/raid1/www/Hosts/bankrupt/TCRAP_Public/060310.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
Friday, March 10, 2006, Vol. 9, No. 049
Headlines
A U S T R A L I A & N E W Z E A L A N D
ADVANCED APPLIED: Members Opt to Wind Up Firm
BETTERTILES PROJECTS: To Declare Dividend Today
CER TECHNOLOGY: Begins Liquidation Proceedings
COLLOMUNGRA PTY: Creditors' Claims Due on March 17
CYBANET INTERNET: Members Agree to Wind Up Operations
DENNIS NEILL: Shareholders Appoint Official Liquidator
DICESARE CONCRETING: Gregory S. Andrews Named as Liquidator
DOMESTICATIONS HOLDINGS: Schedules Final Meeting Today
DORISH GROUP: CIR Lodges Petition to Liquidate Firm
EASTBOURNE HOLDINGS: Inability to Pay Debts Prompts Wind-up
EVANS & TATE: Admits Breaching of Financial Covenants
FERGSON ENTERPRISES: Winds Up Operations
FORTESCUE METALS: Increases WA Iron Ore Mine's Size
G RETAIL: To Distribute Dividend to Priority Creditors
HEARTSEASE LIMITED: Falls Into Liquidation
KC PARCELS: Members and Creditors to Receive Wind-up Details
MEMPAC LIMITED: Creditors' Proofs of Claims Due March 31
M.J.A. INVESTMENTS: Prepares to Pay Final Dividend
MULTIPLEX: Enters Into Bennelong Group Purchase Deal
MURCHISON DAIRY: Enters Liquidation Proceedings
OLLIEDEE PTY: Holds Final Meeting Today
PECKHAM MINING: Liquidator to Distribute Assets
QUANTAIN PTY: Official Receivers Appointed
QANTAS AIRWAYS: To Cut 480 Sydney Maintenance Jobs
RATARN PTY: Court Issues Wind-up Order
REFIL EXPRESS: Commences Voluntary Liquidation
SOLARIS ENTERPRISES: Decides to Close Operations
SYDNEY GAS: Denies Takeover Talks with Queensland Gas
TELSTRA CORPORATION: Coonan to Support Rival Broadband Network
TROTTING INDEPENDENT: Liquidator to Present Wind-up Report
WHATEVER WHATEVER: Court Winds Up Firm
C H I N A & H O N G K O N G
BANK OF CHINA: Sells 3.9% Stake Ahead of IPO
BCCI FINANCE: To Declare Dividend
DAIHATSU MOTOR: Members Final Meeting Fixed on April 3
FEDERATION OF HONG KONG: Members OK Wind-Up Process
HK CONSTRUCTION: Appoints Official Liquidator
HONG KONG COLLEGE: Members to Receive Wind-up Details
IWORLDTEL.COM LIMITED: Creditors Meeting Slated for March 24
LC EPICURE: Shareholders Resolve to Wind Up Business
ORIENT YORK: Court Orders Wind-up
PROFESSIONAL ASSOCIATION: Creditors' Claims Due on March 31
PROSPEROUS ELDERLY: Liquidator Ceases to Act
SINOB2B LIMITED: Enters Voluntary Liquidation
TING FUNG: Creditors' Claims Due on April 18
JWL ENTERPRISES: To Hold Final Meeting on April 3
WAH CHEONG: Schedules Final Meeting on April 18
* Weak Credit Profile, Taxation Cuts China Banks Profits
I N D I A
BHARAT PETROLEUM: Unveils Change in Directorate
INDIA CEMENTS: To Raise US$75 Million Via FCCBs
NATIONAL TEXTILE: Poised to Launch Grand Land Sale
S&S POWER: Board OKs Scheme Arrangement with Creditors
I N D O N E S I A
BANK MANDIRI: Expects Poor Earnings in 2005
PERTAMINA: Signs US$2 Billion Deal with ExxonMobil
PERUSAHAAN GAS: Moody's Reviews FCDR for Possible Upgrade
J A P A N
JAPAN AIRLINES: Seeks to Raise Fuel Surcharge in Philippines
PIONEER CORPORATION: Expects Smaller Loss Due to Weak Yen
K O R E A
ASIANA AIRLINE: Hires Rival Korean Air to Paint Aircraft
KOREA EXCHANGE: Bidders Finish Due Diligence
KOREA EXCHANGE: Kookmin Eyes Takeover from Lone Star
M A L A Y S I A
AFFIN HOLDINGS: Additional Shares Granted Listing and Quotation
AMTEK HOLDINGS: Apparels and Electrical Divisions Drive Losses
DENKO INDUSTRIAL: To Appeal High Court Ruling on Beau's Petition
KIG GLASS: Bourse Suspends Shares Pending Wind-up Action
MALAYAN UNITED: Unit Completes Disposal of U.K. Hotels
MALAYSIAN ASSURANCE: Faces Winding Up Petition
MALAYSIA AIRLINES: AirAsia Wants to Take on Routes and Assets
MENTIGA CORPORATION: Proposed Disposal Secures CICBI Approval
PATIMAS COMPUTERS: 2005 Revenue Drops 37%
PEMBINAAN LIMBONGAN: Settles Obligation to Radex
PETALING TIN: Wants to Renew Share Buyback Authority
POHMAY HOLDINGS: Wind-up Bid to Hurt Finances and Operations
SOUTHERN BANK: Likely to Resolve Takeover Dispute
TENAGA NASIONAL: Lists and Quotes New Shares
WEMBLEY INDUSTRIES: Seeks More Time to Implement Proposals
P H I L I P P I N E S
EXPORT AND INDUSTRY: Appoints Regular Directors
LAFAYETTE MINING: Executive Order Needed to Investigate Spills
MANILA ELECTRIC: SC Likely to Affirm Decision on Rate Hike
PHILIPPINE AIRLINES: May Cancel Flights Due to Lack of Pilots
S I N G A P O R E
CIH LIMITED: Picks HL Bank as Financial Adviser
FIRSTLINK INVESTMENT: Names Moore Stephen as New Auditor
INFORMATICS HOLDINGS: Installs New Directors
MAGNUS ENERGY: Warrant 2006 Expires April 5
LINDETEVES-JACOBERG: Unveils Resignation of Executives
PROGRESS MANUFACTURING: Receiving Proofs of Claim Until April 10
SING HOE: Proofs of Debt and Claim Due Next Month
TRI-M TECHNOLOGIES: Provides Additional Info on FY05 Results
T H A I L A N D
THAI HEAT: Court Rejects NSM Assets' Petition
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
ADVANCED APPLIED: Members Opt to Wind Up Firm
---------------------------------------------
The members of Advanced Applied Technology Pty Limited held a
meeting on February 8, 2006, and agreed to wind up the Company's
business.
They appointed Roderick Howard Carnegie to facilitate the wind-
up operations.
Contact: Roderick H. Carnegie
Liquidator
Suite 332, 1 Queens Road
Melbourne, Victoria 3004
Australia
BETTERTILES PROJECTS: To Declare Dividend Today
-----------------------------------------------
Bettertiles Projects Pty Limited will declare its first and
final dividend today, March 10, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend.
Contact: A. J. H. Wily
Liquidator
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney, New South Wales 2000
Australia
CER TECHNOLOGY: Begins Liquidation Proceedings
----------------------------------------------
On February 6, 2006, the members of CER Technology Pty Limited
held a general meeting and agreed that it is in the Company's
best interests to close its operations.
Contact: S. C. Davies
Robyn B. McKern
Joint and Several Liquidators
c/o McGrathNicol+Partners
115 Grenfell Street, Adelaide
South Australia 5000
Telephone: 08 8468 3700
Web site: http://www.mcgrathnicol.com.au/
COLLOMUNGRA PTY: Creditors' Claims Due on March 17
--------------------------------------------------
Creditors of Collomungra Pty Limited, whose claims have not
already been admitted, are required to submit their formal
proofs of claim to Liquidator Gregory J. Mason by March 17,
2006.
Failure to comply with the requirement will exclude creditors
from the benefit of the Company's dividend distribution.
Contact: Gregory J. Mason
Liquidator
427 Guinea Street, Albury
New South Wales 2640, Australia
CYBANET INTERNET: Members Agree to Wind Up Operations
-----------------------------------------------------
Members of Cybanet Internet Services Pty Limited convened at an
extraordinary general meeting on February 9, 2006, and agreed
to:
-- close the Company's business operations; and
-- appoint William Bernard Abeyratne and Loke Ching Wong as
joint and several liquidators.
Contact: William B. Abeyratne
Loke Ching Wong
Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne, Vitoria 3205
Australia
Telephone: 9696 2885
DENNIS NEILL: Shareholders Appoint Official Liquidator
------------------------------------------------------
On February 14, 2006, the shareholders of Dennis Neill and
Associates resolved to appoint Michael Bruce Stringer,
of Stringer CFT Consultants Limited - Christchurch as liquidator
for the Company.
Mr. Stringer has fixed March 31, 2006, as the last day for the
Company's creditors to prove their debts or claims and to
establish any title they may have to prioritized, under Section
312 of the Companies Act 1993.
Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before the debts are
proved or, as the case may be, from objecting to the
distribution.
Contact: Michael Bruce Stringer
Stringer CFT Consultants Limited
100 Dyers Pass Road
(P.O. Box 12-012), Christchurch
New Zealand
Telephone: (03) 337 9112
Facsimile: (03) 337 9102
DICESARE CONCRETING: Gregory S. Andrews Named as Liquidator
-----------------------------------------------------------
At a general meeting on February 10, 2006, members of Dicesare
Concreting Services Pty Limited concurred that the Company must
voluntarily commence a wind-up of its operations.
Gregory Stuart Andrews was then appointed as liquidator.
Contact: Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton
Victoria 3053, Australia
Telephone: (03) 9662 2666
Fax: (03) 9662 9544
DOMESTICATIONS HOLDINGS: Schedules Final Meeting Today
------------------------------------------------------
A final meeting of the members and creditors of Domestications
Holdings Pty Limited will be held today, March 10, 2006.
At the meeting, liquidator Adrian Stewart Duncan will report the
activities that took place during the wind-up period, as well as
the manner by which the Company's property was disposed of.
Contact: Adrian S. Duncan
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney, New South Wales 2000
Australia
DORISH GROUP: CIR Lodges Petition to Liquidate Firm
----------------------------------------------------
On January 19, 2006, the Commissioner of Inland Revenue filed an
application to liquidate Dorish Group.
The Petition will be heard before the High Court of Palmerston
North on March 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 March 9, 2006, to:
Ellen-Marie Carpenter
Solicitor for the Plaintiff
Technical and Legal Support Group
Napier Service Centre
Level Four, Library Building
22 Station Street
(P.O. Box 1144), Napier
New Zealand
Telephone: (06) 974 6315
Facsimile: (06) 974 6212
EASTBOURNE HOLDINGS: Inability to Pay Debts Prompts Wind-up
-----------------------------------------------------------
After a meeting of the members of Eastbourne Holdings Pty
Limited on February 10, 2006, it was agreed that the Company
wind up its business voluntarily due to its inability to pay its
debts.
Donald Hugh McKenzie was then appointed as the Company's
liquidator.
Contact: Donald H. McKenzie
Liquidator
c/o KPMG
Level 2, 33 George Street
Launceston, Tasmania 7250
Australia
EVANS & TATE: Admits Breaching of Financial Covenants
-----------------------------------------------------
Evans & Tate Limited's chief executive officer, Martin Johnson,
admitted to the Australian Stock Exchange that the Company had
breached a covenant in its convertible note trust deed, The West
Australian reports.
As a result of the breach, Evans & Tate could be forced to
immediately repay AU$20 million to convertible noteholders.
In December 2005, the noteholders passed a resolution exempting
Evans & Tate from a "technical" breach of the covenants that
would have occurred when the company switched to International
Financial Reporting Standards, which came into effect on Jan. 1.
Mr. Johnson said that the Company was now in a "material breach"
of the covenant.
The breach restricts the Company's total liabilities to 80% of
its total assets. Mr. Johnson noted that based on unaudited
management accounts as at December 31, 2005, Evans & Tate's
liabilities stood at 86% of assets.
The West Australian says that the Company was meeting its
interest payments on the note and had asked the trustee, a unit
of Permanent Trustees, to issue a waiver. The breach gives the
trustee the right to call a meeting of noteholders to call in
the debt, which meeting Mr. Johnson considered "unlikely."
According to the paper, Mr. Johnson blamed the breach on the
delays in the sale of the Company's Griffith winery in New South
Wales, which had forced the group to draw on another AU$12
million from ANZ Bank during the half year. The bank had
earlier extended the company a AU$10 million lifeline.
Mr. Johnson also said that difficult conditions in the United
Kingdom wine market are also to blame.
Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange. 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).
FERGSON ENTERPRISES: Winds Up Operations
----------------------------------------
Members of Fergson Enterprises Pty Limited held a meeting on
Feb. 9, 2006, and agreed on the Company's need to liquidate.
They then named Noel R. Willis to oversee the Company's wind-up
activities.
Contact: Noel R. Willis
Liquidator
c/o KPMG
KPMG Center, 491 Smollett Street
Albury, New South Wales 2641
Australia
FORTESCUE METALS: Increases WA Iron Ore Mine's Size
---------------------------------------------------
Fortescue Metals Group Ltd outlined a marginal increase in the
size of its AU$2 billion iron ore mine project in the Pilbara
region, WA Business News says.
Fortescue said that the infill drilling had increased the size
of its Cloud Break deposit by 4%, or 34 million tonnes, taking
the total resources to 850 million tonnes.
Business News relates that the total mineral resources at the
entire project, comprised of the Cloud Break and the Christmas
Creek deposits, now stands at 2.266 billion tonnes of iron ore,
with 150 million tonnes categorized as proven reserves and 1.65
billion tonnes as probable reserves.
Moreover, Fortescue said that the drilling indicated a higher
quality deposit with the iron ore grade increasing by 0.07%,
while the levels of unwanted silica and alumina have dropped.
The Company continues with the drilling as part of a mining
feasibility study at the project.
The Troubled Company Reporter - Asia Pacific reported on
March 06, 2006, that the Australian Securities and Investments
Commission commenced proceedings in the Federal Court in Perth
seeking civil penalty orders against Fortescue Metals Group Ltd
and its chief executive officer, Andrew Forrest. The Complaint
alleges Fortescue of engaging in misleading and deceptive
conduct and for failing to comply with its continuous disclosure
obligations when it announced various contracts with Chinese
entities on August 23 and November 5, 2004.
Mr. Forrest and the company will face the Court later this month
to answer the charges.
Since ASIC's complaint, Fortescue shares have been under
downward pressure.
G RETAIL: To Distribute Dividend to Priority Creditors
------------------------------------------------------
G Retail Limited will declare its first dividend to its priority
creditors today, March 10, 2006, to the exclusion of those who
were not able to prove their claims.
Contact: P. G. Yates
D. J. F. Lombe
Administrators
Deloitte Touche Tohmatsu
Level 3, 225 George Street
Sydney, New South Wales 2000
Australia
HEARTSEASE LIMITED: Falls Into Liquidation
------------------------------------------
Chartered accountant David Laurence Krebs was on, February 27,
2006, appointed as liquidator for Heartsease Limited.
In this regard, Mr. Krebs requires the Company's creditors to
submit their proofs of claims and to establish any priority
their claims may have under Section 312 of the Companies Act
1993, on or before March 31, 2006.
Contact: David Laurence Krebs
130 Ranui Road, Kawakawa
New Zealand
Telephone: (09) 403 7955.
KC PARCELS: Members and Creditors to Receive Wind-up Details
------------------------------------------------------------
The members and creditors of KC Parcels Pty Limited will convene
today, March 10, 2006, to receive liquidator Adrian Stewart
Duncan's account regarding the Company's completed wind-up and
disposal of property, and to consider any other matters that may
be brought before the meeting.
Contact: Adrian S. Duncan
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney, New South Wales 2000
Australia
MEMPAC LIMITED: Creditors' Proofs of Claims Due March 31
--------------------------------------------------------
Barrie McCormick Campbell, the official liquidator of Mempac
Limited (formerly BRE Mt Eden Limited), has requested the
Company's creditors to prove their debts or claims and establish
any title they may have to prioritize on or before March 31,
2006.
Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before the debts are
proved or, as the case may be, from objecting to the
distribution.
Contact: Barrie Mccormick Campbell
Mabee Halstead & Kiddle Limited
P.O. Box 221, Auckland
New Zealand
Telephone: (09) 379 8011
Facsimile: (09) 309 1910
M.J.A. INVESTMENTS: Prepares to Pay Final Dividend
--------------------------------------------------
M.J.A. Investments (Queensland) Pty Limited will declare its
first and final dividend to its priority unsecured creditors.
Priority creditors who were not able to prove their claims will
not avail of the dividend.
Contact: Nick Combis
Liquidator
Vincents Chartered Accountants
Level 27, 239 George Street
Brisbane, Queensland 4000
Australia
Telephone: (07) 3854 4555
Fax: (07) 3236 2452
e-mail: ncombis@vincents.com.au
MULTIPLEX: Enters Into Bennelong Group Purchase Deal
----------------------------------------------------
Bennelong Group has acquired a large portion of Multiplex
Group's West Melbourne property portfolio for AU$32 million, The
Age relates.
The report says that the newly acquired assets include three
office buildings and two vacant sites bounded by Spencer, Batman
and Jeffcott streets. These properties will be rolled into the
new Bennelong Real Estate Value Fund, as part of the private
investment company's efforts to expand its funds management
business.
Multiplex bought the West Melbourne portfolio from the Silman
family in May 2005 for AU$40 million. Multiplex will retain
ownership of a building and large car park on Batman Street.
Multiplex spokesman Mathew Chandler told The Age that the
Bennelong Sale was part of a long-term strategy, which is not
related to its foreshadowed asset sell-off following a half-year
loss of AU$120 million.
About Multiplex
Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- 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, Multiplex Limited listed on the
Australian Stock Exchange as a part 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. Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties. Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down. In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits. This started a series of profit
downgrades throughout 2005. The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders. The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders. In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss. As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.
MURCHISON DAIRY: Enters Liquidation Proceedings
-----------------------------------------------
On January 25, 2006, an application to put Murchison Dairy
Systems Limited into liquidation by the High Court was filed
by Gillespie Group of Companies.
The application will be heard before the High Court of
Christchurch on March 27, 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 March 23, 2006, to:
S. A. Barker
Solicitor for the Plaintiffs
Buddle Findlay
Level Seventeen, State Insurance Tower
1 Willis Street, Wellington
New Zealand
OLLIEDEE PTY: Holds Final Meeting Today
---------------------------------------
The final meeting of the members and creditors of Olliedee Pty
Limited is scheduled today, March 10, 2006.
The meeting was set for members and creditors to get an account
of the manner of the Company's wind-up and property disposal
from Liquidator P. Ngan.
Contact: P. Ngan
Liquidator
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney, New South Wales 2000
Australia
PECKHAM MINING: Liquidator to Distribute Assets
-----------------------------------------------
After a general meeting on February 6, 2006, the members of
Peckham Mining Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.
As a result, Oren Zohar and Brian McMaster were appointed as
liquidators.
Contact: Brian McMaster
Oren Zohar
Liquidator
KordaMentha
Level 11, 37 St. George's Terrace
Perth, Western Australia 6000
QUANTAIN PTY: Official Receivers Appointed
------------------------------------------
On February 8, 2006, Terry van der Velde and David Stimpson were
appointed to act as the receivers and managers of the property
of Quantain Pty Limited.
Contact: David Stimpson
Terry van der Velde
Receivers
c/o SV Partners Pty Limited Insolvency Accountants
and Risk Managers
Web site: http://www.svpartners.com.au/
QANTAS AIRWAYS: To Cut 480 Sydney Maintenance Jobs
--------------------------------------------------
Qantas Airways Chief Executive Officer Geoff Dixon disclosed the
airline's plan to cut 480 jobs with the closure of its heavy-
maintenance operations in Sydney, the Australian Associated
Press reports.
The revelation came yesterday when, after a review of Qantas'
aircraft engineering operations, Mr. Dixon met with five unions
representing workers in the airline's long-haul heavy
maintenance department.
Mr. Dixon told the unions that retaining three wide-body heavy
jet maintenance facilities in Australia is "no longer viable."
Thus, Qantas decided to shut its B747 maintenance operations in
Sydney this May, with the work to be shifted to its base in
Avalon, Victoria, rather than send the operations overseas.
Asia Pulse cites Mr. Dixon as explaining that Qantas has "severe
space limitations at Sydney and the limitations will increase in
future years." He added that workplace efficiencies recently
negotiated with the workforce at Victoria will enable the
airlines to start immediately to achieve the productive scale
necessary to compete with offshore options.
As reported by the Troubled Company Reporter - Asia Pacific on
March 8, 2006, the Unions have been threatening to take an
industrial action if Qantas decides on a massive cost-cutting
campaign that would involve sending thousands of maintenance
jobs to Asian countries.
Mr. Dixon said that Qantas had considered outsourcing
maintenance work but decided that restructuring within Australia
would still deliver the required benefits.
However, Mr. Dixon clarified that Qantas' longer-term commitment
to the local operations would depend on whether it could
generate competitive benefits. The airline expects to generate
annual savings of around AU$100 million from the changes to its
engineering operations through consolidation, process
improvements and more flexible work rules.
He noted that like airlines around the world, Qantas' margins
have been hurt by a rising jet fuel price.
About Qantas
Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest
airline and is also recognized as one of the 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 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. Qantas started having problems in 2003 with
the ill effects of the Iraq War and the SARS outbreak, on top of
the already difficult period following the events of the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affecting most of European routes as well. The adverse
effects also affected other areas of the business including
Qantas Flight Catering, Qantas Holidays and Australian Airlines.
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events. These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft. In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China. In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.
By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.
However, the Airline also posted a lower revenue figure. The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions. Qantas has also seen a lot of fruitless
merger talks. Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year. The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the Airline's heavy maintenance works
overseas.
RATARN PTY: Court Issues Wind-up Order
--------------------------------------
On February 14, 2006, the Supreme Court of New South Wales
ordered the winding up of Ratarn Pty Limited, and appointed
Stephen Jay to act as liquidator.
Contact: Stephen Jay
Liquidator
c/o Nicholls & Company Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga
New South Wales 2650, Australia
REFIL EXPRESS: Commences Voluntary Liquidation
----------------------------------------------
At a meeting of Refil Express Pty Limited on February 10, 2006,
members have decided that the Company needs to voluntarily wind
up its operations. A creditors' meeting was also held on the
same day.
Subsequently, Paul Vartelas was appointed as liquidator.
Contact: Paul Vartelas
Liquidator
B. K. Taylor & Company
8th Floor, 608 St. Kilda Road
Melbourne, Victoria
Australia
SOLARIS ENTERPRISES: Decides to Close Operations
------------------------------------------------
At Solaris Enterprises Pty Limited's general meeting on Feb. 9,
2006, members concurred that it is in the Company's best
interests to wind up its operations.
Rodney Slattery and Craig Crosbie were appointed to oversee the
wind-up.
Contact: Craig Crosbie
Rodney Slattery
Joint and Several Liquidators
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
SYDNEY GAS: Denies Takeover Talks with Queensland Gas
-----------------------------------------------------
Sydney Gas Limited denied speculations that it was engaged in
takeover talks with Queensland Gas Co. after shares in both
companies were placed on trading halts, the Australian relates.
Sydney Gas has been struggling with the challenge of funding its
redemption of AU$30 million of convertible notes, with the first
tranche due on April 1, 2006.
The Troubled Company Reporter - Asia Pacific reported on
January 24, 2006, that Queensland Gas launched an AU$88-million
takeover bid for Sydney Gas, at AU$0.36 per share, together with
an offer to bail the Company out by funding the redemption of
its existing notes and issuing a new, cheaper set of notes.
However, Sydney Gas had filed an application with the Takeovers
Panel claiming that the Queensland Bid had several deficiencies.
Queensland Gas, on other hand, expressed fears that the Panel's
involvement could affect its control bid and could cause a
significant delay in the process.
According to The Australian, Sydney Gas said that it had put its
shares on a trading halt until issues raised by Queensland Gas
were addressed. Sydney Gas explained that it was seeking
clarification from Queensland Gas on a number of matters
including whether it intended to withdraw its offer and, if so,
on what basis.
Sydney Gas Limited -- http://www.sydneygas.com/-- is a major
coal seam methane producer in New South Wales. It is the first
CSM producer in NSW to be granted a Production Lease. Its
tenements cover the major energy markets in NSW extending across
the Wollongong, Sydney and Hunter Valley regions. The company's
key producing asset is located at Camden and the Company is
currently evaluating the upside projects at Hunter and Merriwa.
On November 15, 2005, Sydney Gas completed all of the
preconditions to joint venture arrangements with Australian Gas
Light Company over its development and exploration assets in New
South Wales, and the consideration of AU$42.25 million has been
paid to Sydney Gas by AGL. The financial close of the joint
venture completed a critical element of the Company's strategy
and saved SGL from looming insolvency.
TELSTRA CORPORATION: Coonan to Support Rival Broadband Network
--------------------------------------------------------------
Communications Minister Helen Coonan threatened to use
Government funds to support a semi-national broadband
telecommunications network in competition with Telstra
Corporation, The Age relates.
According to the report, Senator Coonan voiced out her threat
after Telstra executive Phil Burgess publicly averred that the
Government imposed "unfair demands" on Telstra.
The Age says that Mr. Burges' and Senator Coonan's speeches
indicates that the tiff between the telco and the Government
regarding Telstra's planned higher-speed network is far from
over.
Telstra had earlier revealed plans to spend AU$10 billion to
build the so-called higher-speed "fibre-to-the-node" network,
yet urged the Government to give it a guaranteed regulatory
"safe harbor" and a competitive protection in its wholesale
business before it pushes through with the plan. However, as
reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, Senator Coonan had stressed out that the project
would not be exempt from key regulations.
At the annual meeting of the Australian Telecommunications User
Group in Sydney the other day, Senator Coonan said she was
considering setting aside a large part of available Government
funding to "stimulate the development of a competitive wholesale
access network in regional Australia."
According to the Australian Associated Press, Senator Coonan
called on other telecommunications companies to provide
expressions of interest for a government package to extend
broadband internet connection services. She said that funding
for the package includes AU$878 million for connection services
and AU$113 million for a "clever network," as part of a broader
AU$3 billion "Connect Australia" program. The funding, she
added, would be provided by mid-2006 to help outer metropolitan
areas receive a good quality broadband product.
Senator Coonan would not confirm whether or not Telstra would
receive any of the funding.
Telstra, on the other hand, said that it would welcome future
competition for a new network. It also stated that it has been
anticipating the possibility of "repressive Telstra-specific
regulation being rolled back" as a result of regulatory
requirements like the universal service obligation and local
presence plans to companies other than Telstra alone.
Senator Coonan dismissed Telstra's claims that regulation of the
industry was limiting its operational flexibility. She argued
that that deregulation of the industry had to be accompanied by
a regulatory environment in order to allow it to happen.
Senator Coonan had also recently rejected Telstra's local
presence plan, saying that it did not contain enough information
about the Company's strategy for rural and regional Australia.
Headquartered at Melbourne, in 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. In September 2005, Telstra suffered an
earnings downgrade and share price fall. The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing. Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company. The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade. This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior. In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.
TROTTING INDEPENDENT: Liquidator to Present Wind-up Report
----------------------------------------------------------
A final meeting of the members and creditors of Trotting
Independent Pty Limited will be held for them to receive the
liquidator's final account showing how the Company was wound up
and how its property was disposed of.
The meeting will be held today, March 10, 2006.
Contact: Steven Nicols
Liquidator
Nicols + Brien
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
Web site: http://www.bankrupt.com.au/
WHATEVER WHATEVER: Court Winds Up Firm
--------------------------------------
On February 17, 2006, the Federal Court of Australia appointed
Christopher J. Palmer to act as liquidator in the wind-up of
Whatever Whatever Pty Limited.
Contact: Christopher J. Palmer
Liquidator
O' Brien Palmer
Level 4, 23-25 Hunter Street
Sydney, New South Wales 2000
Australia
================================
C H I N A & H O N G K O N G
================================
BANK OF CHINA: Sells 3.9% Stake Ahead of IPO
--------------------------------------------
China's national social security fund has purchased a 3.9% stake
in The Bank of China for CNY10 billion (US$1.2 billion), moving
the nation's second-biggest lender closer to a Hong Kong initial
public offering, AFX News reports.
The social security fund has about CNY190 billion in funds and
was set up in 2000 to acquire most of the pension obligations of
state-run companies.
As reported by the Troubled Company Reporter - Asia Pacific on
March 3, 2006, that the Bank of China has filed an application
early this month with the Hong Kong Stock Exchange for its
initial public offering. The planned IPO is set to be China's
second biggest float. The bank has also opted for a single
listing to expedite the overseas IPO.
Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking. Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards. It has 12,967 domestic branches and 559 overseas
branches. The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.
BCCI FINANCE: To Declare Dividend
---------------------------------
BCCI Finance International Limited notifies parties-in-interest
of an intended dividend to be declared at the High Court of Hong
Kong.
Creditors are required to submit their proofs of claim by
March 18, 2006, to:
ET O'Connell
The Official Receiver & Trustee
10th Floor, Government Offices
66 Queensway, Hong Kong
Phone: (852) 2867 2448
Fax: (852) 3105 1814
e-mail: oroadmin@oro.gov.hk
DAIHATSU MOTOR: Members Final Meeting Fixed on April 3
------------------------------------------------------
The members of Daihatsu Motor (Hong Kong) Limited will convene
on April 3, 2006, to receive Liquidator I. F. Bruce's account
regarding the Company's completed wind-up and disposal of
property, and to consider any other matters that may be brought
before the meeting.
Contact: I. F. Bruce
Liquidator
Room 201, 2/F
Duke of Winsor Social Service Building
15 Hennessy Road
Wanchai
Hong Kong
FEDERATION OF HONG KONG: Members OK Wind-Up Process
---------------------------------------------------
The Federation of Hong Kong Filmmakers Charity Fund Limited
agreed on February 23, 2006, that the Company be wound up
voluntarily and that Lam Ying Shui be appointed as liquidator.
The members also decided not to proceed with an audit of the
liquidator's statement of accounts.
HK CONSTRUCTION: Appoints Official Liquidator
---------------------------------------------
The members of HK Construction Engineering (Holdings) Limited
held a meeting on March 3, 2006, and agreed to close the
Company's business. They appointed Lian Mingshun to facilitate
the wind-up operations.
Contact: Lian Mingshun
Liquidator
A3, 5/F, Great George Building
27 Paterson Street
Causeway Bay
Hong Kong
HONG KONG COLLEGE: Members to Receive Wind-up Details
-----------------------------------------------------
A final meeting of the members of Hong Kong College of
Gastroenterology Limited will be held on April 8, 2006, at Room
1203, 12th Floor, Bank of America Tower, 12 Harcourt Road,
Central, Hong Kong.
At the meeting, the members will receive the Liquidator Ng Che
San's final account showing how the Company was wound up and how
its property was disposed.
The members will also discuss on whether the Liquidator should
retain the Company's books, accounts and documents or destroy
them three months after the Company is dissolved.
IWORLDTEL.COM LIMITED: Creditors Meeting Slated for March 24
------------------------------------------------------------
Iworldtel.com Limited will hold a creditors' meeting on March
24, 2006, at 3:30 p.m., at the 5th Floor of Jardine House, 1
Connaught Place, in Central, Hong Kong.
The Company has been placed under creditors' voluntary
liquidation pursuant to Section 228A of the Companies Ordinance.
Any proxy may represent a contributory or creditor entitled to
attend at the meeting. Forms of proxies for both meetings must
be lodged at not later than March 23, 2006, at the meeting
location.
LC EPICURE: Shareholders Resolve to Wind Up Business
----------------------------------------------------
The shareholders of LC Epicure Limited held a meeting on
March 3, 2006, and agreed that:
-- the Company be placed under members' voluntary
liquidation;
-- Lee Ho Ming be appointed as liquidator; and
-- the assets of the Company be distributed in cash.
Contact: Lee Ho Ming
Liquidator
Room 2301, Wheelock House
20 Pedder Street
Central
Hong Kong
ORIENT YORK: Court Orders Wind-up
---------------------------------
On February 22, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance issued a wind-up
order for Orient York Development Limited.
The Troubled Company Reporter - Asia Pacific had reported that
on January 17, 2006, Great Glory International Limited presented
a petition to wind-up the Company.
Contact: Edward Thomas O'Connell
Official Receiver
HKSAR-Official Receiver's Office
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Telephone: 2867 2426
Fax: 3105 1814
e-mail: eamonn@oro.gov.hk
PROFESSIONAL ASSOCIATION: Creditors' Claims Due on March 31
-----------------------------------------------------------
All persons who have claims against Professional Association of
Arts Education, Hong Kong Limited are required to submit their
proofs of claim to liquidator Chan Chak Chung, by March 31,
2006.
Creditors who fail to comply with this requirement will be
excluded from the benefit of the dividend distribution.
Contact: Chan Chak Chung
Liquidator
Room 1203-4, 12/F., ING Tower
308-320 Dex Voeux Road Central
Sheung Wan
Hong Kong
PROSPEROUS ELDERLY: Liquidator Ceases to Act
--------------------------------------------
Chow Chiu Fai ceased to act as liquidator of the property of
Prosperous Elderly Care Association Limited on March 3, 2006.
Contact: Chow Chiu Fai
Room 703, 7/F
Kowloon Building
555 Nathan Road
Kowloon
Hong Kong
SINOB2B LIMITED: Enters Voluntary Liquidation
---------------------------------------------
Members of SinoB2B Limited held a general meeting on Feb. 22,
2006, and agreed that:
-- the Company be wound up voluntarily;
-- Au Yeung Huen Ying be appointed as liquidator to divide
and distribute any part of the Company's assets; and
-- the audit of the liquidator's accounts of receipts and
payments will not be required.
Contact: Hui Ching Shan
Liquidator
8/F., Shum Tower
268 Des Voeux Road Central
Hong Kong
TING FUNG: Creditors' Claims Due on April 18
--------------------------------------------
Creditors of Ting Fung Industrial Company Limited, whose claims
have not already been admitted, are required to submit their
formal proofs of claim to liquidator Lau Suet Meng by April 18,
2006.
Failure to comply with the requirement will exclude creditors
from the benefit of the Company's dividend distribution.
The Troubled Company Reporter - Asia Pacific reported that on
February 19, 2006, the members of the Company convened and
agreed that the Company be wound up voluntarily and Lau Suet
Meng be appointed to supervise the wind-up activities of the
Company.
Contact: Lau Suet Meng
Liquidator
Room 1004, Harvest Building
29-37 Wing Kut Street
Central, Hong Kong
JWL ENTERPRISES: To Hold Final Meeting on April 3
-------------------------------------------------
A final meeting of the members of JWL Enterprises (Hong Kong)
Limited will be held on April 3, 2006, at 9:30 a.m.
At the meeting, liquidator Lui Wan Ho will report the activities
that took place during the wind-up period as well as the manner
by which the Company's property was disposed of.
Contact: Lui Wan Ho
Liquidator
Room 1701
Olympia Plaza
255 King's Road
North Point
Hong Kong
WAH CHEONG: Schedules Final Meeting on April 18
-----------------------------------------------
A final meeting of the members of Wah Cheong Woodenware Company
Limited will be held on April 18, 2006.
At the meeting, liquidator Leung Chi Keung will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.
Contact: Leung Chi Keung
Liquidator
Block 1, 5/F
Hopeful Industrial Building
10-16 Wo Shing Street
Fo Tan, Shatin
New Territories
Hong Kong
* Weak Credit Profile, Taxation Cuts China Banks Profits
--------------------------------------------------------
Suffering from an overly harsh government taxation rate and weak
credit profiles, Chinese banks still have a long way to go
before reaching higher profitability levels, ratings agency
Standard & Poor's reveals.
The sector, fragmented into mega state-owned banks, national
listed and unlisted banks and smaller city commercial banks, is
ripe for consolidation, S& P says. In addition to the high rate
of taxation, Chinese banks struggle with non-performing loans.
Overall, Chinese banks need to improve profitability and their
loan services.
But the future and progress of the banking system depends on the
Chinese government, said Ping Chew, a Singapore-based S&P credit
analyst.
China's large state-controlled banks are becoming more and more
familiar to foreign investors. China Construction Bank recently
undertook a partial initial public offering in the Hong Kong
market, tapping it for $9 billion. Two others, Bank of China
and Commercial Bank of China, are likely to follow suit this
year.
But besides the well-known banks, China has more than a hundred
banks, mostly doing business regionally or in a city, S&P said
in a report on China's 50 top banks, released Tuesday.
The banking system has improved, thanks to government support,
improved regulations and China's strong economic growth, but
"most banks still lag those in other markets in corporate
governance, risk management, internal controls, financial
strength and transparency - although the gaps are closing," the
report said.
According to the report, the average ratio of net income to
average assets of 34 Chinese banks surveyed was 0.36% in 2004
and 0.4% in 2003, low for international standards.
=========
I N D I A
=========
BHARAT PETROLEUM: Unveils Change in Directorate
-----------------------------------------------
Bharat Petroleum Corporation Ltd disclosed that Shri. S K Joshi,
Executive Director for Corporate Treasury, has been appointed as
Director on the Board of the Company and has taken over as its
finance director, effective March 8, 2006.
Shri. R K Singh, Executive Director for the Liquefied Petroleum
Gas Division, has been appointed as Director on the Board of the
Company and has taken over as Director for Refineries, effective
March 8, 2006.
About Bharat Petroleum
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. In 2002, the
Group introduced Petro Card and SmartFleet Card and had 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.
Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates. On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd. In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss. By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005. Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel. On February 20, 2006, the Petroleum Ministry has
proposed an increase of INR3 per liter each in petrol and diesel
prices and INR20 per cylinder increase in liquefied petroleum
gas price to save the oil companies from going bankrupt.
INDIA CEMENTS: To Raise US$75 Million Via FCCBs
-----------------------------------------------
India Cements Limited's board of directors will meet on
March 13, 2006, to consider floating foreign currency
convertible bonds or other securities, Sify reports.
The Company expects to reap between US$50 million and US$75
million through the convertible bonds issue. The proceeds from
the issue will be used only for capital expenditure, to improve
India Cements facilities at existing plants.
Meanwhile, the Company's ownership structure is also undergoing
a change with one set of promoters -- the Sanmar group --
selling a large part of its stake to another set of promoters --
India Cements Vice-Chairman and Managing Director N. Srinivasan,
and Executive Director N. Ramachandran.
On February 27, 2006, the Company disclosed that the Sanmar
group would sell 4.19% of its stake to the co-promoters in an
inter se transfer of shares. After this, the Sanmar group will
be left with a 3.61% stake in India Cements, while the co-
promoters' shareholding will remain unchanged at 31.06%.
Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets
cement under the brand name Coromandel cement. The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949. Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh. In 2002,
the Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003. Faced with the
huge challenges, the company addressed its problems proactively.
It reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity. All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.
NATIONAL TEXTILE: Poised to Launch Grand Land Sale
--------------------------------------------------
The National Textile Corporation has started preparing for its
grand land sale program following the release of a March 7,
2006, Supreme Court Order allowing mill land redevelopment in
Mumbai, India, Mumbai Newsline reports.
The state-owned firm is planning to dispose of eight or nine
mills, but intends to develop by itself its favorite facility,
the United Mill No. 6. The Company wants to keep the sea-facing
mill in Prabhadevi because it has the best location among
Mumbai's 58 textile mills.
The Company is planning to redevelop INDU 6 as a world-class
trade and convention center, the report adds. Meanwhile, it
will start the auction of the eight or nine mills within six
months.
As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, National Textile, which has more than a dozen
mills with surplus real estate in Mumbai, hopes to raise more
than US$1 billion from land sales.
Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India. The strength of the group is around
22000 employees. The annual turnover of the Company in the year
2004-05 was approximately INR638 crores. In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills. National
Textile is in the process of a major restructuring. A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.
S&S POWER: Board OKs Scheme Arrangement with Creditors
------------------------------------------------------
The Board of Directors of S&S Power Switchgear Ltd has, after
due deliberations on March 8, 2006, approved the Scheme of
Compromise and Arrangement between the Company and its secured
creditors, unsecured creditors and other creditors, subject to
the approval of the High Court of Madras.
Furthermore, the proposal for hiving off the Company's Porur
Division was not approved at the Board Meeting.
S&S Power has suspended the operation of the Porur Factory from
June 22, 2002, due to labor unrest and financial constraints.
Established in 1975, S&S Power Switchgear manufactures power
switchgears. Its plants are located in Andhra Pradesh, Tamil
Nadu and Pondicherry. The company's major products are HT
switchgears up to 33 kV, isolators, miniature circuit breakers
and medium voltage HRC fuse links. The company has developed
145 kV disconnectors, which have found a ready market in the
United Kingdom. Despite making inroads into the highly
competitive European market the company has found the going
tough and has been recently referred to the Board for Industrial
and Financial Reconstruction as a sick unit. The Company
attributes its downfall mainly to poor economic scenario in the
country and acute shortage of working capital.
=================
I N D O N E S I A
=================
BANK MANDIRI: Expects Poor Earnings in 2005
------------------------------------------
Bank Mandiri shares lost 3.6% to IDR1,600 amid fears that it
would report poor earnings in 2005, due to high interest rates
that could reduce its net interest margins, Dow Jones Newswires
relates.
Headquartered in Jakarta, Indonesia, Bank Mandiri
-- http://www.bankmandiri.co.id/-- Indonesia's largest and best
capitalized bank in terms of assets, loans and deposits,
provides comprehensive financial services to more than six
million corporate and individual consumers, as well as small and
medium-sized enterprises in Indonesia. Its total assets as of
March 31, 2002, were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements. Pefindo has assigned in
March 2006, a corporate rating of "idA+" to PT Bank
Mandiri (Persero) Tbk. The rating reflects the continuing
strong supports from the government, the bank's superior
position as the largest bank in the country, and the bank's
sound capitalization. However, the bank's huge problematic
loans resulted from a combination of implementation of Bank
Indonesia regulation no. 7/2/PBI/2005 regarding changes in
earnings assets classification and assets quality deterioration
of several big loans has mitigated the rating.
PERTAMINA: Signs US$2 Billion Deal with ExxonMobil
--------------------------------------------------
PT Pertamina is set to sign a deal with ExxonMobil Corporation,
which deal will clear the way for the US$2 billion development
of a key Java oil block and bring an end to a long-running
dispute between the two oil firms, The Financial Times relates.
The deal could be signed as early as this week.
The Troubled Company Reporter - Asia Pacific reported on
February 27, 2006, that Pertamina and ExxonMobil have been in
conflict as to who would operate and manage the Cepu oil block,
which they both co-own with the regional government. The Cepu
oil block is estimated to boost Indonesia's crude oil output by
at least 18%.
According to reports, the two firms have been meeting
intensively to finalize the joint operating agreement. The
meetings followed government intervention in February to resolve
a stalemate over who would lead development of Cepu. According
to people close to the negotiations, the Government made clear
to Pertamina officials that ExxonMobil should operate the field.
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-owned
enterprise into a Limited Liability Company. In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream. Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year. Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output. President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties. He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases.
On March 8, 2006, the Indonesian government has appointed
Pertamina marketing director Ari Soemarno as Pertamina's new
chief. Because of Mr. Soemarno's vast experience in managing
the Company's imports and exports of crude oil and oil products,
he was considered the best candidate to replace Pertamina's
President Widya Purnama.
PERUSAHAAN GAS: Moody's Reviews FCDR for Possible Upgrade
---------------------------------------------------------
Moody's Investors Service has placed the B1 foreign currency
debt rating of PGN Euro Finance 2003 Ltd. and guaranteed by PT
Perusahaan Gas Negara (PGN) on review for possible upgrade.
This rating action follows Moody's decision to place Indonesia's
B2 foreign currency sovereign rating for bonds on review for
possible upgrade. At the same time, Moody's has affirmed the
Ba2 corporate family rating of PGN. The rating outlook is
stable.
State-owned PT Perusahaan Gas Negara -- http://www.pgn.co.id/--
was incorporated in 1965, and manages and adds value to
Indonesia's gas resources. Its current business is focused on
the downstream sector, gas transmission and distribution
pipeline operation, as well as marketing of gas products,
trading and gas storing. Since its privatization in 2003, PGN
continues to expand its business both in Indonesia and overseas.
Standard & Poor's Rating Services had on Nov. 24, 2005 affirmed
its 'B+' rating on Indonesia's PT Perusahaan Gas Negara
(Persero) Tbk. (PGN), with a stable outlook. For the first six
months of 2005, the Company generated total revenue of IDR2.5
trillion (US$250 million) and EBITDA of IDR1 trillion. The
Company's total assets as of June 30, 2005 amount to IDR11.8
trillion. PGN's financial profile should weaken in the next few
years, since it assumed new debts to finance its network
expansion. The Company is rapidly expanding its operations to
support the government in executing the Integrated Indonesia Gas
Pipeline (IIGP) projects. Given its important role in the IIGP
projects, Standard & Poor's expects the government to support
PGN financially, in the event of financial difficulty.
=========
J A P A N
=========
JAPAN AIRLINES: Seeks to Raise Fuel Surcharge in Philippines
------------------------------------------------------------
Japan Airlines Corporation has filed an application with the
Philippines' Civil Aeronautics Board to seek approval for an
increase in fuel surcharges on one-way flights to Manila, Dow
Jones reports.
According to the Aeronautics Board, JAL wants to increase fuel
surcharges:
-- from US$12 (JPY1,412) to US$32 (JPY3,767) for its Japan
-Manila flights;
-- from US$19 (JPY2,237) to US$43 (JPY5,062) for flights from
Shanghai and South Korea;
-- from US$23 (JPY2,708) to US$64 (JPY7,539) for Hong Kong-
Manila flights; and
-- from US$24 (JPY2,827) to US$54 (JPY6,363) for flights
from other parts of China to Manila.
The proposed increase will offset higher fuel costs for the
airline, Dow Jones says.
The Aeronautics Board is awaiting the arrival of documents from
JAL before acting on the matter. It also said that other
foreign airlines such as Cathay Pacific Airways Limited and
Brunei Airlines have also applied for higher fuel surcharges to
cover rising fuel costs.
Headquartered in Tokyo, Japan, Japan Airlines 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. JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears. As result of a series of incidents relating to
the safety of flight operations, the JAL Group was the subject
of a business improvement order and administrative warnings
relating to assurances on air transportation safety issued by
the Ministry of Land, Infrastructure and Transport in March
2005. In the fiscal year 2005-2007, Medium-Term Business Plan
announced that in order to implement the reform of the corporate
structure and the cost structure swiftly, the holding Company
and operating companies are to be integrated. Specifically, in
fiscal 2005, the corporate planning and marketing functions will
be integrated and further steps to eliminate overlapping jobs
and streamline the organization will be taken with a view to
achieving substantial integration, the aim being to virtually
integrate the holding company and the operating company. In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005. For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, primarily because of a delay in the
recovery of demand on routes to China and Southeast Asia.
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, as a
result of factors such as the series of safety problems that
occurred. Demand for international cargo services also
registered a year-on-year decline overall, owing to the weakness
of demand on routes from Japan to East Asian countries and the
United States. The persistence of aviation fuel prices at
record-high levels compounded the situation and meant that the
environment in which the JAL Group operated remained
exceptionally harsh.
PIONEER CORPORATION: Expects Smaller Loss Due to Weak Yen
---------------------------------------------------------
Pioneer Corporation may reduce its expected net loss for the
financial year ending March 31, 2006, due to weak currency and
strong car navigation system sales, Reuters News reports.
Instead of an earlier forecasted net loss of JPY87 billion, the
Company now expects a net loss of JPY85 billion for FY05.
However the revised forecast is much higher than the Company's
JPY8.79 billion net loss in 2004.
Costs to reduce capacity for plasma TV display panels, an early
retirement scheme and losses incurred on a decision to scrap an
organic light-emitting diode panel contribute to Pioneer's
overall financial results.
According to Reuters, the Company would only pay JPY10 per share
in dividends to stockholders for FY05, compared to JPY25 yen per
share the year before.
About Pioneer
Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer and
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers. Pioneer also makes video equipment and audio
products. Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.
In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronics
business and weak prospects for early recovery in performance.
The rating action also reflects the subsequent deterioration in
cash flow protection. By November 2005, S&P placed its 'BBB'
ratings on Pioneer on CreditWatch with negative implications,
following the Company's yet weaker profit forecast for fiscal
2005 (ending March 31, 2006). In December 2005, Pioneer
announced business restructuring plans that involve improving
management efficiency through organizational restructuring. The
Company dismantled its current "internal company" system as of
Jan. 1, 2006, and reorganized into a two-department set-up
featuring the Home Entertainment Business Group and the Mobile
Entertainment Business Group. All operations related to plasma
displays, DVD products and home audio products will be
integrated into the Home Entertainment Business Group. The Home
Entertainment Business Group staff, currently working at three
locations, will be consolidated at one location in Japan by
2007. As part of Pionner's efforts to reduce fixed costs for
the entire group, it is also consolidating its worldwide
production sites from 40 to about 30, and in this regard,
cutting about 2,000 employees, mostly at overseas production
sites.
=========
K O R E A
=========
ASIANA AIRLINE: Hires Rival Korean Air to Paint Aircraft
--------------------------------------------------------
Asiana Airlines will commission rival Korean Air to paint its
aircraft as part of a project to change its corporate image
logo.
Digital Chosunilbo relates that Asiana has entrusted Korean Air
with the entire repainting project, including changing the
multicolor striped design in accordance with the revision of
Asiana parent group Kumho Asiana's logo.
Asiana Vice Chairman Park Chan-bup told Chosunilbo that the
Company's decision to partner with Korean Air, despite the
rivalry, comes with a desire to foster cooperation among local
companies. Moreover, Korean Air has its own state-of-the-art
facility for aircraft painting at its service station in Gimhae
Airport.
The two firms are now in talks about contract details as well as
the down payment. Chosunilbo says that the signing of the
contract will likely be delayed as Asiana has not yet finished
the aircraft design that incorporates the new logo.
Korean Air is expected to take at least three years to finish
painting Asiana's 60 aircrafts.
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business. In 2005, Asiana Airlines posted a net
loss of KRW52.1 billion in the July-September period, attributed
to decreased sales and high fuel costs, compared to the KRW60.6
billion net profit in the same period in 2004. The pilots'
strike caused third-quarter sales to drop by KRW66 billion from
a year earlier, while fuel costs surged 46.3%.
KOREA EXCHANGE: Bidders Finish Due Diligence
--------------------------------------------
Prospective buyers of Korea Exchange Bank have finished their
online due diligence audits and are planning to submit their
preliminary offers to the sale manager, Citigroup Inc., as early
as this week, Yonhap News says.
Lone Star Funds, a United States-based equity fund, is pushing
to sell its 51% stake in Korea Exchange. Kookmin Bank, Hana
Financial Group Inc. and foreign financial institutions such as
the Development Bank of Singapore have conducted the audits.
Citigroup will start individual negotiations at the end of this
month. Additional audits could be conducted if needed.
Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank. It retains its strength in
trade finance and foreign exchange. In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets. It operates a branch network of 317 domestic and
28 overseas offices. During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health. However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.
KOREA EXCHANGE: Kookmin Eyes Takeover from Lone Star
----------------------------------------------------
Kookmin Bank said that it is capable of raising enough capital
to acquire Korea Exchange Bank and is looking at all possible
options, Yonhap News relates, citing Kookmin Senior Vice
President Kim Ki-hong.
The nation's top lender is talking with a variety of domestic
pension funds to raise additional capital, but is not limiting
the negotiations to domestic funds, Mr. Kim said.
AFX News Limited had reported on February 7 that Kookmin was
undertaking due diligence and had signed a confidential
agreement with Korea Exchange's largest shareholder, Lone Star
Funds.
Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank. It retains its strength in
trade finance and foreign exchange. In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets. It operates a branch network of 317 domestic and
28 overseas offices. During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health. However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.
Korea Exchange
===============
M A L A Y S I A
===============
AFFIN HOLDINGS: Additional Shares Granted Listing and Quotation
---------------------------------------------------------------
Affin Holdings Berhad's additional 203,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Employees'
Share Option Scheme will be granted listing and quotation today
March 10, 2006.
Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad -
- http://www.affin.com.my/-- is engaged in commercial banking,
merchant banking, finance company business, stock broking and
asset management business. The Company's other activities
include the provision of insurance services, lease and hire
purchase financing, nominee services and investment holding.
Operations are carried out principally in Malaysia. Affin
Holdings had experienced hefty losses in the past because of
huge loan provisions and impairment of assets. However, the
Affin Group is starting to recover as a result of the hard work
and professionalism displayed by management at all levels of the
organization.
AMTEK HOLDINGS: Apparels and Electrical Divisions Drive Losses
--------------------------------------------------------------
Amtek Holdings Berhad recorded a consolidated turnover of
MYR18.8 million for the second quarter of fiscal year ending
June 30, 2006, a decrease of MYR6.0 million or 24.0% as compared
to the preceding year corresponding quarter's turnover of
MYR24.8 million.
A consolidated operating loss of MYR1.6 million before income
tax and minority interest was recorded for the quarter under
review, a decrease in losses of MYR0.5 million as compared to
the operating loss for the preceding year's corresponding
quarter of MYR2.1 million.
The apparels, electrical and safety shoes manufacturing
divisions did not fare well in the second quarter, contributing
the majority of the group's consolidated operating loss.
For the quarter under review, the Group recorded a consolidated
turnover of MYR18.8 million, a decrease of MYR2.0 million as
compared to the preceding quarter of MYR20.8 million.
Operating results for the quarter in review were affected by the
poor performances in the apparels and electrical divisions, a
further increase in loss before income tax and minority
interests of MYR0.326 million if compared to the preceding
quarter's results.
The basic Loss Per Share of the Group for the quarter ended
December 31, 2005, is 3.38 sen per ordinary share, calculated
based on the consolidated loss after tax and minority interest
of MYR1.69 million divided by the number of ordinary shares in
issue of 49,998,750.
The prospects for the remaining quarters are not expected to
improve as the apparels and electrical divisions are undergoing
business reviews and revamp exercises.
Summary of Key Financial Information:
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-12-2005 31-12-2004 31-12-2005 31-12-2004
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
18,814 24,774 39,646 44,459
* Profit/(loss) before tax
-1,554 -2,143 -2,782 -4,458
* Profit/(loss) after tax and minority interest
-1,690 -2,355 -3,283 -4,511
* Net profit/(loss) for the period
-1,690 -2,355 -3,283 -4,511
* Basic earnings/(loss) per shares (sen)
-3.38 -4.71 -6.57 -9.02
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* Net assets per share (MYR)
As at end of As at Preceding
Current Quarter Financial Year End
0.7300 0.7900
Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad's
principal activities are the marketing and distribution of
garments and electrical goods. Its other activities include
manufacture of shoes, garments and food products, trade of
fabrics and related accessories, marketing and distribution of
jeans wear, property investment, provision of management
services and investment holding. Operations are carried out in
Malaysia, Europe, Australia, Singapore, United States and other
Asian countries. The Company is currently undergoing a business
reorganization program.
DENKO INDUSTRIAL: To Appeal High Court Ruling on Beau's Petition
----------------------------------------------------------------
The Kuala Lumpur High Court has allowed Beau Industries Sdn Bhd
to make a judgment claim of MYR991,175.25 against Denko
Industrial Corporation and New Height Marketing Sdn Bhd.
In response to the ruling, Denko Industrial requested its
Solicitor, Messrs YH Teh & Quek, to file an appeal in respect of
the Senior Assistant Registrar's decision to the Judge-in-
Chambers.
Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products. Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding. The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme. The
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
financial condition was regularized.
KIG GLASS: Bourse Suspends Shares Pending Wind-up Action
--------------------------------------------------------
Bursa Malaysia Securities Berhad has suspended trading in the
shares of KIG Glass Industrial Berhad effective March 8, 2005,
until further notice.
The trading halt followed a disclosure regarding a winding up
action against the Company.
As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, the Johor Bahru High Court entered an order for
the wind-up of KIG Glass Industrial Berhad on March 6, 2006.
The Petition was served on the Company by United Overseas Bank
(Malaysia) Berhad on December 12, 2005.
The report stated that KIG Glass will lodge its case to the
Appellate Court and will file for a stay of the wind-up order.
Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and
sold glassware, glass blocks and carton boxes. The firm's other
activities included manufacturing of ceramic roof tiles. Its
operations were carried out in Malaysia and China. Due to hefty
losses and inability to pay its mounting debts, the Company
ceased operation in May 2005.
MALAYAN UNITED: Unit Completes Disposal of U.K. Hotels
------------------------------------------------------
Malayan United Industries Berhad's 99.9& subsidiary, Corus
Hotels Plc, has completed the disposal of 19 hotels in the
United Kingdom on March 6, 2006.
Corus also sold the entire issued share capital it held in The
Reservation Company Limited.
Washington Hotels LLP and its partners purchased the hotels and
the share capital for a total cash consideration of GBP116.0
million or MYR751.68 million.
Headquartered in Kuala Lumpur, Malaysia, Malayan United
Industries Berhad is involved in retailing, hotels, food &
confectionery, property, financial services, travel and tourism,
education services, and investment holdings. Some of the
Company's subsidiaries, which were involved in the manufacturing
and trading activities, were disposed of or ceased operations
due to liquidity problems.
MALAYSIAN ASSURANCE: Faces Winding Up Petition
----------------------------------------------
Insurance firm Malaysian Assurance Alliance Berhad is facing a
winding up action for allegedly neglecting its financial
obligations to a victim of a motorcycle accident.
The petition, which was filed by Wong Yip Long on February 16,
2006, will be heard before the High Court of Malaya, Kuala
Lumpur, on May 3, 2006.
In his Petition, Mr. Wong is asserts MYR253,530.81 against the
Company, as of December 28, 2005, plus an annual interest rate
of 8% until the date of full settlement. The Plaintiff is also
asking for a "Judgment Sum" of MYR13,715.
Mr. Wong encountered a motorcycle accident on March 27, 2003,
and claimed a judgment sum from Malaysian Assurance's client Lai
Meng Sew. His claim was favored by the Kuala Pilah Session
Court.
The insurance firm, however, appealed the case to the Seremban
High Court on January 9, 2006, saying that it does not have
obligation to pay Mr. Wong since its relationship with Mr. Lai
was only contractual.
But instead of filing for recovery proceedings, Mr. Wong chose
to file a winding up petition under Section 218 of the Companies
Act 1965 against Malaysian Assurance to compel the insurance
firm to satisfy the Judgment Sum.
Malaysian Assurance insisted that it does not owe money to Mr.
Wong, as there is no court order directing it to do so.
Nevertheless, Mr. Wong filed the wind-up petition in the Kuala
Lumpur High Court despite the fact that Malaysian Assurance is
financially secured to meet its statutory liability.
The Company claimed that it had provided adequate reserves to
meet any judgment sum, interest and costs at the time Mr. Wong
filed the claim in the Kuala Pilah Sessions Court. It said its
reserves are adequate and available to meet any judgment sum,
interest and costs, which the High Court may order upon disposal
of the appeal.
Malaysian Assurance's solicitors believe that the Petition was
filed to pressure and compel the Company into paying the
Judgment Sum before its appeal is heard on its merits and
disposed off by the High Court in Seremban.
The Company is studying a possible defamation suit against
Mr. Wong and his solicitors for alleging that the insurance firm
is unable to satisfy the Judgment Sum, when in truth and in
fact, there is no valid claim against the Company and,
furthermore, it is financially stable with assets of MYR5.8
billion.
Headquartered in Kuala Lumpur, Malaysia, Malaysian Assurance
Alliance Berhad -- http://www.maa.com.my/-- provides a wide
range of financial services for its clients.
MALAYSIA AIRLINES: AirAsia Wants to Take on Routes and Assets
-------------------------------------------------------------
Low-cost carrier AirAsia said that it is willing to take over
the lion's share of Malaysia Airlines routes, The Daily Times
reports.
The budget carrier, which derives most of its business within
Malaysia, is asking the Government to allow it to take on
Malaysia Airline's staff, fleet and domestic routes, The Times
says.
The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that Malaysia Airlines is looking to sell about
30 aircraft, including 12 or 13 jumbo jets, as part of its
business turnaround plan.
AirAsia chief executive Tony Fernandes earlier told the New
Straits Times that the offer is their way of helping the
Government cap losses in Malaysia Airline's local operations.
The proposal, according to Mr. Fernandes, could see the carrier
recruit up to 800 Malaysia Airlines staff, and buy or lease
between four and nine of its current B737s.
AirAsia, which launched as a budget carrier in December 2001
with just two aircraft, has become a significant player in the
industry and been imitated by national carriers along with a
host of new low-cost entrants.
Headquartered in Selangor, Malaysia, Malaysia Airline
-- http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners. The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005 due to high fuel and
operating costs, and unprofitable routes. It recently unveiled
a radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by next year. Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging whistle-blowing and stop corporate
sponsorship.
MENTIGA CORPORATION: Proposed Disposal Secures CICBI Approval
-------------------------------------------------------------
The Capital Investment Coordinating Board of Indonesia has
approved without conditions the Proposed Disposal by Selat
Bersatu Sdn Bhd, a 56%-owned subsidiary of Mentiga Corporation
Berhad, of 18,900 ordinary shares of IDR1,000,000 each in PT
Rebinmas Jaya, representing its entire 90% equity interest in
Rebinmas to Delloyd Plantation Sdn Bhd and Taipan Hectares Sdn
Bhd, for a cash consideration of MYR61,200,000.
The other proposals still awaiting approval pertain to:
* the revaluation of the property assets of Mentiga and its
subsidiaries;
* the debt settlement via the issue of new ordinary shares of
MYR1.00 each in Mentiga as settlement of an amount owed by
Mentiga to its shareholder, Amanah Saham Pahang Berhad; and
* the restricted issue of 20,000,000 redeemable convertible
preference shares of MYR1.00 each in Mentiga to Amanah
Saham.
On January 20, 2006, the Securities and Exchange Commission has
imposed, among others, a condition for the implementation of the
proposals that requires Mentiga to obtain the necessary
approvals for building plans and Certificate of Fitness for
Occupancy in respect of the sawmill factory located on a piece
of land held under H.S. (D) 13/P.T. 361, Mukim of Rompin,
District of Rompin, Pahang Darul Makmur, before occupation of
the premises.
The Conditions require Mentiga to:
* obtain the approvals for the building plans and
Certificate for the Rompin Timber Complex within a year
from the date of occupation of the premises;
* make an announcement to Bursa Malaysia Securities Berhad
upon occupation of the Rompin Timber Complex;
* disclose in quarterly announcements to Bursa Securities on
the status of its application for the approvals of the
building plans of the Rompin Timber Complex; and
* inform the Securities Commission on the status of the
application for the approvals of the building plans of
the Rompin Timber Complex upon announcement to Bursa
Securities.
Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations. In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors. The Company has been suffering losses in
the past years and is currently working to avert a possible
delisting from the Official List of Bursa Malaysia Securities.
PATIMAS COMPUTERS: 2005 Revenue Drops 37%
-----------------------------------------
Patimas Computers Berhad reported that its revenue was MYR81.6
million for the fourth quarter and MYR324 million for the
financial year ending December 31, 2005. The revenues decreased
by 37% and 34% for the fourth quarter the financial year,
respectively, compared to the preceding year, mainly due to the
disposal of two subsidiaries in 2005.
The Loss from operations for financial year 2005 was MYR9.5
million after deducting depreciation and amortization costs of
MYR15.7 million.
Loss Before Tax was MYR10.6 million for the fourth quarter and
MYR16.7 million for the financial year compared to Profit Before
Tax of MYR2.9 million and MYR14.6 million in the preceding year.
The Loss Before Tax for the quarter under review and the
financial year was mainly due to lower margins, higher finance
cost and disposal of subsidiaries.
The Group is optimistic of the prospects in the year ahead and
anticipates better financial results in 2006. The Group
currently has a healthy revenue backlog and strong sales
pipeline. The Group also expects its earlier investment of
resources into the regional ICT marketplace to begin yielding
results in 2006. The Group has participated in a number of
tenders and is optimistic of its chances. In addition, the
Group has put in place strategies to increase its margins in the
upcoming financial year.
The Group is currently exploring the possibility of unlocking
the value of its assets through the disposal of its unencumbered
property located at Technology Park Malaysia, which it had
acquired in 1998. This is envisaged to realize a significant
capital gain to the Group. When the disposal of the property
materializes, it would also provide surplus funds for the
Group's business expansion and result in further enhancement of
shareholders' value. Barring unforeseen circumstances, the Group
anticipates positive financial performance in 2006.
Meanwhile, the Company's Directors have recommended a final tax
exempt dividend payment of 3 sen per share for the financial
year ended December 31, 2005. The date of the entitlement and
payment of dividend have not yet been determined as at the date
of this interim financial report.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-12-2005 31-12-2004 31-12-2005 31-12-2004
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
81,584 129,047 324,282 493,795
* Profit/(loss) before tax
-10,560 2,976 -16,672 14,563
* Profit/(loss) after tax and minority interest
-8,643 2,230 -15,168 9,862
* Net profit/(loss) for the period
-8,643 2,230 -15,168 9,862
* Basic earnings/(loss) per shares (sen)
-15.13 2.33 -29.36 10.83
* Dividend per share (sen)
3.00 5.00 8.00 5.00
* Net assets per share (MYR)
As at end of As at Preceding
Current Quarter Financial Year End
2.3600 2.8200
Notes on the Company's unaudited financial report is available
for free at:
http://bankrupt.com/misc/tcrap_patimascomputers030906.pdf
Headquartered in Kuala Lumpur, Malaysia, Patimas Computers
Berhad is principally engaged in the development and sale of
computer related products and provision of computer related
services that is predominantly carried out in Malaysia.
Accordingly, information by business and geographical segments
on the Group's operations is not presented. The Group has
undertaken internal restructuring and other measures to offset
substantial losses and debts it incurred in the past years. As
a result of its revival efforts, the contingent liabilities
arising from unsecured corporate guarantees given to licensed
banks for bank credit facilities granted to the Company's
subsidiaries decreased from MYR89.9 million as of December 2004
to MYR89.4 million as at December 2005.
PEMBINAAN LIMBONGAN: Settles Obligation to Radex
------------------------------------------------
Pembinaan Limbongan Setia Berhad has been served a public
reprimand by Bursa Malaysia Securities Berhad on March 3, 2006
for breaching Paragraph 9.19 (19) of the Bursa Securities
Listing Requirement by failing to make an immediate announcement
when a winding up petition was served on the Company by Radex
(M) Sdn Bhd on November 17, 2005.
The Company only made an announcement of the Petition to Bursa
Securities for public release on December 9, 2005.
Therefore, the Court ordered the Company to pay a judgment sum
of MYR68,497.07 with interest at 8% per annum, calculated from
April 18, 1998, until full settlement and costs of MYR6,294.00
on February 28, 2005.
The Company filed an appeal against the decision in the Shah
Alam High Court Civil Appeal MT1-12-117-2005. However, the
Court dismissed the application on February 13, 2006.
The Plaintiff's solicitors had accepted the sum of MYR117,696-77
on February 14, 2006, and have issued to a letter confirming
that the sum has been fully settled on February 24, 2006.
Pembinaan Limbongan Setia Berhad is engaged in the undertaking
of civil engineering and construction works of earthwork and
buildings. Other activities include management and operation of
forest plantations, logging, saw milling, chipping and other
downstream manufacturing and related activities, management
planning consultancy and project management services.
Operations are carried out in Malaysia.
PETALING TIN: Wants to Renew Share Buyback Authority
----------------------------------------------------
Petaling Tin Berhad proposed to seek approval from shareholders
to renew its authority to purchase or buy-back up to 10% of the
Company's issued and paid-up share capital.
The present mandate granted by Petaling's shareholders at the
79th Annual General Meeting held on April 20, 2005, for the
purchase of its own shares will expire at the conclusion of the
forthcoming 80th AGM.
The authority from shareholders for the Proposed Share Buy-Back
if renewed, will be effective upon the passing of the ordinary
resolution for the Proposed Share Buy-Back at the forthcoming
80th AGM until the conclusion of the next AGM, unless earlier
revoked or varied by an ordinary resolution of shareholders of
the Company in a general meeting.
A Circular to Shareholders containing details of the Proposed
Share Buy-Back will be dispatched to the Company's shareholders
in due course.
Headquartered in Kuala Lumpur, Malaysia, Petaling Tin Berhad
engages in property development, property investment and
investment holding. The Company has applied to regularize its
financial condition after incurring substantial losses in the
past years. In September 2005, the Company was released from
the Practice Note 17 category after its quarterly report for the
period ended July 31, 2005, showed that the Company's business
or operations generated a revenue on a consolidated basis of
MYR66.946 million, which represents more than 5% of the issued
and paid-up capital of the Company. The Company is continuously
working on its recovery.
POHMAY HOLDINGS: Wind-up Bid to Hurt Finances and Operations
------------------------------------------------------------
Pohmay Holdings Berhad disclosed that a winding up petition
filed by the AmBank (M) Berhad is expected to have a significant
financial and operational impact on the Company.
As reported by the Troubled Company Reporter - Asia Pacific on
March 8, 2006, a Malaysian High court is set to hear AmBank's
Wind-up Petition on March 29. The Petition relates to Ambank's
purported claim of MYR2,087,765.34 against Pohmay.
TCR-AP also stated that Pohmay is looking to finalize an out-of-
court settlement with Ambank, in a bid to minimize the expected
losses arising from the wind-up proceedings.
Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture. Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood. Its other activities
are cultivation and harvesting of rattan and investment holding.
The Company it is in the process of negotiation with its lenders
to restructure the Group's loans and is actively working on
various schemes to alleviate the Group from its current
financial predicament.
SOUTHERN BANK: Likely to Resolve Takeover Dispute
-------------------------------------------------
The battle for control of Southern Bank Berhad is expected to
end soon as Bumiputra Commerce-Commerce Holdings Berhad and the
Bank continue to negotiate at twice a week, Dow Jones Newswire
reveals.
An agreement is expected next week, as Bumiputra-Commerce senior
executive Nazir Razak tries to convince Southern Bank chief Tan
Teong Hean to give up the control of the Bank.
The Southern Bank Board had unanimously rejected the unsolicited
Asset Sale Proposal from Bumiputra-Commerce, saying the bid
fundamentally undervalues Southern Bank and is materially
inadequate from a financial and business point of view, the
Troubled Company Reporter - Asia Pacific reported on March 8,
2006.
The hostile takeover offer prices Southern Bank's shares at
MYR4.15 each, but the Bank insisted its shares are worth MYR5.53
each. Sources said that both parties could agree on a share
price of MYR4.30 to MYR4.35
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. The
Bank is currently working out measures to prevent the sale of
its business to Bumiputra-Commerce Holdings Berhad, which has
already submitted an unsolicited Asset Sale Proposal. The Bank
believes Bumiputra-Commerce's bid fundamentally undervalues
Southern Bank and is materially inadequate from a financial and
business point of view. In October 2005, Moody's Investors
Service has placed Southern Bank Berhad's D- bank financial
strength rating on review for possible upgrade.
TENAGA NASIONAL: Lists and Quotes New Shares
--------------------------------------------
Tenaga Nasional Berhad's additional 808,701,482 new ordinary
shares of MYR1.00 each will be granted listing and quotation,
effective as of March 9, 2006, at 9:00 a.m.
The new shares are issued pursuant to a Bonus Issue of
808,701,482 new ordinary shares of MYR1.00 each on the basis of
one for four.
Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my-- is engaged in the generation,
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius. The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk. Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.
WEMBLEY INDUSTRIES: Seeks More Time to Implement Proposals
----------------------------------------------------------
Wembley Industries Holdings Berhad's adviser, Alliance Merchant
Bank Berhad, intends to make an application to the Securities
Commission for the extension of time to complete the
implementation of the Company's Company's proposed capital
reduction and consolidation, proposed debt restructuring and
proposed rights issue after the execution of the new joint
venture agreement between Plaza Rakyat Sdn Bhd and Dewan
Bandaraya Kuala Lumpur.
The Troubled Company Rpeorter - Asia Pacific reported on
February 21, 2006, that the Securities Commission had previously
directed Wembley Industries Holdings Berhad to resubmit its
application, via its adviser, Alliance Merchant Bank Berhad, for
the extension of time to complete the Restructuring Scheme.
Subsequently, the Commission had informed the Company that its
is unable to evaluate the said application.
Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding. Other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel. The Company has been placed under the Practice Note 4
category due to its cash flow woes. On January 7, 2003,
Malaysia's Foreign Investment Committee approved the Company's
regularization plan. Subsequently, on April 7, 2003 the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the Company's Proposed Debt Restructuring.
=====================
P H I L I P P I N E S
=====================
EXPORT AND INDUSTRY: Appoints Regular Directors
-----------------------------------------------
At a meeting of Export and Industry Bank held on January 27,
2006, Albert S. Cheok, Jaime C. Gonzalez and Ignacio D. Maramba
were appointed as regular directors of the Bank.
However, Mr. Cheok has requested to defer his assignment as
company director so that he can streamline his other corporate
commitments and responsibilities before assuming his position at
the Company. Export and Industry Bank has appointed Mr. Cheok
as Special Advisor to its Board of Directors for the meantime,
in order to take advantage of his expertise and valuable inputs.
Headquartered in Makati City, Manila, Exportbank --
http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names. Its principal activity
is the provision of commercial banking services such as deposit-
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services. Under
an agreement dated December 29, 2005, the Philippine Deposit
Insurance Corp will extend a yearly financial aid of Php600
million to Exportbank. The Bank is saddled with the Php10-
billion non-performing assets it inherited from Urban Bank when
the two banks merged in 2002.
LAFAYETTE MINING: Executive Order Needed to Investigate Spills
--------------------------------------------------------------
President Gloria Macapagal Arroyo should issue an executive
order to investigate the disposal spills of Lafayette Mining
Philippines, Incorporated, Malaya News reports, citing groups
opposed to the Company's continued operation.
Sorsogon Alliance Against Lafayette Mining Operations spokesman
Alex Jazareno said that they want an independent fact-finding
mission to investigate toxic waste spills that occurred in Rapu
Rapu, Albay, last year. Mr. Jazareno added that studies
conducted by government agencies did not address the continued
threat of LPI on livelihood and biodiversity in Rapu-Rapu and
neighboring Sorsogon.
Malaya News relates that President Arroyo had instructed
Presidential Management Staff Chief to form a fact-finding
commission with Sorsogon Bishop Arturo Bastes and ex-Environment
Secretary Michael Defensor to investigate LPI's mine tailings
spills and recommend what to do with the mine.
According to Bicol Alliance Against Mining spokesman Jun
Narvadez, Lafayette Mining is set to resume operations on
March 15, as what LPI president Carlos Dominguez had indicated
earlier. However, Bishop Bastes asked current Environment
Secretary Angelo Reyes to hold off LPI's reopening until the
commission concludes its study. Since it is an expensive
undertaking, the Executive Order is necessary to provide the
mandate to conduct the probe and the funds needed.
Malaya News further reports that officials from LPI's parent
firm in Australia are slated to arrive in the Philippines on
March 14 to prepare the Company to resume operations, and they
would be greeted by anti-mining groups who are planning to hold
a picket that same day.
Lafayette was issued a cease and desist order after the two mine
tailings spills last year.
Headquartered in Melbourne, Australia, Lafayette Mining
Incorporated-- 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 Philippine Government has suspended
Lafayette's operations at the Rapu-Rapu mine after the miner
allegedly released cyanide and mercury into local waters on
October 11 and 31, 2005. The Company is also facing possible
criminal and civil charges for violating the 60-40
capitalization requirement in favor of Filipinos, certain
environmental laws and practices and the 1987 Constitution. The
allegations followed a revelation by Lafayette Chairman,
President and Chief Executive Officer Carlos Dominguez before
the House Committee on Natural Resources that 74% of Lafayette
is owned by its Australian parent and 24% is controlled by
Malaysian firm, Philco.
MANILA ELECTRIC: SC Likely to Affirm Decision on Rate Hike
----------------------------------------------------------
The Philippine Supreme Court is likely to affirm a previous
Court ruling voiding an increase in customers' bills by Manila
Electric Company, the Manila Times says.
NGO National Association of Electric Consumers for Reforms
President Pete Ilagan said that the High Tribunal may confirm an
earlier decision to nullify a proposed PHP0.13 per kilowatt-hour
increase to be charged to Meralco customers' bills from June to
August 2004, to cover increased power costs. Mr. Ilagan added
that the Supreme Court's February 3, 2006, decision on the rate
hike was an en banc ruling, and all justices ruled against the
increase, which would make such decision difficult to appeal.
Meralco uses a Generation Rate Adjustment Mechanism to recover
costs incurred from buying electricity from the National power
Corporation. Distribution firms like Meralco use the GRAM to
recover costs involved in purchasing power from the National
Power Corp.
If the Supreme Court affirms its earlier ruling, then Meralco
would have to refund up to PHP800 million in fees collected to
its customers.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
Meralco started to incur huge losses in 2003 on lower power
sales and a slowdown in residential power consumption due to the
rising cost of power. In 2004, the Energy Regulatory Commission
ordered the power utility firm to refund some Php90 million to
its customers for overbillings. On June 2, 2004, Meralco
adopted a 13.27-centavo power rate hike, which was approved by
the Energy Regulatory Commission, to offset its losses.
However, the rate hike was nullified by the Supreme Court in
February 2006. Standard & Poor's Ratings Services assigned a B-
rating and negative outlook on Meralco.
PHILIPPINE AIRLINES: May Cancel Flights Due to Lack of Pilots
-------------------------------------------------------------
Philippine Airlines may have to cancel flights after finding out
that it has lost 15 pilots to foreign airlines in the past
quarter, The Philippine Star relates.
Former PAL president Avelino Zapanta said that the reduction in
its mission-critical staff, especially the number of pilots, has
reached "a critical level." The Philippine Overseas Employment
Administration reported that from 2004 to 2005, over 1,200
aircraft mechanics and technicians have left the Philippines to
work abroad, and there are pending requests for more than 200
local pilots and 2,000 aircraft mechanics.
A group of leaders of the local aviation industry sent a letter
to Labor Secretary Patricia Santo Tomas, seeking a ban on the
overseas deployment of aircraft pilots and mechanics for three
to five years effective immediately, as these skills are vital
to national interest.
The Star reports that passenger volume for air travel is
expected to rise by 5% annually until 2023, which would require
16,601 new aircraft. The domestic air travel industry is also
slated to grow by 10% per annum for the next five years. With
only 770 commercial pilots in the country, 400 of which are with
PAL while the rest are with local carrier Cabu Pacific and other
airlines, and only 1,500 aircraft mechanics nationwide, there is
an urgent need to address the problem.
Mr. Zapanta added that the pilots who are being pirated are
those with seven to 10 years of experience, and it is not easy
to replace them since it will take time to train the few pilots
who graduate from aviation school. This is the reason why
foreign airlines are buying out the contracts of experienced
pilots, so as not to waste too much time waiting to train new
pilots. They also offer attractive salaries, double what they
would earn with local carriers.
The aviation industry has required pilots to give six months
notice before transferring airlines in an effort to discourage
them, but pilots just resign ahead of time, according to PAL
officials. Added to the six-month notice requirement, the
industry proposes to pass a law that penalizes the violation of
the proposed moratorium by canceling the pilot's license, aside
from proposing an income tax holiday for local pilots, who pay
up to 32% income tax compared to overseas workers who don't pay
any taxes for their income from abroad.
The group of aviation industry leaders wrote in their letter
that the continued loss of pilots would have severe and long-
lasting effects on the economy. The air transport industry
contributed 16% of the country's gross domestic product in 2004.
Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline. It was the first airline in
Asia and the oldest of those currently in operation. With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights. As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities. Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila. Following labor problems and its failure to
settle debts, PAL filed for rehabilitation in June 1998. It
trimmed down its operations after the 1997 Asian financial
crisis. The fleet was reduced from 53 to 22 aircraft, many
domestic and international routes were discontinued, and the
workforce was reduced. PAL is set to complete its 10-year debt
rehabilitation program ending 2009.
=================
S I N G A P O R E
=================
CIH LIMITED: Picks HL Bank as Financial Adviser
-----------------------------------------------
The board of directors of CIH Limited has appointed HL Bank as
the independent financial adviser to the Company's directors in
connection with the proposed scheme of arrangement.
A Scheme Document containing the recommendation of the
Independent Directors of the Company and the advice of HL Bank
will be sent to shareholders of the Company in due course.
In the meantime, Shareholders are advised to exercise caution in
their dealings in the shares of the Company and to refrain from
taking any action in relation to their shares in the Company,
which may be prejudicial to their interests.
Incorporated in Singapore in 1991, CIH Limited --
http://www.cihltd.com/-- is the holding company of CIHL Group
and is principally engaged in the development, manufacture and
marketing of electrical installation products. It is one of the
major suppliers of electrical installation products in Asia.
FIRSTLINK INVESTMENT: Names Moore Stephen as New Auditor
--------------------------------------------------------
At the Extraordinary General Meeting of Firstlink Investment
Corporation Limited, the ordinary resolution to appoint Moore
Stephen as Company auditor had been duly passed.
Incorporated in 1978, FirstLink Investments Corporation Limited
-- http://www.firstlinkcorp.com.sg/-- was converted into a
public company in September 1987 and was listed on SESDAQ in
October 1987. The principal activity of the Company is
investment holding. The Company has continuously incurred
losses since 2002. It sold various assets in Australia and New
Zealand to repay its debts.
INFORMATICS HOLDINGS: Installs New Directors
--------------------------------------------
Informatics Holdings Limited unveiled the appointment of
Professor Chew Soon Beng, as an Independent Director, and Wong
Wee Woon, as Executive Director, to its Board.
With the addition of Prof Chew and Mr. Wong, Informatics' Board
of Directors has been strengthened and now comprises of:
(i) Tan Sri Dato' Seri Vincent Tan Chee Yioun -- Non-
Executive Chairman;
(ii) Ung Gim Sei -- Independent Director;
(iii) Anderson Tang Siu Ki -- Independent Director;
(iv) Professor Chew Soon Beng -- Independent Director;
(v) Dato' Mohd Annuar Bin Zaini -- Non-Executive, Non-
Independent Director;
(vi) Freddie Pang Hock Cheng -- Non-Executive, Non-Independent
Director;
(vii) Dr Michael Teng Yeow Heng -- Chief Executive Officer and
Executive Director; and
(viii) Wong Wee Woon -- Executive Director.
Informatics Holdings Limited -- http://www.informatics.edu.sg/
-- was established in 1983, in response to Asia's economic
growth fostering tremendous demands for skilled Information
Technology (IT) manpower and knowledge-based workers to build
and sustain the rapid economic development in the region.
Informatics' core business activities are training and
education, IT-related services and franchise operations. Today,
Informatics Holdings Limited has established itself as the
global leader in providing quality lifelong learning services
for individuals and corporations.
MAGNUS ENERGY: Warrant 2006 Expires April 5
-------------------------------------------
Holders of Warrant 2006 of Magnus Energy Group Limited are
advised that subscription for new ordinary shares in the capital
of the Company will expire on April 5, 2006.
Failure to subscribe for new shares on the expiry date will
invalidate Warrant 2006.
The exercise price is currently at SGD0.11 for each new share.
Warrantholders who wish to exercise their subscription rights
must complete and sign the Exercise Notice. The Exercise Notice
is to be delivered to the Company's Warrant Registrar, Lim
Associates (Pte) Limited not later than 5:00 p.m. at:
Lim Associates (Pte) Ltd
10 Collyer Quay #19-08 Ocean Building
Singapore 049315
Telephone: 6536-5355
The last trading day in Warrant 2006 will be on March 29, 2006,
and trading will cease at 9:00 a.m. on March 30, 2006. The
Warrant 2006 will be de-listed from the Official List of the
Singapore Stock Exchange Securities Trading on April 6, 2006.
A full-text copy on the procedure for exercise of Warrant 2006
is available for free at:
http://bankrupt.com/misc/MagnusEnergy030806.pdf
Incorporated in 1983, Magnus Energy Group Limited
-- http://www.magnus.com.sg/-- began as a sub-contractor
undertaking electrical installations. In 20 years' time,
Magnus built an established track record as a provider of
quality and reliable mechanical and electrical engineering
services. With the stiff operating conditions & cyclical nature
of the construction business, the Company made a strategic
decision in 2003 to shift its business focus, and acquired a
54.35% controlling stake in Mid-Continent Equipment Group Pte
Limited. This has enabled the group to establish new business
opportunities in the oil and gas as well as alternative energies
industries in new global markets. The group will continue to
tender selectively for profitable engineering projects, as it
looks to diversify its energy business activities, broaden its
earnings base and at the same time re-engineer itself to explore
new opportunities globally.
LINDETEVES-JACOBERG: Unveils Resignation of Executives
------------------------------------------------------
The Board of Lindeteves-Jacoberg Limited advised that:
* Lim Say Hui has stepped down as Chairman and Managing
Director of the Company effective March 3, 2006.
* Heinz Grossmann has been appointed as Chairman and
Chief Executive Officer of the Company effective
March 1, 2006.
It is intended that a new Chairman will be appointed on or
before the Company's next Annual General Meeting.
Mr. Grossmann is a Director of the Company and his particulars
were provided in the Company's announcement on January 9, 2006,
pursuant to Rule 704(7) of the SGX Listing Manual, upon his
appointment as Director.
* Low Lai King has stepped down as Chief Operating Officer
and Finance Director of the Company effective March 3,
2006. Her financial duties will be undertaken by the Group
Financial Controller, Low Hui Hua.
* Soong Tuck Cheong has also stepped down as Deputy Chief
Operating Officer effective March 3, 2006. His portfolio
will be taken over by Neil Stewardson, a Director of the
Company.
Lim Say Hui, Low Lai King and Soong Tuck Cheong will remain as
Directors of the Company, acting in a non-executive capacity.
Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on 11 December 1947 as part of a Dutch
international trading group. Its principal activities consist
of investment holding, provision of warehousing and rental
services and acting as specialist mechanical and electrical
contractor for environmental engineering projects. The Company
is undergoing a debt restructuring exercise by way of a Scheme
of Arrangement with its creditors.
PROGRESS MANUFACTURING: Receiving Proofs of Claim Until April 10
----------------------------------------------------------------
Progress Manufacturing (Holding) Private Limited will be
receiving proofs of debt or claim until April 10, 2006.
Creditors may send in their particulars to Ng Geok Mui, the
Company's liquidator at:
c/o BDO Raffles
5 Shenton Way #07-01
UIC Building
Singapore 068808
Creditors who fail to comply with such requirements will be
excluded from the benefit of any distribution.
SING HOE: Proofs of Debt and Claim Due Next Month
-------------------------------------------------
Creditors of Sing Hoe Metal Private Limited are given until
April 10, 2006, to send in proofs of debt or claim to the
Company's liquidator, Ng Geok Mui at:
Ng Geok Mui
Liquidator
c/o BDO Raffles
5 Shenton Way #07-01
UIC Building
Singapore 068808
Creditors may also come personally and prove their debts or
claims at such date and place. Failure to comply with the
requirements will exclude them from any distribution.
TRI-M TECHNOLOGIES: Provides Additional Info on FY05 Results
------------------------------------------------------------
Tri-M Technologies (S) Limited provided the Singapore Stock
Exchange additional information to the:
* Adaptation of new Financial Reporting Standards
Tri-M and its Group advised the Exchange that it has
adopted a new Financial Reporting Standards.
These are the new FRS adopted by the Company:
-- FRS 39 Financial Instruments: Recognition and
Measurement;
-- FRS 102 Share-based Payments; and
-- FRS 103 Business Combinations
* Increase in "provision for inventory obsolescence"
For the half-year ended September 30, 2005, the Board
already adopted a more prudent financial policy by making
additional provisions for inventory obsolescence (total
SGD1.5 million for the nine-month period).
The increase in provisions was a result of consultation
with auditors for increasing the provision quantum for
slow-moving inventories stocks above six months. The
Company continues to be in dialogue with its customers to
obtain sales orders to reduce such inventories.
* Additional provisions for doubtful debts
The additional provisions for doubtful debts (SGD0.4
million) were made after reviewing overdue debtors and in
consultation with auditors, which were also in line with
more prudent policy adopted for the financial period ended
December 31, 2005. The provisions made were considered
adequate and the Company continues to follow-up closely on
such slow-moving debtors while continuously reviewing the
provision with its auditors.
* Increase in payables due to "factoring of trade
receivables"
The Company has been factoring its trade receivables with
reputable financial institutions for many years for
liquidity reasons and the increase was due to increased
sales from such customers.
Tri-M Technologies (Singapore) Limited
-- http://www.tri-m.com.sg/-- is a diversified Electronics
Manufacturing Services provider with facilities in Singapore,
Malaysia, Philippines and China. In addition, Tri-M has forged
strategic alliances in SJ, United States for prototyping and
small quantity run to support U.S.-based customers. Tri-M
provides services in product design & development, prototyping,
full turnkey manufacturing & total supply chain management.
TRI- M has been posting financial losses since 2004, when
reported a SGD931,000 net loss for the six months ended
September 30, 2004. The Company earlier reported that it had
overstated its losses for the first-half of 2005, overstating an
amount of SGD795,000 in sales from January to September 2005.
Tri-M's internal auditors are currently conducting a review of
its financial statements.
===============
T H A I L A N D
===============
THAI HEAT: Court Rejects NSM Assets' Petition
---------------------------------------------
The Central Bankruptcy Court overrules of NFS Assets Management
Company Limited's objection to the proposed revision of Thai
Heat Exchange Public Co. Limited's rehabilitation plan.
On February 27, 2006, NFS Assets opposed the revision in
relation to the Company's payment provisions using its assets,
which payment is less than the value of the Company's
liquidation.
Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils,
box air-conditioners, and cater to the various sectors of its
large clientele. Thai Heat is currently undergoing business
rehabilitation. Its securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529 27.43 178.19
Guangdong Sunrise
Group Co. Ltd-A 000030 (-182.94) 35.98
Guangdong Sunrise
Group Co. Ltd-B 200030 (-182.94) 35.98
Hainan Dadong-A 000613 (-6.63) 17.81
Hainan Dadong-B 200613 (-6.63) 17.81
Heilongjiang Black Dragon
Co. Ltd. 600187 (-29.45) 153.92
Shenz China Bi-A 000017 (-206.90) 50.08
Shenz China Bi-B 200017 (-206.90) 50.08
Xinjiang Tunhe Investment
Co. Ltd. 600737 47.57 476.47
INDONESIA
---------
Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72
MALAYSIA
--------
Kemayan Corp Bhd KOP (-428.54) 62.72
Maycom Bhd MYC (-114.64) 227.68
Lityan Holdings Bhd IT (-8.43) 28.86
Olympia Industries Bhd OLYM (-227.85) 255.84
Panglobal Bhd PGL (-50.36) 189.92
PSC Industries Bhd PSC 51.63 639.35
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-159.78) 280.22
SINGAPORE
---------
China Aviation Oil (Singapore)
Corporation AO 132.64 351.87
Informatics Holdings Ltd INFO (-6.73) 27.59
Lindeteves-Jacoberg Limited LG 39.61 332.07
Pacific Century Regional PAC (-145.53) 1289.71
THAILAND
--------
Asia Hotel PCL ASIA (-30.12) 101.17
Asia Hotel PCL ASIA/F (-30.12) 101.17
Bangkok Rubber PCL BRC (-57.11) 78.78
Bangkok Rubber PCL BRC/F (-57.11) 78.78
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Circuit Elect PCL CIRKIT (-25.89) 61.30
Circuit Elect PCL CIRKIT/F (-25.89) 61.30
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
National Fertilizer PCL NFC 70.66 142.61
National Fertilizer PCL NFC/F 70.66 142.61
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.71) 13.38
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.71) 13.38
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
*********
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. Alvin Dy,
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
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*** End of Transmission ***