/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/051212.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, December 12, 2005, Vol. 8, No. 245 Headlines A U S T R A L I A A.&J. FOOD: Schedules Final Meeting Dec. 19 ALL IN ONE: Winds Up Business BONDI MOTOR: Liquidator to Distribute Company Assets CLOUGH LIMITED: To Jumpstart Activities for Boddington Project COLIN PRATT: Decides to Close Operations EG GREEN: Founding Family Seeks to Regain Control FAIRVIEW PROPERTIES: Liquidator to Detail Wind Up Manner F.R.D. PTY: Winding Up Process Initiated G.N.M. LOGISTICS: Distributes Dividend to Creditors G RETAIL: Hopes Fade After Administration KA&S PERRY: Members Agree to Wind Up Business KI PLANTATIONS: Members to Receive Liquidator's Report KS EASTER: Court Orders Liquidation LA&BP HULBERT: Members Pass Winding Up Resolution MARTINS AUSTRALIA: Declares Final Dividend Today MATBAKIN PTY: Inability to Pay Debt Prompts Winding Up MINOTAUR DEVELOPMENTS: Members Opt for Voluntary Liquidation MYER LIMITED: Parent Urged to Appoint Probity Officer OZ TELECOM: Enters Voluntary Liquidation PI DIRECT: Creditors Confirm Liquidator's Appointment PLACER DOME: Says Barrick's Bid to Scrap Rights Plan 'Premature' SANDAJ INVESTMENTS: Members Agree to Close Business SPOOL LIMITED: Liquidator to Explain Wind Up Dec. 19 TELSTRA CORPORATION: Takes First Big Step in Hong Kong TONY WHITE: Placed Under Voluntary Liquidation WESTPOINT REAL: Creditors Resolve to Wind Up Business C H I N A & H O N G K O N G BENELUX MANUFACTURING: Unveils Meeting Agenda DAVENHAM ENGINEERING: Creditors Meeting Set Dec. 19 FU CHEONG: Enters Third Stage of Delisting Procedures HYDROTECH PROFESSIONAL: Winding Up Hearing Slated for Jan. 25 LAPAGAYO LIMITED: Court to Hear Winding Up Petition Dec. 21 LIK CHUNG: Enters Winding Up Process ORIENT TELECOMMUNICATION: Issues Creditors Meeting Notice SCORE TARGET: Annual Meeting of Creditors Fixed December 19 STAR WORLD: Issues Notice to Creditors TOY-MATE COMPANY: Court Issues Winding Up Order WERNER CLADDING: Creditors Meeting Set Dec. 19 WIDE LAND: Court Issues Winding Up Petition WO HING: Creditors Meeting Fixed December 19 ZHONG QUAN: Creditors to Convene Meeting Dec. 19 I N D I A INDUSTRIAL INVESTMENT: Revival Tagged with IFCI's * Minister Says Oil Firms to Lose US$7.7 Bln Revenue in 2005-06 I N D O N E S I A PERTAMINA: Next Year's Fuel Imports May Go Down PERTAMINA: Seeks to Extend LNG Contracts with Asian Buyers PERUSAHAAN LISTRIK: Must Settle Debt to State Oil Firm J A P A N JAPAN AIRLINES: Morgan Stanley Maintains Overweight Rating MITSUBISHI MOTORS: Shares Down 6.6% Friday MITSUBISHI MOTORS: JP Morgan Becomes Top Shareholder PIONEER CORPORATION: To Cut 2,600 Jobs RESONA GROUP: Strengthens Business Tie-up With Credit Saison SONY CORPORATION: Issuance New Shares in Sony Communications K O R E A KOREAN AIR: Eyes More Flight Cancellations as Strike Progresses M A L A Y S I A ANCOM BERHAD: Buys Back Ordinary Shares AYER HITAM: Gets Shareholders Nod to Acquire New Shares FURQAN BUSINESS: Unit Enters Into Deed of Novation with Kasturi HONG LEONG: Dissolves Wholly Owned Unit JIN LIN: Issues Update to Proposals LEBAR DAUN: Pays Interest for ICULS MAGNUM CORPORATION: Issues Notice of Shares Buy Back MBF HOLDINGS: Unit Placed in Voluntary Winding Up MEDIA PRIMA: Issues New Shares for Listing, Quotation PILECON ENGINEERING: Issues Update to PN1 Status PACIFIC & ORIENT: Buys Back New Shares SETEGAP BERHAD: Formulates Scheme to Regularize Condition SOUTHERN BANK: Chairman Steps Down from Post TECHVENTURE BERHAD: Unveils Date of Restraining Order Extension P H I L I P P I N E S BACNOTAN CONSOLIDATED: Notes Changes in Shareholdings LEPANTO CONSOLIDATED: To Receive Balance Payment Dec. 16 MANILA ELECTRIC: Customers Face Php107 Billing Hike MANILA ELECTRIC: FPI Presses Payment of Overdue Refund NATIONAL FOOD: Says Its Losses are Gains for Farmers * PhilamLife Says Pre-need Firms to Recover Next Year S I N G A P O R E BAROMEDICAL SERVICES: Receiving Claims Until Jan. 3 CHARTERED SEMICONDUCTOR: Increases Quarterly Profit Guidance CHINA AVIATION(S): Incurs Losses in Q2, Q3 FY/05 LIAN SHENG: To Declare Dividend MUSIC JUNCTION: Court Releases Winding Up Order PRISO PTE: Schedules Final Meeting Jan. 3 T H A I L A N D ADVANCE PAINT: To Hold Warrant Exercise Dec. 30 PICNIC CORPORATION: Disposes of Unit's 70% Shares - - - - - - - - ================= A U S T R A L I A ================= A.&J. FOOD: Schedules Final Meeting Dec. 19 ------------------------------------------- Notice is given that a joint meeting of the members and creditors of A.&J. Food Machines Services Pty Limited will be held on Dec. 19, 2005, 10:00 a.m. at the offices of Ferrier Hodgson, Level 29, 600 Bourke Street, Melbourne, Victoria, to present the Liquidator's account showing the manner in which the winding up of the Company was conducted and its property disposed of, and to hear any explanations that may be given by the Liquidator. Dated this 7th day of November 2005 A. L. Brown Liquidator Ferrier Hodgson Level 29, 600 Bourke Street Melbourne Vic 3000 ALL IN ONE: Winds Up Business ----------------------------- Notice is given that at a general meeting of the members of All In One Grinding & Floor Preparation Pty Limited held no Nov. 17, 2005, it was resolved that Messrs Paul Burness and Morgan Lane, Registered Liquidators of Worrells, Level 5, 15 Queen Street, Melbourne Vic 3000 be appointed as appointed Liquidators in the winding up of the Company. Dated this 21st day of November 2005 Paul Burness Morgan Lane Liquidators Worrells Solvency & Forensic Accountants Level 5, 15 Queen Street Melbourne Vic 3000 Phone: 03 9613 5500 Fax: 03 9614 3233 Web site: http://www.worrells.net.au/ BONDI MOTOR: Liquidator to Distribute Company Assets ---------------------------------------------------- At a general meeting of Bondi Motor Services Pty Limited held on Nov. 25, 2005, the following Special Resolution was passed: That the Company be wound up as a Member's Voluntary Liquidation, and that its assets may be distributed (in whole or in part) to the members in specie, should the Liquidator so desire. Dated this 25th day of November 2005 Terry Ringland Liquidator 1/44A Perouse Road, Randwick NSW 2031 CLOUGH LIMITED: To Jumpstart Activities for Boddington Project -------------------------------------------------------------- Clough Limited as part of a joint venture has been engaged by the participants in the Boddington Gold Mine Joint Venture - Newmont, AngloGold Ashanti and Newcrest - to commence early engineering activities and secure critical long delivery time items for the proposed Boddington Project. The contracted entity is an unincorporated joint venture between Aker Kvaerner Australia and Clough Murray & Roberts (AKCMR Joint Venture), and is the inaugural contract for the Clough Murray & Roberts Strategic Alliance. This initial engagement of AKCMR is under the terms of a Limited Notice to Proceed for a period of four months, during which time the final feasibility study will be completed and a decision to proceed with the project considered by each of the project owner participants. Should the project proceed, the potential A$115 million joint venture contract will involve the Engineering, Procurement and Construction Management (EPCM) of gold and copper processing facilities, capable of handling 35 million tonnes of ore per annum. The Boddington Project is located approximately 130km south east of Perth in Western Australia. David Singleton, CEO and Managing Director of Clough Limited said, "This is a great opportunity for Clough Murray & Roberts to perform its inaugural project in the state of Western Australia and for a joint venture of blue chip clients. "It is also pleasing to see the joint venture between Clough and Aker Kvaerner continuing to be a successful combination. The joint venture has recently completed an EPCM contract for Rio Tinto's HIsmelt facility in Western Australia, and performed the floatover of the Bayu Undan topsides for ConocoPhillips Australia in 2004. "The award of the Boddington Project is aligned with our strategy of performing 50% of the Group's activity from engineering services and alliance style contracts," Mr. Singleton said. Tom Quinn, Managing Director of Aker Kvaerner Australia said, "This is a great opportunity for Clough and Aker Kvaerner to continue our successful partnership based on leveraging our complementary skills developing a major international scale project in Western Australia for major resource clients." CONTACT: Clough Limited Head Office & Principal Registered Office Level 6, 251 St Georges Terrace Perth, Western Australia 6000 Telephone: +618 9281 9281 Facsimile: +618 9481 6699 E-mail: clough@clough.com.au Web site: http://www.clough.com.au/ COLIN PRATT: Decides to Close Operations ---------------------------------------- Notice is hereby given that at an extraordinary general meeting of the members of Colin Pratt Garden Design Pty Limited held on Nov. 11, 2005, it was resolved that the Company be wound up voluntarily, and Mr. David H. Scott of Jones Condon Chartered Accountants, 77 Station Street, Malvern Vic 3144 was appointed as Liquidator at a creditors' meeting held that same day. Dated this 14th day of November 2005 David H. Scott Liquidator Jones Condon Chartered Accountants 77 Station Street, Malvern Vic 3144 EG GREEN: Founding Family Seeks to Regain Control ------------------------------------------------- The Green family, which has owned EG Green and Sons for three generations, said it is confident it will regain control of the failed abattoir, The West Australian relates. The Greens made the statement even though it has yet to lock away the funding needed to get the business out of administration. The family was among at least three groups, which submitted rival proposals for the Harvey meatworks' future to administrator Martin Jones of Ferrier Hodgson by Thursday's deadline for unconditional offers. Farm services giant Elders, EG Green's biggest creditor, confirmed yesterday it had also lodged a final offer with South Australian meat processor T & R Pastoral. A rival consortium put together by corporate advisory firm Mainsheet and backed by offshore investment funds Stark Investments and Harmony Capital Partners also confirmed it had made a final offer. A fourth bid was also expected to have been lodged by Victorian- based meat processor Tasman Group. Meanwhile, Mr. Jones indicated he would like to put a recommendation to creditors, collectively owed AU$73.7 million, by as soon as next week, just under four months after it was put into administration by the Green family. Mr. Jones re-opened the works in September after a 20-day shutdown but cut back the workforce by around half and reduced its operation from two shifts to one and from seven days a week to five. 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 FAIRVIEW PROPERTIES: Liquidator to Detail Wind Up Manner ------------------------------------------------------ Notice is hereby given that a final meeting of the members and Creditors of Fairview Properties Pty Limited will be held on Dec. 19, 2005, 11:00 a.m. at Hall Chadwick, Level 29, 31 Market Street, Sydney NSW 2000, for the following purposes: BUSINESS (1) To receive the Liquidator's account of his acts and dealings and of the conduct of the winding up during the liquidation period, ending on Dec. 19, 2005. (2) Any other business. Adrian Stewart Duncan Liquidator C/o Hall Chadwick Level 29, 31 Market Street Sydney NSW 2000 F.R.D. PTY: Winding Up Process Initiated ---------------------------------------- Notice is hereby given that on Nov. 2, 2005, it was resolved by special resolution that F.R.D. Pty Limited be wound up voluntarily, and that Mr. David Levi of PKF Chartered Accountants, Level 10, 1 Margaret Street, Sydney, be appointed as Liquidator for such purpose. Dated this 22nd day of November 2005 David Levi Liquidator PKF Chartered Accountants Level 10, 1 Margaret Street Sydney NSW 2000 G.N.M. LOGISTICS: Distributes Dividend to Creditors --------------------------------------------------- G.N.M. Logistics Services Pty Limited will declare a dividend on Dec. 12, 2005. Creditors who where not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 12th day of October 2005 John Morgan Liquidator PKF Chartered Accountants Level 10, 1 Margaret Street Sydney NSW 2000 Phone: 02 9251 4100 Fax: 02 9240 9821 Web site: http://www.pkf.com.au G RETAIL: Hopes Fade After Administration ----------------------------------------- The end is near for G Retail Limited, as the Gowing family seeks for a new tenant for its embattled men's wear chain, reports the Sydney Morning Herald. A recent newspaper advertisement announced that the landmark retail space on the corner of Market and George streets Sydney is on the market for the first time since 1929 - "subject to vacant possession". The advertisement, which says six floors are available, asks interested parties to contact commercial property agents CB Richard Ellis. The Gowing family, acting through its listed investment company Gowing Bros, had previously appointed property agents Savills to fill office space in the historic building. Hopes are rapidly fading for the 137-year-old men's wear retailer after it fell into administration last month following the collapse of bailout talks with budget retailer, Lowes. Administrator Deloitte was continuing to search for a buyer of the retail business. Deloitte said last month it would be forced to liquidate G Retail if no buyer was found by Christmas, the date it predicted the retailer would run out of cash. About 190 jobs are at stake. CONTACT: G Retail Ltd Level 6, 15 Castlereigh Street Sydney NSW 2000 Web site: http://www.gowings.com/ KA&S PERRY: Members Agree to Wind Up Business --------------------------------------------- Notice is hereby given that at an extraordinary general meeting of the members of KA&S Perry Pty Limited held on Nov. 17, 2005, it was resolved that the Company be wound up voluntarily, and Mr. James Alexander Shaw of Ferrier Hodgson (Newcastle) Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW 2300 be appointed as Liquidator for the winding up. Dated this 17th day of November 2005 James A. Shaw Liquidator Ferrier Hodgson Chartered Accountants PO Box 840, Newcastle NSW 2300 KI PLANTATIONS: Members to Receive Liquidator's Report ------------------------------------------------------ Notice is given that a final meeting of the members of KI Plantations Limited will be held on Dec. 19, 2005, 3:00 p.m. at the offices of KordaMentha, Level 11, 37 St. Georges Terrace, Perth WA for the following purposes: AGENDA (1) To receive the Liquidator's final account of acts and dealings and the conduct of the winding up, and to hear any explanations thereof. (2) To consider any other matters which may properly be brought before the meeting. Dated this 2nd day of November 2005 Oren Zohar Liquidator KordaMentha (WA) Level 11, 37 St. Georges Terrace Perth WA Phone: 08 9221 6999 KS EASTER: Court Orders Liquidation ----------------------------------- On Nov. 14, 2005, the Supreme Court of New South Wales, Equity Division appointed Mr. Christopher J. Palmer to be the Liquidator in the winding up of KS Easter (Newcastle) Pty Limited. Dated this 6th day of December 2005 Christopher J. Palmer Liquidator O'Brien Palmer Level 4, 23 Hunter Street Sydney NSW 2000 LA&BP HULBERT: Members Pass Winding Up Resolution ------------------------------------------------- Notice is hereby given that at a general meeting of the members of LA&BP Hulbert Pty Limited held on Nov. 17, 2005, it was resolved that the Company be wound up voluntarily, and Ms. Vanda Gould of Level 42, AAP Centre, 259 George Street, Sydney NSW 2000 be appointed as Liquidator for such purpose. Dated this 17th day of November 2005 Vanda Gould Liquidator Level 42, AAP Centre 259 George Street Sydney NSW MARTINS AUSTRALIA: Declares Final Dividend Today ------------------------------------------------ Martins Australia Pty Limited will declare a final dividend today, Dec. 12, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 9th day of November 2005 A. H. J. Wily Liquidator Armstrong Wily Chartered Accountants Level 5, 75 Castlereagh Street Sydney NSW 2000 MATBAKIN PTY: Inability to Pay Debt Prompts Winding Up ------------------------------------------------------ Notice is hereby given that at an extraordinary general meeting of Matbakin Pty Limited held on Nov. 3, 2005 the following Special Resolution was passed: That as it will not be able to pay its debts within 12 months, the Company be wound up by a Creditors Voluntary Winding Up. Chris Chamberlain of Nicholls & Co. Chartered Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW was appointed as the Company Liquidator. Dated this 21st day of November 2005 Chris Chamberlain Liquidator Suite 103, 1st Floor, Wollundry Chambers Johnston Street, Wagga Wagga NSW 2650 MINOTAUR DEVELOPMENTS: Members Opt for Voluntary Liquidation ------------------------------------------------------------ On Nov. 18, 2005, Minotaur Developments Pty Limited was placed under a members' voluntary liquidation, and Mr. Jamieson Louttit was appointed as Liquidator for such purpose. Jamieson Louttit Liquidator Jamieson Louttit & Associates Level 15, 88 Pitt Street Sydney NSW 2000 Phone: 02 9231 0505 Fax: 02 9231 0303 MYER LIMITED: Parent Urged to Appoint Probity Officer ----------------------------------------------------- Coles Myer was urged to appoint an external probity officer to monitor the connections between potential buyers of its unit, Myer Limited, and Coles, The Australian reports. The AU$450-million Myer sale is embroiled in perceptions of a possible conflict of interest after The Australian revealed that one of the parties lodging an indicative bid, Archer Capital, has close links to Coles. The report prompted several bidders to demand that Coles address the possible conflict of interest in relation to the links between Coles and some potential buyers of Myer. The bidders advocating the appointment of a probity officer requested anonymity, saying they were constrained by strict provisions of a 22-page confidentiality agreement they signed to get access to an information memorandum. CONTACT: Myer Limited 295 Lonsdale Street Melbourne Vic 3000 Telephone: (61 3) 9661 1111 Facsimile: (61 3) 9661 3770 Web site: http://www.myer.com.au OZ TELECOM: Enters Voluntary Liquidation ---------------------------------------- Notice is hereby given that at a general meeting of the members of OZ Telecom Pty Limited held on Nov. 18, 2005, it was resolved that the Company be wound up voluntarily, and that Mr. Gregory Stuart Andrews of G. S. Andrews & Associates, 22 Drummond Street, Carlton 3053 be appointed as Liquidator for such winding up. Dated this 18th day of November 2005 Gregory S. Andrews Liquidator G. S. Andrews & Associates 22 Drummond Street, Carlton Vic 3053 Phone: 03 9662 2666 Fax: 03 9662 9544 PI DIRECT: Creditors Confirm Liquidator's Appointment ----------------------------------------------------- Notice is hereby given that at a general meeting of the members of PI Direct Pty Limited held on Nov. 11, 2005, a Special Resolution was passed to voluntarily wind up the Company, and Mr. M. F. Cooper was appointed as the Company Liquidator. Creditors approved the Liquidator's appointment at a creditors' meeting held later that day. Dated this 11th day of November 2005 M. F. Cooper Liquidator Frasers Insolvency Advisory Level 9, 99 Elizabeth Street Sydney NSW 2000 PLACER DOME: Says Barrick's Bid to Scrap Rights Plan 'Premature' ---------------------------------------------------------------- Placer Dome Inc. responded to an application made by Barrick Gold Corporation after the close of markets on Friday, Dec. 2, 2005 requesting that the British Columbia Securities Commission (BCSC) effectively strike down Placer Dome's Shareholder Rights Plan. "Placer Dome is in active discussions with a number of parties about a range of potential value-enhancing transactions," said Peter Tomsett, President and Chief Executive Officer. "By applying to "cease trade" the rights at this time, Barrick is seeking to prematurely end the value-enhancing process Placer Dome has underway and thereby deny Placer Dome shareholders the opportunity to consider any potential alternatives to Barrick's inadequate offer. Cutting that process short may be in Barrick's interests, but it is certainly not in the best interests of Placer Dome shareholders." Placer Dome has had a shareholder rights plan in place since 1990, and it has received shareholder approval of prior rights plans on numerous occasions since then. The current rights plan is not a short-tem tactical rights plan adopted in response to the Barrick offer. It was adopted on February 26, 2004 and received the overwhelming approval of 79% of shareholders represented in person or in proxy at the Annual and Special Meeting of shareholders on May 5, 2004. Placer Dome shareholders have therefore collectively expressed their view that it is in their interests to be afforded the protection offered by the rights plan in the event of an unsolicited offer that is not a "Permitted Bid", such as the Barrick offer. The "Permitted Bid" provisions of Placer Dome's Rights Plan contain standard conditions, and include the requirement that an offer be open for at least 60 days and meet other standards designed to ensure that shareholders are treated fairly in any offer. Barrick was free to make its offer a Permitted Bid but chose not to do so. Placer Dome believes Barrick's choice could deprive Placer Dome shareholders of the opportunity to consider a superior alternative. By contrast, a number of pending and recent unsolicited bids in Canada have either been made as permitted bids or been open for acceptance for the minimum period prescribed by the permitted bid provisions of the target company's rights plan. Placer Dome's Board of Directors is carrying out an active process to generate a value-enhancing alternative to the Barrick offer, which it views as opportunistic and inadequate, including the appointment of a Special Committee of the Board to oversee the process. That process is ongoing. To date, Placer Dome has entered into confidentiality and standstill agreements with, and provided certain non-public financial and operating information of Placer Dome to, a number of interested parties. Due to the strategic value of Placer Dome's quality gold and copper assets, Placer Dome's Board of Directors believes that Placer Dome and its assets are potentially very attractive to other parties in addition to Barrick. Placer Dome has major mining operations located in Canada, the United States, Australia, Papua New Guinea, South Africa, Tanzania and Chile. Given the international scope of its operations and the logistical complexity inherent in assessing the value of mineral properties and conducting appropriate site visits, potential bidders for Placer Dome require more than the amount of time provided by the Barrick offer to assess Placer Dome's value. In addition, potential alternative transactions under consideration may involve negotiations with more than one party or may involve consideration being offered to Placer Dome shareholders in the form of securities of the acquiror, requiring additional time to complete the negotiation of an alternative transaction and for Placer Dome to conduct the necessary due diligence with respect to the potential acquiror. Placer Dome expects to file a formal response to Barrick's application later this week. Placer Dome is a global gold mining company employing more than 13,000 people at 16 mining operations in seven countries. The Vancouver-based company's shares trade on the Toronto, New York, Swiss and Australian stock exchanges and Euronext-Paris under the symbol PDG. Note to Security Holders: In response to the exchange offer by Barrick Gold Corporation relating to Placer Dome, Placer Dome has filed in Canada and the U.S. and mailed to its shareholders a Directors' Circular dated November 23, 2005, and has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9, which includes the Directors' Circular as an exhibit thereto. These documents set forth the full response of the Board of Directors of Placer Dome to the exchange offer by Barrick. Security holders are urged to read the Directors' Circular, as well as the Solicitation/Recommendation Statement on Schedule 14D-9 (including any amendments or supplements thereto and the other documents filed as exhibits thereto), because they contain important information. Security holders may obtain a free copy of the Directors' Circular as well as any other documents filed by Placer Dome in connection with the exchange offer by Barrick, free of charge at the SEC's website at www.sec.gov, from Placer Dome at www.placerdome.com, or by contacting Georgeson Shareholder, the information agent retained by Placer Dome, at 1-866-245-2999. CONTACT: Investor Relations: Greg Martin (604) 661-3795 Meghan Brown (604) 661-1577 Media Relations: Gayle Stewart (604) 661-1911 Shareholder Inquiries: Georgeson Shareholder Communications Canada Inc. Placer Dome's Information Agent Toll-free within North America 1-866-245-2999 Head office Suite 1600, Bentall IV 1055 Dunsmuir Street (PO Box 49330, Bentall Postal Station) Vancouver, B.C. Canada V7X 1P1 Phone: (604) 682-7082 Web site: http://www.placerdome.com SANDAJ INVESTMENTS: Members Agree to Close Business --------------------------------------------------- Notice is hereby given that at a general meeting of the members of Sandaj Investments Pty Limited held on Nov. 15, 2005, it was resolved that the Company be wound up voluntarily, and that Mr. Henry Kazar of SimsPartners Chartered Accountants, 32 Thesiger Court, Deakin, ACT be appointed as Liquidator for such purpose. Dated this 29th day of November 2005 Henry Kazar Liquidator SimsPartners Chartered Accountants 32 Thesiger Court, Deakin ACT 2600 SPOOL LIMITED: Liquidator to Explain Wind Up Dec. 19 ---------------------------------------------------- Notice is given that a final meeting of the members and creditors of Spool Limited will be held on Dec. 19, 2005, 3:00 p.m. at the offices of Lawler Partners, 763 Hunter Street, Newcastle West NSW 2302, to receive the Liquidator's account showing the manner of the Company's winding up and disposal of property, and to hear any explanations that may be given by the Liquidator. Dated this 15th day of November 2005 R. G. Tolcher Liquidator Lawler Partners Chartered Accountants 763 Hunter Street, Newcastle West NSW 2302 TELSTRA CORPORATION: Takes First Big Step in Hong Kong ------------------------------------------------------ Telstra Corporation announced that Hong Kong CSL Limited and New World PCS Limited will be merged on a debt-free basis, giving Telstra first mover advantage in the Hong Kong market and significant cost savings. The merged company will become H.K.'s largest mobile business with 34 percent market share, creating scale benefits. Telstra will own 76.4 percent of the merged company and receive HK$244 million in cash (approx. AU$42 million), whilst New World Mobile Holdings (NWMHL) will own 23.6 percent. Telstra can nominate four directors to the Board of the merged company (including the Chairman) and New World, two directors. CSL's CEO, Hubert Ng, will be the CEO of the merged business -- to be called CSL New World Mobility Limited. All of CSL's and New World's brands will be retained as they target different market segments. Telstra and NWMHL believe that they can achieve significant synergies and cost savings through rationalization of networks, I.T. systems and corporate support. The merger is not expected to result in any gain or loss in relation to Telstra's holding in CSL. Consequently, no change will be made to Telstra's existing carrying value of CSL. Telstra's CEO, Mr. Sol Trujillo, said, "The merged business will have first mover advantage in the long-awaited consolidation of the H.K. cellular market. "A merged CSL and New World is well placed to provide leading services in Hong Kong's dynamic, competitive market. "The two customer bases are complementary - CSL predominantly operates in the higher value customers, while New World has achieved 17 percent market share by targeting value-conscious subscribers through a low cost business model," he said. Telstra CFO, Mr. John Stanhope, said, "CSL is already Hong Kong's No. 1 mobile operator in terms of revenue per customer - this merger will also make it No. 1 in terms of revenue, profitability and subscriber numbers market. This merger is expected to deliver over AU$400 million of cost savings. "The merger meets Telstra's acquisition criteria. It is cash flow positive and EPS accretive from year one; and its ROIC exceeds consensus WACC in year two," he said. This merger is subject to the approval of the NWMHL shareholders and consent of the Telecommunications Authority of Hong Kong with completion of the transaction targeted for March 31, 2006. 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/ TONY WHITE: Placed Under Voluntary Liquidation ---------------------------------------------- Notice is hereby given that at an extraordinary general meeting of the members of Tony White & Partners (Aust) Pty Limited held on Nov. 14, 2005, it was resolved that the Company be wound up voluntarily, and Mr. James Patrick Downey of Cole Downey & Co. Chartered Accountants, Level 1, 22 William Street, Melbourne, Victoria 3000 was appointed as Liquidator at a creditors' meeting held that same day. Dated this 14th day of November 2005 James P. Downey Liquidator Cole Downey & Co. Chartered Accountants Level 1, 22 William Street Melbourne Vic 3000 WESTPOINT REAL: Creditors Resolve to Wind Up Business ----------------------------------------------------- Notice is hereby given that on Nov. 15, 2005, the creditors of Westpoint Real Estate Pty Limited resolved to wind up the Company voluntarily. Bruno A. Secatore Daniel P. Juratowitch Liquidators Bentleys MRI Level 7, 114 William Street Melbourne Vic 3000 ============================== C H I N A & H O N G K O N G ============================== BENELUX MANUFACTURING: Unveils Meeting Agenda --------------------------------------------- Notice is hereby given that Meetings of the Members and Creditors of Benelux Manufacturing Limited (In Compulsory Liquidation) will be held at Room 209, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on December 19, 2005 at 10 a.m. and 10:30 a.m. Agenda To consider and if thought fit pass the following resolutions: 1. "that the resignation of Mr. Fan Wai Kuen as Joint and Several Liquidator be accepted"; 2. "that the vacancy arising as a consequence of the resignation of Mr. Fan be filled by Mr. Stephen Briscoe". Dated this 9th of December 2005. Fan Wai Kuen Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4.00 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. DAVENHAM ENGINEERING: Creditors Meeting Set Dec. 19 --------------------------------------------------- Notice is hereby given that Meetings of the Members and Creditors of Davenham Engineering Projects Limited (In Compulsory Liquidation) will be held at Room 209, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on December 19, 2005 at 11 a.m. and 11:30 a.m. respectively. Agenda To consider and if thought fit pass the following resolutions: 1. "that the resignations of Mr. Fan Wai Kuen and Mr. David John Kennedy as Joint and Several Liquidators be accepted"; 2. "that the vacancies arising as a consequence of the resignations of Mr. Fan and Mr. Kennedy be filled by Mr. Stephen Briscoe and Mr. Cosimo Borrelli." Dated this 9th of December 2005. Fan Wai Kuen Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. FU CHEONG: Enters Third Stage of Delisting Procedures ----------------------------------------------------- The Stock Exchange of Hong Kong Limited announced that effective from the date of this announcement, Fu Cheong International Holdings Limited will be placed into the third stage of the delisting procedures in accordance with Practice Note 17 to the Listing Rules. Practice Note 17 formalizes the procedures to be adopted in dealing with long suspended companies. Dealing in the shares of the Company has been suspended since December 16, 2002. At the end of the second stage of the Delisting Procedures, the Company has not submitted valid resumption proposal. A valid resumption proposal, among other things, would enable the Company to demonstrate that it complies with Listing Rule 13.24. Under Listing Rule 13.24, the Company is required to carry out, directly or indirectly, a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the Company's shares on the Exchange. Besides, given the circumstances of this case, the Company is required to (a) address to the Exchange's satisfaction concerns about the allegations in relation to inaccurate information contained in the Company's prospectus dated 13 March 2002 already highlighted by the Exchange to the Company; and (b) provide detailed account of work undertaken by independent persons to investigate and address the Allegations and to substantiate the Company's compliance with all new listing requirements under the Listing Rules and applicable laws and regulations together with an analysis which can demonstrate the Company's suitability for listing at the time of listing and subsequently. In view of the absence of valid resumption proposal and the Company's continued failure to demonstrate its compliance with the requirements stipulated under Listing Rule 13.24, the Company will now be placed in the third stage of the Delisting Procedures. The Company will have a final six months for the submission of a valid resumption proposal to the Exchange. A valid resumption proposal should be submitted at least 10 business days as defined in the Listing Rules before the expiry of the six-month period. If the Company does not submit a valid resumption proposal as required, the Exchange intends to cancel the listing of the Company on the expiry of the six-month period from 8 December 2005, i.e. on 7 June 2006. The Exchange will make a further announcement in due course if the delisting takes place. CONTACT: Fu Cheong International Holdings Ltd. Flat 6 3F Block 2 Tak Fung Industrial Centre 166-176 Texaco Rd., Tsuen Wan New Territorie , Hong Kong Phone: 852 2406 8936 Fax: 852 2406 8896 HYDROTECH PROFESSIONAL: Winding Up Hearing Slated for Jan. 25 ------------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Hydrotech Professional Limited by the High Court of Hong Kong Special Administrative Region was on November 15, 2005 presented to the said Court by First-Tech Engineering Limited whose registered office is situate at Room 1, Ground Floor, Transport City Building, 1-7 Shing Wan Road, Shatin, New Territories, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on January 25, 2006. 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. T. C. LAU & CO. Solicitors for the Petitioner Room 501-2 China Insurance Group Building No. 141 Des Voeux 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 January 24, 2006. LAPAGAYO LIMITED: Court to Hear Winding Up Petition Dec. 21 ----------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Lapagayo (Asia Pacific) Limited by the High Court of Hong Kong was on October 28, 2005 presented to the said Court by Hui Yuk Fong of No. 31, Lane 2, Tung Tau Wai, Wang Chau, Yuen Long, New Territories, Hong Kong. The said petition is directed to be heard before the Court at 9:30 a.m. on December 21, 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 December 20, 2005. LIK CHUNG: Enters Winding Up Process ------------------------------------ Notice is hereby given that a Petition for the Winding up of Lik Chung Group (Investments) Limited by the High Court of Hong Kong Special Administrative Region was on November 11, 2005 presented to the said Court by Bank of China (Hong Kong) Limited (the successor banking corporation to Kincheng Banking Corporation pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose registered office is situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on January 4, 2006. 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. GALLANT Y. T. HO & CO. Solicitors for the Petitioner 5th Floor, Jardine House No. 1 Connaught Place 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 January 3, 2006. ORIENT TELECOMMUNICATION: Issues Creditors Meeting Notice --------------------------------------------------------- Notice is hereby given that pursuant to Section 241 of the Companies Ordinance, a meeting of creditors of Orient Telecommunication Networks (HK) Limited (In Liquidation) will be held at Training Room C, Unit 1, Ground Floor, the Centre, 99 QAueen's Road Central, Hong Kong at 10:30 a.m. on December 16, 2005 for the purposes provided for in Sections 241, 242, 243, 244 and 255A of the Companies Ordinance. Creditors may vote either in person or by proxy. Proxies to be used at the meeting must be lodged at 13/F Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong or sent by fax at (852) 2218 3518 not later than 4 p.m. on the day before the meeting or any adjourned meeting at which they are to be used. Dated this 9th day of December 2005. Alan C. W. Tang Alison Wong Lee Fung Ying Joint and Several Liquidators SCORE TARGET: Annual Meeting of Creditors Fixed December 19 ----------------------------------------------------------- Notice is hereby given that pursuant to Section 247 of the Companies Ordinance (Chapter 32), the annual meetings of the Creditors and Contributories of Score Target Investment Limited (In Creditors' Voluntary Liquidation) will be held at the office of Grant Thornton, 13/F., Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong on December 19, 2005 at the times specified below, for the purpose of having an account laid before the meetings by the Joint and Several liquidators of their acts and dealings and of the conduct of the winding- up. Creditors' Meeting: 11 a.m. Contributories' Meeting: 11:30 a.m. Creditors and Contributories may attend and vote either in person or by proxy. Form of general proxy is enclosed herewith. Proxy from to be used at the Meetings must be lodged at 13th Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central Hong Kong or sent by facsimile to 2218 3500, not later than 4 p.m. on the day before the meetings or any adjourned meetings at which they are to be used. Dated this 9 day of December 2005 Alan C. Tang Wong Kwok Man Joint and Several Liquidators STAR WORLD: Issues Notice to Creditors -------------------------------------- Notice is hereby given that Meetings of the Members and Creditors of Star World International Limited (In Compulsory Liquidation) will be held at Room 209, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong, on December 19, 2005 at 4 p.m. and 4:30 p.m. respectively. Agenda To consider and if thought fit pass the following resolutions: 1. "that the resignation of Mr. Fan Wai Kuen as Joint and Several Liquidator be accepted"; 2. "that the vacancy arising as a consequence of the resignation of Mr. Fan shall be filled by Mr. Stephen Briscoe". Dated this 9th of December 2005. Fan Wai Kuen Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. TOY-MATE COMPANY: Court Issues Winding Up Order ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of Toy-Mate (HK) Company Limited by the High Court of Hong Kong Special Administrative Region was on the 18th day of November 2005 present to the said Court by Poon Sau Tin of Units 9-10, 4th Floor, Kinglet Industrial Building, 21-23 Shing Wan Road, Tai Wai, Shatin, New Territories, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on the January 11, 2006. 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. C Y CHAN & COMPANY Solicitors for the Petitioner Room 602, Tower 2, Admiralty Centre 18 Harcourt Road Admiralty, 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 January 10, 2006. WERNER CLADDING: Creditors Meeting Set Dec. 19 ---------------------------------------------- Notice is hereby given that Meetings of the Members and Creditors of Werner Cladding Systems (Asia) Limited (In Compulsory Liquidation) will be held at Room 209, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on December 19, 2005 at 12 noon and 12:30 p.m. respectively. Agenda To consider and if thought fit pass the following resolutions: 1. "that the resignation of Mr. Wong Tak Man, Stephen as Joint and Several Liquidator be accepted"; 2. "that the vacancy arising as a consequence of the resignation of Mr. Wong shall be filled by Mr. Stephen Briscoe." Dated this 9th of December 2005. Wong Tak Man, Stephen Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. WIDE LAND: Court Issues Winding Up Petition ------------------------------------------- Notice is hereby given that a Petition for an Order that Wide Land Purchasing Centre Limited be wound up or alternatively the company, Ma Kwok Po and Yau Wai Keung be ordered to purchase Chow Hing Eric (Petitioner)'s shares (i.e. 4,000,000 shares) in the company at a reasonable or fair price after appropriate adjustments are made to the accounts of the said Company or such other prices as may be determined by the Court or alternatively the relieves be granted to the Petitioner under Sections 168A and/or 177(1)(f) of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong as the Court thinks fit or for such other order as shall be just was presented to the High Court of Hong Kong on the 17th day of November 2005 by Chow Hing Eric of Flat H, 1st Floor, Tower 11, Ocean Shores, Tseung Kwan O, 88 O King Road, Sai Kung, New Territories, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m. on January 18, 2006. 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. FOO, LEUNG & YEUNG Solicitors for the Petitioner Unit 2, 18th Floor, C.M.A. Building 64 Connaught Road Central Central, Hong Kong Phone: 2543 0083 Fax: 2543 1886 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 January 17, 2006. WO HING: Creditors Meeting Fixed December 19 -------------------------------------------- Notice is hereby given that Meetings of the Members and Creditors of Wo Hing Engineering Limited (In Compulsory Liquidation) will be held at Room 209, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on December 19, 2005 at 2 p.m. and 2:30 p.m. respectively. Agenda To consider and if thought fit pass the following resolutions: 1. "that the resignations of Mr. Fan Wai Kuen and Mr. David John Kennedy as Joint and Several Liquidators be accepted"; 2. "that the vacancies arising as a consequence of the resignations of Mr. Fan and Mr. Kennedy shall be filled by Mr. Stephen Briscoe and Mr. Cosimo Borrelli." Dated this 9th of December 2005. Fan Wai Kuen Joint and Several Liquidator Note:Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. ZHONG QUAN: Creditors to Convene Meeting Dec. 19 ------------------------------------------------ Notice is hereby given that Meetings of the Members and Creditors of Zhong Quan Cheuk Kei Engineering Company Limited (In Compulsory Liquidation) will be held at Room 209, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on December 19, 2005 at 3 p.m. and 3:30 p.m. respectively. Agenda To consider and if thought fit pass the following resolutions: 1. "that the resignations of Mr. Fan Wai Kuen and Mr. David John Kennedy as Joint and Several Liquidators be accepted"; 2. "that the vacancies arising as a consequence of the resignations of Mr. Fan and Mr Kennedy shall be filled by Mr. Stephen Briscoe and Mr. Cosimo Borrelli". Dated this 9th of December 2005. Fan Wai Kuen Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. ========= I N D I A ========= INDUSTRIAL INVESTMENT: Revival Tagged with IFCI's ------------------------------------------------- The Union Finance Ministry has decided that the fate of the ailing Industrial Investment Bank of India (IIBI) will be tagged with that of IFCI Ltd, The Telegraph reveals. Thus, instead of following an independent path, IIBI will have to adopt the same route that will eventually be decided for the future of IFCI. With a stand-alone turnaround having been ruled out for either of the entities, the government has no other way but to look out for suitable merger plans with stronger institutions. In fact, the government has refrained from providing the INR65- crore recap fund IIBI had asked for its revival. The tying up of the revival of IIBI and IFCI together signals a shift from the earlier plans chalked out by the government for the Calcutta- based financial institution. The finance ministry at one point had virtually made up its mind to merge IIBI with IDBI Ltd and IDBI had also carried out a due diligence on IIBI pending a possible merger. With the finance ministry now exploring a new option for IFCI in addition to the earlier proposal of merger with either IDBI Ltd or Punjab National Bank, the present move linking the two financial institutions, IIBI and IFCI, assumes significance. Reportedly, Life Insurance Corporation of India is also now being considered as a possible option with which IFCI could be merged. The financial institution's expertise in corporate appraisal for term financing could come handy for the life insurance behemoth in appraising LIC's long-term exposure, especially to the infrastructure sector. The latest development would also mean that the ministry is not looking at a possible winding up of IIBI as has been conjectured by certain quarters. CONTACT: Industrial Investment Bank of India Limited 10th Floor, Jeevan Prakash, 25 K.G. Marg, New Delhi-110 001 Phone: 331 4774/2819, 371 5749/5751, Fax : 335 7526 Earnest Hse, 11th Flr, 194 Nariman Pt, Mumbai-400 021 Phone: 204 0361/204 0489/2725 Fax : 285 0134 Spencer Plaza, 7th Flr, 769 Anna Salai, Chennai-2 Phone: 852 1536, 852 4016, 852 4912 Fax : 852 4905 N 603, 6th Floor, Manipal Center, 47 Dickenson Road, Bangalore-560 042 Phone: 559 7158/8001/8101/8181 Fax : 558 9836 * Minister Says Oil Firms to Lose US$7.7 Bln Revenue in 2005-06 --------------------------------------------------------------- Indian oil refining and retailing firms expect a revenue loss of INR355.52 billion in the year to March 2006, Reuters reports citing India Oil Minister Mani Shankar Aiyar. This includes INR206.52 billion on account of subsidized kerosene and cooking gas and INR149 billion because of government controls on petrol and diesel prices. The estimated revenue loss in 2005/06 is 76 percent more than the previous fiscal year's US$4.3 billion. "Since domestic prices of sensitive petroleum products have not been revised in line with international prices, oil marketing companies have incurred (revenue losses)," Mr. Aiyar told the parliament. India raised administered prices of petrol and diesel by 7 percent in September, matching a similar increase in June. But oil retailing firms, including Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, which all reported losses for April-June, said the rise was inadequate. The prices of cooking gas, consumed mostly by the middle class, and kerosene, used by the poor to light their homes, were left unchanged. The federal coalition government has allowed only a moderate increase in fuel prices as its key political allies, particularly the communists, have strongly opposed the move. ================= I N D O N E S I A ================= PERTAMINA: Next Year's Fuel Imports May Go Down ----------------------------------------------- State oil firm PT Pertamina said that it is expecting its fuel imports for January 2006 to fall by 29.2%, reports Dow Jones. According to Pertamina Marketing Director Arie Sumarno, demand for petroleum products have continued to decrease since the government increased fuel prices last October. As a result, the Company's purchase of fuel products would fall by between 500,000 to 600,000 barrels per day in January 2006. This means that fuel imports would fall from 12 million barrels in 2005 to 8.5 million barrels next month. At present, Pertamina has a fuel reserve level adequate for 26 days' consumption. 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 PERTAMINA: Seeks to Extend LNG Contracts with Asian Buyers ---------------------------------------------------------- State oil and gas firm PT Pertamina halted negotiations with its Asian buyers (e.g. Japan, South Korea and Taiwan) to extend their liquefied natural gas (LNG) contracts, Asia Pulse reports. The Company had signed a contract to export up to 6 million tons of LNG to its traditional buyers until 2010, but the buyers had asked to extend existing contracts after that time. Pertamina suspended its LNG exports last month, to verify the amount of LNG alloted for export, according to Pertamina Marketing Director Arie Sumarno. He added, however, that the temporary suspension would not disturb existing annual LNG deliveries. PERUSAHAAN LISTRIK: Must Settle Debt to State Oil Firm ------------------------------------------------------ State oil firm PT Pertamina threatened to cut off its fuel suply to state power firm PT Perusahaan Listrik Negara (PLN), if it would not settle its IDR6 trillion debt, reports Asia Pulse. Pertamina Finance Director Alfred H. Rohimone said that the drastic measure is due to PLN's failure to pay its arrears; however, they will ask PLN which fuel supplies could be reduced. The Company's board of commissioners had reprimanded management for allowing PLN's debt to grow so large. Pertamina had written to PLN many times to remind the firm to settle its debts, but to no avail. PLN currently uses up 8.6 million kiloiters of fuel annually. CONTACT: PT Perusahaan Listrik Negara (Persero) Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru Jakarta, 12160, Indonesia Phone: 62 21 725 1234 Fax: 62 21 722 1330 Web site: http://www.pln.co.id ========= J A P A N ========= JAPAN AIRLINES: Morgan Stanley Maintains Overweight Rating ---------------------------------------------------------- Morgan Stanley has maintained its "overweight" rating on Japan Airlines Corporation, while reducing their estimates for the airline, Newratings.com reports. The target price has been reduced from JPY350 to JPY340. Analysts at Morgan Stanley mentioned that the downward revision in the target price reflects the sluggish earnings in fiscal year 2005 and a slower recovery in the earnings in fiscal 2006 than was earlier expected. The analysts expect a shift in passenger preference from Japan Airlines to All Nippon Airways in the near term due to the problems the former was witnessing with its aircrafts. The earnings per share estimates for fiscal 2005 and fiscal 2006 have been reduced from -JPY22 to -JPY48.50 and from -JPY11.40 to -JPY17.40, respectively. CONTACT: Japan Airlines Corporation Company 2-4-11, Higashi-shinagawa, Shinagawa-ku, Tokyo 140-8605, Japan Phone: +81-0120-25-5931 MITSUBISHI MOTORS: Shares Down 6.6% on Friday --------------------------------------------- Mitsubishi Motors Corporation (MMC) shares fell 6.6 percent to 254 yen on Friday, on concern that an oversupply of shares could push prices lower, according to Reuters. JPMorgan Securities said on Thursday it had bought 525 million shares in the Japanese automaker from investment funds managed by Tokyo-based Phoenix Capital, and intended to sell them to institutional investors outside Japan. CONTACT: Mitsubishi Motors Corporation Company 2-16-4 Konan, Minato-ku Tokyo 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0059 MITSUBISHI MOTORS: JP Morgan Becomes Top Shareholder ---------------------------------------------------- The following movement of major shareholders occurred on December 8, 2005. 1. Background of the transfer JP Morgan Securities Ltd. announced on December 8 that due to a purchase of common shares from funds controlled by Phoenix Capital, the company now holds 557,580,433 Mitsubishi Motors Corporation (MMC) shares. With this purchase, as detailed below, JP Morgan Securities Ltd. has become a major MMC shareholder. 2. Party involved Name J.P. Morgan Securities Ltd. Head Office 125 London Wall, London ECY 5AJ, UK Representative James T. Brown Main Operations Securities 3. Number of shares held, ownership percentage, and shareholder rank J.P. Morgan Securities Ltd. Shares Held Ownership Percentage Rank Pre-purchase 32,580,433 0.72% - Post-purchase 557,580,433 11.35% No. 3 * a. Common shares outstanding as of Dec. 7, 2005 4,490,401,399 b. Non-voting right carrying shares 4,679,399 a - b 4,485,722,000 * a. Common shares outstanding as of Dec. 8, 2005 4,917,250,472 b. Non-voting right carrying shares 4,680,472 a - b 4,912,570,000 As of December 8, 2005, all outstanding B class preferred shares have been converted. 4. Date of transaction December 8, 2005 5. Expectations going forward In order to secure the revitalization of Mitsubishi Motors Corporation, domestically and globally and from an operational and financial perspective, with the cooperation of 3 Mitsubishi group companies, Mitsubishi Heavy Industries, Ltd. (MHI), Mitsubishi Corporation (MC), and The Bank of Tokyo-Mitsubishi, Ltd. (BTM), the 3-year business plan announced on January 28, 2005 is being implemented. As announced together with the 3-year business plan, MHI, MC, and BTM will increase their holdings in MMC to a combined 34% of outstanding common shares during fiscal 2005. To this end, through the conversion of preferred shares, MHI will increase its holdings in MMC to 15% of outstanding common shares on December 2005. As a result, MMC will become an equity- method affiliate of MHI. Currently, members of MHI, MC, and BTM sit on MMC's board of directors and audit committee. Also, through the Business Revitalization Monitoring Committee, MMC receives a thorough outside check of on the progress of the business plan as well as advice as requested. These are examples of the continued strong support and guidance MMC is receiving from the 3 Mitsubishi group companies. With the support from these 3 companies as a foundation, all directors and staff of MMC are combining all efforts into the promotion of the 3-year plan. PIONEER CORPORATION: To Cut 2,600 Jobs -------------------------------------- Pioneer Corporation plans to slash 2,600 jobs at about 8 percent of its global workforce, and scale back its plasma display panel television business as part of its restructuring scheme, Japan Today reports. The company anticipates its group net loss for the business year through next March will expand to JPY87 billion from the October estimate of JPY24 billion as it will book a JPY53 billion loss stemming from restructuring measures. The audio equipment manufacturer plans to shore up its car audio and navigation system businesses, expecting an expansion in overseas markets in those areas. CONTACT: Pioneer Corporation 4-1, Meguro 1-chome, Meguro-ku Tokyo 153-8654, Japan Phone: +81-3-3495-6774 Fax: +81-3-3495-4301 RESONA GROUP: Strengthens Business Tie-up With Credit Saison ------------------------------------------------------------ Resona Holdings, Inc. (President: Kenji Kawada), Resona Card Co., Ltd. (President: Mitsuo Yokoyama) and Credit Saison Co., Ltd. (President: Hiroshi Rinno) came to an agreement to further strengthen the business tie-up between Resona Group and Credit Saison in the field of credit card business based on the existing business and capital tie-up which was announced in February 2004. As part of such strengthened alliance, Credit Saison acquired a 12.4% of Resona Card's ordinary shares on December 8. With the acquisition of additional shares, Credit Saison now owns 22.4% of Resona Card's outstanding shares. Resona Card remains to be a consolidated subsidiary of Resona Holdings and became an affiliated company for Credit Saison to which equity method is applicable. Both parties will further strengthen the business tie-up and deliver the best quality financial services to customers. [Current status of the Business Tie-up] 1. Capital relationship In August 2004, Resona Card increased its capital through allotment of new shares to a third party. Credit Saison acquired a 10% stake in Resona Card by subscribing all of such new shares. With the aforementioned acquisition of additional shares, Credit Saison became the second largest shareholder of Resona Card after Resona Holdings. 2. Exchange of personnel Mitsuo Yokoyama, who once was a director of Credit Saison, was appointed president of Resona Card in June 2005. Also, Credit Saison dispatched one executive officer and three staff members to Resona Card. 3. Credit card business Resona Card , a jointly developed dual brand card, was launched in September 2004. The new card incorporated the various services offered by retailer-affiliated credit card companies and attracted especially female and young generation customers. The number of the new card holders is approximately 280,000 as of the end of September, this year. For a copy of the press release, go to http://bankrupt.com/misc/tcrap_resona120905.pdf CONTACT: Resona Holdings, Inc. Address: 2-1, Bingomachi 2-chome, Chuo-ku Osaka 540-8608, Japan Phone: +81-6-6271-1221 Fax: +81-6-6268-1337 Web site: http://www.resona-hd.co.jp SONY CORPORATION: Issuance New Shares in Sony Communications ------------------------------------------------------------ On December 20, 2005, Sony Communication Network Corporation (SCN), a consolidated subsidiary of Sony Corporation, plans to list its common stock on the Mothers market of the Tokyo Stock Exchange. In association with this listing, it was determined today that the offer price per share for the public offering of new and existing shares of SCN common stock is to be JPY340,000 per share. Regarding the impact on Sony's consolidated financial results for the fiscal year ending March 31, 2006, Sony estimates that the above-mentioned public offering will contribute approximately JPY19.0 billion to consolidated income before taxes and approximately JPY11.2 billion to consolidated net income. The impact of this transaction is not incorporated within the outlook for the fiscal year ending March 31, 2006, announced by Sony on October 27, 2005. Details of this public offering of new and existing shares are stated below: (1) Number of Shares to be Sold by Sony and Sony Finance International (SFI): 70,000 shares (Shares to be sold by Sony: 66,000 shares) (Shares to be sold by SFI: 4,000 shares) In addition to the number of shares stated above, Sony has granted an option to purchase up to 12,000 additional shares (the Greenshoe Option) to one of the underwriters. The Greenshoe Option will be exercisable until January 13, 2006. (2) Number of New Shares to be Issued by SCN: 20,000 shares (3) Shares of SCN Held by Sony After the Public Offering: 165,520 shares (This represents approximately 64.8% of the outstanding shares of SCN, including the issuance of new shares but excluding the Greenshoe Option described above.) (4) Method of Sale and Offering: Secondary offering (in the case of shares to be sold by Sony and SFI) and primary offering (in the case of the newly issued shares) to the public in Japan. CONTACT: Sony Corporation 7-35, Kitashinagawa, 6-chome, Shinagawa-ku Tokyo, 141-0001, Japan Phone: +81-3-5448-2111 Fax: +81-3-5448-2244 Web site: http://www.sony.net ========= K O R E A ========= KOREAN AIR: Eyes More Flight Cancellations as Strike Progresses --------------------------------------------------------------- The walkout staged by the union of Korean Air Co. resulted to cancellation of flights from the domestic and international route, Associated Press reveals. Some 204 passengers and cargo flights have been cancelled on the first day of the strike, suspending about 53 percent of scheduled flights. More cancellations were expected to occur Friday, and are believed to reach to 253 or 63 percent of the total. International passenger flights such as Tokyo, Los Angeles, Dallas, Beijing and Shanghai, New York, Bangkok and San Francisco have been affected. Of the 1,980 pilots, 1,344 belong to the organization. Some 500 union members were seen shortly after the strike began. The strikers gathered near the Incheon International Airport. The Ministry of Construction and Transport is seeking the Ministry of Labor's help to invoke emergency powers to stop the strike. But the Ministry said it is still looking into the situation, and it couldn't decide yet on the fate of the strikers. The government could only invoke its emergency powers if the strike is considered critical to the national economy. It was remembered that the government only did so twice; in 1993 during unrest at Hyundai Motor Co. and in 1969 at Korea Shipbuilding Corp. The work stoppage at Korean Air appeared certain to cause problems for South Koreans traveling overseas ahead of the year- end holidays, and could hurt the country's exports, a key source of economic growth. A business group has predicted that the strike could cost the economy up to $200 million in lost exports everyday. South Korea is the world's 11th-largest economy and home to top flight exporters like Samsung Electronics Co. Korean Air said the strike would suspend about 70 percent of operations. The carrier eyes loss and additional expense to reach KRW25.3 billion a day as a result of the strike. The union staged the strike following the Company's refusal to their demand of an eight percent hike in annual wages. The airline only offered a three percent increase. The Carrier reasoned that the eight percent demand is too high considering high fuel costs and unfavorable business environment the airline is currently facing. CONTACT: Korean Air 41-3 Seosomun-dong Jung-Gu Seoul, Seoul 100-813 KOREA (SOUTH) Phone: +82 2 656 7114 Fax: +82 2 656 7169 =============== M A L A Y S I A =============== ANCOM BERHAD: Buys Back Ordinary Shares --------------------------------------- Ancom Berhad submitted to Bursa Malaysia Securities Berhad a notice of shares buy back with the following details: Date of buy back: December 5, 2005 Description of shares purchased: Ordinary shares of MYR1.00 each Total number of shares purchased (units): 78,100 Minimum price paid for each share purchased (MYR): 0.685 Maximum price paid for each share purchased (MYR): 0.700 Total consideration paid (MYR): Number of shares purchased retained in treasury (units): 78,100 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 8,367,803 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 Web site: http://www.ancom.com.my AYER HITAM: Gets Shareholders Nod to Acquire New Shares ------------------------------------------------------- The Ayer Hitam Planting Syndicate Berhad (TAHPS) issued to Bursa Malaysia Securities Berhad details of the proposed acquisition by TAHPS of 20,000,001 ordinary shares of MYR1.00 each in Bukit Hitam Development Sdn Bhd (Bukit Hitam) from Perbadanan Kemajuan Negeri Selangor for a total cash consideration of MYR104,000,005.20 or at MYR5.20 per share (Proposed Acquisition). On behalf of the Company, Commerce International Merchant Bankers Berhad advised the Exchange that the shareholders of TAHPS have approved the Proposed Acquisition at the Extraordinary General Meeting of the Company. This announcement is dated 5 December 2005. CONTACT: Ayer Hitam Tin Dredging Malaysia Berhad 8 Jalan Raja Chulan 50200 Kuala Lumpur, 50200 Malaysia Telephone: +60 3 2031 9633 /+60 3 2031 6920 FURQAN BUSINESS: Unit Enters Into Deed of Novation with Kasturi --------------------------------------------------------------- Furqan Business Organization Berhad furnished Bursa Malaysia Securities Berhad details of the disposal of property by subsidiary company, Austral Amal Properties Sdn. Bhd. The announcement on September 20, 2005 pertaining to the Sale and Purchase Agreement entered by Austral Amal Properties Sdn. Bhd. (Company No. 345239-T) (AAP), a wholly owned subsidiary, with Kasturi Gemilang Sdn. Bhd. (the Purchaser) dated September 16, 2005 (Principal Sale Agreement) to dispose of all that piece of industrial leasehold land held under PN 3940 for Lot 24 Section 36 in the Town of Petaling Jaya, Negeri Selangor Darul Ehsan measuring approximately 8172.5988 sq. metre (87972 sq. ft) together with a six storey light industrial building known as Kompleks Kemajuan having an approximate built up area of 330,000 sq. ft. erected thereon bearing postal address No 24, Jalan 19/1, 46300 Petaling Jaya, Selangor Darul Ehsan for a total consideration of MYR29,000,000.00 (Ringgit Malaysia Twenty Nine Million) only (Sale and Purchase Agreement). The Board of Directors of Furqan Business Organisation Berhad (FBO) advised that AAP had on December 2, 2005 entered into a Deed of Novation with the Purchaser and OSK Trustees Berhad as trustee for Axis Real Estate Investment Trust (New Purchaser) for the novation, transfer and assignment of all the Purchaser's rights, titles, benefits and interest provided, under, in respect or in relation to the Principal Sale Agreement to the New Purchaser, and subject to such terms and conditions as contained in the Deed of Novation. CONTACT: Furqan Business Organisation Berhad 247 Jalan Tun Razak Kuala Lumpur 50400 Malaysia Phone: +60 3 2148 9999 Fax: +60 3 2148 9992 HONG LEONG: Dissolves Wholly Owned Unit --------------------------------------- Hong Leong Credit Berhad advised Bursa Malaysia Securities Berhad on the dissolution of a wholly owned subsidiary. The company refers to its announcement dated June 17, 2005 in connection with the Member's Voluntary Liquidation of Hong Leong Equities (Hong Kong) Limited, a wholly owned subsidiary of Hong Leong Credit Berhad (HLC) in Hong Kong. HLC now writes to inform that Hong Leong Equities (Hong Kong) Limited has been dissolved on December 3, 2005. This announcement is dated 5 December 2005. CONTACT: Hong Leong Credit Berhad Level 5, Wisma Hong Leong, 18, Jalan Perak, Kuala Lumpur Wilayah Persekutuan 50450 Malaysia Telephone: 03-21648228 Fax: 03-21642503 JIN LIN: Issues Update to Proposals ----------------------------------- Jin Lin Wood Industries Berhad issued to Bursa Malaysia Securities Berhad details of the following proposals: - Proposed scheme of arrangement with shareholders; - Proposed scheme of arrangement with creditors; - Proposed acquisitions; - Proposed exemption; - Proposed disposal; - Proposed offer; - Proposed placement; and - Proposed listing transfer (Collectively known as proposed restructuring scheme) The company refers to its announcement made on September 14, 2005. The definition in the same announcement shall apply herein unless specified otherwise or the context otherwise requires. On October 11, 2005, Avenue on behalf of Jin Lin, had submitted an appeal to the SC regarding some of the conditions imposed for the Proposals (Appeal) as follows: (a) Before implementation of the Proposed Restructuring Scheme, Jin Lin/ Gefung should resolve the issues on the non compliance of SBG's marketing office located at No. 136C, Lot 2295, Kampung Baru, Sungai Buloh, Selangor, i.e. certificate of fitness for occupation has not been obtained from the relevant authorities and category of land use for the land on which the office is built upon is under agriculture instead of commercial purposes; (b) The vendors of SBG and SGMG should provide a profit guarantee to Gefung for FYs ending 2006 to 2008 on the basis of 90 percent of the acquiree companies aggregate PBT of MYR24.048 million, MYR31.204 million and MYR31.478 million respectively; and (c) The collateral for the profit guarantee for FY ending 2006 should be in the form of a bank guarantee provided by a Malaysian incorporated bank that is acceptable to SC. Avenue, on behalf of Jin Lin, advised that the SC had, via its letter dated November 30, 2005 (which was received on December 1, 2005), informed of its decision regarding the Appeal as follows: (i) The variation to the condition that Jin Lin/ Gefung should resolve the issues on the non compliance of SBG's marketing office before implementation of the Proposed Restructuring Scheme has been approved as proposed that Gefung shall resolve the issues on the non compliance of SBG's marketing office prior to the listing and quotation for the entire issued and paid-up shares of Gefung on the Second Board of Bursa Securities; and (ii) The appeal sought to vary the conditions in (b) and (c) above, has not been approved. This announcement is dated 5 December 2005. CONTACT: Jin Lin Wood Industries Bhd Phone: 60 3 2710 5555 Fax: 60 3 2710 3108 E-mail: jlwood@po.jaring.my LEBAR DAUN: Pays Interest for ICULS ----------------------------------- Lebar Daun Berhad issued to Bursa Malaysia Securities Berhad a notice of second interest payment on MYR18,000,000 nominal value of three year two percent Irredeemable Convertible Unsecured Loan Stocks 2004/2007 (ICULS). Notice is hereby given that the second interest payment on the ICULS at the rate of two percent per annum for the period from January 7, 2005 to January 6, 2006 will be paid on January 7, 2006 to ICULS holders whose names appear in the Record of Depositors on December 27, 2005. A depositor of ICULS shall qualify for entitlement only in respect of: (a) ICULS transferred into the depositor's Securities Account before 4:00 pm on December 27, 2005 in respect of transfers; and (b) ICULS bought on the Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of the Bursa Malaysia Securities Berhad. By Order of the Board Razali Bin Hassan LS 05531 Company Secretary Shah Alam December 6, 2005 MAGNUM CORPORATION: Issues Notice of 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: December 5, 2005 Description of shares purchased: Ordinary shares of MYR0.50 each Total number of shares purchased (units): 422,000 Minimum price paid for each share purchased (MYR): 1.880 Maximum price paid for each share purchased (MYR): 1.900 Total consideration paid (MYR): Number of shares purchased retained in treasury (units): 422,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 80,304,200 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Magnum Corporation Berhad No 8 Jalan Munshi Abdullah 50100 Kuala Lumpur, 50100 Malaysia Telephone: +60 3 2698 8033/ +60 3 2698 9885 MBF HOLDINGS: Unit Placed in Voluntary Winding Up ------------------------------------------------- MBf Holdings Berhad (MBfH) informed Bursa Malaysia that its subsidiary, BB Motors Sdn Bhd (BB Motors) has been placed under creditors' voluntary winding up on December 5, 2005. Mr Tam Kok Meng of Messrs Tam & Associates Corporate Services Sdn Bhd has been appointed the Liquidator of BB Motors. Information on BB Motors BB Motors was incorporated on July 16, 1986 and the principal activity was the assembly of motor vehicles engine. The authorized share capital of BB Motors is MYR184,749 comprising 184,749 ordinary shares of MYR1.00 each of which 184,749 ordinary shares have been issued and fully paid-up. As at 30 September 2005, BB Motors had a shareholders' deficit of MYR2,737,260. . BB Motors ceased its operations since 2002 and has been dormant thereafter. Rationale for the Winding Up The winding up of BB Motors is part of the rationalisation and streamlining exercise of MBfH Group. Financial Effect of the Winding Up The winding up of BB Motors will not have any material effect on MBfH Group. Interests of Directors, Substantial Shareholders and Persons connected to the Directors and Substantial Shareholders None of the directors, substantial shareholders and persons connected to the directors and substantial shareholders of MBf has any interest, direct or indirect in the said exercise. Yours faithfully, For and on behalf of MBf Holdings Berhad Ding Lien Bing Company Secretary December 5, 2005 CONTACT: Mbf Holdings Berhad No 8 Jalan Yap Kwan Seng 50450 Kuala Lumpur, Selangor Darul Ehsan 46150 Malaysia Telephone: +60 2167 8000 / +60 2164 6985 MEDIA PRIMA: Issues New Shares for Listing, Quotation ----------------------------------------------------- Media Prima Berhad advised that its additional: (i) 93,000 new ordinary shares of MYR1.00 each arising from the conversion of 139,500 Irredeemable Convertible Unsecured Loan Stocks 2003/2008 into 93,000 New Ordinary Shares; and (ii) 308,000 new ordinary shares of MYR1.00 each arising from the Exercise of 308,000 Warrants 2003/2008 into New Ordinary Shares; will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Wednesday, December 7, 2005. CONTACT: Media Prima Berhad Sri Pentas, No. 3 Persiaran Bandar Utama, Bandar Utama, 47800 Petaling Selangor Phone: 03-77266333 Fax: 03-77280787 Web site: http://www.mediaprima.com.my/index.asp PILECON ENGINEERING: Issues Update to PN1 Status ------------------------------------------------ Transbay Ventures Sdn Bhd (TVSB), a subsidiary of Pilecon Engineering Berhad (PEB) submitted to Bursa Malaysia Securities Berhad a Monthly Announcement on the Status of Default in Payment Pursuant to Practice Note 1/2001. Further to the announcement made by PEB on November 8, 2005 with regards to the status of default in payment pursuant to Practice Note 1/2001 by its subsidiary, Transbay Ventures Sdn Bhd (TVSB), PEB wishes to hereby announce that there have not been any changes to the status of default since then. CONTACT: Pilecon Engineering Berhad 2, Jalan U1/26, Seksyen U1, HICOM Glenmarie Industrial Park, Shah Alam Selangor 40150 Malaysia Telephone: 03-78041888,03-21446164 Fax: 03-78041888,03-21446164 PACIFIC & ORIENT: Buys Back New Shares -------------------------------------- Pacific & Orient Berhad furnished Bursa Malaysia Securities Berhad with details of its shares buy back. Date of buy back: December 5, 2005 Description of shares purchased: Ordinary shares of MYR1.00 each Total number of shares purchased (units): 5,000 Minimum price paid for each share purchased (MYR): 1.800 Maximum price paid for each share purchased (MYR): 1.800 Total consideration paid (MYR): 9,066.60 Number of shares purchased retained in treasury (units): 5,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 7,818,389 Adjusted issued capital after cancellation (no. of shares) (units): 0 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 SETEGAP BERHAD: Formulates Scheme to Regularize Condition --------------------------------------------------------- The Board of Directors of Setegap Berhad advised Bursa Malaysia Securities Berhad that since the date of the last announcement, Bursa Malaysia Securities Berhad (Bursa Securities) had in a letter dated November 10, 2005 notified the Company that it is required to make a written representation to Bursa Securities within fourteen (14) days as to why its securities should not be removed from the Official List of Bursa Securities and, the Company had on November 24, 2005 made such a written representation to Bursa Securities. Further to that, the Company as of todate is still striving its best to formulate a scheme to regularize its financial condition. This announcement is dated 05 December 2005. CONTACT: Setegap Berhad 72B&C, Jalan SS22/25 Damansara Jaya 47400 Petaling Jaya Malaysia Phone: 03-77297009 Fax: 03-77271555 Web site: http://www.setegap.com.my SOUTHERN BANK: Chairman Steps Down from Post -------------------------------------------- The Board of Directors of Southern Bank accepts with regret the unexpected resignation of Dato' Syed Mohd Yusof bin Tun Syed Nasir who tendered his resignation to the Board of Directors as Chairman and member of the Board on December 2, 2005. During his tenure, the Bank has continued to prosper and has seen its market capitalization increase from MYR2.89 billion to MYR6.04 billion. In recognition of his many contributions, the Board wishes to thank him for his leadership, active direction and support. 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 TECHVENTURE BERHAD: Unveils Date of Restraining Order Extension --------------------------------------------------------------- Further to the announcement on December 2, 2005, Techventure Bhd (Techven) announced to Bursa Malaysia Securities Berhad that the ninety-day restraining order granted by the High Court is from December 2, 2005 to March 1, 2006, both dates inclusive. The restraining order was granted to Techven and six of its subsidiaries viz. Insulflex Sdn Bhd (172832-V), Kotak Kajang Industries Sdn Bhd (138102-D), Raya Ehsan Sdn Bhd (225528-V), Teratai Perdana Sdn Bhd (212055-P), Incaplas (Malaysia) Sdn Bhd (217820-V) and TVB Ventures Sdn Bhd (496699-V). ===================== P H I L I P P I N E S ===================== BACNOTAN CONSOLIDATED: Notes Changes in Shareholdings ----------------------------------------------------- Bacnotan Consolidated Industries Inc. furnished the Philippine Stock Exchange a copy of SEC Form 23-B (Statement of Beneficial Ownership of Securities) of The Philippine American Life & General Insurance Company, a principal shareholder, which reported the changes in its shareholdings for the month of November 2005. A copy of the said documents shall be made available for downloading free of charge at: http://bankrupt.com/misc/tcrap_bacnotanconsolidated120905.pdf. CONTACT: Bacnotan Consolidated Industries Incorporated No 39 Plaza Drive Rockwell Centre 4th Floor PHINMA Building Makati City 1200 Philippines Phone: +63 2 8700 100 Fax: +63 2 8700 456 LEPANTO CONSOLIDATED: To Receive Balance Payment Dec. 16 -------------------------------------------------------- This is in connection with Circular for Brokers No. 4864-2005, dated Nov. 3, 2005, pertaining to the listing of 4,264,671,951 common shares of Lepanto Consolidated Mining Company, divided into 2,558,803,769 Class "A" shares and 1,705,868,182 Class "B" shares, with a par value of Php0.10 per share, to cover its 1:5 pre-emptive rights offering to all stockholders of record as of September 21, 2005 at an offer price of Php0.20 per share. In a letter dated Dec. 7, 2005, the Company advised that further to the 4,251,775,436 fully paid shares, an additional 10,751,627 shares were fully paid broken down as follows: Class "A" shares 4,876,882 Class "B" shares 5,874,745 TOTAL 10,751,627 This brings the number of fully paid shares to a total of 4,262,527,063 common shares and the number of partially paid shares to 2,144,888 common shares. In view thereof, the additional fully paid 10,751,627 common shares may be traded starting Friday, Dec. 9, 2005. In accordance with the Rule on Rights Offering as provided in the Revised Listing Rules of the Exchange, actual trading of the remaining 2,144,888 partially paid shares shall only be permitted once the shares are fully paid. As previously disclosed, the payment terms for the said pre-emptive rights offering is "50% due within Offer Period; balance due on Nov. 18, 2005". The Company advised the Exchange that it will continue to receive payments on the balance of the said remaining partially paid shares until Dec. 16, 2005. The designated stock transfer agent is authorized to record and register in its books the additional fully paid 10,751,627 shares. The transfer agent shall be authorized to record and register the remaining 2,144,888 partially paid shares only upon full payment of the same by the concerned subscribers. CONTACT: Lepanto Consolidated Mining Co. 21st Floor, Lepanto Building 8747 Paseo de Roxas 1226 City of Makati Telephone No. 815-9447 Fax: 63 (2) 812-0451/63 (2) 810-5583 E-mail: mis@lepantomining.com Web site: http://www.lepantomining.com MANILA ELECTRIC: Customers Face Php107 Billing Hike --------------------------------------------------- Around 71 percent of Manila Electric Company's (Meralco) residential customers will pay Php107 more this month due to the amended expanded-value added tax (EVAT), BusinessWorld reports. The billing hike is estimated to affect about 2.8 million Meralco customers. Based on the figures provided by Meralco vice-president Ivanna G. Dela Pena, the VAT's net effect on Meralco bills was actually the same or even lower than Energy Regulatory Commission (ERC) simulations. ERC released last November 16 guidelines on the application of EVAT on power. Its simulations showed that power rates will increase by around 6 percent, depending on consumption levels, instead of the 10 percent originally expected, due in part to mitigating measures designed to soften the new tax's impact. Those who consumed 50 kWh in November should see their bills rise by only Php7.25, compared to ERC's estimate of Php11.48. The bills of those who consumed 100 kWh will rise by Php37.33, compared to ERC's estimate of Php41.13, while the bills of those who consumed 200 kWh will rise by Php107.21 against ERC's Php108.35. CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Phone: 16220 (TL); 633-4553 (Corp. Sec.) Fax: (0632) 631-5572 E-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph MANILA ELECTRIC: FPI Presses Payment of Overdue Refund ------------------------------------------------------ A group of local businessmen has urged Manila Electric Company (Meralco) to refund the nearly Php23 billion in excess charges it collected from commercial and industrial customers since 1994, The Philippine Star has learned. The Federation of Philippine Industries (FPI) is complaining that it has been more than two years since the Supreme Court ordered Meralco to refund customers but its members have not received their refund. FPI, which counts among its members some of the country's biggest industrial firms and industry associations, stressed that the refund is Meralco's legal obligation. President Gloria Macapagal Arroyo had earlier assured Meralco customers that there would be full compliance and implementation of the High Court's final decision on the Php28.1-billion overcharging by the power firm. Unfortunately, Meralco has so far refunded just over Php6 billion to small and medium users only in three phases. The fourth phase is the most costly for Meralco, as it would require Meralco to shell out around Php18.6-billion to commercial and industrial customers. Earlier attempts to settle the refund scheme failed when businessmen disagreed with Meralco's proposal to spread the refund due its commercial and industrial customers over a period of eight to 10 years. NATIONAL FOOD: Says Its Losses are Gains for Farmers ---------------------------------------------------- The cash-strapped National Food Authority (NFA) said rice farmers actually gain on the agency's day-to-day losses, Asia Pulse reports. NFA Administrator Gregorio Tan Jr. explained that while the agency had been effectively performing the mandates of food security and supply and price stabilization over the past 33 years, it will continue to incur losses as long as the government will not provide the agency sufficient funds for its operational costs to subsidize the price of palay at the farmgate and rice at the consumers level. While the NFA's subsidy allocation had continuously been whittled down over the past 10 years, it was even required to pay a 50 percent tariff on its rice imports since 2002, causing the agency to further bleed financially. Mr. Tan disclosed that about 86 percent of NFA's losses in the past three years went to tariff duties and interest cost of borrowings from financial institution to pay for the tariff. "But while corporations are created mainly to make profit, he said, the nature of NFA's operations is no different from other social-oriented agencies like the social service and welfare department," Mr. Tan added. CONTACT: National Food Authority 101 E. Rodriguez Sr. Ave., Quezon City, 1100 Philippines Web site: http://www.nfa.gov.ph/ * PhilamLife Says Pre-need Firms to Recover Next Year ----------------------------------------------------- A top official of insurance firm Philippine American Life and General Insurance Company (PhilamLife) believes the ailing pre- need industry may start to recover in 2006, according to BusinessWorld. PhilamLife President and Chief Executive Officer Jose L. Cuisia said the industry will bounce back next year if the rehabilitation of troubled firms, such as College Assurance Plans Philippines Inc. (CAP) and Pacific Plans Inc., are properly implemented. A Makati court approved last week the rehabilitation of Pacific Plans while CAP is still awaiting word regarding its petition. Rehabilitation will allow the troubled pre-need firms to suspend payments to planholders and creditors to help them get back on their feet. The problems of the two pre-need giants have discouraged potential planholders, prompting them to park their cash in other investment instruments. Mr. Cuisia said potential investors needed to see that planholders of the two firms will be able to get their money back. Due to dwindling consumer confidence, pre-need firms sold only 245,690 plans from January to September, 35.7 percent lower than the 383,681 plans sold in 2004. ================= S I N G A P O R E ================= BAROMEDICAL SERVICES: Receiving Claims Until Jan. 3 --------------------------------------------------- Notice is hereby given that the creditors of Baromedical Services (Asia) Pte Limited, which is being wound up voluntarily, are required on or before Jan. 3, 2006 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 Liquidators. If so required by written notice from the said Liquidators, they are to personally or by their solicitors and prove their said 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 2nd day of December, 2005 Low Sok Lee Mona Teo Chai Choo Liquidators C/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 CHARTERED SEMICONDUCTOR: Increases Quarterly Profit Guidance ------------------------------------------------------------ On Dec. 9, 2005, Chartered Semiconductor Manufacturing Limited updated its fourthquarter 2005 guidance in its scheduled mid- quarter update, which was originally provided on October 21, 2005. Company Chief Financial Officer Geroge Thomas said, "Revenues at the Chartered level and revenues including our share of Silicon Manufacturing Partners (SMP or Fab 5) are now expected to be above the high end of our prior guidance primarily due to favorable product mix. Compared to the mid-point of previous guidance, revenues at the Chartered level are now expected to be up approximately SGD8 million. Revenues including our share of SMP are now expected to be higher by approximately SGD10 million compared to the mid-point of our previous guidance, and therefore reach the SGD400 million level in the fourth quarter. Consistent with higher revenues, our fourth-quarter net profit is now expected to be approximately SGD6 million higher than the mid-point of the range previously guided. Our guidance for utilization remains unchanged." said The Company plans to release its fourth quarter 2005 results on January 27, 2006, Singapore time, before the Singapore market opens. Chartered's original guidance for fourth quarter 2005 was published in itss third quarter 2005 earnings release dated October 21, 2005, which can be found on the Company web site, under Investor Relations, Earnings Releases section. CONTACT: Chartered Semiconductor Manufacturing Limited 60 Woodlands Industrial Park D Street 2 Singapore 738406 Phone: 65 63622838 Fax: 65 63622938 Web site: http://www.charteredsemi.com CHINA AVIATION(S): Incurs Losses in Q2, Q3 FY/05 ------------------------------------------------ China Aviation Oil (Singapore) Corporation Limited (CAO) published its financial statements for the first, second and third quarter of 2005. For the first quarter, CAO garnered a net profit of SGD11.24 million, while in the second quarter, it posted a net loss of SGD18.53 million, which later decreased to SGD13,000 in the third quarter this year. To view the Company's quarterly financial statements, click on: http://bankrupt.com/misc/tcrap_chinaaviation1120905.pdf http://bankrupt.com/misc/tcrap_chinaaviation2120905.pdf http://bankrupt.com/misc/tcrap_chinaaviation3120905.pdf CONTACT: China Aviation Oil (S) Corp. Ltd. Phone: (65)6334 8979 Fax: (65)6333 5283 Web site: http://www.caosco.com/ LIAN SHENG: To Declare Dividend ------------------------------- Lian Sheng Timber Pte Limited, located at 336 Smith Street, #06- 308 New Bridge Centre, Singapore 050336, posted a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Name of Company: Lian Sheng Timber Pte Limited Last day for receiving proofs: Jan. 3, 2006 Name & address of Liquidator: Goh Ngiap Suan C/o Goh Ngiap Suan & Co. 336 Smith Street #06-308 New Bridge Centre Singapore 050336 Dated this 2nd day of December 2005 MUSIC JUNCTION: Court Releases Winding Up Order ----------------------------------------------- In the matter of Music Junction (S) Pte Limited, the Singapore High Court issued a winding up petition against the Company on Nov. 25, 2005, with the following details: Name and address of Liquidator: The Official Receiver Insolvency and Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 Ascentsia Law Corporation Solicitors for the Petitioner PRISO PTE: Schedules Final Meeting Jan. 3 ----------------------------------------- Notice is hereby given that the final meeting of the members of Priso Pte Limited will be held on Jan. 3, 2006, 11:00 a.m. at 138 Cecil Street, #15-00 Cecil Court, Singapore 069538, to present the Liquidator's account on the manner of the winding up of the Company and the disposal of its property, and to determine by resolution the manner in which the books, accounts and documents of the Company and of the Liquidators shall be disposed of. Dated this 2nd December 2005 Steven Tan Chee Chuan Douglas Tan Kay Yeow Joint Liquidators C/o 138 Cecil Street, #15-00 Cecil Court Singapore 069538 Note: Pursuant to Section 181 of the Companies Act, Cap. 50, a member entitled to attend and vote at the Meeting is entitled to appoint another person or persons (whether a member or not) as his proxy to attend and vote in his stead. =============== T H A I L A N D =============== ADVANCE PAINT: To Hold Warrant Exercise Dec. 30 ----------------------------------------------- Advance Paint & Chemical (Thailand) Public Co. Ltd. advised the Stock Exchange of Thailand (SET) that the Extraordinary General Meeting resolved to issue the Warrants, (APC-W1) and (APC-W2) to the existing shareholders whose names appeared on the Company's Register Book on December 27, 2002 with the exercise period every three months within the last business day of March, June, September and December during 9:00 a.m. to 4:00 p.m. The 10th exercise process of APC-W1, APC-W2 will be as follows: (1) The exercise date will be on the December 30, 2005 during 9:00 a.m. to 4:00 p.m. hours at the Advance Paint & Chemical (Thailand) Public Co. Ltd. (2) The warrant holders who wish to exercise the warrants can submit the exercise notice to the company on the business day of December 23, 2005 to December 29, 2005. (3) Exercise Ratio is 1 warrant: 1 share at THB1 each. (4) The warrant holders intend to exercise submit the following documents to the Company: - Completion form of Exercise Notice. - Warrant Certificate(s) or Certificate Receipt(s) in the form prescribed by the SET. - Cheque or Cashier Cheque payable to Advance Paint & Chemical (Thailand) Public Co., Ltd. Within Bangkok Metropolitan. - Copy of Identification Card or Passport with certified true copy for individual Warrant holders. - Copy of Affidavit or the Certificate of Incorporation certified by notary public (less than 6 months) for Corporate Warrant holders. Yours sincerely, Mrs. Narumol Punnakitikashem Executive Director CONTACT: Advance Paint & Chemical (Thailand) Pcl 344 Moo 2, Bang Pa-In Industrial Estate, Bang Pa-In Ayutthya Telephone: 0-3522-1140, 0-2541-5374-8 Fax: 0-3526-1871 PICNIC CORPORATION: Disposes of Unit's 70% Shares ------------------------------------------------- The Board of Directors' meeting on Dec. 8, 2005 resolved to sell the 70 percent shares of Picnic Marine Co. Ltd. (Picnic Marine), a wholly owned subsidiary of PICNI to Teledata Informatics Limited and other parties within its group (Buyer). The details of the transaction are as follow: Buyer: Teledata Informatics Limited and group Major shareholders: (1) Indian promoters: 7.88 percent (2) Central/State Govt. Institutions /: 0.51 percent Non-Government Institutions (3) Foreign Company: 8.97 percent (4) Private corporate bodies: 16.86 percent (5) Indian public: 63.63 percent (6) NRIs/ OCBs: 1.18 percent (7) Clearing members: 0.96 percent (8) Trusts: 0.01 percent Total: 100.00 percent Seller: Picnic Corporation PCL No. of shares sold: 3.5 million shares of Picnic Marine or 70 percent of total outstanding shares percentage holding after selling: 30 percent of total outstanding shares Value: THB203.40 million Objectives: To build strategic partner, strengthen the Company's LPG transportation business and increase the Company's liquidity Relationship: The Company and the buyers has no relationship on director, management,major shareholders and controlling person. Price determination: Future business benefits and Picnic Marine audited 2004 and unaudited September 2005 net book value Transaction Size: Assets Value: 70 percent of Picnic Marine's net tangible assets value as of September 30, 2005 equals to 4.5 percent of the Company and subsidiaries' net tangible assets value as of September 30, 2005 Profit from Operation: Cannot be calculated because Picnic Marine has net loss Value of Consideration Paid: The consideration received for the shares is 0.88 percent of the Company and subsidiaries' total assets value as of June 30, 2005. Financial highlights: (Unit: Million Baht) Unaudited Audited 30-Sep.-05 31-Dec.-04 Revenue from transportation 116.60 22.25 Cost of revenue (126.41) (24.67) Selling and administration expenses (28.50) (7.51) Other income 37.51 11.83 Interest expense (17.66) (0.00) Income tax 0.00 (0.60) Net profit (loss) (18.46) 1.30 Total assets 771.07 354.08 Total liabilities 537.81 102.78 Registered capital 500.00 500.00 Paid-up capital 250.00 250.00 No. of shares (million shares) 2.50 2.50 Par value (Baht) 100.00 100.00 Retained earning (loss) (16.74) 1.30 Shareholders' equity 233.26 251.30 Please be informed accordingly. Yours sincerely Mr. Nirun Fuganjananon Assistant Managing Director CONTACT: Picnic Corporation Public Company Limited 805 Srinakarin Road, Suan Luang Bangkok Telephone: 0-2721-3600-59 Fax: 0-2721-3571 Web site: http://www.picniccorp.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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