/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060117.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 Tuesday, January 17, 2006, Vol. 9, No. 012 Headlines A U S T R A L I A AAA ETHEREDGE: To Declare Dividend Jan. 26 A.C.T. OFF ROAD: Placed in Voluntary Liquidation AGENIX LIMITED: Unveils New CEO's Remuneration Package ALWAYS FOR HIRE: To Undergo Winding Up Exercise AUSTRALIAN GAS: Concludes AU$5-Bln PNG Gas Deals BOULTON ENTERPRISES: Members Agree to Wind Up Business COASTAL RECORDS: Members, Creditors to Meet Jan. 24 DENVER MALONEY: Creditors Set to Receive Dividend DESTINATION LONDON: Taps Liquidator from Ferrier Hodgson FITNESS EXPRESS: Lays Out Final Meeting Agenda FRANK HOUSTON: Liquidator to Present Winding Up Report GIVE US A BREAK: Enters Winding Up Process GOLDEN CHEF: Three Assets Up for Sale GOLDWEEK PTY: Final Meeting Set Next Month JAY GARDENING: Resolves to Undertake Voluntary Liquidation KNITCOM PTY: Court Issues Winding Up Order LAND AND NATIONAL: Members Favor Liquidation MEDAPRI PTY: Appoints Ernst & Young Liquidators MYER LIMITED: Parent to Reap AU$1 Bln from Sale NATIONAL AUSTRALIA: Agrees to Transfer U.K. Management Business NIX ESTATE: To Convene Meeting Jan. 24 PAYASO PTY: Names Official Liquidator PHILMART TRANSPORT: Liquidator Prepares to Distribute Assets QANTAS AIRWAYS: Management, Unions In for Another Round of Talks ROBBJADE PTY: Steven Nicols Named Liquidator SONS OF GWALIA: Shareholders Await Court Ruling TELECOM NEW ZEALAND: Sees Sale of Ailing Australian Unit TELSTRA CORPORATION: Wants to Extend Ties with Brightstar VILLAGE LIFE: Mystery Buyer Revealed WESTPOINT GROUP: Investors Likely to Lose AU$1 Bln YENDOCK PTY: Liquidator to Present Wind Up Report Jan. 24 C H I N A & H O N G K O N G GOLDCONE PROPERTIES: Appoints New Liquidators HEBEI SECURITIES: China Shuts Loss-Making Brokerage JONESKY DEVELOPMENT: Court Releases Winding Up Notice NETEL TECHNOLOGY: 1H05 Net Loss Narrows to HK$2 Mln NEW WORLD: To Seek Partners for Aviation Biz NEW WORLD: Unveils January 13 SGM Results LAPAGAYO LIMITED: Winding Up Hearing Fixed Feb. 15 RINGWAY DEVELOPMENT: Court Issues Winding Up Order LOGON ENGINEERING: Commences Winding Up Process O'CLASSIC INTERNATIONAL: Prepares to Shut Down Business ORIENT YORK: Court to Hear Wind Up Petition Feb. 22 POLYAIM LIMITED: Winding Up Process Initiated SWEETMART INTERNATIONAL: Court Issues Winding Up Order UDL HOLDINGS: Notes Unusual Price Movement UNITED FAME: Winding Up Hearing Slated for Feb. 8 I N D I A HARYANA FINANCE: RBI Cancels Certificate of Registration ITD CEMENTATION: Unveils Outcome of Board Meeting JAYSHREE CHEMICALS: BIFR Confirms Financial Recovery I N D O N E S I A DAVOMAS INTERNATIONAL: Moody's Assigns (P)B2 Rating to Bonds KIANI KERTAS: Purchase, Debt Settlement Deal Nears PERTAMINA: Mulls US$500-Mln Bonds Issue PERTAMINA: Buys Sweet Crude for March Delivery J A P A N FUJITSU LIMITED: Stock Jumps 5% on Expansion Plans FUJITSU LIMITED: Wins 2005 Asia Pacific Partner of the Year JAPAN AIRLINES: Ministry Orders Revision of Safety Measures JAPAN AIRLINES: R&I Assigns BB Rating MITSUBISHI MOTORS: Rules Out Joint Venture With Proton SOJITZ CORPORATION: R&I Upgrades Rating to BB- K O R E A DAEWOO ENGINEERING: Scores Another Project in Nigeria M A L A Y S I A AFFIN HOLDINGS: Issues New Shares for Listing, Quotation DFZ CAPITAL: New Shares up for Listing, Quotation LANKHORST BERHAD: Court Extends Restraining Order for 120 Days LITYAN HOLDINGS: Deadline for Plan Submission Extended MAGNUM CORPORATION: Undertakes Share Buy Back MBF HOLDINGS: Unveils New Court Hearing Date OLYMPIA INDUSTRIES: MoU with Vinci Construction Still Unchanged PACIFIC & ORIENT: Purchases New Shares PANTAI HOLDINGS: Holds Share Buy Back PILECON ENGINEERING: Fixes Stock Prices at MYR0.50 PELIKAN INTERNATIONAL: Converts ICULS, RCULS to Ordinary Shares RASHID HUSSAIN: Bourse to Grant Listing, Quotation of New Shares SAAG CONSOLIDATED: Sets Issue Price of Private Placement SARAWAK ENTERPRISE: Sub-unit in Wind Up Process TANCO HOLDINGS: Court Extends Restraining Order for Two Months WEMBLEY INDUSTRIES: Applies for Extension of Proposal Completion P H I L I P P I N E S COLLEGE ASSURANCE: Union Warns of Possible Strike COLLEGE ASSURANCE: SEC Complaint Junked for Lack of Evidence HOME GUARANTY: Mulls Sale of Php12-Bln Assets MAKATI MEDICAL: Creditors May OK Loan Restructuring by March NATIONAL BANK: PNB Gen Net Income Up 11% In 2005 NATIONAL BANK: PDIC to Sell Stake to Tan SWIFT FOODS: San Miguel Unit Sues Firm S I N G A P O R E DAPOLITE INDUSTRIES: Creditor Files Winding Up Petition E.G. TAN: Intends to Pay Dividend GLENN INDUSTRIES: Prepares to Pay Dividend to Creditors HENG ELECTRICAL: Set to Declare Dividend T H A I L A N D CIRCUIT ELECTRONIC: Sets Creditors' Meeting February 21 EMC PUBLIC: Clinches New Contract THAI AIRWAYS: Courts MCOT Head to Become President BOND PRICING: For the Week 16 January to January 2006 - - - - - - - - ================= A U S T R A L I A ================= AAA ETHEREDGE: To Declare Dividend Jan. 26 ------------------------------------------ A dividend is to be declared on Thursday, January 26, 2006 for AAA Etheredge Pty Limited (In Liquidation). Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 25th day of November 2005 Bruce n. Mulvaney Liquidator Bruce Mulvaney & Co 1st Floor, 613 Canterbury Road, Surrey Hills Vic 3127 A.C.T. OFF ROAD: Placed in Voluntary Liquidation ------------------------------------------------ Notice is hereby given that at a general meeting of the members of A.C.T. Off Road Centre Pty Limited, held on December 21, 2005, it was resolved that the company be wound up voluntarily and that Michael Edward Slaven of Rangott Slaven Hundy, Level 3, Engineering House, 11 National Circuit, Barton ACT 2600 be appointed Liquidator. Dated this 10th day of January 2006 Keith Snell Secretary AGENIX LIMITED: Unveils New CEO's Remuneration Package ------------------------------------------------------ Agenix Limited CEO and Managing Director, Mr. Neil Leggett, who was appointed on Dec. 15, 2005, on Monday signed a three-year employment contract with the company ending Dec. 15, 2008. The main terms of the contract are: - Fixed remuneration per annum (salary, superannuation, motor vehicle and any other benefits) AU$265,000 - First review of fixed remuneration to be July 1, 2006 - Short term incentive per annum dependent on achievement of strategic and operational objectives set by the Board: - Standard percentage of fixed remuneration 40% - Additional amount for outstanding acheivement 20% - An options package subject to shareholder approval at the next meeting of shareholders: - 3.0 million options exercisable at double the average closing share price for the 20 trading days prior to the date of appointment on Dec. 15, 2005. - 1.0 million options exercisable at double the average closing share price fpr the 20 trading days prior to the date of appointment on Dec. 15, 2005. These options only vest if the average closing share price is greater than the Intersuisse/Elixir Securities valuation (Oct. 2005) of AU$1.26 for a continuous three-month period prior to the end of the term of employment contract on Dec. 15, 2008. - 500,000 options to be issued on each of July 21, 2006 (at a 50% premium to the market price), 2007 and 2008 in conjunction with the annual Employee Option Plan. - six months notice is required. - If the contract is terminated early with no breach of the conditions of employment by the employee then the company will be required to make a lump sum payment equivalent to the sum of: - 12 month's fixed remuneration plus average short-term incentive previously paid, - unused annual leave and long service leave, - an amount equal to the Black Scholes valuation of unxercised options issued to the employee whilst a Director, - the difference between the lease payout and trade-in value of the vehicle normally driven by the employee, and - in the event of termination prior to Dec. 15, 2006, an additional 25% of fixed remuneration and short term incentive. Mr. Leggett has an indirect beneficial interest in 281, 750 shares previously acquired on market by a family entity at an average price of 35.7 cents per share. CONTACT: Agenix Limited 11 Durbell Street Acacia Ridge QLD 4110 Phone: +61 7 3370 6396 Fax: +61 7 3370 6347 E-mail: mail@agenix.com Web site: http://www.agenix.com ALWAYS FOR HIRE: To Undergo Winding Up Exercise ----------------------------------------------- Notice is hereby given that, at a general meeting of members of Always For Hire Pty Limited (In Liquidation) held on December 15, 2005 it was resolved that the company be wound up voluntarily and that for such purpose Danny Vrkic, of Jirsch Sutherland & Co -Wollongong Chartered Accountants be appointed Liquidator. A meeting of creditors held later that day confirmed this appointment. Dated this 27th day of December 2005 Danny Vrkic Liquidator Jirsch Sutherland & Co Chartered Accountants Level 3, 6-8 Regent Street, Wollongong NSW 2500 Telephone: 02 4225 2545 Facsimile: 02 4225 2546 AUSTRALIAN GAS: Concludes AU$5-Bln PNG Gas Deals ------------------------------------------------ The Australian Gas Light Company (AGL) finalized the agreement with Oil Search Limited for the acquisition of a 10 percent interest in the Papua New Guinea Gas Project for around US$400 million (AU$530 million) including interests in gas and oil reserves, production and processing infrastructure. An initial payment of about 90 percent of the total acquisition price will be made on completion, with the balance to be paid on PNG Gas Project sanction and financial close. In addition, AGL has also become the first customer to convert its 1,500 petajoule (PJ), AU$4.5 billion, 20-year Gas Sale Agreement with the PNG Gas Producers into a binding Sale and Purchase Agreement (SPA). AGL Managing Director Greg Martin said, "The early finalization of the equity agreement will deliver a number of benefits to AGL and its Shareholders, including an immediate positive impact on AGL's earnings per share (EPS). It also reflects the Company's confidence in the ability of the PNG Gas Project, and the associated PNG to Queensland natural gas pipeline, to provide an alternative source of competitively priced energy to support economic development in Eastern Australia. "AGL believes the other Project participants will benefit from our direct input into key Project decisions, which also delivers AGL a more immediate ability to plan for the wider AGL downstream businesses." Mr. Martin added there was logic in aligning the PNG Gas Project with AGL's binding 1,500 PJ, 20 year SPA. The 10 percent equity agreement is effective from 1 January 2006 and follows AGL's announcement in July 2005 of its intention to acquire an interest in the PNG Gas Project. Completion of the acquisition is expected in February 2006, at which time AGL will become a full equity participant in the PNG Gas Project and associated oil projects. Completion of this agreement had previously been conditional on the Gas Project reaching financial close, which remains on schedule to occur in the second half of this calendar year. "The removal of this condition, as well as the alignment with the SPA, has facilitated AGL's immediate participation in the upstream PNG oil and gas businesses to deliver early benefits to Shareholders, enhance our wholesale energy business and provide additional momentum for the PNG Gas Project as it approaches project sanction and financial close," Mr. Martin said. Financial Benefits AGL's interests in oil production are expected to provide immediate EPS accretion of about two to three cents per share for the six months to June 2006 and about seven to eight cents per share for the financial year to June 2007. In addition to this, surplus cash flow from AGL's share of oil production is expected to fully fund AGL's participation in the PNG Gas Project. The estimated acquisition price is consistent with the value generated by AGL's earlier access to increased oil reserves and oil production, as well as the oil price anticipated at completion. AGL will hedge its oil revenues to protect the value of the investment and the cash flows from oil reserves. AGL's upstream PNG oil and gas equity investment will be fully debt funded from existing facilities and is estimated to lift the Company's gearing to approximately 50 per cent (net debt to debt plus equity). "AGL and Oil Search have complementary skills and knowledge in the upstream and downstream energy sectors and will use these to consider other value adding opportunities where our respective skills can be applied," Mr. Martin added. AGL Signs Binding Sale and Purchase Agreement for PNG Gas In addition to the equity investment, AGL has shown further support for the PNG Gas Project by converting its conditional 1,500 PJ Gas Sales Agreement into a binding SPA with the PNG Gas Producers. The SPA is now only conditional on the PNG Gas Project reaching financial close, currently on schedule for the second half of 2006. "AGL has signed a binding Sale and Purchase Agreement which, together with completing the acquisition of our ten per cent equity in the PNG Gas Project, underpins the Company's confidence in the continued progress of the project," Mr. Martin concluded. PNG Pipeline Update In addition to AGL's participation in the PNG Gas Project, the Company also has a commitment to build the Australian component of the PNG to Queensland natural gas pipeline. AGL and its pipeline consortium partner Malaysian company Petronas Australia Ltd (together APC) are currently completing Front End Engineering and Design (FEED) activities for the pipeline, including the lateral extension to Gove. The pipeline project remains on track to reach project sanction followed by financial close in the second half of 2006 consistent with the PNG Gas Project timetable. APC has previously announced a budget of approximately AU$67 million for the FEED process which involves investigating the physical design, engineering and deliverability of the Australian component of the PNG to Queensland pipeline. Concurrent with FEED activities, APC has also been negotiating the key commercial agreements to support the pipeline, clarifying the regulatory regime, developing its financing strategies and conducting due diligence. CONTACT: Australian Gas Light Company Locked Bag 1837 St. Leonards NSW 2065 General Inquiries: 02 9921 2999 General Fax: 02 9921 2552 Share Registry: 02 9921 2259 Share Registry Fax: 02 9921 2465 Web site: http://www.agl.com.au/ BOULTON ENTERPRISES: Members Agree to Wind Up Business ------------------------------------------------------ At a general meeting of the members of Boulton Enterprises Pty Limited duly convened and held at 103-105 Northbourne Avenue, Turner ACT on December 16, 2005, the special resolution set out below was duly passed: That the company be wound up voluntarily. Dated this 16th day of December 2005 Robert Sommerville Director c/- Frank Lo Pilato RSM Bird Cameron Partners Level 1, 103-105 Northbourne Avenue, Turner ACT 2611 Telephone: 02 6247 5988 COASTAL RECORDS: Members, Creditors to Meet Jan. 24 --------------------------------------------------- Notice is hereby given that a meeting of the creditors and members of Coastal Records Australia Pty Limited (In Liquidation) will be held at Hall Chadwick, Level 29, 31 Market Street, Sydney NSW 2000 on January 24, 2006 at 10:00 a.m. The meeting will be a Final Meeting in accordance with Section 509 of the Corporations Act 2001. Richard Albarran Liquidator c/- Hall Chadwick Level 29, 31 Market Street, Sydney NSW 2000 DENVER MALONEY: Creditors Set to Receive Dividend ------------------------------------------------- A first and final dividend is to be declared on February 2, 2006 to priority creditors for Denver Maloney Pty Ltd (In Liquidation). Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 21st day of November 2005 J. P. Mcleod Liquidator McLeod & Partners Level 30 AMP Place, 10 Eagle Street, Brisbane Qld 4000 DESTINATION LONDON: Taps Liquidator from Ferrier Hodgson -------------------------------------------------------- Notice is hereby given that at a meeting of creditors of Destination London Pty Ltd (In Liquidation) convened pursuant to Section 439A of the Corporations Act 2001 held on December 14, 2005, it was resolved that the Company be wound up. Pursuant to Section 446A of the Corporations Act 2001, John Melluish of Ferrier Hodgson, Chartered Accountants, Level 17, 2 Market Street, Sydney, NSW was appointed Liquidator on that date. Dated this 14th day of December 2005 John Melluish Liquidator FITNESS EXPRESS: Lays Out Final Meeting Agenda ---------------------------------------------- Notice is given that pursuant to Section 509 of the Corporations Act, a Final Meeting of members and creditors of Fitness Express (WA) Pty Ltd will be held at the offices of Jones Condon, Chartered Accountants, Colmel House, 241 Stirling Street, Perth on Tuesday, January 24, 2006 at 11:00 a.m. AGENDA (1) To lay before the meeting the Liquidator's Account showing how the winding up has been conducted and how the property of the company has been disposed of, and giving any explanations thereof. (2) To review and approve, if required, the Liquidator's remuneration. (3) To resolve any other matters as may arise during the course of the meeting. Dated this 2nd day of December 2005 G. A. Lopez Joint Liquidator Jones Condon Chartered Accountants Colmel House, 241 Stirling Street, Perth WA 6000 FRANK HOUSTON: Liquidator to Present Winding Up Report ------------------------------------------------------ Notice is hereby given that pursuant to Section 509 of the Corporations Law the Final Meeting of Frank Houston Pty Ltd (In Liquidation) will be held at Terriadi, Daydown Road, Weemelah, NSW on January 26, 2006, at 10:00 a.m., for the purpose of laying before the meeting the liquidator's final account and report and giving any explanation thereof. Dated this 23rd day of November 2005 Frank William O'connor Liquidator 43 Auburn Street, Moree NSW GIVE US A BREAK: Enters Winding Up Process ------------------------------------------ Notice is hereby given that at a general meeting of members of Give Us A Break Pty Limited (In Liquidation), held on December 14, 2005 it was resolved that the company be wound up voluntarily and that Thomas Javorsky, of Jones Condon Chartered Accountants, Level 13, 189 Kent Street Sydney NSW, be appointed Liquidator for the purposes of such winding up. Dated this 14th day of December 2005 Thomas Javorsky Liquidator c/- Jones Condon Chartered Accountants Telephone: (02) 9251 5222 GOLDEN CHEF: Three Assets Up for Sale ------------------------------------- The appointed receivers for Golden Chef have already advertised the sale of the failed caterer's three key assets, according to The Advertiser. The planned sale, which was announced last week, has attracted a number of potential buyers from across Australia. Two weeks ago, receivers SimsPartners sold off key parts of the business after it failed to pay license fees payable under a scheme set up to keep the company operating. SimsPartners decided not to keep operating the businesses until their sale but said a purchaser potentially could resurrect the food- delivery business as the Golden Chef trademarks were also owned by the companies it controlled. The affected businesses included those that own the majority of the firm's 226 catering vans in South Australia and Victoria. Meanwhile, former managing director Pantelis Charitopoulos declined to give out details of his meeting with financiers in Melbourne last week. He was expected to discuss measures on how to keep the business afloat. Mr. Charitopoulos said he will announce the results of the meeting this week. Golden Chef, which owes creditors around AU$3.1 million, was placed in administration in July after the Australian Taxation Office took action over AU$300,000 in tax. CONTACT: Golden Chef 203-205 Hanson Road Athol Park South Australia 5012 Phone: 1300 881 588/ 08 8348 1700 Fax: 08 8445 6488 Web site: http://www.goldenchef.com.au/ GOLDWEEK PTY: Final Meeting Set Next Month ------------------------------------------ A final combined meeting of the members and creditors of Goldweek Pty Ltd (In Liquidation) formerly trading as Walkabout Crushing & Screening will be held at the offices of McLeod & Partners, Level 30, AMP Place, 10 Eagle Street, Brisbane, Qld, 4001, on February 7, 2006 at 11:00 a.m. Dated this 18th day of November 2005 Jonathan Mcleod Liquidator JAY GARDENING: Resolves to Undertake Voluntary Liquidation ---------------------------------------------------------- Notice is hereby given that it was resolved by special resolution on December 13, 2005 that Jay Gardening Pty Ltd (In Liquidation) be wound up voluntarily and that for such purpose, Mr. David Levi of PKF Chartered Accountants, Level 10, 1 Margaret Street, Sydney, be appointed Liquidator. Dated this 21st day of December 2005 David Levi Liquidator PKF Chartered Accountants Level 10, 1 Margaret Street, Sydney NSW 2000 KNITCOM PTY: Court Issues Winding Up Order ------------------------------------------ Notice is hereby given that on December 16, 2005 the Supreme Court of New South Wales, ordered the winding up of Knitcom Pty Limited (In Liquidation) and R. M. Sutherland was appointed as Official Liquidator of the company. Dated this 19th day of December 2005 R. M. Sutherland Official Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street, Sydney NSW 2000 Telephone: 02 9233 2111 Facsimile: 02 9233 2144 LAND AND NATIONAL: Members Favor Liquidation -------------------------------------------- At a general meeting of the members of Land and National Development Corporation Pty Limited (In Liquidation) duly convened and held at Level 1, 103-105 Northbourne Avenue, Turner ACT 2612, on December 23, 2005, the special resolution set out below was duly passed: That the company be wound up voluntarily. Dated this 23rd day of December 2005 Frank Lo Pilato Liquidator RSM Bird Cameron Partners Level 1, 103-105 Northbourne Avenue, Turner ACT 2612 Telephone: (02) 6247 5988 MEDAPRI PTY: Appoints Ernst & Young Liquidators ----------------------------------------------- A written resolution of the sole member of Medapri Pty Ltd (In Liquidation) on December 12, 2005 resolved to wind up the Company voluntarily and to appoint John Georgakis and Kate Warwick of Ernst & Young, 120 Collins Street Melbourne as Liquidators of the company. Dated this 12th day of December 2005 John Georgakis Kate Warwick Liquidators Ernst & Young 120 Collins Street, Melbourne Vic 3000 Telephone: 9288 8000 MYER LIMITED: Parent to Reap AU$1 Bln from Sale ----------------------------------------------- Coles Myer Limited expects to gain around AU$1 billion from the sale of Myer Limited's department stores and flagship property on Bourke Street, The Sydney Morning Herald has learned. A Citigroup analyst said the sale of the Bourke Street site could net Coles Myer up to AU$350 million, but after redevelopment the property's value could rise by 70 percent to AU$600 million. Citigroup also believes sale of the retail business could generate AU$700 million. Other analysts, however, valued the department store business at around AU$450 million. Potential buyers of the Bourke Street site include shopping center owners and property developers such as Westfield Group, Gandel, GPT and Lend Lease. The five short-listed bidders for the Myer retail business are South African retailer Edgars Consolidated; Harvey Norman; the Carlyle Group and JPMorgan Capital (bidding jointly); Newbridge Capital in a consortium with the Myer family; and CVC Asia- Pacific, which is making a solo bid. The Coles Myer board is believed to be asking AU$900 million to AU$1 billion for the Myer chain and as much as AU$400 million for its prized Bourke Street property. The bidders are expected to submit their final bids early next month. CONTACT: Myer Limited 295 Lonsdale Street Melbourne Vic 3000 Telephone: (61 3) 9661 1111 Facsimile: (61 3) 9661 3770 Web site: http://www.myer.com.au or Coles Myer Limited 800 Toorak Road Tooronga Vic 3146 Telephone: (61 3) 9829 3111 Facsimile: (61 3) 9829 6787 Web site: http://www.colesmyer.com.au NATIONAL AUSTRALIA: Agrees to Transfer U.K. Management Business --------------------------------------------------------------- National Australia Bank (NAB) announced that it has reached an agreement to transfer the management of its U.K. Clydesdale and Yorkshire Bank Discretionary Investment Management portfolios to Tilney Investment Management. The Clydesdale and Yorkshire Bank Discretionary Investment Management operation has over 1500 customer portfolios with an approximate value of funds under management of GBP300 million. Tilney is one of the largest independent wealth managers in the U.K., with over 12,000 clients and assets under management in excess of GBP5 billion. The sale is expected to be completed prior to June 2006. Terms of transaction are commercial in confidence but are not material to NAB. CONTACT: National Australia Bank Ltd. Level 24, 500 Bourke Street, Melbourne, Victoria, Australia, 3000 Head Office Telephone: (03) 8641-4160 Head Office Fax: (03) 8641-4927 Web site: http://www.national.com NIX ESTATE: To Convene Meeting Jan. 24 -------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of NIX Estate Pty Ltd (In Liquidation) will be held at the offices of Grant Thornton, Level 6, 256 St. George's Terrace, Perth WA 6000, on January 24, 2006, at 10:00 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanations that may be given by the Official Liquidator. Dated this 28th day of November 2005 Mervyn J. Kitay Official Liquidator Grant Thornton Level 6, 256 St George's Terrace, Perth WA 6000 PAYASO PTY: Names Official Liquidator ------------------------------------- Notice is hereby given that at a General Meeting of Payaso Pty Ltd (In Liquidation) held on December 15, 2005 it was resolved that the company be wound up voluntarily as a Members' Voluntary Winding up and that for such a purpose, Mark Stafford Byrnes be appointed liquidator. Dated this 15th day of December 2005 Mark Stafford Byrnes Liquidator Summerhill, Mitchell Highway, Orange NSW 2800 PHILMART TRANSPORT: Liquidator Prepares to Distribute Assets ------------------------------------------------------------ At a General Meeting of Philmart Transport Pty Ltd (In Liquidation), duly convened and held at 53 Junction Street, Nowra on December 22, 2005 at 11:00 a.m. the following special resolution passed: That the company be wound up as a Members' Voluntary Liquidation and that the assets of the company may be distributed in whole or in part to the members in specie should the liquidators so desire. Dated this 22nd day of December 2005 Mark Crowther Liquidator Tait Miller McIntyre & Co Accountants 53 Junction Street, Nowra NSW 2541 QANTAS AIRWAYS: Management, Unions In for Another Round of Talks ---------------------------------------------------------------- Tension between Qantas Airways' management and its union eased after the two parties agreed to hold another round of negotiations early next month, reports The Sydney Morning Herald. The row between the carrier and its maintenance crew started after Chief Executive Geoff Dixon warned in October that jobs and costs would be slashed in order to avoid shifting maintenance jobs overseas where labor is cheap. The national flag carrier wanted its new enterprise agreement with the Australian Manufacturing Workers Union (AMWU) and Australian Workers Union (AWU) to cut the overtime and shift allowances paid to maintenance staff. The unions, however, refuse to surrender any of the existing job conditions of their 2100 Qantas members during the negotiations. Qantas says it is at a huge cost disadvantage to other airlines, which outsource the upkeep of their planes to huge maintenance, repair and overhaul centers in China. Some analysts estimate Qantas could save AU$100 million a year by sending large chunks of its heavy maintenance overseas. The resumption of enterprise bargaining talks next month will be overshadowed by Qantas's decision on whether to outsource maintenance work overseas, which is also expected to be made in February. 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 ROBBJADE PTY: Steven Nicols Named Liquidator -------------------------------------------- On December 16, 2005 the Federal Court of Australia New South Wales, District Registry made an Order that Robbjade Pty Limited (In Liquidation) be wound up by the Court and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street, Sydney NSW 2000 SONS OF GWALIA: Shareholders Await Court Ruling ----------------------------------------------- Shareholders of failed gold miner Sons of Gwalia Limited are still waiting for a critical High Court decision, according to Business Weekly. Major shareholder Luka Margetic sued Sons of Gwalia for losses incurred when the mining company collapsed. In a controversial decision, the Federal Court of Australia held that since misleading company information caused Mr. Margetic to buy the shares, his claim for losses should receive equal ranking to those of other unsecured creditors. Many insolvency practitioners contend that if the ruling is upheld by the High Court, it will become nearly impossible to achieve turnarounds of insolvent firms via deeds of company arrangement, and creditors will have to wait for a long time for their debts to be paid. CONTACT: Sons of Gwalia Limited 16 Parliament Place West Perth, Western Australia 6005 Australia Phone: +61 8 9263 5555 Fax: +61 8 9481 1271 Web site: http://www.sog.com.au/ TELECOM NEW ZEALAND: Sees Sale of Ailing Australian Unit -------------------------------------------------------- Telecom New Zealand raised the possibility of selling its troubled Australian AAPT unit, The Advertiser reveals. The firm's latest statement refuted reports that the telco had ruled out an AAPT sale because the offers were too low. Analysts believe the telco may be worth less than half its book value of AU$1.35 billion, due to increased competition and reduced fixed-line earnings in the Australian telecommunications market. Telecom spokesman Phil King said a review would look at "different permutation of acquisitions, divestments, leaving the business as a stand-alone basis, amalgamations, or joint ventures etc". He refused to say if takeover favorite, Optus, had made an offer. CONTACT: Telecom New Zealand Ltd P.O. Box 1473 Christchurch New Zealand Web site: http://www.telecom.co.nz TELSTRA CORPORATION: Wants to Extend Ties with Brightstar --------------------------------------------------------- Telstra Corporation is seeking to extend its controversial relationship with Miami-based mobile phone wholesaler Brightstar, The Age reveals. The two parties have inked a fresh outsourcing deal worth as much as AU$150 million over the next five years. Telstra, which is seeking to cut costs in an increasingly competitive mobiles market, wants to move its entire mobile warehousing, distribution and "life cycle" management to a third party provider to save more money. Industry sources said the talks with Brightstar could result in Telstra increasing the existing deal by a further AU$30 million a year at much higher margins of up to 30 percent. Telstra is reportedly in talks with Brightstar in relation to logistics and distribution, but these talks have not yet concluded. The move is part of a bid to cut costs in Telstra's mobile phone business as margins across the AU$11 billion a year sector get squeezed in an ongoing price war that threatens to take as much as 30 percent in revenues out of the industry. Last November, Telstra contracted Brightstar to source the two million-plus mobile phone handsets it sells every year both directly and through its third-party sales channel - a deal Telstra claimed may save it $50 million. That original deal was tinged with controversy because it was awarded without going to a competitive tender, and executives from Telstra and Brightstar have common business interests elsewhere. Telstra chief executive Sol Trujillo and chief operating officer Greg Winn are co-investors with Brightstar founder and chairman Marcelo Claure in a US$4.5 million (AU$6 million) investment round for Chinese telco Silk Road Telecommunications. But Telstra defended the deal, saying the investments by Mr. Trujillo and Mr. Winn were made prior to them commencing their appointments with Telstra." Following the announcement of the original deal, Telstra asked Brightstar, as well as the two biggest mobile phone distributors in Australia, Brightpoint and Roadhound, to submit a general bid on their logistic capabilities. Bids were submitted at the end of November but no decision has yet been reached. Brightstar first appeared in the Australian market at the very end of 2004, contacting Telstra and its main rival Optus in a bid to win business, but it remained without a major contract with a local operator until late last year. 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/ VILLAGE LIFE: Mystery Buyer Revealed ------------------------------------ A group linked top Gold Coast financier MFS is reportedly the one behind a recent massive purchase of shares in Village Life, according to The Advertiser. Thursday's sale of about 16 million shares in the ailing retirement village operator sparked a stock market frenzy over the buyer's identity and intentions and sent Village Life's shares soaring. The mystery buyer has snapped up 13.5 percent of retirement village operator Village Life in one trade. According to The Sydney Morning Herald, the purchase sparked speculations that Village Life could attract a takeover bid despite standing out as the All Ordinaries index's worst performing stock for 2005. The AU$4.9-million trade came just days after shares in the firm nose-dived to an all-time low of 25 cents. The company's shares have fallen 85 percent in the past 12 months. CONTACT: Village Life Limited 61 Park Road (PO Box 1162) Milton Queensland 4064 Australia Telephone: +61 7 3514 6400 Facsimilie: +61 7 3514 6497 Web site: http://www.villagelife.com.au/ WESTPOINT GROUP: Investors Likely to Lose AU$1 Bln -------------------------------------------------- The collapse of property giant Westpoint Group will see around six thousand investors losing AU$1 billion, according to The Advertiser. The main product the group offered investors was a complex "mezzanine" finance, where people lend money to the company to develop property in return for receiving interest payments. The company, however, was subject to an investigation by the Australian Securities and Exchange Commission (ASIC). The Mezzanine finance schemes are highly controversial among finance experts, who have warned for years about the high risk that comes with them. Victims claimed they were told the investment was safer than buying property or shares. They first noticed something was wrong when their regular interest payments stopped arriving early last month. A few days later seven of Westpoint's 14 property funds, which are considered separate entities under the law, fell into receivership or administration. The corporate regulator has since started winding up the entire Westpoint Corporation. The true number of victims and the amount they lost is still unclear because the company failed to lodge full financial reports last year. Administrators PricewaterhouseCoopers estimate about AU$300 million may be lost. Other sources say the amount could be well over AU$1 billion. YENDOCK PTY: Liquidator to Present Wind Up Report Jan. 24 --------------------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of Yendock Pty Ltd (In Liquidation) will be held at the offices of Grant Thornton, Level 6, 256 St George's Terrace Perth WA 6000 on January 24, 2006, at 10:00 a.m. The purpose of the meeting is to have an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanations that may be given by the Official Liquidator. Dated this 28th day of November 2005 Mervyn j. Kitay Official Liquidator Grant Thornton Level 6, 256 St George's Terrace, Perth WA 6000 ============================== C H I N A & H O N G K O N G ============================== GOLDCONE PROPERTIES: Appoints New Liquidators --------------------------------------------- Lui Wan Ho (H.K.I.C. No. E611940 (2) and Lui Yee Lin (H.K.I.C. No. K831901 (4) both of Room 1701, Olympia Plaza, 255 King's Road, North Point, Hong Kong, has been appointed as Liquidators of Goldcone Properties Limited (In Compulsory Liquidation) jointly and severally by virtue of a Court Order dated December 22, 2005 in place of Messrs. Simon Richard Blade and Bruno Arboit. Dated this 29th day of December, 2005 LUI WAN HO LUI YEE LIN Joint and Several Liquidators HEBEI SECURITIES: China Shuts Loss-Making Brokerage --------------------------------------------------- China will shut down Hebei Securities Co. Ltd. as part of Beijing's latest effort to clean up the loss-making brokerage sector, South China Morning Post reports. Guangfa, China's sixth-largest brokerage by operating income, would run Hebei Securities for a few months while the government prepared to auction its assets, a senior industry executive said. Hebei Securities controls CNY4.78 billion in assets and runs more than 30 outlets across central China from its headquarters in Shenzhen. It was set up in 1988, around the time that China set up its first stock exchange. CONTACT: Guangfa or GF Futures Co., Ltd. 22/F,New Wu Yang City Plaza 111-115 New ShiYou Road Guangzhou,China Code: 510600 Phone:020-87382988 Fax:020-87383523 JONESKY DEVELOPMENT: Court Releases Winding Up Notice ----------------------------------------------------- Jonesky 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 January 4, 2006. The company's registered office is located at Rm A 12th Floor Tower 1 Tern Centre 237 Queen's Road Central Hong Kong. Date of Presentation of Petition: November 11, 2005 Dated this 13th day of January 2006 E T O'CONNELL Official Receiver NETEL TECHNOLOGY: 1H05 Net Loss Narrows to HK$2 Mln --------------------------------------------------- Netel Technology (Holdings) Limited incurred a net loss HK$2.201 million for the six months ended November 30, 2005, versus a net loss of HK$6.2 million in the same period a year earlier, Infocast News relates. Loss per share (LPS) was 0.57 cent. No dividend was declared. The Group is principally engaged in the provision of long distance call services through an integrated network infrastructure, comprising both the packet-switched system (IP based) and the circuit-based system (conventional phone based). CONTACT: Netel Technology (Holdings) Limited Room 1903, 19/F Olympia Plaza 255 King's Road North Point, Hong Kong Phone: 25768826 Fax: 25760730 Web site: http://www.neteltech.com.hk NEW WORLD: To Seek Partners for Aviation Biz -------------------------------------------- New World CyberBase Limited is seeking suitable cooperation partners for the aviation business it has invested, Infocast News reports, citing New World Managing Director Yvette Ong. Ms. Ong added that the company's revenue for the fiscal 2006 will be mainly from the leasing of Bank of America Tower because the newly developed aviation business will not contribute any profit in the near term. However, the business will start its profit contribution at the end of the year. According to Chong Hing Securities, the company posted a profit of HK$15.16 million in the yar ended March 31, 2005, versus a net loss of HK$6.87 million a year earlier. The Group is engaged in the property investment & development, e-commerce infrastructure, money lending, information services, e-commerce, software development & system integration. CONTACT: New World Cyberbase Limited 21/F, Asia Orient Tower Town Place, 33 Lockhart Road Wanchai, Hong Kong Phone: 21388000 Fax: 21388111 Web site: http://www.nwcyberbase.com NEW WORLD: Unveils January 13 SGM Results ----------------------------------------- The Board of Directors of New World Cyberbase Limited announced that the Shareholders duly passed all the ordinary resolutions as set out in the notice of the Shareholder's General Meeting (SGM) contained in the Circular or the independent shareholders held on January 13, 2006. As at the date of the SGM, there were 494,872,087 Shares in issue. There were no Shares entitling the holders to attend and vote only against each of the ordinary resolutions at the SGM under the Listing Rules. The total number of Shares entitling the Shareholders to vote for or against each of the ordinary resolutions regarding the Possible Disposal, the G200 Aircraft Purchase Agreement, the G450 Aircraft Purchase Agreement and the Convertible Notes Placing Agreement at the SGM was 494,872,087 Shares, representing 100% of the voting rights of the Company as at the date of the SGM. To the best of the Directors' knowledge and information and having made all reasonable enquiries, none of the Shareholders were required to abstain from voting on the ordinary resolutions at the SGM. The total number of Shares entitling the Independent Shareholders to vote for or against each of the ordinary resolutions regarding the Rights Issue and the Whitewash Waiver at the SGM was 452,682,120 Shares, representing approximately 91.47% of the voting rights of the Company as at the date of the SGM. In accordance with the Listing Rules and the Takeovers Code, Golden Infinity and its Concert Parties (including NWCBN and Mr. Lau Wai Piu, an independent non-executive Director), who were interested in 42,189,967 Shares (representing approximately 8.53% of the voting rights of the Company as at the date of the SGM) have abstained from voting on the abovementioned ordinary resolutions at the SGM. For more information, go to http://bankrupt.com/misc/tcrap_newworld011606.pdf By Order of the Board New World CyberBase Limited Tang Chi Kei Company Secretary Hong Kong, 13 January 2006 LAPAGAYO LIMITED: Winding Up Hearing Fixed Feb. 15 -------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Lapagayo (Holdings) Limited by the High Court of Hong Kong Special Administrative Region was on December 16, 2005 presented to the said Court by Shunde You Lian Knit Garment Factory Co., Limited whose registered office is situate at No. 16, Mai Lang Road, Mai Lang Management Zone Long Jiang, Shun De City, Guang Dong Province, the People's Republic of China. The said Petition is directed to be heard before the Court at 9:30 a.m. on February 15, 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. Y. C. LEE, PANG & KWOK Solicitors for the Petitioner 2803 Wing On House 71 Des Voeux Road Central Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of February 7, 2006. RINGWAY DEVELOPMENT: Court Issues Winding Up Order -------------------------------------------------- Ringway 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 January 4, 2006. The company's registered office is located at G/F 209-223 Shau Kei Wan Road Hong Kong. Date of Presentation of Petition: November 8, 2005 Dated this 13th day of January 2006 E T O'CONNELL Official Receiver LOGON ENGINEERING: Commences Winding Up Process ----------------------------------------------- Logon Engineering 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 January 4, 2006. The company's registered office is located at Flat H 4th Floor Valiant Industrial Center 2-12 Au Pui Wan Street, Shatin New Territories. Date of Presentation of Petition: November 11, 2005 Dated this 13th day of January 2006 E T O'CONNELL Official Receiver O'CLASSIC INTERNATIONAL: Prepares to Shut Down Business ------------------------------------------------------- O'Classic International 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 January 4, 2006. The company's registered office is located at Unit 2201 B 22nd Floor Ginza Square 565-567 Nathan Road Kowloon. Date of Presentation of Petition: November 8, 2005 Dated this 13th day of January 2006 E T O'CONNELL Official Receiver ORIENT YORK: Court to Hear Wind Up Petition Feb. 22 --------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Orient York Development Limited by the High Court of Hong Kong Special Administrative Region was on December 30, 2005 presented to the said Court by Great Glory International Limited whose registered office is situate at 17th Floor, Shing Lee Commercial Building, 6-12 Wing Kut Street, Central, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 a.m on February 22, 2006. Any creditor or contributor 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. YUEN & PARTNERS Solicitors for the Petitioner 10th Floor, Chiyu Bank Building 78 Des Voeux Road Central Central, Hong Kong Phone: 2815 2688 Fax: 2541 2088 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 February 21,2 006. POLYAIM LIMITED: Winding Up Process Initiated --------------------------------------------- Polyaim 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 January 4, 2006. The company's registered office is located at Shop E G/F 54 Jaffe Road Wanchai Hong Kong. Date of Presentation of Petition: November 11, 2005 Dated this 13th day of January 2006 E T O'CONNELL Official Receiver SWEETMART INTERNATIONAL: Court Issues Winding Up Order ------------------------------------------------------ Sweetmart International 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 on January 4, 2006. The company's registered office is located at 2nd Floor Wong's Factory Building 368-370 Sha Tsui Road Tsuen Wan New Territories. Date of Presentation of Petition: November 9, 2005 Dated this 13th day of January 2006 E T O'CONNELL Official Receiver UDL HOLDINGS: Notes Unusual Price Movement ------------------------------------------ The Stock Exchange of Hong Kong has received a message from UDL Holdings Limited, which is reproduced as follows: "This statement is made at the request of The Stock Exchange of Hong Kong Limited. The company have noted the decrease in price of the shares of the Company on January 13, the company is not aware of any reasons for such decrease. Save and except for the disclosures in the announcement dated 29th December 2005, the company also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23, neither is the Board aware of any matter discloseable under the general obligation imposed by rule 13.09, which is or may be of a price- sensitive nature. Made by the order of the Board of the Directors of the Company of which individually and jointly accept responsibility for the accuracy of this statement. Currently, the Board comprises three executive directors namely Mrs. Leung Yu Oi Ling, Irene, Miss Leung Chi Yin, Gillian, Mr. Lee Ka Lun, Stephen and three independent non-executive directors, namely Mr. Pao Ping Wing, JP, Professor Yuen Ming Fai, Matthew and Ms. Tse Mei Ha. By order of the Board UDL HOLDINGS LIMITED PANG KEE CHAU Company Secretary Hong Kong, 13 January 2006" As of July 31, 2004, UDL Holdings has total current assets of HK$100.49 million while total current liabilities stood at HK$145.14 million, according to Chong Hing Securities Ltd. CONTACT: UDL Holdings Limited Room 702, 7/F Aitken Vanson Centre 61 Hoi Yuen Road Kwun Tong, Kowloon Hong Kong Phone: 23312488 Fax: 27548974 UNITED FAME: Winding Up Hearing Slated for Feb. 8 ------------------------------------------------- Notice is hereby given that a Petition for the Winding up of United Fame Enterprise Limited by the High Court of Hong Kong Special Administrative Region was on December 19, 2005 presented to the said Court by United Fame Enterprise Limited whose registered office is situate at Shop No. 108, 1st Floor, Fortune Shopping Centre, Fortune Estate, Fortune Street, Cheung Sha Wan, Kowloon, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on February 8, 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. KNIGHT & HO Solicitors for the Petitioner Rooms 2207-2210, 22nd Floor World-Wide House 19 Des Voeux Road Central Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of February 7, 2006. ========= I N D I A ========= HARYANA FINANCE: RBI Cancels Certificate of Registration -------------------------------------------------------- The Reserve Bank of India (RBI), has on December 27, 2005 cancelled the certificate of registration granted to Haryana Finance Private Limited, having its registered office at 3996, Roshan Ara Road, New Delhi-110007 for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, Haryana Finance Private Limited, cannot transact the business of a 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 institution 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 ITD CEMENTATION: Unveils Outcome of Board Meeting ------------------------------------------------- ITD Cementation India Ltd advised that the Board of Directors of the Company at its meeting held on January 16, 2006, has decided to issue further equity shares by way of rights, subject to the approval of the shareholders at its general meeting, upto a maximum value of INR750 million. The above value will be inclusive of premium to be decided by the Directors at a later stage. CONTACT: ITD Cementation India Ltd Apeejay House, Dinshaw Vachha Road, Mumbai 400020 Maharashtra Phone: 22836164 22836165 Fax: 22855032 22855446 JAYSHREE CHEMICALS: BIFR Confirms Financial Recovery ---------------------------------------------------- Jayshree Chemicals Ltd announced that the Board for Industrial And Financial Reconstruction ('BIFR') has, vide Order dated December 30, 2005, noted that the prescribed provisions of the Scheme for revival of the Company sanctioned by the BIFR vide its order dated April 16, 2002 (SS-02) have been substantially implemented by the Company / promoter(s) and other concerned agencies, as a result of which the Company's net worth has turned positive at the end of November 30, 2005. Accordingly, as the Company ceased to be a sick industrial Company within the meaning of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 ('SICA'), the BIFR has discharged the Company from the purview of SICA. CONTACT: Jayshree Chemicals Ltd Ganjam, P.O. Jayshree Jayshree 761025 Orissa Phone: 254319 254329 254336 254160 Fax: 254384 ================= I N D O N E S I A ================= DAVOMAS INTERNATIONAL: Moody's Assigns (P)B2 Rating to Bonds ------------------------------------------------------------ Moody's Investors Service has assigned its provisional (P)B2 senior unsecured rating to the proposed USD bonds to be issued by Davomas International Finance Company Pte. Ltd. and guaranteed by P.T. Davomas Abadi Tbk (Davomas). At the same time, Moody's has affirmed its B2 corporate family rating of Davomas. The ratings outlook is stable. The bond proceeds will be utilized to expand Davomas' cocoa-bean grinding capacity and refinance all outstanding debts, while the balance will be used for general working capital. Moody's expects to affirm the bond rating and remove it from provisional status upon completion of the bond issuance and refinancing of the existing secured debts, which will the eliminate legal subordination risk. The ratings reflect Davomas' key credit strengths: (1) its position as a sizable player in the Indonesian cocoa grinding market; (2) its cost competitiveness relative to its international peers; (3) its hedging strategy to minimize price risk and match orders with cocoa bean supply; and (4) the outsourcing trend by branded chocolate players as a long-term industry growth driver. At the same time, the ratings reflect the following key credit challenges: (1) the commodity nature of cocoa beans and price fluctuations for cocoa products introduce volatility into cash flow and profitability; (2) evidence of customer concentration risk and the absence of long-term sales contracts; (3) the lack of back-up bank facility limits its liquidity cushion; and (4) its track record for default and debt restructuring. Upward rating pressure will arise if the company demonstrates an ability to increase utilization for its newly installed grinding capacity and achieve the projected growth in cash flow such that TD/EBITDA of over 3x and EBITDA/Interest coverage above 4x across the cycle. Evidence of an improved back-up liquidity arrangement with the establishment of committed banking facilities to buffer industry shocks will also be positive for the rating. On the other hand, downward rating pressure will emerge if: 1) the company fails to maintain grinding utilization due to the loss of a big customer; 2) an aggressive dividend policy which deprives cash reserves; or 3) emergence of a debt-funded expansion strategy. The key credit metrics that Moody's would consider for a downgrade include TD/EBITDA exceeds 4.5x and EBITDA/Int coverage falls below 2.0x. P.T. Davomas Abadi Tbk, established in 1990 and listed on the Jakarta Stock Exchange since 1994, is one of the dominant producers and exporters of cocoa butter and cocoa powder in Indonesia. KIANI KERTAS: Purchase, Debt Settlement Deal Nears -------------------------------------------------- PT Bank Mandiri is likely to close a US$401-million purchase and debt settlement deal for Kiani Kertas with billionaire Putra Sampoerna, The Jakarta Post reports. Although Bank Mandiri is committed to its January 2 agreement with Mr. Sampoerna, the lender said it is still accepting other offers for the ailing pulpmaker. Bank Mandiri is expecting an offer from Singapore-based United Fiber System (UFS), whose previous offer the bank refused. Mandiri spokesperson Ekoputro Adijayanto explained the bank prefers Mr. Sampoerna's bid since the latter has agreed to pay in full some US$201 million of Kiani Kertas' debt to Bank Mandiri. Last month, Mr. Sampoerna offered last month to pay Mandiri and shareholders US$200 million in cash for Kiani Kertas. The businessman later raised his bid to US$401 million, in which US$201 million alone will be used to pay off the pulp company's debt to Bank Mandiri. UFS, whose offer had been valued at some $600 million, had paid $22 million last year to help the pulpmaker run its operations and pay off some debts, Kiani Kertas commissioner Luhut Panjaitan said. Mandiri, however, then rejected UFS' proposal, saying it did not meet all the criteria. Bank Mandiri is seeking to sell Kiani Kertas to recover the money it spent to assume the pulp company's debt in August 2002, and will thus reduce its bad-loan ratio. CONTACT: PT Kiani Kertas Bidakara Building, 9th Floor Jl. Gatot Subroto Kav. 71-73 Jakarta, 12870 Indonesia Phone : +62(021)8379-3211 Fax: +62(21)8379-3215 Web site: http://www.kiani.com PERTAMINA: Mulls US$500-Mln Bonds Issue --------------------------------------- PT Pertamina plans to issue around US$500 million worth of bonds by September this year, Reuters reports, citing Finance Director Alfred Rohimone. Mr. Rohimone admitted that the firm has not yet tapped any arranger for the bond issue. He also refused to give details of the float but said the bonds may be denominated in both dollars and rupiah. The proceeds from the bond issue will be used to fund Pertamina's business expansion. 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: Buys Sweet Crude for March Delivery ---------------------------------------------- State oil and gas firm PT Pertamina has purchased 5.27 barrels of sweet crude for March delivery in its monthly tender, according to Dow Jones Newswires. The purchase, down from more than 6 million bbl for the previous month, was finalized late Friday. It includes six cargoes of Asian origin and 1 million bbl each of Libyan Sarir and Algerian Sahara Blend. Pertamina's purchase of the two Mediterranean cargoes was unexpected, as they weren't included in the company's shortlist. Crude oil pegged to Atlantic basin benchmark Brent is considered uneconomic to ship to Asia on a spot basis because of high long- haul freight rates. Still, the tender results are considered supportive for the Asian market, as six cargoes were taken. Pertamina had snapped up a bumper nine regional cargoes last month, ending a three-month run of below-average imports. The following are the confirmed results of Pertamina's crude oil import tender for March: Grade Seller Volume (bbl) Wenchang Petral 420,000 Bach Ho Sumitomo Corp. 600,000 Bach Ho Concord 450,000 Sarir Kipco 1,000,000 Sahara Blend Concord 1,000,000 Champion/Seria Astra Oil Co. 300,000 each Tapis Itochu Corp. 600,000 Tapis Astra Oil Co. 600,000 ========= J A P A N ========= FUJITSU LIMITED: Stock Jumps 5% on Expansion Plans -------------------------------------------------- Fujitsu Ltd's shares jumped more than 5 percent Friday on news that the struggling company plans to expand its hard disk drive business, the Associated Press reports. The electronics company also said it will enter the growing business of 1.8-inch (4.6-centimetre) hard disk drives, used for storing digital data in portable music players, video cameras and portable computers. Fujitsu plans to develop the product in a partnership with U.S. maker Cornice Inc., Fujitsu official Ichiro Komura told reporters. The company, now ranked fifth among the world's hard drive makers, aims to be one of the top three by fiscal 2008, doubling its annual shipment to US$54 million. CONTACT: Fujitsu Limited Shiodome City Center 1-5-2 Higashi-Shimbashi Minato-ku, Tokyo Japan, 105-7123 Phone: +81 (0) 3-6252-2176 Fax: +81 (0) 3-6252-2783 Web site: http://www.fujitsu.com FUJITSU LIMITED: Wins 2005 Asia Pacific Partner of the Year ---------------------------------------------------------- CA announced the winners of its 2005 Partner of the Year awards for exceptional performance in their respective regions. Fujitsu Australia and New Zealand was awarded 2005 Partner of the Year for the Asia Pacific region for its overall commitment to and integration of CA technology within its business. In 2005, Fujitsu expanded its use of CA technology and re- committed to the successful alliance between the two companies. Vicki Bain, Director Channel and Alliances with CA Australia said, "Fujitsu is an innovative and responsive partner to work with. During 2005, Fujitsu expanded its use of CA technology and is now working towards utilising CA's Unicenter product to manage all their outsourcing and managed service engagements, as well as to internally manage its own business. We are proud to acknowledge Fujitsu's business success and expertise around CA's products in the security, storage and infrastructure management areas." As part of the expanded alliance, Fujitsu is currently developing a CA Professional Services practice to engage in joint implementations of CA technology across security, storage and enterprise management. This involves having capability and certification across all CA product sets. Fujitsu is currently migrating its operation to CA Unicenter Service Desk, which will be the largest CA Unicenter Service Desk in the Asia Pacific region. Peter McFarlane, Executive General Manager, Infrastructure Services, Fujitsu Australia and New Zealand said, "Fujitsu has a long standing and successful alliance with CA, and for some years CA has been a significant partner in our Infrastructure Services business. Today however, the partnership extends across the majority of our business lines and we have embraced CA technology internally. "Working with CA is an important part of our business. CA's quality products and solutions support make them easy to partner with. We are very pleased with our achievement this year and look forward to continuing our winning efforts with CA," concluded McFarlane. About Fujitsu Australia Limited Fujitsu is a full service provider of information technology and communications solutions. Throughout Australia and New Zealand we partner with our customers to consult, design, build, operate and support business solutions. From strategic consulting to application and infrastructure solutions and services, Fujitsu has earned a reputation as the single supplier of choice for leading corporate and government organisations. Fujitsu Australia Limited is a wholly owned subsidiary of Fujitsu Limited of Japan. For more information, please see: www.au.fujitsu.com About Fujitsu Limited Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace- setting device technologies, highly reliable computing and communications products, and a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of 4.7 trillion yen (US$44.5 billion) for the fiscal year ended March 31, 2005. For more information, please see: www.fujitsu.com About CA CA (NYSE: CA), one of the world's largest information technology (IT) management software companies, unifies and simplifies the management of enterprise-wide IT. Founded in 1976, CA is headquartered in Islandia, N.Y., and serves customers in more than 140 countries. For more information, please visit: For more information, please see: www.ca.com. Press Contacts Elizabeth Greene Fujitsu Australia and New Zealand Limited Phone: +61 2 9113 9252 Mobile: 0411 438 720 E-mail:elizabeth.greene@au.fujitsu.com This is a company press release. JAPAN AIRLINES: Ministry Orders Revision of Safety Measures ----------------------------------------------------------- The Ministry of Land, Infrastructure and Transport Ministry has ordered Japan Airlines (JAL) to revise a set of measures it compiled last April to prevent operational blunders, following a string of mishaps since late last year, Kyodo News reports. The transport ministry January 9 summoned JAL Vice President Katsuo Haneda, who is in charge of safety operations, resubmits preventive measures by the end of this month. In the April package, the carrier promised to review procedures and manuals for flight operations and aircraft servicing while promoting information sharing between management and employees, and their reeducation about the importance of safety. But two blunders by JAL, both caused by human errors, in the past one-month prompted the ministry to order compilation of more safety measures. CONTACT: Japan Airlines Corporation Company 2-4-11, Higashi-shinagawa, Shinagawa-ku Tokyo 140-8605, Japan Phone: +81-0120-25-5931 JAPAN AIRLINES: R&I Assigns BB Rating ------------------------------------- Rating and Investment Information, Inc. (R&I) has assigned a BB rating to Japan Airlines Corporation under the Shelf Registration scheme. The rating outlook is stable. Japan Airlines Corporation is the pure holding company for the JAL Group. Japan Airlines International Co., Ltd. (JALI) and Japan Airlines Domestic Co., Ltd. (JALJ) are the core operating subsidiaries. Japan Airlines Corp. (JAL) controls the operating subsidiaries in terms of capital, personnel, management plans and funding. The Group's earning structure has deteriorated due to the hike in fuel prices and a decline in passenger numbers resulting from operational problems. It is expected to fall into a final deficit for fiscal 2005, so R&I will take note of the extent of damage to the company's finances and future demand trends. In addition to the high degree of Group integration, JAL plans to include the joint and several guarantee of JALI and JALD on the bonds to be issued in the program, so the rating for the program is the same as the long-term debt rating for JALI. MITSUBISHI MOTORS: Rules Out Joint Venture With Proton ------------------------------------------------------ Mitsubishi Motors Corp (MMC) confirmed it has no plans to jointly set up a plant with Malaysian carmaker Proton Holdings Bhd to assemble or manufacture Mitsubishi cars, the Business Times reported Saturday. The speculations about Mitsubishi reestablishing ties with Proton arose after Mitsubishi Motors Malaysia announced last month that it is in talks with a few car manufacturers, including Proton, on the possibility of assembling Mitsubishi cars locally. Mitsubishi Motors Malaysia is 52% owned by Mitsubishi Corporation, a trading house that leads the Mitsubishi business conglomerate, with the rest held by Malaysia's Edaran Otomobil Nasional Bhd. CONTACT: Mitsubishi Motors North America, Inc. 6400 Katella Ave. Cypress, CA 90630-0064 (Map) Phone: 714-372-6000 Fax: 714-373-1020 Web site: http://www.mitsucars.com SOJITZ CORPORATION: R&I Upgrades Rating to BB- ---------------------------------------------- Rating and Investment Information, Inc. has upgraded Sojitz Corporation's rating to BB- from B+. RATIONALE: Improvement in the soundness of the company's assets has made substantial progress as a result of the withdrawal from low profit businesses and the disposal of a large amount of losses, including the disposition of real estate holdings, being implemented under the New Business Plan enacted in 2004. Earnings are headed for recovery, and Sojitz is seeking to expand its earnings base in the future by concentrating investment in growth areas. In view of these circumstances, R&I has upgraded the company's Issuer Rating to BB-. Nevertheless, much of the company's capital is highly dependent on preferred shares. Considering the equity-like qualities of preferred shares, the accumulation of equity capital in relation to risk assets will be an issue in the future. With an increasing shift toward long-term funds, the cash flow management is stabilizing. However, R&I considers it is still not adequate, therefore, has affirmed the b rating for the Domestic Commercial Paper Programme. CONTACT: Sojitz Holdings Corporation 1-23 Shiba 4-Chome Minato-Ku 108-8408, Tokyo Japan Phone: +81 3 5446 3600 Fax: +81 3 5446 1542 ========= K O R E A ========= DAEWOO ENGINEERING: Scores Another Project in Nigeria ----------------------------------------------------- Daewoo Engineering & Construction Co. entered the Nigerian market again through an $875 million contract to build petroleum and gas production facilities, Asia Pulse reports. The project, which is equivalent to about 70 percent of last year's estimated total orders worth $1.2 billion, is considered as the largest the Company has ever received. The facilities will be located in the Gbaran-Ubie region, about 100 kilometers northwest of Port Harcourt in southern Nigeria, which faces the Gulf of Guinea, the company said. Shell Petroleum Development Co. (SPDC) of Nigeria ordered for the construction of facilities with a daily capacity of one billion cubic feet of natural gas and 120,000 barrels of crude oil. The state-run Nigerian National Petroleum Corp. controls 55 percent of SPDC while energy giant Royal Dutch Shell Plc. holds 30 percent. "We'll aggressively penetrate plant construction markets in West Africa," the company said. With previous projects in Nigeria that include installing pipelines and building plants in swamps, the Company's Nigerian project now amounts to $3 billion since it advanced into the African country in 1980. CONTACT: Daewoo Engineering and Construction South Korea Phone: 82 2 2288 5140 Fax: 82 2 2288 3113 Web site: http://www.dwconst.co.kr =============== M A L A Y S I A =============== AFFIN HOLDINGS: Issues New Shares for Listing, Quotation -------------------------------------------------------- Affin Holdings Berhad advised that its additional 522,000 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., Monday, January 16, 2006. CONTACT: Affin Holdings Berhad Jalan Bukit Bintang 55100 Kuala Lumpur, Kuala Lumpur 55100 Malaysia Telephone: +60 3 2142 9569 / +60 2143 1057 DFZ CAPITAL: New Shares up for Listing, Quotation ------------------------------------------------- DFZ Capital Berhad advised that its additional 4,000 new ordinary shares of MYR1.00 each arising from the conversion of 44,000 Irredeemable Convertible Preference Shares will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Wednesday, January 18, 2006. LANKHORST BERHAD: Court Extends Restraining Order for 120 Days -------------------------------------------------------------- Further to the Lankhorst Berhad's announcements released on May 30, 2005 and September 13, 2005 respectively, the Company informed Bursa Malaysia Securities Berhad that the High Court of Kuala Lumpur has granted a further extension of the RO to the Company and the following subsidiaries: (1) Lankhorst Pancabumi Contractors Sdn. Bhd. (2) Cardon (M) Sdn. Bhd. (3) Lankhorst Hartanah Sdn. Bhd. (4) Lankhorst M&E Sdn. Bhd. (5) Port Dickson Sepang Quarry Sdn. Bhd. (6) Lankhorst Track Construction Sdn. Bhd. (7) Rampai Budi Jaya Sdn. Bhd. (8) Tradepro Sdn. Bhd. The further extension to the RO is valid for a period of One Hundred Twenty (120) days from the date of the Order. The further extension of the RO is to facilitate a corporate restructuring exercise, the full details of which shall be announced in due course. By Order of the Board This announcement is dated 13th January 2006. CONTACT: Lankhorst Berhad 5th Floor, Bangunan Umno Selangor Persiaran Perbandaran , Section14 40000 Shah Alam Selangor, Malaysia Phone: 03-50313030 Fax: 03-50313036 LITYAN HOLDINGS: Deadline for Plan Submission Extended ------------------------------------------------------ Lityan Holdings Berhad (Lityan) furnished Bursa Malaysia Securities Berhad with an update to the following proposals: - Proposed Acquisition of Guanhong Group - Proposed Exemption - Proposed scheme of arrangement with shareholders - Proposed scheme of arrangement with creditors - Proposed issuance of shares - Proposed offer for sale - Proposed transfer of listing status; and - Proposed disposal (collectively, the Proposed Restructuring Scheme) Following the announcement dated January 3, 2006, the Company advised that Bursa Securities has approved on January 12, 2006 an extension of time of one month from January 10, 2006 to February 9, 2006 to enable Lityan to submit a regularization plan to the relevant authorities for approval. The Company shall provide regular updates on the progress of the Proposed Restructuring Scheme. CONTACT: Lityan Holdings Berhad Bangunan Lityan, Peremba Square Saujana Resort, Section U2, 40150 Shah Alam Selangor Darul Ehsan, Malaysia Phone: + 603-7622-1188 Fax: +603-7666-6870 E-mail: enquiry@lityan.com.my MAGNUM CORPORATION: Undertakes Share Buy Back --------------------------------------------- Magnum Corporation Berhad submitted to Bursa Malaysia Securities Berhad a notice of shares buy back with the following details: Date of buy back: January 12, 2006 Description of shares purchased: Ordinary shares of MYR0.50 each Total number of shares purchased (units): 319,000 Minimum price paid for each share purchased (MYR): 1.980 Maximum price paid for each share purchased (MYR): 2.000 Total consideration paid (MYR): Number of shares purchased retained in treasury (units): 319,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 92,982,600 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Magnum Corporation Berhad No 8 Jalan Munshi Abdullah 50100 Kuala Lumpur, 50100 Malaysia Telephone: +60 3 2698 8033/ +60 3 2698 9885 MBF HOLDINGS: Unveils New Court Hearing Date -------------------------------------------- Further to the announcement on December 6, 2005, MBf Holdings Berhad advised that the Court has adjourned the following hearings to January 25, 2006: (1) Pre-trial case management for MBF Cards Action. (2) GrandTech's appeal on the dismissal of GrandTech's Action for Summary Relief and Interim Payment. Yours faithfully, For and on behalf of MBf Holdings Berhad Ding Lien Bing Company Secretary 12 January 2006 CONTACT: Mbf Holdings Berhad No 8 Jalan Yap Kwan Seng 50450 Kuala Lumpur, Selangor Darul Ehsan 46150 Malaysia Telephone: +60 2167 8000 / +60 2164 6985 OLYMPIA INDUSTRIES: MoU with Vinci Construction Still Unchanged --------------------------------------------------------------- Olympia Industries Berhad (OIB) informed Bursa Malaysia Securities Berhad that there has been no change in the status on the Memorandum of Understanding (MOU) between OIB, Vinci Construction Grand Projects and Invescor-Dumez Jaya-Woh Hup JV subsequent to the last update on October 12, 2005. CONTACT: Olympia Industries Bhd. Malaysia Phone: 60 3 2070 0033 Fax: 60 3 2070 0011 E-mail: olympia@oib.com.my PACIFIC & ORIENT: Purchases New Shares -------------------------------------- Pacific & Orient Berhad furnished Bursa Malaysia Securities Berhad with a notice of shares buy back with the following details: Date of buy back: January 12, 2006 Description of shares purchased: Ordinary shares of MYR1.00 each Total number of shares purchased (units): 5,000 Minimum price paid for each share purchased (MYR): 1.770 Maximum price paid for each share purchased (MYR): 1.780 Total consideration paid (MYR): 8,935.77 Number of shares purchased retained in treasury (units): 5,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 8,318,889 Adjusted issued capital after cancellation (no. of shares) (units): 0 CONTACT: Pacific & Orient Bhd 11th Floor, Wisma Bumi Raya, No 10, Jalan Raja Laut, PO Box 10953, Kuala Lumpur Wilayah Persekutuan 50730 Malaysia Telephone: 03-26985033 Fax: 03-26944209 PANTAI HOLDINGS: Holds Share Buy Back ------------------------------------- Pantai Holdings Berhad submitted to Bursa Malaysia Securities Berhad a notice of shares buy back with the following details: Date of buy back: January 12, 2006 Description of shares purchased: Ordinary shares of MYR1.00 each Total number of shares purchased (units): 38,000 Minimum price paid for each share purchased (MYR): 1.900 Maximum price paid for each share purchased (MYR): 1.920 Total consideration paid (MYR): 72,845.99 Number of shares purchased retained in treasury (units): 38,000 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 40,355,300 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Pantai Holdings Berhad 8 Jalan Damansara Endah Damansara Heights Kuala Lumpur, Malaysia 50490 Malaysia Telephone: +60 3 2713 2282 / +60 3 2094 4528 PILECON ENGINEERING: Fixes Stock Prices at MYR0.50 -------------------------------------------------- Pilecon Engineering Berhad (Pilecon) issued to Bursa Malaysia Securities Berhad an update to the following proposals: - Proposed Capital Reduction; - Proposed Share Consolidation; - Proposed Rights Issue; - Proposed Debt-Restructuring Scheme comprising: - Proposed Cash Settlement; - Proposed Debt-to-Equity Conversion; - Proposed Issue of Redeemable Convertible Secured Loan Stocks (RCSLS); - Proposed Issue of Irredeemable Convertible Unsecured Loan Stocks (ICULS). (Collectively referred to as the Approved Revised Proposals) - Proposed Exemption Alliance Merchant Bank Berhad (Alliance), on behalf of the Board of Directors of Pilecon (Board), advised that Pilecon had earlier obtained the confirmation and sanction of the High Court of Malaya at Kuala Lumpur for the Approved Revised Proposals pursuant to Sections 64 and 176 of the Companies Act, 1965. In respect to regulatory approvals required for implementation, the Approved Revised Proposals are now subject to the approval of Bursa Malaysia Securities Berhad (Securities Exchange) for the admission to the Official List and the listing of and quotation for the ICULS and the new ordinary shares to be issued pursuant to the Approved Revised Proposals and upon the conversion of the RCSLS (if any) and the ICULS. Alliance, on behalf of the Board, advised that the Board had on January 12, 2006 fixed the conversion price of the RCSLS and ICULS to be issued pursuant to the Proposed Debt-Restructuring Scheme at MYR0.50 nominal value for one (1) new ordinary share in Pilecon. In accordance with the proposed terms and conditions of the RCSLS and ICULS, the conversion price for the RCSLS and ICULS was arrived at based on the weighted average price of Pilecon shares for five (5)-market days immediately prior to the date where all required approvals for the Approved Revised Proposals have been obtained (save for the Securities Exchange's approval as stated above) or the par value, whichever is higher. In view of the weighted average market price of Pilecon shares for the five (5)-market days up to January 11, 2006 is MYR0.08 i.e. below the par value of Pilecon shares, the conversion price is fixed at the par value of Pilecon shares of MYR0.50 (Conversion Price). The Conversion Price represents a premium of 525 percent over the weighted average market price of Pilecon shares for five (5)-market days up to January 11, 2006 of MYR0.08. This announcement is dated 12 January 2006. CONTACT: Pilecon Engineering Berhad No 2 Jalan U1/26 Seksyen U1 40150 Shah Alam, Selangor Darul Ehsan 40150 Malaysia Telephone: +60 3 7804 1888 / +60 3 7804 3888 PELIKAN INTERNATIONAL: Converts ICULS, RCULS to Ordinary Shares --------------------------------------------------------------- Pelikan International Corporation Berhad advised that its additional 64,663 new ordinary shares of MYR1.00 each issued pursuant to the (i) Conversion of MYR96,000 nominal value of three year five- year Irredeemable Convertible Unsecured Loan Stocks 2005/2010 (ICULS) into 63,997 new ordinary shares of MYR1.00 each; and (ii) Conversion of MYR1,000 nominal value of three percent five- year Redeemable Convertible Unsecured Loan Stocks 2005/2010 (RCULS) into 666 new ordinary shares of MYR1.00 each; will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Monday, January 16, 2006. RASHID HUSSAIN: Bourse to Grant Listing, Quotation of New Shares ---------------------------------------------------------------- Rashid Hussain Berhad advised that its additional 20,900 new ordinary shares of MYR1.00 each issued pursuant to the conversion of MYR23,617 nominal value of Irredeemable Convertible Unsecured Loan Stocks-B 2002/2012 into 20,900 new ordinary shares will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Monday, January 16, 2006. CONTACT: Rashid Hussain Berhad 9th Floor, RHB 1, 424, Jalan Tun Razak, Kuala Lumpur Wilayah Persekutuan 50400 Malaysia Telephone: 03-92852233 Fax: 03-92848949 SAAG CONSOLIDATED: Sets Issue Price of Private Placement -------------------------------------------------------- Saag Consolidated (M) Bhd (SAAG) furnished Bursa Malaysia Securities Berhad with details of the Private placement of up to 4,467,500 new ordinary shares of MYR1.00 each in the Company. Further to the announcements dated October 18, 2005 and October 28, 2005 in respect of the Private Placement, Hwang-DBS Securities Berhad, on behalf of the Board of Directors of SAAG, advised that the issue price of the Private Placement has been fixed at par. The issue price of MYR1.00 per Placement Share represents a premium of 21.95 percent over the five-day weighted average market price of the ordinary shares of MYR1.00 each in SAAG up to and including January 11, 2006, being the price fixing date for the issue, of MYR0.82. This announcement is dated 12 January 2006. CONTACT: SAAG Consolidated (M) Berhad Unit 19-5, Block C1, Dataran Prima, Jalan PJU 1/41 47301 Petaling Jaya, Selangor Darul Ehsan Telephone: 603 7884 8200 Fax: 603 7880 7958 Media Inquiries: rraveena@commsuite.com.my SARAWAK ENTERPRISE: Sub-unit in Wind Up Process ----------------------------------------------- The Board of Directors of Sarawak Enterprise Corporation Berhad (SECB) advised Bursa Malaysia Securities Berhad that Intrafix Sdn. Bhd. (Intrafix), a wholly owned subsidiary company of Dunlop Properties Sdn. Bhd. which is in turn wholly owned by SECB has on January 12, 2006 been placed under members' voluntary winding-up (Winding-Up Exercise) and that Mr. Teo Kin Mia of Messrs. Moore Stephens TNT, Lot 187, 2nd Floor, Jalan Song Thian Cheok, 93100 Kuching, Sarawak was appointed as Liquidator of Intrafix on January 12, 2006. Information on Intrafix Intrafix was incorporated in Malaysia under the Companies Act, 1965 on February 14, 2002. The authorized share capital of Intrafix stood at MYR1 million comprising one million ordinary shares of MYR1.00 each whilst the issued and paid-up share capital of Intrafix is MYR2.00 comprising two ordinary shares of RM1.00 each. At present, SECB is the ultimate holding company of Intrafix and the original cost of investment in Intrafix is MYR2.00. Intrafix has not commenced operations since incorporation. Rationale for the Winding-Up Exercise Intrafix is currently dormant. The Winding-up Exercise will save cost and time in monitoring and maintaining Intrafix on a regular basis. Effect of the Winding-Up Exercise The Winding-up Exercise will not have any material financial and operational impact on the net tangible asset per share, earnings per share and the share capital of SECB Group. Interests of directors, major shareholders and persons connected to directors and major shareholders None of the directors or major shareholders or the persons connected with them has any interests, directly or indirectly, in the Winding-up Exercise. Statement by Board of Directors The Board of Directors, having considered all aspects of the Winding-Up Exercise, is of the opinion that it is in the best interests of SECB and not to the detriment of the minority shareholders and no shareholders' approval is required in respect of the Winding-Up Exercise. CONTACT: Sarawak Enterprise Corporation Berhad Lot 2679 Jalan Rock 93200 Kuching, Sarawak 93673 Malaysia Telephone: +60 82 244 000 / +60 82 248 588 TANCO HOLDINGS: Court Extends Restraining Order for Two Months -------------------------------------------------------------- Further to the announcement dated August 1, 2005 in relation to the Restraining Order pursuant to Section 176 (10) of the Companies Act, 1965 (the RO), Tanco Holdings Berhad (Tanco) advised Bursa Malaysia Securities Berhad that it has been advised by its solicitors, Messrs. Cheang & Ariff in a letter dated January 11, 2006 that the Kuala Lumpur High Court (the Court) has on January 11, 2006 granted to the Company and its following affected subsidiaries a further extension of two (2) months on the RO which is now expiring on March 10, 2006: (1) JKMB Development Sdn. Bhd. (Company No. 284683-H) (2) Palm Springs Development Sdn. Bhd. (Company No. 72160-X) (3) Palm Springs Resort Management Berhad (Company No. 382001-H) (4) Popular Elegance (M) Sdn. Bhd. (Company No. 358335-K) (5) Tanco Development Sdn. Bhd. (Company No. 231587-D) (6) Tanco Land Sdn. Bhd. (Company No. 251830-M) (7) Tanco Properties Sdn. Bhd. (Company No. 75902-X) (8) Tanco Resorts Berhad (Company No. 237900-H) (9) Tanco Club Berhad (Company No. 219037-P) In conjunction with the grant of further extension on the RO, the Court has also approved Mr. William Leong Jee Keen to continue to act as a Director of TANCO and the above affected subsidiaries pursuant to Section 176(10A)(d) of the Companies Act, 1965 and whose nomination has the consent from the majority of the creditors to represent their interest. This announcement is dated 12 January 2006. CONTACT: Tanco Holdings Berhad Jalan Desa Bandar Country Homes 48000 Rawang, Selangor Darul Ehsan 48000 Malaysia Telephone: +60 3 6092 8333 / +60 3 6091 3188 WEMBLEY INDUSTRIES: Applies for Extension of Proposal Completion ---------------------------------------------------------------- Wembley Industries Holdings Berhad (WIHB) provided Bursa Malaysia Securities Berhad with an update to the following proposals: - Proposed capital reduction and consolidation; - Proposed debt restructuring; - Proposed two-call rights issue with warrants; AND - Proposed increase in authorised share capital. (collectively referred to as the proposals) Reference is made to the announcement dated April 25, 2005 in which the Securities Commission (SC) had vide its letter dated April 18, 2005 granted its approval to WIHB for an extension of time for a period of one (1) year up to January 27, 2006 to complete the implementation of the Proposals subject to the conditions stipulated in the said letter. In relation thereto, the Board of Directors of WIHB advised that the Company had, on January 13, 2006, submitted an application for an extension of time for a period of one (1) year up to January 27, 2007 to complete the implementation of the Proposals. This announcement is dated 13 January 2006. 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 ===================== COLLEGE ASSURANCE: Union Warns of Possible Strike ------------------------------------------------- Members of The College Assurance Plans (Philippines) Inc. (CAP) union threatened to go on strike anytime soon with conciliation and mediation talks leading nowhere, BusinessWorld reveals. The Solidarity in College Assurance Plan union filed a notice of strike with the National Conciliation and Mediation Board on December 19 after the CAP management announced it would axe 200 workers. The union accused CAP of union busting through mass dismissal. The union leadership called a strike vote on Jan. 4, with the results showing 67 percent of the union's 315 members supporting a strike versus only a tenth against it. The remaining union members abstained. CAP earlier implemented a two-phase voluntary retirement program for employees who wanted to retire with full benefits. But it was forced to do an involuntary separation scheme after the union strongly campaigned against the voluntary retirement program, with only a few takers. A CAP official said the pre-need firm had to retrench workers since their functions were mooted by the firm's lack of a dealer's license since August 2004, noting the company "cannot afford to continue paying salaries as if operations were the same". CAP lost its license when it failed to inject fresh funds to service obligations both to creditors and planholders. Meanwhile, the CAP management assured it would not take any action against union members unless they go beyond their rights as employees. CONTACT: College Assurance Plans Philippines Inc. CAP I Building 126 Amorsolo cor. Herrera Streets Legazpi Ville, Makati City Malaysia Phone: 817-6586, 759-2000 Fax: (0632) 818-0560 COLLEGE ASSURANCE: SEC Complaint Junked for Lack of Evidence ------------------------------------------------------------ A criminal complaint filed by the corporate regulator against executives of College Assurance Plans (Philippines) Inc. was shelved by the Department of Justice (DoJ) for insufficient evidence, The Philippine Star has learned. The Securities and Exchange Commission (SEC) earlier lodged its complaint against CAP officers and directors for breaching the Securities Regulation Code (SRC) through unauthorized selling of pre-need plans. The DoJ ruled there is "no probable cause sufficient to indict the respondents for the alleged violations of the SRC". "It is fairly evident that the complainant merely resorted to abstract and general averments on the duties of the board of directors and officers under the Corporation Code and the CAP Manual of Governance," the DoJ said. "The complainant's mere assumption that CAP's officers and directors have done something illegal or criminal or have participated in the alleged SRC violation, if any, merely by virtue of their being officers or directors of CAP, cannot properly establish probable cause much less prevail over the constitutional presumption of innocence," the DOJ added. According to the DOJ, the petition suffers from "vagueness and generalization". Hubert Guevara, head of the SEC's Compliance and Enforcement Department, said while they have not yet received a copy of the order, the SEC will file a motion for reconsideration or a petition for review before the DOJ. HOME GUARANTY: Mulls Sale of Php12-Bln Assets --------------------------------------------- Home Guaranty Corp. will dispose of Php12 billion worth of assets this year to raise funds for operations and to settle debts, BusinessWorld reports. The state-owned firm has hired Isla Liapan & Co./PricewaterhouseCoopers Phils. to come up with measures to fast-track the sale of its large inventory of acquired assets. About 95 percent of the assets are covered by Asset Participation Certificates, which were issued in the 1990s to raise funds for various government projects including the development of Smokey Mountain and the Old Bilibid Compound in Manila, the National Government Center Commonwealth Market, Suburban Housing project in Montalban, and the Sariling Pabahay sa Riles. Isla Lipana & Co./Pricewater-houseCoopers Phils. will assist Home Guaranty in implementing the modes of sale through a special purpose vehicle (SPV), joint ventures, public auctions, and securitization. The firm had veered away from extraneous and non-core functions such as trusteeship and administration of resettlement, relocation and urban renewal projects which have compromised its capacity and ability to fulfill its mandate of guaranteeing housing loans and investments. The company suffered and has been rendered vulnerable and capital impaired because it was made to guaranty asset participation certificates to fund government flagship housing and urban renewal projects in the 1990s without requisite financial and administrative capabilities. Home Guaranty Corp. is also considering selling the five remaining villas at Triboa Bay in Subic Bay Freeport Zone in Olongapo City, Zambales called Asia-Pacific Economic Cooperation Villa. It is also selling 42 units in Forest Hills Village Resort, overlooking Subic Bay. CONTACT: Home Guaranty Corporation Jade Building 335 Sen. Gil Puyat Avenue Makati City, Philippines Phone: 897-3531/ 890-4534 Web site: http://www.hgc.gov.ph/ MAKATI MEDICAL: Creditors May OK Loan Restructuring by March ------------------------------------------------------------ The Makati Medical Center anticipates creditor approval for its loan restructuring by the end of March 2006. Creditors are currently undertaking due diligence with regard to the debt restructuring, Ernesto A. Santos, director of communications and marketing, informs BusinessWorld. The due diligence looks into the status of the hospital's assets and liabilities. Makati Med is asking creditors to restructure its P1.2-billion loan after incurring Php300 million in losses from 2002 to 2004. Presently, the hospital is only paying interest for the loans. Mr. Santos says that the hospital is positive that the debt restructuring will get the needed consent. The creditors include the Development Bank of the Philippines, Rizal Commercial Banking Corp., Insular Savings, the Social Security System, and DEG of Germany. According to Mr. Santos, the hospital is also waiting for the board of directors to approve the plan before it conducts a stock rights offer to raise Php160 million in fresh funds. Makati Med earlier said that these funds will be used for the hospital's needs, as well as to "correct" the status of some of its doctors. "The status of doctors is determined to some extent by stockholdings and credentials. There are different levels of memberships in the corporations so the stock rights offer is just a correction of the requirements," Mr. Santos explains. He said that if the offering pushes through, the funds raised will not be enough to cover all the hospital expenditures. Makati Med has tapped ATR-Kim Eng to be its financial adviser for the fund raising plan. CONTACT: Makati Medical Center 2 Amorsolo St., Legaspi Village, Makati City Philippines Phone 815-9911 Web site: http://www.makatimed.ph NATIONAL BANK: PNB Gen Net Income Up 11% In 2005 ------------------------------------------------ PNB General Insurers Co., Inc. (PNB Gen), the wholly owned non- life insurance subsidiary of the Philippine National Bank (PNB), has reported an unaudited net income of Php125.2 million for year 2005, an 11% increase over the previous year's net profit of Php112.9 million. According to PNB Gen President & CEO Jose B. Zuniga, the improved profit performance was due to sustained growth in premium production, which reached Php580 million in 2005 and higher net underwriting margins. Mr. Zuniga said, the company bucked the trend in the non-life insurance industry which saw a continuing decline in premium rates as a result of cutthroat competition among its almost 100 industry players. Mr. Zuniga explained that PNB Gen which is very strong in the property and engineering lines has kept underwriting and operational costs to a minimum leading to a very high profit performance. PNB Gen also offers other insurance lines such as marine, casualty, personal, accident, motor car and bonding. PNB President & CEO Omar Byron T. Mier, for his part, is elated with the non-life insurance subsidiary's performance. "PNB Gen's strong income performance will further boost PNB's own profit results in 2005." According to Mr. Mier, PNB will utilize its 324 domestic branches to push its bancassurance products and augment PNB production further. PNB started selling Bancassurance products in 2004. PNB Gen ranks no. 5 in terms of net income level and #15 in terms of premium production among 95 licensed non-life insurance companies. CONTACT: Philippine National Bank Pres Diosdado P Macapagal Boulevard PNB Financial Center Pasay 1300 Philippines Phone: +63 2 891 6040 Fax: +63 2 551 5187 Web site: http://www.pnb.com.ph NATIONAL BANK: PDIC to Sell Stake to Tan ---------------------------------------- State insurer Philippine Deposit Insurance Corporation (PDIC) is considering selling its remaining stake in the Philippine National Bank (PNB) to majority owner Lucio Tan, according to Malaya News. The Php2-billion worth of preferred shares were remnants fro the government sale of shares to Mr. Tan in August last year. PDIC thought of offering the shares to Mr. Tan after failing to draw interest of small investors. The shares will be sold at the same price the Tan Group bought the blocks last year. SWIFT FOODS: San Miguel Unit Sues Firm -------------------------------------- San Miguel Foods Inc., has filed a collection case against rival Swift Foods Inc. The 10-page complaint, which was filed at the Pasig Regional Trial Court on December 21, 2005, seeks payment of Php140.63 million on account of Swift's non-payment of assorted broiler feeds. San Miguel Foods said it delivered Php188.56-million worth of broiler feeds to Swift's manufacturing plants in Bulacan, Isabela, Cagayan de Oro, Cebu, General Santos and Zamboanga from September 2004 to February 2005. Swift, however, paid only Php69 million in return. Thus, the total amount sought in the complaint includes the Php126.18-million balance and its 1.5% monthly interest exceeding the 60-day credit term worth Php14.21 million. According to the complaint, Swift had refused to pay the balance despite repeated demands. San Miguel Foods also seeks at least Php100,000 in exemplary damages, Php100,000 in attorney's fees and at least Php50,000 in litigation expense reimbursement. CONTACT: SWIFT FOODS, INC. Pioneer Corner Sheridan Streets RFM Corporate Center Mandaluyong City 1603 Philippines Phone: +63 2 631 8101 Fax: +63 2 631 5064 Web site: http://www.rfm.com.ph/ ================= S I N G A P O R E ================= DAPOLITE INDUSTRIES: Creditor Files Winding Up Petition ------------------------------------------------------- Notice is hereby given that a Petition for the Winding Up of Dapolite Industries Pte Ltd. by the High Court was, on the December 23, 2005, presented by Messrs Sit Ley Timber Pte Ltd. (Registration No. 03572/1984-E), a company incorporated in the Republic of Singapore and having its registered office at No. 46 Sungei Kadut Street 1, Singapore 729350, a creditor of the company and that the petition is directed to be heard before the Court sitting at Singapore at 10.00 o'clock in the forenoon on January 27, 2006. Any creditor or contributory of the company desiring to support or oppose the making of an order on the petition may appear at the time of hearing by himself or his counsel for that purpose; and a copy of the petition will be furnished to any creditor or contributory of the company requiring the copy of the petition by the undersigned on payment of the regulated charge for the same. The Petitioners' address is No. 46 Sungei Kadut Street 1, Singapore 729350. The Petitioners' Solicitor is Messrs Rayney Wong & Eric Ng of 133 New Bridge Road, #18-01/2 Chinatown Point, Singapore 059413. Messrs RAYNEY WONG & ERIC NG Solicitors for the Petitioners. Note: Any person who intends to appear at the hearing of the petition must serve on or send by post to the abovenamed solicitors Messrs Rayney Wong & Eric Ng, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm or his or their 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 12 o'clock noon of January 26, 2006 (the day before the day appointed for the hearing of the Petition). E.G. TAN: Intends to Pay Dividend --------------------------------- E.G. Tan & Co (Pte) (In Liquidation) issued a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Address of Registered Office : c/o 10 Collyer Quay #21-01 Ocean Building Singapore 049315. Court: High Court of Singapore. Number of Matter: 212 of 1986. Last day for receiving proofs: January 27, 2006. Name of Liquidator: Ong Yew Huat. Address: 10 Collyer Quay #21-01 Ocean Building Singapore 049315. GLENN INDUSTRIES: Prepares to Pay Dividend to Creditors ------------------------------------------------------- Glenn Industries (Asia) Pte Ltd. issued a notice of dividend at the Government Gazette, Electronic Edition with the following details: Address of Registered Office: Formerly of 138 Cecil Street, #15- 00 Cecil Court Singapore 069538. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 82 of 2000. Amount Per Centum: 2.412%. First and Final or otherwise: First & Final Dividend. When Payable: 18th October 2005. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 13th January 2006. BEVERLY WEE YING LING Assistant Official Receiver. HENG ELECTRICAL: Set to Declare Dividend ---------------------------------------- Heng Electrical Engineering Pte Ltd. posted a notice of intended preferential dividend at the Government Gazette, Electronic Edition with the following details: Address of Registered Office: Formerly of 4025 Ang Mo Kio Industrial Park 1 #01-283 Singapore 569636. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 242 of 2000. Last Day for Receiving Proofs: 27th January 2006. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. Dated: 13th January 2006. BEVERLY WEE YING LING Assistant Official Receiver. =============== T H A I L A N D =============== CIRCUIT ELECTRONIC: Sets Creditors' Meeting February 21 ------------------------------------------------------- Circuit Electronic Industries Public Co. Ltd. advised the Stock Exchange of Thailand (SET) that the receiver has set the creditors' meeting to consider the reorganization plan on February 21, 2006. Please be informed Yours sincerely, Mr. Siva Nganthavee Director CONTACT: Circuit Electronic Industries Public Company Limited 45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711 Fax: 0-3533-0560, 0-3522-6710 Web site: http://www.cei.co.th EMC PUBLIC: Clinches New Contract --------------------------------- EMC Public Company Limited informed the Stock Exchange of Thailand (SET) that it has signed a new contract with the following detail. Project name: New Finished Goods Warehouse Employer: Thai Central Chemical Public Co. Ltd. Scope of work: Installation of Electrical systems Date of completion: March 20, 2006 Contract value: THB8,100,000 (including VAT) The execution of above-mentioned work is regarded as normal business transaction according to the company action plan. Please be informed accordingly. Yours faithfully, Lt. Gen. Samang Thongpan Director CONTACT: EMC Public Company Limited Rasa Tower, Floor 22, 555 Phaholyothin Road, Chatu Chak Bangkok Telephone: 0-2937-0333 Fax: 0-2937-0329 Web site: http://www.emc-group.co.th THAI AIRWAYS: Courts MCOT Head to Become President -------------------------------------------------- Thai Airways International is interested to take in MCOT President Mingkwan Sangsuwan as successor for the Company's outgoing president on March, The Nation reveals. The Company's board regards Mr. Mingkwan as competent, knowledgeable, competent, knowledgeable and visionary executive, a source at the airline who prefers anonymity said. MCOT runs TV Channel 9 as well as the Thai News Agency and several radio stations. But an executive at MCOT said it is unlikely for Mr. Mingkwan to leave his post in exchange for the Thai Airways presidency. "We all know that managing THAI involves politics. Being at MCOT, although a smaller company, Mr. Mingkwan is paramount," said the executive. "The board thinks that marketing is very important because of the cut-throat competition in the industry. It views Mr. Mingkwan as skilled in this respect and someone who could make things happen, just as he has transformed MCOT into a leading corporation," the executive added. Thai Airways had earlier approached Pichai Chunhavajira, PTT Plc's Chief Financial Officer for the presidential post. But Mr. Pichai refused the offer saying the Company needs someone who is willing to take on the challenge to face the escalating problems the Company is currently beset with. The deadline for the appointment of the new president has been moved to January 20, due to lack of qualified candidates. BOND PRICING: For the Week 16 January to January 2006 ----------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group Ltd 10.000% 4/15/06 1 Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 9 Arrow Energy NL 10.000% 3/31/08 1 Babcock & Brown Pty Ltd 8.500% 12/31/49 8 Becton Property Group 9.500% 6/30/10 1 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 9.250% 10/15/06 9 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 8 Capital Properties NZ Ltd 8.000% 4/15/10 8 Cardno Limited 9.000% 6/30/08 4 CBH Resources 9.500% 12/16/09 1 Chrome Corporation Ltd 10.000% 2/28/08 1 Clean Seas Tuna Ltd 9.000% 9/30/08 1 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 EBet Limited 10.000% 11/29/06 23 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.550% 3/15/11 8 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 9 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 8 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 8 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hudson Timber Products Ltd 7.000% 12/31/10 1 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8 Investa Property Group Ltd 6.000% 5/28/08 6 Kagara Zinc Ltd 9.750% 5/06/07 2 Kiwi Income Properties Ltd 8.000% 6/30/10 1 Longreach Group Ltd 10.000% 10/31/08 1 Minerals Corporation Ltd 10.500% 9/30/07 1 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Print Group Ltd 10.250% 10/15/09 11 Primelife Corporation 9.500% 12/08/06 1 Primelife Corporation 10.000% 1/31/08 1 Salomon SB Australia 4.250% 2/01/09 8 Sapphire Securities Ltd 7.410% 9/20/35 7 Silver Chef Ltd 10.000% 8/31/08 1 Software of Excellence 7.000% 8/09/07 1 Sydney Gas Company 12.000% 4/01/06 1 Sydney Gas Limited 12.000% 6/01/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 8 TrustPower Ltd 8.300% 12/15/12 8 TrustPower Ltd 8.500% 9/15/14 8 TrustPower Ltd 8.500% 3/15/14 8 Vision Systems Ltd 9.000% 12/15/08 2 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Artwright Holdings Bhd 5.500% 3/06/07 1 Berjaya Land Bhd 5.000% 12/30/09 1 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 7.000% 2/24/06 1 Dataprep Holdings Bhd 4.000% 8/06/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 EG Industries Bhd 5.000% 6/16/10 1 Equine Capital Bhd 3.000% 8/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Huat Lai Resources Bhd 5.000% 3/28/10 1 I-Berhad 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Kamdar Group Bhd 3.000 11/09/09 1 Killinghall Bhd 5.000% 4/13/09 2 Kiwi Income Properties Ltd 8.000% 6/30/10 1 Kosmo Technology Industrial Bhd 2.000% 6/23/08 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Jetson 5.000% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/06/07 3 Lion Diversified Holdings Bhd 2.000% 6/01/09 1 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/05/12 1 Mithril Bhd 8.000% 4/05/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Nam Fatt Corporation Bhd 2.000% 6/24/11 1 Pantai Holdings Bhd 5.000% 7/31/07 2 Patimas Computers Bhd 6.000% 2/19/06 1 Pelikan International Corp Bhd 3.000% 4/08/10 1 Poh Kong Holdings Bhd 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 3.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel 5.500% 7/31/08 1 Tanah Emas Corporation Bhd 2.000% 12/09/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 VTI Vintage Bhd 4.000% 8/22/06 1 WCT Land Bhd 3.000% 8/02/09 1 Wah Seong Corp 3.000% 5/21/12 3 YTL Cement Bhd 4.000% 11/10/15 1 SINGAPORE --------- Sengkang Mall 8.000% 11/20/12 1 Structural System Singapore 11.000% 6/30/07 1 Tampines Assets Ltd 6.000% 12/07/06 1 ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***