/raid1/www/Hosts/bankrupt/TCRAP_Public/050818.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 18, 2005, Vol. 8, No. 163
Headlines
A U S T R A L I A
ALLEN NO.3: Members Decide to Close Operations
ARISTOCRAT LEISURE: Proceedings for Declaratory Relief Continue
ARISTOCRAT LEISURE: Loses Deutsche Bank Bond Case
AUSTRAL COAL: Panel Explains Decision on Glencore's Application
AUSTRALIAN TEA: Appoints Official Liquidator
B&H QUALITY: Liquidator to Explain Wind Up Manner
BORP MANAGEMENT: Poised to Pay Dividend to Creditors
CHEMEQ LIMITED: Secures Japanese Patent Protection to 2019
CRC PTY: Members Initiate Liquidation Process
DENTVALE PTY: Members Pass Winding Up Resolution
EG GREEN: Admits Woes to Seek Government Bailout
EG GREEN: Government Knew of Woes
EVANS & TATE: Releases Shareholder Update on Write-downs
FABRICATION & BOILER: Liquidator to Report on Winding Up Manner
FUMAPEST SERVICES: Members Opt for Voluntary Liquidation
G.S.N. FLATS: Stephen McNamara Named Liquidator
HOMEBASE HARDWARE: Members to Review Winding Up at Final Meeting
IMONUNZ PTY: Schedules Final Meeting August 23
JAMES HARDIE: Commits to Achieving Long-term Compo Deal
JJ'S CLEANING: Final Meeting Fixed August 24
JOSHUA ENTERTAINMENT: Federal Court Issues Wind-up Order
KNIGHTS INSOLVENCY: Says Management Changes Will Hurt Profits
NEBU PTY: Winds Up Business
NORMACH PTY: Enters Liquidation Proceedings
QANTA SOFTWARE: Creditors OK Liquidator's Appointment
QANTAS AIRWAYS: To Book Profit Despite High Oil Prices
REALTY WORLD: Members to Receive Final Wind-up Report
SANTOS LIMITED: Snags New Australian Power Supply Contract
S.M. CHAPMAN: Placed Under Voluntary Liquidation
WH INSURANCES: Set to Declare Dividend August 26
WYMET PTY: Official Liquidator Appointed
C H I N A & H O N G K O N G
BEST PLAN: Court Issues Winding Up Order
BESTIME TRADING: Enters Winding Up Process
CHARISMA FASHION: Court to Hear Wind-up Petition August 31
DATASYS TECHNOLOGY: Delays FY04 Financial Result
GOOD YIELD: To Wind Up Operations
HONG KONG OIL: Schedules Winding Up Hearing September 7
HONG KONG RICHFIELD: Decides to Undergo Wind-up Process
MOULIN GLOBAL: Sells PRC Assets for HK$80 Mln
SHENZHEN CHINA: Faces Bankruptcy
SPARKLE TREE: Winding Up Hearing Slated for September 2
UNIVERSAL ENGINEERING: Begins Liquidation Process
WEALTH ENGINEERING: Court Orders Closure of Business
WELL SUCCESS: Set to End Operations
I N D O N E S I A
GARUDA INDONESIA: Merger with Two State Airlines Likely
PERTAMINA: President May Be Replaced This Month
J A P A N
KANEBO LIMITED: To Face Punishment Over Cooked Books
MITSUBISHI MOTORS: Thailand Launches L200 Sport Utility Truck
SEIYU LIMITED: Wal-Mart Stores May Sprout in Japan Next Year
SEIYU LIMITED: Shares Up 8.7% on Wednesday
SEIYU LIMITED: Same-store Sales Down 2.6% in July
UFJ HOLDINGS: R&I Says Delay in Merger Won't Affect Rating
* Japan Corporate Bankruptcies Down 15% in July
K O R E A
DOOSAN GROUP: Foreign Media Keen on Following Brother's Row
HANAROTELECOM: Union Vows to Defend Employment Stability
SAMSUNG GROUP: SGIC to File Legal Action
M A L A Y S I A
ASIA PACIFIC: Inks SPA to Dispose of Land Assets
BUKIT KATIL: Asked to Defend Itself Against Being Delisted
DATAPREP HOLDINGS: SC Rejects Subject Application
DATUK KERAMAT: Exchange Asks Firm to Comply with LR
KIA LIM: Awaits SC Approval on Proposal
LITYAN HOLDINGS: Waiver Application Get SC's Nod
PANTAI HOLDINGS: Puts Up Indonesian Unit
PANTAI HOLDINGS: Purchases New Ordinary Shares
PANTAI HOLDINGS: Issues Additional Shares for Listing
POS MALAYSIA: Bourse Lists, Quotes Additional Shares
SURIA CAPITAL: To Appeal Court's Decision
TELEKOM MALAYSIA: KPMG Unveils Final Value of G-Com Shares
TELEKOM MALAYSIA: Wind-Up Petition on Unit Won't Affect Business
TRANSOCEAN HOLDINGS: Details Unit's Payment Default Status
P H I L I P P I N E S
ATLAS CONSOLIDATED: Eyes IPO, Php6.9-Bln Securities Sale
LIBERTY TELECOMS: Business Goes from Bad to Worse
LIBERTY TELECOMS: Files Petition for Corporate Rehabilitation
MANILA ELECTRIC: Can Offset Refund Due Government
MAYNILAD WATER: Needs More Time to Lodge Restructuring Plan
NATIONAL POWER: Court Junks Petition Against Power Hike
PLATINUM PLANS: Watchdog Rejects Rehabilitation Plea
PRICESMART INCORPORATED: Transfer of Domestic Ops Ends Row
PRICESMART INCORPORATED: Go Will Keep Name, Stores
S I N G A P O R E
CONCEPT DISTRIBUTION: Wound Up by Parent Firm
GEA TECHNOLOGY: Court Orders Winding Up
KUMAGAI INVESTMENTS: Creditors to Meet August 19
M&K BUSINESS: Proofs of Claim Due September 12
RSH LIMITED: Fulfills Conditions Set by SGX-ST
SHARPE ELECTRICAL: Members Agree to Wind Up Business
TROPICAL DEVELOPMENT: Creditors Asked to Submit Debt Claims
UNION RUBBER: Creditors Meet to Discuss Wind Up
T H A I L A N D
BANGKOK STEEL: SET Suspends Securities Trading
DAIDOMON GROUP: Securities Suspended for Failure to Submit FS
NATURAL PARK: Net Loss Shrinks to THB197,007,000
THAI AIRWAYS: Swings to Red in 3Q
THAI AIRWAYS: To Reorganize U.S. Branch
THAI-DENMARK: Posts THB82,882,000 in Net Loss
THAI ENGINE: Securities Suspended on Failure to Submit FS
- - - - - - - -
=================
A U S T R A L I A
=================
ALLEN NO.3: Members Decide to Close Operations
----------------------------------------------
Notice is given that at a Meetings of Members of Allen No.3 Pty
Limited held on July 8, 2005, it was resolved that the company
be wound up voluntarily and that for such purposes, Richard Gell
Mansell of R. G. Mansell & Associates, Level 3, 118 Queen
Street, Melbourne be the nominated Liquidator.
Dated this 8th day of July 2005
Richard G. Mansell
Liquidator
R. G. Mansell & Associates
Level 3, 118 Queen Strewt
Melbourne
Phone: 03 9603 0090
Fax: 03 9603 0099
ARISTOCRAT LEISURE: Proceedings for Declaratory Relief Continue
---------------------------------------------------------------
On Friday, August 12, 2005, the District Court for the Southern
District of New York released an Opinion and Order in respect of
Aristocrat Leisure's application for declaratory relief in
relation to the redemption of its convertible bonds.
Aristocrat had, in December 2004 sought court orders to correct
an exchange rate error in the Indenture (from "AU$0.514=US$1.00"
to "US$0.514=AU$1.00") and to confirm that Aristocrat had
terminated the bondholders' tights to convert their bonds into
shares on December 20, 2004.
The Court agreed to correct the Exchange rate error as of May
31, 2001 being the date of the Indenture but held that the
bondholders' rights to convert the bonds had not terminated as
of December 20, 2004. This decision adopted an interpretation of
the Indenture that had not been argued by any of the parties.
The Court otherwise deferred ruling on the remaining issues. The
parties are to appear before the Court on August 31, 2005 for
further proceedings.
Aristocrat will seek leave to appeal the Indenture
interpretation referred to above to the United States Court of
Appeals for the Second Circuit in accordance with the relevant
law.
CONTACT:
Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com
ARISTOCRAT LEISURE: Loses Deutsche Bank Bond Case
-------------------------------------------------
Australian poker machine maker Aristocrat Leisure has lost a
claim against Deutsche Bank over a disputed bond issue, Sydney
Morning Herald has learned.
A New York-based court has junked Aristocrat's claim against
Deutsche Bank in December last year over the interpretation of a
clause in a bond that was convertible into Aristocrat shares.
The issuance of the bond was handled by Deutsche Bank.
The firm has also been directed to respond to allegations of
fraud filed by a group of hedge funds.
Aristocrat said it would appeal against the court's
interpretation of the bond's indenture. It has also denied any
accusations of fraudulent behavior in the past.
The Company had argued that a clause in the US$130 million
(AU$169 million) convertible bond's indenture, put together by
Deutsche Bank, allowed it to cancel the rights of investors to
convert the securities into shares.
Typically, investors will convert their bonds into shares after
notice of a call when it is profitable to do so.
Aristocrat claimed that the wording of the clause cancelled this
right and that Deutsche Bank, which is also Trustee, was
refusing to correct errors in the prospectus that were stopping
it from calling the bond.
A group of hedge funds had filed a counterclaim against
Aristocrat alleging that its attempt to cancel those conversion
rights was fraudulent.
While the court's ruling against Aristocrat's claim against
Deutsche Bank means that bondholders would not be able to pursue
the company with accusations of fraudulent behavior - unless the
ruling is overruled on appeal - the court has nevertheless asked
Aristocrat to respond and appear in court on August 31.
With Aristocrat shares trading at more than 180 percent of the
face value of the bond when it was called, investors stood to
lose over US$100 million (AU$130 million) if they were redeemed
at just the price they were issued at in 2001.
The U.S. court has yet to rule on possible damages, but its
decision means that fund managers could receive shares that
would dilute Aristocrat's current share base by about seven
percent.
AUSTRAL COAL: Panel Explains Decision on Glencore's Application
---------------------------------------------------------------
The Takeovers Panel (the Panel) on Wednesday published its
reasons for its decision in relation to an application by
Glencore International A.G. and Fornax Investments Limited
(together, Glencore) and an additional application by ABN AMRO
Bank N.V., Australian Branch (ABN AMRO), under section 657EA of
the Corporations Act 2001 (Cth) (the Act) dated June 30, 2005 in
relation to the affairs of Austral Coal Limited (Austral).
Glencore and ABN AMRO applied to the Panel for a review of the
decision of the sitting Panel (Initial Panel) in the Austral
Coal Limited 02 proceedings (Austral 02) to make a declaration
of unacceptable circumstances and final orders.
The Takeovers Panel (the Panel) has also published its reasons
for its decisions in relation to an application by Centennial
Coal Limited (Centennial), received on June 3, 2005 in relation
to the affairs of Austral Coal.
Details of the Panel's decisions were announced on July 1 & 15,
2005 in the Panel media release TP05/58 and TP05/49. These
releases are available on the Panel's website at: Media
Releases.
The sitting Panel in the Austral Coal 02(R) was Professor Ian
Ramsay, Norman O'Bryan SC and David Gonski AO.
The sitting Panel in the Austral Coal 02 was Meredith Hellicar,
Guy Alexander and Hamish Douglass.
The reasons of the Panel are available of the Panel's website
at: Decisions.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.gov.au
AUSTRALIAN TEA: Appoints Official Liquidator
--------------------------------------------
On July 11, 2005, the Supreme Court of New South Wales, Equity
Division, ordered that Christopher J. Palmer be appointed
Liquidator for the winding up of Australian Tea & Coffee Pty
Limited.
Dated this 26th day of July 2005
Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
B&H QUALITY: Liquidator to Explain Wind Up Manner
-------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
B&H Quality Meat & Poultry Pty Limited will be held on Friday,
Aug. 26, 2005, 11:30 a.m. at Frasers Insolvency Advisory, Level
9, 99 Elizabeth Street, Sydney NSW 2000 for the following
reasons:
AGENDA
(1) To consider the Liquidator's final account; and
(2) To consider any other business brought before the meeting.
Dated this 26th day of July 2005
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000
BORP MANAGEMENT: Poised to Pay Dividend to Creditors
----------------------------------------------------
BORP Management Australia Pty Limited will declare a first and
final dividend on Aug. 24, 2005.
Creditors whose debts or claims have not already been admitted
are required on or before Aug. 24, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 13th day of July 2005
Richard Judson
Liquidator
1st Floor, 10 Park Road
Cheltenham 3192
CHEMEQ LIMITED: Secures Japanese Patent Protection to 2019
----------------------------------------------------------
Chemeq Limited announced that it has been granted patent
protection for the use CHEMYDE polymeric antimicrobial in Japan,
to the year 2019.
Products which could benefit from the inclusion of CHEMYDE
polymeric antimicrobial in their formulation include, but are
not limited to, dermatologicals, pharmaceuticals, cosmetics and
toiletries.
Chemeq's CEO David Williams said we add this important patent to
our substantial portfolio of granted patents, in some 80 other
countries around the world.
Patent protection for the use of CHEMYDE polymeric antimicrobial
has already been granted in a number of countries including the
U.S.A. and Australia.
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/
CRC PTY: Members Initiate Liquidation Process
---------------------------------------------
Notice is hereby given that on July 12, 2005, the Members of CRC
Pty Limited resolved that the Company be wound up voluntarily,
and R. J. May was appointed Liquidator for such winding up.
Dated this 13th day of July 2005
R. J. May
Liquidator
c/o KPMG
Level 30, Central Plaza One
345 Queen Street
Brisbane Qld 4000
DENTVALE PTY: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a general meeting of members of
Dentvale Pty Limited held on July 18, 2005 it was resolved that
the Company be wound up voluntarily and that for such purpose,
Danny Vrkic of Jirsch Sutherland & Co. - Wollongong Chartered
Accountants be appointed Liquidator. A creditors' meeting held
later that day confirmed such appointment.
Dated this 26th day of July 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co. - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2600
Phone: 02 4225 2545
Fax: 02 4225 2546
EG GREEN: Admits Woes to Seek Government Bailout
------------------------------------------------
EG Green and Sons has recently acknowledged its financial crisis
to appeal to the State Government for a taxpayer-funded bailout,
The West Australian reports.
The 86-year-old Company, West Australia's biggest meat
processor, is working to secure government support to ensure its
survival. The firm has not yet determined the type of assistance
it would seek, but ensured it would pay back the state in time.
EG Green & Sons, which accounts for 90 percent of WA's beef
exports, was forced to close down its abattoir for two weeks
starting Friday last week.
The move alarmed the State's cattle industry and placed more
than 500 jobs at risk. Calls for the Government to intervene
were echoed by the Opposition and the Australian Beef
Association, which described the crisis as the biggest issue to
confront the WA cattle industry in 25 years.
The company's compounding liquidity shortfall over the past few
months had gone undetected because of new systems which had been
put in place which did not provide timely and accurate reporting
of its position.
Agriculture Minister Kim Chance had made several suggestions
about what could be done to overcome the difficulties being
faced, including the use of the Loans (Co-operative Companies)
Act to allow for tax incentives and a holding company of
producers to keep the industry mobile.
CONTACT:
EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Ph: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
Email: sales@harveybeef.com.au
EG GREEN: Government Knew of Woes
---------------------------------
The West Australian Government admitted it was aware of EG Green
& Sons' financial crisis before it suspended operations Friday
last week, ABC Premium News reports.
The beef processing giant on Friday told hundreds of workers to
take two weeks leave while the Company worked through its
financial difficulties.
Agriculture Minister Kim Chance said he has known about the
Company's woes for weeks when the EG Green & Sons' board alerted
him about the problems.
Mr. Chance said he met the board six or seven weeks ago to
discuss about the firm's situation, But remains optimistic the
Company will survive should a commercial agreement be reached.
EG Green & Sons said earlier it had embarked on a series of
changes which had placed it under significant and unnecessary
pressure.
EVANS & TATE: Releases Shareholder Update on Write-downs
--------------------------------------------------------
Evans & Tate Limited on Tuesday provided the market with a
further shareholder update.
On June 28, 2005, Evans & Tate announced that it expected write-
downs in the carrying value of its wine inventory in the order
of AU$8 million to AU$10 million, subject to the final outcome
of an independent wine valuation. Since this announcement a
preliminary independent valuation has been completed. The Board
and independent valuer have recognized a deterioration in post
prices for some wine categories due to a general oversupply of
bulk wine.
The Board of Evans & Tate on Tuesday considered the preliminary
result of the independent wine valuation and accepted its
findings.
The preliminary valuation has indicated that on the current
inventory costing, write-downs of not less than AU$16.5 million
are required for the year ended June 30, 2005.
In addition, the Company is also considering the appropriateness
of its current accounting policy regarding capitalization of
some overhead costs into inventory (AASB1019) and the
appointment of inventory between allocated and unallocated
inventory. The total level of inventory write down for the year
will be finalized once the Company's internal review is
concluded.
Evans & Tate also announced on June 28 that it believed that a
write-down of AU$4.3 million in goodwill relating to Oakridge
Vineyards would be required.
In conjunction with its consultants 333 Performance Management,
Evans & Tate is currently in the process of finalizing a review
of the carrying value of its intangible assets and any
provisions that may be required for the year ended June 30,
2005.
The results of those reviews are incomplete, however 333
Performance Management has advised the Board that further write-
downs in intangible assets and likely provisions will be
required for the year ended June 30, 2005.
Evans & Tate will announce further details of the write-downs in
intangible assets and the likely provisions as soon as the
reviews are complete.
Accordingly, the Board of Evans & Tate has resolved that the
Company will not be in a position to declare and pay a final
dividend to its preference shareholders and its ordinary
shareholders.
Lead Director John Hopkins said, "Based on the latest advice,
the Board has decided the Company will not have retained
earnings from which to pay a final dividend to preference or
ordinary shareholders."
"Evans & Tate has informed ANZ of the latest position with
respect to the additional write-downs and the bank has indicated
it understands the reasons for the additional write-downs in
asset values and is fully supportive of the more conservative
accounting treatment which the Board is considering adopting.
ANZ has indicated that the latest information will not change
its current level of support for the Company."
"Given the recently announced AU$10 million short-term working
capital facility, the Company has sufficient working capital to
implement its planned debt and inventory reduction programs,"
Mr. Hopkins said.
Evans & Tate will provide a further update on the write-downs
and any provisions that may be required as soon as new
information is available. This is expected next week.
Evans & Tate intends to announce its full year results on
September 13, 2005.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
FABRICATION & BOILER: Liquidator to Report on Winding Up Manner
---------------------------------------------------------------
Notice is given that a final meeting of members of Fabrication &
Boiler Inspection Pty Limited will be held on Aug. 24, 2005,
10:30 a.m. at the office of J P Sunderland & Co, 23A Rodd
Street, Birrong NSW.
AGENDA:
To have an account of the company's winding up tabled before the
meeting, and to hear any explanations that may be given by the
Liquidator.
Dated this 15th day of July 2005
F. Jackson
Liquidator
16 Badger Avenue
Sefton NSW 2162
FUMAPEST SERVICES: Members Opt for Voluntary Liquidation
--------------------------------------------------------
At a general meeting of the members of Fumapest Services A.C.T.
Pty Limited duly convened and held on July 8, 2005, the
following special resolution was passed:
That the Company be wound up voluntarily.
Dated this 8th day of July 2005
Bruce Hall
Director
c/o Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2611
Phone: (02) 6247 5988
G.S.N. FLATS: Stephen McNamara Named Liquidator
-----------------------------------------------
Notice is hereby given that at a general meeting of G.S.N. Flats
Pty. Limited held on July 7, 2005, the following special
resolution was duly passed:
That the Company be wound up voluntarily, and that Stephen D.
McNamara be and is now appointed Liquidator for the winding up.
Dated this 8th day of July 2005
Stephen D. McNamara
Liquidator
c/o Harrington McNamara
Chartered Accountants
Level 7, 11 Help Street
Chatswood NSW 2067
HOMEBASE HARDWARE: Members to Review Winding Up at Final Meeting
----------------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Homebase Hardware Pty Limited will be held on Aug. 25, 2005,
10:00 a.m. at 20-22 Church Street, Maitland NSW.
BUSINESS:
(1) To receive the liquidator's accounts, and the Liquidator's
final report on the conduct of the Liquidation and his acts and
dealings in connection herewith.
(2) To determine the manner in which the books, accounts and
documents of the company and of the liquidator shall be disposed
of.
Dated this 1st day of July 2005
Lynne Woolard
Liquidator
20-22 Church Street
Maitland NSW
IMONUNZ PTY: Schedules Final Meeting August 23
----------------------------------------------
Notice is hereby given that the final meeting of members of
Imonunz Pty Limited will be held on Aug. 23, 2005, 9:00 a.m. at
the offices of RSM Bird Cameron Partners, Level 1, 103-105
Northbourne Avenue, Turner ACT 2612, for the purpose of laying
before the meeting the liquidator's final account and report and
give an explanation thereof.
Dated this 8th day of July 2005
Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Phone: (02) 6247 5988
Fax: (02) 6247 3703
JAMES HARDIE: Commits to Achieving Long-term Compo Deal
-------------------------------------------------------
James Hardie Industries NV on Wednesday provided the latest
update regarding the progress of activities to achieve a long-
term voluntary funding arrangement in relation to Australian
personal injury asbestos-related disease claims (the Principal
Deed).
James Hardie Chief Executive Officer Mr. Louis Gries said that
on Tuesday August 16, 2005 he held a meeting of the company's
executives and advisers involved in the ongoing negotiations
between James Hardie and the NSW Government regarding the
Principal Deed.
At that meeting, Mr. Gries reiterated James Hardie's commitment
to achieving a long-term compensation arrangement to implement
the Heads of Agreement signed by all parties (James Hardie, the
ACTU, Unions NSW, the NSW Government, and asbestos support
groups) on 21 December 2004.
He was updated on progress of the negotiations, including a
range of documents, workstreams and issues which have been
either totally, or substantially, completed during the course of
the past eight months.
A copy of the entire media release is available free of charge
at:
http://bankrupt.com/misc/tcrap_jameshardie081705.pdf.
CONTACT:
Investor and Analyst Inquiries:
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
JJ'S CLEANING: Final Meeting Fixed August 24
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of JJ's Cleaning Services Pty Limited will be held on
Aug. 24, 2005, 11:00 a.m. at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000.
The purpose of the meeting is to lay before the members and
creditors an account for the manner of the winding up and
disposal of Company property, and of hearing any explanations
that may be given by the Liquidator.
Proxies to be used at the meeting must be lodged with the
Liquidator no later than 4.00 p.m. on Aug. 23, 2005.
Dated this 6th day of July 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0889
JOSHUA ENTERTAINMENT: Federal Court Issues Wind-up Order
--------------------------------------------------------
On July 8, 2005, the Federal Court of Australia, New South Wales
District Registry ordered the winding up of Joshua Entertainment
Media Pty, and appointed Steven Nicols to be Liquidator for such
purpose.
Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000
KNIGHTS INSOLVENCY: Says Management Changes Will Hurt Profits
-------------------------------------------------------------
Knights Insolvency Administration Limited on Wednesday announced
that it has received resignations from Mr. Justin Sheldrake of
the Cairns office and from Mr. Glen Shannon of the Brisbane
Office.
Messrs Sheldrake and Shannon have indicated their intention to
resign their appointments, Mr. Sheldrake's appointments are held
jointly with Mr. Offermans, National Manager of Insolvency, and
Mr. Shannon's appointments are held jointly with Mr. McLeod, the
managing executive of the Brisbane office.
As a consequence of Mr. Sheldrake's resignation, it is proposed
that the Cairns office will be closed.
Knights retains the services of four registered liquidators. In
the short term both resignations will have a negative effect on
the Company's revenues and profits.
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/
NEBU PTY: Winds Up Business
---------------------------
At a general meeting of the members of Nebu Pty Limited duly
convened and held on July 8, 2005, toe following special
resolution was passed:
That the Company be wound up voluntarily.
Dated this 8th day of July 2005
Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Phone: (02) 6247 5988
NORMACH PTY: Enters Liquidation Proceedings
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Normach Pty Limited held on July 6, 2005, it was
resolved that the Company be wound up voluntarily, and creditors
appointed Gary John Anderson, Chartered Accountant of Level 1,
12 Prowse Street, West Perth WA 6005 at a meeting of creditors
held on the same day.
Dated this 6th day of July 2005
Gary J. Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: (08) 9486 7822
Fax: (08) 9226 4250
Email: garya@iinet.net.au
QANTA SOFTWARE: Creditors OK Liquidator's Appointment
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Qanta Software International Pty Limited held on July 8, 2005, a
Special Resolution to voluntarily wind up the Company was passed
by members, and P. Ngan was appointed Liquidator for the winding
up.
Creditors confirmed the Liquidator's Appointment at a creditors'
meeting held on the same day.
Dated this 12th day of July 2005
P.Ngan
Liquidator
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
QANTAS AIRWAYS: To Book Profit Despite High Oil Prices
------------------------------------------------------
Qantas Airways is expected to post another record annual profit
despite the soaring fuel prices, The Australian.
Qantas is scheduled to release its 2004-05 net profit today. Six
analysts have forecast that the national carrier will announce a
net profit of around AU$731.70 million, up 12.8 percent on the
previous year's AU$648.4 million.
The analysts, whose profit forecasts ranged from AU$718 million
to AU$749 million, also expect revenue to grow by 13 percent to
more than AU$12 billion.
However, the record high oil and jet fuel prices is likely to
overshadow the record result.
Credit Suisse First Boston, which is forecasting a net profit of
AU$749.70 million, said the fuel issue could affect the
airline's future earnings.
Last week, Qantas conceded it was considering hiking its fuel
levy for the fourth time. The airline already has a three-year,
AU$1.5 billion program in place to reduce costs by $500 million
each year until 2005-06.
But many analysts believe Qantas could announce further cost
cuts in the form of significant job cuts and higher productivity
initiatives.
A CSFB analyst said Qantas would need to make another AU$847
million in cost savings or surcharges if the Qantas's domestic
and international operations.
CONTACT:
Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
REALTY WORLD: Members to Receive Final Wind-up Report
-----------------------------------------------------
Notice is hereby given that the final meeting of members of
Realty World Holdings Pty Limited will be held on Aug. 23, 2005,
10:30 a.m. at the offices of RSM Bird Cameron Partners, Level 1,
103-105 Northbourne Avenue, Turner ACT 2612, to lay before the
meeting the Liquidator's final account and report, and to give
an explanation thereof.
Dated this 8th day of July 2005
Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Phone: (02) 6247 5988
Fax: (02) 6247 3703
SANTOS LIMITED: Snags New Australian Power Supply Contract
----------------------------------------------------------
Santos Limited announced that it has contracted to supply gas to
another major new Australian power station.
Under the agreement, supply for the Kwinana gas fired power
station announced by the WA Government, will come from the John
Brookes field.
Santos (BOL) Pty Ltd (45% interest in the John Brookes field)
and Apache Northwest Pty Ltd (55% and operator) has contracted
with the developers, Wambo Power Ventures to supply the power
station's operator, NewGen Power, with 229 petajoules (PJ) of
gas over 15 years. The term may be extended by a further 10
years by mutual agreement. First gas is expected to be delivered
prior to the end of 2008.
Santos has also secured the potential for further value capture
through exposure to the WA electricity market for the generation
capacity not required by Western Power.
It is the second major gas supply contract for Santos this year
for a new Australian power station. In April the company secured
a 10-year contract to supply Queensland's new $340 million
Braemar gas-fired power station, also being developed by Babcock
& Brown and ERM Power.
It is the second significant contract for the John Brookes field
which is being developed by Santos and Apache in production
licence WA-29-L in the Carnarvon Basin, offshore Western
Australia.
Last year, Newcrest Mining Limited contracted with the John
Brookes Joint Venture to provide 120 PJ of gas over 15 years for
power generation at the Telfer gold mine, in the Pilbara region
of Western Australia.
The John Brookes field which is due to commence production later
this year, was discovered in 1998 with the drilling of the John
Brookes 1 exploration well and successfully appraised during
2003.
"Winning another major new WA contract is not only good news for
Santos and Apache but is a further boost for the development of
the Varanus Island gas hub," said Santos' Managing Director,
John Ellice-Flint.
"We are also pleased that John Brookes gas will play a further
role in the development of another major WA energy project," he
said.
"It is another feather in the cap of our gas commercialisation
team and great news for a world demanding lower greenhouse gas
emissions from electricity generation."
Interests in the John Brookes Joint Venture are:
Apache Northwest Pty Ltd (Operator) 55%
Santos (BOL) Pty Ltd 45%
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
S.M. CHAPMAN: Placed Under Voluntary Liquidation
------------------------------------------------
At a general meeting of the members of S.M. Chapman & Nominees
Pty Ltd held on July 7, 2005, the following resolutions were
duly passed:
SPECIAL RESOLUTION
That the Company be wound up voluntarily.
ORDINARY RESOLUTION
That Andre Strazdins and Nicholas David Cooper of SimsPartners,
Level 4, 12 Pirie Street, Adelaide SA 5000, be nominated Joint &
Several Liquidators for the winding up.
Dated this 7th day of July 2005
Nicholas D. Cooper
Andre Strazdins
Joint Liquidators
WH INSURANCES: Set to Declare Dividend August 26
------------------------------------------------
WH Insurances Pty Limited is set to declare a first and final
dividend on Aug. 26, 2005.
Creditors who were not able to prove their debts or claims are
excluded from the benefit of the dividend.
Dated this 5th day of July 2005
Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road, Hawthorn East Vic 3123
Phone: (03) 9882 6666
WYMET PTY: Official Liquidator Appointed
----------------------------------------
Notice is hereby given that at a general meeting of members of
Wymet Pty Limited held on July 8, 20005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
Danny Vrkic of Jirsch Sutherland & Co Wollongong Chartered
Accountants be appointed Liquidator. Such appointment was later
confirmed by creditors at a creditors' meeting held on the same
day.
Dated this 19th day of July 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co.
Wollongong Chartered Accountants
PO Box 573, Wollongong NSW 2500
==============================
C H I N A & H O N G K O N G
==============================
BEST PLAN: Court Issues Winding Up Order
----------------------------------------
Best Plan Holdings Limited whose place of business is located at
G/F Tins' Industrial Building, 94-96 How Ming Street, Kwun Tong,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on August 3, 2005.
Date of Presentation of Petition: June 3, 2005
Dated this 12th day of August 2005
ET O'Connell
Official Receiver
BESTIME TRADING: Enters Winding Up Process
------------------------------------------
Bestime Trading Limited whose place of business is located at
15/F, Chung Fung Commercial Building, 10-12 Canton Road,
Tsimshatsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on August 3, 2005.
Date of Presentation of Petition: June 6, 2005
Dated this 12th day of August 2005
ET O'Connell
Official Receiver
CHARISMA FASHION: Court to Hear Wind-up Petition August 31
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Charisma Fashion Company Limited by the High Court of Hong Kong
Special Administrative Region was on July 5, 2005 presented to
the said Court by Standard Chartered Bank (Hong Kong) Limited
whose registered office is situated at 32/F., 4-4A Des Voeux
Road Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on August 31, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
LOVELLS
Solicitors for the Petitioner
23rd Floor, Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong
Phone: 852 2219 0888
Fax: 852 2219 0222
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 30, 2005.
DATASYS TECHNOLOGY: Delays FY04 Financial Result
------------------------------------------------
Datasys Technology Holdings Limited (8057) announced that the
disclosure of its financial statements for the year ended
December 31, 2004 will be delayed, Infocast News reports.
The company expects to have the audit work for that year started
by September 2005 and completed by November 2005. In addition,
the company held a board meeting on August 11 for the approval
of its unaudited results for the six months ended June 30.
However, the company was unable to complete the amendments in
time and was unable to publish the interim results announcement
on the day. The company will hold a board meeting on August 26
to consider and approve the interim results announcement.
The Stock Exchange reserves its right to take appropriate action
against the company.
Trading in the shares of the company remains suspended pending
the release of an announcement to clarify its financial
standing.
The company posted a net loss of HK$11.412 million in 2004,
versus a net loss of HK$145 million a year earlier. As at the
end of 2004, its current assets amounted to HK$34.216 million,
while the current liabilities amounted to HK$65.399 million.
CONTACT:
Datasys Technology Holdings Limited
Suite 1204, 12/F
Wing On House 71
Des Voeux Road
Central Hong Kong
Phone: 86-10-66412988
Fax: 86-10-66415185
Web site: http://www.datasys.com.cn
GOOD YIELD: To Wind Up Operations
---------------------------------
Notice is hereby given that a Petition for the Winding up of
Good Yield Enterprises Limited by the High Court of Hong Kong
Special Administrative Region was on July 5, 2005 presented to
the said Court by Standard Chartered Bank (Hong Kong) Limited
whose registered office is situated at 32/F., 4-4A Des Voeux
Road Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on August 31, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
LOVELLS
Solicitors for the Petitioner
23rd Floor, Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong
Phone: 852 2219 0888
Fax: 852 2219 0222
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 30, 2005.
HONG KONG OIL: Schedules Winding Up Hearing September 7
-------------------------------------------------------
Notice is hereby given that the Winding up of Hong Kong Oil and
Petrochemical Company Limited by the High Court of Hong Kong
Special Administrative Region was on July 12, 2005 presented to
the said Court by HKL (Chater House) Limited whose registered
office is situate at 8th Floor, One Exchange Square, 8 Connaught
Place, Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on September 7, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of September 6, 2005.
HONG KONG RICHFIELD: Decides to Undergo Wind-up Process
-------------------------------------------------------
Hong Kong Richfield Development Limited whose place of business
is located at Flat A-B, 8th Floor Ngan House, 210Des Voeux 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 August 3, 2005.
Date of Presentation of Petition: June 3, 2005
Dated this 12th day of August 2005
ET O'Connell
Official Receiver
MOULIN GLOBAL: Sells PRC Assets for HK$80 Mln
---------------------------------------------
Moulin Global Eyecare Holdings Limited has entered into an
agreement on August 7, 2005 with Classic Link Group Limited of
the British Virgin Islands (the Purchaser), for the purpose of
the sale of the shares in Leadkeen Industrial Limited, Best
Asset Holdings Limited, Primetime Holdings Limited, and the
Chaoyang Martin Trust Asset (Sale Assets) for a total
consideration of HK$80,000,000.
The consideration was arrived at after arm's length negotiations
between the relevant parties.
Completion of the Transaction is conditional on various
conditions set out under the section headed "Conditions" of this
announcement. Completion occurred on Thursday 11 August 2005.
Having regard to all the circumstances, the Provisional
Liquidators consider that the terms of the Transaction are in
the interests of the Company and are fair and reasonable so far
as the Shareholders are concerned.
Part of the consideration will be paid to certain Group
companies in consideration of them agreeing to forgive certain
inter-company debts. The consideration will ultimately form part
of the estate of Group companies that are in liquidation or
provisional liquidation and will be applied by the liquidators
and provisional liquidators in the ordinary course of the
winding-up of those companies.
The Transaction constitutes a discloseable transaction for the
Company under Chapter 14 of the Listing Rules. A circular
containing, among other things, information relating to the
Transaction will be dispatched to the Shareholders, for
information only, within 21 days from the date of this
announcement.
Trading in the Company's shares has been suspended since 18
April 2005 and will continue to be (Provisional Liquidators
Appointed) suspended until further notice.
For and on behalf of
Moulin Global Eyecare Holdings Limited
(Provisional Liquidators Appointed)
Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators
Hong Kong, 16 August 2005
For a copy of the press release, go to
http://bankrupt.com/misc/UnEncrypted.pdf_moulin.pdf
SHENZHEN CHINA: Faces Bankruptcy
--------------------------------
Shenzhen China Bicycle announced to its shareholders that
Huarong Asset Management Corporation had applied to the Shenzhen
Intermediate People's Court to have it declared bankrupt, The
South China Morning Post reports.
The mainland's biggest bicycle exporter said in an announcement
that in a worst-case scenario it would be delisted if the court
granted the order.
However, Huarong, one of the four state-owned managers of bad
loans, did not wish to see China Bicycle wound up. It hoped to
restructure the troubled firm's debt in the course of the
bankruptcy settlement proceedings, so that it could continue
operating normally in future.
Huarong, with a 13.58 pc stake, is China Bicycle's biggest
shareholder, its biggest creditor and the leader in the firm's
restructuring.
At the end of 2004, China Bicycle had CNY954.5 million of long-
term debt, including CNY721.6 million owed to Huarong. Its long-
term bank debt totaled CNY532.8 million while it had negative
shareholder equity of CNY1.69 billion.
China Bicycle, founded in 1985, has a production capacity of
more than three million bicycles.
CONTACT:
China Huarong Asset Management Corporation
NO.10 Baiyun Road, Xicheng District
Beijing China 100045
Phone: (8610) 63409999
Fax: (8610) 63477644
SPARKLE TREE: Winding Up Hearing Slated for September 2
-------------------------------------------------------
Notice is hereby given that the creditors of Sparkle Tree
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before September 2,
2005, to send in their names, addresses and particulars of their
debts or claims, and the name and address of their solicitors to
the liquidators
If so required by notice is writing from the said Liquidators,
they are to personally or by their solicitors to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.
Dated this 12th day of August, 2005
ROD SUTTON
Joint and Several Liquidator
Ferrier Hodgson Limited
14/F., Hong Kong Club Building
3A Chater Road
Hong Kong
UNIVERSAL ENGINEERING: Begins Liquidation Process
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Universal Engineering & Construction Limited by the High Court
of Hong Kong Special Administrative Region was on July 12, 2005
presented to the said Court by HKL (Chater House) Limited whose
registered office is situate at 8th Floor, One Exchange Square,
8 Connaught Place, Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on September 7, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of September 6, 2005.
WEALTH ENGINEERING: Court Orders Closure of Business
----------------------------------------------------
Wealth Engineering Service Limited whose place of business is
located at Unit C, 15/F, Full Win Commercial Centre, 573 Nathan
Road, Mongkok, Kowloon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on August 3, 2005.
Date of Presentation of Petition: June 6, 2005
Dated this 12th day of August 2005
ET O'Connell
Official Receiver
WELL SUCCESS: Set to End Operations
-----------------------------------
Well Success Industries Limited whose place of business is
located at 11/F, Jonsim Place, 228 Queen's Road East, 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 August 3, 2005.
Date of Presentation of Petition: June 3, 2005
Dated this 12th day of August 2005
ET O'Connell
Official Receiver
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Merger with Two State Airlines Likely
-------------------------------------------------------
The Indonesian government is looking into the possibility of
merging state airline PT Garuda Indonesia with two other
domestic airlines, namely PT Merpati Nusantara Airlines and PT
Pelita Air Service, reports Business Times.
Garuda Indonesia is seeking a government bailout due to heavy
losses and rising costs. According to Minister of State
Enterprises Sugiharto, the government may decide whether to
consolidate the three airlines or not early next year.
Mr. Sugiharto added that if the consolidation would take place,
Garuda could focus on the medium- and high-end market, while
Merpati and Pelita could be merged into a single budget carrier.
Garuda Indonesia's outstanding debt is pegged at IDR7.92
trillion, and it has to pay IDR9.9 trillion for expenses,
maintenance, jet fuel, and wages. It would need to pay such debt
in yearly payments of IDR1.14 trillion.
The government replaced Garuda's board of directors last March
as part of efforts to turn the Company around, but increasing
fuel costs and added competition have made a successful
turnaround difficult. As a result, the government banned several
international budget carriers from landing in Jakarta so as to
protect Garuda, Merpati and Pelita Airlines.
The government's plan to consolidate the three state airlines
and turn it into a low-cost carrier could take as long as five
years, according to Merpati Nusantara president Hotasi Nababan.
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: President May Be Replaced This Month
-----------------------------------------------
The president director of state-owned oil and gas firm PT
Pertamina may be removed from his position and replaced with a
new president as early as this month, Reuters News reports.
Minister for Economy Aburizal Bakrie said that the government
has been screening ex-Pertamina officials and others for the
task of heading the oil firm, currently held by Mr. Widya
Purnama. Mr. Purnama has been head of Pertamina since August
last year.
Aside from the highest position, other officials on the
Company's board of directors are also set to be replaced,
according to Minister of Energy & Natural Resources Purnomo
Yusgiantoro. He said that the reshuffling, which is normal, is
being done to refresh the Company and is not due to the
Company's refusal to operate an oil-rich block with current
operator ExxonMobil, a U.S. energy giant.
Pertamina had recently requested to be the sole operator of the
Cepu oil block, which can produce up to 170,000 barrels of oil
on a daily basis; but this would undermine a plan to allow both
Pertamina and ExxonMobil to share the profits from the oil block
output, along with the government. ExxoinMobil, currently
operating the Cepu block until 2010, had asked for an extension,
but was refused; the profit-sharing plan is the result of a
four-year long dispute between both companies.
According to market speculation, the position of president
director of PT Pertamina would go to either of the following
candidates: Iin Arifin Tahyan, oil & gas director of the
Ministry of mines & Energy; Martiono Hadianto, president of
Pertamina's board of commissioners, or Tubagus Haryono, chief of
oil regulator BPH Migas.
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
=========
J A P A N
=========
KANEBO LIMITED: To Face Punishment Over Cooked Books
----------------------------------------------------
The Securities and Exchange Surveillance Commission (SESC) has
filed a criminal complaint against three former executives of
Kanebo Limited for alleged accounting fraud, Kyodo News reports.
The SESC concluded that as much as about JPY80 billion may have
been wrenched out of the corporate accounts, some JPY5 billion
more than originally believed when three of the multinational's
past top leaders were arrested on July 29.
The three executives were former Kanebo President Takashi
Hoashi, former Vice President Takashi Miyahara, and former
managing director Kenzaburo Shimzada.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MITSUBISHI MOTORS: Thailand Launches L200 Sport Utility Truck
-------------------------------------------------------------
Mitsubishi Motors (Thailand) Co. Ltd. said it would start
exporting the all-new Triton (L200) sport utility truck by the
end of 2005, Autoindex reports.
Available in Single Cab, Club Cab and four-door Double Cab body
types, the new L200 will also add high driving standards to the
mid-size pickup equation, with its contemporary SUV-like
permanent Super Select 4-wheel drive system, active stability
and traction control with 17" wheels and a tight, class-leading
turning circle.
The new L200 will offer all the key work-related attributes,
whilst being eminently capable on and off-road, thanks to its
totally redesigned hydro-formed fully boxed frame and new
independent front suspension and rear live axle set-up.
Engine options in Thailand include:
1) 2.5-liter Indirect Turbodiesel (4D56) capable of 90 PS @ 4000
rpm and 196 Nm @ 2000 rpm
2) 2.5-liter DI-D Hyper Common Rail Turbo (4D56), capable of 116
PS @ 4000 rpm and 247 Nm @ 2000 rpm
3) 2.5-liter DI-D Hyper Common Rail Turbo Intercooler (4D56),
capable of 140 PS @ 4000 rpm and 321 Nm @ 2000 rpm
4) 3.2-liter DI-D Hyper Common Rail Turbo Intercooler (4M41),
capable of 165 PS @ 4000 rpm and 351 Nm @ 2000 rpm.
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
SEIYU LIMITED: Wal-Mart Stores May Sprout in Japan Next Year
------------------------------------------------------------
Seiyu Limited will start opening stores next year developed with
Wal-Mart Store Inc., its top shareholder, and carrying the U.S.
retail group's brand, AFX News reports, citing the Nihon Keizai
Shimbun.
By introducing the store development methods of Wal-Mart, Seiyu
aims to revive its business. Wal-Mart plans to turn the ailing
retailer into a unit as early as this year.
Seiyu also intends to start closing unprofitable stores in 2006,
with up to 10 percent of its 400 stores expected to be shut
down, the report said.
CONTACT:
Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
SEIYU LIMITED: Shares Up 8.7% on Wednesday
------------------------------------------
Seiyu Limited shares surged 8.7 percent after the Nihon Keizai
newspaper reported that Wal-Mart would buy a controlling stake
in Seiyu this year and open outlets in Japan next year under the
Wal-Mart name, Bloomberg News reports.
Wal-Mart owns 42 percent of Seiyu, making it the biggest
shareholder.
SEIYU LIMITED: Same-store Sales Down 2.6% in July
-------------------------------------------------
Seiyu Limited said same-store sales dropped 2.6 percent in July
from a year earlier, a ninth month of decline, according to
Bloomberg News.
Sales of foods fell 2.7 percent, those of clothing fell 2.1
percent, while those of household goods declined 1.5 percent.
UFJ HOLDINGS: R&I Says Delay in Merger Won't Affect Rating
----------------------------------------------------------
Mitsubishi Tokyo Financial Group (MTFG) and UFJ Holdings
announced to postpone the merger plan between their affiliates
The Bank of Tokyo-Mitsubishi and UFJ Bank from their original
plan on October 1 to January 1, 2006. The Rating and Investment
Information, Inc. (R&I) currently places the rating of both
banks at A+ on the assumption of the merger, and it considers
that this postponement will not affect the current rating.
The postponement is based on the judgment that it is necessary
to take careful steps in order to ensure safe system
integration. The mergers among the holding company, the trust
bank, and the security firms will merge according to schedule on
October 1. R&I consider that the 3-months delay for the
preparation of the system integration between the subsidiary
banks will not affect the rating.
Carefulness is required since the disruption caused by a system
failure may give negative impacts on its operation and delay in
cost reduction plan after the merger. The current rating bases
on a smooth integration without any major disruption or a poor
operational performance caused by the merger. Furthermore, the
rating assumes that the new banking group would pursue their
strategic plans smoothly in areas such as the reallocation of
human resources. Therefore, R&I will pay attention to the
progress of the integration.
CONTACT:
Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg.
1-4-1, Nihonbashi
Chuo-ku, Tokyo
103-0027, Japan
Credit Rating Division
TEL.03-3276-3419
FAX.03-3276-3420
Web site: http://www.r-i.co.jp
* Japan Corporate Bankruptcies Down 15% in July
-----------------------------------------------
The number of corporate bankruptcies in July fell 15 percent
from the previous month to 675, reports the Teikoku Bank Data
Ltd.
Debts left by the ailing firms totaled JPY417,424 million, down
5 percent, the private credit research agency said.
Six of seven industrial sectors saw declines in bankruptcies. In
the service industry, the number of bankruptcies showed a sharp
drop of 24.8 percent to 85.
The data covered corporate bankruptcies involving firms with
liabilities of JPY10 million or more. The agency counts only
court-supervised business liquidation and rehabilitation cases,
effective from May.
CONTACT:
Teikoku Databank America, Inc.
747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com
=========
K O R E A
=========
DOOSAN GROUP: Foreign Media Keen on Following Brother's Row
-----------------------------------------------------------
Journalists are fishing for more information on conflicts
between brothers of Doosan Group, The Korea Times relates.
The foreign media, particularly Europeans wanted to conduct an
interview with Doosan's Chairman, Park Yong-sung, but they
failed because Mr. Park did not show interest to meet the said
reporters. The group's ex-chairman also turned down a request
for interview.
"Ex-chairman Park did not want to meet any of the European
reporters. Despite the refusal, a few reporters insisted on
coming to Seoul to meet Park Yong-oh's people," said the ex-
chairman's close aide who asked not to be named.
The aide said he had planned to meet those reporters himself but
that plan was scrapped.
"Revealing chairman Park Yong-sung's specific misconducts to
foreign news media in person is like spitting on one's own face.
Thus we decided not to grant an interview with foreign
reporters," he said. The aide who talked to the Times is also
close to the retired chairman's eldest son Kyoung-won, CEO of
Chun Shin Electronics.
The foreign reporters closely followed Doosan Group's financial
irregularities scandal as it is related to Park Yong-sung who is
up for a third straight election as head of International Judo
Federation (IJF) at Cairo, Egypt, on September 5. Mr. Park is a
prominent sports figure as a member of the International Olympic
Committee (IOC).
Mr. Park's international reputation is already stained by the
corruption scandals. His morality is now placed in question and
would possibly jeopardize his bid to run for a third term
against Romania's Marius Vizer. European countries are
supportive of Mr. Vizer, while Mr. Park gets backing up from the
Judo Union of Asia.
Meanwhile, local media heats up the row between brothers by
publishing unverified hearsay.
The ex-chairman currently denied a report that was released in
the Yonhap News Agency that he was able to secure evidence of a
hostile and merger acquisition (M&A) attempt by the Doosan Group
vice chairman Park Yong-maan, the fifth of the six sons of late
founder Park Doo-byung, to take over Samhwa Crown & Closure.
Doosan Group also dismissed the allegation as fiction.
CONTACT:
Doosan Group
Web site: http://www.doosan.com/english/en_index.html
HANAROTELECOM: Union Vows to Defend Employment Stability
--------------------------------------------------------
A possible labor-management dispute would erupt in Hanarotelecom
Inc., following the premature resignation of the company's chief
executive officer, The Korea Times said.
According to the union, the move was a destabilization plot
against the current employment structure. Former CEO Yoon
Chang-bun moved away from daily operations to become the company
chairman.
The union issued the statement amid speculation that the
American International Group (AIG) and Newbridge, the foreign
majority shareholders, were calling for the drastic
restructuring of its workforce.
"We believe that the foreign shareholders are behind Mr. Yoon's
resignation," the union said in the statement. "It has become
even clearer that they are not interested in the long-term
development of the company."
The union is committed to repel any attempt to undermine the
company's employment stability.
With the union's statement, all eyes are focused on acting chief
executive officer Kwon Soon-yup on how he would deal a possible
conflict with the union.
CONTACT:
Hanarotelecom Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
SAMSUNG GROUP: SGIC to File Legal Action
----------------------------------------
Samsung Group will most likely face a lawsuit from the creditors
of Samsung Motors, according to The Korea Times.
The automaker's main creditor Seoul Guarantee Insurance Corp.
(SGIC) mulls of filing a lawsuit against Samsung Group to recoup
the losses stemming from the carmaker's insolvency as it's
efforts to sell its stake in Samsung Life Insurance Inc. was
unsuccessful.
"Since we judge that it is impossible to sell the insurer's
shares this year, we plan to file a lawsuit against Samsung
Group in mid September," the official said. Obligations held by
creditors are slated to be nullified at the end of this year.
According to SGIC, Samsung should repay its debt by repurchasing
a stake in Samsung Life. The purchase would enable it to recover
KRW5 trillion in principal and interest.
By September, SGIC mulls of holding a meeting with other
creditors like Woori Bank and the Korea Development Bank (KDB),
to finalize its plan to sue Samsung Group.
The SGIC has the 1.88 million shares in Samsung Life, 53.78
percent of the 3.53 million shares, followed by Woori Bank with
540,000 shares, the KDB with 378,000 shares and the Korea
Exchange Bank with 120,000 shares.
Samsung Group however is brushing off SGIC's claim. The group
said that the automaker's creditors claim would not make any
difference. If a case will be taken to court, the group is also
ready to file a counter claim against the creditors, Samsung
Group official Choi Seok-jin said.
"We have done all we can do so far to solve the problem, but
things have been going against us," Mr. Choi added. "We will not
be in a disadvantageous position even if the case is turned over
to the court because the failure of the listing is not our
fault, but the regulator's responsibility."
The creditors have been looking to sell 3.53 million shares in
Samsung Life, the nation's largest life insurer, which they
received from Samsung Group chairman Lee Kun-hee years ago as
collateral for Samsung Motor's debts.
By the end of 2000, Samsung listed the insurer in the main
exchange as part of an effort to have the creditors recover
their losses. Samsung estimated the insurer's listing would be
valued at around KRW700,000 per share.
However, the listing was pushed back, prompting them to sell
their Samsung Life shares. Financial regulators have pushed for
the listing of life insurers on the bourse, but the plan was
deadlocked as the insurers and civic groups disagreed on how
capital gains from the listing should be distributed to
insurance subscribers.
CONTACT:
Samsung Group
250, 2-ga, Taepyung-ro, Jung-gu
Seoul 100-742, South Korea
Phone: +82-2-727-7114
Fax: +82-2-727-7985
===============
M A L A Y S I A
===============
ASIA PACIFIC: Inks SPA to Dispose of Land Assets
------------------------------------------------
Asia Pacific Land Berhad (AP) issued to Bursa Malaysia
Securities Berhad an update on the proposed disposal of three
(3) pieces of lands known as Lot No. 129 (The Freehold Property)
AND LOT NOS. 748 AND 749 (The Leasehold Property) all located at
Jalan Sultan Ahmad Shah, 10050 Pulau Pinang to a related party,
Bintang Holdings Sdn Bhd for a total cash consideration of
MYR14.25 million.
The company refers to its Announcement to the exchange dated
August 11, 2005 in relation to the execution of two (2) Letters
of Intent (the Letters of Intent) by the wholly owned subsidiary
of the Company, Marina Mirage Hotel Sdn Bhd (MMH or the Vendor)
with a related party, Bintang Holdings Sdn Bhd (BHSB or the
Purchaser) under which MMH has agreed in principle to sell to
BHSB three (3) pieces of lands known as Lot No. 129 and Lot Nos.
748 & 749, all located at Jalan Sultan Ahmad Shah, 10050 Pulau
Pinang (collectively referred to as the Property) for a total
cash sale consideration of MYR14.25 million (the Proposed
Disposal).
The Board of Directors of AP Land unveiled to Bursa Securities
that MMH and BHSB has entered into two (2) conditional Sale and
Purchase Agreements dated August 15, 2005 in relation to the
abovementioned Proposed Disposal upon the salient terms and
conditions as agreed by MMH and BHSB under the Letters of Intent
dated August 11, 2005.
CONTACT:
Asia Pacific Land Bhd
49, Empire Tower,
City Square Centre,
Jalan Tun Razak,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-21631200
Fax: 03-21631157
BUKIT KATIL: Asked to Defend from Being Delisted
------------------------------------------------
The Board of Directors of Bukit Katil Resources Bhd (BKatil)
advised Bursa Malaysia Securities Berhad that BKatil has been
issued with a Notice of Show Cause on De-Listing of Securities
of the company on August 12, 2005 by Bursa Malaysia Securities
Berhad (Bursa Securities) as follows:
(a) BKatil has been accorded 14 days or such other time as may
be specified by Bursa Securities to make representations to
Bursa Securities on why the securities of BKatil should not be
removed from the Official List of Bursa Securities;
(b) In the event Bursa Securities decides to de-list the
securities of BKatil, the securities of BKatil shall be removed
from the Official List of Bursa Securities upon the expiry of 14
days from the date of notification of the decision to de-list
BKatil or upon such other date as may be specified by Bursa
Securities; and
(c) In the event Bursa Securities decides not to de-list BKatil,
other appropriate action/penalty(ies) may be imposed pursuant to
paragraph 16.17 of Bursa Securities Listing Requirements.
The Board of Directors of BKatil disclosed that BKatil is in the
midst of writing the representations supported by documentary
evidence (if necessary) to Bursa Securities as to why the
securities of BKatil should not be de-listed from the Official
List of Bursa Securities.
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
DATAPREP HOLDINGS: SC Rejects Subject Application
-------------------------------------------------
Dataprep Holdings Bhd (Dataprep) issued to Bursa Malaysia
Securities Berhad details of the Private placement of up to
6,400,000 new ordinary shares of MYR1.00 each in the Company
(Placement Shares), representing approximately 10 percent of the
issued and paid-up share capital of the Company (Placement).
Reference is made to the announcement dated January 28, 2005 in
relation to the approval granted by the Securities Commission
(SC) to extend the deadline for Dataprep to complete the
Placement from January 27, 2005 to July 27, 2005.
Dataprep had on July 12, 2005 submitted an application to the SC
for a further extension of time to complete the Placement for
another 6 months from July 27, 2005 to January 27, 2006 (Subject
Application).
The Board of Directors of Dataprep disclosed that the SC has
rejected the Subject Application vide its letter dated August
11, 2005.
For details of the Placement, please refer to the announcements
dated June 30, 2004, August 3, 2004 and October 5, 2004.
This announcement is dated 15 August 2005.
CONTACT:
Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Phone: 603-2539625
Fax: 603-2539620
DATUK KERAMAT: Exchange Asks Firm to Comply with LR
---------------------------------------------------
On August 12, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of
MYR126,000 on Datuk Keramat Holdings Berhad for breach of
paragraph 9.23(b) of the Listing Requirements of Bursa
Securities (Bursa Securities LR).
Paragraph 9.23(b) of the Bursa Securities LR stipulates that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' reports shall, in any
case, be given to Bursa Securities for public release, within a
period not exceeding 4 months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of 4 months from the close of the financial year
of the listed issuer.
DKMAT has breached paragraph 9.23(b) of the Bursa Securities LR
for failure to submit its annual audited accounts for the 15
months period ended December 31, 2004 (AAA 2004) on or before
April 30, 2005. As of to date, DKMAT has yet to furnish the AAA
2004 to Bursa Securities.
The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all the circumstances and the relevant factors of the matter
including the fact that DKMAT had previously breached the Bursa
Securities LR. Bursa Securities also directed DKMAT to furnish
the AAA 2004 to Bursa Securities for public release within one
(1) month from the date hereof.
Previous Public Reprimands
(i) On October 23, 2003, Bursa Securities had publicly
reprimanded DKMAT for the following breaches of the Bursa
Securities LR:
(a) Paragraph 9.23(b) of the Bursa Securities LR for failing to
submit the annual audited accounts for the 15 months ended June
30, 2001 (AAA 2001) not later than 4 months after the end of the
financial year, i.e. on or before October 31, 2001. The AAA 2001
was only furnished to Bursa Securities on January 4, 2002.
(b) Paragraph 9.23(a) of the Bursa Securities LR for failing to
submit the annual report for the 15 months ended June 30, 2001
(AR 2001) not later than 6 months after the end of the financial
year, i.e. on or before December 31, 2001. The AR 2001 was only
furnished on January 28, 2002.
(c) Paragraph 9.23(b) of the Bursa Securities LR for failing to
submit the annual audited accounts for the 9 months ended March
31, 2002 (AAA 2002) not later than 4 months after the end of the
financial year, i.e. on or before July 31, 2002. The AAA 2002
was only furnished to Bursa Securities on 21 October 2002.
(d) Paragraph 9.23(a) of the Bursa Securities LR for failing to
submit the annual report for the 9 months ended March 31, 2002
(AR 2002) not later than 6 months after the end of the financial
year, i.e. on or before September 30, 2002. The AR 2002 was only
furnished on November 1, 2002.
(ii) On July 9, 2004, Bursa Securities had publicly reprimanded
DKMAT for breach of paragraph 9.19(19) of the Bursa Securities
LR for failing to make an immediate announcement that a winding-
up petition was served on the Company by Am Bank Bhd (the
Petition) on December 22, 2003. The announcement of the Petition
was only made to Bursa Securities on January 15, 2004, after a
delay of 15 market days.
Bursa Securities views the above contravention seriously and
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.
CONTACT:
Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766
KIA LIM: Awaits SC Approval on Proposal
---------------------------------------
Kia Lim Berhad (Kialim) issued to Bursa Malaysia Securities
Berhad details on the following proposals:
- Proposed Rights Issue
- Proposed Debt Restructuring (Proposed DRS)
AmMerchant Bank Berhad (AmMerchant Bank) (a member of the
AmInvestment Group), on behalf of Kia Lim Berhad informed the
exchange that the approval obtained from the Securities
Commission (SC) for the abovementioned Proposals expires on
August 15, 2005.
An application of an extension of time had been submitted to the
SC on July 28, 2005 and a decision from the SC is pending as at
the date of this announcement.
CONTACT:
Kia Lim Berhad
Wisma Ng Hoo Tee, 79,
Jalan Muar, Parit Sulong,
Batu Pahat Johor 83500
Telephone: 07-4186230
Fax: 07-4187517
LITYAN HOLDINGS: Waiver Application Get SC's Nod
------------------------------------------------
Lityan Holdings Berhad (LHB) issued to Bursa Malaysia Securities
Berhad details to the proposed disposals of twenty two (22)
pieces of freehold lands all situated in Mukim Krubong, District
of Melaka Tengah measuring approximately 193.686 acres for a
total sale consideration of MYR9,684,300, to be satisfied wholly
in cash.
Subsequently, Alliance Merchant Bank Berhad (Alliance), on
behalf of the Board of Directors of LHB, had on May 24, 2005
submitted an application to the Securities Commission (SC) for a
waiver under the Guidance Note 12 of the SC's Policies and
Guidelines on Issue/Offer of Securities (Waiver Application).
In this respect, Alliance, on behalf of the Board of Directors
of LHB, disclosed that the SC, via its letter dated August 10,
2005, which was received on August 15, 2005, approved the Waiver
Application without any conditions attached.
This announcement is dated 15 August 2005.
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
PANTAI HOLDINGS: Puts Up Indonesian Unit
----------------------------------------
The Board of Directors of Pantai Holdings Berhad (PHB) advised
Bursa Malaysia Securities Berhad the establishment of PT. Pantai
Healthcare Consulting (PT.PHC) in the Republic of Indonesia on
August 10, 2005.
With the establishment, PT.PHC is regarded as a legal entity but
would require the confirmation and approval of the Department of
Law and Human Rights of the Republic of Indonesia of its limited
liability status and the contents of its articles of
association.
The proposed authorized capital of PT.PHC would be
IDR981,000,000 divided into 981,000 shares of IDR1,000 each
(Indonesian IDR100 = MYR0.0441 approximate) of which IDR981,000
will be issued and fully paid-up. PT.PHC will be wholly owned by
the PHB Group through equal shareholdings of PHB's wholly owned
subsidiaries, Pantai Group Resources Sdn Bhd and Pantai
Hospitals Sdn Bhd.
PT.PHC would be involved in the provision of healthcare
consulting services in Indonesia.
None of the Directors, major shareholders of PHB or persons
connected with them has any interest, direct or indirect in the
above.
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
PANTAI HOLDINGS: Purchases New Ordinary Shares
----------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back from: August 1, 2005
Date of buy back to: August 5, 2005
Total number of shares purchased (units): 772,200
Minimum price paid for each share purchased (MYR): 1.030
Maximum price paid for each share purchased (MYR): 1.090
Total amount paid for shares purchased (MYR): 820,924.94
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 772,200
Total number of shares retained in treasury (units): 37,881,000
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 12/08/2005
Lodged by: Pantai Management Resources Sdn Bhd
PANTAI HOLDINGS: Issues Additional Shares for Listing
-----------------------------------------------------
Pantai Holdings Berhad advised that its additional 458,428 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR513,440 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 458,428 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, August 16, 2005.
POS MALAYSIA: Bourse Lists, Quotes Additional Shares
----------------------------------------------------
POS Malaysia & Services Holdings Berhad informed that its
additional 103,000 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., Tuesday, August 16, 2005.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323
Fax: +60 3 2166 2266
SURIA CAPITAL: To Appeal Court's Decision
-----------------------------------------
Further to the announcement made on August 10, 2005, Suria
Capital Holdings Berhad disclosed that the Court had dismissed
Suria's application to adduce fresh evidence relating to the
Kuala Lumpur High Court Suit No. S1-22-38-04 Times Educational
Co. Sdn. Bhd. Vs. Suria Capital Holdings Berhad (SURIA), with
cost.
However, the company will be instructing its solicitors to
appeal against the decision.
Announcement Authorized By:
Hj. Abu Bakar @ Wahab Hj. Abas
Group Managing Director
CONTACT:
Suria Capital Holdings Berhad
Karamunsing, Km 2.4 Jalan Tuaran
88300 Kota Kinabalu, Sabah 88300
Malaysia
Telephone: +60 8 8257 788 / +60 8 8256 410
TELEKOM MALAYSIA: KPMG Unveils Final Value of G-Com Shares
----------------------------------------------------------
Telekom Malaysia Berhad (TM) issued to Bursa Malaysia Securities
Berhad details of the final determination on the value of G-COM
Limited's (G-COM) shares in relation to the settlement between
the company and the government of the Republic of Ghana (GoG).
(1) With reference to TM's announcement on May 9, 2005 regarding
the agreement between GoG and TM to amicably settle their
international arbitration proceedings. The Settlement Documents
were executed on May 7, 2005 between TM, TM International Sdn
Bhd (TMI), G-Com and the GoG. TMI is the wholly owned subsidiary
of TM, whilst TMI holds 85 percent equity in G-Com. G-Com in
turn holds 30 percent equity in Ghana Telecommunications Company
Limited (GT).
(2) The company advised that according to the settlement terms,
KPMG Forensic, a division of KPMG LLP (KPMG) acting in their
capacity as an independent expert valuer has, on August 11, 2005
delivered its decision on the fair market value of G-Com's
thirty percent (30 percent) shares in GT.
(3) In the said final decision, KPMG has determined that the
fair market value of the said G-Com's shares as at June 2, 2002
is US$52.2 Million and such determination shall be final and
binding on the GoG and TM.
(4) Upon the completion of the above determination, the said
decision will be recorded in a Final Award of the Arbitral
Tribunal to be recorded by the Permanent Court of Arbitration in
due course. The Final Award will effectively signify the
completion of the settlement processes as stated in the
Settlement Agreement dated 7 May 2005.
(5) In accordance with the settlement terms, the GoG will pay TM
the settlement sum due and payable under the Deposit Refund and
the Strategic Investment Claims in installments until 2007. When
the GoG has made full and complete payment of the above amount
plus accrued interest within the abovesaid stipulated period,
the ownership of G-Com's 30% shares will be transferred to the
GoG.
TM will make further announcement of any material development on
the above matter from time to time.
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
TELEKOM MALAYSIA: Wind-Up Petition on Unit Won't Affect Business
----------------------------------------------------------------
Telekom Malaysia Berhad issued to Bursa Malaysia Securities
Berhad details of the winding-up petition under Section 218 OF
the Companies Act 1965 by Inmiss Communication Sdn Bhd (Inmiss)
against Mobikom Sdn Bhd (Mobikom).
The company refers to Telekom Malaysia Berhad's (TM)
announcement to Bursa Malaysia dated August 11, 2005 and the
article published on page 24 of The Star, under the section on
"Nation", reporting that Inmiss has filed a winding-up petition
under Section 218 of the Companies Act 1965 against Mobikom, a
wholly owned subsidiary of TM, at the High Court, in respect of
MYR27.4 million claimed by Inmiss.
Pursuant to Paragraph 9.19(19) of the Listing Requirements of
Bursa Malaysia Securities Berhad, TM disclosed that the company
have on August 12, 2005, received confirmation from Mobikom's
solicitors on the filing of the said winding-up petition by
Inmiss at the High Court on August 11, 2005.
As stated in TM's announcement on August 11, 2005, Mobikom has
filed an appeal with the Court of Appeal against the High
Court's decision on August 10, 2005 in dismissing Mobikom's
application with costs for an inter parte injunction to restrain
Inmiss from presenting the said winding-up petition pending the
disposal of Mobikom's applications to set aside the Arbitration
Award dated March 31, 2005 in the High Court.
TM informed the Exchange that the said Award against Mobikom has
yet to be registered in accordance with the Arbitration Act 1952
by Inmiss' lawyers for the purpose of enforcement. Meanwhile,
Mobikom had filed an application to set aside the said Award on
April 22, 2005 and the said application is currently pending in
the High Court.
Accordingly, the debt alleged to be due to Inmiss under the said
Award is disputed and has yet to be determined by the High
Court.
Based on legal advice, Mobikom has a reasonably good chance of
success in its applications and appeals for the setting aside of
the Arbitration Award in the High Court and the appeal against
the High Court's decision as abovementioned in the Court of
Appeal respectively.
TM reiterated that the filing of the winding-up petition by
Inmiss against Mobikom and the appeal lodged by Mobikom at the
Court of Appeal as abovementioned will not have any material
financial and operational impact on TM.
TM will make further announcement of any material development on
the above matter from time to time.
TRANSOCEAN HOLDINGS: Details Unit's Payment Default Status
----------------------------------------------------------
Further to the announcement made on July 14, 2005, Transocean
Holdings Bhd updates Bursa Malaysia Securities Berhad on the
banking facilities in default by the Company's 75 percent owned
subsidiary, Transocean Biotec (M) Sdn Bhd (TBM) to Malayan
Banking Berhad (MBB) as at July 31, 2005 as below:
Type of Facilities Principal and Interest (RM)
Overdraft Facility 1,905,453.42
Term Loan 181,103.18
Total Outstanding 2,086,556.60
In compliance with Paragraph 3.2 of Practice Note 1/2001, the
Company hereby announces that TBM had informed MBB for the
settlement of the said defaults by utilizing the balance of the
sale proceeds to be procured from the purchaser in relation to
the disposal of TBM's properties.
This announcement is dated 12 August 2005.
CONTACT:
TransOcean Holdings Berhad
Wisma Transocean,
No. 46, Weld Quay,
Penang 10400
Telephone: 04-2622518
Fax: 04-2614843
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Eyes IPO, Php6.9-Bln Securities Sale
--------------------------------------------------------
Atlas Consolidated Mining and Development Corp. is slowly
rebuilding itself and aims to restart what was once Southeast
Asia's largest copper mine, according to Malaya News.
Its revival program include plans to raise Php6.9 billion
(US$125 million) by selling its output in advance and listing as
a new unit on the Philippine Stock Exchange.
Atlas president Alfredo Ramos said the mining firm would revert
to a holding company for five entities, one of which is the
Carmen Copper Corp.
Carmen Corp. would be listed to revive the Toledo mine, closed
in 1994 by a typhoon and a slump in metal prices.
Mr. Ramos added that Atlas promised the president, who supported
the restart of the mine in Cebu, that it will be operational in
2006.
Atlas said it would undertake the IPO late this year or early
next year, adding that Macquarie Bank would probably underwrite
AU$50 million.
Atlas also plans to raise at least US$75 million, wiping out the
company's debts, by selling output from the Toledo mine in
advance. Five or six Asian copper smelters had already submitted
preliminary bids for the raw material. More detailed proposals
were expected by the end of September.
Atlas also plans, as a holding company, to oversee a nickel
project on Palawan island owned by London-listed Toledo Mining
Corp. Plc. separate water, construction and property companies.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
LIBERTY TELECOMS: Business Goes from Bad to Worse
-------------------------------------------------
For the quarter ended June 30, 2005, Liberty Telecoms Holdings
Inc. and its subsidiaries incurred a huge net loss of Php116.8
million, significantly higher that the previous year's Php81.5
million.
During the second quarter, sales volume was lowest since the
Company started to expand business operations as a result of
temporary shutdown of some business operations to curb the
Company's mounting losses. Revenue dropped 64 percent from
Php101.8 million in June 2004 to Php36.72 million in June 2005.
To download a copy of the firm's financial statements, click on:
http://bankrupt.com/misc/tcrap_libertytelecoms081705.pdf
The Management in its effort to stop continuing losses to the
Company's coffers decided to temporarily close down the
nationwide telecommunications business operations of
subsidiaries Liberty Broadcasting Network Inc. (LBNI) and
Skyphone Logistics Inc(SLI) sometime in April 2005, but it has
continued to look for private equity placement which will enable
the Company to go back to its normal operations and
consequently, be able to implement all the business plans of the
Company.
The decision became inevitable due to the inability of the
Company to meet interest payments and principal repayments on
the financial obligations to creditor banks and private
creditors.
As early as December 2004, LBNI has been receiving default and
acceleration notices and demand for payments from creditors.
Further, secured creditors of LBNI threatened to and did
actually foreclose on certain respective mortgages and pledges.
The Management during those times thought that the problems
could be solved by negotiating for restructuring of loans.
However, as of date of this report, only Development Bank of the
Philippines and Bank of Commerce have shown interest in
converting existing loans of LBNI into equity in a joint venture
with LBNI that will involve the overlying of a WI-MAX Network on
the nationwide backbone network of LBNI.
In the past months, the Company has been holding discussions
with creditors for a modification of loan payment schedules,
raising equity through private placement of primary shares, and
continuing efficiency program initiatives and company-wide cost
reduction schemes.
CONTACT:
Liberty Telecoms Holdings Inc.
Technology Centre
2298 Pasong Tamo Ext.,
Makati City 1231
Philippines
Phone: 813-0377; 815-9801/8831 to 35
Fax: 816-0049
LIBERTY TELECOMS: Files Petition for Corporate Rehabilitation
-------------------------------------------------------------
Liberty Telecoms Holdings Inc. on August 16, 2005, disclosed
that:
"Notice is hereby given that Liberty Telecoms Holdings Inc.
(LTHI) together with its subsidiaries, Liberty Broadcasting
Network Inc. (LBNI) and Skyphone Logistics Inc. (SLI) filed a
Petition for Rehabilitation and Suspension of Payments with the
Regional Trial Court of Makati City, Metro Manila."
Pursuant to Article XVI, Section 2 of the Listing and Disclosure
Rules of the Exchange:
"Criteria for Delisting - A listed Company that is experiencing
one of the following conditions shall be considered for
delisting:
(e) Whenever liquidation of the listed Company's assets has been
authorized, or dissolution of the listed Company has been
ordered by any competent authority. An announcement by the
listed company of an intent to file, or the actual filing of,
proceedings for suspension of payments or under the Insolvency
Law, or the listed Company otherwise becomes the subject of
legal proceedings under the Insolvency Law shall merit an
immediate suspension of the trading of security(ies) of the
listed Company;"
Likewise, as provided under the Implementing Guidelines on
Companies Under Corporate Rehabilitation, which was disseminated
through Memo for Brokers No. 017-2005 dated January 19, 2005:
"A. Issuance of Trading Suspension
As provided for in the Listing & Disclosure Rules, a trading
suspension shall immediately be issued upon receipt of the
initial disclosure on any planned or actual filing of a petition
for corporate rehabilitation. A Circular is issued to Trading
Participants announcing the planned or actual filing, and the
trading suspension to be effected."
In view of the foregoing and in accordance with the aforequoted
rule and guidelines, the Exchange shall issue an indefinite
trading suspension on the Corporation's shares effective
Wednesday, August 17, 2005.
The Company shall inform the Trading Participants and the
investing public of further developments on the matter.
About the Company
Liberty Telecoms Holdings, Inc. (LIB) was incorporated in
January 1994 primarily to engage in real and personal property
businesses; to deal in stocks, bonds and other securities or
evidence of indebtedness of any entity; and to acquire all or
any part of the business of any entity. Shortly after its
incorporation, the company acquired all of the shares of stock
of Liberty Broadcasting Network, Inc. (LBNI), Radionet, Inc.
(RI) and Tanya Development, Inc. (TDI). Consequently, these
companies became wholly owned subsidiaries of LIB. On March 15,
2000, the three wholly owned subsidiaries of the company merged,
with LBNI as the surviving company.
LIB's business strategy is to offer products and services to
meet the telecommunication needs of its various customers. It
strives to create a niche in the vast telecommunications sector
by providing products and services that will answer customer
requirements in both voice and data communications.
MANILA ELECTRIC: Can Offset Refund Due Government
-------------------------------------------------
The national government has allowed Manila Electric Company
(Meralco) to offset over Php1 billion in refunds due to the
government against the unpaid electricity bills of state
agencies, BusinessWorld reports.
The latest development has given Meralco a breather from
sourcing the needed funds.
Meralco President Jesus Francisco said the company has secured
approval from the state Energy Regulatory Commission to apply
the refund against outstanding government accounts.
The report says sources place the government arrears to Meralco
at more than Php1 billion.
In 2003, the Supreme Court ordered Meralco to refund customers
for overbillings that arose from a rate adjustment allowed by
energy regulators in 1994. The overbillings totaled around Php29
billion.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MAYNILAD WATER: Needs More Time to Lodge Restructuring Plan
-----------------------------------------------------------
Maynilad Water Services Inc. is considering asking a court to
extend the deadline for the filing of its capital restructuring
plan with the Securities and Exchange Commission (SEC),
according to BusinessWorld.
Maynilad receiver Rosatio S. Bernaldo said the application's
deadline was September 30, but the water distributor is asking
more time for deliberations on policy problems within the
Metropolitan Waterworks and Sewerage System (MWSS).
Ms. Bernaldo added that a three-month extension would give MWSS
enough lead time to privatize Maynilad.
WSS is already deliberating whether it will subscribe first to
shares in Maynilad or pass the assets immediately to the new
private operator. Under the rehabilitation scheme, MWSS has
become the majority shareholder of Maynilad, with an 84% stake.
Although the rehabilitation blueprint has given MWSS the option
to subscribe to the shares, it can only hold on to these for six
months before transferring them again to a private entity, Ms.
Bernaldo said.
The SEC can only approve the capital restructuring plan upon new
ownership.
The rehabilitation proposal of the debt-saddled firm is still
subject to approval by several government agencies.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL POWER: Court Junks Petition Against Power Hike
-------------------------------------------------------
A consumer group's bid for reconsideration of an earlier ruling
affirming an increase in the generation rates of National Power
Corporation (Napocor) was rejected by the Court of Appeals (CA),
BusinessWorld reports.
In a three-page resolution dated Aug. 11, the appellate court
dismissed the petition of the National Association of
Electricity Consumers for Reforms (Nasecore) on a technicality,
saying that rules of procedure are not meant to "frustrate the
ends of justice".
Nasecore, it said, has availed of the "wrong remedy" when it
filed the petition for review before the court.
The court noted that the questioned September 2004 decision of
the Energy Regulatory Commission, which granted a 97.98 centavo
per kilowatt-hour rate hike, was just a "provisional authority"
that was not final. The proper action, it said, was to file a
petition for certiorari.
"The petitioner (Nasecore) availed of the wrong remedy. It (the
September 2004 ERC decision) being not a final order or
decision, the proper remedy is a petition for certiorari under
Rule 65, not a petition for review," the appellate court said
through Associate Justice Jose Catral Mendoza.
It also pointed out that the signatory to the consumer group's
verification and certification documents attached to their
motion had no authority to represent Nasecore.
Nasecore first questioned the validity of the power rate
increase in January, saying the increase did not meet
international standards.
The CA first dismissed the petition last February 24, 2005 given
the lack of pertinent documents.
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/
PLATINUM PLANS: Watchdog Rejects Rehabilitation Plea
----------------------------------------------------
The Securities and Exchange Commission (SEC) is not in favor of
the rehabilitation petition of Platinum Plans Philippines Inc.,
BusinessWorld reports.
The corporate watchdog has requested the Makati Regional Trial
Court to dismiss the petition filed by Platinum seeking the
suspension of its debt payments, pointing out that the pre-need
firm is both illiquid and insolvent.
The SEC insisted Platinum is beyond repair and its assets are no
longer sufficient to cover all its debts. Platinum's assets are
valued at Php2.9 billion against liabilities of Php3.2 billion.
SEC Secretary Gerard Lukban said the SEC had called the
attention of Platinum in April immediately after the SEC unit
found the deficiencies. However, Platinum Plans reportedly
failed to deposit to its trust fund for a certain period despite
the notice.
The court, which will decide whether Platinum Plans will be
liquidated or not, will weigh the comment of the SEC together
with the opinions of the concerned parties.
Meanwhile, the SEC is not preparing any charges against Platinum
at this time.
Platinum earlier said its decision to file for rehabilitation
resulted from a significant drop in revenues due to the erosion
of public confidence on the pre-need industry as a result of the
continuing problems of major player College Assurance Plans
(Philippines), Inc.
CONTACT:
Platinum Plans Philippines Inc.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
E-mail: els@platinumplans.com
PRICESMART INCORPORATED: Transfer of Domestic Ops Ends Row
----------------------------------------------------------
The long-standing dispute between PriceSmart Incorporated and a
shareholder was resolved after the U.S.-based retailer
transferred its Philippine operations to a local minority
investor E-Class Corporation, The Philippine Star reports.
Embattled PriceSmart agreed to transfer its 52-percent stake in
PSMT Philippines to E-Class, which will take its holding to 90
percent.
E-Class had earlier accused PriceSmart of siphoning off funds by
overpricing supplies, furniture and equipment in its four PMST
stores. The charges led to a string of legal claims being lodged
in the U.S. and Philippine courts.
William Go, president of E-Class Corp, said all legal charges
have now been withdrawn.
Last week, PriceSmart announced it would dissolve its local
subsidiary, PSMT Philippines, after it inked an agreement to
sell its stake in PSMT and resolve all outstanding litigation
with partner E-Class Corp.
The Philippine unit is expected to report a loss of Php400
million (US$7.14 million) for the financial year ending August
31, 2005.
PriceSmart was the first foreign investor in the local retail
industry when the government allowed foreigners to set up retail
shops in 2000.
It controlled 52 percent of PriceSmart Philippines while E-Class
Corp owned 38 percent and First Metro Investments Corp the
remaining 10 percent.
CONTACT:
Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com
PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689
PRICESMART INCORPORATED: Go Will Keep Name, Stores
--------------------------------------------------
U.S.-based PriceSmart Inc. will permit the new owner of PSMT
Philippines to use its brand name until August next year,
according to BusinessWorld.
E-Class Corp. President William S. Go said the US-based retailer
had agreed to allow his company to use "PriceSmart" without
royalties as part of their compromise agreement.
Howver, Mr. Go said his COmpany will review the possibility of
dropping the brand name after six months.
E-Class Corp., which now owns 90 percent of PriceSmart
Philippines Inc., also said it would continue to operate the
PriceSmart warehouse stores in Alabang, Muntinlupa;
Congressional Road, Quezon City; Fort Bonifacio, and Baclaran.
Mr. Go also said he would want to put up a store in Cebu City by
next year, and another store in Metro Manila.
E-Class Corp. will focus on reversing the losses of PriceSmart
Philippines, which Mr. Go estimates at Php400 million for 2004,
and paying US$16.5 million in debts.
=================
S I N G A P O R E
=================
CONCEPT DISTRIBUTION: Wound Up by Parent Firm
---------------------------------------------
Ite Electric Co. Limited announced that it has put its 90%-owned
subsidiary, Concept Distribution Pte Limited (through wholly
owned unit Electech Distribution Systems Pte Limited), under a
members' voluntary wind up, and has appointed liquidators fur
the wind up.
Concept Distribution Pte Limited ceased operations in 2001.
The members' voluntary wind up of the Company is not expected to
affect ITE Electric's net tangible assets and earnings per share
for the financial year ending Dec. 31, 2005.
By Order of the Board
Yap Lune Teng/Sophie Lim Lee Cheng
Joint Secretaries
August 16, 2005
CONTACT:
Concept Distribution Pte Limited
C/o Electech Distribution Systems Pte Limited
1 Harrison Road, ITE Electric Building
#07-01 Singapore 369652
Phone: 65 6286 9933
Fax: 65 6343 2288/6284 3452
Email: electech@ite.com.sg
Web site: http://www.ite.com.sg/
GEA TECHNOLOGY: Court Orders Winding Up
---------------------------------------
In the matter of GEA Technology Pte Limited, the Singapore High
Court issued a winding up order against the Company on Aug. 5,
2005, with the following details:
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11 & #06-11
Singapore 069118
Messrs Lee & Lee
Solicitors for the Petitioner
CONTACT:
GEA Technology Pte Ltd
Blk 203 Henderson Road
#06-01 Henderson Industrial Park
Singapore 159 546
Phone: 65 6872 5005
Fax: 65 6872 1771
E-mail: geatech@singnet.com.sg
KUMAGAI INVESTMENTS: Creditors to Meet August 19
------------------------------------------------
Notice is hereby given that a meeting of the creditors and
contributories of Kumagai Investments Pte Limited will be held
on Aug. 19, 2005, 3:30 p.m. at 16 Raffles Quay, #22-00 Hong
Leong Building, Singapore 048581 for the purposes of:
(a) Receiving the Liquidators' report and a statement of all the
Company's receipts and payments during the period of liquidation
(including estimates up to the proposed finalization of the
liquidation), and hearing any explanation that may be given by
the Liquidator and considering the Liquidator's intention to
apply to Court for release;
(b) Passing a resolution under section 268 (3) (b) of the
Companies Act (Cap. 50, 1994 Ed) to consent to the amount of the
liquidators' remuneration as set out in the attached Receipts
and Payments;
(c) Considering any other business.
Creditors must submit their proof of debt to the Liquidator to
be entitled to vote at the meeting.
Dated this 5th day of August 2005
Michael Ng Wei Teck
Liquidator
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
Note:
Creditors may vote either in person or by proxy and forms of
general and special proxies are enclosed.
Proxies must be lodged at the Liquidator's office not later than
5:00 p.m. on Aug. 17, 2005, or not later than 5:00 p.m. on the
day before any adjourned meeting thereof.
M&K BUSINESS: Proofs of Claim Due September 12
----------------------------------------------
Notice is hereby given that the creditors of M&K Business
Developments Pte Limited, which is being voluntarily wound up,
are required on or before Sept. 12, 2005 to send in their names
and addresses with particulars of their debts and claims, and
the names and addresses of their solicitors (if any) to the
Company liquidator.
If so required by notice in writing by the said liquidator, they
are personally or by their solicitors, to come in and prove
their said debts or claims at the time and place specified in
such notice.
Failure to do so would exclude such creditors from the benefit
of any distribution made before such debts are proved.
Dated this 10th August 2005
Chua Keng Khng
Liquidator
89 Short Street
#08-11 Golden Wall Centre
Singapore 188216
RSH LIMITED: Fulfills Conditions Set by SGX-ST
----------------------------------------------
RSH Limited announced its response to a query letter from the
Singapore Exchange and Securities Trading Limited (SGX-ST)
related to the correction/clarification of certain elements in
the Company's first quarter results announcement for the period
ending June 30, 2005.
The Company announces that it has fulfilled all the conditions
required by SGX-ST with regard to additional information
required.
To view the Company's reply to the SGX-ST query letter, go to:
http://bankrupt.com/misc/tcrap_rshlimited1081705.pdf
To view the Company's unaudited first quarter financial results,
click on:
http://bankrupt.com/misc/tcrap_rshlimited2081705.pdf
CONTACT:
RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Phone: 65 67466555
Fax: 65 68404327
SHARPE ELECTRICAL: Members Agree to Wind Up Business
----------------------------------------------------
Sharpe Electrical Controls (Singapore) Pte Limited announces
that it has been placed under a members' voluntary winding up by
parent firm ITE Electric Co. Limited, which has also appointed
liquidators for such winding up.
Sharpe Electrical Controls Pte Limited is a wholly owned
subsidiary of ITE Electric Co. Limited, and has been dormant
since 2003.
The Company's winding up is not expected to affect ITE
Electric's net tangible assets and earnings per share for the
financial year ending Dec. 31, 2005.
CONTACT:
Sharpe Electrical Controls (Singapore) Pte Limited
1 Harrison Road, ITE Electric Building
#06-02, Singapore 369652
Phone: 65 6285 2233
Fax: 65 6284 3452
TROPICAL DEVELOPMENT: Creditors Asked to Submit Debt Claims
-----------------------------------------------------------
Notice is hereby given that the creditors of Tropical
Development Pte Limited, which is being wound up voluntarily,
are required on or before Sept. 12, 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
Liquidator, and if so required by notice in writing from the
said Liquidator, are by their solicitors, or personally, to come
in and prove their said debts or claims at a time & place to be
designated in such notice.
Failure to do so would exclude creditors from the benefit of any
distribution made before such debts are proved.
Dated this 8th day of August 2005
Chan Kheng Tek
Liquidator
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424
UNION RUBBER: Creditors Meet to Discuss Wind Up
-----------------------------------------------
A meeting of the creditors of Union Rubber Brokers Pte Limited
will be held on Aug. 29, 2005, 10:45 a.m. at 16 Raffles Quay,
#22-00 Hong Leong Building, Singapore 048581 for the purposes
of:
(a) Presenting the Liquidators' report and a statement of all
the Company's receipts and payments for the period of the
Liquidation, and considering the Liquidators' intention to apply
to Court for release;
(b) Passing a resolution under section 268 (3) (b) of the
Companies Act (Cap. 50, 1994 Ed) to consent to the amount of the
Liquidators' remuneration;
(c) Passing a resolution that the books, accounts and documents
of the Company and Liquidators be disposed off after the
dissolution of the Company, subject to the directions of the
Court; and
(d) Considering any other business.
Dated this 15th day of August 2005
Michael Ng Wei Teck
Liquidator
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
Note:
Creditors must submit their proof of debt to the Liquidator not
later than 9:00 a.m. on Aug. 25, 2005, to be entitled to vote at
the meeting.
9.00 a.m. on 25th August 2005.
===============
T H A I L A N D
===============
BANGKOK STEEL: SET Suspends Securities Trading
----------------------------------------------
The Stock Exchange of Thailand (SET) announced that Bangkok
Steel Industry Public Company Limited (BSI) has submitted its
reviewed financial statements for the period ending June 30,
2005.
However, the company's auditor was not able to reach a
conclusion to the said financial statements. It can be
considered that the numbers, which represent the company's
financial status and operating outcome as presented in its
financial statements, failed to adequately and/or properly
reflect the actual position of the company.
The SET then, informs shareholders and investors on the above
matter to scrutinize the auditor 's report on its financial
statements.
The SET has still suspended trading on the securities of the
company in view of the fact that they must prepare a
rehabilitation plan.
CONTACT:
Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th
DAIDOMON GROUP: Securities Suspended for Failure to Submit FS
-------------------------------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of Daidomon Group Public
Company Limited (Daido) effective from the first trading session
of August 16, 2005 due to its failure to submit the financial
statements for the period ending June 30, 2005 by the deadline
specified by the SET.
CONTACT:
Daidomon Group Public Company Limited
144 Soi Thong-Lo, Sukhumvit 55,
North Klongton, Wattana Bangkok
Telephone: 0-2381-5529-31,0-2381-6876-9
Fax: 0-2381-1931
Web site: http://www.daidomon.co.th
NATURAL PARK: Net Loss Shrinks to THB197,007,000
------------------------------------------------
Natural Park Public Co. Ltd. issued to the Stock Exchange of
Thailand (SET) a summary of its reviewed Quarter 2 and
Consolidated Financial Statement.
Reviewed Quarterly Financial Statements
Natural Park Public Company Limited
Reviewed Ending June 30
(In thousands)
Quarter 2 For 6 Months
Year 2005 2004 2005 2004
Net profit (loss) (197,007) (191,156) (225,345) (270,740)
EPS (baht) (0.02) (0.02) (0.03) (0.03)
Type of report: Unqualified Opinion
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Mr. Sermsin Samalapa and Mr. Paisarn Tangyuenyong
Director
CONTACT:
Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
THAI AIRWAYS: Swings to Red in 3Q
---------------------------------
Thai Airways International Public Co. Ltd. furnished the Stock
Exchange of Thailand a summary of its reviewed Quarter 3 and
Consolidated financial statement for the period ended June 30,
2005.
Reviewed Quarterly Financial Statements
Thai Airways International Public Company Limited
Reviewed Ending June 30
(In thousands)
Quarter 3 For 9 Months
Year 2005 2004 2005 2004
Net profit (loss) (4,779,446) (913,148) 4,428,133 8,595,626
EPS (baht) (2.82) (0.56) 2.62 5.28
Type of report: Unqualified Opinion with an emphasis of matters
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Mrs. Ngamnit Sombutpibool
Executive Vice President Finance and Accounting
Authorized to sign on behalf of the company
THAI AIRWAYS: To Reorganize U.S. Branch
---------------------------------------
Thai Airways International Public Company Limited unveiled in a
company press release the reorganization of the Los Angeles
office in the U.S.A in response to the recently announced cost-
cutting measures.
Mr. Vasing Kittikul, THAI's Executive Vice President, Commercial
Department, said that as part of THAI's cost-cutting measures to
help counter the effects of increased fuel prices, THAI's Board
of Directors appointed the Commercial Department to restructure
the work processes and staffing at the Los Angeles station, both
town and airport offices, to be in line with the current market
situation.
The resultant reorganization will result in retrenchment of 50
percent of the existing staff; a total of 53 locally hired
employees from the town and airport offices. THAI will ensure
that all affected staff will be paid compensation in accordance
with the appropriate laws of the U.S.A. After this
reorganization the Los Angeles station.
THAI-DENMARK: Posts THB82,882,000 in Net Loss
---------------------------------------------
Thai-Denmark Swine Breeder Public Company Limited furnished the
Stock Exchange of Thailand its reviewed Quarter 2 Consolidated
financial statement for the period ended June 30, 2005.
Reviewed Quarterly Financial Statements
Thai-Denmark Swine Breeder Public Company Limited
Reviewed Ending June 30
(In thousands)
Quarter 2 For 6 Months
Year 2005 2004 2005 2004
Net profit (loss) (82,882) 18,774 (440,207) (35,692)
EPS (baht) (5.53) 1.25 (29.35) (2.38)
Type of report: Unqualified Opinion
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
Unaudited and Unreviewed financial statement 2004
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Miss Nounlahong Rattanapibulkul
Office Manager
Authorized to sign on behalf of the company
CONTACT:
Thai-Denmark Swine Breeder Public Company Limited
Bangnathanee Building, Floor 17,
119/34 Bangna-Trad Road,
Km.3 Bang Na Bangkok
Telephone: 0-2361-4041-9
Fax: 0-2361-4050
THAI ENGINE: Securities Suspended on Failure to Submit FS
---------------------------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of Thai Engine Manufacturing
Public Company Limited (TEM) effective from the first trading
session of August 16, 2005 due to its failure to submit the
financial statements for the period ending June 30, 2005 by the
deadline specified by the SET.
CONTACT:
Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.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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