/raid1/www/Hosts/bankrupt/TCRAP_Public/050902.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
Friday, September 2, 2005, Vol. 8, No. 174
Headlines
A U S T R A L I A
A.C.N. 099 627 362: Liquidator to Detail Wind Up Manner
AIR NEW ZEALAND: Moody's Affirms Ba1 Rating After Results
AIR NEW ZEALAND: Jet Fuel Problems Disrupt Flights
AIR NEW ZEALAND: CCS Says Dispute Not Over
AM CONSTABLE: Placed Under Voluntary Liquidation
BELCAR INVESTMENTS: Liquidator to Distribute Company Assets
BREWERS TRANSPORT: Members Agree to Cease Operations
BRITTCAL PTY: Court Orders Winding Up
CARTER HOLT: Moody's Likely to Downgrade Rating from Baa2
CLEBOX PTY: Brett Miller Named Liquidator
CORPORATE CATERER: Members, Creditors to Discuss Winding Up
EASJ PTY: Begins Winding Up Proceedings
FLIGHT CENTRE: CEO's Departure Paves Way for Simpler Structure
FRATECH ELECTRONICS: Members Decide to Wind Up Firm
GODDARD CORPORATION: Set to Declare Dividend Next Week
GOLDEN CHEF: Another Unit Faces Lean Time
HIH INSURANCE: Williams' Missing Millions in Question
HYDE ENGINEERING: Creditors Scheduled to Receive Dividend
ICF KAISER: Enters Liquidation
KOREN LABORATORIES: Liquidator to Explain Wind Up to Members
MOORES CORPORATION: Appoints Official Liquidators
MYER LIMITED: Buyers Await Decision to Sell
MYER LIMITED: Shareholder Says Review is Overdue
PEROSIN & SERGI: Creditors Decide to Shut Down Business
PETER WHITEMAN: Members to Receive Liquidator's Report
PHANTOM CONTRACTING: Creditors OK Liquidator's Appointment
QANTAS AIRWAYS: Airbus, Boeing to Fight for Supplier Rights
R.M. FRASER: Members Pass Winding Up Resolution
SONS OF GWALIA: Approval of DOCA Puts Firm in Limbo
TALIS CONSTRUCTIONS: To Pay Dividend to Priority Creditors
WINTERWOOD ENTERPRISES: Schedules Final Meeting September 9
C H I N A & H O N G K O N G
APPLIED INTERNATIONAL: Buys Back 500,000 Shares
BANK OF CHINA: Temasek to Acquire 10% Stake
CHEUNG'S SECURITIES: SEC Reprimands Firm for Breaches
CHINA MOTION: Discloses Securities Interest as of August 31
CHINTUNG FUTURES: Creditors Meeting Slated for September 20
COMSEC TRAVEL: Court Orders Firm to Wind Up
DORING DEVELOPMENT: Receives Winding Up Order
GUANGDONG KELON: Clarifies Financial Statement
KOOKMIN LEASING: Annual Meeting of Creditors Set September 28
MILIKING INTERNATIONAL: To Undergo Winding Up Process
SENTEX INTERNATIONAL: Winding Up Process Initiated
SHENYIN & WANGUO: Gets CNY2.5 Bln Aid from Central Bank
TARCOM RESOURCES: Court Releases Winding Up Order
I N D I A
IBP COMPANY: Sends Bankruptcy Warning to Government
U.P. STATE CEMENT: Calling for Expression of Interest
I N D O N E S I A
BANK MANDIRI: To Sell Bonds on Favorable Market Conditions
PERTAMINA: Raises Unsubsidized Fuel Rates by 40%
PERUSAHAAN LISTRIK: Politicians Ask Government to Cut Tariff
J A P A N
DELPHI CORPORATION: Expands Business Activities Safety Products
DELPHI CORPORATION: Takes Advantage of LED Applications
ITO-YOKADO COMPANY: Prepares to Close 30 Stores
JAPAN AIRLINES: Improves Meal Service in Business Class
SOFTBANK CORPORATION: Posts JPY31.73-Mln Loss in Three Months
UFJ HOLDINGS: Unveils Changes to Organizational Structure
K O R E A
DAEWOO SHIPBUILDING: Plans to Seal Final Deal Next Month
SAMSUNG CARD: ABS Issuance Fetches US$300 Mln
M A L A Y S I A
ATLAN HOLDINGS: Shareholders OK Proposed Mandate
BELL & ORDER: Net Loss Shrinks to MYR719,000
BERTAM ALLIANCE: Unveils Financial Assistance Rendered
HUME INDUSTRIES: Repurchases Ordinary Shares
JIN LIN: Net Loss Decreases Slightly
LITYAN HOLDINGS: To Submit Restructuring Scheme for Approval
MENANG CORPORATION: 2Q Net Loss Reaches MYR3,908,000
PILECON ENGINEERING: SC Rejects Proposed Extension
MERCURY INDUSTRIES: Posts MYR526,000 in Net Profit
PAN MALAYSIA: Buys Back Ordinary Shares
TANCO HOLDINGS: Books MYR3,333 Net Loss in 2Q
TAP RESOURCES: Sees No Changes to Payment Default Status
TRADEWINDS CORPORATION: Net Loss Down to MYR7,659
WAH SEONG: Unit Acquires Stake in Meridian Reap
WEMBLEY INDUSTRIES: Net Loss Widens in Q2
WEMBLEY INDUSTRIES: Seeks Extension to Implement Restructuring
P H I L I P P I N E S
ABS-CBN BROADCASTING: Int'l Ops to Shore Up Profits in 5 Years
LEPANTO CONSOLIDATED: Faces Gov't Sanction on Gold Project
NATIONAL BANK: Rehab to Continue for at Least 2 More Years
PACIFIC PLANS: Planholders Want RCBC Barred from Trust Business
PHILIPPINE LONG: S&P Affirms 'BB-' FC Rating; Outlook Negative
* Two Pre-need Firms Added to SEC Watchlist
S I N G A P O R E
ACCORD CUSTOMER: Attracts Investor Interest
ACCORD CUSTOMER: To Release Auditor's Report Soon
CHINA DELISI: Creditors Must Submit Debt Claims This Month
CLIFFORD GALLERIES: To Distribute Dividend September 9
NGEE LIAN: Plans to Pay Dividend to Creditors
SUNWAY WORKFLOW: Schedules Final Meeting on Sept. 26
WING TAI: Unit Buys Entire Shares of Winposh
T H A I L A N D
CHRISTIANI & NIELSEN: Court Considers Rehab Plan
HANTEX: Audit Committee Member Quits
PREMIER ENGINEERING: Details Utilization of Proceeds
PHUKET AIR: Makes a Graceful Exit
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 099 627 362: Liquidator to Detail Wind Up Manner
-------------------------------------------------------
Notice is given that the final meeting of members and creditors
of A.C.N. 099 627 362 Pty Limited will be held on Sept. 9, 2005,
11:00 a.m. at Level 1, 32 Martin Place, Sydney, NSW for the
following reasons:
AGENDA
To consider the liquidator's account on the conduct of the
winding up and the disposal of the Company's 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 Level 1, 32 Martin Place
Sydney NSW
AIR NEW ZEALAND: Moody's Affirms Ba1 Rating After Results
---------------------------------------------------------
Moody's Investors Service on August 31, 2005 affirmed its Ba1
issuer rating on Air New Zealand Limited (Air NZ) after the
airline announced its annual results -- which were in line with
the rating agency's expectations -- for FY2005. The outlook on
the rating remains stable.
Air NZ's rating reflects its dominant position in the New
Zealand domestic market, with around 80% market share, and the
profitability of domestic operations following their
restructuring to a low-cost network model. Also supporting Air
NZ's rating is its solid liquidity position, with cash balances
of NZ$1,071 million held as at 30 June 2005.
Whilst Air NZ has a solid position in New Zealand, it is a niche
player in the global aviation market, and the strong
international competition can pressure its margins. Currently,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ, although other parts of the
international network are performing well. International
competition also limits Air NZ's ability to expand. However,
management is aware of the airline's vulnerability to external
shocks and the actions of key competitors.
Air NZ's rating also considers the New Zealand government's
80.4% ownership of the airline. The government has indicated
that it is not considering reducing its ownership interest below
51% and that it considers the airline to be a key piece of
domestic infrastructure. Whilst the government has not
explicitly guaranteed the debt of Air NZ, its support following
the collapse of Ansett in September 2001 indicates that it may
support Air NZ in the future, if required.
Moody's has previously expressed concern regarding the airline's
limited track-record since the collapse of Ansett Australia in
2001. However, FY2004 and FY2005 results have been in line with
our expectations. EBITDAR/(Interest + Rent) has been 2.6x-2.7x
over the past 2 years, with RCF/Adjusted Debt ranging from
12.4%-16.2%. At the same time, leverage, as measured by Adjusted
Debt/EBITDAR, has been moderate at around 4.0x.
Air NZ has signaled that the recent increases in fuel price will
adversely affect profitability in 2006, with the potential to
decrease profit by 40% from 2005. Moody's believes that this
drop, which would result in EBITDAR/(Interest +Rent) between
2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under 5x, would
not adversely affect the rating of the airline.
Moody's expects Air NZ to have significant capital expenditure
requirements over the next 3 years -- which will be funded from
a combination of operating cash flow, debt and operating leases
-- as it acquires additional aircraft. However, Moody's
considers the increased debt load (including increased operating
lease obligations) to be manageable within Air NZ's rating. The
company is expected to be free cash flow positive from 2007.
Positive pressure for Air NZ's rating will be predicated on the
company performing strongly over the next 12-18 months. Moody's
would look to see continued solid financial performance with the
following metrics: operating margin>5%,
EBITDAR/(Interest+Rent)>3.0, Adjusted Debt/EBITDAR<4.0, Adjusted
RCF/Adjusted Debt around 13% and Adjusted Debt/Adjusted Capital
of around 60%.
If fuel prices continued high for the medium to long term and no
rationalization in trans-Tasman routes were forthcoming, then
Air NZ's credit metrics could be negatively affected. Operating
margin less than 3%, EBITDAR/(Interest+Rent) less than 2x and
Adjusted Debt/EBITDAR greater than 5.5x would be a trigger for
Moody's to review the rating.
Air New Zealand, based in Auckland, is New Zealand's flag air
carrier, with domestic and international passenger and freight
operations, and an aviation engineering business.
CONTACT:
Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/
AIR NEW ZEALAND: Jet Fuel Problems Disrupt Flights
--------------------------------------------------
Worsening fuel problems in Sydney have forced Air New Zealand to
juggle some flights early this week, The New Zealand Herald
relates.
Passengers on two Auckland flights bound for Sydney were on
Sunday flown to Christchurch where they joined a flight from
there to Sydney.
Normally the three services would have used aircraft capable of
carrying about 135 passengers each, but the one combined service
had been on a Boeing 747 able to take nearly 400 passengers.
An Air New Zealand spokesman revealed the carrier has also
decided to carry less cargo to conserve fuel.
Reports from Sydney said testing had shown that a significant
portion of jet fuel supplies in the city were unusable.
It could be days before airline passengers flying out of the
city reached their destination on time.
Petrol suppliers had rationed Sydney's jet fuel to 40 percent of
normal demand.
AIR NEW ZEALAND: CCS Says Dispute Not Over
------------------------------------------
CCS believes the Human Rights complaint it laid against Air New
Zealand surrounding its treatment of wheelchair users on
domestic flights has not been fully resolved through mediation
and will be taking the complaint further.
In 2004 Air New Zealand changed their policy regarding
wheelchair users who were unable to transfer from wheelchair to
seat, leading to a complaint being laid to the Human Rights
Commission.
"This change in policy affected not just those it was aimed at.
People who had a greater level of mobility were caught up in the
change in policy too and continue to be," said Viv Maidaborn,
CEO of CCS.
Since the complaint was laid, a mediation process has taken
place. This has led Air New Zealand to make significant changes,
including a staff training video and the introduction tomorrow
of the Eagle lifting device. The device will assist many
disabled passengers to transfer from a wheel/aisle chair to a
jet aircraft seat and vice versa.
"As we see it the complaint is only partially resolved. This
equipment is only being introduced to some airports, immediately
leaving 30% of disabled passengers without the Eagle lifting
device or an Air New Zealand staff member to assist with
transfer. This is exactly the position these travelers were in
before mediation," Viv Maidaborn said.
"We certainly acknowledge Air New Zealand's commitment to a
Disability Awareness programme that has taken a very broad
approach, however, we believe they have missed the basic issue
of human rights. Right now for 30% of disabled passengers Air
New Zealand are still putting unreasonable restrictions on their
ability to have independent and unsupported travel, and for that
reason we will pursue our complaint with the Commission."
CCS is New Zealand's leading provider of support and services to
people with physical disabilities. It is also a leading advocate
for the rights of disabled people. Founded to help New Zealand
children following two polio epidemics early last century, CCS
now works in partnership with over 5000 children and adults with
physical or multiple disabilities and their families and whanau.
AM CONSTABLE: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a meeting of members of AM
Constable Limited held on July 25, 2005, the following special
and ordinary resolutions were passed:
That the Company be wound up as a Members' voluntary
liquidation, and that its assets may be distributed in whole or
in part to the members in specie, should the Liquidator so
desire; and that Ian James Purchas be appointed Liquidator for
the winding up.
Dated this 28th day of July 2005
Ian James Purchas
Liquidator
Star Dean-Willcocks
GPO Box 3969, Sydney NSW 2001
Phone: (02) 9223 2944
BELCAR INVESTMENTS: Liquidator to Distribute Company Assets
-----------------------------------------------------------
At an extraordinary meeting of the members of Belcar Investments
Pty Limited duly convened and held on July 22, 2005, the
following resolutions were passed:
SPECIAL RESOLUTION
That the Company be wound up voluntarily, and that the
Liquidator be authorized to distribute the Company's assets in
specie to members.
ORDINARY RESOLUTION
That Des Munro of SimsPartners, Level 6, 12 Pirie Street,
Adelaide be appointed Liquidator for the winding up.
Dated this 25th day of July 2005
Des Munro
Liquidator
SimsPartners
Level 6, 12 Pirie Street
Adelaide
BREWERS TRANSPORT: Members Agree to Cease Operations
----------------------------------------------------
At a meeting of creditors of Brewers Transport Pty Limited held
on July 22, 2005, it was resolved that the Company be wound up
voluntarily.
Dated this 25th day of July 2005
Oren Zohar
Liquidator
KordaMentha
Phone: (08) 9221 6999
BRITTCAL PTY: Court Orders Winding Up
-------------------------------------
On July 21, 2005, the NSW Supreme Court ordered that Brittcal
Pty Limited be wound up, and appointed Stephen James Parbery to
be Liquidator for such purpose.
Dated this 22nd day of July 2005
Stephen James Parbery
Liquidator
c/o PPB Chartered Accountants and
Business Reconstruction Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax: 02 9221 1310
CARTER HOLT: Moody's Likely to Downgrade Rating from Baa2
---------------------------------------------------------
Moody's Investors Service has placed the Baa2 senior unsecured
rating of Carter Holt Harvey Limited (CHH) on review for
possible downgrade. This action reflects increased likelihood of
significant financial and operating uncertainty since Rank Group
Investments Limited (Rank) acquired 50.5% of the issued shares
in CHH.
The review will focus on the risk of instability within CHH's
operations and asset profile going forward, which may not be
consistent with an investment grade credit profile. Rank has
stated in the proposed full takeover documents released
yesterday that they intend to carry out a comprehensive review
of CHH's operations and financial structure. Moody's considers
that there is a strong risk that such a review will result in
material changes to CHH's asset and financial structure that may
substantially weaken the company's credit profile.
The review will focus on any proposed restructuring activities,
including potential asset sales that may materially impact the
company's future operating profile. It will also consider the
financial profile that the company will emerge with once Rank
has completed its takeover.
Moody's believes there is a material risk that the company may
be downgraded to non-investment grade once the Rank Group takes
control. However a determination on this will be made when
further details emerge of the company's likely profile.
CHH is a large integrated forest products company based in
Auckland, New Zealand. It has production faculties for pulp,
paper, wood and packaging products in Australia, New Zealand and
China.
CONTACT:
NEW ZEALAND
Carter Holt Harvey Limited
640 Great South Road
Manukau City
Auckland 1020
Phone
From New Zealand: 09 262 6000
From Australia: 0011 64 9 262 6000
International: +64 9 262 6000
Facsimile
From New Zealand: 09 262 6099
From Australia: 0011 64 9 262 6099
International: +64 9 262 6099
AUSTRALIA
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone
From Australia: 03 9823 1600
From New Zealand: 0061 3 9823 1600
International: +61 3 9823 1600
Facsimile
From Australia: 03 9823 1620
From New Zealand: 0061 3 9823 1620
International: +61 3 9823 1620
CLEBOX PTY: Brett Miller Named Liquidator
-----------------------------------------
At an Extraordinary General Meeting of Members of Clebox Pty
Limited held on July 22, 2005, the following Special Resolution
was passed:
That the Company be wound up voluntarily, and that Brett J.
Miller of Surry Partners Accountants be and is hereby appointed
Liquidator for such winding up.
Dated this 22nd day of July 2005
Brett Miller
Liquidator
Surry Partners Accountants Pty Limited
Level 1, 483 Riley Street
Surry Hills NSW 2010
Phone: 9318 6400
CORPORATE CATERER: Members, Creditors to Discuss Winding Up
-----------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of The Corporate Caterer Pty Limited will be held on
Sept. 9, 2005, 10:30 a.m. at the offices of Jirsch Sutherland
Chartered Accountants, Level 2, 84 Pitt Street, Sydney to have
an account laid before them showing the manner of the winding up
and disposal of Company property, and to hear any explanations
that may be given by Liquidator.
Dated this 9th day of August 2005
Sule Arnautovic
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax: 02 9233 2144
EASJ PTY: Begins Winding Up Proceedings
---------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of EASJ Pty Limited held on July 22, 2005, members
passed a special resolution to voluntarily wind up the Company,
and appointed Deryk Andrew to be Liquidator for such purpose.
Dated this 1st day of August 2005
Deryk Andrew
Liquidator
Bentleys MRI Sydney Business Recovery &
Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230
FLIGHT CENTRE: CEO's Departure Paves Way for Simpler Structure
--------------------------------------------------------------
Shane Flynn has on Thursday resigned as chief executive officer
of embattled travel agency group Flight Centre, Dow Jones
reports.
Mr. Flynn's departure happened as the company reverts to a more
traditional management model.
Flight Center said Flynn's resignation means all areas of the
company will report to company chairman and founder Graham
Turner.
In a statement, the company said the dual leadership model that
was introduced following Flynn's appointment in 2002 "caused
difficulties both internally and externally".
"After evaluating our performance last year and considering the
joint leadership model, we both felt that this structure was
leaner, simpler and would ultimately improve performance," the
company declared.
CONTACT:
Flight Centre Limited
Phone: +61 7 3011 7000
Web site: http://www.flightcentre.com.au/
FRATECH ELECTRONICS: Members Decide to Wind Up Firm
---------------------------------------------------
Notice is given that at an extraordinary general meeting of the
members of Fratech Electronics Pty Limited held on July 25,
2005, it was resolved that the Company be wound up voluntarily,
and that Clyde Peter White and Philip Newman of HLB Mann Judd,
Chartered Accountants, Level 1, 160 Queen Street, Melbourne, be
appointed Joint and Several Liquidators of the Company.
Dated this 25th day of July 2005
Philip Newman
Clyde P. White
Liquidators
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne
GODDARD CORPORATION: Set to Declare Dividend Next Week
------------------------------------------------------
Goddard Corporation Pty Limited will declare a first 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 8th day of July 2005
Jennifer E. Low
Liquidator
Sheridans Chartered Accountants
Level 6, 40 St George's Terrace
Perth WA 6000
Phone: 08 9221 9339
Fax: 08 9221 9340
GOLDEN CHEF: Another Unit Faces Lean Time
-----------------------------------------
One of the companies of the troubled Golden Chef group is in
danger of closing for failing to settle its advertising bills,
The Advertiser reports.
Hungry George, one of 83 companies in the group, is facing a
Supreme Court action filed by radio station FIVEaa to have the
business liquidated.
Pantelis Charitopoulos said he believed the amount in dispute in
the Hungry George case was about AU$8,000 and the situation was
being worked out by his lawyers this week. Pantelis, son of
founder and sole shareholder George Charitopoulos, currently
manages his father's catering business.
But FIVEaa General Manager Paul Bartlett contradicted Mr.
Charitopoulos's statement, saying as far as he knew the action
would proceed.
Court documents claim FIVEaa is owed AU$17,994.55.
The Supreme Court hearing regarding the liquidation will be held
on September 20.
Golden Chef was placed in liquidation last month. At the time,
Mr. Charitopoulos denied it had happened and said the business
would get back on its feet.
CONTACT:
Golden Chef
203-205 Hanson Road
Athol Park South Australia 5012
Phone: 1300 881 588/ 08 8348 1700
Fax: 08 8445 6488
Web site: http://www.goldenchef.com.au/
HIH INSURANCE: Williams' Missing Millions in Question
-----------------------------------------------------
Two months after HIH Insurance's big collapse, its former
director Ray Williams started disposing off around AU$10.95-
million worth of shares and property, The Australian has
learned.
The spate of disposals was triggered with the sale of Mr.
Williams' Mosman house to Brad Copper for AU$5.6 million four
years ago, followed up sixteen months later with the AU$5
million sale of his Lake Macquarie estate Gwandalan.
However Mr. Williams declared very little was left when he filed
for bankruptcy this week. He only declared AU$94,696.29 in cash
in a trust account, 30 ANZ shares worth AU$639 and
564 BHP shares worth AU$10,828. He also listed AU$446,398 from
returns on his income tax, but claimed he owed the tax office
AU$23,450, and superannuation worth AU$471,411.
Mr. Williams's statement of affairs filed with the Insolvency
and Trustee Service Australia said that against those assets
were liabilities totaling AU$649.4million, largely from
threatened legal claims.
Mark Robinson, the appointed trustee and a partner at PPB
Chartered Accountants said he will investigate where the rest of
the money went. If there were reasonable grounds to believe
assets had been passed to a related party, such as his wife,
Rita Williams, Mr. Robinson has powers to investigate and
question the related party.
Mr. Williams pleaded guilty to failing in his duties as an HIH
director, making misleading statements about HIH profits and
authorizing a prospectus that omitted important information. In
April, he was sentenced to 4 1/2 years' jail and is due for
parole on January 14, 2008.
He estimated on his petition for bankruptcy that he could end up
owing AU$647 million in contingent liabilities from four
separate legal actions filed against him and other directors
over the collapse of the insurance giant in March 2001.
HYDE ENGINEERING: Creditors Scheduled to Receive Dividend
---------------------------------------------------------
Hyde Engineering Pty Limited is set to declare a first and final
dividend on Sept. 7, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 7th day of July 2005
Tracy J. Dare
Liquidator
Level 32, Central Plaza One, 345 Queen Street
Brisbane Qld 4000
Phone: 07 3333 9804
Web site: http://www.mcgrathnicol.com.au/
ICF KAISER: Enters Liquidation
------------------------------
Notice is hereby given that at a general meeting of members of
ICF Kaiser Engineers (Asia) Pty Limited held on July 26, 2005,
it was resolved that the Company be wound up voluntarily and
that for such purpose, Robert Jeffrey Brown of Hatch Associates
Pty Limited, be appointed as liquidator.
Dated this 27th day of July 2005
Robert J. Brown
Liquidator
Hatch Associates Pty Limited
Level 4, 152 Wharf Street
Brisbane Qld 4000
Phone: 07 3834 7760
KOREN LABORATORIES: Liquidator to Explain Wind Up to Members
------------------------------------------------------------
Notice is given that the final meeting of the members of Koren
Laboratories will be held on Sept. 9, 2005, 10:00 a.m. at the
offices of Deloitte Touche Tohmatsu Level 3, 225 George Street
Sydney.
AGENDA:
To lay before the meeting an account showing how the winding up
was conducted and how the property of the Company was disposed
of, and to hear any explanation of the account.
Dated this 25th day of July 2005
D. J. F. Lombe
Liquidator
Deloitte Touche Tohmatsu
225 George Street
Sydney NSW 2000
MOORES CORPORATION: Appoints Official Liquidators
-------------------------------------------------
Notice is hereby given that as Moores Corporation Australia Pty
Limited failed to execute an Instrument setting out the terms of
a Deed of Company Arrangement within the period ending on July
25, 2005 the company was wound up on July 25, 2005.
Robyn Louis Duggan and John Melluish of Ferrier Hodgson, Level
17, 2 Market Street, Sydney, NSW were appointed Liquidators for
the winding up.
Dated this 25th day of July 2005
Robyn L. Duggan
John Melluish
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW
MYER LIMITED: Buyers Await Decision to Sell
-------------------------------------------
A handful of potential buyers have shown interest in the
possible sale of department store operator Myer Limited,
according to Sydney Morning Herald.
Two weeks after Coles Myer said it was considering selling the
underperforming 105-year-old business, South African retailer
Edgars Consolidated Stores (Edcon) signified interest in Myer
Wednesday.
In line with its goal to diversify its core business, Edcon will
form a team in South Africa and Australia to explore any
possible opportunities for the Company.
"Australia is a large market in the southern hemisphere and, if
Coles Myer decides to divest Myer, then we want to be in a
position to determine if an acquisition of Myer would create
shareholder value for Edcon," Edcon chief executive Steve Ross
said.
Retailer David Jones, on the other hand, has said previously he
is interested in "a handful" of Myer stores.
Westfield, which is Myer's landlord at all but one of its
stores, is likely to play a role in any sale given the leasehold
agreements it has over the stores although it is yet to initiate
discussions with Myer or any potential buyers.
Myer's stores are leased by Westfield on 20-year leases with an
option for a further 20 years.
Analyst estimates of Myer's value have varied from AU$309
million to as high as AU$795 million. Analyst are concerned that
up to one-third of Myer's 61 stores are unprofitable.
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
MYER LIMITED: Shareholder Says Review is Overdue
------------------------------------------------
The chairman of Coles Myer shareholder Premier Investments has
thrown his support behind the department store ownership review
of Myer Limited, saying it was "overdue", The Australian
reports.
Ron Brierley said that the delay might be very good news since
it forced the Coles Myer board to face up to issues, which
should have been done years ago.
This month Coles Myer revealed another disappointing earnings
performance by Myer and confirmed it might sell the department
store chain.
A spokesman for Premier said the proposition put by Coles Myer
that Myer had been turned around was "not credible". He cited
Myer's earnings decline from the AU$162 million it reported in
2000 financial year and its underperformance against rival David
Jones.
The 61 department store chain is expected to deliver full-year
earnings before interest and tax of just AU$45 million, three
years into a turnaround led by Chief Dawn Robertson.
Sir Ron was reluctant to comment on how may of Myer's problems
were due to its being part of a retail conglomerate that
included supermarkets and variety stores.
Sir Ron said that Premier had great faith in its investment in
Coles Myer but "we don't have great faith in the board and
management of the Company at the present time".
Meanwhile, Premier is not yet certain if it will nominate a
candidate for board election this year, saying a decision may be
made after Coles released its annual reports.
PEROSIN & SERGI: Creditors Decide to Shut Down Business
-------------------------------------------------------
Notice is hereby given that at a meeting of creditors of Perosin
& Sergi Pty Limited held on July 26, 2005, it was resolved that
the company be wound up, and James Patrick Downey of Cole Downey
& Co. Chartered Accountants, Level 1, 22 William Street,
Melbourne, Victoria, 3000 was appointed Liquidator for such
purpose.
Dated this 26th day of July 2005
James P. Downey
Liquidator
Cole Downey & Co.
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000
PETER WHITEMAN: Members to Receive Liquidator's Report
------------------------------------------------------
Notice is given that a general meeting of the members of Peter
Whiteman Pty Limited will be held on Sept. 9, 2005, 10:30 a.m.
at the offices of SimsPartners, Suite 6A, Ground Floor, Bourne
House, 10-12 Short Street, Port Macquarie, NSW to present the
Liquidator's account showing the manner of the winding up and
disposal of the Company's property, and to hear any explanation
that may be given by the Liquidator.
Dated this 26th day of July 2005
David Leigh
Liquidator
SimsPartners Chartered Accountants
Suite 6A, Ground Floor, Bourne House
10-12 Short Street, Port Macquarie NSW 2444
PHANTOM CONTRACTING: Creditors OK Liquidator's Appointment
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Phantom Contracting Services Pty Limited held on July 22, 2005,
a Special Resolution that the Company be wound up voluntarily
was passed by members, and M. F. Cooper was appointed
Liquidator. Creditors confirmed the Liquidator's appointment at
a creditors' meeting held later that day.
Dated this 29th day of July 2005
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000
QANTAS AIRWAYS: Airbus, Boeing to Fight for Supplier Rights
-----------------------------------------------------------
Aircraft manufacturing giants Airbus and Boeing are poised to do
battle for the right to supply anew fleet of passenger jets to
Qantas Airways, Asia Pulse reports.
Australia's national carrier is set to spend around $A18 billion
($US13.56 billion) on between 60 to 100 new aircraft and has
issued a Request for Proposal (RFP) to the manufacturers for new
wide-body aircraft to replace its ageing fleet of Boeing 767 and
747 planes.
Boeing vice president and general manager of its 787 program,
Mike Bair, said the manufacturer had been in talks with the
airline. He believes Boeing has got the right products Qantas is
looking for, such as the Boeing 787 Dreamliner.
Meanwhile, an Airbus spokesman said that the company was
"responding with a package of aircraft types that we believe
best suit Qantas' needs".
Qantas says it is considering a number of options including the
Dreamliner and the Airbus A350 aircraft for use on medium-haul
international, trans-Tasman and Australian domestic routes. It
is also mulling "ultra-long range" variants of the Boeing 777
and Airbus A340 to operate on hub-busting routes.
Qantas chief executive Geoff Dixon said earlier this month that
the airline wants a modern fleet that provided maximum
flexibility, lower seat mile costs, greater fuel efficiency and
the opportunity to introduce the next generation of in-flight
services.
Qantas would not say when responses from the aircraft maker are
due, but it is believed to be in the next two weeks, with a
decision possibly to be made by Qantas before its October board
meeting.
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
R.M. FRASER: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of R.M. Fraser (Properties) Pty Limited held on
July 26, 2005, it was resolved that the Company be wound up
voluntarily, and that Paul William Gidley, Chartered Accountant
of Lawler Partners, Chartered Accountants, 763 Hunter Street,
Newcastle West NSW 2302 be appointed Liquidator for such winding
up.
Dated this 9th day of August 2005
Paul W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302
SONS OF GWALIA: Approval of DOCA Puts Firm in Limbo
---------------------------------------------------
Creditors approval of Sons of Gwalia's deed of company
arrangement (DOCA) has placed the failed miner in uncertainty
pending legal efforts by shareholders to be classed to be
classed as creditors, according to The Australian.
During Tuesday's meeting administrator Ian Hobson of Ferrier
Hodgson said the arrangement would also allow time for the
arbitration of a contract price dispute between Gwalia and its
tantalum buyer, Cabot. The arbitration is expected to be
finalized by November, pacing the way for the mooted sale of the
assets.
Around 50 of the more than 1000 creditors collectively owed more
than AU$1 billion turned up for the meeting in Perth and voted
unanimously for the deed, which allows Ferrier Hodgson to
continue to act within the Company until issues are resolved.
IMF Australia is funding an action in the Federal Court in NSW
on behalf of 4400 Sons of Gwalia shareholders, led by Luka
Margeretic, who are seeking to prove they are unsecured
creditors. The test case was heard Tuesday but Justice Arthur
Emmett reserved decision.
If successful, the shareholders may stand a chance at redeeming
lost money. Whichever way the judgment went, the issue was
expected to eventually to go to the High Court.
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/
TALIS CONSTRUCTIONS: To Pay Dividend to Priority Creditors
----------------------------------------------------------
Talis Constructions Pty Limited will declare a first dividend to
its priority creditors on Sept. 7, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 27th day of July 2005
John Frederick Lord
Liquidator
PKF
Level 10, 1 Margaret Street
Sydney NSW 2000
Phone: 02 9251 4100
Fax: 02 9240 9821
Web site: http://www.pkf.com.au/
WINTERWOOD ENTERPRISES: Schedules Final Meeting September 9
-----------------------------------------------------------
Notice is given that the final meeting of members and creditors
of Winterwood Enterprises Pty Limited will be held on Sept. 9,
2005, 10:00 a.m. at Level 1, 32 Martin Place, Sydney, NSW, on
Friday, 9 September 2005 at 10.00 a.m.
AGENDA:
To consider the liquidator's account by the liquidator on the
conduct of the winding up and the disposal of the Company's
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 Level 1, 32 Martin Place
Sydney NSW
==============================
C H I N A & H O N G K O N G
==============================
APPLIED INTERNATIONAL: Buys Back 500,000 Shares
-----------------------------------------------
Applied International Holdings Limited (0519) bought back
500,000 shares at a price of HK$0.265, or a total of HK$132,500
on August 31, Infocast News reports.
The Company posted a net profit of HK$96.48 million in the year
ended June 30, 2004, versus a net loss of HK$167 million a year
earlier, Chong Hing Securities relates.
CONTACT:
Applied International Holdings Limited
41/F Far East Finance Centre
16 Harcourt Road, Central
Hong Kong
Phone: 25538267
Fax: 28734676
Web site: http://www.appliedintl.com
BANK OF CHINA: Temasek to Acquire 10% Stake
-------------------------------------------
Bank of China Limited and Temasek Holdings (Private) Limited
jointly announced on August 31 that, following negotiations and
discussions by the two entities, Temasek will, through its
wholly-owned subsidiary Asia Financial Holdings (AFH), acquire a
10 percent interest in Bank of China for US$3.1 billion.
Temasek has also undertaken to subscribe for additional US$500
million worth of shares during Bank of China's initial public
offering. This transaction is pending government and other
relevant regulatory approvals.
With this agreement, Bank of China has introduced another
strategic investor following the signing of the strategic
investment agreement with Royal Bank of Scotland on August 18,
2005.
Subject to mutual agreement, Temasek will assist Bank of China
in improving corporate governance, including the right to
nominate suitable candidates for election to Bank of China's
board of directors. Other areas of collaboration and support are
under discussions.
In addition to a strong focus on corporate governance, Temasek
will facilitate linkages to other players in the Asian financial
sector to support the development of Bank of China's talent pool
and technology base. As major financial institutions in Asia,
both entities also agreed to strengthen their cooperation and
contribute to the financial sector modernization in Asia.
Bank of China said, "Temasek is a major investor in Asia, with a
strong reputation and matured operating mechanism in the area of
corporate governance. Bank of China is a banking group with
nearly a hundred years of history, and has established a prudent
business style and a broad customer network. The cooperation of
these two strong financial institutions with complementary
strengths will result in enhanced competitiveness. The
strategic investment by Temasek will support the deepening of
the overall reform for Bank of China. The transaction will help
Bank of China further strengthen its capital base, improve its
shareholder structure and enhance its corporate governance."
Temasek said, "We are delighted that an agreement has been
reached with Bank of China. This is our largest direct
investment in China, and is also a long-term investment for us.
It underlines our confidence in the long-term growth of China's
economy. More importantly, this investment represents our
belief that Bank of China has transformed itself into a strong
financial institution with extensive networks in China and
overseas. We share the bank's belief in its tremendous
potential and are privileged to be an investor."
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
This is a company press release.
CHEUNG'S SECURITIES: SEC Reprimands Firm for Breaches
-----------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Cheung's Securities Brokers Limited and suspended its
responsible officer, Ms. Lun Han Yuk, for two months from
September 1, 2005 to October 31, 2005. Cheung's has also been
fined HK$50,000.
In February 2003, Cheung's agreed to be a liquidity provider for
the transactions in structured products for a securities firm.
Cheung's was required to ensure that there were sufficient funds
in its bank accounts to settle the transactions and there was no
limit to Cheung's liability for the liquidity provision. Between
April and September 2003, the securities firm's average daily
net long position was about HK$10 million. However, on October
28-29, 2003, the securities firm's net long position suddenly
jumped to HK$37 million and HK$30 million respectively and there
were insufficient funds in Cheung's account to settle the
transactions on T+2.
Ms. Lun, who was responsible for monitoring the securities
firm's transactions, noticed the liquidity problem and arranged
funds to meet the settlement demand on T+2. Before the pre-
arranged funds were deposited to the house account of Cheung's,
Ms. Lun transferred $12.3 million from Cheung's clients' trust
account to the house account as a safety measure. The transfer
from the clients' trust account to the house account breached
section 5 of the Securities & Futures (Client Money) Rules. The
transfer further gave rise to concerns that Ms. Lun placed the
interests of Cheung's ahead of the clients' interests. Cheung's
compliance manager identified the breach, which was then
immediately rectified by transferring the same amount from the
house account to the clients' trust account on the same day.
Further, although the settlement date for the October 29, 2003
transactions was Saturday, 1 November 2003, Cheung's staff
mistakenly thought that it was Monday, November 3, 2003 and
arranged for the funds to be made available on 3 November 2003.
Therefore, when CCASS demanded Cheung's to settle the securities
firm's October 29, 2003 transactions, the demand was rejected
due to an insufficient balance in Cheung's account on November
1, 2003. The demand was only met on the next business day. There
was a lack of care when Cheung's failed to make available
sufficient funds to meet CCASS' demand for settlement payment.
Further, Cheung's did not implement a policy to handle a sudden
increase in net purchases by the securities firm, despite
Cheung's agreement to provide liquidity without limit.
The SFC concludes that both Cheung's and Ms. Lun have been
guilty of misconduct and that their fitness and properness has
been called into question.
In deciding the penalty, the SFC has taken into account the
Disciplinary Fining Guidelines and all the circumstances of the
case including the following:
The breach of the Client Money Rules was unintentional and Lun
took immediate action to rectify the breach;
Cheung's immediately injected funds as soon as it was informed
of the liquidity deficiencies; and
Cheung's and Ms. Lun co-operated with SFC's investigation,
frankly admitted their responsibilities and resolved the
disciplinary action by settlement.
Further, Cheung's appointed an independent auditor to review its
internal control system. Cheung's is also upgrading its computer
system and has employed additional staff as Responsible
Officers.
Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Client money must always be segregated and kept separately in
trust accounts. Transfer of client money should not have taken
place under any circumstances except as allowed under the Client
Money Rules. To use client money to meet the company's financial
obligations is a breach of trust and put clients' interests at
risks. A suspension of the license of those involved is
appropriate to reflect the seriousness of the breach."
CONTACT:
Cheung's Securities Brokers Ltd.
19/F., Bank Centre
636 Nathan Road, Mongkok,
Kowloon
CHINA MOTION: Discloses Securities Interest as of August 31
-----------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
China Motion Telecom International Limited, which is reproduced
as follows:
"Re: Monthly Report to the Singapore Exchange Securities Trading
Limited
From the monthly statement furnished by our Substantial
Shareholder to the Singapore Exchange Securities Trading
Limited, we note that the interest of it in the securities of
China Motion Telecom International Limited as at 31 August 2005
is as follows:
Name of Substantial Shareholder: Goldtop Holdings Limited
Name of Beneficial Owner: Goldtop Holdings Limited
Number of shares held as at August 31, 2005: 216,198,000
% of shareholding as at August 31, 2005: 41.14%
Number of shares held as at July 29, 2005: 216,198,000
Number of warrants held as at August 31, 2005: Nil
Number of warrants held as at July 29, 2005: Nil
Save as disclosed above, there has been no change in its
interest in the Company since the last notification.
For and on behalf of
China Motion Telecom International Limited
Hau Tung Ying
Director
31 August 2005"
In a company statement, China Motion Telecom International
Limited incurred a net loss of HK$459.6 million for the year
ended March 31, 2005, versus a net loss of HK$47.46 million for
the preceding financial year.
CONTACT:
China Motion Telecom International Limited
20/F, Tower II & III
Enterprise Square
9 Sheung Yuet Road
Kowloon Bay, Hong Kong
Phone: 22092888
Fax: 28279883
Web site: http://www.chinamotion.com
CHINTUNG FUTURES: Creditors Meeting Slated for September 20
-----------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members and
creditors of Chintung Futures Limited (In Creditors' Voluntary
Liquidation) will be held at 18th Floor, Two International
Finance Centre, 8 Finance Street, Central, Hong Kong on
September 20, 2005 at 11 a.m. for the purpose of receiving an
account of the liquidator's act and dealings and of the conduct
of the winding up of the company during the preceding year.
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 18th Floor, Two
International Finance Centre, 8 Finance Street, Central, Hong
Kong, no later than 4 p.m. on the day before the meeting.
Dated this 26th day of August 2005
IAN GRANT ROBINSON
Liquidator
COMSEC TRAVEL: Court Orders Firm to Wind Up
-------------------------------------------
Comsec Travel Limited whose place of business is located at Rm
1201, Wu Sang House, 655 Nathan Road, Mongkok, Kowloon was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
August 17, 2005.
Date of Presentation of Petition: June 20, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
DORING DEVELOPMENT: Receives Winding Up Order
---------------------------------------------
Doring Development Limited whose place of business is located at
Flat B, 17th Floor, Fok Ying Building, 379-381 King's Road,
North Point, 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 20, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
GUANGDONG KELON: Clarifies Financial Statement
----------------------------------------------
Reference is made to the announcement of Guangdong Kelon
Electrical Holdings Company Limited together with its
subsidiaries dated August 30, 2005 in relation to its interim
results for the six month ended 2005. Due to clerical error, the
item Basic (loss)/earnings per share in the year 2004 column of
the condensed consolidated income statement of the Group should
read RMB0.16, instead of RMB0.15.
At the request of the Company, trading in shares of the Company
was suspended with effect from 10 a.m. on June 16, 2005 pending
the release of an announcement in relation to price sensitive
information.
Subject to the publication of an announcement in relation to,
amongst others, the financial, production and trading position
of the Group, trading in shares of the Company will remain
suspended until further notice.
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
KOOKMIN LEASING: Annual Meeting of Creditors Set September 28
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), an annual meeting of the
members of Kookmin Leasing & Finance (Hong Kong) Limited (In
Creditors' Voluntary Liquidation) will be held at 26th Floor,
Wing On Centre, 111 Connaught Road Central, Hong Kong on
September 28, 2005 at 3 p.m. and will be followed by an annual
meeting of the creditors of the company to be held at the same
place at 3:30 p.m. for the purpose of receiving an account of
the liquidator's act and dealings and of the conduct of the
winding up of the company for the period from June 30, 2004 to
June 29, 2005.
A member or creditor entitled to attend the vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 26th Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong, in the case of
the meeting of members, at least 48 hours before the time fixed
for holding the meeting, and in case of the meeting of
creditors, not later than 4:00 p.m. on the day before the
meeting.
Dated this 26th day of August 2005
DARACH E. HAUGHEY
LAI KAR YAN (DEREK)
Joint and Several Liquidators
MILIKING INTERNATIONAL: To Undergo Winding Up Process
-----------------------------------------------------
Miliking International Limited whose place of business is
located at Flat 603A, 6th Floor, Tower 1, Admiralty Centre, 18
Harcourt Road, 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 20, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
SENTEX INTERNATIONAL: Winding Up Process Initiated
--------------------------------------------------
Sentex International Trading Limited whose place of business is
located at Flat 6, 3rd Floor, Kinglet Industrial Building, Nos.
21-23 Shing Wan Road, Tai Wai, New Territories was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
17, 2005.
Date of Presentation of Petition: June 21, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
SHENYIN & WANGUO: Gets CNY2.5 Bln Aid from Central Bank
-------------------------------------------------------
Shenyin & Wanguo Securities Co. has received a capital injection
of CNY2.5 bln from the Central Huijin Investment Co., an
investment arm of the central bank to improve its liquidity, the
Xinhua News Agency reported.
The recapitalization of Shenyin & Wanguo Securities is the
latest in a spate of China's moves to rescue its brokerage
industry. The nation's brokerages posted a combined loss of
CNY15 billion last year as stock indexes slumped.
Shenyin & Wanguo Securities incurred a first-half net loss of
CNY259.8 million, according to regulatory filings. After the
capital injection, Central Huijin will hold 37 percent of
Shenyin & Wanguo.
CONTACT:
Shenyin & Wanguo Securities Co., Ltd
171 Changshu Road, Shanghai, 200031
Phone: 021-54033888
Fax: 021-64678588
Web site: www.sywg.com.cn
TARCOM RESOURCES: Court Releases Winding Up Order
-------------------------------------------------
Tarcom Resources Limited whose place of business is located at
Flat C, 16/F, Cindic Tower, 128 Gloucester 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 20, 2005
Dated this 26th day of August 2005
Lee Mei Yee May
Acting Official Receiver
=========
I N D I A
=========
IBP COMPANY: Sends Bankruptcy Warning to Government
---------------------------------------------------
Beleaguered IBP Company Limited has warned the government it
would file for bankruptcy by the end of this month, PTI News
reveals.
The petrol retailer, a subsidiary of Indian Oil Corporation,
said it would go bankrupt if the government will not allow it to
raise petrol, diesel, liquefied petroleum gas (LPG) and kerosene
prices.
IBP, which reported a net loss of INR233.97 crore in April-June
quarter of 2005-06 fiscal, is projecting a further loss of
INR495 crore in the second quarter due to the freeze on fuel
price despite cost jumping by 26 per cent since last revision.
IBP managing director N G Kannan earlier wrote to Petroleum
Secretary S C Tripathi that the firm's accumulated net worth
will be eroded completely at the end of September 2005, putting
the company at risk of collapse.
Petrol is currently being sold at INR7.42 a liter below the cost
of import, while diesel is underpriced by INR5.86 per liter.
Public sector oil firms are incurring a loss of INR11.21 a liter
on sale of kerosene and over INR100 on sale of every LPG
cylinder.
As a marketing firm, IBP is forced to sell the products below
cost due to non revision of the retail selling price in parity
with the movement of produce cost every fortnight.
IBP had to face a cash outgo of INR563 crore in 2004-05 for
financing under-recovery on petrol, diesel, LPG and kerosene. It
has further suffered cash outgo amounting to INR728 crore during
April-August 2005 on account of loss.
Other oil retailers Bharat Petroleum Corp Ltd, Hindustan
Petroleum Corp and Indian Oil Corp too would become sick in 13
months, 20 months and 35 months respectively if fuel prices were
not raised.
CONTACT:
IBP COMPANY LIMITED
IBP House
34-A, Nirmal Chandra Street
Kolkatta, India, 700 013
Phone: +91 33 22362374
Fax: +91 33 22219828
Web site: http://www.ibpoil.com/
U.P. STATE CEMENT: Calling for Expression of Interest
-----------------------------------------------------
Under orders of the Honorable High Court of Judicature at
Allahabad, U.P. in the matter of Company Application No. 4 of
1997, expression of interests are invited from the qualified
interested persons at Global level for sale of the Cement Plant
and assets, of M/s U.P. State Cement Corporation Ltd. ( In
Liquidation), registered office at Churk, District Sonebhadra (
U.P.), situated at Chunar, District Mirzapur, (U.P.), Churk and
Dalla District Sonebhadra including Kajrahat at Ghurma and
Ningha Mines, having over hundred million tones of Lime Stone),
as a whole on as is where is and whatever there is basis.
Details of properties along with qualification and procedure of
sale of assets, as well as Memorandum of information, Guidelines
and format of expression of interest, may be obtained by the
interested persons from the office of the Official Liquidator
U.P. at 33 Tashkand Marg, Allahabad on payment of Rs. 5000/-
(Rupees Five Thousand only) for technical information and Rs.
5000/- (Rupees Five thousand only) for other material
information, by way of Bank Draft in favour of the Official
Liquidator U.P. Allahabad, on all working days till 5th
September, 2005.
RESERVE PRICE: The reserve price of the factory "As a whole"
will be Rs. 271/- Crores (Rupees Two Hundred Seventy One Crores
only)
RELIEFS AND CONCESSION: State of Uttar Pradesh has agreed to
grant following relief's and concessions (Except for Churk plant
and lease of Gurma mines) if the expression of interest is
submitted as a going concern (Intends to run the unit):
1. Write off all past Government loans with interest on the
company (In
Liquidation).
2. Write off all Electricity/Trade Tax/Royalty dues.
3. Offer Trade Tax exemption to the Unit for ten years from the
date of possession.
4. Offer waiver of royalty dues for ten years from the date of
possession.
5. Renew the Lime Stone Leases in favor of the purchaser.
6. Power Load of the New Plant would be sanctioned and required
power supply ensured.
7. Electricity Duty exemption would be granted on any captive
power generation facility set up by the promoter for the Plants.
DETAILS TO BE PROVIDED BY INTERESTED PERSON: Details of
Resources, competence, experience, commitment and financial
capacity (net worth/turnover) audited balance sheets of the
interested persons along with other details, as per format
attached for Expression of Interest.
DATES OF INSPECTION: The inspection of the above Units, Mines of
the company (In Liquidation) can be made/arranged on following
dates from 10 AM to 5 PM, in the presence of authorized persons
of Official Liquidator.
Chunar: 12th and 13th September, 2005
Dalla: 14th and 15th September, 2005, including mines
Churk: 16th and 17th September, 2005, including mines
LAST DATE: The expression of interest should be submitted, duly
filled and signed by the interested persons along with earnest
money in the form of Bank Draft of Rs. 10,00,00,000/- (Rupees
Ten Crores) in favour of Official Liquidator, U.P. Allahabad. It
is already incorporated in the format of Expression of Interest,
in sealed cover by October 3, 2005 in the Office of Official
Liquidator, U.P. Allahabad by 1:00 P.M.
(S.K. Saxena)
Official Liquidator, U.P. and Uttranchal
Attached to High Court
of Allahabad and Nainital
=================
I N D O N E S I A
=================
BANK MANDIRI: To Sell Bonds on Favorable Market Conditions
----------------------------------------------------------
In the next few months, state-owned lender PT Bank Mandiri plans
to issue a 10-year IDR3.12 million bond that had been delayed
last June, if market conditions are favorable, reports Reuters
News.
Bank Mandiri director Johanes Kendarto said that the bond
issuance would depend on the Indonesian dollar debt market,
where bond prices delivered a 12.12% return this month due to
economic troubles. The bonds were supposed to be issued earlier
in the year, but had been delayed indefinitely due to rising
borrowing costs.
The bank had expected to issue the bonds earlier this year, but
delayed them indefinitely. It has said the bond proceeds would
be used to strengthen its capital and support expansion.
Bank Mandiri had chosen affiliate local securities firm PT
Mandiri Sekuritas along with JP Morgan and Deutsche Bank to
manage the planned bond sale.
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
PERTAMINA: Raises Unsubsidized Fuel Rates by 40%
------------------------------------------------
State oil and gas firm PT Pertamina increased the prices of its
unsubsidized industry fuels by as much as 40% starting Sept. 1,
2005, in order to keep up with the ever-increasing price of
crude oil spurred by a recent U.S. hurricane, Reuters News
reports.
The Company raised the price of high-ictane gasoline by 40%;
unleaded fuels Pertamax are now sold at IDR5,700 per liter from
IDR4,000 per liter, while new fuel Pertamax Plus costs IDR5,900
per liter, up from IDR4,200 per liter.
Such unleaded fuels are not subsidized, and are not part with
the government's plan to cut fuel subsidies in order to ease the
burden of the economic crisis. Pertamina usually increases the
prices of unsubsidized fuels on a monthly basis, but it had not
done so since December 2004, hence the whopping 40% increase.
Pertamina also raised the price of avtur (aviation fuel) by an
average of 6%. Premium industry fuel prices also went up to
IDR5,160 per liter from IDR4,640 per liter, together with
kerosene which now costs IDR5,600 per liter from IDR5,490 per
liter.
However, the prices of regular diesel and gasoline remain the
same at IDR2,400 per liter (for gasoline) and IDR2,100 per liter
(for diesel fuel), while Pertamina's high grade diesel fuel,
Pertamina DEX, retains its current price of IDR6,300 per liter.
As the government looks for more ways to reduce an overinflated
fuel subsidy, Pertamina says that it can save up to IDR20
trillion of the subsidy on an annual basis, by continuing to
apply maret prices to its fuel products.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERUSAHAAN LISTRIK: Politicians Ask Government to Cut Tariff
------------------------------------------------------------
Indonesian lawmakers are asking the goverment to abolish a
recent tariff hike to be implemented by state power firm PT
Perusahaan Listrik Negara (PLN), reports the Jakarta Post.
According to the House of Representatives Commission IV deputy
chairman Irmadi Lubis, PLN cannot legally raise its electricity
tariffs, as Law No. 15/1985 stipulates that only the government
has the power to increase tariffs (upon the revocation of
Electricity Law No. 20/2001).
As of Sept. 1, PLN's rates for power consumption from 6:00 p.m.
to 10:00 p.m. will be increased by using a multiplier of 2
insteas of 1.4 and 1.5 for islands such as Java and Bali, making
power consumption during peak hours twice as expensive as during
off-peak hours. Such policy is applicable to government offices,
charitable organizations And firms with over 200 kilovolt ampre
(kvA) capacity, as well as firms that use up to more than 14 kvA
of power on a daily basis.
The new tariff increase would eventually increase production
costs, forcing small firms to shut down and displace workers.
The House of Representatives Commission IV is expected to meet
with minister of State minister of Enterprises Sugiharto on
Sept. 5, 2005 to seek a cancellation of the tariff hike.
Perusahaan Listrik Negara said that it needs up to 11.44 million
kiloliters of gasoline tp operate its plants, which is higher
than the previously expected 8.35 million kiloliter quota of
subsidized fuel. This means that the Company may have to pay
state oil firm PT Pertamina market prices for the added 3.09
million kiloliters of fuel.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax: 62 21 722 1330
Web site: http://www.pln.co.id
=========
J A P A N
=========
DELPHI CORPORATION: Expands Business Activities Safety Products
---------------------------------------------------------------
Delphi Grundig, created from the Delphi Corp. (NYSE: DPH)
acquisition of Grundig Car Intermedia System in 2003, is
expanding its business activities and in the future will be
enhancing its existing portfolio with products from the "Safety
& Security" sector.
The former Delphi Product & Service Solutions division in Europe
will therefore be seamlessly incorporated into the Delphi
Grundig brand and its sales activities.
The core products of Delphi Grundig "Safety & Security" will in
the future include safety systems, parking aids and hands-free
sets.
"We are pleased to be able to add new products to the Delphi
Grundig brand in order to strengthen and extend our automotive
portfolio on a long term basis. This will considerably enhance
our expertise as a strong partner for the automotive industry
and the trade sector," said Michael Boe, European Business Line
Director Consumer Electronics, as he described the future
outlook.
Delphi Grundig becomes wireless - the new Bluetooth hands-free
set HFK200
Over the past few years Bluetooth has revolutionized wireless
communication. Thanks to this technology, linking up computers,
mobile phones, PDAs and smart phones has become mere child's
play. Bluetooth is playing an increasingly important role,
especially in the automotive sector. Delphi Grundig has utilized
these technologies and, with the Bluetooth hands- free set
HFK200, is presenting its first product in the new "Safety &
Security" sector.
A Bluetooth-compatible mobile phone can therefore safely stay in
the bag, in the glove compartment or in the boot of the car when
traveling. The HFK200 mainly comprises three components -- a
black box, an extremely small microphone and a separate control
button which can be positioned anywhere within the driver's
reach. The Installation is extremely easy.
The Delphi Grundig HFK200 is simply connected to an existing car
radio and uses the car's sound system to provide better
acoustics. The real benefits of the Delphi Grundig HFK200 become
apparent as soon as it is put into use. Telephone calls are
answered automatically and are transmitted with extreme clarity
via the sound system's loudspeakers. The car radio is muted when
a call is received and it is reset to the original volume after
the call has finished -- without the driver having to take
his/her hands off the steering wheel. The voice recognition
function can be used to dial numbers stored in the mobile phone
using your own voice.
The control button facilitates additional functions, which can
be positioned virtually anywhere. Using this button, the call
volume can be controlled, the mobile phone voice control
function can be activated and deactivated, and the mailbox can
be managed. In addition, key words for simplified number dialing
and the operating language of the new Delphi Grundig HFK200 can
also be configured.
The new Delphi Grundig Bluetooth hands-free set HFK200 helps
enable safe driving, while keeping you connected and is
available now at specialty stores in Europe.
Further information can be found on the Internet under
http://www.delphi.com or http://www.delphigrundig.com
This is a company press release.
CONTACT:
Asia Pacific Regional Headquarters
Shinjuku Nomura Bldg. 31F
Mail Box 3015
1-26-2 Nishi-Shinjuku
Shinjuku-ku, Tokyo 163-0569
Japan
Phone: [81] 42.549.7200
Fax: [81] 42.542.3018
World and North American Headquarters
5725 Delphi Drive
Troy, Michigan 48098-2815
USA
Phone: [1] 248.813.2000
Fax: [1] 248.813.2670
DELPHI CORPORATION: Takes Advantage of LED Applications
-------------------------------------------------------
Delphi Corporation (NYSE: DPH) is offering automakers seeking an
element of differentiation to their vehicle interiors an
innovative lighting technology that takes advantage of the
growing prominence of LED applications.
Delphi is bringing to customers unique answers to their
illumination expectations through customized concepts utilizing
light emitting diode (LED) technology, responding to vehicle
manufacturers' ongoing need to provide distinctive, leading-edge
interior designs. Delphi's LED illumination capability will be
highlighted at the 61st International Motor Show (IAA) in
Frankfurt.
Taking illumination into new areas is one way to do that, noted
Dieter Barowski, European engineering director at Delphi's
Packard Electric division. Delphi's LED illumination capability
in Europe does that, integrating components into conventional
wiring and also on flexible printed circuits, the latter
allowing for applications where in-vehicle packaging presents
challenges.
"Interior illumination has been historically limited to only a
few areas, in places such as dome and reading lamps, lighted
visors, and the back lighting of various components," Barowski
said. "With LEDs and our ability to route flexible printed
circuits into places where space is a premium opens up a number
of new illumination options inside the vehicle."
Historically, the use of LEDs, though widely seen for years in
numerous non-automotive environments, has been limited in
vehicle applications to center/high-mounted stop lamps and, most
recently, traditional brake lighting and side-panel markers.
Delphi, though, is using integrated LEDs to expand the
possibilities, illuminating doorsills, reading lamps, interior
courtesy lights, and sun visors. Other applications include LEDs
in B- and C-pillar illumination, color change, door handles, and
interior roof and other ambient lighting, among others. Delphi
has also developed an ultra-thin application for the central
high-mounted stop lamp that measures only 6 mm in thickness,
allowing automakers greater flexibility for installation with
its ability to be mounted directly to the window.
Due to their exemplary durability and low heat generation, along
with their longer life cycle and lower power consumption
compared to incandescent lamps, LED integration affords vehicle
manufacturers strong cost-reduction and improved reliability
potential. LEDs offer a high degree of uniform illumination, and
in applications such as vanity mirror and reading lamp
placement, provide warm white light with outstanding color
performance.
"With flexible printed circuits, or 'Flat Wire' utilization, we
have created low-profile illumination possibilities that reduce
the number of electrical interfaces and assembly complexity, and
increase the OEMs' packaging possibilities, a critically
important point as one considers the constraints posed by
growing vehicle content and the naturally tight routing spaces
in which LED illumination is being introduced," said Reinhard
Felgenhauer, engineering supervisor, fiber optic and
illumination at Delphi Packard Electric.
Flat wire, a general industry term used to describe flexible
printed circuits and flat cable, consists of copper conductors
insulated in plastic, and comes in several forms. Those include
flexible printed circuits (FPC), which are made from conductive
patterns created by a print-and-etch process from a copper
polymer substrate and then covered by plastic laminate or
conformal coating. Flexible flat cable (FFC) consists of flat
copper conductors rolled or cut and laminated between plastic
film.
A longtime, multiple-decade leader in the technology, Delphi has
pioneered several flat wire milestones in the last few years,
including the world's FPC headliner harness in 1999, used on a
2000 model year vehicle for a European OEM. This innovative
solution replaced the conventional cabling for front and rear
interior lighting, illuminated sun visors, power sunroof and
microphones.
For more information about Delphi Corporation, visit Delphi's
Virtual Press Room at http://www.delphi.com/media.
This is a company press release.
ITO-YOKADO COMPANY: Prepares to Close 30 Stores
-----------------------------------------------
Supermarket chain operator Ito-Yokado Company will shut down
about 30 loss-making outlets by February 2009 as part of its
group-restructuring scheme, Japan Times reports, citing Ito-
Yokado Chairman Toshifumi Suzuki.
The Company posted an operating profit of JPY212 billion for the
year ended February.
CONTACT:
Ito-Yokado Co. Ltd.
8-8, Nibancho, Chiyoda-ku
Tokyo 102-8450, Japan
Phone: +81-3-6238-2111
Fax: +81-3-6238-3492
JAPAN AIRLINES: Improves Meal Service in Business Class
-------------------------------------------------------
Japan Airlines is improving meal service in JAL Executive Class
SEASONS, the airline's version of business class so that
passengers can chose when they want to eat their second meal, in
what JAL calls "Free Style Dining''. Up to now business class
passengers have been served their second meal at the same time.
From now, passengers on JAL flights on certain Japan-Europe
routes in JAL Executive Class SEASONS will be able to take their
second meal at any time they wish, up to 90 minutes before
landing.
JAL generally serves two full meals on medium and long-range
international flights, with the second meal served about two
hours before landing. But from September 1st, JAL will introduce
this new "Free Style Dining" system in business class on flights
between Tokyo/ Osaka-London, Tokyo/ Nagoya-Paris and Tokyo-
Frankfurt (excluding code share flights operated by partner
carriers).
Any time after the first meal and 90 minutes before scheduled
arrival time, passenger can choose what they want to eat and
when, so that they can enjoy their time on board in a more
relaxed way.
Passengers can choose from a menu consisting of 13 different
items including a pasta dish, soup and sandwiches and an
assortment of Japanese dishes including beef curry Japanese
style, Chinese "Ramen'' noodles, Japanese "Udon'' noodles in
soup, simmered eel on steamed rice, braised beef and mushrooms
on rice, "Oden" - fish cakes and vegetables simmered in a soy-
based broth and other Japanese rice meals.
JAL has held trials of the new style meal service in business
class on flights between Tokyo and Frankfurt since July, with
overwhelmingly positive comments from passengers. The consensus
was that it was very good idea to be able to eat whenever they
wanted, from such a varied second meal menu.
JAL will continue to offer both Western and Japanese-style
breakfast menus to its passengers traveling on overnight flights
departing from these European cities.
JAL is now considering expanding "Free Style Dining" on other
routes, such as transpacific flights to the U.S.A.
"Free Style" Dining for second meal service was originally
introduced to the JAL First Class service in April 1998.
For the first meal, JAL offers its business class passengers a
choice of Japanese or Western full-course menus. Passengers
choosing the Western menu can select from two entrees, one of
which is a JAL Healthy Menu Selection: a low calorie,
nutritionally balanced option for the health-conscious. Western
meals in business and first class on all flights departing Japan
excluding those to Korea have been carefully prepared under the
guidance of the "Association des Disciples d'Auguste Escoffier
du Japon". Members of the association are chefs of French
cuisine at some of Japan's finest hotels and restaurants.
Alternatively passengers can savor the seasonally changing
flavors of the `haute cuisine of Japan': the traditional Kyoto-
style menu known as kaiseki-ryori. Kaiseki-ryori uses the
freshest seasonal ingredients and usually includes a number of
small dishes that have either been steamed, simmered or grilled.
In both first and business class on flights from Tokyo to
London, Paris, Frankfurt, New York and Chicago, and in first
class from Tokyo to Bangkok and Singapore, this meal option has
been specially created under the supervision of the Kyoto
Cuisine "Mebaekai". Found throughout Japan, `Mebaekai' are
special associations of long-established restaurants set up with
the purpose of maintaining and promoting traditional Japanese
cooking techniques and cuisine.
JAL's in-flight wine lists feature wines from around the world
and styles to suit all palates selected by Ms. Fumiko Arisaka
one of Japan's leading wine journalists and editor of Vinoteque,
Japan's foremost wine magazine. As befits Japan's leading
international airline, JAL also offers a fine selection of
quality sake, Japanese rice wine. JAL has also constructed a
website dedicated to sake, which provides a wealth of
information on JAL's in-flight sake, sake production and sake
tourism: www.jal.com/en/sake/
CONTACT:
Japan Airlines Corporation
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate
SOFTBANK CORPORATION: Posts JPY31.73-Mln Loss in Three Months
-------------------------------------------------------------
Softbank Corporation, in a press release, reported a net loss of
JPY11.153 billion for the three-month period ended June 30,2005,
versus a net loss of JPY17.876 billion in the same period a year
earlier.
For the fiscal year ended in March 2005, it incurred a net loss
of JPY59.871 billion.
For a copy of the company's consolidated financial results, go
to http://bankrupt.com/misc/SOFTBANK.pdf
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
UFJ HOLDINGS: Unveils Changes to Organizational Structure
---------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President and CEO:
Nobuo Kuroyanagi), UFJ Holdings, Inc. (UFJ; President and CEO:
Ryosuke Tamakoshi), The Mitsubishi Trust and Banking Corporation
(MTB; President: Haruya Uehara) and UFJ Trust Bank Limited (UFJ
Trust Bank; President: Shintaro Yasuda) have been preparing for
integration in October 2005, subject to the approval by the
relevant authorities. As described below they have decided to
partially change the organizational structure of the new holding
company and the new trust bank, which was announced on April 20,
2005 and May 25, 2005.
1. New Holding Company
In June 2005, in order to exercise consolidated oversight of
governance-related matters such as compliance, internal control
and risk management with respect to MTFG's consolidated
subsidiaries in the United States, MTFG appointed a Resident
Managing Officer for the United States and established a
Corporate Governance Division for the United States to carry out
support functions for the Managing Officer. MTFG and UFJ have
agreed that these corporate governance functions will continue
to operate in the new holding company.
2. New Trust Bank
In response to the increasingly sophisticated needs of its
customers and to revisions to Japan's Trust Business Law the new
trust bank will establish a new Frontier Strategy Planning and
Support Division in order to accelerate its corporate growth
strategy through developing new businesses and cultivating new
markets in Japan and overseas.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp
=========
K O R E A
=========
DAEWOO SHIPBUILDING: Plans to Seal Final Deal Next Month
--------------------------------------------------------
Daewoo Shipbuilding is currently conducting due diligence on a
local construction company as part of efforts to seek for a
construction firm to help in its overseas shipbuilding facility,
Yonhap News said.
The deal to buy JR Construction is at an estimated worth of
KRW30 billion. Since 2004, JR Construction has been on the
selling block after ending court receivership in 1996.
Daewoo Shipbuilding mulls of signing a final takeover deal next
month.
Meanwhile, Daewoo Shipbuilding recently dismissed a media report
citing its plan to build a dockyard in Yantai, Shandong Province
in China.
CONTACT:
Daewoo Shipbuilding & Marine Engineering Co.
140, Da-dong, Jung-Gu, Seoul
100-180 Korea
Telephone: 82 2 2129
Fax: 82 2 756 4390
SAMSUNG CARD: ABS Issuance Fetches US$300 Mln
---------------------------------------------
Samsung Card Co. was able to raise US$300 million in asset-
backed bond sale overseas, reveals JoongAng Daily.
The sale was the second for Samsung this year, the first one was
in May wherein it was able to raise US$300 million of asset-
backed bonds to overseas investors. JP Morgan Chase & Co.
arranged the latest debt sale.
The ABS will mature in 2008 and yielded 30 basis points above
the London interbank offered rate. As part of the sale, the U.S.
bank also offered cross-currency swap contracts.
Samsung said that its efforts to clean up bad loans would
ultimately pay off as it would attract global investors.
Shareholders like Samsung Electronics Co., Samsung Life
Insurance Co. and other Samsung Group units gave the card
company a KRW1.2 trillion in bailout funds in March. The rescue
package was its second in a year after a KRW1.5 trillion bailout
last year.
Samsung recently reported a drop in delinquency ratio,
comprising loans overdue for more than 30 days as well as
refinanced debt, to 19.57 percent in June from 22.87 percent in
March and 23.01 percent at the end of 2004.
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
===============
ATLAN HOLDINGS: Shareholders OK Proposed Mandate
------------------------------------------------
Atlan Holdings Bhd (AHB) furnished Bursa Malaysia Securities
Berhad update on the proposed shareholders' ratification and
mandate for recurrent related party transactions of a revenue or
trading nature.
On behalf of AHB, Commerce International Merchant Bankers Berhad
advised that at the Extraordinary General Meeting of the Company
held on August 30, 2005, the shareholders have approved the
Proposed Shareholders' Ratification and Mandate.
This announcement is dated 30 August 2005.
CONTACT:
Atlan Holdings Berhad
Level 4, Wisma Atlan,
8 Persiaran Kampung Jawa,
Bayan Lepas Penang 11900
Malaysia
Telephone: 04-6461328
Fax: 04-6461358
BELL & ORDER: Net Loss Shrinks to MYR719,000
--------------------------------------------
Bell & Order Berhad issued to Bursa Malaysia Securities Berhad a
copy of its unaudited second quarter report for the financial
period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceeding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/06/2005 30/06/2004 30/06/2005 30/06/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
195 1,315 463 3,598
(2) Profit/(loss) before tax
-719 -1,081 -1,600 -1,771
(3) Profit/(loss) after tax and minority interest
-719 -1,081 -1,600 -1,771
(4) Net profit/(loss) for the period
-719 -1,081 -1,600 -1,771
(5) Basic earnings/(loss) per shares (sen)
-3.75 -5.64 -8.34 -9.23
(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)
-1.7000 -1.6200
To view a full copy of the financial statement, click
http://bankrupt.com/misc/Bell&Order2ndQtrResult.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/Bell&OrderNotestoFS.doc
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
BERTAM ALLIANCE: Unveils Financial Assistance Rendered
------------------------------------------------------
The Board of Directors of Bertam Alliance Berhad informed Bursa
Malayasia Securities Berhad that pursuant to Practice Note
11/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad, the aggregate amount of the financial assistance
provided during the second quarter ended June 30, 2005 to
facilitate the ordinary course of business of the Company's
wholly owned subsidiary, Syarikat Sungei Buan Sdn. Bhd. is as
follows:
Type of Financial Financial Nature of Amount
Financial Assistance Assistance Relationship (MYR)
Assistance Provided by Provided for
Corporate Bertam Kayarina Non- 2,769,975.12
Guarantee Resort related
to AmFiance Development Party
Berhad for (M) Sdn Bhd
repayment of
outstanding
debts on the
facilities
granted to
Kayarina
Resort
Development
(M) Sdn. Bhd.
The Board of Directors of Bertam is of the opinion that the
above financial assistance granted during the reporting quarter
does not have any material financial effect on the earnings and
Net Tangible Assets of Bertam Group.
HUME INDUSTRIES: Repurchases Ordinary Shares
--------------------------------------------
Hume Industries (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
Date of buy back: August 30, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 33,000
Minimum price paid for each share purchased (MYR): 4.900
Maximum price paid for each share purchased (MYR): 4.900
Total consideration paid (MYR): 161,700.00
Number of shares purchased retained in treasury (units): 33,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 6,347,700
Adjusted issued capital after cancellation (no. of shares)
(units):
This announcement is dated 30 August 2005.
CONTACT:
Hume Industries (Malaysia) Berhad
18 Jalan Perak
Level 8, Wisma Hong Leong
Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2164 2631
Fax: +60 3 2164 2514
JIN LIN: Net Loss Decreases Slightly
------------------------------------
Jin Lin Wood Industries Berhad furnished Bursa Malaysia
Securities Berhad a copy of its unaudited fourth 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
2,352 1,983 7,680 12,900
(2) Profit/(loss) before tax
-8,179 -8,450 -15,096 -20,084
(3) Profit/(loss) after tax and minority interest
-8,179 -8,450 -15,096 -20,084
(4) Net profit/(loss) for the period
-8,179 -8,450 -15,096 -20,084
(5) Basic earnings/(loss) per shares (sen)
-18.59 -19.20 -34.31 -45.65
(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)
-0.4900 -0.1500
To view a full copy of the financial statement, click
http://bankrupt.com/misc/JinLinWood083105.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/JinLinWoodNotestoFS083105.doc
CONTACT:
Jin Lin Wood Industries Bhd.
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my
LITYAN HOLDINGS: To Submit Restructuring Scheme for Approval
------------------------------------------------------------
Further to the announcement on July 29, 2005, Lityan Holdings
Berhad (LHB) issued to Bursa Malaysia Securities Berhad an
update on the details of the various credit facilities in
default by the Company and its subsidiaries to the financial
institutions as at August 31, 2005, as detailed in Table A
below:
Click to view a full copy of Table A
http://bankrupt.com/misc/LityanHoldingsBerhad090105.doc
LHB is in the midst of submitting its proposed restructuring
scheme to the authorities for approval, looking into other
business opportunities within its core activities and also
actively taking steps to dispose the Group's non-core
investments and non-operating assets to address its current
financial position and to generate cash flow for settlement of
defaults and redemption of loans.
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
MENANG CORPORATION: 2Q Net Loss Reaches MYR3,908,000
----------------------------------------------------
Menang Corporation (M) Berhad unveiled to Bursa Malaysia
Securities Berhad its unaudited second quarter report for the
financial period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
MYR'000 MYR'000 MYR'000 MYR'000
30/06/2005 30/06/2004 30/06/2005 30/06/2004
(1) Revenue
9,557 667 13,314 1,253
(2) Profit/(loss) before tax
-3,908 -4,681 -5,883 -8,701
(3) Profit/(loss) after tax and minority interest
-3,908 -4,681 -6,557 -8,706
(4) Net profit/(loss) for the period
-3,908 -4,681 -6,557 -8,706
(5) Basic earnings/(loss) per shares (sen)
-1.46 -1.75 -2.45 -3.26
(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)
0.7524 0.7770
To view a full copy of the financial results, click
http://bankrupt.com/misc/MenangCorp083105.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/MenangCorp083105.rtf
CONTACT:
Menang Corporation (M) Bhd
8th Floor, South Block,
Wisma Selangor Dredging,
142A, Jalan Ampang, Kuala Lumpur
Wilayah Persekutuan 50450
Telephone: 03-21613366
Fax: 03-21613393
PILECON ENGINEERING: SC Rejects Proposed Extension
--------------------------------------------------
Pilecon Engineering Berhad (Pilecon) issued to Bursa Malaysia
Securities Berhad details on the Proposed Exemption from
Mandatory Offer Obligation for the Remaining Voting Shares in
Pilecon under Practice Note 2.9.5 of the Malaysian Code on Take-
overs and Mergers, 1998 by Tradefast Properties Limited and
person acting in concert with it.
Reference is made to the announcement dated December 23, 2003
wherein Alliance Merchant Bank Berhad (Alliance), on behalf of
Pilecon, announced that, amongst others, an application will be
made to the Securities Commission (SC).
On behalf of Pilecon's substantial shareholder, namely Tradefast
Properties Limited (Tradefast), for a waiver from having to
undertake a mandatory offer for all the remaining shares in
Pilecon not held by Tradefast immediately upon implementation of
the proposals (before any conversion of redeemable convertible
secured loan stocks and irredeemable convertible unsecured loan
stocks) under Practice Note 2.9.5 of the Malaysian Code on Take-
overs and Mergers, 1998 (Code).
In this connection, Alliance, on behalf of Tradefast and person
acting in concert with it, namely, Mr. Tan Hock Keng, had
submitted a revised application to the SC on September 23, 2004
to seek an exemption from the aforesaid obligation as permitted
by the SC under Practice Note 2.9.5 of the Code (Proposed
Exemption). The revised application was made in line with the
variations made to the original proposals on the debt-
restructuring scheme.
Based on the above, Alliance disclosed that the SC had, vide its
letter dated August 23, 2005 (which was received by Alliance on
August 29, 2005) considered the following (after taking into
consideration the revised terms in the announcement dated May
17, 2005):
(i) Pilecon proposes to undertake, inter alia, a rights issue of
up to 279,749,409 new Pilecon shares, with a minimum
subscription level of MYR70 million or 140 million rights
shares;
(ii) Tradefast has provided an undertaking to subscribe for up
to 120 million rights shares. Assuming the minimum level of
subscription of the rights shares pursuant to the proposed
rights issue and the undertaking given by Tradefast, Tradefast
would increase its holding of voting shares in Pilecon from 20.6
percent to 47.4 percent.
This increase would result in Tradefast incurring a mandatory
offer obligation for the remaining voting shares in Pilecon
under Part II of the Code; and
(iii) Tradefast has entered into Placement Agreements with
several identified placees* to reduce its holdings of voting
shares in Pilecon after the proposed rights issue, from 47.4
percent to 32.9 percent.
Note:
* The placees are Poh Ching Yee, Samsco Pte Ltd, Bravo Building
Development Pte Ltd, Ranesis Development Pte Ltd, Ong Ah Choo
and Fong Sau Ching.
Pursuant to the above, the SC has rejected the Proposed
Exemption on the basis that the Proposed Rights Issue does not
fulfill the criteria under Practice Note 2.9.5(1) of the Code.
Therefore, Tradefast and Alliance are advised to consider
submitting another application to the SC under Practice Note
2.9.1 of the Code.
Tradefast and person acting in concert with it are currently
deliberating on the next course of action and an appropriate
announcement will be made in due course on the same by Pilecon
on behalf of Tradefast and person acting in concert with it.
This announcement is dated 30 August 2005.
CONTACT:
Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888
Fax: +60 3 7804 3888
MERCURY INDUSTRIES: Posts MYR526,000 in Net Profit
--------------------------------------------------
Mercury Industries Berhad issued to 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
7,789 7,733 16,342 15,331
(2) Profit/(loss) before tax
-478 592 -280 1,390
(3) Profit/(loss) after tax and minority interest
-526 432 -410 999
(4) Net profit/(loss) for the period
-526 432 -410 999
(5) Basic earnings/(loss) per shares (sen)
-1.45 1.19 -1.13 2.76
(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)
0.4782 0.4896
Click to view a full copy of the financial statement
http://bankrupt.com/misc/MercuryIndustries083105.doc
CONTACT:
Mercury Industries Berhad
7th Floor, Menara Promet,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah
Persekutuan 50250 Malaysia
Telephone: 03-21412775
Fax: 03-21431211
PAN MALAYSIA: Buys Back Ordinary Shares
---------------------------------------
Pan Malaysia Corporation Berhad disclosed to Bursa Malaysia
Securities Berhad its shares buy back on August 30, 2005 with
the following details:
Date of buy back: August 30, 2005
Description of shares purchased: Ordinary shares of MYR0.50
each
Total number of shares purchased (units): 1,215,000
Minimum price paid for each share purchased (MYR): 0.495
Maximum price paid for each share purchased (MYR): 0.505
Total consideration paid (MYR): 609,500.50
Number of shares purchased retained in treasury (units):
1,215,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 50,273,000
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299
TANCO HOLDINGS: Books MYR3,333 Net Loss in 2Q
---------------------------------------------
Tanco Holdings Berhad furnished Bursa Malaysia Securities Berhad
a copy of its unaudited second quarter report for the financial
period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/06/2005 30/06/2004 30/06/2005 30/06/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
7,506 5,972 12,645 12,124
(2) Profit/(loss) before tax
-9,353 -13,067 -18,701 -22,140
(3) Profit/(loss) after tax and minority interest
-3,333 -6,767 -12,662 -15,977
(4) Net profit/(loss) for the period
-3,333 -6,767 -12,662 -15,977
(5) Basic earnings/(loss) per shares (sen)
-1.00 -2.02 -3.78 -4.77
(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)
0.3800 0.4200
To view a full copy of the financial statement, click
http://bankrupt.com/misc/TancoHoldings083105.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/TancoHoldingsNotes083105.doc
CONTACT:
Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333
Fax: +60 3 6091 3188
TAP RESOURCES: Sees No Changes to Payment Default Status
--------------------------------------------------------
The Board of Directors of Tap Resources Berhad informed Bursa
Malaysia Securities Berhad that further to the announcement made
on June 30, 2005, there is no new development in relation to
Practice Note No. 1/2001, Default in Payment.
The Company is still awaiting the response from the Redeemable
Convertible Secured Loan Stocks (RCSLS) Holders in respect of
the Company's earlier proposal to the RCSLS Holders for an
extension of time of six (6) months i.e. up to December 31, 2005
to redeem the RCSLS and service the interest payment.
Further development will be announced accordingly.
CONTACT:
Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329
TRADEWINDS CORPORATION: Net Loss Down to MYR7,659
-------------------------------------------------
Tradewinds Corporation Berhad furnished Bursa Malaysia
Securities Berhad a copy of its unaudited second quarter report
for the financial period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/06/2005 30/06/2004 30/06/2005 30/06/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
398,106 318,011 714,422 606,467
(2) Profit/(loss) before tax
4,144 42,116 8,241 70,558
(3) Profit/(loss) after tax and minority interest
-7,659 12,812 -16,632 17,001
(4) Net profit/(loss) for the period
-7,659 12,812 -16,632 17,001
(5) Basic earnings/(loss) per shares (sen)
-1.23 2.06 -2.67 2.73
(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)
1.9900 1.3200
To view a full copy of the financial statement, click
http://bankrupt.com/misc/TradewindsCorp090105.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/TradewindsCorpNotestoFS090105.doc
WAH SEONG: Unit Acquires Stake in Meridian Reap
-----------------------------------------------
The Board of Directors of Wah Seong Corporation Berhad (WSC)
informed Bursa Malaysia Securities Berhad that its wholly owned
subsidiary company, Jutasama Sdn Bhd (Jutasama) has on August
30, 2005 wholly acquired the entire issued and paid-up share
capital of MYR2.00 in Meridian Reap Sdn Bhd (Company No. 649756-
K) (MRSB), a company incorporated in Malaysia, for a purchase
consideration of MYR2.00 only.
MRSB was incorporated on April 20, 2004 as a private company
limited by shares in Malaysia. The authorized share capital of
MRSB is currently MYR100,000.00 comprising of 100,000 ordinary
shares of MYR1.00 each.
MRSB is presently a dormant company.
None of the Directors, substantial shareholders and persons
connected with Directors and substantial shareholders of WSC has
any interest, whether direct or indirect in the above said
acquisition.
Yours faithfully,
Wah Seong Corporation Berhad
Giancarlo Maccagno
Executive Director
CONTACT:
Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212
Fax: +60 3 2288 1272
WEMBLEY INDUSTRIES: Net Loss Widens in Q2
-----------------------------------------
Wembley Industries Holdings Berhad disclosed to Bursa Malaysia
Securities Berhad its unaudited second quarter financial
statement for the financial period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year 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
0 0 0 0
(2) Profit/(loss) before tax
-36,679 -14,539 -51,277 -28,592
(3) Profit/(loss) after tax and minority interest
-36,679 -14,539 -51,277 -28,592
(4) Net profit/(loss) for the period
-36,679 -14,539 -51,277 -28,592
(5) Basic earnings/(loss) per shares (sen)
-25.39 -10.06 -35.49 -19.79
(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)
-4.9800 -4.6300
To view a full copy of the financial statement, click
http://bankrupt.com/misc/WebleyIndustries090105.xls
To view a full copy of the notes to FS, click
http://bankrupt.com/misc/WembleyIndustries090105.doc
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
WEMBLEY INDUSTRIES: Seeks Extension to Implement Restructuring
--------------------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) refers to its
announcement dated July 29, 2005, Default in Payment pursuant to
Practice Note No. 1/2001.
Further to the said announcement, in relation to the status of
default in payment pursuant to PN1/2001, the Board of Directors
of the Company informed the exchange that there is no change to
the status of default in payments of interest and principal sums
to the Lenders since then.
In compliance with Paragraph 3.2 of PN1/2001, the Company
announced that it is in the process of taking steps to secure an
extension of the said cut-off date to fulfill the conditions
precedent stipulated in the DRA and thereafter to implement the
restructuring therein.
The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad any updates on the
restructuring of the DRA.
This announcement is dated 30th day of August 2005.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Int'l Ops to Shore Up Profits in 5 Years
--------------------------------------------------------------
Embattled ABS-CBN Broadcasting Corp. it expects earnings from
international operations to outpace those from its local
business in five years.
ABS-CBN chairman and CEO Eugenio Lopez III told The Philippine
Star that ABS-CBN Global currently accounts for 20 percent of
the network's total earnings and is growing at a rate 15 to 20
percent every year. Of ABS-CBN's Php12-billion net annual
revenues, ABS-CBN Global contributes around Php2.5 billion.
About 60 to 70 percent of ABS-CBN Global's earnings are
accounted for by North American operations. It is also present
in Europe, Middle East and Asia.
ABS-CBN International (ABS-CBNi) has just signed an agreement
with Direct TV, US, leading satellite television service
provider with around 14.5 million customers, that will migrate
more than 80,000 of ABS-CBN International's TFCDirect satellite
service subscribers to Direct TV.
Another leading direct to home (DTH) satellite TV provider in
the U.S., Echostar Communications, reportedly approached ABS-
CBN. But the network chose to tie up with Direct TV, which has a
eider subscriber base in the U.S.
Aside from selling ABS-CBN channels, ABS-CBN Global also offers
only services such as telecommunications, cargo, and remittance.
The telecom services (long-distance services and phone cards)
are bundled with the cable subscription.
ABS-CBN Global has around 150,000 subscribers in North America,
half of which are on cable and 80,000 on satellite.
The agreement between ABS-CBNi and Direct TV is also part of the
latter's aggressive international content expansion,
particularly by tapping the lucrative Filipino-American market.
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/
LEPANTO CONSOLIDATED: Faces Gov't Sanction on Gold Project
----------------------------------------------------------
Lepanto Consolidated Mining Co. (LCMC) is likely to receive a
sanction from the government for its failure to meet regulatory
requirements, according to The Manila Bulletin.
The sanction is related to LCMC's beginning of operations in the
Victoria-Teresa gold project without a feasibility study (FS).
It involves a cancellation of Lepanto's mining firm.
Far Southeast Gold Resources Inc. (FSGR), a co-contractor for
the Victoria-Teresa project, will also be included in the
punitive measure.
Aside from possibly penalizing LCMC and FSGR for the violations,
the Department of Environment and Natural Resources (DENR) and
the Mines and Geosciences Bureau (MGB) are studying the penalty
for the MGB in the Cordillera Administrative Region (CAR) for
failing to monitor LCMC-FSGR's activities.
LCMC and FSGR originally obtained a mineral production sharing
agreement (MPSA) No. 001-90 for the Far Southeast copper-gold
project in Benguet for which the two contractors completed an FS
in 1997 and had previously received an environmental compliance
certificate (ECC).
However, while the Far Southeast project should have started in
1997, LCMC-FSGR encountered financing problems owing to its
substantial development cost being a deep ore body.
While suspending production in Far Southeast project, the
contractors pursued exploration and discovered Victoria and
Teresa gold projects which were also within the MPSA. However,
after exploring Victoria within a span of six years, the
companies immediately began commercial production in Victoria
and subsequently in Teresa or Victoria II even without an FS and
an ECC.
Victoria produced a total of 469,803 tons of gold in Victoria at
4.4 grams per ton and 345,369 tons of gold in Teresa at 4.14
grams per ton. Mill production for 2004 was at 452,608 tons at
4.25 grams per ton for Victoria and 332,112 tons at 3.99 grams
per ton in Teresa. Metal production was 56,837 ounces of gold
and 114,135 ounces of silver in Victoria and 39,231 ounces of
gold and 49,148 ounces of silver in Teresa.
Under the rules, a contractor should declare an FS for each ore
body in an MPSA. Aside from making sure that workers in a mining
area are safe and an environmental program is implemented,
government issues regulations on mining operations to ensure
that investors are not unduly hurt by a project.
As of January this year, LCMC reported Php28.3 million in
construction cost for a tailings dam in Victoria for 2004.
Operating cost for the mine in Victoria was Php182 million and
Php104 million for the mill for 2004. For Teresa, operating cost
was Php78.7 million in the mine and Php44.8 million in the mill.
CONTACT:
Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
NATIONAL BANK: Rehab to Continue for at Least 2 More Years
----------------------------------------------------------
The Philippine National Bank (PNB) will continue to enjoy
concessional perks from bank regulators for at least two more
years, despite it having returned to profitability faster than
what its owners, the Lucio Tan group, initially aimed.
Philippine Deposit Insurance Corp. (PDIC) Executive Vice-
President Cristina Q. Orbeta told BusinessWorld that there is
currently no indication the government and the Tan group, as
well as regulators that they want an earlier exit from the
rehabilitation plan.
PNB, at present benefits from relaxed banking regulations and
cheap funds as part of its five-year rehabilitation plan sealed
in 2002.
Ms. Orbeta said the decision to terminate the rehabilitation
plan would depend on the assessment of the Bangko Sentral ng
Pilipinas and the deposit insurer. She said regulators believe
that the plan should stay to ensure the bank's stability.
After having been bailed out by government a few years ago due
to massive nonperforming loans and mismanagement following the
Asian crisis, PNB now ranks as the country's sixth largest bank
with total assets amounting to Php217 billion as of end-June
2005.
The bank sustained its strong profitability momentum and ended
the first half of 2005 with a net income of Php315 million,
already approximating 2004's full-year bottom line of Php353
million. The figure is more than a sixfold growth over first-
semester 2004's Php40 million.
The recent sale of the 67-percent stake in PNB to Mr. Tan's
group is also seen as a catalyst for further strengthening of
the bank's franchise and operational competitiveness. PNB will
remain to be a government depository bank until May 2007. Mr.
Tan now owns 77 percent of PNB after it paid the government and
the insurer Php1.98 billion and Php16.6 billion, respectively,
for the 186 million shares put up for auction.
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/
PACIFIC PLANS: Planholders Want RCBC Barred from Trust Business
---------------------------------------------------------------
A group of planholders of Pacific Plans Inc. is calling for the
disqualification of Rizal Commercial Banking Corp. (RCBC) from
performing trust functions, according to BusinessWorld.
The Parents Enabling Parents Coalition asked regulators to bar
RCBC and its trust committee members for allegedly mismanaging
Pacific Plans' trust fund.
The group filed a 16-page complaint with the Monetary Board and
asked the central bank to conduct an "immediate and thorough
investigation of the acts and omissions of RCBC's trust panel
with its handling of Pacific Plans' trust fund. The group
stressed RCBC and the officials violated Sections 55, 56 and 80
of Republic Act 8971, the law providing for regulation of the
banks.
The coalition said that the decision of RCBC to invest the fund
in Yuchengco firms, where its major stockholders have interest,
"may have per se violated" the applicable provisions central
bank rules.
But Pacific Plans and RCBC officials denied the allegations and
said their actions were lawful. RCBC said its actions were all
in accordance with banking laws.
CONTACT:
Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com
PHILIPPINE LONG: S&P Affirms 'BB-' FC Rating; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said on August 31, 2005 it
affirmed its 'BB-' foreign currency rating on Philippine Long
Distance Telephone Co. (PLDT), the leading telecommunications
operator in the Philippines. The outlook is negative. At the
same time, the rating on PLDT's existing series III preferred
stock was raised to 'B+' from 'B'.
"The rating on PLDT benefits from the company's dominant market
position and its improving financial profile, although these
strengths are offset by slowing domestic subscriber growth,
heightened competition, and the risk of peso depreciation," said
Standard & Poor's credit analyst Yasmin Wirjawan.
"The negative outlook reflects that of the sovereign ratings on
the Philippines."
PLDT is the largest and most diversified telecommunications
provider in the Philippines. The company had a wireless
subscriber base of about 20.8 million, representing a market
share of 57%, compared with 38% for its main competitor, Globe
Telecom Inc. (foreign currency BB-/Negative/--, local currency
BB+/Negative/--). In the fixed line market, PLDT is the market
leader with 60% share, or 2.1 million lines in service.
The company's financial profile has improved significantly
following its deleveraging program. Its annualized funds from
operations (FFO) to total debt improved to 41% at June 30, 2005,
compared with its three-year (2002-2004) average of 17%. This
ratio is expected to improve to about 40%-50% in the next three
years after gradual debt repayment. Debt to EBITDA, which
reached 1.9x as at June 30, 2005, is expected to improve to
about 1.5x by year-end 2006, due to its plan to reduce debt by
US$600 million by year-end 2005.
PLDT's liquidity is adequate. At June 30, 2005, the company's
cash of Philippine peso (PHP) 36 billion (US$643 million) was
more than enough to cover PHP30 billion of debt due in one year.
"Nevertheless, PLDT is exposed to the risk of peso weakness, as
about 98% of its US$2.5 billion debt is denominated in foreign
currency," said Ms. Wirjawan. About half of the company's total
debt is covered by hedges and U.S. dollar cash balance
(equivalent to US$351 million as at June 30, 2005). To some
extent, the risk of peso depreciation is mitigated by the
linkage of about 40% of PLDT's revenues to the U.S. dollar.
About 18% of PLDT's U.S. dollar linked revenues are sourced from
the monthly charges payable by postpaid fixed-line users. This
monthly charge may substantially increase if the Philippine peso
depreciates significantly over a short period of time, which
could result in higher receivables.
In addition, pricing competition in the cellular market has
intensified due to slowing domestic subscriber growth and the
entry of a third player, Digital Telecommunications Ltd.
(Digitel). Although Digitel is unlikely to pose a significant
competitive threat to PLDT in the near to medium term, pricing
pressures have emerged as existing operators pursue aggressive
pricing and promotions to build market share.
In the medium term, Standard & Poor's expects the rating on PLDT
to be driven by its ability to improve its liquidity and
liability management, and to maintain its solid market position
and steady cash flows amid increasing competition.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
* Two Pre-need Firms Added to SEC Watchlist
-------------------------------------------
Two more pre-need providers are being closely watched by the
Securities and Exchange Commission (SEC) for failing to submit
required reports, BusinessWorld reports.
The nontraditional and investments department had referred
Primanila Plans Inc. and Platinum Plans Inc. for investigation
to the compliance and enforcement department for violating New
Rules on the Registration and Sale of Pre-need Plans.
The two companies are the latest among a batch of pre-need firms
closely monitored by the regulator due to their failure to
comply with requirements, which include submitting periodic
actuarial valuation reports and annual financial statements.
The other firms include Aguiluz-led AMA Plans, Inc., Sobrepena-
led College Assurance Plans (Philippines), Inc. (CAP), CAP
Pension, Inc., and Pryce Plans, Inc.
Primanila boasts of 20,000 plan holders, mostly members of the
Philippine National Police. Platinum Plans, on the other hand,
also has over 20,000 policyholders.
In the case of Platinum Plans, it reportedly stated that it is
no longer under the jurisdiction of the commission since it
filed a rehabilitation case with a court last July.
CONTACT:
PLATINUM PLANS PHILIPPINES INC.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
Philippines
E-mail: els@platinumplans.com
PRIMANILA PLANS INC.
20/F PS Bank Tower
Gil Puyat Avenue, cor. Tindalo, Makati City
Philippines
E-mail: orimla@infocom.com.ph
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Attracts Investor Interest
-------------------------------------------
Accord Customer Care Solutions Limited (ACCS) announces that it
is currently negotiating with three potential investors
interested in investing into the Company. Obce the talks are
completed, ACCS would conduct due diligence for the three firms.
ACCS will announce further developments relating to the
potential investors in due course.
BY ORDER OF THE BOARD
Woo Kah Wai
Company Secretary
Aug. 31, 2005
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
ACCORD CUSTOMER: To Release Auditor's Report Soon
-------------------------------------------------
Accord Customer Care Solutions Limited (ACCS) says that it will
soon disclose a report investigating the overstatment of its
accounts by independent auditor PricewaterhouseCoopers, Channel
News Asia reports.
ACCS said that the reason for the delay on the release of the
audit is the fact that it asked the auditor to conduct a
thorough investigation into its accounting failures, whereas
shareholders wanted to know who was to blame for the Company's
troubles.
The Company is currently being investigated on by auditor
PricewaterhouseCoopers and Singapore's Commercial Affairs
Department.
On a lighter note, the Company has managed to retain all but one
of its customers for its after-market phone services business.
It is also planning to expand distribution, and is currently in
talks with potential investors to bring more finances into the
Company.
The reason for the ACCS's success may be in its extensive
network, according to Company chairman Philip Eng. Mr. Eng was
retained as chairman after the Company's recently concluded
annual general meeting, and told shareholders that his first
task as chairman was to stabilize ACCS before turning it around.
CHINA DELISI: Creditors Must Submit Debt Claims This Month
----------------------------------------------------------
Notice is hereby given that the creditors of China Delisi
Holdings Pte Limited, which is being wound up voluntarily, are
required on or 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's liquidators and, if so required by notice in writing
by the said liquidators are, by their solicitors or personally,
to come in and prove their debts or claims at the time and place
specified in the notice. In default thereof, creditors will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 26th day of August 2005
Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
CLIFFORD GALLERIES: To Distribute Dividend September 9
------------------------------------------------------
Clifford Galleries Pte Limited of 27 Cantonment Road, Singapore
089745, posted a notice of intended dividend at the Government
Gazette, Electronic Edition with the following details:
Name of Company: Clifford Galleries Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 267 of 1993
Dividend to be paid on: Sept. 9, 2005
Where payable: 27 Cantonment Road
Singapore 089745
NGEE LIAN: Plans to Pay Dividend to Creditors
---------------------------------------------
Ngee Lian Builders Pte Limited, formerly of 1 North Bridge Road,
#21-06 High Street Centre, Singapore 179094, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:
Name of Company: Ngee Lian Builders Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600095 of 2002
Last day for receiving proofs: Sept. 9, 2005
Name & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Kamala Ponnampalam
Assistant Official Receiver
SUNWAY WORKFLOW: Schedules Final Meeting on Sept. 26
----------------------------------------------------
Notice is hereby given that the Final General Meeting of the
members of Sunway Workflow Automation Pte Limited will be held
on Sept. 26, 2005, 10:30 a.m. at 1 North Bridge Road, #13-03
High Street Centre, Singapore 179094 for the following purposes:
1. To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to hear any explanation that may be given by the Liquidator.
2. To determine by Resolution the manner in which the Company's
accounts, books and documents (as well as that of the
Liquidator) shall be disposed of.
Dated this 26th August 2005
Tay Joo Soon
Liquidator
C/o 1 North Bridge Road
#13-03 High Street Centre
Singapore 179094
Note:
A member entitled to attend and vote at the meeting is entitled
to appoint a proxy to attend and vote in his stead and a proxy
need not be a Company member. The instrument appointing a proxy
must be deposited at the Liquidator's office not less than 48
hours before the time appointed for the Meeting.
WING TAI: Unit Buys Entire Shares of Winposh
--------------------------------------------
Wing Tai Holdings Limited announced that the Company's wholly
owned subsidiary, Wing Tai Land Pte Limited, acquired the entire
shares (issued at SGD2.00 per share) of Winposh Investment Pte
Limited (WPI), thereby making WPI a wholly owned subsidiary of
the Company.
BY ORDER OF THE BOARD
Gabrielle Tan
Company Secretary
Aug. 31, 2005
CONTACT:
Wing Tai Holdings Limited
107 Tampines Road
Singapore 535129
Phone: 65 62809111
Fax: 65 63838940
Web site: http://www.wingtaiasia.com.sg
===============
T H A I L A N D
===============
CHRISTIANI & NIELSEN: Court Considers Rehab Plan
------------------------------------------------
Christiani & Nielsen Public Co. Ltd. informed the Stock Exchange
of Thailand (SET) that the Central Bankruptcy Court has
considered the Rehabilitation Plan together with the report of
the Official Receiver and the oral report from the Plan
Administrator that the Plan has already been implemented
successfully.
The Central Bankruptcy Court has issued the order on September
1, 2005 to revoke the Rehabilitation Plan of Christiani
& Nielsen (Thai) Public Company Limited according to the
Bankruptcy Law B.E. 2483 Section 90/70.
Please be informed accordingly.
Yours faithfully,
Mr. Sommai Ungsrithong
Mr. Amnart Intrasuksri
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited
CONTACT:
Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th
HANTEX: Audit Committee Member Quits
------------------------------------
Hantex Public Company Limited informed the Stock Exchange of
Thailand (SET) on the resignation of Mr. Wichai Tantikulanon,
one of Company's audit committee, which has been effective since
August 19, 2005.
Please acknowledge.
Sincerely yours,
Mr. Monchai Pongstabadee
Director
CONTACT:
Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822
PREMIER ENGINEERING: Details Utilization of Proceeds
----------------------------------------------------
Premier Engineering & Technology Public Co. Ltd. informed the
Stock Exchange of Thailand (SET) that it had on May 20, 2004 and
July 30, 2004 increased its capital by issuing 94,058,932 new
ordinary shares at a par value of THB1.
The company advised the SET on the utilization of funds that it
generated from the share issuance totaling THB94.06 as of June
2005.
(1) Used for investment in the ordinary shares of Chachoengsao
Casting Work Company Limited, a company limited which has a
business objective in producing compressor for the refrigerator
and casting metal, in the number of 533,196 shares (Par value of
THB10) by purchasing the above ordinary shares from the existing
shareholder at the total price of THB3.00 million.
(2) Used for investment in the ordinary shares of Premier
Resource Recycle Company Limited, which is its subsidiary which
has business objective of re-sorting, reconditioning,
transforming, adapting, repairing, adjusting and recycling the
used material from electrical products and electrical appliance
industry for reusing and recycling, in the number of 200,000
shares (PAR Value of THB10, which has been called for paid up
capital in 25 percent of full price) in the amount of THB0.50
million.
(3) Used for improving the current business and developing the
new business of Premier CE Company Limited, which is its
subsidiary, by lending to Premier CE Company Limited the amount
of THB55.85 million.
(4) Used for developing products and distribution channel of
Premier Home Appliance Company Limited, which is its subsidiary,
in the amount of THB20.00 million.
(5) Used for Repayment of debt to the creditors in accordance
with the Rehabilitation Plan and Used for working capital in the
amount of THB14.71 million.
Please be informed accordingly,
Respectfully yours,
Duangthip Eamrungroj
Director
Premier Engineering and Technology Public Co. Ltd.
CONTACT:
Premier Engineering & Technology PCL
1/10 Moo 4, Bangchan Industrial Estate,
Khan Na Yao Bangkok
Telephone: 0-2517-1276-8, 0-2517-7520-8
Fax: 0-2518-1473
PHUKET AIR: Makes a Graceful Exit
---------------------------------
Phuket Airlines have finally decided to end its struggle by
halting most of its operations, Bangkok Post unveils.
The carrier decided to end most scheduled flights, cease charter
operations and lease nearly all of its fleet including the nine
Boeing 747 jumbo jets.
Phuket Airlines has struggled for four years, in a hostile
operating environment. Now with the unstoppable increase in oil
prices, the carrier's woes got worse.
According to Vikrom Aisiri, founder and president of the
privately owned carrier, the company was preparing for the "soft
landing" to limit further losses and troubles. He said he looked
back on four years of prejudice, negative perceptions from
authorities, the media and even some members of the public, at
home and overseas.
"It's too troublesome. We learned our lessons in a very hard way
and [we] don't want to get involved anymore," the Bangkok Post
quotes Mr. Vikrom as saying.
Another burden the carrier has to carry was the recent order
from the civil aviation authority of France to ban the carrier
along with five other carriers from its airspace for safety
reasons.
Phuket Airlines was forced to suspend its short-lived scheduled
inter-continental flights from Bangkok to Amsterdam and London,
after a series of incidents. The low point came when some
passengers claimed they saw "flames and sparks" from a Boeing
747-200 taxiing for takeoff after refueling last April 3 from
Sharjah in the United Arab Emirates, a stopover on the Bangkok-
London route.
According to Mr. Vikrom, all nine Boeing 747-300s, five in
service and four others undergoing maintenance and some of its
smaller aircraft including one Boeing 737 and two S-11
propeller-driven airliners will be leased to "reputable and
reliable" airlines under a so-called "wet lease" agreement.
A wet lease contract means that Phuket Airlines will supply the
aircraft, along with cockpit officers, cabin crew and airplane
engineers. The aircraft will be repainted in the lessee's
livery.
Saudia Airlines availed of the wet lease contract for three of
Phuket Airlines' 747s on the Middle Eastern routes.
Mr. Vikrom also said that Phuket Airlines would soon drop two of
its three domestic services, from Bangkok to Buri Ram and to Mae
Sot in Tak province.
Only daily flights from Bangkok to Ranong will be retained in
order to support his Andaman Club resort business in the
southern province.
What would be left for Phuket Airlines is one scheduled route as
it becomes a full-fledged provider of aircraft and staff support
for other international carriers.
CONTACT:
Phuket Airlines Co.,Ltd.
1168/7 25th Floor
Lumpini Tower Rama 4 Road
Thungmahamek Sathorn Bangkok 10120
Telephone: 662-6798238 662-6798239
Fax: 662-2856408
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Hainan Dadong-A 000613 (-6.63) 17.81
Hainan Dadong-B 200613 (-6.63) 17.81
Heilongjiang Black Dragon 600187 (-29.45) 153.92
Co. Ltd.
Informatics Holdings Ltd INFO 26.82 62.92
Sichuan Topsoft Investment 000583 (-45.54) 228.05
INDONESIA
---------
PT Smart Tbk SMAR (-37.55) 427.98
Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72
MALAYSIA
--------
Kemayan Corp Bhd KOP (-353.12) 84.89
Panglobal Bhd PGL (-50.36) 189.92
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-159.78) 280.22
Benpres Holdings Corp. BPCP 35.72 850.58
SINGAPORE
---------
Pacific Century Regional PAC -145.53 1289.71
THAILAND
--------
Asia Hotel PCL ASIA (-30.12) 101.17
Asia Hotel PCL ASIA/F (-30.12) 101.17
Bangkok Rubber PCL BRC (-57.12) 78.77
Bangkok Rubber PCL BRC/F (-57.12) 78.77
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Circuit Elect PCL CIRKIT (-25.89) 61.3
Circuit Elect PCL CIRKIT/F (-25.89) 61.3
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
National Fertilizer PCL NFC 70.66 142.61
National Fertilizer PCL NFC/F 70.66 142.61
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.71) 13.38
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.71) 13.38
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
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*** End of Transmission ***