/raid1/www/Hosts/bankrupt/TCRAP_Public/050921.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 21, 2005, Vol. 8, No. 187
Headlines
A U S T R A L I A
AMBRIDGE RETIREMENT: Court Orders Winding Up
ATRIX PTY: Creditors OK Liquidator's Appointment
B&P VILER: Members Pass Winding Up Resolution
CARTER HOLT: Forest Sale Goes Unconditional
CASEY DOWNS: Court Releases Winding Up Order
CHESED PTY: Appoints Official Liquidators
CUT TO SIZE: Liquidator to Explain Wind Up to Members, Creditors
DIGITAL PERSONA: Members Agree to Wind Up Business
ENTERTAINMENT MEDIA: Receivers, Managers Appointed
EVEREADY CONSTRUCTION: Schedules Final Meeting September 27
FORTESCUE METALS: Boss Says Delays Self-inflicted
GOLDEN CHEF: Assets Sell-off Seen to Rescue Biz
HABIL DION: Creditors Opt for Liquidation
HENRY WALKER: Macmahon Tipped to Buy Mining Division
HIH INSURANCE: APRA Disqualifies Former Official
HIH INSURANCE: Ex-exec Banned from Managerial Posts
HIVE STUDIOS: Placed Under Voluntary Liquidation
ICETECH PTY: Liquidator to Detail Wind Up Manner
KNIGHTS INSOLVENCY: SimsPartners Issues Circular to Shareholders
K ONE: Members Decide to Close Operations
LC SKINCARE: Winding Up Process Initiated
LIBAN NET: Director Fined for Contempt
M. APPELBOOM: Enters Liquidation
PANTHER SHIPPING: Declares Dividend
PKW PTY: Stan Traianedes Named Liquidator
SANTOS LIMITED: Discloses Dividend Reinvestment Plan
SJP FORMWORK: To Distribute Dividend to Priority Creditors
SONS OF GWALIA: Shareholder Case Unwelcome for Debt Markets
SPARTA PLANT: Shuts Down Business
WHOLOHAN PTY: Pays Final Dividend
YARRA HILLS: Members, Creditors Receive Wind Up Report
C H I N A & H O N G K O N G
ARCONTECH CORPORATION: Net Loss Narrows to HK$319,000
EASTFAME ENTERPRISES: Begins Winding Up Process
ESUN HOLDINGS: Swings to HK$20.9 Mln Profit
FIRST DRAGONCOM: Board Meeting Postponed
GUANGDONG TOURS: Creditors Meeting Set October 5
HENCUS LIMITED: To Undergo Winding Up Process
HONGKONG CONSTRUCTION: Net Loss Hit HK$254.10 Mln
KONG YUEN: To Undergo Winding Up Process
MASTER CASTLE: Winding Up Proceedings Initiated
PROFIT ERA: Creditors Meeting Slated for September 28
SHANGHAI LAND: Issues Debt Claim Notice
W.S. REALTY: Court Orders Winding Up
* Institute of CPAs Issues Guidance for Insolvency Practitioners
I N D O N E S I A
DIRGANTARA INDONESIA: Minister Seeks to Barter Planes for Rice
KERTAS KRAFT: Minister Asks Cement Firm to Provide Capital
MERPATI NUSANTARA: Seeks Investors to Increase Working Capital
NEWMONT MINING: Local Court Junks Dismissal of Pollution Case
J A P A N
JAPAN AIRLINES: To Expand Code Share Agreement With Cathay
ITO-YOKADO: To Close 19 More Stores
MITSUI & COMPANY: To Set Up Trading Firms in China
SANYO ELECTRIC: Vietnam Aims to Triple Digital Camera Exports
UFJ CREDIT: METI OKs Business Restructuring Plan
K O R E A
HANARO TELECOM: Hints at Cutting Workforce
M A L A Y S I A
ANCOM BERHAD: Buys Back 15,500 Ordinary Shares
ASIAN PAC: Parties Agree to Extend Implementation of Proposals
GULA PERAK: Details Dealing in Firm's Securities
HAP SENG: Repurchases Ordinary Shares
I-BERHAD: Purchases 43,000 Ordinary Shares
KUMPULAN EMAS: Disposes of Shares in SYF Resources
LION CORPORATION: SC Scraps Proposed Disposal of LAP
MALAYAN UNITED: Corus Concludes Disposal of Hotels
MAGNUM CORPORATION: Issues New Shares for Listing
MERCES HOLDINGS: Posts No Changes to Payment Default Status
PANTAI HOLDINGS: Unit Rents 6-Storey Hospital Building
PANTAI HOLDINGS: Bourse to List, Quote New Shares
PUNCAK NIAGA: Inks Facilities Agreement with Consortium of Banks
TELEKOM MALAYSIA: New Shares Up for Listing, Quotation
TRADEWINDS CORPORATION: Completes Proposed Acquisition
P H I L I P P I N E S
APEX MINING: Crew Gold, Mapula Creek to Submit Tender Offers
HACIENDA LUISITA: Gov't Presents Options to Settle Row
MUSIC SEMICONDUCTORS: Unveils Resignation, Appointment of Execs
NATIONAL FOOD: Instructed to Continue Selling Rice at Php16/kg
NATIONAL HOME: Prosecutor Junks Raps vs. Exec
NATIONAL POWER: Engineered to Lose Money, Says AIM Professor
VICTORIAS MILLING: Regulator Orders Payment to BPI
S I N G A P O R E
CENTRAL PROPERTIES: To Be Delisted from SGX Today
CENTRAL PROPERTIES: Liquidators to Detail Wind Up Manner
CITIRAYA INDUSTRIES: Secures Investment From Two Firms
HOTEL MALAYSIA: SGX Oks Delisting Before Liquidation
HOTEL MALAYSIA: Schedules Annual Meeting on Sept. 22
STARTECH ELECTRONICS: Mulls Acquisition of Foreign Business
*Bankruptices Fall by 24% Due to Employment Increase
T H A I L A N D
EASTERN WIRE: Unveils Changes in Shareholding Structure
PICNIC CORPORATION: Explains Gas Cylinder Procurement
- - - - - - - -
=================
A U S T R A L I A
=================
AMBRIDGE RETIREMENT: Court Orders Winding Up
--------------------------------------------
Notice is hereby given that on Aug. 12, 2005, the Supreme Court
of Victoria ordered the winding up of Ambridge Retirement
Management Services Pty Limited, and appointed Gregory Stuart
Andrews of 22 Drummond Street, Carlton 3053 to be Official
Liquidator of the Company.
Dated this 16th day of August 2005
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practicing Accountants
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
ATRIX PTY: Creditors OK Liquidator's Appointment
------------------------------------------------
Notice is hereby given that at a general meeting of members of
Atrix Pty Limited held on Aug. 15, 2005 it was resolved that the
Company be wound up voluntarily, and that Danny Vrkic of Jirsch
Sutherland & Co - Wollongong Chartered Accountants be appointed
Liquidator for such purpose. Creditors confirmed the
Liquidators' appointment at a creditors' meeting held later that
day.
Dated this 23rd day of August 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street, Wollongong NSW 2500
Phone: 02 4225 2545
Fax: 02 4225 2546
B&P VILER: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of B&P Viler Pty Limited duly convened and held on Aug. 16,
2005, a Special Resolution was passed to voluntarily wind up the
Company, and P. Ngan and G. Parker were appointed Joint &
Several Liquidators; creditors confirmed such appointment at a
creditors' meeting held that same day.
Dated this 18th day of August 2005
P. Ngan
G. Parker
Joint and Several Liquidator
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
CARTER HOLT: Forest Sale Goes Unconditional
-------------------------------------------
On July 15, 2005, Carter Holt Harvey Limited advised the market
that it had entered into an agreement to sell 94,300 hectares of
forests to a consortium comprising Rayonier Inc. and RREEF
infrastructure, the global infrastructure arm of Deutsche Asset
Management for AU$435 million.
The sale was conditional on approval of the Overseas Investment
Commission and other normal commercial conditions.
Carter Holt Harvey confirmed that the conditions precedent have
now been satisfied and the sale to the consortium is now
unconditional.
Completion of the sale will take place in early October 2005.
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
CASEY DOWNS: Court Releases Winding Up Order
--------------------------------------------
Notice is hereby given that on Aug. 12, 2005, the Supreme Court
of Victoria ordered that Casey Downs Retirement Village Pty
Limited be wound up, and appointed Gregory Stuart Andrews of 22
Drummond Street, Carlton 3053 to be Official Liquidator for such
winding up.
Dated this 16th day of August 2005
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
CHESED PTY: Appoints Official Liquidators
-----------------------------------------
Notice is given that at a general meeting of the members of
Chesed Pty Limited held on Aug. 17, 2005, Jason Bettles and
Susan Carter, Registered Liquidators of Downie Insolvency, Level
6, Fifty Cavill Avenue, Surfers Paradise, Queensland were
appointed Liquidators for such purpose.
Dated this 18th day of August 2005
Jason Bettles
Susan Carter
Liquidators
Downie Insolvency
Level 6, Fifty Cavill Avenue
Surfers Paradise, Queensland
Web site: http://www.downieinsolvency.com.au/
CUT TO SIZE: Liquidator to Explain Wind Up to Members, Creditors
----------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Cut to Size Services Pty Limited will be held on
Sept. 27, 2005, 9:30 a.m. at the offices of Brooke Bird &
Co. Chartered Accountants, 471 Riversdale Road, Hawthorn East,
3123, to have an account laid before them showing the manner in
which the winding up was conducted and the property of the
Company disposed of, and to hear any explanations that may be
given by the Liquidators.
Dated this 11th day of August 2005
Robyn Erskine
Peter Goodin
Joint Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666
DIGITAL PERSONA: Members Agree to Wind Up Business
--------------------------------------------------
Notice is hereby given that on Aug. 18, 2005, the following
Special Resolution was passed:
That Digital Persona (Aust) Pty Limited be wound up voluntarily
relating to a Creditors' Voluntary Winding Up, and that K.
L. Sutherland and H. A. MacKinnon, Chartered Accountants of 332
St Kilda Road, Melbourne be appointed joint and several
Liquidators for the winding up.
Dated this 18th day of August 2005
H. A. MacKinnon
K. L. Sutherland
Joint Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road, Melbourne Vic 3004
ENTERTAINMENT MEDIA: Receivers, Managers Appointed
--------------------------------------------------
Tony Sims and Neil Singleton of specialist Australian Insolvency
firm, SimsPartners were appointed Receivers and Managers to the
Australian publicly listed company, Entertainment Media &
Telecoms Corporation Limited and two of its Australian
subsidiaries on September 19, 2005.
EMT is an international provider of digital video on demand and
high speed Internet access services to approximately 32,000
hotel rooms across Australia, New Zealand, Singapore, Europe,
U.S.A. and Canada.
Tony Sims said "the immediate priority is to ensure customer
service levels are maintained, to secure ongoing content, and to
explore available options to deal with the Group's business
activities."
EMT's USA operations, conducted through its subsidiary,
Entertainment Media & Telecoms Corporation Inc. is unaffected by
the appointment of Receivers and Managers to the Australian
parent. Mr. Sims added that "preliminary inquiries show that the
USA operations are cash flow positive and are capable of being
operated independently from the Australian operations. Technical
and administrative support provided out of Australia to the USA
subsidiary will continue."
The Group's Canadian holding company has placed its operational
subsidiary, Gala Vu Entertainment Network Inc. (Gala Vu), under
the control of an independent trustee in August 2005. Mr. Sims
said that the Canadian trustee was expected to file a proposed
reorganization plan with the Canadian Supreme Court.
Mr. Sims said that the Australian business of EMT will be
offered for sale to interested parties in the immediate future.
CONTACT:
Entertainment Media & Telecoms Corporation Limited
Level 22, AGL Centre
111 Pacific Highway
North Sydney NSW 2060
Australia
PO Box 539
North Sydney NSW 2059
Australia
Phone: +61 (0)2 9954 4200
Fax: +61 (0)2 9954 5220
E-mail: info@emtcorp.com.au
Web site: http://www.emtcorp.com.au/
EVEREADY CONSTRUCTION: Schedules Final Meeting September 27
-----------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Eveready Construction Pty Limited will be held on
Sept. 27, 2005, 9:30 a.m. at PPB Chartered Accountants, Level 4,
31 Sherwood Road, Toowong Qld.
The purpose of the meeting is to:
(a) Show the manner of the disposal of Company property;
(b) Lay the accounts before the meeting;
(c) Hear any explanation that may be given by the Liquidator;
and
(d) Approve the destruction of the books and records of the
Company, upon approval by the Australian Securities and
Investment Commission.
Dated this 10th day of August 2005
Andrew Fielding
Liquidator
PPB Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road, Toowong Qld 4066
Phone: 07 3371 7244
Fax: 07 3371 7311
FORTESCUE METALS: Boss Says Delays Self-inflicted
-------------------------------------------------
Fortescue Metals Group Limited has postponed until late October
from September the release of a definitive mine feasibility
study for its estimated AU$2-billion iron ore project, Dow Jones
reports.
Chairman Gordon Toll explained the delay is due to a desire to
ensure the project is "bulletproof" by including new ore
resources in the study.
Last week, Fortescue announced an increase of its total iron ore
resources in Western Australia's Pilbara region to 2.3 billion
metric tons from 2.12 billion previously.
But despite the feasibility study delay and the project's
pending financial arrangements, Fortescue still plans to start
mining 45 million tons of ore a year from 2007 to take advantage
of surging Chinese steel demand, which has driven up iron ore
prices.
Financing and final mining, environmental and native title
approvals will all have to come together in the coming months if
Fortescue is to meet the 2007 target since construction is
estimated at two years.
CONTACT:
Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/
GOLDEN CHEF: Assets Sell-off Seen to Rescue Biz
-----------------------------------------------
Ailing Golden Chef Australia is looking to divest some of its
assets, in a bid to keep the company afloat, according to The
Advertiser.
Properties to be sold include the Snowdome building, which
Golden Chef bought for AU$3.25 million last year, and the
heritage-listed Epworth Building at 33 Pirie St, bought in 2003
for AU$3.5 million. Also to go on the market are the Hungry
George building, Hindley St and Victoria Square office space.
The proceeds of the sale will be used to pay more than AU$3-
million debts in full over 18 months, to avert liquidation.
Managing director Pantelis Charitopoulos refused to comment on
the problems. But former company liquidator Maris Rudaks had his
status changed to company administrator on Friday, signaling
recovery, rather than liquidation, was now the goal.
Mr. Rudaks now will assess whether the Golden Chef offer is
worth accepting, or whether the group should be sold either as a
whole or in parts.
Golden Chef was placed into liquidation in July after Allbrand
Confectionery Distributors applied for it to be wound up for
non-payment of debts.
The group's main business is 226 catering vans it runs in South
Australia and Victoria. It employs about 400 people and turns
over about AU$30 million a year.
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/
HABIL DION: Creditors Opt for Liquidation
-----------------------------------------
Notice is hereby given that at a meeting of creditors of Habil
Dion Nominees Pty Limited held on Aug. 12, 2005, it was resolved
that the Company be wound up, and Adrian Lawrence Brown and
John Ross Lindholm of Ferrier Hodgson, Level 29, 600 Bourke
Street, Melbourne, Vic were appointed Liquidators of the
Company.
Dated this 18th day of August 2005
Adrian L. Brown
John R. Lindholm
Liquidators
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000
HENRY WALKER: Macmahon Tipped to Buy Mining Division
----------------------------------------------------
Engineering, mining and civil contractor Macmahon Holdings is
reportedly interested to acquire the mining services division of
failed Rival Henry Walker Eltin (HWE), The West Australian says.
Macmahon's attempt to bed down an AU$56-million capital raising
through a combine placement and rights issue has fueled
speculation it is poised to buy HWE's mining arm.
Macmahon managing director Nick Bowen has refused to comment on
the reasons for calling a trading halt on Friday, other than to
say an announcement would be made sometime this week.
Final bids are due this month for the mining services arm of
HWE, the biggest and arguably most valuable component of the
failed group with an estimated value of more than AU$300
million.
Aside from Macmahon, engineering giant Leighton and diversified
industrial company Brambles were also tipped to be potential
buyers of the HWE business.
The sale of the mining services division will provide the HWE
administrators with their biggest cash injection to pay out
secured and unsecured creditors totaling about AU$400 million
from the February collapse.
The HWE mining services division is one of the biggest mining
contractors in Australia with annual turnover of more than
AU$600 million and a workforce of 1700 across 20 sites. It has a
major presence in iron ore in the Pilbara and is active in other
commodities including gold, coal, bauxite, nickel and copper.
CONTACT:
Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/
HIH INSURANCE: APRA Disqualifies Former Official
------------------------------------------------
The Australian Prudential Regulation Authority (APRA) on
September 14 announced the disqualification of Mr. Gregory
Ernest Brown from being or acting as a director or senior
manager of a general insurer under the Insurance Act 1973.
Mr. Brown held various positions at HIH Insurance Limited group
(HIH) and related companies from 1982 until 1999, including
director of a number of HIH subsidiaries and, from 1999, Group
General Manager, Corporate.
APRA found that Mr. Brown in 1999 and 2000 improperly inflated
or manipulated divisional results so as to present a misleading
picture of the financial position. APRA also found that Mr.
Brown failed to provide data to HIH's actuary which may have had
a material effect on actuarial valuations.
APRA's Deputy Chairman, Mr Ross Jones, said that APRA expects
the senior management of authorised insurers to ensure that
financial results are properly reported and that boards and
actuaries are fully informed about any matters likely to
materially affect an insurer's financial position.
The Australian Prudential Regulation Authority (APRA) is the
prudential regulator of the financial services industry. It
oversees banks, credit unions, building societies, general
insurance and reinsurance companies, life insurance, friendly
societies, and most members of the superannuation industry.
APRA is funded largely by the industries that it supervises. It
was established on 1 July 1998. APRA currently supervises
institutions holding approximately $2.0 trillion in assets for
20 million Australian depositors, policyholders and
superannuation fund members.
CONTACT:
Ardele Blignault
Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0438 124 524
HIH INSURANCE: Ex-exec Banned from Managerial Posts
---------------------------------------------------
The Australian Prudential Regulation Authority (APRA) on Tuesday
announced the disqualification of Mr. Peter Butler Thompson from
being or acting as a director or senior manager of a general
insurer under the Insurance Act 1973.
Mr. Thompson held various positions at HIH Insurance Limited HIH
and related companies from 1997 until 2000, including General
Manager Special Projects, CEO of HIH UK, General Manager Risk
Management & Reinsurance Division and non-executive Chairman of
Cotesworth & Co.
APRA found that Mr. Thompson knew the structure of HIH's
reinsurance with respect to transactions with National Indemnity
and General & Cologne Re Group Australia and had failed to
advise HIH's auditors of all the relevant circumstances
surrounding those transactions.
APRA's Deputy Chairman, Mr. Ross Jones, said that APRA expects
the senior management of authorized insurers to ensure that
financial results are properly reported, and that boards and
auditors are fully informed about any matters likely to
materially affect an insurer's financial position.
The Australian Prudential Regulation Authority (APRA) is the
prudential regulator of the financial services industry. It
oversees banks, credit unions, building societies, general
insurance and reinsurance companies, life insurance, friendly
societies, and most members of the superannuation industry.
APRA is funded largely by the industries that it supervises. It
was established on 1 July 1998. APRA currently supervises
institutions holding approximately $2.0 trillion in assets for
20 million Australian depositors, policyholders and
superannuation fund members.
HIVE STUDIOS: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a creditors' meeting of Hive
Studios Pty Limited held on Aug. 15, 2005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
Sule Arnautovic of Jirsch Sutherland Chartered Accountants was
appointed Liquidator.
Dated this 16th 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
ICETECH PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Icetech Pty Limited will be held on Sept. 27, 2005,
10:30 a.m. at the offices of Pitcher Partners, Level 19, 15
William Street Melbourne Vic 3000, to present the Liquidator's
account showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanations that may
be given by the Liquidator.
Attendance at this meeting is not compulsory.
Dated this 30th day of August 2005
R. G. Tolcher
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302
KNIGHTS INSOLVENCY: SimsPartners Issues Circular to Shareholders
----------------------------------------------------------------
Tony Sims of SimsPartners Sydney office, and Grant Sparks of
SimsPartners Brisbane office were appointed Joint Administrators
of KIA on August 29, 2005.
The role of the Administrators is to investigate the affairs and
activities of the company and its officers and report their
initial findings to creditors. It is also the role of the
Administrator to provide a recommendation in respect of options
available to creditors for the future of the company.
The convening period for the second meeting of creditors has
been extended to November 11, 2005 by Order of the Supreme Court
of Queensland. The future of the Company will be determined at
that meeting by the creditors.
The Administrators are not empowered to report to nor convene
meetings of shareholdings.
Should the creditors of KIA resolve to place the Company into
liquidation, the liquidators will determine whether or not to
issue a notice to shareholders pursuant to section 104-145 of
the Income Tax Assessment Act 1997, regarding the share value of
KIA shares. If such a notice is issued, shareholders may be able
to claim a capital loss, subject to their individual
circumstances.
The Administrators regret that they are unable to provide
shareholders with any further information at this time.
CONTACT:
Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/
Sims Partners
Level 11
145 Eagle Street
Brisbane, 4000
Telephone: 07 3831 2700
Facsimile: 07 3831 2799
E-mail: bris@simspartners.com.au
Web site: http://www.simspartners.com.au/
K ONE: Members Decide to Close Operations
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of K One Cleaning Contract Pty Limited held on Aug. 17, 2005, it
was resolved that the Company be wound up voluntarily, and that
Richard James Porter and David Ian Mansfield of Moore Stephens,
Chartered Accountants, 460 Church Street, Parramatta NSW 2150 be
appointed Joint Liquidators for such purpose.
Dated this 17th day of August 2005
D. I. Mansfield
R. J. Porter
Joint Liquidators
c/o Moore Stephens
460 Church Street, Parramatta NSW 2150
LC SKINCARE: Winding Up Process Initiated
-----------------------------------------
Notice is hereby given that at a general meeting of members of
LC Skincare Pty Limited held on Aug. 17, 2005, it was resolved
that the Company be wound up voluntarily, and that Gregory
Stuart Andrews of G. S. Andrews & Associates, 22 Drummond
Street, Carlton 3053 be appointed Liquidator for such winding
up.
Dated this 17th day of August 2005
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
LIBAN NET: Director Fined for Contempt
--------------------------------------
The Australian Securities and Investments Commission (ASIC) has
reminded motorists insured with Liban Net Pty Limited to check
their policies after the Federal Court of Australia found the
company director, Mr. Gaby Haddad guilty of contempt of court.
The Court found that Mr. Haddad had failed to comply with
deadlines imposed by court orders that he provide ASIC with the
details of all insurance policies issued by Liban Net, in its
name or in the name of `API' or `Australian Private Insurance'.
Mr. Haddad was ordered to pay AU$5,000 and all of ASIC's costs
of the contempt proceedings by Justice Peter Hely of the Federal
Court of Australia in Sydney.
ASIC's Deputy Executive Director of Enforcement, Mr. Allen
Turton said ASIC was keen to pursue the matter given its
concerns that all car insurance policies issued by Liban Net,
Australian Private Insurance and API are worthless.
"ASIC expects its court orders to be obeyed and will take the
action necessary to enforce compliance," Mr. Turton said.
The Court also found that although Mr. Haddad substantially,
although belatedly, complied with the order on 9 September 2005,
his conduct should not go unpunished.
In his reasons, Judge Hely noted, "I regard the failure to
comply with these orders as a serious matter, particularly
because the primary purpose of the orders was to enable ASIC to
notify persons who had taken out insurance policies marketed by
Mr. Haddad that, for all practical purposes, they may be
uninsured."
Background
On 29 June 2005, ASIC commenced a civil action in the Federal
Court of Australia against Liban Net and Mr. Haddad.
ASIC was concerned that Liban Net had offered and issued car
insurance to members of the public without the authority to do
so. ASIC was also concerned that representations made by Liban
Net that the insurance policies issued by Australian Private
Insurance or API were underwritten by Zurich were false.
ASIC is seeking declarations of contraventions of provisions of
the Corporations Act 2001 and the ASIC Act 2001 against the
defendants and is seeking to ban Mr. Haddad from managing
corporations. Any person who suffers loss or damage as a result
the contraventions may rely on the declarations and seek
recovery of the amount of the loss or damage from the
defendants.
Further background in relation to this matter is available from
the ASIC website at www.asic.gov.au. Consumers with concerns or
information should contact the ASIC Infoline on 1300 300 630.
The main action has been listed for further directions on 9
December 2005.
Australian Private Insurance and API should not be confused with
API Insurance Services, a business wholly owned by the
Australian Post-Tel Institute (SA & NT) Incorporated.
M. APPELBOOM: Enters Liquidation
--------------------------------
At a General Meeting of the members of M. Appelboom & Co. Pty
Limited duly convened and held on Aug. 16, 2005, the following
Special Resolution was passed:
That the Company be wound up voluntarily.
Dated this 16th day of August 2005
Philip Appelboom
Director
c/o Moore Stephens
Level 6, 460 Church Street
Parramatta NSW 2150
PANTHER SHIPPING: Declares Dividend
-----------------------------------
Panther Shipping Services Pty Limited will declare a dividend on
Sept. 23, 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
J. W. Cunningham
J. R. Park
Joint Liquidators
Ramsay Clout Chartered Accountants
Level 1, 37 The Esplanade
Maroochydore Qld 4558
Phone: 07 5479 6411
Fax: 07 5479 6350
PKW PTY: Stan Traianedes Named Liquidator
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of PKW Pty Limited held on Aug. 16, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day, it was resolved that
Stan Traianedes of Hall Chadwick, Chartered Accountants, Level
12, 459 Collins Street, Melbourne, be appointed Liquidator for
the winding up.
Dated this 16th day of August 2005
Stan Traianedes
Liquidator
Hall Chadwick
Chartered Accountants
Level 12, 459 Collins Street
Melbourne Vic 3000
SANTOS LIMITED: Discloses Dividend Reinvestment Plan
----------------------------------------------------
On 30 September 2005, Santos Limited will pay a fully franked
interim dividend of 18 cents per share to shareholders on record
as at 6 September 2005.
For the purposes of the Dividend Reinvestment Plan (DRP) the
average market price for the issue of DRP shares is
AU$11.054929.
Under the terms of the DRP, the average market price is
calculated as the arithmetic average of the daily weighted
average market price over a period of seven business days
commencing on the business day after the dividend record date,
with no discount to apply.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SJP FORMWORK: To Distribute Dividend to Priority Creditors
----------------------------------------------------------
SJP Formwork (NSW) Pty Limited will declare a first and final
dividend to its priority creditors on Sept. 23, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 16th day of August 2005
R. J. Dean-Willcocks
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
SONS OF GWALIA: Shareholder Case Unwelcome for Debt Markets
-----------------------------------------------------------
Fitch Ratings says the recent decision by the Australian Federal
Court to allow a shareholder a potential claim for damages
against a company in bankruptcy, and thus possibly enabling the
claim to rank equally with other senior unsecured creditors, is
an unwelcome development for investors in Australian senior
unsecured debt issues. However, the agency notes that the
general principle of senior unsecured creditors ranking ahead of
shareholders in the liquidation of a company, still remains in
place.
It is also noted that the Sons of Gwalia decision is subject to
appeal and that the shareholder's claim for damages is still yet
to be proven. Furthermore, it is yet to be seen if the incidence
for such claims is to be widespread and common. As such, Fitch's
initial view is that there is no cause for material concern just
yet. However, if the appeal is not successful and if the
shareholder is entitled to successfully claim damages (thus
ranking equally with other senior unsecured creditors), the case
could have significant implications for debt investors and
insolvencies in Australia unless legislative changes are made to
better protect the position of unsecured creditors.
The Sons of Gwalia case involved a claim by a shareholder who
had bought shares (on-market) in the Australian mining company
Sons of Gwalia Limited, which subsequently went into voluntary
administration (a form of bankruptcy). The shareholder claimed
that the purchase of the shares was made on the basis of
misleading and deceptive conduct by the company. In summary, it
appeared the court found that the shareholder was making a
"misleading and deceptive conduct" claim under a form of
statutory consumer protection (which included Section 52 of the
Trade Practices Act) rather than a claim as a shareholder. It
was found that the shareholder could potentially be treated as a
creditor in relation to a claim for damages (i.e. equating to
share losses) and thus would rank equally with other unsecured
creditors.
In the event the Sons of Gwalia decision is upheld in higher
courts and shareholders are entitled to claim damages under
these circumstances, Fitch is of the view that there is unlikely
to be a direct impact to issuer default credit ratings ("IDR"),
as these ratings reflect the probability of default (as opposed
to recovery in event of default).
However, Fitch notes that recoveries for defaulted senior
unsecured debt issues will most likely be diluted if there are
significant shareholder claims successfully ranking equally with
other senior unsecured creditors; recovery ratings could be
lowered for lower-rated and defaulted senior unsecured debt
issues, reflecting potentially lower recoveries (see Fitch's
Special Report on Recovery Ratings dated 26 July 2005 -
available on www.fitchratings.com); recovery assumptions under
Fitch's Vector Model for CDO transactions may need to be
reviewed to take into account potentially lower recoveries; and
that there should be no impact on ratings or recoveries for
senior secured debt issues, as these will continue to rank ahead
of senior unsecured creditors and any shareholder claims.
Additionally, Fitch also observes that sub-investment grade
issuers and possibly lower-investment grade issuers may have
some reduced ability to issue senior unsecured debt due to lower
investor demand or appetite for such issues, possibly giving
rise to some potential implications on refinancing risk for such
issuers with large refinancing requirements; there could be an
increase in the level of secured financings for the lower rated
issuers who may face financing constraints as a result of the
former; the potentially higher loss levels (given default) could
result in a higher risk premium or interest rate margin on
unsecured debt in order to compensate unsecured debt holders;
Australian banks may need to make some adjustments to provisions
for bad or doubtful debts to reflect the possibility for lower
recoveries on defaulted unsecured loans (although such
adjustments should not have any significant impact on the
Australian banks' credit profiles); and insolvencies and
administrations are likely to become more protracted, litigious
and costly with such shareholder actions. The latter could
further reduce overall recoveries available to creditors and add
more uncertainty in restructuring scenarios.
On a more positive tenor, Fitch notes that a similar issue of
shareholders being allowed to claim as creditors in the UK House
of Lords Case (Soden's Case, 1998) in relation to
misrepresentation claims has not appeared to cause any major
issues for the UK debt markets.
In the event that the appeal to higher courts is upheld, only
time will tell how much of an impact this will have on
Australia's debt markets, however, in Fitch's view, any adverse
impact can be relatively easily avoided through changes in
legislation to clarify that all shareholders' claims against a
company (regardless of the capacity and the nature of the claim)
rank behind all creditors.
Fitch will continue to monitor developments on this matter,
including the Sons of Gwalia Case appeal, and will comment on
any further implications as warranted.
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/
SPARTA PLANT: Shuts Down Business
---------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Sparta Plant Hire Pty Limited held on Aug. 22,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held on the same day, it was
resolved that Daniel I. Cvitanovic of Daniel I. Cvitanovic
Chartered Accountant, Level 1, 121-123 Crown Street, Wollongong
NSW 2500 be appointed Liquidator for such winding up.
Dated this 22nd day of August 2005
Daniel I. Cvitanovic
Liquidator
Chartered Accountant
Level 1, 121-123 Crown Street
Wollongong NSW 2500
WHOLOHAN PTY: Pays Final Dividend
---------------------------------
Wholohan Pty Limited will declare a first and final dividend on
Sept. 23, 2005.
Creditors whose debts or claims have not already been admitted
are required on or before Sept. 22, 2005 to formally prove their
debts or claims. In default thereof, they will be excluded from
the benefit of the dividend.
Dated this 23rd day of August 2005
Stephen Brennan
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: 02 6214 6700
Fax: 02 6214 6799
YARRA HILLS: Members, Creditors Receive Wind Up Report
------------------------------------------------------
Notice is given that a joint meeting of members and creditors of
Yarra Hills Real Estate Pty Limited will be held on Sept. 27,
2005, 10:00 a.m. at the offices of D'Aloia Handberg, Chartered
Accountants, Level 10, 200 Queen Street, Melbourne, to present
the Liquidator's account showing the manner of the winding up
and disposal of the property of the Company, and to hear any
explanations that may be given by the Liquidator.
Dated this 2nd day of August 2005
G. Handberg
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000
==============================
C H I N A & H O N G K O N G
==============================
ARCONTECH CORPORATION: Net Loss Narrows to HK$319,000
-----------------------------------------------------
Arcontech Corporation posted a net loss of HK$319,000 for the
fiscal first quarter ended June 30, compared with a net loss of
HK$10.443 million a year ago, Infocast News reports.
Loss per share was 0.39 cent. No dividend was declared.
Arcontech Corporation posted a net loss of HK$129.39 million in
the year ended March 31, 2005, versus a net loss of HK$92.87
million in the same period a year earlier.
CONTACT:
Arcontech Corporation
Flat 8-A6, 8/F
Chou Chong Commercial Building
422-428 Castle Peak Road
Kowloon, Hong Kong
Phone: 24238873
Fax: 24872429
Web site: http://www.arcon.com.hk
EASTFAME ENTERPRISES: Begins Winding Up Process
-----------------------------------------------
Eastfame Enterprises (Holdings) Limited whose place of business
is located at 3rd Floor, Joyce Building 38 Wong Chuk Hang 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 September 7, 2005.
Date of Presentation of Petition: July 8, 2005
Dated this 16th day of September 2005
ET O'Connell
Official Receiver
ESUN HOLDINGS: Swings to HK$20.9 Mln Profit
-------------------------------------------
eSun Holdings Limited reported a net profit of HK$202.961
million in the first half of this year, compared to a net loss
of HK$33.119 million a year ago, relates Infocast News.
Earnings per share were $0.2947. No interim dividend was
declared.
The Group has continued to engage in the management of hotel
operations, and commenced the development and operation of, and
investment in media, entertainment, Internet and technology-
oriented business, and the provision of advertising agency
services.
CONTACT:
eSun Holdings Limited
11/F, Lai Sun Commercial Centre
680 Cheung Sha Wan Road
Kowloon, Hong Kong
Phone: 25416778
Fax: 25448321
Web site: http://www.esun.com/
FIRST DRAGONCOM: Board Meeting Postponed
----------------------------------------
Market participants are requested to note that the board meeting
to approve the final results/dividend of First Dragoncom Agro-
Strategy Holdings Limited for the year ended December 31, 2004
originally scheduled on September 15, 2005 has been postponed
until further notice.
CONTACT:
First Dragoncom Agro-Strategy Hold Ltd
Unit 2302, 23rd Floor
Far East Finance Centre
16 Harcourt Road, Admiralty
Hong Kong
Phone: 25265338
Fax: 25369223
Web site: http://www.dragoncom.com
GUANGDONG TOURS: Creditors Meeting Set October 5
------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Guangdong Tours Transportation Limited (In Liquidation) will be
held at 10:30 a.m. on October 5, 2005, and will be followed by a
meeting of the creditors of the company to be held at the same
place at 11:00 a.m. at Room 207, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, Hong Kong.
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 the office of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong no later
than 4:00 p.m. on the day before the meetings or adjourned
meetings at which they are to be used.
Dated this 16th day of September 2005
KENNIC LAI HANG LUI
LEUNG MUN YEE RUBY
Joint and Several Liquidators
HENCUS LIMITED: To Undergo Winding Up Process
---------------------------------------------
Hencus Limited whose place of business is located at Rm E, 3rd
Floor, Block 3, Camel Paint Building, 60 Hoi Yuen Road, Kwun
Tong, Kowloon was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on September 7, 2005.
Date of Presentation of Petition: July 7, 2005
Dated this 16th day of September 2005
ET O'Connell
Official Receiver
HONGKONG CONSTRUCTION: Net Loss Hit HK$254.10 Mln
-------------------------------------------------
HongKong Construction (Holdings) Limited (8097) posted a net
loss of HK$254.10 million for the fiscal first quarter ended
June 30, versus a net loss of HK$10.443 million a year earlier,
Infocast News reports.
Loss per share was 0.39 cent. No dividend was declared.
Hong Kong Construction (Holdings) Ltd. recorded a net profit of
HK$254.10 million in the period ended December 31, 2004, versus
a net loss HK$409.40 million in the same period a year earlier.
CONTACT:
Hong Kong Construction (Holdings) Limited
801-802 East Ocean Centre
98 Granville Road, Kowloon,
Hong Kong
Phone: 23693949
Fax: 27212526
Web site: http://www.hkconstruction.com
KONG YUEN: To Undergo Winding Up Process
----------------------------------------
Kong Yuen Mei Limited whose place of business is located at M/L,
Chiap Luen Industrial Building, 30-32 Kung Yip Street, Kwai
Chung, New Territories was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on September 7, 2005.
Date of Presentation of Petition: July 8, 2005
Dated this 16th day of September 2005
ET O'Connell
Official Receiver
MASTER CASTLE: Winding Up Proceedings Initiated
-----------------------------------------------
Master Castle Limited whose place of business is located at Rm
901, 9th Floor, Parklane Centre, 25 Kin Wing Street, Tuen Mun,
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 September 7, 2005.
Date of Presentation of Petition: July 6, 2005
Dated this 16th day of September 2005
ET O'Connell
Official Receiver
PROFIT ERA: Creditors Meeting Slated for September 28
-----------------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Hong Kong
Companies Ordinance, that a meeting of the creditors of Profit
Era Limited will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong on
September 28, 2005 at 11:30 a.m. for the purposes provided for
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be lodged at the
Company's registered office at Room Suite A, 19/F., Ritz Plaza,
122 Austin Road, T.S.T., Kowloon, Hong Kong, not later than
12:00 noon on the day before the meeting or adjourned meeting at
which they are to be used.
Dated this 16th day of September 2005
MAH STANLEY JUN
Director
SHANGHAI LAND: Issues Debt Claim Notice
---------------------------------------
Notice is hereby given, that the creditors of Shanghai Land
Holdings Limited (Receivers Appointed) are requested on or
before September 30, 2005 to send in their names, addresses and
particulars of their debts or claims to 18/F., Two International
Finance Centre, 8 Finance Street, Central, Hong Kong.
Creditors who do not submit particulars to register their debts
or claims against the company on or before September 30, 2005
will be considered waiving all their rights to whatever claims
they might have against the company.
Dated this 16th day of September 2005
For and on behalf of
SHANGHAI LAND HOLDINGS LIMITED
(Receivers Appointed)
STEPHEN LIU YIU KEUNG
Joint and Several Receiver
W.S. REALTY: Court Orders Winding Up
------------------------------------
W.S. Realty Company Limited whose place of business is located
at No. 369 Lai Wai Tsuen, Tuen Mun, 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
September 7, 2005.
Date of Presentation of Petition: July 7, 2005
Dated this 16th day of September 2005
ET O'Connell
Official Receiver
* Institute of CPAs Issues Guidance for Insolvency Practitioners
----------------------------------------------------------------
Accountants who carry out company windings up will now have a
set of recommended guidelines to follow, allowing them a more
definite approach for advising their clients, according to the
Hong Kong Institute of Certified Public Accountants.
The "Insolvency Guidance Notes (IGNs)" are the first set of
coordinated guidelines issued for Institute members and aim to
codify best practice for liquidations under the Companies
Ordinance.
"Insolvency practice has been largely an unregulated area in
Hong Kong, unlike in most other major business centres,"
explains Paul Chan, Vice President of the Institute.
"Introducing best practice guidance represents a first step by
the Institute towards a more regulated approach, which is
welcomed," Mr. Chan adds.
Historically, the government, through the Official Receiver's
Office, has handled the administration of court-ordered
corporate liquidations and the number of liquidations was
relatively low. With the increase in the number of insolvency
cases following the onset of the Asian financial crisis in 1997
and the resource constraints faced by the government, private
sector practitioners now handle most corporate insolvency work.
"The orderly administration of companies in financial
difficulties and the winding up of those that can no longer be
saved is critical to the efficient operation of the market,"
says Mr. Alan Tang, chairman of the Institute's Insolvency
Practitioners Committee. "But people sometimes overlook the fact
that it also is part of the rule of commercial law in Hong
Kong."
The importance of good insolvency services was highlighted in
the government consultation paper, "Review of the Role of the
Official Receiver's Office" (June 2002), which stated:
"Any economy that operates on credit has to deal with
insolvencies. It is important to the smooth functioning of the
market that such insolvencies are dealt with efficiently and
effectively. This promotes business confidence, recycles assets
frozen in the insolvent estates and provides appropriate checks
and balances against the misuse of credit."
There is little doubt that Hong Kong could not maintain its
position as a major international business and finance centre if
it could not provide insolvency services of an international
standard, says Mr. Chan.
"Now that the government is contracting out nearly all corporate
insolvency work to private accounting firms and other
professionals and is planning to do the same for personal
bankruptcies, we need to build up a body of high quality local
insolvency practitioners and to strengthen the expertise and
standards of our members who want to specialize in this area,"
says Mr. Tang.
The first batch of guidance notes address three areas key of
insolvency: the scope and role of the liquidator's investigation
into the affairs of an insolvent company, how receipts and
payments accounts should be prepared by office holders, and
reporting on the conduct of the company directors to the
Official Receiver.
While accountants doing insolvency work up until now had the
Companies Ordinance and Winding Up Rules to follow, the IGNs
take matters a step farther by more specifically outlining the
duties and responsibilities of the liquidators in these three
areas.
"The scope of the guidance notes is similar to the coverage of
the Statements of Insolvency Practice issued by the various
licensing bodies in the United Kingdom," explains Mr. Darach
Haughey, convener of the task force that developed the guidance
notes. "In producing the IGNs, we were also very aware of the
differences between the situation in Hong Kong and the UK," Mr.
Haughey says. The Institute says that these guidance notes are
only the beginning and a major first step in what will be a
continuing process.
Although the notes are not mandatory for members, the Institute
says, members may need to explain and justify significant
departures from the notes. They represent "best practice" which
the Institute would expect its members to observe in normal
circumstances. The guidance notes become applicable for cases
commencing on or after 1 October 2005.
About Hong Kong Institute of Certified Public Accountants
The Hong Kong Institute of CPAs is the only body authorized by
law to register and grant practicing certificates to Certified
Public Accountants in Hong Kong. The Institute has 25,000
members and nearly 10,000 registered students. Members of the
Institute are entitled to the description Certified Public
Accountant and to the designatory letters CPA.
The Hong Kong Institute of CPAs evolved from the Hong Kong
Society of Accountants, which was established on 1 January 1973.
The Institute operates under the Professional Accountants
Ordinance and works in the public interest. The Institute has
wide-ranging responsibilities, including assuring the quality of
entry into the profession through its postgraduate CPA
Qualification Program and promulgating financial reporting,
auditing and ethical standards in Hong Kong. The Institute has
responsibility for regulating and promoting efficient accounting
practices in Hong Kong to safeguard its leadership as an
international financial center.
For more information, please contact:
Stella To, Deputy Director, Communications
Hong Kong Institute of Certified Public Accountants
Email: stella@hkicpa.org.hk
Phone: 2287 7209
Mobile: 9027 7323
Florence Chan, Assistant Director, Communications
Hong Kong Institute of Certified Public Accountants
Email: fchan@hkicpa.org.hk
Phone: 2287 7036
Mobile: 9877 29157
=================
I N D O N E S I A
=================
DIRGANTARA INDONESIA: Minister Seeks to Barter Planes for Rice
--------------------------------------------------------------
Industry Minister Andung Nitimihardja has proposed to barter CN
235 aircraft made by state aircraft maker PT Dirgantara
Indonesia for rice from other countries in order to improve the
ailing Company's performance, reports Antara News.
According to Minister Nitimihardja, he received information that
Thailand was interested in purchasing CN 235 planes from
Dirgantara Indonesia. Thailand is one of the world's rice-
producing countries, and so he proposed that the National
Logistic Agency (Bulog) barter the planes for rice. He added
that Bulog had agreed to the proposal and was awaiting a follow-
up.
Pt Dirgantara's current performance has suffered due to its
limited finances, but the government budget is not sufficient to
bail out the Company. The government is now looking for a
strategic partner with which to barter goods, in order to help
the aircraft industry improve its financial and marketing
capabilities.
Minister Nitimihardja said that there is strong international
confidence in the Company as it continues to receive orders from
abroad.
Dirgantara Indonesia, which is run by the government, has been
manufacturing CN-235 planes since 1980, and has exported
planes to nearby countries such as Malaysia and Thailand.
CONTACT:
PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com
KERTAS KRAFT: Minister Asks Cement Firm to Provide Capital
----------------------------------------------------------
Industry Minister Andung Nitimihardja has asked state-owned
cement manufacturer PT Semen Gresik if it can provide working
capital to troubled paper firm PT Kertas Kraft Aceh (KKA), Asia
Pulse reports.
Kka's factory in Aceh has been shut down due to financial
problems. It is technically capable of resuming normal
operations, but its debt needs to be restructured, and
processing machines need repairing. The Company also lacks the
necessary working capital to resume operations.
Minister Nitimihardja said that if Semen Gresik were to help
Kertas Kraft get back on its feet, it would be guaranteed a
supply of cement sacks to its plant in East Java.
He further added that the restructuring of KKA's debts and
resuming operations would enable the Company to pay off all its
debts within eight years.
Another option for the Company's restructuring is the
government's efforts to procure IDR350 billion from the state
budsget in order to help the Company. A private firm has also
expressed interest in investing in KKA.
KKA ceased operations in 2003 when supplier ExxonMobil stopped
supplying gas to the Company after failure to pay an outstanding
gas bill amounting to IDR65 billion. The Company was unable to
secure another gas supplier, and has stopped paying its 1,035
workers last year.
It is hopeful that KKA could resume operations as it has a
smaller gas demand than other firms such as ASEAN Aceh
Fertilizer, according to Agro Industry & Chemistry Director
General Benny Wahyudi.
CONTACT:
PT Kertas Kraft Aceh
Komplek PT.Kertas Kraft Aceh (Persero)
Po.Box 20 Lhokseumawe Aceh
Utara Lhokseumawe -
Indonesia
Phone: 0645-41733
Fax: 0645-41482
Web site: www.KKA-lsm.com
MERPATI NUSANTARA: Seeks Investors to Increase Working Capital
--------------------------------------------------------------
State-owned airline PT Merpati Nusantara is looking for
investors to help the troubled Company continue its operations,
reports Bloomberg News.
In an advertisement in the Jakarta Post, the Company revealed it
is looking for an investor that would help provide aircraft and
working capital. In exchange, the Company will share part of its
revenues with the investor. The deadline for submission of bids
is Sept. 27, 2005.
Merpati Nusantara's debts stand at a total of IDR1.6 trillion,
and its current capital is negative. The Indonesian government
has invested IDR450 billion in the Company to turn it around,
but restructuring has been blocked by increasing aviation fuel
costs and heavy competition.
The government is currently reviewing a plan to merge Merpati
Nusantara with two other state airlines, namely PT Garuda
Indonesia and PT Pelita Air Serivce, in order to eliminate
unnecessary competition and help all three firms get back on
their feet. The government has already banned budget overseas
airplanes from landing in major cities so as to protect the
three troubled airlines.
Merpati Nusantara President Hotasi Nababan said that the most
important thing right now is that the Company become financially
sound once more.
CONTACT:
Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax: +62 21 654 6789
Web site: http://www.merpati.co.id
NEWMONT MINING: Local Court Junks Dismissal of Pollution Case
-------------------------------------------------------------
An Indonesian court rejected a request by a local unit of U.S.-
based Newmont Mining Corporation to drop a high-profile
pollution case against it, Reuters News reports.
Presiding Judge Ridwan S. Damanik ruled that Newmont unit PT
Newmont Minahasa Raya, directly or indrectly, failed to prevent
pollution from occuring in Buyat Bay, located near the site of a
now-defunct gold mine of the Company.
Newmont Minahasa Raya's President Director Richard Ness has been
charged with allegedly dumping mercury and arsenic into Buyat
Bay during the Company's tailings disposal processes, which
caused villagers on the bay's coast to get sick.
Mr. Ness faces a 10-year imprisonment term if convicted, along
with having to pay a IDR692.4 million fine and civil damages
amounting to IDR1.35 trillion.
The Company denies any wrongdoing, stating instead that the
investigation by local police was flawed, and did not include
evidence or testimonials favoring the firm and from
environmental experts in the indictment.
Newmont lawyer Luhut Pangaribuan said that they will fight the
ruling, and added that there is no provision in Indonesian law
that holds a company's president automatically liable for
corporate acts.
Judge Damanik said he was satisfied with the indictment, which
"fulfilled all legal reuqirements," and said that the trial
would resume on Oct. 7, 2005, with witnesses presenting
testimonies.
Newmont Mining's Indonesia operations accounted for 6% of its
worldwide sales last year. The gold mine near Buyat Bay was
closed in August last year due to diminishing reserves.
CONTACT:
Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id
=========
J A P A N
=========
JAPAN AIRLINES: To Expand Code Share Agreement With Cathay
----------------------------------------------------------
Japan Airlines and Cathay Pacific Airways (CX) have agreed to
expand their Japan-Hong Kong code share programme to include a
daily round trip flight on the Fukuoka-Hong Kong route.
Cathay Pacific aircraft will operate the new code share flight
and crews and the first flight out of Fukuoka will be on October
3. The flight is routed via Taipei but JAL passengers, by using
this code share flight, can travel only between Fukuoka and Hong
Kong.
Fukuoka-Hong Kong will be the third code share route for JAL and
Cathay Pacific between Japan and Hong Kong. Since Spring 1999
the two carriers have operated daily code share flights on
routes between Nagoya and Hong Kong and Osaka's Kansai
International Airport and Hong Kong.
Flight inauguration date: October 3, 2005
Reservations availability from: September 20, 2005
CONTACT:
Japan Airlines Corporation
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate
ITO-YOKADO: To Close 19 More Stores
-----------------------------------
Ito-Yokado will shut down four loss-making stores by the end of
its current business year to next February and 15 more in the
following year as part of its reconstruction scheme, Namnews
reports.
The company plans to shut down more than 30 unprofitable stores
by February 2009. It has already closed four of them.
The firm operates about 1,300 department stores, restaurants,
specialty shops, supermarkets, and superstores. The retailer's
York Mart supermarket chain operates about 55 grocery stores in
the Tokyo metro area. The company is also the Japanese
franchisee for Oshman's sporting goods stores, and Robinson's
department stores.
In 2005 it was made a wholly owned subsidiary of holding company
Seven & I Holdings.
CONTACT:
Ito-Yokado Co. Ltd.
8-8, Nibancho, Chiyoda-ku
Tokyo 102-8450, Japan
Phone: +81-3-6238-2111
Fax: +81-3-6238-3492
MITSUI & COMPANY: To Set Up Trading Firms in China
--------------------------------------------------
Mitsui & Company Limited will establish three trading houses in
China that can freely import, export and sell products locally,
the Nihon Keizai Shimbun reported.
The firm was able to obtain the authorization due to the recent
enactment of a deregulatory measure that eases restrictions on
the activities of foreign companies in China, the newspaper
noted.
CONTACT:
Mitsui & Co., Ltd.
2-1 Ohtemachi 1-Chome
Chiyoda-Ku 100-0004, Tokyo 100-0004
JAPAN
Phone: +81 3 3285-1111
Fax: +81 3 3285-9819
SANYO ELECTRIC: Vietnam Aims to Triple Digital Camera Exports
-------------------------------------------------------------
Japanese electronics maker Sanyo Electric Co. plans to triple
exports of the digital cameras made at its plant in southern
Vietnam to three million next year, according to Reuters, citing
the Nguoi Lao Dong newspaper.
The Vietnam branch, which is located at the Bien Hoa Industrial
Park outside Ho Chi Minh City, manufactures 1 million digital
cameras this year, all of them for export.
The US$30-million plant would produce five million digital
cameras by 2007, the newspaper said.
CONTACT:
Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086
UFJ CREDIT: METI OKs Business Restructuring Plan
------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of UFJ Credit Guarantee Company
under the Law on Special Measures for Industrial Revitalization
on September 16, 2005.
The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.
CONTACT:
Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html
=========
K O R E A
=========
HANARO TELECOM: Hints at Cutting Workforce
------------------------------------------
Hanaro Telecom Inc. alluded to possible job cuts during a recent
meeting to ride out current difficulties in the telecom
industry, The Korea Times relates citing union leader Kim Jeong-
kyu.
Mr. Kim said the union will not accept restructuring attempts
affecting union members, may it be firing workers or encouraging
them to leave the company through retirement bonuses.
Mr. Kim expects layoffs to begin as early as next month.
Hanaro has more than 1500 employees, about 1,300 are union
members. Thrunet, which it recently acquired, has some 220
employees. Hanaro is currently under the control of American
Investment Group (AIG) and Newbridge Capital-led consortium.
Mr. Kim accused the U.S.-based investors of trying to conduct
massive layoffs to boost share prices by reducing costs and
raising short-term corporate value.
"AIG and Newbridge are basically speculative funds and their
only goal is to cash in capital gains from their investment in
us. They seem to have no interest on the long-term development
of our company," Mr. Kim claimed.
Even if the company says that nothing has been fixed yet,
management has given a host of signals that it will reduce the
company's workforce in the near future.
The layoff rumor ignited following the resignation of then
president Yoon Chang-bun in early August which is a year early
of the end of his tenure.
The company claims that Mr. Yoon resigned voluntarily, but
Information-Communication Minister Chin Dae-je indicated that
the president resigned due to conflict with foreign investors
over restructuring.
Hanaro recently slashed 50 percent of its executives. Experts
point out that reducing the number of executives had been widely
regarded as the first restructuring step by foreign investors in
preparation for putting the company up for sale.
"Hanaro's foreign shareholders will conduct a substantial cut in
the firm's workforce to prop up its struggling share price,"
said Kim Kyung-mo, an analyst at Mirae Asset, basing his belief
on the assumption that AIG and Newbridge want to recoup their
investment by slimming Hanaro and Thrunet to boost share prices.
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
===============
M A L A Y S I A
===============
ANCOM BERHAD: Buys Back 15,500 Ordinary Shares
----------------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
Date of buy back: September 19, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 15,500
Minimum price paid for each share purchased (MYR): 0.635
Maximum price paid for each share purchased (MYR): 0.640
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 15,500
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 13,809,800
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
ASIAN PAC: Parties Agree to Extend Implementation of Proposals
--------------------------------------------------------------
Reference is made to Asian Pac Holdings Berhad's (Asianpac)
announcements made to Bursa Malaysia Securities Berhad dated
March 19, 2004 and March 21, 2005 on the Proposed Corporate
Restructuring Scheme, which has been approved by the Securities
Commission vide its letter dated August 25, 2005.
Among others, the Proposed Corporate Restructuring Scheme
includes the proposed acquisitions by Asianpac of 100 percent
equity interest in both Quality Trend Sdn Bhd and Changkat Fajar
Sdn Bhd (Proposed QTSB Acquisition and Proposed CFSB
Acquisition).
The two respective sale and purchase agreements for the Proposed
QTSB Acquisition and Proposed CFSB Acquisition, which were first
extended on March 18, 2005 for a period of six (6) months, have
expired on September 18, 2005.
On behalf of the Board of Directors of Asianpac, Hwang-DBS
Securities Berhad advised that on September 16, 2005, by way of
exchange of letters between Asianpac and the vendors of CFSB and
QTSB respectively, the parties to the two sale and purchase
agreements for the Proposed QTSB Acquisition and the Proposed
CFSB Acquisition have mutually agreed to extend the deadline for
the fulfillment of the conditions precedent stipulated therein
by a further six (6) months from September 18, 2005.
This announcement is dated 19 September 2005.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
GULA PERAK: Details Dealing in Firm's Securities
------------------------------------------------
Gula Perak Berhad advised Bursa Malaysia Securities Berhad that
it had on September 16, 2005 received a notice from Ms. Lim Bee
Khim, Financial Controller of the company that she has entered
into the following dealing in the securities of the Company.
Name of person Opening Balance Date Transacted Transfer
connected to a (Ordinary Share Acquire of
Director @ MYR1.00) (Disposal)
Lim Bee Khim Direct Interest 09/15/2005 (560,000)
% of Price Per Closing Balance % of Shares
Share Share (Ordinary Share @ RM1.00)
-0.09% 0.2770 9,215,000 1.43%
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688
HAP SENG: Repurchases Ordinary Shares
-------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: September 19, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 20,100
Minimum price paid for each share purchased (MYR): 2.140
Maximum price paid for each share purchased (MYR): 2.200
Total consideration paid (MYR): 44,314.58
Number of shares purchased retained in treasury (units): 20,100
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 33,309,200
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305
I-BERHAD: Purchases 43,000 Ordinary Shares
------------------------------------------
I-BERHAD provided Bursa Malaysia Securities Berhad details of
its shares buy back on September 19, 2005.
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 43,000
Minimum price paid for each share purchased (MYR): 0.890
Maximum price paid for each share purchased (MYR): 0.890
Total consideration paid (MYR): 38,553.93
Number of shares purchased retained in treasury (units): 43,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 3,517,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
KUMPULAN EMAS: Disposes of Shares in SYF Resources
--------------------------------------------------
The Board of Directors of Kumpulan Emas Berhad (KEB) informed
Bursa Malaysia Securities Berhad that the Company had, on
various dates, disposed 12,844,000 ordinary shares of MYR1.00
each in SYF Resources Berhad (SYF) from its shareholding of
15,538,000 shares.
The total cash consideration received amounted to MYR9,532,050.
With the said disposals, KEB ceased to be a substantial
shareholder of SYF on September 15, 2005, with a dilution of
equity interest from 19.45 percent to 3.37 percent.
The details of the transactions are shown in the table below.
The disposals were made for the purpose of generating additional
funds to be utilised for the repayment of loans. The investment
was held since 1997. The original cost of investment is MYR19.4
million and the net book value is MYR15 million. The expected
loss is MYR5.4 million.
The disposals will not have any effect on the issued and paid-up
share capital of the Company and will not have any material
impact on the earnings and net tangible assets of KEB Group.
None of the Directors and/or major shareholders of the Company
and/or persons connected with a Director or major shareholder
have any interest, direct or indirect, in the disposals.
The disposals are not subject to the approval of the
shareholders and relevant government authorities and have not
departed from the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities.
Transaction date No. of shares purchased/(disposed)
20 May 2005 2,620,000
26 May 2005 1,850,000
30 May 2005 743,000
31 May 2005 350,000
2 June 2005 600,000
3 June 2005 507,000
24 August 2005 2,520,000
8 September 2005 1,674,000
14 September 2005 80,000
15 September 2005 1,900,000
CONTACT:
Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan USJ 1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 603-80248899
Fax: 603-80248998
Email: (investor relations) maria@keb.com.my
(business opportunities) nfwong@keb.com.my
Web site: http://www.keb.com.my
LION CORPORATION: SC Scraps Proposed Disposal of LAP
----------------------------------------------------
Proposed acquisition by Lion Corporation Berhad (LCB) through
LCB Venture Pte Ltd (LCBV), a wholly owned subsidiary of LCB, of
148,750,644 ordinary shares of SGD0.10 each in Lion Asiapac
Limited (LAP) representing approximately 36.68 percent in the
issued and paid-up share capital of LAP together with
148,750,644 warrants in LAP for a purchase consideration of
SGD32,725,142 (equivalent to approximately MYR75,595,078) from
AMB Venture Sdn Bhd, a wholly owned subsidiary of Silverstone
Corporation Berhad (the Proposed LAP Acquisition)
On behalf of the Company, K&N Kenanga Bhd informed the exchange
that the Company has been informed by Silverstone Corporation
Berhad (SCB) that the proposed disposal of LAP by SCB to LCBV
was not approved by the Securities Commission (SC) vide its
letter dated September 16, 2005.
Further, the Company has been informed by SCB that they are
currently considering the SC's decision and their next course of
action.
This announcement is dated 19 September 2005.
CONTACT:
Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155
Fax: +60 3 2162 3448
MALAYAN UNITED: Corus Concludes Disposal of Hotels
--------------------------------------------------
Malayan United Industries Berhad provided Bursa Malaysia
Securities Berhad an update to the disposal by two (2) wholly
owned subsidiaries of Corus Hotels Plc, a 99.9 percent-owned
subsidiary of MUIB, of three (3) hotels to Noblelarge Limited
for a total cash consideration of GBP17.55 million (equivalent
to approximately MYR119.1 million) (disposal).
With reference to our previous announcement dated August 29,
2005 in respect of the Disposal, the company announced that the
Disposal was completed on September 16, 2005.
This announcement is dated 19 September 2005.
CONTACT:
Malayan United Industries Bhd
14th Floor, MUI Plaza, Jalan P. Ramlee,
Kuala Lumpur Wilayah Persekutuan 50250
Telephone: 03-21482566
Fax: 03-31689117,03-31670211
MAGNUM CORPORATION: Issues New Shares for Listing
-------------------------------------------------
Magnum Corporation Berhad advised that its additional 16,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, September 21, 2005.
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885
MERCES HOLDINGS: Posts No Changes to Payment Default Status
-----------------------------------------------------------
The Board of Directors of Merces Holdings Berhad informed Bursa
Malaysia Securities Berhad that there is no change in the status
of default payments of interests and principal sum due to
Southern Bank Bhd. since the last announcement dated August 9,
2005.
This announcement is dated 19th September 2005.
CONTACT:
Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101
PANTAI HOLDINGS: Unit Rents 6-Storey Hospital Building
------------------------------------------------------
Pantai Holdings Berhad (PHB) advised that Pantai Management
Resources Sdn Bhd (PMRSB), a wholly owned subsidiary of the
company, acting in the capacity of trustee for a company within
the PHB group of companies to be nominated, had on September 19,
2005 entered into a long-term tenancy agreement (Agreement) with
Penggaram Medical Centre (Johor) Sdn Bhd (Landlord), for the
purpose of renting a completed six storey, purpose-built
hospital with a total tenantable area of approximately 150,076
square feet (Hospital) located in Batu Pahat, Johor.
The Hospital, which has a capacity of 140 beds, upon its
commissioning, will be the eighth hospital in the PHB group of
hospitals. The Hospital is expected to be commissioned during
the fourth quarter of year 2006 and will offer a wide range of
services and facilities including an intensive care unit and
coronary care unit, neonatal intensive care unit, emergency
department, operating rooms, labour wards, delivery suites,
comprehensive imaging and laboratory services, amongst others.
An initial investment of MYR19.6 million is expected to be
incurred for purposes of renovation and purchase of equipment
before the Hospital is launched, which will be sourced from
internally generated funds and borrowings.
The Agreement is conditional upon the Landlord fulfilling the
following within a period of three (3) months from the date of
the Agreement:
(1) The issuance of a permanent Certificate of Fitness of
Occupation (CFO) from the relevant authorities;
(2) The approval for the operation of the Hospital on the piece
of land where the Hospital is built upon from the relevant
authorities.
None of the Directors and major shareholders of PHB or persons
connected to them have any interest in the above transaction,
directly or indirectly.
The Agreement is available for inspection at the registered
office of PHB at 3rd Floor, Block B, Pantai Medical Centre, 8
Jalan Bukit Pantai, 59100 Kuala Lumpur during office hours from
Monday to Friday for a period of three months from the date of
this announcement.
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528
PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad advised that its additional 5,535,300 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, September 21, 2005.
PUNCAK NIAGA: Inks Facilities Agreement with Consortium of Banks
----------------------------------------------------------------
Puncak Niaga Holdings Berhad (Puncak) provided Bursa Malaysia
Securities Berhad a Press Release on signing of facilities
agreements in respect of the BAI Bithaman Ajil Islamic
securities of up to MYR3 billion and Al-Kafalah Performance Bond
Facility of up to MYR50 million by 70 percent owned subsidiary,
Syarikat Bekalan Air Selangor Sdn Bhd.
Reference is made to Puncak's earlier announcement on September
12, 2005 (which was released by Commerce International Merchant
Bankers Berhad on Puncak's behalf) in relation to the "Proposed
Issue Of Up To MYR200 Million Nominal Value Bai Bithaman Ajil
Commercial Papers (CP) Programme And Up To MYR3 Billion Nominal
Value Bai Bithaman Ajil Medium Term Notes (MTN) Programme By
Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), A 70-percent
Owned Subsidiary Of Puncak (Proposed BBA Programmes)".
Puncak informed the Exchange that a press release was issued by
SYABAS in conjunction with the Signing Ceremony of the
Facilities Agreements with the Consortium of Banks comprising
Bank Islam Malaysia Berhad, Bumiputra-Commerce Bank Berhad,
Commerce International Merchant Bankers Berhad and HSBC Bank
Malaysia Berhad in respect of the Bai Bithaman Ajil Islamic
Securities of up to MYR3 Billion And Al-Kafalah Performance Bond
Facility of up to MYR50 Million.
A copy of the press release by SYABAS is enclosed.
This announcement is dated 19 September 2005.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
TELEKOM MALAYSIA: New Shares Up for Listing, Quotation
------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 134,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, September 21, 2005.
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S
TRADEWINDS CORPORATION: Completes Proposed Acquisition
------------------------------------------------------
Tradewinds Corporation Berhad furnished Bursa Malaysia
Securities Berhad details on the proposed acquisition by
Tradewinds International Insurance Brokers Sdn Bhd (TIIB)
(formerly known as Pernas International Insurance Brokers Sdn
Bhd) of the entire equity interest in SKS Agency Sdn Bhd (SKS)
for a cash consideration of MYR10,000,000 (proposed
acquisition).
Reference is made to TCB's announcement dated June 3, 2005 in
relation to the Proposed Acquisition.
The company advised that the Proposed Acquisition has been
completed.
This announcement is dated 19 September 2005.
=====================
P H I L I P P I N E S
=====================
APEX MINING: Crew Gold, Mapula Creek to Submit Tender Offers
------------------------------------------------------------
Crew Gold Corporation and Mapula Creek Gold Corporation has
informed Apex Mining Co. Inc. that they intend to commence with
the tender offer for all the Class "A" and Class "B" shares of
Apex Mining Co. Inc.
They will be filing their respective Tender Offer Reports (SEC
Form 19-1) on September 23, 2005.
Shareholders of Apex Mining Co. Inc. as at September 26, 2005
(the Record Date) may tender all or a portion of their shares
for acceptance and purchase by Mapula Creek Gold Corporation
(for Class "A" shares) or Crew Gold Corporation (for Class "B"
shares) beginning at 9:00 a.m. of September 26, 2005 until 5:00
pm of October 21, 2005 (the "Tender Offer Period").
The tender offer price for both Class "A" and Class "B" shares
of Apex Mining CO. Inc. will be at Sixty-Seven Twenty-Four
centavos (Php0.6724) per share. The other details of the tender
offer will be made available after Crew Gold Corporation and
Mapula Creek Gold Corporation submit their respective Tender
Offer Reports.
CONTACT:
Apex Mining Company Inc.
6/F Manila Bank Building
6772 Ayala Avenue, Makati City 1226
Telephone: 810-0882; 892-6504
Fax: 810-0887
HACIENDA LUISITA: Gov't Presents Options to Settle Row
------------------------------------------------------
Options are being lined up to settle a dispute between the
management and the farm workers of Hacienda Luisita Inc. (HLI),
according to BusinessWorld.
The legal committee of the Department of Agrarian Reform (DAR)
is set to present three options to resolve the stock
distribution option deal between the HLI's management and
workers.
Agrarian Reform Secretary Nasser C. Pangandaman will then choose
among the options to resolve the long-drawn out dispute.
DAR has remained silent about the actual options, but an
official revealed voiding the stock deal is among them.
This raises concerns of setting a precedent in handling similar
disputes involving stock distribution deals. There are currently
13 stock deals enforced nationwide.
Under the 1989 stock distribution contract by the HLI management
and farm workers, the management will distribute shares of
stocks to the farmers in lieu of some 5,000 hectares of lands
under the agrarian reform program. About 96 percent of the HLI
farmers or about 6,000, voted to take the stock distribution
option.
The deal had stipulated a third of the total Luisita shares, or
about 118,000 shares, will be divided among the farm workers and
the sugar millers of the Central Azucarera de Tarlac.
More than a year ago, the Luisita farmers asked the Agrarian
Reform department to cancel the deal due to alleged violations
of the management.
Last year, Congress created the Task Force Hacienda Luisita to
respond to calls from farm worker beneficiaries to investigate
the Luisita's compliance with the contract.
The farmers had not been receiving dividends since 2004
principally due to Luisita's financial issues.
MUSIC SEMICONDUCTORS: Unveils Resignation, Appointment of Execs
---------------------------------------------------------------
In compliance with the continuing disclosure requirements of the
Exchange, Music Semiconductors Corporation reported that at the
special meeting of the Board of Directors of the Company held
Tuesday, September 20, 2005.
(1) Mr. Higinio O. Macadaeg, Jr. was elected as Director to
replace Mr. Antonio M. Cailao who resigned from the Board as
disclosed to the Exchange last August 23, 2005.
(2) Mr. Patrick L. Go resigned from the Board effective
September 30, 2005. Mr. Virgilio D. de Silva, Jr. was elected as
Director to replace Mr. Go.
(3) Ms. Ma. Therese G. Santos was appointed chairman of the
Compensation & Remuneration Committee to replace Mr. Go.
Mr. Macadaeg and Mr. De Silva are independent Directors. The
other independent Director of MUSX is Ms. Ma. Therese G. Santos.
The following are profiles of the new MUSX Directors:
Higinio O. Macadaeg, Jr., 46, is the Executive Vice President
and Chief Credit Officer of United Coconut Planters Bank since
September 2003. He was the Managing Director of
Risk Trends, Inc. from July 2002 to August 2003. He was
Executive Vice President and Senior Credit Officer of Equitable
PCI Bank from 2001 to 2002, Senior VP of Metropolitan
Bank and Trust Company from 2000 to 2001, Senior VP of Solidbank
Corporation from 1993 to 2000, Vice President of Standard
Chartered Bank from 1990 to 1993, Assistant VP of
Citytrust Banking Corporation from 1982 to 1989, Assistant
Manager of Filinvest Credit Corporation from 1981 to 1982. He
took his Bachelor of Science in Management at the Ateneo de
Manila University in 1981.
Mr. Macadaeg will sit as member of the Compensation and
Remuneration Committee. He will also be an alternate member of
the Nomination & Election Committee as well as of the Audit and
Compliance Committee.
Virgilio D. de Silva, Jr., 31, is the Vice President of Value
Line Holdings, Inc. since January 1993. Prior to this, Mr. de
Silva was Vice President of Probity Securities Management
Corporation where he was employed from 1992 to 2000. Mr. de
Silva received his Bachelor of Science in Business Management
from The International Academy of Management and Economics in
1991.
Mr. de Silva will sit as member of the Nomination and Election
Committee. He will also sit as an alternate member of the
Compensation and Remuneration Committee and of the Strategic
Direction Committee.
CONTACT:
MUSIC SEMICONDUCTORS CORPORATION
110 Excellence Ave. cor. Accuracy Drive, SEPZ 1
Carmeiray Industrial Park, Canlubang
Laguna, Philippines 4028
Phone: (049) 5491480 (NDD)
63-49 5191480 (Int'l)
Fax: (049) 5491024 (NDD)
63-49 5491024 (Int'l)
NATIONAL FOOD: Instructed to Continue Selling Rice at Php16/kg
--------------------------------------------------------------
The National Food Authority (NFA) has been instructed by
Malacanang to continue selling the agency's regular-milled rice
(RMR) at the present level of Php16 per kg.
This is in line with the government's pronouncement that it will
focus its efforts on keeping the prices of basic commodities
within the reach of the poor despite increases in the prices of
fuel.
"The President's instruction to ensure that regular-milled rice
should remain at Php16/kg will provide our people, especially
the poor, the most economic and healthy alternative since RMR is
also more nutritious than the whiter, more polished rice - thus
getting more value for their money," NFA administrator Gregorio
Y. Tan, Jr. explained.
The food agency, according to Mr. Tan, is coordinating with
other government offices and local government units to implement
the government's thrust to keep prices of rice and other
commodities at stable levels. This despite the fact that the
government's low-priced rice has been constantly available to
the poor through the NFA's accredited outlets nationwide.
Rolling stores being operated by the agency are also deployed on
a daily basis to sell rice and other basic commodities to
depressed areas not only in Metro Manila but also in some
provinces nationwide. The schedule of deployment of these mobile
stores are continuously being aired through the media to make
more people aware of their services, the NFA said.
Sufficient allocations for accredited retailers are also ensured
so that NFA rice would continuously be visible in the markets
and accessible to the ultimate consumers. Monitoring activities
of the agency under its "Palengke Watch" program have also been
intensified to keep track of the prices and supply of the staple
in the market.
The NFA administrator warned grains businessmen that their
allocations from the NFA will be canceled if they are found
violating the rules and regulations in rice trading.
CONTACT:
National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/
NATIONAL HOME: Prosecutor Junks Raps vs. Exec
---------------------------------------------
A case against National Home Mortgage Finance Corporation
(NHMFC) official Nestor Favila was junked by a local
prosecutor's office, Tempo reports.
The Makati City Prosecutor's Office has dismissed for
insufficiency of evidence the two complaints for indirect
bribery and robbery/extortion against Mr. Favila.
In a two-page resolution, Asst. City Prosecutor Benjamin Vermug
Jr., however, found probable cause to warrant indictment against
responded Mr. Favila for violation of Section 3 of the Anti-
Graft and Corrupt Practices Act or R.A. 3019.
Mr. Vermug's recommendation was approved by Second Asst.
Prosecutor Rudolfo Lalin and City Prosecutor Feliciano Aspi.
A motion for recommendation filed by Favila's legal counsel,
Francisco Rivera, is still pending with the Makati City Regional
Trial Court.
Mr. Favila, head of the NHMFC Task Force on Special Projects, is
now under preventive suspension as a consequence.
NHMFC, which has a deficit of Php8.3 billion, is among the top
troubled state-run firms.
About NHMFC
The NHMFC is the major government home mortgage institution. Its
initial main function is to operate a viable home mortgage
market, utilizing long-term funds principally provided by the
Social Security System, the Government Service Insurance System,
and the Home Development Mutual Fund to purchase mortgages
originated by both public and private institutions that are
within government-approved guidelines. It is also charged with
the development of a system that will attract private
institutional funds into long-term housing mortgages.
CONTACT:
National Home Mortgage Finance Corporation
Filomena III Bldg., 104 Amorsolo St.,
Legaspi Village Makati City
Telephone: 892-5146 / 892-5430
NATIONAL POWER: Engineered to Lose Money; Says AIM Professor
------------------------------------------------------------
The National Power Corporation (Napocor) was "engineered to lose
money," Asian Institute of Management associate professor
Fernando Y. Roxas told BusinessWorld.
Mr. Roxas, former consultant of Napocor's privatization, said
the state firm is still suffering from financial backlash
brought about by the uncertainties in the economic and political
scenario.
He said Napocor's finances became such a headache as it was used
as "an instrument of policy" by which different administrations
incorporated subsidies for consumers, which in effect, hindered
its financial growth. This was aggravated by the current
accounting system used to set its rate structure.
Mr. Roxas said the firm, as shown by its past, "had foreseen or
planned" well but uncertainties continue to hound its
privatization. The interests of both the government and the
private sector is imprisoned in a "vicious loop" which
underscores the regulatory burden, price controls, financial
set-up among others.
He said Napocor could have been privatized back in 1998, when
economies were already adjusting, but failed due to the delayed
passage and implementation of the law reforming the power
sector.
Napocor, on one hand, had too much debt that is not included in
its operating asset portfolio. Non-operating assets, based on
its 2002 balance sheet, therefore translate to a 60 percent
ratio which means that Napocor had to borrow US$3 of every US$5
worth of debt to finance an asset that is neither directly
related to the generation nor the transmission of electricity,
for which it is not earning any returns via its power rates.
Mr. Ramos stressed that with Napocor's crisis, nuclear power is
now a "promising" alternative to the problem on the looming
power crisis.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
VICTORIAS MILLING: Regulator Orders Payment to BPI
--------------------------------------------------
The corporate watchdog has directed Victorias Milling
Corporation (VMC) to pay Bank of the Philippines Islands (BPI)
after the lender finally agreed to the sugar firm's
rehabilitation plan, BusinessWorld reports.
The Securities and Exchange Commission (SEC) on August 19
resolved to grant BPI's withdrawal of opposition to VMC's
rehabilitation proposal. The regulator's move has enabled BPI to
participate as creditor in the debt restructuring agreement and
other pertinent agreements.
As petitioner, Victorias is ordered to release all payments
previously withheld in favor of creditor BPI based on the
approved alternative rehabilitation plan.
BPI withdrew opposition on the approved rehabilitation plan on
June 20.
A key element of the approved rehabilitation plan is the
restructuring of the loans from banks and financial
institutions.
VMC and the secured and unsecured creditors inked a debt
restructuring agreement on April 29, 2002 which provided, among
others, for the conversion of Php1.1 billion in loans into
equity, conversion of Php2.4 billion in loans into convertible
notes, restructuring of the remaining balance of the loans, the
outstanding loans of secured and unsecured creditors holding
sugar quedans as collateral will have the same terms and
conditions as that of the restructured loans of the unsecured
creditors under the deal, including a restructuring period of 15
years.
CONTACT:
Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
=================
S I N G A P O R E
=================
CENTRAL PROPERTIES: To Be Delisted from SGX Today
-------------------------------------------------
By a letter dated March 8, 2004, the Singapore Stock Exchange
(SGX) informed Drew & Napier LLC, the solicitors acting for the
Liquidators of Central Properties Limited, that they had
approved in principle the Liquidators' application for the
delisting of the Company subject to the completion of the
voluntary liquidation.
On behalf of the Liquidators, Drew & Napier LLC wrote to the SGX
on Aug. 15, 2005 to request that the delisting of the Company
occur before the completion of the voluntary liquidation; the
SGX replied on Sept. 8, 2005 that they had no objections to such
request, subject to an announcement being made on the details of
the delisting.
The Liquidators therefore announce that the Company will be
delisted on/with effect from Sept. 21, 2005, 9:00 a.m.
Following the delisting, the Company's stock units deposited
with the Central Depository (Pte) Limited (CDP) will be deemed
withdrawn, and the CDP shall deliver the documents evidencing
title to such stock units together with the instruments of
transfer thereof in the name of the Company stockholders. The
Company will thereafter complete the appropriate certificate in
the name of the stockholder and deliver the completed
certificates to the stockholders by registered post at their
informed addresses as informed by the CDP.
Please note that the above is applicable only to stock units
that are deposited with the CDP.
Dated: Sept. 19, 2005
Ong Yew Huat
Liquidator
Central Properties Limited's principal activities are the
investment holding and investment trading, mainly in quoted
equity shares. Operations of the Group are carried out mainly in
Singapore.
CONTACT:
Central Properties Limited
2 Tannery Road #01-01 Cencon Building
Singapore 347720
Phone: 65 6741 2232
Fax: 65 6741 4991
CENTRAL PROPERTIES: Liquidators to Detail Wind Up Manner
--------------------------------------------------------
Notice is hereby given that the Annual General Meeting of
Central Properties Limited - in Members' Voluntary Liquidation -
will be held on Oct. 6, 2005, 10 a.m. at 10 Collyer Quay, 29th
Floor, The Straits Room, Ocean Building, Singapore 049315, for
the following purposes:
1. Presentation by the Liquidators:
As the liquidation of the Company will not be completed by Sept.
28, 2005, the Company liquidators will provide an account as to
their acts and dealings and the conduct of the winding up of the
preceding year; and
2. Approval of Liquidators' Fees:
To consider and, if thought fit, to pass the following
Resolution:
That pursuant to Section 294 of the Companies Act & Article 123
of the Company's Articles of Association, the Liquidators be
entitled to be paid their fees from Aug. 27, 2004 to Sept. 27,
2005.
3. Approval of Minutes of Annual General Meeting
To approve, by resolution, the minutes of the Annual General
Meeting to be held on Sept. 28, 2005.
4. Any Other Business
To transact any other business that may be transacted at an
Annual General Meeting.
Ong Yew Huat
Liquidator
C/o Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315
Note:
A Company member entitled to attend and vote may appoint not
more than two proxies to attend and vote instead of him. A proxy
need not be a member.
If a proxy is to be appointed, the form must be deposited at
Central Properties Limited, c/o Ernst & Young, 10 Collyer Quay,
#21-01 Ocean Building, Singapore 049315 not less than 48 hours
before the scheduled time of the meeting.
CITIRAYA INDUSTRIES: Secures Investment From Two Firms
------------------------------------------------------
On Sept. 19, 2005, Citiraya Industries Limited announced that
the Company has achieved its objective to secure credible
investors by entering into an investment agreement with Heshe
Holdings Limited and Chip Lian Investments Pte Limited, which is
controlled by Mr. Oei Hong Leong.
Under the terms of the investment agreement, both companies will
subscribe for 948,724,172 shares each at a total subscription
price of SGD10 million each, representing approximately 75% of
the Company's enlarged issued and paid up capital.
In addition, both companies have each been granted an option to
subscribe additional 948,724,172 shares in the Company at the
same price as that of the New Shares, within one year of the
completion of the agreement.
Heshe Holdings and Chip Lian have agreed to place a SGD4 million
deposit in an escrow account, with SGD2 million to be placed
within three days of the execution of the investment agreement
and the remaining SGD2 million within three months of the
execution of such agreement.
The Company has also agreed to grant both investors a right of
first refusal on the terms and conditions of the investment
agreement, to revise its investment offer to match or better any
other offer that the Company may receive prior to June 2006.
The Company sees that the investments by Heshe Holdings and Mr.
Oei Hong Leong will lead to significant benefits. This is
becuase of the business synergy that arises with Heshe Holdings
and the proven track record, vast businss experience and network
that Mr. Oei brings to the table. The combined forces of both
firms will rejuvenate the Company, and, in turn, provide value
to all stakeholders.
CONTACT:
Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com
HOTEL MALAYSIA: SGX Oks Delisting Before Liquidation
----------------------------------------------------
By a letter dated March 8, 2004, the Singapore Stock Exchange
(SGX) informed Drew & Napier LLC, the solicitors acting for the
Liquidators of Hotel Malaysia Limited, that they had approved in
principle the Liquidators' application for the delisting of the
Company subject to the completion of the voluntary liquidation.
On behalf of the Liquidators, Drew & Napier LLC wrote to the SGX
on Aug. 15, 2005 to request that the delisting of the Company
occur before the completion of the voluntary liquidation; the
SGX replied on Sept. 8, 2005 that they had no objections to such
request, subject to an announcement being made on the details of
the delisting.
The Liquidators therefore announce that the Company will be
delisted on/with effect from Sept. 21, 2005, 9:00 a.m.
Following the delisting, the Company's stock units deposited
with the Central Depository (Pte) Limited (CDP) will be deemed
withdrawn, and the CDP shall deliver the documents evidencing
title to such stock units together with the instruments of
transfer thereof in the name of the Company stockholders. The
Company will thereafter complete the appropriate certificate in
the name of the stockholder and deliver the completed
certificates to the stockholders by registered post at their
informed addresses as informed by the CDP.
Please note that the above is applicable only to stock units
that are deposited with the CDP.
Dated: Sept. 19, 2005
Ong Yew Huat
Liquidator
Hotel Malaysia's principal activities are those of investment
holding and trading in shares and derivative contracts relating
to options. Operations of the Group are carried out mainly in
Singapore.
CONTACT:
Hotel Malaysia Limited
21 Mount Elizabeth
Singapore 228516
Phone: 65 6235 0455
Fax: 65 6734 8055
HOTEL MALAYSIA: Schedules Annual Meeting on Sept. 22
----------------------------------------------------
Notice is hereby given that the Annual General Meeting of Hotel
Malaysia Limited - in Members' Voluntary Liquidation - will be
held onSept. 22, 2005, 10 a.m. at 10 Collyer Quay, 29th Floor,
The Straits Room, Ocean Building, Singapore 049315, for the
following purposes:
1. Presentation by the Liquidators:
As the liquidation of the Company will not be completed by Sept.
28, 2005, the Company liquidators will provide an account as to
their acts and dealings and the conduct of the winding up of the
preceding year; and
2. Approval of Liquidators' Fees:
To consider and, if thought fit, to pass the following
Resolution:
That pursuant to Section 294 of the Companies Act & Article 123
of the Company's Articles of Association, the Liquidators be
entitled to be paid their fees from Aug. 27, 2004 to Sept. 27,
2005.
3. Approval of Minutes of Annual General Meeting
To approve, by resolution, the minutes of the Annual General
Meeting to be held on Sept. 28, 2005.
4. Any Other Business
To transact any other business that may be transacted at an
Annual General Meeting.
Ong Yew Huat
Liquidator
C/o Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315
Note:
A Company member entitled to attend and vote may appoint not
more than two proxies to attend and vote instead of him. A proxy
need not be a member.
If a proxy is to be appointed, the form must be deposited at
Central Properties Limited, c/o Ernst & Young, 10 Collyer Quay,
#21-01 Ocean Building, Singapore 049315 not less than 48 hours
before the scheduled time of the meeting.
STARTECH ELECTRONICS: Mulls Acquisition of Foreign Business
-----------------------------------------------------------
Startech Electronics Limited announced that the Company received
an indicative offer for a significant acquisition of a foreign
business, which if accepted and approved, would result in a
reverse take-over of the Company. Startech Group is reviewing
the offer, and will disclose its intention and details at the
appropriate time.
Submitted by
Lim Tai Toon
Managing Director
CONTACT:
Startech Electronics Limited
No. 41 Senoko Drive
Singapore 758249
Email: info@startechgrp.com
Web site: http://www.startechgrp.com
*Bankruptices Fall by 24% Due to Employment Increase
----------------------------------------------------
Government figures indicate that as more jobs were created, the
number of bankruptices for the month of August dropped 24%,
reports Reuters News.
According to the Ministry of Law, the bankruptcy orders in the
state had fallen to 262 in August, down 15.5% from 310 in July,
and the total number of undischarged bankrupts reached 22, 540
as of Aug. 31, 2005.
Singapore law states that the High Court can delcare a person
bankrupt for debts of SGD10,000 or more.
In the April-to-June period this year, employement increased by
31, 700 jobs, compared to the previous quarter's 17,800
employment rise; more jobs were created in the manufacturing and
service sector. The country's economy has gorwn 18% in the
second quarter, and projected growth for the full year is
expected at between 3.5% and 4.5%.
Analysts say that bankruptices will continue to fall with the
employment rise.
===============
T H A I L A N D
===============
EASTERN WIRE: Unveils Changes in Shareholding Structure
-------------------------------------------------------
Eastern Wire Public Company Limited advised the Stock Exchange
of Thailand (SET) on the shareholder structure of the Company as
of September 12, 2005.
Name Amount (shares) Shareholding (%)
(1) Mr. Komol
Chaungrungraengkit 10,000,000 10.00
(2) DBS Vickers
Securities
Singapore 6,000,000 6.00
Ple. Ltd. for
Account Advance
Wealth Solutions Inc.
(3) Mr. Pirom Priyawat 5,691,960 5.69
(4) Asset Billion
Company Limited 2,506,312 2.51
The shareholder structure of the Company as of September 16,
2005
Name Amount (shares) Shareholding (%)
(1) Mr. Komol
Chaungrungraengkit 17,000,000 17.00
(2) Mr. Pirom Priyawat 7,563,918 7.56
(3) DBS Vickers Securities
Singapore 3,000,000 3.00
Ple. Ltd. for Account
Advance Wealth Solutions
Inc.
Please also note that the change in the shareholding structure
will not affect the existing management team as well as the
operations of the company.
Please be informed accordingly
Best regards,
Mr. Sontaya noicharoen
Chief Operation Officer
CONTACT:
Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067
PICNIC CORPORATION: Explains Gas Cylinder Procurement
-----------------------------------------------------
Picnic Corporation Plc. issued to the Stock Exchange of Thailand
(SET) information pursuant to its request to detail the
transaction with Sangthongthai Manufacture Cylinder Co., Ltd.
(Sangthong Thai) about the gas cylinders which the company
purchased from Sangthongthai.
(1) The Company had procured gas cylinders from many
manufacturers and sellers such as Sangthongthai Manufacture
Cylinder Co. Ltd. approximately 70.77 percent, Sahamitr Pressure
Container Public Co. Ltd. approximately 22.94 percent, Siam
Intermagnate Co. Ltd. approximately 3.11 percent, Linh Gas
Cylinder Co., Ltd. approximately 0.91 percent, Metal Mate Co.,
Ltd. approximately 1.70 percent, Sanguthai Co. Ltd.
approximately 0.33 percent and Universal Metal Drum Co. Ltd.
approximately 0.33 percent. To procure gas cylinder, the company
has the policy to consider the prices of the manufacturers and
sellers. The prices of all the manufacturers and sellers are not
much different.
The Company asked Sangthong Thai about the gas cylinder
procurement. The Company was informed by Sangthong Thai that
Sangthong Thai's business was related to gas cylinder repair and
manufacturing. The prices from the aforesaid procurement are not
different prices. Moreover, Sangtong Thai did not inform the
company about the source of procurement.
(2) The Company has procured gas cylinders by purchasing from
all the gas cylinder manufacturers and sellers in the aforesaid
industry.
Please be informed accordingly.
Yours faithfully,
Mr. Nattachai Aramrasmewanich
Managing Director
CONTACT:
Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com
*********
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
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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