/raid1/www/Hosts/bankrupt/TCRAP_Public/060207.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, February 7, 2006, Vol. 9, No. 027
Headlines
A U S T R A L I A
A.C.N. 088 940 845: Liquidates Operations
AMPHO NOMINEES: Wind-up Application To Be Heard on Feb. 13
AUSTRALIAN GAS: Standard & Poor's Assigns 'BBB' Rating on Unit
AUSTRALIAN GAS: Updates on Demerger Proposal
CHRISTOMAR PTY: Creditors' Claims Due Today
CLARKE HOLDINGS: Court Winds Up Firm
CPCOL PTY: Decides to Close Ops
CPW PTY: John Lord Named Liquidator
EASTERN AD VENUTRES: Inability to Pay Debts Prompts Wind-up
EPIC ENERGY: Liquidator to Present Company Report
EVANS & TATE: Unveils Expiry & Cancellation of Unlisted Options
FRANSEY PTY: Members Resolve to Wind Up Firm
INTATEK PTY: To Declare Dividend on Feb. 10
JENSCAN PTY: To Hold Final Meeting on Feb. 10
MACQUARIE RETAILERS: Prepares to Close Shop
MT TAMBOURINE: To Pay Dividend to Creditors
MULTIPLEX: Partners With B&B On Olympic Park Project
MYER LIMITED: May Replace Supermarket Head, Analysts Say
NATIONAL AUSTRALIA: Revival Efforts Buoy Shares
NATIONAL AUSTRALIA: Issues HK$150-Mn Notes Due 2009
NEW DUTCH: Members Pass Winding Up Resolution
NYLEX LIMITED: Revamps Industrial Products Manufacturing Ops
PA & I INVESTMENTS: Liquidator to Distribute Assets
QANTAS AIRWAYS: Shares Hit Highest Level In 3 Years
QANTAS AIRWAYS: To Buy Stake in Indonesian Carrier
QUENDON PTY: Enters Voluntary Liquidation
SEA & AIR HAULAGE: Prepares to Distribute Dividend
SOUL OF THE TREE: Winds Up Business
SPIRAL BAY: Appoints Official Liquidator
TELSTRA CORPORATION: Completes Initial Overhaul
TELSTRA CORPORATION: To Increase Access Charges in Two Months
THATS TOPS: Wind-Up Process Completed
VOLANTE GROUP: Target's Statement Referred to Takeovers Panel
WESTPOINT GROUP: Melbourneis Investors Plan Class Action
WIRTHLIN WORLDWIDE: Members to Discuss Wind-up
* ASIC Admits Product Disclosure Is Failure
C H I N A & H O N G K O N G
CHINA CONSTRUCTION: To Change Management Structure
CTS TELECOMMUNICATIONS: Names Zeng Xianggao as Liquidator
DICKEN PROPERTIES: Court Issues Wind-Up Order
HINTON INDUSTRIAL: Appoints Official Liquidator
HONGKONG STARLITE: Liquidator to Present Company Report
LAI SUN: Begins Bankruptcy Proceedings
LEE HING: Court to Hear Wind-Up Petition on March 15
MSC.SOFTWARE CHINA: Creditors' Proofs of Claim Due Feb. 24
LG.PHILIPS DISPLAYS: Philips to Pay Job-cut Costs
TEXBLOOM LIMITED: Court Enters Wind-Up Order
VERPILAR COMPANY: Winds Up Operations
WAYGAIN LIMITED: Court to Hear Wind-Up Petition on Feb. 22
WWW10 LIMITED: Members Meeting Fixed on March 8
I N D I A
BHARAT PETROLEUM: Plans to Secure Loans from Various Parties
NACHMO KNITEX: To Issue, Offer and Allot Shares to IIBI and IDBI
RAJATH FINANCE: Receives Open Offer at INR11 Per Share
TRITON CORPORATION: Unveils Outcome of Board Meeting
* Axe Hovers Over 16 West Bengal Public Sector Units
I N D O N E S I A
GARUDA INDONESIA: Government & Creditors Review Restructuring
MERPATI NUSANTARA: To Resume Jakarta-Lampung Flight
PERTAMINA: Needs More Time to Resolve Cepu Block Issues
J A P A N
ISHIKAWAJIMA-HARIMA HEAVY: Higher Sales Shrink Net Loss in Q3
JAPAN AIRLINES: Books JPY20.6-Bln Loss in Q3
JAPAN AIRLINES: Unveils Route, Frequency and Fleet Plan for 2006
LIVEDOOR CO.: Stocks Jump to JPY96 Despite Takeover Rumors
SEIBU HOLDINGS: To Create New Holding Firm
SONY CORPORATION: Likely to Sell Stake in Sony Plaza
K O R E A
HANARO TELECOM: Agrees to Take 65% Celrun Stake
SAMSUNG GROUP: Chairman Heads Back Home
M A L A Y S I A
ANTAH HOLDING: Bourse Suspends Shares Trading
CYGAL BERHAD: Sees No Development to Restructuring Process
GOLD BRIDGE: Unit's Default Status Still Unchanged
KIG GLASS: Finalizing Regularization Plan and Permintex Deal
LIEN HOE: Converts ICULS to Ordinary Shares
LITYAN HOLDINGS: Unit Restructures Agreement with Innove
MAGNUM CORPORATION: Repurchases Ordinary Shares
MYCOM BERHAD: Restructuring Scheme Far from Complete
PACIFIC & ORIENT: Buys Back Ordinary Shares
PARK MAY: Awaits SC Decision on Deadline Extension Request
POLYMATE HOLDINGS: Posts No Changes to Regularization Plan
POLYMATE HOLDINGS: Works Out Plan to Regularize Condition
PROTON HOLDINGS: Clinches Deal with Mitsubishi Japan
SINORA INDUSTRIES: Regularization Plan Gets Green Light
SOUTHERN BANK: Bourse to List, Quote New Shares Today
TRU-TECH HOLDINGS: Awaits SC Approval on Restructuring Appeal
P H I L I P P I N E S
ABS-CBN BROADCASTING: Stampede Crushes Shares
GLOBAL STEELWORKS: Government Urges Ispat to Infuse More Cash
LAFAYETTE MINING: DENR Clears Firm of Mercury Contamination
MANILA ELECTRIC: Energy Regulator to Appeal SC Decision
NATIONAL POWER: Lenders Unite to Resolve Privatization Concerns
NATIONAL POWER: Semirara Oil Spill Damage to Hit Php80 Mln
S I N G A P O R E
CHINA AVIATION (S): Likely to Resume Shares Trading Next Month
DC WILLIAM: Aviva Files Wind-up Petition
GREATRONIC LIMITED: Fraud Case Beyond CAD's Jurisdiction
MAINETECHNIC ENGINEERING: Creditor Seeks to Wind Up Firm
SAPPHIRE CORPORATION: Converts Remaining Loan into Shares
T H A I L A N D
ROBINSON DEPARTMENT: Court OKs Exit from Rehabilitation
THAI ENGINE: Installs New Directors and Changes Office Address
BOND PRICING: For the Week 6 February to 10 February 2006
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 088 940 845: Liquidates Operations
-----------------------------------------
Members and creditors of A.C.N. 088 940 845 Pty Limited held a
meeting on January 11, 2006, and agreed to close the Company's
business.
Moreover, the parties agreed to appoint Robyn Erskine and Peter
Goodin, Brooke Bird & Co. Insolvency Practitioners, as
liquidators to oversee the wind-up operations.
AMPHO NOMINEES: Wind-up Application To Be Heard on Feb. 13
----------------------------------------------------------
On December 14, 2005, the Commissioner of Inland Revenue filed a
winding up petition against Ampho Nominees Limited in the High
Court of Christchurch.
The application is to be heard before the High Court at
Christchurch on February 13, 2006, at 10.00 a.m.
Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than the second working day before Feb. 13
to:
Julia Dykema
Solicitor for the Plaintiff
Inland Revenue Department,
Technical and Legal Support Group,
South Island Service Centre,
Ground Floor Reception,
518 Colombo Street
(P.O. Box 1782), Christchurch
New Zealand
Telephone: (03) 363 1809
Facsimile: (03) 363 1889
AUSTRALIAN GAS: Standard & Poor's Assigns 'BBB' Rating on Unit
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its "BBB/Watch
Neg/--" ratings to AGL Hydro Partnership, reflecting the
creditworthiness and implied support from the company's parent,
The Australian Gas Light Company.
At the same time, Standard & Poor's affirmed its 'BBB/Watch
Neg/--' ratings on AGL Hydro Pty. Ltd. (formerly Southern Hydro
Pty. Ltd.) and withdrew the rating. The change in the rated
entity was at the request of AGL.
AGL Hydro Partnership contains AGL's Victorian-based hydro
assets and the hedge book acquired when Southern Hydro Pty Ltd
was purchased in November 2005. Southern Hydro Partnership has
no external debt.
The ratings on AGL Hydro Partnership are on CreditWatch with
negative implications because of uncertainties surrounding the
risk appetite, capital structure, and financial policies of AGL
following the proposed demerger of AGL's energy business in
April 2006.
Headquartered in New South Wales, Australia, Australian Gas
Light -- http://www.agl.com.au/-- has been a major participant
in the Australian energy industry since 1837. It began as a
privately owned gas utility in New South Wales and since then
have built an extensive energy business across Australia. Today
the Company is major retailer of gas and electricity to about
three million customers. It has an extensive portfolio of
wholly and partly owned investments in energy infrastructure,
infrastructure management and other energy companies.
AGL's business involves buying and selling gas and electricity
from gas producers and electricity generators; transporting gas
and electricity to customers via gas pipelines and power lines;
owning and investing in power generation plants, electricity and
natural gas distribution networks; providing customers with a
wide range of energy products and services; and designing,
constructing, operating, maintaining and managing energy
infrastructure through its wholly owned business, Agility.
AUSTRALIAN GAS: Updates on Demerger Proposal
--------------------------------------------
Referring to recent media reports, The Australian Gas Light
Company confirmed that the AGL Board received an unsolicited,
incomplete, conditional proposal from Alinta in late November
2005.
This followed AGL's October 2005 announcement to demerge the
Company into an infrastructure business and an energy/retail
business to create longer term value for Shareholders. At that
time, the Board had also considered a range of alternative
structures.
The Board considered Alinta's conditional proposal and saw no
reason to change its view that the demerger represented the best
longer term proposal for AGL shareholders.
Full details of the demerger proposal will be released shortly
in the demerger booklet, which will be sent to all shareholders
for their consideration. Shareholders will vote on the demerger
proposal at a shareholders' meeting scheduled for late March
2006.
Headquartered in New South Wales, Australia, Australian Gas
Light -- http://www.agl.com.au/-- has been a major participant
in the Australian energy industry since 1837. It began as a
privately owned gas utility in New South Wales and since then
have built an extensive energy business across Australia. Today
the Company is major retailer of gas and electricity to about
three million customers. It has an extensive portfolio of
wholly and partly owned investments in energy infrastructure,
infrastructure management and other energy companies.
AGL's business involves buying and selling gas and electricity
from gas producers and electricity generators; transporting gas
and electricity to customers via gas pipelines and power lines;
owning and investing in power generation plants, electricity and
natural gas distribution networks; providing customers with a
wide range of energy products and services; and designing,
constructing, operating, maintaining and managing energy
infrastructure through its wholly owned business, Agility.
CHRISTOMAR PTY: Creditors' Claims Due Today
-------------------------------------------
Creditors of Christomar Pty Limited are required to prove their
claims by February 7, 2006, to David Calver, as liquidator.
Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.
CLARKE HOLDINGS: Court Winds Up Firm
------------------------------------
On January 19, 2006, the Federal Court of Western Australia
ordered the liquidation of Clarke Holdings Pty Limited, and
appointed J. H. Stewart of Ferrier Hodgson as the Company's
official liquidator.
CPCOL PTY: Decides to Close Ops
-------------------------------
At a meeting of CPCOL Pty Limited on January 10, 2006, it was
agreed that the Company will wind up voluntarily.
As a result, John Lord, of PKF Chartered Accountants, was
appointed to oversee the wind-up operations.
CPW PTY: John Lord Named Liquidator
-----------------------------------
At a meeting of CPW Pty Limited held on January 10, 2006, John
Lord of PKF Chartered Accountants was appointed as liquidator to
supervise the Company's wind-up activities.
EASTERN AD VENUTRES: Inability to Pay Debts Prompts Wind-up
-----------------------------------------------------------
Eastern Ad Ventures 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, Gregory Stuart Andrews, of G. S. Andrews &
Associates, was appointed to oversee the Company's liquidation
activities.
EPIC ENERGY: Liquidator to Present Company Report
-------------------------------------------------
A final meeting of the members of Epic Energy Western Australia
Pty Limited will be held for the parties 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 10:00 a.m.
EVANS & TATE: Unveils Expiry & Cancellation of Unlisted Options
---------------------------------------------------------------
Evans & Tate Limited reported that the Unlisted Options under
the "Employee Share Options Plans" that have expired are:
Employee No. of Shares
-------- -------------
T. Amato 3,000
A. Biele 4,000
T. Byrnes 2,000
C. Kahl 2,000
J. Massey 5,000
A. Mazza 2,000
S. O'Keefe 2,000
F. Schmetzer 2,000
-------------
22,000
The Company also disclosed that the cancelled Unlisted Options
issued under the "Employee Share Options Plan" are:
Employee No. of Shares
-------- -------------
K. Jonsson 50,000
C. Hothersall 50,000
R. Hopkins 60,000
------------
160,000
Headquartered in Wembley, Western Australia, Evans & Tate --
http://www.etw.com.au/-- is an Australian company listed on the
Australian Stock Exchange. It was established in 1968 by
Western Australian wine industry visionary, John Tate. Over the
ensuing years, the Evans & Tate Wine Group became one of Western
Australia's most respected and successful wine companies. Since
1994 John Tate's son, Franklin, has led the Company and has
overseen a period of strong growth through market penetration,
brand development and investment in wineries, vineyards and
distribution businesses.
The primary businesses of the Evans & Tate Wine Group are the
production of a number of branded wines in Australia the
marketing and distribution of owned and agency brands in
Australia, North America and the United Kingdom, the production
and distribution of branded, exclusive labeled and unbranded
wines, contract winemaking, wine trading, viticultural services
and wine tourism through its Visitor Centers in Margaret River
(Western Australia), the Yarra Valley (Victoria), Griffith (New
South Wales) and Mildura (Victoria).
FRANSEY PTY: Members Resolve to Wind Up Firm
--------------------------------------------
After their extraordinary general meeting on January 12, 2006,
the members of Fransey Pty Limited resolved to voluntarily wind
up the Company's operations.
A creditors' meeting was also held on the same day.
Subsequently, Victor Raymond Due and Nicholas Giasoumi, of Dye &
Rennie Chartered Accountants, were appointed as joint and
several liquidators.
INTATEK PTY: To Declare Dividend on Feb. 10
-------------------------------------------
Intatek Pty Limited will declare a dividend to its unsecured
creditors on February 10, 2006.
Creditors who are not able to submit their proofs of claim to
the liquidators will be excluded from the benefit of the
dividend.
The Company's liquidators are Andrew Fielding and Julie
Williams, of PPB Chartered Accountants & Business Reconstruction
Specialists.
JENSCAN PTY: To Hold Final Meeting on Feb. 10
---------------------------------------------
The members and creditors of Jenscan Pty Limited will convene on
February 10, 2006, at 10:00 a.m., to receive liquidator I. J.
Purchas' account regarding the Company's completed wind-up and
disposal of property.
MACQUARIE RETAILERS: Prepares to Close Shop
-------------------------------------------
After their general meeting on January 9, 2006, the members of
Macquarie Retailers Association Limited resolved to close the
Company's business operations.
Subsequently, D. J. F. Lombe and P .G. Yates were appointed as
liquidators.
MT TAMBOURINE: To Pay Dividend to Creditors
-------------------------------------------
MT Tambourine Winery Limited will declare a first and final
dividend on February 10, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
MULTIPLEX: Partners With B&B On Olympic Park Project
----------------------------------------------------
Multiplex Group has entered into a joint venture with Babcock &
Brown on a new AU$320 million residential compound project at
Sydney Olympic Park, The Sydney Morning Herald relates.
According to the paper, the Olympic Park Project will involve
three stages and will comprise four buildings. It is expected
to be completed in five years.
The Age says that Multiplex and Babcock & Brown plan to
construct 679 apartments, 930 car spaces, 485 square meters of
retail space and a 40-place child care center. Stage one of the
project will comprise 200 apartments in two conjoined towers of
24 and 16 storeys, with 283 car spaces, 256 square meters of
retail space and the child care center.
A final design by architects Nic Turner and Associates and a
layout for stage one are yet to be submitted.
Multiplex Developments' deputy managing director, Dennis
O'Regan, said the project would meet important environmental
criteria as set out by the Sydney Olympic Park Authority.
About Multiplex
Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- is a fully
diversified property business that derives its revenue from
property funds management, construction, property development,
and facilities management. The Group employs over 2,000 people
and has established operations and offices throughout Australia,
New Zealand, the United Kingdom and the Middle East. In
December 2003, after 41 years as a private company, Multiplex
Limited listed on the Australian Stock Exchange as apart of the
Multiplex Group, raising a total of AU$1.2 billion. Multiplex
Group was formed by combining the various businesses of
Multiplex Limited and the newly established portfolio of
investments held by Multiplex Property Trust, which created a
truly diversified and integrated property business.
MYER LIMITED: May Replace Supermarket Head, Analysts Say
--------------------------------------------------------
As Coles Myer Limited is set to release its second quarter sales
figures on February 20, 2006, and reveal further losses,
analysts believe that the Company may be forced to replace its
supermarket, liquor and petrol business head, Hani Zayadi.
The Advertiser says that analysts expect Coles Myer's chief
executive officer to have little choice but to take Mr. Zayadi
out if the Company's supermarket performance continues to fall
behind rival Woolworths. Woolworths has posted a 4.2% increase
in food and liquor sales last month.
One analyst said that investors were losing patience with Mr.
Zayadi, who has led the supermarkets' business since December
2004 after working with Kmart. Mr. Zayadi's performance had
also disappointed a few shareholders and managers.
The Advertiser recounts that in 2004-05, Coles' profit margins
were just 3.81%, but were still much leaner than Woolworths's
4.57%.
However, the Advertiser notes that it is still uncertain whether
Coles Myer would make a switch since the Company is still in the
process of restructuring its product lines to include 30%
private-label goods, which could affect short-term sales
performance as customers resist a move away from their familiar
brands. Moreover, there are still no apparent candidates among
the Company's current management.
Coles Myer is also preparing to release its first-half profit
next month.
NATIONAL AUSTRALIA: Revival Efforts Buoy Shares
-----------------------------------------------
Investors snapped up National Australia Bank shares on Monday on
the view that the bank is now in the position to turn around and
generate growing profits, Reuters reports.
Shaw Stockbroking senior dealer, Jamies Spiteri, told Reuters
that NAB has been the worst share market performer in the past
year among Australia's top four banks. However, the market is
recently growing more confident about the bank's efforts to
restructure its operations.
National Australia Bank gained 1.6% to AU$35.06, a three-and-
half year high. The stock has a 6.1% weighting in the Australian
index.
Headquartered at Melbourne, in Victoria, Australia, National
Australia Bank Ltd. -- http://www.national.com.au/-- offers a
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth
management, transactional solutions, custody services asset
finance and leasing financial planning. The bank's Australian
Division is focused on delivering financial solutions to help
customers achieve their financial goals.
As at September 30, 2004, the bank in Australia had 34
integrated financial service centers, 219 business banking
centers, 108 agribusiness locations, 787 branches and over 3,000
Australia Post Giro Post outlets. At that time, the Australian
Division had 24,567 employees.
NATIONAL AUSTRALIA: Issues HK$150-Mn Notes Due 2009
---------------------------------------------------
National Australia Bank is offering HK$150 million fixed rate
notes due 2009, Dow Jones reports, citing lead manager J.P.
Morgan Securities Limited.
The notes, which will be paid on February 13, 2006, will carry
an interest of 4.72% per annum. They will mature on Feb. 13,
2009.
Headquartered at Melbourne, in Victoria, Australia, National
Australia Bank Ltd. -- http://www.national.com.au/-- offers a
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth
management, transactional solutions, custody services asset
finance and leasing financial planning. The bank's Australian
Division is focused on delivering financial solutions to help
customers achieve their financial goals.
As at September 30, 2004, the bank in Australia had 34
integrated financial service centers, 219 business banking
centers, 108 agribusiness locations, 787 branches and over 3,000
Australia Post Giro Post outlets. At that time, the Australian
Division had 24,567 employees.
NEW DUTCH: Members Pass Winding Up Resolution
---------------------------------------------
Members of New Dutch Painting Services Pty Limited held a
meeting on January 11, 2006, and agreed on the Company's need to
liquidate its business. They named Richard Herbert Judson, of
Judson & Co. Chartered Accountants, to manage the Company's
wind-up activities.
NYLEX LIMITED: Revamps Industrial Products Manufacturing Ops
------------------------------------------------------------
Nylex Limited has unveiled plans to restructure its Mentone-
based industrial products manufacturing operation. The Company
expects to save AU$5 million a year through that move.
The restructure will progressively shift the Nylex Industrial
Products division from a manufacturing to an outsourcing
business model, with Nylex Malaysia as its major supplier.
Nylex Malaysia is an unrelated entity.
The Sydney Morning Herald says that manufacturing at the Mentone
Plant would cease in March 2006. However, the site would
continue to operate as a distribution center.
Nylex believes that the changes will enable the Company to "keep
pace with the cost trends in the films and fabrics markets, to
introduce a range of new products, and to increase flexibility
of product sourcing decisions."
The cost of closure, including redundancies, would be about AU$8
million, which had been included in writedowns announced in the
2005 financial results.
Nylex is conscious of the impact of this decision on employees
at the Mentone site. It assures all employees that all
entitlements will be honored under the Mentone Enterprise
Bargaining Agreement.
Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au-- is a major Australian marketer
and manufacturer with two major divisions - Consumer and
Industrial Products. The Group's principal activities are
carried out through the following divisions: Plant Hire services
to the infrastructure, construction and maintenance industries
and to agribusiness; Building Products manufactures and markets
roof truss systems, collated nails and staples, loose nails,
bolts and nuts, rivets and screws; Automotive Products
manufactures automotive seating components, molded carpet, metal
products, fluid transfer products, fasteners, plastic interior
and exterior components and trims; Plastic Products manufactures
extruded, molded and calendared polymer products; and Engineered
Products manufactures and distributes automotive and industrial
cooling systems and heavy transport metal castings. Automotive
products accounted for 36% of fiscal 2002 revenues; plastics
products, 22%; engineered products, 15%; building products, 13%;
plant hire, 7% and textiles, 7%.
PA & I INVESTMENTS: Liquidator to Distribute Assets
---------------------------------------------------
On January 10, 2006, the members of PA & I Investments Pty
Limited resolved to close the Company's business operations and
distribute the proceeds of its assets.
The Members appointed Angela Ann Gaffney to act as liquidator
for the wind-up.
QANTAS AIRWAYS: Shares Hit Highest Level In 3 Years
---------------------------------------------------
Shares in Qantas Airways are at their highest in almost three-
and-a-half years.
The Advertiser reported on Monday that Qantas shares in morning
trade on the Australian Stock Exchange hit a high of AU$4.22, a
rise of 7 cents from Friday's close, the highest since September
2002. At 1110 AEDT, the shares were quoted at AU$4.16, up 1
cent, on a volume of 1.4 million contracts in an overall weaker
share market.
Qantas shares have gained about 15% over the past 12 months,
outperforming its rival, Virgin Blue, which has lost almost 20%
of its value, The Advertiser said. Virgin shares were trading
at AU$1.67 at 1102 AEDT, down three cents from Friday's close.
Qantas shares have had a good run in January after the Company
reported strong traffic growth figures. The Company had
disclosed that total domestic traffic from its Qantas,
QantasLink and Jetstar businesses, measured in Revenue Passenger
Kilometers (RPKs) increased by 8.1% in November 2005. Capacity,
measured in Available Seat Kilometres (ASKs) increased by 9.5%.
November Group's passenger count increased by 4.2% over the
previous year while RPKs increased by 3.8%, which also helped
boost the Company's share price.
According to the paper, Qantas is not affected by higher oil
prices since all of its fuel for the current financial year is
hedged at US$55 per barrel on the average.
About Qantas
Qantas Airways -- http://www.qantas.com.au/-- is the world's
second oldest airline. Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe. The
Qantas Group employs approximately 38,000 staff across a network
that spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa. The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.
In the year ended June 30, 2005, Qantas recorded a profit
before tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on
the previous year. Net profit after tax of AU$763.6 million
was 17.8% up on the prior year. Revenue increased by 11.4% to
AU$12.6 billion. The Directors declared a fully franked final
dividend of 10 cents per share, bringing total fully franked
dividends for the year to 20 cents per share.
QANTAS AIRWAYS: To Buy Stake in Indonesian Carrier
--------------------------------------------------
Qantas Airways wants to buy a 30% stake in Indonesian low-cost
carrier AdamAir, The Sydney Morning Herald reports.
AdamAir's chief executive officer, Gunawan Suherman, told the
Indonesian state news agency, Antara, last Friday that he was
preparing to sell only a 20% stake in the Jakarta-based airline.
According to the paper, a Qantas spokeswoman confirmed that
Qantas' chief executive officer, Geoff Dixon, and chief
financial officer, Peter Gregg, had recently held talks with
AdamAir, but declined to comment further on the acquisition
plan.
The Sydney Herald recounts that Qantas has repeatedly complained
about its part-owned Singaporean airline Jetstar's lack of air
rights from Singapore into Indonesia. Qantas sought to address
this problem in 2005 when Jetstar Asia absorbed the financially
stricken Valuair, whose assets include air rights into
Indonesia's aviation market.
AdamAir, which has a fleet of 15 737s, would give Qantas access
to 20-odd air routes in Indonesia, which is one of the world's
fastest growing aviation markets.
The Sydney Herald says that the Indonesian Government has
already endorsed Qantas' link-up with AdamAir.
About Qantas
Qantas Airways -- http://www.qantas.com.au/-- is the world's
second oldest airline. Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe. The
Qantas Group employs approximately 38,000 staff across a network
that spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa. The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.
In the year ended June 30, 2005, Qantas recorded a profit
before tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on
the previous year. Net profit after tax of AU$763.6 million
was 17.8% up on the prior year. Revenue increased by 11.4% to
AU$12.6 billion. The Directors declared a fully franked final
dividend of 10 cents per share, bringing total fully franked
dividends for the year to 20 cents per share.
QUENDON PTY: Enters Voluntary Liquidation
-----------------------------------------
The members of Quendon Pty Limited held a meeting on January 10,
2006, and agreed that a voluntary wind-up of the Company is
necessary and in its best interests.
As a result, Gregory J. Parker, of Parker Insolvency, was
appointed as official liquidator.
SEA & AIR HAULAGE: Prepares to Distribute Dividend
--------------------------------------------------
Sea & Air Haulage Pty Limited will declare its first and final
dividend to creditors on February 10, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
SOUL OF THE TREE: Winds Up Business
-----------------------------------
At a general meeting of Soul of the Tree Pty Limited on Jan. 10,
2006, members appointed Paul Burness and Morgane Lane, of
Worrells Solvency & Forensic Accountants, as liquidators to
administer the Company's wind-up activities.
SPIRAL BAY: Appoints Official Liquidator
----------------------------------------
On January 11, 2006, members of Spiral Bay Pty Limited convened
and agreed that:
-- the Company be wound up voluntarily; and
-- Geoffrey Handberg, of D'Aloia Handberg Chartered
Accountants, be appointed to supervise the wind-up
Activities of the Company.
TELSTRA CORPORATION: Completes Initial Overhaul
------------------------------------------------
As part of its corporate transformation, Telstra Corporation has
completed the initial phase of a massive overhaul of its AU$1.3
billion-a-year information technology operations, The Advertiser
reports. The overhaul could see hundreds of jobs moved offshore
to India.
According to The Advertiser, Telstra's operations chief, Greg
Winn, is said to be aiming to cut the Company's staff by 225
within February, and 200 by June 30. Mr. Winn is also believed
to be considering the outsourcing of more functions to third-
party providers.
Telstra, The Advertiser notes, has about 1,500 full-time IT
staff members and 1,200 contractors. Mr. Winn's target is
believed to be about 1,600 full-time staff, paving the way for
more outsourcing.
Telstra's spokesman, Andrew Maiden, said that the Company's
transformation has a target of three to five years. He said
that there will be job losses, but the Company is not working
towards a particular number.
The paper relates that under phase one of its IT review, Telstra
will centralize its IT operations under Mr. Winn, after a four-
month review carried out by United States-based IT consulting
giant, Accenture. Some IT centralization was already done when
Telstra's networks and IT functions were joined in October 2003
under former executive Ted Pretty.
Telstra's IT review would now move into a second phase, Mr.
Maiden said. During the next phase, more outsourcing would be
considered.
The Advertiser recalls that Telstra first considered the
outsourcing in 1997, when it moved about 2,100 employees and
contractors to IBM GSA -- a joint venture of Telstra, IBM and
Lend Lease. However, in 2003, the alliance, as well as long-
term outsourcing contracts to Deloitte, EDS and Accenture, were
pulled apart by the telco, fed up with cost blowouts by as much
as 300%.
Indian services companies, Infosys and Satyam, were then handed
contracts and, together with IBM and EDS, began to utilize
services staff facilities in India to manage Telstra's
contracts, the paper explains. These contracts were believed to
have helped Telstra save AU$250 million a year from its IT
operating expenses in the past three years.
The Advertiser relates that Telstra's existing suppliers are now
up against Accenture, which has already won a lucrative contract
to provide integration and systems management capabilities for
Telstra's billing and customer management system.
Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.
TELSTRA CORPORATION: To Increase Access Charges in Two Months
-------------------------------------------------------------
Telstra Corporation told its wholesale customers on Friday that
it would be charging an average of AU$30 for access to its
copper phone lines within the next two months.
The Sydney Morning Herald says that the Australian Competition
and Consumer Commission, which views that de-averaged pricing is
needed to maintain healthy competition, is likely to reject
Telstra's plan.
As previously reported in the Troubled Company Reporter - Asia
Pacific, the ACCC had launched a public discussion paper on
Telstra's latest pricing for its unbundled local loop. Telstra
has claimed that a single average charge for its ULL service is
necessary to meet the Government's retail price parity
requirements for basic line rental products.
The new averaged price came after the ACCC rejected Telstra's
initially proposed access prices at the end of December 2005.
Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.
THATS TOPS: Wind-Up Process Completed
-------------------------------------
A final meeting of Thats Tops Roofing Pty Limited will be
conducted on February 10, 2006, at 2:00 p.m.
Liquidator M. F. Cooper, of Frasers Insolvency Agency, will
present his final account regarding the Company's wind-up
operations at that meeting.
VOLANTE GROUP: Target's Statement Referred to Takeovers Panel
-------------------------------------------------------------
The Takeovers Panel said that it had received an application
from Commander Corporation Pty Limited, a subsidiary of
Commander Communications Limited, in relation to its $130
million takeover bid for Volante.
As previously reported in the Troubled Company Reporter - Asia
Pacific, Volante had rejected Commander's AU$1.01-per-share
offer.
Commander's application alleges that there are certain
deficiencies in Volante's Target's Statement. Furthermore,
Commander also claims that an article published in the
Australian Financial Review on Wednesday, February 1, 2006 that
reported information disclosed in an interview with Volate Chief
Executive Officer Ian Penman, contained additional material
information, which was not contained in the Target's Statement.
Commander says the information was selective and misleading.
Commander has submitted that:
* Volante has referred to a number of potential contracts
in the Target's Statement but has not given adequate
information relating to the contracts to allow Volante
shareholders to make a properly informed decision of the
value of Volante under different circumstances;
* Volante has referred to the potential acquisition of
another company or business by Volante in the Target's
Statement but has given inadequate or potentially
conflicting information relating to the acquisition to
allow Volante shareholders to make a properly informed
decision of the value of Volante; and
* Volante had disclosed information to a journalist of the
AFR subsequently published in the media article regarding
Volante, which should have been disclosed to Volante
shareholders by way of the lodgment of a supplementary
target's statement.
Commander has sought final orders, which include requiring
Volante to issue a supplementary target's statement in order to
rectify the alleged deficiencies identified in Commander's
application and confirm or correct the information reported
regarding Volante in the article. Commander has also requested
Volante to undertake corrective advertising.
The Panel has not decided whether to conduct proceedings in
relation to the application and makes no comment on the merits
of the application. It also notes that it has not received
submissions from the other parties to the application and it is,
therefore, unaware of their views.
The Panel has appointed Louise McBride, Simon Withers and
Nerolie Withnall as the sitting Panel to consider the
application.
Headquartered in New South Wales, Australia, Volante Group
Limited -- http://www.volante.com.au/-- is today one of the
largest ICT infrastructure services companies in Australia. Its
businesses offer a range of services such as hardware
procurement and software asset management, infrastructure
solutions, software solutions, strategic consulting and managed
services. Volante employs over 900 staff.
WESTPOINT GROUP: Melbourneis Investors Plan Class Action
--------------------------------------------------------
A group of property investors in Westpoint Group's serviced
hotel apartments project in Melbourneis is considering
commencing a legal action related to the settlement of its
investments, The Sydney Morning Herald relates.
According to The Sydney Herald, property investors bought 280
hotel apartments at 54-60 Market Street before the development
was turned over to the receivers, Deloitte Touche Tohmatsu, in
December 2005 by the first mortgagee, Perpetual Trustees, which
is owed AU$54 million.
Deloitte had already assured the investors that the project will
be completed.
Lawyer Charles Slidders, at Jerrard & Stuk, in Melbourne,
Australia, confirmed that five purchasers were considering a
class action against Westpoint Management Pty Ltd due to
concerns that the contracts did not guarantee rental returns as
agreed. Mr. Slidders said his clients wanted their deposits,
which are being held in a trust account, returned.
The Sydney Herald cites Deloitte partner Sal Algeri as saying
that the firm had not received any advice regarding the
contracts but had been told by the law firm representing
Westpoint -- Schetzer, Brott & Appel -- that the contracts were
legally enforceable. Law firm Deacons had drafted the contracts
until ceasing to act for Westpoint in May 2005.
Mr. Algeri further said that several hotel apartment purchasers
had also contacted him, saying they wanted to settle on the
apartments.
Westpoint Management had an agreement with Pacific International
Hotel Group to lease all the apartments from individual owners.
Deloitte is yet to secure agreement from the hotel apartment
operator to extend a sunset clause on its lease agreement, which
expires on February 13, 2006.
WIRTHLIN WORLDWIDE: Members to Discuss Wind-up
----------------------------------------------
The members of Wirthlin Worldwide Australasia Pty Limited will
hold a general meeting on February 10, 2006, at 9:00 a.m., to
receive the liquidator's annual report.
* ASIC Admits Product Disclosure Is Failure
-------------------------------------------
The Australian Securities & Investments Commission admits that
the disclosure statements brought in with the new financial
services reform regime three years ago is not effective, The
Sydney Morning Herald says.
The paper relates that the corporate regulator may introduce
radical, streamlined investor disclosure statements in the wake
of "sickening" losses involving property finance products.
Jeremy Cooper, deputy chairman of the ASIC, told the Sydney
Herald that most investors "simply don't understand the
information in disclosure documents." He concedes that it may
be time to chart "a whole new direction for clear, concise and
effective disclosure."
The ASIC's evaluation was triggered by Westpoint Group's
collapse and the loss of at least AU$300 million from 3,600
investors, many of whom may no longer recover their money.
Mr. Cooper told the paper that an honest diagram and a few short
comments would have been far more useful to consumers than the
product disclosure statements Westpoint given to investors.
John Garnaut, of the Sydney Herald, says that top ASIC
executives are also considering other consumer protection
lessons and admit that they were too slow to move against
investment shams.
Mr. Garnaut notes that ASIC's solution to the problem hopes to
lead to a more aggressive enforcement effort, a more media-savvy
agency that is willing to publicly name dangerous operators and
move to overhaul product disclosure.
==============================
C H I N A & H O N G K O N G
==============================
CHINA CONSTRUCTION: To Change Management Structure
--------------------------------------------------
China Construction Bank will revamp its middle management
employees to improve risk management and restrict corruption,
The South China Morning Posts relates.
The Company also aims to find three internationally experienced
executives for the newly created positions of chief risk
officer, chief financial officer, and chief information officer.
Chairman Guo Shuqing said that the bank had as many as five
management levels, from headquarters to the provinces, cities,
counties and townships. This has resulted in inefficiency and
too much bureaucracy, making it difficult for the headquarters
to have a timely and clear grasp of frontline operations.
China Construction Bank Corporation (formerly known as the China
Construction Bank) -- http://www.ccbhk.com-- was incorporated
in China in 1954. CCB Corporation is a state-owned bank
operating in a commercial capacity. As one of the leading banks
in the domestic banking sector, CCB Corporation retains
leadership roles in key market segments in the areas of
corporate banking, personal banking and treasury operations.
CTS TELECOMMUNICATIONS: Names Zeng Xianggao as Liquidator
---------------------------------------------------------
On January 23, 2006, members of CTS Telecommunications Limited
agreed that a voluntary liquidation of the Company is necessary
and in its best interests. As a result, Zeng Xianggao was
appointed as official liquidator.
DICKEN PROPERTIES: Court Issues Wind-Up Order
---------------------------------------------
On December 22, 2005, the Commissioner of Inland Revenue filed a
petition seeking the wind-up of Dicken Properties Limited.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 22, 2006, at 9:30 a.m.
Creditors or contributories who wish to support or oppose the
Petition may appear in Court at the time of the hearing. A
written notice of the creditor's or contributory's intention
must be sent not later than 6:00 p.m., on Feb. 21, 2006, to:
Jess Chan
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway
Hong Kong
Phone: 2867 2123
Fax: 2869 0062
e-mail: cd@doj.gov.hk
HINTON INDUSTRIAL: Appoints Official Liquidator
----------------------------------------------
At an extraordinary general meeting of Hinton Industrial Company
Limited on January 16, 2006, Li Wenjin, was appointed as
liquidator to take charge of the Company's wind-up activities.
HONGKONG STARLITE: Liquidator to Present Company Report
-------------------------------------------------------
A final meeting of the members of Hongkong Starlite Company
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 March 6, 2006, at 11:00 a.m.
Rainer Hok Chung Lam serves as the Company's liquidator.
LAI SUN: Begins Bankruptcy Proceedings
--------------------------------------
A bankruptcy order against Lai Sun Paper Coating Co. was issued
on February 3, 2006. All debts due to the estate should be paid
to the official receiver, E.T. O'Connell.
LEE HING: Court to Hear Wind-Up Petition on March 15
----------------------------------------------------
Wah Sun Hong Limited presented a petition for the winding up of
Lee Hing Plastic Manufactory Limited on January 23, 2006.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 15, 2006, at 9:30 a.m.
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing. A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on March 14,
2006, to:
Winnie P.H. Lun & Associates
Solicitors & Notaries
Solicitors for the Petitioner
Suite 103, 1st Floor, Beautiful Group Tower
No. 77 Connaught Road Central
Central, Hong Kong
Phone: 2523-7722
Fax: 25443238
MSC.SOFTWARE CHINA: Creditors' Proofs of Claim Due Feb. 24
----------------------------------------------------------
Creditors of Msc.software China (Hong Kong) Limited are required
to submit to the liquidators -- Ying Hing Chiu and Chung Miu
Yin, Diana -- the particulars of their debts or claims, as well
as information regarding their solicitors, if any, by Feb. 24,
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.
LG.PHILIPS DISPLAYS: Philips to Pay Job-cut Costs
-------------------------------------------------
Philips Electronics will pay for severance and job-assistance
programs for the employees of failed units at LG.Philips
Displays, half of which is owned by the Dutch Company, reports
Reuters.
TV maker LG.Philips Displays asked for creditor protection of
its European and American units last week. Several were
declared bankrupt this week.
Philips, which owns a 50% stake in LG.Philips, had agreed to
provide a social plan for 202 employees in the Netherlands and
639 staff in a French plant in Dreux.
Philips declined to say how much the social plan would cost. A
social plan involves a payout and assistance in finding a new
job.
Headquartered in Central, Hong Kong, LG Philips Displays
International Ltd. -- http://www.lgphilips-displays.com/-- is
the world's largest supplier of cathode ray tubes (CRTs) used in
televisions and computer monitors. While CRT products face
growing competition from newer flat panel technologies (LCD,
plasma, SED), they still represent a large portion of the
display market. LG.Philips Displays was formed in 2001 when
Philips Electronics and LG Electronics merged their picture tube
operations. Another joint venture between the companies,
LG.Philips LCD, makes liquid crystal display products.
TEXBLOOM LIMITED: Court Enters Wind-Up Order
--------------------------------------------
Texbloom (China) Limited had presented a petition to wind up its
operations.
Accordingly, on December 22, 2006, The High Court of the Hong
Kong Special Administrative Region Court of First Instance
entered a wind-up order pertaining to the Company.
VERPILAR COMPANY: Winds Up Operations
-------------------------------------
On January 25, 2006, members of Verpilar Company Limited
convened and agreed that:
-- the Company be wound up voluntarily.
-- Leung Shu Yin and Ng King Sing, be appointed to supervise
the wind-up activities of the Company; and
-- the liquidator's statement of accounts be not required to
be audited pursuant to Section 255A(2) of the Companies
Ordinance.
WAYGAIN LIMITED: Court to Hear Wind-Up Petition on Feb. 22
----------------------------------------------------------
The Commissioner of Inland Revenue presented a petition for the
winding up of Waygain Limited on December 12, 2005.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 22, 2006, at 9:30 a.m.
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing. A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on February 21,
2006, to:
Li Sau Lee
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway
Hong Kong
Phone: 2867 2376
Fax: 2136 8277
e-mail: cd@doj.gov.hk
WWW10 LIMITED: Members Meeting Fixed on March 8
-----------------------------------------------
A final meeting of the members of WWW10 Limited will be held at
the 26th Floor, Wing On Centre, 111 Connaught Road, in Central,
Hong Kong, on March 8, 2006, at 10:30 1.m.
Any proxy may represent a contributory or creditor entitled to
attend at the meeting.
Forms of proxies for the meeting must be lodged not later than
March 6, 2006, at the meeting location.
=========
I N D I A
=========
BHARAT PETROLEUM: Plans to Secure Loans from Various Parties
------------------------------------------------------------
The members of Bharat Petroleum Corporation Limited will convene
an extraordinary general meeting on February 27, 2006, to amend
the Company's Articles of Association.
The members will also consider borrowing money from the
Government of India or its agencies, any bank or financial
institution or any other firms and corporate bodies. The loans
will either be in Indian or foreign currency or by way of
debentures or bonds or any other securities, notwithstanding
that the amount so borrowed together with the amount already
borrowed by the Company may exceed the aggregate of the paid up
share capital of the Company and its free reserves time will not
exceed INR20000 million over and above the paid up share capital
and free reserves of the Company.
Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene. During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and it has around 700,000 customers enrolled in 28 cities. There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country. The plants of the Group are located in Mahul and
Mallet Road in Mumbai and in Budge.
NACHMO KNITEX: To Issue, Offer and Allot Shares to IIBI and IDBI
----------------------------------------------------------------
Nachmo Knitex Ltd members will issue, offer and allot:
* 8,10,264 equity shares of INR10 each to Industrial
Investment Bank of India at a premium of INR4.81 per
equity share, aggregating to INR1,20,00,005; and
* 13,50,439 equity shares of INR10 each to Industrial
Development Bank of India at a premium of INR4.81 per
equity share aggregating to INR2,00,00,006 in all not
exceeding 21,60,703 equity shares of INR10 each at a
premium of INR4.81/- per equity share.
Total equity shares to be issued is expected to reach
INR3,20,00,011 on preferential basis. They will be converted as
part of the outstanding loans of IIBI and IDBI amounting to
INR1.2 crore and INR2 crore, respectively.
The transactions are part of the banks' terms of restructuring
approved by Corporate Debt Restructuring Cell.
Nachmo's board will issue shares on conversion based on the
Securities and Exchange Board of India's preferential issue
guidelines.
Nachmo has been continuously incurring losses in the past years
due to soaring expenses and operating costs. In the first
quarter of fiscal 2005-06, the Company booked a net loss of
25.06 million. The latest loss has narrowed from INR30.13
million net loss the Company reported in the same period last
year.
RAJATH FINANCE: Receives Open Offer at INR11 Per Share
------------------------------------------------------
On behalf of Hitesh M. Bagdai, Poonam H. Bagdai, Bhavdeep V.
Vala, Vivro Financial Services Pvt Ltd informed Rajath Finance
Limited's equity shareholders that the Bagdai's and Mr. Vala are
making an offer to acquire 8,00,000 equity shares representing
20% of the Rajath Finance's total equity share capital and 20%
of the Company's total voting capital at a price of INR11 per
equity share payable in cash.
The offer will open March 20, 2006, and will close on April 8,
2006.
Rajath Finance has been incurring losses in the past years. In
the first quarter of fiscal 2005-06, the Company reported a net
loss of INR0.36 million, slightly lower than the INR0.66 million
net loss it booked in the same quarter last financial year.
Headquartered in Gujarat, India, Rajath Finance Limited was
incorporated on December 13, 1984, under the Companies Act,
1956, as Rajath Leasing & Finance Limited. The Certificate for
Commencement of Business was obtained on February 4, 1985.
Rajath Finance is engaged in the business of leasing, finance,
hire purchase and other allied activities. The Company's equity
shares are listed at the Stock Exchanges of Rajkot, Ahmedabad
and Mumbai.
TRITON CORPORATION: Unveils Outcome of Board Meeting
----------------------------------------------------
At its January 28, 2006, meeting, the Board of Directors of
Triton Corporation has:
-- appointed BC Rastogi as additional director and non-
executive chairman of the Company;
-- taken note of the resignation of Rajib Kumar Routray as
director of the Company effective January 28, 2006;
-- appointed KC Gupta as CEO of the Company; and
-- taken on record the effect of its Scheme of Amalgamation
with Sai Info Ltd, Saffron Global Ltd and Webrizon
(India) Ltd.
In terms of the sanctioned scheme, the face up and paid
up value of the equity shares of the Company will be
reduced to INR2 from INR10 per share as on the Record
Date for:
* the reducing the face and paid up value of the
existing equity shares from INR10 per share to INR2
per share; and
* reckoning the eligibility of members of transferor
Companies to get new fully paid equity shares of INR2
each, proposed to be issued as per the approved Share
Exchange Ratio.
* Axe Hovers Over 16 West Bengal Public Sector Units
----------------------------------------------------
Around 16 unprofitable public sector units in West Bengal have
been closed or are facing closure under the Government's PSU-
restructuring program, Business Standard reports, citing State
Governor Gopalkrishna Gandhi.
Last year, 33 PSUs were brought forward for rehabilitation, Gov.
Gandhi said. Four of them were restructured and retained by the
state government, three were transformed into joint ventures and
16 were undergoing winding up. The remaining 10 PSUs are still
under restructuring.
Meanwhile, the Board of Industrial and Financial Reconstruction
has approved 43 cases for rehabilitation. Of the 43, 12 units
have already recovered. The agency is still drafting revival
packages for another 312 cases.
Turning to the power sector, a restructuring exercise was being
undertaken to further improve performances of three state power
utilities like West Bengal State Electricity Board, Durgapu
Projects Ltd and Power Development Corporation Ltd.
WBSEB was already cash surplus, while DPL and PDCL had posted
net profits, Business Standard says.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Government & Creditors Review Restructuring
-------------------------------------------------------------
Indonesia's Minister of State Enterprises Sugiharto is slated to
meet with the ambassadors of the creditor countries of PT Garuda
Indonesia who are under the European Credit Agency next week,
Asia Pulse relates.
Garuda Indonesia's debts total IDR7.43 trillion -- IDR4.74
trillion of which is owed to its ECA creditors. Garuda
President Emirsyah Satar had already met with creditors many
times, but has yet to reach a solution as to how to pay the
Company's debts.
PT Danareksa President Lin Chen Wei, acting as the Company's
debt restructuring adviser, plans to present options to bail out
the Company at the upcoming creditors' meeting, pending
shareholder approval.
Thus far, the Company has been consistent in paying its debt
repayments. Garuda's problem is that it cannot pay its
principal payments to European creditors, hence, it is
considering forming a strategic alliance with a major global
airline in order to turn around and pay its debts, Asia Pulse
reports, citing Minister Sugiharto.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations. Under its Citilink
brand, it serves another 10 domestic routes. Garuda also ships
about 200,000 tons of cargo a month and operates a computerized
tracking system. The airline has been restructuring and plans
to spin off four business units, including Citilink.
MERPATI NUSANTARA: To Resume Jakarta-Lampung Flight
---------------------------------------------------
PT Merpati Nusantata will resume the previously suspended
flights from Jakarta to Bandar Lampung, The Jakarta Post says.
According to The Post, the state airline plied the Jakarta-
Bandar Lampung route using a Fokker F-28 and Boeing 737
airplane. This service was temporarily stopped last month
because there was no suitable airplane to service such route.
Now, Merpati Nusantara offers twice-daily flights to Bandar
Lampung from East Jakarta, using a CN-235 aircraft.
CONTACT: Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720 - Indonesia
Tel: (021) 6548888
Fax: (021) 6540620
e-mail: marketing@merpati.co.id
Web site: http://www.merpati.co.id/
PERTAMINA: Needs More Time to Resolve Cepu Block Issues
-------------------------------------------------------
PT Pertamina may need more time to resolve certain issues with
its United States-based partner, ExxonMobil Corporation, before
it can sign a joint operating agreement to develop an oil-rich
block in Cepu field, AFX News Limited reports, citing State
Enterprises Minister Sugiharto.
According to Minister Sugiharto, he had been observing talks
between the two firms, and the companies need time to work out
some clauses.
Both Pertamina and ExxonMobil were expected to sign an agreement
to operate the Cepu block last December. However, the many
holidays made it difficult to do so.
Both firms are deadlocked, AFX News says, on who should operate
the block, with Pertamina seeking a rotation arrangement wherein
it would operate the block for the first five years of
development, while ExxonMobil wants to be the sole operator of
the block, according to an initial agreement it had signed with
a government-led negotiating team last year.
PT Pertamina (Persero) -- http://www.pertamina.com-- is a
wholly state-owned enterprise. The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-own
enterprise into a Limited Liability Company. In carrying out
its activities, PT Pertamina (Persero) implements an integrated
system from upstream to downstream. Under the Ministry of
State-owned Enterprise, PT Pertamina (Persero) commits to
deliver high quality products and services to the stakeholders
as well as increase its contribution to the nation's wealth. PT
Pertamina (Persero) has 14 subsidiaries, among which include viz
Pertamina Energy Trading Limited (Petra)/oil and gas trading, PT
Elnusa Harapan/marketing and trading, PT Pelita Air
Service/airline service and PT Perta Medika/hospital.
=========
J A P A N
=========
ISHIKAWAJIMA-HARIMA HEAVY: Higher Sales Shrink Net Loss in Q3
-------------------------------------------------------------
Ishikawajima-Harima Heavy Industries Company reported a net loss
of JPY18.04 billion in the third quarter ended December 31,
2005, led by a jump in the sale of rockets and aircraft, as well
as machinery and steel structures, Japan Today reports.
The Company posted a net loss of JPY24.24 billion in the
corresponding period of the previous year.
No further details were disclosed.
Headquartered in Tokyo, Japan, Ishikawajima-Harima Heavy
Industries - http://www.ihi.co.jp/-- produces a wide array of
heavy industrial machinery and equipment worldwide for use on
land, in the air, or at sea. IHI is a major jet engines
contractor for Japan's defense agency and a producer of rocket
propulsion systems. But the Company's focus is on manufacturing
equipment, including papermaking and tunneling machines,
material-handling systems, and construction and agricultural
machinery. IHI's shipbuilding arm builds bulk carriers, cruise
ships, and oilrigs as well as electronic control systems for
ships. Its operations consist of 103 Japanese companies and 16
shipyards, as well as 47 overseas subsidiaries and joint
ventures.
JAPAN AIRLINES: Books JPY20.6-Bln Loss in Q3
--------------------------------------------
Japan Airlines Corporation disclosed the consolidated results of
its third quarter results ended March 31, 2006.
JAL stated in a press release that its total operating revenues
for the three-month period were JPY556.9 billion, up 3.9% on the
same period last year. Operating costs were JPY573.5 billion
(6.28% up on last year), resulting in a third quarter operating
loss of JPY16.6 billion. JAL recorded an ordinary loss of
JPY20.6 billion and a net loss of JPY11.0 billion.
For the first three quarters of financial year 2005, total
operating revenues were JPY1,669.2 billion, up 3.6% on the same
period last year. Operating expenses were JPY1,670.1 billion
(9.2% up on last year), resulting in an operating loss of JPY0.8
billion over the nine-month period. An ordinary loss of JPY10.8
billion and a net loss of JPY23.0 billion were recorded.
A full-text copy of the Company's financial result can be viewed
for free at:
http://bankrupt.com/misc/tcrap_jal020606.pdf
Headquartered in Tokyo, Japan, Japan Airlines Corporation
(formerly Japan Airlines System Corporation) --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Combined, the airlines serve more than 170 cities in
some 30 countries and operate more than 270 mostly jet aircraft.
Both carriers continue to operate separately as Japan Airlines
International Co. Ltd. and Japan Airlines Domestic, though they
are combined in a single brand as JAL/Japan Airlines.
JAPAN AIRLINES: Unveils Route, Frequency and Fleet Plan for 2006
----------------------------------------------------------------
Japan Airlines has released its route, frequency and fleet plan
for the period starting April 1, 2006 to March 31, 2007.
The JAL Group will continue restructuring its international,
domestic and cargo businesses to build a more profit-focused
network, aiming to return its international passenger business
to profitability in FY2006. As outlined in its Medium-Term
Corporate Plan FY2005-2007, JAL plans to build a stable business
foundation capable of producing profits even in the face of
factors such as rising fuel costs.
International Passenger
On international passenger routes, JAL will focus its resources
on high profit and high growth routes, while suspending
unprofitable routes. An income improvement of JPY8 billion is
expected to result from route suspensions, flight frequency
adjustments, and a review of aircraft scheduling contained in
the FY2006 plan.
In FY2006, JAL will increase the number of flights between Tokyo
and Chicago, Los Angeles, Vancouver and Taipei. The airline
will suspend its Tokyo-Las Vegas route, daily Osaka - Los
Angeles route, and two of its routes linking Seoul to two
regional cities in Japan. Flight frequency will be reduced on
JAL's Tokyo - London and Tokyo - Bangkok routes.
JAL will also continue expanding the international role of its
low-overhead subsidiary JALways to secure further cost-
competitiveness. JALways will take over flight operations on
the Tokyo - Jakarta route from March 26, 2006, and from
October 1, 2006 flight operations on Tokyo - Ho Chi Minh, Tokyo
- Hanoi, Osaka - Hanoi, and Tokyo - Sydney routes.
JAL will expand the operations of domestic subsidiary JAL
Express by the transfer of three MD-81 aircraft to that airline.
Fleet and Equipment Changes
During FY2006, JAL will also accelerate fleet downsizing. In
total, six B747 "Classic" models will be retired from
international and domestic service. On domestic routes three
A300's will be retired, as well as four YS11 type aircraft.
To improve passenger comfort, increase efficiency and reduce
costs, more fuel-efficient, environmental-friendly aircraft will
be introduced including medium-sized B777-300ER and B767-300ER
aircraft on international routes, and B737-800 aircraft on
domestic routes.
JAL's award-winning business class seat, the Shell Flat seat,
will be introduced onto more international routes: Tokyo -
Amsterdam, Osaka - London, Tokyo - Chicago (all flights) and
Tokyo - Singapore (JL719/710). On domestic routes the airline
will also expand by 43% the number of class J seats, domestic
business class.
International Cargo
The airline group will expand its cargo business operations by
introducing to its fleet two 747-400 freighters (converted from
passenger versions). Flights will be increased on all routes,
particularly those serving Narita airport: 51 flights per week
at the end of FY05 up to 61 flights per week by the end of
FY2006. After June 2006, direct services to Europe and the west
coast of the USA will be gradually introduced to better respond
to market trends and meet customer demand.
A full-text copy of the this press release can be viewed for
free at:
http://bankrupt.com/misc/tcrap_jal020606.pdf
Headquartered in Tokyo, Japan, Japan Airlines Corporation
(formerly Japan Airlines System Corporation) --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Combined, the airlines serve more than 170 cities in
some 30 countries and operate more than 270 mostly jet aircraft.
Both carriers continue to operate separately as Japan Airlines
International Co. Ltd. and Japan Airlines Domestic, though they
are combined in a single brand as JAL/Japan Airlines.
LIVEDOOR CO.: Stocks Jump to JPY96 Despite Takeover Rumors
----------------------------------------------------------
Livedoor Co.'s stock rebounded from JPY11 to JPY96 on Friday
amid speculation that it may become a takeover target following
a recent sharp fall in its market capitalization, Japan Today
says.
Still, the stock price is about a seventh of the JPY696 it
fetched immediately before the group's alleged securities law
violations surfaced about half a month ago.
The Troubled Company Reporter - Asia Pacific reported last month
that a Livedoor subsidiary has allegedly provided false
information in the 2004 takeover of publisher Money Life and
that Livedoor itself concealed a US$8.7 million loss for results
ending September 2004. Livedoor Co.'s Chief Executive Officer,
Takafumi Horie, together with Chief Financial Officer Ryoji
Miyauchi, was said to have an involvement in the misinformation.
Headquartered in Tokyo, Japan, Livedoor Co. Ltd.
-- http://corp.livedoor.com/en/-- is expanding into many
sectors, including out portal site "livedoor", financial
business, corporate web solution, data center and IP telephony
business. Livedoor's line of business encompasses everything
related to the Internet.
SEIBU HOLDINGS: To Create New Holding Firm
------------------------------------------
The Seibu group plans to set up a new holding firm to launch the
reconstruction of the transportation and resort development
group, Japan Today relates.
Seibu Holdings Incorporated now owns Seibu Railway Company and
Prince Hotels Inc. and will seek to be listed on stock
exchanges, after the financial statements falsification scandal
forced Seibu Railway to be delisted from the Tokyo Stock
Exchange in 2004.
The Seibu group is raising some JPY160 billion to finance safety
measures for the railway services and to refurbish its hotels.
The group aims to reduce interest-bearing debts from JPY1.35
trillion at the end of March 2005 to less than JPY1 trillion by
March 2008 and achieve a pretax profit of JPY33 billion in the
year to March 2008.
SONY CORPORATION: Likely to Sell Stake in Sony Plaza
----------------------------------------------------
Sony Corporation intends to sell part of its equity stake in
unit Sony Plaza Company, as part of the group's restructuring
scheme, reports Japan Today.
The move is in line with a management revival plan to promote
core businesses such as consumer electronics and movies. Sony
may reduce its stake in Sony Plaza to 50% or less by selling its
shareholdings and letting the subsidiary issue new shares.
Headquartered in Tokyo, Japan, Sony Corporation's
-- http://www.world.sony.com/-- principal activities are to
develop, design, manufacture and sell electronic equipment,
instruments and devices for consumer and industrial markets.
The Group also manufactures and markets home-use game consoles
and software. The Group operates through six segments:
* Electronics: Manufactures and sells audio-visual,
informational and communicative equipment, instruments and
devices;
* Game: Develops and sells PlayStation game consoles and
related software; Music: Manufactures and distributes recorded
music in all commercial formats and musical genres; Pictures:
Develops, produces and manufactures image-based software;
* Financial services: Represents insurance-related
underwriting business and;
* Other segment: Consists of various operating activities
including Internet-related services and advertising agency.
=========
K O R E A
=========
HANARO TELECOM: Agrees to Take 65% Celrun Stake
-----------------------------------------------
Hanaro Telecom Incorporated has signed a memorandum of
understanding to purchase a 65% stake sale in Celrun Co., Asia
Pulse reports.
Celrun will divest its TV operating unit stake to Hanaro for
KRW5.5 billion, officials at Celrun told Asia Pulse.
The conclusion of the deal will make Hanaro the largest
shareholder in the TV unit, with Celrun holding the remaining
interest, the report says.
The deal will also enable Hanaro to provide Internet-based TV
service to its newly acquired TV channel over the next five
years.
According to the report, experts see the deal as a way to boost
cooperation in Internet-based TV, also known as IP-TV, between
the two companies.
IP-TV is yet to be commercialized, and is regarded as one of the
new growth engines in the saturated fixed-line communications
industry.
Celrun TV is a video-on-demand service provider, launched last
year as a joint venture between Celrun and Japanese broadcasting
solution Company Orix.
Headquartered in Seoul, South Korea, Hanaro Telecom Inc. --
http://www.hanaro.com-- is the second largest player in the
Korean local telephone market. It provides high-speed Internet
services in Korea. In June 2001, the Company integrated
broadband Internet access services which included ADSL, Hybrid
Fiber Coaxial cables (HFC) and Broadband Wireless Local Loop
(BWLL) into a single brand called HanaFOS.
Hanaro offers VoIP services to its broadband business customers
as a bundled service and also as a stand-alone service. Its
VoIP infrastructure consists of an ADSL / VDSL circuit, a
splitter and a modem. The splitter, which is connected through
a DSL or cable modem line, converts the user's voice into
digital data packets, which are further passed on through the
Internet. The operator had 1.5 million VoIP subscribers at the
end of July 2005.
SAMSUNG GROUP: Chairman Heads Back Home
---------------------------------------
Samsung Group Chairman Lee Kun-hee was expected to return home
last Saturday from a medical trip to the United States, Asia
Pulse reveals.
Mr. Lee stayed at a hospital in Houston for five months for
further check up and treatment of his lung cancer surgery
several years ago.
A Samsung official requesting anonymity told Yonhap News about
Mr. Lee's return. However, the official declined to provide
further details.
Mr. Lee left Seoul in July, just before a taped conversation was
disclosed in Seoul TV station MBC-TV about the alleged plans of
a Samsung executive and a former Seoul newspaper owner to make
illegal donations to presidential candidates in 1997. The tapes
were secretly recorded by state intelligence officials.
Mr. Lee insisted that the money given to political leaders in
1997 came from his own pocket, not from his group's coffers.
However, prosecutors believed the donations came from the
conglomerate's slush funds.
Due to lack of evidence, Mr. Lee was cleared from the charges
brought against him.
Headquartered in Seoul, Korea, Samsung Group --
http://www.samsung.co.kr/-- the "chaebol" or industrial group
has surpassed its former archrival, the erstwhile Hyundai Group,
to become the number one business group in South Korea.
Samsung's flagship unit is Samsung Electronics, the world's top
maker of dynamic random-access memory (DRAM) and other memory
chips, as well as a global heavyweight in all sorts of
electronic gear including LCD panels, DVD players, and cellular
phones.
Other affiliated companies include credit-card unit Samsung
Card, Samsung General Chemicals, Samsung Life Insurance, Samsung
Securities, and trading arm Samsung Corporation.
===============
M A L A Y S I A
===============
ANTAH HOLDING: Bourse Suspends Shares Trading
---------------------------------------------
Antah Holding Berhad's shares were suspended from trading due to
the Company's failure to submit its annual audited accounts for
the financial year ended June 30, 2005, which was due on October
31, 2005.
The suspension will continue until further notice.
Headquartered in Selangor Darul Ehsan, Malaysia, Antah Holding
Berhad -- http://www.antah.com.my/-- is engaged in
manufacturing and trading of pharmaceutical products and fluid
engineering and manufacturing. The Company's other activities
include retailing of housewares and kitchenware, property
development, insurance broking, provision of management services
and investment holding. It has already discontinued its
beverage and security services operations. Antah Holding
operates in Malaysia, Australia, United Kingdom and Singapore.
CYGAL BERHAD: Sees No Development to Restructuring Process
----------------------------------------------------------
Cygal Berhad reported that there has been no further development
on the status of its restructuring plan other than previously
announced.
Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad is engaged
in property development and construction-related activities such
as supply of building materials, and piling and concrete pump
services.
GOLD BRIDGE: Unit's Default Status Still Unchanged
--------------------------------------------------
Gold Bridge Engineering & Construction Berhad reported no new
significant developments in relation to the default status of
its wholly owned subsidiary, Aseania Development Sdn Bhd (ADSB).
A full-text copy of ADSB's defaulted payment facilities is
available for free at:
http://bankrupt.com/misc/GoldBridge01TableA.pdf
Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services. The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding. Operations are carried out principally in Malaysia.
KIG GLASS: Finalizing Regularization Plan and Permintex Deal
------------------------------------------------------------
KIG Glass Industrial Berhad advised that there has been no
material development in the Company's plan to regularize its
financial position.
The Company is currently finalizing the terms of the
regularization plan and the definitive agreement with Permintex
Holdings Sdn Bhd.
KIG is given five months to submit the Regularization Plan to
the relevant authorities for approval.
Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactures and
sells glassware, glassblocks and carton boxes. The firm's other
activities include manufacturing of ceramic roof tiles. Its
operations are carried out in Malaysia and China.
LIEN HOE: Converts ICULS to Ordinary Shares
-------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Lien Hoe
Corporation Berhad's additional 200,000 new ordinary shares of
MYR1.00 each issued pursuant to the conversion of MYR200,000
nominal value of two percent 2002/2007 Irredeemable Convertible
Unsecured Loan Stocks into 200,000 new ordinary shares on
February 7, 2006.
Headquartered in Petaling Jaya, Selangor, Malaysia, Lien Hoe
Corporation Berhad -- http://www.lienhoe.com.my/home.htm-- is
engaged in building and civil works, property investment,
operation of hotel operations and property development. The
Company is also engaged in the management of food court, car
park operations and property and investment holding. The Group
principally operates in Malaysia.
LITYAN HOLDINGS: Unit Restructures Agreement with Innove
--------------------------------------------------------
The existing service agreement between Lityan Holdings Berhad's
Philippine subsidiary and Innove Communications Inc. was
restructured on January 31, 2006.
Lityan Philippines Inc has agreed to provide, operate and
maintain a Pay Telephone System in the Philippines for Innove, a
subsidiary of Globe Telephone Inc.
The agreement restructuring involves a mutual termination of the
Service Agreement and the execution of a New Service Agreement
entered into between the same parties on January 31, 2006 in
which Innove will engage Lityan Philippines to provide
maintenance and other services for Innove's pay telephone
system.
Rationale
The restructuring will enable Lityan Philippines to manage its
payphone business on a more cost effective basis and sustain a
viable business in future.
Financial Effects
The restructuring will not have any effect on the issued and
paid up share capital of the Company and is not expected to have
any material effect on the Earnings and NTA of LHB Group.
Directors' and Substantial Shareholders' Interests
None of the Directors and Substantial Shareholders of the
Company or its subsidiaries or persons connected with them, have
any interest, direct or indirect, in the above agreement
restructuring.
Directors' Recommendation
The Board having considered all the relevant factors in respect
of the restructuring concluded that the agreement restructuring
is in the best interest of LHB Group.
Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding. The Group carries out its operations in
Malaysia and the Philippines.
MAGNUM CORPORATION: Repurchases Ordinary Shares
-----------------------------------------------
On February 3, 2006, Magnum Corporation Berhad bought back
1,018,100 ordinary shares at MYR0.50 each.
The minimum price paid for each share purchased is MYR1.940,
while the maximum is MYR1.970.
After the purchase, the cumulative net outstanding shares now
stand at 99,044,400.
Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation
Berhad -- http://www.magnum.com.my-- operates a four-digit
number forecast betting game. It is also engaged in property
holding and development and letting of properties, operation of
hotel, general investment holding and trading, printing
activities, credit services, securities dealing and brokerage,
and provision of computer software and other related services.
The Group sponsors Alex Yoong, the first Malaysian Formula One
driver, and KL Minardi Formula One Team.
Operations of the Group are carried out in Malaysia, Hong Kong,
The People's Republic of China, Philippines and other countries.
MYCOM BERHAD: Restructuring Scheme Far from Complete
----------------------------------------------------
The Board of Directors of Mycom Berhad reported no further
change in the status of implementation of the Company's
restructuring scheme.
Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.
PACIFIC & ORIENT: Buys Back Ordinary Shares
-------------------------------------------
Pacific & Orient Berhad on February 3, 2006, bought back 10,500
ordinary shares at MYR1.00 each.
The Company paid a minimum price of MYR1.750 and a maximum price
of MYR1.780 for the shares for a total consideration of MYR
18,677.51.
To date, the Company's cumulative net outstanding treasury
shares are 5,580,956.
Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad
-- http://www.pacific-orient.com-- is engaged in the provision
of general insurance and management services. The firm's other
activities include provision of information technology services,
sale of information technology equipment, distribution of
consumer products, provision of sales and administrative
services, provision of management and privilege card programmed
services, research and development and trading activities and
money lending and investment holding.
PARK MAY: Awaits SC Decision on Deadline Extension Request
----------------------------------------------------------
Park May Berhad advised that there has been no significant
development in respect of its plan to regularize the financial
condition of Park May group of companies.
Park May is still awaiting the Securities Commission's decision
on the Company's application to extend by eleven months, from
July 27, 2005 until June 26, 2006, the time form the Company to
complete its proposed restructuring scheme.
Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com-- provides public bus
transportation in Peninsular Malaysia, categorized as stage bus
and express bus. Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
POLYMATE HOLDINGS: Posts No Changes to Regularization Plan
----------------------------------------------------------
Polymate Holdings Berhad is currently processing plans to
regularize its financial condition.
The Company will issue an update as soon as it has finalized the
plan.
Headquartered in Selangor Malaysia, Polymate Holdings Berhad --
http://www.polymate.com.my/Hprofile_html.htm-- is engaged in
the manufacturing and marketing of lead acid batteries for the
automotive and related industries. It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services. The Group operates in Malaysia, Australia,
New Zealand and Europe.
POLYMATE HOLDINGS: Works Out Plan to Regularize Condition
---------------------------------------------------------
Polymate Holdings Berhad disclosed that it is currently
negotiating with its lenders to restructure its credit
facilities. The Company also said it is actively working on
various schemes to regulate its financial position.
A full text of the Group's status of payment default to various
credit facilities is available free of charge at:
http://bankrupt.com/misc/PolymateHoldingsPN131January2006.xls
Headquartered in Selangor Malaysia, Polymate Holdings Berhad --
http://www.polymate.com.my/Hprofile_html.htm-- is engaged in
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.
Other activities include manufacturing and dealing of plastic
articles and products, corrugated carton boxes and related
products, manufacturing and trading of door closers and trading
of building materials, investment holding and provision of
corporate and financial support services.
The Group operates in Malaysia, Australia, New Zealand and
Europe.
PROTON HOLDINGS: Clinches Deal with Mitsubishi Japan
----------------------------------------------------
Proton Holdings Berhad has signed a Memorandum of Understanding
with Mitsubishi, Japan, to explore the feasibility of
cooperation in:
* product development of new Proton vehicles;
* supply of components between Proton and Mitsubishi;
* technical support for production, engineering and quality
control from Mitsubishi to Proton and Proton's vendors;
and
* manufacturing of the vehicles at Proton's facilities to
the extent that it is mutually beneficial.
Y.B. Datuk Seri Rafidah Aziz, the Minister of International
Trade and Industry, witnessed the signing of the MOU in Shah
Alam.
The MOU marks a significant step for carmakers around the globe
who are seeking collaboration as a means of rapid expansion and
higher profits.
The arrangement is expected to help Proton:
* diversify its product range, producing a larger variety
of cars within a shorter time to market;
* speedily diversify its compact and saloon vehicle range
as well as fill in the missing gaps in its production
line-up, tapping into the lucrative MPV and luxury cars
segments of the market; and
* avail of Mitsubishi's parts and components which
will lead to a long-term component sharing.
As for Mitsubishi, it can also avail of Proton's manufacturing
facilities such as the Tanjung Malim plant, boosting the
factory's capacity and production quality.
Mitsubishi, currently provides engines and transmission systems
to Proton in the Iswara, Wira, Satria, Arena, Waja, Perdana and
Gen.2 models. It will also provide technical support as well as
quality control.
Headquartered in Selangor Darul Ehsan, Malaysia, Proton Holdings
Berhad -- http://www.proton.com/-- manufactures, assembles,
trades and provides engineering and other services in respect of
motor vehicles and related products. The firm's other
activities include property development, trading of steel and
related products, engine and technologies research, development
of automotive related technologies, investment holding,
importation and distribution of motor vehicles, related spare
parts and accessories, holds intellectual property, provides
engineering consultancy, operates single make race series and
carries out specific engineering contracts. The Group operates
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.
SINORA INDUSTRIES: Regularization Plan Gets Green Light
-------------------------------------------------------
Sinora Industries Berhad has received all the approvals
necessary for the implementation of its Regularization Plan.
The Proposed Logging is now pending Serijaya Sdn Bhd's issuing
and delivering the initial Bank Guarantee to Rakyat Berjaya
Sendirian Berhad (RBSB). The Proposed Logging is expected to
commence in the first quarter of Sinora's financial year ending
December 31, 2006 and to be completed within 10 years from the
date RBSB notifies Serijaya in writing to commence the Proposed
Logging.
The Proposed Logging is expected to be a major operation of
Sinora in the immediate future and will provide Sinora with an
immediate and major source of income.
The Proposed Logging is part of the Company's Regularization
Plan as required under PN17 of the Bursa Securities Listing
Requirements. In accordance with PN17, Sinora is required to,
among others, submit the Regularization Plan to the relevant
authorities for approval, or where the relevant authorities'
approval are not required, to obtain all other approvals
necessary for the implementation of the Regularization Plan
within eight months from the date of the First Announcement.
Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad is engaged in the manufacturing and selling of plywood,
sawn timber and moulded wood products. It is also involved in
investment holding and the provision of management services.
The Group operates in Malaysia.
SOUTHERN BANK: Bourse to List, Quote New Shares Today
-----------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Southern
Bank Berhad's additional 562,750 new ordinary shares of MYR1.00
today, February 7, 2006. The ordinary shares arose from the:
-- exercise of 332,250 Warrants 1996/2006 (Local Warrants) into
332,250 new Local A shares (SBANK-OA); and
-- exercise of 230,500 Warrants 1996/2006 (Foreign Warrants)
into 230,500 new Foreign A shares (SBANK-O2)
The ordinary shares arising from the Exercise shall not be
entitled to dividends or any other distributions declared, made
or paid to shareholders in respect of the financial year ended
December 31, 2005. They will be quoted as SBANK-OA and SBANK-
02.
Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad --
http://www.southernbank.com.my/-- is engaged in the provision
of commercial banking business and other related financial
services, which include Islamic banking services. Other
activities are accepting deposits and advancing loans, property
ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.
TRU-TECH HOLDINGS: Awaits SC Approval on Restructuring Appeal
-------------------------------------------------------------
Tru-Tech Holdings Bhd reported that there has been no material
development in respect of its plan to regularize its financial
position.
The appeal submitted to the Securities Commission for a review
of its decision on the Proposed Restructuring Scheme is still
pending approval from the SC.
Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products. Its other activities include
development and distribution of switch-mode power supplies and
investment holding. The Group operates in Malaysia, Singapore,
The United States of America and United Kingdom.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Stampede Crushes Shares
---------------------------------------------
ABS-CBN Broadcasting Corporation's shares nose-dived Monday
after a deadly stampede occurred in a large crowd wanting to
watch the network's popular game show, "Wowowee", The Philippine
Daily Inquirer reports.
According to The Inquirer, ABS-CBN's common shares dipped
Php0.25 or 2.08% to Php11.25 on 26,100 shares. Its Philippine
Deposit Receipts fell Php0.25 or 2.08% at 11.75 on 241,100
shares.
The Philippine Star reports that Saturday's stampede at the
Philsports Arena in Pasig City broke out when a steel barrier
was suddenly opened, leading to a frantic scramble for seats.
Up to 25,000 people had gathered for days at the Philsports
Arena where ABS-CBN had planned to hand out major prizes for
Wowowee's anniversary edition Saturday, The Star reports. The
show offered minibuses, houses, and a Php1 million top cash
prize to the first 300 people to enter the venue.
A fact-finding panel of the Department of the Interior and Local
Government headed by Undersecretary Marius Corpus has summoned
"Wowowee" game show host Willie Revillame and ABS-CBN executives
for questioning over the weekend disaster, The report reveals.
In a statement, ABS-CBN said it is extending assistance to the
families of those killed or injured in the stampede. It has
designated Bantay Bata 163 to assist those whose family members
were injured and those still missing. The network is also
providing continued medical treatment to those who were injured
and suffered minor trauma.
ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com-- is a leading
radio and television broadcasting network and multimedia company
in the Philippines. It was founded in 1953, and was the first
television station in the Philippines. The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.
GLOBAL STEELWORKS: Government Urges Ispat to Infuse More Cash
-------------------------------------------------------------
The Department of Trade and Industry is asking India's Ispat
Group to infuse more cash into Global Steelworks International
Inc. instead of seeking for an extension of a sovereign
guarantee for GSI's AU$20-million loan from international
creditor banks, The Philippine Star reports.
DTI Secretary Peter B. Favila, like its predecessor Cesar V.
Purisima, continues to oppose the granting of a sovereign
guarantee for GSI's loans by the Philippine Export-Import Credit
Agency because the loan would become an obligation to the
Philippine Government should GSI default on the loan.
The Star says that GSI has repeatedly announced that it has
started commercial operations. However, the Board of
Investments doubts GSI's claim and has proposed an independent
technical assessment of the firm's operations and production
capability to be conducted by experts either from the University
of the Philippines or Mapua Institute of Technology.
According to The Star, the assessment would help the PhilExim
Board to decide on whether or not to approve GSI's request to
secure the sovereign guarantee.
PhilExim is a wholly owned government financial institution
attached to the Department of Finance. It is mandated to
provide guarantees, export finance and credit insurance to
small- and medium-sized exporters, priority industries and
priority sectors.
Headquartered in Iligan City, Philippines, Global Steelworks
International Inc. (formerly National Steel Corporation) is one
of the largest steel manufacturers in the ASEAN. Global
SteelWorks closed down in 1999 after suffering heavy financial
losses. It was fully privatized and reopened in 2005 after the
India-based Ispat Group acquired the facility. At present, it
has four main operating mills, Hot Mill, Billet Plant and the
Thinning Line. Its products include billet, round and square
steel, flat steel like hot and cold rolled coils and hot rolled
plates. The Company employs more than 3,800.
LAFAYETTE MINING: DENR Clears Firm of Mercury Contamination
-----------------------------------------------------------
The Department of Environment and Natural Resources has defended
the operations of an Australian-based firm, Lafayette Mining
Inc., and backed the Company's claim that it has not used
mercury in its gold mining project in the central Philippines,
The Philippine Daily Inquirer says.
An environmental group had claimed that toxic heavy metals like
lead and mercury were found in sediment samples in the area
around the mine site in Albay province. However, DENR maintains
that there is insufficient evidence to attribute mercury
contamination to the operations of Lafayette Mining.
The DENR says mercury found in areas surrounding Lafayette's
Rapu-Rapu Polymetallic Project site in Albay could have come
from nearby active volcanoes, like the Mayon Volcano, and the
natural evaporation of bodies of water.
Earlier, The Inquirer reported that President Gloria Arroyo had
formed an independent commission to look into the mine's
operations. An investigation was immediately launched after the
influential Catholic Bishops' Conference of the Philippines made
clear its opposition to continued mining in the country.
Headquartered in Melbourne, Australia, Lafayette Mining Limited
-- http://www.lafayettemining.com/-- has been listed on the
Australian Stock Exchange since August 1997. Its focus is the
development of a polymetallic project involving copper, gold,
zinc and silver on the Island of Rapu Rapu in the Philippines.
The Company is also undertaking additional exploration
activities at the Rapu Rapu site with preliminary results so far
indicating the life of mine can be extended.
MANILA ELECTRIC: Energy Regulator to Appeal SC Decision
-------------------------------------------------------
The Energy Regulatory Commission will lodge an appeal on the
Supreme Court's decision to junk its approval of a petition to
hike Manila Electric Company's distribution rates, The Manila
Times reports.
The regulator explained the increase Meralco is seeking is not
an actual rate hike but a scheme to recover what the Company has
already advanced to power generating units including National
Power Corporation and independent power producers, The Manila
Times says.
In a 36-page decision, the High Court voted unanimously to
nullify the ERC's decision allowing Meralco to implement Php0.14
per kilowatt-hour increase. The Court said ERC violated the
Electric Power Industry Reform Act, citing the lack of published
advisories on the proposed rate increase.
The ruling also said that the ERC did not conduct consultations
with consumer groups regarding the rate hike. ERC Chairman
Rodolfo Albano, however, said that the requirement for
publication only applies to rate increase cases, adding that ERC
only approved a recovery mechanism for Meralco for the advance
payments made to its generation units.
Mr. Albano said ERC held public hearings on MERALCO's recovery
mechanism, which was attended by the complainants. He denied
that ERC was to blame for the delay of the implementation of the
rules and regulations of the EPIRA. He said a provision in the
law, which gives ERC authority to approve the price
determination methodology for rate increases, was only proposed
last month.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the biggest among
the electric distribution utilities in the country. The
principal business of the issuer is the distribution and sale of
electric energy through its distribution network facilities in
its franchise area. Meralco has diversified into businesses
directly related to its core business of electric distribution.
The Company has investments on companies involved in
engineering, construction, and consultancy with expertise in the
fields of power generation, transmission and distribution,
telecommunications and industrial installations. Through its
other investments, it is also involved in information technology
and property development.
NATIONAL POWER: Lenders Unite to Resolve Privatization Concerns
---------------------------------------------------------------
National Power Corporation's multinational lenders have agreed
to work together to address the major issues and concerns
surrounding the power firm's privatization, The Manila Bulletin
relates.
Japan bank for International Cooperation, Asian Development Bank
and the World Bank wanted the issues clarified among themselves
primarily on what direction should be taken in capacity
contracting for future power projects, the report says.
Aside from the contracting issue, the lenders also want to work
on eliminating Napocor's losses, as well as establishing
creditworthiness of the Power Sector Assets and Liabilities
Management Corporation, which handles Napocor's generating
assets sale.
The lenders also emphasized that regulatory performance should
be improved, and the interest of private sector investors
enhanced, the report adds.
An endorsement from the three lenders is crucial in the
Napocor's privatization program and the overall restructuring of
the country's power sector, as their consent to asset divestment
is an eminent provision under the loan agreements inked with
Napocor.
Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph-- 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.
NATIONAL POWER: Semirara Oil Spill Damage to Hit Php80 Mln
----------------------------------------------------------
The Philippine Coast Guard estimated the actual economic value
of damages caused by an oil spill in Semirara Island in Antique
could reach Php80 million, The Manila Times reports.
Last December 17, a National Power Corporation barge spilled
200,000 liters of bunker fuel in the Semirara Island due to bad
weather conditions, the report says.
As reported by Troubled Company Reporter - Asia Pacific, the oil
spill has affected 236 hectares of mangrove forests and 40
square kilometers of marine life.
TCRAP stated that Napocor has hired 250 island folks to clean up
the spill in four to five months. Workers have already
collected almost 5,700 sacks of oil that were dumped on a
temporary site for immediate disposal. More than 17,000 sacks
of contaminated materials from both shoreline and mangroves have
been collected.
Meanwhile, the PCG is conducting a maritime casualty
investigation to determine the seaworthiness of the Napocor
vessel and competence of officers on board.
The oil spill has become a controversial issue in the
Philippines after a legislator warned that the accident could
threaten the beaches of the country's most popular tourist
destination, Boracay island.
Headquartered in Quezon City Manila, Philippines, National Power
Corporation -- http://www.napocor.gov.ph-- 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.
=================
S I N G A P O R E
=================
CHINA AVIATION (S): Likely to Resume Shares Trading Next Month
--------------------------------------------------------------
Shareholders of China Aviation Oil (Singapore) are set to hold
an extraordinary general meeting in the first week of March to
approve the Company's proposed restructuring plan, Dow Jones
reports.
Under the plan, CAO will resume trading of its shares by the end
of March and it would create a new board of directors, who will
be tasked to repair CAO's image. The new board, which include
representatives from U.K.-based BP Plc, will appoint a new chief
executive officer, Dow Jones says, citing CAO Restructuring Task
Force Chief Gu Yanfei.
Singapore's state-owned investment company Temasek Holdings Pte.
Ltd., which like BP is also participating in CAO's rescue, won't
have any seat on the board.
Together with CAOs' Chinese parent China Aviation Oil Holdings
Limited, BP Plc and Temasek Holdings Pte Limited have agreed to
inject much-needed funds into CAO in exchange for shares in the
Company. CAOHL holds a 51% stake in CAO, BP owns 20% stake, and
Temasek holds a 4.65% stake.
Channelnews Asia reports that CAO has offered a reduced
compensation plan to its shareholders, wherein minority
shareholders would get a total of 270 shares in CAO for each
1,000 shares they had previously held in the Company.
CAO, whose shares were suspended since November 2004 after the
company's US$550 million trading loss, posted a net loss
totaling SGD7.3 million for the three quarters ended Sept. 30,
2005.
According to China View, CAO's derivatives-related loss was
Singapore's biggest since former trader Nick Leeson lost US$1.4
billion at Barings Plc. in 1995. Reports by
PricewaterhouseCoopers, the accounting firm that examined CAO's
losses on behalf of Singapore's stock exchange, said the company
overrode risk controls and failed to follow correct accounting
procedures.
Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment. The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the US. CAO's oil-
trading business has expanded beyond jet fuel to include fuel
oil, gasoline, naphtha, crude oil, and petrochemical products.
DC WILLIAM: Aviva Files Wind-up Petition
----------------------------------------
On January 24, 2006, Aviva Limited filed a winding up petition
against DC William Insurance Brokers Pte Limited.
The Singapore High Court has scheduled to hear the Petition on
February 17, 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 for that purpose.
The Petitioner's solicitors, Goodwins Law Corporation, 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.
Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Messrs Trinity Law
Corporation 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, firm or his or their solicitor (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. on February 16, 2006.
CONTACT:
DC William Insurance Brokers Pte Limited
133 Cecil Street
#11-01A/B Keck Seng Tower
Singapore 069535
Phone: 65 6323 8138
Fax: 65 6323 7663
e-mail: dcw2000@magix.com.sg
GREATRONIC LIMITED: Fraud Case Beyond CAD's Jurisdiction
--------------------------------------------------------
Singapore's Commercial Affairs Department, in a letter to
Greatronic Limited, explained why it cannot investigate a
complaint by former independent director Lum Choong Wah,
Business Times reports.
Mr. Lum, a former Greatronic board member and chairman, accused
the Company's Malaysian unit, Greatronic Technology (Malaysia)
Berhad, of making fraudulent transactions with its associates
based in the United States and Germany, the paper says.
The CAD replied that it has no jurisdiction to probe into any
alleged wrongdoing committed overseas, as the Company's unit and
not Greatronic itself was accused of falsifying transactions.
The agency said that the complaint should be filed with the
Malaysian authorities if the and if the accusations were proven
to be true.
Meanwhile, Business Times reports that Mr. Lum is unaware of any
investigation by Malaysian authorities. Mr. Lum reportedly said
there is no reason for the present disclosure of the CAD letter
dated September 19, 2005.
A full-text copy of the CAD's letter to Greatronic is available
for free at:
http://bankrupt.com/misc/tcrap_greatronic020606.pdf
Greatronic Limited, a material-handling company first known as
Material Handling Engineering when it was listed on Sesdaq in
1989, became Cybermast Ltd in 2000 to reflect its move into
Internet-related business. t then streamlined its business in
2001 to focus on the manufacturing of products such as power
supply cords for the electronics industry before adopting its
present name in 2003.
MAINETECHNIC ENGINEERING: Creditor Seeks to Wind Up Firm
--------------------------------------------------------
On January 23, 2006, International Factors (Singapore) Limited
filed a winding up petition against Mainetechnic Engineering Pte
Limited.
The application will be heard before the Singapore High Court on
February 17, 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 for that purpose.
The Petitioner's solicitors, Messrs Hin Tat Augustine and
Partners, 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.
Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Messrs Trinity Law
Corporation 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, firm or his or their solicitor (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. on February 16, 2006.
CONTACT:
Mainetechnic Engineering Pte Limited
10 Tuas View Loop
Singapore 637676
Phone: 65 6898 5055
Fax: 65 6862 6357
e-mail: mailbox@mainetechnic.com.sg
Web site: http://www.mainetechnic.com.sg/
SAPPHIRE CORPORATION: Converts Remaining Loan into Shares
---------------------------------------------------------
Sapphire Corporation entered into a debt conversion agreement
with Standard Chartered Bank on April 29, 2004, to convert its
debt into shares. The agreement was amended on May 19, 2005,
and July 21, 2005.
On February 3, 2006, Sapphire Corporation converted a balance of
its restructured loan to SCB worth SGD100,000 into four million
ordinary shares at SGD0.025 each in the Company's capital.
Formerly knows as I.R.E. Corporation Limited, Sapphire
Corporation Limited -- http://www.sapphirecorp.com.sg/--
manaufactures and sells paints and building materials and also
engages in repair and renovation works, building construction,
retrofitting works and paint contracting. The Company's other
activities include the provision of painting and equipment
services, colour matching services, supply of temporary
falseworks and formwork systems, construction and development of
properties and investment holding.
===============
T H A I L A N D
===============
ROBINSON DEPARTMENT: Court OKs Exit from Rehabilitation
-------------------------------------------------------
The Central Bankruptcy Court has ordered the cancellation of
Robinson Department Store Public Company Limited's
rehabilitation after the Company has completed all obligations
set forth in its revival plan.
Robinson's Official Receiver will proceed with the necessary
legal procedure in order for the Company to return to its normal
status prior to the rehabilitation.
On December 20, 2002, Robinson Department Store begun
implementing its reorganization plan upon approval of the
Central Bankruptcy Court. Robinson Planner Company
Limited was appointed as a Plan Administrator.
Headquartered in Bangkok, Thailand, Robinson Department Store
Public Co Ltd -- http://www.robinson.co.th/-- is principally
involved in the ownership and operation of department store
chains under the Robinson brand.
The Company owns 18 branches, nine of which are located in
Bangkok and the other nine are operated by subsidiaries in the
Provinces. The Group has developed products in line with price
in order to meet customer needs.
Products currently on sale can be divided into four categories
namely:
-- Soft Line Product Group (ready-to-wear products like clothing
for women, men's and women's accessories, day wear and
sleepwear lingerie, swimwear, men's fashion, and children's
fashion);
-- Hard Line Product Group (home furnishings and hard line
comprising of stationery, hardware, auto accessories, toys,
fabric/notions and premiums);
-- Private Label Product Group (kitchenware, and sleepwear under
the name Robinson at Home); and
-- Low Price Point Products (everyday products with low price
but good quality under the name Took Lae Dee and Best Buy).
THAI ENGINE: Installs New Directors and Changes Office Address
--------------------------------------------------------------
On January 30, 2006, the Central Bankruptcy Court has approved
the appointment of new directors for Thai Engine Manufacturing
Public Co. Ltd.
The new directors are:
* Chawarat Charnweerakul;
* Chamni Chanchai;
* Pitayapon Nahtaradol;
* Siriwat Likitnurak;
* Sompun Panmuang; and
* Saaht Gumlung.
The newly appointed directors were registered on February 3,
2006, at the Ministry of Commerce, Department of Business
Development.
However, the Company was unable to register the appointment of
Chawarat Charnweerakul because he was not present to sign an
important document required to register a newly appointed
director.
The Company also reported that its business has been relocated
to:
No. 401, Charan Insurance Building,
10/1 Floor, Ratchadaphisek Road,Samsennok,
Huay Kwang, Bangkok 10320
Telephone: 02 693 4101-5
BOND PRICING: For the Week 6 February to 10 February 2006
---------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group Ltd 10.000% 4/15/06 1
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 9
Arrow Energy NL 10.000% 3/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 6/30/10 1
BIL Finance Ltd 8.000% 10/15/07 8
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
Capital Properties NZ Ltd 8.000% 4/15/10 8
Cardno Limited 9.000% 6/30/08 4
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 2/28/08 1
Clean Seas Tuna Ltd 9.000% 9/30/08 1
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
EBet Limited 10.000% 11/29/06 24
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 3/15/11 8
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 9
Fletcher Building Ltd 8.300% 10/31/06 9
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 11
Hudson Timber Products Ltd 7.000% 12/31/10 1
Hutchison Telecoms Australia 5.500% 7/12/07 1
IMF Australia Ltd 11.500% 1/30/10 1
Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8
Investa Property Group Ltd 6.000% 5/28/08 6
Kagara Zinc Ltd 9.750% 5/06/07 3
Kiwi Income Properties Ltd 8.000% 6/30/10 1
Longreach Group Ltd 10.000% 10/31/08 1
Minerals Corporation Ltd 10.500% 9/30/07 1
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 11
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 1/31/08 1
Salomon SB Australia 4.250% 2/01/09 8
Sapphire Securities Ltd 7.410% 9/20/35 7
Silver Chef Ltd 10.000% 8/31/08 1
Software of Excellence 7.000% 8/09/07 1
Sydney Gas Company 12.000% 4/01/06 1
Sydney Gas Limited 12.000% 6/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
Westpac Banking Corporation 6.250% 8/30/11 6
MALAYSIA
--------
Abi Malaysia Bhd 5.500% 5/30/06 30
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 3/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 7/15/07 1
Comsa Farms Bhd 5.000% 2/27/06 50
Crescendo Corporation Bhd 3.000% 8/25/07 1
Dataprep Holdings Bhd 4.000% 8/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 6/16/10 1
Equine Capital Bhd 3.000% 8/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
Huat Lai Resources Bhd 5.000% 3/28/10 1
I-Berhad 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Kamdar Group Bhd 3.000 11/09/09 1
Killinghall Bhd 5.000% 4/13/09 2
Kosmo Technology Industrial Bhd 2.000% 6/23/08 2
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 1/06/07 3
Lion Diversified Holdings Bhd 2.000% 6/01/09 2
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/05/12 1
Mithril Bhd 8.000% 4/05/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
Naim Indah Corporation Bhd 0.500% 8/24/06 1
Nam Fatt Corporation Bhd 2.000% 6/24/11 1
Orix Leasing Malaysia Bhd 4.052% 1/26/09 4
Pantai Holdings Bhd 5.000% 7/31/07 2
Patimas Computers Bhd 6.000% 2/19/06 1
Pelikan International Corp Bhd 3.000% 4/08/10 1
Poh Kong Holdings Bhd 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel 5.500% 7/31/08 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
VTI Vintage Bhd 4.000% 8/22/06 1
WCT Land Bhd 3.000% 8/02/09 1
Wah Seong Corp 3.000% 5/21/12 3
YTL Cement Bhd 4.000% 11/10/15 1
SINGAPORE
---------
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 6/30/07 1
Tampines Assets Ltd 6.000% 12/07/06 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***