/raid1/www/Hosts/bankrupt/TCRAP_Public/060201.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 1, 2006, Vol. 9, No. 023
Headlines
A U S T R A L I A
A. & I. INVESTMENTS: Decides to Close Shop
AIR NEW ZEALAND: Backs Union Proposal To Save Jobs
AMV SSAS: To Pay Dividend to Creditors
ANT MINERALS: Shareholders Prefer Liquidation
AURA DIGITAL: Names M. F. Cooper to Oversee Wind-Up
AUSTRALIAN GAS: To Build Australia's Largest Wind Farm
BEATTY BROKERS: Liquidator to Present Company Report
CAMDEN SHEET: Prepares to Distribute Dividend
COASTAL SECURED: Liquidator to Distribute Company Assets
EAR FOR MUSIC: Creditors Opt to Liquidate
FREIGHTWAY INVESTMENTS: To Hold Final Meeting on Feb. 10
HILLS DISTRICT: Appoints Official Liquidator
KENTBRIDGE PTY: Liquidator to Give Wind-Up Report
LANDMARK DEVELOPERS: Winds Up Operations
MCCRAITH REFRIGERATION: Inability to Pay Debts Prompts Wind-Up
MOBITEL COMMUNICATIONS: Members Agree to Close Business
MULTIPLEX: Releases Wembley Update
MYER LIMITED: List of Potential Bidders Shrinks
NYLEX LIMITED: Welcomes Peter George as New Chairman
PLACER DOME: Kalgoorlie Agreements Finalized
RENT-A-JEEP AUSTRALIA: Placed Under Voluntary Liquidation
RVO CONTRACTING: Liquidator to Meet with Members, Creditors
STAGE ONE: Members Agree to Wind Up Firm
SURFACE FINISHES: Enters Voluntary Liquidation
VOLANTE GROUP: Commander Warns Shareholders
WESTERN BEARINGS: To Distribute Dividend
WESTPOINT GROUP: Sheds 100 Staff Pending Court Ruling
YEDGAR & PARTNERS: Schedules Final Meeting on Feb. 10
* ASIC Bans Directors for Five Years
C H I N A & H O N G K O N G
COINS CANAL: Set to Close Business
DAILY GREAT: Court Enters Wind-Up Order
HANG DA: To Declare Dividend
LG PHILIPS: Dutch & German Units File for Insolvency Protection
KWOK FUNG: Decides to Close Operations
MORSTON ENTERPRISES: Creditors' Proofs of Claim Due Feb. 27
MOULIN GLOBAL: Creditors & Contributories to Meet on Feb. 9
PACIFIC (HONG KONG) INVESTMENTS: Gets Wind-up Order
TSUN NGAI: Commences Bankruptcy Proceedings
I N D I A
CABLE CORPORATION: Unveils Outcome of Board Meeting
CLARO INDIA: Appoints Additional Directors
JIK INDUSTRIES: Chairman Appointed as Managing Director
M.H. MILLS: Fixes Book Closure for AGM
SWITCHING TECHNOLOGIES: Seeks Corporate Restructuring
I N D O N E S I A
PERTAMINA: Raises Gas Fuel Price by 93.5%
PERUSAHAAN LISTRIK: Directors to be Questioned in Mark-Up Case
PERUSAHAAN LISTRIK: Government Seeks to Cut Investment Costs
J A P A N
ELPIDA MEMORY: Pleads Guilty to DRAM Price Fixing
HITACHI LIMITED: Launches New HR Services Firm
JAPAN AIRLINES: New Airports To Boost Domestic Network
JAPAN AIRLINES: Changes Domestic Schedule for April 2006
KONICA MINOLTA: Opens New Equipment Sales Unit in China
MITSUBISHI MOTORS: To Display Concept-EZ MIEV, Colt CZC Vehicles
SKYNET ASIA: To Start Code-share Deal
K O R E A
ASIANA AIRLINES: Sees Brighter Prospects for 2006
M A L A Y S I A
AVANGARDE RESOURCES: Faces Possible Delisting
CONSOLIDATED FARMS: Fails to Pay Monthly Dues
DFZ CAPITAL: Revises Allotment of Rights Issue Proceeds
LANKHORST BERHAD: Discloses Status of FS Issue
MULPHA LAND: Seeks More Time to Meet PN17/2005 Conditions
MYCOM BERHAD: Buys More Time to Complete Restructuring
OLYMPIA INDUSTRIES: Seeks Another 6-Month Extension
PACIFIC & ORIENT: Repurchases Ordinary Shares
SUREMAX GROUP: To Convene 11th AGM on Feb. 27
SYARIKAT KAYU: Suffers MYR19,150,000 Net Loss in 4Q/FY05
TANCO HOLDINGS: RHB Sakura OKs Proposed Scheme
UNI.ASIA GENERAL: Units Cease Operations
P H I L I P P I N E S
ABS-CBN BROADCASTING: U.S. Unit Names Chief Marketing Officer
MANILA ELECTRIC: To Finish Big Users' Refund in First Quarter
NATIONAL FOOD: Urges Rice Traders to Get License
NATIONAL POWER: Starts Semirara Oil Spill Clean-up
RFM CORPORATION: Issues Additional Stock Grants to Officers
S I N G A P O R E
BELL & ORDER: Placed Under Voluntary Liquidation
CARLINES 2000: Court to Hear Wind-Up Petition Feb. 10
KINSAN PTE: Creditors' Proofs of Claim Due Feb. 20
MICRO-NET TECHNOLOGY: Intends to Declare Dividend
SKIN SOLUTIONS: Court Liquidates Firm
T H A I L A N D
NAKORNTHAI STRIP: Discloses Capital Hike Proceeds Utilization
THAI ENGINE: Repays Debt from Share Offering Proceeds
THAI AIRWAYS: Names Contenders for Presidential Post
- - - - - - - -
=================
A U S T R A L I A
=================
A. & I. INVESTMENTS: Decides to Close Shop
------------------------------------------
Members of A. & I. Investments Pty Limited convened on January
3, 2006, to wind up the Company's operations.
Michael John Morris Smith, of Smith Hancock Chartered
Accountants, was appointed as liquidator to oversee the
Company's wind-up activities.
AIR NEW ZEALAND: Backs Union Proposal To Save Jobs
--------------------------------------------------
Air New Zealand has accepted a second proposal from its workers'
union containing a "comprehensive labor reform" aimed at saving
hundreds of jobs relating to the airline's heavy maintenance
operations in the country, the Sydney Morning Herald discloses.
After previously rejecting the Engineering Printing and
Manufacturing Union's first proposal, Air NZ agreed to the
union's new counter proposal that would prevent the airline from
sending its maintenance work to Asia or Europe. The airline
says that the new proposal is expected to achieve the AU$48
million savings required by the carrier within five years for
maintenance operations to stay.
The airline said that 507 jobs would be lost if it sent heavy
maintenance overseas. The Sydney Herald notes, however, that
the revised offer is still likely to result to a loss of around
200 jobs and could further erode working conditions.
Parties have not disclosed the details of the Union's proposal.
Troubled Company Reporter - Asia Pacific earlier reported that
workers will vote on the proposal on February 9 and 10, with the
ballot result expected on February 13.
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/
AMV SSAS: To Pay Dividend to Creditors
--------------------------------------
AMV SSAS Solutions Pty Limited will declare a first and final
dividend on February 6, 2006.
Creditors who are not able to prove their debts will be excluded
from the benefit of the dividend.
J. P. McLeod is the Company's liquidator.
ANT MINERALS: Shareholders Prefer Liquidation
---------------------------------------------
On December 30, 2005, the shareholders of ANT Minerals Pty
Limited agreed that a voluntary wind-up is in the Company's best
interests.
John Lethbridge Greig and David John Frank Lombe, of Deloitte
Touche Tohmatsu, were appointed as liquidators for that purpose.
AURA DIGITAL: Names M. F. Cooper to Oversee Wind-Up
---------------------------------------------------
Members of Aura Digital Communications Pty Limited convened on
December 30, 2005, and agreed to close the Company's business.
In addition, M. F. Cooper, of Frasers Insolvency Advisory, was
appointed as liquidator to supervise Aura Digital's wind-up
activities. The Company's creditors confirmed the liquidator's
appointment at a creditors' meeting held later that day.
AUSTRALIAN GAS: To Build Australia's Largest Wind Farm
------------------------------------------------------
The Australian Gas Light Company is poised to build Australia's
largest wind farm to be located north of Adelaide, Dow Jones
reveals.
The AU$236-million, 95-megawatt facility would be constructed at
Hallett, next to AGL's existing 180-megawatt gas-fired power
plant.
According to Dow Jones, construction will begin in September
this year, with the plant expected to be commissioned in
December 2007.
The new farm will have 45 turbines and will be bigger than what
is currently Australia's largest wind farm, the 91-megawatt
plant at Wattle Point in South Australia. It will supply about
24% of AGL's renewable energy certificate requirements.
CONTACT: Australian Gas Light Company
Locked Bag 1837
St. Leonards
NSW 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552
Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465
Web site: http://www.agl.com.au/
BEATTY BROKERS: Liquidator to Present Company Report
----------------------------------------------------
A final meeting of the members of Beatty Brokers (Insurance) Pty
Limited will be held for them to receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed of.
The meeting will be held on February 10, 2006, at 2:00 p.m.
Dennis Beatty is the Company's liquidator.
CAMDEN SHEET: Prepares to Distribute Dividend
---------------------------------------------
Camden Sheet Metal Pty Limited will declare its first and final
dividend to unsecured creditors on February 7, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
Michael G. Jones, of Jones Condon Chartered Accountants, is the
Company's liquidator.
COASTAL SECURED: Liquidator to Distribute Company Assets
--------------------------------------------------------
After their general meeting on December 30, 2005, the members of
Coastal Secured Loans Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets.
As a result, Sinclair Wilson, of Accountants & Business
Advisors, was named liquidator.
EAR FOR MUSIC: Creditors Opt to Liquidate
-----------------------------------------
On January 5, 2006, the creditors of Ear for Music Pty Limited
concurred that a wind-up of the Company's business operations is
appropriate and necessary.
The creditors also appointed R.M. Sutherland, of Jirsch
Sutherland Chartered Accountants, as liquidator to supervise the
wind-up. Mr. Sutherland can be contacted at 02 9233 2111 or
02 9233 2144 (fax).
FREIGHTWAY INVESTMENTS: To Hold Final Meeting on Feb. 10
--------------------------------------------------------
A final meeting of the members of Freightway Investments Pty
Limited will be held on February 10, 2006, at 11:00 a.m.
At the meeting, liquidator Paul Billingham 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.
HILLS DISTRICT: Appoints Official Liquidator
--------------------------------------------
At a meeting of the members of Hills District Sheetmetal Pty
Limited on January 5, 2006, Jamieson Louttit was appointed as
liquidator to supervise the Company's wind-up activities.
Mr. Louttit can be contacted at 02 9231 0505 or 02 9231 0303
(fax).
KENTBRIDGE PTY: Liquidator to Give Wind-Up Report
-------------------------------------------------
The members of Kentbridge Pty Limited will convene on Feb. 10,
2006, at 9:00 a.m., to receive liquidator Andrew Harry Hayes'
account regarding the Company's completed wind-up and disposal
of property.
LANDMARK DEVELOPERS: Winds Up Operations
----------------------------------------
On December 30, 2005, members of Landmark Developers Pty Limited
convened and agreed that:
-- the Company be wound up voluntarily; and
-- P. Ngan and G. Parker, of Ngan & Co. Chartered
Accountants, be appointed to supervise the wind-up
activities of the Company.
MCCRAITH REFRIGERATION: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------------
McCraith Refrigeration Service 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, Peter Goodin, of Brooke Bird & Co. Chartered
Accountants, was appointed to oversee the Company's liquidation
activities. Mr. Goodin can be contacted at 9882 6666.
MOBITEL COMMUNICATIONS: Members Agree to Close Business
-------------------------------------------------------
At a general meeting of the members of Mobitel Communications
(Australia) Pty Limited on December 22, 2005, a resolution to
voluntarily wind up the Company's business was passed.
Andrew Reginald Yeo and D. R. Vasudevan, of Pitcher Partners,
were nominated as liquidators for the wind-up.
MULTIPLEX: Releases Wembley Update
----------------------------------
Multiplex Group has provided updates pertaining to its Wembley
National Stadium Project. According to the Company, it is still
targeting to complete the Stadium so as to accommodate the 2006
Football Association Cup Final.
Multiplex relates that it has now completed certain initial
aspects of the Project. However, because various areas were
previously foreshadowed, there remains a material risk that the
stadium will not be available for the FA Cup final. The Company
ascertains, though, that if satisfactory performance is met in
February, a progressive handover will also be achieved so as to
enable the stadium to be available for the target event.
Multiplex and its subcontractors are fully committed toward
achieving this goal.
On December 19, 2005, Multiplex gave a preliminary estimate of
the combined impact of the Strathford and Global Switch
transactions, and Wembley. This preliminary estimate remains
unchanged while both internal review and external audit review
processes are progressing, and the preliminary estimate remains
subject to the caveats expressed in announcements of December
19, 2005, and December 21, 2005.
A detailed outline of the current status of works at the
Project, as well as diagrams, is available for free at:
http://bankrupt.com/misc/tcrap_multiplex013106.pdf
Multiplex will provide a further progress update on the Project
at the end of February.
CONTACT: Multiplex Group
1Kent Street
Miller's Point, New South Wales 2000
Australia
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
MYER LIMITED: List of Potential Bidders Shrinks
-----------------------------------------------
The number of possible buyers of Myer Limited's department store
chain has narrowed, The Sydney Morning Herald reports.
Private equity groups JP Morgan and Carlyle Group LP have
abandoned their joint bid for Myer, while speculations abound
that rival retailer Harvey Norman Limited has also lost
interest, The Sydney Herald says.
According to the paper, the rumored bid withdrawals leave Myer
with only three interested parties:
* Edgars Consolidated Stores Limited;
* CVC Asia Pacific; and
* Newbridge Capital Inc.
A Myer spokesman declined to confirm the number of bidders,
although he stressed that the process remains competitive and
the Company still expects to decide on its future by the end of
March.
The report says any further drop-outs could affect Myer's
chances of securing the best price for the business. Final bids
are due by the end of February 2006.
CONTACT: Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au
NYLEX LIMITED: Welcomes Peter George as New Chairman
----------------------------------------------------
Peter George, a director of Nylex Limited since June 2004, is
the Company's new chairman following the resignation of Ray
King.
Mr. George has a "successful" track record in company
restructuring and performance improvement. He has served on the
Board of Optus Communications and is also presently a director
of PMP Limited and B Digital Limited.
Mr. King was appointed as director of Nylex in October 2003 and
as chairman in June 2004. He is also the chairman of McPhersons
Limited and has tendered his resignation due to a potential
conflict of interest.
Mr. King's resignation and Mr. George's appointment are
effective immediately.
CONTACT: Nylex Limited
564 St Kilda Road
Melbourne, Victoria 3004
Australia
Phone: +61 3 9533 9333
Fax: +61 3 9533 9388
PLACER DOME: Kalgoorlie Agreements Finalized
--------------------------------------------
Jackson Gold Limited has finalized formal agreements with Placer
Dome Australia covering various Kalgoorlie properties and Nickel
Rights.
Jackson regards the resolution of these agreements as positive
for the exploration and development of the "highly prospective"
700-square kilometer gold and nickel project area. The project
contains gold resources, advanced prospects for both gold and
nickel and location adjacent to established Joint Venture
partner processing infrastructure.
Kalgoorlie Gold
Placer has been operating under a Heads of Agreement with
Jackson for minerals other than nickel since July 23, 2004.
This three-part agreement includes the Crossroads Options
Agreement, covering the Mining Lease 24/462, which contains the
73,000-ounce Crossroads gold resource. Under the formal
agreement, Placer is entitled to a 75% interest in this lease
through a Decision to Mine Jackson will be free-carried until
this decision.
Regional gold exploration is covered by the Kalgoorlie Regional
Gold Project Agreement. Placer has the right to nominate sole-
funding declared areas at 12 monthly meetings, and will acquire
80% of Jackson's interest in any individual Discovery Area where
a resource of greater than 15,000 ounces is defined. Jackson
may continue to explore non-declared areas, and for any resource
discovered (Jackson Discovery Area), Placer will have the option
to purchase a 51% interest by repaying 2.5 times Jackson's
expenditure on that discovery.
Kalgoorlie Nickel
Nickel Rights are significantly strengthened under the new
formal agreements, particularly on Placer Tenements (Kanowna
Nickel Rights Agreement) where they will exist for the life of
the tenements, and any future nickel reserve has a clear process
defined to allow development.
Following the completion of these agreements with Placer,
Jackson is currently finalizing the Kalgoorlie Nickel Earn-in
and Joint Venture with LionOre Australia Pty Ltd.
CONTACT: Placer Dome Inc.
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
RENT-A-JEEP AUSTRALIA: Placed Under Voluntary Liquidation
---------------------------------------------------------
On December 28, 2005, the members of Rent-A-Jeep Australia &
Other Prestige Vehicles Pty Limited agreed to liquidate the
Company's business operations.
Members also appointed Lachlan McIntosh and Ginette Muller to
oversee the wind-up activities.
RVO CONTRACTING: Liquidator to Meet with Members, Creditors
-----------------------------------------------------------
RVO Contracting Pty Limited will conduct a final meeting on
February 10, 2006, at 10:00 a.m.
The members and creditors of the Company will consider the
liquidator's final account on wind-up, as well as any other
business brought before the meeting.
M. F. Cooper, of Frasers Insolvency Advisory, is the Company's
liquidator.
STAGE ONE: Members Agree to Wind Up Firm
----------------------------------------
Members of Stage One Transport Pty Limited held a meeting on
January 6, 2006, and agreed on the Company's need to liquidate.
The members named Paul Vartelas, of B. K. Taylor & Co., to
manage the Company's wind-up activities.
SURFACE FINISHES: Enters Voluntary Liquidation
----------------------------------------------
On January 3, 2006, the members of Surface Finishes (Holdings)
Pty Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.
As a result, Michael John Morris Smith, of Smith Hancock
Chartered Accountants, was appointed as official liquidator.
VOLANTE GROUP: Commander Warns Shareholders
-------------------------------------------
In response to Volante Group Limited's Targets Statement,
Commander Communications says that Volante's reliance on
unsecured "contracts" to underpin its future earnings, which is
the basis of the assessment of its Independent Expert, is
inappropriate and misleading.
Commander Chief Executive Officer Adrian Coote recounts that
Volante shareholders were being asked by the board of directors
to take a leap of faith that their earnings forecasts would be
met without additional disclosures of the South Australian
Government, and even though Volante has a poor record in meeting
revenue and earnings forecasts released to the market through
the Australian Stock Exchange.
"Volante's Independent Expert has admitted that should the
unqualified assumptions associated with the 'contract' in the
2007 forecasts not be met or other near-term tender
opportunities are not realized, their valuation would be lower,
potentially by a material amount," Mr. Coote says.
According to Mr. Coote, "Volante does not give any meaningful
information regarding the scale or terms of the contract.
Shareholders cannot assess the value of this contract and
therefore the value of Volante's shares if it fails to win this
contract."
"The decision by shareholders as to whether to accept the offer
or not is contingent on the status of Volante as a preferred
bidder on a contract for which they have little information on.
As far as I am concerned, Volante's board and management are
treating their shareholders with contempt," Mr. Coote adds.
Moreover, Mr. Coote says that Volante's shareholders should be
growing tired of their Board making promises that they fail to
keep and that shareholders are entitled to more clarity from a
Board with a poor performance record.
Commander Communications said that Volante Shareholders should
be wary given these historical events:
* In November 2005, Volante issued an earnings downgrade to
the market;
* At the time of the merger of Ipex in 2004, a Deloitte
independent expert report based on management forecasts
(among other things) valued Volante on maintainable NPAT
(pre-amortization of goodwill) of AU$14.4 million to
AU$15.1 million per annum, a level Volante has still not
Achieved;
* In Volante's 2001 annual report, it was stated that for the
2002 financial year "we expect a stronger second-half and a
higher profit for the full year" yet:
-- Volante's NPAT in the second half on fiscal 2002 was
AU$1.2 million compared with the first-half result
of AU$3.2 million; and
-- its full-year NPAT result was AU$4.3 million, which
is well short of its 2001 NAPT result of AU$7.2
million; and
* At the time of the Volante IPO in 1999, Volante forecast
NPAT for the 2000 financial year to be AU$4.9 million, yet
Volante recorded an actual NPAT result of AU$1.8 million.
Mr. Coote contends that the market and shareholders should be
surprised by the change in decision to appoint an independent
expert when an appointment was publicly dismissed by Volante
only eight days before the report was issued. More importantly,
the market and shareholders should be amazed that their expert,
Lonergan Edwards & Associates, generated a higher per share
value in meeting its won forecasts and given the fact that the
actual results since January 2004 were below the estimate of
maintainable earnings used by Deloitte in preparing its report.
Volante asserts that its underperformance is a recent phenomenon
and describes the Commander offer as "opportunistic." However,
Commander avers that:
-- it has been almost six years since Volante closed above
its AU$1.70 IPO issue price; and
-- shareholder value (including dividends reinvested) has
declined by 1.6% over three years, 22.9% over two years
and 37.7% over one year.
A full-text copy of Commander's and its advisers' detailed
analysis of Volante's Target Statement and Independent Expert
Report is available for free at:
http://bankrupt.com/misc/tcrap_volantegroup013106.pdf
Commander remains confident that its AU$1.01 cash offer fairly
reflects Volante's value. Commander's offer for Volante is
scheduled to close on February 10, 2006.
CONTACT: Volante Group Limited
Binary Centre, Level 1, 3 Richardson Place,
Riverside Corporate Park,
North Ryde, NSW,
Australia, 2113
Telephone: (02) 8870 2070
Fax: (02) 8870 2139
Web site: http://www.volante.com.au
Commander Communications Limited
Level 3 Tower 1 Darling Park
201 Sussex Street
Sydney, New South Wales
2001 Australia
Phone: +61 2 9030 1700
Fax: +61 2 9030 1777
WESTERN BEARINGS: To Distribute Dividend
----------------------------------------
Western Bearings (Vic) Pty Limited will declare its first and
final dividend on February 7, 2006.
Creditors are required to formally prove their claims. Failure
to comply with this requirement will exclude creditors from the
benefit of the dividend.
Craig Crosbie is the Company's liquidator.
WESTPOINT GROUP: Sheds 100 Staff Pending Court Ruling
-----------------------------------------------------
Westpoint Group has axed around 100 staff across Australia last
week as the Company resorts to a back-to-basics structure while
waiting for the court to rule on its future, Australasian News
Bites relates. The court is set to decide on Westpoint's case
on February 10, 2006
The property group's executive general manager, David Jones,
says that the staff were asked to leave last Wednesday and
Friday following discussions with the Company's administrators.
Investor Daily says the sacked personnel have not been paid
their entitlements as Westpoint hopes to conserve funds for its
creditors. The staff cut follows several months of troubled
times when many of the company's schemes have been put under
receivership.
Westpoint made a surprise announcement on January 17, 2006, that
its woes have been worsened by advisers' recommendation to their
clients to buy unregulated Westpoint products instead of its
regulated ones.
Over the past two months, the court has wound up two Westpoint
companies and placed five more under administration following
ASIC's move when the group did not lodge its financial
statements for the year to June 30, 2005, before the October 31
deadline.
YEDGAR & PARTNERS: Schedules Final Meeting on Feb. 10
-----------------------------------------------------
A final meeting of Yedgar & Partners Pty Limited will be held on
February 10, 2006, at 11:00 a.m.
Liquidator M. F. Cooper will present his final account regarding
the Company's wind-up operations at that meeting.
* ASIC Bans Directors for Five Years
------------------------------------
The Australian Securities and Investments Commission has
forbidden two company directors from managing corporations for
the maximum period of five years.
ASIC banned Dale Howard Robertson of Surrey Hills, Victoria, and
Milan Visnic of Strathfield, New South Wales, after their
involvement in a number of failed companies.
Mr. Robertson's ban follows an ASIC investigation regarding his
involvement as a director with six failed companies:
* Mernda Developments Pty Ltd;
* Doncaster Apartments Pty Ltd;
* A.C.N. 082 105 673 Pty Ltd -- formally known as Vitalis
Group Pty Ltd;
* A.C.N. 099 501 130 Pty Ltd -- formally known as Vitalis Corp
Pty Ltd;
* Burke and Riversdale Road Pty Ltd; and
* Annesley Commercial Pty Ltd.
Mr. Robertson, a property developer, purchased large blocks of
land in the Melbourne metropolitan area with a view to
commercially develop each site. He then proceeded to set up a
separate company for each development project.
Due to inappropriate business plans and unrealistic budgets, Mr.
Robertson was unable to settle the land purchases for the
projects. As a result, deposits from the major financial
backers for each of the projects were forfeited. Each of his
companies was then placed into liquidation.
In determining the length of Mr. Robertson's ban, ASIC took into
account his failure to secure finance for an AU$11 million
property investment (Burke & Riversdale) prior to entering into
a contract to purchase the land. Mr. Robertson's actions led to
the deposit being forfeited and a loss to major financial
backers of over AU$1 million.
Mr. Visnic, on the other hand, was banned after an ASIC
investigation into 14 companies in liquidation:
* Sky Contracting (ACT) Pty Ltd;
* Sroto Pty Ltd;
* Gintic Pty Ltd;
* Okonia Pty Ltd;
* Sky Scaffolding (NSW) Pty Ltd;
* Sky Fabrications Pty Ltd;
* Sky Constructions Pty Ltd;
* Sky Projects Pty Ltd;
* SSS Fabrications Pty Ltd;
* Sky Systems (Aust) Pty Ltd;
* Sky System Hire Pty Ltd;
* Sky Scaffolding Pty Ltd;
* Sibroll Pty Ltd; and
* Sky Group Pty Ltd.
These companies left debts approximately AU$5.9 million in
aggregate.
ASIC alleges that Mr. Visnic failed to maintain adequate
financial records and ensure that the companies did not trade
while insolvent. Moreover, Mr. Visnic failed to provide
assistance to liquidators within the statutory timeframe,
including the provision of information relating to the financial
circumstances of the failed company.
Under the Corporations Act, ASIC is able to ban a company
director if they are the director of two or more companies that
are wound up, and the liquidator reports to ASIC that they have
failed to pay their creditors more than 50 cents in the dollar.
==============================
C H I N A & H O N G K O N G
==============================
COINS CANAL: Set to Close Business
----------------------------------
On January 8, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
approving a petition to wind up Coins Canal Limited.
DAILY GREAT: Court Enters Wind-Up Order
---------------------------------------
Daily Great Property Limited had presented a petition to wind up
its operations.
Accordingly, on January 18, 2006, The High Court of the Hong
Kong Special Administrative Region Court of First Instance
entered a wind-up order pertaining to the Company.
HANG DA: To Declare Dividend
----------------------------
Hang Da Engineering Co. notifies parties-in-interest of an
intended dividend to be declared at the High Court of Hong Kong.
Creditors are required to submit their proofs of claim by
February 11, 2006, to:
ET O'Connell
The Official Receiver & Trustee
10th Floor, Government Offices
66 Queensway, Hong Kong
Phone: (852) 2867 2448
Fax: (852) 3105 1814
e-mail: oroadmin@oro.gov.hk
LG PHILIPS: Dutch & German Units File for Insolvency Protection
---------------------------------------------------------------
LG.Philips Displays Holding B.V., the Hong Kong-based
manufacturer of television cathode ray tubes, filed for
insolvency protection along with its Dutch subsidiary,
LG.Philips Displays Netherlands B.V., and its German subsidiary
in Aachen on January 27, 2006, due to worsening conditions in
the CRT marketplace and unsustainable debt.
The holding company disclosed that it will not be able to
provide further financial support to certain loss-making
subsidiaries because it has been unable to obtain sustainable
new or additional funding.
Likely Insolvency for Other Subsidiaries
LG.Philips Displays Holding B.V. is the European holding company
for LG.Philips Displays. Given the holding company's inability
to further fund the subsidiaries, its operations in France,
Czech Republic, Slovakia, Mexico and the United States are also
reviewing their financial position. In particular, the workers
council of LPD France has been summoned to consider seeking
insolvency protection at the plant in France.
LG.Philips Displays emphasized that its plants in Brazil, China,
Indonesia, Korea and Poland are, in principle, unaffected. The
company's factories in the United Kingdom (Blackburn) and the
Netherlands (Stadskanaal and Sittard, with support from some
employees in Eindhoven) are economically viable and are expected
to continue production, for which LG.Philips Displays will seek
support and approval of the Dutch trustee and supervisory judge.
These operations represent more than 85% of LG.Philips Displays'
production capacity employing approximately 15,000 people.
"Over the past year, LG.Philips Displays and other CRT
manufacturers have seen an unprecedented decline in the market
for CRTs, especially in Europe. The demand for new flat panel
televisions, including liquid crystal display and plasma
televisions, has surged dramatically, as these alternatives have
dropped in price and become cost competitive faster than
anticipated. Although demand for CRTs has dropped precipitously
in mature markets, global demand for CRTs remains strong,
especially in emerging markets.
LG.Philips Displays has been in extensive discussions with the
company's financiers and parent companies, Philips and LG
Electronics, over the past several months to explore financial
solutions to the market challenges, especially in Europe.
However, these negotiations were ultimately unsuccessful.
"Having explored all possible restructuring options, we really
had no choice but to take these actions. We are working to
maintain employment for our remaining employees through our
ongoing operations," said J.I. Son, President and CEO of
LG.Philips Displays regarding the insolvency filing.
LG.Philips Displays will work with its customers to ensure
continued support to their businesses by providing backup
supplies from LPD's ongoing operations.
LG.Philips Displays will continue to work with suppliers to its
ongoing plants and operations. Suppliers delivering parts and
components to the affected plants will be formally notified in
due course in accordance with local legislative requirements.
LG.Philips Displays, a venture between South Korea's LG
Electronics Inc. and Royal Philips Electronics NV of the
Netherlands, has posted losses since the fourth quarter of 2004,
Young-Sam Cho of Bloomberg News reports.
About LG.Philips Displays
Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray
tubes for use in televisions and computer monitors. The company
produces one in every four television and computer monitor tubes
sold. Making use of its global manufacturing infrastructure, it
provides regional supplies to top TV and monitor brands
worldwide. LG.Philips Displays continues to be committed to the
CRT industry and will maintain a strong profile based on its
competitive operations and innovative, high-quality products.
KWOK FUNG: Decides to Close Operations
--------------------------------------
A winding up petition was served on Kwok Fung International
Development Limited on November 24, 2005.
On January 18, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.
MORSTON ENTERPRISES: Creditors' Proofs of Claim Due Feb. 27
-----------------------------------------------------------
Creditors of Morston Enterprises Limited are required to submit
to the liquidators -- Suen Pui Yee and Iain Ferguson Bruse --
the particulars of their debts or claims, as well as information
regarding their solicitors, if any, by February 27, 2006.
If the liquidators require, the creditors must come in
personally or by their solicitors and prove their claims at the
time and place specified in the notice.
Creditors who are unable to formally prove their claims will be
excluded from any distribution.
MOULIN GLOBAL: Creditors & Contributories to Meet on Feb. 9
-----------------------------------------------------------
The meetings of creditors and contributories of Moulin Global
Eyecare Manufacturing Limited will be held on February 9, 2006,
at 2:30 p.m. and 3:30 p.m., respectively, at the Official
Receiver's Office, on the 10th Floor of Queensway Government
Offices, in 66 Queensway, Hong Kong.
Established in 1960, Moulin Global Eyecare Holdings Limited is a
vertically integrated eyewear Company engaged in the design,
manufacture, distribution and retailing of quality eyewear
products to customers worldwide.
CONTACT: Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon
Hong Kong
Phone: (852) 2707 3800
Fax: (852) 2331 3086
e-mail: moulin@moulin.com.hk
PACIFIC (HONG KONG) INVESTMENTS: Gets Wind-up Order
---------------------------------------------------
Pacific (Hong Kong) Investments Company Limited has received a
wind-up order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on January 18,
2006.
TSUN NGAI: Commences Bankruptcy Proceedings
-------------------------------------------
A bankruptcy order against Tsun Ngai Interior Decoration Co. was
issued on January 27, 2006. All debts due to the estate should
be paid to the official receiver, E.T. O'Connell.
=========
I N D I A
=========
CABLE CORPORATION: Unveils Outcome of Board Meeting
---------------------------------------------------
At a meeting on January 30, 2006, the Board of Directors of
Cable Corporation of India Limited has:
-- issued fresh 25,000 Redeemable Cumulative
Preference Shares of INR100 each to Rhiakoh Finance &
Investments Pvt Ltd;
-- redeemed 25,000 Preference Shares issued earlier to
Baliga Investments Pvt Ltd out of the proceeds from the
issue of the aforementioned fresh preference
shares; and
-- appointed C. Sundershyam as a Nominee Director on behalf
of State Bank of India and Arun Thiagarajan as an
Additional Director.
Cable Corporation Of India Limited develops, manufactures and
markets electrical wires, conductors, strips of all types and
other products widely in India. The firm's other activities
include trading, contracting, financing, investing, lease
operations and real estate development.
Electrical cables, wires, conductors and other products
accounted for 86% of its 2000 revenues while trading of goods,
contracts and others accounted for the remaining 14%.
CONTACT: Cable Corporation OF India Limited
6 Shoorji Vallabhdas Marg Ballard Estate
Mumbai, Maharashtra 400 001
India
Phone: +91 22 2266 6764/67
Fax: +91 22 2263 2694
CLARO INDIA: Appoints Additional Directors
------------------------------------------
On December 29, 2005, the Board of Directors of Claro India
Limited appointed Shri Arun Kumar Daga & Shri Shri Loknath
Sharma as Additional Directors of the Company.
Claro India has been incurring net losses since 2002. In the
April-June period of fiscal 2005-06, the Company booked a net
loss of INR3.51 million, slightly up from the previous quarter's
INR3.01-million loss.
CONTACT: Claro India Ltd
161 Mount Road Chennai
600002 Tamil Nadu
Phone: 91 044 28521864/ 28523941
Fax: 91 044 28520980
JIK INDUSTRIES: Chairman Appointed as Managing Director
-------------------------------------------------------
The Board of Directors of JIK Industries Ltd has appointed
Company Chairman R G Parikh as its Managing Director.
Furthermore, the Board has considered the allotment of
3,00,00,000 equity shares to the promoter group pursuant to
Section 81 of the Companies Act, 1956, and subject to the
Securities and Exchange Board of India Guidelines.
CONTACT: JIK Industries
Pada No.3,
Balkum Village,
Thane(W)
Thane - 400608
Telephone: 022-2676632-7 LINES / 22633313
Fax: 2676633
e-mail: jrp@vsnl.com
M.H. MILLS: Fixes Book Closure for AGM
--------------------------------------
M.H. Mills & Industries Ltd says that its Register of Members &
Share Transfer Books will remain closed from February 20 to
February 24, 2006, for the purpose of the Company's 22nd Annual
General Meeting. The AGM Meeting will be held on February 24.
The 114-year-old M.H. Mills, one of the first in India to shift
to polyester fiber in 1978, is fighting a rear-guard action to
stay afloat by opting for a makeover and emerge as a new
generation enterprise, Business Line says.
The Company, which had taken refuge under the Bombay Relief
Undertakings Act for two consecutive years (1999-2001), is still
combating with a nine-member consortium of lenders led by ICICI
for renegotiating its INR65-crore debt package.
M.H. Mills Managing Direct Biren Parikh said the company had put
in motion a major re-engineering exercise, which will gradually
trim its workforce of 2,500. After its debt-restructuring
exercise, the Company plans to operate with a workforce of 1,600
and a revised product profile.
The Company is already shaping up to meet the present-day needs
of major brands like GAP, Burlington and Levi's Strauss by
supplying 1.2 meters of 100% cotton shirting material per year.
CONTACT: MH Mills & Industries Limited
Saraspur Ahmedabad
380018 Gujarat
Phone: 22124373 22123068
Fax: 22125000
SWITCHING TECHNOLOGIES: Seeks Corporate Restructuring
-----------------------------------------------------
The Board of Directors of Switching Technologies Gunther Ltd
will meet on January 31, 2006, to consider:
-- the Company's unaudited financial results for the period
ending December 31, 2005; and
-- referral to the Board for Industrial & Financial
Reconstruction about the erosion of 100% of net worth.
CONTACT: Switching Technologies Gunther Ltd
Plot No. B9, B10 & C1
Madras Export Processing Zone
Kadapperi, Chennai 600045
Phone: 91-044-22368198/ 223680932628093
Fax: 91-044-22368271, 2628271
=================
I N D O N E S I A
=================
PERTAMINA: Raises Gas Fuel Price by 93.5%
-----------------------------------------
PT Pertamina Tbk will officially raise gas fuel prices from
IDR1,550 per liter to IDR3,000 per liter today, Antara News
reports.
The Company's decision to raise gas fuel prices came after an
increase in natural gas price from US$2.23 per Million British
Thermal Unit (MMBTU) to US$5.0 per MMBTU as a result of world
crude oil price hikes, Antara News says, citing Pertamina
spokesman M. Harun. However, Mr. Harun notes that the 93.5%
increase is still lower than the price of premium gasoline
(IDR4,500 per liter) and diesel fuel (IDR4,300 per liter).
Mr. Harun says that Pertamina's gas fuel sales almost equaled
that of premium gasoline last year, but the Company still
suffered IDR10.4 billion in losses due to increased energy costs
and gas filling station expenses.
Headquartered in Jakarta, Indonesia, PT Pertamina --
http://www.pertamina.com-- is a wholly state-owned enterprise.
The enactment of the Oil and Gas Law No. 22/2001 in November
2001 and Government Regulation No. 31/2003 has changed the
Company's legal status from a special state-own enterprise into
a Limited Liability Company. It has 14 subsidiaries, including:
* Pertamina Energy Trading Limited (Petra), which is engaged
in oil and gas trading;
* PT Elnusa Harapan, engaged in marketing and trading;
* PT Pelita Air Service, engaged in airline service; and
* hospital PT Perta Medika.
As a profit-oriented company, PT Pertamina has to adopt a new
paradigm that focuses on value creation. Under the Ministry of
State-owned Enterprise, PT Pertamina commits to deliver high
quality products and services to the stakeholders as well as
increase its contribution to the nation's wealth.
PERUSAHAAN LISTRIK: Directors to be Questioned in Mark-Up Case
--------------------------------------------------------------
Local police are planning to question PT Perusahaan Listrik
Negara's entire Board of Directors regarding the alleged price
mark-up of three generators that the Company purchased last
year, Antara News reports.
According to the paper, police named PLN Primary Energy Director
Ali Herman Ibrahim and his deputy, Agus Darmadi, as suspects in
the graft case, which caused RDR122 billion in losses to the
state.
PLN President Director Eddie Widiono had already been questioned
as a witness to the case, and will be brought in for further
questioning. He had explained that PLN accelerated its purchase
of three generators by paying in four annual installments, so as
to cope with blackouts and provide adequate supply for the
National Sports Week in Palembang last year.
Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id-- is Indonesia's state-owned
utility company. The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population. The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers. The decision comes as many areas of the country are
experiencing power shortages.
PERUSAHAAN LISTRIK: Government Seeks to Cut Investment Costs
------------------------------------------------------------
The Indonesian Government asked PT Perusahaan Listrik Negara to
reduce its investment costs so as to implement a lower power
rate hike, Asia Pulse says.
Asia Pulse cites PLN President Director Eddie Widiono as saying
that the Government wants the Company to lower its allotted
IDR9 trillion investment budget for 2006 so that a planned power
rate increase would not be too high.
The Company is presently studying the proposed investment cut.
However, the Company says that its allotted budget is sufficient
to maintain its efficiency improvement program. If that budget
were to be lowered, maintaining efficiency would be next to
impossible.
PLN has targeted to invest a total of IDR17trillion into the
Company in order to develop its power generators, and
distribution, transmission and supporting facilities, Asia Pulse
relates.
The Government is waiting for the results of the State Audit
Board's review on PLN's power supply costs, before deciding the
power rate hike for the Company.
Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id-- is Indonesia's state-owned
utility company. The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population. The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers. The decision comes as many areas of the country are
experiencing power shortages.
=========
J A P A N
=========
ELPIDA MEMORY: Pleads Guilty to DRAM Price Fixing
-------------------------------------------------
Elpida Memory Inc. has reached an agreement with the United
States Department of Justice Antitrust Division and pleaded
guilty to certain violations of the U.S. antitrust laws in
connection with its DRAM sales from April 1999 through June
2002.
Pursuant to the Agreement, Elpida will pay its portion of the
US$84 million fine for participating in an "international
conspiracy" to fix DRAM prices.
IDG News Service relates that a two-count felony charge was
filed in the U.S. District Court in San Francisco accusing
Elpida of conspiring with other DRAM manufacturers to fix the
prices of DRAM sold to several computer and server
manufacturers.
Elpida said that it has enough fixed reserve to cover its $9.5
million portion of the fine.
Elpida's fine includes the sales made by Elpida's corporate
predecessors, NEC Corp. and Hitachi Ltd. The two companies
established Elpida as a joint venture in November 1999, and
remain as Elpida's largest stockholders.
The DOJ also expects to enter into cooperation agreements with
NEC and Hitachi.
The Company clarified that its financial estimate, announced on
January 24, 2006, has not changed due to the settlement.
Elpida Memory, Inc. -- http://www.elpida.com-- is a
manufacturer of Dynamic Random Access Memory (DRAM) silicon
chips with global headquarters based in Tokyo, Japan, and sales
and marketing operations located in Japan, North America, Europe
and Asia. Elpida's state-of-the-art semiconductor wafer
manufacturing facilities are located in Hiroshima, Japan. The
Company offers a broad range of DRAM products for high-end
servers, mobile phones, digital television sets and digital
cameras as well as personal computers. Elpida had sales of
JPY207.0 billion during the fiscal year ending March 31, 2005.
HITACHI LIMITED: Launches New HR Services Firm
----------------------------------------------
Hitachi Limited and Hitachi Triple Win Corporation has concluded
a plan for joint corporate split to establish a Company that
will provide finance and human resources shared services for the
Hitachi Group. The plan follows a basic agreement on
January 24, 2006. The new Company, to be named Hitachi
Management Partner, Corp., is scheduled to commence operations
on April 1, 2006.
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.
1. Outline of Hitachi Management Partner, Corp.
Company name: Hitachi Management Partner, Corp.
Business: Shared services regarding financial and human
resource administration
Commencement of operations: April 1, 2006 (tentative)
Location: 29 Kanda-awajicho 2-chome, Chiyoda-ku, Tokyo
President: Yoshiyuki Mori
Capital stock: JPY700 million
Number of shares issued: 14,000 shares
Stockholders' equity: JPY1,618 million
Total assets: JPY6,590 million
Fiscal year-end: March 31
Number of Employees: 431 (tentative)
Principle Customers: Private-sector manufacturing and
non-manufacturing industries, and
Hitachi, Ltd.
Major Shareholders and holdings: Hitachi, Ltd. 100%
Primary transaction banks: To be determined
2. Directors & Auditors:
Yoshiyuki Mori -- President & Director
Hiroshi Ashikawa -- Director
Seihou Sato -- Director
Tadao Yabuki -- Director
Yasushi Hagiwara -- Director
Masanori Adachi -- Auditor
Yoshinori Oouchi -- Auditor
Shigeru Kako -- Auditor
About Hitachi, Ltd.
Hitachi Limited, headquartered in Tokyo, Japan, is a global
electronics company with approximately 347,000 employees
worldwide. Fiscal 2004 (ended March 31, 2005) consolidated
sales totaled JPY9,027.0 billion (US$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 Corp.
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.
JAPAN AIRLINES: New Airports To Boost Domestic Network
------------------------------------------------------
Japan Airlines' domestic network will be boosted in February and
March with the opening of two new airports in Japan -- Kobe
Airport in the Kansai region near Osaka, and Kitakyushu Airport,
in northeast Kyushu, southernmost of the four main islands of
Japan.
Kobe Airport
Located on man-made Kobe Port Island, the new Kobe Airport is
scheduled to open for business on February 16, 2006. From
opening day, JAL will fly between Kobe and six destinations in
Japan, including initially two round trip flights each to
Tokyo's Haneda Airport, Sapporo, Okinawa and Kagoshima, with
daily flights to Sendai in northeast Japan and Kumamoto in
Kyushu.
From April 1, 2006, JAL and Skymark Airlines, a Japanese
domestic airline, will join forces in code share flights between
Kobe and Tokyo's Haneda Airport. Under the code share
agreement, the two airlines will together operate five daily
round trip flights between Kobe and Tokyo.
JAL aircraft and crew will operate two round trip flights and
SKY will operate three round trips with its aircraft and crews.
As a result of the code share, JAL will now offer five round
trip flights a day on the Tokyo-Kobe route, an increase of three
round trips on their originally planned schedule of two daily
services. SKY will be able to offer nine round trip flights
daily, an increase of two round trip flights per day on their
original plan, thanks to the code share with JAL. The increase
in flight choices brought about by the code share is aimed at
increasing customer convenience.
From February 16, 2006, when the airport opens for commercial
flights until March 31, 2006, inclusive, JAL will make two round
trip flights between Kobe and Tokyo and SKY will make seven
round trip flights, according to their original plans. Both
airlines operate from Terminal One at Haneda Airport. With the
opening of Kobe, the JAL Group will be able to further expand
its network in Japan's Kansai area through the three airports in
the region, including Kansai International, which offers
international and domestic flights and Osaka's Itami Airport,
which provides domestic services.
New Kitakyushu Airport
On March 16, 2006, operations will begin at the New Kitakyushu
Airport. Located just 20 minutes via rail from downtown Kokura
City, this modern offshore facility with a 2,500-meter runway
will replace the current landlocked Kitakyushu Airport,
providing both better service and the opportunity for larger
aircraft to operate to and from this important commercial and
industrial center. Three JAL Group carriers will operate from
Kitakyushu on three routes. JAL Domestic will make six daily
round flights to Tokyo's Haneda Airport, an increase of one
flight per day on the present five daily flights, all currently
operated by 134-seat MD-87 series aircraft.
The new schedule will include three round trip flights using
larger 290-seat A300 aircraft. Japan Transocean Air will
operate
a daily round trip Boeing 737 flight to Naha, Okinawa, and J-
Air, JAL's commuter subsidiary, will operate three daily round
trip flights by Bombardier regional jets (CRJ-200) to Nagoya's
Komaki Airport on JAL's behalf, under a JAL flight number.
CONTACT: Japan Airlines
Phone: 81-3-5460-3109
Fax: 81-3-5769-6487
e-mail: geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Web site: http://www.jal.com/en/corporate/
JAPAN AIRLINES: Changes Domestic Schedule for April 2006
--------------------------------------------------------
Japan Airlines has filed new domestic route schedules,
including new and expanded routes for April 2006, with the
Japanese Ministry of Land Infrastructure and Transport.
JAL will operate more aircraft fitted with class J seats on
business travel routes, such as Haneda-Osaka (Itami) and Tokyo-
Fukuoka and will remodel aircraft to provide more class J seats,
which have proved very popular with travelers.
Class J is JAL's domestic business class and uses a seat
specially designed for the JAL Group by GK Industrial Design
Company of Japan, designers of JAL's award-winning international
business class "Shell Flat Seat."
It features 95 cm seat pitch (regular economy seat pitch is 79
cm); seat width is 47 cm (regular domestic economy domestic
economy seat width 44 cm) and the armrest width is 18 cm
(regular 6 cm).
The basis of the schedules filed is to make better use of Haneda
slots and to strengthen the domestic network, not only at Haneda
but also at regional airports.
At Haneda, the focus of the new schedule is to increase flights
to cities in Shikoku, the fourth largest of Japan's four main
islands, and Kyushu.
JAL also plans to operate larger aircraft on routes to and from
Chubu International Airport, and increase flights on some other
routes, such as from Kansai International.
Aircraft capacity changes to reflect increased demand include:
* Haneda-Okinawa: Of 10 daily flights, nine will be operated
by
large aircraft (B747 and B747-400)
* Haneda-Hiroshima: Of seven daily flights, two will be
operated by larger aircraft (B777)
* Chubu-Okinawa: Two flights will operated by B747-400
KONICA MINOLTA: Opens New Equipment Sales Unit in China
-------------------------------------------------------
Konica Minolta has launched a new office equipment sales unit in
The People's Republic of China named "Konica Minolta Business
Technologies, Inc."
Because of the legal restrictions imposed by the Chinese
government, the Company has been selling its products in
mainland China through two channels:
(1) Konica Minolta Business Solutions (WUHAN) Co., Ltd.,
which is a joint venture with a Chinese company; and
(2) Konica Minolta International Trading (SHANGHAI) Co.,
Ltd., which is an import and sales Company headquartered
in the bonded zone in Shanghai City.
Following the agreement reached on China's accession to the
World Trade Organization, an accelerated process to ease the
restrictions on commercial distribution in China was put into
place about two years ago, and foreign companies are now allowed
to operate wholly owned sales subsidiaries locally. Seizing
this opportunity, Konica Minolta established a wholly-owned
sales subsidiary in the rapidly growing Chinese market,
integrating the sales operations of the Konica Minolta Business
Solutions and Konica Minolta International Trading, with a view
to exerting centralized control over both its direct sales and
distributors' resales channels while responding to market needs
more quickly and flexibly.
Konica Minolta says it will remain committed to developing
innovative, quality products in the fields of color multi-
function peripherals (MFPs), high-speed MFPs, and color laser
printers. These products are the focus of Konica Minolta
Group's office equipment business, currently earmarked as the
group's most important business. Konica Minolta will continue
efforts to create a strong sales network throughout China, so
that the Company will be able to establish its presence as a
leader in all of these focused fields.
MFPs are multi-functional computer peripheral, which can be used
not only as a copier, but also as a fax machine and printer.
Outline of the new subsidiary:
Name: Konica Minolta Business Solutions (CHINA) Co., Ltd.
Representative: Tadayuki Funakura, Chairman and President
Location: Shanghai City, People's Republic of China
Establishment: November 2005
Registered capital: US$12 million
Shareholder: 100% owned by Konica Minolta Business
Technologies, Inc.
Business activities: import, sales, and after-sales service
of MFPs, laser printers, and other office equipment, as well
as related consumable supplies and component parts in China
(1) Konica Minolta Business Solutions (WUHAN) Co., Ltd.
Representative: Tadayuki Funakura, Chairman
Location: Wuhan City, Hubei Province, PRC
Establishment: October 1994
Capital: US$7 million
Business activities: manufacture, sales, and after-sales
service of MFPs and other office equipment
(2) Konica Minolta International Trading (Shanghai) Co., Ltd.
Representative: Tadayuki Funakura, Chairman
Location: Waigaoqiao Bonded Zone, Shanghai City, PRC
Establishment: July 1996
Capital: US$1.6 million
Business activities: import, sales, and after-sales
service of MFPs and other office equipment as well as
related consumable supplies and component parts
CONTACT: Konica Holdings Inc. Company
1-6-1 Marunouchi, Chiyoda-ku
Tokyo 100-0005, Japan
Phone: +81-3-6250-2100
Fax: +81-3-3218-1368
MITSUBISHI MOTORS: To Showcase New Models in Geneva Exhibit
-----------------------------------------------------------
Mitsubishi Motors Corporation will give the Mitsubishi Concept-
EZ1 MIEV2 compact mono-box concept vehicle and the Colt
CZC coupe-cabriolet their world premieres at the 76th Geneva
International Motor Show. Mitsubishi Concept-EZ MIEV uses four
in-wheel motors and a lithium-ion battery system to drive all
four wheels. Mitsubishi developed the Colt CZC coupe-cabriolet
with Pininfarina S.p.A. of Italy. The 2006 Geneva Motor Show
runs from February 28 through March 12 at the Geneva Palexpo
exhibition and conference complex, opening to the general public
on March 2.
Mitsubishi Concept-EZ MIEV showcases MMC's MIEV concept for
next-generation electric vehicles that employs in-wheel motors
and a high-energy-density lithium-ion battery as core
technologies. The concept car uses a 20kW outer rotor-type in-
wheel motor on each wheel to generate a maximum 80kW (110PS) of
power. Maximizing the space freed up by the MIEV design, which
does away with a central power train thus resulting in a low
flat floor layout, Mitsubishi Concept-EZ MIEV realizes roomy
interior space with an interior height that matches that of a
large mono-box model despite its relatively low overall height
of 1,750 mm.
Colt CZC inherits the basic concept and styling of the Colt
coupe-cabriolet concept model displayed by Mitsubishi Motors at
the 2005 Geneva Motor Show. Providing space to stow away the
retractable hard top in a 2+2 layout, this coupe-cabriolet model
joins the European Colt series, including the 5-door Colt
hatchback and 3-door Colt CZ3 and Colt CZT hatchbacks, as the
third body variation.
Derived from the European Colt series built at the Company's
NedCar facility in the Netherlands, Colt CZC is to go into
production at Pininfarina in Italy in March this year.
The Mitsubishi Concept-EZ MIEV and Colt CZC will be joined at
the Geneva Motor Show by 15 other models including the new L200
pickup truck (built in Thailand, Thai market name: Triton) that
will go on sale in Europe in the spring of 2006.
Mitsubishi Motors will hold a press briefing at the MMC stand at
4:45 p.m. on February 28, 2006.
CONTACT: Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0059
SKYNET ASIA: To Start Code-share Deal
-------------------------------------
All Nippon Airways Co. Ltd. and Skynet Asia Airways will start a
code-share agreement from April 1, 2006, in which ANA will place
its flight code on SNA flights between Tokyo's Haneda airport
and the southern Japanese cities of Miyazaki, Kumamoto and
Nagasaki. SNA flights will at the same time be listed on ANA's
reservations system, and be available for sale through ANA's
other sales channels.
The code-share agreement will see an increase in ANA flights
from Tokyo to Kyushu by 18 return flights per week, and tickets
will go on sale from February 1, 2006.
In a move that will facilitate passenger convenience, SNA will
change from Terminal 1 to Terminal 2 at Haneda Airport (the ANA
terminal), and its check-in counters located next to those of
Air Do and the Tokyo Excel Hotel at the northern end of the
building. Not only will passengers be able to enjoy the
superior facilities of the new terminal building, but onward
connections on ANA flights to other parts of Japan will be
simpler and shorter, and through check-in and through baggage
mean changing aircraft will be easier than ever.
SNA customers will also be able to avail themselves of ANA self-
service check-in and ticketing machines, making their passage
through the airport smoother, quicker and more convenient.
These changes extend beyond ground services, and once onboard,
SNA customers will again be able to enjoy drinks and newspapers
in flight, a service, which had previously been stopped. At the
time of making reservation or payment, they will also be
able to assign their seating, within the limitation of their
fare bracket.
From April 1, 2006, SNA tickets can be reserved and paid for at
any ANA branch or airport counter, as well as from approximately
800 travel agents up and down the country. Furthermore,
customers will be able to avail themselves of ANA's tie-up with
nationwide convenience store chains Lawson and Family Mart to
purchase tickets.
Details of the code-share agreement:
* Miyazaki-Haneda - 11 daily return flights - (ANA 5 + SNA 6)
* Kumamoto-Haneda - 11 daily return flights - (ANA 5 + SNA 6)
* Nagasaki-Haneda - 10 daily return flights - (ANA 4 + SNA 6)
About All Nippon Airways Co., Ltd.
All Nippon Airways, or ANA, came into existence in 1952, and
over 50 years later is now one of the 10 largest airlines in the
world, carrying with its sister companies almost 50 million
passengers every year to 49 destinations in Japan, and to 22
overseas cities in Asia, Europe and the United States. As a
member of Star Alliance, the world's foremost airline alliance,
ANA passengers enjoy access to a network of over 790 airport
destinations in 138 countries, and reciprocal benefits such as
mileage accrual and redemption, and lounge access.
CONTACT: Skynet Asia Airways co., Ltd.
148 Hieda Aza, Oaza Akae
Miyazaki City
Miyazaki Prefecture
Phone: (0985) 55-2200
Fax: (0985) 55-2211
=========
K O R E A
=========
ASIANA AIRLINES: Sees Brighter Prospects for 2006
-------------------------------------------------
Asiana Airlines wants to add Paris to its newly established
routes this year, such as the currently installed Shenyang and
Shenzhen in China and Penang in Malaysia routes, The Korea
Herald reveals. Korean Air currently holds the Paris service.
Asiana told the Herald that it hopes to win rights to operate
the Paris route following the March Korea-France air traffic
convention.
Subsequently, Asiana Airlines wants to shell out KRW53 billion
in facility investment and purchase passenger and cargo jets
worth KRW34 billion.
In addition Asiana wants improvement on its miscellaneous
services, including in-flight entertainment worth KRW19 billion,
Asiana Airline President, Kang Joo-an said in a press
conference.
"We plan to acquire six aircraft this year: two Airbus 320s, two
Airbus 330s, one Boeing 777 and one Boeing 747," Mr. Kang told
the Herald.
Mr. Kang sees 2006 as the year of "great innovation" for
Asiana. In-flight service improvements, "beautiful labor-
management culture" and the scheduled 2007 dividend payouts to
shareholders are to be the main theme of this year's management
plan.
On the emergence of low-cost airlines such as Jeju Air, Mr. Kang
expressed doubt over its long-term success. He said, domestic
routes are often not profitable.
Mr. Kang is currently awaiting for the Turkish government's
decision for the Istanbul route it currently shares with Korean
Air. Asiana told the Herald that if the Turkish government
decide to award the route to Korean Air, it will fully accept
the decision.
Last year, Asiana Airlines made more than KRW3 trillion in sales
and is expecting KRW184.9 billion in operating profit for fiscal
2005.
CONTACT: Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270 Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170
===============
M A L A Y S I A
===============
AVANGARDE RESOURCES: Faces Possible Delisting
---------------------------------------------
Avangarde Resources Berhad is facing the possibility of being
delisted from Bursa Malaysia Securities Berhad over its failure
to issue the Annual Audited Accounts and the Annual Reports
(Prescribed Financial Statement) from the respective due dates
as required under the Bourse's Listing Requirement.
Pursuant to Paragraph 9.26 of the LR, Avangarde is required to
make a periodic announcement on a monthly basis on the status of
the issuance of the outstanding Prescribed Financial Statements.
AAA and AR for the year ending December 31, 2002 have been
submitted to Bursa Malaysia Securities Berhad on December 28,
2005 and January 13, 2006, respectively. The AAA for 2003 &
2004 and the AR for 2003 & 2004 will be submitted as soon as
possible.
In the event ARB fails to comply with all the provisions under
paragraph 9.23, subject to any extension of time granted by the
Bursa Malaysia Securities Berhad, the Bourse will take action
against the Company including a possible delisting.
CONTACT: Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854
CONSOLIDATED FARMS: Fails to Pay Monthly Dues
---------------------------------------------
The board of Consolidated Farms Berhad advised that the
Confarm Group has been unable to pay the amount of principal
and interest in respect of its credit facilities as at
January 31, 2006, as set out in:
http://bankrupt.com/misc/ConsolidatedFarmsBerhad013006.doc
Confarm's Board also advised that there has been no material
development in respect of the Company's plan to regularize its
financial position.
CONTACT: Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
DFZ CAPITAL: Revises Allotment of Rights Issue Proceeds
-------------------------------------------------------
The Board of Directors of DFZ Capital Berhad (formerly known as
Sriwani Holdings Berhad) has resolved to revise the utilization
of proceeds from its Rights Issue implemented in conjunction
with the earlier restructuring scheme.
The balance of proceeds previously earmarked for estimated fees
relating to the restructuring exercise of the Company and its
subsidiaries will now be used as working capital.
The full-text copy of the status of the Company's proceeds
utilization is available for free at:
http://bankrupt.com/misc/DFZCapitalBerhad063106B.pdf
LANKHORST BERHAD: Discloses Status of FS Issue
----------------------------------------------
The auditors of Lankhorst Berhad reports on the status
of the issuance of the outstanding prescribed financial
statements.
The Auditors are scheduled to:
* finalize and sign the Company's Annual Audited
Accounts on January 31, 2006;
* submit the Annual Audited Accounts to Bursa Securities by
February 3, 2006, being the next market day when the Bourse
resumes operations after the Chinese New Year/Awal Muharram
holidays; and
* issue the Notice of Annual General Meeting and the Annual
Report 2004 on the second week of February 2006.
As of January 31, 2006, the Auditors said these tasks are yet
to be achieved.
As a consequence of the non-compliance of the Bursa Securities
Listing Requirements under paragraph 9.23, Bursa Malaysia
Securities Berhad may take action against the Company, including
the possibility of de-listing.
CONTACT: Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036
MULPHA LAND: Seeks More Time to Meet PN17/2005 Conditions
---------------------------------------------------------
On November 2005, Mulpha Land Berhad (formerly known as
Mega Pascal Berhad) submitted to Bursa Malaysia Securities
Berhad (BMSB) an application for extension of up to February 28,
2006 for Mulpha to achieve the level of business or operations
stipulated under PN17/2005 for the uplifting of the PN17/2005
classification of MLB.
MLB awaits the Bourse's approval on the application.
MYCOM BERHAD: Buys More Time to Complete Restructuring
------------------------------------------------------
On January 27, 2006, Mycom Berhad asked the Securities
Commission to extend the time given to complete its
restructuring.
In relation to this, the Board of Directors of Mycom sets out
the proposed timeline to complete the implementation of the
Restructuring Scheme based on the application submitted to the
SC on January 27, 2006:
Proposed Status of
Major Outstanding Events Timeline Implementation
------------------------ -------- --------------
Execution of trust deeds/deed Mar. 2006 To be met
poll and other creditors'
agreements
Execution of the Underwriting Mar. 2006 To be met
Agreement in connection with
the Rights Issue with Warrants
Books Closing Date for the May 2006 To be met
Capital Reduction, Capital
Consolidation and Rights Issue
with Warrants
Despatch of Abridged May 2006 To be met
Prospectus, Rights Subscription
Forms and Notice of Provisional
Allotment
Listing of the new Mycom June 2006 To be met
shares, warrants, Irredeemable
Convertible Unsecured Loan
Stocks, Redeemable Unsecured
Loan Stocks and Irredeemable
Convertible Bonds on the
Bursa Malaysia Securities
Berhad
Subject to the completion of the deeds, the creditors'
agreements, and the Underwriting Agreement by March 2006, the
Board will work towards completing the Restructuring Scheme by
June 30, 2006.
The Company was earlier given six months extension from Dec. 31,
2005 to June 30, 2006 to implement its rehabilitation
scheme.
CONTACT: Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2072 3993
Fax: +60 3 2072 3996
OLYMPIA INDUSTRIES: Seeks Another 6-Month Extension
---------------------------------------------------
Olympia Industries Berhad (OIB) requested the Securities
Commission (SC) revise its extension of time of six months from
December 31, 2005 to June 30, 2006, and from March 31, 2006 to
September 30, 2006, to complete the implementation of its
Restructuring Scheme.
Olympia wants the deadline extended, as it is still requesting
that Jupiter Securities Sdn Bhd merge with at least one other
stockbroking company.
The application is still pending approval from the SC.
In relation thereto, the Board of Directors of OIB set out the
proposed timeline to complete the implementation of the
Restructuring Scheme based on the application submitted to the
SC on January 27, 2006 (Proposed Timeline).
The Proposed Timeline is available for free at:
http://bankrupt.com/misc/OlympiaIndustriesBerhad063106.pdf
CONTACT: Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
e-mail: olympia@oib.com.my
PACIFIC & ORIENT: Repurchases Ordinary Shares
---------------------------------------------
Pacific & Orient Berhad held a shares buy back on January 16 to
26, 2006.
The results of the buy back are:
Total number of shares purchased (units): 165,600
Minimum price paid for each share purchased (MYR): 1.760
Maximum price paid for each share purchased (MYR): 1.780
Total amount paid for shares purchased (MYR): 296,307.19
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 165,600
Total number of shares retained in treasury (units): 5,570,456
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: January 27, 2006
Lodged by: Pacific & Orient Berhad
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
SUREMAX GROUP: To Convene 11th AGM on Feb. 27
---------------------------------------------
The Eleventh Annual General Meeting of Suremax Group Bhd. is
scheduled to be held at 9:00 a.m., on February 27, 2006, at
Dewan Seroja, Kelab Golf Perkhidmatan Awam, Bukit Kiara, in Off
Jalan Damansara, Kuala Lumpur.
Director Ahmad Zaidi Bin Zainal nominate, pursuant to Section
172(11) of the Companies Act, 1965, Messrs Atarek Kamil Ibrahim
& Co as new auditors for the Company in place of the retiring
auditors, Messrs Horwath. The Appointment of the proposed new
auditor will be considered at the AGM.
CONTACT: Suremax Group Bhd
No. 7-1, Faber Imperial Court,
Sheraton Imperial Hotel,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-76606080
Fax: 03-76606090
SYARIKAT KAYU: Suffers MYR19,150,000 Net Loss in 4Q/FY05
--------------------------------------------------------
Syarikat Kayu Wangi Berhad released its unaudited Fourth 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
4,422 7,455 21,456 27,633
(2) Profit/(loss) before tax
-19,549 -1,611 -24,017 -3,216
(3) Profit/(loss) after tax and minority interest
-19,150 -1,510 -23,200 -3,044
(4) Net profit/(loss) for the period
-19,150 -1,510 -23,200 -3,044
(5) Basic earnings/(loss) per shares (sen)
-45.00 -9.28 -93.93 -18.70
(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 (RM)
0.1400 0.4700
A full-text copy of the financial statement and quarterly notes
are available for free at:
http://bankrupt.com/misc/SyarikatWayuQResults30November2005.xls
http://bankrupt.com/misc/SyarikatWayuNotesInterimReport30Nov2005.doc
CONTACT: Syarikat Kayu Wangi Bhd
Wisma Ng Hoo Tee, 79,
Jalan Muar, Parit Sulong,
Batu Pahat Johor 83500
Telephone: 07-4186230,07-4186236
Fax: 07-4187519
TANCO HOLDINGS: RHB Sakura OKs Proposed Scheme
----------------------------------------------
On January 11, 2006, the Kuala Lumpur High Court extended for
two months the Restraining Order on Tanco Holdings Berhad,
expiring on March 10, 2006.
The Court also allowed the Company and its subsidiaries to hold
the Court-convened meeting in Kuala Lumpur on or before June 30,
2006.
RHB Sakura Merchant Bankers, one of the Group's lenders,
informed Tanco that it has no objection to the proposed
mechanism to implement the proposed cash settlement scheme
subject to the approval of the same from all other lenders.
CONTACT: Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333 / +60 3 6091 3188
UNI.ASIA GENERAL: Units Cease Operations
----------------------------------------
Uni.Asia General Insurance Berhad reported that its wholly owned
subsidiaries have been dissolved pursuant to Section 272 (5) of
the Companies Act, 1965.
Name of Subsidiaries Effective Date
(i) South East Asia Management Services January 14, 2006
Sdn Bhd (In Voluntary Winding-up)
(ii) Chattel Credit & Leasing Sdn Bhd January 14, 2006
(In Voluntary Winding-up)
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: U.S. Unit Names Chief Marketing Officer
-------------------------------------------------------------
ABS-CBN Global, the U.S.-based subsidiary of ABS-CBN
Broadcasting Inc., has named Carmencita Orlina as chief
marketing officer.
At ABS-CBN Global, the division responsible for all
international broadcasting including ABS-CBN International, Ms.
Orlina will be responsible for developing strategic marketing
programs for all aspects of global brand management, including
market research, strategic alliances and brand positioning.
Prior to joining ABS-CBN, Ms. Orlina spent more than four years
with Western Union Financial Services, where she held the role
of regional vice president for both the Philippines and inbound
business for the Asian Pacific region. Her responsibilities
included driving business into the region from North America,
Europe and the Middle East, while creating business-building
programs throughout Asia. Prior to that, she held the role of
country director of the Philippines.
Prior to Western Union Financial Services, Ms. Orlina spent
nearly 12 years with Pfizer, Inc., serving as marketing director
and sales director of the Pharmaceutical Products Group, as well
as marketing director of the Consumer Health Care Division. She
also held positions with E.R. Squibb & Sons, Topline Research
Corporation and San Miguel Corporation.
Ms. Orlina received her Master of Business Administration and
Bachelor of Science degrees from the University of the
Philippines.
ABS-CBN -- http://www.abscbn-ir.com-- was created to be of
service for all Filipinos 11 years ago. With the launch of The
Filipino Channel, the company was the first Filipino broadcaster
in the United States. The company offers telecommunication,
retail, money remittance and cargo forwarding services along
with philanthropic support of Filipinos and the communities they
now call home. Based in Redwood Shores, Calif., ABS-CBNi is a
wholly owned subsidiary of ABS-CBN, the Philippines largest
entertainment and broadcasting company.
MANILA ELECTRIC: To Finish Big Users' Refund in First Quarter
-------------------------------------------------------------
Manila Electric Company expects to complete the processing of
court-ordered refunds to large commercial and industrial clients
in the first quarter of this year, BusinessWorld says.
According to BusinessWorld, Meralco has started the processing
of the last phase of the refunds last November. In fact, some
of the refunds have been reflected in consumers' January
electricity bills.
The power utility firm, however, still has to consolidate the
figures on how much has already been released.
The paper says requirements for the Phase IV-B applicants are so
stringent, affecting even the processing phase. These are the
consumers formerly in the industrial and commercial category,
who have to tender documents such as the legal recipient of the
refund.
The refund for Phase IV-A consumers, worth Php4 billion, is
spread out over 18 months. Consumers are classified into the
large and industrial sectors. Phase IV-B consumers, on the
other hand, will receive the Php14 billion worth of refunds over
63 months.
The report says that more than half of the customers who have
already submitted papers for documentation prefer postdated
checks than the credit-to-bill option, which is applied as a
deduction to the electricity bills.
Meralco has been implementing the refund, amounting to almost
Php30 billion, since 2003.
CONTACT: Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
e-mail: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL FOOD: Urges Rice Traders to Get License
------------------------------------------------
In order to avoid inconvenience and penalties, the National Food
Authority has urged all individuals who intend to sell grains to
secure the necessary license to legalize their operation, The
Philippine Information Agency reveals.
Licensing Officer Jose Davila, Jr. of the Capiz NFA office said
that those who have been NFA licensed retailers, millers and
wholesalers should renew their licenses as scheduled to prevent
surcharges.
Mr. Davila warns that those engaged in the grains business
without the NFA license will suffer administrative penalties
raging from Php1,000 to Php4,000 aside from the criminal
offense, particularly in violation of Section 29 of Presidential
Decree No. 4, otherwise known as the National Grains Authority
Act of 1972 that imposes either imprisonment or fine or both.
He stressed that a 25% surcharge is charged as penalty per month
of delayed period of renewal of license based on the scheduled
month, or a 100% penalty for late renewal.
Last year, at least five grains businessmen were
administratively fined by NFA due to their failure to renew
their business permit while continuing to engage in the grains
business.
This year, 1,041 retailers, millers and wholesalers are expected
to renew their NFA license, the PIA says.
CONTACT: National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/
NATIONAL POWER: Starts Semirara Oil Spill Clean-up
--------------------------------------------------
National Power Corporation has started cleaning up the oil spill
on Semirara Island and is expediting it to as short a time as
possible, The Philippine Star reports.
The state power firm aims to finish the clean-up within a few
months to contain the oil spill and assure there will be no
major effects on the environment, The Star says.
Napocor has hired 250 fisher folks from the island to undertake
the clean-up. So far, the workers have collected almost 5,700
sacks of oil that were dumped on a temporary site for immediate
disposal.
The Troubled Company Reporter - Asia Pacific reported on January
30, 2006, that the Joint Congressional Power Committee has
ordered Napocor to immediately expunge the oil spill from a
power barge that threatens marine life in Semirara town in
Antique.
According to the report, nearly 200,000 liters of bunker fuel
had contaminated 236 hectares of mangroves and 40 square
kilometer of marine life off the coast of Semirara. The oil
spill is expected to affect the economy of the province and the
aquatic marine life.
Power Barge 106, the cause of the spill, is presently docked at
the Keppel Shipyard in Batangas where it is undergoing
withdrawal of contaminated oil, The Star says. Once finished,
the repair of the power barge will begin. The tugboat, on the
other hand, is undergoing repairs on its damaged steel plate,
propeller and rudder, among others.
Headquartered in Quezon City Manila, Philippines, National Power
Corporation is a state-owned utility that builds and operates
nuclear, hydroelectric, thermal, and alternative power-
generating facilities. It works with independent producers
under a build-operate-transfer program. Its transmission
network has a line length of nearly 13,000 circuit miles. With
a generating capacity of more than 11,500 MW, Napocor sells
electricity to distributors and industrial companies. To comply
with the privatization bill approved by the Philippine Congress,
the Company has begun selling off its generation assets. It has
also separated its transmission operations into a new
subsidiary.
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
RFM CORPORATION: Issues Additional Stock Grants to Officers
-----------------------------------------------------------
During the Regular Meeting of the Board of Directors of RFM
Corporation on January 31, 2006, an additional stock grant of
2,051,338 of RFM's treasury common shares was approved in favor
of its officers under the same terms and conditions of the first
stock grants.
Further, RFM officers Roberto L. Domingo and Philip V. Prieto
were included in the stock grants.
The additional issuance of 2,051,338 of RFM's treasury common
shares will be distributed as follows:
No. of Common
Name Position Shares
---- -------- -------------
Jose Ma. A Concepcion III President/CEO 413,746
Felicisimo M. Nacino Jr. EVP/COO 372,373
Norman P. Uy SVP/Gen. Manager 165,499
Roberto L. Domingo Gen. Manager, Meat 259,101
Raymond B. Azcarate VP-Finance 186,185
Cristina D. Reyes VP-Legal 103,437
Ramon M. Lopez VP-Corplan/Marketing 109,545
Minerva C. Laforteza VP-Controller 78,613
Raul D. Villapana VP-HRD 70,337
Gary R. Guarnes AVP-Internal Audit 57,924
Philip V. Prieto AVP-Purchasing 234,578
Headquartered in Metro Manila, Philippines, RFM Corporation --
http://www.rfm.com.ph-- was set up as the first flour mill in
South East Asia in 1957 and slowly evolved from a single company
producing bags of flour, to a multi-company enterprise managing
a chain of branded products that are highly visible in the
consumer market today. Among the branded products it markets
are: White King (flour based products), Selecta (ice cream),
Swift (meat based products), Little Ceasar's (pizza), Sunkist
(fruit juices) and Selecta Moo (milk based products). The
company also engages in non-food business, which includes
Philtown (real estate), RFM Equities (consumer insurance) and
Rizal Lighterage Corp. (integrated cargo-handling services).
=================
S I N G A P O R E
=================
BELL & ORDER: Placed Under Voluntary Liquidation
------------------------------------------------
On January 13, 2006, the Singapore High Court issued a wind-up
order against Bell & Order Engineering Pte Limited.
All creditors of the Company are required to file their proofs
of claim with:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
CARLINES 2000: Court to Hear Wind-Up Petition Feb. 10
-----------------------------------------------------
On January 19, 2006, Regent Express Pte Limited filed a winding
up petition against Carlines 2000 Pte Limited.
The Petition is scheduled to be heard before the Singapore High
Court on February 10, 2006, at 10:00 a.m.
Any Company creditor or contributory who wants to support or
oppose the winding up order may appear at the hearing by himself
or his counsel.
The Petitioner's solicitors will provide, upon payment of a
regulated charge for the same, a copy of the winding up petition
to any Company creditor or contributory who requires a copy of
the petition.
The Petitioners' address is 10 Ubi Crescent #02-46, Ubi
Techpark, Singapore 408564.
The Petitioners' Solicitors are Messrs AsiaLegal LLC of 20 Cecil
Street #08-01, Equity Plaza, Singapore 049705.
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs
AsiaLegal LLC a written notice of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and
must be served, or, if posted, must be sent by post to reach the
solicitors not later than 12:00 p.m. of February 9, 2006.
KINSAN PTE: Creditors' Proofs of Claim Due Feb. 20
--------------------------------------------------
Creditors of Kinsan (Singapore) Pte Limited are required to
submit their proofs of claims 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 exclude creditors
from the benefit of the dividend.
MICRO-NET TECHNOLOGY: Intends to Declare Dividend
-------------------------------------------------
Micro-Net Technology Pte Limited, which is preparing to declare
a dividend, requires its creditors to submit their proofs of
claims by February 17, 2006, to:
Kon Yin Tong
Wong Kian Kok
Liquidators
Foo Kon Tan Grant Thornton
47 Hill Street #05-01
Chinese Chamber of Commerce & Industry Building
Singapore 179365
CONTACT: Micro-Net Technology Pte Limited
50 Macpherson Road
#05-01 Three Rifles Building
Singapore 348471
Phone: 65 6745 5228
Fax: 65 6742 9142
SKIN SOLUTIONS: Court Liquidates Firm
-------------------------------------
On January 20, 2006, the Singapore High Court issued a winding
up order against Skin Solutions Asia Pacific Pte Limited.
All creditors of the Company are required to file their proofs
of claim with:
Tam Chee Chong
Liquidator
Deloitte & Touche
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
===============
T H A I L A N D
===============
NAKORNTHAI STRIP: Discloses Capital Hike Proceeds Utilization
-------------------------------------------------------------
On October 27 and 29, 2003, Nakornthai Strip Mill PLC received
around THB4,121.69 million (US$105.67 million) from its warrant
rights offering of 3.23 billion units at THB 0.05 per unit, and
public offering of 1.8 billion shares at THB2.20 per share.
Of the total proceeds from the capital increase exercises:
* US$29.78 million was used to fund its flat-rolled steel
mill operations;
* US$20.28 million was used for its finishing mill facility;
and
* US$20.00 million was added to its working capital.
Around US$16 million, which was initially allotted for its
finishing mill operations, was temporarily transferred to its
working capital fund.
CONTACT: Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828
THAI ENGINE: Repays Debt from Share Offering Proceeds
-----------------------------------------------------
On December 23, 2005, Thai Engine Manufacturing Co. Ltd.
generated THB180,000,000 by offering 180,000,000 shares at THB1
each through Private Placement.
The proceeds of the sale were used to repay loans under the
rehabilitation plan. The Company also used the funds to pay the
debt restructuring planner and for trade payables of THB153
million. And some THB27 million was used as working capital.
CONTACT: Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com
THAI AIRWAYS: Names Contenders for Presidential Post
----------------------------------------------------
Thai Airways International Public Co. Ltd. Chairman Wanchai
Sarathul, who is also chairman of the President Selection
Committee, disclosed the preliminary qualified applicants for
the Company's new president.
The preliminary qualified applicants are:
* Flg. Off. Chinawut Naressaenee, executive vice president,
Customer Services Department;
* Flg. Off. Apinan Sumanaseni, executive vice president,
Operations Department;
* Flg. Off. Norahuch Ployyai, executive vice president,
Standards & General Administration Department; and
* Wg. Cdr. Supachai Limpisvasti, managing director, Technical
Department.
The applicants will be invited for interview on Feb. 6, 2006,
until Feb. 10, 2006.
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
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Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito,
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Copyright 2006. All rights reserved. ISSN: 1520-9482.
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