/raid1/www/Hosts/bankrupt/TCRAP_Public/051116.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 16, 2005, Vol. 8, No. 227
Headlines
A U S T R A L I A
ADELAIDE WHEELIE: Liquidator to Detail Winding Up Manner
AGITRANS PTY: Court Orders Winding Up
AQUA VISTA: Members Pass Winding Up Resolution
ARISTOCRAT LEISURE: Close to Philippine Deals; Keen on China
ASSETEC MANAGEMENT: Decides to Shut Down Operations
AUSTRAL COAL: Takeovers Panel Makes Final Orders
AUSTRALIAN GAS: Completes Sydney Gas Joint Venture
BETTER BOOKKEEPING: Paul Vartelas Named Liquidator
BIODIRECTION PTY: Court Releases Winding Up Order
COASTAL IRRIGATION: Members, Creditors to Get Winding Up Report
EG GREEN: Insolvency Specialist Defends AU$500,000 Fee Grab
FLOWCOM LIMITED: Completes Company Restructure
FOODLIFE INVENTORY: Declares Second Interim Dividend
GBKT NOMINEES: Winds Up Business
G RETAIL: Shuts Down Wynyard Shop
HUNTER VALLEY: Declares Final Dividend Today
JACOB CLEANING: Winding Up Process Initiated
JADULMA PTY: Liquidator to Explain Winding Up to Members
LIFESTYLE INVESTMENT: Enters Voluntary Liquidation
MAREEBA PTY: Schedules Final Meeting on Nov. 24
M&J INSULATION: Court Appoints Official Liquidator
MORRISON ENGINEERING: Failure to Pay Debt Prompts Winding Up
MOTH CONTRACTING: Creditors Confirm Liquidator's Appointment
NATIONAL AUSTRALIA: To Distribute Self-funding Installment
PLACER DOME: Tells Investors to Defer Action on Barrick's Offer
STEWARTS HOME: Members Resolve to Wind Up Business
TELSTRA CORPORATION: Signs MOU with Hong Kong Firm
TELSTRA CORPORATION: Unveils Strategy for Growth
TELSTRA CORPORATION: PM Tries to Allay Workers' Fears
TREGA PTY: Placed Under Voluntary Liquidation
WOLLONGONG WALL: Members, Creditors to Discuss Winding Up
C H I N A & H O N G K O N G
APPLIED INTERNATIONAL: Buys Back 80,000 Shares
B&S ENTERTAINMENT: Q1/2005 Net Loss Narrows to HK$937,000
EASTERN ALPHA: Creditors Meeting Fixed November 29
EASTERN WOOD: Creditors Annual Meeting Set November 29
FAIREX TRADING: Enters Bankruptcy Proceedings
JANWORLD INDUSTRIAL: To Undergo Winding Up Process
KINGFIELD ENGINEERING: Court Orders Liquidation
MILKWAY IMAGE: Results Swing to HK$8.7 Mln Net Loss
PERDANA GARMENT: Set to Close Down Business
POPE'S INTERNATIONAL: Court Issues Winding Up Order
REGENT BONUS: Creditors Meeting Slated for November 29
TIME KING: Enters Winding Up Process
WORLD UNIVERSAL: Creditors' Annual Meeting Set November 29
I N D I A
* RBI Issues Revised Guidelines on CDR Mechanism
I N D O N E S I A
NEWMONT MINING: Court Dismisses Pollution Case
J A P A N
DAIEI INCORPORATED: To Cut Manager's Bonuses by 30%
HITACHI ZOSEN: Incurs JPY3.3 Bln Loss
JAPAN AIRLINES: Launches Berlitz Word Traveler on Int'l Flights
MISAWA HOMES: Steps Out of Negative Net Worth
RESONA BANK: Fitch Ups Individual Rating to 'D'
SANYO ELECTRIC: To Boost Capital by JPY200 Bln
SANYO ELECTRIC: To Issue New Shares Worth JPY200 Bln
K O R E A
COCA-COLA KOREA: Denies Plans of Sale
LG CARD: Picks JP Morgan to Lead Sale
M A L A Y S I A
LANKHORST BERHAD: Posts Turnaround in 1Q/FY05
MAGNUM CORPORATION: Buys Back 591,200 Shares
MBF HOLDINGS: Winds Up Hong Kong Unit
MECHMAR CORPORATION: Updates Novation of Facility Agreement
METROPLEX BERHAD: In Talks with Lenders Re Payment Default
MULTI-USAGE HOLDINGS: Posts No Changes to Payment Default
PSC INDUSTRIES: Breaches Bourse's Listing Requirement
PILECON ENGINEERING: Shareholders OK Approved Revised Proposals
POLYMATE HOLDINGS: To Pay MYR15,000 in Fines
SETEGAP BERHAD: Faces Delisting from Bourse
SOUTHERN BANK: Issues Statement to Clarify Business Position
UNITED CHEMICAL: Net Loss Rises in 2Q/FY05
P H I L I P P I N E S
BELLE CORPORATION: Q3 Net Profit Climbs to Php385 Mln
BENPRES HOLDINGS: Maynilad Sale Boosts Profits
C&P HOMES: Capital Restructuring Gets Shareholders' Nod
MANILA MINING: Receives Proposal for Kalaya-an Property
RFM CORPORATION: Net Profit Soars 45% on Higher Sales
SWIFT FOODS: Lower Costs Trim Net Loss in Q3
UNIOIL RESOURCES: Delays ASM Until Further Notice
S I N G A P O R E
CITIRAYA INDUSTRIES: Two More Persons Charged with Fraud
DURABEAU CONSTRUCTION: Intends to Distribute Dividend
MAE ENGINEERING: Six-Month Net Loss Widens Slightly
MEDIASTREAM LIMITED: Sells Property to Repay Debt
MEDIASTREAM LIMITED: Disposes of Four Units
SOLECTRON IPCS: Receiving Claims Until Dec. 10
TASTYFOOD HOLDINGS: Six-month Net Loss Narrows by 15%
TRI-M TECHNOLOGIES: Posts Increase in Half-Year Net Loss
T H A I L A N D
ASIA HOTEL: Releases 3Q Financial Statement
ASIA HOTEL: Processes Debt Restructuring
BANGKOK STEEL: Books Net Loss of MYR55,194,000
DAIDOMON GROUP: Delisting Possible Due to Filing Delay
M.D.X: Results Swing to Black in 3Q/FY05
NEW PLUS: Posts Profit for 3Q/FY05
- - - - - - - -
=================
A U S T R A L I A
=================
ADELAIDE WHEELIE: Liquidator to Detail Winding Up Manner
--------------------------------------------------------
Notice is hereby given that a final meeting of the creditors of
Adelaide Wheelie Bin Cleaners Pty Limited will be held on Nov.
23, 2005, 4:00 p.m. at Bernardi Martin, Level 1, 195 Victoria
Square, Adelaide, for the following purposes:
AGENDA
To consider how the winding up of the property was conducted,
and how the property of the Company was disposed of.
Dated this 24th day of October 2005
Hugh Martin
Liquidator
Bernardi Martin
Level 1, 195 Victoria Square
Adelaide
AGITRANS PTY: Court Orders Winding Up
-------------------------------------
On Oct. 17, 2005, the Federal Court of Australia ordered the
winding up of Agitrans Pty Limited, and appointed James Stewart
to be Liquidator of the Company.
Dated this 27th day of October 2005
James Stewart
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000
AQUA VISTA: Members Pass Winding Up Resolution
----------------------------------------------
At a meeting of the members of Aqua Vista Estates Limited held
on Oct. 13, 2005, it was resolved that the Company be wound up
voluntarily, and that E. R. Verge, G. A. Lopez and C. A. L.
Huxtable be appointed as Joint & Several Liquidators for such
purpose.
Dated this 13th day of October 2005
C. A. L. Huxtable
G. A. Lopez
E. R. Verge
Joint Liquidators
Jones Condon Chartered Accountants
Colmel House, 241 Stirling Street
Perth WA 6000
ARISTOCRAT LEISURE: Close to Philippine Deals; Keen on China
------------------------------------------------------------
Aristocrat Leisure Limited is likely to ink significant deals in
the Philippines very soon, according to the Sydney Morning
Herald.
Aristocrat managing director Paul Oneile confirmed the poker
machine maker is working on "interesting" propositions with the
Philippines. The firm is also keeping a watching brief on China.
Mr. Oneile said Aristocrat had a very strong competitive edge in
the emerging Asian gaming market, and the opportunities were
immense.
He said it was not known when the massive Chinese market would
open up to gaming, but it inevitably would.
CONTACT:
Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com
ASSETEC MANAGEMENT: Decides to Shut Down Operations
---------------------------------------------------
Notice is given that at a general meeting of the members of
Assetec Management Solutions Pty Limited held on Oct. 19, 2005,
Paul Burness and A. Thomas Fernandez, Registered Liquidators of
Worrells, Level 5, 15 Queen Street, Melbourne Vic 3000 were
appointed as Liquidators for the winding up.
Dated this 27th day of October 2005
Paul Burness
A. Thomas Fernandez
Liquidators
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Phone: 03 9613 5500
Fax: 03 9614 3233
Web site: http://www.worrells.net.au/
AUSTRAL COAL: Takeovers Panel Makes Final Orders
------------------------------------------------
Pursuant to section 657D(3) of the Corporation Act 2001 and
pursuant to a declaration (the Declaration) of unacceptable
circumstances made by the sitting Panel on October 27, 2005, the
Takeovers Panel hereby revokes the orders (the Orders) made by
the Sitting Panel in the matter of Austral Coal 02 on July 1,
2005 and makes the following orders.
1. Within 7 days after the date of this order, or such further
period a the Panel may order on an application made within 7
days, Glencore International AG (Glencore) shall pay to
Australian Securities and Investments Commission (ASIC) the sum
of AU$1,330,280.
2. ASIC is to hold AU$1,320,280 of this amount on trust to
distribute it, not less than 7 days after the date of this
order, as an equal amount per share to each person who sold
shares in Austral Coal Limited by a sale which was effected on
the SEATS trading platform of Australian Stock Exchange Limited
(ASX) or reported to ASX between March 22, 2005 and April 4,
2005 (both inclusive), other than the transaction reported as an
overseas crossed trade of 9,181,076 shares at a price of AU$1.23
each on March 29, 2005.
3. ASIC may give effect to order 2 by arranging to pay the
appropriate amount to the broker who acted for the vendor in
each relevant sale, with a message identifying the sale and
advising the broker that the payment is for the benefit of the
vendor under that sale, except that the broker may deduct from
the payment its reasonable costs of effecting the payment.
4. ASIC may deduct from the remaining AU$10,000 the expenses
reasonably incurred by it in giving effect to these orders,
including without limitation the value of staff time and
disbursements. The balance (if any) is to be refunded to
Glencore.
5. Any party to these proceedings may apply for further orders
amending, supplementing or clarifying these orders, including
without limitation orders about the distribution of the fund and
the costs of the distribution.
CONTRACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
AUSTRALIAN GAS: Completes Sydney Gas Joint Venture
--------------------------------------------------
The Australian Gas Light Company (AGL) on Tuesday completed the
acquisition of a 50 percent interest in the production leases
and exploration licenses of Sydney Gas Limited (SGL) as part of
a previously announced joint venture agreement.
Under the agreement, AGL has paid AU$42.25 million to acquire a
half share in the leases and exploration licenses, including the
Camden Gas Project, which currently supplies over 3.5 petajoules
of gas on an annualized basis to AGL's wholesale gas portfolio.
If additional reserves are proven at Camden, AGL will pay an
additional AU$51 million by December 2008 for its half-share
based upon an agreed reserve formula with reserves verified by
an independent external expert.
"AGL is pleased to announce the completion of this transaction
which fits neatly with the company's existing NSW base as part
of our growing wholesale gas business," AGL Managing Director
Greg Martin said.
"Coal seam gas produced through this joint venture arrangement
will help support gas-fired power generation initiatives in New
South Wales such as the plans announced by AGL earlier (Tuesday)
to develop a gas-fired power station project at a site south of
Campbelltown."
"AGL looks forward to working with Sydney Gas to optimize the
development of the substantial coal seam gas reserves held
within these joint venture licenses and exploration leases which
have considerable potential to provide competitively-priced gas
to the Sydney, Newscastle and Wollongong markets," Mr. Martin
concluded.
Under the terms of a new 10-year Gas Sale Agreement with Sydney
Gas, the Camden Gas Project is expected to supply up to 14.5
petajoules per year into AGL's wholesale gas portfolio.
CONTACT:
Australian Gas Light Company
Locked Bag 1837
St. Leonards
NSW 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552
Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465
BETTER BOOKKEEPING: Paul Vartelas Named Liquidator
--------------------------------------------------
Notice is hereby given that at a meeting of the members of
Better Bookkeeping Solutions Pty Limited held on Oct. 13, 2005,
it was resolved that the Company be wound up voluntarily, and
Paul Vartelas of B. K. Taylor & Co., 8th Floor, 608 St. Kilda
Road, Melbourne was appointed as Liquidator at a creditors'
meeting held that same day.
Dated this 13th day of October 2005
Paul Vartelas
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne
BIODIRECTION PTY: Court Releases Winding Up Order
-------------------------------------------------
On Oct. 17, 2005, the Federal Court of Australia ordered that
Biodirection Pty Limited be wound up, and appointed James
Stewart to be Liquidator for such purpose.
Dated this 19th day of October 2005
James Stewart
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street, Melbourne Vic 3000
COASTAL IRRIGATION: Members, Creditors to Get Winding Up Report
---------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Coastal Irrigation & Rural Supplies Pty Limited
will be held on Nov. 24, 2005, 10:00 a.m. in the boardroom of
Anthony Matthews & Associates, Ground Floor, 91 Hutt Street,
Adelaide SA, for the following purposes:
AGENDA
(1) To receive an account showing the manner of the winding up
and disposal of the property of the Company.
(2) Any other business.
Dated this 10th day of October 2005
A. C. Matthews
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: 08 8232 8885
Fax: 08 8232 8886
E-mail: info@matthewsassociates.com.au
Note: Notice states that a person is not entitled to vote as a
creditor at a meeting unless he or she has lodged with the
Chairperson of the meeting particulars of the debt or claim,
which he or she claims to be due from the Company.
EG GREEN: Insolvency Specialist Defends AU$500,000 Fee Grab
-----------------------------------------------------------
Creditors were expected to hit EG Green & Sons' administrator
over the AU$500,000 in fees his firm has pocketed just under
three months since the abattoir's collapse, The West Australian
reveals.
Martin Jones, of insolvency specialist firm Ferrier Hodgson,
said such criticism was inevitable and probably would surface no
matter what it charged.
But he said EG Green had gone from losing AU$400,000 a week to
making a profit under the restructuring since the
administration, which has included cutting back from two to one
shift and reducing the workforce by half to about 300.
Yesterday, EG Green creditors met for the second time to approve
total remuneration to the administrators of AU$532,365.25 for
the period from August 19 to November 2.
Mr. Jones was also set to seek approval for the meeting to be
adjourned for up to 60 days while he attempts to conclude a
trade sale of the business' main assets, led by the Harvey
meatworks, to one of three groups that have lodged conditional
final bids.
But he reiterated he hoped to finalize a recommendation to
creditors by mid-December.
CONTACT:
EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au
FLOWCOM LIMITED: Completes Company Restructure
----------------------------------------------
Flowcom Limited is pleased to announce the following:
Deed of Company Arrangement (DOCA) Terminated
The DOCA has been fully effectuated and a Notice of Termination
of DOCA has been signed effective November 14, 2004 ready for
lodgment with Australian Securities and Investments Commission
(ASIC). The Deed Administrator is accordingly at an end.
Change of Officeholders
Effective from the date of termination of the DOCA, the
following change of officeholders occurred:
Resigned: Neil Tuckwell (Director)
Thomas AMos (Director)
Edwin Goodwin (Director and Company Secretary)
Anthony Huntlry (Director)
Appointed: Greg Pennefather (Director)
Jonathan Huston (Director)
Nadine Donovan (Director and Company Secretary)
Registered Office
The company's registered address and principal place of business
has been changed to:
Level 25, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Funds raised under Prospectus
The Prospectus dated October 27, 2005 closed (Monday). The
company is pleased to advise the capital raising of AU$3,000,000
under the Prospectus has been completed fully subscribed. In
reference to the Appendix 3B released October 27, 2005, it is
advised the company will dispatch holding statements on November
16, 2005 for the prospectus issue.
Dispatch of Holding Statement and Capital Structure
The company will dispatch holding statements of November 16,
2005 for the following new issue of shares and options as
approved by shareholders on October 19, 2005:
- 120,000,000 Ordinary Shares
- 40,000,000 Options (unquoted)
The capital structure of the Company following the new issues is
as follows:
Securities on issue and quoted on ASX
290,090,374 Fully paid ordinary shares.
Securities on issue and not quoted on ASX
40,000,000 Options expiring June 30, 2008 exercisable at
AU$0.01 each.
CONTACT:
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
FOODLIFE INVENTORY: Declares Second Interim Dividend
----------------------------------------------------
Foodlife Inventory Holdings Pty Limited will declare a second
interim dividend to its unsecured creditors today, Nov. 16,
2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 29th day of September 2005
Glenn A. Crisp
Liquidator
Level 8, Rialto South Tower
525 Collins Street, Melbourne Vic 3000
GBKT NOMINEES: Winds Up Business
--------------------------------
Notice is hereby given that at a general meeting of the members
of GBKT Nominees Pty Limited held on Oct. 14, 2005, it was
resolved that the Company be wound up voluntarily, and John
Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as Liquidator for such purpose.
Dated this 14th day of October 2005
John F. Taylor
Liquidator
Level 15, 309 Kent Street
Sydney
G RETAIL: Shuts Down Wynyard Shop
---------------------------------
Failed G Retail Limited is taking a further step to extinction
with the recent closure of its ailing Wynward outlet, Sydney
Morning Herald says.
The closure resulted to the loss of further 10 jobs, adding to
the initial 10 on Friday.
The Sydney retailer's administrators from Deloitte said it had
reviewed all four stores and was closing Wynyard because of its
poor financial performance.
Administrators Peter Yates and David Lombe, however, clarified
there were no "immediate plans" to close the remaining three
stores. The said stores will continue to trade while the
administrators conduct the sale process.
Deloitte's task of finding a buyer to save the retailer has been
complicated by the Gowing family's ownership of the brand name
through its listed investment company Gowing Bros.
Use of the Gowings brand sparked the collapse of sale talks
between the operator of the Gowings retail business, G Retail,
and privately held Arncliffe-based men's and boys' retailer
Lowes last week, and prompted the administrators' appointment.
Deloitte said last week it hoped to secure a sale by the end of
November. There are concerns G Retail will be insolvent some
time after Christmas.
CONTACT:
G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/
HUNTER VALLEY: Declares Final Dividend Today
--------------------------------------------
Hunter Valley Sheet Metal Pty Limited will declare a final
dividend today, Nov. 16, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 16th day of September 2005
Martin R. Brown
Liquidator
PricewaterhouseCoopers
201 Sussex Street, Sydney NSW 1171
JACOB CLEANING: Winding Up Process Initiated
--------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Jacob Cleaning & Trolley Services Pty Limited held
on Oct. 19, 2005, the following special and ordinary resolutions
were passed:
That the Company be wound up voluntarily, and that Murray
Godfrey be appointed Liquidator of the Company.
Dated this 25th day of October 2005
Murray Godfrey
Liquidator
RMG Partners Chartered Accountants
Level 12, 88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0889
JADULMA PTY: Liquidator to Explain Winding Up to Members
--------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Jadulma Pty Limited will be held on Nov. 23, 2005, 10:00 a.m. at
56 Beleura Hill Road, Mornington, Victoria, to lay before the
meeting the Liquidator's final account and report, and to give
any explanation thereof.
Dated this 6th day of October 2005
John Stewart Ride
Liquidator
C/o 56 Beleura Hill Road, Mornington
Victoria
LIFESTYLE INVESTMENT: Enters Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Lifestyle Investment Corporation Pty Limited held on Oct. 18,
2005, it was 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 as Joint
and Several Liquidators for the winding up.
Dated this 18th day of October 2005
Riad Tayeh
Antony de Vries
Joint Liquidators
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150
MAREEBA PTY: Schedules Final Meeting on Nov. 24
-----------------------------------------------
Notice is hereby given that the final meeting of the members of
Mareeba Pty Limited will be held on Nov. 24, 2005 at 109 Jessie
Street, Armidale New South Wales, 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
explanation that may be given by the Liquidator.
Dated this 25th day of October 2005
A. J. Gilbey
Liquidator
c/o Cameron Kirk Rose Chartered Accountants
109 Jessie Street, Armidale NSW 2350
M&J INSULATION: Court Appoints Official Liquidator
--------------------------------------------------
On Oct. 25, 2005, the Supreme Court of New South Wales appointed
David Young of Pitcher Partners, Level 3, 60 Castlereagh Street,
Sydney NSW, to be Liquidator for the winding up of M&J
Insulation Pty Limited.
David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW
MORRISON ENGINEERING: Failure to Pay Debt Prompts Winding Up
------------------------------------------------------------
Notice is hereby given that at a meeting of Morrison Engineering
Services Pty Limited held on Oct. 26, 2005, the following
Special Resolution was passed:
That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Geoffrey Reidy be
appointed as Liquidator for such winding up.
Geoffrey Reidy
Liquidator
C/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
MOTH CONTRACTING: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Moth Contracting Pty Limited held on Oct. 21, 2005, it was
resolved that the Company be wound up voluntarily and that
Roderick Mackay Sutherland of Jirsch Sutherland Chartered
Accountants be appointed as Company Liquidator.
Creditors confirmed the Liquidator's appointment at a creditors'
meeting held that same day.
Dated this 21st day of October 2005
Roderick M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
GPO Box 4256, Sydney NSW 2001
Phone: 02 9233 2111
Fax: 02 9233 2144
NATIONAL AUSTRALIA: To Distribute Self-funding Installment
----------------------------------------------------------
Macquarie Bank Limited as issuer of the National Australia Bank
Limited (NAB) Macquarie Self Funding Installment Warrant (ASX
code NABSMS, NABSMT & NABSMU), announced the record date for
entitlements to the AU$0.83, 80% franked distribution for the
NAB Macquarie Self Funding Installment Warrant is November 25,
2005, coinciding with the record date for the NAB ordinary share
dividend.
The NAB Macquarie Self Funding Installment Warrants will
commence trading ex-distribution on November 21, 2005. Again,
this coincides with the ex-dividend date for the NAB ordinary
share.
Pursuant to the terms of the issue, the dividend is directed by
the installment holder to reduce the outstanding Loan Amount as
follows:
Previous Loan Amount (NABSMS) AU$16.2231
New Loan Amount (NABSMS) AU$15.3931
Previous Loan Amount (NABSMT) AU$16.0220
New Loan Amount (NABSMT) AU$15.1920
Previous Loan Amount (NABSMU) AU$16.4442
New Loan Amount (NABSMU) AU$15.6142
The new Loan Amount will be effective from the ex-distribution
date of June 21, 2005.
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com
PLACER DOME: Tells Investors to Defer Action on Barrick's Offer
---------------------------------------------------------------
Placer Dome Inc. has been advised that Barrick Gold Corporation
has filed documents with the U.S. Securities and Exchange
Commission and with the Canadian provincial securities
regulators regarding its unsolicited takeover offer, which is
scheduled to expire on December 20, 2005, for all of the
outstanding common shares of Placer Dome.
At the request of the Australian Stock Exchange (ASX), Placer
Dome is providing the following additional information regarding
Barrick's offer, all based on the offer documents filed by
Barrick:
- Placer Dome shareholders may elect to receive US$20.50 in cash
(the Cash Alternative) or 0.7518 of a Barrick common share and
US$0.05 in cash (the Share Alternative) for each common share of
Placer Dome subject, in each case, to pro ration based upon the
maximum amount of cash and Barrick common shares offered.
- The total amount of cash available under the offer is limited
to US$1,223,721,097 and the total number of Barrick common
shares available for issuance under the offer is limited to
303,021,050 (based on the number of common shares of Placer Dome
outstanding on a fully diluted basis as of October 21, 2005 as
disclosed by Placer Dome).
- According to the offer documents, in light of the total amount
of cash available under the offer relative to the size of the
offer, it is unlikely that Placer Dome shareholders who elect to
receive the Cash Alternative will receive only cash
consideration for their Placer Dome common shares. Assuming that
either all Placer Dome shareholders tendered to the Cash
Alternative or all Placer Dome shareholders tendered to the
Share Alternative, each shareholder would be entitled to receive
US$2.65 in cash and 0.6562 of a Barrick common share for each
Placer Dome share tendered, subject to adjustment fro fractional
shares.
- The offer is subject to a number of conditions discussed in
the Barrick offer documents.
The Board of Directors of Placer Dome advised shareholders not
to take any action with respect to the offer until the Board has
evaluated the offer and communicated its view to shareholders,
which it will do within the legally required time period.
CONTACT:
Placer Dome Limited
Suite 1600, Bentall IV
1055 Dunsmuir Street
(PO Box 49330,
Bentall Postal Station)
Vancouver, B.C. Canada V7X 1P1
Phone: (604) 682-7082
Web site: http://www.placerdome.com
STEWARTS HOME: Members Resolve to Wind Up Business
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Stewarts Home Supply Pty Limited held on Oct. 17, 2005, it
was resolved that the Company be wound up voluntarily, and that
Robert Eugene Murphy, Chartered Accountant of R. E. Murphy & Co.
Chartered Accountants, Level 9, 46 Edward Street, Brisbane
Qld 4000 be appointed as Liquidator for such purpose.
Dated this 19th day of October 2005
Robert E. Murphy
Liquidator
R. E. Murphy & Co. Chartered Accountants
Level 9, 46 Edward Street
Brisbane Qld 4000
TELSTRA CORPORATION: Signs MOU with Hong Kong Firm
--------------------------------------------------
Telstra Corporation has entered into a non-binding Memorandum of
Understanding (MOU) with New World Development Company Limited
and its listed subsidiary, New World Mobile Holdings Limited,
concerning a proposed merger of their respective Hong Kong
mobile companies, Hong Kong CSL Limited and New World PCS
Limited.
The MOU envisages that if agreement is reached between Telstra,
New World Development and New World Mobile Holdings, following
completion of the transaction CSL and New World PCS will be
merged on a debt free basis so that Telstra will own 76.4% of
the equity in the combined business and New World Mobile
Holdings will own the remaining 23.6%. Telstra will also receive
HK$244M (AU$42m) in cash.
Telstra, New World Development and New World Mobile Holdings
have agreed to a period of exclusivity until 2 December 2005
with a view to reaching final agreement.
CONTACT:
Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/
TELSTRA CORPORATION: Unveils Strategy for Growth
------------------------------------------------
Telstra Corporation announced a strategy for improving its
business by deploying a company wide market based management
system, adopting a one factory approach to managing operations
and delivering integrated services to customers.
The improved performance will be underpinned by:
- Increasing revenue by providing new integrated services
targeted to business and consumer segments that have different
needs and value services differently, with a seamless one click,
one touch, one button or one screen approach
- Cutting costs by simplifying processes and systems, reducing
duplication and complexity of existing networks by operating
under a one factory approach which will lead to new efficiencies
and allow a reduction in the number of full time equivalent
(FTE) positions while delivering more effective service.
CEO Sol Trujillo outlined the strategy for a new Telstra for
Australia's broadband and wireless future at an investors
briefing in Sydney. Telstra announced decisions to:
- Introduce a next generation IP network, an investment of more
than $10 billion over five years of which $2-3 billion is
incremental over existing plans, with the IP core in place by
the end of 2007
- Reduce the number of Telstra's 52,000 full time equivalent
(FTE) positions by between 6,000 and 8,000 over three years and
10,000 over five years
- Introduce a $200 million field staff training program to
provide Telstra people with the skills in building, running and
maintaining next generation networks
- Replace the CDMA mobile network with a national 3G GSM network
which will offer the same or better coverage than currently
available
- Cut the number of different network platforms from about 330
by 60 pc within three years
- Cut the number of business and operational support systems
from about 1200 by 75 pc in three years.
Telstra announced new commitments including:
- 25 pc of Telstra revenues will come from new products by the
end of 2008
- Sensis will double its revenue base to $3 billion within five
years
- 80 pc of Telstra's internet customers will have broadband in
three years (today 50 pc are on broadband)
- 25 pc of customers will be using 3G in three years (now 1 pc)
- Business and government customers will be served by 16
competency centres to equip large customers to transition to an
IP environment and to allow Telstra to grow faster than the
market.
Enhanced consumer offerings announced today include Telstra
BigPond signing a deal with Sony Pictures to offer movie
downloads to PCs from March 2006 and new initiatives from
Telstra's directories and advertising business, Sensis, offering
online consumer to consumer transactions at Trading Post.
Mr. Trujillo outlined Telstra's financial projections based on
the execution of the new strategy - raising top line growth by
between 2 pc and 2.5 pc compound annual growth rate (CAGR)
between now and 2010.
Chief Financial Officer John Stanhope said the Telstra Board
intends to pay an ordinary dividend of 28c a share for the next
three years and then review it, subject to the board's half
yearly declaration and review of the business and regulatory
conditions.
The CFO announced that the Board has decided not to proceed with
the third year of the $1.5 billion capital management program
due to end in 06-07. It is considered more important to invest
this money to implement the new strategy which is about
delivering long term shareholder value.
Telstra updated the market on the outlook for Telstra's earnings
for the 2005-06 year with an expected EBIT decline between 19 to
24 pc as a result of the implementation of the strategy which
will require accelerating depreciation relating to assets that
will be decommissioned. This new estimate would increase the
decline to between 25 and 30 pc if Telstra raised a provision
for redundancy. This assumes a reasonable regulatory outcome.
Other financial projections include:
- A cost structure that will remain flat from the half year 05-
06 level
- Revenue growing faster than expense growth, reversing recent
trends - with EBIT expected to grow at a 3 to 4 percent CAGR
between now and 2010.
Mr. Trujillo said: "We will not require the same number of
employees and contractors as we implement the strategy because
we will reduce complexity. With simplicity we can be leaner," he
said.
He said regulation has a huge potential impact on Telstra's
business and the financial projections assume a reasonable
regulatory environment in which to operate.
"If excessive regulation doesn't get in the way, we can hit the
plan we have laid out (Monday). If it does get in the way, it
has the potential to be harmful to our core," he said.
Mr. Trujillo said: "We have a chance to make a strong company
great. We will do that by being innovative, by offering
integrated services to consumers, by employing market based
management and by being highly competitive. Customers want it
their way and they have very different needs. Only Telstra can
make it happen.
"Telstra has a vision to use technology and capabilities
available today to transform industries and improve people's
lives. We have barely tapped the potential of what is possible
and how we can improve productivity for Australian business and
increase mobility for consumers."
Mr. Trujillo said the Australian telecommunications industry was
based on price competition in a downward spiral and was not
adding enough value to its customers.
"Our strategy is to offer customers products which work
seamlessly together and to offer business differentiated
wireless and broadband solutions which will create the most
value for them," he said.
The market based management plan outlined by Group Managing
Director Strategic Marketing Bill Stewart will include needs
based and value based segmentation following extensive high
quality customer research.
Telstra's program will involve interviews with 90,000 consumer
customers and will build a panel of 16,000 small businesses in
order for Telstra to understand its customers' needs like never
before.
Telstra's Chief Operations Officer Greg Winn said a review of
Telstra's operations over the past four months showed that
investment was spread across far too many networks and
technologies.
Telstra planned to cut the number of its complex business
support and operational support systems by 75 pc in three years
and transform the IT capability to deliver new cost-effective
capabilities.
"We will introduce a new IP/MPLS network core by the end of
2007," he said.
"We will deploy five mated pairs of new high capacity soft
switches to replace 116 class five switches, providing deep
network redundancy, deep resiliency and dramatically lowering
our cost structure."
Mr. Winn said the move to a national 3G GSM mobile network would
mean Telstra would be the first Australian telco to deliver
nationwide wireless broadband to all its mobile customers,
offering improved speed and quality. He said that Telstra spends
more than four times on capex per CDMA subscriber than it does
per GSM subscriber.
A centralized program office will orchestrate the change effort
through the company, he said.
Investors were also told that:
- Sensis plays a critical role in Telstra's core strategy and
its online business would be further developed by integrating
search and transaction based applications and services for
Sensis customers and core Telstra customers.
- Foxtel is a core asset by which Telstra could create
shareholder value.
- Telstra announced a memorandum of understanding to merge its
Hong Kong mobile business CSL and another Hong Kong carrier New
World Mobile Holdings which would give clear market leadership.
TELSTRA CORPORATION: PM Tries to Allay Workers' Fears
-----------------------------------------------------
Australian Prime Minister John Howard has attempted to reassure
thousands of Telstra Corporation workers who will lose their
jobs over the next five years, The Age relates.
Telstra Chief Executive Sol Trujillo announced plans to axe up
to 12,000 jobs, as he unveiled a major strategic plan for the
company.
Under the plan, Telstra will axe around 6,000 to 8,000 full-time
positions over three years and 10,000 to 12,000 over five years.
Opposition Leader Kim Beazley said the job cuts were the result
of privatization and "a taste of things to come".
He said those forced to look for new jobs would face another
blow under the Howard government's industrial relations reforms.
But Mr. Howard said the thousands of workers affected by
Telstra's decision had a good chance of finding a new job.
TREGA PTY: Placed Under Voluntary Liquidation
---------------------------------------------
At a general meeting of the members of Trega Pty Limited held on
Oct. 26, 2005, it was resolved that the Company be wound up
voluntarily.
Dated this 26th day of October 2005
Tony Khoury
Director
c/o Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2611
Phone: 02 6247 5988
WOLLONGONG WALL: Members, Creditors to Discuss Winding Up
---------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Wollongong Wall Franes Pty Limited will be held on
Nov. 25, 2005, 9:00 a.m. at the offices of Jirsch Sutherland &
Co - Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW, to
present the Liquidator's account showing the manner of the
winding up and disposal of the property of the Company, and to
hear any explanations that may be given by the Liquidator.
Dated this 25th day of October 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax: 02 4225 2546
==============================
C H I N A & H O N G K O N G
==============================
APPLIED INTERNATIONAL: Buys Back 80,000 Shares
----------------------------------------------
Applied International Holdings Limited (0519) bought back 80,000
shares at the prices ranging from HK$0.43 to HK$0.435, or at a
total of HK$34,500 on November 14, Infocast News reports.
The company has current assets of HK$63.05 million in the first
half of 2005 while current liabilities stood at HK$102.64
million, Chong Hing Securities relates.
The Group is engaged in the manufacture, design, marketing and
distribution of consumer electronic products, manufacture and
distribution of health care products, property investment and
property development.
CONTACT:
Applied International Holdings Limited
Unit 3402, 34th Floor
China Merchants Tower
Shun Tak Centre, 168-200
Connaught Road Central
Hong Kong
Phone: 25538267
Fax: 28734676
Web site: http://www.appliedintl.com
B&S ENTERTAINMENT: Q1/2005 Net Loss Narrows to HK$937,000
---------------------------------------------------------
B&S Entertainment Holdings Limited posted a net loss of
HK$937,000 for the first quarter ended September 30, versus a
net loss of HK$3.677 million a year earlier.
Loss per share (LPS) was $0.023. No dividend was declared.
The Group is principally engaged in the business of (a)
production of movies; (b) distribution of copyright/film rights
in respect of movies produced by the Group to overseas countries
and in Hong Kong; and (c) sub-licensing of film rights.
CONTACT:
B&S Entertainment Holdings Limited
Room 1108, Asia Standard Tower
59-65 Queen's Road Central
Hong Kong
Phone: 23970731
Fax: 23970013
EASTERN ALPHA: Creditors Meeting Fixed November 29
--------------------------------------------------
Eastern Alpha Investment Limited (In Creditors' Voluntary
Liquidation) hereby take notice that the annual meetings of the
members and creditors of the company will be held at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong on
November 29, 2005 at 9 a.m. and 9:15 a.m. respectively.
Take notice that the annual meetings of the members and
creditors of the company will be held at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong on the 29th day of
November 2005 at the respective times listed below.
Agenda
The Annual meetings of Members and Creditors called pursuant to
Section 247 of the Companies Ordinance for the purposes of
laying before it an account the Liquidator's acts and dealings
and of the conduct of the winding up during the proceeding year.
Proxies to be used at the meeting must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged not less than 48 hours before the time
for holding the members' meeting. Creditors' proxies should be
lodged at the above address not later than 4:00 o'clock in the
afternoon on the 28th day of November, 2005.
Dated this 11th day of November 2005
GABRIEL CK TAM
Liquidator
EASTERN WOOD: Creditors Annual Meeting Set November 29
------------------------------------------------------
Eastern Wood Investment Limited (In Creditors' Voluntary
Liquidation) hereby take notice that the annual meetings of the
members and creditors of the company will be held at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong on
November 29, 2005 at 9:45 a.m. and 10 a.m. respectively.
Take notice that the annual meetings of the members and
creditors of the company will be held at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong on the 29th day of
November 2005 at the respective times listed below.
Agenda
The Annual meetings of Members and Creditors called pursuant to
Section 247 of the Companies Ordinance for the purposes of
laying before it an account the Liquidator's acts and dealings
and of the conduct of the winding up during the proceeding year.
Proxies to be used at the meeting must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged not less than 48 hours before the time
for holding the members' meeting. Creditors' proxies should be
lodged at the above address not later than 4:00 o'clock in the
afternoon on the 28th day of November, 2005.
Dated this 11th day of November 2005
GABRIEL CK TAM
Liquidator
FAIREX TRADING: Enters Bankruptcy Proceedings
---------------------------------------------
The High Court of Hong Kong hereby gives notice that the
bankruptcy order against Tung Hui Shyan trading as Fairex
Trading Co. was made on October 31, 2005.
All debts due to the estate should be paid to the official
receiver.
Dated this 11th day of November 20057
E T O'CONNELL
Official Receiver
JANWORLD INDUSTRIAL: To Undergo Winding Up Process
--------------------------------------------------
Janworld Industrial Limited, whose office address is located at
Rm 203 2nd Floor Hung Tak Building 106 Des Voeux Road Central
Hong Kong, issued a winding up order notice in the High Court of
the Hong Kong Special Administrative Region Court of
First Instance on November 2, 2005.
Date of Presentation of Petition: July 21, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
KINGFIELD ENGINEERING: Court Orders Liquidation
-----------------------------------------------
Kingfield Engineering Limited, whose office address is located
at Rm 908 8 Wing Hing Street Causeway Bay Hong Kong, issued a
winding up order notice in the high court of the Hong Kong
Special Administrative Region Court of First Instance on
November 2, 2005.
Date of Presentation of Petition: August 31, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
MILKWAY IMAGE: Results Swing to HK$8.7 Mln Net Loss
---------------------------------------------------
Milkyway Image Holdings Limited (8130) incurred a net loss of
HK$8.726 million for the six months ended September 30, versus a
net profit of HK$479,000 a year earlier, Infocast News relates.
Loss per share was $0.0108. No second quarter dividend was
declared.
As a film production company, the Group is principally engaged
in the provision of film production services for film companies
in Hong Kong.
CONTACT:
Milkway Image Holdings Limited
1/F, 77 Hung To Road
Kwun Tong , Kowloon
Hong Kong
Phone: 27188128
Fax: 27188122
Web site: http://www.milkywayimage.com
PERDANA GARMENT: Set to Close Down Business
-------------------------------------------
Perdana Garment Manufacturing Company Limited, whose office
address is located at 14/F Rays Industrial Building 71 Hung To
Road Kwun Tong Kowloon, issued a winding up order notice in the
high court of the Hong Kong Special Administrative Region Court
of First Instance on November 2, 2005.
Date of Presentation of Petition: August 31, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
POPE'S INTERNATIONAL: Court Issues Winding Up Order
---------------------------------------------------
Pope's International (H.K.) Limited, whose office address is
located at Rm 1702 Tung Hip Commercial Building 244-252 Des
Voeux Road Sheung Wan Hong Kong, issued a winding up order
notice in the high court of the Hong Kong Special Administrative
Region Court of First Instance on November 2, 2005.
Date of Presentation of Petition: August 8, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
REGENT BONUS: Creditors Meeting Slated for November 29
------------------------------------------------------
Regent Bonus Investment Limited (In Creditors' Voluntary
Liquidation) hereby take notice that the annual meetings of the
members and creditors of the company will be held at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong on
November 29, 2005 at 10:30 a.m. and 10:45 a.m. respectively.
Take notice that the annual meetings of the members and
creditors of the company will be held at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong on the 29th day of
November 2005 at the respective times listed below.
Agenda
The Annual meetings of Members and Creditors called pursuant to
Section 247 of the Companies Ordinance for the purposes of
laying before it an account the Liquidator's acts and dealings
and of the conduct of the winding up during the proceeding year.
Proxies to be used at the meeting must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged not less than 48 hours before the time
for holding the members' meeting. Creditors' proxies should be
lodged at the above address not later than 4:00 o'clock in the
afternoon on the 28th day of November, 2005.
Dated this 11th day of November 2005
GABRIEL CK TAM
Liquidator
TIME KING: Enters Winding Up Process
------------------------------------
Time King Investments Limited hereby gives notice that a
Petition for the Winding up of the company by the High Court of
Hong Kong Special Administrative Region was on October 24, 2005
presented to the said Court by Shung King Development Company
Limited, Join Fortune Development Limited whose registered
office are situate at 72nd -76th Floors, Two International
Finance Centre, 8 Finance Street, Central, Hong Kong and The Yin
Nin Savings, Mortgage Loan & Land Investment Company Limited
whose registered office is situated at 503 Luk Hoi Tong
Building, 31 Queen's Road 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.
NG, LIE, LAI & CHAN
Solicitors for the Petitioner
13th Floor, Golden Centre
188 Des Voeux Road Central
Central, Hong Kong
Note: Any person who intends to appear on 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.
WORLD UNIVERSAL: Creditors' Annual Meeting Set November 29
----------------------------------------------------------
World Universal Investment Limited (In Creditors' Voluntary
Liquidation) hereby take notice that the annual meetings of the
members and creditors of the company will be held at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong on
November 29, 2005 at 11:15 a.m. and 11:30 a.m. respectively.
Take notice that the annual meetings of the members and
creditors of the company will be held at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong on the 29th day of
November 2005 at the respective times listed below.
Agenda
The Annual meetings of Members and Creditors called pursuant to
Section 247 of the Companies Ordinance for the purposes of
laying before it an account the Liquidator's acts and dealings
and of the conduct of the winding up during the proceeding year.
Proxies to be used at the meeting must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged not less than 48 hours before the time
for holding the members' meeting. Creditors' proxies should be
lodged at the above address not later than 4:00 o'clock in the
afternoon on the 28th day of November, 2005.
Dated this 11th day of November 2005
GABRIEL CK TAM
Liquidator
=========
I N D I A
=========
* RBI Issues Revised Guidelines on CDR Mechanism
------------------------------------------------
Please refer to Reserve Bank of India's (RBI) circular DBOD No.
BP.BC. 68/21.04.114/2002-03 dated February 5, 2003 on the
captioned subject wherein detailed guidelines on Corporate Debt
Restructuring System were issued incorporating therein the
recommendations of the High Level Group under the chairmanship
of Shri Vepa Kamesam, then Deputy Governor, Reserve Bank of
India, for facilitating timely and transparent mechanism for
restructuring corporate debts of viable corporate entities
affected by internal or external factors, outside the purview of
BIFR, DRT and other legal proceedings, for the benefit of all
concerned.
A Special Group was constituted in September 2004 with
Smt.S.Gopinath, Deputy Governor, Reserve Bank of India to
undertake a review of the Scheme. The Special Group had
suggested certain changes / improvements in the existing Scheme
for enhancing its scope and making it more efficient. Based on
the recommendations made by the Special Group revised draft
guidelines on Corporate Debt Restructuring were prepared and
circulated among banks for comments. On the basis of the
feedback received the draft guidelines have been reviewed and
the revised guidelines on CDR mechanism are furnished in the
Annexure.
The major modifications made in the existing CDR mechanism
relate to:
a. extension of the scheme to entities with outstanding exposure
of Rs.10 crore or more
b. requirement of support of 60% of creditors by number in
addition to the support of 75% of creditors by value with a view
to make the decision making more equitable
c. discretion to the core group in dealing with wilful
defaulters in certain cases other than cases involving frauds or
diversion of funds with malafide intentions.
d. linking the restoration of asset classification prevailing on
the date of reference to the CDR Cell to implementation of the
CDR package within four months from the date of approval of the
package.
e. restricting the regulatory concession in asset classification
and provisioning to the first restructuring where the package
also has to meet norms relating to turn-around period and
minimum sacrifice and funds infusion by promoters.
f. convergence in the methodology for computation of economic
sacrifice among banks and FIs
g. limiting RBI's role to providing broad guidelines for CDR
mechanism
h. enhancing disclosures in the balance sheet for providing
greater transparency
i. pro-rata sharing of additional finance requirement by both
term lenders and working capital lenders
j. allowing OTS as a part of the CDR mechanism to make the exit
option more flexible and
k. regulatory treatment of non-SLR instruments acquired while
funding interest or in lieu of outstanding principal and
valuation of such instruments.
Anand Sinha)
Chief General Manager-In-Charge
=================
I N D O N E S I A
=================
NEWMONT MINING: Court Dismisses Pollution Case
----------------------------------------------
In an update on the pollution case against PT Newmont Minhasa
Raya, the Indonesian unit of U.S.-based Newmont Mining
Corporation, a local court dismissed the civil suit against the
Company, saying that it has no jurisdiction to hear the case,
reports Reuters News.
The Environment Ministry earlier filed a complaint against the
Company, and sought damages for alleged pollution of a nearby
bay in Sulawesi province.
Presiding judge Soedarto allowed the Company's argument that the
South Jakarta district court has no authority to handle the
case; however, such ruling does not extend to an ongoing
criminal trial of the Company, which is expected to begin next
year.
The criminal and civil case are in connection with the Company's
improper disposal of waste from a gold mine in nearby Buyat Bay,
northeast of Jakarta. The mine was shut down in August last year
due to depleted reserves.
It is alleged that the waste disposal process caused nearby
villagers to get sick, since Buyat Bay is considered as a water
source for the coastal village.
Newmont has denied that it has done anything wrong, as it
followed standard procedure in its waste disposal process.
CONTACT:
Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id
=========
J A P A N
=========
DAIEI INCORPORATED: To Cut Manager's Bonuses by 30%
--------------------------------------------------
Daiei Incorporated will cut year-end bonuses to all management-
level employees by 30 percent from a year earlier, Japan Today
reports.
The company also intends to carry out pay cuts for directors.
The struggling retailer expects its total employees to fall to
7,000 at the end of its business year to February from about
9,600 at the end of February 2005.
CONTACT:
Daiei Incorporated
4-1-1, Minatojima Nakamachi, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
HITACHI ZOSEN: Incurs JPY3.3 Bln Loss
-------------------------------------
Hitachi Zosen Corporation reported a group net loss of JPY3.3
billion in the first half ended September due to a slump in
sales in the shipbuilding and machinery sectors, according to
Japan Today.
The ship and heavy machinery builder also recorded an operating
loss of JPY4.28 billion and a pretax loss of JPY4.97 billion on
the sales of JPY126.11 billion, down 4.0 percent from the same
period of fiscal 2004. It marked a JPY4.70 billion net loss a
year earlier.
CONTACT:
7th Floor, Palaceside Building,
1-1, Hitotsubashi 1-chome, Chiyoda-ku,
Tokyo 100-8121, Japan
Phone: +81-3-3217-8409
Facsimile: +81-3-3217-8552
JAPAN AIRLINES: Launches Berlitz Word Traveler on Int'l Flights
---------------------------------------------------------------
Japan Airlines has added an interactive foreign language-
learning course to its in-flight entertainment programming
enabling passengers to study the language of their destination -
or other countries - as they fly.
The language course is the interactive `Berlitz Word Traveler',
which contains 22 languages with course instruction provided in
19 languages. Language courses are available for Arabic, Dutch,
Chinese (Simplified), Chinese Traditional, English, French,
German, Greek, Hindu, Indonesia, Italian, Japanese, Korean,
Portuguese, Malay, Russian, Spanish, Tagalog, Tamil, Thai,
Turkish and Vietnamese.
Each language course covers essential vocabulary and useful
phrases presented under the four main lesson headings of
numbers, dates, words and dialog. Passengers can learn, for
example, how to count, tell the time, and ask and answer basic
questions, in addition to learning a wide variety of travel-
related vocabulary covering such topics as food and
accommodation. Passengers will have fun throughout their foreign
language learning experience playing language-related games,
taking mini tests, and checking their pronunciation.
`Berlitz Word Traveler' is available in all classes on JAL
international flights equipped with MAGIC III - JAL's latest in-
flight entertainment system. Installation of `Berlitz Word
Traveler' onto all such flights was completed at the end of
October 2005.
JAL's MAGIC entertainment system offers personal video, music,
and games including up to 17 channels of the latest movies and
features, some 11 games, and 20 channels of audio entertainment
including the latest pop to classical selection. On certain
flights the MAGIC in-flight entertainment system also contains
AVOD (audio/video on demand) technology, giving passengers the
freedom to start and stop movies, music or other programs at any
point and at any time.
For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: http://www.jal.com/en/corporate/
This is a company press release.
MISAWA HOMES: Steps Out of Negative Net Worth
---------------------------------------------
Misawa Homes Holdings Inc. has stepped out of negative net worth
after major lenders' forgave debts worth JPY113.3 billion and
Toyota Motor investment, Kyodo News reports.
In its earnings report for the April-September period of this
year, shareholder's equity has turned into an excess asset of
JPY18.9 billion and its interest-bearing liabilities have been
cut to JPY87.8 billion from its worst peak of about JPY580
billion.
In the first six months, its group net profit increased to
JPY119.58 billion from a group net loss of JPY16.40 billion in
the first half of last year.
CONTACT:
Misawa Homes Holdings Company Ltd.
2-4-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo,
Japan
Phone: 81 03 3345 1111
Web site: http://www.misawa-hd.co.jp
RESONA BANK: Fitch Ups Individual Rating to 'D'
-----------------------------------------------
Fitch Ratings has upgraded the Individual rating of Resona Bank
to 'D' from 'E' and affirmed the bank's Support rating at '2'.
The upgrade in Resona's Individual rating primarily reflects the
great improvements in asset quality achieved since the bank was
recapitalized with public funds in June 2003. The higher
Individual rating also reflects the strong return to
profitability reported by the bank in the fiscal year ending
March 2005.
Although Resona's net income benefited from non-recurring gains
in FYE05, most notably from loan loss reserve reversals and
equity disposals, given the success of the current management in
rationalizing the bank's operations, improving asset quality and
reducing operating costs, Fitch believes that going forward
Resona will be able to report consistent bottom line
profitability, albeit at a lower level than in FYE05.
Despite the improvements seen at Resona over the past two years,
the Individual rating of 'D' is constrained by the bank's
reliance on preferred stock in its capital structure, mainly in
the form of public funds.
Until it becomes clear how Resona's parent and group holding
company, Resona Holdings, intends to improve capital quality by
increasing retained earnings and common equity, and repay the
outstanding JPY2,531.6 billion of public fund preferred stock
(all but JPY60 billion of which is downstreamed to Resona), it
will be difficult for the bank to achieve a higher Individual
rating.
This Support rating of '2' is based on Fitch's view that there
is a high probability of further support for Resona being
available from the state should it be necessary.
CONTACT:
Resona Holdings, Inc.
Address: 2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp
SANYO ELECTRIC: To Boost Capital by JPY200 Bln
----------------------------------------------
Sanyo Electric Co. aims to raise its capital by JPY200 billion
before March 2006 as its group net loss for the year is
forecasted to exceed the earlier projected JPY140 billion, Japan
Today reports.
The electronic giant will announce the plan and some
restructuring measures along with its earnings for the first
half of fiscal 2005 on Friday.
Sanyo in July announced a business plan that included cutting
14,000 jobs, or 15 percent of its workforce, over three years.
CONTACT:
Sanyo Electric Co Ltd
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
Web Site: http://www.sanyo.co.jp/koho/index_e.html
SANYO ELECTRIC: To Issue New Shares Worth JPY200 Bln
----------------------------------------------------
Sanyo Electric Co. plans to issue new shares worth more than
JPY200 bln yen to increase its capital, AFX News reports, citing
the Asahi newspaper.
The move will keep its shareholders' equity ratio above the 10
percent level as the company may reveal further measures to
restructure its operations on Friday.
In September, the ailing consumer electronics company widened
its full-year net loss outlook to JPY140 billion from an earlier
forecast of JPY92 billion, citing a rapid decline in prices of
its digital home appliances.
The report added that the company's main lenders, including
Sumitomo Mitsui Banking Corp, would likely buy shares.
=========
K O R E A
=========
COCA-COLA KOREA: Denies Plans of Sale
-------------------------------------
Coca-Cola is said to be selling Coca-Cola Korea Bottling Co.
(CCKBC), one of its two Korean units as a result of a slow down
in the local soft drink market, Asia Pulse reveals.
The bottling company has reportedly solicited bids from South
Korean beverage makers such as Woongjin Foods Co., CJ Food
System and Dongwon F&b Co., sources said.
"We got an offer from four to five months ago through a
brokerage, but we haven't considered it since we have no
expansion plans," said an industry official on condition of
anonymity.
According to the sources, companies would not be willing to buy
CCKBC because of the current condition of the local soft drink
market. Sales in soft drinks are constantly declining.
But the Company denied any plans of sale, saying there is no
reason to sell it.
CCKBC is 100-percent owned by Coca-Cola's Australian unit. At
present, Coca-Cola runs two affiliates in South Korea, the Coca-
Cola Korea Co. and the CCKBC.
CONTACT:
Coca-Cola Korea Bottling Company Ltd
84-11, 5-Ka, Namdaemun-Ro, Chung-Ku
Seoul 100-753
South Korea
Telephone: 822 2259 5888
Fax: 822 2259 5593
LG CARD: Picks JP Morgan to Lead Sale
-------------------------------------
LG Card Co. has chosen JP Morgan Chase & Co. as lead manager for
its sale, relates Asia Pulse.
The card issuer's creditors have been planning to sell their
controlling stake after the card company showed an improvement
in business performance. The creditors plan to unload the 51
percent stake they are holding in LG Card by March next year
after they have picked a preferred bidder.
No price was yet disclosed for the stake. However, Korea
Development Bank head Yoo Ji-chang said the creditors were
looking to sell it for at least KRW4.5 trillion.
Korea Development Bank, with 22.93 percent, holds the largest
stake among the creditors, while the National Agricultural
Cooperative Federation owns another 14.59 percent and Kookmin
Bank has an 11.98 percent stake.
LG Card has been in the hands of creditors since it was rescued
from bankruptcy through a KRW5 trillion (US$4.78 billion) debt-
for-equity swap and a further KRW1 trillion bailout in late
2004.
Local institutions said to have considered acquiring LG Card are
Woori Finance Holdings Co., Shinhan Financial Group Co. and Hana
Bank.
LG Card made a dramatic turnaround in the third quarter of this
year, after it reported a KRW363.4 billion net profit, compared
to a KRW46.8 billion in losses a year earlier.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
===============
M A L A Y S I A
===============
LANKHORST BERHAD: Posts Turnaround in 1Q/FY05
---------------------------------------------
Lankhorst Berhad submitted to Bursa Malaysia Securities Berhad
its unaudited First Quarter Report for the financial Period
ended March 31, 2005.
Summary of Key Financial Information
March 31, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31/03/2005 31/03/2004 31/03/2005 31/03/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
25,617 8,298 25,617 8,298
(2) Profit/(loss) before tax
289 -2,436 289 -2,436
(3) Profit/(loss) after tax and minority interest
323 -2,436 323 -2,436
(4) Net profit/(loss) for the period
323 -2,436 323 -2,436
(5) Basic earnings/(loss) per shares (sen)
0.80 -6.10 0.80 -6.10
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
0.0200 0.2300
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/LankhortsBerhadQR105.doc
CONTACT:
Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran, Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036
MAGNUM CORPORATION: Buys Back 591,200 Shares
--------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad details of its shares buy back.
Date of buy back: November 11, 2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 591,200
Minimum price paid for each share purchased (MYR): 1.860
Maximum price paid for each share purchased (MYR): 1.900
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 591,200
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 74,037,300
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/ +60 3 2698 9885
MBF HOLDINGS: Winds Up Hong Kong Unit
-------------------------------------
MBf Holdings Berhad issued to Bursa Malaysia Securities Berhad
details of the placement of subsidiaries under members'
voluntary winding up.
MBf Holdings Berhad (MBfH) informed Bursa Malaysia that its Hong
Kong incorporated subsidiary companies, Vision Card
International Limited (VCIL) and MBf International Finance
Limited (MBfIF) have been placed under members' voluntary
winding up on November 11, 2005. Mr. Ha Man Kit, Marcus of Room
2302, 23F, 99 Hennessy Road, Wan Chai, Hong Kong has been
appointed the Sole Liquidator of these companies.
Information on VCIL
VCIL was incorporated on July 31, 1987 and the principal
activity was in the business of issuing, franchising and
licensing of debit cards. The authorized share capital of VCIL
is HKD10,000 comprising 1,000 ordinary shares of HKD10.00 each
of which 100 ordinary shares have been issued and fully paid-up.
As at September 30, 2005, the shareholders' fund of VCIL was
HKD28,747.
VCIL ceased its operations since 2002 and has been dormant
thereafter.
Information on MBfIF
MBfIF was incorporated on June 13, 1995 and the principal
activity was provision of treasury services to MBf Asia Capital
Corporation Holdings Limited (a wholly owned subsidiary of MBfH)
and its group of companies. The authorized share capital of
MBfIF is HKD10,000 comprising 10,000 ordinary shares of HKD1.00
each, of which two ordinary shares have been issued and fully
paid-up.
As at September 30, 2005, the shareholders' fund of MBfIF is
NIL.
MBfIF ceased its operations since 1998 and has been dormant
thereafter.
Rationale for the Winding Up
The winding up of VCIL and MBfIF is part of the rationalisation
and streamlining exercise of MBfH Group.
Financial Effect of the Winding Up
The winding up of VCIL and MBfIF will not have any material
effect on MBfH Group.
Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders
None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
has any interest, direct or indirect in the said exercise.
Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
11 November 2005
CONTACT:
Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985
MECHMAR CORPORATION: Updates Novation of Facility Agreement
-----------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad a notification of novation of facility
agreement relating to the company's subsidiary, Independent
Power Tanzania Limited.
(1) Notification of novation of US$105,000,000 Loan Facility
Agreement relating to the 100MW Tegeta Power Project dated June
28, 1997 (Facility Agreement).
The Board advised that the Company's subsidiary, Independent
Power Tanzania Limited (IPTL) has on November 9, 2005 received a
notification from Standard Chartered Bank Malaysia Berhad in its
capacity as the Facility Agent in respect of the Facility
Agreement that Danaharta Managers (L) Ltd (Existing Bank) had
novated to Standard Chartered Bank (Hong Kong) Limited (New
Bank) the rights and/or obligations under the Facility Agreement
pursuant to a Novation Notice executed by the Existing Bank and
the New Bank on August 17, 2005 and countersigned by the
Facility Agent on behalf of itself as the Facility Agent and the
other parties to the Facility Agreement on October 25, 2005
(Novation).
(2) Effects of the Novation
The Novation will not have any material effect on the EPS or NTA
of the Company for financial year ending December 31, 2005.
(3) Directors' and substantial shareholders' interest
None of the Directors and/or substantial shareholders of the
Company or persons connected to them have any interest, direct
or indirect, in the Novation.
Directors' Opinion
The Novation does not have any material effect on the operations
of IPTL.
METROPLEX BERHAD: In Talks with Lenders Re Payment Default
----------------------------------------------------------
Metroplex Berhad issued a monthly announcement on default in
payment pursuant to Practice Note No. 1/2001 (PN1) of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities).
Further to the announcement dated October 12, 2005 on PN1, the
company provided an update on the status in default in payment
of MB Group's various loan facilities as at October 31, 2005 as
set out in Table A attached.
To view a full copy of Table A, go to
http://bankrupt.com/misc/MetroplexBerhadTableA111105.xls
The estimated amount of default (principal and interest) as at
October 31, 2005 is MYR1,727,977,648.05.
Currently, MB is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme)
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.
This announcement is dated 11 November 2005.
CONTACT:
Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798
MULTI-USAGE HOLDINGS: Posts No Changes to Payment Default
---------------------------------------------------------
Multi-Usage Holdings Berhad furnished Bursa Malaysia Securities
Berhad an update to the default of payment pursuant to Practice
Note 1/2001.
Further to the announcement on October 12, 2005, Multi-Usage
Holdings Berhad informed the Bourse that there has been no
significant change in the status of the debt. The Company and
consultants are still working out the proposed debt-
restructuring scheme with the lenders.
The company shall keep Bursa Malaysia Securities Berhad informed
of the status of the debt-restructuring scheme.
Yours sincerely,
Ang Kim Cheng @ Ang Teng Kok
Managing Director
CONTACT:
Multi-Usage Holdings Berhad
19, Ground Floor, Weld Quay, Penang 10300
Telephone: 04-2622858
Fax: 04-2612823
PSC INDUSTRIES: Breaches Bourse's Listing Requirement
-----------------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimanded and
imposed a total fine of MYR25,000 on PSC Industries Berhad for
breaches of paragraph 9.04(l) and paragraph 3.2 of Practice Note
No. 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements (Bursa Securities LR).
Paragraph 9.04 (l) of the Bursa Securities LR states that a
listed issuer must make immediate public disclosure on the
occurrence of an event of default on interest and/or principle
payments in respect of loans.
Paragraph 3.2 of Practice Note No.1/2001 of the Bursa Securities
LR states that the listed issuer shall thereafter be required to
make periodic announcements on a monthly basis of the current
status of the default and the steps taken by the listed issuer
to address the default until such time when the default is
remedied.
PSCI was found to be in breach of the following provisions of
the Bursa Securities LR:
Paragraph 9.04(l) of the Bursa Securities LR for not making
immediate announcement to Bursa Securities for public release
when PSCI defaulted in the repayments of loans and bank
borrowings from financial institutions. The length of delay
ranges from one market day to 11 months; and
Paragraph 3.2 of PN1/2001 of the Bursa Securities LR for not
making periodic announcement on a monthly basis on the status of
the default in payments since the date of default until October
11, 2005.
CONTACT:
PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768
PILECON ENGINEERING: Shareholders OK Approved Revised Proposals
---------------------------------------------------------------
Pilecon Engineering Berhad issued to Bursa Malaysia Securities
Berhad an update to the following proposals:
- Proposed Capital Reduction;
- Proposed Share Consolidation;
- Proposed Rights Issue;
- Proposed Debt-Restructuring Scheme comprising:
- Proposed Cash Settlement;
- Proposed Debt-to-Equity Conversion;
- Proposed Issue of Redeemable Convertible Secured Loan Stocks
(RCSLS);
- Proposed Issue of Irredeemable Convertible Unsecured Loan
Stocks (ICULS),
(Collectively referred to as the Approved Revised Proposals)
- Proposed Exemption
Further to the announcement dated October 19, 2005, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
Pilecon, advised that the Company has obtained the approval of
its shareholders for the Approved Revised Proposals and the
Proposed Exemption at the Extraordinary General Meeting.
The Approved Revised Proposals are now pending the:
(i) Sanction of the High Court of Malaya at Kuala Lumpur
pursuant to Section 176 of the Companies Act, 1965; and
(ii) Approval of Bursa Malaysia Securities Exchange for the
admission to the Official List and the listing of and quotation
for the ICULS, and the listing of and quotation for the new
ordinary shares to be issued pursuant to the Approved Revised
Proposals and upon the conversion of the RCSLS (if any) and the
ICULS.
The Proposed Exemption is now subject to the approval of the
Securities Commission which, vide its letter dated September 27,
2005, stated that it would consider the application for the
Proposed Exemption upon, amongst others, Pilecon obtaining the
approval of the non-interested shareholders for the Proposed
Exemption which approval was obtained November 11 as stated
above.
This announcement is dated 11 November 2005.
CONTACT:
Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888 / +60 3 7804 3888
POLYMATE HOLDINGS: To Pay MYR15,000 in Fines
--------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimanded and
imposed a total fine of MYR15,000 on Polymate Holdings Berhad
for breach of paragraph 9.22(1) of the Bursa Malaysia Securities
Berhad Listing Requirements (Bursa Securities LR).
Paragraph 9.22(1) of Bursa Securities LR states that a listed
issuer must give Bursa Securities for public release, an interim
financial report that is prepared on a quarterly basis, as soon
as the figures have been approved by the board of directors of
the listed issuer, and in any event not later than two months
after the end of each quarter of a financial year.
Polymate has breached paragraph 9.22(1) of the Bursa Securities
LR for failure to submit its quarterly report for the third
financial quarter ended June 30, 2005 (June-05 QR) to Bursa
Securities within two (2) months after the end of the quarter
period, i.e. on or before August 31, 2005. The Company's June-
05 QR was submitted to Bursa Securities on September 21, 2005,
after a delay of 15 market days.
The public reprimand and fine is imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all the circumstances and the relevant factors of the matter.
Bursa Securities views the above contravention seriously and
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.
SETEGAP BERHAD: Faces Delisting from Bourse
-------------------------------------------
Setegap Berhad (Setegap) issued to Bursa Malaysia Securities
Berhad a notice to show cause on de-listing of securities of the
company.
K&N Kenanga Bhd, on behalf of the Board of Directors of Setegap,
advised that Bursa Malaysia Securities Berhad (Bursa Securities)
had in a letter dated November 10, 2005 notified the Company
that it is required to make a written representation to Bursa
Securities within fourteen (14) days as to why its securities
should not be removed from the Official List of Bursa
Securities. In the said letter, Bursa Securities had also
informed the following:
(a) In the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of fourteen
(14) days from the date of notification of the decision to de-
list the Company or upon such other date as may be specified by
Bursa Securities; and
(b) In the event Bursa Securities decides not to de-list the
Company, other appropriate action / penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements of Bursa
Securities.
In respect of the above, the Company is earnestly working
towards a regularization plan and will be submitting a written
representation to Bursa Securities within fourteen (14) days
from November 10, 2005 on why its securities should not be
removed form the Official List of Bursa Securities.
This announcement is dated 11 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
SOUTHERN BANK: Issues Statement to Clarify Business Position
------------------------------------------------------------
The Board of Directors of Southern Bank Berhad issued to Bursa
Malaysia Securities Berhad a clarification to its position
relating to recent announcements and market speculation
regarding a potential merger of the businesses of the SBB Group
with the businesses of the BCHB Group.
Response Regarding BCHB's Recent Announcements
SBB has received from BNM a clarification that confirms the
announcement by BCHB that it has received BNM approval to enter
into discussions with certain SBB shareholders with the
intention of a merger of the businesses of the two groups. The
Board has also received from CIMB a letter proposing discussions
regarding this matter.
SBB is proud that its strengths are highly valued by BCHB and
that based on these capabilities, there is interest to explore
the merger of businesses. It is the fiduciary duty of the Board
to evaluate all credible merger proposals, and accordingly, the
Board will commence initial discussions to clarify BCHB's
intentions and to identify any specific proposal. Based on the
outcome of these discussions, the Board will decide upon an
appropriate response. At the same time, the Board will continue
to review and consider other alternatives to maximize value for
SBB's shareholders.
SBB's Intrinsic Value
The Board has appointed Goldman Sachs, as its international
financial advisor, to provide support by reviewing and
evaluating potential scenarios for the Malaysian banking
industry and to help in developing broad alternative actions.
Goldman Sachs has informed the Board that the intrinsic value of
the Bank, based on management projections and relevant
benchmarks, is in the range of MYR5.00 to MYR5.50 per share.
And the Board has been advised by Goldman Sachs that the
intrinsic value upon completion of the proposed acquisition of
AGHL would be higher, since the acquisition is expected to be
earnings accretive. They have also clarified that transaction
prices may be higher than intrinsic value due to potential
merger synergies. This input will be incorporated into the
evaluation of any strategic options in order to protect the
interests of all shareholders.
SBB's Strategy as High Performing Niche Bank
The Board plays a central role in formulating strategy for the
Bank, which is aimed at ensuring a superior franchise that
optimizes shareholder value, and that benefits all stakeholders,
including customers and employees. The Board has recently
reaffirmed that SBB should stay on its chosen strategic course
as a high performing niche bank, with particular focus on wealth
management, consumer finance, and SME banking, where it is
amongst the market leaders. Its distinctive performance as a
niche bank is viewed as a fundamental driver of value and the
related premium investors place on SBB's shares.
Focus on Completion of Proposed Acquisition of AGHL
So as to further strengthen these franchises, the Board
reasserts its unanimous approval of the acquisition of Asia
General Holdings Limited (AGHL). The Board remains fully
committed to the AGHL transaction and believes this proposed
acquisition is in the best interests of SBB and its
shareholders. Full details of this transaction will be provided
to shareholders in a circular that will be sent out shortly.
Shareholders will be asked to vote on this important strategic
move at an upcoming Extraordinary General Meeting.
Governance to Protect Interests of All Shareholders
The Board has not wavered in its role as steward of the Bank in
creating shareholder value, a role which has seen the Bank
maintaining an unbroken record of profitable growth through all
business cycles every year since its founding 43 years ago. In
the interests of all shareholders, the Board will continue to
examine options that ensue from the changing global and
Malaysian banking environment.
The Board has not seen any concrete proposals for a merger of
its businesses with those of another financial institution. Any
proposal that may be received would be carefully evaluated to
determine if the proposition maximizes returns to all
shareholders and if it is consistent with the bank's overall
value creation strategy.
The Board anticipates that merger proposals will be a natural
outgrowth of the Bank's strong franchise, superior performance,
and excellent skills. The Board has received input from advisors
that, based on the experience of other banking markets, as the
Malaysia's banking sector continues to liberalize, it is
expected that additional expressions of interest are likely to
emerge.
In this regard, there is a Board committee charged with the
responsibility of considering any such developments and to
assess their impact relative to SBB's strategic alternatives for
value creation, including organic growth, acquisitions, mergers,
and divestitures.
The full SBB Board of Directors has unanimously approved the
above statement at its Board Meeting on November 11, 2005.
(Please see attached some related comments provided by selected
members of the Board.)
SBB Board's November 11 Statement
The following perspectives related to the above statement were
provided by the SBB Chief Executive Director, the Chairman of
the Board of Directors, and one of the three Independent
Directors:
With regards to recent developments, Tan Sri Dato' Tan Teong
Hean, SBB's Chief Executive Director, emphasized that "SBB will
stay focused on its core businesses and on generating superior
earnings. Its customer focused approach will remain the
cornerstone in value creation."
He added, "Building on a solid foundation, the bank is forward
looking - and hence is committed to increasing its leadership
position in the wealth management sector via the proposed
acquisition of AGHL. We will also continue to build upon SBB's
leadership positions in the consumer finance, credit card, and
SME sectors, to ensure provision of distinctive value to our
customers."
In regards to recent developments Tan Sri Tan commented "It is
gratifying that the real value of SBB is increasingly better
recognized as a result of recent developments. We are open to
and will continue to explore broader options, in the interest of
all stakeholders, including SBB's many minority shareholders.
Indeed, the Bank is in an excellent position to respond to the
fast changing environment and the opportunities and challenges
ahead. "
The Chairman, Dato' Syed Mohd Yusof bin Tun Syed Nasir, offered
his perspectives, "The Board is fully behind SBB's current
strategic direction and its experienced management team. We take
pride in the Bank's long history of consistent, strong
profitability, quality service to customers, and innovation. "
As to the future, he commented, "Reviewing strategic options is
a proactive step in addressing developments stemming from
changes in the banking landscape. The Board will ensure that
actions are taken that allow the intrinsic value of SBB's shares
to be fully realized."
As one of the Bank's three Independent Directors, Datuk Nicholas
Zefferys, observed, "Since my joining in 2003, I have been
impressed by the Board's excellent governance practices that
ensure performance is sustained without excessive risks, and
that protect the interests of all stakeholders. The Board has
thoroughly reviewed all aspects of the proposed acquisition of
AGHL - its approval has been unanimous and it remains fully
committed to this strategic move."
He reemphasized the Bank's niche strategy in stating, "We have
endorsed the niche strategy as fully consistent with the
alternative paths for successful banks as laid out in BNM's
Financial Sector Master Plan. Exceptional performance has
resulted from the fine efforts of a talented management team and
the loyal support of the Bank's customers."
Regarding the evaluation of future options, he added; "For its
continued success, it is clear to me that SBB needs to stay true
to its roots, while it also stays open to new developments. I am
confident that the Board's thorough review of strategic options
will ensure that SBB continues to be fully prepared for the
future."
CONTACT:
Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
Fax: +60 3 2093 3157
UNITED CHEMICAL: Net Loss Rises in 2Q/FY05
------------------------------------------
United Chemical Industries Berhad furnished Bursa Malaysia
Securities Berhad a copy of its unaudited Second Quarter report
for the financial period ended June 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/06/2005 30/06/2004 30/06/2005 30/06/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
0 0 0 0
(2) Profit/(loss) before tax
-2,089 -1,614 -3,843 -2,672
(3) Profit/(loss) after tax and minority interest
-2,089 -1,614 -3,843 -2,672
(4) Net profit/(loss) for the period
-2,089 -1,614 -3,843 -2,672
(5) Basic earnings/(loss) per shares (sen)
-11.29 -8.73 -20.77 -14.45
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
-3.6400 -3.4400
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/UnitedChemicalFS30June2005.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/UnitedChemicalNotesto2005FS.doc
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
=====================
P H I L I P P I N E S
=====================
BELLE CORPORATION: Q3 Net Profit Climbs to Php385 Mln
-----------------------------------------------------
Belle Corporation has booked sharply higher third-quarter
earnings on improved revenue, Dow Jones reports.
The property and gaming concern said net profit in the three
months to September rose to Php385 million from Php30.97 million
in the same period last year, as re venue from the sale of real
estate and club shares grew 58% to Php241.6 million from
Php153.2 million.
The firm's third quarter performance boosted net profit in the
first nine months to Php445.1 million from Php84.80 billion in
the same period last year.
Revenue in the nine months to September was up 74% on year to
Php568.7 million from Php327.5 million.
CONTACT:
Belle Corporation
28/F East Tower PSE Centre
Exchange Road Ortigas Centre
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
Fax: 635-3025/3030
E-mail: info@bellecorp.com
BENPRES HOLDINGS: Maynilad Sale Boosts Profits
----------------------------------------------
Benpres Holdings Corp. booked a turnaround profit following the
sale of its stake in Maynilad Water Services to the government,
according to Manila Times.
The viability of its power units, which enjoy constant revenues
due to take-or-pay provisions in contracts with the state, also
contributed to Benpres' robust results.
The Lopez-owned holding firm posted a net income of Php899
million in the first nine months of the year from a net loss of
Php292 million in the same period last year. For the third
quarter alone, the company earned Php602 million in profits this
year from a Php101-million net loss last year.
The company also posted revenues of Php6.65 billion in the first
nine months of 2005, a 21-percent increase from last year's
Php5.48 billion. This was mainly due to the company's equity in
net earnings of investees, which increased by 77 percent.
Benpres' energy interests boosted its topline, as equity from
associate First Philippine Holdings Corp, which controls First
Gen Corp., accounted for a big part of the revenues.
Dilution of Benpres' stake in Maynilad also cut its costs and
expenses by 12 percent to Php5.86 billion from Php6.68 billion
last year. The deconsolidation of Maynilad Water is also
reflected in the 99.9 percent decline in bank loans and 41
percent drop in accounts payable and other current liabilities.
Payables to government were also eliminated and other noncurrent
liabilities fell by 71 percent.
CONTACT:
Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No: 633-3368
Fax No: 634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site: http://www.benpres-holdings.com
C&P HOMES: Capital Restructuring Gets Shareholders' Nod
-------------------------------------------------------
At the Special Stockholders' Meeting of C&P Homes Inc. held
Monday, stockholders representing more than two-thirds (2/3) of
the outstanding capital stock of the Company approved the
capital restructuring of the Company, as follows:
(a) Application of the company's additional paid-in capital, in
the amount of Php4,834,618,966, to the reduction of the
accumulated deficit of the Company by an equivalent amount;
(b) Decrease in the authorized capital stock of the Company from
five Billion Pesos (Php5,000,000,000.00) to Five Hundred Million
Pesos (Php500,000,000.00) divided into Five Hundred Million
(500,000,000) common shares with par value of One Peso (Php1.00)
per share, and in its subscribed and paid-up capital stock from
Four Billion Seven Hundred Ninety Six Million Seventy One
Thousand Nine Hundred Twenty Nine (4,796,071,929) shares to Four
Hundred Seventy Nine Million Six Hundred Seven Thousand One
Hundred Ninety Two (479,607,192) shares;
(c) Application of the reduction surplus resulting from the
aforementioned capital decrease, in the amount of
Php4,316,464,737, to the reduction of the accumulated deficit of
the Company by an equivalent amount;
(d) Increase in the Company's authorized capital stock to Seven
Billion Pesos (Php7,000,000,000.00) divided into Seven Billion
(7,000,000,000) common shares with par value of One Peso
(Php1.00) per share; and
(e) Issuance of a total of 3,681,911,641 shares out of the said
capital increase, at par or the total issue price of
Php3,681,911,641, to fine Properties Inc., Adelfa Properties,
Inc. and Brittany Corporation, in payment of the Company's
outstanding debt to Fine Properties Inc., Adelfa Properties Inc.
and Brittany Corporation evidenced by Long-Term Commercial
Papers of the Company of the same amount.
The said stockholders likewise approved the following:
(a) The corresponding amendments to Article Seventh of the
Articles of Incorporation of the Company, to effect the
aforementioned decrease and increase in the authorized capital
stock thereof.
(b) The amendment to Article IV, paragraph 1 of the By-Laws of
the corporation as required by the Securities and Exchange
Commission for the purpose of incorporating the procedure under
Rule 38 of the Rules and Regulations Implementing the Securities
Regulation Code relating to the nomination and election of
Independent Directors.
At a special meeting held immediately before the aforementioned
stockholders' meeting, the Board of Directors of the company
approved the amendment to Article IV, paragraph 1 of the BY-laws
of the Corporation as required by the Securities and Exchange
Commission for the purpose of incorporating the procedure under
Rule 38 of the Rules and Regulations Implementing the Securities
Regulation Code relating to the nomination and election of
Independent Directors.
CONTACT:
C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas City
Phone: 874-5758; 873-2178; 772-1093; 726-6143
Fax: 872-4697; 726-6143
E-mail: ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph
MANILA MINING: Receives Proposal for Kalaya-an Property
-------------------------------------------------------
Manila Mining Corporation (MMC) advised that it has been in
partnership venture discussions with three international mining
and exploration companies regarding MMC's Kalaya-an Property in
Surigao del Norte. The companies are Invahoe Mines Limited,
Anglo American PLC and East Asia Minerals Corp.
A formal and competitive proposal has been submitted by East
Asia Minerals Corp., a Canadian company listed with the Toronto
Stock Exchange with registered offices at Canada, Mongolia and
China.
MMC looks forward to concluding an agreement with a foreign
partner within the year.
CONTACT:
Manila Mining Corporation
20/F, Lepanto Building
8747 Paseo de Roxas
Makati City
Phone: 815-9447 to 50
Fax: 812-0451; 810-5583
E-mail Address: odette.javier@lepantomining.com
RFM CORPORATION: Net Profit Soars 45% on Higher Sales
-----------------------------------------------------
Robust sales have helped RFM Corporation enjoy a 45 percent
growth in net profit for the first nine months of the year, The
Manila Times reports.
The food and beverage conglomerate recently booked a net profit
of Php68 million, up 45 percent from the year-ago level.
RFM said its third quarter net profit reached Php50 million. No
comparative figure was given.
Net sales in the first nine months rose 11 percent to Php4.49
billion from Php4.06 billion in the same period last year.
Operating income for the same period stood at Php246 million, up
66 percent from Php148 million in 2004.
RFM said its operating expenses in the nine months to September
were kept under control. No actual figures were provided.
CONTACT:
RFM CORPORATION
RFM Corporate Center,
Pioneer corner Sheridan Streets,
Mandaluyong City 1550,
Metro Manila, Philippines
Telephone: (63-2) 631-8101
Facsimile: (63-2) 631-5094
Web site: http://www.rfm.com.ph
SWIFT FOODS: Lower Costs Trim Net Loss in Q3
--------------------------------------------
Swift Foods Inc. managed to cut its net loss in the third
quarter this year due to cost-cuts and improved efficiencies,
The Philippine Daily Inquirer has learned.
The loss-making firm bled Php10 million in the third quarter to
September, significantly lower than the loss of Php89 million
recorded in the same period last year.
In the first nine months, Swift incurred a net loss of Php88
million, down from a net loss of Php160 million a year earlier.
The company said sales fell 69 percent year-on-year to Php694
million in the third quarter, and were down 65 percent to Php904
million in the first nine months due to weak consumer spending.
Swift sells processed and canned meat products, poultry
products, and commercial feeds.
CONTACT:
SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/
UNIOIL RESOURCES: Delays ASM Until Further Notice
-------------------------------------------------
The 2005 Annual Meeting of Stockholders of Unioil Resources &
Holdings Company Inc. scheduled on November 15, 2005 will have
to be posted again to a later date in view of the finalization
of the nomination of two (2) Independent Directors of the
Corporation.
A special meeting of the Board of Directors will be called for
the purpose of resetting the Annual Meeting.
CONTACT:
Unioil Resources & Holdings Company Inc.
6/F, Saguittarius Building
H.V. dela Costa St.
Salcedo Village, Makati City
Phone: 893-5718
Fax: 893-5718
=================
S I N G A P O R E
=================
CITIRAYA INDUSTRIES: Two More Persons Charged with Fraud
--------------------------------------------------------
In an update to the recent corruption case on electronic waste
recycling firm Citiraya Industries Limited, two persons were
charged with falsifying Company accounts, Channel NewsAsia
reports.
Accounts clerk Joanna Aw Meng Choo and Tan Liang Chye, a
director of two firms involved in the case, are alleged to have
aided Citiraya's ex-general manager Ng Teck Boon to inflate the
Company's accounting books in a money laundering operation.
The two appeared in court on Nov. 14, 2005, with Ms. Aw charged
with 31 counts of falsifying accounts and one count of assisting
in the disposal of stolen property; Mr. Tan is charged with 53
counts of inflating the books, and one count of aiding to
conceal stolen property (scrap microchips).
The case was adjourned to Nov. 20, 2005, as lawyers await the
handing over of documents related to the charges by the
prosecution.
CONTACT:
Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com/
DURABEAU CONSTRUCTION: Intends to Distribute Dividend
-----------------------------------------------------
Durabeau Construction Pte Limited of 98 Amoy Street, Singapore
069918, posted a notice of intended dividend at the Government
Gazette, Electronic Edition with the following details:
Name of Company: Durabeau Construction Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 600295 of 2001
Last day for receiving proofs: Nov. 30, 2005
Name & address of Liquidators: Chee Yoh Chuang and Lim Lee Meng
C/o Chio Lim & Associates
18 Cross Street, #08-01 Marsh & McLennan Centre
Singapore 048423
Dated this 15th day of November 2005
MAE ENGINEERING: Six-Month Net Loss Widens Slightly
---------------------------------------------------
MAE Engineering Limited announced that the Company's net loss
for the first six months of 2005 increased by 7%, compared to
the same period last year.
The Company posted a net loss of SGD2.65 million after taxes,
compared to a SGD2.47 million net loss for the same period in
2004.
MAE Engineering Limited provides integrated mechanical and
electrical engineering services covering air-conditioning and
mechanical ventilation services, electrical services, and
plumbing and sanitation services.
To view the Company's financial statements, go to:
http://bankrupt.com/misc/tcrap_maeengineering111505.pdf
CONTACT:
MAE Engineering Limited
149 Rochor Road #05-13/15
Fu Lu Shou Complex
Singapore 188425
Phone: 65 6334 0300
Fax: 65 6339 0020
MEDIASTREAM LIMITED: Sells Property to Repay Debt
-------------------------------------------------
Mediastream Limited announced that on Oct. 7, 2005, Ever Expand
Pte Limited waa granted an option to purchase the Company's
leasehold estate located at 39 Tampines Street 92, Singapore
528883, for a purchase price of SGD4.5 million. The option was
exercised on Nov. 4, 2005.
The property sale is subject to approval by the Housing
Development Board. The disposal of the property is part of the
Company's restructuring program, in connection with its
acquisition of Opus IT Services Pte Limited; proceeds from the
sale will be used to repay the Company's secured bank
borrowings.
To view the Company's announcement on the matter, click on:
http://bankrupt.com/misc/tcrap_mediastreamlimited111505.pdf
CONTACT:
MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines Street 92
MediaStream Building
Singapore 528883
Phone: 65 6788 7888
Fax: 65 6787 1238
Email: info@mediastreamsg.com
Web site: http://www.mediastreamsg.com
MEDIASTREAM LIMITED: Disposes of Four Units
-------------------------------------------
Mediastream Limited announced that its four wholly owned
subsidiaries, The Audioplex Private Limired, Form DV-Net Private
Limited, CreAsian Publishing Pte Limited and CreAsian Records
Pte Limited, were placed into creditors' voluntary liquidation.
The Company's Judicial Manager was appointed as Liquidator for
the winding up.
The voluntary liquidation of the Company's subsidiaries are not
expected to affect its net tangible assets or earnings per share
for the current financial year ending Dec. 31, 2005.
By Order of Tim Reid
Judicial Manager
SOLECTRON IPCS: Receiving Claims Until Dec. 10
----------------------------------------------
Notice is hereby given that the creditors of Solectron IPCS Pte
Limited are required to send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Company Liquidator
by Dec. 10, 2005; if so required by notice in writing from the
said Liquidator, creditors are (by their solicitors or
personally) to come in and prove the said debts or claims at
such time and place as shall be specified in such notice.
Failure to do so will excluded them from the benefit of any
distribution made before such debts are proven.
Dated this 11th day of November 2005
Teh Kwang Hwee
Liquidator
C/o 2 Mistri Road, #12-01 HMC Building
Singapore 079624
TASTYFOOD HOLDINGS: Six-month Net Loss Narrows by 15%
-----------------------------------------------------
Tastyfood Holdings Limited announced that the Company's net loss
for the first six months of 2005 decreased by 15%, compared to
the same period last year.
The Company posted a (total) net loss of SGD851,000 after taxes,
compared to a SGD999,000 net loss for the same period in 2004.
Tastyfood Holdings Limited manufactures and sells instant
cereal, instant beverages and snack foods.
To view the Company's financial account, go to:
http://bankrupt.com/misc/tcrap_tastyfoodholdings111505.pdf
CONTACT:
Tastyfood Industries (S) Limited
30-B Quality Road
Singapore 618826
Phone: 65 6266 0020
Fax: 65 6266 1151
Web site: http://www.tastyfood.com.sg/
TRI-M TECHNOLOGIES: Posts Increase in Half-Year Net Loss
--------------------------------------------------------
Tri-M Technologies (Singapore) Limited announces that the
Company recorded a 23.52% increase in its net loss for the first
six months of 2005.
The Company posted an after-tax net loss of SGD1.15 million,
compared to a SGD931,000 net loss for the same period last year.
Tri-M Technologies (S) Limited is engaged in the assembly of
printed circuit boards.
To view the Company's financial statements, click on:
http://bankrupt.com/misc/tcrap_trimtechnologies111505.pdf
CONTACT:
Tri-M Technologies (Singapore) Limited
25 Kallang Avenue #07-01/02
Kallang Basin Industrial Estate
Singapore 339416
Phone: 65 6293 9293
Fax: 65 6229 7656
Web site: http://www.tri-m.com.sg/
===============
T H A I L A N D
===============
ASIA HOTEL: Releases 3Q Financial Statement
-------------------------------------------
Asia Hotel Public Company Limited furnished the Stock Exchange
of Thailand (SET) with a summary of its Third Quarter
Consolidated Financial Statement for the period ending September
30, 2005.
Reviewed
Ending September 30
(In thousands)
Quarter 3 For 9 Months
Year 2005 2004 2005 2004
Net profit (loss) 7,358 (24,360) 975,236 (76,169)
EPS (baht) 0.23 (0.87) 30.48 (2.72)
Type of report: Unable to reach any conclusion with an emphasis
of matters.
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Mr. Amorn Techaruvichit &
Mr. Surapol Techaruvichit
Directors
Authorized to sign on behalf of the company
CONTACT:
Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Web site: http://www.asiahotel.co.th
ASIA HOTEL: Processes Debt Restructuring
----------------------------------------
Asia Hotel Public Company Limited (ASIA) submitted to the Stock
Exchange of Thailand (SET) additional information regarding the
Auditor's failure to reach any conclusion for the reviewed
financial statements for the third quarter ended September 30,
2005.
The auditor was not able to reach a conclusion because Asia and
its subsidiaries still had a deficit that exceeded its capital
(capital deficiency).
ASIA is on the process of restructuring the debts with the
financial institutions in accordance to the rehabilitation plan
and will inform the SET the progress later on.
This information is provided for notification to the SET and for
disclosure to investors.
Best regards,
Mr. Amorn Techaruvichit
Director
Mr. Surapol Techaruvichit
Director
BANGKOK STEEL: Books Net Loss of MYR55,194,000
----------------------------------------------
Bangkok Steel Industry Public Company Limited submitted to the
Stock Exchange of Thailand (SET) a summary of its Reviewed
Quarterly Financial Statements for the financial period ending
September 30, 2005.
Reviewed
Ending September 30, 2005
(In thousands)
Quarter 3 For 9 Months
Year 2005 2004 2005 2004
Net profit (loss) (55,194) 7,184 247,096 (561,291)
EPS (baht) (0.34) 0.04 1.54 (3.51)
Type of report:
Unable to reach any conclusion with an emphasis of matters
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
CONTACT:
Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th
DAIDOMON GROUP: Delisting Possible Due to Filing Delay
------------------------------------------------------
The Stock Exchange of Thailand (SET) announced the additional
reason for the delisting of Daidomon Group Public Company
Limited's (DAIDO) shares due to the late submission of financial
statements for more than 180 days.
The SET maintains a policy regarding announcing names of listed
companies that must remedy their qualifying status as SET listed
companies. Specifically, these companies must remedy the delays
in submitting their financial statements for more than 180 days.
The objectives of this policy is to encourage listed companies
to implement efficient internal accounting systems as well as to
improve the procedures for preparing financial statements to
ensure effective financial reporting.
The SET will announce names of listed companies that fail to
submit their financial statements for a period longer than 180
days.
These listed companies must remedy their qualifying status as
SET listed companies; otherwise they may face a possible of
delisting, under Clauses 9 (3) and 9 (5) of the SET's
regulations; re, Delisting of Securities, 1999.
As of November 15, 2005, Daidomon Group Public Company Limited
(DAIDO) which its securities are traded under REHABCO sector as
a result of shareholders' equity being found to be negative, has
failed to submit its first quarterly financial statements ending
March 31, 2005 to the SET, which is a delay of more than 180
days. Moreover, DAIDO has also failed to submit the second
quarterly financial statements ending June 30, 2005 and the
third quarterly financial statements ending September 30, 2005.
To be in line with the SET regulations, the SET will proceed as
follows:
(1) Publicly announce that DAIDO is a listed company that must
remedy its qualifying status as a SET listed company.
(2) DAIDO can remedy its qualification for listing status caused
by its delayed submission of financial statements by submitting
the required financial statements within 180 days from the date
of the SET announcement or not later than May 15, 2006.
DAIDO is eligible to seek reconsideration by the SET for the
exclusion from being delisted resulting from late submission of
financial statements after having submitted two consecutive
financial statements within the specified period and the type of
auditor's opinion is not categorized into these followings:
(2.1) Qualified opinion on deficiencies in the companies'
internal control, and incomplete accounting system or the
companies' failure to prepare their financial statements to the
required standard.
(2.2) The auditors issue disclaimer their opinion.
(2.3) The auditors issue an adverse opinion.
(3) If DAIDO has failed to remedy its qualifying status as a
SET listed company by failing to submit the required financial
statements within 180 days or by May 15, 2006 the SET will
delist its securities. However the SET will allow trading for a
further 30-day period before delisting its securities.
CONTACT:
Daidomon Group Public Company Limited
144 Soi Thong-Lo, Sukhumvit 55,
North Klongton, Wattana Bangkok
Telephone: 0-2381-5529-31,0-2381-6876-9
Fax: 0-2381-1931
Web site: http://www.daidomon.co.th
M.D.X: Results Swing to Black in 3Q/FY05
----------------------------------------
M.D.X. Public Company Limited furnished the Stock Exchange of
Thailand (SET) a summary of its Reviewed Quarterly Financial
Statements for the period ending September 30, 2005.
Reviewed
Ending September 30
(In thousands)
Quarter 3 For 9 Months
Year 2005 2004 2005 2004
Net profit (loss) 95,652 (26,238) 260,750 (61,681)
EPS (baht) 0.20000 (0.07000) 0.55000 (0.15000)
Type of report: Unable to reach any conclusion
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Miss Prapa Tienkasem
Authorized director of Wittayu Planner Co. Ltd.
On behalf of the Plan Administrator of MDX Public Co. Ltd.
CONTACT:
M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731
NEW PLUS: Posts Profit for 3Q/FY05
----------------------------------
New Plus Knitting Public Company Limited submitted to the Stock
Exchange of Thailand a copy of its Reviewed Quarterly Financial
Statements for the period ending September 30, 2005.
Reviewed
Ending September 30
(In thousands)
Quarter 3 For 9 Months
Year 2005 2004 2005 2004
Net profit (loss) 246 (5,153) 12,061 (44,095)
EPS (baht) 0.02000 (0.52000) 1.21010 (4.41010)
Type of report: Unqualified Opinion with an emphasis of matters
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Mrs. Orasa Kruthakool, Mr. Prakob Boonruang
Director
Authorized to sign on behalf of the company
CONTACT:
New Plus Knitting Public Company Limited
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao
Telephone: 0-3859-3126
Fax: 0-3859-3125
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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