/raid1/www/Hosts/bankrupt/TCRAP_Public/060124.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 24, 2006, Vol. 9, No. 017
Headlines
A U S T R A L I A
ALAN D SHROOT: Decides to Close Operations
AUSTRALIAN BLUEY: Members Favor Liquidation
BUCKINGHAM ROAD: Liquidator Details Wind Up Manner
CRYSTAL HOMES: Prepares to Pay Dividend
CADELLA INVESTMENTS: Placed Under Voluntary Liquidation
CUSTOM ERECT: Members Agree to Close Business
DEVRON DEVELOPMENTS: Inability to Pay Debts Prompts Wind-Up
EAU DE NIL: Shuts Down Operations
EMPIRE PARK: Declares Dividend
FINANCIAL INSTITUTIONS: Liquidators to Distribute Assets
FLO FORM: Members, Creditors to Get Liquidator's Report
FLORVINE PTY: Begins Wind-Up Activities
INCITEC PIVOT: Shares Optimistic Views for 2006
JACK N TRIT: Liquidator to Explain Wind-Up
LUBEN PTY: Distributes Final Dividend
ONE 900: Appoints Official Liquidators
PLACER DOME: Barrick Gains Control
PLACER DOME: Joins Gateway at Gidgee
PRECINCT INVESTMENTS: Members Pass Winding Up Resolution
STARADA PTY: Wind-Up Process Completed
STOCK MARKET: Enters Voluntary Liquidation
SYDNEY GAS: Queensland Gas Launches Takeover Offer
SYDNEY GAS: Notes Placement of Ordinary Shares
TRIS INTERNET: To Hold Final Meeting on January 31
WATTYL LIMITED: Takeover Bid Urges Special Dividend Offer
WATTYL LIMITED: Upbeat on Second-half Results
WESTONLEA PROPRIETARY: Members Resolve to Wind Up Firm
WESTPOINT CORPORATION: Collapse May Give Rise to Class Actions
C H I N A & H O N G K O N G
CITILINK INVESTMENT: Creditors to Meet on Feb. 10
CYBERMALL LIMITED: Creditors' Meeting Scheduled on Feb. 10
GUANGDONG KELON: KPMG Probe Finds Illegal Money Transfer
HING TUNG: Meeting of Creditors Slated for February 10
HOME LOGISTICS: Creditors Will Meet in February
TSUN YIP: Company Gets Wind-up Order
YUEN HING: Court Enters Wind-Up Order
I N D I A
BHARAT PETROLEUM: KRL Merger Gets Board's Nod
FOOD CORPORATION: Denies PDS Wheat Shortage
I N D O N E S I A
DIRGANTARA INDONESIA: Counts on Government to Buy More Planes
PERUSAHAAN LISTRIK: Obtains Gas to Run Power Plants
STAR AIR: Government Cancels License for Failure to Comply
J A P A N
HUSER LTD: Condo Buyers Want Company Declared Bankrupt
KONICA MINOLTA: Shares Surge on Exit From Camera Business
LIVEDOOR CO.: CEO Denies Securities Fraud Allegations
LIVEDOOR CO.: Stock Index Falls As Probe Sustains Unease
LIVEDOOR CO.: Fuji TV to Dissolve Livedoor Tie-up
MITSUBISHI MOTORS: Plans to Buy Stake in South East Motor
SONY CORPORATION: U.S. Closure Cuts 400 Jobs
K O R E A
DAEWOO ENGINEERING: 10 Firms Join Preliminary Bidding
M A L A Y S I A
AFFIN HOLDINGS: RAM Assigns AAA(bg) Rating to Medium-Term Notes
AMSTEEL CORPORATION: SC Rejects Subject Application
ASIAN PAC: RCSLS Resumes Trading Today
DENKO INDUSTRIAL: Revises Quarterly Report
LITYAN HOLDINGS: Submits Application for Proposed Scheme
MAGNUM CORPORATION: Buys Back New Shares
MEDIA PRIMA: Issues New Shares for Listing, Quotation
NALURI CORPORATION: Mandatory Offer to Push Through
PAN MALAYSIA: Holds Ordinary Share Buy Back
PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
PILECON ENGINEERING: Unit Enters Wind-Up Exercise
POH KONG: Directors Approve AGM Resolutions
SBBS CONSORTIUM: Seeks Extension of Restraining, Stay Order
SOON THEAM: Court Orders Dissolution
SOUTHERN BANK: Unveils Quotation of Warrants
SOUTHERN BANK: Issues New Warrants for Listing, Quotation
WAH SEONG: Commercial Papers, Medium-Term Notes Rated AA3/P1
P H I L I P P I N E S
EVER GOTESCO: Board Approves Joel Go's Role
NATIONAL FOOD: Farmers Resist Import Scheme
NATIONAL FOOD: 380,500 Sacks of Rice Arriving in Palawan
NATIONAL POWER: Regulator Considers Next Move
PHILIPPINE TELEGRAPH: Dispute with Smart Heats Up
UNITED COCONUT: Seeks Debt-Equity Conversion
S I N G A P O R E
ARISTAR HOLDINGS: Creditors' Proofs of Claim Due February 20
ESCOLSING PTE: Creditors Meet to Discuss Liquidation Report
ESENCO PTE: Intends to Pay Dividend to Creditors
HSBC CAPITAL: Receiving Debt Claims Until February 20
MAY LEE: Court Issues Winding Up Order
RICHMALL HOLDINGS: Creditors to Receive Dividend
T H A I L A N D
INTER FAR EAST: To Resume Trading After Rehabilitation
THAI AIRWAYS: Clips Wings on Direct Australian Flights
THAI PETROCHEMICAL: Share Sale Proceeds Used to Repay Creditors
BOND PRICING: For the Week 23 January to 27 January 2006
- - - - - - - -
=================
A U S T R A L I A
=================
ALAN D SHROOT: Decides to Close Operations
------------------------------------------
Members and creditors of Alan D Shroot Pty Limited held a
meeting on December 15, 2005, and agreed to wind up the Company
voluntarily.
Paul Driver
Liquidator
c/o Hardwicke's Chartered Accountants
6 Phipps Close, Deakin ACT 2600
AUSTRALIAN BLUEY: Members Favor Liquidation
-------------------------------------------
At Australian Bluey Company Pty Limited's extraordinary general
meeting on December 15, 2005, members resolved that it is in
the Company's best interests to liquidate its operations.
Gregory John Keith was appointed to oversee the wind-up.
Gregory J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000
BUCKINGHAM ROAD: Liquidator Details Wind Up Manner
--------------------------------------------------
A final meeting of the members and creditors of Buckingham Road
Transport Pty Limited will be held for the parties to receive
the liquidator's final account showing how the Company was
wound up, and to pass a resolution to destroy the Company's
books and records.
The meeting will be held on January 31, 2006, at 11:00 a.m.
Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
CRYSTAL HOMES: Prepares to Pay Dividend
---------------------------------------
Crystal Homes Pty Limited will declare a first and final
dividend on January 31, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
R. M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000
CADELLA INVESTMENTS: Placed Under Voluntary Liquidation
-------------------------------------------------------
On December 16, 2005, the members of Cadella Investments Pty
Limited agreed to wind up the Company's operations
voluntarily.
They also appointed Ian Richard Hall and David Clement Pratt as
liquidators for that purpose.
Ian R. Hall
David C. Pratt
Liquidator
Waterfront Place, 1 Eagle Street
Brisbane Qld 4001
CUSTOM ERECT: Members Agree to Close Business
---------------------------------------------
At a general meeting of the members of Custom Erect Pty Limited
on December 15, 2005, it was resolved that a voluntary wind-up
of the Company is appropriate and necessary.
Moreover, Richard Albarran was appointed as liquidator for the
wind-up.
Richard Albarran
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
DEVRON DEVELOPMENTS: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------------
Devron Developments Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.
In that regard, Goeffrey McDonald and Richard Albarran were
appointed to oversee the Company's liquidation activities.
Richard Albarran
Geoffrey McDonald
Liquidators
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
EAU DE NIL: Shuts Down Operations
---------------------------------
Members of Eau de Nil Pty Limited convened on December 20,
2005, to liquidate the Company's business operations.
Subsequently, the members named Paul Burness to administer the
wind-up activities.
Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Phone: 03 9613 5500
Fax: 03 9614 3233
Web site: http://www.worrells.net.au
EMPIRE PARK: Declares Dividend
------------------------------
Empire Park Home Units Pty Limited will declare its first and
final dividend on January 30, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
J. A. Shaw
Liquidator
Ferrier Hodgson (Newcastle)
PO Box 840, Newcastle NSW 2300
Phone: 02 4908 4444
Fax: 02 4908 4499
FINANCIAL INSTITUTIONS: Liquidators to Distribute Assets
--------------------------------------------------------
After their general meeting on December 23, 2005, the members
of Financial Institutions Consulting Group Pty Limited resolved
to close the Company's business operations and distribute the
proceeds of its assets.
As a result, Peter Burton and Brian Allen were appointed as
liquidators.
Brian Allen
Peter Burton
C/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW
Phone: 02 9904 4644
Fax: 02 9904 9644
FLO FORM: Members, Creditors to Get Liquidator's Report
-------------------------------------------------------
The final meeting of the members and creditors of Flo Form Pty
Limited is slated for January 31, 2006, at 10:00 a.m., to get
an account of the manner of the Company's wind-up and property
disposal from the liquidator, John Vouris.
Members and creditors would also be able to hear the
Liquidator's explanation on the wind-up actions taken.
Proxies who will attend the meeting must be lodged with the
liquidator by 4:00 p.m., on January 30, 2006.
John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 02 9232 6800
FLORVINE PTY: Begins Wind-Up Activities
---------------------------------------
Members of Florvine Pty Limited held a meeting on December 21,
2005, and agreed on the Company's need to liquidate. They
named Gregory Stuart Andrews to manage the Company's wind-up
activities.
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
INCITEC PIVOT: Shares Optimistic Views for 2006
-----------------------------------------------
Incitec Pivot Limited is positive about its performance in 2006
after having met all its financial targets so far and after
showing an improvement in its operations in the first quarter
this year as compared to that of the previous year, The Age
reveals, citing Incitec Chairman John Watson.
The Troubled Company Reporter - Asia Pacific reported on
November 18, 2005 that the fertilizer producer has booked a
disappointing 2005 financial result, with its AU$4.16 million
net profit representing a 94% decline compared to the previous
year.
The poor result, as previously reported, was affected by poor
seasonal conditions and strong competition in the wholesale
fertilizer market. The profit decline was also blamed on
restructuring costs, which comprised the majority of AU$33.4
million in significant items booked during the year.
According to The Age, Mr. Watson has assured shareholders that
the restructuring had prepared the group to meet its goal of
being the lowest cost base manufacturer and supplier in the
industry.
CONTACT:
Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419
Web site: http://www.incitecpivot.com.au
JACK N TRIT: Liquidator to Explain Wind-Up
------------------------------------------
The members and creditors of Jack N Trit Steel Fixing Pty
Limited will convene on January 31, 2006, at 4:00 p.m., in
order to:
-- receive the liquidator's account on the Company's wind-up
activities;
-- resolve to destroy the Company's books and records; and
-- consider any other business.
Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
LUBEN PTY: Distributes Final Dividend
-------------------------------------
Luben Pty Limited is slated to declare a first and final
dividend on January 31, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
Page Kirk & Jennings
Level 2, Garland House, 52 Kings Park Road
West Perth WA 6005
ONE 900: Appoints Official Liquidators
--------------------------------------
One 900 (Australia) Pty Limited's members agreed to shut down
the Company's operations at a general meeting on December 23,
2005. They named David Clement Pratt and Timothy James Cuming
as liquidators for the wind-up.
Timothy J. Cuming
David C. Pratt
Liquidator
Level 15, 201 Sussex Street
Sydney NSW 1171
PLACER DOME: Barrick Gains Control
----------------------------------
On January 20, 2006, Barrick Gold Corporation has received 81%
of Placer Dome Inc. shares tendered to Barrick's offer to
purchase all of the outstanding shares of Placer Dome.
Barrick said that it has taken up and accepted these shares for
immediate payment. The offer has been extended and will now
expire on February 3, 2006, at 6:00 p.m. EST.
In accordance with the Support Agreement entered into by the
parties on December 22, 2005, nine members of Placer Dome's
Board of Directors resigned on Friday:
1. G. Bernard Coulombe,
2. Graham Farquharson,
3. David S. Karpin,
4. Alan R. McFarland,
5. E. A. (Dee) Marcoux,
6. H. Clive Mather,
7. Vernon F. Taylor III,
8. Peter W. Tomsett, and
9. William G. Wilson.
Accordingly, seven Barrick representatives have been appointed
to Placer Dome's Board.
1. Gregory Wilkins,
2. Peter J. Kinver,
3. Alexander J. Davidson,
4. Jamie C. Sokalsky,
5. Gordon Fife,
6. Peter Crossgrove, and
7. Stephen Shapiro.
Donald J. Carty, John W. Crow and Robert M. Franklin continue as
Directors of Placer Dome. Gregory Wilkins has been named
Chairman of the Board.
The Board has also accepted Peter W. Tomsett's resignation as
Placer Dome's president and chief executive officer, effective
immediately.
Subsequently, Barrick's President and CEO, Gregory Wilkins, has
been appointed to take Mr. Tomsett's place.
In response to Barrick's original exchange offer, Placer Dome
mailed to its shareholders a Directors' Circular dated November
23, 2005, and filed in Canada and in the United States,
specifically with the Securities and Exchange Commission, a
Solicitation/Recommendation Statement on Schedule 14D-9, which
includes the original Directors' Circular as an exhibit.
Placer Dome will also disseminate an amended Directors' Circular
and file with the SEC an amendment to its
Solicitation/Recommendation Statement on Schedule 14D-9.
Security holders may obtain a free copy of the amended
Directors' Circular (when it becomes available) as well as any
other documents filed by Placer Dome in connection with the
revised offer, free of charge from the SEC's Web site at
http://www.sec.govor from Placer Dome's Web site at
http://www.placerdome.comor by contacting the Company's
information agent, Georgeson Shareholder.
CONTACT:
Shareholder enquiries regarding the Barrick offer:
Georgeson Shareholder
North American toll-free 1-866-245-2999
Australian toll-free 1 300 658 874
Banks and brokers please call collect (212) 440-9800
General Placer Dome enquiries:
Greg Martin (604) 661-3795
Meghan Brown (604) 661-1577
Media Relations:
Gayle Stewart (604) 661-1911
Head office:
Suite 1600, Bentall IV
1055 Dunsmuir Street
(PO Box 49330,
Bentall Postal Station)
Vancouver, B.C. Canada V7X 1P1
Phone: (604) 682-7082
Web site: http://www.placerdome.com
PLACER DOME: Joins Gateway at Gidgee
------------------------------------
Gateway Mining NL says that it has signed two Heads of
Agreements with Placer Dome Australia Limited over a portion of
its Gidgee Gold Project located at the Gum Creek Greenstone Belt
about 400 kilometers northwest of Kalgoorlie, Western Australia.
The key terms of the Agreements include:
* Placer to spend over AU$4 million to earn 70% of
selective tenements totaling 80 square kilometers within
the Montague Project;
* Placer must spend AU$400,000 within the first year and
before it can exit; and
* Placer and Gateway agree to include any further
acquisitions adjoining the area on a
Placer 70% - Gateway 30% basis.
Gateway sees the interest shown by Placer as a major stepping
stone in the company's growth and recognition that the Gum Creek
Greenstone Belt has the potential to host a significant large
multi-million ounce gold resource. Placer has indicated that it
will be targeting a minimum of 5 million ounces of gold.
Results of Gateway's exploration success, and in particular the
results of three-dimensional modeling of gravity and magnetics
coupled with multi-element analysis, has delineated an
exploration model that fits the minimum size of potential
deposit required by Placer.
Gateway believes that the Belt is largely under-explored.
Gateway says it will now focus its efforts on the remaining
leases, which make up its total acreage of 400 square
kilometers. Previous high-grade intersections at its adjoining
airport leases and at Barrelmaker have provided Gateway with
confidence that further discoveries will be made outside the
Victory Creek/Montague area.
In the last year Gateway has discovered virgin mineralization at
Victory Creek under 20-30 meters of transported cover as well as
at Julia's Fault, Two Dogs and Hypotenuse. Within the Montague
block, that also included the Airport Gold Trend, only 2% of
drilling has tested below 100 meters depth.
In 2004, Placer produced 950,000oz from its Australian
operations. It is involved in 16 mining operations in seven
countries. Its mines in Western Australia include Granny Smith,
Kalgoorlie and Kanowna Belle.
Deal Structure
Placer must complete a successful due diligence review within a
three-month period.
The two deals cover tenements held 100% by Gateway and those
held in an existing joint venture between Gateway (75%) and Red
5 (25% free carried).
Placer is required to spend a minimum of AU$400,000 in the first
year and before it can exit.
The deals are structured such that Placer will spend AU$4
million over a five-year period to earn a 70% interest in the
tenements between Gateway and Red 5. This will occur in two
parts with an initial AU$2.5 million to earn a 60% interest and
a second earn in of AU$1.5 million to earn a 70% interest.
At the completion of the first earn-in, the second deal is
triggered such that Placer can earn up to a 70% interest in 10
tenements held 100% by Gateway by meeting mines department
expenditures over a one-year period. Gateway will retain a 20%
interest in tenements held in joint venture with Red 5 in the
second deal.
At the completion of the second earn-in, Gateway will have a 30%
interest in tenements held 100% by Gateway and a 10% interest in
tenements held in a joint venture with Red 5 Limited. Through
the earlier joint venture agreement, Red 5 will hold a 20% free
carried interest after agreeing to dilute from its initial 25%
free carried interest.
Upon the completion of the earn-in period, Gateway can elect to
contribute or dilute. If it elects to dilute below 10%, it will
maintain a 2% Net Smelter Return royalty on its 100% owned
tenements and a 1% NSR in the JV and Red 5 Limited.
Proposed Work and Target Generation - Placer
Placer has delineated a priority target at Victory Creek that
will be the subject of aggressive exploration.
At Victory Creek, programs of multi-element, air core/RAB and RC
drilling of the 4.5-kilometer long Julia's fault to Victory
Creek target zone and deep diamond drilling of the Victory Creek
magnetic target will be conducted. Victory Creek shows
similarities to Placer's Wallaby deposit in the Laverton
Tectonic zone that contains a total resource of 7.1 million oz.
Placer also intends to further investigate the potential
associated with outstanding anomalism at the Cup and Bypass
prospects where historical RAB drilling returned 12 meters at
3.16 g/t gold that has never been followed. In addition,
significant gold anomalism at the South Airport, which includes
2 kilometers of the southern extension to the Airport Gold
Trend, will be further investigated.
Proposed Work - Gateway
Gateway will now focus on the remainder of its landholding in
three areas at Airport, Belford Bore and Barrelmaker.
Gateway retains the central portion pf the Airport Gold Trend
(GML 85%, Herald 15%). The trend has produced 100,000 ounces to
date from five shallow open-cut mines. As a result of three-
dimensional modeling, deeper targets will be prioritized for
drill testing.
The Belford Bore area contains large areas under 20-30 meters of
cover and similar magnetic and geological features as exist
within the Placer joint venture area. Gateway will now conduct
similar programs of magnetics, gravity and multi-element
analysis to upgrade the Belford area to an advanced project with
advanced drill ready targets.
Barrelmaker is located on the Western side of the Belt. Gateway
has delineated up to 22 priority drill targets that warrant
testing.
PRECINCT INVESTMENTS: Members Pass Winding Up Resolution
--------------------------------------------------------
The members of Precinct Investments Pty Limited convened on
December 15, 2005, and concurred that the Company should wind
up its operations.
In addition, the members appointed John Greer to act as
liquidator.
John Greer
Liquidator
Level 7, 276 Pitt Street
Sydney
STARADA PTY: Wind-Up Process Completed
--------------------------------------
At a general meeting on December 15, 2005, members of Starada
Pty Limited concurred that the Company must voluntarily
commence a wind-up of its operations.
Peter Dawkins was nominated to act as liquidator to manage the
wind-up activities.
Peter Dawkins
Liquidator
Level 7, 276 Pitt Street
Sydney
STOCK MARKET: Enters Voluntary Liquidation
------------------------------------------
At Stock Market Investors Group Pty Limited's general meeting
on December 21, 2005, members resolved that it is in the
Company's best interests to liquidate its operations.
Andrew Stewart Reed Hewitt was appointed to oversee the wind-
up.
Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000
SYDNEY GAS: Queensland Gas Launches Takeover Offer
--------------------------------------------------
Queensland Gas Company Limited says that it intends to make an
offer by means of an off-market takeover bid for all of the
ordinary shares in Sydney Gas Limited. QGC would then fund the
shortfall in SGL to meet the full redemption and interest due on
all currently outstanding convertible notes due in April and
June 2006.
Ordinary Share Offer
QGC will offer SGL shareholder one QGC Share for every two SGL
Shares.
Convertible Notes
QGC has sent a letter of offer to put SGL in funds so that SGL
is able to pay the redemption amounts for the April and June
2006 Convertible Notes on issue.
QGC is not making an offer to acquire the SGL Convertible Notes
or any SGL options on issue. However, the QGC offer will extend
to SGL Shares issued during the offer period on exercise of
those options or conversion of those convertible notes.
Background
QGC Managing Director, Richard Cottee, said that the QGC/SGL
merger has strong strategic rationale and will ensure the merged
group's position as Australia's leading independent Coal Bed
Methane group, with over 360 PJ in 2P (Proved and Probable)
reserves.
As a successful CBM developer, QGC has the proven experience and
capability to ensure the development of SGL's opportunities to
their full potential.
Benefits for SGL Shareholders
The benefits of the merger to SGL Shareholders are:
* a more assured future;
* increased equity share of 2P reserves from 31 PJ to 91 PJ
(an increase of almost 200%);
* a low cost financing solution for the repayment of the
convertible notes;
* access to QC's highly experienced and stable and proven
management team with a proven track record of delivering
strong returns to shareholders in the CBM industry;
* participation in QGC's superior returns - QGC shares have
shown consistently strong growth in price and
significantly outperforming the SGL share price and the
S&P ASX 200 Resources Index; and
* exposure to QGC's high-quality asset base.
Benefits for QGC Shareholders
The benefits of the merger to QGC Shareholders are:
* QGC's strengthened position as Australia's leading
specialist CBM player;
* complementary, high quality resource in close proximity
to Australia's largest market;
* QGC's strengthened relationship with the largest gas
marketer in Australia -- Australian Gas Light Company;
* increased market capitalization resulting in enhanced
position in the equity market and potential future entry
into the S&P ASX 200 Resources Index; and
* unique opportunity to leverage QGC management skills to
develop SGL's resource in a measures and sustainable way
leading to enhanced earnings growth without significant
increased risk.
Conditions of the Offer, Documentation and Timing
The QGC offer is subject to a minimum acceptance condition of
more than 50% and other conditions.
QGC expects to lodge its bidder's statement with ASCI in mid-
February 2006. It is anticipated that dispatch of the bidder's
statement to SGL Shareholders and the opening of the offer for
acceptance will occur in early March 2006.
A full-text copy of the press release, together with the annexes
is available for free at:
http://bankrupt.com/misc/tcrap_sydneygas012106.pdf.
CONTACT:
Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Fax: (61 2) 9241 5155
e-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/
SYDNEY GAS: Notes Placement of Ordinary Shares
----------------------------------------------
The Directors of Queensland Gas Company have resolved to make
two share placements in connection with the proposed takeover of
Sydney Gas Limited.
The First Placement
The first placement is for approximately 3.4 million shares at
60 cents per share to raise approximately AU$2 million to fund
the estimated costs associated with the proposed takeover of
Sydney Gas Limited.
The Second Placement
The second placement is for 50 million ordinary shares at 60
cents per share to raise AU$30 million. QGC will offer SGL up
to AU$30 million to fund the redemption of Sydney Gas Limited
Convertible Notes in April and June 2006.
The second placement is conditional upon the QGC offer for the
ordinary shares of SGL becoming unconditional.
Terms For Both First and Second Placements
All shares being issued are ordinary shares.
The shares are to be issued for 60 cents in cash and are to rank
pari passu with the ordinary shares already on issue. Part of
both placements will be subject to the approval of the QGC
Shareholders, as some of the placees are associates of directors
of QGC. Placees and their associates, who are associated with
directors of QGC, will not vote on the resolution to approve the
placements.
Commitment Fee
There is a commitment fee of 1% of the amount of the second
placement.
TRIS INTERNET: To Hold Final Meeting on January 31
--------------------------------------------------
A final meeting of Tris Internet Australia Pty Limited will be
conducted on January 31, 2006, at 9:30 a.m.
Liquidators T. J. Clifton and M. C. Hall will present their
final account regarding the Company's wind-up operations at
that meeting.
T. J. Clifton
M. C. Hall
Joint Liquidators
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800
WATTYL LIMITED: Takeover Bid Urges Special Dividend Offer
---------------------------------------------------------
Wattyl Ltd has offered shareholders a special dividend of 40
cents a share to help fend off Allco Equity Partners' $275
million takeover bid, the Sydney Morning Herald says.
Wattyl informed shareholders that it had formally rejected
Allco's bid and increased its earnings forecast for the next
financial year.
Wattyl's chief executive officer, John Nolan, told the Sydney
Herald that Allco's offer undervalued the Company and had been
made before cost-cutting benefits were met.
According to the paper, the Company's restructure is expected to
give it $22 million in annual cost savings. In addition,
Wattyl's forecast indicated $36.6 million in earnings before
interest and tax (EBIT) for the 2006/07 financial year.
Mr. Nolan said that the $36.6 million EBIT has much room for
improvement as the Company goes forward.
The Sydney Herald recounts that both industry and private equity
companies, including South Africa-based Barloworld Ltd, which
owns the Taubmans and Bristol paint brands, had also shown
interest in Wattyl. However, the Company had aborted talks last
year with Barloworld about combining their paint businesses.
CONTACT:
Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311
WATTYL LIMITED: Upbeat on Second-half Results
---------------------------------------------
Wattyl Limited is confident that its earnings before interest
and tax (EBIT) will improve in the second half despite the
softening of market conditions, says The Age.
According to The Age, Wattyl booked an unaudited first half net
profit of AU$3.4 million after a one-time restructuring charge
of AU$3.8 million.
The newspaper reports that the EBIT in the first half was hit by
soaring raw material and packaging costs, which have not been
offset by the benefits of the firm's cost-cutting program.
However, the said benefits will flow into the second half of the
current fiscal year and will have a full-year impact in 2006/07,
the paper says.
Meanwhile, Wattyl's chief executive officer, John Nolan, said
that the company will continue to wok on its internal
restructure, in a bid to boost savings and improve financial
results in fiscal 2007. A pre-tax one-time restructure charge
of AU$5.8 million is expected for the full year.
WESTONLEA PROPRIETARY: Members Resolve to Wind Up Firm
------------------------------------------------------
At a general meeting of the members of Westonlea Proprietary
Pty Limited on December 22, 2005, it was resolved that a
voluntary wind-up of the Company is appropriate and necessary.
Moreover, Stephen Robert Dixon and Laurence Andrew Fitzgerald
were appointed as liquidators for the winding up.
Stephen R. Dixon
Laurence A. Fitzgerald
Joint Liquidators
Horwath BRI (Vic) Pty Limited Chartered Accountants
Level 30, The Rialto, 525 Collins Street
Melbourne Vic 3000
WESTPOINT CORPORATION: Collapse May Give Rise to Class Actions
--------------------------------------------------------------
Preparations are up to file class actions in relation to
Westpoint Corporation's collapse.
Brisbane Courier Mail says that lawyers acting for Westpoint
investors are planning suits aimed at recouping money from the
firm's financial planners. According to AAP News, IMP
(Australia) is also doing the same.
Law firm Slater and Gordon is targeting unnamed financial
planners to recoup funds for an unspecified number of Westpoint
investors. Joanne Rees of Slater and Gordon said dozens of
investors have already approached the firm.
According to reports, about 6,000 investors face major losses
when the funds went bankrupt, and some $300 million are
involved. Perth lawyer Charlie Grollow, of IMF (Australia),
said that he had talked to about 100 people.
Ms. Rees said that they are targeting financial planners because
there is little chance anything can be recovered from Westpoint.
However, she said that they are investigating first which
financial planner recommended the firm's high-risk promissory
notes to investors.
The investment firm of former Westpoint executive director
Richard Beck, Kebbel, led the fund raising for mezzanine finance
to fund apartment projects.
Seven Westpoint mezzanine financing firms called in
administrator Geoff Totterdell from PricewaterhouseCoopers last
month. Two of them are already in liquidation.
==============================
C H I N A & H O N G K O N G
==============================
CITILINK INVESTMENT: Creditors to Meet on Feb. 10
-------------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a
meeting of Citilink Investment Limited's creditors will be held
at 11:45 a.m. on February 10, 2006, at 5th Floor, Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong. At the
meeting, the creditors will consider and, if deemed appropriate,
approve the Company's voluntary wind-up.
The creditors will also name joint and several liquidators to
oversee the wind-up activities.
Proxies who will vote on behalf of creditors must be lodged no
later than 12:00 p.m. on February 9, 2006, at the meeting
location.
CYBERMALL LIMITED: Creditors' Meeting Scheduled on Feb. 10
----------------------------------------------------------
The creditors of Cybermall Limited will meet at 12:00 p.m. on
February 10, 2006, at the 5th Floor, Allied Kajima Building, 138
Gloucester Road, in Wanchai, Hong Kong, to consider the
Company's voluntary liquidation. They will also name joint and
several liquidators for the Company's wind-up.
Creditors may vote either in person or by proxy, who must be
lodged no later than February 9, 2006.
GUANGDONG KELON: KPMG Probe Finds Illegal Money Transfer
--------------------------------------------------------
Guangdong Kelon Electrical Holdings Ltd. relates that KPMG has
discovered a movement of money between Kelon and the companies
associated with its former chairman Gu Chujun's firm --
Guangdong Greencool Enterprise Development Co.
Kelon previously hired KPMG to investigate the Company's cash
flow.
According to a legal notice filed by Kelon, the movement of
money by Guangdong Greencool, which is the Company's largest
shareholder, took place from October 2001 to July 2005.
Much of the money was transferred "without there being any
business relationship" between the companies, AP said, citing a
report by KPMG. The auditing firm also found suspicious
transactions, including the sales of raw materials that were
never delivered; the payment of consulting, advisory and repair
fees; and the purchase of assets at inflated prices.
According to Kelon, its board believes that KPMG's investigation
results may be used by the Company as basis for legal actions
against Mr. Gu and the Greencool companies.
Kelon had previously terminated Mr. Gu's employment after he and
other executives were suspected for "economic crimes."
Securities regulators are also probing into the allegations of
fraud.
The Company says it is now consolidating all of its bank
accounts and attempting to assess the impact of KPMG's findings
on its financial position for 2005.
HING TUNG: Meeting of Creditors Slated for February 10
------------------------------------------------------
A meeting of Hing Tung's creditors will be held on February 10,
2006, at 12:15 p.m., so that they may approve the Company's plan
to wind-up its operations voluntarily. At the meeting -- which
will take place at the 5th Floor, Allied Kajima Building, 138
Gloucester Road, in Wanchai, Hong Kong -- the creditors will
also appoint the Company's joint and several liquidators.
A person who would vote on a creditor's behalf must be lodged by
February 9, 2006, at the meeting's location.
HOME LOGISTICS: Creditors Will Meet in February
-----------------------------------------------
In accordance with Section 241 of the Hong Kong Companies
Ordinance, the creditors of Home Logistics will convene on
February 10, 2006, at 1:30 p.m., to consider and consent to the
Company's voluntary wind-up.
The meeting will be held at:
5th Floor, Allied Kajima Building,
138 Gloucester Road,
Wanchai, Hong Kong.
If the creditors approve the wind-up, they will name joint and
several liquidators to facilitate the Company's disposal and
distribution of its properties.
Proxies for the creditors must be lodged by February 9, 2006, at
the meeting location.
TSUN YIP: Company Gets Wind-up Order
------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance has entered an order approving Tsun Yip
International Trading Limited's wind-up.
CONTACT:
Tsun Yip International Trading Limited
Rm 3009 30/F No. 118 Connaught Road,
West Hong Kong
YUEN HING: Court Enters Wind-Up Order
-------------------------------------
Yuen Hing Shing Steel Company Limited presented a petition to
wind up its operations on September 8, 2006.
Accordingly, on January 9, 2006, The High Court of the Hong Kong
Special Administrative Region Court of First Instance entered
its wind-up order pertaining to the Company.
CONTACT:
Yuen Hing Shing Steel Company Limited
Flat 18 17th Floor Blk A Wah Tat Ind Center
8-10 Wahsing St.
Kwai Chung New Territories
=========
I N D I A
=========
BHARAT PETROLEUM: KRL Merger Gets Board's Nod
---------------------------------------------
Bharat Petroleum Corporation Limited's board of directors has
approved the Company's merger with Kochi Refineries Ltd., The
Financial Express reports.
The equity shareholders of BPCL convened on January 16, 2006, to
consider the scheme of amalgamation.
Over 99% of the total number of shareholders present in the
meeting voted in favor of the scheme. Only 10 shareholders or
0.02% of the total value of the votes rejected the proposed
merger.
Meanwhile, Hindu Business Line reports that the crucial
extraordinary general meeting of Kochi's equity shareholders was
held on January 22, 2006, despite protests to consider and
approve its scheme of amalgamation with BPCL. The final outcome
is expected on January 27.
CONTACT:
Bharat Petroleum Corp. Ltd.
Bharat Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
e-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/
FOOD CORPORATION: Denies PDS Wheat Shortage
-------------------------------------------
The Food Corporation of India denies there is shortage of wheat
under the Public Distribution System, The Hindu newspaper says.
FCI General Manager T C Gupta assured the state food agency is
holding sufficient stocks for meeting the demands of PDS as well
as different welfare schemes of the Central Government,
according to the Hindu.
Mr. Gupta said the sale of wheat under the domestic Open Market
Sale Scheme is open to any buyer until the end of the year. He
added that wheat and rice are being released to the state
governments of Punjab, Haryana and Union Territory of Chandigarh
for distribution under PDS.
FCI reported that an allocation of 80,000 and 60,000 quintals of
wheat has been given for Punjab and Haryana, respectively, for
open sale to check the rising trend of prices. In Chandigarh, a
quantity of 20,000 quintals of wheat has been allotted for
January for release to flour mills.
CONTACT:
Food Corporation of India
North Zone
A-2a,2b Sector -24
Noida - 201301
East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
e-mail: zmeast@fci.delhi.nic.in
South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463
Fax : +91-44-28276623
Web site: http://fciweb.nic.in/
=================
I N D O N E S I A
=================
DIRGANTARA INDONESIA: Counts on Government to Buy More Planes
-------------------------------------------------------------
PT Dirgantara hopes that the Indonesian government will
purchase more airplanes in order to help the Company turn
around, Asia Pulse reports.
Asia Pulse cited PT DI's General Manager, Arie Wibowo, as
saying that the Company has already received orders from
Pakistan, South Korea and Thailand.
At present, PT DI is finishing two CN-235-220 MVIP planes
ordered by the Malaysian Air Force, valued at IDR168.02
billion. The Company is slated to deliver the planes next
month.
Minister of State Enterprises Sugiharto, Asia Pulse reports,
that PT DI's capital belongs entirely to the government, and
he hopes that the Company would actively export its products.
CONTACT:
PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
e-mail: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com
PERUSAHAAN LISTRIK: Obtains Gas to Run Power Plants
---------------------------------------------------
The Jakarta Post reports that PT Perusahaan Listrik Negara
signed a gas sales agreement and heads of agreement for a
period from six months to 20 years.
According to the Post, Indonesia's Upstream Oil and Gas
Regulator Agency Finance Deputy Eddy Purwanto said that PT PLN
has, in a IDR1.84 trillion contract with local firm PT Medco
E&P Indonesia, agreed to buy up to 72 trillion British thermal
units of gas for five years from 2007. PLN will use the gas
supply to run its gas-powered plant in South Sumatra.
PLM also signed a IDR9.06 trillion contract with joint
operating body Pertamina Amerada Hess Jambi Merang to obtain
gas supply for its power plants located in Jambi. Beginning
2008, Pertamina Amerada will supply a total of 323.7 trillion
Britihs thermal units of gas for 12 years, the Post reports.
The contract is in line with PLN's efforts to reduce its
dependence on fuel-based products by seeking gas alternatives.
PLN Primary Energy Deputy Tonny Agus Mulyantono said, however,
that a marked decrease in fuel consumption would only be felt
after 2008, once the gas contracts are in effect.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
STAR AIR: Government Cancels License for Failure to Comply
----------------------------------------------------------
The Indonesian government revoked Star Air's operations
license due to failure to operate its routes for two
consecutive weeks, Asia Pulse reports.
Troubled Company Reporter-Asia Pacific previously reported
that rising aviation fuel costs and increased competition
forced Star Air to suspend its operations temporarily last
June 2005. The Company had been suffering monthly losses of
up to IDR53 billion, as fuel costs accounted for 53% of its
total expenses.
Star Air resumed normal operations in September 2005, but shut
down again last October 2005 for unknown reasons.
Asia Pulse cites Air Transport Director General Mohammad Iksan
as saying that the Ministry had warned the Company three times
that they would cancel its license if it did not operate is
routes.
Director Iksan said that Star Air had problems with its
management and competition from other airlines, Asia Pulse
reports.
CONTACT:
Star Air
Jl. Gunung Sahari Raya No. 57 A - B
Jakarta 10610, Indonesia
Phone: 62 21 422 2622, 424 9622, 424 9742
Fax: 62 21 424 9538
e-mail: commercial@starair-online.com
Web site: http://www.starair-online.com
=========
J A P A N
=========
HUSER LTD: Condo Buyers Want Company Declared Bankrupt
------------------------------------------------------
Buyers of eight condominiums developed by Huser Ltd agreed last
week to jointly file a request to have the Developer declared
bankrupt, Japan Today reports.
The Buyers will file their petition by the end of January 2006
with the Tokyo District Court.
According to Japan Today, Huser is one of a number of
condominium developers recently found to have substandard quake
resistance.
KONICA MINOLTA: Shares Surge on Exit From Camera Business
---------------------------------------------------------
Shares of Konica Minolta Holdings rose as much as 10% on Friday
after the Company announced that it would withdraw from the
camera and photo film markets, Reuters reports.
Konica's news, according to Reuters, also boosted the shares of
rival Fuji Photo Film Co. and Sony Corp. Sony plans to take
over Konica's digital single lens reflex camera business.
Konica Minolta, the world's third-largest maker of photo film
after Eastman Kodak and Fuji, had said in November that it would
significantly reduce operations. However, Reuters says that the
Company's decision to completely shut them down was unexpected.
Shares of Konica Minolta closed the morning session up 5.4% at
JPY1,347 after hitting a 14-month high of JPY1,410 in early
trade, up 10.3% on the day. The benchmark Nikkei average
<.N225> was 0.61% higher by the midday break.
"The stock is reacting to the fact that they are exiting a very
competitive area where it is suffering. . .they've done the
right thing," Marc Desmidt, head of the Japanese large-cap
equity team at Merrill Lynch Investment Managers, said.
Yet, Mr. Desmidt noted that Konica Minolta still faces tough
competition in the office equipment market with players like
Canon Inc. and Ricoh Co. Ltd.
"We just think this whole area is extraordinarily competitive
and very tough for companies. But we might want to take another
look at Fuji Photo Film," Reuters quotes Mr. Desmidt, who noted
the possibility that Fuji might follow with its own
restructuring.
Konica Minolta had said in November that it would post a
JPY47 billion ($406.8 million) group net loss this business year
as it took a charge of JPY90 billion to rationalize production,
write down assets and cut jobs in its camera and film division.
Some analysts believe that Konica Minolta's move would help
accelerate a shift of resources to more promising areas and
brightened earnings outlook for the next business year.
LIVEDOOR CO.: CEO Denies Securities Fraud Allegations
-----------------------------------------------------
Livedoor Co.'s Chief Executive Officer, Takafumi Horie, has
denied allegations that he violated securities laws, the
Associated Press reports.
According to AP, prosecutors raided Livedoor's offices in Tokyo
last week on suspicion that the Company gave false information
to inflate its share price.
After receiving a warrant from prosecutors, Mr. Horie wrote of
his "innocence" in an Internet blog. However, AP notes, Mr.
Horie admitted to not remembering "100 percent" of what the
warrant said.
Media reports have alleged a Livedoor subsidiary of providing
false information in the 2004 takeover of publisher Money Life
and that Livedoor itself concealed a $8.7 million loss for
results ending September 2004. Mr. Horie, together with
Livedoor's chief financial officer Ryoji Miyauchi, was said to
have a hand in the misinformation.
AP also relates that Mr. Miyauchi told prosecutors that he was
not aware of irregularities in the 2004 corporate buyout and
that Mr. Horie was not involved in that deal.
Moreover, two other Livedoor executives, Fumito Kumagai and
Fumito Okamoto, have been questioned.
LIVEDOOR CO.: Stock Index Falls As Probe Sustains Unease
--------------------------------------------------------
Japan's benchmark stock index fell sharply last week as the
market's unease continued over a criminal probe into Livedoor
Co., the Associated Press discloses.
AP reports that Nikkei 225 lost 227.27 points, or 1.45%, to end
morning trade at 15,469.42 points. Earlier, the market fell as
much as 2%.
The index the other week fell 4.6%. This drop, according to AP,
was triggered largely by investors' anxiety over an
investigation by public prosecutors into possible fraud at
Livedoor.
Traders suspect that the Nikkei's fall would continue as the
Livedoor probe progressed.
On Sunday, the Tokyo Stock Exchange said that it has boosted the
trading capacity of its computerized trading system. However,
it said that it would continue to delay the start of its
afternoon session by 30 minutes after a flood of orders forced
the bourse to stop trading early Wednesday.
After successful system tests over the weekend, the Tokyo Stock
Exchange can now handle an absolute limit of 5 million
transactions daily, up from its current 4.5 million. However,
the bourse said that it would shut down trading if the number of
transactions hits 4.5 million.
In currency trading, the dollar was trading at JPY114.86 on the
Tokyo foreign exchange market at 11 a.m. on Monday last week,
down JPY0.40 from late Friday in New York.
The euro rose to US$1.2232 from US$1.2137 late Friday in New
York.
AP also relates that the 10-year Japanese government bond yield
fell to 1.4500% Monday, down from Friday's finish of 1.4700%.
Its price rose 0.17 point to 99.56.
LIVEDOOR CO.: Fuji TV to Dissolve Livedoor Tie-up
-------------------------------------------------
Fuji Television Network Inc.'s Chairman, Hisashi Hieda, hinted
at dissolving his company's capital tie-up with Livedoor Co.,
Japan Today says.
Mr. Hieda said late Friday that, in general terms, he believes
the capital alliance can be cancelled "if it becomes clear that
our counterpart has criminal responsibility."
MITSUBISHI MOTORS: Plans to Buy Stake in South East Motor
---------------------------------------------------------
Mitsubishi Motor Corp. is in talks to buy a stake in South East
Motor Corp., the Shanghai Daily reports, citing unnamed sources.
According to the paper, Mitsubishi has held discussions with
South East Motor and its shareholders regarding a direct
investment in the Chinese automaker. The specific shareholdings
have not yet been finalized.
Shanghai Daily relates that Mitsubishi and South East Motor's
move is aimed toward helping both companies set up their first
manufacturing plant on the mainland.
AFX News Limited says that Mitsubishi already has a 15% stake in
Taiwan China Motor Corp., which is a subsidiary of Taiwan's
biggest auto group, Yulon Enterprise Group.
SONY CORPORATION: U.S. Closure Cuts 400 Jobs
--------------------------------------------
The rising popularity of digital television has forced Sony
Corporation's U.S. subsidiary to close its TV-tube factory in
San Diego, eliminating about 400 jobs, Associated Press reports.
Sony Electric's move reflects the demise of cathode-ray tube
TVs, or CRTs - the old-style sets in a box, according to
Associated Press.
The Advertiser reports that Sony will continue making CRT
televisions but the glass tubes will be produced at its
facilities in Singapore and China. Televisions sets sold in the
U.S. will still be assembled in Mexico.
Sony will still employ 2000 workers to continue making Vaio
personal computers at its San Diego plant. Other employees
include television engineers, as well as staff to market and
sell a host of gadgets.
CONTACT:
Sony Corporation
7-35 Kitashinagawa 6-Chome
Shinagawa-Ku 141-0001, Tokyo 141-0001
JAPAN
Phone: +81 3 5448 2111
Fax: +81 3 5448 2244
=========
K O R E A
=========
DAEWOO ENGINEERING: 10 Firms Join Preliminary Bidding
-----------------------------------------------------
Ten consortia have submitted preliminary bids for a controlling
stake in Daewoo Engineering & Construction Co., Reuters relates.
According to Reuters, the groups included 53 companies, which
the Korea Asset Management Corp. (KAMCO) declined to identify.
KAMCO only hinted that some of the companies are involved in
several bidding groups.
The bidders will be short-listed and will be allowed to conduct
due diligence before presenting their final offers.
The preliminary bidders interested in the Daewoo stake are:
* South Korea's National Agricultural Cooperative
Federation (NACF), and
* Woori Bank and Shinhan Bank, a banking unit of Shinhan
Financial Group.
HSBC Holdings reportedly wanted to team up with Shinhan Bank.
But an HSBC spokesman was mum on the issue. Kumho Asiana Group
with an anonymous partner also handed its bid.
The KAMCO and eight other creditors of Daewoo Corp. aim to
dispose of its 50 percent stake in the Company worth about
KRW2.3 trillion.
Citigroup Global Markets, a Citigroup unit, and South Korea's
Samsung Securities Co. are lead managers for the sale.
===============
M A L A Y S I A
===============
AFFIN HOLDINGS: RAM Assigns AAA(bg) Rating to Medium-Term Notes
---------------------------------------------------------------
Rating Agency Malaysia (RAM) has reaffirmed the AAA(bg) rating
of the first MYR285 million tranche of Affin Holdings Berhad's
(Affin Holdings) MYR525-million Bank-Guaranteed Medium-Term
Notes Programme (BGMTN).
The rating reflects the strength of the bank guarantee provided
by AAA-rated Malayan Banking Berhad. The backing of the bank
guarantee enhances the credit risk profile of the BGMTN beyond
Affin Holdings' inherent or stand-alone credit risk. All risks
associated with the debt instrument will be absorbed by the
financial institution.
Affin Holdings is essentially an investment-holding company.
The principal activities of the Affin Holdings Group include the
provision of commercial and merchant banking services, finance
company operations, discount-house activities, money broking,
fund management, asset management, unit trust activities, stock
broking operations and underwriting of general insurance.
Meanwhile, the second MYR24-million tranche of the BGMTN has not
been issued as certain conditions precedent have not been met,
such as its purpose and the identity of the guarantor. The
original purpose of the second tranche had been for the
repayment of Affin Holdings' MYR240 million Guaranteed
Redeemable Bonds, which matured on September 19, 2005.
Under the circumstances, RAM will only assign a rating to the
second tranche of Affin Holdings' BGMTN when all the conditions
precedent have been met.
CONTACT:
Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057
AMSTEEL CORPORATION: SC Rejects Subject Application
---------------------------------------------------
On December 23, 2005, Amsteel Corporation Berhad (ACB) submitted
an application to the Securities Commission (SC) to further
extend the time to complete the issue of approximately 251.92
million new four and a half year warrants (Warrants) to ACB
shareholders at the issue price of MYR0.10 per Warrant (Proposed
Warrants Issue) (Subject Application).
The Proposed Warrants Issue forms part of the Groupwide
Corporate and Debt Restructuring Scheme.
ACB's Board of Directors advised that the SC has rejected the
Subject Application vide its letter dated January 17, 2006
(Rejection Letter).
The Board will review the Rejection Letter and will announce its
next course of action soon.
CONTACT:
Amsteel Corporation Bhd
Malaysia
Phone: 60 3 2162 2155
Fax: 60 3 2164 1036
Web site: http://www.lion.com.my
ASIAN PAC: RCSLS Resumes Trading Today
--------------------------------------
The trading of Asian Pac Holdings Berhad's Redeemable
Convertible Secured Loan Stocks (RCSLS) resumes today, January
24, 2006 after the redemption of MYR25,916,234 nominal value of
2000/2007 RCSLS.
The stock short name and stock code of the RCSLS are ASIAPAC-LB
and 4057LB, respectively.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
DENKO INDUSTRIAL: Revises Quarterly Report
------------------------------------------
Denko Industrial Corporation Berhad (Denko) has amended its
Quarterly Reports on consolidated results for the quarter ended
March 31, 2005. The figures have not been audited.
Notes to Condensed Accounts
(A) Selected Explanatory Notes - MASB 26 Paragraph 16
(k) Changes in the Composition of the Group
Previous statement:
"Except for the garment division, which was discontinued on
January 1, 2005, there was no change in the composition of the
other segments during the interim period, including business
combinations, acquisition or disposal of subsidiaries and long-
term investments, restructuring and discontinuing operations."
Should be read as:
"Except for the garment division, which was discontinued since
February 2005, there was no change in the composition of the
other segments during the interim period, including business
combinations, acquisition or disposal of subsidiaries and long-
term investments, restructuring and discontinuing operations."
(B) Explanatory notes pursuant to Appendix 9B of the Listing
Requirements of Bursa Malaysia Securities Berhad
(1) Review of Current Quarter Performance
Garment Division
Previously statement:
Revenue from Garment Division for the fourth quarter ended March
31, 2005 amounted to MYR4,528,990 compared to MYR2,988,325 in
previous quarter ended December 31, 2004 mainly due to the
disposal of stocks to Grand Bell Trading Sdn. Bhd. The Loss
before tax was MYR1,633,477 in this quarter as compared to Loss
before tax of MYR808,396 in previous quarter ended December 31,
2004 due to the provision of doubtful debts and obsolete stocks.
Should be read as:
Revenue from Garment Division for the fourth quarter ended March
31, 2005 amounted to MYR1,781,621 compared to MYR2,988,325 in
previous quarter ended December 31, 2005 mainly due to ceased
operation of the division since February 2005. The Loss before
tax was MYR1,633,477 in this quarter as compared to Loss before
tax of MYR808,396 in previous quarter ended December 31, 2004
due to the provision of doubtful debts and obsolete stocks.
Trading Division
Previous statement:
There was an increase in the revenue for the 4th quarter ended
March 31, 2005 which recorded MYR15,354,297 as compared to
MYR6,913,520 for previous quarter ended December 31, 2004. This
division reported a Profit before tax of MYR2,195,070 in this
quarter, compared with previous quarter with Profit before tax
of MYR421,372. The promotion sales during the festive season,
Chinese New Year, had contributed to the good performance in
this division.
Should be read as:
There was an increase in the revenue for the fourth quarter
ended March 31, 2005 which recorded MYR8,440,777 as compared to
MYR6,913,520 for previous quarter ended December 31, 2004. This
division reported a Profit before tax of MYR2,195,070 in this
quarter, compared with previous quarter with Profit before tax
of MYR421,372. The promotion sales during the festive season,
Chinese New Year, had contributed to the good performance in
this division.
CONTACT:
Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629
LITYAN HOLDINGS: Submits Application for Proposed Scheme
--------------------------------------------------------
Lityan Holdings Berhad (Lityan) updates the:
-- Proposed acquisition of Guanhong Group;
-- 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)
On behalf of the Board of Directors of Lityan, Avenue Securities
Sdn Bhd advised that the applications in relation to the
Proposed Restructuring Scheme have been submitted to the
Securities Commission and Bank Negara Malaysia on January 20,
2006.
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: Buys Back New Shares
----------------------------------------
Magnum Corporation Berhad held a shares buy back on January 20,
2006.
These are the details of the buy back:
Date of buy back: January 20, 2006
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 420,000
Minimum price paid for each share purchased (MYR): 1.960
Maximum price paid for each share purchased (MYR): 1.990
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 420,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 95,928,900
Adjusted issued capital after cancellation (no. of shares)
(units):
MEDIA PRIMA: Issues New Shares for Listing, Quotation
-----------------------------------------------------
Media Prima Berhad advised that its additional:
(i) 1,412,133 new ordinary shares of MYR1.00 each arising
from the conversion of 2,118,200 nominal amount of
Irredeemable Convertible Unsecured Loan Stocks 2003/2008
(ii) 45,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme; and
(iii) 200,000 new ordinary shares of MYR1.00 each arising from
the Exercise of 200,000 warrants;
will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Tuesday, January 24,
2006.
CONTACT:
Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp
NALURI CORPORATION: Mandatory Offer to Push Through
---------------------------------------------------
An application made by Atlan Properties Sdn Bhd and coordinating
parties to undertake mandatory offer(s) on all the remaining
ordinary shares of MYR1.00 each in Naluri (Naluri Shares) not
already owned by APSB and PAC upon the purchase of Naluri Shares
by Naluri pursuant to its proposed share buy-back scheme was
approved by the Securities Commission.
The parties acting with APSB are:
-- Azli Bin Othman
-- Atlan Holdings Bhd
-- Distinct Continent Sdn Bhd
-- Dato' Seri Adam Sani Abdullah
-- Sebastian Paul Lim Chin Foo
-- Dato' Ong Kim Hoay
-- Dato' Woo Hon Kong
-- Dato' Wong Kam Fuat
-- Lee Sze Siang and
-- Dato' Khalid Bin Mohamad Jiwa (PAC);
However, the SC takes note that the following persons are no
longer deemed coordinating with APSB:
(i) Azli Bin Othman, upon completion of his disposal of
voting shares in APSB on December 2, 2005; and
(ii) Dato' Khalid Bin Mohamad Jiwa, since he has ceased to be
a director of Atlan Holdings Bhd (AHB) on August 30, 2005
and ceased to represent the interests of AHB in Naluri on
November 11, 2005.
PAN MALAYSIA: Holds Ordinary Share Buy Back
-------------------------------------------
Pan Malaysia Corporation Berhad unveiled the results of its
shares buy back on January 19, 2006.
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 75,000
Minimum price paid for each share purchased (MYR): 0.460
Maximum price paid for each share purchased (MYR): 0.470
Total consideration paid (MYR): 35,223.78
Number of shares purchased retained in treasury (units): 75,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 55,778,500
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
+60 3 2031 1299
PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
--------------------------------------------------
Pantai Holdings Berhad's additional 10,000 new ordinary shares
of MYR1.00 each arising from the conversion of MYR10,000 nominal
amount of Irredeemable Convertible Unsecured Loan Stocks
2002/2007 will list and quote on Bursa Malaysia Securities
Berhad on January 24, 2006.
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: Unit Enters Wind-Up Exercise
-------------------------------------------------
Pilecon Engineering Berhad reported that a winding-up petition
had been presented at the Johor Bahru High Court on December 16,
2005 against Siaran Pelangi Sdn Bhd (SPSB), a subsidiary of the
Company.
The petition was served onto SPSB on January 20, 2006, for a
claim of MYR72,993.69 together with continuing interest on
MYR72,993.69 at the rate of eight percent per annum calculated
from July 20, 2005 until full settlement and cost of
MYR6,000.00.
(1) The Details of default or circumstances leading to the
filing of the winding-up petition against SPSB:
The petition was filed by Sachdev Singh A/L Ajit Singh (the
Petitioner) against SPSB. The Petitioner was a purchaser under
a Sale and Purchase Agreement dated April 30, 2001 which was
officially terminated by the Petitioner on June 17, 2005.
The Petitioner has claimed for a sum of MYR72,993.69 together
with continuing interest on MYR72,993.69 at the rate of eight
percent per annum calculated from July 20, 2005 until full
settlement and costs of MYR6,000.00 due and owing by SPSB under
a judgment dated October 21, 2005.
(2) The total cost of investment in SPSB: MYR762,080.00.
(3) The financial and operational impact on the Group: There
would not be any operational impact. In the event the
winding-up petition succeeded, there would be an
estimated exceptional gain of MYR1.3 million.
(4) The expected losses: SPSB is expected to incur legal fees
of approximately MYR10,000.00.
(5) The amount of interest claimed: eight per annum
continuing interest on MYR72,993.69 calculated from July
20, 2005 until full settlement.
(6) The date of hearing of the winding-up petition: April 21,
2006
(7) The steps taken and proposed to be taken by SPSB in
respect of the winding-up proceedings:
SPSB would not take any step or proceeding towards defending the
case.
POH KONG: Directors Approve AGM Resolutions
-------------------------------------------
At the Third Annual General Meeting (AGM) of Poh Kong Holdings
Berhad, the Board of Directors approved all resolutions set out
in the Notice of AGM.
The meeting was held at the Third AGM held at Melati Room 123,
Sheraton Subang Hotels & Towers, Jalan SS12/1, 47500 Subang
Jaya, Selangor Darul Ehsan on Friday, January 20, 2006.
SBBS CONSORTIUM: Seeks Extension of Restraining, Stay Order
-----------------------------------------------------------
SBBS Consortium Berhad's application for the extension of
Restraining and Stay Order granted by the Kuala Lumpur High
Court will be fixed for Mention on February 22, 2006.
CONTACT:
SBBS Consortium Berhad
No. 1 - 4, Jalan 1/114,
Kuchai Business Centre, Jalan Kuchai Lama,
Kuala Lumpur Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79825188
Fax: 03-79813551
SOON THEAM: Court Orders Dissolution
------------------------------------
Soon Theam Securities Sdn. Bhd. (STS) has filed with the
Suruhanjaya Syarikat Malaysia the Vesting Order dated August 13,
2002 pursuant to the Kuala Lumpur High Court Originating Summon
No. D7-24-188-2002, for the dissolution of STS.
Accordingly, STS shall be deemed to be dissolved without winding
up with effect from the date of the filing.
STS was principally involved in dealing with securities and has
ceased operation since September 2002.
The dissolution of STS will not have any material impact on the
Group's earnings for the year ending January 31, 2006.
CONTACT:
Soon Theam Securities Sdn Bhd
111, Jalan Macalister, Penang 10400 Malaysia
Telephone: 04-2281868
Fax: 04-2293806
SOUTHERN BANK: Unveils Quotation of Warrants
--------------------------------------------
Southern Bank Berhad advised that as the 80,861 new ordinary
shares (local) arising from the Exercise of exercise of 80,861
(Local) Warrants 1996/2006 shall not rank for dividends or any
other distributions declared, made or paid to shareholders in
respect of the financial year ended December 31, 2005, they will
be quoted as SBANK-OA.
The balance of the 5,000 new ordinary shares (foreign) arising
from the exercise of 5,000 (Foreign) Warrants 1996/2006 shall
also not rank for dividends or any other distributions declared,
made or paid to shareholders in respect of the financial year
ended December 31, 2005, they will be quoted as SBANK-02.
As such, there will be four (4) separate quotations from January
24, 2006, they are:
(1) Existing ordinary shares of the Company (local) are
quoted as SBANK.
(2) The 80,861 new ordinary shares (local) will be quoted as
SBANK-OA.
(3) Existing ordinary shares of the Company (foreign) are
quoted as SBANK-01.
(4) The 5,000 new ordinary shares (foreign) will be quoted as
SBANK-02
The Stock Number of the SBANK-OA and SBANK-02 shares are 1333OA
and 133302 and the ISIN Code are MYL1333OA002 and MYF1333O2001,
respectively.
The notices of allotment have been endorsed with the following
remarks:
"The new shares comprised herein shall, upon issue and
allotment, rank pari passu in all respects with the existing
ordinary issued and paid-up shares except that they shall not
rank for dividends or any other distributions declared, made or
paid to shareholders in respect of the financial year ended
December 31, 2005."
SOUTHERN BANK: Issues New Warrants for Listing, Quotation
---------------------------------------------------------
Southern Bank Berhad's additional 85,861 new ordinary shares of
MYR1.00 each arising from the exercise 80,861 Warrants 1996/2006
and exercise of 5,000 Warrants 1996/2006 will be granted listing
and quotation by Bursa Malaysia Securities Berhad effective
January 24, 2006.
CONTACT:
Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
+60 3 2093 3157
WAH SEONG: Commercial Papers, Medium-Term Notes Rated AA3/P1
------------------------------------------------------------
Rating Agency Malaysia has reaffirmed the AA3/P1 ratings of Wah
Seong Corporation Berhad's (Wah Seong or the Group) Murahabah
and Ijarah Commercial Papers/Medium-Term Notes Facilities of up
to MYR200 million (2004/2011). The long-term rating carries a
stable outlook.
Listed on the Main Board of Bursa Malaysia, Wah Seong is
principally involved in the provision of highly specialized
pipe-coating and related support services to the local and
global oil and gas industries.
The Group is also involved in the production and sale of spiral
welded steel pipes, manufacturing and distribution of building
materials to the local market and manufacturing and supply of
palm oil mill equipment and spare parts.
The acquisition of China-based Kanssen (Yadong) Pipe Coating
Services Limited (Kanssen) has placed Wah Seong on a stronger
footing in the Asia-Pacific pipe-coating market. Being a key
player, Kanssen is expected to continue capitalizing on the vast
growth potential of the Chinese market, which would complement
Wah Seong's strong foothold in the Asian market.
Wah Seong's significant presence in the Asia-Pacific region can
be largely attributed to its progressive track record attained
over the years and, following its listing in July 2002,
undergone a planned corporate transformation brought about
through active internal growth and mergers and acquisition.
On its pipe coating activities, it is further strengthened with
the 20-year agreement with Italy's Socotherm SPA, which accords
its pipe coating subsidiary, PPSC Industries Holdings,
territorial rights in the Asia Pacific region. As a reflection
of its business strength, Wah Seong is the largest pipe-coating
company in Asia and the third largest globally.
The favorable outlook for the global oil and gas industry will
be sustained by the high prices of crude oil, expected at USD50
- USD60 per barrel in the next few years. In particular, China
is expected to increase its demand for energy in view of its
rapid economic development.
The country is also expected to deploy more resources to
continue developing its oil and gas industry, in order to meet
its growing demand for energy. In this respect, Wah Seong is
anticipated to capitalize on the sturdy growth momentum of the
Asia-Pacific oil and gas industry.
Notwithstanding the additional borrowings to fund its various
acquisitions, Wah Seong's debt-servicing ability has remained
intact. The Group's ratio for operating profit before
depreciation, interest and tax against its debts is projected at
0.40 - 0.45 times in FYE December 31, 2006.
Moreover, its net gearing ratio, expected at 0.50 - 0.60 times
as at end-December 2006, is well within RAM's initial estimate
of 0.60 times.
Nevertheless, while the various acquisitions have not adversely
affected Wah Seong's business and financial profiles, RAM
cautions that any new, aggressive debt-funded purchase could
change its credit risk profile. In view of this, RAM will
evaluate each acquisition and reassess the Group's credit
standing accordingly.
CONTACT:
Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272
=====================
P H I L I P P I N E S
=====================
EVER GOTESCO: Board Approves Joel Go's Role
-------------------------------------------
At a January 20, 2006 meeting of the Board of Directors of Ever
Gotesco Resources and Holdings Inc., the board members:
1. authorized Joel T. Go, Executive Assistant to the
President, or any of his designated representative, to
apply, sign for and deliver any and all documents, papers
and requisites needed by MERALCO to effect the refund of
the amount due to the Corporation;
2. authorized Joel T. Go, or any of his duly designated
representative to receive and sign for in behalf of the
Corporation, the refund check payable to the Corporation;
and
3. authorized Joel T. Go to designate in writing, the
authorized representative who shall work to accomplish and
finalize the aforecited undertaking.
According to a Troubled Company Reporter - Asia Pacific report
on May 27, 2005, Ever Gotesco Resources & Holdings Inc. is
negotiating with creditors banks for the restructuring of its
debts, in a bid to sustain its operations.
The firm, which earlier reported a decline in its first quarter
net profit this year to Php913,488 from Php9.78 million the
previous level, believes its liquidity problem is just
temporary.
CONTACT:
Ever-Gotesco Resources And Holdings, Inc.
12/F, Ever Gotesco Corporate Center
1958 C. M. Recto Ave., Manila
Phone: 735-6901; 735-0271 to 81 (TL)
Fax: 735-5905; 734-8275
NATIONAL FOOD: Farmers Resist Import Scheme
-------------------------------------------
National Food Corporation's bid to transfer its rice importing
responsibility to the private sector was met with disapproval by
rice farmers' groups, The Manila Times reports.
The National Rice Farmers Council is concerned that the move
would only weaken the government's control of the flow of rice
imports. The group also claims the plan is "a step closer to
full rice trade liberalization".
The organization warned that the proposed liberalization of rice
imports would only worsen rice smuggling in the country.
The NRFC pointed out that the NFA's inadequate budget allocation
continues to cripple government efforts to stabilize rice
prices.
The group also condemned government's dependence on rice
importation as means to ensure the country's rice food security.
The Philippine Star reported earlier that the NFA was inviting
the private sector to join its rice import program and
eventually take over the importation of rice. A private sector
takeover of NFA's responsibility will allow the state-run agency
to gradually make a turnaround from its huge loss of Php22
billion last year.
CONTACT:
National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/
NATIONAL FOOD: 380,500 Sacks of Rice Arriving in Palawan
--------------------------------------------------------
National Food Corporation Palawan expects to take delivery of
around 380,500 sacks of rice to boost the island province's
supply this year, Asia Pulse says.
Out of the 380,500 bags, 170,500 will be distributed in Puerto
Princesa City, 80,000 bags in island town of Coron and 65,000
bags each for Narra and Brookes Point towns.
NFA-Palawan has sufficient supply of rice and buying stations
are set up in Puerto Princesa, Brookes Point, Rizal, Quezon,
Bataraza, Roxas, San Vicente and Taytay, Asia Pulse relates,
citing NFA Provincial Manager Gloria Arenillo.
Ms. Arenillo said the agency is targeting palay procurement of
70,000 which they will be bought to farmers at Php10.50 in
maximum. NFA's quality rice is still being sold at Php18 a
kilo.
NATIONAL POWER: Regulator Considers Next Move
---------------------------------------------
The energy regulator is studying what action to take after the
National Power Corporation and Manila Electric Company refused
to seal a transition supply agreement last Friday, BusinessWorld
says.
According to BusinessWorld, the Energy Regulatory Commission
acknowledged it is powerless when it comes to forcing the two
power firms to sign the deal. The regulator said its only role
is to make sure there is normal delivery of power to consumers.
A transition supply agreement is mandated under the Electric
Power Industry Reform Act (EPIRA) while the government sells
Napocor's generating assets. This will ensure the incoming
private investor will have ready market upon takeover of the
assets.
The two firm's bilateral power supply contract ended on Dec. 31,
2004. But on Jan. 4, 2005, the ERC ordered the two firms to
continue talks pending the consummation of a transition supply
contract to avoid power outages in Meralco's franchise area. The
contract was due for signing on Friday, Jan. 20, 2006.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph
PHILIPPINE TELEGRAPH: Dispute with Smart Heats Up
-------------------------------------------------
Smart Communications Inc. is likely to face an administrative
case if the National Telecommunications Commission could prove
that it has been charging discriminatory access rates on
Philippine Telegraph & Telephone Corp., BusinessWorld reports.
The Manila Bulletin says the two telcos have been fighting over
the computation of their interconnection fees since 1996.
PT&T told the telecommunications regulator that Smart has been
overcharging it for the past 10 years, the paper reveals.
However, Smart countered that this is merely a collection
dispute. The telco claims PT&T still owes it Php2,245,625.83 for
interconnect charges until August 2005 and NTC intervention is
not needed. The telco stressed it has never deviated from the
agreed commercial terms and conditions with PT&T.
Telcos that engage in administrative offenses, like charging
high interconnection rates on rivals or low rates on
subsidiaries, could face penalties ranging from payment of
damages via tapping of performance bonds to temporary suspension
of operations.
CONTACT:
Philippine Telegraph & Telephone Corporation
106 Carlos Palanca Jr St Legaspi Village
Spirit Of Communication Centre Building
Makati City 1229
Philippines
Phone: +63 2 818 0511
Fax: +63 2 8180511
UNITED COCONUT: Seeks Debt-Equity Conversion
--------------------------------------------
Beleaguered United Coconut Planters Bank is urging the
government to convert its remaining Php12 billion debts to
qualify as tier 1 or core capital, relates The Philippine Daily
Inquirer.
The planned debt-equity conversion will help accelerate the
bank's recovery, which is expected in three to four years.
The bank is stepping up efforts to get the Philippine Deposit
Insurance Corporation to approve the conversion by the end of
the first quarter of 2006, The Inquirer says.
In 2003, UCPB received a Php20-billion capital infusion from the
government after the bank was hit hard by heavy deposit
withdrawals following a Supreme Court ruling that the coconut
levy funds were public money.
According to the Inquirer, UCPB has since trimmed its debt with
the PDIC but would like to renegotiate the terms of the
remaining amount. Its earlier proposal was to convert the cash
advances into long-term deposits by PDIC to qualify as tier 2 or
supplementary capital.
The bank found an opportunity to beef up its tier 1 capital
without fresh cash infusion as the Bangko Sentral ng Pilipinas
recently allowed the issuance of hybrid capital instruments as
tier 1 or core capital.
While there is no substitute for traditional core capital such
as equity, the BSP recognized that international practice has
evolved to accommodate more innovative eligible capital
instruments that are potentially more cost-efficient and that
need not result in automatic dilution of current shareholders.
CONTACT:
United Coconut Planters Bank
7907 Makati Ave., Makati City
Telephone: (632) 811-9000
e-mail Address: crc@ucpb.com
Web site: http://www.ucpb.com/
=================
S I N G A P O R E
=================
ARISTAR HOLDINGS: Creditors' Proofs of Claim Due February 20
------------------------------------------------------------
Creditors of Aristar Holdings Pte Limited are required to submit
proofs f claim on February 20, 2006 to:
Lau Chin Huat
Liquidator
C/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
Failure to comply will excluded creditors from the benefit of
the Company's dividend distribution.
ESCOLSING PTE: Creditors Meet to Discuss Liquidation Report
-----------------------------------------------------------
Creditors of Escolsing Pte Limited will meet on February 6, 2006
at 10:00 a.m. to:
-- receive the liquidator's report showing how the Company
was wound up;
-- approve the remuneration of the liquidator and
disbursements; and
-- any other matters.
To be entitled to vote at the meeting, creditors must lodge
their proofs of claim by 12:00 p.m. on February 3, 2006 to:
Ramasamy Subramaniam Iyer
Liquidator
C/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424
ESENCO PTE: Intends to Pay Dividend to Creditors
------------------------------------------------
Esenco Pte Limited notifies parties-in-interest of an intended
dividend to be declared at the Singapore High Court.
Creditors are required to submit their proofs of debts or claims
by February 3, 2006 to:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
HSBC CAPITAL: Receiving Debt Claims Until February 20
-----------------------------------------------------
Creditors of HSBC Capital (Asia) Pte Limited, whose debts or
claims have not already been submitted, are required to submit a
formal proof on or before February 20, 2006 to:
Tam Chee Chong
Liquidator
6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
In default thereof, creditors will be excluded from the benefit
of the dividend.
MAY LEE: Court Issues Winding Up Order
--------------------------------------
On January 13, 2006, the Singapore High Court issued a winding
up order against May Lee Heng (Pte) Limited, citing the
following details:
Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05/#06-11
Singapore 069118
RICHMALL HOLDINGS: Creditors to Receive Dividend
------------------------------------------------
Richmall Holdings Pte Limited intends to pay dividend to its
creditors.
Creditors must submit their proofs of debt or claims on or
before February 3, 2006 to:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===============
T H A I L A N D
===============
INTER FAR EAST: To Resume Trading After Rehabilitation
------------------------------------------------------
The Stock Exchange of Thailand will transfer the securities of
Inter Far East Engineering Public Company Limited from the
REHABCO sector to the Electrical Products and Computer sector
(Technology Group) on January 31, 2006. Trading of the Company's
securities will resume afterwards.
SET Executive Vice President Suthichai Chitvanich confirmed IFEC
requested the approval to transfer its securities to Electrical
Products and Computer sector.
The company has been enjoying net operating profits from its
core business for one year (from Q4/2004 ending December 31,
2004 through Q3/2005 ending September 30, 2005).
IFEC's financial statements, as of September 30, 2005, showed a
positive shareholder's equity of THB255 million.
The company has successfully completed its debt restructuring of
THB1,820 million through the conversion of debt to equity,
repayment of debt with cash, transfer of assets, and well as the
haircut of accrued interest.
The Central Bankruptcy Court ended the company's business
rehabilitation on May 9, 2005, seeing that the Company
demonstrated continuous improvement in performance and financial
standing.
IFEC's financial statements as of September 30,2005 showed total
assets of THB684 million and continued positive cash flows from
operation of THB131 million for nine-months period ended
September 30, 2005.
The company, which is engaged in the trading and hiring of
office equipment, has been tapped as exclusive sales agent for
KONICA copying machines for more than 20 years.
In 2003, management integration between Konica Corporation Co.
Ltd. and Minolta Co. Ltd established a holding company called
Konica Minolta Business Technologies Inc (KMBT).
IFEC has received the confirmation from KMBT to act as an
exclusive distributor of its products in Thailand. The contract
period is two and a half years (starting with October 1, 2005,
ending March 31, 2008).
Major IFEC customers include medium and large companies,
government sectors, and state enterprises.
IFEC has posted an SP sign for a long time when the firm was
transferred to the REHABCO sector. The SET will temporary lift
the ceiling and floor limits on IFEC's securities on January 31,
2006 to allow the market mechanism to work freely.
Moreover, investors should closely consider IFEC's information
as well as its information memorandum before making their
decisions to purchase IFEC's securities. All details have been
disseminated on the SET Market Analysis and Reporting Tool and
other information about the company from its web site:
http://www.ifec.co.th.
CONTACT:
Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: http://www.ifct.co.th
THAI AIRWAYS: Clips Wings on Direct Australian Flights
------------------------------------------------------
Mounting losses have forced Thai Airways International Public
Company Limited to suspend direct flights to Australia, reports
Bangkok Post.
The carrier will discontinue thrice-a-week flights linking
Phuket, Sydney and Melbourne starting February 1 to curb around
THB260-million losses it incurred on the route.
According to Bangkok Post, Thai Airways needed to fill 70
percent of its Boeing 747-400 jets to break even. At present,
it could only fill 62 to 65 percent of the seats, said Vasing
Kittikul, executive vice-president for the commercial
department.
Thai Airways launched the direct Australia-Phuket route in April
2005, in a bid to revive Thailand's tourism industry, which
suffered after the December 2004 tsunami.
Mr. Vasing stressed the airline needed to scrap the service
since it could no longer sustain the operations. However, Mr.
Vasing assured Phuket tourists from Australia and New Zealand
could always use the Bangkok route.
Thai Airways offers 14 Bangkok-Sydney flights a week, and 11
Bangkok-Melbourne flights, plus a daily service to Auckland,
with 70-75 percent of the seats filled on average.
CONTACT:
Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173
THAI PETROCHEMICAL: Share Sale Proceeds Used to Repay Creditors
---------------------------------------------------------------
Thai Petrochemical Industry Public Company Limited reported it
has allotted newly issued capital stock to existing shareholders
on November 30 to December 7, 2005 and to strategic investors on
December 13, 2005 at THB3.30 per share.
The THB38,448,593,003.70 proceeds from the sale of the newly
issued shares were used to repay scheme creditors on December
29, 2005.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
BOND PRICING: For the Week 23 January to 27 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 9
Becton Property Group 9.500% 6/30/10 1
BIL Finance Ltd 8.000% 10/15/07 8
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 8
Fletcher Building Ltd 8.300% 10/31/06 9
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 9
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 11
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 3
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
Sherlock Bay Nickel Ltd 12.000% 9/01/07 1
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% 12/15/08 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
MALAYSIA
--------
Abi Malaysia Bhd 5.500% 5/30/06 30
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 3/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 7/15/07 1
Comsa Farms Bhd 5.000% 2/27/06 50
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 2
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 2
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
Naim Indah Corporation Bhd 0.500% 8/24/06 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, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***