/raid1/www/Hosts/bankrupt/TCRAP_Public/050901.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, September 1, 2005, Vol. 8, No. 173
Headlines
A U S T R A L I A
ALBANY REGIONAL: Schedules Final Meeting on Sept. 8
ANDOL PTY: Members Decide to Wind Up Firm
AWAREHOUSE COMMUNICATIONS: Members Agree to Cease Operations
AXIS COMPUTER: To Pay Dividend to Creditors
BONLAC FOODS: On Track for Strong Growth
BRIAN COLLINS: Members Pass Winding Up Resolution
CHIRCAN PTY: Liquidator to Detail Wind Up Manner
CUBE CAPITAL: Suffers NZ$1.218-Mln First-half Loss
DUEL MAN: Appoints Official Liquidators
EH NEANDER: Members Opt for Voluntary Liquidation
ENTEK ENERGY: Expects AU$660,400 Cash Lifeline
FELTEX CARPETS: To Hold Annual Meeting December 1
FERGUSON WATERS: Initiates Liquidation Process
GARRY DENSON: Set to Distribute Interim Dividend
GROUP FORCE: Court Appoints Liquidator
HUSEN PTY: Shuts Down Operations
J&J ADVERTISING: Court Orders Winding Up
MAYNE GROUP: Appoints Soursac as Pharma CEO
MYER LIMITED: Westfield Eyes Possible Sell-off
OZSTAR BUILDING: Placed Under Voluntary Liquidation
PASCOT PTY: Inability to Pay Debts Prompts Wind Up
P.P.K. TECHNOLOGY: Court Releases Winding Up Order
QANTAS AIRWAYS: To Establish Sydney Engine Maintenance Center
RV SUNRAYSIA: Faces Liquidation
SANDAY BROS: To Declare Final Dividend
SONS OF GWALIA: Unresolved Issues Cloud Firm's Future
STADIUM AUSTRALIA: Write-up Shrinks Losses
TEAC AUSTRALIA: Creditors Vote for Brighter Future
TEAKWOOD NOMINEES: Creditors Ratify Liquidator's Appointment
TREND DISTRIBUTION: Members, Creditors to Receive Wind Up Report
* Victorian Director Receives Three-year Ban
* Watchdog Jails Six, Shuts Down 76 Schemes
C H I N A & H O N G K O N G
BANK OF CHINA: Appoints Underwriters for Listing
CLP DATASTORAGE: Issues Debt Claim Notice to Creditors
EZCOM HOLDINGS: Adjourns Winding Up Petition to November 21
FORTUNE TRIP: Creditors Meeting Fixed September 20
GOLD CONCORD: Court Issues Winding Up Order
GP NANOTECHNOLOGY: Receives Winding Up Notice
GUANGDONG KELON: Posts 1H05 434.5 Mln Net Loss
GUANGDONG KELON: Unveils August 15 AGM Resolutions
GUANGDONG KELON: Discloses Substantial Accounting Errors
HONGKONG CONSTRUCTION: Inks Consultancy Deal with Asia Wind
KARSON AUTO: Releases Winding Up Order
RIGHT SQUARE: To Undergo Winding Up Process
SILKY ENGINEERING: Receives Winding Up Notice
TUNGDA INNOVATIVE: Delays FY05 Results Announcement
WAI SHUN: To Convene Members, Creditors Meeting September 14
I N D O N E S I A
BANK MANDIRI: Net Profit Falls 80% on Rising Bad Loans
BANK MANDIRI: S&P Says NPLS Won't Affect Ratings
PERTAMINA: Plans to Import More Fuel to Meet Demand
TELEKOMUNIKASI INDONESIA: Expects More Foreign Exchange Losses
J A P A N
HITACHI LIMITED: To Sell 4 Mln Elpida Shares
KANEBO LIMITED: To Quit Beverage Business, Sell Unit to Asahi
MITSUBISHI MOTORS: Wayne Killen Joins North America as VP
SOFTBANK CORPORATION: Capital Research Gets Majority Stake
TOSHIBA CORPORATION: Rival DVD Formats Here to Stay
K O R E A
INCHON OIL: To Sign MOU with SK Corp. this Week
SAMSUNG CARD: To Issue ABS Worth US$300 Mln
M A L A Y S I A
ACP INDUSTRIES: To Convene AGM September 20
AYER HITAM: AGM Date Fixed September 22
CHG INDUSTRIES: Net Loss Slightly Increases
CHG INDUSTRIES: Status on Payment Default Unchanged
CONSOLIDATED FARMS: Court Extends Restraining Order
CRIMSON LAND: Withdraws Counterclaims Against MBSB
EMICO HOLDINGS: Posts MYR1,223,000 in 2Q Net Profit
GOPENG BERHAD: Net Loss Shrinks to MYR1,904,000
GRAND HOOVER: Net Loss Drops to MYR1,547,000
GULA PERAK: Incurs Lower Net Loss
GULA PERAK: Issues New Shares for Listing, Quotation
HAP SENG: Buys Back Ordinary Shares
KRETAM HOLDINGS: Release 2Q Financial Results
MAGNUM CORPORATION: New Shares up for Listing Quotation
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
POS MALAYSIA: Unit Undertakes Voluntary Separation Scheme
POS MALAYSIA: New Shares up for Listing
UP-COUNTRY FARMING: Fully Winds Up Ops
WCT ENGINEERING: Completes Islamic Bonds Issuance
WCT ENGINEERING: Details Financial Assistance Rendered
P H I L I P P I N E S
ABS-CBN BROADCASTING: U.S. Logs 10,000 for Migration to DIRECTV
ABS-CBN BROADCASTING: Clarifies Union-busting Issue
METRO PACIFIC: Confirms Interest in Skyway Project
NATIONAL BANK: Nationwide Auction Fetches Php1.25 Bln
NATIONAL TRANSMISSION: SKM Says Assets Now Worth US$2.6 Bln
PACIFIC BANKING: Creditors Get Preference in Assets
PACIFIC PLANS: Parents' Coalition Threatens Lawsuit
PHILIPPINE AIRLINES: Likely to Stay Put at Terminal 2
S I N G A P O R E
ACCORD CUSTOMER: Books SGD3.8-Mln Q1/FY05 Net Loss
BORED PILING: Creditor Withdraws Winding Up Petition
C&L INTERBUILD: Court to Hear Wind-up Petition Sept. 9
CITIRAYA INDUSTRIES: Withdraws Application for Creditors Meeting
DIGILAND INTERNATIONAL: Revises 2005 Financial Statements
HUA KOK: Net Loss Narrows by Significant Margin
PARKSTONE REAL: Liquidator Sets Deadline for Claims Submission
SAILSPIRIT PTE: Intends to Pay Dividend to Creditors
T H A I L A N D
K.C. PROPERTY: Completes Process to Reduce Stocks' Par Value
PRASIT PATANA: Par Value of Shares Cut Back to THB4
SUNTECH GROUP: Securities Trading Suspended
- - - - - - - -
=================
A U S T R A L I A
=================
ALBANY REGIONAL: Schedules Final Meeting on Sept. 8
---------------------------------------------------
Notice is given that the final meeting of members and creditors
of Albany Regional Investments Limited will be held on Sept. 8,
2005, 10:30 a.m. at Quality Inn, 44 Maitland Road, Singleton,
NSW for the following purposes:
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 29th day of July 2005
Nick Malanos
Liquidator
C/o Quality Inn
44 Maitland Road
Singleton, NSW
ANDOL PTY: Members Decide to Wind Up Firm
-----------------------------------------
Notice is hereby given that at a general meeting of members of
Andol Pty Limited held on July 22, 2005, it was resolved that
the Company be wound up voluntarily and that for such purposes,
Raymond Allan Dawson, Chartered Accountant of R. A. Dawson &
Associates, GPO Box 443, Canberra, ACT 2601, be appointed
Liquidator.
Dated this 26th day of July 2005
Raymond A. Dawson
Liquidator
R. A. Dawson & Associates
GPO Box 443
Canberra, ACT 2601
AWAREHOUSE COMMUNICATIONS: Members Agree to Cease Operations
------------------------------------------------------------
Notice is hereby given that on July 21, 2005, the members of
Awarehouse Communications Pty Limited passed a resolution to
wind up the Company, and Christopher J. Palmer was appointed
Liquidator for such winding up.
Dated this 2nd day of August 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
AXIS COMPUTER: To Pay Dividend to Creditors
-------------------------------------------
Axis Computer Systems Pty Limited will declare first and final
dividend on Sept. 8, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 11th day of July 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax: 02 9233 2144
BONLAC FOODS: On Track for Strong Growth
----------------------------------------
Bonlac Foods Ltd said it is on track for a solid financial
future after an AU$107 million (US$79.9 million) turnaround in
12 months, Asia Pulse reveals.
Bonlac on Wednesday reported a net profit of AU$24 million
(US$17.92 million) for 2004/05, compared to the previous year's
AU$83 million (US$61.98 million) loss, which included one-off
restructuring costs of AU$41 million (US$30.61 million).
Bonlac general manager Bruce Donnison said the result reflected
improved operational performance across the company and the full
cost reduction benefits arising out of a restructure two years
ago.
It also includes the revenue from the sale of the Wagga consumer
products company Murrumbidgee Dairy Products.
Revenue for the 12 months to June 30, 2005, lifted 5.3 percent
to AU$750.82 million (US$560.64 million).
"These improvements in Bonlac's bottom line performance are the
result of the strategy we put in place as part of the
restructuring in 2003," Mr. Donnison said.
"We set specific goals to maximize efficiencies in our
operations and find opportunities to reduce costs and we have
been able to deliver on this in 2004/05."
He said suppliers are seeing the benefit of cost reductions in
the form of higher milk prices.
He said Bonlac was committed to paying competitive returns to
its suppliers with better operational performance.
He said the investment of New Zealand owner Fonterra will
improve Bonlac's balance sheet, reduce debt and provide the
funds and technological capability to upgrade its factories.
"The company is clearly on track for a solid financial future,"
Mr. Donnison said.
Bonlac paid a final dividend of 10.42 cents per security against
the previous year's 1.77 cents.
CONTACT:
Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911
Web site: http://www.bonlacfoods.com/
BRIAN COLLINS: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Brian Collins Insurance & Financial Services Pty Limited held
on July 20, 2005, the following special resolution was passed:
That the company be wound up voluntarily.
Bevin Robert Schafferius of CNS Partners, 25 Samford Road,
Alderley, Queensland was appointed Liquidator of the Company for
such purpose.
Dated this 20th day of June 2005
Bevin R. Schafferius
Liquidator
DNS Accountants
Phone: (07) 3397 9111
CHIRCAN PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Chircan Pty Limited will be held on
Sept. 9, 2005, 10:00 a.m. at the offices of Jessup & Partners,
Accountants & Business Advisors, St. James Place, Level 3, 155-
157 Denham Street, Townsville, Queensland 4810.
AGENDA:
(1) 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 required thereof.
(2) Any other business, which may be lawfully considered with
the foregoing.
Dated this 25th day of July 2005
Ian David Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street
Townsville Qld 4810
Phone: (07) 4772 3515
Fax: (07) 4721 4513
CUBE CAPITAL: Suffers NZ$1.218-Mln First-half Loss
--------------------------------------------------
Cube Capital Limited's operating EBITDA for the Half Year, a
loss of NZ$313,000, was down on 2004's Half Year profit of
NZ$321,000 due to the 2004 sale of Damba Furniture and the
relatively poor performance of Cube Financial Group.
The Group's net loss for the period of NZ$1.218 million (down on
2004's Half Year net profit of NZ$25,000 includes a NZ$550,000
gain on the sale of Cube Financial Group and a NZ$1.484 million
write-off of Goodwill.
Cube Financial Group
The Cube Financial Group's Half Year sales of NZ$1.2 million was
18.6% down (NZ$279,000) on 2004. The Group's EBITDA, a loss of
NZ$218,000 was higher than 2004's loss of NZ$72,000.
On 11 July 2005, the Company advised that it had completed an
agreement to sell its Financial Services Division, Cube
Financial Group (CFG) to Branson Holdings, with an effective
date of 30 June 2005.
Under the sale, consideration paid was NZ$1,000, with Cube
retaining an investment in NZ$600,000 of Redeemable Preference
shares that are repayable over 2 years with 6.5% interest per
annum.
CFG primarily operates in Australia which remains a difficult
market for an embryonic financial services business. While CFG's
prospects remain sound, more capital and scale is needed and the
Cube Board believes there are better opportunities for the
Company in New Zealand.
JP & BM Holdings
On 13 June 2005, the Company advised that despite best endeavors
by all parties, the conditional agreement to purchase a group of
Information Technology businesses had not achieved a value
proposition acceptable to Cube Capital and accordingly a final
agreement was unable to be reached.
At the time, we had invited the vendors to review their proposal
and resubmit the same for our consideration. However, despite
communicating their willingness to do so, JP & BM Holdings has
not brought a further proposal to us.
Future Outlook
At 30 June 2005, Cube Capital has NZ$1.3 million Cash, NZ$2.1
million in receivables and no debt or liabilities.
The Cube Capital Board are now seeking a company that wishes to
back door list on the NZX, that can increase our share price,
grow our balance sheet, increase shareholder numbers and improve
liquidity.
The Board is actively looking for opportunities over the next
six months and believes we can find a company that can take Cube
Capital into a strong future.
CONTACT:
Cube Capital Limited
67-69 Nicholson Street
St Leonards NSW 2065 Australia
PO Box 1375
Lane Cove NSW 2066
Australia
Phone: (AU) 1300 65 90 90
(NZ) 0800 55 00 22
Web site: www.cubecapital.co.nz
DUEL MAN: Appoints Official Liquidators
---------------------------------------
At an extraordinary General Meeting of Duel Man Power Container
Labour Pty Ltd convened and held on July 21, 2005, Riad Tayeh
and Antony de Vries were appointed Joint Liquidators for the
winding up of the Company.
Dated this 21st day of July 2005
Antony de Vries
Riad Tayeh
Joint Liquidators
de Vries Tayeh
c/o Level 3, 95 Macquarie Street
Parramatta NSW 2150
EH NEANDER: Members Opt for Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of EH Neander Pty Limited held on July 22, 2005,
the following special resolutions were passed:
That the Company be wound up voluntarily, and that Alasdair
Brian West of McGregor-West Pty Ltd, Level 1, 478 Albert Street,
East Melbourne, Victoria be appointed Liquidator for such
purpose.
Dated this 22nd day of July 2005
Alasdair B. West
McGregory-West Pty Limited
Level 1, 478 Albert Street
East Melbourne, Victoria
ENTEK ENERGY: Expects AU$660,400 Cash Lifeline
----------------------------------------------
Troubled Entek Energy expects an AU$660,400 loan repayment to
replenish cash reserves that were down to AU$8,207 on June 30,
according to The Advertiser.
Entek documents show the money has been invested with an unnamed
private finance company at 15 percent annually.
In its recent fourth-quarter report, the company said its
directors "do not have any direct or indirect interest in the
borrower".
Entek's former managing director, Guiseppe Mercorella, stood
aside last month to concentrate on an Australian Securities and
Investments Commission (ASIC) allegation that he owed AU$56
million to investors in an unlicensed managed-investment scheme.
Regardless, there had been doubt over where the money was and
who had it. In a half-year report in March, Entek's accountant,
Stanton Partners, said it was "unable to perform additional
review procedures to enable us to assess the recoverability" of
more than AU$700,000 in loans. The company did not disclose who
the two loans were to, only that they were expected to return
18.25 and 7.4 percent respectively.
The company also announced this week it would raise AU$1 million
to ensure it did not run out of money this quarter.
Entek was re-admitted to quotation on the Australian Stock
Exchange on Monday after a 3 1/2-week hiatus. The ASX had asked
it to prove it had sufficient funds to keep operating.
CONTACT:
Entek Energy Limited
45 Ventnor Ave, West Perth,
AUSTRALIA, 6005
Telephone: (08) 9429 8862
Fax: (08) 9429 8800
FELTEX CARPETS: To Hold Annual Meeting December 1
-------------------------------------------------
Feltex Carpets Limited advised that the proposed date for its
2005 annual meeting is Thursday 1 December 2005.
For the purposes of NZSX Listing Rule 3.3.2, Feltex advised that
the opening date for the nomination of directors to be
considered for election at the annual meeting is 31 August 2005
and the closing date for the nomination of directors is 3
October 2005.
Nominations may be made by shareholders in writing to the
Company accompanied by the consent in writing of that person to
the nomination. Nominations must be received during the period
at the registered office of the Company.
CONTACT:
Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/
FERGUSON WATERS: Initiates Liquidation Process
----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Ferguson Waters Transport Pty Limited held on July
27, 2005,it was resolved that the Company be wound up
voluntarily, and Warren White of PPB Chartered Accountants,
Level 10, 90 Collins Street, Melbourne, Victoria was appointed
liquidator of the Company at a creditors' meeting held later
that day.
Dated this 2nd day of August 2005
Warren White
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000
GARRY DENSON: Set to Distribute Interim Dividend
------------------------------------------------
Garry Denson Metal Roofing Pty Limited will declare its first
interim dividend on Sept. 8, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 11th day of July 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney
Phone: (02) 9233 2111
Fax: (02) 9233 2144
GROUP FORCE: Court Appoints Liquidator
--------------------------------------
On July 21, 2005, the Supreme Court of New South Wales, Equity
Divison appointed Deryk Andrew to be Liquidator for the winding
up of Group Force Pty Limited.
Deryk Andrew
Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office, Sydney NSW 1230
HUSEN PTY: Shuts Down Operations
--------------------------------
Notice is hereby given that at a general meeting of members of
Husen Pty Limited held on July 22, 2005, it was duly resolved
that the Company be wound up voluntarily, and that Bill Cotter
and Dennis Offermans of Knights Insolvency Administration, Level
3 United Overseas Bank Building, 32 Martin Place, Sydney be and
are appointed Joint & Several Liquidators for the winding up.
Dated this 22nd day of July 2005
Bill Cotters
Dennis Offermans
Joint Liquidators
Knights Insolvency Administration
Level 3, United Overseas Bank Building
32 Martin Place, Sydney
J&J ADVERTISING: Court Orders Winding Up
----------------------------------------
On July 26, 2005, the Supreme Court of New South Wales appointed
David Gregory Young to be Liquidator of J&J Advertising Pty
Limited, for the winding up of the Company.
David G. Young
Liquidator
William Buck Chartered Accountants
Level 24, 201 Elizabeth Street
Sydney
MAYNE GROUP: Appoints Soursac as Pharma CEO
-------------------------------------------
The Chairman of Mayne Group Limited (Mayne), Mr. Peter Willcox,
on Wednesday announced the Board will be appointing Dr Thierry
Soursac as Chief Executive Officer and Managing Director for
Mayne Pharma upon Mayne's shareholders giving approval to
proceed with the demerger and the demerger becoming effective.
Mayne's Chairman, Mr. Peter Willcox, said "Dr Soursac is an
outstanding executive and I am delighted he will be joining
Mayne Pharma at this important and exciting phase in its
development.
"Dr Soursac's qualifications make him ideally suited for this
position. His training and experience combines clinical and
preclinical pharmaceutical research in academia and industry
with deep commercial expertise gained in a distinguished career
with leading global pharmaceutical companies in the US and
Europe.
"He is a successful leader of international pharmaceutical
businesses, having held top executive positions, heading
research worldwide as well as the commercial operations
worldwide at Rhone-Poulenc-Rorer (RPR) and Aventis. He also
founded and established RPR's gene therapy division, Gencell,
collaborating with a network of biotech ventures around San
Francisco, California, to discover and commercialize novel gene
therapy products."
Dr Soursac studied medicine at the School of Medicine of Angers
and subsequently specialized in oncology in France. After
completing an MD in 1981, he became assistant professor in
oncology, operated a clinical oncology practice and established
and led the pharmacokinetics research department at the Paul
Papin Center for five years. During this time Dr Soursac also
completed a PhD in clinical pharmacology and pharmacokinetics at
Pitie-Salpetriere University in Paris.
After completing an MBA at INSEAD in 1986, Dr Soursac was
appointed a hospital pharmaceutical sales representative for
Rhone-Poulenc. He was promoted to Head of Marketing of the
French affiliate in 1988 and in 1990, following the merger with
Rorer to form RPR, he was promoted to Corporate Vice President
responsible for Marketing and Corporate Strategy globally for
the merged company. In this capacity, he moved to Fort
Washington, Pennsylvania, and played a critical role in the
integration of the companies and helped RPR grow sales from $US
5 billion to $US 7 billion.
In 1994 Dr Soursac was promoted to Senior Vice President and
established a gene therapy capability for RPR by forming
Gencell, based in Santa Clara, California. In 1997, he became
President of Worldwide Research for RPR and in 1998, he was
promoted to Executive Vice President leading the Corporate
Marketing, Business and Technology Development and Corporate
Development activities at RPR. In January 1999, he was
appointed President of Worldwide Pharmaceutical Operations
responsible for all proprietary and generic business worldwide,
all affiliates around the world, as well as global marketing and
medical affairs.
In January 2000, RPR merged with Hoechst Marion Roussel to form
Aventis and Dr Soursac was appointed Executive Vice President
and Head of Commercial Operations worldwide for Aventis Pharma
and a member of the Executive Committee. In 2002, he became a
member of the Management Board of Aventis SA. Dr Soursac decided
to leave Sanofi-Aventis at the end of 2004 following its
acquisition by Sanofi.
Dr Soursac holds French and American citizenships and will be
based in the United Kingdom. The Europe, Middle East and Africa
region generated more than half of Mayne Pharma's revenues and
earnings in fiscal 2005 and was the fastest growing region,
reporting a 67% increase in its full year revenues. More than
70% of Mayne Pharma's sales came from the northern hemisphere in
the last financial year.
Mr. Willcox said, "Thierry's depth of expertise in
pharmaceuticals, combined with his strong commercial experience
growing businesses internationally, makes him the ideal leader
for Mayne Pharma. I am looking forward to working with him to
create value for our shareholders as we develop this exciting
new pharmaceutical company."
Dr. Soursac's appointment as CEO of Mayne Pharma is subject to
Mayne's shareholders approving the proposed demerger and he will
take up his appointment on the effective date of the demerger.
In the meanwhile, under the terms of the arrangement, Dr Soursac
will begin consulting to Mayne on 1 October 2005.
Mr. Willcox also thanked Mr Stuart James, Mayne's Group Managing
Director and Chief Executive Officer for his outstanding
contribution to Mayne over the last three years.
"Mayne was a complex company with an extended and disparate
portfolio of businesses around the world. Stuart introduced a
strong strategic focus on those areas that offered attractive
returns and significant opportunities for growth. As a result,
he has led the successful transformation of Mayne into an
international Australian healthcare company. Under his
stewardship its growth and sound financial position has provided
the opportunity for the Board to recommend a demerger to
shareholders with confidence. Stuart was the right CEO to lead
Mayne through these complex and challenging times.
"In Robert Cooke and Thierry Soursac, we are very fortunate to
have found CEOs who have exceptional expertise in the specific
areas of Mayne that we propose to demerge. They are the right
people to lead the demerged companies.
"Importantly, Stuart James will remain Group Managing Director
and Chief Executive Officer until the demerger is effected later
this year and will continue leading that process. Stuart will
also work with the new leaders of these businesses to facilitate
a smooth transition."
Speaking about the appointment, Mr. James said, "I fully support
and endorse the Board's decision. As Mayne Pharma moves into
its next stage of evolution, it will benefit from the experience
that a global pharmaceutical expert, like Dr Soursac, can
provide.
"The Chairman and I agreed from the outset that this process
would be driven solely by doing what was best for shareholders.
"Both the domestic businesses and Mayne Pharma have tremendous
potential and the quality of the individuals that have been
attracted to these roles reflect the significant value creation
opportunity that exists for each of them.
"I look forward to finalizing the demerger and working with both
new CEOs as each of the entities separately list on the ASX."
Mr. Willcox said, "Mayne's Board and I have enjoyed working with
Stuart over the last three years and we appreciate Stuart
continuing to oversee the demerger activities for Mayne leading
up to the shareholder vote. He has been a strong leader and, if
the demerger is approved by shareholders, we wish him success in
his future endeavors."
This announcement is another important step in presenting a full
demerger proposal for shareholders to consider. Details of the
contracts for Mr. Robert Cooke and Dr Thierry Soursac will be
included in the demerger proposal. The demerger continues to be
on track and is expected to become effective by the end of the
calendar year if approved by shareholders. In accordance with
this schedule, an explanatory memorandum regarding the demerger
will be sent to shareholders for their consideration later this
year.
About Mayne Group Limited
Mayne Group Limited is a leading Australian-based healthcare
company with revenues in excess of $A 3.8 billion in its 2005
financial year.
Mayne Group is comprised of several leading Australian
healthcare businesses that are well positioned to grow in future
years. Mayne Diagnostic Services operates the second largest
pathology and diagnostic imaging networks in Australia. Mayne
Pharmacy distributes pharmaceutical and over the counter
products to retail pharmacies across Australia and provides a
range of professional and retail services that assist
pharmacists in better managing their businesses. Its leading
pharmacy retail banners include Terry White Chemists and
Chemmart. Mayne Consumer Products is Australia's leading
provider of vitamin and mineral supplements across the grocery
and pharmacy retail channels with the following brands: Nature's
OwnT, Cenovis, Natural NutritionT, BioOrganicsT, and Golden
Glow.
Mayne Pharma has grown to be a market leader for generic,
injectable oncology drugs in Western Europe, Canada and
Australia and has established businesses in the United States,
the Middle East and Africa, and Asia. Mayne Pharma's products
are marketed in more than 60 countries across five continents.
This broad geographic sales, marketing and regulatory platform
in generic, injectable medicines is a valuable asset and Mayne
Pharma's emphasis on the cytotoxic oncology (anti-cancer) market
segment benefits from higher barriers to entry and lower
competition than in generic, oral pharmaceuticals.
CONTACT:
Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
MYER LIMITED: Westfield Eyes Possible Sell-off
----------------------------------------------
Westfield Group is reportedly interested in a possible sell-off
of struggling Myer Limited's departments stores, The Age
reveals.
Myer, through its parent Coles Myer Limited, announced earlier
this month that it is likely to divest the iconic stores.
Westfield was very interested to learn whether such a move
occurred, but said it was too early to comment further.
Westfield, which heavily invested in cinema complexes at its
shopping centers, confirmed its interest in Myer stores. The
shopping center group said it will hold discussions with Coles
Myer very soon.
Westfield recently unveiled an AU$1.53 billion half-yearly net
profit.
CONTACT:
Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au
or
Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au
OZSTAR BUILDING: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ozstar Building & Maintenance Pty Limited held on
July 21, 2005, it was resolved that the Company be wound up
voluntarily, and Paul William Gidley and Stewart William Free of
Lawler Partners, Chartered Accountants, 763 Hunter Street,
Newcastle West 2302 were appointed Joint and Several Liquidators
at a creditors' meeting held that same day.
Dated this 2nd day of August 2005
Stewart W. Free
Paul W. Gidley
Liquidators
Lawler Partners
Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302
PASCOT PTY: Inability to Pay Debts Prompts Wind Up
--------------------------------------------------
At a meeting of the creditors of Pascot Pty Limited held on July
21, 2005, the following special resolution was passed:
That the company be wound up voluntarily, as it is unable to
continue in business due to its liabilities; and
That Andrew James Heard and Mark Christopher Hall, Chartered
Accountants, Level 10, 26 Flinders Street, Adelaide, SA be
appointed Joint and Several Liquidators for such winding up.
Mark C. Hall
Andrew J. Heard
Liquidators
Chartered Accountants
Level 10, 26 Flinders Street
Adelaide SA
P.P.K. TECHNOLOGY: Court Releases Winding Up Order
--------------------------------------------------
On July 22, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of P.P.K. Technology Pty
Limited, and appointed Steven Nicols to be Liquidator of the
Company for such purpose.
Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000
QANTAS AIRWAYS: To Establish Sydney Engine Maintenance Center
-------------------------------------------------------------
Qantas Airways said Wednesday that it would commit to a new
consolidated facility in Sydney for the maintenance of Rolls-
Royce RB211 aircraft engines after an extensive review of
Australian and offshore options.
The Chief Executive of Qantas, Mr. Geoff Dixon, said
finalization of the facility would ensure a strong future for
Rolls-Royce jet engine maintenance services in Australia.
Mr. Dixon said Qantas was reviewing all its engineering and
maintenance operations as a result of widespread consolidation
and cots reductions occurring within aviation maintenance and
repair operations throughout the world.
"We are extremely pleased that the first review completed has
resulted in a commitment to an in-house solution," Mr. Dixon
said.
"There are more high quality alternatives for maintenance and
engineeri9ng operations than ever before and globalization and
consolidation means that only the very best and most efficient
operations will survive in an increasingly competitive
environment."
Mr. Dixon said Qantas would initially commit AU$7.6 million in
additional capital to upgrading and consolidating current
facilities.
"We will provide another AU$12 million within 12 months provided
the facility reaches the necessary productivity figures set by
the Company."
Mr. Dixon said Qantas had a well-earned and highly valued
reputation for excellence in engineering, maintenance and
safety, which would never be compromised.
"Establishing what will be a Center of Excellence (CoE) in
Sydney represents a strong commitment by Qantas to preserving
skills and capability in Australia.
"Qantas has already established a Centre of Excellence, Jet
Turbine Services (JTS) for the maintenance of General Electric
CF6 and cfm56 engines in Melbourne, in partnership with Patrick
Corporation."
Mr. Dixon said the Sydney facility would maintain the Rolls
Royce RB211 engines used by Qantas.
This is a vote of confidence in our staff and their commitment
to improving our engine maintenance operations by identifying
and introducing efficiency improvements and improved cost and
turn-time targets."
The new Centre will employ around 300 skilled engineers and
support staff.
Mr. Dixon said changes to the Sydney facility, the establishment
of JTS and associated activities would result in a further
reduction of 60 positions from the existing Sydney workforce.
"While reducing staff numbers is always a difficult decision to
make, we have been discussing the workforce requirements of the
new centre with staff for more than 18 months," he said.
"We are confident that we will achieve this reduction though
voluntary redundancies alone while retaining an appropriate
balance of skills and experience to meet future operational
requirements."
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
RV SUNRAYSIA: Faces Liquidation
-------------------------------
At a general meeting of the members of RV Sunraysia Pty Limited
held on July 22, 2005, 11:00 a.m. the following Special
Resolutions were duly passed:
SPECIAL RESOLUTION:
That the Company be wound up voluntarily.
ORDINARY RESOLUTION:
That Des Munro and Andre Strazdins of SimsPartners, Level 4, 12
Pirie Street, Adelaide SA 5000, be nominated Joint and Several
liquidators for the winding up.
Dated this 28th day of July 2005
Des Munro
Andre Strazdins
Joint Liquidators
SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000
SANDAY BROS: To Declare Final Dividend
--------------------------------------
Sanday Bros Pty Limited will declare a second and final dividend
on Sept. 5, 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
John Park
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: (07) 3225 4900
Fax: (07) 3225 4999
SONS OF GWALIA: Unresolved Issues Cloud Firm's Future
-----------------------------------------------------
A meeting of creditors of collapsed Sons of Gwalia on Tuesday
failed to resolve some of the miner's issues, Sydney Morning
Herald reports.
The continued administration of Gwalia by Ferrier Hodgson was
unanimously accepted at the second creditors meeting. However,
shareholder claims and a price dispute with a tantalum buyer
needed to be resolved before any further decisions will be made.
Many shareholders want to be considered creditors and were
allowed to vote at the meeting.
Whether they will be considered creditors, and stand a chance of
redeeming lost money, is being decided by a test case with one
shareholder, Luka Margeretic. The case was heard in the Federal
Court on Monday but Justice Arthur Emmet reserved judgment.
Administrator Garry Trevor said this was one of two issues
delaying the settling of the company's future.
The other issue is that Gwalia is locked in a price dispute over
tantalum with its offtake partner, Cabot Corp of the U.S.
The matter is due to go to arbitration next month.
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/
STADIUM AUSTRALIA: Write-up Shrinks Losses
------------------------------------------
Stadium Australia Group's operating loss in the six months to
June 30 went up 35 percent, according to the Sydney Morning
Herald.
But the Company, which operates Sydney's Olympic Stadium,
claimed the recent loss is far smaller because the stadium now
has a better value.
While the stadium operator booked a 2 percent rise in revenue to
AU$18.9 million, its net loss from ordinary activities for the
half year was AU$6.4 million, as against AU$4.7 million in the
first half last year.
Around AU$5.7 million "write-up in the Telstra Stadium" on June
30 reduced the net loss for the half to just AU$645,000.
Following a director's valuation of the stadium at June 30,
2005, the carrying value of the stadium has been recorded at
AU$645,000. The write-up follows a similar AU$11.2 million
write-up in the value of the stadium at the end of 2004.
According to the company's lease with the Sydney Olympic Park
Authority, the value of the stadium is reviewed each year based
on expected net cash flows.
Stadium Australia said new "long-term partnerships" had been
agreed with rugby league clubs the Bulldogs and Rabbitohs and
NSW Super 14 rugby union side the Waratahs which would enhance
the stadium's value.
The company reported revenue for the six months was AU$18.9
million, reflecting demand for corporate facilities, especially
for the corporate suites, boxes and dining facilities, along
with membership subscriptions.
CONTACT:
Stadium Australia Group
Level 3, Members' Stand, Telstra Stadium,
Edwin Flack Avenue, SYDNEY OLYMPIC PARK,
NSW, AUSTRALIA, 2127
Telephone: (02) 8765 2002
Fax: (02) 8765 2802
Web site: http://www.telstrastadium.com.au/
TEAC AUSTRALIA: Creditors Vote for Brighter Future
--------------------------------------------------
At the Second Creditors meeting on the 29th August, creditors
overwhelmingly voted in favor of the proposed Deed of Company
Arrangement (DOCA) that will see TEAC Australia continue to
trade and become a subsidiary of TEAC Corporation of Japan.
This is great news especially for all the employees, customers
and suppliers who have supported the company in recent difficult
times.
The approved DOCA will see the sale of certain assets of TEAC to
a new company which will be wholly owned by TEAC Corporation
Japan. The new company which will be named TEAC Australia will
be granted Distribution Rights by TCJ to continue the
distribution of TEAC product in Australia. It is intended that
the transfer of these functions will be completed by 19th
September.
Under the new company, all valid product warranties and customer
claims will continue to be met. Customers can continue to
purchase TEAC products with confidence.
A number of restructuring initiatives have recently taken place,
including a total overhaul of procedures for stock control and
the management of accounts receivable, improvements to
management reporting, a reduction in the number of freight
service providers and the lowering of overhead costs.
TEAC has also finalized a new lease for its Head Office and
warehouse which will be located at 30 Tullamarine Park Drive,
Tullamarine, Melbourne. This move will take place towards the
end of September.
Although it has been a difficult time for TEAC, the brand has
still managed to achieve a strong position in the market -
thanks to strong support from it's retail partners. According to
Informark reports for Jan-Jun '05, TEAC is No.2 in Television
(including Plasma and LCD TV), No.1 in Digital Set Top Box with
30% market share, No.4 in HIFI Systems with 14%, No.2 in
Portable Audio with 20%.
All at TEAC would like to take this opportunity to sincerely
thank its loyal and valued customer, for all thier support,
understanding and encouragement during this administration
period. With TEAC's future now firmly secure, the firm eagerly
anticipate the exciting opportunities that lay ahead, and look
forward to working closely with the customers to further develop
a mutually successful and profitable future.
CONTACT:
TEAC Australia
Address: 280 William St
Melbourne Vic 3000
Phone: (03) 9672 2400
(03) 9644 2442
Fax: (03) 9672 2499
E-mail: info@teac.com.au
Web site: http://www.teac.com.au
TEAKWOOD NOMINEES: Creditors Ratify Liquidator's Appointment
------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Teakwood Nominees Pty Limited held on July 25,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Kimberley Andrew Strickland and
Christopher Michael Williamson of SimsPartners, Level 12, Dwyer
Durack House, 40 St. George's Terrace, Perth WA 6000 be
appointed Joint and Several Voluntary Liquidators of the
Company. Creditors ratified the liquidators' appointment at a
creditors' meeting held that same day.
Dated this 27th day of July 2005
Kimberley A. Strickland
Christopher M. Williamson
Liquidators
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000
TREND DISTRIBUTION: Members, Creditors to Receive Wind Up Report
----------------------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Trend Distribution Pty Limited will be held on Sept. 8, 2005,
11:30 a.m. in the Boardroom of Venn Milner & Co. Chartered
Accountants, Suite 1, 43 Railway Road, Blackburn, Vic 3130.
The purpose of the meeting is to present accounts showing the
manner of the winding up and disposal of Company property, and
to hear any explanation that may be given by the Liquidator.
Dated this 28th day of July 2005
Leonard A. Milner
Liquidator
Venn Milner & Co.
Chartered Accountants
Suite 1, 43 Railway Road
Blackburn Vic 3130
* Victorian Director Receives Three-year Ban
--------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Daniel Sean Banks, of Five Ways in Victoria, from
being a director or being involved in the management of
companies for three years.
ASIC banned Mr. Banks after investigating complaints from the
liquidators of six companies of which he was a director. The
liquidators' complaints included that Mr. Banks failed to
provide assistance to them and failed to produce the companies'
books and records.
The six companies were Vaticker Pty Ltd, Melidia Pty Ltd,
Salozar Pty Ltd, Bakers Heaven Pty Ltd, Chicken A-Go-Go Pty Ltd
and Khama Pty Ltd.
"Liquidators act in the interests of employees and creditors and
ASIC will take action against directors who fail to assist
them," said Mr. Allen Turton, Deputy Executive Director of
Enforcement.
Mr. Banks has the right to lodge an application with the
Administrative Appeals Tribunal for a review of ASIC's decision
* Watchdog Jails Six, Shuts Down 76 Schemes
-------------------------------------------
The Australian Securities and Investments Commission (ASIC)
issued a warning to investors after revealing a 25 percent
increase in actions to close down illegal investment schemes
over the last financial year.
ASIC closed down illegal investments involving more than 2,150
investors who invested a total of around AU$220 million in the
past financial year. ASIC closed down 76 schemes and obtained
protective court orders in many other matters pending further
action. A further five promoters of illegal investments are
serving jail sentences, imposed in the 2004-05 financial year,
for dishonesty associated with the investments they offered.
ASIC Commissioner Professor Berna Collier said illegal
investment schemes were a serious problem in Australia, and
generally a sure-fire way to lose money.
"Schemes established specifically for scamming investors, such
as short-term unsecured loan investments, and investments
promoted through contacts made at 'get rich quick' wealth
creation seminars, or via the Internet, are of real concern,"
Professor Collier said.
Illegal investments range from outright scams to investments
that suffer from technical non-compliance and do not have any of
the basic safeguards for investors required under the law.
Illegal investments are generally those where the promoters and
managers of investors' money do not hold an Australian financial
services license and they may have also failed to register the
scheme with ASIC or made the required disclosures to investors
in circumstances where they are legally required to do so.
"Illegal investment schemes are often marketed as unique and
exotic opportunities, through social and cultural networks and
by word of mouth," Professor Collier said.
"Victims lured to highly risky schemes on the promise of high
returns range from retirees who have invested their entire pay-
outs and subsequently lost the lot, to people who have sought a
quick return on their capital after selling their home before
purchasing the next."
"Any investment carries risk, however investing in an illegal
scheme is a long way from depositing funds with a bank, for
example. Consumers often lose funds because they are willing to
hand over money, on the basis of a perception that the money
can't be lost," Professor Collier said.
"ASIC has and will continue to shut down illegal schemes and
prosecute their operators but the best protection is for
investors to avoid them. An informed investor is one of the best
protections against illegal schemes," Professor Collier added.
There are eight key questions that people should consider before
investing:
(1) Does the company or person advising you hold an Australian
financial services license? Is the company licensed to sell this
product?
(2) Is there a prospectus or a product disclosure statement?
What is the expected annual return? Does it sound too good to be
true?
(3) Are all your eggs in one basket?
(4) What is the reputation of the salesperson and scheme
manager?
(5) What will your expenses be?
(6) Can you get your money back if you need it?
(7) Have you done your homework and fully understand the
investment?
In the 2004-05 financial year, ASIC's actions resulted in the
following people being jailed:
Bo Long Group of Companies Two company directors, Ms Donna Tung
Sing Ho and Mr. Mark Sweeney were sentenced to nine years in
jail, and eight-and-a-half years in jail, respectively, for
their roles in an illegal investment scheme in which people
invested a total of AU$6.7 million on the pretext that it would
be used for various projects in mainland China. Mr. Sweeney has
a current appeal before the courts.
Mr. Andrew James McKenzie Four year jail sentence imposed on a
North Queensland former accountant, Mr. Andrew James McKenzie
who dishonestly applied almost $1 million in funds raised from
investors for unregistered syndicated property unit trust
investment. The offences were discovered after the trustee
companies were wound up.
"Nigerian scam" and Mr. Robert Andrew Street A former financial
adviser, Mr. Street was sentenced to five years and three months
in jail for promoting illegal investments in various projects
while actually placing around $1 million of his clients' funds
in a "Nigerian scam".
Financial Options Group Incorporated (FOGI) The former managing
director of an unlicensed financial services business, Financial
Options Group Incorporated, Mr. Robert Geoffrey Walker, was
sentenced to seven years in jail on fraud charges for making
false statements to investors about returns from their
investments. The investment scheme offered interests in non-
regulated foreign exchange and base metal markets.
And since the end of the 2004-05 financial year:
Elizabeth Heather Parry The accountant was jailed for 10 years
in the Cairns District Court following a joint investigation by
the Queensland Police Service and ASIC. Ms Parry pleaded guilty
to fraud charges. She will be eligible for parole after serving
four years. Ms Parry, who operated a Cairns-based accounting
practice, obtained approximately AU$6 million in loans from
private investors who were guaranteed returns between nine and
15 per cent per annum, and used the funds for her own purposes.
More information about illegal schemes is available from ASIC's
consumer website FIDO at http://www.fido.gov.auor by calling
ASIC's Infoline on 1300 300 630.
==============================
C H I N A & H O N G K O N G
==============================
BANK OF CHINA: Appoints Underwriters for Listing
-------------------------------------------------
The Bank of China (BOC) has appointed the Bank of China
International, Goldman Sachs Group and UBS as its financial
advisers and lead underwriters for its planned initial public
offering sometime next year, China Daily reports.
The three banks were chosen because of their strong position and
good reputation in the international capital markets in Asia,
Europe and the United States.
BOC spokesman Wang Zhaowen said that the participation of the
three would help the company speed up the preparation for the
overseas IPO as quick as possible.
The bank, which received a US$22.5 billion capital injection
from the State in late 2003, was chosen by the central
government as a pilot project in the country's banking reform.
During the first half of this year, the bank reported fast
growth in both operating and net profit. But officials declined
to provide detailed figures because they need to be audited and
submitted to the board of directors first.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
CLP DATASTORAGE: Issues Debt Claim Notice to Creditors
------------------------------------------------------
Notice is hereby given that the creditors of CLP Datastorage
Limited, which is being voluntarily wound up, are required on or
before September 26, 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 Liquidators of the company.
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 excluded from the benefit of
any distribution before such debts are proved.
Dated this 26th day of August, 2005
STEPHEN LIU YIU KEUNG
ROBERT ARMOR MORRIS
Joint and Several Liquidators
18th Floor
Two International Finance Centre
8 Finance Street
Central, Hong Kong
EZCOM HOLDINGS: Adjourns Winding Up Petition to November 21
-----------------------------------------------------------
On April 25, 2005, petitions to wind up Ezcom Holdings Limited
were presented by Sojitz Corporation (Petitioner) to the High
Court of Hong Kong Special Administration Region (High Court).
Upon hearing the application of the Petitioner on August 29,
2005 the High Court appointed Mr. Kelvin Flynn and Mr. Cosimo
Borrelli, both of Alvarez & Marsal Asia Limited, as Joint and
Several Provisional Liquidators (Provisional Liquidators) of the
Companies to, inter alia, exercise the powers of the Company's
board, to take into their custody and protect the assets of the
Companies and their subsidiaries (together the Group) and carry
on and stabilize the operations of the Group and to investigate
possibilities for a restructuring of the Group.
In a disclosure to the Hong Kong Stock Exchange, the winding up
petition filed by the Petitioner has been adjourned to be heard
on November 21, 2005. The Provisional Liquidators, on behalf of
the Companies, envisage that a further adjournment of the
hearing may be necessary to allow more time to explore and to
facilitate the possible restructuring of the Group and to engage
in negotiations with interested parties in this regard. Further
announcements in respect of the proposed restructuring of the
Group will be made as and when appropriate.
Trading in the shares of the Company was suspended at the
request of the Company with effect from May 17, 2005 and will
remain suspended until further notice.
For and on behalf of
Ezcom Holdings Limited
(Provisional Liquidators Appointed)
Kelvin Flynn
Cosimo Borrelli
Joint and Several Provisional Liquidators
CONTACT:
Ezcom Holdings Limited
Unit 1C & 1D
14/F, Tower 2,
Admiralty Centre
18 Harcourt Road
Ceutral, Hong Kong
Phone: 28276388
Fax: 28276788
Web site: http://www.ezcom.com.hk/
FORTUNE TRIP: Creditors Meeting Fixed September 20
--------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Fortune Trip Investments Limited will be held at Suites 1801 &
1802, 18/F., Alliance Building, 130-136 Connaught Road, Central,
Sheung Wan, Hong Kong on 21st day of September 2005 at 11:00
a.m. for the purposes mentioned in Sections 241, 242, 243 244
and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be duly completed and
lodged at above address not later than 4:00 p.m. on September
20, 2005.
Dated this 19th day of August 2005
LI JING HUAI
Chairman
GOLD CONCORD: Court Issues Winding Up Order
-------------------------------------------
Gold Concord Enterprises Limited whose place of business is
located at 5th Floor, No 88 Lockhart Road, Wanchai, 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 17, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
GP NANOTECHNOLOGY: Receives Winding Up Notice
---------------------------------------------
GP Nanotechnology Group Limited whose place of business is
located at Unit A, 8thFloor Wah Kit Commercial Center, 302 Des
Voeux Road Central, Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on August 17, 2005.
Date of Presentation of Petition: June 17, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
GUANGDONG KELON: Posts 1H05 434.5 Mln Net Loss
----------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited (0921)
announced its financial results for the year ended June 30,
2005.
Year-end date: 31/12/2005
Currency: RMB
Auditors' Report: Modified
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 30/06/2005 to 30/06/2004
Note ('000) ('000)
Turnover : 4,558,273
4,931,016
Profit/(Loss) from Operations : (368,260) 240,762
Finance cost : (79,474) (73,540)
Share of Profit/(Loss) of
Associates : (236) (12,338)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (434,554) 158,063
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.44) 0.16
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (434,554) 158,063
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Guangdong Kelon Electrical Holdings Company Limited was
incorporated in the People's Republic of China (PRC) on December
16, 1992. Its H shares were listed on The Stock
Exchange of Hong Kong Limited on July 23, 1996 and it's A shares
were listed on the Shenzhen Stock Exchange on July 13, 1999.
The Group is principally engaged in the manufacture and sale of
refrigerators and air-conditioners.
The unaudited condensed interim financial statements have been
prepared in accordance with International Accounting Standard 34
"Interim Financial Reporting" and with the applicable disclosure
requirements of Appendix 16 to the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited. The
unaudited condensed interim financial statements should be read
in conjunction with the 2004 annual financial statements.
DIVIDENDS
The directors do not recommend the payment of an interim
dividend for the six months ended June 30, 2005. No interim
dividend was declared for the same period last year.
BASIC EARNINGS PER SHARE
The calculation of basic earnings per share was based on the
unaudited consolidated net profit/(loss) attributable to equity
holders of the parent of RMB434,554,000 for the six months ended
June 30, 2005 (six months ended 30 June 2004: RMB158,063,000)
divided by 992,006,563 shares (2004: 992,006,563 shares)
outstanding during the period. No diluted earnings per share
have been presented as there were no dilutive potential ordinary
shares in issue in both periods.
CHANGE OF FIGURES REPORTED IN RESULTS ANNOUNCEMENT FORM
SUBMITTED FOR FIRST HALF OF 2004
The change of figures reported in the results announcement form
submitted for first half of 2004 is due to difference being
reclassification of amortization of goodwill of associates from
administrative expenses to share of results of associates.
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
GUANGDONG KELON: Unveils August 15 AGM Resolutions
--------------------------------------------------
A written notice convening the board meeting of Guangdong Kelon
Electrical Holdings Company Limited was dispatched to all the
directors by facsimile on August 15, 2005.
The meeting was held at the conference room at the Company's
head office in Shunde District, Foshan City, Guangdong, on
August 30, 2005 at 10:00 a.m. Six out of nine directors attended
the meeting. Executive directors including Mr. Liu Cong Meng,
Mr. Li Zhen Hua, Fang Zhi Guo attended the meeting in person
while independent non-executive directors including Mr. Chan Pei
Cheong, Andy, Mr. Li Kung Man and Mr. Xu Xiao Lu attended the
meeting and voted by way of telephone conference. The meeting
was chaired by vice chairman of the board, Mr. Liu Cong Meng and
was held in accordance with the Company Law of the People's
Republic of China and the articles of association of the
Company. The following matters took place:
1. The text and the summary of the interim report for the first
half year of 2005 was considered and approved, with 6
affirmative votes, 0 objected votes and 0 abstained votes;
2. The explanation by the board of the Company on the changes of
qualified opinions and matters in the auditors' report of the
2004 annual report was considered and approved, with 6
affirmative votes, 0 objected votes and 0 abstained votes;
3. The explanation by the board of the Company on the
retrospective adjustments to the financial statements disclosed
in the previous year was considered and approved, with 6
affirmative votes, 0 objected votes and 0 abstained votes.
By order of the Board of
Guangdong Kelon Electrical Holdings Company
Limited
Liu Cong Meng
Vice Chairman
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
GUANGDONG KELON: Discloses Substantial Accounting Errors
--------------------------------------------------------
Guangdong Kelon Electrical (0921) in a statement announced that
due to its failure to make timely disclosure of revised audited
annual financial report and the relevant notes, retrospective
adjustments had to be made to 2003 and 2004 financial
statements, reports Infocast News.
The Company will appoint a qualified accounting firm to conduct
audit on the financial statements after the above-mentioned
corrections, after which the company will fulfill its
responsibility of information disclosure. The company's former
auditor Deloitte Touche Tohmatsu also issued a qualified opinion
on the company's 2004 results.
The company also disclosed that a subsidiary of the company
opened an off-balance-sheet bank account and made a series of
transactions during the period from March 2003 to February 2004.
The operation of the account involved the application of
corporate seal and seal exclusive for finance use produced
without approval from the company.
The impact of the above-mentioned account was that receivables
from 3 entities amounted to RMB130 million in aggregate were
failed to be reflected in the financial statements of 2003 and
2004.
The company stated that it does not know the shareholding
background of one of the 3 entities and therefore cannot
determine its relationship with the company.
2003-2005 results corrections (unit RMB)
1) The former auditors mentioned in the audit opinions of the
2004 audit report that the company had sold goods of RMB576
million to two domestic clients but failed to receive direct
confirmation from the said customer, and the trade receivables
were not recovered as at 31 December 2004. After investigation,
it was found that it was improper for the RMB431 million of the
amount to be recognized as income. The company therefore made
retrospective adjustments which reduced the undistributed
profits of RMB112 million of the company at the beginning of
2005.
2) Determining from the relevant transactions of 2005, the
company found that a sum of revenue from sales in 2004 was
inappropriate. As a result, a excessive sum of revenue of
RMB430.55 million was recognized in 2004. During the compilation
of the comparable account statements of the previous and current
year, the company will make corrections with respect to the
material accounting error. The resulting effects were that at
the beginning of 2005, the company's unallocated profit
decreased by RMB111.9 million, trade receivables decreased by
RMB472.6 million while inventories increased by RMB263 million,
and tax payable and provisions decreased by RMB68.67 million and
RMB29.106 million respectively.
3) After investigation, it was found that the trade receivables
and payables of RMB65 million respectively were omitted to be
recorded in 2003. While preparing the accounting statements of
the current year in comparison with those of last year,
adjustments were made in relation to the above error, which was
taken as a material accounting error. The resulting effects were
as follows: the other trade receivables of the company at the
beginning of 2005 increased by RMB65 million, while the other
trade payables increased by RMB65 million.
HONGKONG CONSTRUCTION: Inks Consultancy Deal with Asia Wind
-----------------------------------------------------------
On August 25, 2005, HongKong Construction (Holdings) Limited
through its subsidiary Sinover International Limited has entered
into the Consultancy Agreement with Asia Wind Power pursuant to
which Sinoriver agreed to provide consultancy services in
connection with certain wind power projects in Heilongjiang, the
PRC to Asia Wind Power.
In consideration of the consultancy services to be provided as
set out in the Consultancy Agreement, Sinoriver shall receive a
consultancy fee of RMB7.5 million (about HK$7.2 million).
In a disclosure to the Hong Kong Stock Exchange, the Consultancy
Agreement constitutes a connected transaction sfor the Company
under Listing Rule 14A.13(1). As the applicable percentage ratio
represented by the consultancy fee is more than 0.1 percent but
less than 2.5 percent in accordance with Rule 14A.32 of the
Listing Rules, details of the transaction are required to be
disclosed in this announcement pursuant to the Listing Rules
14A.45 to 14A.47 and included in the Company's next published
annual report and accounts.
For more details, go to
http://bankrupt.com/misc/tcrap_hkconstruction0831.pdf
KARSON AUTO: Releases Winding Up Order
--------------------------------------
Karson Auto Services International Company Limited whose place
of business is located at Shop 337, B3/F, Hong Kong
International Trade & Exhibition Centre, 1 Trademart Drive,
Howloon Bay, 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 20, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
RIGHT SQUARE: To Undergo Winding Up Process
-------------------------------------------
Right Square Limited whose place of business is located at Shop
B, 33 Lockhard Road, Wanchai, 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 17, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
SILKY ENGINEERING: Receives Winding Up Notice
---------------------------------------------
Silky (International) Engineering Limited whose place of
business is located at 3/F, Block B, Wing Hing Lee Industrial
Building 32 Hung To Road, Kwun Tong, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
17, 2005.
Date of Presentation of Petition: June 17, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
TUNGDA INNOVATIVE: Delays FY05 Results Announcement
---------------------------------------------------
Tungda Innovative Lighting announced that its annual results for
the financial year ended March 31, 2005 would be postponed to or
before October 15 pending for completion of the annual audit,
according to Infocast News.
The company has submitted financial statements and accounting
schedules to the newly appointed auditors to commence the audit
on August 22. As the company and the auditors require more time
to complete the annual audit, the results announcement has to be
further postponed.
Such delays constitute breach of the Listing Rules, and the
Stock Exchange reserves its right to take appropriate action
against the company and/or its directors.
Trading in the shares of the company remains suspended.
CONTACT:
Tungda Innovative Lighting Holdings
39 Gloucester Road Wanchai
HONG KONG
Phone: +852 2592 3888
Web site: http://www.tungdalighting.com
WAI SHUN: To Convene Members, Creditors Meeting September 14
------------------------------------------------------------
Notice is hereby given that Meetings of the Members and
Creditors of Wai Shun Construction Company Limited (In
Compulsory Limited) will be held at 5/F Allied Kaijima Building,
138 Gloucester Road, Wanchai, Hong Kong, on September 14, 2005
as follows:
Members' meeting: 2 p.m.
Creditors' meeting: 2:30 p.m.
Agenda
To consider and if thought fit pass the following resolutions:
1. That the resignation of Mr. David John Kennedy as Joint and
Several Liquidator be accepted.
2. That Mr. Cosimo Borrelli be appointed as Joint and Several
Liquidator in place of Mr. Kennedy to act jointly and severall
with Mr. Stephen Briscoe who will continue as Joint and Several
Liquidator.
Dated this September 2, 2005.
Stephen Briscoe
Joint and Several Liquidator
Note: Creditors or members may vote either in person or by
proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong no later than
4 p.m. on the day before the meeting or adjourned meeting at
which the voting is to be held.
=================
I N D O N E S I A
=================
BANK MANDIRI: Net Profit Falls 80% on Rising Bad Loans
------------------------------------------------------
An increase in bad loans and reduced net income led to an 80%
drop in the net profit of state-owned Bank Mandiri for the first
six months of 2005, reports Dow Jones.
In an online statement, the bank said that its net profit
dropped from IDR3.07 trillion in the first half of 2004 to
IDR616.05 billion this year, while its loan provisions climed
from zero last year to IDR605.08 billion on June 30, 2005.
Non-performing loans stood at 16.22% as of June 30, 2005,
compared to 1.75% in the same period last year.
The introduction of new banking policies this year forced Bank
Mandiri to increase its loan provisions from IDR93 billion to
IDR1.88 trillion, and bank president Agus D. W. Martowardojo
said that he expects the bank's net profit to fall this year.
Bank Mandir is 69.5% owned by the Indonesian government.
CONTACT:
PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id
BANK MANDIRI: S&P Says NPLS Won't Affect Ratings
------------------------------------------------
Standard & Poor's Ratings Services said on Aug. 31, 2005 that
Indonesia's PT Bank Mandiri (Persero)'s (foreign currency
B+/Positive/B, local currency BB-/Stable/B) higher regulatory
gross non-performing loans (NPLs) in its first-half results are
not expected to have an immediate impact on the bank's ratings.
For the first half of 2005, the bank's regulatory NPLs rose to
24.6% of total loans, from 17.8% in the first quarter. With a
new management team in place since May 2005, the bank moved
toward full compliance with the central bank's new asset quality
guidelines for commercial banks.
Bank Mandiri's NPL level is expected to stabilize going forward,
as its new senior management team focuses on working out and
resolving problem loans. Nevertheless, any unexpected
significant weakening of the bank's financial profile, in
particular its loan quality, which would be more reflective of
underlying deterioration of its borrowers' financial position
and, in turn, its profitability, could have rating implications.
In the second quarter of 2005, the bank downgraded about IDR6.9
trillion (USD665 million) of loans to NPL status. These were
mostly made up of loans to the bank's corporate and commercial
borrowers, of which 53% were still current on interest payments
and another 21% less than 30 days overdue. Despite the rise in
NPLs, the bank's capitalization, as denoted by its ratio of
adjusted common equity to adjusted assets, has remained adequate
at 7.81% as at June 30, 2005.
Standard & Poor's will closely monitor developments within the
bank as it faces strong challenges in improving the quality of
its lending portfolio, as well as growing its commercial and
consumer loans to rebuild its underlying profitability, amid a
difficult operating environment.
PERTAMINA: Plans to Import More Fuel to Meet Demand
---------------------------------------------------
State-owned oil and gas firm PT Pertamina is planning to import
up to 29.6 million barrels of oil for the month of September in
order to meet local demand, Asia Pulse reports.
According to the Company's marketing director Arie A. Sumarno,
Pertamina would not reduce its oil imports in the coming months,
despite the weakening of the local currency. Pertamina is slated
to import 17.6 million barrels of fuel oil and 12 million
barrels of crude oil in the next month.
But with the completion of repairs on the Company's oil
refineries and the startup of new oil refineries later this
year, Pertamina is likely to reduce its oil imports as early as
October and November. The Company projects to import up to 14
million barrels of fuel oil and 12 million barrels of crude oil
for those months.
Despite reports that Pertamina had been asked to supply gas to
fertilizer firm Pupuk Iskandar Muda (PIM), Mr. Sumarno said that
the government has not ordered the Company to meet such demand,
but would be realistic if asked to do so, considering that there
may be an increased demand for gas from countries where winter
would soon arrive.
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
TELEKOMUNIKASI INDONESIA: Expects More Foreign Exchange Losses
--------------------------------------------------------------
State telecommunications firm PT Telekomunikasi Indonesia
(Telkom) is expecting an increase in foreign exchange losses due
to the recent appreciation of the U.S. dollar against the local
rupiah, reports Reuters News.
The Company reported IDR357 billion in foreign exchange losses
for the first six months of th year, while its 2004 losses for
the same period were IDR1.25 trillion.
However, the Company is expecting its foreign exchange losses to
increase by at least 50% by the end of the year, with the
weakening currency, and may have to revise projected targets for
revenue and the number of subscribers, as they may not be able
to meet current targets, according to Telkom finance director
Rinaldi Firmansyah.
Telkom had earlier targeted a 25% increase in revenue for the
second half of 2005, and a 21% increase in net profit up to
IDR7.4 trillion. But with the weak currency, it remains to be
seen whether such targets can be achieved.
CONTACT:
P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/
=========
J A P A N
=========
HITACHI LIMITED: To Sell 4 Mln Elpida Shares
--------------------------------------------
Hitachi, Ltd. announced its decision to sell shares of Elpida
Memory, Inc. (TSE:6665).
1. Sales of shares:
(1) Number of shares to be sold 4,000,000 shares owned by
Hitachi.
Following the sales, Hitachi will own 18,999,980 shares, which
represent 19.70 % of the issued and outstanding shares of Elpida
Memory.
(2) Aggregate proceeds of the sale
To be determined
(3) Method of the sale
Block trade to a securities firm
(4) Period of the sale
By September 30, 2005
2. The relationship between Elpida Memory and Hitachi
Although Elpida Memory will be no longer an equity-method
affiliate of Hitachi as a result of the sale, the two companies
will maintain a relationship as business partners.
This material is not an offer for sale of the securities in the
United States. The securities have not been registered under the
U.S. Securities Act of 1933, as amended (the Securities Act) and
may not be sold in the United States absent registration or an
exemption from registration under the Securities Act. Any public
offering of securities to be made in the United States will be
made by means of a prospectus. Hitachi is not currently
conducting a public offering of securities in the Unites States.
About Hitachi, Ltd.
Hitachi, Ltd., (TSE:6501/NYSE: HIT), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the company's Website at
http://www.hitachi.com
KANEBO LIMITED: To Quit Beverage Business, Sell Unit to Asahi
-------------------------------------------------------------
Kanebo Limited will end its beverage business by selling its
soft drink unit LB Limited to Asahi Breweries Ltd. for JPY10
billion, according to Kyodo News.
Under a revival plan approved by the Industrial Revitalization
Corporation of Japan, the household products maker is set to
sign a deal with Asahi Breweries, under which Kanebo will sell
most of its 99 percent stake in LB to the beer manufacturer.
LB is based in Aichi Prefecture and sells chilled beverages
through dairy product vendors nationwide.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MITSUBISHI MOTORS: Wayne Killen Joins North America as VP
---------------------------------------------------------
Industry veteran Wayne Killen on August 30 rejoins Mitsubishi
Motors North America, Inc. (MMNA) as Vice President of
marketing. Killen returns to MMNA after a ten-year career with
Mercedes-Benz USA where he most recently served as the Maybach
Brand Manager.
As part of a 22-year automotive career, Killen was a product
planner for Mitsubishi Motors from 1987-1989.
In his new position, Killen will report directly to David
Schembri, Executive Vice President, Sales & Marketing, and will
be responsible for Advertising, Brand Experience Marketing,
Product & Marketing PR and Product Strategy.
"I've had the privilege of working with Wayne during our careers
with Mercedes and I'm excited to work with him again," said Dave
Schembri. "His innovative approach to marketing delivered
excellent results for Maybach awareness and sales, and is a
perfect fit with MMNA's strategy of rebuilding our brand one
model at a time."
Killen spent 10 years in Mercedes' product management department
and was instrumental in the launch of several key products,
culminating in the exclusive Maybach Brand in 2002. Killen
graduated from the University of California at Berkeley with a
BA, then earned his master's degree in strategic marketing from
the University of California at Riverside.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.
This is a company press release.
SOFTBANK CORPORATION: Capital Research Gets Majority Stake
----------------------------------------------------------
Softbank Corporation announced that the Capital Research and
Management Co. has become its second largest shareholder with a
combined 13.13 percent stake held by it and its group firms, Dow
Jones relates.
Softbank became aware of the change to its large shareholders
after the U.S. investment adviser submitted a report the Finance
Ministry's Kanto Local Finance Bureau.
The Los Angeles-based company said in the report that it holds
the Softbank shares as a pure investment. Softbank's top
shareholder is its founder and President Masayoshi Son.
CONTACT:
Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html
TOSHIBA CORPORATION: Rival DVD Formats Here to Stay
---------------------------------------------------
Toshiba Corporation said it has no plans to renew failed talks
with Sony Corporation-led consortium to find a unified format
for next generation DVDs, the San Diego Union-Tribune reports,
citing Toshiba Corporation President and CEO Atsutoshi Nishida.
Toshiba Corporation leads a group supporting the HD DVD format,
while the Sony-led bloc backs the Blu-ray format.
Mr. Nishida said it was very likely that DVD products using the
two different formats will remain on the market for the time
being, but he added Toshiba hasn't given up efforts to unify the
next-generation DVD formats.
In a company statement, Toshiba's income (loss) before income
taxes and minority interest was minus JPY3.6 billion (minus
US$32 million), down by JPY3.9 billion from the year-earlier
period. The net loss widened by JPY1.1 billion from the same
period a year ago to minus JPY8.9 billion (minus US$80 million).
CONTACT:
Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096
=========
K O R E A
=========
INCHON OIL: To Sign MOU with SK Corp. this Week
-----------------------------------------------
SK Corp. is set to sign a memorandum of understanding this week
to buy Inchon Oil Refinery Corp. for more than KRW650 billion,
Reuters said.
After the MOU is signed, SK Corp. will conduct a due diligence
on Inchon Oil which would run for about four weeks, before a
final contract is signed.
"SK is likely to sign an MOU later this week, or as early as
later this afternoon," a source at Inchon District Court told
Reuters by telephone.
"SK's offer price is higher than Sinochem's proposal of 650
billion won," he said, asking not to be identified.
Sinochem previously wrote an offer in a previous round of
bidding in January that amounted to KRW650 billion, which was
rejected by Inchon.
The SK Corp. acquisition would help boost the refiner's
expansion strategy as it targets more export markets at a time
when the global market overall faces limited refining capacity.
Inchon Oil owns a single refinery with capacity to process
275,000 barrels of crude oil per day. Located in the city of
Inchon, west of Seoul, the aged refinery is geographically
closer to China than its bigger domestic rivals.
SK Corp. was among the six top bidders that expressed interest
in Inchon Oil. Other bidders included a consortium led by
Morgan Stanley Emerging Markets Inc., Korean refiner S-Oil Corp.
and a consortium led by local shipbuilder STX Corp.
CONTACT:
Inchon Oil Refinery Co. Ltd.
100 Wonchang-dong
Seo-gu, Inchon 404-210
Korea (South)
Telephone: +82 32 570 5151
Fax: +82 2 7292378
SAMSUNG CARD: To Issue ABS Worth US$300 Mln
-------------------------------------------
Samsung Card Co. said that it has decided to issue asset-backed
securities worth US$300 million, Asia Pulse relates.
The three-year ABS will be floated against card receivables and
other assets. The interest is set at the London Interbank
Offered Rate plus a spread of 0.3 percent.
JP Morgan, which recently concluded a deal on the ABS issue with
Samsung Card will lead-manage the sale.
CONTACT:
Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax: +82-2-756-8942
Web site:
http://www.samsungcard.co.kr/
===============
M A L A Y S I A
===============
ACP INDUSTRIES: To Convene AGM September 20
-------------------------------------------
ACP Industries Berhad advised Bursa Malaysia Securities Berhad
that the Company's Twelfth (12th) Annual General Meeting will be
held on Tuesday, September 20, 2005 at 10:00 a.m. at No. 26,
Jalan 2/6, Dataran Templer, Bandar Baru Selayang, 68100 Batu
Caves, Selangor Darul Ehsan.
Click to view full details of the Notice of Annual General
Meeting
http://bankrupt.com/misc/ACPIndustriesQuarterlyReport083105.xls
To view notes on FS, click
http://bankrupt.com/misc/ACPIndustriesNotestoFS083105.doc
CONTACT:
ACP Industries Berhad
18A Jalan 51A/223
46100 Petaling Jaya, Selangor Darul Ehsan 46100
Malaysia
Telephone: +60 3 7956 5186
Fax: +60 3 7958 6130
AYER HITAM: AGM Date Fixed September 22
---------------------------------------
Notice is hereby given that the Ninety-Fourth Annual General
Meeting of The Ayer Hitam Planting Syndicate Berhad will be held
at Anggerik Room, Hotel Equatorial, Jalan Sultan Ismail, 50250
Kuala Lumpur on Thursday, September 22, 2005 at 2:30 p.m. to
transact the following business:
ORDINARY BUSINESS
(1) To receive the Audited Financial Statements for the
financial year ended March 31, 2005 and the Reports of the
Directors and Auditors thereon. (Resolution 1)
(2) To declare first and final tax exempt dividend of 3% and
gross dividend of 5 percent less tax of 28 percent for the
financial year ended March 31, 2005. (Resolution 2)
(3) To approve the payment of Directors' Fees amounting to
MYR180,000.00 in respect of the financial year ended March 31,
2005. (Resolution 3)
(4) To re-elect the following Directors, who are retiring
pursuant to Article 98 of the Company's Articles of Association
who being eligible offer themselves for re-election:
(i) Mr. Lim Ke Hun
(ii) Ms Lim Boon Ghee @ Lim Wan Yee
(iii) Mr. Lim Hong Beng
(Resolution 4)
(Resolution 5)
(Resolution 6)
(5) To consider and if thought fit, pass the following
resolution pursuant to Section 129(6) of the Companies Act,
1965:
"THAT Datuk Abdul Kudus bin Alias who is over the age of seventy
years and retiring in accordance with Section 129(2) of the
Companies Act, 1965 be and is hereby re-appointed a Director of
the Company and to hold office until the next Annual General
Meeting." (Resolution 7)
(6) To re-appoint Messrs Khoo Wong & Chan, the retiring Auditors
and to authorise the Directors to determine their remuneration.
(Resolution 8)
(7) To transact any other business which due notice shall have
been given in accordance with the Companies Act 1965.
Notice of dividend entitlement and payment
Notice is hereby given that the first and final tax exempt
dividend of 3 percent and gross dividend of 5 percent less tax
of 28 percent for the financial year ended March 31, 2005, if
approved, will be paid on October 6, 2005. The entitlement date
for the dividend payment is September 29, 2005.
A Depositor shall qualify for entitlement to the dividend only
in respect of:
(a) Shares transferred into the depositor's securities account
before 4:00 p.m. on September 29, 2005 in respect of transfer;
and
(b) Shares bought on the Bursa Malaysia Securities Berhad on a
cum entitlement basis according to the Rules of the Bursa
Malaysia Securities Berhad.
By Order of the Board
Geoffrey Chang Tze Weng
Tham Wai Ying
Secretaries
August 30, 2005
Kuala Lumpur
Notes:
(i) A member of the Company entitled to attend and vote at this
Meeting is entitled to appoint a proxy or attorney or other duly
authorised representative to attend and vote in his stead. A
proxy may, but need not be a member of the Company. A member may
appoint any person to be his proxy without limitation and the
provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company.
(ii) The instrument appointing a proxy shall be in writing
signed by the appointor or his attorney duly authorised in
writing, or if the appointor is a corporation, either under its
common seal or signed by an officer or attorney duly authorised.
(iii) Where a member appoints more than one (1) proxy (subject
always to a maximum of two (2) proxies at each meeting), the
appointment shall be invalid unless he specifies the proportions
of his holdings to be represented by each proxy.
(iv) The instrument appointing a proxy and the power of attorney
or other authority, if any, under which it is signed or a
notarially certified copy of that power or authority shall be
deposited at the registered office at 4th Floor, Bangunan Yee
Seng, No. 15 Jalan Raja Chulan, 50200 Kuala Lumpur, not less
than forty-eight (48) hours before the time appointed for
holding the meeting or adjourned meeting.
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920
CHG INDUSTRIES: Net Loss Slightly Increases
-------------------------------------------
CHG Industries Berhad furnished Bursa Malaysia Securities Berhad
a copy of 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 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
20,128 28,248 44,289 47,934
(2) Profit/(loss) before tax
-6,189 -5,762 -13,005 -13,426
(3) Profit/(loss) after tax and minority interest
-6,137 -5,762 -12,953 -13,426
(4) Net profit/(loss) for the period
-6,137 -5,762 -12,953 -13,426
(5) Basic earnings/(loss) per shares (sen)
-12.83 -12.04 -27.07 -28.06
(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 (RM)
-3.5600 -3.2900
To view a full copy of the financial results, click
http://bankrupt.com/misc/CHGIndustries083105.pdf
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
MALAYSIA
Telephone: +60 3 907 58811
Fax: +60 3 907 66215
CHG INDUSTRIES: Status on Payment Default Unchanged
---------------------------------------------------
CHG Industries Berhad informed Bursa Malaysia Securities Berhad
that its position on default in payment remains unchanged as
detailed in the announcement released on March 25, 2005.
This announcement is dated 29 August 2005.
CONSOLIDATED FARMS: Court Extends Restraining Order
---------------------------------------------------
Consolidated Farms Berhad and its subsidiary companies have been
granted an extension of the restraining order by the High Court
of Malaya at Kuala Lumpur pursuant to Section 176(10) of the
Companies Act, 1965.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
CRIMSON LAND: Withdraws Counterclaims Against MBSB
--------------------------------------------------
Crimson Land Berhad informed Bursa Malaysia Securities Berhad
that pursuant to the provisions of the Settlement Agreement
entered into by Crimson Land Berhad and four (4) of its wholly
owned subsidiary companies, namely, Crimson Properties Sdn Bhd
(CP), Holcom Sdn Bhd, Crimson Resorts Sdn Bhd and Baris Bahagia
Sdn Bhd with Malaysia Building Society Berhad (MBSB) on June 23,
2004 to restructure the debts amounting to MYR36,014,191 owed by
the Crimson Group to MBSB (MBSB Debts) as at November 30, 2001,
a Notice of Discontinuance withdrawing the company counterclaims
against MBSB in Seremban High Court Writ of Summons No. 22-17-
2002 and Seremban High Court Writ of Summons No. 22-18-2002
without liberty to file afresh had been filed with the Seremban
High Court on August 26, 2005.
The restructuring of the MBSB Debts was completed on June 30,
2005 with the issuance of MYR43,070,000 nominal value of 2
percent, 6 to 10-year redeemable convertible secured loan stocks
at 100 percent of the nominal value to MBSB on June 30, 2005.
This announcement is dated 29 August 2005.
CONTACT:
Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045
EMICO HOLDINGS: Posts MYR1,223,000 in 2Q Net Profit
---------------------------------------------------
Emico Holdings Berhad furnished Bursa Malaysia Securities Berhad
a copy of its second quarter report for the financial period
ended June 30, 2004.
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
24,247 18,589 45,292 39,782
(2) Profit/(loss) before tax
1,319 46,435 2,119 44,119
(3) Profit/(loss) after tax and minority interest
1,223 39,426 1,260 37,129
(4) Net profit/(loss) for the period
1,223 39,426 1,260 37,129
(5) Basic earnings/(loss) per shares (sen)
2.40 88.56 2.47 83.40
(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)
0.4250 0.4020
Click to view a full copy of the financial results
http://bankrupt.com/misc/EmicoHoldingsB083105.xls
CONTACT:
Emico Holdings Berhad
18, Lebuhraya Kampung Jawa,
Non-Ftz, Bayan Lepas,
11900 Penang
Telephone Number: 604 - 644 3843
Fax Number: 604 - 643 8563 / 643 8360
E-Mail: Enquiry@Emico.Com.My
Web Site: http://www.emico.com.my
GOPENG BERHAD: Net Loss Shrinks to MYR1,904,000
-----------------------------------------------
Gopeng Berhad issued to Bursa Malaysia Securities Berhad a copy
of its unaudited second quarter financial 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
2,307 6,851 5,382 21,050
(2) Profit/(loss) before tax
-1,525 -5,570 -5,625 -5,746
(3) Profit/(loss) after tax and minority interest
-1,904 -6,668 -6,352 -7,609
(4) Net profit/(loss) for the period
-1,904 -6,668 -6,352 -7,609
(5) Basic earnings/(loss) per shares (sen)
-1.06 -3.72 -3.54 -4.24
(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)
0.7000 0.7300
Click to view a full copy of the financial results
http://bankrupt.com/misc/GopengBerhad083105.doc
CONTACT:
Gopeng Bhd
7th Floor, Section A,
Bangunan Seri Kinta,
Jalan Sultan Idris Shah,
Ipoh Perak 30000 Malaysia
Telephone: 05-2537185
Fax: 05-2530362
GRAND HOOVER: Net Loss Drops to MYR1,547,000
--------------------------------------------
Grand Hoover Berhad furnished Bursa Malaysia Securities Berhad a
copy of its fourth quarter financial report for the 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
3,389 23,042 61,005
(2) Profit/(loss) before tax
-1,285 -24,040 -2,343
(3) Profit/(loss) after tax and minority interest
-1,547 -24,549 -4,271
(4) Net profit/(loss) for the period
-1,547 -24,549 -4,271
(5) Basic earnings/(loss) per shares (sen)
-3.87 -61.37 -10.68
(6) Dividend per share (sen)
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)
0.7800 0.3800
Remarks:
On July 30, 2004, the Company announced the change of its
financial year end from March 31 to June 30. The audited
accounts for the preceding period has been prepared for a period
of 15 months from April 1, 2003 to June 30, 2004.
Following the changes in the financial year-end, no cumulative
preceding period comparative figures are available for
comparative purpose.
For more information, click
http://bankrupt.com/misc/GrandHoover083105.doc
http://bankrupt.com/misc/GrandHooverB083105.doc
http://bankrupt.com/misc/GrandHooverC083105.doc
CONTACT:
Grand Hoover Berhad
11th Floor, Wisma Damansara,
Jalan Semantan, Damansara Heights,
Kuala Lumpur Wilayah
Persekutuan 50490 Malaysia
Telephone: 03-20957188,03-79558822
Fax: 03-20950988
GULA PERAK: Incurs Lower Net Loss
---------------------------------
Gula Perak Berhad furnished Bursa Malaysia Securities Berhad a
copy of its unaudited first 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 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
7,459 7,620 7,459 7,620
(2) Profit/(loss) before tax
-717 -1,610 -717 -1,610
(3) Profit/(loss) after tax and minority interest
-717 -1,610 -717 -1,610
(4) Net profit/(loss) for the period
-717 -1,610 -717 -1,610
(5) Basic earnings/(loss) per shares (sen)
-0.16 -0.62 -0.16 -0.62
(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)
1.1000 1.9200
To view a full copy of the financial results, click
http://bankrupt.com/misc/GulaPerak083105.xls
To view a full copy of notes to FS, click
http://bankrupt.com/misc/GulaPerakNotestoFS083105.doc
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688
GULA PERAK: Issues New Shares for Listing, Quotation
----------------------------------------------------
Gula Perak Berhad advised that its additional 131,389 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of Irredeemable Convertible Secured Loan Stocks
2000/2005 into 131,389 new ordinary shares (conversion) will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Thursday, September 1, 2005.
HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on August 29, 2005 with the
following details:
Date of buy back: August 29, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 25,500
Minimum price paid for each share purchased (MYR): 2.140
Maximum price paid for each share purchased (MYR): 2.150
Total consideration paid (MYR): 54,984.27
Number of shares purchased retained in treasury (units): 25,500
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 33,112,300
Adjusted issued capital after cancellation (no. of shares)
(units): 0
KRETAM HOLDINGS: Release 2Q Financial Results
---------------------------------------------
Kretam Holdings Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter report for the
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
17,153 17,748 32,737 33,362
(2) Profit/(loss) before tax
-2,820 553 -3,377 3,132
(3) Profit/(loss) after tax and minority interest
-3,507 -1,137 -4,677 143
(4) Net profit/(loss) for the period
-3,507 -1,137 -4,677 143
(5) Basic earnings/(loss) per shares (sen)
-3.00 -0.97 -4.00 0.12
(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)
0.4770 0.5100
Click to view a full copy of the financial statement
http://bankrupt.com/misc/KretamHoldings083105.doc
CONTACT:
Kretam Holdings Berhad
Lot 6, Block 44, Leboh Tiga,
Sandakan Sabah 90000
Malaysia
Telephone: 089-218999
Fax: 089-275111
MAGNUM CORPORATION: New Shares up for Listing Quotation
-------------------------------------------------------
Magnum Corporation Berhad advised that its additional 47,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, September 2, 2005.
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad advised that its additional 729,000
new ordinary shares of MYR0.10 each issued pursuant to Employee
Share Option Scheme will be granted listing and quotation with
effect from 9:00 a.m., Thursday, September 1, 2005.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
POS MALAYSIA: Unit Undertakes Voluntary Separation Scheme
---------------------------------------------------------
Pos Malaysia & Services Holdings Berhad informed Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, POS Malaysia
Berhad shall undertake a Voluntary Separation Scheme (VSS) to
all eligible employees currently stands at 14,800.
The VSS shall be offered from September 1, 2005 to September 18,
2005. The acceptance of the VSS by the employees are purely on
voluntary basis.
The objectives of the implementation of the VSS are:
(i) To achieve greater operating efficiency to make POS Malaysia
Berhad more competitive, and;
(ii) To provide an avenue for the employees to self appraise and
self-select whether to continue working with the company or
leave the company to pursue other interests.
To facilitate implementation and to ensure concerns of staff on
the VSS are appropriately addressed, Pos Malaysia Berhad will
undertake various supporting programmes for staff which include
briefings and Questions and Answers sessions with all staff,
Frequently Asked Questions (FAQ), VSS Enquiry Service for staff
via e-mail, phone or face-to-face counseling provided by Human
Resource Department and Career Transition Support Programmes for
successful applicants of the VSS.
This announcement is dated 29 August 2005.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323
Fax: +60 3 2166 2266
POS MALAYSIA: New Shares up for Listing
---------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 94,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Friday,
September 2, 2005.
UP-COUNTRY FARMING: Fully Winds Up Ops
--------------------------------------
Further to the announcement dated February 28, 2003 on Up-
Country Farming Sdn Bhd (49521-A) Members' Voluntary
Liquidation, UMW Holdings Berhad have received confirmation from
the Liquidators to the effect that Up-Country Farming Sdn Bhd
was fully wound-up on August 29, 2005 and that the books and
records of the said company will be disposed of by the
Liquidators six months from this date.
Up-Country Farming Sdn Bhd was a dormant company and voluntary
liquidation proceedings had been initiated earlier in order to
save costs in maintaining the company further.
WCT ENGINEERING: Completes Islamic Bonds Issuance
-------------------------------------------------
WCT Engineering Berhad (WCTE) unveils to Bursa Malaysia
Securities Berhad details on the Issue of, Offer for
Subscription or Purchase of, or Invitation to Subscribe for or
Purchase of:
(1) Islamic Fixed Rate Serial Bonds of MYR100.0 Million (Islamic
Bonds)
(2) 7-Year Islamic Commercial Papers/ Medium Term Notes
Programme of up to MYR100.0 Million (Islamic CP/MTN Programme)
(collectively referred to as the Islamic Securities)
Further to the announcement on August 12, 2005, the Board of
Directors of WCTE announced that the Company has, on August 29,
2005, completed the issuance of Islamic Bonds of MYR100 million
nominal value.
AmMerchant Bank Berhad and OCBC Bank (Malaysia) Berhad are the
primary subscribers of the Islamic Bonds.
Malaysian Rating Corporation Berhad has assigned a long-term
rating of A+ID for the Islamic Bonds whilst the CPs and MTNs
have been assigned short-term rating of MARC-1ID and long-term
rating of A+ID respectively.
This announcement is dated 29 August 2005.
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my
WCT ENGINEERING: Details Financial Assistance Rendered
------------------------------------------------------
WCT Engineering Berhad disclosed to Bursa Malaysia Securities
Berhad details on the financial assistance for the second
quarter from 1 April 2005 TO 30 June 2005 as required under
paragraph 8.23(1)(ii) and Practice Note No. 11/2001 of the
Listing Requirements of Bursa Malaysia Securities Berhad (BMSB).
(1) Financial Assistance
Pursuant to paragraph 8.23(1)(ii) and paragraph 3 of the
Practice Note No. 11/2001 of the Listing Requirements of BMSB,
WCT Engineering Berhad (WCT) advised that the financial
assistance rendered for the quarter from April 1, 2005 to June
30, 2005 as attached below.
Click to view a full copy of the document
http://bankrupt.com/misc/WCTEngineringBerhad083105.pdf
(2) Financial Effects
The financial assistance provided during the quarter does not
have any material effect on the earnings, net tangible assets
and liquidity of WCT.
(3) Directors' or Major Shareholders' Interest
None of the Directors or Major Shareholders of the Company or
any person connected to the Director and/or Major Shareholders
has any interest, direct or indirect, in the financial
assistance transactions as attached below.
This announcement is dated 29 August 2005.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: U.S. Logs 10,000 for Migration to DIRECTV
---------------------------------------------------------------
Just four short weeks into its new agreement with DIRECTV, ABS-
CBN International (ABS-CBNi), America's number one source for
Filipino entertainment and services, last week announced it has
logged more than 10,000 customers in the migration to DIRECTV
and is gearing up to handle even more conversions and new sales.
Last month, ABS-CBNi struck a deal with DIRECTV to migrate all
of its TFCDirect!(TM) direct-to-home satellite subscribers to
DIRECTV as the company focuses on its core competency of
developing U.S.-based content that caters to a broader Filipino-
American audience.
"We are overwhelmed by the sheer number of people excited about
the migration to TFCDirect on DIRECTV and we've added more phone
and customer service capacity to handle the demand," said Raffy
Lopez, managing director of ABS-CBN International. "We've had a
number of new subscribers sign-up through us because we've got
an unbeatable deal: free long distance, free Star Studio
magazine subscription plus a rebate program."
In addition to the standard free home installation and equipment
deal, ABS-CBNi is offering new subscribers who sign-up for
TFCDirect the following exclusive perks if they call 1-866-
PINOY-TV:
1. Free Calls to the Philippines: 20 minutes of free long-
distance service each month
2. Free Magazine Subscription: Every month the latest in
celebrity news comes in Star Studio Magazine
3. Rebate Program: A total of $21 in rebates for the first
three months of service
4. ABS-CBNi Product Discounts: Kapamilya Circle members
receive exclusive benefits on cargo, money remittance, as well
as music, movies and more.
The TFCDirect package on DIRECTV includes four video channels:
The Filipino Channel, Cinema One, ABS-CBN News Channel, Pinoy
Central TV, and two audio channels, DZMM and DWRR. These
channels offer dramas, sitcoms, game shows, movies, 24-hour
news, music, sports and talk radio entertainment in English,
Tagalog, Ilocano, Cebuano and Illonggo.
Customers wanting to subscribe to TFCDirect programming package
must first subscribe to the DIRECTV(R) BASIC ($9.99/mo) or
DIRECTV(R) PREFERRED CHOICE(TM) ($29.99/mo.) international base
packages, or to any TOTAL CHOICE(R) ($41.99/mo. or above) or
DIRECTV PARA TODOS(R) ($29.99/mo. or above) base package. The
DIRECTV BASIC package offers up to 50 channels, including local
channels (where available), public interest, music and shopping
channels. In addition to those channels offered in the BASIC
package, the PREFERRED CHOICE package includes a variety of the
most popular English-language channels such as ESPN, CNN, The
History Channel, Food Network, TNT, MTV and the Fox Movie
Channel.
About TFC
The Filipino Channel (TFC) is the largest, longest-running
Filipino channel in the world and is owned by ABS-CBN
Broadcasting Corporation and its U.S. subsidiary ABS-CBNi. TFC
is viewed by more than one million Filipinos around the globe
every day. TFC continues to be North America's first and only
24-hour cable and satellite service offering all-Filipino
programming. TFC Direct satellite service offers viewers six
unique channels: TFC, Cinema One, ANC, Pinoy Central, DZMM and
DWRR.
About ABS-CBNi
ABS-CBN International (ABS-CBNi) was created to be of service
for all Filipinos 11 years ago. With the launch of TFC, the
company became the first and most successful Filipino
broadcaster in the U.S. The company offers telecommunication,
retail, money remittance and cargo forwarding services along
with philanthropic support of Filipinos and the communities they
now call home. Based in Burlingame, Calif., ABS-CBNi is a
subsidiary of ABS-CBN Broadcasting, the Philippines' largest
entertainment and broadcasting company.
CONTACT:
ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone: 2 924 4101
Fax: 2 921 5888
Web site: http://www.abs-cbnnews.com/
ABS-CBN BROADCASTING: Clarifies Union-busting Issue
---------------------------------------------------
ABS-CBN Broadcasting Corporation (ABS-CBN) issued this
announcement in response to the news article "ABS-CBN accused of
union-busting" published in the August 27, 2005 issue of the
Manila Times.
The Company informed the Philippine Stock Exchange that ABS-
CBN's rank-and-file union has filed a notice of preventive
mediation with the Department of Labor and Employment (DOLE)
concerning the implementation of its special separation program.
This is a request to discuss the issues in a meeting and not a
notice of strike.
The meeting scheduled by the National Conciliation Mediation
Board was postponed due to the holiday.
METRO PACIFIC: Confirms Interest in Skyway Project
--------------------------------------------------
This is in reference to the news article entitled "Metro Pacific
seeks control of Skyway project" published in the August 27,
2005 issue of the Philippine Daily Inquirer.
The article reported in part that:
"Metro Pacific Corp. wants s bigger stake in, if not full
control od, the Skyway project, hoping to turn around the
finances of the ailing highway venture under the control of
Indonesian investors, the company's top official said.
"Jose Ma. Lim, company president, said Metro Pacific made an
offer early this year to restructure Skyway's finances,
including the loans it had incurred and which had gone sour, in
exchange for a bigger stake in the project. 'I am not sure if
our offer, if accepted, would give us majority control, but
definitely we will be more than 10 percent,' Lim said."
Metro Pacific Corporation, in its letter to the Philippine Stock
Exchange dated August 30, 2005, stated that:
"Since mid-2004 onwards, Metro Pacific has disclosed on various
occasions its intention to meaningfully participate in the
Philippine infrastructure sector. Presently, it maintains a
minority equity interest in CITRA Metro Manila Tollway
Corporation (CMMTC). Since last year, Metro Pacific has asserted
influence and much effort in assisting CMMTC's proponents in
resolving longstanding financing issues, principally relating to
the Skyway's contractors and debt holders. We have also
initiated discussions with CMMTC regarding various options by
which the project can be restarted and eventually completed.
"It is Metro Pacific's belief that CMMTC's interests are best-
served by the shareholders of CCMTC reaching agreement on our
longer-term participation in the project. The earlier CMMTC's
shareholders can reach agreement regarding the Metro Pacific's
participation, the sooner solutions to the Skyway's issues can
be resolved, to the benefit of the project's shareholders, debt
holders and contractors, as well as the commuting public of the
National Capital Region."
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: Nationwide Auction Fetches Php1.25 Bln
-----------------------------------------------------
Philippine National Bank's (PNB) monthly nationwide public
auctions of properties generated Php1.25 billion as of end-July
31, The Philippine Star has learned.
To date, PNB has sold over Php1-billion worth of properties from
auctions alone, on top of sales due to other sales platforms of
the bank's asset management group (AMG).
With this development, PNB is confident that the AMG's
consistent excellent performance will contribute significantly
in the bank's profit potential for 2005.
The Php1.25-billion revenues from property sale translated to
selling an average of Php50 million per month since the
competitive auctions began in August 2003. PNB has held 40
auctions so far and has calendared 15 more for the rest of the
year. The bank's auctions are an industry leader in terms of
both scope and profitability.
The notable auction sales were attributed to PNB's extensive
network all over the Philippines. PNB's more than 300 branches
nationwide have provided the logistics for the mounting of
auctions in selected cities and effectively, for an easier
property disposal.
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: SKM Says Assets Now Worth US$2.6 Bln
-----------------------------------------------------------
National Transmission Corporation's (TransCo's assets are
currently worth US$2.6 billion or about Php133 billion, The
Philippine Star relates.
Australia-based consulting firm Sinclair Knight Merz (SKM) said
TransCo's assets is worth US$2.68 billion if it is auctioned to
private sectors.
Transco president Alan Ortiz said the results of the valuation
will be the basis for determining Transco's annual revenue
requirement, maximum allowable revenue and the effective
transmission service charges. It will also be used for
accounting, divestment, and privatization purposes.
Mr. Ortiz said this is the company's first valuation since its
operations became independent of the National Power Corp.
(Napocor) in June 2001 when the electricity reform law took
effect.
Transco's revaluation report is still subject to ERC approval.
The report, which also included a thorough discussion on the
valuation methodology segregating the transmission system, was
submitted to ERC.
The SKM team collaborated with Cuervo Appraisers Inc. and
Pricewaterhouse Coopers Financial Advisors Inc. to come up with
a suitable valuation methodology for accounting and regulatory
purposes and as basis for the transfer of the Transco assets to
be privatized. The report also included details of replacement
cost, depreciation and optimization.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
PACIFIC BANKING: Creditors Get Preference in Assets
---------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will
prioritize creditors of Pacific Banking Corporation (PBC) for
the distribution of surplus dividends, BusinessWorld. The closed
bank's Singapore stockholders would come next.
PDIC, the liquidator of the now-defunct PBC, argued before the
Supreme Court that "creditors of a closed bank are entitled to
interest on their claim calculated only up to date of closure,
unless there are surplus assets after paying the indebtedness.
If there are surplus assets, the same shall be applied to the
payment of such interests before any distribution among the
stockholders".
PDIC explained that the surplus dividend is that interest from
surplus assets owed to creditors in the form of damages or as
compensation for withholding money. This stemmed from a recent
high court order for PDIC to pay a group of Singaporean
investors a 12 percent annual interest as compensatory damages
on their more than US$2.5-million equity investment in the
closed bank.
The High Court affirmed a Court of Appeals' ruling that the
US$2.5 million remitted by Singaporeans Ang Eng Joo, Ang Keong
Lan and E.J. Ang International Limited to PBC in 1981 was not a
loan nor forbearance money but an investment representing
154,462 common shares.
The court also ruled that the Singaporeans are entitled to
liquidating dividends accrued from their investment, which
account for 11 percent of the total subscribed capital stock of
the bank.
PDIC noted that the ruling has set a precedent that might be
detrimental to the bank's other creditors.
CONTACT:
The Philippine Deposit Insurance Corporation
Head Office: PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Extension Office: PDIC Ayala Extension Office,
SSS Bldg., Ayala Avenue corner
V.A. Rufino St., (formerly Herrera St.)
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.pdic.gov.ph
PACIFIC PLANS: Parents' Coalition Threatens Lawsuit
---------------------------------------------------
A group of protesting Pacific Plans policy holders on Tuesday
threatened to file criminal charges against the directors and
officials of the embattled pre-need provider, BusinessWorld
reports.
The Parents Enabling Parents Coalition said it decided to pursue
charges against Pacific Plans officials after a meeting with
officials of the Securities and Exchange Commission (SEC).
"We brought up our concerns regarding Pacific Plans and informed
the commission that we would be filing criminal charges against
the responsible directors and officers of the company for
fraudulent transactions which were also cited by the SEC in its
opposition (to the pre-need firm's rehabilitation plan),"
coalition president Philip Piccio.
The criminal charges against Pacific Plans are separate from a
complaint the coalition would file today at the Bangko Sentral
ng Pilipinas against the Yuchengcos' Rizal Commercial Banking
Corp., Pacific's trustee bank.
CONTACT:
Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com
PHILIPPINE AIRLINES: Likely to Stay Put at Terminal 2
-----------------------------------------------------
Philippine Airlines (PAL), controlled by tycoon Lucio Tan,
insisted it would rather stay at the Ninoy Aquino International
Airport Terminal 2 than move to a newer terminal, reports The
Philippine Daily Inquirer.
PAL's resolve will not make life easier for Filipino-Chinese
magnate Emilio Yap once Mr. Yap's Manila Hotel Corp. starts
operating the new NAIA Terminal 3.
PAL said it would rather stay where it is now than move to
Terminal 3 where it would have to pay more fees.
Manila Hotel now owns more than 60 percent of Philippine
International Air Terminals Co. Inc. (PIATCo) after it bought
Fraport AG's 61-percent interest and the combined 20-percent
stake of SB Airport Investment Corp. and Sojitz Corp.
PIATCo will ask the government to allow it to operate NAIA 3,
said Manila Hotel President Jose Lina Jr.
The government wants to open NAIA 3 before yearend. It is
worried that the new terminal may not be viable without PAL.
CONTACT:
Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Books SGD3.8-Mln Q1/FY05 Net Loss
--------------------------------------------------
Increased overhead and startup costs at a logistics unit forced
troubled mobile-phone-repair firm Accord Customer Care Solutions
Limited (ACCS) to post a net loss for the first quarter of 2005,
Dow Jones reports.
The Company reported a SGD3.79 million net loss for the first
quarter ended March 31, 2005, compared to a restated SGD439,000
net profit for the same period last year. However, higher
distribution volumes led to an increase in revenue, which was
reported at SGD75.7 million, while its revenues for last year
amounted to SGD32.9 million.
The Company is recently under investigation for fraud and bribes
accepted by certain officials in exchange for selling rejected
products on the black market.
ACCS expects to incur higher net losses at the end of the year,
since no new businesses/customers were added. The Company is
currently looking into fund-raising options, including
attracting potential investor interest, so as to improve
performance.
As the Company has had to restate its 2003 and 2004 financial
reports last month, the Singapore Stock Exchange has allowed an
extension up to Sept. 30, 2005 for it to release its second
quarter 2005 financial results.
To view a full copy of the Company's financial results, click
on:
http://bankrupt.com/misc/tcrap_accordcustomer083105.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
BORED PILING: Creditor Withdraws Winding Up Petition
----------------------------------------------------
SP Corporation Limited announced that in relation to the winding
up petition filed against its wholly owned subsidiary, Bored
Piling Pte Limited, by creditor Lim Sing Piling Pte Limited,
such creditor withdrew the winding up petition against the
Company on Aug. 26, 2005.
By Order of the Board
Chia Hue Siew
SP Corporation Limited Secretary
Aug. 30, 2005
CONTACT:
Bored Piling Pte Limited
C/o SP Corporation Limited
9 Oxley Rise
#03-02 The Oxley
Singapore 238697
Phone: 65 6223 7211
Fax: 65 6224 1085
Email: lowkb@tuansing.com
Web site: http://www.tuansing.com/htmls/sppwebsite.asp
C&L INTERBUILD: Court to Hear Wind-up Petition Sept. 9
------------------------------------------------------
Notice is hereby given that Messrs Alltrust International Pte
Limited (formerly Conpex Marketing Agency Pte Limited filed a
winding up petition against C&L Interbuild Pte Limited in the
Singapore High Court on Aug. 16, 2005.
The petition is directed to be heard before the Court sitting at
Singapore on Sept. 9, 2005, 10:00 a.m.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The petitioners' address is 54B Kallang Pudding Road, Singapore
349325.
The Petitioners' solicitor is Messrs Christopher Bridges of No.
9-A Mosque Street, Singapore 059489.
Messrs Christopher Bridges
Solicitors for the Petitioners
Note:
Any person who intends to appear at the hearing of the petition
must serve on, or send by post, to solicitors Messrs Christopher
Bridges notice in writing of his intention to do so. The notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person, 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 solicitors not later than 12:00 p.m. of Sept. 8,
2005 (the day before the day appointed for the hearing of the
Petition).
CONTACT:
C & L Interbuild Pte Limited
202 Verde Crescent Singapore 688522
Phone: 65 6269 3367
Fax: 65 6269 0886
CITIRAYA INDUSTRIES: Withdraws Application for Creditors Meeting
----------------------------------------------------------------
Citiraya Industries Limited announced that the Company has
withdrawn the application it had filed for a meeting of its
creditors to be called to consider a Scheme of Arrangement it
intended to propose to its creditors.
The Scheme Application was filed on Aug. 8, 2005, and was fixed
for hearing on Aug. 30, 2005. At the time of the filing of the
Scheme Application, the Company had disclosed that certain
important issues in the proposed Scheme remained outstanding
with certain potential investors, creditors holding more than
25% of the debts of the Company, based on its books, and the
Company. The Company had intended to, and did, make intensive
efforts to resolve those issues.
DBS Bank, the Company's largest single creditor, has taken the
position that it will not support the Scheme proposed by the
Company. In the circumstances, given the extent of the debt held
by that party, the Company has decided it is necessary to
withdraw the Scheme Application.
The Board intends to protect the interests of all stakeholders,
and shall take such steps as are appropriate to achieve that
end.
CONTACT:
Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com
DIGILAND INTERNATIONAL: Revises 2005 Financial Statements
---------------------------------------------------------
Digiland International Limited announced that the Company
released a revised issue of its financial statements for the
financial year ended June 30, 2005, as there were some
typographical and transpositional errors in its earlier report.
The Company now posted a net loss of SGD20.23 million (instead
of the previous SGD20.08 million), compared to its SGD45.24
million net loss for the same period last year.
BY ORDER OF THE BOARD
Lim Koon Hock
Company Secretary
Aug. 30, 2005
To view the Company's revised financial report, go to:
http://bankrupt.com/misc/tcrap_digilandintl083105.pdf
CONTACT:
Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Phone: 65 6788 9898
Fax: 65 6369 1613
Web site: http://www.digiland.com.sg
HUA KOK: Net Loss Narrows by Significant Margin
-----------------------------------------------
Hua Kok International Limited announced that the Company
reported a significant 96.3% decrease in its net loss for the
financial year ended June 30, 2005.
The Company posted a net loss of SGD985,000 after taxes,
compared to its reported SGD26.8 million net loss for the same
period last year.
CONTACT:
Hua Kok International Limited
32 Sungei Kadut Way
Hua Kok Industrial Building
Singapore 728787
Phone: 65 63625667
Fax: 65 63653862
Email: info@huakok.com.sg
Web site: http://www.huakok.com.sg
PARKSTONE REAL: Liquidator Sets Deadline for Claims Submission
--------------------------------------------------------------
Notice is hereby given that the creditors of Parkstone Real
Estate Pte Limited, which is being wound up voluntarily, are
required on or before Sept. 26, 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
liquidator.
If so required by notice in writing by the said liquidator are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice.
Failure to do so will exclude creditors from the benefit of any
distribution made before such debts are proved.
Dated this 26th day of August 2005
Hamish Alexander Christie
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
SAILSPIRIT PTE: Intends to Pay Dividend to Creditors
----------------------------------------------------
Sailspirit (Singapore) Pte Limited, formerly of 41 Tampines
Street, 92 #03-00 ABR Building, Singapore 528881, posted a
notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:
Name of Company: Sailspirit (Singapore) Pte Limited
Last day for receiving proofs: Sept. 16, 2005
Name & address of Liquidators: John Teo Cheng Lok and Sim Guan
Seng
C/o TeoFoongWongLCLoong
15 Beach Road
#03-10 Beach Centre
Singapore 189677
Dated this 26th day of August 2005
===============
T H A I L A N D
===============
K.C. PROPERTY: Completes Process to Reduce Stocks' Par Value
------------------------------------------------------------
K.C. Property Public Company Limited (KC) informed the Stock
Exchange of Thailand (SET) that it has completed the legal
process required for splitting the par value of its stocks from
THB5 to THB1.
As a result of all actions taken, effective from September 2,
2005 onwards, the par value of the KC securities in the trading
system will be adjusted as stated above.
Remark: As KC stocks are still suspended from trading, the
stocks can be traded under the new par value of THB1 when the
stocks are allowed to resume for trading.
CONTACT:
K.C. Property Public Company Limited
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok
Telephone: 0-2373-7788
Fax: 0-2373-4965
PRASIT PATANA: Par Value of Shares Cut Back to THB4
---------------------------------------------------
Prasit Patana Public Company Limited (PYT) has informed the
Stock Exchange of Thailand (SET) that it has completed the legal
process required for decreasing of the company's registered and
paid-up capital, by reducing the par value from THB10 to THB4
without any changes in the number of shares.
As a result of actions taken, there will be a subsequent
decrease in the Company's registered and paid-up capital in the
trading system, effective from September 2, 2005 onwards.
Remark: As PYT stocks are still suspended from trading, the
stocks can be traded under the new par value of THB4 when the
stocks are allowed to resume for trading.
CONTACT:
Prasit Patana Public Company Limited
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok
Telephone: 0-2617-2444
Fax: 0-2617-2463
Web site: http://www.pyathai.com
SUNTECH GROUP: Securities Trading Suspended
-------------------------------------------
The Suntech Group Public Company Limited (SUNTEC) failed to
submit its annually financial statements as of June 30, 2005.
Therefore, the Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign to temporary suspend the trading of the
SUNTEC's securities effective on August 30, 2005 onwards, until
SUNTEC submits the required financial statements this suspension
will remain in effect.
*********
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
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