/raid1/www/Hosts/bankrupt/TCRAP_Public/051118.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 18, 2005, Vol. 8, No. 229
Headlines
A U S T R A L I A
ALATROPHY PTY: Members Pass Winding Up Resolution
AWB LIMITED: To Answer Claims of Illegal Kickbacks
CENTAGROUP PTY: Winds Up Business
DALLMA MULTIFAB: Liquidator to Detail Wind Up Manner
DECKKER PARTNERS: Enters Voluntary Liquidation
DESIGN & DEVELOP: Declares Dividend to Creditors
EG GREEN: Creditors Grill Administrator
EMPEROR MINES: Urges Shareholders to OK DRDGOLD Transaction
EUROPEAN SPORTS: Decides to Close Operations
GLOBAL AQUATIC: Declares First, Final Dividend Today
GLOBAL MARKET: Settles Legal Claim vs. OMG
GML CORPORATION: Members Resolve to Wind Up Business
G RETAIL: To Clear Out Stock if Retail Chain Sale Fails
HANDY HOME: Appoints Official Liquidators
INCITEC PIVOT: Full Year Profit Down 94% on Restructure
J&D INTERIORS: Winding Up Process Initiated
JPM PTY: Members, Creditors to Review Liquidator's Report
LAWDEX MANUFACTURING: Placed Under Voluntary Liquidation
MARIACKA IMPORTS: Members Resolve to Cease Operations
MIDAS MOUSE: Schedules Final Meeting Nov. 25
NATIONAL AUSTRALIA: Kerry McDonald Joins Board
OUTER LIMITS: Members Agree to Liquidate Business
PHOTOMATIC AUSTRALIA: Court Orders Winding Up
SCALLYWAGS RACING: Intends to Distribute Dividend
SCOTT RHODES: Court Names David Young Liquidator
TELSTRA CORPORATION: Share Price Dips After Plan Announcement
TELSTRA CORPORATION: Small Investors Eye High Dividends
USED & ABUSED: Shuts Down Operations
VALENCE HOLDINGS: Liquidator to Explain Winding Up to Members
C H I N A & H O N G K O N G
ASPEL COMPANY: Issues Winding Up Process
BANK OF CHINA: Dismisses 31 Branch Heads This Year
CNK INVESTMENT: SFC Suspends Former Officer Edmond Kung
COUPLE DESIGN: Receives Winding Up Order
GOLDEN CHEER: Court Issues Winding Up Order
JILIN CHEMICAL: Notes Unusual Volume Movement
MAINFIT ENTERPRISES: Court Releases Winding Up Order
NEW LAP: Set to Wind Up Operations
STANDARD BACHE: Winding Up Hearing Set December 14
YOUNG CHAMPION: Reprimanded for Breaching Code of Conduct
I N D I A
FOOD CORPORATION: Taps Ncdex Arm for Quality Audits
HINDUSTAN PETROLEUM: Joins Gail for Gas Exploration
HINDUSTAN PETROLEUM: Eyes Stake in Shell's LNG Terminal
I N D O N E S I A
NEWMONT MINING: Environmentalists Ask Minister to Appeal Case
PERTAMINA: Subsidized Fuel Distribution to Continue Next Year
J A P A N
AC REAL: Files for Court Protection
GENERAL MOTORS: To Sell Okinawa Hotels to Lone Star, Ishin
JAPAN AIRLINES: S&P Downgrades Rating to 'B+'
SANYO ELECTRIC: BBB- Ratings Remain on CreditWatch Negative
SANYO ELECTRIC: To Sell Partial Stake in Financial Unit
SANYO ELECTRIC: Widens Loss Forecast to JPY230 Bln
SANYO ELECTRIC: TSE Suspends Trading in Shares
SKYMARK AIRLINES: Shares Plunge 9.5% on Higher Fuel Costs
K O R E A
SSANGYONG MOTOR: SAIC Claims Ex-President Bought Suppliers
M A L A Y S I A
AFFIN HOLDINGS: Gets MOF Approval for Proposed Acquisition
ASIAN PAC: SC Junks Application for Warrant Extension
ASIAN PAC: Converts ICULS to Ordinary Shares
BUKIT KATIL: Bourse Decides to Accept Requisite Announcement
LANKHORST BERHAD: Fails to Submit Prescribed FS
LIEN HOE: Issues New Shares for Listing, Quotation
MAGNUM CORPORATION: Holds Shares Buy Back
METROPLEX BERHAD: Rights of Warrants to Expire December 20
METROPLEX BERHAD: Court Reschedules Wind-Up Hearing
NAKAMICHI CORPORATION: Net Loss Narrows to MYR860,000
OLYMPIA INDUSTRIES: Unit Disposes of Properties
PACIFIC & ORIENT: Issues Shares Buy Back Notice
PAN MALAYSIA: Holds Shares Buy Back
PARK MAY: MHSB Extends Settlement Period to December 31
PSC INDUSTRIES: To Appeal Summary Judgment
PUNCAK NIAGA: SC Extends Tenure of MCP/MMTN Programme
SOUTHERN BANK: EGM Slated for December 12
TANAH EMAS: Gains Approval of Shareholders' Mandate
TANAH EMAS: Seeks Shareholders' Approval of Proposed Buy Back
TELEKOM MALAYSIA: Issues New Shares for Listing, Quotation
P H I L I P P I N E S
DMCI HOLDINGS: 9-Month Profit Triples to Php2.57 Bln
LMG CHEMICALS: CMC Cuts Supply Deal with Basic Chemical
MARIWASA MANUFACTURING: Board OKs Terms of Restructuring Plan
METRO PACIFIC: In Talks with French Firm Over SLEX
NATIONAL BANK: Sees Php605-Mln Income This Year
PHILIPPINE REALTY: Provides Copy of SEC Form 23-B
TAIHEIYO CEMENT: BOI Revokes Certificate of Registration
S I N G A P O R E
CREATIVE TECHNOLOGY: Launches New Product
CYBER VILLAGE: Incurs SGD303,000 Net Loss in Third Quarter
EVEREN INVESTMENT: Wound Up by Parent Firm
KENG SOON: Receiving Claims Until Next Month
KH HARDWARE: Receives Petition to Wind Up
MAGNUS ENERGY: Passes Resolutions at AGM, EGM
MOBIL ASIA: Asks Creditors to Submit Debt Claims
T H A I L A N D
PICNIC CORPORATION: Incurs Net Loss in 3Q/FY05
POWER-P: Clarifies Third Quarter Results
TPI POLENE: Required to Clarify Issues to SET
Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ALATROPHY PTY: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Alatrophy Pty Limited held on Oct. 20, 2005, it was resolved
that the Company be wound up voluntarily, and Messrs. Stirling
Horne and Petr Vrsecky of Draper Dillon, Level 4, 499 St. Kilda
Road, Melbourne were appointed as Joint and Several Liquidators
at a creditors' meeting held that same day.
Dated this 25th day of October 2005
Stirling L. Horne
Peter Vrsecky
Joint Liquidators
Draper Dillon
499 St. Kilda Road
Melbourne Vic 3004
AWB LIMITED: To Answer Claims of Illegal Kickbacks
--------------------------------------------------
A new crisis has hit troubled wheat exporter AWB Limited,
according to The Herald Sun.
The issue arose from United Nations claims about illegal
kickbacks to former Iraqi president Saddam Hussein.
A U.S. Government agency snubbed and sanctioned AWB.
An American subsidiary of Melbourne-based AWB was barred for 30
days from offering lines of credit for soya bean and other U.S.-
grown crops sold by the company's resident U.S. business.
A peak growers group said attacks on AWB by Labor and the media
were fuelling the U.S. campaign.
A Volcker inquiry, led by former Federal Reserve chairman Paul
Volcker, questioned whether AWB had handed over almost US$300
million when Australia was preparing to send troops to the war
in Iraq.
AWB must now respond to separate inquiries from Canberra and
Washington into claims of illegal kickbacks.
The investigation found there was no direct evidence that AWB
knew the money it paid in trucking fees was being funneled to
Saddam's regime. But the Volcker final report, released late
last month, found that AWB should have known where the money
went.
The American wheat farmers group U.S. Wheat Associates has
lobbied hard for AWB's suspension from the export credit
program. It also wanted AWB suspended from U.S. futures markets
and any U.S. Export-Import Bank programs, particularly for wheat
sales to Iraq.
Australian Prime Minister John Howard immediately urged
Australian farmers to remain calm, telling reporters that the
U.S. competed directly with Australia for overseas grain sales.
Opposition foreign affairs spokesman Kevin Rudd, meanwhile,
urged the Government to do more and take a strong stand on the
issue.
CONTACT:
AWB Limited
380 La Trobe Street
Melbourne 3000, Victoria, Australia
Web site: http://www.awb.com.au
CENTAGROUP PTY: Winds Up Business
---------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Centagroup Pty Limited held on Oct. 20, 2005,
it was resolved that the Company be wound up voluntarily, and
Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 was appointed as Liquidator at a
creditors' meeting held later that day.
Dated this 20th day of October 2005
Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000
DALLMA MULTIFAB: Liquidator to Detail Wind Up Manner
----------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Dallma Multifab Engineering Company Pty Limited
will be held on Nov. 25, 2005, 10:00 a.m. at the offices of
Smith Hancock, Level 4, 88 Phillip Street, Parramatta NSW, to
present the Liquidator's account showing the manner in which the
winding up was conducted and the property of the Company
disposed of, and to hear any explanations that may be given by
the Liquidator.
Dated this 7th day of October 2005
M. J. M. Smith
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150
DECKKER PARTNERS: Enters Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Deckker Partners Pty Limited held on Oct. 25, 2005, it was
resolved that the Company be wound up voluntarily, and that
Andrew McLellan of PPB Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, 3000 be appointed as
Liquidator.
Dated this 25th day of October 2005
Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000
DESIGN & DEVELOP: Declares Dividend to Creditors
------------------------------------------------
Design & Develop Pty Limited will declare an interim dividend to
its unsecured creditors today, Nov. 18, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 25th day of October 2005
D. A. Hurst
Liquidator
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000
EG GREEN: Creditors Grill Administrator
---------------------------------------
Creditors of embattled beef processor EG Green and Sons have
sought answers from the firm's administrators on when the
company's fate will be resolved, ABC Premium News.
About 150 creditors on Wednesday voted to allow administrator
Martin Jones up to 60 more days to recommend a successful bidder
for the abattoir and other assets.
Mr. Jones will also assess a proposal, which would allow the
Green family to regain control of the company.
The meeting was reportedly dominated by questions on how the
deliberations were being carried out. Nevertheless, the
administrator was able to justify the process and that more
information, or the maximum amount of information had to be
delivered for creditors to be able to make a decision.
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
EMPEROR MINES: Urges Shareholders to OK DRDGOLD Transaction
-----------------------------------------------------------
DRDGOLD Limited and Emperor Mines Limited have signed a sale and
purchase agreement for Emperor to acquire DRDGOLD's Papua New
Guinea (PNG) assets comprising a 20% interest in the Porgera
Joint Venture, a 100% interest in the Tolukuma Gold Mine and all
DRDGOLD's exploration tenements in PNG (together the Gold
Assets)(the Transaction).
The Transaction, if approved by shareholders in both companies,
would elevate Emperor to become the third largest gold producing
company listed on the Australian Stock Exchange (ASX) with
combined production of over 375,000 ounces per annum and
reserves and resources of 2.2 million and 7.6 million ounces of
gold respectively.
The Directors of Emperor and DRDGOLD unanimously recommend
shareholders approve the transaction.
Emperor Chairman, Mr. Jim Wall, said the transaction would
deliver increased shareholder value, substantially boost the
company's asset base and provide improved growth opportunities
through increased access to capital.
"This proposed transaction provides us with a 20% stake in
Porgera, one of the most profitable gold projects in the world,
100% of Tolukuma in PNG, DRDGOLD's entire portfolio
of exploration tenements in PNG - the biggest tenement holding
in PNG - and our continued operation of the Vatukoula Gold Mine
in Fiji," Mr. Wall said.
"As a one project company, Emperor shareholders are entirely
dependant on the performance of Vatukoula and any exploration
opportunities we can exploit in Fiji. The proposed acquisition
provides enhanced diversification of assets.
"This opportunity allows us increased access to capital through
the company's stronger financial base, providing us improved
scope for stronger growth."
DRDGOLD Chief Executive Officer, Mr. Mark Wellesley-Wood, who
has also served as Emperor's Managing Director for the past two
years, said the transaction was a sensible consolidation of
South Pacific projects.
"We believe this transaction provides a clearer growth strategy
going forward, with the assistance of an established and
dedicated team of mining professionals based in Brisbane who can
manage the operations and identify future acquisition
opportunities in the region," Mr. Wellesley-Wood said.
"Through the purchase of Porgera and Tolukuma, Emperor's
financial and operational future is enhanced through the
acquisition of lower cash cost assets while allowing Emperor's
shareholders to benefit from operational and geographic
diversification."
A copy of the entire media release is available for downloading
free of charge:
http://bankrupt.com/misc/tcrap_emperormines111705.pdf.
CONTACT:
Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au
EUROPEAN SPORTS: Decides to Close Operations
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of European Sports Cars Pty Limited held on Oct. 28, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and M. F. Cooper was appointed as Liquidator for such
purpose. Creditors confirmed the Liquidator's appointment at a
creditors' meeting held that same day.
Dated this 31st day of October 2005
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000
GLOBAL AQUATIC: Declares First, Final Dividend Today
----------------------------------------------------
Global Aquatic Australia Pty Limited will declare a first and
final dividend today, Nov. 18, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 21st day of October 2005
Paul Sweeney
Terry Van der Velde
Joint Liquidators
C/o SV Partners Pty Limited
Insolvency Accountants and Risk Managers
Web site: http://www.svp.com.au/
GLOBAL MARKET: Settles Legal Claim vs. OMG
------------------------------------------
The board of IMF (Australia) Limited said the liquidator of
Global Market Link Pty Ltd (a company in liquidation) has
settled its claim against OMG Australia Pty Ltd.
The terms of the settlement are confidential to the parties. IMF
is entitled to a fee of AU$1 million and will receive AU$300,000
as reimbursement of costs paid on behalf of the liquidator.
GML CORPORATION: Members Resolve to Wind Up Business
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of GML Corporation Pty Limited held on Oct. 21,
2005, it was resolved that the Company be wound up voluntarily,
and Richard Herbert Judson of Judson & Co. Chartered
Accountants, Level 1, 10 Park Road, Cheltenham was appointed as
Liquidator for the winding up.
Dated this 21st day of October 2005
Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155
G RETAIL: To Clear Out Stock if Retail Chain Sale Fails
-------------------------------------------------------
The administrators of G Retail Limited plans to embark on a
clearance sale of all its store stock if it cannot dispose of
its Gowings retail chain, according to the Australian Associated
Press.
Administrators Peter Yates and David Lombe of Deloitte Touche
Tohmatsu told 70 of the company's 300 creditors of their plan to
undertake a stock realization program before Christmas if they
fail to achieve a sale in the next few weeks.
Mr. Yates said the iconic menswear stores continued to lose
substantial amounts of money, with losses of around AU$13
million in the year to August 2005. He said the administrators
are doing everything to minimize those losses over the coming
weeks in order to maximize the return to creditors.
Mr. Yates said it was too early to say how much money creditors
would receive because an assessment of the group's financial
position was still underway.
G Retail is the parent company of the 137-year-old Gowings
Retail chain, which was forced into administration last week.
Around 20 Gowings workers have already been made redundant, and
one of the four Wynyard stores was recently closed after it was
deemed unprofitable.
CONTACT:
G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/
HANDY HOME: Appoints Official Liquidators
-----------------------------------------
Notice is given that at a general meeting of the members of
Handy Home Products Pty Limited held on Oct. 21, 2005, Susan
Carter and Jason Bettles of Downie Insolvency, Level 6, Fifty
Cavill Avenue, Surfers Paradise, Queensland, were appointed as
Liquidators of the Company.
Dated this 27th day of October 2005
Jason Bettles
Susan Carter
Joint Liquidators
Downie Insolvency
Level 6, Fifty Cavill Avenue
Surfers Paradise, Queensland
Web site: http://www.downieinsolvency.com.au/
INCITEC PIVOT: Full Year Profit Down 94% on Restructure
-------------------------------------------------------
Incitec Pivot Limited (IPL) have reported a disappointing
financial result for the 2005 financial year, with an AU$4.16
million net profit representing a 94% decline compared to the
previous year, according to Egoli News.
The fertilizer supplier attributed the result to poor seasonal
weather conditions and strong competition in the wholesale
fertilizer market.
The company also said that the result was also impacted by
significant items, which were primarily a result of
restructuring costs. However, the company claimed that a major
restructure undertaken over the year had produced significant
ongoing cost savings.
For the year ended 30 September 2005, sales revenue was down 5%
to $1.1 billion on volume of 2.9 million tonnes. Net profit
after tax (NPAT) excluding significant items was AU$37.6
million, down 54% on last year's result.
The result should come as no surprise, as it is consistent with
an earnings guidance provided to the market in July.
Managing Director and CEO Julian Segal said that the performance
was disappointing and in the second half we moved decisively to
create a sustainable lower cost base."
"In many ways it was a watershed year for us as we restructured
the business to deal the new trading environment," he explained.
Mr. Segal said the restructure aimed to improve fixed-cost
efficiency by 15%, equal to an annual saving of AU$30 million
before tax. Incitec Pivot had achieved an exit rate of savings
of AU$14 million by year-end.
"This is an important step in enhancing our competitive
advantage by having the lowest cost base in the industry."
"We are focused on achieving efficiencies that will enable us to
deliver the best value to farmers in terms of price, service and
reliability," said Mr. Segal.
Despite the difficult trading conditions, Incitec Pivot advised
they maintained "strict financial discipline", which is
reflected in the balance sheet. Trade working capital at
AU$141.1 million was 17% lower than 2004.
Net debt was AU$9.2million, indicating modest gearing of 1.6%
and providing the business with a strong base on which to
rebuild earnings and shareholder returns in 2006.
In a bid to keep investors interested, the result saw the
company declare a special dividend of 50c per share, taking the
total 2005 dividend to 71c.
The company was upbeat about its short-term outlook, saying that
early seasonal conditions look promising with a good summer crop
plant, an improved moisture profile across Southern Australia
and minimal nutrient carryover expected into the 2006 season.
CONTACT:
Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419
Web site: http://www.incitecpivot.com.au/
J&D INTERIORS: Winding Up Process Initiated
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of J&D Interiors Pty Limited held on Oct. 20,
2005, it was resolved that the Company be wound up voluntarily,
and Peter Paul Krejci of GHK Green Krejci, Level 9, 179
Elizabeth Street, Sydney NSW 2000 was appointed as Liquidator
for the winding up.
Dated this 20th day of October 2005
Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000
JPM PTY: Members, Creditors to Review Liquidator's Report
---------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of JPM Pty Limited will be held on Nov. 25, 2005, 3:00
p.m. at the offices of Pitcher Partners, Level 19, 15 William
Street, Melbourne, to lay an account before them showing the
manner of the winding up and disposal of the property of the
Company, and to hear any explanations that may be given by the
Liquidator.
Dated this 13th day of October 2005
G. M. Rambaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000
LAWDEX MANUFACTURING: Placed Under Voluntary Liquidation
--------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Lawdex Manufacturing Pty Limited held on Oct. 20, 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.
Dated this 20th day of October 2005
Riad Tayeh
Antony de Vries
Joint Liquidators
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150
MARIACKA IMPORTS: Members Resolve to Cease Operations
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Mariacka Imports Pty Limited held on Oct. 24,
2005, it was resolved that the Company be wound up voluntarily,
and Anthony D'Aloia of D'Aloia Handberg Chartered Accountants,
Level 10, 200 Queen Street, Melbourne was appointed as
Liquidator of the Company.
Dated this 24th day of October 2005
Anthony D'Aloia
Liquidator
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000
MIDAS MOUSE: Schedules Final Meeting Nov. 25
--------------------------------------------
Notice is given that a final meeting of the members and
creditors of Midas Mouse International Pty Limited will be held
on Nov. 25, 2005, 10:00 a.m. at Rodgers Reidy, Level 8, 333
George Street, Sydney.
The purpose of the meeting is:
(a) To receive an account from the Company Liquidator.
(b) A resolution to destroy the Company books & records.
(c) To consider any other business.
Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
NATIONAL AUSTRALIA: Kerry McDonald Joins Board
----------------------------------------------
The Chairman of the National Australia Bank (NAB) Michael Chaney
announced the appointment of Kett McDonald as non-executive
director from December 1, 2005.
Mr. Mcdonald is Chairman of the NAB subsidiary Bank of New
Zealand, Chairman of ASX listed, Melbourne-based gold miner
Oceana Gold and was previously Managing Director of Comalco New
Zealand.
"Kerry's appointment further deepened the corporate experience
of the Board and will provide particular experience of the New
Zealand economy and market," Mr. Chaney said.
Mr. McDonald said: "I am pleased to have the opportunity to
contribute to the National's continued turnaround and cultural
change agenda."
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
OUTER LIMITS: Members Agree to Liquidate Business
-------------------------------------------------
Notice is now given that at a meeting of the members and
creditors of Outer Limits Technology Pty Limited held on Oct.
21, 2005, creditors resolved that the Company be wound up, and
R. A. Sutcliffe was appointed as Liquidator for such purpose.
Dated this 21st day of October 2005
R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: 03 9482 6277
PHOTOMATIC AUSTRALIA: Court Orders Winding Up
---------------------------------------------
On Oct. 28, 2005, the Federal Court of Australia, NSW District
Registry ordered the winding up of Photomatic Australia Pty
Limited, and appointed Stephen James Parbery to be the Company
Liquidator.
Dated this 31st day of October 2005
Stephen J. Parbery
C/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax: 02 9221 1310
SCALLYWAGS RACING: Intends to Distribute Dividend
-------------------------------------------------
Scallywags Racing Pty Limited will declare a first dividend
today, Nov. 18, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 26th day of September 2005
G. S. Andrews
Liquidator
G. S. Andrews & Associates Certified Practicing Accountants
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
SCOTT RHODES: Court Names David Young 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 the Official Liquidator in the winding up of
Scott Rhodes Pty Limited.
David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW
TELSTRA CORPORATION: Share Price Dips After Plan Announcement
-------------------------------------------------------------
Telstra Corporation's share price nose-dived to painful levels
after chief executive Sol Trujillo's announcement of a strategic
plan to turn the telco around, Sydney Morning Herald says.
Telstra's share price plummeted below AU$4 on Wednesday as
investors realize the cost of the telco's ambitious AU$26-
billion recovery program.
The plunge is likely to result to the Federal Government making
far less than the AU$5.25 a share it budgeted for when it sells
its final stake. It will also risk alienating those small
investors who paid AU$7.40 a share in the last Telstra shares
sale.
According to brokers, it was the small shareholders who saved
Telstra's price from another rout by snapping up stock being
sold by Telstra's corporate shareholders.
But Mr. Trujillo said he was unconcerned by short-term
fluctuations and that his mission was the long-term future of
the company.
Mr. Trujillo announced on Tuesday his plan to spend AU$26
billion over five years Telstra into a lean, integrated company
offering consumers the latest technology.
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: Small Investors Eye High Dividends
-------------------------------------------------------
Some 1.5 million small shareholders of Telstra Corporation are
still keen on the phone company's high dividends, The Advertiser
reports.
CommSec, which does the most retail trades of Telstra shares,
said it placed twice as much as many orders to buy the stock as
to sell, even though most analysts recommended against
purchasing more shares in the AU$50 billion telco.
The broker's own telecom analyst, Graham Woodbridge, said small
investors were attracted to Telstra's reliable dividend yield
even though Telstra on Tuesday had cancelled plans for a AU$1.5
billion special dividend.
It still intends paying 28 cents a share in each of the next
three years - an annual return of about 7 percent on the current
value.
Telstra has the highest number of retail investors of any
Australian company, with 93 percent owning fewer than 5000
shares.
Dividends have been the stock's main appeal for some time, with
the one million people who paid AU$7.40 a share in 1999's T2
float still sitting on big losses
USED & ABUSED: Shuts Down Operations
------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Used & Abused Pty Limited held on Oct. 24,
2005, it was resolved that the Company be wound up voluntarily,
and Michael John Morris Smith of Smith Hancock, Chartered
Accountants, Level 4, 88 Phillip Street, Parramatta NSW 2150 was
appointed as Liquidator for the winding up.
Dated this 24th day of October 2005
Michael J. M. Smith
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150
VALENCE HOLDINGS: Liquidator to Explain Winding Up to Members
-------------------------------------------------------------
Notice is given that a meeting of the members of Valence
Holdings Limited will be held on Nov. 25, 2005, 10:00 a.m. at
the offices of Hall Chadwick, Chartered Accountants, Level 12,
459 Collins Street, Melbourne, to present the Liquidator's
account showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanations that may
be given by the Liquidator.
Dated this 25th day of October 2005
Robert L. Yeo
Liquidator
Hall Chadwick Chartered Accountants & Business Advisers
Level 12, 459 Collins Street
Melbourne Vic 3000
==============================
C H I N A & H O N G K O N G
==============================
ASPEL COMPANY: Issues Winding Up Process
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Aspel Company Limited by the High Court of Hong Kong was on
October 3, 2005 presented to the said Court by Tang Hang Kuen of
Flat G, 37/F., Block 3, Grandeur Terrace, 88 Tin Shui Road, Tin
Shui Wai, New Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 a.m. on
November 30, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 29, 2005
BANK OF CHINA: Dismisses 31 Branch Heads This Year
--------------------------------------------------
Bank of China (BOC) has removed 31 heads and deputy heads of its
various-level branches from office so far this year, Xinhuanet
News reports, citing BOC spokesman Wang Zhaowen.
Mr. Wang said that a total of 3,045 people were punished during
a campaign to crack down on illegal or unauthorized business.
The Chinese lender was upgrading relevant rules and streamlining
operation to prevent bank crimes, he said.
The bank has been transformed into a joint-stock enterprise. It
is boosting corporate governance and gearing up for a stock
market listing.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
CNK INVESTMENT: SFC Suspends Former Officer Edmond Kung
-------------------------------------------------------
The Securities and Futures Commission (SFC) has suspended Mr.
Kung Chiu Nam Edmond, a former responsible officer of CNK
Investment Management Limited, for 20 months from November 16,m
2005 to July 17, 2007.
The case stems from an investigation into the trading activities
of the listed securities of HKCB Bank Holdings Company Limited
(HKCBH) and Hong Kong China Limited (HKC) in 1997, which
resulted in the commencement of an insider dealing inquiry in
November 2000. On March 10, 2005, the Insider Dealing Tribunal
(IDT) unanimously found that Mr. Leonard Carlton Poon and his
wife, Ms. Kong Yuen Kwan Jenny, had engaged in insider dealing
in the listed securities of HKCBH and HKC in May 1997.
During the investigation, the SFC found that there had been
purchases of HKC warrants in Kung's account at Worldsec
International Limited in May 1997. The SFC interviewed Kung
twice in May and August 1998 respectively, and Kung informed the
SFC that the HKC warrants belonged to him and that it had been
his decision to purchase the warrants.
After Kung was informed in early 2001 that he had become an
implicated person in the insider dealing inquiry, he revealed to
the SFC and the IDT that he had lied to the SFC in the two
interviews. Mr. Kung admitted that Mr. Poon, who was a Director
of Worldsec and an SFC licensee at the relevant time, had asked
him to lend his account to Mr. Poon for personal trades. Mr.
Poon used Mr. Kung's account to purchase HKC warrants. Mr. Kung
also admitted that, when he was interviewed by the SFC, he had
lied to the SFC at the request of Mr. Poon.
The SFC considers that Kung has breached the Code of Conduct by
lying to the SFC and lending his securities account to another
licensed person for personal use. The SFC concludes that Kung
has been guilty of misconduct and his fitness and properness has
been called into question.
Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"People who are interviewed by the SFC have a statutory duty to
provide true and complete answers. It is a criminal offence to
provide false and misleading information to the SFC. In
addition, licensees who lie to the SFC may also be subject to
disciplinary action. Mr. Kung lending his securities account to
Mr. Poon further aggravates this case. Mr. Kung should have
known that Mr. Poon, as an analyst and a licensed person, could
only trade under the monitoring of Mr. Poon's employer and that
Mr. Poon probably intended to use Kung's account to avoid such
monitoring. Mr. Kung's lending of his account and his failure to
make enquiries with Mr. Poon as to the use of the account
facilitated Mr. Poon's misconduct."
CONTACT:
The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222
852-2842-7666
Fax: 852-2521-7836
COUPLE DESIGN: Receives Winding Up Order
----------------------------------------
The Couple Design & Production Company Limited, whose office
address is located at Unit 7 21/F Chai Wan Industrial City Ph 1
60 Wing Tai Road Chai 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: September 2, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
GOLDEN CHEER: Court Issues Winding Up Order
-------------------------------------------
Golden Cheer Limited, whose office address is located at G/F 9-
11 Fuk Wing St Shamshuipo 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: September 2, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
JILIN CHEMICAL: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Jilin Chemical Industrial Company Limited, which is reproduced
as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The company has noted the increases in the trading volume of the
shares of the Company and wishes to state that we are not aware
of any reasons for such increase, except for the announcement
regarding privatization of the Company published on 31 October
2005.
The company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.
Made by the order of the Board of Jilin Chemical Industrial
Company Limited, the directors of which individually and jointly
accept responsibility for the accuracy of this statement."
By order of the Board
Zhang Liyan
Company Secretary
Jilin, the People's Republic of China
November 16, 2005
MAINFIT ENTERPRISES: Court Releases Winding Up Order
----------------------------------------------------
Mainfit Enterprises Limited, whose office address is located at
Unit 9 6th Floor C.R. E Centre 889 Cheung Sha Wan Rod 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: September 6, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
NEW LAP: Set to Wind Up Operations
----------------------------------
New Lap Yip Construction Company Limited, whose office address
is located at Unit 969 9/F Hong Koong International Centre 1
Trademart Drive Kowloon Bay 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: September 6, 2005
Dated this 11th day of November 2005
ET O'Connell
Official Receiver
STANDARD BACHE: Winding Up Hearing Set December 14
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Standard Bache (H.K.) Limited by the High Court of Hong Kong
Special Administrative Region was on October 19, 2005 presented
to the said Court by Ikea Trading Und Design A.G., Branch Office
Allaman (Formerly known as Ikea Trading S.A.) of Les Grangettes,
CH-1165 Allaman, Switzerland.
The said Petition is directed to be heard before the Court at
9:30 am 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.
JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.
YOUNG CHAMPION: Reprimanded for Breaching the Code of Conduct
-------------------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Young Champion Securities Limited for breaching the Code of
Conduct for Persons Registered with the SFC (April 2001) and the
Management, Supervision and Internal Control Guidelines for
Persons Registered with or Licensed by the SFC (May 1997) (Note
1).
The reprimand follows an SFC investigation into suspected market
manipulation of three warrants during the period from October
29, 2001 to July 16, 2002 (the relevant period).
The SFC found that the prices of the warrants had risen rapidly
after issue to levels higher than those of their underlying
stocks. Considering that the conversion ratio of the warrants
was one to one (i.e. one warrant to be converted into one
ordinary share), no sensible investor would have been interested
in buying the warrants at these price levels since, apart from
the cost of the warrants, the investor would have to pay the
exercise price for converting the warrants into shares.
Nonetheless, a corporate client of Young Champion dealt
extensively in the warrants during the relevant period. On 30
trading days within the relevant period, the client bought two
of the warrants at prices above those of their underlying
stocks. These acquisitions accounted for all the daily market
turnover of the two warrants on 14 trading days.
The SFC found that upon receipt of the dealing instructions from
the client, Young Champion's staff failed to ascertain basic
information relating to the warrants such as the gearing ratio
and premium. Two dealing directors of Young Champion were aware
of the client's transactions, one of them admitted that, despite
being aware of the abnormality in the warrants pricing, he
continued to take the client's orders as he considered that his
main concern was the settlement of trades by the client.
The other dealing director considered that his job was mainly to
execute orders and to check the financial position of the client
prior to the execution and market monitoring was the job of the
SFC (Note 2). The SFC attributed the acts of the two dealing
directors to the company, as they were the only dealing
directors of the company at the time and they constituted the
company's directing mind and will.
As a licensee, Young Champion has a duty to protect the
interests of its clients and the integrity of the market. Where
an irregularity was noted, its staff should have made reasonable
enquiry with the client as to whether there was an error in the
dealing instructions and should have advised the client of the
irregularity. If the client failed to satisfy its staff on
reasonable grounds that the trades were legal or proper, Young
Champion should have ceased to trade on behalf of that client.
The SFC also found that Young Champion had failed to put in
place appropriate and effective procedures in relation to
dealing and related review processes to prevent or detect
improper activities. Young Champion should also have procedure
in place requiring its staff to check basic information relating
to the warrants prior to order execution.
In light of the above findings, the SFC concludes that the
fitness and properness of Young Champion has been called into
question, and decides to reprimand Young Champion.
Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"In conducting its business activities, a licensee should act
with due skill, care and diligence, in the best interests of its
clients and the integrity of the market. A licensee bears the
responsibility to establish and maintain appropriate and
effective procedures in relation to dealing and related review
processes to prevent or detect errors, omissions, fraud and
other unauthorised or improper activities. Failure to do so will
subject the licensee to disciplinary action."
CONTACT:
The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222
852-2842-7666
Fax: 852-2521-7836
=========
I N D I A
=========
FOOD CORPORATION: Taps Ncdex Arm for Quality Audits
---------------------------------------------------
The Food Corporation of India (FCI) has introduced third-party
foodgrain quality audit and certification to reduce its storage
losses and eliminate complaints regarding supply of substandard
rice and wheat, Business Standard.
The quality analysis will be conducted by the National
Collateral Management Services (NCMSL), a company floated by the
National Commodities and Derivatives Exchange of India (Ncdex).
The FCI has already signed a memorandum of under standing with
the Ncdex for this purpose.
This audit will be in addition to the arrangement the FCI
already has for quality testing of its stocks by some state
agricultural universities and non-governmental organizations.
CONTACT:
Food Corporation of India
North Zone
A-2a,2b Sector -24
Noida - 201301
East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
E-mail: zmeast@fci.delhi.nic.in
South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463
Fax : +91-44-28276623
Web site: http://fciweb.nic.in/
HINDUSTAN PETROLEUM: Joins Gail for Gas Exploration
---------------------------------------------------
Hindustan Petroleum Corp. Limited (HPCL) has tied up with Gail
(India) Limited to scout for oil and gas exploration and
production opportunities in India and abroad, Asia Pulse
relates.
The two state-run firms have inked three agreements, one of
which is a Memorandum of Understanding (MoU) for jointly
participating in exploration activities in India, central, south
and South East Asia, Middle East, Africa, Australia and Russia.
The move is part of the two companies' plans to diversify in the
upstream activity and follows the tie-up between Indian Oil and
Oil India Ltd who had recently won a block in Libya.
Last month, Gail and HPCL bid fot two blocks in Australia
alongwith Gujarat State Petroleum Corporation and Oilex NL of
Australia.
The two firms also signed an agreement to form a joint venture
for city gas distribution projects in Madhya Pradesh and another
MoU for city gas projects in Rajasthan and Gujarat. The
agreements for city gas envisage supplying piped natural gas to
domestic, commercial and industrial consumers and Compressed
natural gas and auto LPG to automobiles.
CONTACT:
Hindustan Petroleum
17, Jamshedji Tata Road, PO Box No 11041
Mumbai 400020
Maharashtra
Phone: 22026151
Fax: 22872992
HINDUSTAN PETROLEUM: Eyes Stake in Shell's LNG Terminal
-------------------------------------------------------
Hindustan Petroleum Corporation Limited is looking to take a
stake in Shell India's Haizra LNG terminal in Gujarat, according
to Asia Pulse.
The state-run firm said it is in final discussions with Shell
India for the possible acquisition this year.
HPCL was in talks with Shell for the equity but there were
various issues such as valuation of the stake and the LNG supply
that needed to be looked into.
HPCL is believed to be interested in acquiring a 25 percent
stake in the terminal. The plan is reportedly a good opportunity
for the government-run refining and marketing company as it does
not have an presence in the LNG business so far.
But Shell is unlikely to offload more than 25 percent since its
own equity would then fall to less than 51 percent.
Shell had started marketing LNG from the Hazira terminal earlier
this year but has so far found few takers on account of the high
prices it was charging. The terminal has a capacity of 2.5
million tonnes per annum but is currently being under-utilized
because of lack of customers.
=================
I N D O N E S I A
=================
NEWMONT MINING: Environmentalists Ask Minister to Appeal Case
-------------------------------------------------------------
Environmentalists criticized the decision of the South Jakarta
District Court to dismiss a IDR1.33 trillion civil suit against
the local unit of U.S.-based Newmont Mining Corp., saying that
the decision was based on obscure judgment, reports the Jakarta
Post.
Greenlaw Indonesia executive director Andri Akbar Chaniago said
that the dismissal verdict was obscure since the lawsuit was not
focused on the dispute between the government and the mining
company, PT Newmont Minhasa Raya, but it was about the Company's
violation of environmental laws, relating to its waste disposal
process.
The South Jakarta District Court dismissed Newmont's pollution
case on the grounds that it had no jurisdiction to hear the
case, and that the dispute between the government and the
Company must be resolved via international arbitration.
According to the Indonesian Center for Environmental Law
executive director Indro Sugianto, the State Minister of the
Environment has the duty to appeal the decision, as the
Constitution stipulates that every citizen has the right to
enjoy healthy environment.
A group of non-government organizations are planning to ask the
Supreme Court and the Judicial Commission to examine the court
decision.
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
PERTAMINA: Subsidized Fuel Distribution to Continue Next Year
-------------------------------------------------------------
State-owned oil and gas firm PT Pertamina may continue
distributing subsidized fuel until 2006, despite the expiry of
its public service obligation (PSO) on Dec. 31, 2005.
State Oil and Gas Supervisory (BPH Migas) head Tubagus Haryono
said that until now, no private firms are ready to distribute
subsidized fuel nationwide, and it would be infair to distribute
subsidized fuel to the island of Java only.
In order to encourage foreign investment, the government has
allowed oil firms abroad to distribute fuel in Indonesia, which
has eradicated the Company's monopoly on fuel products. Firms
are required to distribute subsidized fuel oil in Java as well
as in other islands.
Pertamina marketing director Arie Sumarno said that the Company
will continue distributing subsidized fuel next year, with 41
million kiloliters allotted in the state budget. He also warned
companies interested in fuel distribution to distribute not only
in Java, but in other parts of the country, as well.
Companies must also require a 25-day to 30-day fuel stock level,
if they want to participate in the distribution process.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
=========
J A P A N
=========
AC REAL: Files for Court Protection
-----------------------------------
AC Real Estate Corporation has filed for court protection from
creditors under the Civil Rehabilitation Law, with JPY352.6
billion in debts, Jiji Press reports.
The company was left with huge debts after disposing of non-
performing assets, throwing it into negative net worth. By the
end of September, the firm's overall assets had fallen to JPY9.4
billion from JPY438.1 billion.
The company was formerly known as Fujita Corporation. The
Group's principal activities are the integrated general
contracting, specializing in urban development projects.
CONTACT:
Ac Real Estate Corp
25-2, Sendagaya 4-Chome
Shibuya-Ku 151-8570, Tokyo 151-8570
JAPAN
Phone: +81 3 3402 1911
Fax: +81 3 3478 0729
GENERAL MOTORS: To Sell Okinawa Hotels to Lone Star, Ishin
----------------------------------------------------------
General Motors Corporation (GMC) is in talks to sell two hotels
in Japan to Lone Star Funds and Ishin Hotels Group Co. to raise
cash after its junk-status debt ratings were further cut by
Fitch Ratings and Moody's Investors, Bloomberg News reports.
General Motors Acceptance Corporation (GMAC), the lending unit
of GMC, is seeking at least JPY10 billion ($83.8 million) for
Renaissance Okinawa Resort and Coco Garden Resort Okinawa. The
two hotels have a combined 500 rooms.
The sale of the two hotels may be completed by the end of the
year.
CONTACT:
General Motors Corporation
300 Renaissance Center
Detroit, MI 48265-3000
Phone: 313-556-5000
Fax: 313-556-5108
Web Site: http://www.gm.com
Renaissance Okinawa Resort
3425-2 Yamada, Onna-son
Kunigami-gun, 904-0416
Okinawa, Japan
JAPAN AIRLINES: S&P Downgrades Rating to 'B+'
---------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and unsecured senior debt ratings on Japan
Airlines Corp. (JAL) and its wholly owned subsidiary Japan
Airlines International Co. Ltd. by one notch to 'B+'.
At the same time Standard & Poor's removed the ratings from
CreditWatch, where they were placed Sept. 30, 2005, reflecting
rising concern over JAL's net loss position for fiscal 2005
(ending March 31, 2006) resulting from repeated operational
problems and the resulting decline in corporate reputation. The
outlook on the long-term corporate credit rating is negative.
JAL posted JPY12 billion in net loss for the first half of
fiscal 2005, and revised its projection for all of fiscal 2005
to a net loss of JPY47 billion from a net profit of JPY17
billion. The primary factors behind the deterioration in
earnings are the increase in costs due to rising jet fuel
prices, a decline in passengers from anti-Japan riots in China,
and JAL's safety problems.
"Although JAL's stable profits from domestic flights helped
cover volatile profit from international flights, its fiscal
first half results showed a drop in profitability from its
domestic operations," said Standard & Poor's credit analyst Eiro
Taniguchi. "Furthermore, the number of individual travelers,
which provide higher profit margins than group travelers, are
expected to decline substantially," Mr. Taniguchi added.
On Nov. 7, 2005, JAL reported its semi-annual results for fiscal
2005 and announced a new restructuring plan. The "New Corporate
Reforms" plan includes revamping safety measures and increasing
the quality of services, further reductions in board members'
remuneration, salary cuts for all employees, and consolidation
of underperforming international routes. Key to successful
implementation of this restructuring plan is securing the
cooperation of the numerous segmented labor unions. Moreover,
all of Japan's airline companies are eager to participate in the
business opportunities provided by the further expansion and
internationalization of Haneda Airport scheduled for 2009. A
company-wide commitment to reestablishing its safety measures
and restoring earnings is essential for JAL to take full
advantage of future business opportunities.
The outlook on the long-term credit rating is negative. JAL
continues to be exposed to the risk of unexpected events, and
the airline's financial resilience to such events is expected to
weaken from the net loss forecast for fiscal 2005. JAL is
unlikely to restore its capital and debt structure in the near-
to-medium term, given that airlines are required to make
continual investments to upgrade airplanes and maintain their
competitiveness. Unexpected delays in cost reductions and
earnings recovery, and further deterioration in capital and debt
structure could lead to another downgrade.
The 'B+' rating on the senior unsecured debt issued by JAL and
Japan Airlines International reflects the high percentage of
secured debt in the form of bank loans, dominant position in the
domestic airline market in Japan, and JAL's relationship with
its creditor banks. Standard & Poor's has incorporated the lower
recoverability, and the lower likelihood of default of the long-
term senior unsecured debt even in the case of default by the
issuer. However, Standard & Poor's will likely assign a rating
on the long-term senior unsecured debt that is one-notch lower
than the issuer rating if the percentage of secured debt
increases further.
Ratings Lowered
To From
Japan Airline Corp.
Corporate credit rating B+/Negative/-- BB-
/Watch Neg/--
Long-term senior unsecured debt B+ BB-
Japan Airlines International Co. Ltd.
Corporate credit rating B+/Negative/-- BB-
/Watch Neg/--
Long-term senior unsecured debt B+ BB-
CONTACT:
Japan Airlines Corporation Company
2-4-11, Higashi-shinagawa,
Shinagawa-ku, Tokyo
140-8605, Japan
Phone: +81-0120-25-5931
SANYO ELECTRIC: BBB- Ratings Remain on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB-' long-
term corporate credit and senior unsecured debt ratings on Sanyo
Electric Co. Ltd. remain on CreditWatch with negative
implications, following media reports on the company's plans to
restructure its business portfolio and improve its capital
structure.
The ratings on Sanyo Electric were first placed on CreditWatch
on Sept. 28, 2005, after the company lowered its profit forecast
for fiscal 2005 (ending March 31, 2006), and remained on
CreditWatch after being lowered by one notch to 'BBB-' on Nov.
2, 2005.
According to the reports, Sanyo Electric is planning to
restructure its semiconductor and home electric appliances
divisions, and raise JPY200 billion- JPY300 billion in capital
by allocating new shares to third parties, including its main
creditor bank. The company is also planning to divest its stake
in its financial services subsidiary.
At this point, however, Sanyo Electric has made no official
announcement regarding these plans. Standard & Poor's will
examine the details of the capital increase plan when it is
announced by the company. However, as the current rating
incorporates the possible measures the company may take to
increase its capital, any positive impact from the plan is not
expected to be large.
"Sanyo Electric's financial profile for fiscal 2005 is likely to
deteriorate further due to its still stagnant business
performance," said Standard & Poor's credit analyst Katsuyuki
Nakai. "For a full-scale recovery of profitability, the company
is challenged to drastically overhaul its business structure,"
added Mr. Nakai.
In resolving the CreditWatch status, Standard & Poor's will
examine how the company's efforts affect its business structure
and financial profile.
Standard & Poor's does not assume that the capital increase plan
will include a debt-for-equity swap. The corporate credit rating
on Sanyo Electric may be lowered to 'SD' (selective default) if
a debt-for-equity swap is included in the plan.
SANYO ELECTRIC: To Sell Partial Stake in Financial Unit
-------------------------------------------------------
Sanyo Electric Co. will sell part of its 52 stake in its credit
unit Sanyo Electric Co. to Mitsui & Co. in a move to strengthen
its financial base, according to Reuters.
Mitsui is expected to eventually acquire a more than one-third
stake in Sanyo Electric Credit to become its top shareholder.
Meanwhile, Bloomberg Reported that selling off its finance
business will help the electronics maker to meet its pledge in
July to cut its debt 50 percent to JPY600 billion ($5 billion)
over the next three years.
CONTACT:
Sanyo Electric Co Ltd
http://www.sanyo.co.jp/koho/index_e.html
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka
570-8677 Japan
SANYO ELECTRIC: Widens Loss Forecast to JPY230 Bln
--------------------------------------------------
Sanyo Electric Co. will widen its net loss forecast for this
business year to JPY230 billion after writing down the value of
inventory and other assets, according to Reuters.
The company had estimated in September that it would post a
group net loss of JPY140 billion in the year to March as it
implements a three-year restructuring plan under which it aims
to slash 14,000 jobs, close several plants and halve its JPY1.2
trillion debt.
Sanyo would reveal some concrete measures soon including steps
to downsize its loss-making home appliances and semiconductor
operations.
SANYO ELECTRIC: TSE Suspends Trading in Shares
----------------------------------------------
The Tokyo Stock Exchange said Tuesday it is suspending trading
in shares of Sanyo Electric Co., Jiji Press reports.
The steps were taken to have investors confirm a media report on
the company's plan to increase capital through a third-party
share allotment scheme.
The company is planning to boost its capital by over JPY200
billion in order to reinforce its financial position.
Sumitomo Mitsui Banking Corp., the company's major creditor
bank, and other institutions are expected to accept the share
allotment.
SKYMARK AIRLINES: Shares Plunge 9.5% on Higher Fuel Costs
---------------------------------------------------------
Shares of Skymark Airlines Co. plunged 9.5 percent on Wednesday
after the airline said it wouldn't earn any money this year
because of higher fuel costs, Bloomberg News reports.
The low-fare carrier cut its full-year earnings forecast to zero
from an expected JPY1.4 billion ($11.8 million) profit.
The Company's principal activity is to operate domestic air
transportation services between Tokyo and Fukuoka, Tokyo and
Kagoshima and international air transportation services between
Tokyo and Seoul.
CONTACT:
Skymark Airlines Co., Ltd.
4-1 Hamamatsu-Cho 2-Chome
Minato-Ku 105-6103, Tokyo 105-0013
JAPAN
Phone: +81 3 5402 6767
Fax: +81 3 5402 6770
=========
K O R E A
=========
SSANGYONG MOTOR: SAIC Claims Ex-President Bought Suppliers
----------------------------------------------------------
Shanghai Automotive Industry Corp. (SAIC) claimed that Ssangyong
Motor Co. President Soh Jin-kwan was sacked because of his
connections with parts suppliers, The Korea Times relates.
"When Ssangyong Motor was under control of creditors before the
Chinese investor's acquisition, president Mr. Soh began buying
auto parts suppliers," a source told The Korea Times.
Mr. Soh was dismissed on November 5, twenty minutes after the
board released its third quarter performance which was
originally scheduled November 1.
An expert in the mergers and acquisitions (M&A) industry, said
that SAIC Motor, the de facto holding firm of SAIC Group which
took over Ssangyong Motor last year, has little interest in
investment in the Korean subsidiary.
He said that the Shanghai government, the real owner of SAIC
showed very little interest to compete with global automakers.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
Fax: +82 31 610 3739
===============
M A L A Y S I A
===============
AFFIN HOLDINGS: Gets MOF Approval for Proposed Acquisition
----------------------------------------------------------
Affin Holdings Berhad (AHB) submitted to Bursa Malaysia
Securities Berhad details of the proposed acquisition of
69,078,947 ordinary shares of MYR1.00 each representing 36.84
percent of the issued and paid-up share capital in Affin
Merchant Bank Berhad from Misc Enterprises Holdings Sdn Bhd
(Proposed Acquisition).
On behalf of AHB, the company advised that the Minister of
Finance (MOF) via a letter from Bank Negara Malaysia (BNM) dated
November 11, 2005 received on November 15, 2005, has approved
the Proposed Acquisition pursuant to Section 45 (3) (a) of the
Banking and Financial Institutions Act, 1989.
The MOF's approval is subject to the following conditions:
(1) Compliance with the requirements of the guidelines to be
issued by BNM from time to time in relation to the shareholdings
in licensed institutions; and
(2) The Proposed Acquisition shall be completed within one (1)
year from November 8, 2005.
AHB is required to inform BNM the completion date of the
transaction.
This announcement is dated 15 November 2005.
CONTACT:
Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057
ASIAN PAC: SC Junks Application for Warrant Extension
-----------------------------------------------------
On behalf of the Board of Directors of Asian Pac Holdings Berhad
(Asianpac), Hwang-DBS Securities Berhad advised Bursa Malaysia
Securities Berhad that, at the adjourned Warrant holders'
meeting of Asianpac, the Warrant holders have approved both
special resolutions as set out in the notice dated November 2,
2005.
As announced on October 24, 2005, the Securities Commission (SC)
has rejected Asianpac's application for extension of the
warrants and Asianpac will be making an appeal to the SC in
relation to the SC's decision.
This announcement is dated 15 November 2005.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
ASIAN PAC: Converts ICULS to Ordinary Shares
--------------------------------------------
Asian Pac Holdings Berhad advised that its additional 1,425,600
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR1,782,000 Irredeemable Convertible Unsecured
Loan Stocks 2000/2005 into 1,425,600 new ordinary shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Thursday, November 17, 2005.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
BUKIT KATIL: Bourse Decides to Accept Requisite Announcement
------------------------------------------------------------
Bukit Katil Resources Berhad (BKRB) issued to Bursa Malaysia
Securities Berhad details of the decision in respect of
delisting procedures commenced against BKRB.
On behalf of BKRB, Avenue Securities Sdn Bhd advised that Bursa
Malaysia Securities Berhad (Bursa Securities) has vide its
letter dated November 14, 2005 informed BKRB of its decision to
accept the Requisite Announcement (RA) made on October 17, 2005.
The above decision is however without prejudice to Bursa
Securities' right to proceed to de-list the securities of BKRB
from the Official List of Bursa Securities in the event:
(i) BKRB fails to submit its proposed regularization plans to
the relevant authorities within two months from the date of the
RA i.e. by December 16, 2005;
(ii) BKRB fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of the
regularization plans; or
(iii) BKRB fails to implement its regularization plans within
the timeframe or extended timeframe stipulated by the relevant
authorities.
This announcement is dated 15 November 2005.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
LANKHORST BERHAD: Fails to Submit Prescribed FS
-----------------------------------------------
Lankhorst Berhad (LB) issued to Bursa Malaysia Securities Berhad
an announcement on the status of the issuance of the outstanding
prescribed financial statements.
(1) Introduction
On September 29, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) made amendments to the Bursa Securities Listing
Requirements (BSLR), which gives effect to a new policy for
enforcement in relation to delays in issuance of financial
statements that is incorporated under paragraph 9.26 of the
BSLR.
LB advised that the Company has not submitted:
(a) The Fourth Quarter Results for period ended December 31,
2004 (QR4-04);
(b) The annual audited accounts (AAA) for the financial year
ended December 31, 2004;
(c) The Company's Annual Report (AR) 2004;
(d) The First Quarter Results for period ended March 31, 2005
(QR1-05); and
(e) The Second Quarter Results for period ended June 30, 2005
(QR2-05) (collectively referred to as the Prescribed Financial
Statements) as at the date of this announcement.
(2) Obligations of LB pursuant to paragraph 9.26 of the LR &
Reasons for Delay
In compliance with the provisions of paragraph 9.26 (3) (b) of
the BSLR, the Company makes this announcement on the aforesaid
failure to submit the Prescribed Financial Statements.
The failure to submit the Prescribed Financial Statements was
due to the reorganization of the Company and the auditors will
be attending to the audit to meet the schedule stated below.
- The QR4-04, QR1-05 and QR2-05 have been released to Bursa on
November 11, 2005.
- The tentative timeline in respect of the steps taken or
proposed to be taken to achieve the issuance of the AAA and the
AR for the financial year ended December 31, 2004 is as follows:
Description Timeline Status
(i) Resolution of audit queries Mid-December 2005: On going
(ii) Finalizing and signing of AAA End-December 2005: To be
achieved
(iii) Issuance of Notice of AGM and the AR (including AAA) End-
December 2005: To be achieved
(3) Consequences of Non-Compliance with the Obligations under LR
As a consequence of the non-compliance of the BSLR under
paragraph 9.23, Bursa Malaysia Securities Berhad may take action
against LB including the possibility of delisting.
This amended announcement is dated 15th November 2005
CONTACT:
Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036
LIEN HOE: Issues New Shares for Listing, Quotation
--------------------------------------------------
Lien Hoe Corporation Berhad advised that its additional 330,000
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR330,000 nominal value of two percent 2002/2007
Irredeemable Convertible Unsecured Loan Stocks into 330,000 new
ordinary shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Thursday,
November 17, 2005.
CONTACT:
Lien Hoe Corporation Bhd
18th Floor, Menara Lien Hoe 8,
Persiaran Tropicana,
Tropicana Golf & Country Resort,
Petaling Jaya Selangor 47410
Malaysia
Telephone: 03-78051331
Fax: 03-78051331
MAGNUM CORPORATION: Holds Shares Buy Back
-----------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: November 15, 2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 411,000
Minimum price paid for each share purchased (MYR): 1.860
Maximum price paid for each share purchased (MYR): 1.880
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 411,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 74,634,500
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
METROPLEX BERHAD: Rights of Warrants to Expire December 20
----------------------------------------------------------
Metroplex Berhad (MB) issued to Bursa Malaysia Securities Berhad
a notice of expiry and last date for the exercise of warrants
1995/2005.
The Board of Directors of MB informed the Exchange that the
Subscription Rights of MB's Warrants 1995/2005 will expire at
5:00 p.m. on Tuesday, December 20, 2005 (Expiry Date) in
accordance with the provisions of the Deed Poll dated December
18, 1995 and as amended by Supplemental Deed Poll No. 1 dated
April 29, 1997 and Supplemental Deed Poll No. 2 dated August 20,
1999.
In order to facilitate the exercise of the Subscription Rights
of MB's Warrants 1995/2005, the last trading day of the Warrants
1995/2005 shall be up to 5:00 p.m. on Friday, December 2, 2005.
The said Warrants will be suspended from trading on Bursa
Malaysia Securities Berhad with effect from 9:00 a.m. on Monday,
December 5, 2005 until the Expiry Date.
To view a full copy of MB's Notice to Warrant Holders 1995/2005
go to
http://bankrupt.com/misc/MetroplexBerhadNoticeWarrantHolders1115
05.doc
This announcement is dated 15 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
METROPLEX BERHAD: Court Reschedules Wind-Up Hearing
---------------------------------------------------
Metroplex Berhad (MB) refers to its announcement made to Bursa
Malaysia Securities Berhad dated October 20, 2005 in relation to
the winding-up petition served on MB by Morgan Stanley Emerging
Markets Inc. (MSEMI).
The Company informed the Exchange that the Kuala Lumpur High
Court has on November 14, 2005 adjourned the hearing on the
following applications to January 18, 2006 for decision:
(a) MSEMI's application for the appointment of a Provisional
Liquidator for MB; and
(b) MB's application to strike out MSEMI's winding-up petition.
This announcement is dated 15 November 2005.
NAKAMICHI CORPORATION: Net Loss Narrows to MYR860,000
-----------------------------------------------------
Nakamichi Corporation Berhad furnished Bursa Malaysia Securities
Berhad a copy of its Third Quarter Report for the financial
period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
2,833 9,433 9,857 31,956
(2) Profit/(loss) before tax
-860 -10,348 -3,883 -12,252
(3) Profit/(loss) after tax and minority interest
-860 -10,349 -3,884 -12,253
(4) Net profit/(loss) for the period
-860 -10,349 -3,884 -12,253
(5) Basic earnings/(loss) per shares (sen)
-1.55 -18.68 -7.01 -22.11
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
1.6100 1.6900
To view a full copy of the 3Q financial statement, go to
http://bankrupt.com/misc/Nakamichi3rdQResult30Sept2005.pdf
OLYMPIA INDUSTRIES: Unit Disposes of Properties
-----------------------------------------------
Pursuant to paragraph 10.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, Olympia Industries Berhad (OIB)
advised that its 60.06 percent owned subsidiary, Jupiter
Securities Sdn Bhd (Special Administrators Appointed) (JSSB) has
disposed a motor vehicle, Mercedes Benz E240 A bearing
registration number WJY 688 to Olympia Land Berhad (OLB) for a
total cash consideration of MYR196,325.66. OLB is a wholly owned
subsidiary of OIB.
JSSB is principally engaged in the business of dealing in
securities and acting as a stock and share broker whilst OLB is
involved in property development and management.
The consideration for the transaction was arrived at on a
willing buyer-willing seller basis and after taking into account
the current market value of the said vehicle. JSSB acquired the
vehicle in May 2002 at a purchase price of MYR366,982.50. The
net book value is MYR110,094.54 as at October 31, 2005. The said
vehicle was disposed as it is in excess of JSSB's operational
needs.
The transaction is not subject to the approval of the
shareholders of OIB. The expected gain arising from the
transaction is MYR86,231.12 based on the net book of
MYR110,094.54 as at October 31, 2005.
Dato' Yap Yong Seong is a director of OLB, Group Managing
Director and a major shareholder of OIB. Mr. Yap Wee Keat is a
director of both JSSB and OIB and has direct shareholding of
five percent in JSSB and an indirect shareholding of 17.57
percent in OIB. Mr. Yap Wee Keat is also a son of Dato' Yap Yong
Seong.
Save as disclosed, none of the other directors and/or major
shareholders and persons connected with them have any interest,
direct or indirect in the above transaction.
The Board of OIB is of the opinion that the terms of the
transctions are fair and reasonable and on terms not more
favourable to the related party than those generally available
to the public.
CONTACT:
Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my
PACIFIC & ORIENT: Issues Shares Buy Back Notice
-----------------------------------------------
Pacific & Orient Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: November 15, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 4,000
Minimum price paid for each share purchased (MYR): 1.800
Maximum price paid for each share purchased (MYR): 1.810
Total consideration paid (MYR): 7,264.15
Number of shares purchased retained in treasury (units): 4,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 7,685,289
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209
PAN MALAYSIA: Holds Shares Buy Back
-----------------------------------
Pan Malaysia Corporation Berhad furnished Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
Date of buy back: November 15, 2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 35,000
Minimum price paid for each share purchased (MYR): 0.470
Maximum price paid for each share purchased (MYR): 0.475
Total consideration paid (MYR): 16,688.17
Number of shares purchased retained in treasury (units): 35,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 53,916,500
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299
PARK MAY: MHSB Extends Settlement Period to December 31
-------------------------------------------------------
Park May Berhad (Park May) issued to Bursa Malaysia Securities
Berhad an update to the following proposals:
(I) Proposed disposal of a piece of leasehold land measuring
10,626 square metres identified as Lot 37246, Mukim of Petaling,
District of Kuala Lumpur, State of Wilayah Persekutuan, Kuala
Lumpur together with the buildings erected thereon by Landvest
Sdn Bhd (Landvest), a wholly owned subsidiary of Park May, to
MHSB Development Sdn Bhd (MHSB), for a cash consideration of
MYR10,000,000; and
(II) Proposed disposal of a piece of freehold land measuring
approximately 22,182 square metres identified as Lot 821, Mukim
of Kapar, District of Klang, State of Selangor Darul Ehsan
together with the buildings erected thereon by Landvest to MHSB
for a cash consideration of MYR4,540,000.
(Items (I) to (II) to be collectively referred to as Proposed
Disposal of Properties)
With reference to the Company's announcement dated August 16,
2005 where it was announced, inter-alia, that Landvest and MHSB
had on August 15, 2005 by way of an exchange of letters mutually
agreed to extend the period for MHSB to pay the balance of the
purchase price for the Proposed Disposal of Properties of
MYR13,086,000 from August 15, 2005 to October 31, 2005
(Settlement Period).
In this respect, on behalf of the Company, AmMerchant Bank
Berhad (a member of AmInvestment Group) advised that Landvest
and MHSB have by way of an exchange of letters (Settlement
Extension Letters) mutually agreed to further extend the
Settlement Period from October 31, 2005 to December 31, 2005.
The Settlement Extension Letters will be made available for
inspection at the registered office of Park May at No. 38, Jalan
Chow Kit, 50350 Kuala Lumpur during normal business hours from
Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement.
This announcement is dated 15 November 2005.
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com
PSC INDUSTRIES: To Appeal Summary Judgment
------------------------------------------
The Board of Directors of PSC Industries Bhd (PSCI) advised
Bursa Malaysia Securities Berhad that on November 15, 2005, OCBC
Bank (Malaysia) Bhd obtained summary judgement against the
Company and its wholly owned subsidiaries, Penang Shipbuilding &
Construction Sdn Bhd (PSC) and PSC Asset Holdings Sdn Bhd (PSCA)
in respect of a judgement sum of MYR40,662,932.72 (comprising of
principal of MYR39,000,000.00 plus accrued interest up to
February 28, 2005) plus interest and costs.
The Company, PSC and PSCA intends to appeal against the said
summary judgement which will be hear by the judge in chambers.
CONTACT:
PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768
PUNCAK NIAGA: SC Extends Tenure of MCP/MMTN Programme
-----------------------------------------------------
Puncak Niaga Holdings Berhad advised Bursa Malaysia Securities
Berhad that its wholly owned subsidiary, Puncak Niaga (M) Sdn
Bhd (PNSB) had on November 11, 2005, received the approval
letter dated November 2, 2005 from the Securities Commission
(SC) on the extension of the tenure and availability period of
the MCP/MMTN Programme.
The MCP/MMTN Programme was issued by PNSB in October 2000 with a
tenure and availability period of five (5) years from the date
of the MCP/MMTN Programme.
Pursuant to the SC's approval, the tenure and availability
period of the MCP/MMTN Programme, has been extended to seven (7)
years, expiring on October 11, 2007.
This announcement is dated 15 November 2005.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SOUTHERN BANK: EGM Slated for December 12
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting 2
of Southern Bank Berhad (Company) will be held in Ballroom A &
B, 6th Floor, Hilton Kuala Lumpur, 3 Jalan Stesen Sentral, 50470
Kuala Lumpur on Monday, December 12, 2005 immediately after the
conclusion of the Extraordinary General Meeting 1 of the Company
which will be held at the same venue and on the same day at 9:30
a.m. or at any adjournment thereof.
Go to the following link to view a full copy of the Notice of
Extraordinary General Meeting 2
http://bankrupt.com/misc/SouthernBankNoticeofEGM2.pdf
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
TANAH EMAS: Gains Approval of Shareholders' Mandate
---------------------------------------------------
Pursuant to Paragraph 10.09 and Practice Note 12/2001 of the
Listing Requirements of the Bursa Malaysia Securities Berhad
(Listing Requirements), Tanah Emas Corporation Berhad had at the
Annual General Meeting held on December 22, 2004, obtained the
shareholders' approval for the Company and its subsidiaries to
enter into recurrent related party transactions of a revenue or
trading nature (Shareholders' Mandate).
The Shareholders' Mandate shall, in accordance with the Listing
Requirements, lapse at the conclusion of the forthcoming Annual
General Meeting (AGM), unless by a resolution passed at the
forthcoming AGM, the authority is renewed.
The Board therefore proposes to seek a renewal of the approval
from the shareholders of the Company for the existing recurrent
related party transactions of the Group to comply with Chapter
10.09 of the Listing Requirements at the forthcoming AGM.
A Circular to Shareholders setting out the details of the
Proposed Shareholders' Mandate will be despatched to the
shareholders of the Company in due course.
This announcement is dated 15 November 2005.
TANAH EMAS: Seeks Shareholders' Approval of Proposed Buy Back
-------------------------------------------------------------
Tanah Emas Corporation Berhad (TECB) furnished Bursa Malaysia
Securities Berhad with details to the following proposals:
- Proposed share buy-back of up to ten percent (10 percent) of
the issued and paid-up share capital of TECB; and
- Proposed amendments to the company's articles of association
(collectively, referred as proposals)
The Board of Directors of TECB, advised that the Company is
proposing to seek the approval from its shareholders for the
following:
(a) Proposed share buy-back of up to ten percent (10 percent) of
the issued and paid-up share capital of TECB; and
(b) Proposed amendments to the Articles of Association of TECB
to facilitate the issuance of TECB's annual report in CD-ROM
form or in such other form of electronic media, at an
extraordinary general meeting to be convened at a later date.
The circular containing details of the Proposals will be sent to
the shareholders in due course.
This announcement is dated 15 November 2005.
TELEKOM MALAYSIA: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 51,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Thursday, November 17, 2005.
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S
=====================
P H I L I P P I N E S
=====================
DMCI HOLDINGS: 9-Month Profit Triples to Php2.57 Bln
----------------------------------------------------
Net profits of DMCI Holdings surged 220 percent to Php2.57
billion from only Php801.95 million in the same period a year
ago, according to the Philippine Star.
The Consuji-owned investment holding firm booked higher profits
despite reporting a 79.8-drop in its third quarter profit as a
result of reduced coal operations.
The significant profit rise was boosted by the Php2-billion
proceeds from the sale of its shares in coal mining unit
Semirara Mining Corp.
DMCI's earnings amounted to Php132.03 million for the period
July to September this year compared with Php691.43 million the
previous year. From 95 percent, DMCI's stake in Semirara is now
down to just 60 percent.
However, DMCI's sales and services for the third quarter reached
Php2.51 billion, up 11.5 percent, boosting year to date sales to
Php8.57 billion from Php5.7 billion.
Semirara reported a net income of Php116 million, 83 percent
lower than the Php654 million posted a year earlier, mainly due
to reduced coal deliveries to customers and the slowdown in the
coal take-up of the cement industry.
With the current weakening of Semirara's coal market, the
company is continuously exploring other opportunities that will
ensure the sustained growth and improvement of its coal
business. Among these plans include putting up coal-fired power
plants in Semirara Island.
CONTACT:
DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone: 888-3000
Fax: 816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com
LMG CHEMICALS: CMC Cuts Supply Deal with Basic Chemical
-------------------------------------------------------
This announcement is relative to Chemphil Marketing Corp. (CMC),
a wholly owned subsidiary of LMG Chemicals Corp. (the Company).
The Company advised of the termination effective January 19,
2006 of the agreement between CMC and Basic Chemical Solutions
Far East Pte Ltd, for the supply of Liquid Caustic Soda.
CONTACT:
LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711
MARIWASA MANUFACTURING: Board OKs Terms of Restructuring Plan
-------------------------------------------------------------
Mariwasa Manufacturing Inc. disclosed that, at the regular
meeting of the Board of Directors of Mariwasa Manufacturing,
Inc. (MMI) held on November 16, 2005, at which a quorum was
present and acting throughout, the Board of Directors approved
the following matters:
(1) The terms and conditions of the Restructuring Plan of the
corporation for its outstanding loan obligations, as presented
to the Board of Directors;
(2) The dacion en pago of the corporation's 5.97 hectare Pasig
Properties which forms part of the Corporation's Restructuring
Plan, and which properties represent all or substantially all of
the corporation's properties;
(3) The purchase by the corporation from Mrs. Lourdes Masikip
Sunico of two (2) parcels of land located at Barrio Rosario,
Pasig City with an aggregate area of 3,844 square meters, under
such terms as Management may deem o be in the best interest of
the Corporation;
(4) The dissolution of the corporation's non-operational
subsidiaries, namely, Artistica Ceramica Inc., Cera Linda, Inc.,
Cyber Ceramics Inc, Millenium Ceramics Inc. and Ceramic Tile
Specialists Inc.; and
(5) The election of Mr. Pichit Maipoom and Pramote Techasupatkul
as substitute members of the Board of Directors for the year
2005 to replace Directors Mr. Kan Trakulhoon and Mr. Dusit
Nontanakorn who have resigned.
The company disclosed further that, at the special meeting of
the stockholders of the corporation held on November 16, 2005,
stockholders representing at least two-thirds (2/3) of the total
issued and outstanding shares of the corporation voted to
approve the following resolutions earlier approved by the Board
of Directors of the corporation:
(1) The terms and conditions of the Restructuring Plan of the
corporation for its outstanding loan obligations, as presented
to the Board of Directors; and
(2) The dacin en pago of the corporation's 4.97 hectare Pasig
Properties which forms part of the Corporation's Restructuring
Plan, and which properties represent all or substantially all of
the Corporation's properties in favor of any/or all of the
creditors of the corporation, under such terms and conditions as
Management may deem to be in the best interest of the
Corporation.
CONTACT:
Mariwasa Manufacturing Inc.
C. Raymundo Avenue
Barrio Rosario, Pasig City
Phone: 628-1986 to 89; 628-3871 to 80
Fax: 625-1985/3991; 628-3991; 628-1983 to 85
E-mail Address: hotline@mariwasa.com
Web site: http://www.mariwasa.com
METRO PACIFIC: In Talks with French Firm Over SLEX
--------------------------------------------------
Metro Pacific Corp. is discussing a possible partnership for the
rehabilitation and extension of the South Luzon Expressway
(SLEX) project with French infrastructure firm Groupe Egis,
according to The Manila Times.
The US$200-million SLEX project involves the repair of the
Alabang viaduct and the extension of the expressway from
Calamba, Laguna, to Santo Tomas, Batangas.
The French infrastructure firm is also reportedly interested in
other road projects like the Skyway, the Southern Tagalog
Arterial Road (STAR) and coastal road projects.
Of the US$200-million cost of the SLEX project, US$140 million
will be secured through bank borrowings while the balance of
US$60 million would be in the form of equity to be financed by
the company that Metro Pacific and Groupe Egis plans to
establish.
The source said 60 percent of the US$60 million will come from
Metro Pacific and the remaining 40 percent from Groupe Egis.
CONTACT:
Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830
NATIONAL BANK: Sees Php605-Mln Income This Year
-----------------------------------------------
The Philippine National Bank (PNB) is confident it will meet its
year-end net income target to sustain its turnaround,
BusinessWorld reveals.
PNB President Omar T. Byron T. Mier confirmed the bank expects
to end the year with Php605 million in net income, almost double
the Php353 million in 2004.
The bank has reported higher income for January to September at
Php454 million, three times more than year ago's Php142 million.
It attributed the strong performance to a robust growth in
interest income.
Net interest income almost doubled at Php3.38 billion from
Php1.7 billion. Interest on income from regular loans hit
Php3.57 billion, an increase of Php1.06 billion over the
previous year.
Mr. Mier said the bank, which was privatized in August, was sure
to sustain its positive cash flow until yearend given the
improved revenue stream from remittance services, loans and the
expansion of the bank's low-cost deposits.
However, PNB's high non-performing loan level remains to turn
off investors. Bad loans stood at Php24.53 billion or 26 percent
of total loans.
PNB was a recipient of government bailout a few years ago
because of massive bad loans following the Asian crisis.
CONTACT:
Philippine National Bank
Pres Diosdado P. Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/
PHILIPPINE REALTY: Provides Copy of SEC Form 23-B
-------------------------------------------------
Philippine Realty and Holdings Corporation (RLT) furnished the
Philippine Stock Exchange a copy of SEC Form 23-B (Statement of
Changes in Beneficial Ownership of Securities) of Campos, Lanuza
& Co, Inc., a principal shareholder, which reported the changes
in its shareholdings for the month of October 2005.
A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_philippinerealty111705.pdf.
CONTACT:
Philippine Realty & Holdings Corp.
Andrea North Complex
Balete Drive corner N. Domingo St.
New Manila , Quezon City
Phone No/s: 631-3179/8579/8580; 636-7550/7551
E-mail Address: philrltv@info.com.ph
TAIHEIYO CEMENT: BOI Revokes Certificate of Registration
--------------------------------------------------------
The Board of Investments (BOI) has cancelled the certificate of
registration of Taiheiyo Cement Philippines Corp., The
Philippine Star has learned.
The firm, formerly Grand Cement Manufacturing Corp., was also
slapped with over Php 1.1 million in penalties for its late
disclosure this year that Japanese nationals own 88 percent of
the company since April 2001.
The BOI resolved to revoke the cement firm's BOI registration
due to its alleged failure to maintain the mandatory 60-percent
Filipino ownership to qualify for tax incentives; late/non-
submission of reports on the firm's transfer of ownership; and
late filing of its 1997 income tax holiday (ITH) application.
Grand Cement was 73-percent owned by Filipinos and 27-percent
Japanese as of April 30, 2000. But a year later, in April 2001,
Taiheiyo acquired 88 percent of the company, leaving locals with
only a 12-percent stake. In 1997-1998 alone, Grand Cement
availed of more than P200 million in incentives in the form of
ITH.
While majority ownership of the firm was acquired by Japanese
cement giant Taiheiyo in 2001, BOI records showed that said
transfer was not disclosed by the company until 2005.
Aside from its BoI troubles, Taiheiyo is plagued with a similar
non-disclosure problem before the Bureau of Customs (BoC).
Taiheiyo's sister-firm, Southern Cross Cement Corp. (SCCC), is
also facing multiple criminal complaints before the BoC due to
alleged mis-declarations in their cement importation documents.
Based on case records, SCCC imported cement from its parent
firm, Taiheiyo Cement Corp. (Japan), but stated in its
Supplemental Declaration on Valuation (SDV) that the buyer and
seller are not related parties.
CONTACT:
Taiheiyo Cement Corp.
St.Luke's Tower, 8-1,
Akashi-cho, Chuo-ku,
Tokyo 104-8518, Japan
Web site: http://www.taiheiyo-cement.co.jp
Taiheiyo Cement Philippines Corp.
South Poblacion
San Fernando, Cebu
Philippines
=================
S I N G A P O R E
=================
CREATIVE TECHNOLOGY: Launches New Product
-----------------------------------------
Creative Technology Limited, the worldwide leader in digital
entertainment products for PC users, launched on Nov. 8, 2005
the Creative Prodikeysr PC-MIDI dual-function keyboard for home
users. Creative Prodikeys PC-MIDI is based on the patented,
"Best of Consumer Electronics Show" award-winning two-in-one
computer and music keyboard design, which offers home users
additional, convenient music functionality on the personal
computer (PC).
Creative Prodikeys PC-MIDI features popular multimedia keyboard
functions such as customizable HotKeys, media playback control,
and enhanced F-keys functions, which enable easy access to
frequently used applications and tasks on the PC. The HotKeys
are customizable with the included HotKeys Manager software. The
signature integrated music keys are neatly embedded and
protected under the keyboard palm rest which supports the wrists
for typing comfortably. The Snap-On color faceplate feature also
allows users options to customize the keyboard color. Creative
Prodikeys PC-MIDI comes with a suite of easy-to-use music
software designed to let home users explore music making on the
computer. Users can play with different instrument sounds, learn
to play a song, and easily create and record music in MP3, WAV
or WMA formats.
Creative Technology CEO & Chairman Sim Wong Hoo said,"Creative
Prodikeys PC-MIDI is more than just a keyboard. It is an
integrated solution that expands the functions of the PC, and
takes digital music entertainment beyond the passive listening
experience. Users can now learn to play a song they heard, and
even create their own music for using as mobile phone ring tone,
or background music for videos and photo slide shows."
Creative Music Software Creative Prodikeys PC-MIDI includes
three simple and easy-to-use music software applications
designed to let home users enjoy the fun of creating music on
the computer:
- Mini Keyboard lets users explore playing with more than a
hundred different instrument sounds on the computer.
- EasyNotes lets users learn to play songs easily by following
the on-screen indicators.
- FunMix lets users create music easily by mixing different
sound loops and save it as MP3, WAV or WMA file for using as
mobile phone ring tones, or background music for videos or
photo slide shows.
- More music content for the software can be downloaded from
www.prodikeys.com.
The Creative Prodikeys PC-MIDI is MIDI-compatible and can also
be used with any other third party MIDI software, such as Cubase
and CakeWalk; it is now availalbe in the Company's retail
outlets for USD39.00.
CONTACT:
Creative Technology Limited
Phone: 65 6895 4100
Web site: http://www.creative.com
CYBER VILLAGE: Incurs SGD303,000 Net Loss in Third Quarter
----------------------------------------------------------
Cyber Village Holdings Limited announces that the Company posted
a SGD124,000 net loss for the third quarter ended Sept. 30,
2005, comapred to a net profit of SGD303,000 for the same period
last year.
To view the Company's financial statement, go to:
http://bankrupt.com/misc/tcrap_cybervillage111705.pdf
CONTACT:
Cyber Village Holdings Limited
19 Kallang Avenue #04-159
Singapore 339410
Phone: 65 6221 2231, 6296 7547
Fax: 65 6221 0919, 6296 7548
Web site: http://www.cyber-village.net/
EVEREN INVESTMENT: Wound Up by Parent Firm
------------------------------------------
Everen Investment Pte Limited announced that the Company was
placed under a members' voluntary liquidation by its parent,
Natsteel Limited, and Messrs. Deepak Kumar Choudhary of Deepak
Choudhary, 77 Robinson Road #27-00 SIA Building Singapore 068896
and Yap Li Joon of 220 Orchard Road #05-02 Midpoint Orchard
Singapore 238852 wereappointed as Joint and Several Liquidators
for the winding up.
CONTACT:
Everen Investment Pte Limited
C/o Natsteel Limited
77 Robinson Road
#27-00 SIA Building
Singapore 068896
Phone: 65 6536 1000
Fax: 65 6536 1008
KENG SOON: Receiving Claims Until Next Month
--------------------------------------------
Notice is hereby given that the creditors of Keng Soon
Automobile Pte Limited, which is being voluntarily wound up, are
required on or before Dec. 13, 2005 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the Company
Liquidator.
If so required by notice in writing from the said Liquidator,
they are by their solicitors or personally to come in and prove
their debts and claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts and claims are proven.
Wee Hui Pheng
Liquidator
C/o Messrs. Wee Seng Tiong & Co.
1 Coleman Street, #06-10 The Adelphi
Singapore 179803
KH HARDWARE: Receives Petition to Wind Up
-----------------------------------------
Notice is hereby given that Hong Leong Finance Limited (formerly
known as Singapore Finance Limited) filed a winding up petition
against KH Hardware Pte Limited on Nov. 4, 2005.
The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Dec. 2, 2005, 10:00 a.m.
Any Company creditor or contributory desiring to support or
oppose the making of an order on the Petition may appear at the
time of hearing by himself or his Counsel for the purpose.
A copy of the Petition will be furnished to any Company creditor
or contributory requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.
The Petitioner's address is 16 Raffles Quay, #01-05 Hong Leong
Building, Singapore 048581.
The Petitioner's solicitors are Messrs. Bih Li & Lee of 79
Robinson Road, #24-08 CPF Building, Singapore 068897.
Dated this 9th day of November 2005
Messrs Bih Li & Lee
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the solicitors, Messrs. Bih Li
& Lee, notice in writing of his intention to do so. The notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person firm, or his or their solicitors (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the solicitors not later than 12:00 p.m. of Dec. 1,
2005.
MAGNUS ENERGY: Passes Resolutions at AGM, EGM
---------------------------------------------
Magnus Energy Limited announced that the Company passed all its
resolutions at its Annual General Meeting (AGM) and
Extraordinary General Meeting (EGM) held on Oct. 31, 2005.
To view the Company's AGM notice, click on:
http://bankrupt.com/misc/tcrap_magnusenergy1111705.pdf
To view the Company's EGM notice, go to:
http://bankrupt.com/misc/tcrap_magnusenergy2111705.pdf
CONTACT:
Magnus Energy Group Limited
22 Tagore Lane
Singapore 787480
Phone: 65 6455 3922
Fax: 65 6455 7322
Web site: http://www.magnus.com.sg/
MOBIL ASIA: Asks Creditors to Submit Debt Claims
------------------------------------------------
Notice is hereby given that the creditors of Mobil Asia
Marketing Pte Limited, which is being wound up voluntarily, are
required on or before Dec. 12, 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
Liquidators.
If so required by notice in writing by the said Liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proven.
Dated this 11th day of November 2005
Neo Ban Chuan
Yeap Lam Kheng
Liquidators
C/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
===============
T H A I L A N D
===============
PICNIC CORPORATION: Incurs Net Loss in 3Q/FY05
----------------------------------------------
Picnic Corporation Public Company Limited furnished the Stock
Exchange of Thailand (SET) with a summary of its Third Quarter
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) (1,423,837) 32,294 (1,321,884) 182,865
EPS (baht) (0.95) 0.05 (0.89) 0.30
Type of report: Qualified 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."
Mr. Nattachai Aramrasmeewanich
Managing Director
Authorized to sign on behalf of the company
CONTACT:
Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com
POWER-P: Clarifies Third Quarter Results
----------------------------------------
According to the interim financial statement of the Third
Quarter 2005, (for three months) Power-P Public Company Limited
had a total revenue of THB57.15 million and net profit of
THB4.81 million, while in the same period of last year it had
total revenue of THB1,634.87 million and net profit of
THB1,612.52 million.
Therefore, the company's net profit decreased to THB1,607.71
million. The reasons of its operating results exceeding 20
percent came from extraordinary item (Income from debt
restructuring year of 2004).
The company clarified the results from the decrease of total
revenue THB1,579.07 million as follow:
(1) Revenue from construction increased THB38.19 million due to
the progress in each project which started from first quarter
this year.
The company realized the revenue by percentage of completion of
the period.
(2) Income on project termination THB6.94 million came from
compensation of termination projects by two percent of each
contract.
(3) Income from decreasing the Construction cost THB10.89
million which difference amount between estimation cost and
actual cost of terminated project. And another income came from
cancellation of subcontractor's claim.
(4) Interest income THB1.13 million came from loan to a venture
in Joint Venture UBC Power by issuing the promissory note with
interest rate MLR+1 percent.
(5) Gain from debt restructuring decreased THB1,611.17 million
since year 2004.
Please be informed accordingly
Sincerely Yours,
Mr. Phongsak Khongpanyakul
Deputy Managing Director
Accounting and Finance
CONTACT:
Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2
TPI POLENE: Required to Clarify Issues to SET
---------------------------------------------
TPI Polene Public Company Limited (TPIPL) submitted the reviewed
quarterly financial statement ending September 30, 2005 to the
SET on November 14, 2005. There have been material differences
on TPIPL's operating performance from the unreviewed quarterly
financial statement which TPIPL submitted on October 12, 2005 as
follows:
Unreviewed Reviewed
Quarterly
Net profit (loss)
(in thousands Baht) 3,227,237 734,434
Earning per share (Baht) 4.10 0.93
Accumulated 9 months
Net profit (loss)
(in thousands Baht) 3,729,841 1,237,038
Earning per share (Baht) 4.74 1.57
TPIPL clarified these material changes that the Central
Bankruptcy Court's (the Court) ordered dismissing the objections
of the 11 objecting creditors with respect to the Debt
Repurchase Program (DRP).
In the reviewed financial statement, TPIPL realized gain on debt
repurchase of THB75.90 million, decreasing from THB2,655.38
million as earlier recorded in the unreviewed financial
statement as one objecting creditor agreed to receive payment of
the DRP debt from the Court.
The remaining 10 objecting creditors filed a petition with the
Court requesting for an extension period of 30 days or within
November 30, 2005.
Therefore TPIPL did not recognize additional gain on debt
repurchase of the remaining DRP debts. If the remaining 10
objecting creditors do not file petition against the Court's
order within the extension period, TPIPL will be entitled to
recognize additional gain on debt repurchase of these remaining
DRP debts of THB2,570 million (Detail in SETSMART on November
15, 2005).
Those material differences in TPIPL's operating performance are
significant information that might affect decision making of
investors.
Therefore, the SET has posted an NP sign on TPIPL's securities,
effective from November 15, 2005 onwards. TPIPL have to clarify
additional information on these issues by November 16, 2005:
(1) Terms or conditions and time line which objecting creditors
can file a petition to the Court. Have TPIPL realized those
objecting creditors rights?
In recognition of such outcome in the unreviewed financial
statements, how did TPIPL consider the transaction in terms of
certainty of the events.
(2) When did TPIPL realize the remaining 10 objecting creditors
filed the petition to the Court?
(2.1) If TPIPL did before submitting the unreviewed financial
statement, why did TPIPL totally realized gain on debt
repurchase in that unreviewed financial statement
(2.2) If TPIPL did after submitting the unreviewed financial
statement, why did not TPIPL inform the material effect to
operating performances ending September 30, 2005 to investor
before submitting the reviewed financial statement.
The SET has posted and NP sign on TPIPL's securities until
TPIPL has clarified this information completely and clearly to
the SET to disseminate to the public.
CONTACT:
TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com
Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529 27.43 178.19
Guangdong Sunrise Group Co. Ltd 000030 -182.94 35.98
Hainan Dadong-A 000613 (-6.63) 17.81
Hainan Dadong-B 200613 (-6.63) 17.81
Heilongjiang Black Dragon 600187 (-29.45) 153.92
Co. Ltd.
Informatics Holdings Ltd INFO -6.73 27.59
Shenz China Bi-A 000017 -206.9 50.08
Shenz China Bi-B 200017 -206.9 50.08
Sichuan Topsoft Investment 000583 (-45.54) 228.05
Xinjiang Tunhe Investment 600737 47.57 476.47
Co. Ltd.
INDONESIA
---------
Barito Pacific Timber Tbk Pt BRPT -62.86 360.72
MALAYSIA
--------
Kemayan Corp Bhd KOP (-353.12) 84.89
Lityan Holdings Bhd IT 20.1 56.55
Panglobal Bhd PGL (-50.36) 189.92
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-159.78) 280.22
SINGAPORE
---------
Pacific Century Regional PAC -145.53 1289.71
THAILAND
--------
Asia Hotel PCL ASIA (-30.12) 101.17
Asia Hotel PCL ASIA/F (-30.12) 101.17
Bangkok Rubber PCL BRC (-57.11) 78.78
Bangkok Rubber PCL BRC/F (-57.11) 78.78
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Circuit Elect PCL CIRKIT (-25.89) 61.3
Circuit Elect PCL CIRKIT/F (-25.89) 61.3
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
National Fertilizer PCL NFC 70.66 142.61
National Fertilizer PCL NFC/F 70.66 142.61
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.71) 13.38
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.71) 13.38
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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contained herein is obtained from sources believed to be
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