/raid1/www/Hosts/bankrupt/TCRAP_Public/060126.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
Thursday, January 26, 2006, Vol. 9, No. 019
Headlines
A U S T R A L I A
AIR NEW ZEALAND: To Trim U.S. Flights
AUSTRALIAN CREDIT: To Hold Final Meeting on Feb. 7
AUSTRALIAN HOT: Members Agree to Wind Up Firm
BR CONSULTING: To Pay Dividend to Creditors
CENTRAL VIC: Placed Under Voluntary Liquidation
DAROBRIL PTY: Liquidator To Give Wind-Up Report
DREAM GROUP: Inability to Pay Debts Prompts Wind Up
ELECTRICAL & REFRIGERATION: Appoints Official Liquidator
ENVIRONMENTAL SOLUTIONS: Reinstated on the ASX
ER DUDDY: Prepares to Distribute Assets
FUPS PTY: To Declare Final Dividend
GEOFF LOWRY: Shuts Down Business
HMA SERVICES: Liquidator to Report on Company Wind-Up
JOONDALUP COMMERCIAL: Decides to Close Operations
LIGHTMOVES STAFF: Members Favor Liquidation
MARINE FARMS: To Pay Dividend on Feb. 1
MORESROOM PTY: Members Agree to Wind Up Business
MR. QUANDT: Opts to Close Business
PARAGON HAIR: Names Anthony Cant as Liquidator
SANTOS LIMITED: Revenue Up 64% to Record AU$2.46 Bln
SANTOS LIMITED: AU$225-Mln Exploration Focuses on LNG & Oil
STEPHEN JAMIESON: Wind-Up Process Completed
SWITCHED ON: Liquidator to Explain Wind-Up
TEXRON HOLDINGS: Members Pass Winding Up Resolution
WESTPOINT GROUP: Unit Found Insolvent Before Administration
C H I N A & H O N G K O N G
ARCHITECTURAL PRECAST: Creditor Files Winding Up Petition
ASSOCIATE MARBLE: Creditors to Meet on Feb. 1
DON FRANCO: Creditors' Meeting Slated for Feb. 9
ENRICH INVESTMENT: Court Enters Wind-Up Order
FAMILY LIMITED: Commences Winding Up Process
PLEXWOOD LIMITED: Creditors to Meet on Feb. 10
SMART FAME: Decides to Close Operations
TAK SING: Court to Hear Wind-Up Petition Feb. 22
TOP FAITH: Company Gets Wind-up Order
TOTAL PROPERTY: Creditors' Meeting Scheduled on Feb. 10
WEITONG TRANSPORTATION: Court Declares Firm Bankrupt
WORLDWIDE TRANSPORT: Meeting of Creditors Slated for February 10
I N D I A
DEVARSA GASCHEM: Board Meeting Fixed On Jan. 27
GANESH BANK: Merger with Federal Bank Approved
MILLENIUM CYBERTECH: Penny Stock Manipulation Suspected
MOSCHIP SEMICONDUCTOR: Grants Stock Options to Employees
SINGER INDIA: Unveils Outcome of Board Meeting
VANS INFORMATION: Board Approves Capital Restructure
I N D O N E S I A
MERPATI NUSANTARA: Reminds Government of Promised Aid
PERUSAHAAN LISTRIK: Director Named as Suspect in Graft Case
J A P A N
HITACHI LIMITED: To Set Up New Company With Triple Win
HITACHI LIMITED: Launches "BladeSymphony" in Korea
JAPAN AIRLINES: Refund Passengers For Cut Flights
JAPAN BROADCASTING: To Trim Workforce by Over 1,000
LIVEDOOR CO.: Appoints Kozo Hiramatsu as New President
LIVEDOOR CO.: Crisis Prompts Calls for More Oversight
LIVEDOOR CO.: Shares Trade for First Time Since Probe
MITSUBISHI FUSO: Names Jay Johnson as Corporate General Manager
PIONEER CORPORATION: To Delist From New York Stock Exchange
K O R E A
HANARO TELECOM: Issues New Share and Capital Stock
INDUSTRIAL BANK: Moody's Assigns D- Rating to BFSR
M A L A Y S I A
BUKIT KATIL: Provides Updates on Defaulted Loan Facilities
CONSOLIDATED FARMS: Claimant Demands MYR8,769.20 Plus Interest
COMPUGATES HOLDINGS: Incorporates Dormant Subsidiary
KEMAYAN CORPORATION: Unit to Face Court Over Unpaid Taxes
K.P. KENINGAU: Bourse Removes Securities from List
MAGNUM CORPORATION: Shares Up for Listing, Quotation Today
MAGNUM CORPORATION: Holds Share Buy Back
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
ORISOFT TECHNOLOGY: Net Loss Widens in 3Q/FY05
PACIFIC & ORIENT: Repurchases Ordinary Shares
PILECON GEOTECHNICS: Wind-Up Petition May Bring in Losses
RASHID HUSSAIN: Converts ICULS to Ordinary Shares
TAMAN BANDAR: Court Orders Interim Stay for Wind-Up Petition
TIMER STEEL-FAB: Wind-Up Petition Hearing Set March 15
TRANSOCEAN HOLDINGS: Books MYR1,206,000 Net Loss in 2Q/FY05
WONG ENGINEERING: Buys Back 21,000 Ordinary Shares
P H I L I P P I N E S
EXPORT AND INDUSTRY: Shareholders OK Php3-Bln Capital Hike
LAFAYETTE MINING: To Appeal Penalty for Mine Spill
NATIONAL BANK: Keen on U.S. Expansion
NATIONAL FOOD: Public Urged to Monitor Rice Prices
NATIONAL FOOD: Steps Up Campaign to Cut Rice Imports
NATIONAL POWER: Buys Time for Transition Supply Deal
NATIONAL POWER: Php363-Mln Coal Contracts Up for Grabs
S I N G A P O R E
ASAHI KEIKI: Intends to Pay Dividend to Creditors
CHINA AVIATION (S): Ex-CEO Paid Huge Salary Amid Losses
HOTEL MIDDLE: Creditors' Proofs of Claim Due Feb. 20
INFORMATICS HOLDINGS: Seeks Advice to Counter Lawsuit
INFORUM PAC-RIM: To Declare Dividend
KHENG SENG: Court Orders Liquidation
MARCOBILT DEVELOPERS: Schedules Final Meeting Next Month
SHENJU PTE: Receiving Proofs of Claim Until Feb. 20
T H A I L A N D
RS PROMOTION: Eyes Business Expansion
THAI AIRWAYS: Australian Exit Alarms Phuket
- - - - - - - -
=================
A U S T R A L I A
=================
AIR NEW ZEALAND: To Trim U.S. Flights
-------------------------------------
Air New Zealand plans to suspend flights to Los Angeles during
the off-peak season due to lack of passenger demand, Reuters
reports.
In order to curb losses, the national flag carrier said that it
will stop flying the route between April and October but would
keep its daily services from Auckland.
In 2002, Air NZ restructured to a no-frills domestic service.
It is presently working on cutting costs on its services to and
from Australia, and is upgrading its long-haul fleet as part of
a recovery from near-collapse in 2001.
Troubled Company Reporter - Asia Pacific reported last month
that Air NZ proposed to outsource its heavy maintenance engine
work with the loss of 110 jobs.
CONTACT:
Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
e-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/
AUSTRALIAN CREDIT: To Hold Final Meeting on Feb. 7
--------------------------------------------------
A final meeting of the members of Australian Credit Union
Historical Co-operative Limited will be held for the parties to
receive the liquidator's final account on how the Company was
wound up and how its property was disposed of.
The meeting will be held on February 7, 2006, at 10:00 a.m., at
the offices of Smith Hancock, Level 4, in 88 Phillip Street,
Parramatta.
M.J.M. Smith
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150
AUSTRALIAN HOT: Members Agree to Wind Up Firm
---------------------------------------------
After their extraordinary general meeting on December 20, 2005,
the members of Australian Hot Rod Club Pty Limited resolved to
voluntarily wind up the Company's operations.
Subsequently, Stephen Robert Dixon and Laurence Andrew
Fitzgerald were appointed as joint and several liquidators.
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
BR CONSULTING: To Pay Dividend to Creditors
-------------------------------------------
BR Consulting Pty Limited will declare a first and final
dividend on February 3, 2006.
Creditors who are not able to prove their debts or claims will
be excluded from the benefit of the dividend.
A. d'Aloia
Liquidator
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000
CENTRAL VIC: Placed Under Voluntary Liquidation
-----------------------------------------------
Members and creditors of Central Vic Insulations Pty Limited
held a meeting on December 20, 2005, and agreed to wind up the
Company voluntarily.
Moreover, the parties appointed Andrew Stewart Reed Hewitt as
liquidator to oversee the wind-up operations.
Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street,
Melbourne Vic 3000
DAROBRIL PTY: Liquidator To Give Wind-Up Report
-----------------------------------------------
Members of Darobril Pty Limited will convene on February 7,
2006, at 11:00 a.m., to receive the liquidator's report showing
how the Company was wound up and how its property was disposed
of.
Russel Peake
Liquidator
Jenkins Peake & Co. Chartered Accountants
PO Box 1570, Geelong 3220
Phone: 03 5223 1000
Fax: 03 5221 4938
DREAM GROUP: Inability to Pay Debts Prompts Wind Up
---------------------------------------------------
Dream Group 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, Robert Moodie was appointed to oversee the
Company's liquidation activities.
Robert Moodie
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
ELECTRICAL & REFRIGERATION: Appoints Official Liquidator
--------------------------------------------------------
Members of Electrical & Refrigeration Contractors Pty Limited
resolved on December 21, 2005, to wind up the Company's
operations.
A meeting of creditors was held on the same day. Subsequently,
Leonard A. Milner was appointed as liquidator.
Leonard A. Milner
Liquidator
Venn Milner & Co.
Suite 1, 43 Railway Road
Blackburn Vic 3130
ENVIRONMENTAL SOLUTIONS: Reinstated on the ASX
----------------------------------------------
Environmental Solutions International Limited was reinstated on
the Australian Stock Exchange on January 19, 2006.
The Company has released a short form prospectus to remove
restrictions on the sale of shares, which were issued without
disclosure in December 2005.
In the prospectus, the Company invited investors to apply for up
to 200,000 shares at 10 cents each to raise AU$20,000. There
are 227,434,974 shares quoted.
The company's shares were suspended from trading on the ASX on
November 17, 2004, and administrators were appointed two days
after. On September 30, 2005, creditors approved an amended
Deed of Company Arrangement, in connection with the
restructuring and recapitalization of the Company, including the
settlement of all outstanding creditor claims.
The new board, composed of Gregory Fendis, Sachlan Fraval and
Faldi Ismail, plans to develop the Company's Enersludge
technology for processing and dewatering waste sludge.
ER DUDDY: Prepares to Distribute Assets
---------------------------------------
After a general meeting on ER Duddy Pty Limited, the members of
ER Duddy Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.
Joanne Kelly
Liquidator
Paul & Brett Services Proprietary
286 Conadilly Street,
Gunnedah NSW 2380
FUPS PTY: To Declare Final Dividend
-----------------------------------
FUPS Pty Limited will declare its first and final dividend on
January 31, 2006.
Creditors who are not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Paul Sweeney
Terry Van der Velde
Liquidators
SV Partners
16/120 Edward Street,
Brisbane, Queensland 4000
GEOFF LOWRY: Shuts Down Business
--------------------------------
The members of Geoff Lowry Design Pty Limited convened on
December 22, 2005, and concurred that the Company should wind up
its operations.
The Company's creditors appointed Clyde Peter White and Philip
Newman as liquidators at a creditors' meeting held that same
day.
Philip Newman
Clyde P. White
Liquidator
HLB Mann Judd Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000
HMA SERVICES: Liquidator to Report on Company Wind-Up
-----------------------------------------------------
A final meeting of the members and creditors of HMA Services Pty
Limited will be held on February 8, 2006, at 10:00 a.m.
At the meeting, the Company's liquidator, I. J. Purchas, will
report the activities that took place during the wind-up period
as well as the manner by which the Company's property was
disposed of.
I. J. Purchas
Liquidator
c/o Level 1, 32 Martin Place
Sydney NSW
JOONDALUP COMMERCIAL: Decides to Close Operations
-------------------------------------------------
At Joondalup Commercial Food Equipment Pty Limited's meeting on
December 15, 2005, creditors resolved that it is in the
Company's best interests to liquidate its operations.
Kim David Holbrook was appointed to oversee the wind-up.
Kim D. Holbrook
Holbrook & Associates Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001
LIGHTMOVES STAFF: Members Favor Liquidation
-------------------------------------------
On December 16, 2005, members of Lightmoves Staff Plan Pty
Limited convened and agreed that:
-- the Company be wound up voluntarily; and
-- Gregory Stuart Andrews be appointed to supervise the wind-
up activities.
Greogry S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
MARINE FARMS: To Pay Dividend on Feb. 1
---------------------------------------
Marine Farms Research and Development Pty Limited will declare a
first and final dividend on February 1, 2006.
Creditors who are not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999
MORESROOM PTY: Members Agree to Wind Up Business
------------------------------------------------
Members of Moresroom Pty Limited held a meeting on December 15,
2005, and agreed on the Company's need to liquidate.
Creditors named Andrew Stewart Redd Hewitt to manage the
Company's wind-up activities at a creditors' meeting held later
that day.
Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000
MR. QUANDT: Opts to Close Business
----------------------------------
On December 16, 2005, members and creditors of Mr. Quandt Pty
Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.
As a result, Ozem Kassem was appointed as official liquidator.
Ozem Kassem
Liquidator
Bentleys MRI Sydney
Business Recovery & Insolvency Partnership
Level 8, Carrington House
50 Carrington Street, Sydney NSW
PARAGON HAIR: Names Anthony Cant as Liquidator
----------------------------------------------
At a meeting of the members of Paragon Hari & Beauty Pty Limited
on December 23, 2005, Anthony Robert Cant was appointed to
supervise the Company's wind-up activities.
Anthony R. Cant
Liquidator
Romanis Cant Chartered Accountants
106 Hardware Street, Melbourne
SANTOS LIMITED: Revenue Up 64% to Record AU$2.46 Bln
----------------------------------------------------
Santos Limited recorded a AU$2.46 billion sales revenue for
2005. This figure is up 64% from the AU$1.5 billion which the
Company achieved in 2004.
The result was driven by a 19% increase in production -- 56.0
million barrels of oil equivalent (mmboe) -- together with
continuing higher oil and gas prices. This full-year production
was ahead of Santos' initial and revised 2005 targets of 54.0
mmboe and 55.0 mmboe respectively.
Fourth quarter 2005 production of 14.8 mmboe was 15% higher than
the output during the same period in 2004. This increase
reflects the new projects commissioned during 2005, including
Mutineer-Exeter and John Brookes offshore Western Australia,
together with the acquisitions of Fairview in southwest
Queensland and increased interests in the Otway basin in
Victoria.
The AU$679 million sales revenue during the fourth quarter was
the second highest ever reported by Santos and was 39% ahead of
the previous corresponding period in 2004. This revenue figure
is 11% below the record for the third quarter of 2005 due to the
timing of LPG liftings and the seasonal factors, which impact on
gas sales.
The average realized gas price in the fourth quarter of AU$3.80
and oil price of AU$79.97 (US$59.85) were 12% and 41% higher
respectively compared with the previous corresponding period.
Santos' managing director, John Ellice-Flint, said that the
record revenue is an outstanding result and testament to the
strategy of growing the business outside of the traditional
eastern Australian gas assets.
"The oil, condensate and LPG contribution from projects such as
Mutineer-Exeter, offshore Western Australia, and the first phase
of the Bayu-Undan project, offshore Darwin, have significantly
changed the profile of the company at a time of sustained high
commodity prices," Mr. Flint explained.
Moreover, Mr. Flint added that the Company's outlook "is for
further production growth in 2006 to between 60 and 61 mmboe as
we bring further new projects into production, including the LNG
phase of Bayu-Undan, Casino offshore Victoria, and Oyong in East
Java."
Other developments during the last quarter of 2005 include:
* Completion of the acquisition of the minority interests in
Tipperary Corporation for US$466 million (AU$612 million),
which delivers an approximate 75% operated interest in
the Fairview coal seam gas field in Queensland;
* The award of the NT/P69 block in the Timor Sea to Santos
(40%) and ConocoPhillips 60%), which contains the Lynedoch
gas resource and is immediately adjacent to the recent
Caldita gas discovery;
* Completion of construction of onshore gas processing
facilities and the ramp-up of production from the John
Brookes field in the Carnarvon Basin, offshore Western
Australia;
* Significant progress on the Casino gas development offshore
Victoria, with the laying of the pipeline in preparation
for first gas ahead of schedule early in 2006;
* Commissioning of the Bayu-Undan LNG plant at Wickham Point
near Darwin, with first cargos of LNG now expected ahead of
schedule by early February 2006; and
* Progress on the Oyong project offshore East Java, with the
completion of development drilling and ongoing conversion
works on the Floating Storage and Offtake vessel (FSO)
and the production barge. Due to the timing of the
conversion of these vessels, first oil production is now
expected late in the first half of 2006 and the total
project cost is forecast to increase by approximately 30%
to US$130 million.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SANTOS LIMITED: AU$225-Mln Exploration Focuses on LNG & Oil
-----------------------------------------------------------
For 2006, Santos Limited will focus its 25-well, high-impact
exploration program on liquefied natural gas and oil.
The total 2006 expenditure across the Company's Australian and
overseas exploration areas is forecast at AU$225 million,
compared with the AU$187 million spent on exploration in 2005.
To reflect the widening geographical nature of Santos'
exploration portfolio, 17 of the 25 wildcat wells will be
drilled outside Australia. This includes eight wells in the
Company's core Indonesian area, two in its emerging Timor-
Bonaparte region, and seven in Santos' new areas of interest
like Egypt and the shallow water Gulf of Mexico in the United
States.
In Australia, two wells will be drilled in the Carnarvon Basin,
offshore Western Australia, one well in Queensland's Bowen
Basin, two in the Otway Basin, and three in the onshore
Cooper Basin.
Materiality is weighted towards the third and fourth quarters of
2006 when the Lynedoch and Evans Shoal South prospects will be
drilled in the Timor-Bonaparte, along with exploration wells in
the Kutei and East Java basins in offshore Indonesia.
In the past year, Santos has increased its acreage position in
Australia and the U.S., and, as part of building a stronger
international business, acquired exploration acreage in
Kyrgyzstan and Egypt.
In total, over 35,000 square kilometers of new acreage was
incorporated into the Santos exploration portfolio last year.
STEPHEN JAMIESON: Wind-Up Process Completed
-------------------------------------------
Members of Stephen Jamieson Pty Limited convened on December 15,
2005, to liquidate the Company's business operations.
Subsequently, the members named Paul Driver to administer the
wind-up activities.
Paul Driver
Liquidator
c/o Hardwicke's Chartered Accountants
6 Phipps Close, Deakin ACT 2600
SWITCHED ON: Liquidator to Explain Wind-Up
------------------------------------------
The members and creditors of Switched On Living Pty Limited will
convene on February 3, 2006, at 9:00 a.m., to receive the
liquidator's account regarding the Company's completed wind-up
and disposal of property.
Stephen Baker
Liquidator
Stephen Baker & Co.
Suite 2, 98 Woolwich Road
Woolwich NSW 2110
TEXRON HOLDINGS: Members Pass Winding Up Resolution
---------------------------------------------------
On December 22, 2005, members of Texron Holdings Pty Limited
agreed that a voluntary wind-up of the Company is necessary and
in its best interests.
As a result, Stephen Robert Dixon and Laurence Andrew Fitzgerald
were appointed to supervise the Company's wind-up activities.
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 GROUP: Unit Found Insolvent Before Administration
-----------------------------------------------------------
Administrators of Westpoint Group say that the group's funding
arm, Bayshore Mezzanine, may have been insolvent for eight
months before their appointment, The West Australian reports.
According to The West Australian, Bayshore Mezzanine raised
AU$36 million from 380 investors for a residential project in
Melbourne. PricewaterhouseCoopers Australia administrators say
that there is evidence suggesting it may have been insolvent as
early as April 2005.
A report by PwC also states that there is evidence to support
potential legal action against the Company's Board, noting that
the risks associated with lending money to the project developer
were not properly managed by Bayshore.
PwC, which was called in last December, has recommended that
Bayshore be liquidated.
==============================
C H I N A & H O N G K O N G
==============================
ARCHITECTURAL PRECAST: Creditor Files Winding Up Petition
---------------------------------------------------------
Redland-GRC Joint Venture Ltd has filed a winding up petition
against Architectural Precast Limited on December 16, 2005.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 8, 2006, at 9:30 a.m.
Creditors or contributories who wish to support or oppose the
Petition may appear in Court at the time of the hearing.
Any person who intends to appear at the hearing must serve a
written notice of his intention not later than 6:00 p.m. on
February 7, 2006, to:
Messrs. Deacons
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
ASSOCIATE MARBLE: Creditors to Meet on Feb. 1
---------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a
meeting of Associate Marble Maintenance And Service Co.
Limited's creditors will be held at 11:00 a.m. on February 1,
2006, at Room 1903, 19/F, World-Wide House, 19 Des Voeux Road in
Central 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 4 p.m. on January 31, 2006, at the meeting location.
DON FRANCO: Creditors' Meeting Slated for Feb. 9
------------------------------------------------
The creditors of Don Franco (HK) Company Limited will meet at
9:30 a.m. on February 9, 2006, at the High Court, High Court
Building, No. 38, in Queensway, Hong Kong, to determine whether
or not to appoint liquidators of the company.
ENRICH INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
Enrich Investment Limited presented a petition to wind up its
operations on November 15, 2005.
Accordingly, on January 11, 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:
Enrich Investment Limited
Rm 1901 Nam Wo Hong Building
No. 148 Wing Lok Street
Sheung Wan
Hong Kong
FAMILY LIMITED: Commences Winding Up Process
--------------------------------------------
Family Limited has received a wind-up order from the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on January 11, 2006.
The company's registered office is located at Shop 7 G/F Rica
Victoria No. 28 Java Road, in North Point, Hong Kong.
PLEXWOOD LIMITED: Creditors to Meet on Feb. 10
----------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a
meeting of Plexwood Limited's creditors will be held at 2:30
p.m. on February 10, 2006, at 5th Floor, Allied Kajima Building,
138 Gloucester Road, in Wanchai, Hong Kong. At the meeting, the
creditors will vote on 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.
SMART FAME: Decides to Close Operations
---------------------------------------
A winding up petition was served on Smart Fame Industrial
Limited on November 14, 2005.
On January 11, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.
CONTACT:
Smart Fame Industrial Limited
G/F Nos. 263-365 Ki Lung Street
Shamshuipo Kln
TAK SING: Court to Hear Wind-Up Petition Feb. 22
------------------------------------------------
Yue Fai Construction Equipments Company presented a petition for
the winding up of Tak Sing Construction Works Limited on
December 29, 2005.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 22, 2006, at 9:30 a.m.
Creditors or contributories of Tak Sing who wish to support or
oppose the Petition may appear in Court at the time of the
hearing. A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on February 21,
2006, to:
William Sin & So
Solicitors for the Petitioner
Room 401, 4th Floor
United Chinese Bank Building
31-37 Des Voeux Road
Central, Hong Kong
TOP FAITH: Company Gets Wind-up Order
-------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance has entered an order approving Top Faith
Technology Development Limited's wind-up.
CONTACT:
Top Faith Technology Development Limited
Flat 7 17th Floor Blk A Wah Tat Ind
Ctr Nos. 8-10 Wah Sing St Kwai
Chung, New Territories
TOTAL PROPERTY: Creditors' Meeting Scheduled on Feb. 10
-------------------------------------------------------
The creditors of Total Property Services Limited will meet at
2:45 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.
WEITONG TRANSPORTATION: Court Declares Firm Bankrupt
----------------------------------------------------
A bankruptcy order against Weitong Transportation Company was
issued on January 9, 2006. All debts due to the estate should
be paid to the official receiver, ET O'Connell.
WORLDWIDE TRANSPORT: Meeting of Creditors Slated for February 10
----------------------------------------------------------------
A meeting of Worldwide Transport (Far East) Limited's creditors
will be held on February 10, 2006, at 3:00 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.
=========
I N D I A
=========
DEVARSA GASCHEM: Board Meeting Fixed On Jan. 27
-----------------------------------------------
A meeting of the Board of Directors of Devarsa Gaschem Limited
will be held on January 27, 2006, to consider:
1. the approval of the account for the quarter ended
December 31, 2005; and
2. the status of Amalgamation of Confidence Cylinders &
Petrochem Pvt Ltd with the Company.
CONTACT:
Devarsa Gaschem Ltd
Jijamata nagar, Next to RCF Gate No. 2,
Mahul Gaon, Chembur Rd
Mumbai 400074
Maharashtra
GANESH BANK: Merger with Federal Bank Approved
----------------------------------------------
On January 24, 2006, the Government of India approved the scheme
for the amalgamation of The Ganesh Bank of Kurundwad Ltd., with
The Federal Bank Ltd.
All of The Ganesh Bank's branches will function as branches of
The Federal Bank, effective January 25, 2006.
Customers, including depositors of The Ganesh Bank will be able
to operate their accounts as customers of The Federal Bank. The
Federal Bank is making necessary arrangements to ensure that
service, as usual, is provided to the customers of The Ganesh
Bank.
In accordance with the Scheme of Amalgamation, if any surplus
remains after meeting all the liabilities from the realization
of assets of The Ganesh Bank, the shareholders may receive pro-
rata payment.
CONTACT:
The Ganesh Bank of Kurundwad Ltd.
Laxmi Road, Near Jain Basti
Taluka Shirol
Kurundwad
Kohlapur- 416 106
Phone: 02322- 44213
Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in
MILLENIUM CYBERTECH: Penny Stock Manipulation Suspected
-------------------------------------------------------
On January 24, 2006, The Securities and Exchange Board of India
issued these orders in the matter of Millennium Cybertech Ltd.:
a) Millennium Cybertech Ltd. is directed not to issue any
equity shares or any other instrument convertible into
equity shares or will not alter its capital structure;
b) The promoters of Millennium Cybertech Ltd. viz, CornHill
Trading Company Ltd., Cute Productions Pvt. Ltd. and
Stardom Trading Company Pvt. Ltd. are ordered not to buy,
sell or deal in securities of Millennium Cybertech Ltd.
directly or indirectly;
c) Private corporate shareholders of Millennium Cybertech Ltd.
viz, Ampu Traders Pvt. Ltd., Rajput Textiles Ltd., Jupiter
Securities & Properties Pvt. Ltd. and Camcon Engineers Ltd.
are directed not to buy, sell or deal in securities of
Millennium Cybertech Ltd. directly or indirectly;
d) Clients Amar Adhav, Umesh Choukekar, Deepak Todkar, Deepak
Narvekar, New Leader Trading Co Pvt. Ltd., Fineline
Mercantile Co. Pvt. Ltd., Rightstar Trading Co. Ltd.,
Santosh Pawar, Rajkishore Singh, Sharpline Trading co. Pvt.
Ltd., Interlink Financial Services Ltd., Ritedeal Trading
Co. Pvt. Ltd., Stockholm Mercantile Co. Pvt. Ltd., Sandeep
Kadam and Jayesh Waghela, are directed not to buy or deal
in any securities, directly or indirectly;
e) Clients Shree Ambey Textiles Pvt. Ltd. and Goldcity Exports
Pvt. Ltd. are directed not to buy, sell or deal in
securities of Millennium Cybertech Ltd. directly or
indirectly;
f) Clients Harish Sujan, Ghanshyam Sujan, Neel Sujan,
Ramsudhakaran Menon, Shantha Bai, Bernard D'Souza, Rajendra
Adukia and Abhayraj Rampher Shukla are directed not to buy
sell or deal in securities of Millennium Cybertech Ltd.
directly or indirectly;
g) Stock brokers viz. Indiabulls Securities Ltd., Jaypee
Capital Services Ltd., Fortis Securities Ltd., Vijay
Bhagwandas and Company, Insight Share Brokers Pvt. Ltd. and
Joindre Capital Services Ltd. are directed not to buy, sell
or deal in securities of Millennium Cybertech Ltd. directly
or indirectly;
h) Further, a separate order has been issued against stock
broker Galaxy vide order no. WTM/GA/MIRSD/46/1/06 dated
January 24, 2006 for the alleged involvement in penny
stocks as a whole; and
i) The Depositories, NSDL and CDSL will not give effect to
any transfer of shares of Millennium Cybertech Ltd. lying
in the beneficial owner accounts of the promoters, private
corporate shareholders, and clients.
These directions will take effect immediately and will be in
force until further orders.
Millennium is a small cap company whose financial performance
has consistently been lackluster through five quarters ended
September 30, 2005. Its share price, which was ruling around
INR18 and INR23 during the period June 2004 to March 2005,
suddenly rose at the level of INR66 at the end of May 2005. The
share price suddenly exhibited a spurt priced at around INR65 to
INR240 between June 1, 2005 and September 30, 2005. The rise in
the share price was also accompanied by an increase in the
trading volumes. The share prices are currently hovering around
INR2.49 with a face value of INR1. The sudden transient spurt
in the share price, without a backup of commensurate financial
performance and absence of any positive corporate announcements
makes the rise appear artificial.
The promoters of the company have offloaded shares during the
period of the price rise both through market as well as through
a web of off market transactions in a cosy arrangement between a
set of interconnected clients. All these clients have also
appeared in the orders passed by SEBI in the case of IFSL Ltd,
Mega Corporation Ltd. and Karuna Cables Ltd. bringing out their
involvement in the trading in such scrips. Clearly there
appears to be an elaborate and crafty scheme designed by a set
of people, collectively and carefully masterminding the
manipulation of shares of low cap companies at the cost of the
lay investors. The artifice employed by the promoters in the
case of Millennium Cybertech Ltd. appears to have been a
standard one followed in the case of several small cap companies
viz IFSL Ltd, Mega Corporation Ltd. and Karuna Cables Ltd.
against which SEBI has already passed orders. It has all the
ingredients of a penny stock manipulation.
MOSCHIP SEMICONDUCTOR: Grants Stock Options to Employees
--------------------------------------------------------
Moschip Semiconductor Technology Ltd's Compensation Committee
resolved on January 24, 2006, to grant eligible employees an
aggregate of 27,000 stock options under the Moschip Stock Option
Plan - 2001 & 2002, at a price of INR41.50 per option (Closing
Price as of January 23, 2006, at the Bombay Stock Exchange).
These options will be endowed to employees after a year, equally
in a span of four years from the date of grant, and can be
exercised within five years from the date of the endowment.
Moschip Semiconductor has been struggling to lift its weak
financial performance and overcome stiff competition in the past
two years.
In the first quarter of the current fiscal year, the Company
booked a net loss of INR13.12 million.
CONTACT:
Moschip Semiconductor Technology Ltd
8-2-685/1/1, Road No.12, Banjara Hills,
Hyderabad - 500 034
Phone: +91 40 2337 9440
Fax: +91 40 2337 9439
e-mail: financials@moschip.com
Web site: http://www.moschip.com
SINGER INDIA: Unveils Outcome of Board Meeting
----------------------------------------------
The Board of Directors of Singer India Limited will convene a
meeting on January 31, 2006, to consider and record the
unaudited financial results for the quarter ended December 31,
2005.
On January 23, 2006, the Board has accepted the resignation of
two members, Stuti Narain Kacker and Rajiv Sud.
Furthermore, the Board has accepted the resignation of M/s BSR &
Co. Chartered Accountants as auditors of the Company. The Board
also proposed the appointment of M/s Walker, Chandiok & Co as
statutory auditors for the remaining part of the financial year
2005-2006, subject to the approval of members.
CONTACT:
Singer India Limited
A-26/4, Mohan Co-op. Ind. Area,
2nd Floor, Guru Angad Dev Bhawan
New Delhi 110044
India
Phone: 56179293 51679294
Fax: 51679295
VANS INFORMATION: Board Approves Capital Restructure
----------------------------------------------------
The Board of Directors of Vans Information Limited met on
January 24, 2006, and approved:
1. The reduction and reorganization of the capital of the
Company, which includes write-off of accumulated losses
as on March 31, 2005, and issue of 1% Cumulative
Redeemable Preference Share, subject to approval of the
Company's shareholders. Consequent on the
reorganization, the issued, subscribed and paid-up
capital of the Company will be reorganized from
INR6,12,22,000 divided into 61,22,000 equity shares of
INR10 each, to INR1,72,23,000 divided into 17,23,200
equity shares of INR10 each and 15,50,000 Cumulative
Redeemable Preference shares of INR10 each;
2. The Company's merger with Inhouse Creations Pvt Ltd, as
based on the draft Scheme of Arrangement and
Amalgamation. The merger is still subject to the
approval of shareholders.
CONTACT:
Vans Information Ltd
35-C, Popular Press Building,
Pandit Madan Mohan Malaviya Road, Tardeo
Mumbai 400034
Maharashtra
Phone: 24960300
Fax: 24945294
=================
I N D O N E S I A
=================
MERPATI NUSANTARA: Reminds Government of Promised Aid
-----------------------------------------------------
PT Merpati Nusantara Airlines called the government's attention
to stick to its promise to help turn the Company around, Asia
Pulse says.
According to Asia Pulse, the Indonesian Government and House of
Representatives agreed last year to increase efforts to save the
troubled domestic airline, which could not pay its debts due to
financial woes.
The Government had promised to inject up to IDR400 billion into
the Company. However, since it is also cash-strapped, the
Government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the Company to
continue its business.
Asia Pulse relates that the Commission VI Deputy Chairman said
that the Government will be asked for a cash advance or asked to
seek a strategic partner in order to keep Merpati afloat.
CONTACT:
Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720 - Indonesia
Tel: (021) 6548888
Fax: (021) 6540620
E-mail: marketing@merpati.co.id
PERUSAHAAN LISTRIK: Director Named as Suspect in Graft Case
-----------------------------------------------------------
Police arrested PT Perusahaan Listrik Negara Primary Energy
Director Ali Herman on January 23, 2006, for his alleged role in
a 2004 generation project, the Jakarta Post reports.
Investigation Chief Benny Mamoto told the Post that Mr. Herman
was detained following the arrest of another PLN director, Agus
Darmadi, for allegations of graft.
The Post recounts that PLN bought three generators to provide
additional power for the 2004 National Games in Palembang,
Indonesia. However, in an audit by the Supreme Audit Agency, it
was discovered that the generator prices were marked up by more
than IDR122 billion. It is believed that Mr. Darmadi bought
second-hand generators, yet listed them in PLN's accounting
books as new.
Businessman Johannes Kennedy Aritonang, owner of PT Cipta Guna
Mandiri, which sold the generators to PLN, was also arrested for
his role in the project. The investigation is still ongoing,
and police will summon others who may have been involved in the
case, the Post adds.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
=========
J A P A N
=========
HITACHI LIMITED: To Set Up New Company With Triple Win
------------------------------------------------------
Hitachi Limited and Hitachi Triple Win Corporation entered into
a basic agreement to establish an entity that will provide
finance and human resources shared services for the Hitachi
Group.
The Hitachi Group is implementing various measures as part of a
company-wide effort to increase management efficiencies. The
establishment of the new company will streamline finance and
human resources processes and procedures. The new company will
also plan to provide services to other corporate groups by
making use of the Hitachi Group's accumulated expertise in
finance and human resources administration.
The Agreement provides for these basic terms:
1. Schedules for Corporate Split and Establishment of the New
Company
Late January 2006 - Conclusion of Corporate Split Plan
(Hitachi and Hitachi Triple Win)
Mid-February 2006 - Approval of Corporate Split Plan by
General Meeting of Shareholders (Hitachi Triple Win)
April 1, 2006 - Date of Corporate Split and New Company
Establishment
April 3, 2006 - Date of Registration of Corporate Split and
New Company Establishment
Hitachi will split the relevant business without the approval
of the Corporate Split Plan by the General Meeting of
Shareholders, pursuant to the Article 374-6, Paragraph 1 of
the Commercial Code of Japan.
2. Method Used for Corporate Split and Establishment of New
Company
A new company will be formed by a corporate split procedure.
Hitachi's Human Capital Solution Center and Hitachi Triple
Win's Finance Shared Service Division will be transferred to
a new company jointly established by the two companies
through a joint corporate split. Then, the new company will
become a 100% subsidiary of Hitachi, Ltd.
3. Stock allocation
(a) Number of Shares to Be Allocated
Hitachi and Hitachi Triple Win will receive 9,800 shares
and 4,200 shares of common stocks of the new company,
respectively.
(b) Calculation Methods
Hitachi and Hitachi Triple Win have confirmed assets and
liabilities of the businesses to be split, and have
agreed on this stock allocation ratio based on the net
asset value method:
Hitachi: Hitachi Triple Win = 7:3
4. Payments
There is no payment with regard to the allocation of shares.
5. Rights and Obligations to be Transferred
Hitachi and Hitachi Triple Win will transfer the assets,
liabilities, intellectual properties, and contractual status
relating to the businesses to be split as of the day before
the date of registration of corporate split.
About Hitachi, Ltd.
Hitachi Limited, headquartered in Tokyo, Japan, is a leading
global electronics company with approximately 347,000 employees
worldwide. Fiscal 2004 (ended March 31, 2005) consolidated
sales totaled 9,027.0 billion yen ($84.4 billion). The company
offers a wide range of systems, products and services in market
sectors including information systems, electronic devices, power
and industrial systems, consumer products, materials and
financial services.
About Hitachi Triple Win
Hitachi Triple Win Corporation, headquartered in Tokyo, Japan,
is a shared-service company who mainly provides financial and
accounting affairs services such as book-keeping, journal
entries, receipts and disbursements, fixed assets administration
to Hitachi group companies and several other companies.
CONTACT:
Hitachi Limited
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo 101-8010, Japan
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375
HITACHI LIMITED: Launches "BladeSymphony" in Korea
--------------------------------------------------
Hitachi Limited will launch a new integrated service platform
"BladeSymphony" in Korea. LG Hitachi Limited, a joint company of
LG Corporation and Hitachi Limited, will provide BladeSymphony
in the country.
Hitachi announced in a press release that it is attempting to
promote sales of its blade server products, which are aimed at
corporations and organizations such as public institutions and
Internet service companies, in order to achieve a 15% share of
the Korean blade server market by 2009.
As part of the global development of its IT platform business,
and following the launch of its server systems business in North
America announced last November, Hitachi is now planning to
develop its server systems business in Korea, an internet-
advanced country whose enterprise systems market is expected to
grow, focused around BladeSymphony.
The BladeSymphony product series has been available on the
Japanese market since its original launch in 2004. More than
100 systems have been shipped as alternatives to mainframes and
UNIX units for mission critical applications in industries such
as finance and telecommunications.
Hitachi is collaborating with LGH in the planning of business
strategy, including sales, marketing, and the development of
customers and business partners, as well as the establishment of
a support structure to deliver high-quality service. Hitachi
also provides LGH with technical support, sharing its
accumulated knowledge on system consulting and management.
Hitachi will continue to actively expand its server systems
business in Korea in cooperation with LGH.
The major benefits of Hitachi's BladeSymphony include:
1. Multi-platform capability for server consolidation
* Supports the latest Microsoft Windows Server 2003 and Red
Hat Enterprise Linux
* Accommodates both the Intel Xeon Processor and the Intel
Itanium Processor in the same chassis
* Easy and flexible server management with Hitachi's
management software
2. Adoption of the latest technologies
* The world's first unique hardware-based virtualization
working with Intel Virtualization Technology on Intel
Itanium Processor, making full use of computing resources
* Ability for both scale up and scale out for performance
enhancement and optimization
* The world's first adoption of FSB 667 MHz Intel Itanium
Processor based server module
JAPAN AIRLINES: Refund Passengers For Cut Flights
-------------------------------------------------
Japan Airlines Corporation has paid US$430 each to 800
passengers because of flights that were canceled due to human
error, UPI Business News reports.
Flights 74 and 76 of JAL subsidiary JALways, which were
scheduled to fly Sunday from Tokyo to Honolulu, initially were
delayed because of heavy snowfall. However, the flights were
later canceled due to error on the part of JAL employees.
Because of heavy snowfall, 120 international flights to and from
Narita Airport were canceled on Saturday and Sunday, forcing
more than 10,000 travelers to stay overnight at the airport.
CONTACT:
Japan Airlines Corporation
2-4-11, Higashi-shinagawa, Shinagawa-ku
Tokyo 140-8605, Japan
Phone: +81-0120-25-5931
JAPAN BROADCASTING: To Trim Workforce by Over 1,000
--------------------------------------------------------
Japan Broadcasting Corporation will cut its workforce by 1,200,
over a three-year period due to a drop in viewer fee revenue,
The Asahi Shimbun reports.
Asahi Shimbun says that the public broadcaster also plans to
reduce satellite broadcasts.
According to reports, the Company's fee revenue for fiscal 2006
was projected at JPY594 billion, which is JPY47 billion less
than fiscal 2004's level. The Company hopes to rebound to
JPY614 billion by fiscal 2008.
CONTACT:
Japan Broadcasting Corporation (Nippon Hoso Kyokai)
2-2-1, Jinnan, Shibuya-ku
Tokyo, 150-8001, Japan
Phone: +81-3-3465-1111
Fax: +81-3-3469-8110
Web site: http://www.nhk.or.jp
LIVEDOOR CO.: Appoints Kozo Hiramatsu as New President
------------------------------------------------------
Livedoor Co. has appointed Executive Vice President Kozo
Hiramatsu as new president, replacing Takafumi Horie, who is
under arrest for Securities and Exchange Law violations, The
Mainichi Daily News reports.
The Company said that officer Fumito Kumagai has also been
appointed a representative director as of Tuesday.
Before coming to Livedoor, Mr. Hiramatsu set up an accounting
software firm called Yayoi. He worked for consumer electronics
giant Sony between 1973 and 1986.
Meanwhile, Bloomberg News reported that the shares of Livedoor
affiliates rose on Tuesday for the first time since prosecutors
raided the Company's headquarters on January 16. The search
triggered a drop in Japanese stocks that led the exchange to
stop trading for the second time in its history.
CONTACT:
Livedoor Co., Ltd.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi
Minato-ku, Tokyo
Japan
e-mail: info@livedoor.jp
LIVEDOOR CO.: Crisis Prompt Calls for More Oversight
----------------------------------------------------
The arrest of Livedoor Co.'s top executives has prompted calls
to improve the capacity of Japan's financial regulators, The
Wall Street Journal reports.
According to The Journal, after the arrests of Livedoor's chief
executive officer, Takafumi Horie, and three other company
officials, the Japanese Government considers expanding the
Securities Exchange and Surveillance Commission (SESC) to
protect investors at a time when rising share prices are
attracting more ordinary people into the stock market.
The Journal relates that SESC's role was probed last week after
prosecutors found problems at Livedoor and raided its
headquarters. Normally, the SESC finds problems at firms and
recommends them to prosecutors for formal investigation. But in
Livedoor's case, the prosecutors acted first, creating an
embarrassment for SESC regulators.
Investigators believe that the executives are to blame for the
unfolding financial scandal, including dubious corporate
takeover deals and allegations of falsifying financial figures
in 2004.
LIVEDOOR CO.: Shares Trade for First Time Since Probe
-----------------------------------------------------
Livedoor Co. shares traded normally on Wednesday, clearing a
backlog of orders that forced the Tokyo Stock Exchange to
shorten trading hours to ease the burden on its systems,
Bloomberg News relates.
The company's stock tumbled 80% since the January 16 raid,
wiping out JPY586 billion (US$5.1 billion) of market value.
Livedoor, which has been placed under watch for possible
delisting, ousted its president, Takafumi Horie, on Tuesday
after he was arrested with three other senior executives for
violating securities laws.
MITSUBISHI FUSO: Names Jay Johnson as Corporate General Manager
---------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation has appointed Jay
Johnson as Corporate General Manager of Procurement and Supply.
In his new position, Mr. Johnson is responsible for leading the
company's efforts to achieve the highest levels of quality and
efficiency in all purchasing activities. He reports directly to
Harald Boelstler, MFTBC president and chief executive officer.
Mr. Johnson, a 19-year veteran of the automotive industry, most
recently served as Director of International Procurement &
Strategy for DaimlerChrysler in Auburn Hills, Mich., U.S.A.
Before that, he was the Executive General Manager of Supply for
Mitsubishi Motors Corporation in Tokyo. Previously, he held a
variety of positions in supply and materials management with
DaimlerChrysler and the Chrysler Group. Before joining
Chrysler, Mr. Johnson worked at Honda of America in Marysville,
Ohio. He holds a Bachelor of Science degree in Industrial
Management and a Master of Science in Industrial Administration
from Purdue University.
Mr. Johnson succeeds Karl Deppen, who has been promoted to
Director of Operations, Strategy and B2B for DaimlerChrysler's
Global Purchasing & Supply organization.
Mitsubishi Fuso Truck & Bus Corporation is one of Asia's leading
commercial vehicle manufacturers. DaimlerChrysler AG owns 85%
of MFTBC shares. The remaining 15% of shares continue to be
held by various Mitsubishi group companies. Mitsubishi Fuso is
an integral part of DaimlerChrysler's Commercial Vehicles
Division.
CONTACT:
Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan, Minato-ku,
Tokyo 108-8285
Japan
Web site: http://www.mitsubishi-fuso.com
PIONEER CORPORATION: To Delist From New York Stock Exchange
-----------------------------------------------------------
As disclosed on December 8, 2005, Pioneer Corporation has
proceeded with the delisting of its American Depositary Receipts
from the New York Stock Exchange.
The United States Securities and Exchange Commission approved
the delisting effective at the opening of business (New York
time) on January 23, 2006, and the delisting of the Company's
ADRs from the New York Stock Exchange took effect at the same
time.
With respect to the ADR program, the Company plans to commence
the termination process. However, there will be no effect on
the rights of ADR holders at this time. The Company plans to
notify its ADR holders separately regarding the termination
process of the ADR program.
For ADR holders with any inquiries, please contact:
Citibank, N.A.
Shareholder Services
P.O. Box 43077
Providence, Rhode Island 02940-3077, U.S.A.
Phone: +1-877-248-4237 (toll-free)
Fax: +1-201-324-3284
e-mail: citibank@shareholders-online.com
Web site: http://www.citigroup.com/adr
For further information, please contact:
Shareholder Relations Group, Finance and Accounting Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-4926
Fax: +81-3-3495-4431
e-mail: pioneer_shr@post.pioneer.co.jp
Web site: http://www.pioneer.co.jp/ir-e/
=========
K O R E A
=========
HANARO TELECOM: Issues New Share and Capital Stock
--------------------------------------------------
Hanaro Telecom Inc. reported it has issued new shares in
relation to the merger with Korea Thrunet Co., citing these
details:
Increase in Shares and Capital Stock of Hanaro (the
surviving company)
-- Number of new shares issued: 1,217,832 common shares
-- Total number of shares after the issuance:
463,353,012
common shares
-- Listing date of new shares on the Korea Exchange
(KOSDAQ Market): January 18, 2006
-- Total capital stock after the merger:
KRW2,316,765,060,000
-- Among 1,217,832 shares newly issued, 79,029 common
shares owned by foreign investors of Thrunet are
included.
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
INDUSTRIAL BANK: Moody's Assigns D- Rating to BFSR
--------------------------------------------------
Moddy's Investors Service has upgraded Industrial Bank of
Korea's financial strength rating (BFSR) of D- from E+.
The A3 senior debt rating and the A3/Prime -2 long-term/ short-
term deposit ratings of the bank are unaffected. The outlook
for the financial strength rating is positive and the outlook
for all other ratings is stable. This action concludes the
review initiated on September 22, 2005.
The upgrade in the BFSR reflects the bank's success in improving
asset quality and maintaining a stable financial profile. IBK
has now dealt with the high delinquencies in its credit card
portfolio which negatively impacted the bank over the past two
years.
In addition, Moody's notes that the bank continues to update its
credit systems and early warning procedures, and believes this
will assist the bank in dealing with any future downturns in
asset quality.
In Moody's opinion, the bank has improved its economic capital
solvency levels, although it is still towards the lower end of
the peer group due to a relatively higher level of precautionary
loans.
Maintaining stable asset quality is still the main challenge
facing the bank, given continued weaknesses at some SMEs, which
have been affected by sluggish domestic demand, the strong won
and high oil costs.
However, there are certain mitigating factors, such as the high
levels of collateral held, the granularity of IBK's loan
portfolio and its long-term relationship with clients. In
addition, recent signs of improvements in domestic consumption
could help some SMEs recover.
The bank could see further upward pressure on the financial
strength rating if in the future it is able to maintain the
current levels of asset quality and profitability.
Industrial Bank of Korea, established in 1961, is the second
largest of the three policy banks. It plays an important policy
function providing working capital loans and facility loans to
SMEs, funded by deposits, borrowings and Small and Medium
Industry Finance Bonds.
The Industrial Bank of Korea Act, under which the bank operates,
states that the government must maintain the reserves of IBK.
The IBK Act provides for the bank's policy function and strong
sovereign support. The government controls 66.7% of the bank
through direct holdings (51.0%), Export-Import Bank of Korea
(3.2%) and Korea Development Bank (12.5%). As of December 31,
2004, the bank had KRW77tn in total assets.
===============
M A L A Y S I A
===============
BUKIT KATIL: Provides Updates on Defaulted Loan Facilities
----------------------------------------------------------
Bukit Katil Resources Berhad updates on these loan facilities:
-- Bumiputra Commerce Bank Berhad
The application by the bank to enter summary judgment
against Bukit Katil was allowed by the Learned Senior
Assistant Registrar on July 16, 2004.
-- OCBC Bank (Malaysia) Berhad
OCBC Bank (Malaysia) Berhad has obtained an order for sale
on November 14, 2003, on Omega Bricks Sdn Bhd's land held
under Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol,
Daerah Krian, Negeri Perak. Hearing of the Application
for Execution of Order for Sale has been postponed to
December 5, 2005.
OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965
on October 6, 2003, and was served on Bukit Katil on
November 14, 2003. The High Court on September 8 allowed
the bank's application for the winding-up petition.
The Company has already filed a Notice of Appeal to
the
Court of Appeal against the decision of the High Court.
The High Court on October 6, 2005, granted a stay of the
winding-up order for a period until August 18, 2006
pursuant to the powers of the High Court provided for in
Section 243 of the Companies Act, 1965.
-- Alliance Merchant Bank Berhad
No date has been set to consider the Bank's application
for summary judgment.
-- Perbadanan Kemajuan Negeri Pahang
Bukit Katil is a defendant in suit being initiated by
Perbadanan Kemajuan Negeri Pahang for breach of a Call
Option Contract. On April 19, 2004, a final judgment was
granted by the High Court for MYR14.0 million against the
Bukit Katil, inclusive of interest until the date of full
settlement.
An application in relation to a proposed debt-
restructuring scheme has been submitted to the Securities
Commission on December 16, 2005 for all the above
liabilities.
The details on all facilities currently defaulted by Bukit Katil
is available free of charge at:
http://bankrupt.com/misc/BukitKatilResources012406.pdf
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
CONSOLIDATED FARMS: Claimant Demands MYR8,769.20 Plus Interest
--------------------------------------------------------------
Consolidated Farms Berhad has been named defendant in a Writ of
Summon filed by General Labels & Labelling (M) Sdn. Bhd. on
October 28, 2005.
The suit was filed in the Magistrate Court of Kuala Lumpur and
served on Confarm on January 16, 2006.
General Labels had claimed for the amount of MYR8,769.20 from
Confarm, together with interest of 1.5 percent per month or 18
percent per annum from the date of filing of the Writ until full
resolution, costs and any other relief to be granted by the
Court.
The Court will hear the case on March 16, 2006.
On November 23, 2005, the High Court of Malaya at Kuala Lumpur
granted Confarm a restraining and stay order (RO) for a period
90 days effective from November 26, 2005.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
COMPUGATES HOLDINGS: Incorporates Dormant Subsidiary
----------------------------------------------------
On January 20, 2006, Compugates Holdings Berhad (Compugates) has
incorporated a wholly owned subsidiary known as Compugates
International Sdn Bhd (CISB).
CISB's registered office is located at C15-1, Level 15, Tower C,
Megan Avenue II, 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur.
CISB has an authorized share capital of MYR2,500,000.00
comprising 2,500,000 ordinary shares of MYR1.00 each and a paid-
up capital of MYR2.00.
CISB is presently dormant and its intended business activity is
to carry on the trading, marketing and distribution of imaging,
information technology and communication-based products overseas
in the financial year 2006.
KEMAYAN CORPORATION: Unit to Face Court Over Unpaid Taxes
---------------------------------------------------------
Coral Land Corporation Sdn Bhd (CLCSB), a subsidiary of Kemayan
Corp. Berhad received on January 23, 2006 a writ of summon from
Kerajaan Malaysia, Lembaga Hasil Dalam Negeri of Tingkat 16
Kanan, Blok 8A, Kompleks Bangunan Kerajaan, Jalan Duta, 50600
Kuala Lumpur for the:
(a) Sum of MYR2,087,813.86;
(b) Interest at the rate of 8% per annum from the date of
judgment until date of realization;
(c) Costs; and
(d) Such other relief as the Honorable Court may deem fit and
proper.
The above claims are in respect of the outstanding taxes for
Years of Assessment 1993 to 1998 and the said claims have
already been provided for in the financial accounts.
CLCSB is currently undergoing a corporate and debt restructuring
scheme.
CLCSB is engaging solicitor to defense the claims.
CONTACT:
Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390
Fax: 07-2365307
K.P. KENINGAU: Bourse Removes Securities from List
--------------------------------------------------
Bursa Malaysia Securities Berhad has decided to delist the
securities of K.P. Keningau Berhad.
The decision came after having considered all the facts and
circumstances of the matter including the written
representations made by the Company on November 11 to 14, 2005
respectively and in consultation with the Securities Commission.
Also, the bourse found the Company does not have an adequate
level of financial condition to warrant continued listing on the
Official List of Bursa Securities.
In this respect, the securities of the Company will be removed
from the Official List of Bursa Securities at 9:00 a.m. on
Wednesday, February 8, 2006.
Notwithstanding the de-listing of the securities of the Company,
the said securities may remain deposited with Bursa Malaysia
Depository Sdn Bhd (Bursa Depository). It is not mandatory for
the securities of a Company, which has been delisted to be
withdrawn from Bursa Depository.
Nevertheless, shareholders who wish to hold their securities in
the form of physical certificates can apply to withdraw their
securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the date of
de-listing of the securities of the Company by submitting the
application form for withdrawal in accordance with the
prescribed procedures of Bursa Depository. Shareholders of the
Company can contact any Participating Organization of Bursa
Securities and/or Bursa Depository's helpline at 03-20347711 for
information on the withdrawal procedures.
The Company is also required by Bursa Securities to communicate
the decision on the de-listing to its shareholders and this
would be complied with accordingly.
Further, notwithstanding and upon the de-listing of securities
of KPK, the Company will continue to exist as an unlisted entity
and would still be able to proceed with its corporate
restructuring to regularize its financial condition but subject
to participation of a suitable white knight.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988
MAGNUM CORPORATION: Shares Up for Listing, Quotation Today
----------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Magnum
Corporation Berhad's additional 124,000 new ordinary shares of
MYR0.50 each issued pursuant to the Employees' Share Option
Scheme effective today, January 26, 2006.
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885
MAGNUM CORPORATION: Holds Share Buy Back
----------------------------------------
Magnum Corporation Berhad unveiled the results of its recently
concluded share buy back.
Date of buy back: January 24, 2006
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 337,400
Minimum price paid for each share purchased (MYR): 1.920
Maximum price paid for each share purchased (MYR): 1.950
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 337,400
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 96,667,300
Adjusted issued capital after cancellation (no. of shares)
(units):
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad's additional 149,000 new ordinary
shares of MYR0.10 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation by Bursa
Malaysia Securities Berhad on Friday, January 27, 2006.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
ORISOFT TECHNOLOGY: Net Loss Widens in 3Q/FY05
----------------------------------------------
Orisoft Technology Berhad has released its unaudited third
quarter financial report for the financial period ended November
30, 2005.
Summary of Key Financial Information
November 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/11/2005 30/11/2004 30/11/2005 30/11/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
1,853 1,034 4,437 3,120
(2) Profit/(loss) before tax
-1,521 -667 -1,888 -845
(3) Profit/(loss) after tax and minority interest
-1,521 -667 -1,888 -845
(4) Net profit/(loss) for the period
-1,521 -667 -1,888 -845
(5) Basic earnings/(loss) per shares (sen)
-3.04 -1.33 -3.78 -1.69
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net assets per share (MYR)
0.1470 0.1846
For a full copy of the Company's financial statement free of
charge, go to:
http://bankrupt.com/misc/OrisoftTecnologyOrisoftQtrReportNov2005
.xls
PACIFIC & ORIENT: Repurchases Ordinary Shares
---------------------------------------------
Pacific & Orient Berhad held a share buy back on January 24,
2006 with these results:
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 79,000
Minimum price paid for each share purchased (MYR): 1.770
Maximum price paid for each share purchased (MYR): 1.780
Total consideration paid (MYR): 141,231.19
Number of shares purchased retained in treasury (units): 79,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 5,513,656
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209
PILECON GEOTECHNICS: Wind-Up Petition May Bring in Losses
---------------------------------------------------------
Pilecon Geotechnics Sdn Bhd has been served with a winding-up
petition on January 24, 2006.
The petition was filed by Dolomite Readymixed Concrete Sdn Bhd
against PGSB.
Dolomite, PGSB's ready mixed concrete supplier, has claimed for
a sum of MYR37,060.83 as at December 5, 2005 together with
continuing interest on MYR23,209.00 accruing at the rate of 1.5%
per mensum calculated from December 6, 2005 until full
realization and costs of MYR735.00 due and owed by PGSB under a
judgment dated August 17, 2004.
The total cost of investment in PGSB: MYR20.0 million.
In the event the winding-up petition succeeded, there would be
an estimated exceptional loss of MYR9.1 million and the piling
and foundation works would be carried out by another subsidiary
of the Company as the Company is equipped with the necessary
expertise and technical capability in the sector.
PGSB is expected to incur legal fees of approximately
MYR6,000.000.
The amount of interest claimed is 1.5% per mensum continuing
interest on MYR23,209.00 calculated from December 6, 2005 until
full realization.
The winding petition will be heard on March 8, 2006.
PGSB with its solicitors will be taking the appropriate actions
in response to the winding up petition.
CONTACT:
Pilecon Geotechnics Sdn Bhd
2, Jalan U1/26, Seksyen U1, HICOM Glenmarie Industrial Park,
Shah Alam Selangor 40150 Malaysia
Telephone: 03-79825055,03-78041888
Fax: 03-79825055,03-78041888
RASHID HUSSAIN: Converts ICULS to Ordinary Shares
-------------------------------------------------
Bursa Malaysia Securities Berhad will grant listing and
quotation of Rashid Hussain Berhad's additional 190,949 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR215,773 nominal value of Irredeemable
Convertible Unsecured Loan Stocks-B 2002/2012 into 190,949 new
ordinary shares on January 27, 2006.
CONTACT:
Rashid Hussain Berhad
9th Floor, RHB 1, 424,
Jalan Tun Razak, Kuala Lumpur Wilayah
Persekutuan 50400
Malaysia
Telephone: 03-92852233
Fax: 03-92848949
TAMAN BANDAR: Court Orders Interim Stay for Wind-Up Petition
------------------------------------------------------------
Puan Asnah Bt Mohd Salleh' has filed a winding-up petition
against Taman Bandar Baru Masai Sdn Bhd (formerly known as
Bandar Baru Masai Sdn Bhd) (TBBM).
TBBM's solicitor have handed the sum of MYR186,455.10 to the
official receiver instead to Puan Asnah's solicitor.
As a matter of prudence, TBBM has also filed an appeal to the
Court of Appeal against the winding-up order on January 13,
2006.
In addition, Creative Ascent (being the sole shareholder/holding
company of TBBM) has also filed an application to the High Court
to stay the winding-up under Section 243 of the Companies Act
1965 on January 16, 2006, notwithstanding that the payment was
already settled by the Company to the Official Receiver on
January 13, 2006.
The aforesaid application to stay the winding-up proceedings
filed on January 16, 2006, was heard on January 24, 2006, which
the same judge of the High Court has granted an Interim Stay
pending the hearing of the permanent disposal of matter on March
21, 2006. The Interim Stay in effect, stopped the winding-up
order from being operative pending the March 21, 2006, hearing
or the adjournment date thereof.
TIMER STEEL-FAB: Wind-Up Petition Hearing Set March 15
------------------------------------------------------
Prestar Resources Berhad (Prestar) has filed a winding up
petition against Timer Steel-Fab (Malaysia) Sdn Bhd (TSF).
On August 30, 2005, PESB obtained an Allocator against
TSF in the High Court at Kuala Lumpur in the sum of
MYR35,704.00 inclusive of allocator fee of MYR2,650.30.
On November 7, 2005, PESB via its solicitors, Messrs.
Skrine, had served a demand dated November 7, 2005 on TSF
at TSF's registered office and demand TSF to make payment
of the sum of MYR35,704.00 being the amount due and owing
by TSF to PESB as at November 7, 2005 pursuant to the
Allocator.
More than three (3) weeks had lapsed since PESB served the
demand, but TSF has neglected to pay or satisfy the aforesaid
sum or any part thereof or to make any offer to PESB to secure
or compound thereof.
PESB had on December 12, 2005 filed a Winding-Up Petition
on TSF at the High Court at Kuala Lumpur.
The High Court has fixed the hearing for the winding-up petition
on March 15, 2006.
CONTACT:
Timer Steel-Fab (M) Sdn Bhd
No. 5-G-4, Jalan Kuchai Lama, Kuala Lumpur
Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79823088
Fax: 03-79820533
TRANSOCEAN HOLDINGS: Books MYR1,206,000 Net Loss in 2Q/FY05
-----------------------------------------------------------
Transocean Holdings Bhd has released its unaudited second
quarter report for the financial period ended November 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/11/2005 30/11/2004 30/11/2005 30/11/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
10,526 10,939 24,230 22,286
(2) Profit/(loss) before tax
-1,202 -317 -1,603 -892
(3) Profit/(loss) after tax and minority interest
-1,206 -168 -1,675 -572
(4) Net profit/(loss) for the period
-1,206 -168 -1,675 -572
(5) Basic earnings/(loss) per shares (sen)
-4.16 -0.58 -5.78 -1.97
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net assets per share (MYR)
0.5600 0.6200
View a full copy of the financial statement for free at:
http://bankrupt.com/misc/TransoceanHoldingsFY2006Q2InterimFinanc
ialReport.pdf
CONTACT:
TransOcean Holdings Berhad
Wisma Transocean,
No. 46, Weld Quay,
Penang 10400
Telephone: 04-2622518
Fax: 04-2614843
WONG ENGINEERING: Buys Back 21,000 Ordinary Shares
--------------------------------------------------
Wong Engineering Corporation Berhad conducted a shares buy back
on January 24, 2006.
The details are:
Date of buy back: January 24, 2006
Description of shares purchased: Ordinary Shares of MYR0.50 each
Total number of shares purchased (units): 21,000
Minimum price paid for each share purchased (MYR): 0.360
Maximum price paid for each share purchased (MYR): 0.370
Total consideration paid (MYR): 7,729.67
Number of shares purchased retained in treasury (units): 21,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,592,700
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Wong Engineering Corporation Bhd
Lot 24, Jalan Hi-Tech 4, Kulim Hi-Tech Park,
Kulim Kedah 09000 Malaysia
Telephone: 04-4031788
Fax: 04-4031799
=====================
P H I L I P P I N E S
=====================
EXPORT AND INDUSTRY: Shareholders OK Php3-Bln Capital Hike
----------------------------------------------------------
A proposal to increase Export and Industry Bank's capital by
Php3 billion has won shareholders' approval, reports The
Philippine Daily Inquirer. The infusion will increase the
bank's capital to Php7.5 billion.
The new funds will come from major stockholders, led by the
Lippo and Yao groups, together with Extra Year Investments Ltd.
Exportbank President Banjamin Castillo told the Inquirer that
the recapitalization would boost the bank's capital base in
preparation for the implementation of new International
Accounting Standards next year.
CONTACT:
Export and Industry Bank
30 Paseo de Roxas Ave. cor. Jupiter St.,
Makati City, Metro Manila
e-mail: expertinfo@exportbank.com.ph
Web site: http://exportbank.com.ph
LAFAYETTE MINING: To Appeal Penalty for Mine Spill
--------------------------------------------------
Australia's Lafayette Mining Limited will appeal the Php10.4-
million (US$197,944) fine imposed by the Philippine government
for two mine spill accidents last year, Asia Pulse reports.
The government has earlier suspended the Lafayette's operations
at the Rapu-rapu mine until the miner meets conditions imposed
by the regulator after the miner allegedly released cyanide into
local waters, says Asia Pulse.
But Lafayette insists the levels of cyanide found by initial
testing by the regulator were of a much higher level than could
have been caused by the spills and a new testing method had now
been agreed. The Company believes the environmental impact of
the spills had been blown out of proportion and the matter had
become a "political football".
According to Asia Pulse, Lafayette is working to expand its
tailings storage facility to prevent further spills and to meet
a list of conditions to reassure its financiers ahead of
reopening the mine next month.
The Company is expected to lodge an appeal against the penalty
within this week on the advice of its newly appointed local
management team.
CONTACT:
Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com
NATIONAL BANK: Keen on U.S. Expansion
-------------------------------------
Philippine National Bank wants to put up more branches in the
United States to further strengthen its remittance operations,
The Manila Standard reveals.
The Manila Standard says PNB was considering three to five more
branches or remittance centers in the U.S. The bank is also
planning to reopen its Paris operations.
PNB is the market leader in the remittance business in the
Philippines. The bank accounts for 23% to 25% of the remittance
operations in the country. It has 99 remittance centers
worldwide, 87 of them are in the U.S.
PNB is positive it will achieve its net income target of Php600
million in 2005 after posting a profit of Php454 million in the
first nine months. It booked a 26% hike in interest income to
Php7.731 billion in the first nine months from Php6.116 billion
last year.
However, PNB is not allowed to declare dividends until it has
enjoyed profits in the next four to five years. The bank is
well ahead of its rehabilitation program but needs to secure
regulators' approval before it can distribute dividends.
CONTACT:
Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph
NATIONAL FOOD: Public Urged to Monitor Rice Prices
--------------------------------------------------
While it is the responsibility of the National Food Authority to
monitor and regulate the NFA rice business, NFA 8 Regional
Manager Benjamin Marta also encourages the buying public to be
watchful over the price of NFA rice which is being sold at
P18.00 per kilo, nationwide, reports The Philippine Information
Agency.
Aside from the price of government rice, the public is also
urged to report any violations committed by NFA rice retailers,
which include the diversion of stocks, no valid NFA license,
non-display of price tags, short weighing, and the use of ganta
or other instruments in violation of the standard weight
measurement which is by kilogram.
Mr. Marta also added that his agency regularly deploys an
enforcement team to check on supply and price trends, as well as
ensure that the commodity reaches the target beneficiaries and
not diverted and tagged as commercial rice.
Furthermore, Mr. Marta warned those who will be caught with the
violations that administrative fines will be imposed, along with
the cancellation of license depending on the number of times the
violation has been committed.
Meanwhile, the NFA director informs that the agency is still
waiting for the arrival of NFA Iron-Fortified Rice (IFR) from
Vietnam.
The importation of iron-fortified rice is in compliance of the
Food Fortification Program, which requires that rice and other
food commodities be fortified with vitamin A, iron and other
nutrients.
CONTACT:
National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/
NATIONAL FOOD: Steps Up Campaign to Cut Rice Imports
----------------------------------------------------
The National Food Authority has urged the public to eat more
corn than rice to help reduce the volume of rice imported from
other countries, The Philippine Information Agency reports.
NFA wants to ensure that the people have enough supply of rice.
Records show that about 60% of the province's more than 1.2
million people eat rice while 40% eat corn. Consumption depends
on the prevailing costs in the market although some 20% prefer
rice because of the small difference in the cost per kilogram
between rice and corn. One kilo of corn costs Php16.50 while
that of NFA rice is Php18.
But the PIA reveals the price of corn could increase in February
and March because of last year's poor harvest. At the moment,
NFA-accredited rolling stores across the province have sold some
48,582 bags of rice.
This year, the food agency aims to distribute about 275,000
bags, 65,000 more than last year's volume.
The NFA has been incurring losses from importing rice at a high
cost and selling them at lower than market rates.
NATIONAL POWER: Buys Time for Transition Supply Deal
----------------------------------------------------
The National Power Corporation has filed an urgent motion with
the energy regulator to give it and Manila Electric Company more
time to discuss their transition supply deal, BusinessWorld
reports.
The state power firm asked the Energy Regulatory Commission to
extend the deadline, originally set on January 20, to March 21
so the two parties could settle "numerous and complex issues"
surrounding the contract, BusinessWorld says.
The Troubled Company Reporter - Asia Pacific earlier reported
that the bilateral power supply contract between the two ended
on Dec. 31, 2004. But on Jan. 4, 2005, the ERC mandated the two
firms to continue talks pending the consummation of a transition
supply contract to avoid power outages in Meralco's franchise
area.
The ERC, as reported, acknowledged that it cannot force Meralco
and Napocor into signing the deal. The regulator can only make
sure there is normal delivery of power to consumers.
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
NATIONAL POWER: Php363-Mln Coal Contracts Up for Grabs
------------------------------------------------------
National Power Corporation is inviting bidders for the supply
and delivery of 120,000 metric tons of coal to its Thermal Power
Plant in Naga, Cebu, The Philippine Star relates.
According to The Star, the state-owned power firm will bid out
Php363-millon worth of coal contracts on February 28, 2006, for
the Cebu plant's April to December use.
Napocor is encouraging local coal suppliers to attend a pre-bid
conference on February 15 at the Company's compound in Quezon
City.
Napocor is exploring the possibility of increasing the volume of
local coal that is being used to run its coal-fired power
plants, The Star says. Currently, the firm is blending 10% of
local coal every month to generate power from its coal-fired
facilities.
The power firm is looking at a 30/70 blend and eventually a
50/50 blend of local and imported coal.
Napocor started the pre-blending of local coal in Pagbilao power
plant, one of Napocor's independent power producers (IPPs).
Pagbilao power station consists of two 367.5 megawatt (MW) coal-
fueled generating units or a total of 735-MW generating
capacity. It utilizes about 30,000 tons of coal per month.
=================
S I N G A P O R E
=================
ASAHI KEIKI: Intends to Pay Dividend to Creditors
-------------------------------------------------
Creditors of Asahi Keiki Singapore Pte Limited are required to
submit their proofs of claim on February 20, 2006, to:
Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
Failre to comply with the requirement will exclude creditors
from the benefit of the Company's dividend.
CHINA AVIATION (S): Ex-CEO Paid Huge Salary Amid Losses
-------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited paid its
former chief executive officer huge compensation at the same
time the Company revealed significant losses from fuel
derivatives trading, the Standard relates.
CAO's 2004 annual report revealed Chen Jiulin was paid 80% of
his salary as compensation plus a 20% bonus, amounting to a
total of SGD500,000 after he was axed from his position at CAO
in November 2004. Eight CAO directors, however, did not receive
directors' fees that same year, the paper says.
CAO reported that it lost up to SGD892.17 million trading duel
derivatives, and was subject to investigation by police and the
Singapore Exchange. The Company was able to stay afloat with he
help of its creditors who agreed to write off part of its debt,
and by investors who were interested to buy a stake.
According to the Standard, CAO has scheduled its annual general
meeting on February 3, 2006, to approve its 2004 results,
reappoint external auditor Ernst & Young, and discuss anout
proper compensation for its directors.
CONTACT:
China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
HOTEL MIDDLE: Creditors' Proofs of Claim Due Feb. 20
----------------------------------------------------
Hotel Middle East Management, which is preparing to declare a
dividend, has required its creditors to submit proofs of claim
by February 20, 20006, to:
Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
In default thereof, creditors will be excluded from benefiting
from the dividend.
INFORMATICS HOLDINGS: Seeks Advice to Counter Lawsuit
-----------------------------------------------------
On September 23, 2005, Informatics Holdings Limited received a
letter of demand from Instituto Informatics Mexico S.A. de C.V.,
claiming compensatory damages against the Company.
Acting on legal advice, Informatics claims it has grounds to
refute the claim by IMX. According to its counsel, the Company
also has a counterclaim against IMX.
On January 21, 2006, Informatics received notice that IMX had
filed a petition with the New York Supreme Court to seek
arbitration of the dispute between the two parties. Prior to
that, the New York Courts ordered Informatics to explain why
arbitration is not necessary.
Informatics will seek further legal advice on how to proceed,
and will post future developments in the case.
CONTACT:
Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax: 65 6565 1371
Web site: http://www.informaticsgroup.com
INFORUM PAC-RIM: To Declare Dividend
------------------------------------
Inforum Pac-Rim Pte Limited notifies parties-in-interest of an
intended dividend to be declared at the Singapore High Court.
Creditors are rquired to submit their proof of claims by
February 3, 2006 to:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
KHENG SENG: Court Orders Liquidation
------------------------------------
On January 13, 2006, the Singapore High Court ordered the wind-
up of Kheng Seng Realty (1968) Private Limited.
All creditors of the Company should file their proof of claims
with:
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
All debts due to the Company should be forwarded to the
Liquidator.
MARCOBILT DEVELOPERS: Schedules Final Meeting Next Month
--------------------------------------------------------
Members of Marcobilt Developers Pte Limited will met on February
21, 2006, at 10:00 a.m. to:
-- get an account of the manner of the Company's wind-
up
and property disposals; and
-- hear the liquidators' explanation on the wind-up
actions taken.
Members entitled to attend and vote at the meeting can appoint
another person or persons as his proxy to attend the meeting and
vote in his stead.
CONTACT:
Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
C/o 138 Cecil Street, #15-00 Cecil court
Singapore 069538
SHENJU PTE: Receiving Proofs of Claim Until Feb. 20
---------------------------------------------------
Creditors of Shenju (Singapore) Pte Limited, whose debts or
claims have not already been submitted, must submit thier proofs
of claim by February 20, 2006 to:
Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
Failure to comply with the requirement will excluded creditors
from the benefit of the Company's dividend distribution.
===============
T H A I L A N D
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RS PROMOTION: Eyes Business Expansion
-------------------------------------
RS Promotion Public Co. Ltd. has hinted at plans to boost its
core music business, The Nation reports.
Part of the plan is to introduce a group of new young artists
and teenage television programs to build up the firm's teen
music and media business, the paper says. RS Promotion has also
restructured its management in order to positively implement its
new program.
Despite its proposed expansion, RS stressed it will still focus
on its core business -- music. The Company hopes to see its
media operations generate revenues this year.
CONTACT:
R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com
THAI AIRWAYS: Australian Exit Alarms Phuket
-------------------------------------------
Thai Airways International Public Co. Limited's planned
suspension of Australian services worries Phuket authorities,
Bangkok Post reveals.
Phuket authorities say the carrier's plan to discontinue direct
flights to Australian routes will inconvenience tourists.
Phuket, which is trying to revive its tourism industry after the
2004 tsunami disaster, is concerned Thai Airways' move might
discourage Australian tourists to visit the spot.
Director of the Tourism Authority of Thailand's Region 4
Southern Office, Suwalai Pinpradab, told the Post that Australia
had become a prime market for Phuket in the post-tsunami period.
Australians are now the second largest arrivals group after
South Koreans, surpassing those from Europe who normally top the
list.
Figures released by the Immigration Bureau show Australian
arrivals at Phuket airport totaled 43,083 in the first 10 months
of last year. The figure constitutes 10.41% of all
international arrivals.
However, Thai Airways is firm on its decision to abandon the
route because of mounting losses. The airline will carry a
heavy financial burden if it still services the flights despite
increasing losses.
Vasing Kittikul, Executive Vice-President for Thai Airways'
commercial department pointed out that local authorities and the
tourism industry have not provided assistance to enable Thai
Airways to stay afloat.
Phuket authorities will keep on prodding Thai Airways to retain
the flights. They plan to hold a meeting with the airline to
discuss about keeping the service.
CONTACT:
Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173
*********
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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