/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050831.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, August 31, 2005, Vol. 8, No. 172 Headlines A U S T R A L I A A.C.N. 051: Members Decide to Wind Up Firm AMBIENCE INTERNATIONAL: Set to Declare Dividend September 1 ARIGINISLE LIMITED: Court Orders Liquidation ATHERTON SHOPFITTING: Creditors Confirm Liquidator's Appointment BROOKVALE CAR: Brian Silvia Named Liquidator CARDON PTY: Members Agree to Cease Operations EG GREEN: Graziers Cry Foul Over Corporate Giants' Tactics EMARRESS HARVESTING: Inability to Pay Debts Prompts Wind Up EXICOM AUSTRALIA: Liquidator to Detail Wind Up Manner G.M.C. CORPORATION: Members Pass Winding Up Resolution HIH INSURANCE: Williams' Bankruptcy Linked to Collapse HYDE ENGINEERING: To Pay Dividend to Creditors ION LIMITED: EPA License Secured, Further Restructuring Required JAMES HARDIE: SB Downgrades Despite Strong U.S. Outlook JAMES HARDIE: GSJBW Cuts Rating to Marketperform JB POKER: Creditors Ratify Appointment of Liquidator LIME STREET: Members Agree to Wind Up Business MELREN FARMS: Placed Under Voluntary Liquidation MORONI TRANSPORT: To Distribute Dividend Soon OCEANIA AIR: Schedules Final Meeting Sept. 7 OSWALD GREEN: Appoints Official Liquidator PACIFIC RETAIL: Finance Unit Nears Sale; Execs Leave QANTAS AIRWAYS: More Jobs at Risk After Loss of SingAir Contract SANDOW TRANSPORT: Liquidator to Distribute Company Assets SATURDAY NIGHT: Members, Creditors to Hear Wind-up Report SONS OF GWALIA: Shareholders Jostle for Share of Assets STAR CHROME: Prepares to Close Down Business UPPER HUNTER: Members Set to Discuss Liquidation Matters VILLAGE ROADSHOW: Suffers 22% Fall in Profit * Study Shows Family Firms Heading for Crisis C H I N A & H O N G K O N G BESTWAY INTERNATIONAL: Executive Yang Ting Resigns CAPISCES INTERNATIONAL: Court Issues Winding Up Order CHINA MERCHANTS: Director Wu Shiyue Quits Post GRACESINO INVESTMENT: Winding Up Hearing Set October 12 GUANGDONG KELON: To Resume Large-Scale Production HONDELA FINANCE: Issues Debt Claim Notice KIN MING: Court Issues Winding Up Order MANSION FIRE: Court Directs Firm to Wind Up NANJING FIAT: Fiat Appoints Italian Executive to Head China JV NETEL TECHNOLOGY: FY05 Net Loss Narrows to HK$13 Mln PARAGON SEARCH: To Undergo Winding Up Process TC MANUFACTURES: Creditors Meeting Fixed September 6 TRUELY LOVE: Begins Winding Up Process WEALTHY UNIT: Faces Liquidation Proceedings I N D O N E S I A DIRGANTARA INDONESIA: Indonesian Military Eyes 10 Cassa 212s PERTAMINA: Government Plans to Regulate Oil Distribution PERTAMINA: To Raise Gasoline Prices, Lower Price of Diesel J A P A N FUJITSU MEDIA: METI Approves Restructuring Scheme JAPAN AIRLINES: To Raise Domestic Fares in January MITSUBISHI MOTORS: MMPC Delays Export Plan PARE COMPANY: METI OKs Restructuring Plan SOFTBANK CORPORATION: To Raise JPY50 Bln Via Bond Issue * S&P Says Restructuring Has Benefited Japanese Trust Banks K O R E A DAEWOO GROUP: Founder to Undergo Heart Surgery DAEWOO SHIPBUILDING: July Net Income Drops to KRW8.3Bln M A L A Y S I A ANTAH HOLDING: Welcomes New Remuneration Committee Member CONSOLIDATED FARMS: Court Grants RO Extension CYGAL BERHAD: Creditors Agree to Extend Settlement Agreement DFZ CAPITAL: Swings to Black in Second Quarter DFZ CAPITAL: To Pay Creditors Dividend on October HABIB CORPORATION: Concludes Book Building Exercise K.P. KENINGAU: Payment Default Totals MYR40,487,909.82 LEBAR DAUN: Releases 2Q Financial Statement LEBAR DAUN: Unit Terminates Issuance of Commercial Paper LEBAR DAUN: Unveils Financial Assistance Provision MENTIGA CORPORATION: Posts MYR4,992,000 Net Loss MTD CAPITAL: Sees No Developments on MOA SARAWAK ENTERPRISE: Receives Takeover Offer from Newfields SETEGAP BERHAD: Net Loss Slides to MYR4,427,000 SUREMAX GROUP: Warrants' Subscription Rights Expires October TIMBERWELL BERHAD: Back to Black with MYR3,764,000 2Q Net Profit P H I L I P P I N E S LEPANTO CONSOLIDATED: Benguet Board Pushes for Peace in Mines METRO PACIFIC: Seeks Control of Skyway Project NATIONAL BANK: Allied Bank Denies Merger Talks NATIONAL TRANSMISSION: Speeds Up Project to Avert Power Crisis UNITED PARAGON: Capital Restructuring Nears Completion S I N G A P O R E ACCORD CUSTOMER: Clarifies 2004 Annual Report DIGILAND INTERNATIONAL: Court OKs Proposed Scheme to Creditors DIGILAND INTERNATIONAL: Net Loss Cut by Half EI-NETS LIMITED: 2005 Net Loss Narrows HESHE HOLDINGS: Net Loss Widens by 80% NG CHYE: Intends to Distribute Dividend SUNWAY BUSINESS: Liquidator to Detail Wind Up Manner UNITED FIBER: Clarifies Reports on Paper Firm Acquisition XUNG ASIA: Court Releases Winding Up Order T H A I L A N D PICNIC CORPORATION: Details Capital Increase in Units TONGKAH HARBOUR: Unit Slapped with THB491,531.24 in Claims - - - - - - - - ================= A U S T R A L I A ================= A.C.N. 051: Members Decide to Wind Up Firm ------------------------------------------ Notice is hereby given that at an extraordinary general meeting of members of A.C.N. 051 457 071 Pty Limited held on July 20, 2005, it was resolved that the Company be wound up voluntarily, and Peter Hillig of Smith Hancock Chartered Accountants, Level 4, 88 Phillip Street, Parramatta NSW 2150 was appointed Liquidator at a creditors' meeting held that same day. Dated this 20th day of July 2005 Peter Hillig Liquidator Smith Hancock Chartered Accountants Level 4, 88 Phillip Street Parramatta NSW 2150 AMBIENCE INTERNATIONAL: Set to Declare Dividend September 1 ----------------------------------------------------------- Ambience International Pty Limited will declare a first and final dividend on Sept. 1, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 1st day of July 2005 Philip G. Jefferson Liquidator c/o Horwath Jefferson Stevenson Level 4, 370 Queen Street Brisbane Qld 4000 ARIGINISLE LIMITED: Court Orders Liquidation -------------------------------------------- On July 21, 2005, the Supreme Court of New South Wales, Equity Division ordered the winding up of Ariginisle Limited, and appointed Deryk Andrew to be Liquidator for such purpose. Deryk Andrew Liquidator Bentleys MRI Sydney Business Recovery & Insolvency Partnership PO Box Q1165, QVB Post Office Sydney NSW 1230 ATHERTON SHOPFITTING: Creditors Confirm Liquidator's Appointment ---------------------------------------------------------------- Notice is hereby given that at a general meeting of members of Atherton Shopfitting Pty Limited held on July 20, 2005, a Special Resolution that the Company be wound up voluntarily was passed by members, and the appointment of M. F. Cooper as the Company's liquidator was confirmed by creditors at a creditors' meeting held that same day. Dated this 27th day of July 2005 M. F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street Sydney NSW 2000 BROOKVALE CAR: Brian Silvia Named Liquidator -------------------------------------------- Notice is hereby given that at a meeting of creditors of Brookvale Car World Pty Limited held on July 20, 2005, it was resolved that the Company be wound up, and Brian Raymond Silvia of Ferrier Hodgson, GPO Box 4114, Sydney NSW 2001, Australia was appointed Liquidator. Dated this 27th day of July 2005 Brian R. Silvia Liquidator Ferrier Hodgson GPO Box 4114, Sydney NSW 2001 CARDON PTY: Members Agree to Cease Operations --------------------------------------------- Notice is hereby given that at a General Meeting of the members of Cardon Pty Limited held on July 20, 2005, it was resolved that the Company be wound up voluntarily, and that Duncan Plante of First Floor, 350 Peel Street, Tamworth be appointed Liquidator for such purpose. Dated this 29th day of July 2005 Duncan Plante Liquidator 1st Floor, 350 Peel Street Tamworth EG GREEN: Graziers Cry Foul Over Corporate Giants' Tactics ---------------------------------------------------------- Two of the biggest players in Australia came under fire over their tactics on West Australian meat processor EG Green and Sons, The West Australian reports. A group of cattle producers who are part of a consortium intent on rescuing Green say they have emerged dismayed after gaining direct experience of the ruthless world of corporate deal making. The group claimed that the consortium, which includes the Green family and an investment fund, have been poorly treated by its fully secured-creditor, National Australia Bank (NAB). Veteran Perth investment banker Charles Fear, of Argonaut Capital, has also been accused of having a possible conflict of interest in the matter after advising E.G. Green for most of this year but more recently helping out Elders, a potential buyer. According to the consortium, NAB has given strong indications it was about to win first option to buy the AU$20 million debt owned by EG Green to the bank. But later that night, NAB has advised of another condition, an AU$250,000 fee on top of the AU$1 million deposit it had assembled. The consortium refused to pay the fee, angry it had not been told about it and concerned it was in a bidding war for the debt NAB is no longer interested in. By Monday, it had reconsidered, decided it would pay the fee and deal with its ethical outrage later. But over the weekend, the bank had struck a deal to give the option over the debt to farm services giant Elders, also high among EG Green's AU$44 million of creditors. It is believed Elders has until early next week to complete due diligence. It has been confirmed Mr. Fear had been advising EG Green since early this year on proposals to raise outside capital for the 86-year-old family company, amid a major restructure. But he withdrew his services just over two weeks ago, before the company suspended operations and soon after its independent directors quit. Within days, however, it emerged he was giving advice to Elders. The farmers in the consortium say they are concerned by NAB's behavior and that it has resulted in Elders now being a frontrunner to control WA's dominant beef processor. Agricultural consultant David Falconer, an adviser to some of the producers, said he was concerned about the business ethics shown by NAB and Elders. CONTACT: EG Green and Sons Hamilton Hill Office 16 Emplacement Crescent Hamilton Hill WA 6163 Phone: 08 9433 2000 Fax: 08 9433 2122 Freecall: 1800 017 345 E-mail: sales@harveybeef.com.au EMARRESS HARVESTING: Inability to Pay Debts Prompts Wind Up ----------------------------------------------------------- Notice is hereby given that at an Extraordinary General Meeting of Emarress Harvesting Pty Limited held on July 22, 2005, the following Special Resolution was duly passed: That as the Company's directors think that it is unable to pay its debts within twelve months, the Company be wound up voluntarily by creditors. Stephen Jay of Nicholls & Co. Chartered Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW was appointed Liquidator. Dated this 27th day of July 2005 Stephen Jay Liquidator Suite 103, 1st Floor, Wollundry Chambers Johnston Street, Wagga Wagga NSW 2650 EXICOM AUSTRALIA: Liquidator to Detail Wind Up Manner ----------------------------------------------------- Notice is given that a final meeting of the creditors and members of Exicom Australia Pty Limited will be held on Sept. 8, 2005, 10:00 a.m. at Level 9, 10 Shelley Street, Sydney. The purpose of the meeting is to receive the Liquidator's account showing how the winding up was conducted and the property of the Company disposed of, and to receive any explanation of the account. Dated this 22nd day of July 2005 A. R. M. Macintosh Liquidator McGrathNicol+Partners Level 9, 10 Shelley Street Sydney NSW 2000 Phone: (02) 9338 2631, Web site: http://www.mcgrathnicol.com.au/ G.M.C. CORPORATION: Members Pass Winding Up Resolution ------------------------------------------------------ At a general meeting of G.M.C. Corporation Pty Limited held on July 22, 2005, the following was resolved: That the Company be wound up voluntarily and, that Kim David Holbrook of Holbrook & Associates, Chartered Accountants, Level 2, 19 Pier Street, Perth, Western Australia be appointed Liquidator for the winding up. Dated this 22nd day of July 2005 Kim D. Holbrook Liquidator Holbrook & Associates Chartered Accountants Level 2, 19 Pier Street Perth, Western Australia HIH INSURANCE: Williams' Bankruptcy Linked to Collapse ------------------------------------------------------ A former director of failed insurer HIH Insurance Group declared himself bankrupt on Sunday, the Sydney Morning Herald reports. Ray Williams fell into bankruptcy while serving a 4 1/2-year jail term with a two-year nine-month non-parole period, for filing false statements and being reckless as a director of HIH. Mr. Williams' bankruptcy was triggered by a claim from HIH liquidator Tony McGrath demanding the return of an AU$960,000 termination payment made by HIH to Mr. Williams shortly before he left the Company and just weeks before it became Australia's biggest corporate collapse. On top of that Mr. McGrath has a contingent liability claim for hundreds of millions of dollars linked to Williams's directorship of HIH. Mr. Williams's former business partner, Rodney Adler, is pursuing him for half the AU$8 million compensation bill the two were ordered to pay in May 2002 after the Australian Securities and Investments Commission successfully sued the duo for breach of directors' duties. Mr. Adler paid that sum, but said earlier this year that he would be pursuing Mr. Williams for half the damages. The bankruptcy is in sharp contrast to Mr. Williams's high life as chief of HIH where he was renowned for generous charitable bequests, lavish staff parties and lavish gifts to executives. HIH collapsed in 2001 owing creditors AU$5.3 billion. HYDE ENGINEERING: To Pay Dividend to Creditors ---------------------------------------------- Hyde Engineering Pty Limited will declare a first and final dividend on Sept. 7, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 7th day of July 2005 Tracy J. Dare Liquidator Level 32, Central Plaza One, 345 Queen Street Brisbane Qld 4000 Phone: (07) 3333 9804 Web site: http://www.mcgrathnicol.com.au/ ION LIMITED: EPA License Secured, Further Restructuring Required ---------------------------------------------------------------- After extensive negotiations with representatives of the South Australian EPA and local residents, we are pleased to announce that the long running legal case between the EPA and ION Limited Group has been resolved to the satisfaction of all parties. A new, 10-year license has been issued to ION Group covering the North Plympton site. Some rectification works will be required to ensure that the plant is able to meet emissions requirements. Restructuring of Holden parts production Holden has been actively involved in ongoing discussions with ION, and has consistently indicated a strong desire to retain commercially viable ION business. However, the North Plympton business is unable to produce Holden parts at a price that is internationally competitive, and in the absence of alternatives, Holden part production will be phased out of the North Plympton plant over the next 6 to 8 months. This will unfortunately result in the loss of approximately 200 jobs over that timeframe (56 casual positions and 144 permanent jobs). The plant presently has 620 employees including casuals. The administrators will work together with AWU representatives to provide affected employees with counseling and outplacement services. Consistent with our prior advice and the terms of the deed of company arrangement supported by creditors, all employee entitlements including redundancy will be paid in full. Harley-Davidson Importantly we are able to advise that, after comprehensive research into possible alternative sources of supply, Harley- Davidson representatives have confirmed that they want the North Plympton and Kilkenny plants to continue to supply them with the bulk of their global wheel and hub needs. This outcome demonstrates Harley-Davidson's strong confidence in the performance of the ION plants and is testimony to the operational restructuring successfully carried out by the ION management team and staff since commencement of the administration in December last year. Sale The resolution of the EPA issues, the success of the operational restructure referred to above, and the recommitment of Harley- Davidson to an ongoing business at North Plympton and Kilkenny means that we are able to put the business back on the market as a viable operation with a long-term future. The sale process is likely to recommence in the latter half of September with a number of parties continuing to express interest in the business and transition to a new owner targeted for the 1st quarter in 2006. CONTACT: Melinda Martin McGrathNicol+Partners Phone: 03 9038 3113 Nick Maher Gavin Anderson & Company Phone: 03 9654 6555 JAMES HARDIE: SB Downgrades Despite Strong U.S. Outlook ------------------------------------------------------- Citigroup Smith Barney downgrades James Hardie (JHX.AU) to Hold from Buy after solid FY05 result, despite lifting net profit forecasts 8.1% in FY06 and 6.3% in FY07 on stronger view on U.S. fiber cement pricing outlook and improving trends in construction activity. Increases target price to A$9.41 from A$7.64, as against JHX latest down 7 cents at A$9.10, with 68% rise since May the main driver of recommendation downgrade, despite strong operational performance. 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 JAMES HARDIE: GSJBW Cuts Rating to Marketperform ------------------------------------------------- Goldman Sachs JBWere downgrades James Hardie (JHX.AU) after recent share price gains. The agency cut short-term rating to Marketperform from Outperform, long-term recommendation to Hold from Buy. It said that although there is positive resolution to the asbestos liability issue likely to result in further upside, uncertainty over the tax deductibility of future asbestos payments and lack of clarity over timing mean the current risk/reward is "no longer compelling. JB POKER: Creditors Ratify Appointment of Liquidator ---------------------------------------------------- Notice is hereby given that at a general meeting of members of JB Poker Machines Sales & Services Pty Limited held on July 21, 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 for such purpose. Creditors confirmed the Liquidator's appointment at a meeting held later that day. Dated this 2nd day of August 2005 Danny Vrkic Liquidator Jirsch Sutherland & Co Wollongong Chartered Accountants PO Box 573, Wollongong NSW 2520 LIME STREET: Members Agree to Wind Up Business ---------------------------------------------- Notice is hereby given that at a general meeting of members of Lime Street Services Pty Limited duly convened and held on July 21, 2005, a Special Resolution that the Company be wound up voluntarily was passed by members, and creditors confirmed the appointment of M. F. Cooper as the Company's liquidator at a creditors' meeting held that same day. Dated this 21st day of July 2005 M. F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street Sydney NSW 2000 MELREN FARMS: Placed Under Voluntary Liquidation ------------------------------------------------ Notice is hereby given that at a Meeting of Members of Melren Farms Pty Limited held on July 20, 2005, it was resolved that the Company be wound up voluntarily, and Barry Keith Taylor of B.K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne was appointed Liquidator for such purpose. Dated this 21st day of July 2005 Barry K. Taylor Liquidator B.K. Taylor & Co. 608 St. Kilda Road, Melbourne MORONI TRANSPORT: To Distribute Dividend Soon --------------------------------------------- Moroni Transport Pty Limited will declare a first and final dividend on Sept. 2, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 21st day of June 2005 Robyn Erskine Peter Goodin Joint Liquidators Brooke Bird & Co. Insolvency Practitioners 471 Riversdale Road, Hawthorn East Vic 3123 Phone: (03) 9882 6666 OCEANIA AIR: Schedules Final Meeting Sept. 7 -------------------------------------------- Notice is given that a final meeting of the members and creditors of Oceania Air Express Pty Limited will be held on Sept. 7, 2005, 10:00 a.m. at the offices of Currie Biazos Insolvency Accountants, Level 3 Boardroom, Christie's Corporate Centre, 320 Adelaide Street, Brisbane, Queensland. The purpose of the meeting is to table an account indicating the wind up manner and disposal of Company property, and to give explanations thereof. Dated this 2nd day of August 2005 I. A. Currie Liquidator C/o Currie Biazos Insolvency Accountants Level 3 Boardroom, Christie's Corporate Center 320 Adelaide Street Brisbane, Queensland OSWALD GREEN: Appoints Official Liquidator ------------------------------------------ Notice is hereby given that at a General Meeting of the members of Oswalds Green Oaks Pty Limited held on July 20, 2005, members passed a Special Resolution that the company be wound up voluntarily, and Nick Orfanos was appointed liquidator for such winding up. Dated this 26th day of July 2005 Nick Orfanos Liquidator Level 1, 147 Frome Street Adelaide SA 5000 Phone: 08 8224 0440 Fax: 08 8224 0470 Email: Nick.orfanos@adelaide.on.net PACIFIC RETAIL: Finance Unit Nears Sale; Execs Leave ---------------------------------------------------- Pacific Retail Group has selected a preferred bidder for its finance business, Pacific Retail Finance Ltd (PRF), Dow Jones reports. The New Zealand-based finance and retail investment firm has not yet released details of the bidder or the offer price, but a further announcement will be made early next month. Pacific Retail Group has been working on a plan to jettison its finance business since March, and said in June it had abandoned a proposal to spin-off the division because of uncertain investor appetite for an initial public offering. The company has since run a sale process for the business, and chose the preferred bidder after receiving final bids. Part of the proceeds from the sale will be used to repurchase NZ$62.7 million of capital notes still on issue, said Pacific Retail Group, adding that it also intends to repay a loan facility it has with its principal bank. Pacific Retail Group also announced a new executive management structure at its annual meeting Tuesday, saying it will have two executive directors instead of one chief executive when current acting CEO Steve Smith steps down Tuesday. The company said Mr. Smith indicated some time ago his intention to step down when the finance business sale is completed, although he will stay on as an adviser for another three months. After the sale of its finance business, Pacific Retail Group's main assets will be lingerie company Bendon, and U.K. retailer PowerHouse. CONTACT: Pacific Retail Finance Limited Federal Street, Auckland PO Box 90317, Auckland Phone: 0800 366 388 Fax: 00 64 3 371 5848 E-mail: prfsinfo@prf.co.nz Web site: http://prf.co.nz/ Pacific Retail Group Limited 1 Nelson St. Auckland, New Zealand Phone: +64-9-359-4400 Fax: +64-9-359-4307 QANTAS AIRWAYS: More Jobs at Risk After Loss of SingAir Contract ---------------------------------------------------------------- National flag carrier Qantas Airways may slash another 200 jobs, if Air New Zealand drops it as the ground-handling and check-in services provider, the Sydney Morning Herald has learned. Air NZ has confirmed it is "reviewing the cost effectiveness of our long-standing ground-handling arrangements in Australia", just days after Singapore Airlines cancelled its ground-handling contract with Qantas. Qantas confirmed the loss of contract would result in the loss of 200 jobs. But it declined to provide any details of the possible impact from the loss of the Air NZ contract. The Australian Services Union estimates it could result in 200 more job losses in Sydney, Melbourne, Brisbane, Perth and Cairns. Qantas has 6000 ground staff and provides check-in, baggage, load control, cargo and engineering services for Air NZ in Australia. The move comes despite Air NZ and Qantas vowing to find ways to co-operate more closely after the Australian Competition and Consumer Commission rejected their planned alliance in 2003. But Air NZ said fierce competition over the Tasman, which will intensify with the entry of Jetstar in December, had left it no choice but to reconsider its arrangement with Qantas. 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 SANDOW TRANSPORT: Liquidator to Distribute Company Assets --------------------------------------------------------- At a General Meeting of Sandow Transport Pty Limited held on July 25, 2005, the following Special Resolution was passed: That the Company be wound up as a Members' Voluntary Liquidation, and that its assets may be distributed in whole or in part to the members in specie, should the Liquidators so desire. Dated this 25th day of July 2005 Peter J. Carnell Liquidator Darcy Kennedy Accountants and Advisors 157 Brisbane Street Dubbo NSW 2830 SATURDAY NIGHT: Members, Creditors to Hear Wind-up Report --------------------------------------------------------- Notice is given that the final meeting of members and creditors of Saturday Night Accessories Pty Limited will be held on Sept. 7, 2005, 11:00 a.m. at Level 1, 32 Martin Place, Sydney, NSW for the following reasons: AGENDA To consider the liquidator's account on the conduct of the winding up and the disposal of Company property. Proxies to be used at the meeting should be lodged prior to the commencement of the meeting. Dated this 1st day of August 2005 N. C. Malanos Liquidator C/o Level 1, 32 Martin Place Sydney NSW SONS OF GWALIA: Shareholders Jostle for Share of Assets ------------------------------------------------------- Administrators of failed Sons of Gwalia have stepped up efforts to fend off disgruntled shareholders from getting their hands on the collapsed miner's assets, The West Australian relates. Barrister Bret Walker SC told a Sydney Court Monday that the law protected the rights of creditors to be paid ahead of shareholders. The Corporations Act restricted a company's share capital being returned to shareholders if such a payment in creditors being denied their due payments. Mr. Walker explained that companies acts have ardently guarded the rights of creditors because shareholders, unlike creditors, enjoy rights and privileges by reason of their membership in the Company. Mr. Walker made the submissions in a test case on whether Sons of Gwalia shareholders, who claim to have bought shares in a market not properly informed about the company's financial affairs, should be able to claim for their alleged damages against the failed miner's pool of creditor funds. Litigation funder IMF (Australia) has agreed to fund claims by 400 Sons of Gwalia shareholders who bought shares in the year Gwalia collapsed under the weight of loss-making gold hedging and foreign exchange contracts. The shareholders are planning to make claims against the company for its alleged failure to tell the share market about its true financial position in the face of mounting liabilities relating to its treasury operations and trouble with its gold reserves. Sons of Gwalia faces creditor claims exceeding AU$1 billion, while the amount available to creditors depends on how much administrators reap from the sale or re-float of its lucrative tantalum operations. CONTACT: Sons of Gwalia Limited 16 Parliament Place West Perth, Western Australia 6005 Australia Phone: +61 8 9263 5555 Fax: +61 8 9481 1271 Web site: http://www.sog.com.au/ STAR CHROME: Prepares to Close Down Business -------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Star Chrome Pty Limited held on July 27, 2005, it was resolved that the Company be wound up voluntarily, Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 was appointed Liquidator by creditors at a creditors' meeting held later that day. Dated this 27th day of July 2005 Peter P. Krecji Liquidator GHK Green Krejci Level 9, 179 Elizabeth Street Sydney NSW 2000 UPPER HUNTER: Members Set to Discuss Liquidation Matters -------------------------------------------------------- Notice is hereby given that the final meeting of members of Upper Hunter Timbers Pty Limited will be held on Sept. 8, 2005 at the offices of Davies, Thompson & Wright, 60 Brook Street, Muswellbrook to present the liquidator's final account and report, and to give any explanation thereof. Dated this 25th day of July 2005 T. G. Looby Liquidator Davies, Thompson & Wright Chartered Accountants 60 Brook Street, Muswellbrook NSW 2333 VILLAGE ROADSHOW: Suffers 22% Fall in Profit -------------------------------------------- Village Roadshow Limited has reported a 22 percent drop in net profit to AU$40.69 million for 2004/05, according to the Sydney Morning Herald. The profit decline was blamed on the poor performance of the entertainment group's cinema exhibition division, which has been experiencing fewer blockbuster movies. Managing director Graham Burke said the cinema exhibition division could not match the exceptional product from the 2004 financial year, which included such blockbusters as Lord of the Rings: Return of the King, Finding Nemo and Harry Potter and the Prisoner of Azkaban, and consequently the result was down on last year. The division posted a 38-percent decline in earnings before interest, tax, depreciation and amortization (EBITDA) to AU$36.1 million. The cinema production business booked a 68 percent fall in profit before tax, excluding specific items and discontinuing businesses, to AU$8.9 million for 2004/05. Village Roadshow's group revenues from ordinary activities totaled AU$1.57 billion for the year to June 30, down 30 percent. Strong DVD sales boosted the performance of the film distribution operation, which reported a nine percent improvement in net profit to Au$15.8 million. At the film production operation, operating profit before tax and specific items was AU$13.4 million, up from a loss of AU$0.8 million in the previous year. Film explorations, on the other hand, were lower than the previous year due primarily to the poor performance of Catwoman. But this was offset by significantly lower interest costs and higher producer and overhead fees. In 2005/06, the release of Charlie and the Chocolate Factory and Dukes of Hazzard has provided a "strong start" to the financial year. Strong trading at Sea World boosted the theme park operation's full-year operating profit before tax by 45 percent to AU$16.7 million. Radio business Austereo grew sales revenue by AU$7.9 million to AU$247.9 million in the year to June 30, buoyed by the popularity of Triple M on the eastern seaboard, 2Day FM in Sydney and Fox FM in Melbourne. The board did not declare a dividend. CONTACT: Village Roadshow Limited 206 Bourke Street Melbourne Vic 3000 Australia Phone: 61 3 9667 6666 Fax: 61 3 9639 1540 Web site: http://www.village.com.au/ * Study Shows Family Firms Heading for Crisis --------------------------------------------- A study suggests that most family companies in Australia shut down due to lack of planning and preparation for the succeeding generation, The Advertiser has learned. Research reveals that up to three-quarters of family businesses either die out or are sold by the founding family during the first generation. Only five to 15 percent continue into the third generation. A study by the University of Adelaide's Labour Research Centre shows the need for adequate succession planning is becoming more pressing with an estimated half of all families intending to sell their business within the next 10 years. Family Business Australia SA executive member Alan Reddrop said the study was designed to investigate the outcome of family business closures. "The most important message out of the report is that such a large number of family businesses will be offered for sale, people selling them may not be able to achieve their financial expectations," he said. ============================== C H I N A & H O N G K O N G ============================== BESTWAY INTERNATIONAL: Executive Yang Ting Resigns -------------------------------------------------- Bestway International Holdings Limited received a notice on August 29, 2005 from Mr. Yang Ting that he has sold his 100 percent wholly privately owned in Wealthguard Investment Limited to a third party (Mr. Andy Hsiao-An Yuan) on August 25, 2005. Wealthguard is a substantial shareholder of Bestway International Holdings Limited. It currently owned 1,052,073,520 shares in the Company and represent approximately 20.45 percent of the existing issued share capital. Mr. Andy Hsiao-An Yuan is an independent third party and an American investor not connected or acting in concert with the directors, chief executive or substantial shareholders of the company or any of its subsidiaries or any of their respective associates (as defined in the Listing Rules). Mr. Yuan will become a single largest substantial shareholder and he may join the Board as Director. Following Mr. Yuan's acquisition, no shareholders or party acting in concert with it will hold 30 percent or more of the voting rights of the total existing issued share capital. CONTACT: Bestway International Holdings Limited 18/F, Tesbury Centre 28 Queen's Road East Wanchai, Hong Kong Phone: 28151199 Fax: 28541076 CAPISCES INTERNATIONAL: Court Issues Winding Up Order ----------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Capisces International (H.K.) Limited by the High Court of Hong Kong Special Administrative Region was on August 12, 2005 presented to the said Court by Law Wing Chi, of Room 2118, Po Ning House, Po Lam Estate, Tseung Kwan O, Kowloon, Hong Kong and Wan Siu King, of Room 3008, 30th Floor, Shing Chiu House, Tin Shing Court, Tin Shun Wai, New Territories, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on October 12, 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. EDMUND CHEUNG & CO Solicitors for the Petitioner 13th Floor, Regent Centres No. 88 Queen's 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 the 11th day of October 2005. CHINA MERCHANTS: Director Wu Shiyue Quits Post ---------------------------------------------- The Board of Directors of China Merchants DiChain (Asia) Limited hereby announce that Mr. Wu Shiyue will resign as an executive director of the company with effect from August 30, 2005 due to his own personal reasons. There is no disagreement between Mr. Wu and the BOard and Mr. Wu has confirmed to the Company that there is no matter which needs to be brought to the attention of the shareholders of the Company in relation to his resignation. The Board would like to express his gratitude to Mr. Wu for his valuable contribution and services to the Company. China Merchants Dichain (Asia) Limited incurred a net loss of HK$18.421 million in the year ended March 31, versus a net profit of HK$14.262 million a year earlier, Infocast News reports. CONTACT: China Merchants Dischain (Asia) Limited Units 3611, 36/F, West Tower Shun Tak Centre, 168-200 Connaught Road Central Hong Kong Phone: 22550688 Fax: 28513660 Web site: http://www.dichainasia.com GRACESINO INVESTMENT: Winding Up Hearing Set October 12 ------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Gracesino Investment Limited by the High Court of Hong Kong Special Administrative Region was on August 11, 2005 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on October 12, 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. ANTHONY CHIANG & PARTNERS Solicitors for the Petitioner 3903 Tower 2, Lippo Centre 89 Queensway Central, Hong Kong Note: Any person who intends to appear on the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of October 10, 2005. GUANGDONG KELON: To Resume Large-Scale Production ------------------------------------------------- The board of directors of the Company announced that the Company's principal production lines have resumed operation since August 20, 2005. At the request of the Company, trading in shares of the Company was suspended with effect from 10:00 a.m. on June 16, 2005 pending the release of an announcement in relation to price sensitive information. Subject to the publication of an announcement in relation to the financial, production and trading position of the Group, trading in shares of the Company will remain suspended until further notice. Reference is made to the announcement of Guangdong Kelon Electrical Holdings Company Limited dated August 1, 2005, in relation to, amongst other things, the investigation of Mr. Gu Chu Jun and certain members of the senior management for alleged economic crimes. This incident affected the financing, the suppliers and customers' confidence in the Company. The net amount of banking facilities of the Company decreased from RMB3 billion as at April 30, 2005 to RMB2.35 billion as at July 31, 2005. As at the date of this announcement, the net amount of banking facilities of the Company is approximately RMB2.36 billion, i.e. the total amount of banking facilities minus the amount of monies pledged/deposited in relation to such facilities. The Company was unable to settle the amounts due to certain suppliers and about 40 percent of the suppliers decreased or stopped supplying raw materials for the production of air- conditioners to the Company since May 2005. However, none of the suppliers expressed that they would terminate the business relationship with the Company. Due to the shortage of raw materials, about 70 percent of the production lines of air- conditioners were interrupted during the period from May to August 2005. Regarding the production of refrigerators and freezers, about 20% of the suppliers decreased or stopped supplying raw materials to the Company since May 2005. About 50 percent of its production lines of freezers and refrigerators were interrupted during the period from May to August 2005. Subsequent to the incident and to date, the Company has received a significant amount of orders from international customers, thereby enabling the Company to resume some production. The board of directors of the Company is now pleased to announce that the Company's principal production lines have resumed operations gradually since August 20, 2005 and production levels are expected to be back to normal shortly. In order to maintain the Company's production and operation, the Company had at the beginning of August, established a relevant working unit with an aim to strengthen and improve the Company's operation management. The working unit comprises of the Company's vice chairman and president, Mr. Liu Cong Meng and five other members of the Company's principal management. The special unit is responsible for the Company's daily operation and the management of workers so as to maintain the production of the Company. The Company will use funding from the Company's existing banking facilities, payments from customers for goods sold and deposits for new orders from customers in order to conduct its day to day operations, including production. The Company refers to certain press articles in early August 2005 stating that Mr. Liu Cong Meng has said that the courts of the PRC and the Company's banks gave support to the Company by deferring process of relevant cases and by withholding demands for repayment of loans. Mr. Liu Cong Meng has confirmed to the Company that these statements represented what Mr. Liu Cong Meng hoped will happen, but not statements of fact. As at the date of this announcement, the Company is also involved in pending litigation where claims of approximately RMB552,000,000 have been made against the Company. This amount includes: (i) claims by certain suppliers in relation to contractual disputes for an aggregate amount of approximately RMB189,000,000; (ii) disputes with banks in relation to loan agreements for an aggregate amount of approximately RMB236,000,000; (iii) disputes over invoices for an aggregate amount of approximately RMB39,000,000; and (iv) miscellaneous claims for an aggregate amount of approximately RMB88,000,000. It was stated in certain press articles that there are a number of companies, which intended to acquire from Guangdong Greencool Enterprise Development Company Limited, the single largest shareholder of the Company, all its interests in the Company. The Company confirmed that it has made written enquiry to Guangdong Greencool in relation to this but it has not received, as at to date, any notification or reply from Guangdong Greencool in relation to any proposed transfer or sale of its shares in the Company. At the request of the Company, trading in shares of the Company was suspended with effect from 10:00 a.m. on 16th June 2005 pending the release of an announcement in relation to price sensitive information. Subject to the publication of an announcement in relation to the financial, production and trading position of the Group, trading in shares of the Company will remain suspended until further notice. CONTACT: Guangdong Kelon Electrical Holdings Company Limited 2502-2505 Harbour Ctr 25 Harbour Rd, Wanchai, Hong Kong Phone: 25110363 Fax: 28023434 Web site: http://www.kelon.com HONDELA FINANCE: Issues Debt Claim Notice ----------------------------------------- Notice is hereby given that the creditors of Hondela Finance Limited (In Members' Voluntary Liquidation), which is being voluntarily wound up, are required on or before September 13, 2005, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the undersigned liquidators. If so required by notice in 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 deemed to have waived all or any of such debts or claims and the liquidators shall be entitled seven days after the above date to distribute the funds available or any part thereof to the members. Dated this 26th day of August, 2005 DARACH E. HAUGHEY LO KIN CHING, JOSEPH Joint and Several Liquidators 26th Floor, Wing On Centre 111 Connaught Road Central Hong Kong KIN MING: Court Issues Winding Up Order --------------------------------------- Kin Ming E&M Works Limited whose place of business is located at Rm 9, 11th Floor Lucida Industrial Building, 43-47 Wang Lung Street, Tsuen Wan, New Territories was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on August 17, 2005. Date of Presentation of Petition: June 16, 2005 Dated this 26th day of August 2005 Lee Mei Yee May Acting Official Receiver MANSION FIRE: Court Directs Firm to Wind Up ------------------------------------------- Mansion Fire Engineering Company Limited whose place of business is located at Workshop A2, 2/F, Tai Chi Factory Building, 25-290 Kok Cheung Street, Taikoktsui, 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 17, 2005. Date of Presentation of Petition: June 16, 2005 Dated this 26th day of August 2005 Lee Mei Yee May Acting Official Receiver NANJING FIAT: Fiat Appoints Italian Executive to Head China JV -------------------------------------------------------------- Fiat SpA has appointed Italian Executive Paulo Massi as the Chief Executive of struggling Nanjing Fiat, its China joint venture with Nanjing Auto, AFX News reports. The report also noted that the Fiat appointment follows Nanjing Auto's decision to acquire failed UK carmaker MG Rover, which may point to Nanjing Auto push to sell cars independently. Mr. Massi was on the board of Nanjing Fiat for three years. CONTACT: Fiat S.p.A. 250 Via Nizza 10126 Turin, Italy Phone: +39-011-006-1111 Fax: +39-011-006-3798 Najing Fiat Rm. 1058 Jinling Hotel, n. 2 Hangzhong Rd. Jiangsu city, Nanjing 210005 Telephone\Fax: 4722020: 4728484 E-mail: fiatauto@public.bta.net.cn NETEL TECHNOLOGY: FY05 Net Loss Narrows to HK$13 Mln ---------------------------------------------------- Netel Technology (Holdings) Limited (8256) incurred a net loss of HK$13.289 million for the business year ended May 31, versus a net loss of HK$18.481 million a year earlier, Infocast News reports. Loss per share (LPS) was 3.5 cents. No final dividend was declared. CONTACT: Netel Technology (Holdings) Limited Room 4102, 41/F, Manulife Plaza The Lee Gardens, 33 Hysan Avenue Causeway Bay, Hong Kong Phone: 25768826 Fax: 25760730 Web site: http://www.neteltech.com.hk PARAGON SEARCH: To Undergo Winding Up Process --------------------------------------------- Paragon Search Limited whose place of business is located at Workshop Rm 2301, 23/F, Asia Pacific Centre, 8 Wyndham Street Central, Hong Kong was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on August 17, 2005. Date of Presentation of Petition: June 16, 2005 Dated this 26th day of August 2005 Lee Mei Yee May Acting Official Receiver TC MANUFACTURES: Creditors Meeting Fixed September 6 ---------------------------------------------------- TC Manufactures Limited issued a notice of first meetings of creditors and contributories in the High Court of the Hong Kong Special Administrative Region Court of First Instance at the Official Receivers Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on September 6, 2005 at 2:30 p.m and 3:30 p.m. respectively. Dated this 26th day of August 2005 Lee Mei Yee May Acting Official Receiver & Provisional Liquidator TRUELY LOVE: Begins Winding Up Process -------------------------------------- Truely Love Bridal Photo Services Company Limited whose place of business is located at 15th Floor, Ginza Square, 565-567 Nathan Road, Yau Ma Tei, 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 17, 2005. Date of Presentation of Petition: June 17, 2005 Dated this 26th day of August 2005 Lee Mei Yee May Acting Official Receiver WEALTHY UNIT: Faces Liquidation Proceedings ------------------------------------------- Wealthy Unit International Enterprises Limited whose place of business is located at Rm 902-3, SHun Kwong Commercial Centre, 8 Des Voeux Road West, Sheung Wan, 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 15, 2005. Date of Presentation of Petition: June 10, 2005 Dated this 26th day of August 2005 Lee Mei Yee May Acting Official Receiver ================= I N D O N E S I A ================= DIRGANTARA INDONESIA: Indonesian Military Eyes 10 Cassa 212s ------------------------------------------------------------ Indonesia's military forces (TNI) is planning to order ten (10) light transport planes (Cassa 212) from state aircraft manufacturer PT Dirgantara Indonesia (DI), reports Xinhua News. Minister of State Enterprises Sugiharto confirmed the purchase plan, saying that the government prioritizes the local arms industry in military spending. According to PT DI acting president Nuril Fuad, the TNI has already bought 80 aircraft (both Cassa 212 and CN-235)from PT DI. The Cassa 212, which can carry 12 passengers and can be modified for military and medical use, costs USD4 million (IDR Dirgantara Indonesia also manufactures aircraft for Malaysia, South Korea and Thailand on a regular basis. CONTACT: PT Dirgantara Indonesia Jl. Pajajaran no. 154 Bandung 40174, Indonesia Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759 Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696 Email: infosales@indonesian-aerospace.com Web site: http://www.indonesian-aerospace.com PERTAMINA: Government Plans to Regulate Oil Distribution -------------------------------------------------------- The Indonesian government is planning to divide the country into four (4) trading zones so as to ensure proper distribution of fuel products, reports the Jakarta Post. According to oil and gas regulator BPH Migas fuel products director Adi Subagyo Subono, Indoneia will be divided into the following: 1st Zone: Java, Bali 2nd zone: Sumatra 3rd zone: Kalimantan, Maluku, Papua, Sulawesi 4th zone: East & West Nusa Tenggara provinces The zones were marked according to fuel supply points, and each zone will be assigned a developed, less-developed or underdeveloped area. Zones that wanted to distribute subsidized fuel to a developed area would have to build gas stations in the lesser-developed/underdeveloped areas. In order to protect local oil refineries, state oil firm PT Pertamina would sell fuel products that were processed in the country's nine refineries, which can produce up to 1 million barrels of oil, or 70% of local fuel needs, on a daily basis. Pertamina has asked that the government pay the Mid Oil Plastts Singapore (MOPS) price for fuel products, plus added costs for storage, transoprtation and distribution, and value-added tax, but the government is still looking into the Company's request. As more and more fuel companies enter the country, the government hopes for lower prices, as the procurement and distribution of subsidized fuel would be carried out through tenders, in which Pertamina and other companiesd would be able to participate. Analysts are skeptical as to whether such regulations could be implemented on time, as many of them are still in the drafting stage, but BPH Migas is confident that the drafts will be ready soon. CONTACT: PT Pertamina Tbk Jalan Merdeka, Timur No. 1 A Jakarta 10110 Indonesia Phone: (62)(21) 3815111 Fax: 3846865/ 3843882 Web site: http://www.pertamina.com PERTAMINA: To Raise Gasoline Prices, Lower Price of Diesel ---------------------------------------------------------- State-owned oil and gas firm PT Pertamina plans to raise the prices of kerosene and premium gasoline that is being sold to major industries, but will lower the price of diesel next month, Dow Jones reports. According to Pertamina marketing chief A. Faisal, the price adjustments indicate recent global market developments. With the government's approval for the Company to raise oil prices to that of the global market, Pertamina will increase the price of premium gasoline it sells to big industries by 10%-12% to IDR5,160-IDR5,200 per liter, while the price of kerosen will go up 3.8% to IDR5,700 per liter. However, the Company will lower the price of diesel oil to IDR5,150 per liter from IDR5,240 per liter. Though it did not give a reason for the price reduction. ========= J A P A N ========= FUJITSU MEDIA: METI Approves Restructuring Scheme ------------------------------------------------- The Ministry of Trade and Industry (METI) has approved the business-restructuring plan of Fujitsu Media Devices Ltd. under the Law on Special Measures for Industrial Revitalization on August 25, 2005. The restructuring plan was evaluated pursuant to Article 3, Paragraph 6 of the Law on Special Measures for Industrial Revitalization, and found to fulfill the requirements. CONTACT: Ministry of Economy, Trade and Industry (METI) 3-1 Kasumigaseki 1-Chome Chiyoda-ku, Tokyo Phone: 81-3-3501-1511 Email: webmail@meti.go.jp Web site: http://www.meti.go.jp/english/index.html JAPAN AIRLINES: To Raise Domestic Fares in January -------------------------------------------------- Japan Airlines plans to raise domestic fares as early as January after oil prices surged to a record above US$70 a barrel, Kyodo News reports, citing JAL President Toshiyuki Shinmachi. The rises in fuel costs caused by higher crude oil prices are "far beyond our self-help efforts," Mr. Shinmachi told a press conference. "We have started practical studies to raise fares." The airline reported in July an operating loss of JPY32 billion ($291 million) for the April-June first quarter, widening from JPY30 billion in loss a year earlier. CONTACT: Japan Airlines Corporation Telephone: 81-3-5460-3109 Fax: 81-3-5769-6487 Web site: www.jal.com/en/corporate MITSUBISHI MOTORS: MMPC Delays Export Plan ------------------------------------------ Mitsubishi Motors Philippines Corporation (MMPC) has decided to defer its plan to start sport utility vehicle (SUV) production to 2007 instead of next year, The Business World reports. The Japanese automaker has committed to produce SUVs for export to the Southeast Asian market last year. Mitsubishi chose the Philippines as the manufacturing hub for the SUVs. Mitsubishi plans to export over 200,000 units in six to seven years beginning 2006. Exports of the new Mitsubishi SUV are estimated to reach $200 million to $240 million annually. The setback is reportedly due to falling sales, huge losses and defects in Mitsubishi's vehicular line-up in Japan. CONTACT: Mitsubishi Motors Philippines Corporation (MMPC) Ortigas Avenue Extention, Cainta Rizal P.O. Box 4592, Manila, Philippines Phone: 63-2-658-0109 Fax: 63-2-658-0006 PARE COMPANY: METI OKs Restructuring Plan ----------------------------------------- The management-restructuring plan submitted by Pare Co. Ltd. was examined by the Ministry of Trade and Industry (METI) pursuant to Article 6, Paragraph 5 of the Law on Special Measures for Industrial Revitalization, and found to fulfill requirements stipulated in Article 2, Paragraph 4, concerning management resource reutilization, and Paragraph 2.2, concerning business innovation. The restructuring scheme was consequently approved on August 25, 2005. CONTACT: Ministry of Economy, Trade and Industry (METI) 3-1 Kasumigaseki 1-Chome Chiyoda-ku, Tokyo Phone: 81-3-3501-1511 Email: webmail@meti.go.jp Web site: http://www.meti.go.jp/english/index.html SOFTBANK CORPORATION: To Raise JPY50 Bln Via Bond Issue ------------------------------------------------------- Softbank Corporation will issue about JPY50 billion (US$452 million) in three- and five-year domestic straight bonds as early as September to repay variable-rate loans, the Nihon Keizai business daily reported. With the issuance, the company's fixed-rate borrowings would increase to about 75 percent of funds raised from about 70 percent, the paper said. The company issued JPY40 billion in three-year and five-year bonds in January and JPY12.5 billion in three-year bonds in June. Daiwa Securities SMBC Co. and Mizuho Securities Co. are lead managing the deal, the report said. * S&P Says Restructuring Has Benefited Japanese Trust Banks ----------------------------------------------------------- Japan's trust banks have changed dramatically as a result of recent industry restructuring, leading to an overall improvement in asset quality and capital, according to a report published today by Standard & Poor's Ratings Services. The five major domestic trust banks have been upgraded three times since June 2004, except for Mitsubishi Trust & Banking Corp. (A/Stable/A- 1), which was upgraded twice. "The industry is continually evolving, with larger trust banks merging and spinning off their asset management and administration divisions. As a result, risk characteristics for the industry are becoming less uniform," said Yuri Yoshida, a credit analyst at Standard & Poor's and author of the report. Three main business types have emerged: traditional general trusts, asset management trusts, and asset administration trusts. Asset management fees in the industry have fallen in recent years, as an increasing number of companies transfer part of their pension funds to the government. Going forward, individual investors are expected to shift more of their holdings from standard deposits into risk assets, such as investment trusts and pension funds, so the potential for growth in the asset management sector is high. The recovery in land prices is driving a rise in real estate brokerage fees, and real estate securitization is also booming. But in the markets for asset administration and trust agency services, fee margins are low because services are commoditized and require considerable economies of scale. In the savings and loan business, general trust banks are capitalizing on their strengths in real estate-related business, particularly in offering non-recourse loans. They are also finding success in sales of trusts and insurance products, leveraging their relationship with a relatively affluent client base. As loan demand falters, the banks are seeking to divert excess capital into products like investment trusts in order to increase fee revenue. Traditional general trust banks have striven to resolve bad loans and liquidate cross-shareholdings, improving the quality of assets and capital. In order to further boost their credit quality, general trust banks will need to improve their lending operations and offer more customer-focused services. They will also need to ramp up their asset management operations and strengthen their financial profiles by improving profit margins and capitalization. Trust banks specializing in asset administration have very low asset risk and maintain adequate capitalization relative to operational risk. Their strong customer bases deliver relatively stable fee income, but profitability is low, making efficiency a priority. Most foreign trust banks in Japan specialize in asset management and administration, though many have withdrawn from administration because of its low margins. They do not hold principle-guaranteed trust assets and rarely hold risk assets. Foreign trust banks maintain adequate capitalization relative to their operational risk. Some have closed their Japanese subsidiaries as recent deregulation has made redundant the operation of both trust and investment advisory companies. ========= K O R E A ========= DAEWOO GROUP: Founder to Undergo Heart Surgery ---------------------------------------------- Daewoo Group founder Kim Woo-Choong will undergo heart surgery this week, Agence France Presse. Mr. Kim will have a coronary artery bypass surgery. Severance Hospital told the court that Mr. Kim will have to take a three to six months rest in order to fully recover from the surgery. Mr. Kim was arrested upon his return to the country on charges of fraud after six years of hiding abroad. He was sent from prison to hospital on August 13. If convicted Mr. Kim would be imprisoned for life, however there may be a chance that he will receive clemency in recognition of his role in the country's economic growth. Daewoo Group collapsed under debts estimated at 80 billion dollars, an amount that dwarfs more recent corporate collapses such as those of US giants WorldCom and Enron. DAEWOO SHIPBUILDING: July Net Income Drops to KRW8.3Bln -------------------------------------------------------- Daewoo Shipbuilding & Marine Engineering Co. reported a 34 percent slide in net income in July or KRW8.3 billion compared last year, Business Times relates, citing Bloomberg. Operating profit also declined 58 percent to KRW10 billion, while sales moved 30 percent to KRW322.3 billion. Daewoo Shipbuilding, Hyundai Heavy Industries Co and Samsung Heavy Industries Co, the world's three largest shipbuilders, are building ships ordered in 2002 and 2003 when the price of tankers fell to a 10-year low. The companies are paying as much as 70 percent higher for steel to build the ships. Since year 2002, vessel prices have increased more than double. Daewoo has total backlog of orders worth US$15.61 billion as of July 31. In the first seven months of the year, Daewoo received orders for 32 ships and offshore plants worth US$4.97 billion. CONTACT: Daewoo Shipbuilding & Marine Engineering Co. 140, Da-dong, Jung-Gu, Seoul 100-180 Korea Telephone: 82 2 2129 Fax: 82 2 756 4390 =============== M A L A Y S I A =============== ANTAH HOLDING: Welcomes New Remuneration Committee Member --------------------------------------------------------- The Board of Directors of Antah Holding Berhad (Antah) informed Bursa Malaysia Securities Berhad that Encik Jaleeludeen bin Abu Baker has been appointed as a member of the Remuneration Committee with effect from August 26, 2005. Consequent thereto, the Remuneration Committee of the Company is comprised of the following members: Remuneration Committee (1) Mr. Ong Lai @ Ong Kong Lai (Chairman) (2) Y. Bhg. Dato' Mohd Shahar bin Abdul Hamid (3) Encik Jaleeludeen bin Abu Baker This announcement is dated 26 August 2005. CONTACT: Antah Holding Berhad 9577 Jalan SS16/1 Subang Jaya 47500 Petaling Jaya Selangor Telephone: 03-5632 8668 Fax: 03-5635 1234 CONSOLIDATED FARMS: Court Grants RO Extension --------------------------------------------- Avenue Securities Sdn Bhd, on behalf of Consolidated Farms Berhad, disclosed to Bursa Malaysia Securities Berhad that, on August 25, 2005, ConsFarm and its subsidiaries have been granted an extension of the RO for a further period of ninety (90) days effective from August 29, 2005 to November 26, 2005 by the High Court of Malaya at Kuala Lumpur pursuant to Section 176(10) of the Companies Act, 1965. This announcement is dated 26 August 2005. CONTACT: Consolidated Farms Berhad 24-1 Jalan 24/70A, Desa Sri Hartamas, 50480 Kuala Lumpur Telephone: 03-23001199 Fax: 03-23002299 CYGAL BERHAD: Creditors Agree to Extend Settlement Agreement ------------------------------------------------------------ Cygal Berhad (Cygal) furnished Bursa Malaysia Securities Berhad details of the following proposals: - Proposed Share Exchange; - Proposed Debt Restructuring Comprising: (I) Proposed Financial Institutions Scheme; (II) Proposed Non Financial Institutions Scheme; and (III) Proposed part settlement of amount owing to an offshore financial institution; - Proposed additional issue to Commerce International Merchant Bankers Berhad; - Proposed rights issue of shares together with warrants; - Proposed acquisition of property development companies; and - Proposed delisting of Cygal and the listing of a new investment holding company, Active Accord Sdn Bhd (Newco) (Hereinafter collectively referred to as the proposals) On behalf of Cygal Berhad, Commerce International Merchant Bankers Berhad advised that Cygal has obtained the consent of the majority of its financial institution creditors for an extension of time to December 31, 2005 for Cygal to meet the conditions precedent as stipulated in the Settlement Agreement dated November 19, 2001 entered into between Cygal and the financial institution creditors of Cygal, Cygal Concrete pump Sdn Bhd (CCS) and C.T.A. Reality Sdn Bhd (CTA). The Settlement Agreement was entered into for the proposed settlement of indebtedness amounting to MYR229,627,109 of Cygal, CCS and CTA to the financial institution creditors. On behalf of Cygal, disclosed that parties to the Subscription Agreement dated August 22, 2001 for the proposed subscription of Laudable Invention Sdn Bhd (Proposed LISB Subscription) and the Sale and Purchase Agreement dated January 30, 2002 for the proposed acquisition of Cygal Properties Sdn Bhd (Proposed CPSB Acquisition) have also mutually agreed to extend the last date to meet all the conditions precedent under the respective agreements to December 31, 2005. The parties have also agreed to revise the aggregate purchase consideration for the Proposed LISB Subscription and the Proposed CPSB Acquisition to MYR6,450,999 and MYR21,031,000 respectively, as approved by the Securities Commission on December 11, 2002. This announcement is dated 26 August 2005. CONTACT: Cygal Berhad Lot 4.21, 4th Floor, Plaza Prima, 4 1/2 Mile, Jalan Klang Lama, Kuala Lumpur Wilayah Persekutuan 58200 Telephone: 03-79839099 Fax: 03-79817629 DFZ CAPITAL: Swings to Black in Second Quarter ---------------------------------------------- DFZ Capital Berhad furnished Bursa Malaysia Securities Berhad a copy of its unaudited financial statement for the financial period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period MYR'000 MYR'000 MYR'000 MYR'000 30/06/2005 30/06/2004 30/06/2005 30/06/2004 (1) Revenue 60,280 41,600 113,117 83,819 (2) Profit/(loss) before tax 5,463 404 10,052 -4,787 (3) Profit/(loss) after tax and minority interest 4,507 -85 8,559 -5,680 (4) Net profit/(loss) for the period 4,507 -85 8,559 -5,680 (5) Basic earnings/(loss) per shares (sen) 4.10 -3.50 9.10 -234.30 (6) Dividend per share (sen) 6.00 0.00 6.00 0.00 As at end of As at Preceding Current Quarter Financial Year End (7) Net tangible assets per share (MYR) 0.4230 0.1360 Remarks: The adjusted net tangible assets per share for the current financial year is calculated assuming all potential ordinary shares, i.e. Irredeemable Convertible Preference Shares (ICPS) which are mandatory convertible in between 3 to 5 years, will be fully converted. The Directors have approved the declaration of first interim dividend of 6 percent less 28 percent income tax in respect of the financial year ending December 31, 2005, to be paid on October 13, 2005 to depositors registered in Record of Depositors at the close of business on September 15, 2005. To view a full copy of the financial results, click http://bankrupt.com/misc/DFZCapital082905.xls To view a full copy of the notes to financial statement, click http://bankrupt.com/misc/DFZCapitalB082905.doc DFZ CAPITAL: To Pay Creditors Dividend on October ------------------------------------------------- The Board of Directors of DFZ Capital Berhad (DFZ) advised Bursa Malaysia Securities Berhad that a first interim dividend of 6 percent less 28 percent income tax in respect of the financial year ending December 31, 2005 has been declared by the Company, which shall be paid on October 13, 2005 to depositors registered in Records of Depositors at the close of business on September 15, 2005. This announcement is dated 26th day of August 2005. HABIB CORPORATION: Concludes Book Building Exercise --------------------------------------------------- Habib Corporation Berhad (Habib) issued to Bursa Malaysia Securities Berhad details of the: (I) Proposed Acquisitions; (II) Fund Raising Proposals; (III) Proposed authorized share capital increase; and (IV) Proposed amendments to the memorandum and articles of association of Habib. (collectively known as the proposals) The Fund Raising Proposal comprises, inter-alia, a proposed placement of up to 96,000,000 new Habib shares (Placement Shares) at a minimum issue price of MYR1.25 each to institutional and selected investors (Proposed Placement) by way of a book building exercise. Commerce International Merchant Bankers Berhad (CIMB) and CLSA Singapore Pte Ltd have been appointed by the Company as Joint Global Coordinators and Joint Bookrunners for the Proposed Placement. CIMB, on our behalf, advised that the book building exercise for the Proposed Placement has been successfully completed. The placement price for the Placement Shares (Placement Price) has been determined on August 25, 2005. The Placement Price has been fixed at MYR1.55 per Placement Share. This announcement is dated 26 August 2005. CONTACT: Habib Corporation Berhad 1st Floor, Bangunan Habib Corporation, Lot 106, Lorong Mamanda 2, Ampang Point, 68000 Ampang, Selangor Malaysia Telephone: (60) 3 452 7777 Fax: (60) 3 452 2143 K.P. KENINGAU: Payment Default Totals MYR40,487,909.82 ------------------------------------------------------ In compliance with Bursa Malaysia Securities Berhad Practice Note 1/2001, K.P. Keningau Bhd (KPK) provided Bursa Malaysia Securities Berhad an update on its default in payments status as at July 31, 2005 per attachment in Appendix A. Click to view a full copy of Appendix A http://bankrupt.com/misc/KPKeningauBerhad083005.pdf Total defaults by KPK and its subsidiaries on principal sums plus accrued interest as at July 31, 2005 amounted to MYR40,487,909.82. The defaulted amounts owing to financial institutions are in respect past banking facilities, which comprised of trade financing, term loans, revolving creditors and overdrafts. Current status of legal claims is as follows: There is no change in status with regard to RHB Suit No: K22-32- 2005 and also on UOB Writ of Summons and Statement of Claims re Suit No: K22-165-2004 and K22-169-2004 respectively. On UOB Suit No: K22-164-2004, the mention date has been postponed to December 9, 2005. Save for the above, there is no new development on the default in payments and status of legal suits since the previous announcement made pursuant to this Practice Note. This announcement is dated 26 August 2005. CONTACT: K.P. Keningau Berhad Lot 10, The Highway Centre Jln 51/205 46050 Petaling Jaya, Selangor Telephone: 03-7784 3922 Fax: 03-7784 1988 LEBAR DAUN: Releases 2Q Financial Statement ------------------------------------------- Lebar Daun Berhad provided Bursa Malaysia Securities Berhad a copy of its unaudited second quarter report for the financial period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceeding Year Quarter Corresponding to Date Corresponding Quarter Period MYR'000 MYR'000 MYR'000 MYR'000 30/06/2005 30/06/2004 30/06/2005 30/06/2004 (1) Revenue 33,099 77,565 79,885 142,144 (2) Profit/(loss) before tax 4,703 14,444 10,611 23,022 (3) Profit/(loss) after tax and minority interest 3,333 10,074 7,243 16,097 (4) Net profit/(loss) for the period 3,333 10,074 7,243 15,597 (5) Basic earnings/(loss) per shares (sen) 2.44 8.50 5.33 13.16 (6) Dividend per share (sen) 0.00 0.00 2.00 0.00 As at end of As at Preceding Current Quarter Financial Year End (7) Net tangible assets per share (MYR) 0.6814 0.5897 To view a full copy of the financial results, click http://bankrupt.com/misc/LebarDaun082905.xls http://bankrupt.com/misc/LebarDaun082905.doc CONTACT: Lebar Daun Berhad No 2 Jalan Tengku Ampuan Zabedah J9/J Seksyen 9, 40000 Shah Alam, Selangor Darul Ehsan Malaysia Telephone: +60 3 5511 1333 Fax: +60 3 5511 1888 LEBAR DAUN: Unit Terminates Issuance of Commercial Paper -------------------------------------------------------- Lebar Daun Berhad issued to Bursa Malaysia Securities Berhad details of the termination of the proposed issuance of Commercial Paper Programme of up to MYR70.0 million. The company refers to its announcement made on May 25, 2004 and the amended announcement made on May 26, 2004 that LDAUN's wholly owned subsidiary, Lebar Daun Construction Sdn Bhd (LDCSB) had on May 24, 2004 appointed Malaysian International Merchant Bankers Berhad (MIMB) as the Lead Arranger for the Proposed Issuance of Commercial Paper Programme of up to MYR70.0 Million (the Proposed Facility). LDAUN advised that due to certain terms and conditions of the MIMB's offer letter dated May 20, 2004 not fulfilled, LDCSB wishes to terminate the Proposed Facility. LEBAR DAUN: Unveils Financial Assistance Provision -------------------------------------------------- Pursuant to Paragraph 8.23(1)(ii) and Practice Note No. 11/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, the Board of Lebar Daun Berhad (LDAUN) unveiled to Bursa Malaysia Securities Berhad the financial assistance provided as at June 30, 2005 to facilitate the ordinary course of business of LDAUN Group is set out below: Financial assistance Type of financial Aggregate Amount provided by the assistance MYR'000 Company/subsidiary company (1) Lebar Daun Performance Guarantees 20,259 Construction in the form of Advance Sdn Bhd Payment Bonds and - a wholly owned Performance Bonds subsidiary of LDAUN (2) Lebar Daun Payment Guarantees Construction in the form of Sdn Bhd - a Bank Guarantees 100 wholly owned subsidiary of LDAUN The provision of the financial assistance did not have any material effect on the earnings and net tangible assets of LDAUN Group, and did not have any effect on the share capital of LDAUN. MENTIGA CORPORATION: Posts MYR4,992,000 Net Loss ------------------------------------------------ Mentiga Corp. Berhad unveiled to Bursa Malaysia Securities Berhad its unaudited second quarter financial statement for the financial period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceeding Year Quarter Corresponding to Date Corresponding Quarter Period MYR'000 MYR'000 MYR'000 MYR'000 30/06/2005 30/06/2004 30/06/2005 30/06/2004 (1) Revenue 1,580 758 3,170 1,624 (2) Profit/(loss) before tax -4,992 -3,734 -9,185 -7,053 (3) Profit/(loss) after tax and minority interest -4,992 -3,734 -9,185 -7,053 (4) Net profit/(loss) for the period -4,992 -3,734 -9,185 -7,053 (5) Basic earnings/(loss) per shares (sen) -13.31 -9.96 -24.49 -18.81 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 As at end of As at Preceding Current Quarter Financial Year End (7) Net tangible assets per share (MYR) -1.5900 -1.3600 Click to view a full copy of the financial statement http://bankrupt.com/misc/MentigaCorpB082905.xls CONTACT: Mentiga Corporation Berhad Peramu Jaya 26607 Pekan, Pahang Darul Makmur 50400 Malaysia Telephone: +60 443 9411 Fax: +60 443 1233 MTD CAPITAL: Sees No Developments on MOA ---------------------------------------- MTD Capital Berhad disclosed to Bursa Malaysia Securities Berhad details of the Memorandum of Agreement (MOA) pertaining to the contracts for the proposed construction and completion of 25,000 units of housing for public servants in Sri Lanka from Wincon Development Ceylon (Private) Limited. The company refers to the announcements dated November 29, 2004, February 28, 2005 and May 27, 2005. Pursuant to Paragraph 9.28 of the Listing Requirements of Bursa Malaysia Securities Berhad, MTD Capital Bhd unveiled that there is no update on the MOA entered between Wincon Development Ceylon (Private) Limited and MTD Construction Ceylon (Private) Limited since the announcement on May 27, 2005. This announcement is dated 26 August 2005. CONTACT: MTD Capital Berhad Batu 8 Jalan Batu Caves Lot 8359 Mukim of Batu Batu Caves, Selangor Darul Ehsan 68100 Malaysia Telephone: +60 3 6189 9022 Fax: +60 3 6187 7898 Web site: http://www.mtdcap.com/ SARAWAK ENTERPRISE: Receives Takeover Offer from Newfields ---------------------------------------------------------- Sarawak Enterprise Corporation Berhad (SECB) unveiled to Bursa Malaysia Securities Berhad the unconditional takeover offer by SECB to acquire the remaining 17,148,000 ordinary shares of MYR1.00 each (shares) in Syarikat Sesco Berhad (Syarikat Sesco) not already owned by SECB (offer shares) at an offer price of MYR4.00 per share (Offer). The company refers to the announcement dated July 1, 2005 where it was announced that AmMerchant Bank Berhad (a member of AmInvestment Group) (AmMerchant Bank) and Newfields Advisors Sdn Bhd had on even date served a Notice of Takeover Offer on the Board of Directors of Syarikat SESCo, and the offer document in relation to the Offer dated August 4, 2005 (Offer Document). In this respect, on behalf of SECB, AmMerchant Bank advised that the Offer has closed at 5:00 p.m. (Malaysian time) on August 25, 2005 (Closing Date). Pursuant to Section 25(1) of the Malaysian Code on Take-Overs and Mergers, 1998 (Code), AmMerchant Bank, on behalf of SECB, advised that the position and level of acceptances of the Offer as at 5:00 p.m. on the Closing Date, as set out in Table 1. This announcement has also been sent to the Securities Commission and released to the press in accordance with the provisions of the Code. This announcement is dated 25 August 2005. CONTACT: Sarawak Enterprise Corporation Berhad Lot 2679 Jalan Rock 93200 Kuching, Sarawak 93673 Malaysia Telephone: +60 82 244 000 Fax: +60 82 248 588 SETEGAP BERHAD: Net Loss Slides to MYR4,427,000 ----------------------------------------------- Setegap Berhad furnished Bursa Malaysia Securities Berhad a copy of its unaudited second quarter report for the financial period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period MYR'000 MYR'000 MYR'000 MYR'000 30/06/2005 30/06/2004 30/06/2005 30/06/2004 (1) Revenue 17,390 24,660 30,694 50,956 (2) Profit/(loss) before tax -5,445 -4,096 -12,165 -7,041 (3) Profit/(loss) after tax and minority interest -4,427 -3,832 -10,814 -6,773 (4) Net profit/(loss) for the period -4,427 -3,832 -10,814 -6,773 (5) Basic earnings/(loss) per shares (sen) -8.91 -7.71 -21.76 -13.63 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 As at end of As at Preceding Current Quarter Financial Year End (7) Net tangible assets per share (MYR) -1.4500 -1.1800 To view a full copy of the financial results, click http://bankrupt.com/misc/SetegapBerhad082905.xls CONTACT: Setegap Berhad 72B&C, Jalan SS22/25 Damansara Jaya 47400 Petaling Jaya Malaysia Phone: 03-77297009 Fax: 03-77271555 Web site: http://www.setegap.com.my SUREMAX GROUP: Warrants' Subscription Rights Expires October ------------------------------------------------------------ Suremax Group Bhd. (Suremax) furnished Bursa Malaysia Securities Berhad a notice to warrant holders in relation to the expiry and last date to exercise Suremax's Warrants 2000/2005. Suremax informed the bourse that the subscription rights of Warrants 2000/2005 will expire at 5:00 p.m. on Monday, October 3, 2005 (the Expiry Date) in accordance with the terms and conditions of the Deed Poll dated June 9, 2000. In order to facilitate the expiry and final exercise of Warrants 2000/2005, the last day for trading of Warrants 2000/2005 shall be no later than 5:00 p.m. on Thursday, September 15, 2005. Warrants 2000/2005 will be suspended from quotation with effect from 9:00 a.m. on Friday, September 16, 2005 until the Expiry Date. A copy of the Notice is attached for your kind attention. Your attention is also drawn to Suremax's Notice to Warrant holders in relation to the Expiry and Last Date to Exercise Suremax's Warrants 2000/2005 dated August 29, 2005. To view a full copy of the notice, click http://bankrupt.com/misc/SuremaxGroup082905.pdf CONTACT: Suremax Group Bhd No. 7-1, Faber Imperial Court, Sheraton Imperial Hotel, Jalan Sultan Ismail, Kuala Lumpur Wilayah Persekutuan 50250 Malaysia Telephone: 03-76606080 Fax: 03-76606090 TIMBERWELL BERHAD: Back to Black with MYR3,764,000 2Q Net Profit ---------------------------------------------------------------- Timberwell Berhad issued to Bursa Malaysia Securities Berhad a copy of its unedited second quarter report for the financial period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 30/06/2005 30/06/2004 30/06/2005 30/06/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 9,724 7,291 18,724 12,846 (2) Profit/(loss) before tax 8,867 -1,050 9,432 -1,823 (3) Profit/(loss) after tax and minority interest 3,764 -1,050 5,581 -1,823 (4) Net profit/(loss) for the period 3,764 -1,050 5,581 -1,823 (5) Basic earnings/(loss) per shares (sen) 6.20 -1.91 9.19 -3.32 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 As at end of As at Preceding Current Quarter Financial Year End (7) Net tangible assets per share (MYR) 1.1800 1.0900 To view a full copy of the financial statement, click http://bankrupt.com/misc/Timberwell2QFS083005.xls To view a full copy of the notes to financial statement, click http://bankrupt.com/misc/TimberwellBerhadQtr2005Notes.doc ===================== P H I L I P P I N E S ===================== LEPANTO CONSOLIDATED: Benguet Board Pushes for Peace in Mines ------------------------------------------------------------- Despite failure of the government and management of Lepanto Consolidated and Mining Company to settle the miner's labor issues, the Benguet Provincial Board (PB) vowed to exert extra effort to resolve the problem, SunStar Daily reports. The PB said dialogues between the Lepanto Employees Union (LEU) and members of the police would still push through as he expressed optimism that the labor union would soon give in to requests of the police to quit barricading the Company's gates. Benguet Provincial Board (PB) Member and peace and order chair William Esteban begged the union to comply with all the agreements they earlier entered into, to fend off police from the area and prevent further tension in the area. The LEU is asking the police to leave the mine premises, accusing the latter of causing the problem, by being abusive in the implementation of their duties. Members of the Lepanto Task Force assigned by the Benguet Provincial Police Office (BPPO) there however denied committing human rights abuses against picketers, explaining they were deployed there only to ensure peace and order in Lepanto. The Department of Labor and Employment (Dole) ordered the police to keep peace and order in Lepanto by assuring that all the gates of the firm will be open when employees remain on strike. Members of the police task force earlier said they are willing to leave the premises of the mining company, provided the union would allow workers to return to their duties. Although an agreement was signed earlier, where the union agreed to keep the gates open, the same is being defied as picketers continue to block the portals leading to the mine facilities. CONTACT: Lepanto Consolidated Mining Co. 21st Floor, Lepanto Building 8747 Paseo de Roxas 1226 City of Makati Telephone No. 815-9447 Fax: 63 (2) 812-0451/63 (2) 810-5583 E-mail: mis@lepantomining.com Web site: http://www.lepantomining.com METRO PACIFIC: Seeks Control of Skyway Project ---------------------------------------------- Metro Pacific Corp. wants a bigger stake if not full control of Skyway in Metro Manila, The Philippine Daily Inquirer says. Metro Pacific, the Philippine holding company of Hong Kong-based conglomerate First pacific Co. Ltd., hopes to turn around the finances of the ailing highway venture controlled by Indonesian investors. Early this year, the Company made an offer to restructure Skyway's finances, including loans that have gone sour, in exchange for bigger stake in the project. The Skyway is a 9.3-kilometer overhead highway running from the Magallanes subdivision in Makati City to the Bicutan area of Para�aque City to the south. Its owner, Citra Metro Manila Tollways Corp., is a joint venture of Indonesian firm P.T. Citra Lamtoro Gung Persada and the government-controlled Philippine National Construction Corp. Metro Pacific owns 10 percent of Citra Metro Manila Tollways through Metro Strategic Infrastructure Holdings Inc. CONTACT: Metro Pacific Corporation 10/F MGO Bldg., Legazpi cor. dela Rosa St., Legazpi Village 0721 Makati City, Philippines Telephone No.: 888-0888 Fax No.: 888-0830 NATIONAL BANK: Allied Bank Denies Merger Talks ---------------------------------------------- Allied Banking Corporation issued this announcement in reference to a letter from the Philippine Stock Exchange (PSE) dated August 29, 2005, regarding the news article entitled "Lucio Tan to merge PNB & Allied Bank" published in the August 27, 2005 issue of the Philippine Star. The article reported in part that: "Tobacco and beer tycoon Lucio Tan may merge Philippine National Bank and Allied Bank, a Tan representative said. 'A merger seems to be quite logical,' Domingo Chua, Tan's representative on the Philippine National Bank board, told reporters at a briefing in Manila. 'Mr. Tan has always said we need big and strong banks,' Tan will retain the bank's officials and board Chua said." Allied Bank informed PSE that no such discussion of merger has been taken up at Allied Bank. CONTACT: Philippine National Bank Pres Diosdado P Macapagal Boulevard PNB Financial Center Pasay 1300 Philippines Phone: +63 2 891 6040 Fax: +63 2 551 5187 Web site: http://www.pnb.com.ph/ NATIONAL TRANSMISSION: Speeds Up Project to Avert Power Crisis -------------------------------------------------------------- National Transmission Corp. (TransCo) is looking to accelerate the commissioning of the Leyte-Mindanao Interconnection project which was earlier deferred to 2011, Today News reveals. TransCo is keen on fast tracking the project to 2008 to avoid a potential power crisis in Mindanao. TransCo president Alan Ortiz said that while the costs entailed in constructing the line remains high, building the line is economical considering that the cables to be used will last for 30 to 50 years. Building the 500-megawatt Leyte-Mindanao cable has been estimated to have an initial investment of between US$350 million and US$500 million to cover for the installation of a 45-kilometers of about 250-kilovolt line, a 20-kilometer of 230 kilovolt system, a 23-kilometer submarine cable, a 500-megawatt converter stations at Ormoc in Leyte and Kirahon in Misamis Oriental, and a two by 300 megavolt ampere (MVA) Alternate Current station in Kirahon. The 500-MW LMIP is considered to be the last stage in the power industry's bid to link all three the Luzon, Visayas and Mindanao grids. CONTACT: National Transmission Corporation Power Center BIR Road, cor. Quezon Avenue Diliman, Quezon City Telephone: (02) 9812100 Web site: https://www.transco.ph UNITED PARAGON: Capital Restructuring Nears Completion ------------------------------------------------------ United Paragon Mining Corporation is working to wrap up its capital restructuring this year, according to BusinessWorld. The restructuring is likely to be concluded very soon after the firm completed negotiations with affiliated and associated companies for the conversion of debts into equity. In a filing, United Paragon said applications to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) are currently being prepared for the implementation of the capital restructuring program to improve its current ratio, debt ratio, debt-to-equity ratio and capital deficit. Under the plan, the Php1.5 billion due to affiliated and associated companies which includes loans, advances, interests and financing charges will be converted into equity at par value in accordance with the company's capital restructuring which was approved by the board of directors and stockholders at their meetings held last year. Due to the suspension of mining and milling operations and limited sources of funds, the company failed to meet payments within the stated terms to majority of its suppliers, contractors and creditors. However, the company had reduced significantly the balance of its outstanding accounts with suppliers, contractors and other creditors from Php248.3 million in 1999 to Php93.66 million as of June 30, 2005. The company paid in full its loans with Land Bank of the Philippines in October 2004 while the amount of Php8.2 million due to Rizal Commercial Banking Corp. will mature this year. Early this month, United Paragon offered to settle Php51.73 million in liabilities to Vulcan Industrial & Mining Corp. via shares. United Paragon will decrease outstanding capital stock by half or Php460.48 million for the purpose of reducing its current deficit, by cutting the par value of each type of share to 50 percent and accordingly decrease its authorized capital stock to Php1.44 billion from Php1.90 billion. The company will issue Php1.5 billion worth of common shares with a par value of Php0.50 per share to be paid by way of conversion of existing liabilities to affiliated and associated companies and amend the company's articles of incorporation to reflect the decrease and then the increase in the authorized capital stock. Chairman and President Alfredo C. Ramos said the company's turnaround will have to come from the start-up of its mining operations, as investors require the co0mpletion of the capital restructuring before they could help finance the rehabilitation of the project. United Paragon's principal asset is the Longos gold mine. In its annual report, the company said it needs an estimated US$18 million to US$25 million in capital for the dewatering, rehabilitation and further development of Longos. CONTACT: United Paragon Mining Corporation 8/F, Quad Alpha Centrum 125 Pioneer St., Mandaluyong City Phone: 636-5133 to 34 Fax: 636-4923 E-mail Address: longos@vasia.com ================= S I N G A P O R E ================= ACCORD CUSTOMER: Clarifies 2004 Annual Report --------------------------------------------- Accord Customer Care Solutions Limited announces that the Company has relased an announcement in response to the Singapore Exchange Securities Trading Limited's (SGX-ST) queries, regarding certain items in its 2004 annual report. Attached below is the Company's response to SGX-ST query: http://bankrupt.com/misc/tcrap_accordcustomer083005.pdf CONTACT: Accord Customer Care Solutions Limited 20 Toh Guan Road #07-00 Accord District Center Singapore 608839 Phone: 65 6410 2600 Fax: 65 6410 2610 Web site: http://www.accordccs.com DIGILAND INTERNATIONAL: Court OKs Proposed Scheme to Creditors -------------------------------------------------------------- Digiland International Limited announced that the Singapore High Court approved the Company's proposed scheme of arrangement on July 21, 2005, and a copy of the court order approving such scheme was lodged with the Registrar of Companies on Aug. 29, 2005. Accordingly, the Scheme takes effect on and from Aug. 29, 2005. BY ORDER OF THE BOARD Lim Koon Hock Company Secretary Aug. 29, 2005 To view a copy of the Company's scheme of arrangement, go to: http://bankrupt.com/misc/tcrap_digiland1083005.pdf CONTACT: Digiland International Limited 31 Ubi Road 1 #02-00 Aztech Building Singapore 408694 Telephone: 65 67889898 Fax: 65 63691613 Web site: http://www.digiland.com.sg DIGILAND INTERNATIONAL: Net Loss Cut by Half -------------------------------------------- Digiland International Limited announced that the Company reported a 56% decrease in its net loss for the financial year ended June 30, 2005. The Company posted a net loss of SGD20.08 million, compared to its reported SGD45.24 million net loss for the same period last year. Digiland International Limited is engaged in the trading and manufacture of computers, computer peripherals and related accessories. To view the Company's financial statements, click on: http://bankrupt.com/misc/tcrap_digiland2083005.pdf EI-NETS LIMITED: 2005 Net Loss Narrows -------------------------------------- Ei-Nets Limited announced that the Company reported a 28.3% decrease in its net loss for the financial year ended June 30, 2005. The Company posted a net loss of SGD2.14 million, while its net loss for the same period last year was SGD3 million. ei-Nets Limited provides electronic commerce solutions to the mechanical and electrical engineering and building industries. To view the Company's financial statements, go to: http://bankrupt.com/misc/tcrap_einets083005.pdf CONTACT: Ei-Nets Limited (Singapore) 152 Ubi Avenue 4 #03-00 ArmorCoat Technologies Building Singapore 408826 Phone: 65 6846 8826 Fax: 65 6846 8827 Email: enquiry@ei-nets.com Web site: http://www.ei-nets.com/ HESHE HOLDINGS: Net Loss Widens by 80% -------------------------------------- Heshe Holdings Limited announced that the Company reported a significant 81.7% increase in its net loss for the financial year ended June 30, 2005. The Company posted a net loss of SGD9.58 million for 2005, comapred to a reprted net loss of SGD5.5 million for the same period last year. Heshe Holdings Limited is engaged in the manufacture, import, export and wholesale of garments and apparel, operation of restaurants and retailing of wine products and related products. A copy of the Company's financial statements can be found at: http://bankrupt.com/misc/tcrap_hesheholdings083005.pdf CONTACT: Heshe Holdings Limited 78 Shenton Way #20-01 MCL Land Building Singapore 079120 Phone: 65 6372 4300 Fax: 65 6220 4327 Email: contacts@heshe.com.sg Web site: http://www.heshe.com.sg NG CHYE: Intends to Distribute Dividend --------------------------------------- Ng Chye Mong Pte Limited, formerly of 4 Toh Tuck Link Singapore 596226, posted a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Name of Company: Ng Chye Mong Pte Limited Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 55 of 1999 Last day for receiving proofs: Sept. 9, 2005 Name & address of Liquidators: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Kamala Ponnampalam Assistant Official Receiver SUNWAY BUSINESS: Liquidator to Detail Wind Up Manner ---------------------------------------------------- Notice is hereby given that the Final General Meeting of the Members of Sunway Business Systems Pte Limited will be held on Sept. 26, 2005, 11:00 a.m. at 1 North Bridge Road, #13-03 High Street Center, Singapore 179094 for the following purposes: 1. To receive the Liquidator's account showing the manner of the winding up and disposal of Company property, and to hear any explanation that may be given by the Liquidator. 2. To determine by Resolution the manner in which the books, accounts and documents of the Company and of the Liquidator, shall be disposed of. Dated this 26th August 2005 Tay Joo Sun Liquidator C/o 1 North Bridge Road #13-03 High Street Center Singapore 179094 Note: A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his stead, and a proxy need not be a member of the Company. The instrument appointing a proxy must be deposited at the Liquidator's office not less than 48 hours before the time appointed for the Meeting. UNITED FIBER: Clarifies Reports on Paper Firm Acquisition --------------------------------------------------------- United Fiber System Limited (UFS) clarifies that the Company is not part of the consortium comprising JP Morgan and Kingsclere Finance Limited to acquire Indonesian pulp and paper firm PT Kiani Kertas (PT KK) and/or its saw mill. UFS entered into a Letter of Intent with Kingsclere, pursuant to which Kingsclere proposes to sell, and the Company proposes to buy from Kingsclere, a majority stake of the issued shares in PT KK. The Proposed Acquisition involved the acquisition of a majority stake of PT KK from Kingsclere, and not from the consortium comprising JP Morgan and Kingsclere, and the Company has no direct relationship with JP Morgan. Accordingly, the Company is not in a position to make any comments about the Article or the information set out therein. The Company wishes to reiterate that discussions with Kingsclere in relation to the Proposed Acquisition are still on-going and the terms of the Proposed Acquisition have not been finalized. As mentioned in the Company's earlier announcement, the Company is currently performing all the necessary due diligence review on PT KK for the purpose of deriving the final purchase price for the shares of PT KK. The Company will make necessary announcements at the appropriate time, if and when the terms of the Proposed Acquisition are finalized and a definitive sale and purchase agreement relating to the Proposed Acquisition is entered into between the Company and the Vendor. By order of the Board Kishore Dass Chief Executive Officer Aug. 29 2005 CONTACT: United Fiber System Limited 103 Defu Lane 10 Poh Lian Building 1 Singapore 539223 Phone: 65 62846006 Fax: 65 62840074 Web site: http://www.ufs.com.sg XUNG ASIA: Court Releases Winding Up Order ------------------------------------------ In the matter of Xung Asia Pte Limited, the Singapore High Court issued a winding up order against the Company on Aug. 19, 2005, with the following details: Name and Address of Liquidator: The Official Receiver URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 Dated this 26th day of August 2005 Messrs Tommy Choo Mark Go & Partners Solicitors for the Petitioner Note: (a) All creditors of the Company should file their proof of debt with the Liquidator who will be administering all affairs of the company. (b) All debts due to the Company should be forwarded to the Liquidator. CONTACT: Xung Asia Pte Limited 5 Shenton Way #37-02 UIC Building Singapore 068808 Phone: 65 6737 8077 Fax : 65 6737 9182 =============== T H A I L A N D =============== PICNIC CORPORATION: Details Capital Increase in Units ----------------------------------------------------- Picnic Corp. Public Co. Limited disclosed to the Stock Exchange of Thailand (SET) the resolution passed at the board of directors' meeting to increase the capital in two subsidiaries namely, World Gas (Thailand) Co. Ltd. (World Gas) and S.C.T. (Vietnam) Gas Co. Ltd. (SCT), which is held through S.S.C. Petro Development Co. Ltd. Click to view a full copy of the announcement http://bankrupt.com/misc/PicnicCorporation083005.pdf CONTACT: Picnic Corporation Public Company Limited 805 Srinakarin Road, Suan Luang Bangkok Telephone: 0-2721-3600-59 Fax: 0-2721-3571 Web site: http://www.picniccorp.com TONGKAH HARBOUR: Unit Slapped with THB491,531.24 in Claims ---------------------------------------------------------- Tongkah Harbour Public Company Limited (THL) informed the Stock Exchange of Thailand (SET), shareholders and investors on the resolutions passed during the directors meeting on August 26, 2005. (1) Acknowledged and approved the resignation of Mr. Chaleo Wanasawat as the Independent Director and Audit Committee Member due to work requirements, which involves frequent travel aboard as a Consultant. His resignation is effective August 26, 2005. The Company's Audit Committee therefore now consists of two members: (1) Mr. Prakit Pradipasen Independent Director and Chairman of Audit Committee (2) Mr. Tiwa Sukumoljantra Independent Director and Audit Committee Member (2) Acknowledged the THB491,531.24 that has been filed against Sky Cliff Ltd (SCL), a subsidiary of THL by Construction Cost Consultants Limited Partnership for full payment of service. SCL rejected the claim as not all services have been rendered pursuant to agreement. SCL shall declare all information and information and the evident to the Civil Court accordingly. Please be informed accordingly. Yours faithfully, Mr. Chalermchai Martmuang Secretary to the Executive Board of Directors CONTACT: Tongkah Harbour Public Company Limited Muang Thai Phatra Office Tower 1, Floor 7, 252/11 Rachadapisek Road, Huai Khwang Bangkok Telephone: 0-2695-4912-28 Fax: 0-2695-4901 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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