/raid1/www/Hosts/bankrupt/TCRAP_Public/051221.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, December 21, 2005, Vol. 8, No. 252
Headlines
A U S T R A L I A
ALBERT COURT: Liquidator to Explain Wind Up Manner
ARISTOCRAT LEISURE: Boss to Enjoy 28% Pay Raise
ARISTOC CHARTERE: Winds Up Operations
BILL WRIGHT: To Distribute Dividend to Creditors
COLBERG PTY: Creditors Confirm Liquidator's Appointment
CROESUS MINING: Completes Davyhurst Sale
DROPPA HOLDINGS: Schedules Final Meeting Dec. 30
EG GREEN: Leading Bidder Sniffs Success
EUXINE HOLDINGS: Members Pass Winding Up Resolution
FLIGHT CENTRE: Expands Board of Directors
FORTESCUE METALS: Government Grants Another Key Approval
FOWLER ELECTRICAL: Nicholas Crouch Named Official Liquidator
GLENYARRA PASTORAL: Liquidator to Distribute Assets
HIWIND PTY: Court Orders Winding Up
JAMES HARDIE: Posts Changes in R&D Management
JASON ROBARDS: Winding Up Process Initiated
MATRIX HR: Intends to Pay Dividend
MULTIPLEX: Analysts Cut Forecasts
PERECON PTY: Creditors Opt for Voluntary Winding Up
QANTAS AIRWAYS: Set to Follow Air NZ's Outsourcing Plans
RAMCORP AND ASSOCIATES: Collapses After Failing to Recover Debt
ROLUCK PTY: Court Appoints Official Liquidator
RPRP PTY: Decides to Close Business
SANTOS LIMITED: Mulls End of Firebird-1 Project
STURZAKER PTY: Enters Liquidation
TELSTRA CORPORATION: Wins a Pricing Review
TIRA PTY: Declares Final Dividend
TRINITY BUILDING: Members Agree to Wind Up Firm
TWIN STAR: Members to Review Liquidator's Report
VILLAGE BAKERY: Placed Under Voluntary Liquidation
WATTYL LIMITED: Blasted Over Failure to Disclose AEP Bid
YENDON INVESTMENTS: Shuts Down Operations
C H I N A & H O N G K O N G
ACCESS TREE: Court to Hear Winding Up Petition Jan. 11
ASIA WATER: Court Issues Winding Up Notice
BANK OF CHINA: Orders Wincor Nixdorf ATMs
CHUNG WIN: Issues Debt Claim Notice
GLORRIE INVESTMENT: Enters Winding Up Process
GOLD MOUNTAIN: Winding Up Hearing Slated for Jan. 11
GUANGNAN (KK) SUPERMARKET: Intends to Pay Dividend
HOP SHING: Court Issues Winding Up Notice
KEITEX LIMITED: Prepares to Liquidate Business
PEOPLELABS LIMITED: Set to End Operations
SHUN WING: Court Issues Winding Up Order
SILKMATE INDUSTRIES: Adjourns Court Hearing to Jan. 17
TOWERED PROPERTIES: Winding Up Hearing Fixed Jan. 11
I N D I A
BAPL FINANCE: RBI Cancels Certificate of Registration
JIK INDUSTRIES: Court Sanctions Scheme of Arrangement
KUMBH FINANCE: Loses Registration Certificate
I N D O N E S I A
BANK MANDIRI: Appoints Danareksa Sekuritas as Financial Adviser
MERPATI NUSANTARA: Government to Throw IDR75-Bln Lifeline
PERTAMINA: To Buy LNG from Tangguh if China Cuts Imports
SURYA SEMESTA: Expects to Post Net Profit This Year
J A P A N
COASTAL OCEAN: Submits Restructuring Scheme
DAIWABO COMPANY: METI Approves Restructuring Plan
WACOAL HOLDINGS: To Liquidate Japanese Lingerie Maker
KAIJO SONIC: METI Approves Business Restructuring Plan
MITSUKOSHI LIMITED: To Dissolve Subsidiary
OMRON CORPORATION: Prepares to End Overseas Operations
SOFTBANK CORPORATION: Starts Video Distribution Service
K O R E A
CITIBANK KOREA: Gives Customers Rebate on Unfair Interest Gains
HANARO TELECOM: Inks Preliminary Deal to Merge with Thrunet
M A L A Y S I A
BELL & ORDER: Enters Agreement with Stakeholder
CRIMSON LAND: COO Acquires Shares from Open Market
GULA PERAK: Issues New Shares for Listing, Quotation
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
MAGNUM CORPORATION: Buys Back Ordinary Shares
MEDIA PRIMA: Shareholders OK Resolutions at EGM
PAN MALAYSIA: Issues Update to Material Litigation
PROMTO BERHAD: Updates Restructuring Scheme
JOHAN HOLDINGS: Details Sale of Investment in William Jacks
LIEN HOE: Answers Bourse's Query
MAXIS COMMUNICATIONS: Director Unveils Dealing in Securities
PAN PACIFIC: Unveils Restructuring Scheme Status
PATIMAS COMPUTERS: Seeks Approval of Shares Buy-Back
SOUTHERN BANK: Clarifies Erroneous Reports
WEMBLEY INDUSTRIES: Delisting of Securities on Pending Status
P H I L I P P I N E S
LAFAYETTE MINING: LG International Vows to Pump in Cash
MANILA ELECTRIC: Spokesman Says Government Reviewing Debt
MANILA ELECTRIC: Shares Dumped on Fear of Government Takeover
MAYNILAD WATER: No Restraints on Manila Water Bid
VICTORIAS MILLING: Shareholders' Meeting Fixed Feb. 7
S I N G A P O R E
CITIRAYA SINGAPORE: Seeks Judicial Management
CROSBY PTE: Receiving Claims Until Jan. 9
GRAINFIELDS FOOD: Declares Dividend
ONG YEW: Asks Creditors to Submit Debt Claims
PANCA SERVICES: To Schedule Final Meeting Next Month
T H A I L A N D
PICNIC CORPORATION: Issues Information to Warrant Holders
- - - - - - - -
=================
A U S T R A L I A
=================
ALBERT COURT: Liquidator to Explain Wind Up Manner
--------------------------------------------------
Notice is given that a final meeting of the members of Albert
Court Pty Limited will be held on Dec. 30, 2005, 11:15 a.m. at
the offices of Ngan & Co., Level 5, 49 Market Street, Sydney NSW
2000, to present the Liquidator's final account of the Company's
winding up, and to give any explanation thereof.
Dated this 29th day of November 2005
P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000
ARISTOCRAT LEISURE: Boss to Enjoy 28% Pay Raise
-----------------------------------------------
Poker machine maker Aristocrat Leisure has approved a pay
increase for its Managing Director and Chief Executive Officer
Paul Oneile, The Advertiser reveals.
Mr. Oneile's fixed remuneration will increase to AU$1.7 million
from AU$1.225 million with long-term incentives increasing to 70
percent from 55 percent of fixed remuneration.
Short-term incentives will also increase to 70 percent from 55
percent of fixed remuneration, with the possibility of up to 130
percent of fixed remuneration for outperformance.
Aristocrat Chairman David Simpson said the board approved the
increases as part of an annual review after considering the
recommendations of the remuneration committee, which also took
advice from an external remuneration consultant.
He also said Mr. Oneile's long-term incentive participation
would be satisfied through the grant of performance share
rights, with shareholder approval sought at Aristocrat's next
annual general meeting.
CONTACT:
Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com
ARISTOC CHARTERE: Winds Up Operations
-------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Aristoc Chartere Services Pty Limited held on
Nov. 24, 2005, it was resolved that the Company be wound up
voluntarily, and Messrs. Loke Ching Wong and William Bernard
Abeyratne of Harrisons Insolvency, Level 5, 150 Albert Road,
South Melbourne were appointed as Joint and Several Liquidators
for such purpose.
Dated this 29th day of November 2005
William B. Abeyratne
Loke Ching Wong
Joint Liquidators
C/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 03 9696 2885
BILL WRIGHT: To Distribute Dividend to Creditors
------------------------------------------------
Bill Wright (Taree) Pty Limited will declare a first and final
dividend today, Dec. 21, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 22nd day of November 2005
R. J. Porter
Liquidator
Moore Stephens
Level 6, 460 Church Street
Parramatta NSW 2150
COLBERG PTY: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Colberg Pty Limited held on Nov. 24, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and
Mr. P. Ngan and Mr. G. Parker were appointed as Joint and
Several Liquidators for such purpose.
Creditors confirmed the Liquidators' appointment at a creditors'
meeting held later that day.
Dated this 28th day of November 2005
P. Ngan
Liquidator
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
CROESUS MINING: Completes Davyhurst Sale
----------------------------------------
Croesus Mining NL announced Monday that settlement of the
agreement for the sale of the Davyhurst project to Monarch
Resources Limited has occured.
Monarch Resources Limited is now the 100-percent beneficial
owner of the Davyhurst project.
CONTACT:
Croesus Mining N.L. Head Office
39 Porter Street
Kalgoorlie, Western Australia 6430
Phone: +61 8 9091 2222
Fax: +61 8 9021 7724
E-mail: croesus@croesus.com.au
Web site: http://www.croesus.com.au/
DROPPA HOLDINGS: Schedules Final Meeting Dec. 30
------------------------------------------------
Notice is given that a final meeting of the members of Droppa
Holdings Pty Limited will be held on Dec. 30, 2005, 11:00 a.m.
at the offices of Ngan & Co., Level 5, 49 Market Street, Sydney
NSW 2000, to present the Liquidator's account on the Company's
winding up, and to give any explanation thereof.
Dated this 29th day of November 2005
P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000
EG GREEN: Leading Bidder Sniffs Success
---------------------------------------
The leading bidder for failed beef processor EG Green and Sons
says it is confident in its ability to secure the creditors'
vote over rival bidders, especially the Green family, according
to ABC Premium News.
The Stark-Harmony consortium was put together by a corporate
adviser and has the backing of a group of seven local beef lot-
feeders, who are also EG Greens' creditors.
Group member Paul O'Meehan says the consortium wants the
abattoir to process more than 4,000 head of cattle a week by
2007.
He said the group is hopeful of edging out the Green family's
bid for a deed of company arrangement (DOCA).
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
EUXINE HOLDINGS: Members Pass Winding Up Resolution
---------------------------------------------------
At a general meeting of the members of Euxine Holdings Pty
Limited held on Nov. 30, 2005, the following Special
Resolution was passed:
That the Company be wound up voluntarily.
Dated this 30th day of November 2005
Ernest Stewart
Director
C/o Moore Stephens
Level 6, 460 Church Street
Parramatta NSW 2150
FLIGHT CENTRE: Expands Board of Directors
-----------------------------------------
Travel agent network Flight Centre Ltd has expanded its board of
directors with the appointment of former Campbell Brothers Ltd
chief executive Bruce Brown.
Mr. Brown, who retired as Campbell Brothers chief executive in
August, currently serves as a director of Campbell Brothers,
Transpacific Industries Group Ltd and Phi Capital Ltd.
CONTACT:
Flight Centre Limited
Level 13, 316 Adelaide Street,
BRISBANE, QUEENSLAND,
AUSTRALIA, 4000
Telephone: (07) 3032 9013
Fax: (07) 3032 9051
Web site: http://www.flightcentre.com
FORTESCUE METALS: Government Grants Another Key Approval
--------------------------------------------------------
Fortescue Metals Group Limited has received advice from the
Minister for the Environment within the Government of Western
Australia of another key environmental approval required by the
Company.
The Stage B approval covers the Christmas Creek and Mindy Mindy
mines and the east-west rail spur linking the Chichester Range
mines to the main line to Port Hedland. This follows the Stage A
environmental approval for the rail and port granted by the
Minister in October 2005.
Approval to implement Fortescue's proposed mines and rail line
as described is provided pursuant to a set of conditions that
the Company will adhere to. These relate to operational and
management issues which are considered by Fortescue as entirely
consistent with its proposed method of operation.
A completion description of the various conditions is provided
within the formal Ministerial advice which will be available on
the Government's web site http://www.epa.wa.gov.auunder
Environmental Impact Assessment - environmental conditions
(Ministerial).
Environmental approval for Fortescue's final application, the
Cloud Break mine, is well advanced in the Western Australian
impact assessment process. It is anticipated that formal
approval of this will be granted early in 2006.
Fortescue would like to thank all those involved in the approval
process. The final ministerial determination comes after an
extensive process of public review and consultation with a range
of stakeholders.
CONTACT:
Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/
FOWLER ELECTRICAL: Nicholas Crouch Named Official Liquidator
------------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Fowler Electrical Pty Limited held on Nov. 25, 2005, it was
resolved that the Company be wound up voluntarily, and Mr.
Nicholas Crouch of Crouch Insolvency Chartered Accountants,
Level 28, St. Martins Tower, 31 Market Street, Sydney NSW
2000 be appointed as Liquidator for such purpose.
Dated this 25th day of November 2005
Nicholas Crouch
Liquidator
Crouch Insolvency Chartered Accountants
Level 28, St. Martins Tower
31 Market Street, Sydney NSW 2000
GLENYARRA PASTORAL: Liquidator to Distribute Assets
---------------------------------------------------
At a general meeting of Glenyarra Pastoral Co (Bungay) Pty
Limited held on Dec. 2, 2005, the following Special
Resolution was passed:
That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire.
Dated this 5th day of December 2005
Ann Fordyce
For and on behalf of the Liquidators
C/o Pilot Partners
Level 5, 175 Eagle Street
Brisbane Qld 4000
HIWIND PTY: Court Orders Winding Up
-----------------------------------
On Nov. 29, 2005, the Supreme Court of New South Wales ordered
the winding up of Hiwind Pty Limited, and appointed Mr. Stephen
James Parbery to be the Company Liquidator.
Dated this 30th day of November 2005
Stephen J. Parbery
C/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax: 02 9221 1310
JAMES HARDIE: Posts Changes in R&D Management
---------------------------------------------
Don Merkley has resigned from his role as Executive Vice
President Research & Development and has left James Hardie
Industries.
Mark Fisher, currently Vice President of Specialty Products, has
replaced Mr. Merkeley in the R&D role. He will also be
responsible for Artisan Roofing and Hardie Pipe.
Mark joined James Hardie in 1993 as a Production Engineer in
Fontana. Since then he has held various positions including:
Hardibacker Product Manager, Interiors Sales & Marketing Manager
and Europe General Manager.
Announcing the changes, James Hardie CEO, Louis Gries described
Don Merkley's contributions to, and impact on, the James Hardie
businesses over the last 12 years as very significant.
The other members of the GMT remain unchanged. They are Louis
Gries, Chief Executive Officer; Russel Chenu, Chief Financial
Officer; Ben Butterfield, General Counsel; James Chilcoff, Vice
President - International Business; Dave Merkley, Executive Vice
President - Engineering and Process Development; Nigel Rigby,
Vice President - Emerging Markets; Robert Russell, Vice
President - Established Markets; and Cathy Wallace, Vice
President Human Resources.
CONTACT:
James Hardie Industries NV
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
JASON ROBARDS: Winding Up Process Initiated
-------------------------------------------
Notice is hereby given that at a general meeting of the members
of Jason Robards Pty Limited held on Nov. 30, 2005, it was
resolved by Special Resolution that the Company be wound up in a
members' voluntary winding up, and that Mr. Jack Singh, CPA of
Suite 709-370, Pitt Street, Sydney NSW 2000, be appointed as
Liquidator.
Dated this 30th day of November 2005
Jack Singh
Suite 709-370, Pitt Street
Sydney NSW 2000
MATRIX HR: Intends to Pay Dividend
----------------------------------
Matrix HR International (Queensland) Pty Limited will declare a
first and final dividend today, Dec. 21, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 8th day of November 2005
Adam Shepard
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
MULTIPLEX: Analysts Cut Forecasts
---------------------------------
Multiplex Group has received another string of profit downgrades
from analysts, The Age reveals.
Analysts have warned that the troubles might not be over for its
Wembley Stadium reconstruction project.
Multiplex on Monday revealed mounting losses from the massive
U.K. project would likely siphon more than two-thirds from this
fiscal year's projected profit. The company now expects a profit
around AU$50 million compared to its previous forecast of AU$215
million for 2005/06, excluding inter-group transactions.
Analysts have since cut their forecasts accordingly.
UBS analysts said that the profit warning was not a complete
surprise, but that the quantum of losses was "much greater than
many had expected at this late stage of the project". They've
also cautioned investors to prepare for more bad news, with
Multiplex planning to update the market in the coming weeks with
more specific estimates.
Goldman Sachs JBWere analyst Nick Vrondas maintained his sell
rating on the stock, suggesting that the profit downgrade
amounted to nearly 20 cents per security. He also noted that
Multiplex's other announcement - the sale of its interests in UK
construction project Stratford and data company Global Switch -
could have negative implications
CONTACT:
Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au
PERECON PTY: Creditors Opt for Voluntary Winding Up
---------------------------------------------------
Notice is hereby given that on Nov. 29, 2005, the following
Special Resolution was passed:
That Perecon Pty Ltd be wound up voluntarily relating to a
Creditors' Voluntary Winding Up, and that Mr. K. L. Sutherland
and Mr. H. A. MacKinnon, Chartered Accountants of 332 St. Kilda
Road, Melbourne be appointed as Joint and Several Liquidators
for such purpose.
Dated this 30th day of November 2005
H. A. MacKinnon
K. L. Sutherland
Joint and Several Liquidators
Bent & Cougle Pty Limited Chartered Accountants
332 St. Kilda Road, Melbourne Vic 3004
QANTAS AIRWAYS: Set to Follow Air NZ's Outsourcing Plans
-------------------------------------------------------
Qantas Airways seized on an Air New Zealand decision to cut 110
jobs and outsource engine maintenance jobs as another example of
why its Australian operations must significantly reduce
engineering costs, The Advertiser reports.
Qantas Executive General Manager for Engineering David Cox
pointed to the Air NZ decision as another example of major
carriers using overseas providers for maintenance, repair and
overhaul, with rates 20 percent below those in Australia.
While Qantas recently decided to keep maintenance of Rolls Royce
engines in Australia, more than 3000 other jobs could head
overseas after February, unless management and unions agree on
significant cost cuts.
The Air NZ decision gives Qantas officials additional ammunition
as they pursue cutbacks in overtime and shift allowances that
would amount to a pay cut of 15-20 percent, by union estimates.
CONTACT:
Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com.au
RAMCORP AND ASSOCIATES: Collapses After Failing to Recover Debt
---------------------------------------------------------------
Ramcorp and Associates Pty Ltd has gone into liquidation after
almost two years of battling to recover AU$1.4 million allegedly
owed by a firm linked to the infamous tax cheat Brian Maher,
Courier Mail reports.
Administrators of the collapsed Gold Coast construction company
are expected to hold a public examination of the company
directors and accountants in the new year after identifying a
wide range of alleged financial irregularities, including
insolvent trading and the issuing of false statutory
declarations.
It is understood that the Australian Securities and Investments
Commission has been alerted to allegations that former Ramcorp
director Ron Mudge was involved in the running of the business
despite his status as an undischarged bankrupt and an excluded
person by the BSA.
ASIC has also been informed about the operation of a "phoenix"
company related to Ramcorp.
The BSA suspended Ramcorp's building license on November 9
following creditor complaints of non-payment, and the company
appointed administrators a few days later.
Creditors unanimously voted to wind up Ramcorp this month after
administrator Ferrier Hodgson concluded there was almost no
chance of them recouping about AU$1.8 million.
ROLUCK PTY: Court Appoints Official Liquidator
----------------------------------------------
On Nov. 25, 2005, the Federal Court of Australia, New South
Wales District Registry appointed Mr. Christopher J. Palmer to
be the Official Liquidator in the winding up of Roluck Pty
Limited.
Dated this 13th day of December 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street
Sydney NSW 2000
RPRP PTY: Decides to Close Business
-----------------------------------
Notice is hereby given that at a general meeting of the members
of RPRP Pty Limited held on Nov. 25, 2005, it was resolved that
the Company be wound up voluntarily, and that Stephen Robert
Dixon and Laurence Fitzgerald, Chartered Accountants of Horwath
BRI (Vic) Pty Limited, Level 30, The Rialto, 525 Collins Street,
Melbourne Vic 3000 be nominated to act as Joint and Several
Liquidator's for the winding up.
Dated this 5th day of December 2005
Stephen R. Dixon
Laurence Fitzgerald
Joint Liquidators
Horwath BRI (Vic) Pty Limited Chartered Accountants
Level 30, The Rialto, 525 Collins Street
Melbourne Vic 3000
SANTOS LIMITED: Mulls End of Firebird-1 Project
-----------------------------------------------
Santos Limited and its partners are looking to abandon the
Firebird-1 exploration well in the Timor Sea after it failed to
produce enough gas to make it worth developing, according to The
Age.
Santos and well operator ConocoPhillips drilled in Timor Sea in
search of more gas off northern Australia to feed a possible
expansion of an AU$1 billion liquefied natural gas plant being
built in Darwin. Firebird had the potential to hold up to 1.4
trillion cubic feet of gas, Santos said in October.
ConocoPhillips owns 42.4 per cent of Firebird, Santos owns 21.4
per cent and Inpex 21.2 per cent. Petroz (Timor Sea) and Emety
also own stakes.
The well, which is in waters jointly administered by Australia
and East Timor, lies about 19 kilometres from ConocoPhillips's
Bayu-Undan gas field. That field will provide fuel for the
Darwin LNG plant.
Santos and its partners have not decided whether to drill more
wells at Firebird.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
STURZAKER PTY: Enters Liquidation
---------------------------------
Notice is hereby given that at a meeting of the creditors of
Sturzaker Pty Limited held on Nov. 24, 2005, it was resolved
that the Company be wound up, and Messrs. Ezio Marco Senatore
and Stephen Brennan of Senatore Brennan Rashid, Level 7, 28
University Avenue, Canberra ACT 2601 were appointed sd
Liquidators for the winding up.
Dated this 24th day of November 2005
Stephen Brennan
Ezio M. Senatore
Joint Liquidators
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: 02 6214 6700
Fax: 02 6214 6799
TELSTRA CORPORATION: Wins a Pricing Review
------------------------------------------
A meeting of the Cabinet's senior ministers on Monday asked for
a review of the regulations governing the rental of Telstra
Corporation's phone lines for broadband services known as
unbundled local loop (ULL), reports the Sydney Morning Herald.
While the Government decided not to intervene, it has asked the
Australian Competition and Consumer Commission (ACCC) to report
back on how its ULL pricing recommendation will affect Telstra's
ability to maintain a standard broadband retail price across
Australia.
Telstra has complained that the ACCC's new pricing model will
remove an AU$800 million cross-subsidy of regional customers
which will have to be either made up by the Government or by a
massive price increase in regional areas.
Communications Minister Helen Coonan announced new broadband
price caps that will ensure Telstra will have to maintain
pricing parity between city and regional areas.
But the Government also asked the ACCC to report back on whether
its "current approach to ULL pricing sufficiently takes into
account Telstra's capacity to maintain average retail prices",
the statement from Senator Coonan's office said.
The ACCC was expected to hand down its final decision on ULL
pricing within days but the decision is expected to be put back
by at least a month while the commission reports to the
Government.
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/
TIRA PTY: Declares Final Dividend
---------------------------------
Tira Pty Limited will declare a final dividend today, Dec. 21,
2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 28th day of November 2005
Paul A. Pattison
Liquidator
Pattisons Business Advisors & Insolvency Practitioners
Level 14, 461 Bourke Street
Melbourne Vic 3000
Phone: 03 9600 4611
TRINITY BUILDING: Members Agree to Wind Up Firm
-----------------------------------------------
Notice is hereby given that at a general meeting of Trinity
Building Solutions Pty Limited held on Nov. 25, 2005, it was
resolved that the Company be wound up voluntarily, and that
Geoffrey Handberg, Chartered Accountant of D'Aloia Handberg
Chartered Accountants, 10/200 Queen Street Melbourne be
nominated to act as Liquidator for the winding up.
Dated this 25th day of November 2005
Geoffrey Handberg
Liquidator
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000
TWIN STAR: Members to Review Liquidator's Report
------------------------------------------------
Notice is hereby given that the final meeting of the members of
Twin Star Pty Limited will be held on Dec. 30, 2005, 3:00 p.m.
at the office of Marriott Foreman, to receive the Liquidators'
final account and report on the winding up of the Company, and
to give any brief explanation thereof.
Dated this 18th day of November 2005
Bryan W. J. Marriott
Vernon P. Ware
Joint Liquidators
Marriott Foreman Chartered Accountants and Business Advisors
Level 1, 95 Tamar Street
Ballina NSW 2478
VILLAGE BAKERY: Placed Under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Village Bakery Pambula Pty Limited held on
Nov. 29, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Daniel I. Cvitanovic of Daniel I.
Cvitanovic Chartered Accountant, Level 1, 121-123 Crown Street,
Wollongong NSW 2500 was appointed at Liquidator at a creditors'
meeting held that same day.
Dated this 29th day of November 2005
Daniel I. Cvitanovic
Liquidator
Level 1, 121-123 Crown Street
Wollongong NSW 2500
WATTYL LIMITED: Blasted Over Failure to Disclose AEP Bid
--------------------------------------------------------
Wattyl Limited's shareholders criticized the troubled paint
maker for failing to disclose an approach from Allco Equity
Partners (AEP) earlier this month, Sydney Morning Herald has
learned.
Private equity fund AEP recently confirmed it had approached
Wattyl with "indicative potential proposal" on Dec. 6. But it
has decided whether to make a formal takeover bid since its
approach was rebuffed by Wattyl Chairman John Ingram and
Managing Director John Nolan.
The paint manufacturer decided not to tell shareholders about
AEP's approach. However, the company on Dec. 13 put out a
positive statement updating shareholders on its restructure,
which it said was ahead of schedule.
Mr. Nolan also said Wattyl was not obliged to inform the market
about its talks with AEP because no formal offer made.
Mr. Nolan said the "indicative proposal" from AEP "wasn't
acceptable" but declined to comment further. He also played down
speculation Wattyl had been approached by other parties.
He said the paint maker's restructure was ahead of schedule and
would generate AU$10 million in savings. It also has plans for a
second round of cost cutting that could save a further AU$10
million a year. These savings would not come from Wattyl
shutting its ageing Blacktown plant.
CONTACT:
Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311
YENDON INVESTMENTS: Shuts Down Operations
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Yendon Investments Pty Limited held on Nov. 23, 2005, it was
resolved that the Company be wound up voluntarily, and that
Messrs. Robyn Erskine & Peter Goodin, of Brooke Bird & Co.
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123
be appointed as Liquidators for such purpose.
Robyn Erskine
Peter Goodin
Brooke Bird & Co. Insolvency Practitioners
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666
==============================
C H I N A & H O N G K O N G
==============================
ACCESS TREE: Court to Hear Winding Up Petition Jan. 11
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Access Tree Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on November 15, 2005 presented
to the said Court by Standard Chartered Bank (Hong Kong) Limited
of 32nd Floor, Standard Chartered Bank Building, 4-4A Des Voeux
Road Central, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on 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.
TANNER DE WITT
Solicitors for the Petitioner
2308, Tower Two, Lippo Centre
89 Queensway
Hong Kong
Phone: 2573 5000
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.
ASIA WATER: Court Issues Winding Up Notice
------------------------------------------
Asia Water Company Limited, whose office address is located at
1105 Kin Wing Industrial Building 33 Kin Wing Street Tuen Mun
New Territories, issued a winding up order notice in the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on December 7, 2005.
Date of Presentation of Petition: October 5, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
BANK OF CHINA: Orders Wincor Nixdorf ATMs
-----------------------------------------
Bank of China, the bank with the richest tradition in the
country, has awarded Wincor Nixdorf an order to expand its
network of automated teller machines.
With immediate effect, the bank is providing its customers with
additional self-service functions via 415 extra ProCash 2050xe
ATMs. This strategically significant order saw Wincor Nixdorf
coming out on top once more in the face of tough competition and
is proof positive of the company's successful business expansion
in Asia.
Customers can use the monofunction ProCash 2050xe machines to
withdraw cash and make balance enquiries. The systems are
characterized by high performance and high availability
(uptime). Their user-friendly interface and an optical user
interface on all input/output modules make the machines
extremely easy to use. The Bank of China's new enlarged ATM
network offers all customers even faster, more immediate self-
services 24 hours a day.
"Winning this project at the bank with the richest tradition in
China means we have created an excellent foundation for growing
the business further in China. One of the key success factors in
this project was the performance of our ATMs and also the
creative branch design we want to implement at the bank,"
explained Collin Eu, Managing Director of Wincor Nixdorf China.
CONTACT:
Wincor Nixdorf
Andreas Bruck
Head of Corporate Communications
Phone: +49 5251 693 5200
E-Mail: andreas.bruck@wincor-nixdorf.com
Press/Branch Press
Wincor Nixdorf
Ulrich Nolte
Phone: +49 5251 693 5211
E-Mail: ulrich.nolte@wincor-nixdorf.com
This is a company press release.
CHUNG WIN: Issues Debt Claim Notice
-----------------------------------
Notice is hereby given that the Creditors of Chung Win
International Investment Limited (In Members' Voluntary
Liquidation), which is being voluntarily wound up, are required
on or before January 16, 2006 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company at 13/F., Shum Tower, 268 Des
Voeux Road Central, Hong Kong.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof, they will
deemed to waive all of such debts or claims and the Liquidators
will be entitled seven days after the above date, to distribute
the funds available or any part thereof to the Members.
Dated this 16th day of December 2005
ZENG XIANGGAO
Liquidator
GLORRIE INVESTMENT: Enters Winding Up Process
---------------------------------------------
Glorrie Investment Company Limited, whose office address is
located at Unit 2704 27th Floor Vicwood Plaza No. 199 Des Voeux
Road Central, Hong Kong, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on December 7, 2005.
Date of Presentation of Petition: September 14, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
GOLD MOUNTAIN: Winding Up Hearing Slated for Jan. 11
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gold Mountain Enterprise Limited by the High Court of Hong Kong
Special Administrative Region was on the 15th day of November
2005 present to the said Court by Standard Chartered Bank (Hong
Kong) Limited of 32nd Floor, Standard Chartered Bank Building,
4-4A Des Voeux Road Central, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 am on 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.
TANNER DE WITT
Solicitors for the Petitioner
2308, Tower Two, Lippo Centre
89 Queensway
Hong Kong
Phone: 2573 5000
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.
GUANGNAN (KK) SUPERMARKET: Intends to Pay Dividend
--------------------------------------------------
Guangnan (KK) Supermarket Limited (In Liquidation) issued a
notice of intended dividend in the High Court of the Hong Kong
Special Administrative Region Court of First Instance with the
following details:
Name of Liquidator: Mr Stephen Liu Yiu Keung and Mr. Yeo Boon
Ann
Registered Office and Liquidator's Address: 18th Floor, Two
International Finance Centre, 8 Finance Street, Central, Hong
Kong.
Last Date for Receiving Proofs: January 5, 2006
Dated this 16th day of December 2005
STEPHEN LIU YIU KEUNG
YEO BOON ANN
Joint and Several Liquidators
HOP SHING: Court Issues Winding Up Notice
-----------------------------------------
Hop Shing (HK) Construction Limited, whose office address is
located at 11/F Flat H Lever Building 33 Larch St Tai Kok Tsui
Kowloon, issued a winding up order notice in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on December 7, 2005.
Date of Presentation of Petition: October 5, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
KEITEX LIMITED: Prepares to Liquidate Business
----------------------------------------------
Keitex Limited, whose office address is located at Unit 1 4/F
Lee Sum Factory Building 28 Ng Fong Street San Po Kong Kowloon,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
December 7, 2005.
Date of Presentation of Petition: October 5, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
PEOPLELABS LIMITED: Set to End Operations
-----------------------------------------
Peoplelabs Limited, whose office address is located at Rm 1902
Prosperity Centre No. 982 Canton Road Kowloon, issued a winding
up order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on December 7,
2005.
Date of Presentation of Petition: September 30, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
SHUN WING: Court Issues Winding Up Order
----------------------------------------
Shun Wing Hang Enterprises Limited, whose office address is
located at Suites 1901-2 19th Floor Chinachem Leighton Plaza 29
Leighton Road Causeway Bay Hong Kong, issued a winding up order
notice in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on December 7, 2005.
Date of Presentation of Petition: September 22, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
SILKMATE INDUSTRIES: Adjourns Court Hearing to Jan. 17
------------------------------------------------------
Silkmate Industries Limited hereby gives notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the first meeting of contributories held on September 6, 2005
and the first meeting of creditors and the adjourned first
meeting of creditors held on September 6, 2005 and September 20,
2005 respectively and, deciding the differences (if any) and
making such order of appointments as the court may think fit.
Date and Time of Hearing: January 17, 2006 (Tuesday) at 10:30
a.m.s
Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 16th December 2005
E.T. O'CONNELL
Official Receiver & Provisional
Liquidator
TOWERED PROPERTIES: Winding Up Hearing Fixed Jan. 11
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Towered Properties Development Limited by the High Court of Hong
Kong Special Administrative Region was on November 18, 2005
presented to the said Court by Ka Construction Company Limited
whose registered office is situate at Room 1202, Block 2, Tak
Fung Industrial Centre, 168 Texaco Road, Tsuen Wan, New
Territories, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on 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.
MESSRS. WINSTON CHU & CO.
Solicitors for the Petitioner
Room 2006, 20th Floor
One Pacific Place
88 Queensway
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.
=========
I N D I A
=========
BAPL FINANCE: RBI Cancels Certificate of Registration
-----------------------------------------------------
The Reserve Bank of India, has on October 31, 2005 cancelled the
certificate of registration issued to BAPL Finance and
Investment Limited, having its registered office at 11-KM Mile
Stone, Atorni, Agra-282 007, Uttar Pradesh for carrying on the
business of a non-banking financial institution as the company
has opted to exit from the business of non-banking financial
institution.
Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.
The business of a non-banking financial institutions is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.
CONTACT:
Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in
JIK INDUSTRIES: Court Sanctions Scheme of Arrangement
------------------------------------------------------
Jik Industries Limited has informed the National Stock Exchange
of India that the Honorable High Court of Bombay has sanctioned
the Scheme of Arrangement u/s 391 of the Companies Act, 1956 on
December 12, 2005 (effective date December 16, 2005) between JIK
Industries Limited and Fixed Deposit Holders, Non-Convertible
Debenture Holders and Unsecured Creditors of JIK Industries
Limited.
CONTACT:
Jik Industries
Pada No.3,
Balkum Village,
Thane(W)
Thane - 400608
Telephone: 022-2676632-7 LINES / 22633313
Fax: 2676633
E-mail: jrp@vsnl.com
KUMBH FINANCE: Loses Registration Certificate
---------------------------------------------
The Reserve Bank of India, has on November 24, 2005 cancelled
the certificate of registration issued to Kumbh Finance Limited,
having its registered office at 13/386, Civil Lines, Kanpur-208
001, Uttar Pradesh for carrying on the business of a non-banking
financial institution as the company has opted to exit from the
business of non-banking financial institution.
Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.
The business of a non-banking financial institutions is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.
CONTACT:
Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in
=================
I N D O N E S I A
=================
BANK MANDIRI: Appoints Danareksa Sekuritas as Financial Adviser
---------------------------------------------------------------
State lender PT Bank Mandiri appointed state investment bank PT
Danareksa Sekuritas as its financial adviser in creating a
special purpose vehicle (SPV) to manage its non-performing loans
(NPLs), reports Dow Jones.
The SPV will manage Bank Mandiri's NPLS worth IDR26 trillion,
and is expected to reduce its gross NPL ratio, which amounted to
24.57% of its loans as of Sept. 30, 2005. Bank Mandiri expects
its NPLs to fall to 5% of its total loans by 2007.
Danareksa Sekuritas Lin Che Wei said that his firm would meet
with Bank Mandiri representatives to discuss the SPV next week,
in order to appoint an independent appraiser to assess which of
the bank's assets would be transferred to the new firm.
Bank Mandiri will also hold a shareholders' meeting next week to
seek approval for the formation of the SPV.
CONTACT:
PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: 62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id
MERPATI NUSANTARA: Government to Throw IDR75-Bln Lifeline
---------------------------------------------------------
The Indonesian government will inject IDR75 billion into
troubled state airline PT Merpati Nusantara in order to hasten
its restructuirng program, the Jakarta Post reports.
According to the Finance Ministry's Treasury Director Mulia P.
Nasution, the government will disburse the money as soon as
Merpati will ask for it. The funds, which are part of a planned
IDR450 billion cash injection into the Company, will go to the
restructuring of its debts.
The House of Representatives had earlier approved the proposed
cash injection into the state-owned airline for it to
restructure up to IDR1.6 trillion in debts, as well as
facilitate a debt-to-equity swap oif its obligations to the
government, state banks and other state firms. However, since
the government is also cash-strapped, it has stipulated that it
would disburse the IDR450 billion in installments.
The government will first disburse IDR75 billion in bridging
funds to keep Merpati afloat for the next two months. The
Company had asked for IDR93 billion to support its cash flow for
the next quarter, as it had a monthly deficit of IDR40 billion
and a negative equity position of IDR800 billion. It currently
owes IDR164 billion to Bank Mandiri, IDR95 billion to Bank
Danamon, and IDR92 billion to the government.
Company Management is expected to consider a privatization
scheme for the airline, as proceeds from such a scheme would
enable the Company to purchase new aircraft as well as continue
operations. There has been no further talk on merging Merpati
Nusantara with state carrier PT Garuda Indonesia, and this is
best left to the Office of the Minister of State Enterprises,
said Director Nasution.
CONTACT:
Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax: +62 21 654 6789
Web site: http://www.merpati.co.id
PERTAMINA: To Buy LNG from Tangguh if China Cuts Imports
--------------------------------------------------------
State-owned oil and gas firm PT Pertamina will buy liquefied
natural gas (LNG) from Tangguh if theC China National Offshore
Oil Corp. (CNOOC) decides to cut its oil imports for a
receiving terminal in Fujian Province, reports Asia Pulse.
Earlier reports cited CNOOC's Fujian terminal as wanting only 1
million tons of LNG from Tangguh, Papua in the short term,
instead of the 2.6 million tons of LNG it had agreed to buy. But
CNNOC has denied such reports, saying that the LNG contract
between Indonesia and Fujian would be signed very soon.
Fujian had signed a long-term contract with the Indonesian
government in 2002 to import 2.6 million tons of LNG from
Tangguh province, where an LNG plant is under construction by
energy firm BP Plc. and will begin operations in 2008.
Pertamina plans to set aside IDR500 billion to finance the
construction of the plant, and would distribute LNG to
industries in Central Java and East Java, which is reported to
be facing a gas supply shortage.
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
SURYA SEMESTA: Expects to Post Net Profit This Year
---------------------------------------------------
Indonesian real estate and property firm PT Surya Semesta
Internusa is expecting to finally post a net profit this year,
after incurring a IDR64.8 billion net loss last year, Asia Pulse
reports.
The expected net profit is the result of the Company's
restructuirng of a IDR372.91 billion debt it owed to
Commonwealth Development Bank and Dexon. Both firms became
shareholders of Surya Semesta, as the restructuring was
facilitated by a conversion of its debt into Company shares.
According to Company Secretary Basroni Rizal, the debt
restructuring reduced the Company's loss in foreign exchange by
50% to IDR250 billion.
The Company posted a IDR23.1 billion foreign exchange net loss
for the first nine months of 2005, but it hopes to increase
income by 20% to IDR1 trillion next year.
CONTACT:
PT Surya Semesta Internusa
C/o Utari S. Sjarifuddin
Public Relation Manager
Graha Surya Internusa 11th Floor,
Jl. H. R. Rasuna Said Kav. X-0,
Jakarta 12950, Indonesia
Phone: 62 21 5262121, 5272121
E-mail: ssia@cbn.net.id
Web site: http://www.suryainternusa.com/
=========
J A P A N
=========
COASTAL OCEAN: Submits Restructuring Scheme
-------------------------------------------
A business restructuring plan submitted by Coastal Ocean
Research Co. Ltd. on December 9, 2005 were evaluated pursuant to
Article 6, Paragraph 1 of the Law on Special Measures for
Industrial Revitalization, and found to fulfill the requirements
of Article 2, Paragraph 4 concerning management restructuring.
The Ministry of Trade and Industry (METI) consequently approved
the plans on December 19, 2005.
CONTACT:
METI Public Relations Office
1-3-1 Kasumigaseki
Chiyoda-ku,
Tokyo, 100-8901
Phone: +81-3-3501-1619
Fax: +81-3-3501-6942
DAIWABO COMPANY: METI Approves Restructuring Plan
-------------------------------------------------
A business restructuring plan submitted by Daiwabo Co., Ltd. was
evaluated pursuant to Article 3, Paragraph 6 of the Law on
Special Measures for Industrial Revitalization, and found to
fulfill the requirements of Article 2, Paragraph 2.1 concerning
business restructuring.
The Ministry of Trade and Industry (METI) consequently approved
the plans on December 19, 2005.
CONTACT:
METI Public Relations Office
1-3-1 Kasumigaseki
Chiyoda-ku,
Tokyo, 100-8901
Phone: +81-3-3501-1619
Fax: +81-3-3501-6942
WACOAL HOLDINGS: To Liquidate Japanese Lingerie Maker
-----------------------------------------------------
Wacoal Holdings Corporation have decided to dissolve and
liquidate one of its group subsidiaries, Fukushima Wacoal Sewing
Corp., with the following details:
1. Outline of Subsidiary to be Liquidated
(1) Name of Subsidiary: Fukushima Wacoal Sewing Corp.
Head Office: 1 Omori Aza Nishinouchi, Fukushima-shi, Fukushima,
Japan
Representative: Yoshiyuki Nakajima, Director and President
Business Purpose: Manufacture of intimate apparel for women
Date of Incorporation: October 1976
Capital Amount: JPY20 million
Sole Shareholder: Wacoal Corporation (our 100% subsidiary)
Number of Employees: 114 (as of December 1)
Sales Amount: JPY1,012 million (fiscal year ended March 31,
2005)
(2) Reason for Dissolution and Liquidation
Fukushima Wacoal Sewing Corp. had been one of our group's core
domestic factories for the manufacture of Wacoal brand products.
However, in order to maintain the competitiveness of its
products and further improve its cost performance, additional
cost cutting measures would have been required, and the cost
burden for the continued maintenance and repair of its aging
equipment was also significant. Considering these factors,
Wacoal made a judgment that continuing the company's business
would be difficult, and consequently we decided to dissolve and
liquidate it.
(3) Schedule
Mid-March 2006 Termination of Business Activities March 31, 2006
Resolution of company dissolution at Fukushima Wacoal Sewing
Corp. shareholder's meeting (tentative)
(4) Treatment of Employees
All employees are scheduled to retire upon the dissolution of
the company. For those employees who seek reemployment and who
are capable of transferring, we will provide job placement to
our other domestic manufacturing subsidiaries. We will also
provide reemployment support to employees who seek reemployment
through an external job placement company.
2. Effect on Consolidated Business Results
Apart from the amount of involuntary retirement allowance to be
provided under the current rules, we will provide all employees
a special additional allowance. We will also provide a
reemployment-related subsidy to employees who seek reemployment.
As a result, we expect to record business expenses of
approximately 650 million yen in total.
The company has provided our comments on the forecast of the
financial results for the current fiscal year reflecting the
above in the "Announcement of Amendments to the Forecast of
Financial Results for the Current Fiscal Year" as announced
separately.
CONTACT:
Wacoal Corporation
29 Nakajima-Cho Kisshoin
Minami-Ku, Kyoto 601-8530
JAPAN
Phone: +81 75 682-5111
Fax: +81 75 661-5603
KAIJO SONIC: METI Approves Business Restructuring Plan
------------------------------------------------------
A business restructuring plan submitted by Kaijo Sonic
Corporation on December 9, 2005 were evaluated pursuant to
Article 6, Paragraph 1 of the Law on Special Measures for
Industrial Revitalization, and found to fulfill the requirements
of Article 2, Paragraph 4 concerning management restructuring.
The Ministry of Trade and Industry (METI) consequently approved
the plans on December 19, 2005.
CONTACT:
METI Public Relations Office
1-3-1 Kasumigaseki
Chiyoda-ku,
Tokyo, 100-8901
Phone: +81-3-3501-1619
Fax: +81-3-3501-6942
MITSUKOSHI LIMITED: To Dissolve Subsidiary
------------------------------------------
At a meeting of the Board of Directors, held on December 15,
2005, Mitsukoshi, Ltd. passed the following resolution regarding
the dissolution of a subsidiary.
1. Name, location of the head office and the representative
of the subsidiary
(1) Corporate name: Son Nakamura, Co., Ltd.
(2) Location of the head office: 5-1, Sakae 3-Chome, Naka-ku,
Nagoya, Aichi prefecture
(3) Name of the representative: Yoshikuni Arakawa
2. Reason for the dissolution
Our subsidiary company, Son Nakamura, Co., Ltd., has been
engaged in the wholesale and retail food business. However, the
demand has continued to be sluggish due to the diversified needs
of customers and the intensified competition; and since there is
no prospect that its business performance will improve, the
company decided to dissolve the subsidiary.
3. Profile of the subsidiary
(1) Description of business: Retail and wholesale food sales
(2) Date of foundation: March 1, 1962
(3) Capital: JPY100 million
(4) Stockholders' equity: JPY(834) million (for the year ended
February 2005)
(5) Total assets: JPY111 million (for the year ended February
2005)
(6) End of the accounting term: The last day of February
(7) Number of employees: 23 employees (for the year ended
February 2005)
(8)Large shareholder and shareholding ratio:
Mitsukoshi, Ltd., with a shareholding ratio of 100%
4. Schedule of dissolution
The liquidation will be completed by August 2006.
5. Future prospect
The dissolution of the subsidiary does not entail any revision
in the forecasts for the consolidated and non-consolidated
business results for the current period.
CONTACT:
Hironao Yoshida, Executive Officer and General
Manager Finance & Accounting Division
Telephone: +81-3-3241-3311
OMRON CORPORATION: Prepares to End Overseas Operations
------------------------------------------------------
OMRON Corporation (TSE: 6645; ADR: OMRNY), a global leader in
automation, sensing and control technology has decided to
dissolve its overseas affiliated company Omron (China) Group
Ltd. located in Hong Kong.
Reason for dissolution
OMRON (China) Group Ltd. was initially established as the
headquarter of the China area, mainly responsible for human
resource functions. However, headquarter functions in China has
been centralized to Omron (China) Co. Ltd., a holding company
located in Beijing, we have decided to dissolve this affiliated
company.
Company profile
(1)Trading Name OMRON (CHINA) GROUP CO., LTD.
(2)Location Kowloon, Hong Kong
(3)Representative Mr. Yasuhira Minagawa
(4)Description of Business Headquarter of China
economic area affiliated companies
(5)Date of Establishment November 7, 1996
(6)Capital 13 million Hong Kong Dollars
(7)Shareholders 100% owned by Omron Corporation
Date of dissolution
December 28,2005: Resolution to dissolve at said company
July 2006 (scheduled) Completion of liquidation
Forecast: The effect to our financial results for the fiscal
year ending March 2007 will be minimal.
About OMRON
Headquartered in Kyoto, Japan, OMRON Corporation is a global
leader in the field of automation. Established in 1933 and
headed by President Hisao Sakuta, Omron has more than 25,000
employees in over 35 countries working to provide products and
services to customers in a variety of fields including
industrial automation, electronic components industries, and
healthcare. The company is divided into five regions and head
offices are in Japan (Kyoto), Asia Pacific (Singapore), China
(Hong Kong), Europe (Amsterdam) and US (Chicago). The European
organization has its own development and manufacturing
facilities, and provides local customer support in all European
countries.
CONTACT:
OMRON Corporation
Corporate Brand Communications Department
Takayuki Nakamura
takayuki_nakamura@omron.co.jp
James Seddon
james_seddon@omron.co.jp
Phone: +81-3-3436-7202
Fax: +81-3-3436-7029
SOFTBANK CORPORATION: Starts Video Distribution Service
-------------------------------------------------------
Yahoo Japan Corporation and Softbank Corporation on Monday
launched a new portal for distributing some 100,000 video items
via the Internet, Japan Today reports.
"With the hefty amount of moving pictures we have prepared, we
aim to grab 40 million viewers," said Masayoshi Son, president
of Softbank, at a press conference.
CONTACT:
Softbank Corporation
1-9-1 Higashi Shinbashi
Minato-ku, Tokyo
105-7303, Japan
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431
=========
K O R E A
=========
CITIBANK KOREA: Gives Customers Rebate on Unfair Interest Gains
---------------------------------------------------------------
Customers of Citibank Korea will receive a return interest from
unfair collections from borrowers of its housing collateral
loans, The Korea Times reveals.
The move was done after the Financial Supervisory Service (FSS)
finalized a probe into the allegations that the Bank made
improper gains by applying higher interests rates than official
rates on some collateral loan products.
Citibank Korea will return a total of KRW1.28 billion to 15,000
customers who paid higher fixed interest rates on their mortgage
loans.
The regulator said that Citibank Seoul branch sold collateral
loans in 2002 with interests rates linked to money market rates.
Since the market rates in late 2002 have gone down to 6.67 and
5.48 percent in March, the Bank still collected interests by
applying a fixed rate of 7.9 percent. The bank said the interest
was taken mistakenly.
The FSS said it still has to decide whether to take a
disciplinary action against Citibank Korea. The regulator
suspects that the Bank earned some KRW1.3 billion in unfair
interest gains from the loan sales.
CONTACT:
Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966
Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340
Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609
HANARO TELECOM: Inks Preliminary Deal to Merge with Thrunet
-----------------------------------------------------------
Hanaro Telecom Inc. received preliminary approval to merge with
Thrunet Co. Ltd., relates Asia Pulse.
The approval came three months after Hanaro applied for
government backing of the proposal in September.
According to the Ministry of Information and Communication, a
final decision will be made after the government finishes
preparing measures designed to protect customers from the impact
of the merger.
Hanaro signed early this year a final agreement to buy Thrunet
for a price of KRW490 billion in order to better compete with
market player KT Corp.
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
===============
M A L A Y S I A
===============
BELL & ORDER: Enters Agreement with Stakeholder
-----------------------------------------------
Bell & Order Berhad furnished Bursa Malaysia Securities Berhad
an update to the following announcements:
- Rights Issue;
- Acquisitions;
- Mandatory Offer Exemption;
- Increased In Authorized Share Capital; and
- Placement
(hereinafter collectively referred to as the Corporate
Exercises)
The definitions in the B&O Circular to shareholders dated
October 20, 2005 shall apply herein unless specified otherwise
or the context otherwise requires.
Reference is made to the announcement made on June 28, 2005 and
September 2, 2005.
Avenue Securities Sdn Bhd, on behalf of the Board of Directors
of B&O, advised that it had, on December 14, 2005, entered into
a Profit Guarantee and stakeholders agreement (Agreement) with
SCOMI and Lee Hishammuddin Allen & Gledhill (acting as
stakeholder) (Stakeholder).
The Agreement was entered into pursuant to the SC's condition in
paragraph 1.2 (vii) of its letter dated June 24, 2005, whereby
SCOMI is required to provide a Profit Guarantee with regard to
the future consolidated PBT of SCOTS and SSB for the guaranteed
period covering three (3) financial years ending December 31,
2007.
The salient terms of the Agreement are as follows:
(i) SCOMI guarantees to B&O that, in respect of each Guaranteed
Financial Year:
(a) The Audited Consolidated PBT of SCOTS will not be less than
the Guaranteed Consolidated PBT for SCOTS for that Guaranteed
Financial Year; and
(b) The Audited Consolidated PBT of SSB will not be less than
the Guaranteed Consolidated PBT for SSB for that Guaranteed
Financial Year;
(ii) The Profit Guarantee is conditional upon:
(a) The audited financial statements for SCOTS and SSB for the
Guaranteed Financial Years being prepared on a consolidated
basis and on policies consistent in all material respects with
those adopted and employed prior to the date of the Agreement;
(b) SCOTS and SSB, and their respective subsidiaries, not doing
or omitting to do any act or omission the consequence or effect
of which would in any manner materially and adversely affect
their ability to effectually and promptly carry out their
contracts and obligations and freely to carry on their business
in substantially the same manner in which such business has in
the past been conducted;
(c) There being no material adverse change in the nature of the
business of SCOTS or SSB, or their respective subsidiaries;
(d) The business of SCOTS or SSB, or their respective
subsidiaries, not being materially and adversely affected by any
event of force majeure, change of law or other government
interference;
(e) SCOTS and SSB, and their respective subsidiaries, not
disposing of any material part of their business or assets;
(f) SCOTS and SSB not doing anything whereby income or expense
which should properly have arisen or been included in any
financial year is deferred or is excluded therefrom; and
(g) SCOTS and SSB continuing to have available to each
respectively on a consolidated basis banking and other credit
facilities in aggregate at a level and on the basis of which the
Guaranteed Consolidated PBT has been estimated;
(iii) In the event that any of the conditions set out in item
(ii) Above ceases to be the case the parties must:
(a) Discuss and agree such variations to the Profit Guarantee as
may be necessary to reflect the consequences of such condition
ceasing to be the case; and
(b) Notify the SC of such variation to the Profit Guarantee and,
if required, apply to the SC for its approval of such variation
to the Profit Guarantee;
(iv) The Profit Guarantee is to be secured by SCOMI by
depositing B&O Shares (that are free of the moratorium imposed
by the SC) and any rights thereof with the Stakeholder;
(v) The B&O Shares under the Profit Guarantee will be deposited
with the Stakeholder and under the custodianship of AA Assets
Nominees (Tempatan) Sdn Bhd (acting as a custodian);
(vi) The initial deposit of B&O Shares under the Profit
Guarantee will be given to the Stakeholder within ten (10)
market days from the completion of the Corporate Exercises or if
later, within five (5) market days of the issuance of the
Consideration Shares, based on the issue price of MYR1.48 per
share or the prevailing market price on that day, whichever is
higher;
(vii) The deposit amount of B&O shares are determined at 120
percent of the aggregate guaranteed consolidated PBT for both
SCOTS and SSB for that guaranteed financial year;
(viii) The Stakeholder will review the value of B&O shares and
any rights at the end of each quarter of the respective
guaranteed period.
For the purpose of conducting the quarterly review, the B&O
Shares held by the Stakeholder will be valued based on weighted
average market price for the month preceding that day. Where the
value of the B&O Shares is:
(i) Less than 120 percent margin - SCOMI would have to deposit
the difference either by additional B&O Shares or cash or both
with the Stakeholder; or
(ii) Above the 120 percent margin - the Stakeholder, at the
request of SCOMI, will release the surplus B&O Shares or any
rights, cash or any combination thereof to SCOMI;
(ix) Upon the issuance of the audited financial statements of
SCOTS and SSB for the respective financial year, the Stakeholder
will review the PBT standing of SCOTS and SSB. In the event
where the audited PBT is:
(i) Less than the guaranteed PBT - SCOMI must deposit the
shortfall with the Stakeholder. Failure to do so would result in
the Stakeholder selling the relevant number of B&O Shares and
any rights held by the Stakeholder to make up for the shortfall
and paying the net amount received by the Stakeholder to B&O; or
(ii) Above the guaranteed PBT - the Stakeholder will keep the
required B&O Shares to meet the following financial year's PBT
and transfer any surplus B&O shares or any rights or cash or any
combination thereof to SCOMI;
and
(x) If instructed by SCOMI, the Stakeholder must sell the B&O
Shares in the event the market price is above the minimum sale
price (i.e. the market price of B&O Shares at the latest time at
which B&O Shares are required to be deposited with the
Stakeholder). The Stakeholder will retain and hold as
stakeholder an amount equivalent to the aggregate minimum sale
price of the B&O Shares sold from the proceeds in place of the
B&O Shares sold and release any surplus to SCOMI.
This announcement is dated 14 December 2005.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
CRIMSON LAND: COO Acquires Shares from Open Market
--------------------------------------------------
Crimson Land Berhad issued to Bursa Malaysia Securities Berhad a
notification pursuant to Paragraph 14.09(A) of the Bursa
Malaysia Securities Berhad Listing Requirements on dealings
during open period.
Notice under Sections 135 and 135(2A) of the Companies Act,
1965.
The company informed the Exchange that Mr. Tan Jee Tien, the
Chief Operating Officer of the Company, has informed that he has
acquired a total of 194,000 ordinary shares representing 0.062
percent equity interest in the Company from the open market from
December 1, 2005 to December 5, 2005. His direct interest in the
Company is now 15,000,000 ordinary shares.
This announcement is dated 14 December 2005.
CONTACT:
Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045
GULA PERAK: Issues New Shares for Listing, Quotation
----------------------------------------------------
Gula Perak Berhad advised that its additional 1,663 new ordinary
shares of MYR1.00 each arising from the
(1) Exercise of 875 Warrants - A 2001/2005; and
(2) Exercise of 788 Warrants - B 2001/2005
will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Friday, December
16, 2005.
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad advised that its additional 500,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, December 16, 2005.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back from: December 5, 2005
Date of buy back to: December 9, 2005
Total number of shares purchased (units): 2,638,100
Minimum price paid for each share purchased (MYR): 1.880
Maximum price paid for each share purchased (MYR): 1.920
Total amount paid for shares purchased (MYR): 5,029,449.82
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units):
2,638,100
Total number of shares retained in treasury (units): 82,520,300
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished:
Date lodged with registrar of companies: December 14, 2005
Lodged by: Ms Gan Cheong Ann
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885
MEDIA PRIMA: Shareholders OK Resolutions at EGM
-----------------------------------------------
Media Prima Berhad furnished Bursa Malaysia Securities Berhad
details of the proposed acquisitions of:
(I) 60,000,000 ordinary shares of MYR1.00 each in Natseven TV
Sdn Bhd (NTV7) representing the entire equity interest in NTV7
for a total cash consideration of MYR89,999,980;
(II) 9,000,000 ordinary shares of MYR1.00 each in Synchrosound
Studio Sdn Bhd (Synchrosound) representing the entire equity
interest in Synchrosound for a total cash consideration of
MYR10; and
(III) Two ordinary shares of MYR1.00 each in Encorp Media
Technology Sdn Bhd (EMT) representing the entire equity interest
in EMT for a total cash consideration of MYR10
(collectively referred to as the Proposed Acquisitions)
The company refers to the announcement dated November 28, 2005
on the notice of extraordinary general meeting (EGM).
Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of MPB, advised that the shareholders of MPB,
at the EGM held on December 14, 2005, have approved and passed
all the resolutions pertaining to the Proposed Acquisitions as
set out in the notice of EGM.
This announcement is dated 14 December 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
PAN MALAYSIA: Issues Update to Material Litigation
--------------------------------------------------
Pan Malaysia Holdings Berhad issued to Bursa Malaysia Securities
Berhad development on material litigation.
Reference is made to the announcement on October 31, 2005
concerning the suit filed on May 17, 1996 in the High Court of
Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a wholly owned
subsidiary of Malayan United Industries Berhad (MUI), against
the Company and all its then existing directors for breach of
directors' duties in conducting the affairs of the Company
during the period involved with the takeover offer by MUI
through LDSB in respect of the Company.
The suit also seeks to declare, inter-alia, that various options
granted by the Company under the Company's Executive Share
Option Scheme are void.
The company informed Bursa Securities that the matter has now
been fixed for case management on January 12, 2006.
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
+60 3 2031 1299
PROMTO BERHAD: Updates Restructuring Scheme
-------------------------------------------
Promto Berhad issued to Bursa Malaysia Securities Berhad an
update to the Proposed Restructuring Scheme.
Reference is made to the announcement dated December 7, 2005. In
relation to the restructuring scheme and rationalization
exercise which need to be undertaken by the Company, the Company
advised the following:
(1) The Company is currently exploring alternative plan for the
rationalization and restructuring exercise to be undertaken by
the Company in order to meet the continued listing criteria;
(2) The Company is meeting with its solicitors to review if the
Promoter of PSM Alliance Resources Sdn Bhd (PSMAR), Encik Anwar
Yeo Abdullah and Yeo Yee Shung, has breached Section 32B of the
Securities Industries Commission Act, 1993; and to consider
taking all necessary action if there is any breach of
misrepresentation of terms and conditions by any party; and
(3) The Company is also working with the relevant authority,
including but not limited to the Securities Commission (SC) and
the Anti Corruption Agency in order to verify the allegation and
statement stated in the SC's rejection letter.
The Company view with great concern the interest of the
creditors and shareholders, and shall take all necessary steps
to safeguard the interest of the creditors and the shareholders.
CONTACT:
Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com
JOHAN HOLDINGS: Details Sale of Investment in William Jacks
-----------------------------------------------------------
Johan Holdings Berhad (Johan) furnished Bursa Malaysia
Securities Berhad details of the sale of Investment in William
Jacks PLC.
The company refers to the announcement made on December 12, 2005
in relation to the sale of investment in William Jacks PLC.
The Board of Directors of Johan advised that as one of the
percentage ratios for the transaction calculated pursuant to
Paragraph 10.02(h) of the Listing Manual exceeds 15 percent but
is less than 25 percent, in accordance with Paragraph 10.05 of
the Listing Manual, an information circular will be sent to
shareholders of Johan.
This announcement is dated December 14, 2005.
CONTACT:
Johan Holdings Bhd
No. 6, Jalan Bersatu 13/4,
Petaling Jaya Selangor 46200
Malaysia
Telephone: 03-79588411
Fax: 03-79570945
LIEN HOE: Answers Bourse's Query
--------------------------------
Lien Hoe Corporation Berhad issued to Bursa Malaysia Securities
Berhad a reply to Bursa Malaysia's Query Letter.
With reference to the letter of queries from Bursa Malaysia
Securities Berhad dated December 12, 2005 in relation to the
proposed sale of 8.5 acres of the land forming part of a parcel
of land held under HS(D) 118695, PT NO. 45264, Mukim of
Petaling, Daerah Petaling, state of Selangor by Billiontex
Industries Sdn Bhd, a wholly owned subsidiary, the Company is
pleased to furnish the following additional information:
(1) The Proposed Land Sale will give rise to an after tax gain
of approximately MYR1.5 million.
(2) The Proposed Land Sale does not require the approval of the
Company's shareholders.
(3) The estimated time frame for the completion of the Proposed
Land Sale would be 24 months from the date of the sale and
purchase agreement.
This announcement is dated 14 December 2005
CONTACT:
Lien Hoe Corporation Bhd
18th Floor, Menara Lien Hoe 8,
Persiaran Tropicana,
Tropicana Golf & Country Resort,
Petaling Jaya Selangor 47410
Malaysia
Telephone: 03-78051331
Fax: 03-78051331
MAXIS COMMUNICATIONS: Director Unveils Dealing in Securities
------------------------------------------------------------
Maxis Communications Berhad issued to Bursa Malaysia Securities
Berhad a notification pursuant to Paragraph 14.09(a) of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities) of dealing in the shares of the Company outside
closed period.
Maxis Communications Berhad (Maxis) having received a
notification on December 14, 2005 pursuant to Paragraph 14.09(a)
of the Listing Requirements from Mr. Chow Chee Yan, a Principal
Officer of the Company, do hereby notify Bursa Securities of his
dealings in the securities of the Company as set out below:
The transfer of 30,000 ordinary shares of MYR0.10 each
(representing 0.001 percent of the issued share capital) to his
wife on December 12, 2005 (the Transfer).
Upon completion of the Transfer, the total number of shares held
by Mr. Chow Chee Yan is nil.
This announcement is dated 14 December 2005.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
PAN PACIFIC: Unveils Restructuring Scheme Status
------------------------------------------------
Pan Pacific Asia Berhad (PPAB) issued to Bursa Malaysia
Securities Berhad an update to the following announcements:
- Acquisition;
- Exemption;
- Scheme of Arrangement with Creditors;
- Scheme of Arrangement with Shareholders;
- Restricted Issue;
- Listing Transfer; and
- Disposal/Liquidation
(collectively, the Restructuring Scheme)
Further to the announcement dated November 23, 2005 in relation
to the renounceable restricted issue of 25,000,000 new ordinary
shares of MYR1.00 each in Compugates Holdings Berhad (CHB) (CHB
Shares) to the entitled shareholders of PPAB (Entitled
Shareholders) on the basis of 5.609 new CHB Shares for every one
(1) CHB Share to be received by the Entitled Shareholders
pursuant to the Scheme of Arrangement with Shareholders at an
issue price of MYR1.00 per CHB Share payable in full on
application (Restricted Issue) which forms an integral part of
the Restructuring Scheme, Avenue Securities Sdn Bhd (Avenue) on
behalf of PPAB, advised that:
(i) As at the close of acceptance and payment of the Restricted
Issue at 5:00 p.m. on December 9, 2005, the total acceptances
and excess applications received for the CHB Shares under the
Restricted Issue (Restricted Issue Share) was 1,885,774 CHB
Shares representing 7.5 percent of the 25,000,000 Restricted
Issue Shares available for subscription; and
(ii) Avenue (as the underwriter) has procured the subscription
by investors for the balance 23,114,226 Restricted Issue Shares.
This announcement is dated 14 December 2005.
CONTACT:
Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168 / +60 3 7727 1622
Web site: http://www.dno.no
PATIMAS COMPUTERS: Seeks Approval of Shares Buy-Back
----------------------------------------------------
Patimas Computers Berhad (Patimas) unveiled to Bursa Malaysia
Securities Berhad the proposed share buy-back scheme of Patimas
to purchase its own ordinary shares of up to 10 percent of the
issued and paid-up share capital of the company (Proposed Share
Buy-Back).
On behalf of the Board of Directors of Patimas, OSK Securities
Berhad advised that the Company intends to seek the approval of
its shareholders in respect of the Proposed Share Buy-Back
pursuant to Section 67A of the Companies Act, 1965 and Chapter
12 of the Listing Requirements of Bursa Malaysia Securities
Berhad at a general meeting to be convened at a later date.
A circular containing the details of the Proposed Share Buy-Back
will be dispatched to the shareholders of Patimas in due course.
This announcement is dated December 14, 2005.
CONTACT:
Patimas Computers Bhd
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818
Fax: 03-89941188
SOUTHERN BANK: Clarifies Erroneous Reports
------------------------------------------
Southern Bank Berhad (SBB) issued to Bursa Malaysia Securities
Berhad a clarification to its position in light of erroneous
reports since Monday's EGM regarding SBB's approach for
evaluating options.
Discussions with CIMB began on November 14 and are ongoing.
There have been two meetings. No proposal has been received. If
a proposal is received, the Board will consider this carefully
and will seek proper independent financial advice.
In accordance with its fiduciary duties, the Board will then
determine if such a proposal is in the best interest of all
shareholders, and if so, it will make its recommendation to
shareholders accordingly.
As announced earlier, SBB has retained Goldman Sachs as an
international financial advisor. Their advice, and the input of
any independent financial advisor that may be retained, will be
incorporated in the review of any offer.
The Board Committee conducting these discussions comprises SBB's
three Independent Directors, Professor Sieh Lee Mei Ling, Datuk
Nicholas Zefferys, and Mr. Ian Buchanan, as well as Executive
Director Tengku Zaitun binti Tengku Mahadi.
The Board and its members have made no determination of specific
price expectations. Any rumor regarding possible price
expectations that any member of the Board may consider is purely
speculative and without basis.
The Board continues to evaluate all strategic options,
including: possible reconsideration of the acquisition of AGHL;
other acquisition opportunities; continued pursuit of organic
growth opportunities as a high performing niche bank; overall
capital management and dividend policy; and potential divestment
or merger of the Bank or its businesses in a manner that will
maximize value creation.
SBB's Board of Directors will continue to apply strong
governance practices and operate with full transparency so that
the interests of all shareholders, including minority
shareholders, are protected.
For more information, go to
http://bankrupt.com/misc/SouthernMediaStatement14Dec2005.pdf
CONTACT:
Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
+60 3 2093 3157
WEMBLEY INDUSTRIES: Delisting of Securities on Pending Status
-------------------------------------------------------------
Wembley Industries Holdings Berhad was notified on December 6,
2005 that its securities will be removed from the Official List
of Bursa Malaysia Securities Berhad (Bursa Securities) at 9:00
a.m. on Wednesday, December 21, 2005.
The above company has up to seven (7) days from the date of
notification of the decision to de-list to submit an appeal to
Bursa Securities in relation to the decision of Bursa Securities
to de-list its securities from the Official List of Bursa
Securities.
The above company has submitted an appeal against the decision
of Bursa Securities to de-list its securities from the Official
List of Bursa Securities within the seven-day period (the
Appeal).
In view of the Appeal, the company informed that the removal of
the securities of Wembley from the Official List of Bursa
Securities on December 21, 2005 shall be deferred pending the
decision on the Appeal by the Appeals Committee.
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
=====================
P H I L I P P I N E S
=====================
LAFAYETTE MINING: LG International Vows to Pump in Cash
-------------------------------------------------------
A major shareholder of Lafayette Mining's Philippine subsidiary
is preparing to inject more funds into the mining firm, The
Philippine Star has learned.
LG International Corp, which has a 25-percent stake in Lafayette
Philippines Inc. (LPI) assured it will infuse cash into the firm
despite the setback it is experiencing due to the mine tailing
spillage in Rapu-Rapu Albay.
LG International Chief Representative Sang-Chun (Scott) Kim said
that equity investors in LPI are committed to support the Rapu-
Rapu mining operations in spite of the current setback.
Earlier, LPI country manager Rod Watt had assured that it is
committed to stay in the Philippines even after the unfortunate
mine tailing spillage.
LPI, Mr. Watt said, continues to plan for its future in the
country, including a possible listing in the Philippine Stock
Exchange (PSE). He said that LPI wants to list with the PSE some
time in the future after it has resolved its current spillage
problem.
Operations at LPI's Rapu-Rapu mines in Albay has been suspended
in November following two mine tailing spillage incidents. Mr.
Watt is hopeful that once the company has been able to comply
with a number of government imposed measures, operations at the
Rapu-Rapu mines can resume as soon as possible.
LPI aims to be able to restart operations soon to take advantage
of the current high world metal prices.
CONTACT:
Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com
MANILA ELECTRIC: Spokesman Says Government Reviewing Debt
---------------------------------------------------------
Presidential spokesman Ignacio Bunye said the government is
undertaking a review of Manila Electric Company's (Meralco) debt
to the government, according to The Philippine Daily Inquirer.
The debt arose from Meralco's contract to buy electricity from
the state-owned National Power Corporation (Napocor).
Mr. Bunye was reacting to a newspaper report that the debt-to-
equity conversion is one of the options being considered by the
government.
Under a power supply contract, Meralco committed itself to
purchasing 3,600 megawatts of electricity daily from Napocor,
starting in 2001. But Meralco's purchases have been declining in
recent years as it buys more from independent power producers
such as its affiliate, First Gas Holdings Corp.
In a recent TCRAP report, Meralco reportedly refuted a claim of
a top government official that it owes state-owned Napocor Php42
billion.
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: Shares Dumped on Fear of Government Takeover
-------------------------------------------------------------
Investors dumped shares of Manila Electric Co. (Meralco) for
fear the government might take over the power utility firm,
according to The Philippine Daily Inquirer.
Market analysts and fund managers said investors took as an
opportunity to sell after the Inquirer reported that the
government was considering converting into equity in Meralco the
P42 billion it allegedly owes state-owned National Power Corp.
(Napocor).
The liability allegedly represented the amount of power Meralco
had committed to buy from Napocor since 2001 under the terms of
a supply contract signed in November 1994.
Meralco said it was not recognizing any liability arising from
the supply contract.
A takeover of Meralco as the government's leverage to cut
electricity rates was one of the options proposed by a
Malacanang official in a memorandum to President Gloria
Macapagal-Arroyo in July to settle the dispute between Meralco
and Napocor.
MAYNILAD WATER: No Restraints on Manila Water Bid
-------------------------------------------------
Manila Water Co. Inc. was given the chance to fully acquire
fellow water concessionaire Maynilad Water Services,
BusinessWorld reports.
The government has decided not to impose any restrictions on
Manila Water as it bids to fully control water services for
Metro Manila and outlying areas.
Earlier, regulators had initially banned Manila Water from
acquiring cash-strapped Maynilad to avoid questions of a
monopoly.
The Privatization Council, however, decided otherwise following
a presentation of the proposed privatization rules by the
Metropolitan Waterworks and Sewerage System (MWSS).
The MWSS had earlier given Ayala-led Manila Water the go-signal
to bid for Maynilad on the condition that the former not own
majority of the entity it would establish to make an offer for
the west zone concession.
Should Manila Water and its partners win Maynilad, it will
effectively have a lock on water services for the entire
National Capital Region and nearby areas.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
VICTORIAS MILLING: Shareholders' Meeting Fixed Feb. 7
-----------------------------------------------------
Notice is given that pursuant to Section 1, Article VIII of the
Amended By-Laws, the Annual Stockholders' Meeting of Victorias
Milling Company (VMC) will be held on Tuesday, Feb. 7, 2006 at 9
o'clock a.m. at the Metropolitan Club Inc., Estrella cor.
Armapola Streets, Guadalupe Viajo, Makati City.
The agenda of the meeting will be as follows:
1. Call to Order
2. Certification of Notice of Stockholders and Presence of
Quorum
3. Approval of the Minutes of the Stockholders' Meeting held on
April 1, 2005
4. Presentation of the Annual Report
5. Ratification of Acts and Proceedings of the Board of
Directors and Corporate Officers
6. Appointment of External Auditors
7. Election of Members of the Board of Directors
8. Other Matters
9. Adjournment
Minutes of the last Regular Stockholders' Meeting and
Resolutions of the Board of Directors from Jan. 1, 2005 will be
available for examination during office hours at the VMC Makati
Office located at 9126 Sultana corner Honradez Streets, Barangay
Olympia, Makati City.
Stockholders who will not, are unable to, or do not expect to
attend the meeting in person may, at their option, designate
their authorized representatives by means of a PROXY which
should be submitted to Ms. Denia D. Austria at the VMC Makati
Office, located at 9126 Sultana corner Honradez Streets,
Barangay Olympia, Makati City, to Atty. Eva A. Vicencio-
Rodriguez at VICMICO Compound, Victorias City, Negros Occidental
or to Fidelity Stock Transfers Inc. at Ground Floor, PHILEx
Building, 27 Brixton corner Fairlane Streets, Pasig City, Metro
Manila not later than Jan. 28, 2006 at 5 o'clock p.m.
Only Stockholders of Record as of 5 o'clock p.m. of Jan. 15,
2006 shall be entitled to vote at this meeting.
Please note that the Corporation is not soliciting proxies.
CONTACT:
Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
=================
S I N G A P O R E
=================
CITIRAYA SINGAPORE: Seeks Judicial Management
---------------------------------------------
Citiraya Industries Limited announced that its wholly owned
subsidiary, Citiraya (Singapore) Pte Limited (CSPL), filed a
judicial management petition with the Singapore High Court on
Dec. 15, 2005.
CSPL appointed Mr. Ong Yew Huat and Mr. Seshadri Rajagopalan of
Ernst & Young to be its judicial managers, as its Board of
Directors thinks that the Company is facing financial
difficulties and cannot pay its debts when they fall due.
Placing the Company in judicial management would also benefit
its shareholders, including creditors and employees.
The Company's proposed judicial management is intended to
preserve its business as a going concern, and to realize assets
more than in a winding up.
CSPL's Judicial Managers are reviewing the prospects and
opportunities of the Citiraya Group to secure vital funding for
the Citiraya Group.
BY ORDER OF THE JUDICIAL MANAGERS
Tan San-Ju
Company Secretary
Dec. 19, 2005, Singapore
CONTACT:
Citiraya (Singapore) Pte Limited (CSPL)
C/o Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com/
CROSBY PTE: Receiving Claims Until Jan. 9
-----------------------------------------
Notice is hereby given that the creditors of Crosby Pte Limited,
which is being wound up voluntarily, are required on or before
Jan. 9, 2006 to send in their names and addresses and the
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the Company
Liquidators.
If so required, they are to come in and prove their debts or
claims as shall be specified in such notice.
In default thereof, they will be excluded from the benefits of
any distribution made before such proof.
Aw Eng Hai
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
C/o 47 Hill Street
#05-01, Chinese Chamber of Commerce & Industry Building
Singapore 179365
GRAINFIELDS FOOD: Declares Dividend
-----------------------------------
Grainsfields Food Industries Pte Limited posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:
Name of Company: Grainsfields Food Industries Pte Limited
Last day for receiving proofs: Jan. 10, 2006
Name & address of Liquidator: Don M. Ho, FCPA
C/o Don Ho & Associates Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street #12-02 & 03
Equity Plaza
Singapore 049705
Phone: 65 6532 0320 (8 lines)
Fax: 65 6532 0331
Dated this 20th day of December 2005
ONG YEW: Asks Creditors to Submit Debt Claims
---------------------------------------------
Notice is hereby given that the creditors of Ong Yew Hai Realty
Company Pte Limited, which is being wound-up, are required on or
before Jan. 8, 2006 to send their names and addresses with
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by written notice from the said
Liquidator are, or by their solicitors or personally, to come in
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 8th December 2005
Madame Ng Liew Peng
Liquidator
133 New Bridge Road
#12-06 Chinatown Point
Singapore 059413
PANCA SERVICES: To Schedule Final Meeting Next Month
----------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Panca Services Private Limited will be held on Jan.
16, 2005, 11:00 a.m. at 5 Shenton Way, #25-06 UIC Building,
Singapore 068808.
Dated this December 16th, 2005
Tan Joon Hoe
Liquidator
5 Shenton Way
#25-06 UIC Building
Singapore 068808
Note:
Pursuant to section 181 of the Companies Act, Cap. 50, any
member or creditor entitled to attend and vote at this 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
===============
PICNIC CORPORATION: Issues Information to Warrant Holders
---------------------------------------------------------
Picnic Corporation Public Company Limited informed the Stock
Exchange of Thailand (SET) and the warrant holders concerning
the process for exercising Picnic Warrants as follows:
(1) Submission: Warrant holders must submit the subscription
form between the hours of 9:30 a.m. to 3:30 p.m. five days prior
to the exercise date (for the last exercise date, the warrant
holders must submit their forms 15 days prior to the last
exercise date). For the month of December 2005, the submission
period is December 22 to 23, 2005 and December 26 to 28, 2005.
(2) Exercise Date: Warrant holders can exercise their warrants
every last working day of the month, during the hours of 9:30
a.m. to 3:30 p.m. The first exercise date was on March 31, 2004
and the last exercise date will be on November 11, 2010. For the
month December 2005, the exercise date is December 29, 2005.
(3) Exercise Price: THB2.572 per share
(4) Exercise Ratio: 1 warrant for 2.33354 ordinary shares
Example: The calculation of the share numbers and the amount of
money to be paid is as follow:
Assumed number of warrants to be exercised: 100 units
Exercise ratio: 1 warrant for 2.33354 ordinary shares
Number of shares received from the exercise: 233.354
The net number of shares received: 233 shares
(The number of shares received will be rounded down to the
nearest integer)
Exercise price: THB2.572 per share
The amount of money to be paid: 233 x 2.572 equals THB599.28.
(5) Documents to be submitted
(5.1) The completed subscription form.
(5.2) Warrant certificate or temporary warrant certificate (for
holders of scripless warrants).
(5.3) A certified true copy of the identification card for
individual holders or a copy of the certificate of incorporation
from The Department of Commerce for corporate holders.
(5.4) Cheque, draft, or bank order collectable within the
Bangkok Metropolis exercisable within two (2) business days of
each Exercise Date, and made payable to Picnic Corporation Plc.
for shares subscription.
(6) Contact Place: Finance and Accounting Department
Contact Person: Miss Saowaluck Kaochanphang
Picnic Corporation Plc
Nakara Building 20th floor
805 Srinakarin Road, Suanluang
Bangkok 10240, Thailand.
Telephone number: (662) 721-3600
Facsimile number: (662) 721-3581
(7) Conditions
(7.1) The number of warrants to be exercised shall be 1 warrant
to 2.33354 shares of the Company unless adjusted according to
the adjustment policy stated in the PO prospectus relating to
the exercise price and the exercise ratio.
(7.2) The subscription form shall be deemed valid only when all
documents are duly completed and the payment proceeds have been
honored within the subscription period.
Please be informed accordingly
Yours faithfully,
Mr. Nirun Fukanjananon
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
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information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***