/raid1/www/Hosts/bankrupt/TCRAP_Public/060102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 2, 2006, Vol. 9, No. 1
Headlines
A U S T R A L I A
ALPINE AVIATION: Winds Up Operations
BANVIE PTY: Placed Under Voluntary Liquidation
BAT21 PTY: Appoints Official Liquidator
BIOMETRICS LIMITED: Settles Dispute, Eyes Health Care
ENFIELD RSL: Members, Creditors to Review Liquidator's Report
FAI FINANCE: Set to Declare First Dividend Jan. 11
FREEMARR PTY: Winds Up Operations
GEELONG TECHNOLOGY: Members Agree to Wind Up Business
HELVORY PROPERTIES: Liquidator to Present Winding Up Report
JAMES COURT: Intends to Distribute Dividend
K.P. NEAL: Creditors' Proofs of Debt Due Jan. 13
LENSTED PTY: Members Pass Winding Up Resolution
MORCOS INVESTMENTS: David Wyatt Named Official Liquidator
OZSTAR BUILDING: Schedules Final Meeting Jan. 9
PLEASURECRAFT PTY: Decides to Close Shop
SHRUG HOMES: Enters Voluntary Liquidation
STATELINE SHEDS: Prepares to Cease Operations
SYDNEY GAS: Needs AU$30 Mln or Risk Insolvency
TEAM HOLDINGS: Wind Up Process Initiated
TELSTRA CORPORATION: Watchdog Keeps Eye on Pricing
TELSTRA CORPORATION: Arch Rival Backs Anti-regulation Fight
UMUT PTY: Winds Up Business
VEGAS ENGINEERING: Members, Creditors to Get Liquidator's Report
WARLOF ESP.: Liquidator to Distribute Assets
WATTYL LIMITED: AEP Wants Barloworld Announcement Clarified
WATTYL LIMITED: South African Bid Surprises Firm
C H I N A & H O N G K O N G
BANK OF CHINA: To File for HK IPO in Early 2006
CHINA MERCHANTS: Unveils SGM Results
DEEP ENTERTAINMENT: Winding Up Hearing Slated for Jan. 25
GENTFORD TRADING: Set to End Operations
JOINEAST DEVELOPMENT: Prepares to Wind Up Business
MAK SHING: Court to Hear Receiver's Application Jan. 20
M&E ENGINEERING: Court Issues Winding Up Order
SPEED TIME: Receives Bankruptcy Order
UNIVERSAL MARKETING: Court Issues Winding Up Notice
WING LAP: Enters Bankruptcy
WING SHUN: Prepares to Close Down Business
WINNING INTERNATIONAL: Issues Debt Claim Notice
I N D I A
EASTCOAST STEEL: Posts AGM Results
GK CONSULTANTS: Unveils Outcome of AGM
SANYO-BPL: First TVs Roll Off Assembly Line
TEMPTATION FOODS: Board Meeting Fixed Jan. 06
VINTAGE CARDS: Board Approves Rehab Proposal
I N D O N E S I A
GARUDA INDONESIA: Likely to Miss Year-End Target
GARUDA INDONESIA: Seeks Further Rescheduling of Debt Payments
PERTAMINA: Prepares to Cut Fuel Prices by 7.7%
PERTAMINA: To Purchase More Fuel Due to Refinery Problem
J A P A N
DAIEI INCORPORATED: Shares Up 2.1% Friday
NEC CORPORATION: To Delist from Four European Stock Exchanges
SANYO ELECTRIC: To Recall 12,500 Faulty Hot-water Supply System
SANYO ELECTRIC: Teams Up With Soma Networks
SNOW BRAND: To Pay First Dividend in Seven Years
SOFTBANK CORPORATION: Receives Dividend From Unit
SOFTBANK CORPORATION: Unit Updates Capital Reduction Scheme
SOGO COMPANY: Court Snubs Chairman's Appeal
SKYMARK AIRLINES: May Fly to China, Taiwan on Tokyo Expansion
YOSHINOYA D&C: 3Q/2005 Loss Balloons to JPY528 Mln
K O R E A
DAEWOO ENGINEERING: Conflict of Interest Hinders Planned Sale
M A L A Y S I A
AFFIN HOLDINGS: Fully Acquires Unit
ANCOM BERHAD: Undertakes Share Buy Back
APL INDUSTRIES: Shareholders Approved All Resolutions at AGM
ARTWRIGHT HOLDINGS: Passes All AGM Resolutions
ASIAN PAC: Bourse to Suspend Trading of RCSLS
BELL & ORDER: Unveils Result of Rights Issue
CHG INDUSTRIES: Default Status Still Unchanged
INTAN UTILITIES: Takes Steps to Address Payment Default
JIN LIN: Shareholders Give Nod on AGM Resolutions
LION CORPORATION: Details Dealings in Ordinary Shares
MAGNUM CORPORATION: Purchases Ordinary Shares
MANGIUM INDUSTRIES: Unit Misses Monthly Payments
PACIFIC & ORIENT: Buys Back Ordinary Shares
PACIFIC & ORIENT: New Shares up for Listing, Quotation
POHMAY HOLDINGS: Bourse to Suspend Trading of Securities
SBBS CONSORTIUM: Wind Up Petition Hearing Set Next Year
SOUTHERN BANK: Issues Notice of Share Buy Back
TANAH EMAS: Converts ICULS to Ordinary Shares
TANAH EMAS: All Resolutions Approved at EGM
P H I L I P P I N E S
LIBERTY TELECOMS: Complies with Corporate Governance Manual
NATIONAL FOOD: Farmers Want Firm Exempted from Tariff Duties
NATIONAL FOOD: EVAT Won't Affect Price of Rice
NATIONAL POWER: Aims to Settle US$500-Mln Debt in 2006
* Five Pre-need Firms Won't Get Dealer's License
S I N G A P O R E
CHINA AVIATION(S): Trader Breaches Trading Limits
INFORMATICS HOLDINGS: Lists Warrants and Shares on Exchange
IPACS COMPUTER: Creditors Initiate Winding Up Proceedings
IPACS TECHNOLOGY: Creditors Seek to Liquidate Firm
LIANG HUAT: Passes Resolutions at EGM
T H A I L A N D
THAI PETROCHEMICAL: Seeks Freedom from Rehabilitation
- - - - - - - -
=================
A U S T R A L I A
=================
ALPINE AVIATION: Winds Up Operations
------------------------------------
Notice is hereby given that at a general meeting of the members
of Alpine Aviation Pty Limited held on Dec. 6, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Thomas Eager of Eager and Partners Accountants, 74 Main Street,
Bairnsdale be appointed as Liquidator for the winding up.
Dated this 7th day of December 2005
Thomas Eager
Liquidator
Eager & Partners Accountants
74 Main Street, Bairnsdale
BANVIE PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Banvie Pty Limited held on Dec. 7, 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 as
Liquidator for such purpose.
Dated this 7th day of December 2005
Ezio M. Senatore
Stephen Brennan
Joint Liquidators
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: 02 6214 6700
Fax: 02 9214 6799
BAT21 PTY: Appoints Official Liquidator
---------------------------------------
Notice is hereby given that at a meeting of the creditors of
Bat21 Pty Limited held on Dec. 8, 2005, it was resolved that the
Company be wound up, and Mr. Peter Paul Krejci of GHK Green
Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 was
appointed as Liquidator for the wind up.
Dated this 12th day of December 2005
Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000
BIOMETRICS LIMITED: Settles Dispute, Eyes Health Care
-----------------------------------------------------
Biometrics Limited issued updates on the following matters:
Litigation
Biometrics has signed a Deed of release with Compliance
Certification Systems Pty Ltd, Intramedics Pty Ltd and
Silverlight Nominees Pty Ltd (CCS), which settled all claims and
counterclaims between the companies arising from a transaction
in August 2004. The terms of the Deed are confidential in
nature.
Biometrics, as part of the settlement, has returned their
shareholding in Compliance Certification Systems Pty Ltd to CS,
and as such will have no further economic Interest in Compliance
Certification Systems Pty Ltd. CCS for their part of the
settlement have returned the 5,000,000 Biometrics shares
originally allotted to them, and Biometrics will re-allot those
shares. CCS will not have an economic interest in those
Biometrics shares. Compliance Certification Systems Pty Ltd will
also cease to be a substantial shareholder.
Biometrics sector
The board elected in the Shareholder meeting on Sept. 16, 2005
has been reviewing the company's involvement in the Fused
Biometric Access Control System (FBACS) project and are
currently looking at the options available to us in this area.
New Business
In the past few months, management have been reviewing a number
of alternative business investment opportunities.
A number of exciting health care related opportunities have
become apparent through our legal counsel Dr. Shane Moran who
has been the company's principal legal adviser for the past 12
months performing corporate and general legal work.
Dr. Moran was previously the CEO of his family's health care
business Moran Health care for more than 15 years and was
instrumental in turning it into one of the largest health care
groups in Australia. Dr. Moran is currently a solicitor and
director of S. Moran and Co., a health corporate law firm. He
was also Managing Director of Provectus Care Pty Ltd, an aged
and health care business and an approved provider pursuant to
the Aged Care Act 1997. Through these interests he advises a
number of the leading players in the health care industry as
well as having his own interests.
Biometrics has retained Dr. Moran as its health care consultant
and advisor. In exchange for an equity interest he will
introduce potential aged and health care opportunities to
Biometrics for board consideration and shareholders approval if
necessary.
The board and management will keep shareholders informed as and
when we are able to. The Directors will be holding a shareholder
meeting early in 2006.
CONTACT:
Biometrics Limited
Suite 1006 Milsons Landing
6A Glen St Milsons Point, 2061
Telephone: +61 2 9460 0577
Facsimile: +61 2 9460 0588
Web site: http://www.biometricslimited.com/
ENFIELD RSL: Members, Creditors to Review Liquidator's Report
-------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Enfield RSL Club Pty Limited will be held on Jan.
9, 2006, 11:00 a.m. at the offices of Lawler Partners, Level 7,
1 Margaret Street, Sydney, for the following purposes:
AGENDA
To have an account of the Company's winding up laid before the
meeting, and to hear any explanations that may be given by the
liquidator.
Dated this 17th day of November 2005
C. Wykes
Liquidator
C/o Lawler Partners
Level 7, 1 Margaret Street
Sydney NSW 2000
FAI FINANCE: Set to Declare First Dividend Jan. 11
--------------------------------------------------
FAI Finance Corporation Pty Limited will declare a first
dividend on Jan. 11, 2006.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 6th day of December 2005
C. J. Honey
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 02 9338 2636
Web site: http://www.mcgrathnicol.com.au
FREEMARR PTY: Winds Up Operations
---------------------------------
Notice is hereby given that at an extraordinary general meeting
of shareholders of Freemarr Pty Limited held on Dec. 9, 2005, it
was resolved that the Company be wound up voluntarily, and Mr.
Alex Koutzoumis was appointed as Liquidator.
Alex Koutzoumis
Liquidator
Holden & Bolster Avenir Pty Limited
Level 31, 264-278 George Street
Sydney NSW 2000
GEELONG TECHNOLOGY: Members Agree to Wind Up Business
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Geelong Technology Centre Pty Limited held on
Dec. 7, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Robert Molesworth Hobill Cole of Cole
Downey & Co. Chartered Accountants, Unit 2, 6 Moorabool Street,
Geelong Vic 3220 was appointed as Liquidator at a creditors'
meeting held later that day.
Dated this 8th day of December 2005
Robert M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220
HELVORY PROPERTIES: Liquidator to Present Winding Up Report
-----------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Helvory Properties Pty Limited will be held on Jan. 9, 2006,
10:00 a.m. at the offices of Davies, Thompson & Wright, 60 Brook
Street, Muswellbrook, to present the Liquidator's final account
and report, and to give any explanation thereof.
Dated this 14th day of November 2005
Richard J. Wright
Liquidator
60 Brook Street, Muswellbrook NSW 2333
JAMES COURT: Intends to Distribute Dividend
-------------------------------------------
James Court & Associates Pty Limited will declare a dividend on
Jan. 10, 2006.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 18th day of November 2005
Scott Pascoe
Liquidator
SimsPartners Chartered Accountants
Level 24, Australia Square
264 George Street, Sydney NSW 2000
K.P. NEAL: Creditors' Proofs of Debt Due Jan. 13
------------------------------------------------
Notice is given that the creditors of K.P. Neal Investments Pty
Limited, whose debts or claims have not already been admitted,
are required on or before Jan. 13, 2006 to submit particulars of
their debts or claims and of any security held by them to the
Liquidator.
If required by written notice from the said Liquidator, they
must formally prove their debts or claims and establish any
title they may have to priority by statement in writing.
If they do not comply with this notice they will be excluded
from:
(a) the benefit of any distribution made before their debts or
claims are proved or their priority is established; and
(b) objecting to the distribution.
Dated this 8th day of December 2005
B. A. Secatore
Liquidator
Bentleys MRI
114 William Street, Melbourne Vic 3000
LENSTED PTY: Members Pass Winding Up Resolution
-----------------------------------------------
At a general meeting of the members of Lensted Pty Limited held
on Dec. 9, 2005, a Special Resolution was passed to voluntarily
wind up the Company.
Timothy James Cuming
David Clement Pratt
Liquidators
Level 15, 201 Sussex Street
Sydney NSW 1171
MORCOS INVESTMENTS: David Wyatt Named Official Liquidator
---------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Morcos Investments Pty Limited held on Dec. 8, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
David Michael Wyatt be appointed as Liquidator.
Dated this 9th day of December 2005
David M. Wyatt
Liquidator
1st Floor, 2A Hillview Road
Eastwood NSW 2122
OZSTAR BUILDING: Schedules Final Meeting Jan. 9
-----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Ozstar Building & Maintenance Pty Limited will be
held on Jan. 9, 2006, 10:00 a.m. at the offices of Lawler
Partners, 763 Hunter Street, Newcastle West NSW 2302, to present
the Liquidator's account showing the manner of the Company's
winding up and disposal of property, and to hear any
explanations that may be given by the Liquidator.
Dated this 29th day of November 2005
S. W. Free
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle NSW 2302
PLEASURECRAFT PTY: Decides to Close Shop
----------------------------------------
Notice is hereby given that at a general meeting of
Pleasurecraft Pty Limited held on Dec. 8, 2005, it was resolved
that the Company be wound up voluntarily as a Members' Voluntary
Winding up, and that Mr. Stephen L. French be appointed as
Liquidator for such purpose.
Dated this 9th day of December 2005
Stephen L. French
Liquidator
First Floor, 15-17 Forest Road
Hurstville NSW 2220
SHRUG HOMES: Enters Voluntary Liquidation
-----------------------------------------
At a general meeting of the members of SHRUG Hones Pty Limited
held on Dec. 5, 2005, the following Special Resolution was
passed:
That the Company be wound up voluntarily.
Dated this 5th day of December 2005
Leslie D. Rogers
Director
C/o Moore Stephens PMN
Level 6, 460 Church Street
Parramatta NSW 2150
STATELINE SHEDS: Prepares to Cease Operations
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Stateline Sheds & Fencing Pty Limited held on Dec. 6, 2005,
it was resolved that the Company be wound up voluntarily, and
that Messrs. Brett Harrison and Paul Cook of Paul Cook &
Associates, 105 Macquarie Street, Hobart Tas 7000 be appointed
as Joint and Several Liquidators.
Dated this 6th day of December 2005
Paul Cook
Brett Harrison
Liquidator
105 Macquarie Street, Hobart Tas 7000
Phone: 03 6223 2555
Fax: 03 6223 2556
E-mail: info@pjc.com.au
SYDNEY GAS: Needs AU$30 Mln or Risk Insolvency
----------------------------------------------
Sydney Gas' future continues to become shaky, especially after
it cancelled an option agreement with Australian Gas Light (AGL)
Thursday last week, according to the Sydney Morning Herald.
As a result, the troubled coal-seam methane producer will have
to come up with AU$30 million on its own in the next few months
or risk insolvency.
AGL had offered to underwrite AU$30 million of convertible notes
due in April and June, which are out of money.
Under the agreement AGL could acquire part or all of Sydney
Gas's remaining 50 per cent interest in their joint venture
Camden project by exercising the options after Dec. 31. And just
leaving the call options in place beyond Dec. 31 would have
allowed AGL to acquire up to 15 percent of Sydney Gas's
remaining interest in Camden.
Ending the options agreement did not cost Sydney Gas anything.
The deal with AGL was put in place by Sydney Gas's previous
board, headed by chairman Michael Knight, which resigned en
masse earlier this month.
CONTACT:
Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Fax: (61 2) 9241 5155
E-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/
TEAM HOLDINGS: Wind Up Process Initiated
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Team Holdings Pty Limited held on Dec. 6, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
John Frederick Taylor of Level 15, 309 Kent Street, Sydney be
appointed as Company Liquidator.
Dated this 6th day of December 2005
John F. Taylor
Liquidator
C/o WHK Greenwoods
Level 15, 309 Kent Street
Sydney
TELSTRA CORPORATION: Watchdog Keeps Eye on Pricing
--------------------------------------------------
The Australian Competition and Consumer Commission (ACCC)
continues to keep a close watch on the prices Telstra
Corporation wants to charge its competitors for access to its
copper telephone network, Sydney Morning Herald reports.
Telstra's copper network links every Australian household with
the outside world, and about half of them with the Internet.
More than two years ago, the government has required the ACCC to
issue quarterly reports on the separation in accounting terms of
Telstra's retail and wholesale businesses.
In its ninth report, the regulator said margins between
Telstra's prices and the prices it charges competitors for
access to the unconditioned local loop (ULL) had improved
slightly.
Telstra passed the imputation test for domestic and long-
distance calls, fixed-to-mobile calls and the bundle of fixed-
lined voice telephony services for both residential and business
customer groups.
However, the telco failed the test in local-call services for
its residential and business customers. It also failed the test
for all other ADSL services, except the bundle of ADSL and
fixed-line voice telephony services for business customers.
Telstra spokesman Warwick Ponder said the report "continues to
show that Telstra affords wholesale customers sufficient margin
between wholesale and retail to compete".
"Telstra believes that being held in a position where it is
losing money providing services to its competitors is
unsustainable. We are doing all we can to remedy the situation
for our customers and our shareholders," Mr. Ponder added.
CONTACT:
Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/
TELSTRA CORPORATION: Arch Rival Backs Anti-regulation Fight
-----------------------------------------------------------
Optus has joined Telstra Corporation in its row over
regulations, The Advertiser reveals.
Telstra's major competitor, Optus, has told a Federal Government
taskforce assessing levels of regulation that there is a heavier
burden placed on major telco's.
It added smaller telco's are sometimes allowed to avoid their
full regulatory obligations.
Telstra echoed the sentiment in its submission, saying it had to
deliver and fund the majority of rules set down by telco laws,
despite the emergence of other carriers.
Both telco's agree that regulation "potentially provides a
competitive advantage to some at the expense of others".
UMUT PTY: Winds Up Business
---------------------------
Notice is hereby given that at a general meeting of the members
of Umut Pty Limited held on Dec. 7, 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
Brook Bird & Co. Chartered Accountants
471 Riversdale Road,Hawthorn East 3123
Phone: 03 9882 6666
VEGAS ENGINEERING: Members, Creditors to Get Liquidator's Report
----------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Vegas Engineering Pty Limited will be held on Jan.
9, 2006, 10:00 a.m. at Hall Chadwick, Level 29, 31 Market
Street, Sydney, for the following purposes:
BUSINESS
(1) To receive the Liquidator's account of his acts and dealings
and of the conduct of the Company's winding up during the
liquidation period ending on Jan. 9, 2006.
(2) That the Liquidator be empowered to destroy all books and
records of the Company on completion of all duties.
(3) Any other business.
Dated this 24th day of November 2005
Richard Albarran
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
WARLOF ESP.: Liquidator to Distribute Assets
--------------------------------------------
At a general meeting of Warlof Esp. Pty Limited held on Dec. 6,
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 6th day of December 2005
Sinclair Wilson
Accountants & Business Advisors
177 Koroit Street, Warrnambool Vic 3280
WATTYL LIMITED: AEP Wants Barloworld Announcement Clarified
-----------------------------------------------------------
Allco Equity Partners said the announcement from Barloworld and
subsequent comments to the press by both Barloworld and Wattyl
Limited in relation to Barloworld's appointment of an adviser to
review the terms of AEP's takeover offer for Wattyl are likely
to cause confusion and unwarranted speculation in the market
place.
Allco Equity Partners' subsidiary AEP Financial Investments Pty
Ltd (AEP) announced a cash takeover offer for Wattyl at AU$3.25
a share on Dec. 22.
AEP's Chief Executive Officer Peter Yates called on both Wattyl
and Barloworld to clarify their statements because they could
lead to trading of Wattyl shares in an uninformed market.
"The announcements may lead to speculation of a proposal, or
even a rival takeover offer, from Barloworld for Wattyl," Mr.
Yates said.
But this would be at odds with the recent statement by the
Wattyl chairman, John Ingram, at the company's annual general
meeting in October that he doesn't believe the Australian
Competition and Consumer Commission would allow Wattyl to merge
with Barloworld's Australian paint and coatings business.
AEP also notes a comment in a recent Reuters article attributed
to Barloworld Coatings Australia's Managing Director Director,
Garth Smart, that "we have no idea (whether the ACCC would block
a takeover) and clearly that is something, that if anything was
to happen, we would investigate. Certainty, at the moment it is
not something we are even thinking about".
The ACCC has already rejected a proposed merger between Wattyl
and the Taubmans business in 1996. Since then, Barloworld's
market share has increased following the acquisitions of Bristol
Paints and White Knight Paints.
"Any merger of Taubmans and Wattyl would produce a situation in
which, with current market leader Orica with its Dulux and
British Paints brands, the top two participants in the
Australian paint industry would control close to 90% of the
market.
"It is also interesting to note the views of a range of equity
analysts which cover Wattyl that the likelihood of the ACCC
approving a merger of Wattyl and Taubmans is very low.
"(Wednesday's) statement from Barloworld canb only create
unwarranted expectation amongst investors of a rival proposal
which is unlikely to be successful given the ACCC's past ruling
and Mr. Ingram's remarks.
"It is also surprising that Barloworld and Wattyl have chosen to
make this announcement at this time when there has been ample
opportunity over many years for Wattyl and Baroloworld to pursue
any feasible proposals.
"The only certainty for Wattyl shareholders, given the uncertain
outlook for the company, is AEP's generous offer of AU$3.25 cash
a share."
CONTACT:
Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311
WATTYL LIMITED: South African Bid Surprises Firm
------------------------------------------------
Wattly Limited was surprised to hear about the takeover interest
of South African-based Barloworld, The Age relates.
Wattyl Finance Director Urs Meyerhans said the first Wattyl knew
of the Barloworld interest was in a notification it received
Wednesday last week.
Wattyl came into play on December 22 when investment firm Allco
Equity Partners made a AU$275 million offer for it.
Barloworld then appointed ANZ Bank to review the terms of the
Allco proposal and advise it on alternatives.
Mr. Meyerhans declined to comment on any possible competition
issue if Barloworld made a takeover offer.
"Only the ACCC (Australian Competition and Consumer Commission)
can answer that," he said.
==============================
C H I N A & H O N G K O N G
==============================
BANK OF CHINA: To File for HK IPO in Early 2006
-----------------------------------------------
Bank Of China (BOC) will apply to list its shares on the Hong
Kong Stock Exchange early next year, the Associated Press
reports.
The Chinese bank said it had completed all its preparatory work
for submitting an application to the stock exchange, the report
said.
The long anticipated move follows the approval of a purchase of
a 5 percent stake in the bank by Singaporean-based company
Temasek Holdings Pte. Ltd.
China's banks are restructuring and listing shares overseas,
hoping to build up their competitiveness as they brace for the
full opening of the country's banking industry to foreign
competition late this year.
CONTACT:
Bank OF China Limited
1 Fuxingmen Nei Dajie
Beijing, 100818
China
Phone: +86 10 6659 6688
Fax: +86 10 6659 3777
CHINA MERCHANTS: Unveils SGM Results
------------------------------------
Reference is made the announcement of China Merchants DiChain
(Asia) Limited dated December 6, 2005 and the circular of the
company dated December 13, 2005 in relation to the proposed
subscription by the subscriber of the convertible note issued by
the company, the proposed grant of the option of the company to
the subscriber and the proposed grant of special mandate to
issue and allot the conversion shares and the option shares.
Results of the SGM
The Special General Meeting (SGM) was held on December 29, 2005
for the purpose of considering and, if thought fit, approving
the ordinary resolution regarding the subscription agreement and
the transactions contemplated thereunder.
The ordinary resolution, details of which were set out in the
notice of the SGM contained in the circular, was decided by a
show of hands and was duly passed by the shareholders at the
SGM.
By Order of the Board
China Merchants DiChain (Asia) Limited
Fan Di
Chairman
Hong Kong December 29, 2005
CONTACT:
China Merchants Dichain (Asia) Ltd.
Unit 3611 36/F W Twr.
Shun Tak Centre
168-200 Connaught Rd. Central
Hong Kong
Phone: 852 2255 0688
Fax: 852 2851 3660 fax
Web site: http://www.dichainasia.com
DEEP ENTERTAINMENT: Winding Up Hearing Slated for Jan. 25
---------------------------------------------------------
Notice is hereby given that a notice is hereby given that a
Petition for the Winding up of Deep Entertainment Company
Limited by the High Court of Hong Kong was on December 2, 2005
presented to the said Court by Poon Fong Yi of Room 1401, 14/F.,
Shing Wai House, Sun Tin Wai Estate, Shatin, New Territories,
Hong Kong.
The said petition is directed to be heard before the Court at
9:30 a.m. on January 25, 2006.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 24, 2006.
GENTFORD TRADING: Set to End Operations
---------------------------------------
Gentford Trading Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance dated Dec. 14, 2005.
The company's registered office is located at Rm 2 1st Floor Blk
A Sea View Est Nos 2-8 Watson Road North Point, Hong Kong.
Date of Presentation of Petition: October 24, 2005
E T O'CONNELL
Official Receiver
JOINEAST DEVELOPMENT: Prepares to Wind Up Business
--------------------------------------------------
Joineast Development Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on December 14, 2005.
The company's registered office is located at Units G&H 12/F
Universal Industrial Center 19-21 Shan Mei Street Fotan Shatin
New Territories.
Date of Presentation of Petition: October 20, 2005
E T O'CONNELL
Official Receiver
MAK SHING: Court to Hear Receiver's Application Jan. 20
-------------------------------------------------------
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 of Mak Shing Yue
Tong Commemorative Association Limited held on October 26, 2005
and the first meeting of creditors and the adjourned first
meeting of creditors held on October 26, 2005 and November 2,
2005 respectively, deciding the differences (if any) and making
such order of appointments as the court may think fit.
Date and Time of Hearing: January 20, 2006 (Friday) at 2:30 p.m.
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 23rd day of December 2005.
E.T. O'CONNELL
Official Receiver & Provisional
Liquidator
M&E ENGINEERING: Court Issues Winding Up Order
----------------------------------------------
M&E Engineering Company Limited has received a notice of winding
up order in the High Court of the Hong Kong Special
Administrative Region Court of First Instance dated Dec. 14,
2005.
The company's registered office is located at 6/F Cheung Kong
Electronic Building 4 Hing Yip Street Kwun Tong Kowloon.
Date of Presentation of Petition: October 20, 2005
E T O'CONNELL
Official Receiver
SPEED TIME: Receives Bankruptcy Order
-------------------------------------
Notice is hereby given that the bankruptcy order against Hui Kam
Shun trading as Speed Time Watches Company was made on December
14, 2005.
All debts due to the estate should be paid to the receiver.
ET O'Connell
Official Receiver
UNIVERSAL MARKETING: Court Issues Winding Up Notice
---------------------------------------------------
Universal Marketing (HK) Limited has received a notice of
winding up order in the High Court of the Hong Kong Special
Administrative Region Court of First Instance dated Dec. 14,
2005.
The company's registered office is located at Rm 901 Supreme
House No. 2A Hart Ave. Tsimshatsui Kowloon.
Date of Presentation of Petition: October 24, 2005
E T O'CONNELL
Official Receiver
WING LAP: Enters Bankruptcy
---------------------------
Notice is hereby given that the bankruptcy order against Shing
Kin Wai trading as Wing Lap Handbag Manufacturing was made on
December 14, 2005.
All debts due to the estate should be paid to the receiver.
ET O'Connell
Official Receiver
WING SHUN: Prepares to Close Down Business
------------------------------------------
Wing Shun Plastic Materials Company Limited has received a
notice of winding up order in the High Court of the Hong Kong
Special Administrative Region Court of First Instance dated
December 14, 2005.
The company's registered office is located at Flat 2005 20th
Floor Block Callway Gardens Tsuen Wan New Territories.
Date of Presentation of Petition: October 18, 2005
E T O'CONNELL
Official Receiver
WINNING INTERNATIONAL: Issues Debt Claim Notice
-----------------------------------------------
Notice is hereby given that the creditors of Winning
International Finance Limited (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before February 3, 2006 to prove by
affidavit their debts or claims by sending in their names,
addresses and descriptions and full particulars of their debts
or claims in accordance with Form 63A of the Companies (Winding-
up) Rules, and the names and addresses of their Solicitors (if
any) to the undersigned Liquidators of the Company.
If so required by notice in writing from the said Liquidators,
are personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.
In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.
DATED this 30th day of December, 2005
Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong
Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong
=========
I N D I A
=========
EASTCOAST STEEL: Posts AGM Results
----------------------------------
Eastcoast Steel Ltd has informed BSE that the members at the
22nd Annual General Meeting (AGM) of the Company held on
September 16, 2005, inter alia, have accorded to the following:
1. Adoption of the Directors Report and Audited Balance Sheet
and Profit and Loss Account of the Company together with
schedules for the year ended March 31, 2005 and Auditors Report
thereon.
2. Re-appointment of Dr. P K Mohanty and Shri. P K R K Menon as
Directors of the Company.
3. Appointment of M/s. Krishna & Giri, Chartered Accountants, as
Auditors of the Company to hold office for the period commencing
from the conclusion of this Annual General Meeting until the
conclusion of the next Annual General Meeting of the Company.
CONTACT:
Eastcoast Steel Ltd
Cuddalore Road, Pillaiyarkuppam Post,
Bahour Commune
Pondicherry 607402
Tamil Nadu
Phone: 2611422
Fax: 2611423
GK CONSULTANTS: Unveils Outcome of AGM
--------------------------------------
GK Consultants Ltd has advised that the members at the 17th
Annual General Meeting (AGM) of the Company held on September
30, 2005, inter alia, have accorded to the following:
1. Adoption of the Balance Sheet as on March 31, 2005 and
annexure thereof together with the Director's and Auditor's
Report thereon.
2. Re-appointment of Mr. Anil Kumar Goel, as Director of the
Company, liable to retire by rotation.
3. Re-appointment of M/s. Alok B. Mathur & Co., Chartered
Accountants, as Auditors of the Company to hold office until the
conclusion of the next Annual General Meeting of the Company.
4. Authority to the Board for commencing and undertaking all or
any of the business as set out and specified in Sub-clause 5,
19, 22 and 23, of Clause III (c)- other objects of the
Memorandum of Association of the Company, as the Board may deem
fit.
CONTACT:
GK Consultants Ltd
G K House, 187 A, 302, Sant Nagar,
East of Kailash
New Delhi 110065
Delhi
Phone: 26489431 26489299
Fax: 26489299
SANYO-BPL: First TVs Roll Off Assembly Line
-------------------------------------------
The first television sets produced by Sanyo-BPL started
production at its Bangalore facility last week, Business
Standard reports.
The factory, which employs 460 workers, will produce 60,000
televisions a month for the first year and is expected to
provide a fillip to BPL's other production-facilities in the
country.
The newly built INR360-crore facility is a joint venture between
BPL and Japan's Sanyo Electric.
In an agreement signed earlier last month, Sanyo had finally
approved the joint-venture agreement transferring BPL's entire
color TV production and marketing facilities to a new entity
Sanyo-BPL Ltd., with 50 percent stake for each partners.
The deal was seen as a much-needed break for BPL which has seen
its market-share in the consumer durables market go from around
7 percent last year to virtually nothing during this calendar
year.
According to the highly placed executives, the JV is not
planning any immediate capacity addition outside of the
Bangalore plant. Sanyo will limit its investment in the JV to
paying off BPL for the 50 percent stake in the existing
infrastructure valued at INR360 crore.
BPL had been keen for Sanyo to bring in more funds, which if
done, would have doubled the total investment in the JV.
BPL, once a household name in TV, audio and home appliances,
said the disposal of its color TV business would not affect its
plans for the other durables.
TEMPTATION FOODS: Board Meeting Fixed Jan. 06
---------------------------------------------
Temptation Foods Ltd has informed BSE that a meeting of the
Board of Directors of the Company will be held on January 06,
2006, inter alia, to consider the following business:
1. To appoint new Auditors in the casual vacancy caused due to
the resignation of the existing Auditors of the Company.
2. To issue on preferential allotment Equity Shares to
Industrial Development Bank of India (IDBI) against the part
conversion of its Outstanding Loans, pursuant to the One Time
Settlement (OTS) Scheme offered by it.
3. To issue on preferential allotment basis Equity Shares to
persons other than the existing shareholders of the Company.
CONTACT:
Temptation Foods Ltd
4, Unity House, 2nd Floor,
8, Mama Parmanand Marg, Opera House
Mumbai 400004
Maharashtra
Phone: 23686030
Fax: 23695438
VINTAGE CARDS: Board Approves Rehab Proposal
--------------------------------------------
Vintage Cards & Creations Ltd has informed Bombay Stock Exchange
(BSE) that the Board of Directors of the Company at its meeting
held on December 27, 2005 has approve the scheme of
Reconstruction & Reorganization proposed between the Company and
its members and Creditors of the Company.
CONTACT:
Vintage Cards & Creations Ltd
Kumar City, 3/3, Kalyani Nagar
Pune 411014
Maharashtra
Phone: 27036772 27036773 27036774
Fax: 27036774
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Likely to Miss Year-End Target
------------------------------------------------
Indonesia's national carrier PT Garuda Indonesia may not be able
to reach its target to reduce losses by year's end due to the
recent bombings in Bali last October, Business Times reports.
According to Garuda President Emirsyah Satar, the Company is
expecting up to IDR686.26 billion in losses this year, when they
had earlier estimated a loss of only IDR392.2 billion.
Last year, the Company posted IDR811.3 billion in losses.
Rising fuel costs, heavy competition, the weakening of the local
rupiah, and a decline in the number of passengers due to the
recent suicide bombings in Bali have contributed to the expected
loss for the year.
The Company had aimed to reduce its losses by 50 percent, but
after the Bali bombings, are still aiming to cut its losses,
though not as drastically.
Garuda Indonesia will not be able to make its debt repayments
scheduled at the end of the month, becuase it needs the funds to
maintain operations; however, it will continue to pay interest
on its payments.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax: +62 21 231 1679
Web site: http://www.garuda-indonesia.com
GARUDA INDONESIA: Seeks Further Rescheduling of Debt Payments
-------------------------------------------------------------
State airline PT Garuda Indonesia will meet with its creditors
next month to further reschedule its debt payments which are due
on Dec. 31, 2005, reports Asia Pulse.
Garuda officials and its creditors will meet with the Office of
the Minister of State Enterprises, which is a stakeholder in the
Company, as well as financial advisers PT Danareksa Sekuritas
and Rothschilds Bank to ask creditors to reschedule its
repayments, as part of its plan to restructure a IDR1.47
trillion debt in promissory notes and a IDR4.9 trillion debt to
the European Crdit Agency (ECA).
The Company also owes IDR1.47 trillion in convertible bonds to
state lender PT Bank Mandiri.
The Company had met with creditors earlier this month, but
failed to agree on the scheduling of its debt repyaments. This
time, creditors would form a steering committee for the upcoming
meeting, according to Garuda President Emirsyah Satar.
The Office of the Minister of State Enterprises has expressed
its support for the Company's debt rescheduling proposal, in
light of the recent Bali bombings last October 2005.
PERTAMINA: Prepares to Cut Fuel Prices by 7.7%
----------------------------------------------
Due to the continuing decline of global oil prices, state oil
and gas firm PT Pertamina is planning to cut its prices for
high-premium fuel by as much as 7.7% next month, the Jakarta
Post reports.
The Company's unsubsidized premium gasoline, Pertamax will be
reduced by IDR400 to IDR5,000 per liter, while its Pertamax Plus
fuel will cost IDR5,200 per liter from IDR5,600 per liter. The
price cut will take effect on Jan. 1, 2006.
Pertamina will also lower its prices for premium gasloine to
IDR4,780 per liter from IDR5,180 last month. The Company will
set different prices for fuel tu be used in transportation and
production beginning next month.
According to Pertamina Fuel Division Chief Achmad Faisal, the
Finance Ministry asked that fuel to be used for transportation
(including sea transportation, which had not been taxed before)
be subject to a 5 percent tax.
The Company uses the Mid Oil Platts Singapore (MOPS) price as a
guide in setting its prices, with a 15 percent premium to cover
transportation and distribution costs, and 10 percent value-
added tax.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERTAMINA: To Purchase More Fuel Due to Refinery Problem
--------------------------------------------------------
Due to a problem in one of its oil refineries, state oil firm PT
Pertamina will have to buy 500,000 barrels of petroleum products
for consumption next month, reports Dow Jones.
According to Pertamina Marketing and Commercial Director Ari
Sumarno, there were technical problem at the Company's Balongan
refinery due to reduced refinery capacity; however, the refinery
was not shut down.
Mr. Sumarno had earlier said that Pertamina plans to import up
to 8.5 million barrels of fuel for next month. Of the 8.5
million barrels, up to 2 million barrels of petroleum products
would be bought from the spot market.
=========
J A P A N
=========
DAIEI INCORPORATED: Shares Up 2.1% Friday
-----------------------------------------
Shares of Daiei Incorporated surged 2.1 percent on Friday after
the Nihon Keizai newspaper reported that it would kick off sales
of a new high-end brand for foods and beverages in March 2006,
according to Reuters.
The supermarket chain operator aims to strengthen its foods
division, which is key to its restructuring plan, by adding to
its lineup of high-end original products, the report said.
CONTACT:
Daiei Incorporated (the)
1-1 Minatojima-Nakamachi 4-Chome
Chuo-Ku, Kobe 650-0046, Hyogo 650-0046
Japan
Phone: +81 78 302 5001
Fax: +81 78 302 5572
NEC CORPORATION: To Delist from Four European Stock Exchanges
-------------------------------------------------------------
NEC Corporation resolved at the meeting of the Board of
Directors to make applications to the four stock exchanges it is
listed on in Europe for the delisting of its common stock
(including global bearer certificates and depositary receipts)
from the following four exchanges.
1. Stock exchange to which NEC will make applications for
delisting:
- London Stock Exchange (common stock)
- Euronext Amsterdam N.V. (common stock)
- Frankfurt Stock Exchange (global bearer certificates)
- Swiss Exchange (Swiss bearer depository receipts)
2. Reasons for delisting:
NEC has concluded to delist its common stock (including global
bearer certificates and depositary receipts) from the London
Stock Exchange, Euronext Amsterdam, Frankfurt Stock Exchange,
and Swiss Exchange because such delisting would not affect its
shareholders and investors and trading volume of its common
stock (including global bearer certificates and depositary
receipts) on these stock exchanges is substantially small.
3. Schedule:
Accordingly NEC intends to apply to the UK Listing Authority and
the London Stock Exchange for the cancellations, respectively,
of (i) the listing of NEC's common stock on the Official List
maintained by the Financial Services Authority and (ii) the
trading of NEC's common stock on the London Stock Exchange's
main market for listed securities. It is anticipated that
cancellation of listing and admission to trading will take
effect from January 27, 2006, being 20 clear business days
following the date of this announcement.
4. Stock exchanges on which NEC's common stock will continue to
be listed:
Japan:
-Tokyo Stock Exchange
- Osaka Securities Exchange
- Nagoya Stock Exchange
- Sapporo Securities Exchange
- Fukuoka Stock Exchange
Overseas:
- NASDAQ (in the form of American Depositary Receipts (ADRs)
with a symbol NIPNY)
CONTACT:
NEC Corporation
5-7-1 Shiba, Minato-ku
Tokyo, 108-8001 Japan
Telephone +81-3-3454-1111
SANYO ELECTRIC: To Recall 12,500 Faulty Hot-water Supply System
---------------------------------------------------------------
Sanyo Electric Co. will replace 12,500 hot-water supply systems
because of defects, such as a bathtub mistakenly filling with
hot water, TMCnet.com reports.
The defects were found in 10 models that were manufactured after
1994 and sold through Tokyo Gas Co., Osaka Gas Co. and other gas
companies.
The company said the defective parts would be replaced with new
ones at gas companies' outlets.
CONTACT:
Sanyo Electric Co Ltd
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
SANYO ELECTRIC: Teams Up With Soma Networks
-------------------------------------------
Soma Networks, Inc. and Sanyo Electric Co., Ltd. has announced a
strategic relationship to jointly develop and manufacture next
generation consumer electronics and infrastructure products for
the broadband wireless access (BWA) market using SOMA Networks'
highly scalable, open-standard architecture, according to
Wireless Design & Development Asia.
The partnership combines Sanyo's expertise in the design and
manufacture of high-quality wireless infrastructure and consumer
electronics products, with SOMA Networks' advanced broadband
wireless systems expertise, to develop the next-generation of
telecommunications products.
The first set of jointly developed products is already
undergoing customer trials. These products are the result of
nearly two years of collaborative R&D efforts focused on
evolving SOMA Networks' BWA system to the next level of
performance and service capabilities.
SNOW BRAND: To Pay First Dividend in Seven Years
------------------------------------------------
Daily products maker Snow Brand Milk Products Co. is considering
paying a dividend at the end of the year ending March 2007, its
first payout in seven years, Nikkei English News reports, citing
company President Tadaaki Konose.
The Group's principal activity is the production of milk and
dairy products, other food products and pharmaceuticals.
CONTACT:
Snow Brand Milk Products CO Ltd
13 Honshio-Cho
Shinjuku-Ku 160-0003, Tokyo 160-0003
JAPAN
Phone: +81 3 3226 2114
Fax: +81 3 3226 2150
SOFTBANK CORPORATION: Receives Dividend From Unit
-------------------------------------------------
Softbank Corporation announced that it has received dividend
from Softbank Holdings Inc. (Head Office: Delaware, USA;
Representative: Ronald Fisher; hereafter SBH), its wholly owned
subsidiary. The details are as follows:
1. Outline
(1) Amount of dividend received: $86 million
(Approx. JPY10.1 billion; converted amount in yen at an exchange
rate of JPY117.64/ $ on December 22, 2005)
(2) Date of dividend receipt: December 22, 2005
2. Impact both on Stand-alone and Consolidated financial results
As a result of the above-mentioned transaction, the Company
expects to record dividend income of JPY10.1 billion in the
third quarter of the fiscal year ending March 2006, as non-
operating profit, which will result in the increase of 6 billion
yen in net profit after deducting JPY4.1 billion of tax
expenses, in stand-alone accounting.
On the other hand, dividend income will be eliminated in
consolidated accounting. Therefore the Company expects to record
4.1 billion yen of tax expenses, resulting in decrease of the
same amount in net profit
(Note: The above tax expenses are tentatively calculated by
multiplying dividend income with the effective tax rate of
40.69%.)
This is a company press release.
CONTACT:
Softbank Corporation
1-9-1 Higashi Shinbashi, Minato-ku
Tokyo 105-7303, Japan
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431
SOFTBANK CORPORATION: Unit Updates Capital Reduction Scheme
-----------------------------------------------------------
Softbank Holdings Inc. (Head Office: Delaware, USA;
Representative: Ronald Fisher; hereafter SBH), a wholly owned
subsidiary of Softbank Corporation, has reduced its paid-in
capital with compensation. The Company is to book the difference
between the value of the refund for this capital reduction and
the book value of the investment of the Company in SBH, as
special income in its stand-alone financial results. The Company
assumes to apply the refund to repay a part of its borrowings
from SBH. Details to be explained below;
1. Outline of capital reduction with compensation
(1) Amount of capital reduced with compensation: approx. $803.6
million (approx. 93.3 billion yen; converted amount in yen at an
exchange rate of 116.13 yen/ $ as of December 26, 2005)
(2) Date of execution for capital reduction with compensation:
December 26, 2005
2. Impact on both Stand-alone and Consolidated financial results
As a result of the capital reduction, the Company assumes to
book special income of approximately JPY4.9 billion on a stand-
alone basis, for the difference between the value of the refund
and the book value of the investment of the Company in SBH, in
the third quarter of the fiscal year ending March 2006. In
parallel, the Company assumes to book foreign exchange loss of
approximately JPY1.2 billion, which arises from offsetting the
refund with its borrowings from SBH. As a result on the whole,
the Company expects a decrease of JPY1.2 billion in non-
operating income and increase of JPY2.2 billion in net income,
after deducting tax expenses of JPY1.5 billion, on a stand-alone
basis.
On a consolidated basis, the difference between the value of
refund from SBH and the book value of investment of the Company
in SBH will be eliminated. Therefore the Company expects to book
foreign exchange loss of JPY1.2 billion rising from offsetting
its borrowings from SBH, which results in decrease of JPY.2
billion in non-operating income, while the impact on net income
will be a decrease of JPY2.7 billion after deducting tax
expenses of JPY1.5 billion.
(Reference: Corporate income tax is tentatively calculated by
multiplying the above-mentioned amount of the impact with the
effective tax rate of 40.69%.)
This is a company press release.
SOGO COMPANY: Court Snubs Chairman's Appeal
-------------------------------------------
The Tokyo High Court has rejected an appeal from former Sogo Co.
Chairman Hiroo Mizushima against a lower court decision that
found him guilty of hiding JPY150 million in personal assets to
obstruct a court-ordered seizure by creditors, Japan Today
reports.
The court brushed aside Mr. Mizushima's argument that he did
nothing illegal because the money belonged to his wife to whom
he gave it as a gift before her death.
The court found that Mr. Mizushima took the JPY150 million out
of his bank and investment trust accounts to hide it and dodge
seizure by creditors in July 2000, shortly after Sogo, a major
department store operator, applied for corporate rehabilitation.
CONTACT:
Sogo CO., Ltd.
8-3, SHINSAIBASHI-SUJI 1-CHOME
CHUO-KU, OSAKA 542-8555
JAPAN
Phone": +81 6 62813111
SKYMARK AIRLINES: May Fly to China, Taiwan on Tokyo Expansion
-------------------------------------------------------------
Skymark Airlines Co. may start flights from Tokyo after Haneda
airport's planned expansion in 2009, as part of its
reorganization plan, Bloomberg News reports.
"There are limited routes on which we can achieve low-cost
services within Japan," President Shinichi Nishikubo said in an
interview in Tokyo on Dec. 22. "If we extend the range outside
the country, Taiwan and Shanghai are among the routes on which
we may be able to offer low fares."
Japan plans to allocate 30,000 of 407,000 annual take-off and
landing slots for short-haul overseas services when a fourth
runway at Haneda airport opens in 2009.
Currently, there are only regular flights from Haneda to Seoul.
All other international flights to the Tokyo region operate out
of Narita airport, about 65 kilometers from the city center.
Skymark doesn't currently operate any international flights. It
will spend about four years expanding its domestic network
before flying overseas, Mr. Nishikubo said.
CONTACT:
Skymark Airlines Co., Ltd.
4-1 Hamamatsu-Cho 2-Chome
Minato-Ku 105-6103, Tokyo 105-0013
JAPAN
Phone: +81 3 5402 6767
Fax: +81 3 5402 6770
YOSHINOYA D&C: 3Q/2005 Loss Balloons to JPY528 Mln
--------------------------------------------------
Restaurant chain operator Yoshinoya D&C Co. posted a nine-month
loss of JPY528 million, compared with a JPY109 million loss in
the same period a year earlier, Bloomberg News reports.
Yoshinoya's earnings fell after Japan barred U.S. beef in
December 2003, following a report of the first of two cases of
mad-cow disease in the U.S. The company introduced a new menu to
make up for the lack of supply of beef.
Sales rose 4.8 percent to JPY90.9 billion. Japan this month
lifted its ban on U.S. beef, which Yoshinoya had been using in
its beef-bowl dish.
CONTACT:
Yoshinoya D&c Co., Ltd.
3-17 Shinjiku 4-Chome
Shinjiku-Ku 160-8451, Tokyo 160-8451
JAPAN
Phone: +81 3 5269 5111
Fax: +81 3 5269 5078
=========
K O R E A
=========
DAEWOO ENGINEERING: Conflict of Interest Hinders Planned Sale
-------------------------------------------------------------
The Korea Development Bank (KDB) and eight other major creditors
are still in a row over the sale of Daewoo Engineering &
Construction Co., The Korea Times reveals citing bank officials.
The creditors and KDB disagreed over putting the Company in a
"shareholder cooperative body" which will lead the sale of the
construction firm.
Other major creditors are Kookmin Bank, Korea Exchange Bank,
Woori Bank, Chohung Bank, Shinhan Bank, Hana Bank, the National
Agricultural Cooperative Federation and Hyundai Securities.
KDB wants the key decisions of the shareholder cooperative body,
which will be comprised of the nine major creditors to be
binding only when they are approved unanimously by the nine
shareholders.
The decision would mean that KDB could command a veto over
decisions made by the rest of the banks on the sale of the
company.
"Such an important decision should not be made under a majority
rule. National interest should be also considered when putting
such a core business unit up for sale," a KDB official said.
But the rest of the banks want key decisions to be made only by
more than 75 percent of the shareholders.
KDB only has 22.7 percent of voting rights, the remaining eight
members are left with the 75-percent rule to decide the time and
the way of sale of the construction firm.
KEB and other creditors expressed grave concerns about the KDB's
sudden attitude change.
"Under the 100-percent rule, even with an approval from eight
other creditor banks, KDB's disapproval would block the sale of
the HDEC. The bank seems to want to strengthen its say in the
creditor union," a KEB official said.
KDB's opposition will lead hinder the plan to get the company
out of the debt workout program. However, the nine creditors
are trying to reach a breakthrough on how to go about the
dilemma.
CONTACT:
Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web: http://www.dwconst.co.kr
===============
M A L A Y S I A
===============
AFFIN HOLDINGS: Fully Acquires Unit
-----------------------------------
Affin Holdings Berhad (AHB) furnished Bursa Malaysia Securities
Berhad with details of the proposed acquisition of the remaining
69,078,947 ordinary shares of MYR1.00 each representing 36.84
percent of the issued and paid-up share capital in Affin
Merchant Bank Berhad (Affin Merchant) from MISC Enterprises
Holdings Sdn. Bhd. for a cash consideration of MYR169,964,000
(Proposed Acquisition).
Further to our announcements in relation to the above Proposed
Acquisition, the Company advised that the Proposed Acquisition
has been completed on December 29, 2005.
With the completion of the Proposed Acquisition, Affin Merchant
is a wholly owned subsidiary of AHB.
This announcement is dated 29 December 2005.
CONTACT:
Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057
ANCOM BERHAD: Undertakes Share Buy Back
---------------------------------------
Ancom Berhad submitted to Bursa Malaysia Securities Berhad a
notice of shares buy back with the following details:
Date of buy back: December 29, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 5,100
Minimum price paid for each share purchased (MYR): 0.660
Maximum price paid for each share purchased (MYR): 0.670
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 5,100
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 8,958,703
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
APL INDUSTRIES: Shareholders Approved All Resolutions at AGM
------------------------------------------------------------
The Board of Directors of APL Industries Berhad (APLI) advised
Bursa Malaysia Securities Berhad that the shareholders of the
Company have at the 6th AGM held on December 29, 2005 approved
all the resolutions set out in the Notice of the sixth AGM dated
December 7, 2005.
ARTWRIGHT HOLDINGS: Passes All AGM Resolutions
----------------------------------------------
The Board of Directors of Artwright Holdings Berhad informed
Bursa Malaysia Securities Berhad that at the Twelfth Annual
General Meeting (AGM) of the Company held on December 29, 2005,
the shareholders of the Company have approved all the ordinary
resolutions as set out in the Notice convening the AGM dated
December 7, 2005 contained in the 2005 Annual Report.
ASIAN PAC: Bourse to Suspend Trading of RCSLS
---------------------------------------------
Trading of Asian Pac Holdings Berhad's RCSLS will be suspended
with effect from 9:00 a.m., Friday, January 6, 2006 in order to
facilitate the redemption of up to MYR26,000,000 nominal value
of Redeemable Convertible Secured Loan Stocks 2000/2007 (RCSLS)
(Redemption).
The stock short name and stock code of the RCSLS are Asiapac-LB
and 4057LB respectively.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
BELL & ORDER: Unveils Result of Rights Issue
--------------------------------------------
Bell & Order Berhad (B&O) furnished Bursa Malaysia Securities
Berhad details of the renounceable rights issue of 57,552,000
new ordinary shares of MYR1.00 each in B&O (Rights Shares) at an
issue price of MYR1.20 per rights share payable in full upon
acceptance on the basis of three (3) rights shares for every one
(1) existing ordinary share of MYR1.00 each (B&O Share) held in
B&O at 5:00 P.M. on December 1, 2005 (Rights Issue).
Avenue Securities Sdn Bhd, on behalf of the Board of Directors
of B&O, advised that as at 5:00 p.m. on December 23, 2005, being
the close of the offer period for the Rights Issue, the total
acceptances and excess applications received for the Rights
Shares was 6,593,000 Rights Shares representing 11.46 percent of
the 57,552,000 Rights Shares available for subscription.
The remaining 50,959,000 Rights Shares will be subscribed by the
underwriters subject to the terms and conditions of the
Underwriting Agreement dated November 22, 2005.
The allotment of the Rights Shares to the successful
applicants/underwriters will be made within 15 market days after
the closing date of the Rights Issue on December 23, 2005.
This announcement is dated 28 December 2005.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
CHG INDUSTRIES: Default Status Still Unchanged
----------------------------------------------
CHG Industries Berhad advised Bursa Malaysia Securities Berhad
that its position on default in payment remains unchanged as
detailed in the announcement released on March 25, 2005.
This announcement is dated 28 December 2005.
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
MALAYSIA
Telephone: +60 3 907 58811
Fax: +60 3 907 66215
INTAN UTILITIES: Takes Steps to Address Payment Default
-------------------------------------------------------
Intan Utilities Berhad submitted an update to the default in
payment under Practice Note 1/2001 of the Listing Requirements
of Bursa Malaysia Securities Berhad.
Further to the announcement dated November 29, 2005 and pursuant
to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors unveiled the
summary of the borrowings in default and the steps taken to
address the defaults by IDS Electronics Sdn. Bhd. and IDS
Technology Sdn Bhd, 70 percent effectively owned subsidiaries of
Intan Utilities Berhad, details of which are as per attached.
To view a summary of borrowings in default, go to
http://bankrupt.com/misc/IntanUtilitiesDefaultDec05.xls
CONTACT:
Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan
JIN LIN: Shareholders Give Nod on AGM Resolutions
-------------------------------------------------
On behalf of Jin Lin Wood Industries Berhad, the board informed
Bursa Malaysia Securities Berhad that the resolutions on all
motions as set out in the Notice of the 7th AGM and put to the
shareholders at the 7th AGM held on December 29, 2005, were
approved and carried.
This announcement is dated 29 December 2005.
CONTACT:
Jin Lin Wood Industries Bhd.
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my
LION CORPORATION: Details Dealings in Ordinary Shares
-----------------------------------------------------
Lion Corporation Berhad unveiled to Bursa Malaysia Securities
Berhad details of the conditional take-over offer by the Company
to acquire the remaining 71,522,971 issued and fully paid-up
ordinary shares of MYR1.00 each in Amalgamated Containers Berhad
(ACB) representing approximately 95.73 percent of the issued and
paid-up share capital of ACB not already owned by LCB and its
wholly owned subsidiary, Limpahjaya Sdn Bhd, to be settled by
the issue of two (2) new ordinary shares of MYR1.00 each in LCB
(LCB Consideration Shares) at an issue price of MYR1.31 each for
existing three (3) offer shares held in ACB.
Pursuant to Section 32 of the Code, K & N Kenanga Berhad
(Kenanga) announced on behalf of LCB, the dealings in the
ordinary shares in LCB and ACB as well as warrants of LCB
(collectively, Affected Securities) by LCB, persons acting in
concert with LCB and/or the persons connected to them, which are
dealt in for their own account, as set out in Section 32 of the
Code (collectively, the Parties).
The details of the dealings in the Affected Securities by the
Parties are set out in Table 1 below.
To view a full copy of Table 1, go to
http://bankrupt.com/misc/LionCorpBerhadTable1.doc
Any disclosures made by Kenanga pursuant to Section 32 of the
Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by LCB.
Kenanga shall not be responsible for any omission and/or error
in such disclosure to the authorities.
This announcement is dated 28 December 2005.
CONTACT:
Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155 / +60 3 2162 3448
MAGNUM CORPORATION: Purchases Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back from: December 19, 2005
Date of buy back to: December 23, 2005
Total number of shares purchased (units): 2,683,900
Minimum price paid for each share purchased (MYR): 1.850
Maximum price paid for each share purchased (MYR): 1.900
Total amount paid for shares purchased (MYR): 5,063,228.59
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units):
2,683,900
Total number of shares retained in treasury (units): 88,903,300
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished:
Date lodged with registrar of companies: December 28, 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
MANGIUM INDUSTRIES: Unit Misses Monthly Payments
------------------------------------------------
Mangium Industries Berhad (MIB) advised Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, Mangium
Sawmill Sdn Bhd (MSSB) has not paid, and is deemed to have
defaulted in its repayments on facilities granted by Standard
Chartered Bank Malaysia Berhad (SCB) and Southern Bank Berhad
(SBB), which are unsecured.
The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 attached.
To view Table 1, go to
http://bankrupt.com/misc/MangiumIndustriesTable1November2005.doc
(A) Reason for default in payments
Due to the unfavourable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group.
As a result, the cashflow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.
(B) Measures by the listed issuer to address the default in
payments
Both SCB and SBB have agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on December 22, 2003.
(C) Financial and legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness.
The estimated total outstanding as at November 31, 2005, in
relation to the payments, which are in default and are the
subject matter of this announcement amounts to MYR14,720,331.16.
Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.
(D) In the event the default is in respect of secured loan
stocks or bonds, the lines of action available to the guarantors
or security holders against the listed issuer
Not applicable.
(E) In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager
Not applicable.
(F) Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (cross
default) and the details thereof, where applicable
The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.
However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.
CONTACT:
Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880
PACIFIC & ORIENT: Buys Back Ordinary Shares
-------------------------------------------
Pacific & Orient Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: December 28, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 40,400
Minimum price paid for each share purchased (MYR): 1.750
Maximum price paid for each share purchased (MYR): 1.800
Total consideration paid (MYR): 72,480.83
Number of shares purchased retained in treasury (units): 40,400
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 8,021,689
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209
PACIFIC & ORIENT: New Shares up for Listing, Quotation
------------------------------------------------------
Pacific & Orient Berhad advised that its additional 2,000 new
ordinary shares of MYR1.00 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 30, 2005.
POHMAY HOLDINGS: Bourse to Suspend Trading of Securities
--------------------------------------------------------
Pohmay Holdings Bhd has failed to submit its plan to the
authorities pursuant to paragraph 8.14C of the Listing
Requirements of Bursa Malaysia Securities Berhad and paragraph
4.0 of Practice Note No. 17/2005 which was due on December 28,
2005.
Kindly be advised that the trading in the above Company's
securities will be suspended with effect from 9:00 am, Thursday,
January 5, 2006 until further notice.
CONTACT:
Pohmay Holdings Berhad
No. 23, Jalan Maharajalela,
Kuala Lumpur Wilayah
Persekutuan 50150 Malaysia
Telephone: 03-21419500
Fax: 03-21417730
SBBS CONSORTIUM: Wind Up Petition Hearing Set Next Year
-------------------------------------------------------
SBBS Consortium Berhad furnished Bursa Malaysia Securities
Berhad a monthly announcement on the status of default in
payment pursuant to Practice Note 1/2001 of the Listing
Requirements (PN 1/2001).
The Board of Directors of the Company informed the Exchange that
the winding-up proceeding instituted by Southern Bank Berhad is
fixed for mention on February 15, 2006.
Saved for the above, there is no significant change in the
status of default in payment in respect of other lenders since
then.
The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad the status of the debt
Restructuring scheme under Section 176 of the Companies Act,
1965 from time to time.
CONTACT:
SBBS Consortium Berhad
No. 1 - 4, Jalan 1/114,
Kuchai Business Centre, Jalan Kuchai Lama,
Kuala Lumpur Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79825188
Fax: 03-79813551
SOUTHERN BANK: Issues Notice of Shares Buy Back
-----------------------------------------------
Southern Bank Berhad issued to Bursa Malaysia Securities Berhad
a notice of shares buy back with the following details:
Date of buy back: December 28, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 50,000
Minimum price paid for each share purchased (MYR): 4.000
Maximum price paid for each share purchased (MYR): 4.020
Total consideration paid (MYR): 201,121.03
Number of shares purchased retained in treasury (units): 50,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 54,901,900
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
Fax: +60 3 2093 3157
TANAH EMAS: Converts ICULS to Ordinary Shares
---------------------------------------------
Tanah Emas Corporation Berhad informed that its additional
58,000 new ordinary shares of MYR1.00 each arising from the
conversion of 87,000 Irredeemable Convertible Unsecured Loan
Stocks 2001/2006 into 58,000 New Ordinary Shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Friday, December 30, 2005.
TANAH EMAS: All Resolutions Approved at EGM
-------------------------------------------
Tanah Emas Corporation Berhad informed Bursa Malaysia
Securities Berhad that at the Eleventh Annual General Meeting
and Extraordinary General Meeting of the Company held at
Ballroom 1, Sabah Hotel, KM 1, Jalan Utara, 90000 Sandakan,
Sabah on December 28, 2005 at 8:30 a.m. and 9:00 a.m.
respectively, all resolutions as set out in the Notice of Annual
General Meeting and Notice of Extraordinary General Meeting have
been duly passed at the said Meetings.
This announcement is dated 28 December 2005.
=====================
P H I L I P P I N E S
=====================
LIBERTY TELECOMS: Complies with Corporate Governance Manual
-----------------------------------------------------------
Heinz M. Reyes, in behalf of Liberty Telecoms Holdings Inc.,
submitted to the Philippine Stock Exchange (PSE) a copy of the
firm's Certification of the Company's Compliance to the
Corporate Governance Manual for 2005 Fiscal Year.
The certification can be viewed at
http://bankrupt.com/misc/tcrap_libertytelecoms123005.pdf.
CONTACT:
Liberty Telecoms Holdings Inc.
Technology Centre
2298 Pasong Tamo Ext.,
Makati City 1231
Philippines
Phone: 813-0377; 815-9801/8831 to 35
Fax: 816-0049
NATIONAL FOOD: Farmers Want Firm Exempted from Tariff Duties
------------------------------------------------------------
Two farmer organizations urged the government to grant National
Food Authority (NFA) exemption from paying taxes for rice
imports, reports The Visayan Daily Star.
Grains Retailers Association and Provincial Farmers Action
Council expressed their concerns in recent resolutions addressed
to President Gloria Macapagal-Arroyo, Senate President Franklin
Drilon, Senators Ramon Magsaysay Jr. and Manuel Villar, House
Speaker Jose de Venecia and Rep. Benasing Macarambon.
They said the NFA should be made the country's sole importer of
rice and should not be required to pay tariff that is causing
the agency financial problems, adding that it can better perform
its functions if it has enough funds.
Earlier, NFA said it will continue to suffer losses if the
government will not provide sufficient funds for the agency's
palay and rice subsidies.
The agency has been required to pay a 50 percent tariff on its
rice imports since 2002. About 86 percent of its losses in the
past three years went to tariff duties (68 percent) and interest
cost (16 percent) of borrowings from financial institutions to
pay for the tariff.
The two organizations said in their resolutions that NFA imports
rice for food security purposes thus, it should not be required
to pay tariff duties. That way, it can focus its resources to
finance its palay buying operations and other pro-poor projects.
CONTACT:
National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/
NATIONAL FOOD: EVAT Won't Affect Price of Rice
----------------------------------------------
While many are worrying about the adverse effect in the
implementation of the Expanded Value Added Tax (EVAT),
particularly on the prices of basic commodities, the government
has assured stability on the price of rice, according to The
Philippine Information Agency.
National Food Authority (NFA) Provincial Manager Sergio
Balofinos recently assured the public that there is no change on
the price of government rice, insisting that the regular milled
rice remained at Php16.00 per kilogram, while the well-milled
rice is pegged at Php18.00 per kilogram.
He said that the government rice is still available in all NFA
accredited rice outlets and Bigasan sa Palengke.
Meanwhile, the food agency continues to give additional
incentive to farmers who opt to sell and deliver their palay
produce to NFA owned warehouses in the province. From individual
farmers, said agency buys palay at Php10.00 per kilogram
excluding the additional 0.25 incentives for drying and for
farmer's cooperatives, Information Officer Edna Artates said.
She added that the issuance and facilitation of passbook
validation was simplified to lessen farmer's worries in
transacting business with the NFA.
Mr. Balofinos also assured farmers of the availability of their
post harvest facilities such as dryers that could be used at a
very minimal cost, especially those who opt to avail of the
agency's programs like the Farmers Option to Buy Back,
Procurement with Palay Negotiable Warehouse Receipt Program and
Grains Exchange Program for Farmers Organization.
NATIONAL POWER: Aims to Settle US$500-Mln Debt in 2006
------------------------------------------------------
State power firm National Power Corporation (Napocor) is working
to pay off around US$500 million worth of maturing debts next
year, a ranking official told The Philippine Star.
Napocor President Cyril del Callar said the firm plans to
transfer the said debts to the Power Sector Assets and
Liabilities Management Corp. (PSALM) in the first quarter of
2006, in a bid to gain a break-even status.
Napocor is expected to spend about Php18 billion to Php20
billion in 2006 to service its debt. Since 2001, the power firm
has spent about Php50 billion for debt servicing.
In 2004, Napocor's long-term liabilities went down to P348.6
billion from P461.1 billion in 2003.
The multilateral creditors of Napocor, mainly Asian Development
Bank, World Bank, and Japan Bank for International Cooperation
(JBIC) have consented the transfer of the assets and liabilities
of the power firm to PSALM.
The transfer of assets would facilitate the privatization
process but Napocor would need the consent of its creditors such
as JBIC, ADB and WB before the actual transfer is done. Since
all the creditors have yet to agree on the lock, stock and
barrel transfer of assets, they have agreed on only a partial
transfer.
Early this year, WB and JBIC gave their consent on the transfer
of the assets of Napocor, which were sold last year to their new
owners.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
* Five Pre-need Firms Won't Get Dealer's License
------------------------------------------------
Five troubled pre-need providers have been disqualified from
renewing their dealer's license, The Manila Times reveals.
The Securities and Exchange Commission (SEC) has not granted new
dealer's licenses to Destiny Financial Plans Inc., The
Professional Group Corp. Plans Inc. (TPG), Pryce Plans Inc.,
Grayline Plans Inc., and Lifetime Plans Inc.
Destiny Financial was sent a show cause letter and charge slip
both dated November 30, 2005. The show cause was for the
company's noncompliance with the monthly trust-fund
contributions for January to October 2005.
Destiny Financial President Norlito Quimel blamed the firm's
failure to make the deposit on weak sales resulting from bad
publicity generated by the financial woes of market leaders
College Assurance Plan Philippines Inc. and Pacific Plans Inc.
For its part, Pryce Plans has a trust-fund deficiency of Php21.8
million as of October 2005. SEC said the company has yet to
comply with a June 9, 2005, approved funding scheme to cover the
deficiency by way of cash deposits. The commission also sent the
company a letter on November 3, 2005, seeking payment of an
Php83,500 penalty.
TPG, meanwhile, is still under a regulatory leeway program due
to its failure to deposit trust funds for the months of March to
October 2005 for pension plans and October for education plans.
The SEC said the company also has yet to submit a 2004 Actuarial
Valuation Report and its 2004 Audited Financial Statement. The
commission also issued the company a show cause and charge slip
on November 30, 2005.
Grayline Plans, on the other hand, had a trust-fund deficiency
of P3.2 million as of October 2005. The company already informed
the Nontraditional Securities Department that it is awaiting
capital infusion of Php8 million representing refunds from
Sunlife of Canada for the overpayment of insurance. The company
has already committed to settle its shortfall by year-end.
Lastly, Lifetime Plans' articles of incorporation were revoked
by the SEC earlier, rendering the Pacific Plans' unit
nonexistent.
=================
S I N G A P O R E
=================
CHINA AVIATION(S): Trader Breaches Trading Limits
-------------------------------------------------
A former deputy head of trading at China Aviation Oil
(Singapore) Corp. (CAO) breached trading limits on fuel options
before asking for permission to do so, reports Business Times.
According to a report by audit agency Pricewaterhousecoopers,
Mr. Gerard Rigby did not attempt to report that the wrong method
was used to value the Company's options, even though he would
have seen that its mark-to-market valuation was incorrect.
The Pricewaterhouse report has yet to be disclosed to the
public; a summary of the report was released in June 2005.
Pricewaterhousecoopers is the investigating agency that looked
into the near-collapse of CAO, after the Company lost up to
SGD915.03 million from trading derivatives.
CAO had announced last week that it had dismissed Deputy Chief
Rigby, together with three other officials, but did not give a
reason for the dismissals. Another head of banking relations and
risk management for the Company had also resigned.
CONTACT:
China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
INFORMATICS HOLDINGS: Lists Warrants and Shares on Exchange
-----------------------------------------------------------
As advised by the Singapore Exchange & Securities Trading
Limited (SGX-ST), Informatics Holdings Limited announced that
the Company listed and quoted an additional 13,014,352 warrants
2004 and 13,014,352 new ordinary shares at SGD0.05 each in its
Capital on the SGX-ST on Dec. 28, 2005.
By Order of the Board
Lau Yang Hin, Simon
Company Secretary
Dec. 29, 2005
IPACS COMPUTER: Creditors Initiate Winding Up Proceedings
---------------------------------------------------------
IPACS Computer Services (Singapore) Pte Limited (IPC) announced
that it has resolved to appoint Messrs. Tay Swee Sze, Wong Joo
Wan & Leow Quek Shiong of Alvarez & Marsal (SE Asia) Pte Limited
as provincial liquidators for the voluntary winding up of the
Company by its creditors. IPC is a 51%-owned subsidiary of NCS
Pte Limited (NCS), which is a wholly owned subsidiary of
Singapore Telecommunications Limited (SingTel).
IPC's Chinese subsidiaries, namely IPACS Computer (Shanghai) Co.
Limited (IC), Fuzhou IPACS Computer Co. Limited (FIC) and
Beijing IPACS Electronics Science Co. Limited (BIES), will apply
for voluntary liquidation in due course in accordance with the
laws of the People's Republic of China.
The unaudited carrying value of the IPC group of companies as at
Sept. 30, 2005 was approximately SGD9 million.
CONTACT:
IPACS Computer Services (Singapore) Pte Limited
5 Ang Mo Kio Street, 62 NCS Hub, Block C
#07-03 Singapore 569141
Phone: 65 6213 8999
Fax: 65 6213 8998
Email: sales@ipacs.com
Web site: http://www.ipacs.com
IPACS TECHNOLOGY: Creditors Seek to Liquidate Firm
--------------------------------------------------
IPACS Technology Pte Limited (IPT) announces that it will
appoint Messrs. Tay Swee Sze, Wong Joo Wan & Leow Quek Shiong of
Alvarez & Marsal (SE Asia) Pte Limited as provincial liquidators
for the creditors' voluntary winding up of the Company.
IPT is a 51%-owned subsidiary of NCS Pte Limited (NCS), which is
a wholly owned subsidiary of Singapore Telecommunications
Limited (SingTel).
IPT's Chinese subsidiaries, namely IPACS Computer (Shanghai) Co.
Limited (IC), Fuzhou IPACS Computer Co. Limited (FIC) and
Beijing IPACS Electronics Science Co. Limited (BIES), will apply
for voluntary liquidation in due course in accordance with the
laws of the People's Republic of China.
CONTACT:
IPACS Techonology Pte Limited
C/o 5 Ang Mo Kio Street, 62 NCS Hub, Block C
#07-03 Singapore 569141
Phone: 65 6213 8999
Fax: 65 6213 8998
Email: sales@ipacs.com
Web site: http://www.ipacs.com
LIANG HUAT: Passes Resolutions at EGM
-------------------------------------
Liang Huat Aluminum Limited announced that the Company passed
all ordinary resolutions relating to a property disposal and the
proposed change of its auditors at its Extraordinary General
Meeting (EGM) held on Dec. 29, 2005.
By Order of the Board
Tan Yong Kee
Group Managing Director
To view the Company's EGM notice, go to:
http://bankrupt.com/misc/tcrap_lianghuat121405.pdf
CONTACT:
Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/
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T H A I L A N D
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THAI PETROCHEMICAL: Seeks Freedom from Rehabilitation
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Thai Petrochemical Industry Public Co. Ltd. (TPI) sought the
approval of the Central Bankruptcy Court to exit business
rehabilitation, Bangkok Post reveals citing Gen. Mongkol
Ampornpisit.
The head of the plan administration team Mr. Mongkol said the
Company is also set to repay creditors US$.48 billion.
According to Gen. Mongkol, the money used for paying the
creditors were proceeds from the sale of new TPI shares to
strategic investors led by PTT Plc, existing creditors and the
sale of 249 million shares of cement subsidiary TPI Polene Plc.
"After the debt repayment is completed, TPI is ready to exit the
rehabilitation plan since all procedures under the plan have
been completed," Gen. Mongkol said.
A day after the Company is freed from rehabilitation, a
shareholders meeting will be convened to seek approval for
restructuring the TPI board.
Despite the intervention of TPI founder Prachai Leophairatana,
administrators that their plans will run smoothly. Mr. Prachai
is expected to file a petition against the request. Mr. Prachai
has waged legal battles for seven years to preserve his control
of the company.
"We have accomplished our mission assigned by the Finance
Ministry to revive the company and pave the way for it to become
one of the best petrochemical complexes in Asia," Gen. Mongkol
said.
TPI eyes revenue of THB186 billion this year, an increase from
THB154 billion in 2004. However, its earnings before interest,
tax, depreciation, and amortization (EBITDA) are expected to
decline to THB18.7 billion from 22.6 billion, due to higher
crude oil prices.
Net profits are projected to reach THB61.3 billion this year, of
which THB7.6 billion will be operating profit and the rest
extraordinary gains from debt restructuring.
TPI's new shareholder PTT, holds a 30 percent stake in the
Company, making it the largest single shareholder. Other
strategic partners are the Government Housing Bank, Vayupak Fund
and Government Pension Fund with 9.5 percent each.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
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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 2006. All rights reserved. ISSN: 1520-9482.
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