares in KTB for every one
(1) existing ordinary share of MYR1.00 each held in Keramat;
(Items (a), (b) and (c) to be collectively referred to as
Proposed Acquisitions Of Bus Companies)
(d) Proposed exchange of all the existing ordinary shares of
MYR1.00 each in Park May with new Shares in KTB on the basis of
two (2) new Shares in KTB for every three (3) existing ordinary
shares of MYR1.00 each held in Park May prior to the Proposed
Shares Cancellation (Proposed Share Exchange);
(e) Proposed cancellation of the entire issued and paid-up share
capital of Park May involving 74,996,022 ordinary shares of
MYR1.00 each pursuant to Section 64 of the Companies Act, 1965
and the issuance of new ordinary shares of MYR1.00 each in Park
May to KTB (Proposed Shares Cancellation);
(f) Proposed debt restructuring of MYR63.0 million of the
outstanding Commercial Papers (CP) of Park May by way of
canceling MYR63.0 million of the CP outstanding and the issuance
of an equivalent nominal value of Irredeemable Convertible
Secured Loan Stocks by KTB (Proposed Debt Restructuring);
(g) Waiver to KKMB and parties acting in concert with it from
the obligation to extend an unconditional mandatory general
offer for all the remaining Shares not already owned by them in
KTB after the Proposed Acquisitions Of Bus Companies and
Proposed Share Exchange;
(h) Proposed offer for sale / placement of the Shares in KTB
held by KKMB to the Malaysian public / investors to comply with
the minimum 25 percent public shareholding spread requirement;
and
(i) Proposed admission of the entire enlarged issued and paid-up
share capital of KTB to the Official List of the Bursa Malaysia
Securities Berhad and proposed delisting of Park May.
(Items (a) to (i) to be collectively referred to as Proposed
Restructuring Scheme)
On March 11, 2004, on behalf of the Company, AmMerchant Bank
Berhad (a member of AmInvestment Group) (AmMerchant Bank)
announced that Park May, KTB and KKMB (Parties) had on even date
entered into an agreement setting out the details of the
Proposed Restructuring Scheme and also the undertakings and
obligations of the Parties thereto (Definitive Agreement), for
the purposes of, inter-alia, giving effect to and implementing
the Proposed Restructuring Scheme.
In the same announcement, it was also announced that KTB had on
even date entered into a conditional share sale agreement with
Perak Roadways Berhad (Perak Roadways) (Conditional Perak
Roadways SPA) to acquire 80,000 ordinary shares of MYR1.00 each
held by Perak Roadways in Transnasional, representing 0.9
percent of its equity interest, for a purchase consideration of
MYR320,000 to be satisfied by the issuance of 640,000 new Shares
in KTB at an issue price of MYR0.50 per Share.
Subsequently on December 28, 2004, on behalf of the Company,
AmMerchant Bank announced that the Parties had on even date
entered into a supplemental agreement (Supplemental Definitive
Agreement) for the purposes of varying some of the terms and
conditions of the Definitive Agreement.
In addition, KTB had also on even date entered into a
conditional share sale agreement with KKMB (Conditional KKMB
SPA) for the proposed acquisition by KTB of all of KKMB's legal
and beneficial interests in the Six (6) Bus Companies for a
total purchase consideration of MYR84,735,614.50 to be satisfied
by the issuance of 169,471,229 new Shares in KTB at an issue
price of MYR0.50 per Share.
On April 20, 2005, on behalf of the Company, AmMerchant Bank
announced that Park May, KTB, Malaysian Trustees Berhad and
Affin Discount Berhad, being the sole holder of the CP, had on
even date entered into a debt restructuring agreement (DRA) for
the purposes of, inter-alia, giving effect to and implementing
the Proposed Debt Restructuring.
On behalf of the Company, AmMerchant Bank announced that the
Parties have by way of an exchange of letters, inter-alia,
waived a condition precedent of the Definitive Agreement (as
amended by the Supplemental Definitive Agreement and extended by
the supplemental letter dated June 30, 2005) to require the
conditions precedent of the DRA to be fulfilled by August 31,
2005.
Accordingly, all the conditions precedent of the Definitive
Agreement have been fulfilled to their satisfaction, or waived,
and the Definitive Agreement has become unconditional.
In consequence thereof, all the conditions precedent of the
Conditional Perak Roadways SPA and the Conditional KKMB SPA have
also been fulfilled and accordingly, the Conditional Perak
Roadways SPA and the Conditional KKMB SPA have become
unconditional.
This announcement is dated 27 July 2005.
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com
PUNCAK NIAGA: Bourse to List, Quote New Warrants
------------------------------------------------
Puncak Niaga Holdings Berhad advised that its additional
1,500,000 new ordinary shares of MYR1.00 each issued pursuant to
the exercise of 1,500,000 warrants 2001-2006 (exercise)
1,500,000 warrants 2001-2006 (exercise) will be granted listing
and quotation by Bursa Malaysia Securities Berhad with effect
from 9:00 a.m., Friday, July 29, 2005.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
TA ENTERPRISE: Details Minutes of AGM
-------------------------------------
Pursuant to paragraph 9.19 (7) of the Bursa Malaysia Listing
Requirements, TA Enterprise Berhad informed Bursa Malaysia
Securities Berhad that at the Fifteenth Annual General Meeting
of TA Enterprise, the shareholders have:
(1) Adopted the Audited Accounts for the year ended January 31,
2005 and the Reports of the Directors and Auditors thereon;
(2) Approved a final dividend of 5 percent less taxation for the
year ended January 31, 2005;
(3) Re-elected the following Directors:
(a) Dato' Mohamed Bin Abid who retired by rotation in accordance
with Article 102 of the Company's Articles of Association;
(b) Jory Leong Kam Weng who retired by rotation in accordance
with Article 102 of the Company's Articles of Association;
(c) Chang Tuck Chee @ Philip Chang who retired by rotation in
accordance with Article 109 of the Company's Articles of
Association;
(4) Approved the payment of Director's fees of MYR20,000 for the
year ended January 31, 2005;
(5) Re-appointed Messrs Ernst & Young as Auditors of the Company
to hold office until the conclusion of the next Annual General
Meeting and to authorize the Directors to fix their
remuneration;
(6) As special business, passed the following ordinary
resolution:
"That subject always to the Companies Act, 1965, the Articles of
Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the Directors be and are
hereby empowered pursuant to Section 132D of the Companies Act,
1965 to further allot and issue ordinary shares in the Company
from time to time upon such terms and conditions and for such
purposes as the Directors may deem fit provided that the
aggregate number of shares to be allotted and issued pursuant to
this resolution does not exceed ten percent (10 percent) of the
total issued share capital of the Company in any one financial
year and that such authority shall remain in force until the
conclusion of the next Annual General Meeting of the Company."
CONTACT:
TA Enterprise Berhad
No 22 Jalan P Ramlee
50250 Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2072 1277
Fax: +60 3 2031 6608
TELEKOM MALAYSIA: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 188,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Friday, July 29, 2005.
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S
TENAGA NASIONAL: Unit Wraps Up SPA with Sumitomo
------------------------------------------------
Tenaga Nasional Berhad (TNB) advised Bursa Malaysia Securities
Berhad the completion of the sale and purchase of Sumitomo
Electric Incorporated (SEI)'s 20.8 percent interest in Tenaga
Cable Industries Sdn. Bhd. (TCISB) by its wholly owned
subsidiary, TNB Ventures Sdn. Bhd. (TNBV) with the fulfillment
of all the Conditions Precedent.
TNBV has entered into a Share Sale Agreement (SSA) with SEI on
June 1, 2005 and pursuant to that, TNBV has acquired 13,000,000
ordinary shares of MYR1.00 each. The total Purchase Price under
the SSA is MYR3,250,000.00 which is equivalent to MYR0.25 per
share.
Upon completion, TNBV will hold 76.0 percent interest in TCISB
and Sapura Resources Bhd. (SRB) will hold the remaining 24.0
percent interest. The said acquisition is considered as a viable
investment and in the best interest of TNB and TNBV.
None of the Directors of TNB and/or TNBV and/or Substantial
Shareholders and/or Persons Connected to them have any interest,
direct or indirect in the transaction.
The transaction does not have any effect on the issued and paid-
up capital and it does not have any material effect on the
earnings and NTA of TNB Group or on the shareholding of the
substantial shareholders of TNB. Further to that, this
transaction does not require the shareholders' approval.
CONTACT:
Tenaga Nasional Berhad
129 Jalan Bangsar
59200 Kuala Lumpur, 59200
Malaysia
Telephone: +60 3 2296 5566
Fax: +60 3 2283 3686
WCT ENGINEERING: Directors Intends to Deal on Closed Period
-----------------------------------------------------------
WCT Engineering Berhad will be in the closed period commencing
July 29, 2005 for dealing in its shares pending the announcement
of its results for the Second Quarter ended June 30, 2005.
The Company informed Bursa Malaysia Securities Berhad that is
has received notification from the following Directors of their
intention to deal in the shares of the Company during this
closed period. The details of their current interests in the
shares of the Company are set out in the table below:
Name of Type of Direct Interest Deemed Interest
Director Securities No. of Shares % No. of Shares %
Tai Kim Ordinary 4,020,080 2.65 46,369,960 30.56
Hwa Shares
Wong Sewe Ordinary 627,100 0.41 46,369,960 30.56
Wing Shares
This announcement is dated 27 July 2005.
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my
=====================
P H I L I P P I N E S
=====================
BELLE CORPORATION: Books Higher Income in First Half
----------------------------------------------------
Belle Corporation has reported a net income of Php60.1 million
for the first half of the year, an increase of 12 percent
compared to the same period last year, Yehey Finance reports.
The company's net revenues from sales and real estate and club
shares, meanwhile, stood at Php327.1 million, an 88 percent
improvement from Php174.3 million during the first six months of
2004.
The property firm disclosed higher revenues during the six-month
period was brought about by brisk sales of its farm lots in
Plantation Hills and the sales of house and lot units at the
company's new residential subdivision The Parks at Saratoga
Hills.
The Saratoga Hills was launched in May this year and is
currently 32 percent complete, the company said.
Meanwhile Belle Corp.'s gross profit increased by 58.8 million
or 47.7 percent to Php184.4 million during the first six months
of 2005, from Php125.7 million for the 2004 period.
Projects such as Plantation Hills and Parks at Saratoga Hills
are just among the projects of Belle Corp. at the Tagaytay
Highlands complex that have been contributing profits to the
company.
The company is committed to finishing these two projects next
year and will develop more to be able to expand its revenue
streams.
The company said during the first half of 2005,it was able to
equitize a total of Php33.9 million in net earnings from its
associates, compared to Php30.6 million in the 2004 period.
Equitized earnings were from its 36 percent owned associate
Highlands Prime Inc., which reported a net income of Php48.4
million and from its 43 percent owned associate Pacific Online
Systems Corp. which posted a net income of Php45.2 million.
Currently, Belle Corp. is exploring plans to build a retirement
village for local and foreign retirees particularly the Japanese
where the aging population is high.
Company Vice Chairman Willy N. Ocier earlier told reporters the
retirement village will be within the Tagaytay Highlands
Complex. The village he added will have add on facilities such
as a medical facility and a wellness center.
Belle has internal cash to develop this retirement village along
with other ongoing projects. The company however added they hope
to sell some of their non-core assets particularly its eight-
hectare property along Roxas Boulevard.
CONTACT:
Belle Corporation
28/F East Tower PSE Centre
Exchange Road Ortigas Centre
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
BENPRES HOLDINGS: Confirms Delivery of Shares to Receiver
---------------------------------------------------------
Benpres Holdings Corporation issued this announcement in
reference to the news article entitled "Maynilad pays Php2.4B to
creditors, signals Lopez group exit" posted in the July 29, 2005
issue of the BusinessWorld (Internet Edition).
The article reported in part that:
"Maynilad Water Services Inc. has paid Php2.41 billion to
creditors last week in line with its court-approved
rehabilitation plan, a move that signals the start of the exit
of the Lopezes from the water firm. Sources said Maynilad paid
the Php2.41 billion from internal funds.
"Benpres representatives in the COmpany are required to resign
'in order to enable (the water firm) to promptly carry out the
capital restructuring.' Benpres will also need to surrender to
MWSS or its designated assignee the irrevocable proxy to vote
all the shares of stock of Benpres in the firm. Further, Benpres
is also required to surrender its shares in Maynilad to the
rehabilitation receiver for 'safekeeping' until the shares need
to be surrendered to Maynilad. The MWSS will take over Maynilad
from Benpres on an interim basis. MWSS would manage the west
zone concessionaire until it finds a private investor to take
the place of Benpres."
Benpres, in its letter dated July 29, 2005, informed the
Exchange that:
(1) In compliance with the Debt Capital and Restructuring
Agreement (DCRA) approved by the Court and confirmed by all
creditors to be effective on July 20, 2005, Maynilad Water
Services Inc. (Maynilad) remitted payments the following day
(July 21) as follows:
- upfront payments of US$30.6 million and Php100 million
- interest payments of US$7.19 million and Php202.98 million
Total remittance to creditors amounted to Php2.41 billion.
(2) Benpres already delivered to the receiver the irrevocable
proxy of all its shares in Maynilad, in favor of MWSS or its
nominees.
(3) Benpres also delivered to the receiver all shares of stock
of Benpres in Maynilad.
CONTACT:
Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No: 633-3368
Fax No: 634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site: http://www.benpres-holdings.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.
COLLEGE ASSURANCE: Gets Reprieve to Comply with SEC Order
---------------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) has won a 20-day
extension to explain why sanctions should not be imposed against
it for its failure to correct its trust fund deficiency and for
violation of the rules on the registration and sale of pre-need
plans, The Philippine Star reports.
The Securities and Exchange Commission (SEC) has originally
given CAP until Aug. 1 to reply to the regulator's show cause
order. But CAP said it needed more time to answer the issues
raised by the SEC.
The corporate regulator has agreed to grant CAP the 20-day
extension, but stressed it will no longer give another extension
as the period is more than enough for CAP to come up with a
viable explanation.
Meanwhile, the SEC is now finalizing the composition of the
management committee that will take over CAP. Among the names
that are being considered are former Finance Secretary Ernest
Leung, former SEC Associate Commissioner and Petron Corp.
chairman Monico Jacob, and economist Bernardo Villegas.
A CAP official stressed that the pre-need firm is not running
away from its problems and remains committed to covering
obligations to planholders. He said that CAP director Robert
John Sobrepena is now abroad working on securing fresh capital
from a foundation based in Switzerland. The official refused to
name the foundation but said that it was related to
International Global Holdings Inc. The cash infusion will be
made over a five-year period.
The pre-need firm was discovered to have failed to meet the
mandated capital requirement and the deposit requirements for
its trust funds, keep intact the proceeds held by the company in
certain suspense accounts, submit audited financial statements
and actuarial valuation report for 2004 in spite of the repeated
orders of the SEC.
Other violations include unauthorized issuance of plans worth
Php325 million as of Aug. 31, 2004 in spite of the Commission's
directive ordering it to stop selling new plans and non-
settlement of penalties amounting to Php1.08 million.
CAP has been on the SEC's watchlist since 2001 after incurring a
huge trust deficiency.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
LEPANTO CONSOLIDATED: Eyes Higher Ore Production
------------------------------------------------
Lepanto Consolidated and Mining Company aims to boost its ore
production in the coming months with its newly fired manpower
amid reluctance of more than 1,600 workers to return to work,
SunStar Daily has learned.
The development came, as the mining firm's management strives to
prevent possible closure of the mines as a result of the long-
standing labor problem.
Lepanto is still convincing mine workers to report back to work
and to open gates that are barricaded.
Lepanto asst. resident manager Ernesto Laoagan said the Company
would reconsider the more than 100 individuals who were issued
dismissal notices, provided they go to work the soonest.
Union members, however, insist on remaining in their picket
lines unless assured by the company that their 19 officials are
also reinstated and that a memorandum of agreement be executed,
stating that the company would not engage in any retaliatory
actions against those who joined the strike.
"Their declaration that they would rehire those who were
dismissed is not yet guaranteed unless they sign a memorandum of
agreement, which we have been asking them before for us to
finally go back to work. The key to the solution of this problem
lies with the management," Lepanto Employees Union (LEU) said.
The municipality of Mankayan already created an ad hoc committee
to help end the labor problem. The committee is expected to come
up with recommendations to convince both the Lepanto management
and the mineworkers to end their two-month old labor conflict.
The disputing parties welcomed the creation of the committee and
are optimistic that the suggestions of the multi-sectoral body
would serve the advantage of both the management and the
mineworkers.
CONTACT:
Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
MAYNILAD WATER: Economist Picked to Oversee Sale
------------------------------------------------
Economist Felipe Medalla has been tapped to oversee the
reprivatization of debt-ridden Maynilad Water Services Inc.,
BusinessWorld reports.
The Metropolitan Waterworks and Sewerage System (MWSS) decided
to avail of the consultancy services of the former director
general of the National Economic and Development Authority
(NEDA), citing his very professional and fair character.
The firm earlier dropped the Development Bank of the Philippines
as its consultant after the bank pointed out its services might
be in conflict with its role as a creditor.
Sought for comment on what would be the highlight of the terms
of reference for the rebidding, Mr. Medalla declined to comment.
Asked whether MWSS will finally allow the Ayalas to bid for the
operations of the west concession, he said that it is up to the
new board of directors to decide.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
MAYNILAD WATER: May Avoid Debt Issue
------------------------------------
The Metropolitan Waterworks and Sewerage System (MWSS) was
studying an option of substantial debts of Maynilad Water
Services Inc. (MWSI) to the winning bidder in the takeover of
the water utility, The Manila Times has learned.
Although Maynilad's debts are estimated to reach Php19 billion,
it has yet to remit a separate US$120-million performance bond
to give the government a guarantee that it will render all the
services it promised to do, including reduction of unbilled
water, 24-hour water supply to certain areas, among others.
MWSS raised the proposal because a debt-repayment scheme it
entered with Maynilad creditors, which required the water agency
to pay creditors some US$31 million.
Since the MWSS is unable to pay the amount, its officials
considered transferring this obligation to interested Maynilad
bidders, including the Ayala-led Manila Water Co. Inc. (MWCI)
and the Consunji-controlled DMCI Holdings Inc.
An informed source said the option is still being discussed. A
final decision will be made public next week.
NATIONAL BANK: Four Companies Join List of Bidders
--------------------------------------------------
Four investment fund managers have joined the growing list of
potential buyers for the Philippine National Bank's (PNB) 67-
percent stake valued at over Php6 billion, The Philippine Star
has learned.
The Department of Finance (DoF) has identified 10 pre-qualified
bidders including New Bridge, BA Marathon of Korea, Phil-Am Bank
and Avenue Asia.
The four new additions are reportedly in the process of
conducting their due diligence studies, which is expected to be
completed by Aug. 10, ahead of the scheduled bidding on Aug. 12.
US-based New Bridge introduced itself in the local banking
community when it showed interest recently in Equitable PCI
Bank.
BA Marathon, meanwhile, is a big export-import bank based in
Korea.
"We are greatly encouraged by the high level of investor
interest in this joint sale," Finance Secretary Margarito Teves
said.
"This is a significant milestone in our privatization program
and will help us partially recover the losses incurred by the
suspension of the expanded value-added tax (EVAT)," he added
The finance chief said PNB would continue to remain as a
government depository bank until May 2007.
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: Inks Forward Sales Deals with Big Buyers
--------------------------------------------------------
The National Power Corporation (Napocor) and the Power Sector
Assets and Liabilities Management Corporation (PSALM) has firmed
up deals with bulk electricity buyers through the forward sales
agreements (FSA), says The Manila Bulletin.
By way of the FSA, Napocor is likely to ink several new
contracts for its uncommitted supply since the transaction will
allow bulk purchasers to buy their power supply in advance.
The upside of these transactions is that the contracting parties
are not tied to long-term arrangements because the buyer holds
the control on what would be the volume of and how long it wants
the supply procurement to stay in force.
After the lapse of its 10-year supply agreement with its largest
customer Manila Electric Company (Meralco) in December 2004, the
state-owned Napocor started having excess capacity. Hence, it is
now working on these supply deals.
On top of the proposed FSA, Energy Secretary Raphael P.M.
Lotilla has also reiterated his instructions to NPC-PSALM to
accelerate negotiations for firming up transition supply
contracts with distribution utilities.
The law prescribes that NPC shall file with the Energy
Regulatory Commission (ERC) for the latter's approval of a
transition supply contract duly negotiated with the distribution
utilities containing the terms and conditions of supply and a
corresponding schedule of rates, covering a period not extending
beyond one year from the introduction of open access.
To hasten the process of negotiations, the regulatory body
recently approved a template for the TSCs and for this to serve
as a guideline for the negotiating parties.
The NPC/PSALM-Meralco case, for one, was reported to have been
on a stalemate due to unresolved issues that are mainly related
to their previous supply deal.
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: DoE Seeks Higher Capex
---------------------------------------------
The Department of Energy (DoE) will request the government to
raise National Transmission Corp.'s (Transco) five-year capital
expenditure (Capex), according to The Philippine Star.
The energy department is studying the consequences of a lower
Transco budget and will submit its proposal to the Department of
Finance (DOF) and the Department of Budget and Management (DBM).
The DoE said that a trimmed budget could compromise the
country's power supply.
Earlier, Transco was informed by the DOF that its budget will be
trimmed to US$500 million from US$850 million for the medium-
term.
Previously, Southern Mindanao appealed to President Arroyo to
reinstate Transco's budget and prioritize the construction of
the US$75.6 million Kirahon-Maramag (Bukidnon)-Bunawan (Davao)
230 kilovolt (kV) transmission line to avert a looming power
crisis in the area.
The Maramag-Bunawag transmission line was originally planned for
completion by December 2006 but budget constraints forced
Transco to move the completion to December 2007.
As a result, Southern Mindanao is faced with the specter of
electric power shortages. Currently, power supply in the region
is transported using two power barges, which as a provisional
remedy, is very expensive.
"Transco's proposed budget capital expenses, specifically that
for the Maramag-Bunawan transmission line, must be restored.
Southern Mindanao's power supply must be stabilized, for it to
retain its attraction as a consistent dollar earner for the
country," concerned government and private sector
representatives said recently in an open letter to President
Arroyo.
Southern Mindanao, which has been growing at a steady rate of
seven percent annually, accounts for at least 46 percent or 566
megawatts (MW) of the 1,228 MW total peak demand of Mindanao.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
NICPHIL INSURANCE: Halts Operations, Seeks Conservatorship
----------------------------------------------------------
The Insurance Commission has placed Nicphil Insurance Inc. into
conservatorship after the ailing nonlife insurance firm
temporarily suspended operations due to financial woes,
according to BusinessWorld.
The insurer voluntarily ceased operating for 90 days on July 8
and asked the commission to appoint a conservator to look into
the Company's financial health.
Teresita T. Endriga, as the appointed conservator of the Company
effective July 19, will take charge of the assets, liabilities
and management of Nicphil.
The conservator also "collects all moneys and debts due said
company and exercise all powers necessary to preserve the assets
of the said company, reorganize the management thereof, and
restore its viability."
After a careful study of the company's financial status, the
conservator may recommend to either rehabilitate the company or
to liquidate it. The owners of the company may also consider
infusing new capital, or to look for an investor.
CONTACT:
Nicphil Insurance Inc.
11/F Equitable Tower 2
H.V. Dela Costa St. cor. Makati Ave.
Makati City
Philippines
Phone No: 810-0271
Fax No: 818-1405; 813-3932
E-mail: administration@nicphil.com
Web site: http://www.nicphil.com
PACIFIC PLANS: Refuses Additional Funding for Planholders
---------------------------------------------------------
Beleaguered pre-need provider Pacific Plans Inc. (PPI) has
publicly refused to provide additional funding for its
settlement with disgruntled planholders, asserting that its
trust fund is sufficient enough, Today News reports.
An amicable settlement has earlier been reached between Pacific
Plans and the Parent Enabling Parents (PEP) coalition, a group
of Pacific Plans policy holders.
Former Pacific Plans president Helen Yuchengco-Dee said the
Yuchengco Group of Companies would no longer provide any
financial support for the terms of the settlement. Ms. Dee said
the trust fund would be enough to finance the monetary
requisites for the completion of the settlement.
PPI lawyer Jeanette C. Tecson said total funds made available to
plan holders amounted to Php591 million, with Php25 million
coming from the Yuchengco Group and the Php341 million from
company.
Recently, the PEP and Pacific Plans agreed that clients would be
paid based on current tuition prices starting school year 2005.
But the payment depends on available cash. To raise more cash, a
proposal to monetize Pacific Plan's national power corporation
bonds, set to mature in 2010, has also been suggested.
For its part, the coalition said it will negotiate for better
terms, include a 7-percent interest rate to be placed on the
current value of the plans to be paid in a four-year period.
CONTACT:
PACIFIC PLANS, INC.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com
PHILIPPINE AIRLINES: Fears Oil Price Hike May Dispirit Travelers
----------------------------------------------------------------
National flag carrier Philippine Airlines (PAL) is concerned
soaring oil prices will result to passenger slump, according to
Asia Pulse.
PAL Senior Assistant Vice President Domingo Duerme expressed
fears that the continuing oil price increases will discourage
travelers from flying.
In anticipation of a passenger slump in the wake of skyrocketing
oil price hikes, PAL decided to mount promotional fare packages
on a longer period.
PAL implements annual fare promos from July to September.
However, due to the scarcity of passengers, PAL decided to
extend it to November. PAL's fare adjustments depend on the
global fuel price hikes.
The carrier's load factor posted an 80 to 90 percent for the
first six months this year dominated by domestic travelers. The
rate is expected to dip 60 percent during the lean months of
July to August.
CONTACT:
Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Strikes Off Dormant Units
---------------------------------------------
Capitaland limited announced that the Company has disposed of
the following dormant and indirect subsidiaries as of July 8,
2005:
1) Cuppage Terrace Pte Limited
2) Tagore Properties Pte Limited
The striking off of the subsidiaries will not affect the
Company's net tangible assets or earnings per share for the
financial ear ending Dec. 31, 2005.
By Order of the Board
Rose Kong
Company Secretary
Aug. 1, 2005
CONTACT:
CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Phone: 65 68233200
Fax: 65 68202202
Web site: http://www.capitaland.com
CAPITOL GRAVURE: Creditor Files Winding Up Petition
---------------------------------------------------
Notice is hereby given that a petition for the winding up of
Capitol Gravure Industries Pte Limited was filed by creditor
International Singapore Claims Center Pte Limited in the
Signapore High Court on July 21, 2005.
The petition is directed to be heard before the Court sitting on
Aug. 12, 2005, 10:00 a.m.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of the hearing by himself or his counsel for that
purpose, and a copy of the petition will be furnished to any
creditor or contributory of the company requiring the copy of
the petition by the undersigned on payment of the regulated
charge for the same.
The Petitioner's address is 30 Merchant Road, #04-08 Riverside
Point, Singapore 058282.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
Note:
Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to solicitors Drew &
Napier LLC a notice in writing of his intention to do so. The
notice must state the person's name & address, or if a firm, the
name and address of such 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 Aug.11, 2005.
CONTACT:
Capitol Gravure Industries Pte Limited
No. 9, Tampines Street
92 Tampines Industrial Park A
Singapore 528871
Phone: 65 6787 7275
Fax: 65 6787 8575
Web site: http://www.capitol-gravure.com.sg/
LIANG HUAT: Creditors Approve Schemes of Arrangement
----------------------------------------------------
Liang Huat Aluminum Limited refers to its past announcements on
Sept. 24, 2004 and March 18, 2005, in respect to the Company's
schemes of arrangement.
The Creditors' meeting for the Company to approve the respective
Schemes were held on April 5, 2005. A majority of creditors
present who voted at the meeting approved all the schemes.
The requisite whitewash waiver has been obtained from the
Securities Industry Council.
The Company is fulfilling the remaining conditions precedent for
the Scheme to take effect:
- Obtaining the necessary and appropriate approvals from the
Company's shareholders and Singapore Securities Trading Limited,
for the listing and quotation of the consideration shares to be
issued with accordance to the terms of the Schemes.
Pursuant to the terms of the Company's scheme of arrangement,
the Extraordinary General Meeting to approve the listing and
quotation of the consideration shares will be held six months
from the lodging of the Court Order of the Company's Scheme.
CONTACT:
Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/
MEDIARO.COM PTE: Members, Creditors to Discuss Wind Up
------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Mediaro.com Pte Limited will be held on Aug. 30,
2005, 4:00 p.m. at 3 Phillip Street, #18-00 Commerce Point,
Singapore 048693 to lay an account before them, showing the
manner in which the winding up was conducted and the property of
the Company disposed of, and to hear any explanation that may be
given by the Liquidator; and also to determine by resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator shall be disposed of.
Dated this 29th day of July 2005
Shanker Iyer
Liquidator
C/o 3 Phillip Street
#18-01 Commerce Point
Singapore 048693
Note:
Any member or creditor entitled to attend and vote at this
meeting is entitled to appoint another person (whether a member
or creditor or not) as his proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidators'
Office not less than forty-eight hours before the time of
holding the meeting and any adjournment thereof.
PDSC ASIA: Creditors Given Deadline to Submit Proofs of Claim
-------------------------------------------------------------
Notice is hereby given that the creditors of PSDC Asia Pacific
Pte Limited, which is being wound up voluntarily, are required
on or before Aug. 27, 2005 to send in their names and addresses,
with particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Company's
Liquidator.
If so required by notice in writing by the said Liquidator, they
are by their solicitors or personally, to come in and prove
their said debts or claims at the specified time and place in
the notice.
In default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
Dated this 27th day of July 2005.
Zalinah Samade
Liquidator
c/o IP Consultants Pte Ltd
135 Cecil Street
#10-04 LKN Building
Singapore 069536
CONTACT:
PDSC Asia Pacific Pte Limited
143 Cecil St.
#16-04 GB Bldg
Singapore 069542
Phone: 65 6324 2345
Fax : 65 6324 9300
Email: pmehta@cyberway.com.sg
Web site: http://www.pdsc.com/
TST SUPPLIES: To Distribute Dividend to Creditors
-------------------------------------------------
TST Supplies & Services Pte Limited, formerly of of 230 Jalan
Besar, #03-02 Hong Leong Finance Building, Singapore 208906,
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:
Name of Company: TST Supplies & Services Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 232 of 1998
Last day for receiving proofs: Aug. 12, 2005
Name & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Beverly Wee Ying Ling
Assistant Official Receiver
===============
T H A I L A N D
===============
NAKORNTHAI STRIP: Administrator Details Utilization of Proceeds
---------------------------------------------------------------
Maharaj Planner Company Limited in its capacity as the Plan
Administrator of Nakornthai Strip Mill Public Company Limited
issued to the Stock Exchange of Thailand (SET) a report on the
use of proceeds from Right Offering and Public Offering.
With reference to the Rights offering of warrants which totals
3.23 billion units of THB0.05 per unit and Public Offering
amount of 1.8 billion shares of THB2.20 per share, which totals
THB4,121.69 million shown in the Prospectus of Nakornthai Strip
Mill PLC. subscription period on October 27 to 29, 2003,
the Company issued a summary and report on the use of increased
capital as of June 30, 2005 as follow:
(Unit: US$ millions)
Description Forecast disclosed Actual use as at Remaining
in the Filling 30 June 2005 Balance
(1) Flat-Rolled
Steel Mill 29.78 (29.72) 0.06
(2) Finishing Mill
Facility 40.04 (13.31) 26.73*
(3) Working
Capital 20.00 (20.00) 0.00
Total 89.82 (63.03) 26.79
Remark: * 18 million US$ temporary transferred for working
capital use in addition to the working capital fund.
Please be informed and disseminate the above accordingly.
Yours Sincerely,
Mr. Sawasdi Horrungruang
Director
Maharaj Planner Company Limited
as the plan Administrator of
Nakornthai Strip Mill Public Company Limited
CONTACT:
Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828
TONGKAH HARBOUR: Capital Increase Balance Reaches THB124 Mln
------------------------------------------------------------
Tongkah Harbour Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) that it has completed the allocation of
151,387,893 shares to the existing shareholders in April 2005 in
accordance with the approval of Annual General Meeting of
Shareholders No. 11/2548. The paid-up capital was then
increased from THB605,551,570 to THB756,939,463.
The Company received a net fund of THB258,788,097 in the
exercise. The purpose of this capital increase is to utilize
fund in the Company's Gold Mine project.
The Company's gold mine project requires approximately THB750
million in developing the project. The project receives a loan
of THB520 million from banks. The rest of the fund required
shall derive from the above capital increase of THB258.79
million in accordance to the General Meeting of Shareholders No.
11/2548.
However, the lending banks of the gold mine project required
Tungkum Limited to increase its paid-up capital for THB150
million for the loan approval. On December 15, 2004, the
Company has therefore increased Tungkum's capital as requested,
fund used partially derive from the Company's working capital at
that time (which is supposed to be also used in other Company's
projects) and partially from a short-term loan. After the
Company completed its rights issue in April 2005, the capital
increase fund has been utilized as follows:
Capital increase fund: THB258.79 million
Invest in the gold mine project*: THB51.40 million
Return to be used as working capital of the Company: THB
18.60 million
Repay short-term loan **: THB74.70 million
Balance of fund as at June 30, 2005: THB114.10 million
Note:
* The funds were mainly used for purchasing mining equipments,
installation of the electrical system, deposit of the processing
plant's equipments, consulting and engineering fee, and other
expenses in infrastructure development.
** The short-term loan borrowed, which after including the
Company's working capital totaling THB150 million, was used to
increase the paid-up capital of Tungkum Limited in December
2004. As at June 30, 2005, Tungkum Limited still has
approximately THB124 million balance from its capital increase.
Please be notified accordingly.
Dr. J. Peter Mills
Director
Mr. Udom Chirapanathorn
Director
CONTACT:
Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901
TUNTEX: Reduces Share Capital of Unsold, Yet to be Sold Shares
--------------------------------------------------------------
Tuntex (Thailand) Public Company Limited (the Plan
Administrator), as the Plan Administrator of Tuntex (Thailand)
Public Company Limited (Tuntex), informed the Stock Exchange of
Thailand (SET) on the Central Bankruptcy Court's order dated
July 11, 2005 and July 26, 2005 and the resolutions of the Plan
Administrator's Board of Directors' Meeting No. 4/2548 held on
June 10, 2005 with regard to the rehabilitation of Tuntex's
business to the SET.
(1) Tuntex has reduced the share capital for unsold or yet to be
sold shares of THB8,000,000,000. For this purpose, the amount
of 800,000,000 ordinary shares with the par value of THB10 per
share that was left unsold were annulled. After such reduction
of capital, Tuntex had THB2,780,000,000 registered capital,
divided into 278,000,000 paid-up ordinary shares with the par
value of THB10 per share.
(2) Tuntex has amended its Memorandum of Association to be in
line with the reduction of capital. Such amendment was made by
repealing the provision in Clause 4 and replace it with the
following:
"Clause 4
Registered Capital: THB2,780,000,000
Two Thousand Seven Hundred and Eighty Million Baht
Divided into: 278,000,000 Shares
Two Hundred Seventy-Eight Million Shares
Each with the value of Being: THB10 (Ten Baht)
Ordinary Shares: 278,000,000 Shares
Two Hundred Seventy-Eight Million Shares
Preference Shares: - None -
(3) Tuntex has increased its capital for another
THB12,720,000,000 by issuing 1,272,000,000 newly issued ordinary
shares with the par value of THB10 per share. As such, Tuntex's
capital has increased from THB2,780,000,000 to
THB15,500,000,000, which is in line with the provision of the
Plan.
(4) Tuntex has amended its Memorandum of Association to be in
line with the increase of capital. Such amendment was made by
repealing the provision in Clause 4 and replace it with the
following:
Clause 4
Registered Capital: THB15,500,000,000
Fifteen Thousand Five Hundred Million Baht
Divided into: 1,550,000,000 Shares
One Thousand Five Hundred and Fifty Million Shares
Each with the value of Being: THB10 (Ten Baht)
Ordinary Shares: 1,550,000,000 Shares
One Thousand Five Hundred and Fifty Million Shares
Preference Shares: - None -
(5) Two directors namely: Mr. Yu Hsien Chen and Mr. Huang, Yin-
Long have resigned from the directorship of the Company
effective from May 1, 2005.
Please be informed accordingly. Further progress will be
reported at later stages.
Sincerely yours,
Signature Authorized director
Mr. Yang Jin-Tuu
Tuntex (Thailand) Public Company Limited, Plan Administrator of
Tuntex (Thailand) Public Company Limited
CONTACT:
Tuntex (Thailand) Pcl
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Web site: http://www.tuntexthailand.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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