/raid1/www/Hosts/bankrupt/TCRAP_Public/051107.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
Monday, November 7, 2005, Vol. 8, No. 220
Headlines
A U S T R A L I A
ACH CLIFFORD: Members Resolve to Wind Up Business
A.I.G. PTY: Declares Dividend Today
BLAIRVIEW PTY: Liquidator to Distribute Company Assets
BOSCOTT PLUMBING: Enters Voluntary Liquidation
CENTURION NOMINEES: Members, Creditors to Review Wind Up Report
ENTERTAINMENT MEDIA: Completes Sale of U.S. Ops
FAMOICE TECHNOLOGY: Bruce Mulvaney Named Liquidator
FLOWCOM LIMITED: Updates on Capital Consolidation
FORTESCUE METALS: Welcomes NCC Recommendation on Pilbarra Access
GOLINDO INVESTMENT: Court Orders Winding Up
HENRY WALKER: Leighton Keen on Contract Mining Biz
IFR LIMITED: Liquidator to Present Report November 14
JAMES HARDIE: Cancels Options Under 2002 Plan
JAMES SANDS: Court Issues Winding Up Order
J&J GOMEZ: Decides to Halt Operations
LORO SAE: Declares First, Final Dividend
LYDOM ENTERPRISES: Members Pass Winding Up Resolution
MILLER'S RETAIL: In Talks to Sell Discount Store Ops
MINES MAINTENANCE: Creditors OK Liquidators' Appointment
MONEY FOR LIVING: Promoters Ordered to Surrender Passports
MONOT HOLDINGS: Members, Creditors to Hear Liquidator's Report
NORTH EAST: Winding Up Process Initiated
ONLINE INVESTORS: Court Finds INVESTools Unlawful
POWER MAINTENANCE: Appoints Official Liquidator
RACECALM PTY: Intends to Pay Dividend to Creditors
RNFC INVESTMENTS: Schedules Final Meeting November 14
STONEKO PTY: Winds Up Business
STRATHFIELD: Adopts New Licensing Model; Inks Optus Deal
TELSTRA CORPORATION: Wins AU$200-Mln IT Contract
VANTHI LAUNDRY: Placed Under Voluntary Liquidation
C H I N A & H O N G K O N G
ACCESS FAITH: To Undergo Winding Up Process
AJI OU: Winding Up Hearing Slated for December 14
BOLD WARE: Creditors Meeting Fixed November 11
CHINA NORTHERN: SFC Reprimands Firm
GOLDCO DEVELOPMENT: Appoints Provisional Liquidators
NEW WORLD TMT: Notes Unusual Price, Volume Movements
NEW WORLD TMT: Shares Up 71.4% After Acquisition Report
QUICK PROFIT: Issues Debt Claim Notice
WILLEX TRADING: Winding Up Hearing Slated for November 30
I N D I A
RANBAXY LABORATORIES: To Appeal Patent Case at U.K. Court
I N D O N E S I A
PASIFIK SATELIT: Bankruptcy Petition Looms Due to Unpaid Debt
J A P A N
FUJITSU LIMITED: Signs Server Deal With EDS
JAPAN AIRLINES: To Slip Into H1/2005 Net Loss
ISHIKAWAJIMA-HARIMA HEAVY: First-Half Loss Widens on Write-Down
MEIJI YASUDA: To Sack Executives to Regain Consumer Confidence
SEIYU LIMITED: Wal-Mart Sets US$1-Bln Rescue Package
K O R E A
HANBO GROUP: Former Execs to Pay Damages to Creditors
TRIGEM COMPUTER: U.S. Affiliates File for Chapter 11 Protection
M A L A Y S I A
AKTIF LIFESTYLE: Applications to SC Still Pending Approval
BELL & ORDER: To Convene Meeting Next Week
CHG INDUSTRIES: Court Extends Restraining Order
GADANG HOLDINGS: AGM Set November 29
KEMAYAN CORPORATION: Creditors, Shareholders Back Scheme
K.P. KENINGAU: Pursues Options to Regularize Financial Status
MAGNUM CORPORATION: Buys Back Ordinary Shares
OLYMPIA INDUSTRIES: Unveils Restructuring Scheme Status
OMEGA HOLDINGS: SC Applications Pending Approval
PAN PACIFIC: Implementation, Completion of Scheme Nears
PARK MAY: Awaits SC Decision on Deadline Extension
POLYMATE HOLDINGS: In Restructuring Talks with Lenders
SETEGAP BERHAD: Bourse to Suspend Securities Trading
TRU-TECH HOLDINGS: Application Pending Approval from Authorities
UNITED CHEMICAL: No Development to Restructuring
WEMBLEY INDUSTRIES: Issues Status Report of PN4
P H I L I P P I N E S
LEPANTO CONSOLIDATED: Set to List Additional Shares
NATIONAL HOME: Extends Loan Condonation
NATIONAL POWER: VAT to Drive Another Rate Hike
PAIC SAVINGS: Court Approves Partial Dividend Payment
PHILIPPINE REALTY: Posts Copy of Amended Annual Report
RB LOOC: PDIC Files for Approval of Motion Re Liquidation
VICTORIAS MILLING: Provides Copy of SEC Form 23-A
S I N G A P O R E
CREATIVE TECHNOLOGY: Books SGD9.3 Mln Net Loss in Q1
CREATIVE TECHNOLOGY: Passes Resolutions at AGM
FIRSTLINK INVESTMENTS: Appoints Deputy Chairman
HIAP SENG: Proofs of Claim Due November 18
INFORMATICS HOLDINGS: Singapore Exchange OKs Rights Issue
INFORMATICS HOLDINGS: Names New Secretary
LIANG HUAT: Restructuring Delays Director Appointments
LIANG HUAT: Plans to Sell Property to Real Estate Firm
STATS CHIPPAC: Opens Wafer Bumping Operations in China
T H A I L A N D
PACIFIC ASSETS: Issues Progress Report on Sale of Assets
PAE THAILAND: Unveils Result of Board Meeting
THAI PETROCHEMICAL: Undertakes Registered Capital Increase
- - - - - - - -
=================
A U S T R A L I A
=================
ACH CLIFFORD: Members Resolve to Wind Up Business
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of ACH Clifford Holdings Pty Limited held on Oct. 10, 2005, it
was resolved that the Company be wound up voluntarily and that
Evan Philip Groombridge, Chartered Accountant of 21 Cornwall
Avenue, Turramurra NSW be appointed Liquidator for such purpose.
Dated this 10th day of October 2005
Evan P. Groombridge
Liquidator
21 Cornwall Avenue, Turramurra NSW
A.I.G. PTY: Declares Dividend Today
-----------------------------------
A.I.G. (Aust) Pty Limited will declare a dividend today, Nov. 7,
2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 9th day of September 2005
Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Web site: http://www.worrells.net.au/
BLAIRVIEW PTY: Liquidator to Distribute Company Assets
------------------------------------------------------
At a general meeting of Blairview Pty Limited held on Oct. 7,
2005, the following Special Resolution was passed:
That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire.
Dated this 11th day of October 2005
B. A. Secatore
Liquidator
Bentleys MRI
114 William Street, Melbourne Vic 3000
BOSCOTT PLUMBING: Enters Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a meeting of the members of
Boscott Plumbing Pty Limited held on Oct. 6, 2005, it was
resolved that the Company be wound up voluntarily, and Barry
Keith Taylor of B. K. Taylor & Co., 8th Floor, 608 St. Kilda
Road, Melbourne was appointed Liquidator at a creditors' meeting
held that same day.
Dated this 6th day of October 2005
Barry K. Taylor
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne
CENTURION NOMINEES: Members, Creditors to Review Wind Up Report
---------------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Centurion Nominees Pty Limited will be held on Nov.
14, 2005, 10:30 a.m. at the offices of SimsPartners, Level 12,
40 St. George's Terrace, to present the Liquidator's account
showing how the winding up was conducted and the disposal of the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidator.
Dated this 30th day of September 2005
C. M. Williamson
Liquidator
SimsPartners
Chartered Accountants
Level 12, 40 St. George's Terrace
Perth WA 6000
ENTERTAINMENT MEDIA: Completes Sale of U.S. Ops
-----------------------------------------------
SimsPartners, the Receivers and Managers of Entertainment Media
& Telecoms Corporation Limited and its Australian subsidiaries
(collectively the EMT Group), in conjunction with the secured
creditor of the EMT Group have completed a sale of the EMT
Group's U.S.-based business to KoolConnect Technologies Inc.
The transaction is effective November 2, 2005.
Terms of the sale are confidential and subject to a non-
disclosure agreement.
CONTACT:
Entertainment Media & Telecoms Corporation Limited
Level 22, AGL Centre
111 Pacific Highway
North Sydney NSW 2060
Australia
PO Box 539
North Sydney NSW 2059
Australia
Phone: +61 (0)2 9954 4200
Fax: +61 (0)2 9954 5220
E-mail: info@emtcorp.com.au
Web site: http://www.emtcorp.com.au/
A M Sims
Sims Partners
Chartered Accountants and Business Advisors
Level 24, Australia Square
264 George Street
Sydney 2000
NSW 2001
Phone: 02 9541 3422
Fax: 02 9241 3922
E-mail: syd@simspartners.com.au
Web site: http://www.simspartners.com.au
FAMOICE TECHNOLOGY: Bruce Mulvaney Named Liquidator
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Famoice Technology Pty Limited held on Oct. 6, 2005, a Special
Resolution was passed that the Company be wound up voluntarily,
and that Bruce Neil Mulvaney of Bruce Mulvaney & Co, 1st Floor,
613 Canterbury Road, Surrey Hills, Victoria, 3127 be appointed
Liquidator for such winding up.
Dated this 17th day of October 2005
Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co.
1st Floor, 613 Canterbury Road
Surrey Hills Vic 3127
FLOWCOM LIMITED: Updates on Capital Consolidation
-------------------------------------------------
Flowcom Limited confirmed the number of ordinary shares on issue
following the consolidation of capital is 20,090,374. Holding
statements will be dispatched by the share registry soon.
Further, all existing options have expired and there are
currently no options on issue.
CONTACT:
Robert W. Whitton
Deed Administrator
Flowcom Limited (Subject to Deed of Company Arrangement)
c/o Lawler Partners
Level 7
1 Margaret Street
Sydney NSW 2001
Flowcom Limited
C/-Lawler Partners , Level 7,
1 Margaret Street , SYDNEY,
NSW, AUSTRALIA, 2000
Telephone: (02) 8346 6000
Fax: (02) 8346 6099
Web site: http://www.flow.com.au
FORTESCUE METALS: Welcomes NCC Recommendation on Pilbarra Access
----------------------------------------------------------------
Fortescue Metals Group Limited welcomed the draft recommendation
report by the National Competition Council (NCC) that the
service provided by the BHP Billiton Limited (BHPB) Mount Newman
railway line should be declared for 20 years.
Should the Federal Government accept the NCC's recommendation it
would establish a legal; right of access for Fortescue and other
in the Pilbarra to BHPB's Mount Newman railway line.
Declaring it the right and best decision for future development
of the Pilbara's iron ore deposits, Fortescue's Executive
Director of Operations, Mr. Graeme Rowley expressed his hope
that BHPB would accept the findings of the report and be
prepared to undertake commercial negotiations in good faith with
Fortescue and other parties that have iron ore interests within
the Pilbara.
Mr. Rowley highlighted that Fortescue's declaration request for
the Mt. Newman line was made in regards to Fortescue's
prospective iron ore deposit at Mindy Minday that is held within
a Joint Venture with Consolidated Minerals Limited. This deposit
is located some 60 kilometers to the south west of Fortescue's
wholly owned deposits within the Chichester Range for which
Fortescue is going to build its own "open access" rail line to
Port Hedland.
"Whilst this decision does not effect Fortescue's firm intention
to build its own railway from Anderson Point at Port Hedland to
our Chichester Range deposits, it will certainly add greatly to
freeing up the Pilbara's stranded minerals resources," Mr.
Rowley stated.
Mr. Rowley noted that Fortescue had a tenement portfolio of over
18,000 square kilometres stretching over the Western, Central
and Eastern Pilbara region and access to third party rail
networks would be very useful for planning and expansion in the
future.
"The BHP Billiton line runs right past the Mindy Mindy tenement
area and it makes absolute commercial sense to access this
line."
Mr. Rowley further noted that BHPB had entered into obligations
within its long standing State Agreement to provide transport
services to third parties.
The NCC declaration has been made in accordance with Part IIIA
of the Trade Practices Act 1974, which establishes a legal right
for third parties to share the use of certain infrastructure
services on reasonable terms and conditions.
"The decision paves the way to significantly open up access to
the richest mineral resource region in Australia which rates as
one of the world's greatest iron ore provinces," Mr. Rowley
said.
"It provides enormous economic opportunities and will unleash a
number of stranded mining resources in the Pilbara, allowing
Australia to further capitalize on the global resources boom."
The NCC rejected BHPB's and Rio Tinto's submissions which sought
to prevent other companies gaining access to the existing BHPB
railway line.
"Hopefully all parties will now accept the inevitability that
the Pilbara will be opened up with a transport and logistics
system available to all. It is commercially and practically
sensible that the old concept of a transport barrier to entry be
overhauled. I believe such an outcome accords with the stated
desire of both the respective Federal and State Governments to
improve the level of available infrastructure throughout
Australia. I trust that this is recognized and that there are no
further impediments created by pursuing legal challenges and
processes," Mr. Rowley added.
CONTACT:
Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/
GOLINDO INVESTMENT: Court Orders Winding Up
-------------------------------------------
On Oct. 10, 2005, the Supreme Court ordered the winding up of
Golindo Investment (Australia) Pty Limited, and appointed Pino
Fiorentino to be Liquidator of the Company.
Pino Fiorentino
Liquidator
c/o Hamiltons Chartered Accountants
Level 17, 25 Bligh Street
Sydney NSW 2000
Phone: 9232 6611
Fax: 9232 6166, DX 1208
HENRY WALKER: Leighton Keen on Contract Mining Biz
--------------------------------------------------
Leighton Holdings has confirmed its interest for the mining
business of failed rival Henry Walker Eltin (HWE), according to
the Sydney Morning Herald.
The contractor said it is one of the two final bidders for HWE's
AU$300-million contract mining division.
A Leighton spokesman said the group is keen on acquiring the
business but will still wait on the outcome of the receiver's
decision. He declined to say whether HWE Mining would be folded
into Leighton's John Holland business, which the company is
trying to expand.
According to McGrathNicol+Partners administrator Scott Kershaw,
the two final bidders for HWE Mining's Australasian businesses
were Australian companies.
HWE Mining's Jamaican and Chilean businesses are being sold
through a separate process.
Macquarie Bank has advised administrators on the sale of the
Australasian division, which should be completed within two to
three weeks.
CONTACT:
Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/
IFR LIMITED: Liquidator to Present Report November 14
-----------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of IFR Limited will be held on Nov. 14, 20-05, 10:30
a.m. at the offices of Ferrier Hodgson, Level 29, 600 Bourke
Street, Melbourne, to lay an account before them showing the
manner of the winding up and disposal of the property of the
Company, and to hear any explanations that may be given by the
Liquidator.
Dated this 3rd day of October 2005
J. R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000
JAMES HARDIE: Cancels Options Under 2002 Plan
---------------------------------------------
James Hardie Industries NV has cancelled 1,950,000 options
granted under the 2002 Peter Macdonald Option Plan because the
performance hurdle was not met.
Details of unquoted options following the cancellation are set
out in the table below.
The Company's issued share capital of 462,101,613 shares/CUFS
remains unchanged.
Table of James Hardie Industries N.V. options:
2001 Equity Options Exercise Price Expiry date if not
Incentive Plan AU$ exercised
309,339 3.1321 1 Nov 2009
957,972 3.0921 1 Nov 2010
1,532,217 5.0586 17 Dec 2011
2,308,300 6.4490 3 Dec 2012
4,128,470 7.0500 5 Dec 2013
4,912,600 5.9900 14 Dec 2014
273,000 6.0300 28 Feb 2015
Total Options 14,421,898
Each option confers the right to subscribe for one ordinary
share/CUFs in the capital of James Hardie Industries N.V. at the
exercise price shown in the table subject to the terms of issue.
CONTACT:
Investor and Analyst Inquiries:
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
JAMES SANDS: Court Issues Winding Up Order
------------------------------------------
On Oct. 6, 2005, the Supreme Court of New South Wales, Equity
Division ordered that James Sands Transport Pty Limited be wound
up, and appointed R. J. Porter to be the Company's Official
Liquidator.
R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150
J&J GOMEZ: Decides to Halt Operations
-------------------------------------
Notice is hereby given that at a general meeting of members of
J.&.J Gomez Pty Limited held on Oct. 6, 2005, it was duly
resolved that the Company be wound up voluntarily, and that
Antony de Vries and Riad Tayeh of de Vries Tayeh, Level 3/95
Macquarie Street, Parramatta NSW 2150 be appointed Joint and
Several Liquidators for the winding up.
Dated this 6th day of October 2005
Riad Tayeh
Antony de Vries
Joint Liquidators
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150
LORO SAE: Declares First, Final Dividend
----------------------------------------
Loro Sae Hotel Pty Limited will declare a first and final
dividend today, Nov. 7, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 19th day of September 2005
G. D. Finch
Liquidator
KPMG
18 Smith Street, Darwin NT 0800
LYDOM ENTERPRISES: Members Pass Winding Up Resolution
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Lydom Enterprises Pty Limited held on Oct. 6,
2005, it was resolved that the Company be wound up voluntarily
and at a creditors' meeting held that same day, Robert
Molesworth Hobill Cole of Cole Downey & Co. Chartered
Accountants, Unit 2, 6 Moorabool Street Geelong Vic 3220 was
appointed Liquidator for the winding up.
Dated this 7th day of October 2005
Robert M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220
MILLER'S RETAIL: In Talks to Sell Discount Store Ops
----------------------------------------------------
Miller's Retail is working to divest its entire discount variety
store operations, scrapping its initial plan to divest only 20
percent of the embattled business, Asia Pulse reports.
Miller's is currently holding confidential discussions for the
sale of its entire discount variety operations.
It is still unclear whether Miller's was still in talks with
more than one potential buyer or had narrowed the field down to
one party.
In June, Miller's announced a strategic review that included
plans to offload 80 stores in its underperforming discount
variety store business.
Miller's has already offloaded 18 stores and in September
announced that it was aiming to sell another 62 over the next
year, adding that it was in talks with six potential buyers.
Interested parties included Melbourne-based retailer The Reject
Shop Ltd, which has flagged its interest in a number of Miller's
stores.
Miller's, however, said the terms and conditions of the sale
have not yet been finalized or agreed and there is therefore no
guarantee the sale will proceed.
CONTACT:
Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/
MINES MAINTENANCE: Creditors OK Liquidators' Appointment
--------------------------------------------------------
Notice is given that at a meeting of members of Mines
Maintenance (Qld) Pty Limited held on Oct. 5, 2005, members
resolved to wind up the Company, and appoint Matthew L. Joiner
and Gerald T. Collins as Joint and Several Liquidators for such
purpose.
Creditors confirmed the Liquidators' appointment at a creditors'
meeting held later that day.
Dated this 11th day of October 2005
Gerald T. Collins
Matthew L. Joiner
Joint Liquidators
Horwath BRI Brisbane Chartered Accountants
Level 4, 370 Queen Street
Brisbane Qld 4000
MONEY FOR LIVING: Promoters Ordered to Surrender Passports
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Federal Court of Australia prohibiting
Mr. Stephen O'Neill and Mr. Gary O'Neill, the promoters of Money
for Living (Aust) Pty Ltd (administrators appointed) (MFL) and
MFL Property Holdings Pty Ltd (administrators appointed)
(MFLPH), from leaving Australia and requiring them to surrender
their passports to ASIC.
These orders were granted in an ex parte application made by
ASIC in the Federal Court of Australia on 28 October 2005. This
application returned to the Federal Court yesterday on notice to
the O'Neill brothers.
The Federal Court continued the orders made on 28 October 2005
preventing the O'Neill brothers from leaving Australia and
requiring them to surrender their passports. These orders remain
in place until 16 December 2005.
ASIC's proceedings in this matter, which commenced on 20 October
2005 will return to the Federal Court for directions on 22
November 2005.
ASIC's investigation is continuing.
Background
On 20 October 2005, ASIC commenced civil proceedings in the
Federal Court of Australia seeking declarations that false and
misleading representations were made by Money For Living (Aust)
Pty Ltd (administrators appointed) (MFL), MFL Property Holdings
Pty Ltd (administrators appointed) (MFLPH), Mr. Stephen O'Neill,
Mr. Gary O'Neill and Ms Jolanta Olszewski.
ASIC alleges that the Money for Living Group made false and
misleading representations in various agreements and materials,
including in communications to vendors who sold their homes
under what MFL described as 'a unique system that allows people
(generally over 55) to access the equity in their home'.
MFL and MFLPH were placed into voluntary administration on 26
September 2005 with George Georges and Peter McCluskey of
Ferrier Hodgson being appointed as administrators.
MONOT HOLDINGS: Members, Creditors to Hear Liquidator's Report
--------------------------------------------------------------
Notice is hereby given that a final general meeting of the
members and creditors of Monot Holdings Limited will be held on
Nov. 14, 2005, 10:30 a.m. at the offices of PPB, Level 10, 90
Collins Street, Melbourne 3000, to present the Liquidator's
account showing the manner in which the winding up was conducted
and the property of the Company disposed of, and to hear any
explanations that may be given by the Liquidator.
Dated this 23rd day of September 2005
Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000
NORTH EAST: Winding Up Process Initiated
----------------------------------------
Notice is hereby given that at extraordinary general meetings of
the members of North East Resale Pty Limited held on Oct. 3,
2005, it was resolved that the Company be wound up voluntarily,
and Nicholas Giasoumi and Roger Darren Grant, Registered
Liquidators of Suite 8 260 Auburn Road, Hawthorn 3122 were
appointed as Joint and Several Liquidators of the Company.
Dated this 3rd day of October 2005
Nicholas Giasoumi
Roger D. Grant
Joint Liquidators
Dye & Rennie Chartered Accountants
Suite 8, 260 Auburn Road
Hawthorn 3122
ONLINE INVESTORS: Court Finds INVESTools Unlawful
-------------------------------------------------
The Supreme Court of Queensland has delivered judgment in ASIC's
proceedings against Online Investors Advantage Incorporated
(OIA) relating to the INVESTools website, promoted as part of
the "Financial Superstars" seminars held in Brisbane, Sydney and
Melbourne in July 2004.
ASIC commenced proceedings against Online Investors Advantage
Incorporated (OIA), a USA-based company, in July 2004, in
relation to a series of workshops being promoted at "Financial
Superstars" seminars, and in particular, OIA's INVESTools
website service (http://www.investortoolbox.com).
The INVESTools website was promoted by OIA as a tool to analyze
data to identify whether specific U.S. stocks should be bought
or sold.
Although OIA holds an Australian financial services license
(AFSL), ASIC alleged that OIA was not licensed to sell its
INVESTools website service because the website service is a
financial product, or because it provides financial advice which
OIA is not authorized to provide under the conditions of its
existing license.
OIA argued that the INVESTools website was neither a financial
product nor financial product advice.
The Court rejected these arguments and found that the website
was a source of financial advice in respect of a particular
financial product or class of financial product within the
meaning of the Corporations Act.
The Court did not accept OIA's arguments that financial product
advice must relate to a specifically identified financial
product or class, and agreed that a recommendation about stocks
in the US market is sufficient to constitute financial product
advice under Australian law.
The Court also held that a purported disclaimer of warranties by
Online in relation to the website was misleading and deceptive.
The Court did not agree with ASIC's other allegations, which
mostly related to whether a Financial Services Guide and
consumer warnings should be provided at the seminars, and
whether OIA had provided advice about derivatives, contrary to
it's authorizations under its AFSL.
The Court declined to make an order requiring OIA to notify
subscribers of their rights under the Corporations Act to
rescind subscription agreements entered into with OIA and
recover their subscription fees.
Under the Corporations Act, clients who enter into agreements
relating to financial products with people who are not licensed
to sell those products are entitled to cancel their agreements.
Given the Court's findings that the INVESTools website is a
financial product and a source of financial product advice,
consumers who paid fees to OIA may now be entitled to rely on
these provisions to cancel their agreement with OIA and receive
a return of their money. Consumers who may wish to consider
whether they have an entitlement to cancel their agreement with
OIA should seek their own legal advice.
"This decision sets an important precedent in confirming ASIC's
view that recommendations to invest in a type of financial
product, such as Australian shares or US shares, will constitute
financial product advice under Australian law," ASIC's Executive
Director of Enforcement, Ms Jan Redfern said.
"This means that those who promote public seminars promoting
investment strategies in generally identified financial
products, for example, shares, must hold an AFSL that
specifically authorizes them to give general financial product
advice.
"This decision also means software systems promoted as aids to
help investors make investment decisions about financial
products may be financial products themselves and cannot be sold
or promoted unless the promoter has an AFSL that authorizes the
holder to issue and sell financial products," Ms Redfern added.
Background
ASIC commenced proceedings against OIA in July 2004, initially
seeking interim orders against OIA, including an order
preventing workshops offered by OIA during 16-18 July 2004.
The Supreme Court declined to make interim orders stopping the
workshops at the time, because OIA provided a number of
undertakings to the Court, including providing to attendees of
workshops, specified consumer information as well as appropriate
warnings to the effect that the workshop material did not take
into account attendees' personal objectives, financial situation
and needs and should not be relied on for that purpose.
The INVESTools website was promoted as a system that reproduced
strategies developed and successfully used by Warren Buffet to
determine the present and future direction of US markets.
OIA was incorporated in Utah, USA and is a wholly owned
subsidiary of ZiaSun Technologies Inc, a U.S. registered foreign
company. ZiaSun is wholly owned subsidiary of INVESTools Inc,
another US registered foreign corporation. OIA has been carrying
on business in Australia since 1999. In January 2000, Online
gave ASIC an enforceable undertaking under s93AA of the ASIC Act
in relation to concerns it was providing investment advice
without a license, as required under the Corporations Act. OIA
later applied for and was granted a license which became, in
June 2004, an Australian financial services license. This did
not authorize OIA to promote and sell a financial product such
as the INVESTools website.
POWER MAINTENANCE: Appoints Official Liquidator
-----------------------------------------------
Notice is given that at a meeting of members of Power
Maintenance Pty Limited held on Oct. 5, 2005, it was resolved
that the Company be wound up, and that Matthew L. Joiner and
Gerald T. Collins be nominated as Joint and Several Liquidators
for such purpose.
Creditors confirmed the Liquidators' appointment at a creditors'
meeting held that same day.
Dated this 11th day of October 2005
Gerald T. Collins
Matthew L. Joiner
Joint Liquidators
Horwath BRI Brisbane Chartered Accountants
Level 4, 370 Queen Street
Brisbane Qld 4000
RACECALM PTY: Intends to Pay Dividend to Creditors
--------------------------------------------------
Racecalm Pty Limited will declare a first and final dividend
with respect to priority employee entitlements of unpaid wages
and superannuation today, Nov. 7, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 21st day of September 2005
Hillary Orr
Liquidator
PO Box 1022, Blackwood SA 5051
RNFC INVESTMENTS: Schedules Final Meeting November 14
-----------------------------------------------------
Notice is hereby given that a general meeting of the members of
RNFC Investments Pty Limited will be held on Nov. 14, 2005, 9:00
a.m. at the offices of Gavin Thomas & Partners, Level 9, 31
Market Street, Sydney, to lay an account before them showing the
manner of the winding up and disposal of the property of the
Company, and to hear any explanations that may be given by the
Liquidator.
Gavin Thomas
Liquidator
Gavin Thomas & Partners
Level 9, 31 Market Street
Sydney
STONEKO PTY: Winds Up Business
------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Stoneko Pty Limited held on Oct. 7, 2005, it
was resolved that the Company be wound up voluntarily, and that
Eran Weiner of 30/35-37 Ocean Street, Bondi NSW be appointed to
act as Liquidator for the winding up.
Dated this 17th day of October 2005
Eran Weiner
ERAN WEINER
Liquidator
C/o Shammay & Co. Chartered Accountants
Phone: 02 9389 9188
Fax: 02 9369 4164
STRATHFIELD: Adopts New Licensing Model; Inks Optus Deal
--------------------------------------------------------
The new Board of Strathfield provided an update on activities at
Strathfield since the appointment of new management.
(1) the implementation of a franchising/licensing model early in
06
(2) new deal with Optus
(3) the resignation of Mr. Andrew Kelly
Over the past two months, since the appointment of the new team
headed by Gerard Frack, Strathfield has undertaken a full review
of Operations and Management. This review has resulted in:
(1) a renegotiated Optus Contract through to 2010 on
significantly improved terms.
(2) a rationalized management structure which has seen the
following positions being changed:
- complete board change
- CEO, CFO and all senior managers
(3) the development of new budgets for Strathfield
(4) a reduction in previous board approved total budget costs of
AU$17 million for the 06 year including a reduction in
management cost over AU$2.4 million.
(5) a substantial headcount reduction in head office and regions
(6) elimination of director's fees during the turnaround period
(7) the implementation of:
- a flat management structure
- significant in store changes to, staff management,
incentives, store look and feel
(8) the movement of head office to the Sydnye CBD (at lower
occupancy costs) from Jan 06
(9) the appointment of Deloitte Touche Tohmatsu as auditor
(subject to shareholder approval)
(10)an increase in mobile connections since implementing new
marketing and sales strategy.
Franchising/Licensing
As part of the review of the business, the board appointed
Galbally Carroll (advisors to TAB and Bristol Paints) to develop
and assist in the review of a franchising/licensing model for
Strathfield. The Strathfield model suggests that the company can
significantly improve profitability and may realize between
AU$15 million AU$20 million in upfront franchise fees by
implementing a franchise/license program.
The board has agreed to implement the franchise/license model
for the middle tier of Strathfield stores with implementation
commencing in first quarter 06 working closely with Galbally
Carroll.
Board Changes
Strathfield confirms the resignation of Mr. Andrew Kelly and
would like to thank him for all his dedication and commitment
over the years. The new management has considered Mr. Kelly's
position as founder of the business and do note the
deterioration in the recovery of the business since he left in
September/October 2004. It is recognized he has significant
intellectual knowledge and expertise with respect to the
business of the company and relationships with key suppliers and
staff. The board wishes to retain this knowledge within the
Company as an executive with various responsibilities for
marketing and merchandizing. Mr. Kelly reports directly to Mr.
Frack. The Company will be executing a service agreement with
Mr. Kelly on terms and conditions, which are consistent with
normal commercial agreements of this type.
The board would also like to confirm the appointment of Mr.
Warwick Mirzikinian as an Executive Director.
Ongoing Improvements
New management and the Board continue to look at ways to improve
the business. The immediate focus is now on driving sales and
improving shop floor performance in the Christmas period.
CONTACT:
Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com
TELSTRA CORPORATION: Wins AU$200-Mln IT Contract
------------------------------------------------
A Telstra Corporation subsidiary has signed a five-year contract
for around AU$200 million to provide IT services to the Defense
Department, The Australian relates.
IT company KAZ will deliver remote support to 90,000 desktops
across 325 Department of Defense sites throughout Australia.
The company will recruit more than 200 staff, who will work with
members of the Defense force and Boeing Australia from Defense
facilities in Canberra.
Services will be delivered to users over IP Wide Area Networks
comprising two security levels: restricted and secret.
The Telstra subsidiary beat 13 IT companies in a tender process
to win the contract. The contract includes options for the
Defense Department to extend for a further 10 years at two-year
intervals.
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/
VANTHI LAUNDRY: Placed Under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Vanthi Laundry Pty Limited held on Oct. 5, 2005,
it was resolved that the Company be wound up voluntarily.
At a creditors' meeting held that same day, William Bernard
Abeyratne and Loke Ching Wong of Harrisons Insolvency, Level 5,
150 Albert Road, South Melbourne were appointed as Joint and
Several Liquidators of the Company.
Dated this 14th day of October 2005
Willam B. Abeyratne
Loke Ching Wong
Joint Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885
==============================
C H I N A & H O N G K O N G
==============================
ACCESS FAITH: To Undergo Winding Up Process
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Access Faith Development Limited whose registered office is
situate at 8/F., CNT Commercial Building, 302 Queen's Road
Central, Hong Kong by the High Court of Hong Kong Special
Administrative Region was on September 9, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on November 30, 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. DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 29, 2005.
AJI OU: Winding Up Hearing Slated for December 14
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Aji
Ou Japanese Restaurant Limited by the High Court of Hong Kong
Special Administrative Region was on October 24, 2005 presented
to the said Court by Bright Success Investment Limited whose
registered office is located at 9th Floor, Central Building, No.
3 Pedder Street, Central, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 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.
CHAN, WONG & LAM
Solicitors for the Petitioner
Suites 2012-2013, 20th Floor
Two Pacific Place
No. 88 Queensway
Hong Kong
Phone: 2525 0350
Fax: 2537 1031
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 December 13, 2005.
BOLD WARE: Creditors Meeting Fixed November 11
----------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Bold Ware Optical (Metal) Manufactory LImited will be held at
14/F., Hong Kong Club Building, 3A Chater Road, Central, Hong
Kong on November 11, 2005 at 11 o'clock in the morning.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be duly completed and
lodged at the Company's registered office at 4/F., Kenning
Industrial Building, 19 Wang Hoi Road, Kowloon Bay, Kowloon,
Hong Kong, before 4 p.m. on November 10, 2005.
Dated this 4th day of November 2005
LEE KONG LEONG
Alternate Director
CHINA NORTHERN: SFC Reprimands Firm
-----------------------------------
The Securities and Futures Commission (SFC) has prosecuted China
Northern Enterprises Investment Fund Limited and its Director
Mr. Yau Chung Hong under Part XV of the Securities and Futures
Ordinance. China Northern was a substantial shareholder of
Ningbo Yidong Electronic Company Limited at the material time.
China Northern pleaded guilty to four summonses relating to its
failure to notify within the prescribed period the Stock
Exchange of Hong Kong and Ningbo regarding its trading in Ningbo
shares on November 14, 2003 and November 25, 2003 respectively,
which caused China Northern ceased to have or to have a
notifiable interest in Ningbo.
In addition, Yau, a director of China Northern, pleaded guilty
to four summonses relating to his failure to ensure that China
Northern made the above-mentioned disclosures.
Mr. Ian Candy, a Magistrate at Eastern Magistracy, fined China
Northern and Yau a total of $12,000 and $8,000 respectively and
ordered Yau to pay investigation costs of $17,000 to the SFC.
CONTACT:
The Securities and Futures Commission of Hong Kong
8th Floor, Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222
Fax: 852-2521-7836
GOLDCO DEVELOPMENT: Appoints Provisional Liquidators
----------------------------------------------------
Goldco Development Limited hereby gives notice of an appointment
of provisional liquidators in the High Court of the Hong Kong
Special Administrative Region Court of First Instance.
Registered Office: 18/F., Two International Finance Centre, 8
Finance Street, Central, Hong Kong.
Joint & Several Provisional Liquidators' Names: YEO Boon Ann,
Stephen LIU Yiu Keung and Robert Armor MORRIS
Provisional Liquidators' Address: 18th Floor, Two International
Finance Centre, 8 Finance Street, Central, Hong Kong.
Date of Appointment: 27th October 2005
Dated this 4th day of November 2005
YEO BOON ANN
STEPHEN LIU YIU KEUNG
ROBERT ARMOR MORRIS
Joint and Several Provisional Liquidators
NEW WORLD TMT: Notes Unusual Price, Volume Movements
----------------------------------------------------
The Stock Exchange has received a message from New World TMT
Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The Company has noted today's increase in the price and trading
volume of the shares of the Company and wishes to state that
save as the press announcement published on November 3, 2005 in
respect of the proposed privatization of the Company by New
World Development Company Limited, we are not aware of any
reasons for such increase.
The Company also confirms that other than the proposed
privatization mentioned above, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.
Made by the order of New World TMT Limited, the Board of the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.
As at the date of this statement, the Board comprises (i) three
executive directors, namely Dr. Cheng Kar-Shun, Henry, Mr. Wong
Chi-Chiu, Albert and Dr. Wai Fung-Man, Norman; (ii) four non-
executive directors, namely Mr. Wilfried Ernst Kaffenberger
(alternate director to Mr. Wilfried Ernst Kaffenberger: Mr.
Yeung Kun-Wah, David), Mr. Fu Sze-Shing, Mr. Lee Sean, Sammy and
Mr. Lai Hing-Chiu, Dominic; and (iii) three independent non-
executive directors, namely Dr. Lam Man-Kit, Dominic, The
Honourable Shek Lai-Him, Abraham and Mr. Kong Chi-How, Johnson.
For and on behalf of
New World TMT Limited
Poon Kin Cheuk, Richard
Authorised Representative
3 November 2005
NEW WORLD TMT: Shares Up 71.4% After Acquisition Report
-------------------------------------------------------
Shares of New World TMT increased 71.4 percent on Thursday after
parent New World Development said it would buy all shares in the
company, The Standard reports.
New World Development said it would pay TMT shareholders 75 HK
cents per share to privatize the company. The shares, suspended
at 42 HK cents Wednesday pending the privatization announcement,
closed at 72 HK cents after trading resumed Thursday.
The report said the privatization offer could cost up to HK326
million.
CONTACT:
New World TMT Limited
21/F, Office Tower
Convention Plaza
1 Harbour Road
Wanchai, Hong Kong
Phone: (852) 3181 6357
Fax: (852) 3181 1357
QUICK PROFIT: Issues Debt Claim Notice
--------------------------------------
Notice is hereby given that the Creditors of Quick Profit
Enterprises Limited (In Members' Voluntary Liquidation), which
is being voluntarily wound up, are required on or before
December 4, 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company at 13/F., Shum Tower, 268 Des
Voeux Road Central, Hong Kong.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members of the Company.
Dated this 4th day of November 2005
ZENG XIANGGAO
Liquidator
WILLEX TRADING: Winding Up Hearing Slated for November 30
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Willex Trading Limited by the High Court of Hong Kong Special
Administrative Region was on September 29, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on November 30, 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. LIU, CHAN AND LAM
Solicitors for the Petitioner
Rooms 1710-18
Hutchison House
10 Harcourt Road
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 29, 2005.
=========
I N D I A
=========
RANBAXY LABORATORIES: To Appeal Patent Case at U.K. Court
---------------------------------------------------------
The U.K. High Court had granted Ranbaxy Laboratories Limited
permission to appeal against the court's ruling on patent
infringement atorvastatin, Asia Pulse reports.
On October 12, the high court ruled that Ranbaxy's atorvastatin
product would infringe Warner Lamber/Pfizer's European patent
247 633 in the U.K.
Atorvastatin is a cholesterol-lowering drug that is marketed by
Pfizer as Lipitor.
Having already been successful in invalidating one of the two
key Pfizer patents relating to atorvastatin in the U.K., Ranbaxy
is encouraged to have been granted the opportunity to make its
case on the infringement decision on the other patent before the
U.K. Court of Appeal.
Justice Pumfrey, who had ruled that Warner Lambert/Pfizer's
European patent 409281 was invalid in the UK but that Ranbaxy's
proposed product would infringe Warner Lambert/Pfizer's patent
247633, on Thursday granted permission to both Ranbaxy and
Pfizer to appeal the respective rulings in the U.K. Court of
Appeal.
The outcome of both appeals is expected by the end of 2006.
CONTACT:
Ranbaxy Laboratories Ltd.
Plot No. 90, Sector 32
Gurgaon - 122001 (Haryana), India
Phone : +91-124-5135000
Fax : +91-124-5106490
E-mail: secretarial@ranbaxy.com
Web site: http://www.ranbaxy.com
=================
I N D O N E S I A
=================
PASIFIK SATELIT: Bankruptcy Petition Looms Due to Unpaid Debt
-------------------------------------------------------------
State-owned investment and securities firm PT Danareksa
Sekuritas is slated to file a bankruptcy petition against
telecommunications firm PT Pasifik Satelit Nusantara (PSN) on
the Company's failure to pay a huge debt, reports the Jakarta
Post.
According to Danareksa Sekuritas, it has conducted meetings with
its lawyers to go about the bankruptcy petition process. This is
its last resort as the Company has not been cooperative and has
not shown efforts to pay its debt.
Danareksa President Lin Che Wei said that according to Company
records, PSN owes IDR135 billion to the securities firm, which
it first obtained in 1998, but has not been settled until now.
CONTACT:
PT Pasifik Satelit Nusantara (PSN)
Kawasan Karyadeka Pancamurni
Blok A Kav. 3 Lemahabang
Bekasi 17550
Indonesia
Phone: 6221 8990 8111
Fax: 6221 8990 8110
Web site: http://www.psn.co.id/
=========
J A P A N
=========
FUJITSU LIMITED: Signs Server Deal With EDS
-------------------------------------------
Fujitsu Limited announced that it has signed a global Technology
Alliance Agreement with EDS.
As a Technology Alliance Partner, Fujitsu will provide EDS with
highly reliable, high-performance computing platforms such as
the PRIMEQUEST(TM) line of mainframe-class mission critical open
systems servers together with its Stylistic and LifeBook Tablet
PCs. Under the agreement, Fujitsu platforms will be incorporated
in EDS' solutions and are expected to be available to enterprise
customer's worldwide beginning with North America.
"Our goal is to deliver the latest innovations in mainframe
application migration to our clients," said Larry Lozon, vice
president, Data Center Services, EDS. "With the Fujitsu
PRIMEQUEST Intel Itanium based servers, EDS expects to deliver
the most reliable and cost effective solutions in an open
environment with the same level of performance and reliability
previously enjoyed by our customers in a mainframe environment."
"Intel welcomes the technology alliance between Fujitsu and
EDS," said Kirk Skaugen, General Manager, Server Platforms
Group, Intel Corporation. "With Intel Itanium architecture
designed to provide mainframe-class reliability, over half of
the Global 100 companies have deployed Itanium-based platforms
already. By integrating the latest technology, Intel continues
to expect our platform to address enterprise customers' needs to
migrate from proprietary architecture to open platform based on
Itanium-based servers."
The EDS Technology Alliance leverages best-in-class technology
platform expertise to extend or enable EDS' capabilities. EDS
will offer customers selected Fujitsu products in EDS solutions
for hosting, legacy application migration and mobile computing.
"Fujitsu has been doing business globally and has a strong
legacy of delivering state-of-the-art products and solutions.
Fujitsu is pleased that EDS values our core competency," said
Akira Yamanaka, Corporate vice president, Fujitsu Limited.
"Fujitsu looks forward to seeing our mission-critical technology
being incorporated in solutions from EDS, a company with a
wealth of global outsourcing and system integration experience."
Fujitsu offers a complete line of high-performance and reliable
servers and mobile computers that are designed and manufactured
to strict specifications to keep enterprises up and running.
As a Technology Alliance Partner, Fujitsu looks forward to
working closely with EDS to provide outstanding platforms for
EDS' solutions. Fujitsu believes this coordinated effort will
provide tangible value to customers worldwide and help them to
improve business performance.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702 - News) reported consolidated revenues of 4.7 trillion
yen (US$44.5 billion) for the fiscal year ended March 31, 2005.
For more information, please see: www.fujitsu.com.
NOTE: Fujitsu, the Fujitsu logo, LifeBook, and PRIMEQUEST are
registered trademarks or trademarks of Fujitsu Limited.
Stylistic is a registered trademark of Fujitsu Computer Systems
Corporation. Intel and Itanium are trademarks or registered
trademarks of Intel Corporation or its subsidiaries in the
United States and other countries. All other trademarks and
product names are the property of their respective owners.
CONTACT:
Scott Ikeda
Fujitsu Limited
Phone: +81-3-6252-2176 (Japan)
E-mail: scott@jp.fujitsu.com
Jennifer McKim
Fujitsu Computer Systems
Phone: 408-746-3300 (North America)
E-mail: jmckim@us.fujitsu.com
JAPAN AIRLINES: To Slip Into H1/2005 Net Loss
---------------------------------------------
Japan Airlines Corporation expects a net loss of JPY10 billion
(US$85.32 million) in the six months ended September 30, hurt by
soaring fuel costs and sluggish summer traffic, according to
Reuters.
Shares in JAL closed down 0.98 percent at 303 yen on Wednesday.
Japanese stock markets were closed on Thursday for a national
holiday. In the first quarter ended in June, the company posted
a net loss of JPY38.38 billion.
The Japanese carrier, which is scheduled to announce its first-
half results on Monday, will also announce a restructuring plan
that day, outlining measures such as salary cuts, the
streamlining of low-margin international routes and the review
of aircraft.
CONTACT:
Japan Airlines
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
E-mail: geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Web site: www.jal.com/en/corporate/
ISHIKAWAJIMA-HARIMA HEAVY: First-Half Loss Widens on Write-Down
---------------------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. reported a net loss of
JPY17.9 billion in the six months ended September 30, versus a
net loss of JPY15.1 billion in the same period a year earlier,
Bloomberg News reports.
The heavy machinery maker said its first-half loss widened
because of a one-time charge from writing down the value of its
assets to meet the country's new accounting rules.
The Tokyo-based company raised its full-year earnings outlook to
JPY6 billion from an earlier forecast of JPY2.5 billion. Sales
are likely to reach JPY1.09 trillion.
CONTACT:
Ishikawajima-Harima Heavy Industries Co. Ltd.
Shin Ohtemachi Bldg.
2-1, Ohtemachi 2-chome
Chiyoda-ku
Tokyo 100-8182, Japan
Phone: +81-3-3244-5111
Fax: +81-3-3244-5131
MEIJI YASUDA: To Sack Executives to Regain Consumer Confidence
--------------------------------------------------------------
Meiji Yasuda Life Insurance Co. will replace all nine of its
senior executives along with two other executives in order to
take responsibility for its failure to pay insurance claims,
Japan Today reports.
The insurer announced last month that Kaneko, Miyamoto and
Deputy President Yukichi Ozawa will step down.
The Company has apparently decided it needs to replace all of
its top executives to regain consumer confidence.
Last week, the Financial Services Agency imposed on the insurer
its second punitive measure of this year and issued a business
improvement order that calls for revamping its management.
CONTACT:
Meiji Yasuda Life Insurance Company
1-9-1 Nishi-Shinjuku, Shinjuku-ku
Tokyo 169-8701, Japan
Phone: +81-3-3342-7111
Fax: +81-3-3215-8123
SEIYU LIMITED: Wal-Mart Sets US$1-Bln Rescue Package
----------------------------------------------------
Wal-Mart Stores Inc. has finalized a US$1 billion rescue package
for its ailing unit Seiyu Ltd. on Wednesday and named one of its
top officials to head the Japanese retailer, which also widened
its loss estimate, The Economic Times reports.
Wal-Mart will infuse JPY67.5 billion (US$579 million) to take a
controlling 53.56 percent voting stake in Seiyu, up from 42.48
percent now, allowing the world's biggest retailer to step
further into the crowded Japanese market.
The Japanese retailer expects a net loss of JPY13.5 billion,
nearly doubling its previous loss forecast of JPY7.5 billion in
the year to December, due to slower-than-expected improvement in
its profit margin.
CONTACT:
Seiyu Ltd
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
JAPAN
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp
=========
K O R E A
=========
HANBO GROUP: Former Execs to Pay Damages to Creditors
-----------------------------------------------------
The former Chairman of now-defunct Hanbo Group, his son and
other executives were made to pay 70 percent of their creditors'
financial damage, The Korea Times reveals.
The Seoul Central District Court ordered them to pay KRW1
billion to SC First Bank and Seoul Guarantee Insurance. They
were also ordered to pay KDB Securities KRW500 million. Mr.
Chung was ordered to compensate the Korea Deposit Insurance
Corp. for KRW3.9 billion.
The amount accounted for 70 percent of the financial damages to
the creditors caused by Mr. Chung's accounting fraud.
"It has been proven that Mr. Chung manipulated Hanbo Group's
accounting figures by falsely deflating its loss from KRW146
billion to KRW49 billion in 1994 and from KRW376 billion to
KRW17. 2 billion in 1995. So, Mr. Chung should compensate the
plaintiffs as they lent money to Hanbo Group, believing its
falsified accounting," the court noted.
As a result of the plaintiffs leniency, the court only made Mr.
Chung and the executives 70 percent of the original amount. The
plaintiffs lent Hanbo the money without examining the financial
status of the company thoroughly.
Hanbo had been in court receivership since August 1997. The
group continued to go through hardship in the aftermath of the
Asian financial crisis, which hit Korea in late 1997.
TRIGEM COMPUTER: U.S. Affiliates File for Chapter 11 Protection
---------------------------------------------------------------
The U.S. affiliates of TriGem Computer Inc., TriGem America
Corporation and Texas affiliate, TriGem Texas, Inc. filed for
Chapter 11 Bankruptcy protection on June 3, 2005 and June 8,
2005 respectively.
The following is a Chapter 15 Petition Summary:
Petitioner:
Il-Hwan Park
Foreign Representative
201-404 Shinshigsji Apartment
Mok 6-dong, Yangchun-gu
Seoul, Republic of Korea
Debtor:
TriGem Computer Inc.
1125-1 Shingil-dong
Danwon-gu
Ansan City Kyunggi-Do 425-839
Korea
Case No.: 05-50052
Type of Business:
The Debtor manufactures desktop PCs, notebook PCs, LCD monitors,
printers, scanners, other computer peripherals, and PIDs and
supplies over four million PCs a year to clients all over the
world. The Debtor has a global network of production, research,
marketing, logistics and service centers in major markets in the
U.S., Japan, China, Europe, Australia and Mexico. See
http://www.trigem.com/
TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972). TriGem Texas, Inc., another affiliate of
the Debtor, also filed for chapter 11 protection on June 8, 2005
(Bankr. C.D. Calif. Case No. 05-14047).
Section 304 Petition Date: November 3, 2005
Korean Court: Suwon District Court
Bankruptcy Division
U.S. Court: Central District Of California (Los Angeles)
U.S. Judge: Thomas B. Donovan
Petitioner's Counsel:
Charles D. Axelrod, Esq.
Stutman Treister & Glatt, P.C.
1901 Avenue of the Stars, 12th Floor
Los Angeles, California 90067
Telephone: (310) 228-5600
Financial Condition as of March 31, 2005:
Total Assets: KWR872.3 Billion
Total Debts: KWR774.6 Billion
CONTACT:
TriGem Computer Incorporated
1055 Singil-dong Ansan-SI
Gyeonggi-do, 425-839
South Korea
Phone: +82 31 489 3000
Fax: +82 31 489 3333
===============
M A L A Y S I A
===============
AKTIF LIFESTYLE: Applications to SC Still Pending Approval
----------------------------------------------------------
Further to the announcements dated October 3, 2005 and October
21, 2005, Avenue Securities Sdn Bhd, on behalf of Aktif
Lifestyle Corporation Berhad (Aktif), advised Bursa Malaysia
Securities Berhad that there has been no material development in
respect of the Company's plan to regularize its financial
position.
The applications to regularize the financial condition of Aktif
which were submitted to the Securities Commission on August 16,
2005 are currently pending its approval.
This announcement is dated 2 November 2005.
CONTACT:
Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798
BELL & ORDER: To Convene Meeting Next Week
------------------------------------------
Bell & Order Berhad (B&O) issued to Bursa Malaysia Securities
Berhad a monthly announcement on the status of the company's
plan to regularize its financial condition pursuant to Practice
Note No. 17/2005 of the Listing Requirements of Bursa Malaysia
Securities Berhad (PN17/2005).
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Avenue Securities Sdn, on behalf of the Board of
Directors of B&O, advised the Exchange that following
development relating to the Company's plan to regularize its
financial condition.
On October 20, 2005, B&O issued its circular to shareholders in
relation to the Proposals (as defined therein). B&O's
Extraordinary General Meeting will be convened on November 10,
2005. The Proposals will enable B&O to regularize B&O's
financial condition.
This announcement is dated 2 November 2005.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
CHG INDUSTRIES: Court Extends Restraining Order
-----------------------------------------------
CHG Industries Berhad issued an announcement to Bursa Malaysia
Securities Berhad pursuant to Paragraph 8.14 of the Listing
Requirements of Bursa Securities.
The decision of the Securities Commission is currently pending
as the parties are considering revising certain terms of the
proposal.
Meanwhile, the High Court on October 25, 2005 granted a further
extension of the Restraining Order for a period of ninety (90)
days from October 26, 2005 to January 23, 2006 to facilitate the
implementation of the Proposed Debt and Corporate Restructuring
Scheme.
This announcement is dated 2 November 2005.
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215
GADANG HOLDINGS: AGM Set November 29
------------------------------------
Gadang Holdings Berhad informed Bursa Malaysia Securities Berhad
that the Twelfth Annual General Meeting of Gadang Holdings
Berhad will be held at Kiara Room, Sri Damansara Club, Lot
23304, Persiaran Perdana, Bandar Sri Damansara, 52200 Kuala
Lumpur on Tuesday, November 29, 2005 at 10:00 a.m.
Click to view the full text of AGM Notice
http://bankrupt.com/misc/GadangHoldingsNoticeofAGM110305.doc
CONTACT:
Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136
KEMAYAN CORPORATION: Creditors, Shareholders Back Scheme
--------------------------------------------------------
Further to the announcement dated October 4, 2005, Public
Merchant Bank Berhad (PMBB), on behalf of the Board of Directors
of Kemayan Corporation Berhad (KCB), advised Bursa Malaysia
Securities Berhad that the scheme creditors and shareholders of
KCB had approved the proposed scheme of arrangement in relation
to the Proposed Debt Settlement and the Proposed Share Exchange
respectively at the meeting of the scheme creditors and
shareholders of KCB summoned pursuant to an order of the High
Court of Malaya under Section 176 of the Companies Act, 1965
(Act), which was held on October 7, 2005.
In addition, the shareholders of KCB have also duly passed all
resolutions pertaining to the Proposed Restructuring Scheme at
the Extraordinary General Meeting held on October 7, 2005.
On October 11, 2005, PMBB on behalf of the Board of Directors of
KCB, announced the results of the meetings summoned pursuant to
an order of the High Court of Malaya under section 176 of the
Act for the scheme subsidiary companies of KCB, which were held
on October 3, 4, 5 and 7, 2005.
Subsequently, KCB announced on October 17, 2005 that Alrosa Sdn
Bhd (Alrosa), a subsidiary of KCB, had on October 12, 2005
entered into a sale and purchase agreement with Hwa Sen Holding
Berhad to dispose a parcel of land and two partially completed
steel structured sheds situated at Jalan Tuaran, District of
Kota Kinabalu, Sabah for a total cash consideration of MYR6.6
million.
On October 19, 2005, KCB announced that Kemtrad Holdings Sdn Bhd
(Kemtrad), a subsidiary of KCB, had on October 18, 2005 entered
into a sale and purchase agreement with NCT Forwarding &
Shipping Sdn Bhd to dispose of a parcel of land and an
industrial building erected thereon situated at Mile 5 and one
half Jalan Kolombong, Kolombong Industrial Area, Inanam,
District of Kota Kinabalu, Sabah, for a total cash consideration
of MYR3.47 million.
Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.
This announcement is dated 2 November 2005.
CONTACT:
Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390
Fax: 07-2365307
K.P. KENINGAU: Pursues Options to Regularize Financial Status
-------------------------------------------------------------
K.P. Keningau Berhad advised Bursa Malaysia Securities Berhad
that there has been no new development since date of the
previous announcement made pursuant to PN4/2001 of the Listing
Requirements.
The Company is still in the midst of pursuing its options
working towards regularizing of its distressed financial
condition.
Once a new restructuring plan is confirmed, the appropriate
announcement will be made accordingly.
This announcement is dated 2 November 2005.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988
MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: November 2, 2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 809,900
Minimum price paid for each share purchased (MYR): 1.970
Maximum price paid for each share purchased (MYR): 1.980
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 809,900
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 71,671,100
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885
OLYMPIA INDUSTRIES: Unveils Restructuring Scheme Status
-------------------------------------------------------
The Board of Directors of Olympia Industries Berhad informed
Bursa Malaysia Securities Berhad that there has been no material
change in development to the implementation of the restructuring
scheme following the last announcement on October 28, 2005.
This announcement is dated 2 November 2005
CONTACT:
Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my
OMEGA HOLDINGS: SC Applications Pending Approval
------------------------------------------------
Avenue Securities Sdn Bhd, on behalf of Omega Holdings Berhad
(Omega), informed Bursa Malaysia Securities Berhad that the High
Court of Malaya has granted an extension of time of 180 days
effective from September 28, 2005 for the restraining order and
an extension of time of three months effective from December 31,
2005 for Omega to hold the court convened meetings.
Save for the above, there has been no material development in
respect of the Company's plan to regularize its financial
position.
The applications to regularize the financial condition of Omega,
which were submitted to the Securities Commission and Foreign
Investment Committee on February 28, 2005 are currently pending
their approvals.
This announcement is dated 2 November 2005.
CONTACT:
Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Telephone: +60 3 2713 2160
Fax: +60 3 2713 2170
PAN PACIFIC: Implementation, Completion of Scheme Nears
-------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd (PPAB) informed
Bursa Malaysia Securities Berhad that it had on October 24,
2005, received the approval-in-principle from Bursa Malaysia
Securities Berhad (Bursa Securities) for the de-listing of the
entire issued and paid-up share capital of the Company on the
Official List of Bursa Securities and the admission to the
Official List and the listing and quotation of the enlarged
issued and paid-up share capital of Compugates Holdings Berhad.
The Company also had on October 26, 2005, received the approval
from Bursa Securities to shorten the Book Closure Date pursuant
to Paragraphs 6.18, 6.20, 6.23 and 9.19(1) of the Listing
Requirements of Bursa Securities.
With the above approvals, PPAB will proceed to implement and
complete the Proposed Restructuring Scheme.
CONTACT:
Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168
Fax: +60 3 7727 1622
Web site: http://www.dno.no
PARK MAY: Awaits SC Decision on Deadline Extension
--------------------------------------------------
In line with PN4 of the Bursa Securities' Listing Requirements
which requires an announcement on the status of an affected
listed issuer's plan to regularize its financial condition to be
made on the first market day of each month, AmMerchant Bank
Berhad (a member of AmInvestment Group) (AmMerchant Bank), on
behalf of Park May Berhad (Park May), announced that there has
been no significant development in respect of the plan to
regularize the Park May group of companies' financial position
(Proposed Restructuring Scheme).
The company also announced that its application for an extension
of time of five (5) months from July 27, 2005 until December 26,
2005 to complete the Proposed Restructuring Scheme is still
pending the Securities Commission's decision.
The announcement is dated 2 November 2005.
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com
POLYMATE HOLDINGS: In Restructuring Talks with Lenders
------------------------------------------------------
Further to the announcement made on October 4, 2005, Polymate
Holdings Berhad (Polymate) informed Bursa Malaysia Securities
Berhad on the status of the various credit facilities in default
by its three (3) subsidaries to the financial institutions as at
October 31, 2005, as detailed in Table A attached.
Click to view Table A
http://bankrupt.com/misc/PolymateHoldingsPn1031105.xls
The Company is still in the process of negotiation with the
lending banks to restructure the Group's credit facilities and
is actively working on various schemes to regulate its financial
position.
SETEGAP BERHAD: Bourse to Suspend Securities Trading
----------------------------------------------------
On March 4, 2005, Setegap Berhad (SB) disclosed that it is an
affected listed issuer pursuant to Practice Note 17/2005 of
Bursa Malaysia Securities Berhad (Bursa Securities) Listing
Requirements (PN 17/2005) and is accordingly required to comply
with the requirements of PN 17/2005 (First Announcement).
Pursuant to PN 17/2005, SB as an affected listed issuer is
required to submit a regularization plan to the relevant
authorities for approval within eight (8) months from the date
of the First Announcement, and to implement the regularization
plan within the timeframe stipulated by the relevant authorities
or where no timeframe has been stipulated or allowed by the
relevant authorities, within the timeframe as imposed by Bursa
Securities.
SB had on October 14, 2005 sought an extension of time of up to
six (6) months, i.e. up to May 3, 2006, for the Company to
submit a regularization plan to the relevant authorities (the
Extension).
Bursa Securities had vide its letter dated October 31, 2005
rejected the Extension. Pursuant to paragraph 8.14C (4) of the
Listing Requirements of Bursa Securities, a suspension shall be
imposed on the trading of the securities on the Company on the
fifth market day after the expiry of the eight (8) months from
the date of the First Announcement.
The trading of the securities of the Company shall be suspended
with effect from 9:00 a.m., Friday, November 11, 2005.
In respect of the above, the Company is working towards a
regularization plan soonest possible.
On October 31, 2005, K&N Kenanga Bhd, on behalf of the Company,
announced that SB had on the same day, entered into the
following agreements:
(i) A sale and purchase agreement with Alpha Positive Sdn Bhd
for the disposal of 500,000 ordinary shares of MYR1.00 each in
Paving Plant and Processes (M) Sdn Bhd (PPP) representing
approximately 62.09 percent equity interests in PPP for a total
cash consideration of MYR4,300,000;
(ii) A sale and purchase agreement with Loong Chee Meng for the
disposal of 1,300,000 ordinary shares of MYR1.00 each in Asphalt
Industries Sdn Bhd (AI) representing 100 percent equity
interests in AI for a total cash consideration of MYR3,500,000;
and
(iii) A sale and purchase agreement with Lee Kim Yeow and Chee
Yen Yin for the disposal of a four storey intermediate shop
office erected on a piece of land which bears the title
HS(D)2128, PT10192, Mukim of Sungai Buloh, District of Petaling,
Selangor identified as the Damansara Land for a total cash
consideration of MYR1,480,000.
Samaharta Sdn Bhd, a wholly owned subsidiary of SB, had on
October 31, 2005 entered into two sale and purchase agreements
with Setanas Sdn Bhd for the disposal of two (2) contiguous
parcels of leasehold and freehold industrial lands bearing the
titles Lot Nos. PT1151 and PT 5247 (respectively) under Title
Nos. H.S. (M) 4421 and H.S. (D) 10392 (respectively), Mukim of
Kajang, Daerah Ulu Langat, Selangor Darul Ehsan identified as
the Serdang Land for an aggregate cash consideration of
MYR6,830,000.
The applications to the relevant authorities in respect of the
Proposed Disposals will be made within three (3) months from
October 31, 2005.
This announcement is dated 2 November 2005.
CONTACT:
Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my
TRU-TECH HOLDINGS: Application Pending Approval from Authorities
----------------------------------------------------------------
Further to the announcement dated October 3, 2005, there has
been no material development in respect of the Tru-Tech Holdings
Berhad's (Tru-Tech) plan to regularize its financial position.
The applications to regularize the financial condition of Tru-
Tech which were submitted to the Securities Commission and
Foreign Investment Committee on December 31, 2004 are currently
pending approvals from the relevant authorities.
This announcement is dated 2 November 2005.
CONTACT:
Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371
UNITED CHEMICAL: No Development to Restructuring
------------------------------------------------
Further to our announcements dated October 3, 2005, October 18,
2005 and October 20, 2005, Alliance Merchant Bank Berhad, on
behalf of the Board of Directors of United Chemical Industries
Berhad (UCI), advised Bursa Malaysia Securities Berhad that
there is no new development to the restructuring of UCI.
This announcement is dated 2 November 2005.
CONTACT:
United Chemical Industries Berhad
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488
Fax: 03-40448711
Web site: http://www.uci.com.my
WEMBLEY INDUSTRIES: Issues Status Report of PN4
-----------------------------------------------
Wembley Industries Holdings Berhad (WIHB) issued a report on the
status of Practice Note 4/2001 of the Bursa Malaysia Securities
Berhad Listing Requirements.
PN4
(1.1) On February 23, 2001, the Company announced to Bursa
Malaysia Securities Berhad (the Exchange) that it is an affected
listed issuer pursuant to Practice Note No. 4/2001 (PN4) as the
Auditors of the Company had expressed a disclaimer opinion of
the going concern of the Company and its subsidiaries. As an
affected listed issuer, the Company has its obligations under
PN4.
(1.2) The Requisite Announcement as required under PN4 was made
to the Exchange on July 31, 2002.
For more information, click
http://bankrupt.com/misc/WembleyIndustries110305.pdf
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
=====================
P H I L I P P I N E S
=====================
LEPANTO CONSOLIDATED: Set to List Additional Shares
---------------------------------------------------
The Philippine Stock Exchange approved on August 31, 2005, the
application of Lepanto Consolidated Mining Company (the Company)
to list additional 4,264,671,951 common shares, divided into
2,558,803,769 Class "A" shares and 1,705,868,182 Class "B"
shares, with a par value of Php0.10 per share, to cover its 1:5
pre-emptive rights offering to all stockholders of record as of
September 21, 2005 at an offer price of Php0.20 per share.
With reference to Circular For Brokers No. 4025-2005 dated
September 2, 2005 and the Prospectus dated September 2, 2005,
the payment terms of the said pre-emptive rights offering is
"50% due within Offer Period; balance due on November 18, 2005".
While listing shall be allowed, actual trading of the shares
shall only be permitted once the shares are fully paid. This is
in accordance with the Rule on Rights Offering as provided in
Article V, Part B of the Revised Listing Rules.
As certified by the Company, the said stock rights offering was
completed on October 20, 2005. Out of the total 4,264,671,951
common shares that were subscribed under the Company's 1:5 stock
rights offering, the following have been fully paid:
Class "A" shares 222,490,060
Class "B" shares 27,059,302
TOTAL 249,549,362
In view thereof, the listing of the 4,264,671951 common shares
is set for Tuesday, November 8, 2005. Trading of the fully paid
249,549,362 shares shall commence on Tuesday, November 8, 2005.
Actual trading of the remaining 4,015,122,589 shares shall
commence upon full payment of the said shares.
The designated stock transfer agent shall be authorized to
record and register in its books the 249,549,362 shares. The
transfer agent shall be authorized to record and register the
remaining 4,015,122,589 shares only upon full payment of the
same by the concerned subscribers.
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 HOME: Extends Loan Condonation
---------------------------------------
Housing loan borrower-beneficiaries of the National Home
Mortgage Finance Corporation (NHMFC) have up to June 30 next
year to avail of the condonation offered by the state-run firm,
The Manila Bulletin reports.
The loan condonation includes up to 100 percent of accumulated
housing loan penalties, when they either fully pay their total
loan amount; update the payment of their unpaid amortizations;
or restructure their delinquent housing loan.
This was announced by Joseph Peter S. Sison, NHMFC president,
following the recent approval by the NHMFC board of directors of
the extension of the effectiveness for NHMFC-granted housing
loans, of R.A. 8501, the Housing Loan Condonation Act of 1998.
Effective from Jan. 1, 2005 up to June 30, 2006, the penalty
condonation program covers loans given under NHMFC's Unified
Home Lending Program, Community Mortgage Program; and under the
Folio I Housing Program, according to Mr. Sison.
A one-time opportunity only, the penalty condonation program
provides for the waiver of 100 percent of accumulated penalties
upon full payment of the outstanding balance of the loan, and
corresponding percentage amounts depending on the amount of down
payment made upon loan updating or restructuring.
CONTACT:
National Home Mortgage Finance Corporation
Filomena III Bldg., 104 Amorsolo St.,
Legaspi Village Makati City
Telephone: 892-5146 / 892-5430
NATIONAL POWER: VAT to Drive Another Rate Hike
----------------------------------------------
National Power Corporation (Napocor) is looking at increasing
its power rates, The Manila Standard reports.
The state-owned power firm said the newly enacted expanded Value
Added Tax Law will only an impact of about Php0.258 kilowatt-
hour to consumers. This is equivalent to about an additional
Php51.60 per month for electricity customers using 200 kwh per
month.
In a statement, Napocor said that this amount represents the
average impact of the new tax law on the power company's cost of
generation.
A 10 percent VAT will be imposed for electricity generated using
the conventional fuel sources such as oil, coal and natural gas.
Electricity generated using renewable energy sources, such as
hydro, geothermal, wind and solar, are considered zero rated
such that any form of taxes accrued by the firm as an input to
its production may be credited to the government through tax
refund or tax credit.
However, the final and actual adjustments on power rates due to
VAT, and to be paid by end-consumers, will differ monthly
depending on the power supply mix used to generate the
electricity, as well as other factors such as other goods and
services considered as input to power generation.
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/
PAIC SAVINGS: Court Approves Partial Dividend Payment
-----------------------------------------------------
Please take notice that on September 9, 2005, the Liquidation
Court (RTC National Capital Judicial Region, Branch 57, City of
Makati, Spl. Proc. M-1280) approved the Partial Project of
Distribution of Surplus Dividends of PAIC Savings and Mortgage
Bank.
Check payments for approved claims will be released starting
November 14, 2005 from Monday to Friday, 8:00 a.m. to 4:00 p.m.
at the Claims Settlement Department, 6th Floor, SSS Bldg.,
corner Herrera and Ayala Avenue, Makati City.
For inquiries and assistance, creditors/claimants may contact
Ms. Imelda A. Barro/Airene V. Magcase at Telephone No. 841-4000
local 4773.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
PHILIPPINE REALTY: Posts Copy of Amended Annual Report
------------------------------------------------------
Philippine Realty and Holdings Corporation furnished the
Philippine Stock Exchange a copy of its Amended Annual Report,
using SEC Form 17-A, for the year ended December 31, 2004.
Attached in the said report is a copy of the Company's reply to
the Securities and Exchange Commission's comments on its 2004
Annual Report.
A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_philippinerealty110405.pdf.
CONTACT:
Philippine Realty & Holdings Corp.
Andrea North Complex
Balete Drive corner N. Domingo St.
New Manila , Quezon City
Phone No/s: 631-3179/8579/8580; 636-7550/7551
E-mail Address: philrltv@info.com.ph
RB LOOC: PDIC Files for Approval of Motion Re Liquidation
---------------------------------------------------------
Please take notice that on November 22, 2005 at 8:30 a.m. the
motion for Approval of Final Project of Distribution of the
Assets and Termination of the Liquidation Proceedings of the
Rural Bank of Looc (Romblon), Inc. will be submitted to the
Liquidation Court (RTC 4th Judicial Region, Branch 82, Odiongan,
Romblon, Sp. Proc. No. 0D-488) for approval.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
CONTACT:
Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.malaya.com.ph/
VICTORIAS MILLING: Provides Copy of SEC Form 23-A
-------------------------------------------------
Further to Circular for Brokers No. 4820-2005 dated October 28,
2005, Victorias Milling Company Inc. (VMC) furnished the
Philippine Stock Exchange a copy of SEC Form 23-A (Initial
Statement of Beneficial Ownership of Securities) of Mr. Armando
O. Samia, a newly elected Director/Member of the Board of VMC.
In addition, the Corporation furnished the Exchange a copy of
SEC Form 23-B (Statement of Changes in beneficial Ownership of
Securities) of its officer, Mr. Renato A. Castillo, pursuant to
Section 13 of the Revised Disclosure Rules pertaining to
"Disclosure on Transactions of Directors and Principal Officers
in the Issuer's Securities".
Copies of the said documents shall be made available for
downloading free of charge at
http://bankrupt.com/misc/TCRAP_2VMC110405.pdf
http://bankrupt.com/misc/tcrap_vmc110405.pdf
CONTACT:
Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
=================
S I N G A P O R E
=================
CREATIVE TECHNOLOGY: Books SGD9.3 Mln Net Loss in Q1
----------------------------------------------------
Creative Technology Limited, a worldwide leader in digital
entertainment products, announced on Oct. 26, 2005 the financial
results for the first quarter of its 2006 fiscal year ended
September 30, 2005.
Sales for the first quarter were up 33% year-over-year at
USD280.2 million (SGD475.8 million), up from USD210.0 million
(SGD356.85 million) in revenue for the same quarter last year.
For the first quarter, net income was USD0.7 million (SGD1.19
million) with USD0.01 (SGD0.02) earnings per share (EPS),
including a USD10.0 million (SGD16.99 million) investment gain.
Excluding the investment gain, net loss for the first quarter
was USD9.3 million (SGD15.8 million) with EPS of a USD0.11
(SGD0.19) loss per share, compared to a USD4.8 million (SGD8.16
million) net income for the same period last year, with EPS of
USD0.06 (SGD0.10), including an investment loss of USD1.2
million (SGD2.04 million).
Mr. Craig McHugh, president of Company subsidiary Creative Labs,
Inc., said, "During the quarter we made progress toward our goal
of returning to profitability by the end of the calendar year,
as our gross margins came in at 20.2%, compared to 10.1%
last quarter," adding that, "We grew first quarter revenues 33%
year-over-year, and our MP3 player sales were up 123% year-
overyear. On August 22, we launched the Sound Blaster X-Fi
family of sound cards and our Xtreme Fidelity audio platform. We
also launched several key new products during the quarter,
including the Zen Vision and the WebCam Live! Motion."
Creative Technology Chairman & CEO Sim Wong Hoo said, "I'm very
excited about the launch of the Sound Blaster X-Fi. The reviews
have been outstanding, with the X-Fi cards winning top awards
from several major magazines, including `Editor's Choice' awards
from PC Magazine, PC Gamer magazine, GamePro magazine and
Computer Games magazine, and the `Kick Ass' award from Maximum
PC magazine. With the Sound Blaster X-Fi family of sound cards,
we have introduced the first products with our Xtreme Fidelity
audio standard, which is just the beginning of our
implementation across our different product categories."
"The Zen Vision music, photo and video player is also receiving
outstanding early reviews, including winning the `Best of Show'
award at the DigitalLife consumer show in New York, beating out
all other products at the show in the Portable Gear category,"
continued Mr. Sim.
During the quarter, Creative purchased one million shares from
its share buyback program at an average price of USD8.13
(SGD13.82) per share.
To view the Company's first-quarter 2006 financial results,
click on:
http://bankrupt.com/misc/tcrap_creativetechnology110405.pdf
CONTACT:
Creative Technology Limited
Phone: 65 6895 4100
Web site: http://www.creative.com
CREATIVE TECHNOLOGY: Passes Resolutions at AGM
----------------------------------------------
Creative Technology Limited announced that the Company passed
all resoutions at its shareholders' Annual General Meeting held
on Oct. 28, 2005.
To view the Company's AGM notice, go to:
http://bankrupt.com/misc/tcrap_creativetechnology01110405.pdf
Ng Keh Long
Company Secretary
Oct. 28, 2005
FIRSTLINK INVESTMENTS: Appoints Deputy Chairman
-----------------------------------------------
Firstlink Investments Corporation Limited announces that on Oct.
28, 2005, the Company appointed Mr. Lee Yuen Wai as its Deputy
Chairman, effective immediately. Prior to his appointment, Mr.
Lee was an Executive Director of the Company.
By Order of the Board
Ling Yew Kong
Executive Chairman
CONTACT:
Firstlink Investments Corporation Limited
6 Battery Road
Singapore 049909
Phone: 65 6448 6211
Fax: 65 6445 2506
HIAP SENG: Proofs of Claim Due November 18
------------------------------------------
Hiap Seng Trading Pte Ltd. formerly of 22 Pasir Panjang Road
Pasir Panjang Distripark 5 Singapore 118493 posted at the
Singapore Government Gazette a notice of preferential dividend
with the following details:
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 60102 of 2001
Last Day for Receiving Proofs: November 18, 2005
Name & Address of Liquidator:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
4th November 2005
Beverly Wee Ying Ling
Assistant Official Receiver
INFORMATICS HOLDINGS: Singapore Exchange OKs Rights Issue
---------------------------------------------------------
Informatics Holdings Limited announced that in relation to its
Sept. 6, 2005 proposed rights issue, the Company announces that
on Oct. 28, 205, the Company received an in-principle approval
from the Singapore Exchange Securities Trading Limited (SGX-ST)
for the listing and quotation for the rights shares, the
warrants and the new shares on the Official List of the SGX-ST,
subject to the following:
a) Compliance with the SGX-ST's listing requirementsd;
b) Shareholders' approval for the rights issue at the Company's
Extraordinary General Meeting (to be convened);
c) Submission of undertaking to make periodic announcements as
and when the rights issue proceeds are materially deployed, and
to provide a status report on the use of such proceeds in the
Company's annual report;
d) Submission of undertaking to give preference to the rounding
of odd lots in the allotment of any excess Rights Shares with
Warrants, and that directors and substantial shareholders should
rank last in priority in the allotment of such excess rights
shares with warrants; and
e) submission of confirmation that a sufficient spread in the
warrants as required is complied with.
At the same time, the SGX-ST also granted the Company a waiver
from compliance with Rule 825 of the Listing Manual in relation
to the number of new shares arising from the exercise of the
Warrants, subject to shareholder approval at the upcoming EGM.
Assuming the rights issue is fully subscribed and based on the
minimum number of Rights Shares with Warrants, the aggregate
number of convertible securities issued by the Company as
represented by the Warrants to be issued under the Rights issue
and its existing outstanding warrants in issue, amounts to 70%
of the Company's existing issued share capital and 35% of its
enlarged issued share capital immediately after the Rights
Issue.
To view the Company's previous announcement on the rights issue,
go to:
http://bankrupt.com/misc/tcrap_informaticsholdings110405.pdf
CONTACT:
Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 65625625
Fax: 65 65651371
Web site: http://www.informaticsgroup.com
INFORMATICS HOLDINGS: Names New Secretary
-----------------------------------------
The Board of Directors of Informatics Holdings Ltd. advised the
Stock Exchange of Singapore that Ms. Chen Fui Ming has been
appointed as Company Secretary effective November 1, 2005 and
Mr. Michael Tay Kwang How has resigned as Company Secretary
effective November 1, 2005.
The Secretaries of the Company shall now be:
(1) Mr. Lau Yang Hin Simon and
(2) Ms. Chen Fui Ming
The Board wishes to thank Mr. Tay for his services to the
Company.
LIANG HUAT: Restructuring Delays Director Appointments
------------------------------------------------------
Liang Huat Aluminum Limited announced that two of the Company's
independent directors resigned on July 30, 2005 and Aug. 1,
2005, leaving its audit committee with only one member. The
Company is working to fill the vacancies, but is delayed due to
an ongoing financial restructuring exercise and a proposed
scheme of arrangement, as well as a proposed shares
subscription.
On Oct. 28, 2005, the Company applied for an extension to the
Singapore Stock Exchange to appoint two members for its audit
committee.
The Company announces that the Singapore Exchange granted a one-
month extension up to Nov. 30, 2005 to appoint two members to
the Company's Audit Committee, subject to the following:
1) The Company directors undertake to try their best to fulfill
the requisite vacancies in the Audit Committee within the
Extension Period (the Board of Directors, comprised of Messrs.
Tan Yong Kee and Tan Cheng Nguan hereby undertake to make their
best efforts in filling the requisite vacancies within the
Extension Period)
2) A statement from the Directors (to be announced via the
Singapore Stock Exchange) that they know of no material
information that has yet to be disclosed to shareholders (the
Board hereby confirms that to the best of their knowledge and
barring information concerning an incomplete proposal or
negotiation, they know of no material information that has yet
to be disclosed to shareholders);
3) The appointment of external auditors to review the Company's
accounts for the July to September 2005 quarter and a statement
from the auditors that they have done so; and
4) The Company making an immediate announcement to inform
shareholders of the extension of time granted.
The Company will provide updates as the matter progresses.
CONTACT:
Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/
LIANG HUAT: Plans to Sell Property to Real Estate Firm
------------------------------------------------------
Liang Huat Aluminum Limited announced that on Oct. 12, 2005, the
Company granted an option to purchase a property located at 51,
Benoi Road, Liang Huat Industrial Complex, at an aggregate
consideration of SGD14.5 million. M/s Khai Wah Development Pte
Limited accepted the Option on Oct. 28, 2005, with a deposit of
ten percent (10%) of the Purchase Price (SGD1.45 million) being
delivered and held by the Company's solicitors as stakeholders
pending completion of the sale and purchase herein.
The Purchaser, a subsidiary of Ho Lee Group, is a company
incorporated in Singapore principally engaged in the business of
real estate development.
The completion of the sale and purchase of the Property is
subject to, inter-alia, approval from Jurong Town Corporation
and such other approval as may be required from shareholders
and/or under a creditor-approved scheme of arrangement. In the
event that any of the conditions to be satisfied on completion
is not fulfilled on or before Dec. 31, 2005 (or such later date
as the Purchaser and the Company may mutually agree), either
party may terminate the Option.
In connection with the proposed purchase of the Property by the
Purchaser, the Company and the Purchaser are also in preliminary
talks on a proposed subscription of new Liang Huat shares
representing a controlling stake by the Purchaser and / or
nominee(s) for a cash consideration of SGD3 million. The
Proposed Investment is pending the necessare requisite
regulatory and other apporovals by both parties. The definitive
terms of the Proposed Investment, when finalised and the impact
that it has on the Group and the proposed Scheme, will be
announced in due course.
None of the Directors and Substantial Shareholders of the
Company has any direct or indirect interest in the transaction.
STATS CHIPPAC: Opens Wafer Bumping Operations in China
------------------------------------------------------
STATS ChipPAC Limited, a leading independent semiconductor test
and advanced packaging service provider, announced on Nov. 4,
2005, that it will open a 200mm wafer bumping operation in China
specializing in gold bump services for the liquid crystal
display (LCD) driver market. The new operation will also provide
wafer sort services for LCD driver integrated circuits (ICs) as
well as mixed signal devices.
Projected to be one of the fastest growing semiconductor markets
for the next few years, LCD driver ICs are used in notebook PCs,
desktop monitors, LCD TVs, and mobile phones. With the growth
potential for LCD driver ICs, gold bumping capacity is expected
to be in tight supply. China is in an excellent position to
support growth in LCD production due to its established supply
chain and low cost manufacturing base.
STATS ChipPAC's new 200mm wafer bumping and sort operation will
be located in Songjiang Science and Technology Park in the
Songjiang District of Shanghai, an area widely recognized for
its ideal geographic location, preferential policies and high
quality labor resources. STATS ChipPAC plans to install gold
bump and wafer sort equipment in the new operation by the end of
2005 and expects a ramp to high volume manufacturing levels by
mid-2006.
Tan Lay Koon, STATS ChipPAC President and Chief Executive
Officer said, "We were among the first semiconductor assembly
and test providers to establish an operation in China ten years
ago. Our new 200mm wafer bumping and sort operation underscores
STATS ChipPAC's continued strong commitment to expanding back-
end supply chain solutions in China. Strategically, we are
confident that LCD customers will benefit from having gold bump
and wafer sort services located in Songjiang. In addition, STATS
ChipPAC's new China facility will expand our wafer sort capacity
for mixed signal devices."
CONTACT:
STATS ChipPAC Limited
10 Ang Mo Kio Street 65
#05-17/20 Techpoint
Singapore 569059
Phone: 65 6824 7777
Fax: 65 6720 7823
Web site: http://www.statschippac.com/
===============
T H A I L A N D
===============
PACIFIC ASSETS: Issues Progress Report on Sale of Assets
--------------------------------------------------------
Reference is made to the letter of Pacific Assets Public Company
Limited notifying the transfer of One Pacific Place and Two
Pacific Place Building, Le Royal Meridien Phuket Yacht Club and
Le Royal Meridien Baan Taling Ngam and the payment received
before deducting expenses in the amount of THB2,870,000,000.
Only the sale of Pantip Court Executive Residence is
pending.
The Company informed the Stock Exchange of Thailand (SET) that
the sale of Pantip Court Executive Residence is transacted as
the sale of investment of Pantip Park Company Limited - the
owner of Pantip Court Executive Residence.
Subsequently, on November 2, 2005, the Company completed the
transfer of the investment of Pantip Park Company Limited - the
owner of Pantip Court Executive Residence to Lehman Brothers
(Thailand) Company Limited and received the payment before
deducting expenses in the amount of THB350,000,000 (Three
hundred and fifty million Baht) and.
Total transaction value the Company received in the total amount
of THB3,220 million before the deduction of expenses and
retention is as per the resolution of the Extraordinary General
Meeting of Shareholders of the Company No. 1/2005 held on August
18, 2005. However, the substantial terms and conditions of the
Asset Purchase Agreement are as previously disclosed to the
Stock Exchange of Thailand (SET).
Please be informed accordingly.
Sincerely Yours,
Pacific Assets Public Company Limited
Mr. Alex Te- Heng Ho
Vice Chairman
CONTACT:
Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287
PAE THAILAND: Unveils Result of Board Meeting
---------------------------------------------
PAE (Thailand) Public Co. Ltd. informed the Stock Exhange of
Thailand (SET) of the result of its Board of Directors meeting
held on November 3, 2005.
Following the appointment of Pol.General Pornsak
Durongkavibulya, (formerly the Chairman of Audit Committee) to
the Chairman of Company's Board of Directors.
The Board of Directors appointed the Chairman of Audit Committee
and their members as follows:
(1) Mr. Sumon Surathin: The Chairman of Audit Committee
(2) Asst. Professor Nuchtip Banchongsilpa: The Committee of
Audit Committee
(3) Mr. Samorn Thasangkha: The Committee of Audit Committee
Sincerely Yours,
Soradej Choothesa
Director of Finance & Accounting
PAE (Thailand) Public Company
CONTACT:
PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th
THAI PETROCHEMICAL: Undertakes Registered Capital Increase
----------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that it had increased its registered
capital from THB7,848,911,211 to THB19,500,000,000.
The Company increased its capital by an issuance of
11,651,088,789 new ordinary shares (the New Equity) with the par
value per share of THB1 (and had also increased its registered
capital from THB19,500,000,000 to THB20,475,000,000 by an
issuance of 975,000,000 new ordinary shares for exercise of
warrants to be issued to employees of TPI Group).
The New Equity is to be allotted to strategic investor(s)
together with the existing ordinary shares which the Scheme
Creditors received from conversion of debt into equity pursuant
to the Company's Business Reorganization Plan.
The reorganization plan was approved by the Central Bankruptcy
Court on December 15, 2000 (the Existing Equity). The proceeds
received from such sale of the New Equity and the Existing
Equity will then be applied as repayment of debt owed to the
Scheme Creditor by the Company. All of which pursuant to the
details stipulated in the Company's Business Reorganization Plan
approved by the Central Bankruptcy Court on November 10, 2004;
The Company had entered into an agreement for sale of the
Company's newly issued ordinary shares which is a part of the
New Equity in the amount of 3,900,000,000 shares to Asia Plus
Securities Public Company Limited, Finansa Securities Company
Limited, National Securities Public Company Limited and Trinity
Securities Company Limited. Collectively, they are the "Buyers
for the Distribution of Shares to the Existing Shareholders".
The Buyers for the Distribution of Shares will, after the
purchase allocate the purchased ordinary shares to the existing
shareholders of the Company (pursuant to the list of
shareholders appearing in the shareholders registration book as
of the date on which the shareholders registration book is
closed for suspension of shares transfer where such date is to
be set by TPI).
The buyers are not the existing shareholders holding shares in
the Existing Equity (the existing shareholders which hold shares
in the Existing Equity will not be entitled to subscribe for or
purchase the newly issued shares from the Buyers for the
Distribution of Shares to the Existing Shareholders only in
respect of the Existing Equity part).
In this regard, the Company informed the following to the SET:
(1) The Company's Closing Shareholders Registration
Book for Suspension of Shares Transfer
The date on which the Company's shareholders registration book
will be closed for suspension of shares transfer is on November
17, 2005 starting from 12:00 p.m., so that the Company may then
identify the list of shareholders entitled to subscribe for or
purchase the newly issued shares from the Buyers for the
Distribution of Shares to the Existing Shareholders.
In light of this, the existing shareholders holding shares of
the Existing Equity will not be entitled to subscribe for such
newly issued shares (only in the Existing Equity part for which
the existing shareholders shall not be entitled to subscribe or
purchase from the Buyers for the Distribution of Shares to the
Existing Shareholders, which is the Existing Equity held by the
Scheme Creditors as a result of conversion of debt into equity
pursuant to the Company's Business Reorganization Plan,
including any transferees of shares of the Existing Equity
transferred from such Scheme Creditors for whatever succession).
With respect to this, the Company shall always have the right to
consider the list of shareholders entitled to subscribe for or
purchase the newly issued shares from the Buyers for the
Distribution of Shares to the Existing Shareholders and exclude
the existing shareholders holding shares in the Existing Equity
from being entitled to subscribe for or purchase the newly
issued shares from the Buyers for the Distribution of Shares to
the Existing Shareholders.
(2) Subscription Ratio
The Company's existing shareholders entitled to subscribe for or
purchase shares from the Buyers for the Distribution of Shares
to the Existing Shareholders as referred to in Clause 1 (the
Existing Shareholders) may subscribe for TPI's shares at the
ratio of 1 existing share per 2 newly issued shares and may also
subscribe in excess of such subscription right for 1 additional
share (the amount of shares subscribed in excess of such
subscription right will be allotted only in the event that there
are shares remaining from the subscription right)
(3) Subscription Price
The subscription price is at THB3.30 per share.
(4) Subscription Period and Payment
The subscription period commences November 30, 2005 to December
7, 2005.
The Buyers for the Distribution of Shares to the Existing
Shareholders will subsequently inform the Existing Shareholders
as to subscription and payment details.
Please be informed accordingly.
Respectfully yours,
General Mongkon Ampornpisit
Mr. Pakorn Malakul Na Ayudhya
Plan Administrator
Thai Petrochemical Industry Public Company Limited
To view a full copy of the Share Allotment report, click
http://bankrupt.com/misc/TPIReportonShareAllotment110305.doc
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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