/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/051012.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, October 12, 2005, Vol. 8, No. 202 Headlines A U S T R A L I A A.C.N. 002 936 914: Creditors Asked to Submit Debt Claims A.C.N. 100 210 437: Members Opt for Voluntary Liquidation A-GRADE POWDER: Set to Declare Dividend This Week B.&H. MOBBS: Enters Liquidation CARINYA PTY: Appoints Official Liquidator DARCA CLEANING: Liquidator to Detail Wind Up Manner DORRI-WOOD SALES: Members Pass Winding Up Resolution EASTRAD MEDICAL: Members Agree to Wind Up Firm E.N. CASEY: Schedules Final Meeting October 19 F.G. & G.E.: Liquidation Process Initiated GEOFF THIESS: Resolves to Close Down Business HOCKNEY PTY: Members Meeting Fixed October 19 LIHIR GOLD: Search for Missing Workers Continue MAYNE GROUP: Earmarks AU$85 Mln to Carve Up Ops MAYNE GROUP: Moody's Affirms Ba1 Ratings with Stable Outlook MINDEN PTY: Placed Under Voluntary Liquidation MOAMA INDUSTRIAL: Decides to Cease Operations MYER LIMITED: Loses Lingerie Deal to Parent's Rival OREHEK GROUP: Owner Faces Court after AU$20-Mln Scheme Fails PANTHER PETROLEUM: Members, Creditors Discuss Winding Up PGR AUSTRALIA: Creditors Name Paul Vartelas Liquidator PRIMARY INSURANCE: Declares First, Final Dividend QANTAS AIRWAYS: Singapore Snubs Merger RW NADER: Members Opt for Voluntary Winding Up SONS OF GWALIA: Zinifex in Tantalum Tie-up TELSTRA CORPORATION: Axe Hovers Above Sensis TELSTRA CORPORATION: Added to CSFB's Focus List TRUESDALE NOMINEES: Members, Creditors Decide to Liquidate Biz WILSMON PTY: To Pay Dividend to Priority Creditors * Alixpartners Establishes Cross-border Affiliations C H I N A & H O N G K O N G BANK OF CHINA: ADB to Pour in US$75-Mln Investment CWAP LIMITED: Winding Up Hearing Set October 26 DAN FORM: Assets to Liabilities Ratio Remains at 18% ETERNAL CHINA: Prepares to Wind Up Business JOYCA DEVELOPMENT: Court to Consider Appointment of Liquidators MEDICROSS LIMITED: High Court Orders Winding Up SHARP LIGHT: Set to Wind Up Business SWINK INSURANCE: Petition for Winding Up Granted UNIBO TRADING: Court to Hear Winding Up Petition Next Month YIM HOI: Enters Bankruptcy Proceedings YUEN CHAK: Court to Hear Receiver's Application I N D I A BHARAT PETROLEUM: Sees Rise in Refining Margins BHARAT PETROLEUM: Forms Gas Task Force with KRL DELPHI AUTOMOTIVE: Says Unaffected by Parent's Bankruptcy I N D O N E S I A BANK MANDIRI: Former Directors on Trial for Graft PERTAMINA: Seeks Financing Source to Operate Cepu Oil Block J A P A N HITACHI LIMITED: Toyota Buys Hybrid Parts HITACHI LIMITED: Targets JPY100 Bln in Biometric Device Sales MITSUBISHI MOTORS: Australian 380 Sedan Up for Sale SANYO ELECTRIC: Shares Down 2.4% After CFO's Departure TOMEN CORPORATION: Updates Financial Position K O R E A DAEWOO SHIPBUILDING: Wins KRW490.1-Bln Building Project HANARO TELECOM: Issues Notice of Small-Scale Merger M A L A Y S I A BELL & ORDER: Sees No Changes to Status of Payment Default BOUSTEAD HOLDINGS: Issues New Shares for Listing, Quotation CONSOLIDATED FARMS: Extends Period to Fulfill Conditions DATUK KERAMAT: Reasons Out Delay of Financial Statement DFZ CAPITAL: Awaits Completion of BTSB Disposal DUOPHARMA BIOTECH: Unveils Directors Dealing in Shares FARLIM GROUP: SC Rejects Proposed Rights Issue HABIB CORPORATION: Concludes Share Purchase Agreement MAXIS COMMUNICATIONS: Bourse to List, Quote Shares MEDIA PRIMA: New Shares Listed Monday NALURI CORPORATION: Awaits Completion of BTSB Acquisition OILCORP BERHAD: Receives Offer to Lead Fisheries Project OILCORP BERHAD: Explains Unusual Market Activity PANTAI HOLDINGS: Issues New Shares for Listing, Quotation PATIMAS COMPUTERS: Bourse to List, Quote Shares Today P H I L I P P I N E S COLLEGE ASSURANCE: Must Apply for Voluntary Insolvency LEPANTO CONSOLIDATED: Rights Offer Drive Shares Plunge NATIONAL POWER: Further Delay Seen for Privatization PHILIPPINE LONG: Fitch Affirms Ratings on Dividend Hike News UNIOIL RESOURCES: Mulls Asset Sale, Unit Spin-off S I N G A P O R E ARIES HOLDINGS: Creditors Asked to Submit Proof of Claims BOON CHANG: Court Issues Winding Up Order CHARTERED SEMICONDUCTOR: Expects SGD109-Mln Quarterly Loss CITIRAYA INDUSTRIES: Works to Form Review Committee CITIRAYA INDUSTRIES: New Investors Seek to Invest in Firm FUTURISTIC HOLDINGS: Liquidator Sets Deadline to Submit Claims HENLEY MANAGEMENT: Prepares to Distribute Dividend SHIP ANALYTICS: Creditors Must Submit Debt Claims Next Month T H A I L A N D JASMINE INTERNATIONAL: Disposes of Shares in Siam Teltech PHUKET AIRLINES: Impounded Jet Finally Returns Home PRASIT PATANA: Director Steps Down from Post THAI HEAT: SET Allows Trading of Securities - - - - - - - - ================= A U S T R A L I A ================= A.C.N. 002 936 914: Creditors Asked to Submit Debt Claims --------------------------------------------------------- Notice is given that creditors of A.C.N. 002 936 914 Pty Limited, whose debts or claims have not already been admitted, are required on or before Oct. 15, 2005 to prove their debts or claims and to establish any title they may have to priority by delivery or posting to the Liquidator's office formal proof of debt or claim in accordance with Form 535 or 536, containing their respective debts or claims. If they do not, they will be excluded from: (a) The benefit of any distribution made before the debts or claims are proved or their priority is established; and (b) Objecting to the distribution. Dated this 1st day of September 2005 Gary B. Holbrook Liquidator PKF Level 3, Suite 301, 304-318 Kingsway Caringbah NSW 2229 A.C.N. 100 210 437: Members Opt for Voluntary Liquidation --------------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of A.C.N. 100 210 437 Pty Limited held on Sept. 9, 2005, it was resolved that the Company be wound up voluntarily. At a creditors' meeting held on the same day, it was resolved that Peter Hillig of Smith Hancock Chartered Accountants, Level 4, 88 Phillip Street, Parramatta NSW 2150 be appointed Liquidator for the winding up. Dated this 9th day of September 2005 Peter Hillig Liquidator Smith Hancock Chartered Accountants Level 4, 88 Phillip Street Parramatta NSW 2150 A-GRADE POWDER: Set to Declare Dividend This Week ------------------------------------------------- A-Grade Powder Coating Services Pty Limited will declare a first and final dividend on Oct. 14, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 12th day of August 2005 Robyn Erskine Peter Goodin Joint Liquidators Brooke Bird & Co. Chartered Accountants 471 Riversdale Road, Hawthorn East Vic 3123 Phone: 03 9882 6666 B.&H. MOBBS: Enters Liquidation ------------------------------- At a meeting of the members of B.&H. Mobbs Transport Pty Limited held on Sept. 6, 2005, it was unanimously resolved that the Company be wound up, and that Stephen Gower Baker be appointed Liquidator for such purpose. Stepehn Baker Liquidator Stephen Baker & Co. Suite 2, 98 Woolwich Road Woolwich NSW 2110 Phone: 9817 6427 Fax: 9879 0964 CARINYA PTY: Appoints Official Liquidator ----------------------------------------- Notice is hereby given that at a general meeting of members of Carinya Pty Limited held on Sept. 12, 2005, it was resolved that the Company be wound up voluntarily, and that John William Woods, Chartered Accountant of 30 Davey Street, Hobart, Tasmania 7000 be appointed liquidator for such purpose. Dated this 13th day of September 2005 John W. Woods Liquidator Wilson Woods & Partners Chartered Accountant 30 Davey Street, Hobart Tas 7000 Phone: 03 6223 4343 DARCA CLEANING: Liquidator to Detail Wind Up Manner --------------------------------------------------- Notice is given that a meeting of the members and creditors of Darca Cleaning Pty Limited will be held on Oct. 19, 2005, 11:00 a.m. at the Conference Room, Worrells, Level 5, 15 Queen Street, Melbourne Vic 3000, for the following purposes: AGENDA (1) To receive the final receipts and payments from the Liquidator; (2) To receive formal notice of the end of the administration; (3) Any other business that may be considered with the foregoing. Dated this 2nd day of September 2005 Paul Burness Liquidator Worrells Solvency & Forensic Accountants Level 5, 15 Queen Street Melbourne Vic 3000 DORRI-WOOD SALES: Members Pass Winding Up Resolution ---------------------------------------------------- Notice is hereby given that at an Extraordinary General Meeting of Dorri-Wood Sales Pty Limited duly convened and held on Sept. 5, 2005, the following Special Resolution was passed: That the Company be wound up voluntarily, and that Geoffrey McDonald be appointed Liquidator for such winding up. Geoffrey McDonald Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney NSW 2000 EASTRAD MEDICAL: Members Agree to Wind Up Firm ---------------------------------------------- Notice is hereby given that at a general meeting of the members of Eastrad Medical Imaging Pty Limited held on Sept. 1, 2005, it was resolved that the Company be wound up voluntarily, and that Richard Herbert Judson of Members Voluntarys Pty Ltd be appointed liquidator. Dated this 7th day of September 2005 Richard H. Judson Liquidator Members Voluntarys Pty. Ltd. PO Box 819, Moorabbin Vic 3189 E.N. CASEY: Schedules Final Meeting October 19 ---------------------------------------------- Notice is hereby given that a final meeting of the members and creditors of E.N. Casey Pty Limited will be held on Oct. 19, 2005, 10:00 a.m. at the office of SV Partners, Level 16, 120 Edward Street, Brisbane, Queensland. AGENDA: (1) To receive an account by the Liquidators. (2) To discuss general business. Dated this 9th day of September 2005 Paul Sweeney Terry van der Velde Joint Liquidators C/o SV Partners Level 16, 120 Edward Street Brisbane, Queensland F.G. & G.E.: Liquidation Process Initiated ------------------------------------------ Notice is hereby given that at a general meeting of members of F.G. & G.E. Stones Pty Limited held on Sept. 6, 2005, it was resolved that the Company be wound up voluntarily, and that Kenneth Michael Whittingham of BDO Chartered Accountants & Advisers, 2 Market Street, Sydney be appointed liquidator of the Company. Dated this 6th day of September 2005 Kenneth M. Whittingham Liquidator BDO Chartered Accountants & Advisers Level 19, 2 Market Street Sydney NSW 2000 GEOFF THIESS: Resolves to Close Down Business --------------------------------------------- Notice is hereby given that at a general meeting of members of Geoff Thiess (Developments) Pty Limited held on Sept. 12, 2005, it was resolved that the Company be wound up voluntarily, and that Michael Owen, Chartered Accountant of BDO Kendalls, Level 18, 300 Queen Street, Brisbane Qld 4000 be appointed Liquidator for the winding up. Dated this 13th day of September 2005 Michael Owen Liquidator BDO Kendalls Level 18, 300 Queen Street Brisbane Old 4000 HOCKNEY PTY: Members Meeting Fixed October 19 --------------------------------------------- Notice is given that a meeting of the members of Hockney Pty Limited will be held on Oct. 19, 2005, 10:00 a.m. at Level 15, 201 Sussex Street, Sydney, NSW 1171 for the following purposes: AGENDA (i) To present the Liquidator's account before the members, showing how the winding up was conducted and the property of the Company disposed of, and to give any explanations as required; (ii) Any other business. Dated this 7th day of September 2005 David C. Pratt Simon John Cathro Liquidator PricewaterhouseCoopers Level 15, 201 Sussex Street Sydney NSW 1171 LIHIR GOLD: Search for Missing Workers Continue ----------------------------------------------- Lihir Gold is continuing a search and rescue mission for two workers missing after a landslide at its Papua New Guinea mine, which occurred Sunday morning, Asia Pulse reports. One worker was in the direct path of the landslide while the second was in a tugboat in Louise Harbour, which capsized due to a resulting tidal surge. Lihir Gold was forced to halt its operations last week after the landslide cut water supply to its processing plant. Brokerage UBS, meanwhile, has downgraded its rating on Lihir because of a drop in its share price but said it still remained positive on the stock. UBS estimated every week of lost production would mean 22,500 ounces of lost gold production or US$10.6 million in lost revenue. Goldman Sachs JBWere, on the other hand, said the landslide highlighted the risk of single mine operating companies but has maintained its buy recommendation. It said the time to re- establish the water connection will determine if Lihir achieves 700,000 ounces for calendar year 2005 or not. It added that the miner was unlikely to meet its target if the delay would exceed one week. Credit Suisse First Boston also believed the natural occurrence confirmed the risk associated with Lihir. CONTACT: Lihir Gold Limited Papua New Guinea Head Office Level 7, Pacific Place Cnr. Champion Parade & Musgrave Street Port Moresby Phone: (+675) 321 7711 Fax: (+675) 321 4705 Australia Level 14, 12 Creek Street Brisbane Queensland 4000 Phone: (+617) 3229 5483 Fax: (+617) 3229 5950 E-mail: Joe.Dowling@lihir.com.pg Web site: http://www.lihir.com.pg MAYNE GROUP: Earmarks AU$85 Mln to Carve Up Ops ----------------------------------------------- Mayne Group will spend AU$85 million to separate its global pharmaceutical business from its domestic operations, The Age reveals. Investors will vote on the plan next month. The health-care company on Monday released a 332-page document explaining the reasons for separating Mayne Pharma from its local business, which will be rebranded Symbion Health. While Mayne has consistently claimed the demerger will increase shareholder value, the market will have to wait to hear from incoming chief executives - Mayne Pharma's Thierry Soursac and Symbion Health's Robert Cooke - for guidance on earnings. The forecast for Mayne Pharma has been maintained at 15-20 percent long-term annual growth, while steady growth is tipped for Symbion Health. Mayne Group Managing Director Stuart James said the group's directors planned to vote in favor of the demerger at the November 16 meeting. CONTACT: Mayne Group Level 21/390 St Kilda Rd Melbourne 3004 Phone: +613 9868-0700 Web site: http://www.maynegroup.com/ MAYNE GROUP: Moody's Affirms Ba1 Ratings with Stable Outlook ------------------------------------------------------------ Moody's Investors Service on Monday affirmed Mayne Group Limited's (Mayne) senior unsecured rating of Ba1. At the same time, Moody's revised the rating outlook to stable from negative. The change in outlook follows the announcement today that the company will proceed with the demerger of its international pharmaceutical business (Mayne Pharma). However, the process is contingent on shareholders accepting or rejecting the proposal at the scheme meeting on November 16, 2005. Moody's noted that the outlook will be stable irrespective of whether shareholders accepted the proposal or not. The domestic business entity would retain the four key business segments of pathology, diagnostic imaging, pharmacy services and consumer brands, while the global pharmaceuticals division would be spun off as a separately listed entity called Mayne Pharma Limited. The new name of the domestic business would be Symbion Health Limited (Symbion Health). A decision by shareholders to accept the demerger proposal would see the rating remain as stable. Moody's considers that the pharmaceuticals business entails a higher level of operational risk, including a substantial level of funds required to develop a pipeline of products and the corresponding risk associated with managing this pipeline in a highly competitive environment. If this business segment demerged, Symbion Health would have a narrower business profile and would be focused on lower risk essential healthcare services within the domestic economy. Symbion Health would be expected to retain almost all the debt of Mayne Group, materially increasing leverage. As a result, the stability of Symbion Health 's prospective operating risk profile would be equally offset by the reduction in business diversity and higher debt levels. However, should shareholders reject the proposal to demerge, then the rating outlook is expected to remain as stable, reflecting the diversity of operations within Mayne's profile and its solid margins. Moody's would not be rating Mayne Pharma Limited should the demerger proceed. Mayne Group's current rating reflects the following strengths: 1) significant portion of revenues are provided from government- based Medicare funding, 2) relatively stable revenue streams from essential health services, 3) high barriers to entry, including capital costs and accreditation requirements, and 4) diversified operations across four primary healthcare sectors At the same time, the rating reflects the following credit challenges: 1) evolving corporate strategy characterized by history of major asset sales, 2) high leverage, incorporating operating leases, pharmacy loan guarantees and securitisation facility, and 3) threat of deregulation in the pharmacy sector. Symbion Health would have a stable operating profile, reflective of the constant demand and revenue profiles exhibited by the core divisions of pathology and diagnostic imaging. Moody's considers that the relatively high level of government-funded Medicare payments support demand, while the essential nature of the healthcare services provided entails a high level of predictability in the group's revenue streams. In the core areas of pathology and diagnostics, significant barriers to entry support the group's credit profile. These barriers include the level of capital required to obtain the necessary equipment and economies of scale to actively compete in the market. The accreditation requirements and shortage of skilled personal also provide significant barriers to new entrants. If the demerger proceeds, Mayne's asset base is expected to fall by approximately 40%, while revenues are expected to drop by 14%, leading EBIT to decline by approximately 36%. In addition, the demerger would result in almost all existing debt remaining at Symbion Health resulting in a substantial increase in anticipated leverage. Consequently, the risk is that the company would be less well positioned to weather any downturn in operating margins. Moody's notes that should the demerger proceed, the US$291 million of bonds due in February 2006 would be refinanced through committed bank facilities. The US$200 million 144a bonds due in 2011 will be optionally redeemed prior to the demerger due to the inability to satisfy all the covenants contained in the bond indenture as a result of the demerger. As a result, Symbion Health would likely be financed by bank debt after February 2006. Assuming the demerger proceeds, the rating may come under upward pressure should the new management team establish a track record of running the company in a stable and effective manner coupled with an expectation that adjusted debt to EBITDAR falls below 4.0x on a sustainable basis. Alternatively, negative rating pressure may emerge if operations suffer declining revenues or margins; free cash flow becomes negative; or adjusted debt to EBITDAR is likely to increase beyond 5.0x on a sustainable basis. The disposal of a major asset -- without an appropriate reduction in debt -- would also negatively impact the rating. Adverse changes to the level of government-based Medicare funding for the core areas of pathology, diagnostic imaging and prescription medicines may also exert negative pressure on the group's rating. Mayne Group Limited, headquartered in Melbourne, Australia, is a provider of healthcare services, including pathology and diagnostic imaging services, consumer brands, pharmacy distribution services and the development, manufacturing and distribution of pharmaceutical products. CONTACT: Sydney Peter Fullerton Analyst Corporate Finance Group Moody's Investors Service Pty Ltd JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 Sydney Brian Cahill Managing Director Corporate Finance Group Moody's Investors Service Pty Ltd JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 MINDEN PTY: Placed Under Voluntary Liquidation ---------------------------------------------- Notice is hereby given that at a general meeting of Minden Pty Limited held on Sept. 1, 2005, members resolved to voluntarily wind up the Company, and to appoint Richard Herbert Judson of Members Voluntarys Pty Limited to be Liquidator. Dated this 7th day of September 2005 Richard H. Judson Liquidator Members Voluntarys Pty Limited PO Box 819, Moorabbin Vic 3189 MOAMA INDUSTRIAL: Decides to Cease Operations --------------------------------------------- Notice is hereby given that at a Meeting of Members of Moama Industrial Solvents Pty Limited held on Sept. 7, 2005, it was resolved that the Company be wound up voluntarily and at a creditors' meeting held on the same day, it was resolved that Barry Keith Taylor of B.K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne be appointed Liquidator for such winding up. Dated this 8th day of September 2005 Barry K. Taylor Liquidator B. K. Taylor & Co. 8th Floor, 608 St. Kilda Road Melbourne MYER LIMITED: Loses Lingerie Deal to Parent's Rival --------------------------------------------------- Coles Myer's rival David Jones has clinched an exclusive deal with a French lingerie firm in its bid to acquire stores operated by Myer Limited, The West Australian reports. Under the five-year agreement, iconic underwear label Simone Perele will exit Myer to pave the way for a high-profile launch early next year through David Jones' network of 34 stores. Analysts believe the deal is a move by David Jones to capitalize on Myer's troubles, amid speculation the upmarket department store will cut a deal with a private equity group in a bid to bolster its network through the addition of some key Myer stores. Coles Myer is finalizing an information memorandum for potential buyers of its troubled department store unit Myer Limited and it is expected to release financial information on the 61-store chain later this month to interested parties. The list of potential suitors ranges from private equity firms to retailers such as David Jones and former Coles Myer Chairman Solomon Lew. CONTACT: Myer Limited 295 Lonsdale Street Melbourne Vic 3000 Telephone: (61 3) 9661 1111 Facsimile: (61 3) 9661 3770 Web site: http://www.myer.com.au OREHEK GROUP: Owner Faces Court after AU$20-Mln Scheme Fails ------------------------------------------------------------ Mr. Robert John Orehek, 43, of Castle Hill, New South Wales, appeared in the Downing Centre Local Court in Sydney on Tuesday, pleading not guilty to 31 criminal charges brought by the Australian Securities and Investments Commission (ASIC). Mr. Orehek was charged with four counts of fraudulent misappropriation and 27 counts of illegally issuing securities. ASIC alleges that, between February 2000 and November 2002, Mr. Orehek raised, through a group of seven private companies owned and controlled by him, over AU$20 million from 200 investors. Many of the investors were associated with the Hillsong Church in Castle Hill, NSW, and most investors have lost their money. The fraudulent misappropriation charges amount to AU$253,912 while charges regarding the illegal issuing of securities amount to AU$2.592 million. Mr. Orehek raised the funds for prime residential property developments in the Sydney suburbs of Balmoral, Northbridge, Wahroonga, Mosman, Rose Bay, Fairlight, Cherrybrook and Glenhaven. The funds were raised by issuing `Deeds of Loan' to the investors. The loans were unsecured. It is alleged that Mr. Orehek was offering returns to investors of up to 40 percent per annum and in some cases as much as 120 per cent per annum. None of the proposed property developments were ever completed and all of the companies in the Orehek group are in liquidation. These companies include Marriott Properties Pty Ltd, Platinum Finance Group Pty Ltd, Vogue Property Group Pty Ltd, Viscorp Investments Pty Ltd, Lane Properties Pty Ltd, Meridian Property Group Pty Ltd and Norton Investments Pty Ltd. In November 2003 ASIC obtained orders in the Supreme Court of New South Wales banning Mr. Orehek from managing corporations for eight years. Mr. Orehek was released on bail on condition that he reside at his current address and notify ASIC within 48 hours of any change of address, that he surrender his passport to ASIC within 48 hours of it being returned to him by his trustee in bankruptcy and not to approach points of overseas departure. Mr. Orehek will reappear in the Downing Centre Local Court on 6 December 2005. PANTHER PETROLEUM: Members, Creditors Discuss Winding Up -------------------------------------------------------- Notice is given that a joint meeting of the members and creditors of Panther Petroleum will be held on Oct. 19, 2005, 11:00 a.m. at the offices of GHK Green Krejci, 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 explanation that may be given by the Liquidator. Dated this 13th day of September 2005 Peter P. Krejci Liquidator GHK Green Krejci Level 9, 179 Elizabeth Street Sydney NSW 2000 PGR AUSTRALIA: Creditors Name Paul Vartelas Liquidator ------------------------------------------------------ Notice is hereby given that at a Meeting of Members of PGR Australia Pty Limited held on Sept. 6, 2005 it was resolved that the Company be wound up voluntarily, and Paul Vartelas of B.K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne was appointed Liquidator of the Company at a creditors' meeting held later the next day. Dated this 8th day of September 2005 Paul Vartelas Liquidator B. K. Taylor & Co. 8th Floor, 608 St. Kilda Road Melbourne PRIMARY INSURANCE: Declares First, Final Dividend ------------------------------------------------- Primary Insurance Brokers of Australia Pty Limited will declare a first and final dividend to its ordinary unsecured creditors on Oct. 12, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 23rd day of August 2005 M. J. M. SMITH Liquidator Smith Hancock Chartered Accountants Level 4, 88 Phillip Street Parramatta NSW 2150 QANTAS AIRWAYS: Singapore Snubs Merger -------------------------------------- Singapore Airlines (SIA) has rejected a possible merger with Qantas Airways as a means of securing access to the Pacific route to Australia, The Advertiser relates. SIA Chief Executive Chew Choon Seng said yesterday that the cabinet committee reviewing aviation policy must base its decision on Singapore's bid for access to the Pacific route on the merits of the arguments SIA and Qantas have put. Australian Prime Minister John Howard brushed off rumors of a merger earlier this year following an announcement that the Government was considering relaxing the foreign ownership restrictions of Qantas. Mr. Chew was in Australia to launch an agreement with Tourism Australia to invest AU$2 million a year promoting Australia in Britain, Germany, France, Japan, Singapore, China, India and Korea. Mr. Chew said the fund was not a ploy to attract support for the bid for the Pacific route, and was in addition to the $8 million a year that SIA spends promoting Australia in its normal marketing campaigns. CONTACT: Qantas Airways Limited Qantas Centre, Level 9, Building A, 203 Coward Street, Mascot, NSW, Australia, 2020 Head Office Telephone: (02) 9691 3636 Head Office Fax: (02) 9691 3339 RW NADER: Members Opt for Voluntary Winding Up ---------------------------------------------- Notice is hereby given that at a general meeting of the members of RW Nader Pharmacies held on Sept. 9, 2005, it was resolved that the Company be wound up voluntarily, and that Stephen Brennan and Ezio Marco Senatore of Senatore Brennan Rashid, Level 7, 28 University Avenue, Canberra ACT 2601 be nominated to act as Joint and Several Liquidators for the winding up. Dated this 12th day of September 2005 Stephen Brennan Ezio Marco Senatore Joint Liquidators Senatore Brennan Rashid Level 7, 28 University Avenue Canberra ACT 2601 SONS OF GWALIA: Zinifex in Tantalum Tie-up ------------------------------------------ Cashed up Zinifex has teamed with two firms as part of a plan to acquire Sons of Gwalia 's tantalum business, Sydney Morning Herald reports. A strategic alliance has been created between Zinifex, Haddington and Mitsubishi ahead of making a possible AU$400 million offer for the tantalum operations of the collapsed miner. Because it could be some time before a float or trade sale decision is made by the administrator of Sons of Gwalia on the tantalum business, the initial focus of the Zinifex alliance will be to explore for new deposits of the high-tech material. The main game for the alliance is to position itself in the queue as a bidder should the administrator decide on a trade sale of the business in preference to a float. 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/ TELSTRA CORPORATION: Axe Hovers Above Sensis -------------------------------------------- Telstra Corporation's advertising and directories arm Sensis is laying-off around 235 staff, The Australian Financial Review says. The redundancies are part of Telstra's effort to address Sensis' missed revenue targets and pressure to cut expenses. A letter to the Community & Public Services Union by Sensis national employee manager Ray Harris last month revealed the layoffs are being made in more than 10 departments. Sensis was unavailable for comment. But a spokeswoman said last week the job cuts weren't relates to the intensive strategic review being conducted by new Telstra Chief Executive Officer Solomon Trujillo. CONTACT: Telstra Corporation Level 41 - Telstra Centre, 242 Exhibition Street, Melbourne , Victoria, Australia, 3000 Telephone: (03) 9634 6400 Fax: (03) 9632 3215 Web site: http://www.telstra.com.au/ TELSTRA CORPORATION: Added to CSFB's Focus List ----------------------------------------------- Credit Suisse First Boston (CSFB) has revised its focus list, according to Australian Investment Review. The list includes stocks its research department has identified as having the potential risk-adjusted upside or downside. The change made by the broker has been to add Telstra to its list of long ideas, the broker having recently lifted its earnings forecasts on the stock in the expectation it can deliver cost savings sufficient to bring its cost to revenue ratio closer to that of its competitors. Other stocks in CSFB's list include Harvey Norman, Orica, Macquarie Infrastructure Group, James Hardie, Promina, Macquarie Bank and QBE Insurance. TRUESDALE NOMINEES: Members, Creditors Decide to Liquidate Biz -------------------------------------------------------------- Notice is now given that at a meeting of the members and creditors of Truesdale Nominees Pty Limited held on Sept. 8, 2005, creditors resolved that the Company be wound up, and R. A. Sutcliffe was appointed Company liquidator. Dated this 8th day of September 2005 R. A. Sutcliffe Liquidator Ground Floor, 192-198 High Street Northcote Vic 3070 Phone: 03 9482 6277 WILSMON PTY: To Pay Dividend to Priority Creditors -------------------------------------------------- Wilsmon Pty Limited will declare a first and final dividend to its priority creditors on Oct. 12, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 6th day of September 2005 A. H. Douglas-Brown Liquidator Bentleys MRI Perth Chartered Accountants 1st Floor, 10 Kings Park Road West Perth WA 6005 Phone: 08 9480 2000 * Alixpartners Establishes Cross-border Affiliations ---------------------------------------------------- AlixPartners, the international corporate turnaround, performance improvement, and financial advisory firm, announced its affiliation with two leading corporate turnaround firms: Galeazzi & Associados of Brazil and KordaMentha of Australia. The purpose of the affiliations is to support the needs of each firm's growing roster of multi-national clients and to expand market-leading relationships within the professional services and corporate communities of each firm. Combined, the firms field a team of more than 660 professionals operating in 19 offices around the world. "Our firms are well-matched. We share a set of values that puts bottom line results for our clients as a first principle," said Bob Dangremond Vice Chairman of AlixPartners. "We've built our firm one person at a time, ensuring that each professional meets the highest standards of experience, credentials and performance. Our mission is to become the pre-eminent one stop global business serving under performing, distressed and troubled companies." "We are pleased to be affiliated with AlixPartners," said Claudio Galeazzi, a founding partner of Galeazzi & Associados. "Our relationship is a natural fit and part of a winning strategy to provide professional services to our clients regardless of where those needs are. We can now offer access to expanded capabilities, professional resources and the strong relationships that are at the heart of successful corporate restructurings." Mark Korda, a founding partner of KordaMentha, said, "The affiliation is a natural fit and part of our strategy to continue to provide professional services to our clients that are at the cutting edge of global trends. KordaMentha will also be able to provide access to global markets and develop business models and strategies that will ensure we can improve our service offering for our Australian and international clients." Each firm will retain its existing ownership structure. About AlixPartners AlixPartners, LLC is a founding firm of the corporate turnaround industry, established in 1981. It has 450 employees specializing in a range of services focused on helping corporate clients solve complex business issues, including operational performance improvement, financial restructuring, interim management, corporate investigations and Sarbanes-Oxley compliance, IT performance improvement, electronic data discovery, commercial dispute resolution, and claims and estate management. AlixPartners has offices in New York, Los Angeles, San Francisco, Chicago, Dallas, Detroit, London, Munich, D�sseldorf, Milan and Tokyo. About Galeazzi & Associados Galeazzi & Associados has been a pioneer in providing corporate management services in Brazil since 1990. The firm offers full range of management consulting services, including performance improvement, creditor and investor services, turnaround and restructuring, crisis management, interim management and corporate governance. About KordaMentha KordaMentha was established in 2002 and has over 170 employees in offices in Melbourne, Sydney, Brisbane, Perth, Adelaide, Townsville and the Gold Coast. Its services include operational turnarounds, out-of-court restructurings, bankruptcy reorganizations and real estate advisory. ============================== C H I N A & H O N G K O N G ============================== BANK OF CHINA: ADB to Pour in US$75-Mln Investment -------------------------------------------------- Bank of China Limited and Asian Development Bank (ADB) announced that, following negotiations and discussions by the two entities, ADB will make a US$75 million equity investment in Bank of China, which is subject to a lock-up period of three years. This transaction is pending relevant government approvals. Along with other investment agreements already signed by RBS, Temasek affiliate Asia Financial Holdings and UBS, the agreement signed between Bank of China and ADB represents a major milestone in the reform of Bank of China through the introduction of foreign strategic investors. As a strategic investor, ADB will cooperate with Bank of China to improve its corporate governance, provide technical assistance in formulating policies and procedures on internal control, anti-money laundering and environmental protection, and promote sustainable development of China's economy. About Bank of China Bank of China is the most international commercial bank in China, with the longest history and strongest capital base. The bank is ranked 18th among the world's largest 1,000 banks, and ranked first in Asia and mainland China, in terms of core capital by The Banker magazine. Bank of China's network covers 27 countries and regions around the world, as well as 31 provinces, municipalities and autonomous zones and over 300 cities in mainland China. In Hong Kong and Macao, Bank of China is one of the local note-issuing banks. As at the end of December 2004, Bank of China had 11,307 domestic branches, 603 overseas branches and subsidiaries, and a total of 240,000 employees. About ADB ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, ADB are now owned by 63 members, mostly from the region. Headquartered in Manila, ADB have 26 other offices around the world with more than 2,000 staff from over 50 countries. This is a company press release. CONTACT: Bank of China 1 Fuxingmen Nei Dajie Beijing, 100818, China Phone: +86-10-6659-6688 Fax: +86-10-6601-4024 Web site: http://www.bank-of-china.com CWAP LIMITED: Winding Up Hearing Set October 26 ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of CWAP (HK) Limited by the High Court of Hong Kong Special Administrative Region was on August 29, 2005 presented to the said Court by Chik Chi Wai Kenneth of Suite 106, 1st Floor, Crocodile House 1, No. 50, Connaught Road Central, Central, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on October 26, 2005. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. ANTHONY HO & COMPANY Solicitors for the Petitioner Room 1305, 13th Floor, Nan Fung Tower No. 173 Des Voeux Road Central Central, Hong Kong Phone: 2851 2288 Fax: 2851 1817 Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of October 25, 2005. DAN FORM: Assets to Liabilities Ratio Remains at 18% ---------------------------------------------------- The Directors of Dan Form Holdings Company Limited disclosed the Interim Report and the condensed accounts of the Company and its subsidiaries for the six months ended June 30, 2005. The consolidated income statement, the consolidated cash flow statement and the consolidated statement of changes in equity for the six months ended June 30, 2005 and the consolidated balance sheet as at June 30, 2005 of the Group which are all unaudited and condensed, as follows: CONSOLIDATED INCOME STATEMENT (UNAUDITED) FOR THE SIX MONTHS ENDED 30TH JUNE 2005 Restated 2005 2004 Note HK$'000 HK$'000 Turnover (3) 16,610 19,940 Cost of sales (5,164) (6,024) Gross profit 11,446 13,916 Other income 180 1,346 Administrative expenses (8,947) (10,393) Other operating expenses (3,471) - Write back of provision for properties held for sale 5,259 4,529 Write back of provision for properties held under development - 5,453 Provision for litigation - (3,097) Operating profit (4) 4,467 11,754 Finance costs (5) (3,202) (12,693) Share of profit of associates 1,783 2,786 Profit before taxation 3,048 1,847 Income tax expenses (6) (33) (247) Profit for the period 3,015 1,600 Earnings per share (7) 0.27 cents 0.14 cents The total liabilities of the Group decreased from HK$332,482,000 at December 31, 2004 to HK$330,590,000 at 30th June 2005. The Group had cash at banks and in hand of HK$15,918,000 at June 30, 2005 (2004: HK$17,154,000). The ratio of total liabilities to total assets was approximately 18% (2004: 18%). At June 30, 2005, the aggregate amount of bank loans and bank overdrafts was HK$89,725,000 (2004: HK$98,935,000) and the total equity was HK$1,520,190,000 (2004: HK$1,495,387,000), and therefore the capital gearing ratio was 6% (2004: 7%). As from September 1, 2005, the bank overdraft facility has reduced from HK$60,000,000 to HK$45,000,000 (2004: HK$60,000,000) of which HK$39,820,000 (2004: HK$49,030,000) has been utilized as at June 30, 2005. All the total borrowings, that is, the sum of HK$89,725,000 is repayable on demand. As at June 30, 2005, the Group's current assets, amounting to HK$504,911,000 (2004: HK$505,555,000), exceeded its current liabilities by HK$213,563,000 (2004: HK$212,281,000). Given that Dan Yao has applied for liquidation as mentioned above and no major payments will be made by Dan Yao, the other operations of the Group can generate sufficient cash flows to enable the Group to settle its remaining liabilities as and when they fall due. For the six months ended June 30, 2005, the Group has no exposure to fluctuations in exchange rates and related hedges and there were no contingent liabilities. For a copy of the press release, go to http://bankrupt.com/misc/tcrao_danform101105.pdf CONTACT: Dan Form Holdings Company Limited Room 901-903, Harbour Centre 25 Harbour Road, Wanchai Hong Kong Phone: 28280288 Fax: 28014975 Web site: http://www.danform.com.hk ETERNAL CHINA: Prepares to Wind Up Business ------------------------------------------- Eternal China Development Limited whose place of business is located at Shop No. E & R On G/F, 1/F and 2/F, Kai Tak Commercial Building, Nos 317-319 Des Voeux Road Central, Hong Kong was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on September 28, 2005. Date of Presentation of Petition: July 27, 2005 Dated this 7th day of October 2005 ET O'Connell Official Receiver JOYCA DEVELOPMENT: Court to Consider Appointment of Liquidators --------------------------------------------------------------- Notice is hereby given, Master S. Kwang of the High Court has fixed a date, time and place for considering the determination in making an order for the appointment of liquidators of Joyca Development Limited (In Compulsory Liquidation). Date and Time of Hearing: 20th October 2005 (Thursday) at 9:30 a.m. Place of Hearing: High Court, High Court Building, No. 38 Queensway, Hong Kong. All creditor and contributories have a right to attend and speak at the above hearing. Dated this 7th day of October 2005 ANTHONY NEDDERMAN Joint and Several Provisional Liquidator MEDICROSS LIMITED: High Court Orders Winding Up ----------------------------------------------- Medicross Limited whose place of business is located at 28/F Tesbury Centre, 28 Queen's Road East Wan Chai, 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 28, 2005. Date of Presentation of Petition: July 29, 2005 Dated this 7th day of October 2005 ET O'Connell Official Receiver SHARP LIGHT: Set to Wind Up Business ------------------------------------ Sharp Light Investments Limited whose place of business is located at 8/F Asia Standard Tower, 59-65 Queen's Road Central, Hong Kong was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on September 28, 2005. Date of Presentation of Petition: July 28, 2005 Dated this 7th day of October 2005 ET O'Connell Official Receiver SWINK INSURANCE: Petition for Winding Up Granted ------------------------------------------------ Swink Insurance Services Limited whose place of business is located at Rm 1906-7, Ing Tower, 308 Des Voeux Road Central, Hong Kong was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on September 28, 2005. Date of Presentation of Petition: July 27, 2005 Dated this 7th day of October 2005 ET O'Connell Official Receiver UNIBO TRADING: Court to Hear Winding Up Petition Next Month ----------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Unibo Trading Limited by the High Court of Hong Kong Special Administrative Region was on September 17, 2005 presented to the said Court by Cool Tech Laundry Limited formerly known as Calmfield Trading Company Limited and previously known as Cacharel Limited whose registered office is situated at 9th Floor, Leitz Industrial Building, Nos. 55-57 Wang Lung Street, Tsuen Wan, New Territories, Hong Kong. The said Petition is to be heard before the Court at 9:30 am on the 16th day of November 2005. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. DOMINIC Y. K. LAI & CO. Solicitors for the Petitioner Unit B, 24th Floor Wing Hang Finance Centre No. 60 Gloucester Road Wanchai, Hong Kong (DL-1685-2005) Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of November 15, 2005. YIM HOI: Enters Bankruptcy Proceedings -------------------------------------- Notice is hereby given that Bankruptcy Orders against Yim Hoi Man trading as Man Wah Electrical Engineering Company was made on September 26, 2005. All debts due to the estate should be paid to me. Dated this 7th day of October 2005 E T O'CONNELL Official Receiver YUEN CHAK: Court to Hear Receiver's Application ----------------------------------------------- Yuen Chak Construction Company Limited hereby given notice that an application by the Official Receiver and Provisional Liquidator will be heard before Master S. Kwang of the High Court in Chambers for consideration of the resolutions and determination (if any) of the first meeting of creditors held on April 14, 2005 and the adjourned first meeting of contributories held on April 28, 2005 deciding the differences (if any) and making such order of appointments as the court may think fit. Date and Time of Hearing: October 24, 2005 (Monday) at 9:30 a.m. Place of Hearing: High Court, High Court Building, No. 38 Queensway, Hong Kong Any creditor or contributory of the Company is entitled to attend and be heard at the above hearing. Dated this 7th day of October 2005 E.T. O'Connell Official Receiver & Provisional Liquidator ========= I N D I A ========= BHARAT PETROLEUM: Sees Rise in Refining Margins ----------------------------------------------- Embattled Bharat Petroleum Corporation Limited (BPCL) projects a significant rise in its gross refining margins in the second half of the current fiscal year, Business Line reports. BPCL has just completed the expansion and techno-economic upgradation programme of its Mumbai refinery at Mumbai to refine higher percentage of high sulphur cheaper crude. The INR2,100-crore, three-million-tonne capacity has been successfully completed except for a INR370-crore component of adding lubrication base oil facility, which is scheduled for completion by late this year. The company expects a rise in heavy crude component from 40-50 percent on an enhanced capacity of 12 million tonnes during the second half of 2005-06. The gross refining margins will receive a further boost once the company expands its pipeline for carrying petro-products up to Delhi by the end of 2006 or early 2007. Currently, BPCL has petroleum product pipeline from Mahul to Mangalia Terminal near Indore from where the refined products are sent to the North Indian market by road. BPCL is currently working to reverse its losses resulting from sale of liquefied petroleum gas (LPG) at lower, subsidized prices. CONTACT: Bharat Petroleum Corp. Ltd. Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai 400001 Phone: 022-22713000/ 022-22714000 Fax: 022-22713874 E-mail: info@bharatpetroleum.com Web site: http://www.bharatpetroleum.com/ BHARAT PETROLEUM: Forms Gas Task Force with KRL ----------------------------------------------- Public sector oil companies Bharat Petroleum Corporation Ltd. (BPCL) and Kochi Refineries Ltd. (KRL) have formed a Gas Task Force (GTF) for marketing natural gas in and around Kerala. The GTF has been formed in the wake of the LNG (liquefied natural gas) project being set up in Kochi. BPCL General Manager M.J. Mohan, who heads the GTF, said at a press conference here on Friday that studies pertaining to marketing of natural gas were under way. The main role of the GTF will be to supply natural gas to industrial customers in and around Kerala, set up auto CNG (compressed natural gas) stations and supply domestic piped gas to cities like Kochi. LNG is expected to play an increasingly important role in the global energy market. The combination of higher crude oil price, lower natural gas price and rising gas import demand have set the stage for increased global natural gas trade. The commissioning of the LNG regasification plant in Kochi will benefit major industrial customers such as NTPC, Kayamkulam; Excel Glasses, Alappuzaha; Malabar Cements, Walayar; Nallalam Power Plant, Kozhikode; HOC, Ambalamugal; apart from industries located in Palakkad and Coimbatore. Petronet LNG Limited (PLL) is setting up a 2.5 MMTPA regasification plant in Kochi. Its capacity is likely to be increased to 5 MMTPA. The LNG brought to this plant by ship will be converted into CNG and PNG (piped natural gas). A review meeting on the LNG project is to be convened in Kochi on October 15. Though India is primarily dependent on petroleum products for its energy needs, the domestic availability is only 32 per cent. A large chunk of the country's revenue is consumed by crude oil import. The international price of crude oil has breached the $70 a barrel barrier. As a result, the prices of petroleum products have increased tremendously. Natural gas, with plenty of reserves worldwide, comes in the picture as a cheaper fuel alternative. Natural gas is approximately 50 per cent cheaper than petroleum products considering the prevalent market rates DELPHI AUTOMOTIVE: Says Unaffected by Parent's Bankruptcy --------------------------------------------------------- Delphi Automotive Systems Private Limited (Delphi India), a wholly owned unit of failed U.S. auto-parts maker Delphi Corporation, claimed its parent's filing for bankruptcy in the United States did not hurt its operations. Delphi India Vice President for Sales and Marketing Prashant Shah told Asia Pulse that Delphi's non-U.S. subsidiaries are not part of the bankruptcy proceedings. He gave assurance that the Asia-Pacific region, including India, are insulated from the happenings in the U.S. Meanwhile, Delphi India said it will develop its technology center in Bangalore with an investment of US$10 million so there would be no job cuts in the Indian operations. Around 360 workers man the facility. U.S.-based Delphi has a total of 1,700 employees in India and operates four manufacturing facilities in Bangalore, Noida, Gurgaon and Manesar. Delphi India had a turnover of about US$110 million in 2004 and this year the company is expecting about US$125 million in revenue from Indian operations. The auto component major had filed for bankruptcy proceedings under Chapter 11 in the U.S. last week after posting heavy losses in successive quarters. CONTACT: Delphi Automotive Systems Private Limited Technical Center India 5th Floor,Innovator Building,International Tech Park, Whitefield Road, Bangalore 560066 INDIA Phone: (91)80 2841 2015 Fax: (91)80 2841 0799 Web site: http://www.naukri.com/gpw/delphi/ Delphi Corporation Asia Pacific Regional Headquarters Shinjuku Nomura Bldg. 31F Mail Box 3015 1-26-2 Nishi-Shinjuku Shinjuku-ku, Tokyo 163-0569 Japan Phone: [81] 42.549.7200 Fax: [81] 42.542.3018 World and North American Headquarters 5725 Delphi Drive Troy, Michigan 48098-2815 USA Phone: [1] 248.813.2000 Fax: [1] 248.813.2670 Web site: http://www.delphi.com ================= I N D O N E S I A ================= BANK MANDIRI: Former Directors on Trial for Graft ------------------------------------------------- State lender PT Bank Mandiri's former CEO, E. C. W. Neloe and Directors I Wayan Pugeg and Soleh Tasripan went on trial early this week for their alleged involvement in a lending scandal that resulted in USD18.5 million (IDR187.78 billion) in state losses, reports the Jakarta Post. The three suspects have been detained since May, after an investigation into certain problematic loans from the bank to a number of `ineligible' private firms. They face life imprisonment if convicted. According to South Jakarta District Court Chief Prosecutor Baringin Sianturi, the three accused "violated the law when they enriched themselves/others/other firms by extending an imprudent loan worth IDR160 billion to a small Sumatra-based firm, PT Cipta Graha Nusantara (CGN). The suspects' lawyer, L. M. Samosir said that the case should be dismissed as his clients did not commit a crime. The disbursement to CGN was a civil action, and could not be classified as a criminal act. Investors are closely follwoing the high-profile case to see if the government holds true to its president's promise to crack down on graft and corruption in the country. CONTACT: PT Bank Mandiri Jl Jend Gatot Subroto Kav 36-38 Jakarta 12190 Indonesia Phone: 62 21 5299 7777/5296 4023 Web site: http://www.bankmandiri.co.id PERTAMINA: Seeks Financing Source to Operate Cepu Oil Block ----------------------------------------------------------- State-owned oil and gas firm PT Pertamina said that it is looking for a cheap financing source in order to fund the management of an oil block in Cepu, Associated Press reports. The following firms are among the local and foreign financial institutions seeking to finance the block: Bank Mandiri, Bank Negara Indonesia, Citigroup, Goldman Sachs, JP Morgan, HSNBC, UBS and JBIC. According to Pertamina President Widya Purnama, they need USD500 million (IDR5.08 trillion) in the first stage alone, which includes land development, drillings, survey and pipeline installation. The Company, which plans to pay off the loan by way of its production output, hopes to come up with a Joint Operation Agreement (JOA) with partner ExxonMobil Corp. and a government team this month. The next step is to create a Development Plan & Work & Program Budget, to be reviewed for approval by the Upstream Oil & Gas Regulatory Agency (BP Migas). Once the budget has been approved, Pertamina can start drilling the Cepu block in December this year or early next year. CONTACT: PT Pertamina Tbk Jalan Merdeka, Timur No. 1 A Jakarta 10110 Indonesia Phone: (62)(21) 3815111 Fax: 3846865/ 3843882 Web site: http://www.pertamina.com ========= J A P A N ========= HITACHI LIMITED: Toyota Buys Hybrid Parts ----------------------------------------- Toyota Motor Corporation has begun purchasing electric motors for hybrid cars from Hitachi Limited to help meet surging demand for fuel-efficient vehicles. According to Reuters, Hitachi will supply rear motors for Toyota's Harrier Hybrid and Kluger Hybrid four-wheel-drive vehicles, which launched in 2005. Toyota's purchasing contract with Hitachi is the automaker's first procurement of a key hybrid car component from a non-group firm, and also marks Toyota's first large-scale business dealing with Hitachi. Toyota and Hitachi officials have not commented on the partnership. In a company statement, Hitachi recorded income before income taxes and minority interests of JPY4.8 billion, down 89 percent year on year. After income taxes of JPY17.6 billion, Hitachi posted a loss before minority interests of JPY12.8 billion. Hitachi also posted a net loss of JPY24.0 billion, compared with net income of JPY16 billion in the first quarter of fiscal 2004. CONTACT: Hitachi Limited 6-6 Marunouchi 1-Chome Chiyoda-Ku 100-8280, Tokyo 101-8010 Japan Phone: +81 3 3258 1111 Fax: +81 3 3258 5480 Web site: http://www.hitachi.com HITACHI LIMITED: Targets JPY100 Bln in Biometric Device Sales ------------------------------------------------------------- Hitachi Limited is aiming for JPY100 billion (US$875 million) in sales of its finger vein authentication systems over the three years ending fiscal 2008, Bloomberg reports. The finger vein authentication systems, which read the pattern of veins by casting light on a finger, can act as gatekeepers at automated teller machines, PCs and office buildings. Hitachi, which expects JPY9.25 trillion in revenue this year, is trying to make the devices smaller to expand their use to consumer electronics products. It competes with Fujitsu Limited, which expects global sales of its palm-vein security devices to reach JPY80 billion over the next three years. MITSUBISHI MOTORS: Australian 380 Sedan Up for Sale --------------------------------------------------- Mitsubishi Motors Australia unveiled that the pricing of its 380 large sedan ranges from AU$34,490 to AU$47,990, The Advertiser reports. The price range consistently comes in under that of its Holden, Ford and Toyota competitors. The 380 entry price covers climate control air-conditioning, front side airbags and all-doors power windows - features that the major players in the large car market only provide as standard equipment in higher-priced models. CONTACT: Mitsubishi Motors Australia, Ltd. (MMAL) Head Office: 1284 South Road Clovelly Park South Australia, 5042 Australia Phone: 08 8275 7443 Fax: 08 8275 7309 E-mail: careers@mmal.com.au Web site: www.mitsubishi-motors.com.au SANYO ELECTRIC: Shares Down 2.4% After CFO's Departure ------------------------------------------------------ Shares of Sanyo Electric Co. Ltd. fell 2.4 percent after Chief Financial Officer Yoichiro Furuse resigned on Friday, according to Reuters. Sanyo announced late on Friday that Mr. Furuse had quit due to "differing views over management policies", implicitly stating that he was at odds with Chief Executive Nonaka and Sanyo President Toshimasa Iue over a restructuring plan first unveiled in July and updated last month. The electronics maker unveiled a three-year restructuring plan in July under which it said it will slash 14,000 jobs, close plants and halve its JPY1.2 trillion (US$10.51 billion) debt. The company announced last month that it would accelerate the job cuts, exit the DVD player business and boost its net loss forecast for the year to next March to JPY140 billion from JPY92 billion. 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 TOMEN CORPORATION: Updates Financial Position --------------------------------------------- Tomen Corporation announced that consolidated total assets at the end of the fiscal year ended March 31, 2005 declined JPY35.3 billion, or 4.6 percent, to JPY733.8 billion (US$6,833 million), reflecting measures to improve funding efficiency through such means as asset liquidations. Interest-bearing debt decreased JPY45.4 billion, or 9.4%, to JPY438.8 billion. These figures show that Tomen achieved the final-year targets of the "Tomen Group Medium-term Management Plan" of JPY735 billion in total assets and JPY463 billion in interest-bearing debt ahead of schedule. The process of exiting and downsizing unprofitable and inefficient businesses continued during the year under review. In addition, Tomen worked to stabilize liquidity by refinancing loans with financial institutions, shifting from short-term borrowings to long-term borrowings. For more information, go to http://bankrupt.com/misc/tcrap_tomen101105.pdf This is a company press release. CONTACT: Tomen Corporation 8-1, Marunouchi 3-chome Chiyoda-ku, Tokyo 100-8320, Japan Phone: 81-3-5288-2111 Fax: 81-3-5288-9100 ========= K O R E A ========= DAEWOO SHIPBUILDING: Wins KRW490.1-Bln Building Project ------------------------------------------------------- Daewoo Shipbuilding & Marine Engineering Co. won a contract to build two semi-submersible drilling vessels for a Singaporean company valued at KRW490.1 billion, reports Dow Jones. The value of the two vessels is equivalent to 10.3 percent of Daewoo Shipbuilding's total revenue in 2004, which was KRW4.76 trillion. The contract states that Daewoo Shipbuilding should deliver the vessels to Singapore's Frigstad Offshore Drilling Ltd. by the end of June 2009. A Frigstad official said this is the first time they have tapped Daewoo for a project. CONTACT: Daewoo Shipbuilding & Marine Engineering Co. 140, Da-dong, Jung-Gu, Seoul 100-180 Korea Telephone: 82 2 2129 Fax: 82 2 756 4390 HANARO TELECOM: Issues Notice of Small-Scale Merger --------------------------------------------------- Hanaro Telecom incorporated advised in a company press release that it entered into the merger agreement with Korea Thrunet, Co. Ltd. on September 22, 2005, and pursuant to Article 527-3 of the Commercial Act of Korea, the details of the merger are as follows; (1) Method of merger: Merger between Hanaro (surviving company) and Thrunet (merged company) (2) Merger ratio: 1: 0.3570308 (3) Overview of the company to be dissolved (A) Company name: Korea Thrunet Co. Ltd. (B) Address of the principal office: 1338-5 Seocho-dong, Seocho- gu, Seoul, Korea (4) Date of merger: January 1, 2006 (A) Small-scale merger under Article 527-3 of the Commercial Act (The merger to be approved by the BOD in lieu of a general meeting of shareholders, no exercise of appraisal rights of shareholders) (5) Expression of disapproval (A) Process: Shareholder (reference date: October 6, 2005) who are against the BOD resolution regarding the small-scale merger may fill out the notification forms (Notice of Disapproval on BOD Resolution) and send them to Deutsche Bank Trust Company America. (B) Period: October 6-19, 2005 (C) Procedure & Venue: Submit the form to Deutsche Bank Trust Company Americas on or before October 19, 2005 (Eastern Time): Deutsche Bank Trust Company Americas Attn: Heidy Kashef (Tel: 1-212 250-1605) 27th Floor, 60 Wall Street, New York, NY 10005, USA (D) Appraisal rights of shareholders: Not applicable under the Article 527-3 of the Commercial Act of Korea (E) Pursuant to Article 527-3 of the Commercial Act of Korea, should shareholders who hold more than 20/100 of the total outstanding shares express the opposition to the small-scale merger, Hanaro then must acquire approval from a shareholders meeting. October 6, 2005 David Yeung Representative Director hanarotelecom incorporated To view a full copy of the notice, click http://bankrupt.com/misc/HanaroTelecomNotice100605.pdf 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 =============== BELL & ORDER: Sees No Changes to Status of Payment Default ---------------------------------------------------------- The Board of Directors of Bell & Order Berhad (B&O) informed Bursa Malaysia Securities Berhad that there is no change in the status of the default payments of the interest and repayment of principal to financial institutions in respect of various credit facilities granted to B&O. This announcement is dated 10 October 2005. CONTACT: Bell & Order Berhad 28 & 30 Jalan Pjs 11/14 Bandar Sunway Petaling Jaya 46150 Malaysia Phone: 03 - 56336966 Fax: 03 - 56345081 BOUSTEAD HOLDINGS: Issues New Shares for Listing, Quotation ----------------------------------------------------------- Boustead Holdings Berhad advised that its additional 151,000 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., Tuesday, October 11, 2005. CONTACT: Boustead Holdings Berhad 18th Floor, Menara Boustead, 69 Jalan Raja Chulan, 50200 Kuala Lumpur Telephone: 03-2141 9044 Fax: 03-21430075 Web site: http://www.boustead.com.my CONSOLIDATED FARMS: Extends Period to Fulfill Conditions -------------------------------------------------------- Consolidated Farms Berhad (Consfarm) issued to Bursa Malaysia Securities Berhad details of the following proposals: - Proposed acquisition of Bun Seng Group; - Proposed Scheme of Arrangement with Shareholders; - Proposed Debt Settlement; - Proposed Special Issue; - Proposed Distribution by the Major Shareholders; - Proposed Restricted Issue; - Proposed Offer for Sale; - Proposed Transfer of Listing Status; and - Proposed Disposal of Consfarm (Collectively, the proposed restructuring scheme) Further to the announcement dated March 31, 2005, Avenue Securities Sdn Bhd (Avenue), on behalf of ConsFarm, advised that ConsFarm together with Wong Kian Teck, Wong Kin Sang, Yap Yee Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam Har and Yap Sun Hian, had vide an exchange of letter dated October 10, 2005, agreed to extend the period for the fulfillment of the conditions precedent as set out in clause 4.1(a) to clause 4.1(i) of the Heads of Agreement dated October 11, 2004 (as amended and supplemented by the Re-stated Heads of Agreement dated December 31, 2004 and the Supplemental Heads of Agreement dated March 30, 2005) from October 10, 2005 to April 10, 2006 or such later date(s) as the parties may mutually agree in writing. As a consequence of the extension, the cut-off date for the fulfillment of the conditions precedent as set out in following agreements are also extended from October 10 to April 10, 2006 or such later date(s) as the parties may mutually agree in writing: (1) The Share Sale Agreement dated December 31, 2004 (as amended and supplemented by the Re-Stated Share Sale Agreement dated March 30, 2005) made between AimReach Holdings Sdn Bhd (AimReach) and Wong Kian Teck, Wong Kin Sang, Yap Yee Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam Har and Yap Sun Hian in respect of the proposed acquisition of Bun Seng Hardware Sdn Bhd and Wahseng Hardware Sdn Bhd; (2) The Share Sale Agreement dated December 31, 2004 (as amended and supplemented by the Re-Stated Share Sale Agreement dated March 30, 2005) made between AimReach and Wong Kian Wah for the proposed acquisition of 70 percent equity interest in Riseng Hardware Sdn Bhd; and (3) The Sale of Shares Agreement dated March 30, 2005 made between AimReach and Meridian Esteem Sdn Bhd in respect of the proposed disposal of the entire issued and paid-up share capital of ConsFarm to Meridian Esteem Sdn Bhd. This announcement is dated 10 October 2005. CONTACT: Consolidated Farms Berhad 24-1 Jalan 24/70A, Desa Sri Hartamas, 50480 Kuala Lumpur Telephone: 03-23001199 Fax: 03-23002299 DATUK KERAMAT: Reasons Out Delay of Financial Statement ------------------------------------------------------- Datuk Keramat Holdings Berhad advised Bursa Malaysia Securities Berhad that pursuant to the requirement of paragraph 9.26(3)(b) of the Bursa Securities LR, the Company has not issued the Annual Audited Accounts for financial period ended December 31, 2004 by the due date of April 30, 2005, First Quarterly Report ended March 31, 2005 by the due date of May 31, 2005, Annual Report for financial period ended December 31, 2004 by the due date of June 30, 2005 and Second Quarterly Report ended June 30, 2005 by the due date of August 31, 2005 pursuant to Paragraph 9.22 and 9.23 of the Bursa Securities LR (collectively Financial Statements). The delay in the issuance of the Financial Statements was due to the fact that the Company is still in the midst of working on the proposed restructuring scheme as announced earlier to Bursa Malaysia Securities Berhad. The expected date to submit the abovementioned Financial Statements will depend on the outcome of the said proposed restructuring scheme. The consequences of non-compliance of the requirements under paragraph 9.22 and 9.23 of the Bursa Securities LR may result in the Company being suspended and/or delisted by Bursa Malaysia Securities Berhad pursuant to Paragraph 16.02 and 16.09 of the Bursa Securities LR respectively. CONTACT: Datuk Keramat Holdings Berhad 16B 3rd Floor Jalan 14/20 Section 14 46100 Petaling Jaya Malaysia Phone: 03-79588166 Fax: 03-79566766 DFZ CAPITAL: Awaits Completion of BTSB Disposal ----------------------------------------------- DFZ Capital Berhad (formerly known as Sriwani Holdings Berhad) (DFZ) issued to Bursa Malaysia Securities Berhad details of the Proposed Disposal by Orchard Boulevard Sdn Bhd, a wholly owned subsidiary of DFZ, of 4,000,000 ordinary shares of MYR1.00 each in Blossom Time Sdn Bhd (BTSB) representing the entire issued and paid-up share capital of BTSB to Naluri Corporation Berhad (formerly known as Naluri Berhad) for a total cash consideration of MYR150,000 (Proposed BTSB Disposal). The company refers to its earlier announcement dated August 3, 2005 in relation to the Proposed BTSB Disposal. Our Board of Directors disclosed that the Foreign Investment Committee had, through a letter dated September 30, 2005 which was received on October 10, 2005, approved the Proposed BTSB Disposal. The Proposed BTSB Disposal is now unconditional and pending completion. This announcement is dated 10 October 2005. DUOPHARMA BIOTECH: Unveils Directors Dealing in Shares ------------------------------------------------------ Duopharma Biotech Berhad (Duopharma) issued to Bursa Malaysia Securities Berhad an update to the conditional Mandatory Offer by Tekan Maju Sdn Bhd (TMSB), a wholly owned subsidiary of Chemical Company of Malaysia Berhad (CCM), to acquire up to 92,490,610 Duopharma Shares (offer shares) not already owned by TMSB and persons acting in concert for a cash offer price of MYR2.80 per offer share. Pursuant to Section 36 of the Code, Duopharma advised the bourse on the dealing by a Director of Duopharma in the Duopharma Shares. The details of the dealing is set out in the table below: Date of Name of Description transaction party of Transaction October 10, 2005 Valliyappan Disposal A/L S. Thevarayan Company/Counter No. of shares disposed Transaction Price per share Duopharma 20,000 MYR2.77 FARLIM GROUP: SC Rejects Proposed Rights Issue ---------------------------------------------- Farlim Group (Malaysia) Bhd (Farlim) issued to Bursa Malaysia Securities Berhad an update to the following proposals: - Proposed renounceable two-call rights issue of up to 52,800,000 new ordinary shares of MYR1.00 each in Farlim (Rights Shares) credited as fully paid-up at an issue price of MYR1.00 per share on the basis of two (2) rights shares for every five (5) existing ordinary shares of MYR1.00 each in Farlim (Farlim Shares) held at the book closure date to be determined and announced later together with up to 21,120,000 new free detachable warrants (Warrants) on the basis of two (2) new warrants for every five (5) rights shares subscribed (Proposed Rights Issue); - Proposed debt settlement through: (i) Issuance of Redeemable Convertible Secured Bonds (RCSB); (ii) Issuance of Redeemable Convertible Secured Loan Stocks (RCSLS); (iii) Conversion to Term Loans (Term Loans); and (iv) Issuance of Irredeemable Convertible Unsecured Loan Stocks (ICULS) (Proposed Debt Settlement); - Proposed increase in the authorized share capital from MYR300,000,000 comprising 300,000,000 Farlim Shares to MYR500,000,000 comprising 500,000,000 Farlim Shares (Proposed IASC); and - Proposed alterations to the Memorandum and Articles of Association (M&A) of Farlim (Proposed Alterations to the M&A) (Collectively known as the proposals) The company refers to the announcements dated and May 12 and 13, 2005 in relation to the Proposals. On behalf of Farlim, Commerce International Merchant Bankers Berhad disclosed that the Securities Commission, via its letter dated October 10, 2005 did not approve the Proposals as the Proposed Rights Issue, which involves a second call of MYR0.60 per Farlim Share and to be capitalized from the share premium reserves and revaluation reserves, will result in an issue of securities that are not backed by assets. This is due to the fact that as at December 31, 2004, Farlim's share premium reserves and revaluation reserves of MYR29.6 million and MYR5.8 million respectively, are deemed exhausted based on the shareholders' funds of MYR109.9 million compared to the issued and paid-up share capital of Farlim of MYR120.0 million, as a result of accumulated losses of MYR66.2 million. The Board of Directors of Farlim will deliberate to determine the next course of action and shall make the necessary announcement in due course. This announcement is dated 10 October 2005. CONTACT: Farlim Group Berhad No. 2-8, Bangunan Farlim Jalan PJS 10/32, Bandar Sri Subang 46000 Petaling Jaya, Selangor Telephone: 03-5635 5533 Fax: 03-5635 0301 Web site: http://www.farlim.com.my HABIB CORPORATION: Concludes Share Purchase Agreement ----------------------------------------------------- Scomi Marine Bhd (SMB) (formerly known as Habib Corporation Berhad) issued the following announcements to Bursa Malaysia Securities Berhad. (I) Acquisitions of the Marine Logistics and Offshore Businesses of Chuan Hup Holdings Limited for a total purchase price of SGD570,621,190 satisfied via a cash payment of SGD485,621,190 and the issuance of 170,000,000 new ordinary shares of MYR1.00 each in SMB (SMB share) at an issue price of MYR1.15 each (Acquisitions); (II) Fund Raising Comprising: (A) Restricted issue of 173,913,043 new SMB shares to Scomi Group Bhd (SCOMI) at an issue price of MYR1.15 EACH (Restricted Issue); (B) Renounceable rights issue of 74,000,000 new SMB shares on the basis of one (1) new share for each existing SMB share held at an issue price of MYR1.15 each (Rights Issue); (C) Placement of 96,000,000 new SMB shares to Institutional Investors at an issue price of MYR1.55 each (placement); (D) Issuance of 160,000,000 new Redeemable Convertible Cumulative Preference Shares of MYR0.01 each in SMB (SMB RCCPS) to SCOMI at an issue price of MYR1.00 each (RCCPS subscription); (III) Increase in the authorized share capital of SMB from MYR100,000,000 comprising 100,000,000 SMB shares to MYR802,000,000 comprising 800,000,000 SMB shares and 200,000,000 SMB RCCPS; and (IV) Amendments to the Memorandum and Articles of Association of SMB (Collectively known as the proposals) Further to the above, on behalf of SMB, Commerce International Merchant Bankers advised that the Acquisitions pursuant to the Sale and Purchase Agreement dated February 14, 2005 (as supplemented by the first and second supplemental agreements dated April 6, 2005 and July 25, 2005, respectively), the Restricted Issue pursuant to the Share Subscription Agreement dated February 14, 2005 (as supplemented by the first and second letters of variation dated July 26, 2005 and September 21, 2005, respectively), and the RCCPS Issue were completed on September 30, 2005. The new SMB Shares issued pursuant to the Acquisitions, Restricted Issue and Rights Issue have been listed on the Main Board of Bursa Malaysia Securities Berhad with effect from today. This announcement is dated 7 October 2005. CONTACT: Habib Corporation Berhad 1st Floor, Bangunan Habib Corporation, Lot 106, Lorong Mamanda 2, Ampang Point, 68000 Ampang, Selangor Malaysia Telephone: (60) 3 452 7777 Fax: (60) 3 452 2143 MAXIS COMMUNICATIONS: Bourse to List, Quote Shares -------------------------------------------------- Maxis Communications Berhad advised Bursa Malaysia Securities Berhad that its additional 240,000 new ordinary shares of MYR0.10 each issued pursuant to the Employee Share Option Scheme will be granted listing and quotation with effect from 9:00 a.m., Tuesday, October 11, 2005. CONTACT: Maxis Communications Bhd Level 18, Menara Maxis Kuala Lumpur City Centre Off Jalan Ampang 50088 Kuala Lumpur Malaysia Phone: 03-23307000 Fax: 03-2330059 MEDIA PRIMA: New Shares Listed Monday ------------------------------------- Media Prima Berhad informed that its additional 688,000 new ordinary shares of MYR1.00 each arising from the conversion of 1,032,000 Irredeemable Convertible Unsecured Loan Stocks 2003/2008 into 688,000 New Ordinary Shares will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Monday, October 10, 2005. CONTACT: Media Prima Berhad Sri Pentas, No. 3 Persiaran Bandar Utama, Bandar Utama, 47800 Petaling Selangor Phone: 03-77266333 Fax: 03-77280787 Web site: http://www.mediaprima.com.my/index.asp NALURI CORPORATION: Awaits Completion of BTSB Acquisition --------------------------------------------------------- Naluri Corporation Berhad (formerly known as Naluri Berhad) (Naluri) issued to Bursa Malaysia Securities Berhad an update to the proposed acquisition by Naluri of the entire issued and paid-up share capital of Blossom Time Sdn Berhad for a total cash consideration of MYR150,000 from Orchard Boulevard Sdn Berhad, a wholly owned subsidiary of DFZ Capital Berhad (formerly known as Sriwani Holdings Berhad) (DFZ) (Proposed BTSB Acquisition). The company refers to our earlier announcement dated August 3, 2005 in relation to the Proposed BTSB Acquisition. The Board of Directors advised that the Foreign Investment Committee had, through a letter dated September 30, 2005 which was received on October 10, 2005, approved the Proposed BTSB Acquisition. The Proposed BTSB Acquisition is now unconditional and pending completion. This announcement is dated 10 October 2005. CONTACT: Naluri Berhad 161B Jalan Ampang 50450 Kuala Lumpur, 50450 Malaysia Telephone: +60 3 2162 0878 Fax: +60 3 2162 0676 OILCORP BERHAD: Receives Offer to Lead Fisheries Project -------------------------------------------------------- The Board of Directors of OilCorp Berhad (Oilcorp) disclosed that the Company had on October 8, 2005 received a letter from the Ministry of Agriculture and Agro-Based Industry (MOA) dated October 4, 2005, which offers Oilcorp as a lead consortium member to spearhead the national fisheries project (the Project). The Project shall be undertaken via Konsortium Perikanan Nasional Berhad (KPNB) with Oilcorp as the major shareholder and the remaining shares shall be held by four (4) other consortium members. The Government of Malaysia will participate in the Project via a golden share in KPNB. The offer by MOA is conditional on the following: (1) Preparation of the business plan by Oilcorp and its consortium members; (2) Concurrence on the terms and conditions of a shareholders' agreement to be entered into, and the proposed implementation plan of KPNB by Oilcorp and its consortium members; and (3) Concurrence on any conditions to be determined and imposed by MOA from time to time. Brief information on the Malaysian fishing industry is as follows: The fisheries sector serves as a key component in the Malaysian economy. It provided employment to 89,433 fishermen and 21,114 fish culturists, and contributed 1.37 percent to the Gross Domestic Product (GDP) of Malaysia in 2003. Malaysia is ranked the 19th leading fishing nation in the world in 2001, as reported in the Fishing News International in November 2003. It was reported in the Annual Fisheries Statistic 2003, Volume 1, that in 2003 the fisheries activities involving inland activities with production from marine capture fisheries and marine (deep-sea and coastal) contributed 1,283,256 tonnes or 86.48 percent of Malaysia's fish production with a total value of approximately MYR4.01 billion. Besides this, there were 89,433 fishermen working on 35,458 licensed fishing vessels in Malaysia in 2003. As for licensed deep-sea fishing vessels in Malaysia, there were only 813 units in 2003. Background information of the Project is set out below: KPNB upon inception shall undertake the national project of managing, operating and overseeing the integrated activities of deep-sea fishing, marketing and distribution, and fish processing. The implementation of the Project is in line with the Government of Malaysia's intention to modernize the fisheries industry and reduce foreign exchange outflow for fish imports by becoming a net exporter, as well as achieve the following objectives:- (1) Promote the development of new products and viable business enterprises with a strong "Made-in-Malaysia" branding for the fisheries industry; (2) Replace foreign chartered vessels with Malaysian-flagged vessels; (3) Create new employment opportunities coupled with upgrading of local skills and technology for the Malaysian fisheries industry; (4) Develop and upgrade fishing port facilities to support the Malaysian fisheries operations, encompassing logistics and infrastructure; (5) Improve the GDP of Malaysia particularly in the fishing segment; and (6) Facilitate the achievement of the Third National Agriculture Policy (1998-2010). Oilcorp believes that the Project in the long term will be synergistic to the existing operations of the Company. Oilcorp's well-equipped fabrication yard in Pulau Indah, Port Klang, enables the construction of amongst others, trawlers and purse seiners, and the provision of other related services locally. The Project would not have an immediate effect on the bottom line of Oilcorp for financial year ending 2005. Nevertheless, the Project is expected to contribute positively to the long- term prospects of Oilcorp by providing a steady steam of recurring income. This announcement is dated 10 October 2005. CONTACT: Oilcorp Berhad (553069-T) No. 2-2, Jalan SS 6/6, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia Telephone: 603 7804 4843 Fax: 603 7804 6212 E-mail: info@oilcorp.com.my OILCORP BERHAD: Explains Unusual Market Activity ------------------------------------------------ Bursa Malaysia Securities Berhad has on October 7, 2005 issued an Unusual Market Activity (UMA) query on the trading of Oilcorp Berhad's securities. In this respect, investors are advised to take note of the Company's reply to the above UMA query which will be posted at Bursa Malaysia's website under the company announcements. To view a full copy of the UMA content, click http://bankrupt.com/misc/OilcorpBerhad100905.pdf PANTAI HOLDINGS: Issues New Shares for Listing, Quotation --------------------------------------------------------- Pantai Holdings Berhad informed that its additional 1,836,700 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation with effect from 9:00 a.m., Wednesday, October 12, 2005. 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 PATIMAS COMPUTERS: Bourse to List, Quote Shares Today ----------------------------------------------------- Patimas Computers Berhad informed that its additional 20,000 new ordinary shares of MYR1.00 each arising from the conversion of MYR76,000 Nominal Value of 6 percent Irredeemable Convertible Unsecured Loan Stocks 2001/2006 into 20,000 Ordinary Shares of MYR1.00 Each will be granted listing and quotation with effect from 9:00 a.m., Wednesday, October 12, 2005. CONTACT: Patimas Computers Bhd Patimas Technology Centre, Technology Park Malaysia, Bukit Jalil, Kuala Lumpur Wilayah Persekutuan 57000 Malaysia Telephone: 03-89941818 Fax: 03-89941188 ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: Must Apply for Voluntary Insolvency ------------------------------------------------------ Troubled pre-need firm College Assurance Plan Philippines Inc. must apply for voluntary insolvency instead of seeking rehabilitation, BusinessWorld reports, citing an actuarial consultant of the Securities and Exchange Commission (SEC). Consultant Isagani de Castro is not amenable to CAP's rehabilitation petition, as the pre-need firm no longer has enough assets to pay its debts. It also does not meet the requisites of a petition for suspension of payments, Mr. de Castro added. Mr. de Castro's statement supports moves to block CAP's rehabilitation. The SEC, which filed earlier criminal charges against company officials and directors for overselling securities in 2004, is yet to submit its formal comment on the company's petition. The actuarial consultant said suspension of payments requires that the petitioner foresees the impossibility of meeting its debts when they fall due. CAP, he said, still does not accept the impossibility of meeting its maturing obligations even as it already acknowledged that it has huge liabilities. Mr. de Castro urged CAP to pay planholders' benefits even if a Makati court granted its petition for suspension of payments, saying payments of benefits and claims are part of the company's ordinary course of business. CAP blamed its woes on SEC's policies, particularly the implementation of the Pre-Need Uniform Chart of Accounts (PNUCA) and the rules on the valuation of trust funds invested in real property. But Mr. de Castro said the SEC acted merely based on regulatory standards for pre-need firms. CONTACT: College Assurance Plans Philippines Inc. CAP I Building 126 Amorsolo cor. Herrera Streets Legazpi Ville, Makati City Malaysia Phone: 817-6586, 759-2000 Fax: (0632) 818-0560 LEPANTO CONSOLIDATED: Rights Offer Drive Shares Plunge ------------------------------------------------------ Shares of Lepanto Consolidated Mining Company continue to dwindle as the mining firm proceeds with its stock rights offering, The Philippine Daily Inquirer says. Lepanto's A shares, limited to Filipinos, were down Php0.005 or 2.33 percent at 0.21 on volume of 7.9 million shares. The B shares, open to foreign investors, dipped to Php0.01 or 4.08 percent to 0.2350 on 9.2 million share. Shareholders on record as of Sept. 21 are entitled to participate in the stock rights offer, which began on Oct. 10 and will end on Oct. 20. Those who own five shares can subscribe to one share at an offer price of Php0.20 apiece. Lepanto, which is selling its shares at below market price, expects to reap Php849.1 million from the rights offer. The proceeds will be used to pay suppliers, local creditors and shareholders. CONTACT: Lepanto Consolidated Mining Co. 21st Floor, Lepanto Building 8747 Paseo de Roxas 1226 City of Makati Telephone No. 815-9447 Fax: 63 (2) 812-0451/63 (2) 810-5583 E-mail: mis@lepantomining.com Web site: http://www.lepantomining.com NATIONAL POWER: Further Delay Seen for Privatization ---------------------------------------------------- The privatization of state-owned National Power Corporation (Napocor) is facing another postponement pending regulator's issuance of the maximum allowable revenue for the firm, Dow Jones Newswires reports. The maximum allowable revenue is the basis used for computing the transmission rates to be charged to electricity users. National Transmission Corporation's (TransCo) strategic planning manager Edgrado Orencia said the Energy Regulatory Commission (ERC) might only be able to issue the firm's maximum allowable revenue by August 2006. TransCo was spun off from Napocor to handle the power firm's transmission assets. Mr. Orencia said there will be a delay in the issuance of the maximum allowable revenue after Transco was only able to submit its asset revaluation report to the commission last month, instead of end-2004. The report will be used as a basis for Transco's maximum allowable revenue for 2006-2010. Investors are not expected to get interested in the Napocor tender without the maximum allowable revenue to provide an outlook on the utility's future revenues. The national government had originally scheduled the sale of 70 percent of Napocor's generating capacity by the end of the year, but recently decided to extend this target to end-March 2006 after political problems dampened investor interest. Finance officials recently said credit rating agencies are concerned over the delay in the sale of Napocor, which has been considered the biggest drain on government finances. 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/ PHILIPPINE LONG: Fitch Affirms Ratings on Dividend Hike News ------------------------------------------------------------ Fitch Ratings has on Monday affirmed Philippine Long Distance Telephone Company's (PLDT) ratings as stated below following the company's decision to raise its dividend payout ratios over the next three years. - Long-term foreign currency rating at 'BB'; Outlook Negative - Long-term local currency rating at 'BB+'; Outlook Stable - Global bonds at 'BB' - Senior notes at 'BB' - Convertible preferred stock at 'B+' "While higher dividend payments will reduce PLDT's ability to further de-leverage in future, Fitch notes that PLDT generates solid free cash flow and will still maintain a good amount of debt reduction through to the end of 2006. In this regard, Fitch takes comfort in the fact that PLDT remains committed to further de-leveraging and to it targeting a leverage ratio of below 1.5x by 2006 year-end," said Jonathan Cornish, Fitch's head of TMT in Asia-Pacific. PLDT has approached bondholders of its 11.375% notes due 2012 and 10.625% notes due 2007 to seek their consent to alter certain covenants under those securities so that the company can increase its ability to make dividend payments. Apart from some financial compensation for consent to alter the covenants, PLDT will tighten its maximum leverage (total debt to EBITDA) covenant to 3.5x from 4.5x. Fitch notes PLDT reported sound results in 1H05 and remains on track to achieve its stated debt reduction target this year of USD600 million. PLDT is the incumbent and leading fully diversified and integrated telecom operator in the Philippines. The Outlook on the Long-term foreign currency rating reflects the Outlook of the Republic of the Philippines' 'BB' Long-term foreign currency rating. CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Web site: http://www.pldt.com.ph UNIOIL RESOURCES: Mulls Asset Sale, Unit Spin-off ------------------------------------------------- Unioil Resources & Holdings Inc. is looking to dispose of some of its assets and spin off a subsidiary in order to generate much-needed cash, according to BusinessWorld. In a bid to raise money to settle obligations, the company is reportedly planning to convert or sell its interest and profitable units. It was also moving to liquidate nonperforming assets and companies, including the Westmont Investment Corp. (Wincorp), through a spin-off. Unioil has been considering the spinning off Wincorp since August 2003 to clean up its books, but the plan has yet to be implemented. Wincorp, which was earlier charged of lecing around Php7 billion of Westmont Bank depositors' money to 20 ailing firms, no longer operates as it used to. One of Unioil's four subsidiaries, Winbank, still operates though it is in the red. Another unit, B.U. Properties, continues normal operations. The remaining three subsidiaries are non-operating. The company said Winbank continues to suffer losses but its management is considering ways to improve its financial standing, among which is the increase in capitalization through the call of subscriptions and sale of acquired assets. CONTACT: Unioil Resources & Holdings Company Inc. 6/F, Saguittarius Building H.V. dela Costa St. Salcedo Village, Makati City Phone: 893-5718 Fax: 893-5718 ================= S I N G A P O R E ================= ARIES HOLDINGS: Creditors Asked to Submit Proof of Claims --------------------------------------------------------- Notice is hereby given that the creditors of Aries Holdings (Private) Limited, whose debts or claims have not already been admitted, are required on or before Nov. 3, 2005 to submit particulars of their debts or claims and any security held by them to the Liquidator. This should be done by delivering or sending through the post to the liquidator's office a formal Proof of Debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice, creditors will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Dated this 3rd day of October 2005 Lau Chin Huat Liquidator c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 BOON CHANG: Court Issues Winding Up Order ----------------------------------------- In the matter if Boon Chang Engineering & Construction Pte Limited, the Singapore High Court issued a windsing up order against the Company on Sept. 23, 2005, with the following details: Name and address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 Dated the 23rd day of September 2005 Messrs Lee Bon Leong & Co. Solicitors for the Petitioner CHARTERED SEMICONDUCTOR: Expects SGD109-Mln Quarterly Loss ---------------------------------------------------------- As a result of overnight losses on U.S. Wall Street, chipmaker Chartered Semiconductor Manufacturing Limited's shares dropped to a five-month low, reports Dow Jones. As of 12:00 p.m. on Oct. 11, 2005, the Company's shares fell 5.4% to SGD1.05/share. U.S. chip designer Xilinx had previously warned thatfiscal second-quarter sales would be lower than expected due to lower demand in the Asia-Pacific region, and the news adversely affected chip stocks in Singapore, as this season is supposed to be a "busy" period. Chartered Semiconductor had earlier reported that it expected a loss of as high as USD65 million (SGD109.7 million) for the third quarter this year, due to higher interest expenses in the Company's refinancing for the July-September period. Aside from an expected USD13 million (SGD21.94 million) interest rate costs, the Company estimated its losses to range from USD42 million (SGD70.88 million) to USD52 million (SGD87.76 million). CONTACT: Chartered Semiconductor Manufacturing Ltd 60 Woodlands Industrial Park D Street 2 Singapore 738406 Phone: 65 63622838 Fax: 65 63622938 Web site: http://www.charteredsemi.com CITIRAYA INDUSTRIES: Works to Form Review Committee --------------------------------------------------- Citiraya Industries Limited announced that it has taken certain steps to pursue negotiations with its creditors with a view to arriving at a consensual resolution of the liabilities of the Company. On Sept. 19, 2005, the Company entered into an investment agreement with investors Heshe Holdings Limited and Chip Lian Investments Pte Limited. As a precondition to the completion of the investment, the Company's liabilities and subsidiaries must be restructured. Citiraya Industries sent letters to certain Company creditors (based on its books), inviting them to form a creditor committee (the Creditors' Committee). The Company and the Investors can then pursue discussions and negotiations with the Creditors' Committee in order to resolve its liablities. These terms will form the basis of a Scheme of Arrangement to be offered to the general body of creditors. The creditors who have been invited to form the Creditors' Committee have been drawn from a cross section of the creditors of the Company, including financial institutions, suppliers and service providers. When the Creditors Committee has been formed, the Company will make a further announcement. Citiraya Industries has also agreed on the terms of engagement of PricewaterhouseCoopers (PWC) accounting firm to assist the Creditors' Committee in reviewing the Company's financial position, and advise on the reasonableness of any offer made to the Creditors Committee by the Company and/or the Investors. The Company will provide reasonable access to its relevant financial books and records to PWC so that it may effectively assist the Creditors Committee. The engagement of PWC is subject to the approval of the Court. The Company wants to move forward quickly in engaging its creditors with a view to arriving at a reasonable and equitable resolution of the Company's liabilities in a consensual and expeditious manner. By Order of the Board Tan San-Ju Company Secretary Date d: Oct. 10, 2005 CONTACT: Citiraya Industries Limited 65 Tech Park Crescent Singapore 637787 Phone: 65 62644338 Fax: 65 62666731 Web site: http://www.citiraya.com/ CITIRAYA INDUSTRIES: New Investors Seek to Invest in Firm --------------------------------------------------------- Aside from troubled recycler Citiraya Industries Limited's current investors, new investors have come forward with investment offers for the Company, Channel NewsAsia reports. The Company's present investors are Heshe Holdings Limited and businessman Oei Hong Leong. According to Heshe Holdings CEO Eddie Chng, they are negotiating with new investors on how they can arrange a rescue plan for Citiraya Industries. If the deal pushes through, Mr. Chng will take over managing the Company. Mr. Chng also added that the new investors are experienced in the international recycling business, though he declined to be specific as talks are still under way. On Sept. 19, Heshe Holdings and Mr. Oei Hong Leong came forward to help the Company avoid bankruptcy. Since then, Citiraya has been approached by other interested investors, who were told to talk to the two "white knights," who had an exclusivity arrangement with the Company. Heshe Holdings and Mr. Oei's firm, Chip Lian Investments Pte Limited will inject a total of SGD40 million into the Company, in exchange for 949 million shares. Mr. Chng is optimistic about the Company's turnaround, saying that there will be enough working capital necessary to rescue Citiraya, and if need be, they would raise more money. He plans to keep Citiraya Industries listed on the stock exchange so that small investors could monitor the Company's turnaround. He also expects that they would draw up a scheme of arrangement for the Company's restructuring in the next few weeks. FUTURISTIC HOLDINGS: Liquidator Sets Deadline to Submit Claims -------------------------------------------------------------- Notice is hereby given that the creditors of Futuristic Holdings Pte Limited, which is being wound up voluntarily, are required on or before Nov. 5, 2005 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the Company liquidators. If so required by notice in writing by the said Liquidator, they are to come in by their solicitors or personally and prove their debts or claims at such time and place as shall be specified in such notice. Failure to do so would exclude them from the benefit of any distribution made before such debts are proved. Dated this 5th day of October 2005 Chee Yoh Chuang Lim Lee Meng Liquidators 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 HENLEY MANAGEMENT: Prepares to Distribute Dividend -------------------------------------------------- Henley Management Education (Asia Pacific) Pte Limited posted a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Name of Company: Henley Management Education (Asia Pacific) Pte Limited Last day for receiving proofs: Oct. 21, 2005 Name & address of Liquidators: Shirley Lim Guat Hua and Tan Leh Kuan 11 Collyer Quay #10-04 The Arcade Singapore 049317 SHIP ANALYTICS: Creditors Must Submit Debt Claims Next Month ------------------------------------------------------------ Notice is hereby given that the creditors of Ship Analytics (Systems) International Pte Limited, whose debts or claims have not already been admitted, are required to submit particulars of their debts or claims and any security held by them to the Liquidator on or before Nov. 3, 2005. This should be done by delivering or sending through the post (to the Liquidator's office) a formal Proof of Debt in accordance with Form 77 containing their respective debts or claims. In default of complying with this notice, they will be excluded from the benefit of any distribution made before their debts or claims are proved or their priority is established and from objecting to the distribution. Dated this 3rd day of October 2005 Lim Say Wan Liquidator c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 =============== T H A I L A N D =============== JASMINE INTERNATIONAL: Disposes of Shares in Siam Teltech --------------------------------------------------------- Chaengwatana Planner Company Limited (the Plan Administrator) as the Plan Administrator of Jasmine International Public Company Limited (JAS) informed the Stock Exchange of Thailand (SET) that the board of directors' meeting of the Plan Administrator No. 14/2005 held on October 10, 2005 passed the resolution to dispose all of the common shares held by JAS in Siam Teltech Computer Company Limited (STCC) (a subsidiary in which JAS holds 96.07 percent of the available shares). Furthermore, the extraordinary general meeting of shareholder of Jasmine Telecom Systems Public Company Limited (JTS) (a subsidiary in which JAS holds 76.19 percent of the available shares) No. 2/2005 held on October 10, 2005 passed the resolution to acquire the common shares of STCC from JAS. Details of this transaction are as follows: (1) The date on which the transaction occurred: - The resolution of board of directors' meeting of the Plan Administrator No. 14/2005 held on October 10, 2005. - The resolution of the extra-ordinary general meeting of shareholder of JTS No. 2/2005 held on October 10, 2005. (2) The parties involved: Name: Relationship with listed company Buyer: JTS a subsidiary in which JAS holds 76.19% of the available shares. Seller: JAS Listed company (3) The general characteristics of the transaction: - Transaction class: The disposal of asset - Transaction volume: 1.24 percent - The basis used to consider the volume: Net Tangible Asset and Net Profit basis The transaction size does not fall under the criteria, procedures and disclosure concerning acquisition/disposal of listed company's assets according to the announcement of the Stock Exchange of Thailand. (4) The details of assets disposed of: - Securities: The 528,365 common shares of STCC held by JAS. (Par value THB100 apiece) - The nature of its business: STCC provides computer system integration services, develops software and distributes computer products. - Registered capital: THB55 million - Paid-up capital: THB55 million - Selling price per share (unit): THB155.87 - Proportion of securities holding before: 96.07 percent - Proportion of securities holding after: No direct holding but JAS will hold STCC through JTS at 73.19 percent (5) The total value of the consideration: THB82,356,252.55 (6) The value of the assets disposed of: THB82,356,252.55 (7) The basis used to determine the value: The latest book value price of STCC as at June 30, 2005 of consideration which reviewed by auditor and adjusted by financial statement impacted to book value of STCC occurring between 30 June 2005 to selling date. The mentioned price is fair value of STCC common shares appraised by book value method by the independent financial advisor company. (8) The reason for the disposal of the assets: To restructure group's business for better efficiency in business management. (9) The proposed utilization of the proceeds received: To be working capital. Please be informed accordingly. Yours sincerely, Authorized director Mr. Somboon Patcharasopak Chaengwatana Planner Co., Ltd. The Plan Administrator of Jasmine International Public Company Limited CONTACT: Jasmine International Public Company Limited 200 Fl. 30, Moo 4, Chaengwatthana Rd., Pak Kret, Nonthaburi Telephone: 0-2502-3000-7 Fax: 0-2502-3150-2 Web site: http://www.jasmine.co.th PHUKET AIRLINES: Impounded Jet Finally Returns Home --------------------------------------------------- The jumbo jet owned by Phuket Airlines has finally returned to Bangkok after being impounded for two months at Incheon airport in South Korea, reveals Bangkok Post. The Boeing 747-300 was impounded due to legal dispute. It arrived at the Don Muang airport and underwent a technical inspection before it was put back into service. The legal dispute arose when TV Club Travel, had sued Phuket Airlines for US$1.2 million for losses resulting from the airline's decision to suspend chartered flights between Incheon and Bangkok in July. The lawsuit followed an earlier case that had led to the impounding of the plane by Korean authorities. Earlier it was banned from taking off from Incheon as International Airport Corp, which runs the airport, insisted that it pay US$230,000 in aircraft support and service fees including fuel and catering bills owed by TV Club Travel. After reportedly paying the bill, Phuket Airlines was about to take off on August 19 when it was blocked by a court order. Phuket Airlines has been involved in a series of controversies that has affected its image, thus questions on its safety standards have been raised. A recent incident ignited another cause of concern on its safety on September 11 when its YS-11 twin turbo-prop aircraft skidded off the runway on landing at Mae Sot airport in heavy rain. All 28 passengers and crew aboard the 64-seat aircraft emerged unhurt. CONTACT: Phuket Airlines Co. Ltd. 1168/7 25th Floor Lumpini Tower Rama 4 Road Thungmahamek Sathorn Bangkok 10120 Telephone: 662-6798238 662-6798239 Fax: 662-2856408 PRASIT PATANA: Director Steps Down from Post -------------------------------------------- Prasit Patana Public Company Limited notified the Stock Exchange of Thailand (SET) that Mr. Sitthichai Sukcharoenmitr has resigned from the directorship of the company with effect date from October 10, 2005. For your kind acknowledgement, Respectfully Yours, Mr. Kraivin Srikraivin Director CONTACT: Prasit Patana Public Company Limited 943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok Telephone: 0-2617-2444 Fax: 0-2617-2463 Web site: http://www.pyathai.com THAI HEAT: SET Allows Trading of Securities ------------------------------------------- Starting October 12, 2005 the Stock Exchange of Thailand (SET) allowed the securities of Thai Heat Exchange Public Company Limited (THECO) to be traded on the SET after finishing capital increase procedures. Name: THECO Issued and Paid up Capital Old: THB123,971,600 Number of common Shares: 123,971,600 shares New: THB124,680,500 Number of common Shares: 124,680,500 shares Par value: THB1 Allocate to: Existing shareholders warrants 708,900 units exercise to 708,900 common shares Ratio: 1:1 Exercise Price: THB1 Exercise Date: September 30, 2005 CONTACT: Thai Heat Exchange Pcl 1364 Ramkhamhaeng Road, Suan Luang Bangkok Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5 Fax: 0-2318-2655, 0-2319-4268 Web site: http://www.thaiheat.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 Resnick, Ma. Cristina Pernites Lao, Faith Marie S. Bacatan, Reiza Dejito, and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. 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