/raid1/www/Hosts/bankrupt/TCRAP_Public/060314.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, March 14, 2006, Vol. 9, No. 052
Headlines
A U S T R A L I A & N E W Z E A L A N D
A.A.F. ORIENTAL: Schedules Final Meeting Today
ACTION EXCAVATION: Court to Hear Liquidation Petition March 27
BESTBID LIMITED: Creditors Decide to Wind Up Firm
BUDGET TRAVEL: Creditors Should Prove Debt by April 3
CARBON IRON: Enters Voluntary Liquidation
COMPUTER EXPRESS: To Declare Final Dividend
C.R. DIAMONDS: Members Agree to Close Business
DANESTAR PTY: Supreme Court Orders Wind-up
DAYRISE PRODUCE: Receiver Steps Down
DIECASTERS PTY: Shareholders Appoint Liquidator
FLIMAC HOLDINGS: Rangiora Printing Lodges Liquidation Petition
FORTESCUE METALS: Signs 6.4 MTA Sales Pacts with Chinese Parties
G.E.&F. TIPPINS: Members to Receive Wind-up Details
GJ LETHBORG: Inability to Pay Debts Prompts Wind-up
JMP PLASTERING: Prepares to Pay Dividend
JOLIMO PTY: Appoints Official Liquidator
LANDMAC WAHAROA: Wiliam Dent Tapped to Liquidate Assets
MONICA HOLDINGS: BP Files Petition for Liquidation
MY COMMUNITY: Liquidator to Explain Wind-up Report
NLI INTERNATIONAL: Creditors' Proofs of Claim Due on March 21
NORMA MODELS: Prepares to Liquidate Assets
OLIVER TWIST: Placed Under Voluntary Liquidation
ON TOP ROOFING: Faces Liquidation Petition
OZ WIRE: Appoints Receivers and Managers
PHILLIPS PROPERTIES: Liquidator to Distribute Assets
QANTAS AIRWAYS: To Forgo AU$20Mln with Trashed Outsourcing Plan
REGAL SMALL: Names Receiver and Manager of Assets
SALTBUSH PRIVATE: Poised to Distribute Dividend
SIXTEEN FITZROY: To Hold Final Meeting Today
SYDNEY GAS: Posts Lesser Loss for December 31 Half-year
WELLINGTON WORKING: Names Receivers and Managers
WESTPOINT GROUP: IMF Contributes AU$15M to Mulled Lawsuit
WNTM PTY: Begins Wind-up Proceedings
C H I N A & H O N G K O N G
AGRICULTURAL BANK: Government to Inject Fresh Capital
A.T. LOGISTICS: Set to Close Business
AWS TOMAX: Court Orders Winding Up
BANK OF CHINA: Posts 33% Hike in FY/2005 Profit
BONDSINASIA LIMITED: Members Annual Meeting Fixed on April 4
FIRMENICH HONG KONG: Ying & Chung Ceases to Act as Liquidators
GRADUATE CENTRE: Creditors Meeting Slated for March 31
HENAN HONG KONG: Court to Hear Wind-up Petition on April 12
HUNG TIN: Court Issues Wind-Up Order
LOIREY INVESTMENTS: Enters Voluntary Liquidation
LUNG HING: Court Enters Bankruptcy Order
PRELUDE SHIPPING: Wind-up Hearing Slated for March 22
PANG FAI: Begins Bankruptcy Proceedings
RANDBURG LIMITED: Winds Up Business
SUNDAS DEVELOPMENT: Appoints Official Liquidators
WINDSPOWER LIMITED: Creditors' Meeting Slated for March 21
YUE XIU: Guangzhou Er Yun Group Files Wind-Up Petition
I N D I A
HINDUSTAN ANTIBIOTICS: Gets INR330-crore Revival Package
HINDUSTAN ORGANIC: Government Approves INR75-crore Lifeline
INDIA CEMENTS: To Benefit from Dual-tax Abolishment
INDIA CEMENTS: Stargate Disposes of Shares
I N D O N E S I A
PERTAMINA: Cepu Talks with ExxonMobil Concluded
J A P A N
LIVEDOOR COMPANY: Accountant Approved Window-Dressed Books
LIVEDOOR COMPANY: Board of Directors to Resign in June
LIVEDOOR COMPANY: Used Swiss Bank Account to Cover Money Trail
SANYO ELECTRIC: Gets Much-Needed Tax Break to Replenish Capital
K O R E A
ASIANA AIRLINES: Sued for Fuel Surcharge Price Fixing
ASIANA AIRLINES: To Expand Code Sharing
KOREA EXCHANGE: DBS and Hana May Join Bidding Forces
M A L A Y S I A
ARTWRIGHT HOLDINGS: Taps KPMG to Formulate Debt Restructure Plan
APEX EQUITY: Buys Back 10,000 Shares
AVANGARDE RESOURCES: Subsidiary Faces Wind-up Action
FORMIS MALAYSIA: Admitted into PN17 Category
JUPITER SECURITIES: May Proceed with Workout Sans SC Approval
MALAYSIA AIRLINES: Decision to Revive Business Wins Praise
METROPLEX BERHAD: In Talks with Lenders to Address Default Issue
METROPLEX BERHAD: Court Dismisses Appeals
PAN MALAYSIA: Proposes Capital Reconstruction
PATIMAS COMPUTERS: Buys Back MYR84,066 Worth of Shares
POHMAY HOLDINGS: Securities Delisted from Bourse
POHMAY HOLDINGS: Inks MoU to Acquire Assets
SATERAS RESOURCES: Bourse Delists Securities
TANCO HOLDINGS: Needs to Regularize Business to Avert Delisting
TANCO HOLDINGS: Court Extends Restraining Order Until June 30
P H I L I P P I N E S
ABS-CBN BROADCASTING: Shareholder Exchanges PDRs for Shares
LAFAYETTE MINING: Set to Resume Operations in April
LAFAYETTE MINING: Rapu-Rapu Spill Prods Review of Mining Laws
NATIONAL POWER: PSALM to Hire Auctioneer to Speed Up Assets Sale
PHILIPPINE AIRLINES: Officials Seek to Reopen Laoag Flights
PICOP RESOURCES: May Shut Down on Pollution Charges
S I N G A P O R E
ASIA LINK: Wind-Up Hearing Slated for March 17
BRIGHT CENTURY: Prepares to Give Out Dividends
DIGILAND INTERNATIONAL: Reduces Capital and Consolidates Shares
SAPPHIRE CORPORATION: Names New Secretary
STAMFORD OVERSEAS: Court Winds Up Operations
TAJIMA METALWORK: To Pay First and Final Dividend on March 16
T H A I L A N D
SIAM AGRO-INDUSTRY: Chairman of Audit Committee Quits
TONGKAH HARBOUR: To Convene AGM Next Month
TONGKAH HARBOUR: 2005 Losses Rise 17%
BOND PRICING: For the Week 13 March to 17 March 2006
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
A.A.F. ORIENTAL: Schedules Final Meeting Today
----------------------------------------------
A final meeting of A.A.F. Oriental Cuisine Pty Limited will be
held today, March 14, 2006.
At the meeting, liquidator Dennis Turner 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: Dennis Turner
PKF Chartered Accountants
11th Floor, 485 Latrobe Street
Melbourne, Victoria 3000
Australia
ACTION EXCAVATION: Court to Hear Liquidation Petition March 27
--------------------------------------------------------------
The High Court of Christchurch will hear on March 27, 2006, at
10:00 a.m., an application to put Action Excavation Limited in
liquidation.
The Commission of Inland Revenue filed the Petition on January
20, 2006.
An application to appear at the hearing must be filed not later
than March 23, 2006.
Contact: Julia Dykema
Solicitor for the Plaintiff
Technical and Legal Support Group
South Island Service Centre
Ground Floor Reception, 518 Colombo Street
P.O. Box 1782, Christchurch
New Zealand
Telephone: (03) 363 1809
Facsimile: (03) 363 1889
BESTBID LIMITED: Creditors Decide to Wind Up Firm
-------------------------------------------------
The creditors of Bestbid Limited convened at a meeting on
February 9, 2006, and agreed to close the Company's business
operations. They named Martin John Green as liquidator for the
wind-up.
Contact: Martin J. Green
Liquidator
GHK Green Krecji
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
BUDGET TRAVEL: Creditors Should Prove Debt by April 3
-----------------------------------------------------
Jeffrey Philip Meltzer and Lloyd James Hayward, chartered
accountants, were appointed joint and several liquidators of
Budget Travel Henderson Limited on March 1, 2006.
Creditors of the Company are required to prove their debt or
claims and to establish any priority their claims may have on or
before April 3, 2006.
Contact: L. J. Hayward
Liquidator
Meltzer Mason Heath
Chartered Accountants
P.O. Box 6302, Wellesley Street
Auckland
New Zealand
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
CARBON IRON: Enters Voluntary Liquidation
-----------------------------------------
At a general meeting of the members of Carbon Iron Industries
Pty Limited on February 8, 2006, it was agreed that a voluntary
wind-up of the Company is appropriate and necessary.
Subsequently, Roderick Howard Carnegie was appointed to oversee
the Company's wind-up activities.
Contact: Roderick H. Carnegie
Liquidator
Suite 332, 1 Queens Road
Melbourne, Victoria 3004
Australia
COMPUTER EXPRESS: To Declare Final Dividend
-------------------------------------------
Computer Express Pty Limited will declare its final dividend
today, March 14, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend.
Contact: T. W. Whitton
Liquidator
Lawler Partners
Level 7, 1 Margaret Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 8346 6000
Fax: (02) 8346 6099
C.R. DIAMONDS: Members Agree to Close Business
----------------------------------------------
Members of C.R. Diamonds Direct Pty Limited held a meeting on
February 14, 2006, and agreed on the Company's need to
liquidate.
Antony de Vries and Riad Tayeh was then appointed as joint and
several liquidators for the Company.
Contact: Riad Tayeh
Antony de Vries
Liquidators
De Vries Tayeh
Level 3, 85 Macquarie Street
Parramatta, New South Wales 2150
Australia
DANESTAR PTY: Supreme Court Orders Wind-up
------------------------------------------
On February 17, 2006, the Supreme Court of New South Wales
ordered the winding up of Danestar (New South Wales) Pty
Limited, and appointed R. J. Porter as liquidator.
Contact: R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta, New South Wales 2150
Australia
DAYRISE PRODUCE: Receiver Steps Down
------------------------------------
On February 8, 2006, Robert Anthony Ferguson ceased to act as
the receiver and manager of the property of Dayrise Produce Pty
Limited.
DIECASTERS PTY: Shareholders Appoint Liquidator
-----------------------------------------------
The shareholders of Diecasters Pty Limited convened at a meeting
on February 16, 2006, and agreed to wind up the Company's
operations. Greg Boston was appointed as liquidator.
FLIMAC HOLDINGS: Rangiora Printing Lodges Liquidation Petition
--------------------------------------------------------------
On February 17, 2006, Rangiora Printing Service (1984) Limited
filed with the High Court of Christchurch a petition to
liquidate Flimac Holdings Limited.
The application will be heard before the High Court of
Christchurch on March 27, 2006, at 10.00 a.m.
Any person wishing to appear at the hearing must file an
appearance not later than March 23, 2006.
Contact: K. G. Hales
Solicitor for the Plaintiff
Helmore Bowron & Scott Solicitors
9 Good Street, Rangiora
New Zealand
FORTESCUE METALS: Signs 6.4 MTA Sales Pacts with Chinese Parties
----------------------------------------------------------------
Fortescue Metals Group Ltd. has signed additional sales
agreements of 6.4 million tonnes per annum with six more Chinese
steel mills, WA Business News reports.
The report says that with the additional sales pacts,
Fortescue's total agreements to date provide an aggregate of
36.4 MTA, which represents 81% of the embattled ore developer's
initial planned production of 45 MTA.
The new agreements are all for respective terms of 10 years and
contract prices have been set with reference to industry
standards, Business News relates.
Fortescue did not reveal the names of the Chinese counter-
parties, saying these are confidential.
As reported by the Troubled Company Reporter - Asia Pacific on
March 10, 2006, Fortescue had outlined a marginal increase in
the size of its AU$2 billion iron ore mine project in the
Pilbara region. TCR-AP also reported on March 6 that the
Australian Securities and Investments Commission commenced
proceedings in the Federal Court in Perth seeking civil penalty
orders against Fortescue and its chief executive officer, Andrew
Forrest, for allegedly misleading investors and failing to
comply with its continuous disclosure obligations when it
announced various contracts with Chinese entities on August 23
and November 5, 2004.
About Fortescue
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.
Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor. The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia. In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products. The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company. ASIC alleges that
Fortescue is engaged in misleading and deceptive conduct and has
failed to comply with its continuous disclosure obligations when
it announced various contracts with Chinese entities on August
23 and November 5, 2004. In particular, Fortescue did not
disclose that the Chinese parties had not reached a concluded
agreement on fundamental aspects of the projects and they had
merely agreed that they would in the future jointly develop and
agree on the "agreed" matters. ASIC is seeking civil penalties
of up to AU$3 million against Fortescue.
G.E.&F. TIPPINS: Members to Receive Wind-up Details
-----------------------------------------------------
A final meeting of the members of G.E.&F. Tippins Pty Limited
will be held today, March 14, 2006.
At the meeting, liquidator D. G. Scott 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: D. G. Scott
Liquidator
D. G. Scott & Company
2nd Floor, 83-89 Currie Street
Adelaide, South Australia 5000
GJ LETHBORG: Inability to Pay Debts Prompts Wind-up
---------------------------------------------------
After a general meeting of the members of GJ Lethborg Pty
Limited on February 13, 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
JMP PLASTERING: Prepares to Pay Dividend
----------------------------------------
JMP Plastering Pty Limited will declare a dividend today, March
14, 2006, to the exclusion of its creditors who were not able to
prove their claims.
Contact: Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne, Victoria 3000
Australia
Web site: http://www.worrells.net.au/
JOLIMO PTY: Appoints Official Liquidator
----------------------------------------
At a meeting of Jolimo Pty Limited held on February 16, 2006,
the members agreed to wind up the Company's business
voluntarily, and appointed Stephen Gower Baker to act as
liquidator.
Contact: Stephen G. Baker
Liquidator
Suite 2, 98 Woolwich Road
Woolwich, New South Wales 2110
Australia
Telephone: 9817 6427
Fax: 9879 0964
LANDMAC WAHAROA: Wiliam Dent Tapped to Liquidate Assets
-------------------------------------------------------
William John Dent will facilitate the liquidation of Landmac
Waharoa Limited's assets effective February 28, 2006.
Contact: W. J. Dent
Liquidator
Staples Rodway Hawkes Bay Limited
205 Hastings Street South
P.O. Box 46
Hastings
Telephone: (06) 878 7004
Australia
MONICA HOLDINGS: BP Files Petition for Liquidation
--------------------------------------------------
The High Court of Wellington will hear on March 20, 2006 at
10:00 a.m., an application to put Monica Holdings Limited into
liquidation.
BP Oil New Zealand Limited filed the petition on February 14,
2006.
An application to appear at the hearing may be filed by any
interested person not later than March 16, 2006.
Contact: Dianne S. Lester
Solicitor for the Plaintiff
Level Three, 3-9 Church Street
P.O. Box 213 or D.X. S.X. 10 069
Wellington
New Zealand
Telephone: (04) 470 5972
MY COMMUNITY: Liquidator to Explain Wind-up Report
--------------------------------------------------
The members of My Community Corporation Limited will convene
today, March 14, 2006, to receive Liquidator Murray Godfrey'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: Murray Godfrey
Liquidator
RMG Partners
Level 12, 88 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9231 0889
NLI INTERNATIONAL: Creditors' Proofs of Claim Due on March 21
-------------------------------------------------------------
NLI International Australia Limited will declare a final
dividend to its creditors.
Creditors are required to submit their formal proofs of claim to
liquidator D. J. F. Lombe by March 21, 2006.
Failure to comply with the requirement will exclude creditors
from the benefit of the dividend.
Contact: D. J. F. Lombe
Liquidator
Deloitte Touche Tohmatsu
Level 3, 225 George Street
Sydney, New South Wales 2000
Australia
NORMA MODELS: Prepares to Liquidate Assets
------------------------------------------
Members of Norma Models Limited have passed a resolution to
commence the Company's liquidation on March 3, 2006.
On the same date, Susan Jane Sheldon, chartered accountant of
Sue Sheldon Advisory, Christchurch, was appointed as the
Company's liquidator.
The newly appointed Liquidator, hereby, requires the Company's
creditors to submit their proofs of debt or claims and to
establish any priority their claims may have, on or before April
3, 2006, to:
Level Three, 63 Cashel Street
P.O. Box 4114
Christchurch
New Zealand
OLIVER TWIST: Placed Under Voluntary Liquidation
------------------------------------------------
After a general meeting on February 14, 2006, the members of
Oliver Twist Marketing Pty Limited decided to voluntarily wind
up the Company's operations. A creditors' meeting was also held
on the same day.
Subsequently, Roderick Mackay Sutherland was appointed as
liquidator.
Contact: R. M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9233 2111
Fax: (02) 9233 2144
ON TOP ROOFING: Faces Liquidation Petition
------------------------------------------
On January 31, 2006, Accident Compensation Corporation filed
with the High Court of Auckland a liquidation petition against
On Top Roofing Limited.
The application will be heard before the High Court of Auckland
on April 6, 2006, at 10:45 a.m.
Any person wishing to appear on the hearing must file an
appearance not later than April 4, 2006.
Contact: Dianne s. Lester
Solicitor for the Plaintiff
Maude & Miller
Second Floor, McDonald's Building
Cobham Court
P.O. Box 50-555 or D.X. S.P. 32-505
Porirua City
New Zealand
OZ WIRE: Appoints Receivers and Managers
----------------------------------------
On February 12, 2006, David John Leigh and Alan John Hayes were
appointed as the receivers and managers of OZ Wire Pty Limited.
Contact: Alan J. Hayes
David J. Leigh
Receivers
Sims Partners Chartered Accountants
Level 26, 264 George Street
Sydney, New South Wales 2000
Australia
PHILLIPS PROPERTIES: Liquidator to Distribute Assets
----------------------------------------------------
After a general meeting on February 14, 2006, the members of
Phillips Properties Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.
Barry Alfred Bentley was then appointed as liquidator.
Contact: Barry A. Bentley
Liquidator
Bentley Brett & Vincent
226A Harbour Drive, Coffs Harbour
New South Wales 2450, Australia
QANTAS AIRWAYS: To Forgo AU$20Mln with Trashed Outsourcing Plan
---------------------------------------------------------------
Qantas Airways said that it would forgo between AU$15 and AU$20
million annual profits because of its decision to keep wide-body
jet maintenance operations in Australia, the Australian
Associated Press relates.
The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that Qantas will consolidate its heavy
maintenance operations to Avalon, Victoria, rather than send the
operations overseas. Pursuant to its consolidation plan, the
airline will close its Boeing 747 maintenance operations in
Sydney and cut 480 jobs.
AAP cites Qantas' chief executive officer, Geoff Dixon, as
telling ABC Television's Inside Business that the decision to
consolidate all heavy maintenance of its B747 fleet to Avalon
would achieve annual profit before tax savings of around AU$100
million, against a possible AU$120 million that may be generated
if all maintenance operations were transferred to Asian
countries.
Mr. Dixon said that the airline's decision is a product of
compromise. He explained that Qantas' Australian operations has
a huge workforce with major skills and that it would be better
to keep those skills within the country.
Moreover, Mr. Dixon said that the focus of the cost review would
now shift to narrow-body jet maintenance operations, which has
left a cloud over the future of 450 jobs at the airline's
Melbourne Airport workshops and ultimately to the Company's
large flight crew workforce.
According to AAP, the biggest component of Qantas's costs is
staff, accounting for about 26%, while the fuel bill, which is
the fastest growing expense due to soaring oil prices, accounted
for 21% of costs in the first half of 2006.
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.
REGAL SMALL: Names Receiver and Manager of Assets
-------------------------------------------------
Kim Scott Thompson has been named receiver and manager of the
property of Regal Small Goods Limited on March 3, 2006.
The Receiver and Manager was appointed in respect to oversee all
of the Company's undertaking, its real and personal property,
and all its assets and effects, including its uncalled and
unpaid capital.
Contact: Kim Scott Thompson
Receiver and Manager
Chartered Accountant
WEL Energy House
corner of Victoria and London Streets
Hamilton
New Zealand
SALTBUSH PRIVATE: Poised to Distribute Dividend
-----------------------------------------------
Saltbush Private Equity Pty Limited will declare its first and
final interim dividend to creditors today, March 14, 2006.
Creditors of the Company who were not able to prove their claims
will be excluded from the benefit of the dividend.
Contact: C. Wykes
Liquidator
Lawler Partners
Level 7, 1 Margaret Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 8346 6000
SIXTEEN FITZROY: To Hold Final Meeting Today
--------------------------------------------
A final meeting of the members of Sixteen Fitzroy Street 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 14, 2006.
Contact: Russell Peake
Liquidator
Jenkins Peake & Company Chartered Accountants
PO Box 1570, Geelong 3220
Australia
Telephone: (03) 5223 1000
Fax: (03) 5221 4938
SYDNEY GAS: Posts Lesser Loss for December 31 Half-year
-------------------------------------------------------
Sydney Gas Limited posted a loss of AU$1.7 million for the six
months ended December 31, 2005, compared with a AU$2.8 million
loss in the same period in 2004.
The result included a one-off gain of AU$10.4 million from the
sale of half of its petroleum interests to Australian Gas Light
Company in November 2005, which was eroded largely by a AU$6.4
million increase in finance costs. Operating costs doubled to
AU$5.7 million.
The half-year results came as the embattled coal-seam methane
producer continues to fend off an AU$88 million all-scrip bid
from Queensland Gas Limited. However, investors are still
clueless as to how Sydney Gas will fund at least AU$30 million
to repay convertible notes due.
Sydney Gas's executive director, Stephen Kwik, said that the
Company had sufficient cash reserves to repay the first tranche
of AU$10 million in convertible notes due on April 1 and was
seeking arrangements for the second tranche totaling $20
million.
Adding to investors' concerns, Queensland Gas has indicated that
it might walk away from its takeover offer at the close of the
bid on March 29, 2006.
Sydney Gas stock remained in a trading halt as it awaits a
decision from the Takeovers Panel over Queensland Gas's bidder's
statement.
About Sydney Gas
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 New South Wales 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 the Joint Venture arrangements with The
Australian Gas Light Company over its development and
exploration assets in NSW, and the consideration of AU$42.25
million has been paid to Sydney Gas by AGL. The financial close
of the joint venture arrangements with AGL completed a critical
element of the Company's strategy and saved Sydney Gas from
looming insolvency. The Australian Securities and Investments
Commission later decided not to take further action on
allegations that Sydney Gas had breached the Corporations Act,
unless new information comes to light.
Sydney Gas's entire board quit in December 2005 after the
Company's shares were suspended to allow it to progress its
inquiries regarding the ownership of and arrangements concerning
the exercise of rights affecting a substantial number of shares
in the Company.
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, and the other due in June.
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. Sydney Gas rejected the
Queensland Offer.
WELLINGTON WORKING: Names Receivers and Managers
------------------------------------------------
On February 28, 2006, receivers and managers Barry Philip Jordan
and Bruce McCallum were appointed to facilitate all of
Wellington Working Men's Club & Literary Institute's
undertakings, properties and assets.
Contact: McCallum Petterson
Chartered Accountants
Level Eight, Lombard House
95 Customhouse Quay
P.O. Box 3156, Wellington
New Zealand
Telephone: (04) 499 7796
Facsimile: (09) 499 7784
WESTPOINT GROUP: IMF Contributes AU$15M to Mulled Lawsuit
---------------------------------------------------------
A planned class action by investors against Westpoint
Corporation was given a AU$15 million funding by litigation
funding group IMF, The Sunday Times reports.
The Troubled Company Reporter - Asia Pacific reported in
February 2006 that Slater and Gordon has joined forces with IMF
to conduct the class action on behalf of at least 150 people who
invested in Westpoint Group's mezzanine companies. TCR-AP noted
that the planned lawsuit is targeting financial planners since
there is little chance anything can be recovered from Westpoint.
Slater and Gordon lawyer Rob Lees told Sunday Times that with
4,000 people losing a total of more than AU$300 million,
ordinary investors were lining up in droves to take part in the
lawsuit. He added that the sums people lost ranged from
AU$50,000 to more than a million dollars.
Between 700 and 800 Westpoint clients contacted Slater and
Gordon in the past six weeks and others were still contacting
the firm on a daily basis, Mr. Lees said.
Investors were also contacting the litigation funding firm in
large numbers, consumer advocate and IMF spokeswoman Denise
Brailey told The Sunday Times. "People simply have nowhere else
to go," she pointed out, adding that "they are working out
things for themselves, they are looking at two or three options
and realizing the IMF model is possibly the only way to go at
this stage."
About Westpoint
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group. ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments. These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.
The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd. ASIC applied to wind up the company on
grounds of insolvency. ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies. ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors. The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.
Investors are currently joining forces to commence a class
action against Westpoint and its advisors.
WNTM PTY: Begins Wind-up Proceedings
------------------------------------
At a general meeting of the members of WNTM Pty Limited on
February 15, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.
Contact: Raymond John Wolfenden
Director
c/o Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner, ACT 2611
Australia
Telephone: 02 6247 5988
================================
C H I N A & H O N G K O N G
================================
AGRICULTURAL BANK: Government to Inject Fresh Capital
-----------------------------------------------------
The Chinese Government plans to pump fresh capital into the
Agricultural Bank of China, allowing the Bank to remove bad
loans from its balance sheet and prepare for a stock market
listing, relates Reuters, citing central bank governor Zhou
Xiaochuan.
According to the report, Agricultural Bank had US$91.73 billion
of non-performing loans on its books at the end of 2005, a ratio
of 26.31%, down marginally from 26.73% a year earlier.
Tang Shuangning, vice head of the China Banking Regulatory
Commission, said the banking watchdog is extremely prudent with
reforms to Agricultural Bank because the lender has a heavier
burden in terms of asset quality compared to the three major
state-owned lenders namely the Bank of China, China Construction
Bank, and the Industrial and Commercial Bank of China.
Banking analysts have said the cost of a bailout could far
outweigh the sums that Beijing has so far spent to recapitalize
the other three banks.
As reported in the Troubled Company Reporter - Asia Pacific on
January 19, 2006, Agricultural Bank of China is the remaining of
the Big Four state-owned banks that as not yet received a state
bailout. The other three members of the Big Four State-owned
banks -- the Bank of China, China Construction Bank, and
Industrial and Commercial Bank of China -- have already received
a combined US$60 billion in capital injections from the Chinese
government in the past two years. Agricultural Bank anticipates
completing its financial restructuring in 2006. However, it
still awaits the Chinese central government to decide on bailout
funds.
Headquartered in Beijing China, Agricultural Bank of China
-- www.abchina.com -- is the one of the "big four" banks in the
People's Republic of China. It was founded in 1949, and has its
headquarters in Beijing and has branches throughout mainland
China, and also in Hong Kong and Singapore. It employs over
300,000 people. As of 2004 it had an annual turnover of US$13.3
billion. By the end of 2005, the Agricultural Bank of China
became the second largest bank in China in terms of total
assets, which had hit CNY4.88 trillion (US$605 billion), second
only to the Industrial and Commercial Bank of China.
A.T. LOGISTICS: Set to Close Business
-------------------------------------
On March 1, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to A.T. Logistics (HK) Limited.
As reported by the Troubled Company Reporter - Asia Pacific,
Wong Yuk Kuen presented a petition on January 4, 2006, 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
AWS TOMAX: Court Orders Winding Up
----------------------------------
On March 1, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance issued a wind-up
order for AWS Tomax Shipping Company Limited.
The Troubled Company Reporter - Asia Pacific had reported that
on January 4, 2006, Lee Chi Yan 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
BANK OF CHINA: Posts 33% Hike in FY/2005 Profit
-----------------------------------------------
Bank of China booked a 33% rise in net profits in 2005 compared
with 2004, due to its lower non-performing loan ratio, The
Scotsman relates, citing the China Securities Journal.
The lender's non-performing loan ratio fell to about 4.7% by the
end of 2005, from 5.1% in 2004.
Meanwhile, the state-owned bank aims to raise about $6 billion
in an initial public offering in Hong Kong by July.
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.
BONDSINASIA LIMITED: Members Annual Meeting Fixed on April 4
------------------------------------------------------------
The members of Bondsinasia Limited will convene on April 4,
2006, to receive Liquidator Edward S. Middleton's account
showing how the Company was wound up and how its property was
disposed of.
Contact: Edward S. Middleton
Liquidator
27/F., Alexandra House
18 CHater Road
Central, Hong Kong
FIRMENICH HONG KONG: Ying & Chung Ceases to Act as Liquidators
--------------------------------------------------------------
On February 28, 2006, Ying Hing Chiu and Chung Miu Ying, Diana,
of 24th Prince's Building, in Central, Hong Kong, ceased to act
as joint liquidators of Firmenich Hong Kong Limited.
GRADUATE CENTRE: Creditors Meeting Slated for March 31
------------------------------------------------------
The creditors of Graduate Centre Limited will hold a creditors'
meeting on March 31, 2006, at 6:00 p.m., at 2201, Tung Wai
Commercial Building, 111 Gloucester Road, Wanchai, Hong Kong.
At the meeting, they will appoint a liquidator and consider
matters relevant to the Company's winding-up.
Any proxy may represent a contributory or creditor entitled to
attend at the meeting.
Forms of proxies for the meeting must be lodged not later than
March 30, 2006, at the meeting location.
HENAN HONG KONG: Court to Hear Wind-up Petition on April 12
-----------------------------------------------------------
On February 8, 2006, the Citic Ka Wah Bank Limited filed an
application to wind up Henan Hong Kong Travel Service Limited
with the High Court of Special Administrative Region.
The Application will be heard before the High Court on April 12,
2006, at 9:30 a.m.
Contact: Joseph S.C. Chan & Co.
Solicitors for the Petitioner
Suite 701, Hang Seng Building
No. 77 Des Voeux Road Central
Central, Hong Kong
HUNG TIN: Court Issues Wind-Up Order
------------------------------------
Hung Tin Timber Works Limited presented a petition to wind up
its operations.
On March 1, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to 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
LOIREY INVESTMENTS: Enters Voluntary Liquidation
------------------------------------------------
Members of Loirey Investments Limited held a general meeting on
Feb. 27, 2006, and agreed that:
-- the Company be wound up voluntarily; and
-- Sun Yiu Wai, Sylvia be appointed as liquidator to divide
and distribute any part of the Company's assets.
Contact: Sun Yiu Wai, Slyvia
Liquidator
1401 Hutchison House
10 Harcourt Road
Hong Kong
Block C Chung Crescent
Tung Chung
New Territories
LUNG HING: Court Enters Bankruptcy Order
------------------------------------------
A bankruptcy order pertaining to Lung Hing Hong Trading Company
was issued on March 10, 2006.
All debts due to the estate should be paid to the official
receiver, Edward Thomas O'Connell.
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
PRELUDE SHIPPING: Wind-up Hearing Slated for March 22
-----------------------------------------------------
On January 4, 2006, Alpha-Marine Company Limited filed a
petition to wind up Prelude Shipping Company Limited.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 22, 2006, at 9:30 a.m.
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.
Contact: Messrs. Elsa Law & Co.
Solicitors for the Petitioner
Room 1602, 16/F., Workingbond Commercial Centre
162 Prince Edward Road West
Kowloon, Hong Kong
PANG FAI: Begins Bankruptcy Proceedings
--------------------------------------
A bankruptcy order against Pang Fai Mould Tools Engineering
Company was issued on February 27, 2006.
All debts due to the estate should be paid to the official
receiver, Edward Thomas O'Connell.
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
RANDBURG LIMITED: Winds Up Business
-----------------------------------
At a meeting of the members of Ranburg Limited on March 3, 2006,
it was agreed that a voluntary wind-up of the Company is
appropriate and necessary.
Natalia K.M. Seng and Susan Y.H. Lo were appointed as
liquidators for the wind-up.
Contact: Natalia K.M. Seng
Susan Y. H. Lo
Joint and Several Liquidators
Level 28
Three Pacific Place
1 Queen's Road East
Hong Kong
SUNDAS DEVELOPMENT: Appoints Official Liquidators
-------------------------------------------------
The members of Sundas (Hong Kong) Development Limited held a
meeting on March 1, 2006, and agreed on the Company's need to
liquidate.
They then named Pui Chiu Wing to oversee the Company's wind-up
activities.
Contact: Pui Chiu Wing
Liquidator
805 Capital Centre
5-19 Jardine's Bazaar
Causeway Bay
Hong Kong
WINDSPOWER LIMITED: Creditors' Meeting Slated for March 21
----------------------------------------------------------
The creditors of Windspower Limited will hold a creditors'
meeting on March 21, 2006, at 11:00 a.m., at Rooms 503, 5th
Floor, St. George's Building, 2 Ice House Street, Central, Hong
Kong.
The meeting is pursuant to Sections 241, 242, 243 and 244 of the
Companies Ordinance.
Any proxy may represent a contributory or creditor entitled to
attend at the meeting. Forms of proxies for the meeting must be
lodged not later than March 20, 2006, at the meeting location.
YUE XIU: Guangzhou Er Yun Group Files Wind-Up Petition
------------------------------------------------------
Guangzhou Er Yun Group Co. Ltd. has lodged a petition to wind up
Yue Xiu Guo Tong Enterprises Limited.
The High Court of Hong Kong Special Administrative Region will
hear the Petition on April 19, 2006, at 9:30 a.m.
Contact: Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Telephone: (852) 2526-3336
Fax: (852) 2845-9294
e-mail: gyth@gallantho.com
=========
I N D I A
=========
HINDUSTAN ANTIBIOTICS: Gets INR330-crore Revival Package
--------------------------------------------------------
The Government has approved the INR137.59-crore rehabilitation
package for ailing state-owned penicillin maker Hindustan
Antibiotics Limited, Sify reports.
The Cabinet Committee on Economic Affairs has endorsed the
revival package, which includes a fresh funds infusion and
write-off of all the Company's dues.
Under the Scheme, Hindustan Antibiotics will receive government
money to fund its voluntary retirement scheme for nearly a third
of its 1,800 employees and the remainder will be used as working
capital.
Financial Express reports that an INR36-crore voluntary
retirement scheme will be offered to all employees who have
served the Company for 20 years. They will be compensated with
35 days' salary for every year of service and another 25 days'
salary for every remaining year of service. This would be
extended to the former employees of Hindustan Antibiotics' joint
venture company, Hindustan Max GB, who had been absorbed into
the parent three years after the Dutch partner Gist Brocades
severed ties.
This is a new opportunity for Hindustan Antibiotics to get back
to life after the Board for Industrial and Financial
Reconstruction had ordered its closure three years ago,
Financial Express says.
The Troubled Company Reporter - Asia Pacific reported on
January 23, 2006, that the Committee of Secretaries in New Delhi
has approved an INR136-crore revival package for Hindustan
Antibiotics and one more approval from the Union Government was
expected.
Headquartered in Pimpri, Pune, India, Hindustan Antibiotics
Limited is the first public sector undertaking in the Drugs and
Pharmaceutical Sector. The plant was commissioned in 1955-56.
The undertaking is engaged in the manufacture of bulk drugs,
mainly Penicillin, Streptomycin and a number of formulations.
The firm, which has assets worth around INR1,500 crore, plunged
into sickness due to bureaucratic delays in decision making and
stiff competition from imported penicillin-G. The Company was
issued a winding-up notice by the Board for Industrial Finance
and Reconstruction in 2003. But the new administration decided
to revive the state-owned pharmaceutical firm in order to serve
the public.
HINDUSTAN ORGANIC: Government Approves INR75-crore Lifeline
-----------------------------------------------------------
The Cabinet Committee on Economic Affairs has, on March 10,
2006, approved the INR75-crore financial scheme for Hindustan
Organic Chemicals Limited, Sify reveals.
The package was cleared based on the recommendation of the Board
for Reconstruction of Public Sector Enterprises, the report
says.
Under the revival scheme, the Government will infuse INR75-crore
equity into Hindustan Organic Chemicals to enable the Company
pay off voluntary retirement scheme loans to 685 employees worth
a total of INR31 crore. The Company is also looking to offer
another retirement package worth a total of INR36 crore for 590
people.
The remaining INR8 crore will be used to partially repay bonds,
Sify adds.
Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as wholly owned enterprise of Government of India. It has
two manufacturing units, namely, phenol complex at Cochin and an
integrated Nitro Aromatic Complex at Rasayani. The Company
produces a wide range of products including phenol, acetone,
aniline and others. It has continuously paid dividend for over
20 years till 1997-98. Due to reduced protection from imports,
poor market condition and excessive manpower and interest cost,
the company had been reporting losses since 1997-98. A
financial restructuring package was proposed in 2002 to help the
Company turn its business around.
INDIA CEMENTS: To Benefit from Dual-tax Abolishment
---------------------------------------------------
India Cements Limited is expected to improve its bottom line due
to the recent scrapping of dual sales tax structure in Tamil
Nadu, Business Standard reveals.
The report states that the scrapping of dual sales tax
structure, which would bring down the effective tax rate on
cement from about 19% to 14% in Tamil Nadu, would also help to
drive consumption in the south, in the medium term.
The recent developments in cement demand and revenue collection
has given India Cements hope for recovery, the report says.
A turnaround is now seen for India Cements, which has reported a
string of losses between 2002 and 2005 and was referred to the
Corporate Debt Restructuring Cell.
The Company has started focusing on strengthening its balance
sheet and working capital position because of its Corporate Debt
Restructure and a Global Depository Receipts issue of over
US$100 million. Also, the company has been stepping up efforts
to cut costs through more efficient processes and a reduction in
staff.
The steps taken by the company have not gone unnoticed, with the
India Cements' stock appreciating 68% to INR168 since the
beginning of 2006.
The Troubled Company Reporter - Asia Pacific reported on
March 8, 2006, that the Company is confident the restructuring
exercise will help it overcome its financial crisis, with the
infusion of fresh funds, increase capacity utilization, improved
prices and retirement of high cost debts.
N. Srinivasan, vice-chairman and managing director of India
Cements, said that the Company's Earnings Before Interest,
Taxes, Depreciation, and Amortization margins improved
substantially over the last three years. The EBITDA has gone up
to INR190 crore, in the first nine months of the current fiscal
year compared to INR30 crore for a full-year three years back,
he said.
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.
INDIA CEMENTS: Stargate Disposes of Shares
------------------------------------------
The Stargate Investments Limited -- formerly known as Sanmar
International Ltd, constituent of The Sanmar Group -- has sold
40,00,000 shares aggregating to 2.10% of the total paid up
capital of India Cements Limited on March 10, 2006.
Some 40,00,000 shares were sold to Anna Investments Limited
through Inter se transfer among promoters.
Stargate's shareholding in India Cements after the sale went
down to 68,86,625 shares, or 3.61% India Cements' total paid up
capital.
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.
=================
I N D O N E S I A
=================
PERTAMINA: Cepu Talks with ExxonMobil Concluded
-----------------------------------------------
ExxonMobil Oil Indonesia Inc. and PT Pertamina have concluded
talks regarding the operation of the giant Cepu oil block, AFX
News relates. The parties will sign a joint operation agreement
on March 15, 2006.
Under the agreement, ExxonMobil's unit, Mobil Cepu Ltd, will be
the operator of the Cepu oil block, with Pertamina officials
also holding key positions in the unit. A joint operation
committee, chaired by Pertamina, will manage Mobil Cepu.
Located in East and Central Java, Cepu is expected to produce
some 170,000 barrels of oil per day compared with Indonesia's
total output of about one million barrel per day. The
Indonesian government wants Cepu to start production right away
in order to reduce Indonesia's dependence on oil imports.
The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that Pertamina and ExxonMobil had been in
conflict as to who would operate and manage the Cepu oil block,
which they both co-own with the regional government. The two
firms have met intensively to finalize a joint operating
agreement, after the Government intervened in February to
resolve a stalemate over who would lead development of Cepu.
According to people close to the negotiations, the Government
had 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.
=========
J A P A N
=========
LIVEDOOR COMPANY: Accountant Approved Window-Dressed Books
----------------------------------------------------------
An unnamed certified public accountant has testified that he
approved the account settlement of troubled Livedoor Company for
the fiscal year ending September 2004, but he suspected that the
accounts had been manipulated, The Yomiuri Shimbun reports.
The Securities and Exchange Surveillance Commission and
prosecutors investigated two accountants of auditing firm Koyo
Kansa Hojin who audited the Company's accounts despite
suspicions that the accounts had been tampered with. A special
task force from the Tokyo District Public Prosecutors Office is
now building a case against the accountants for violating the
Securities and Exchange Law, unnamed sources told Yomiuri.
In the investigation, it was discovered that former Livedoor
president Takafumi Horie and other former executives falsified
the Company's earnings for the financial period ended Sept. 30,
2004, in order to disclose a JPY5 billion net profit, when it
actually incurred a whopping JPY300 million net loss.
Prosecutors said that Mr. Horie and his cohorts did this by
illegally declaring profit from the sale of Company shares as
part of sales, and transferring the deposits of the two firms
Livedoor was scheduled to acquire into its sales account.
Sources stated that the accountant doubted the figures and asked
for confirmation, to which he was presented with doctored
documents by the Company. Despite his misgivings about the
accounts, he conferred to the Company's wishes and declared that
the report was accurate.
The special task force of the Tokyo Prosecutors Office will
indict Mr. Horie, who was arrested last week, when his detention
period ends, and prosecutors will continue to investigate the
two accountants who approved Livedoor's financial statements
after the indictment.
Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is into Internet-related
business. It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business. Last year, Livedoor's
office was raided by prosecutors on suspicions of accounting
fraud. Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary. Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.
LIVEDOOR COMPANY: Board of Directors to Resign in June
------------------------------------------------------
Three members of the Board of Directors of Livedoor Company
Limited will resign at the Company's upcoming shareholders'
meeting in June, TMC News relates.
At the meeting, shareholders are expected to approve a motion to
replace Livedoor Representative Director Noriyuki Yamazaki and
directors Hiroshi Haneda and Fumito Kumagai, with five new
directors, some of whom will be from outside the Company.
When Livedoor Chief Executive Officer Takafumi Horie was
arrested on January 23, 2006, on suspected fraud, Mr. Kumagai
was appointed as the Company's representative director. Mr.
Yamazaki later replaced Mr. Kumagai, when he was arrested on
suspicions of his involvement in the alleged "doctoring" of the
Company's financial accounts for the financial year ended
September 30, 2004.
Tokyo-based Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is an Internet company that
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business. The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested on January 23, 2006, for their alleged role in the
accounting scandal.
LIVEDOOR COMPANY: Used Swiss Bank Account to Cover Money Trail
--------------------------------------------------------------
Ailing Internet firm Livedoor Company Limited may have used its
deposits in a Swiss bank account to hide its connection to an
investment fund that was used while the Company falsified its
financial accounts, The Yomiuri Shimbun says.
Sources state that Livedoor put up a scheme to invest in a JMAM
Sarubeiji No. 1 investment fund, through the Swiss bank and a
foriegn paper firm, when in reality it controlled the investment
fund. Prosecutors believe that the Company had to conceal its
relationship with the JMAM investment fund and removed itself as
an investor of the fund when an affiliate of H.S. Securities
Company, which helped put up the fund, indicated its financial
relationship to it. Livedoor sold its shares through the fund
when it tried to acquire online matchmaking firm Cueznet
Company.
When the financial link was discovered, a Swiss firm named Dr.
Hauri AG, which supposedly had no ties to Livedoor, invested
JPY534.93 billion into the fund. It was later discovered that
the investment had come from Livedoor.
At first, Livedoor had a Swiss bank lend money to a third party,
using the Company's deposits, which were profits from share
sales and mergers, as collateral. The money that was lent to
the third party ended up with Swiss firm Dr. Hauri AG through
paper firm Everton Equity, registered in the British Virgin
Islands, before it went into the investment fund. Last year,
the fund sold Livedoor's shares at a high price, and the
proceeds went to Dr. Hauri, then to Everton Equity, before
returning to Livedoor. This shows that Livedoor sold its own
shares without market exposure, and was just circulating its
money around, through these two firms.
The Tokyo District Prosecutors Office is preparing to indict
Livedoor president Takafumi Horie, who was arrested on
Jan. 23, 2006, once he is released from detention, after which
the Tokyo Stock Exchange would delist the Company's shares.
Tokyo-based Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is an Internet company that
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business. The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested on January 23, 2006, for their alleged role in the
accounting scandal.
SANYO ELECTRIC: Gets Much-Needed Tax Break to Replenish Capital
---------------------------------------------------------------
Japan's Ministry of Economy, Trade and Industry recognized last
week that troubled Sanyo Electric Company is an entity qualified
to receive a tax break, under a rehabilitation law for firms
seeking to turn around, Kyodo News relates.
The METI will give special treatment to the Company when it will
register new shares totaling JPY300 billion in order to increase
its working capital. Sanyo will issue the preferred shares to
Daiwa Securities SMBC Company, Goldman Sachs Group, Incorporated
and its main bank, Sumitomo Mitsui Banking Corporation.
For the financial year ended March 31, 2005, Sanyo reported a
significant JPY171.5 billion net loss, due to a decline in its
digital-camera profits and a strong earthquake that hit a
Company factory in Niigata Prefecture's Chuestsu area in 2004.
For the financial year ending March 31, 2006, the Company is
expected to post a JPY233 billion net loss.
Sanyo Electric chairman and descendant of the Company's founding
family Satoshi Iue resigned from his post in order to take
responsibility for the Company's weak performance, and Sanyo
shareholders approved the proposed rehabilitation at a meeting
held on February 24, 2006. Under the plan, Sanyo will focus on
its core businesses of mobile phones and rechargeable batteries,
among others, in order to turn around.
Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. Moody's placed
Sanyo's long-term ratings on review for possible further
downgrade last November 21, 2005; at the same time, the rating
agency downgraded those long-term ratings to Baa2 from Baa1.
Moody's considers that there is a possibility for Sanyo to be
able to recover its profitability if its mid-term business plan
is implemented as planned. Sanyo's business portfolio, in the
rating agency's opinion, was too diversified for its relatively
weak capital base, ranging from AV (audio visual) products, home
appliances, batteries, commercial-use air-conditioning systems
and semiconductors to the finance business.
=========
K O R E A
=========
ASIANA AIRLINES: Sued for Fuel Surcharge Price Fixing
-----------------------------------------------------
Asiana Airlines Inc., together with 10 other global airlines and
three cargo carriers, had been sued by a Tanzanian firm in a
United States class action suit for conspiracy to fix the price
of fuel surcharges, Airwise News says.
Tanzanian firm Sisimizi filed the antitrust lawsuit on Feb. 28,
2006, with the United States District Court for the Northeastern
District of Illinois. Sisimizi's Complaint seeks damages from
Asiana Airlines, Japan Airlines, Air France-KLM, Cathay Pacific
Airways, Nippo Cargo Airlines and Atlas Air Worldwide, among
others.
Sisimizi had used KLM cargo to ship woodcarvings to New York,
Airwise reports.
Since the filing, the U.S. Department of Justice and the
executive branch of the European Union have raided several
global carriers in efforts to investigate. According to U.S.
law firms, the airlines could pay a substantial amount in
punitive damages plus fines imposed by the Department of
Justice, if found guilty.
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%.
ASIANA AIRLINES: To Expand Code Sharing
---------------------------------------
Asiana Airlines Inc. and Japan's All Nippon Airways Co. have
decided to expand their code-sharing agreement to 18 cargo
flights between the two countries starting next month, Yonhap
News reports.
The two airlines believe that the agreement would allow a
speedier and improved service in both countries' ever-growing
cargo delivery market.
The code sharing will enable each carrier to expand with new
flights and to include its own identification code on flights
operated by the other airline. It allows companies to boost
revenue by effectively enlarging their flight and destination
networks.
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: DBS and Hana May Join Bidding Forces
----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that United States-based Lone Star Funds has
been pushing to sell its 51% stake in Korea Exchange.
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.
DBS Group Holdings Limited and Hana Financial Group Inc. are
expected to submit a joint bid for a US$6 billion stake in Korea
Exchange, Bloomberg News says, citing unnamed insiders.
TCR-AP also noted earlier that Kookmin Bank is planning to
submit an offer for Korea Exchange and is looking at all
possible options.
According to Bloomberg, the buyer will gain a quarter of Korea's
US$546 billion trade-finance market.
Lone Star's stake in Korea Exchange is worth CNY4.2 trillion
(US$4.3 billion) at current market prices. Lone Star may earn
at least US$3 billion on its 1/2-year investment in the bank.
Bloomberg says that the sale would generate the largest profit
for a private equity investment in South Korea, eclipsing the
KRW1 trillion (US$1 billion) earned by Newbridge Capital LLC
when it sold Korea First Bank to London-based Standard Chartered
in 2005.
In March 2001, Southeast Asia's biggest lender DBS -- formerly
known as Development Bank of Singapore -- dropped plans to buy
Korea Exchange's credit card business, over what it cited then
as "fundamental differences" over the value of the business.
Acquiring Korea Exchange would give Seoul-based Hana a combined
CNY182 trillion of assets, overtaking Woori Finance Holdings Co.
as the nation's third-biggest bank.
Korea Exchange, which has 317 branches and operates CNY73
trillion of assets, controls 25% of financing to Korean
exporters and 27% of financing to importers.
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.
===============
M A L A Y S I A
===============
ARTWRIGHT HOLDINGS: Taps KPMG to Formulate Debt Restructure Plan
----------------------------------------------------------------
Artwright Holdings Berhad and its wholly owned subsidiary,
Artwright Technology Sdn Bhd, had engaged KPMG Financial
Services Sdn Bhd as financial advisors to propose a voluntary
debt restructuring scheme to all termed-out lenders for
acceptance in relation to the Supplementary Debt Restructuring
Agreement dated August 17, 2001.
In relation to the voluntary debt restructuring, the Company
had, on March 9, 2006, been served with a Summons In Chambers
filed by OCBC Bank (Malaysia) Berhad.
OCBC Bank demands MYR1,199,179, plus interest, from Artwright
Technology as payment for debt under a Term Loan Account as
provided for in the Supplementary Agreement.
Artwright Holdings said that it will continue to work with KPMG
to arrive at a settlement with all termed-out lenders.
Headquartered in Kuala Lumpur, Malaysia, Artwright Holdings
Berhad -- http://www.artwright.com/-- is involved in the
trading of drafting equipment, office furniture and specialized
computer furniture. Its other activities include research and
development of office interior markets and products and
investment holding. The Company floundered after the 1997/98
Asian financial crisis. Over-gearing and concentration on high-
end products severely affected the company's fortunes as the
high-end furniture business was considered a highly cyclical
industry. It subsequently became a Practice Note 4 (PN4) stock
under the Kuala Lumpur Stock Exchange Listing Requirements. The
company, though, has since restructured its financial position
and was taken out of PN4 in June 2004.
APEX EQUITY: Buys Back 10,000 Shares
------------------------------------
Apex Equity Holdings Berhad bought back 10,000 ordinary shares
for a total cash consideration of MYR13,312 on March 10, 2006.
The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.445.
After the purchase, the cumulative outstanding treasury shares
have reached 2,712,000.
Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.
Operations of the Group are principally carried out in Malaysia.
The Company has suffered five consecutive years of losses
beginning 2001. It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005.
The result is an improvement from last year's fourth quarter net
loss of MYR76,596,000.
AVANGARDE RESOURCES: Subsidiary Faces Wind-up Action
----------------------------------------------------
Another subsidiary of ailing Avangarde Resources Berhad is
facing the possibility of being wound up.
On March 10, 2006, Steelform Industries (Malaysia) Sdn Bhd
lodged with the Kuala Lumpur High Court an application to wind
up Jayarena Constrcution Sdn Bhd.
In its Petition, Steelform is claiming MYR94,515, plus interest,
from Jayarena for an alleged outstanding balance of work done by
Steelform for the Avangrade subsidiary.
The Petition, which is fixed for hearing on April 6, 2006, was
handed to Avangarde's Colicitor, M/s. C.L. Chin & Associates for
further action.
Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects. Avangarde is restructuring its business in
order to clear up its accounts to recover debts. Avangarde's
total debt now stands at about MYR110 million, but it has
receivables of some MYR150 million.
FORMIS MALAYSIA: Admitted into PN17 Category
--------------------------------------------
On March 10, 2006, Bursa Malaysia Securities Berhad admitted
Formis (Malaysia) Berhad into the Practice Note No. 17/2005.
Formis had disclosed on March 9, 2006, that it is an affected
listed issuer pursuant to Paragraph 2.0 of PN17 as it has ceased
its major business upon the completion of the disposal of its
entire information technology business to MY-InfoTech (M) Berhad
on February 28, 2006, for a total consideration of
MYR160,000,000. The IT Business had contributed more than 70%
of Formis' revenue on a consolidated basis based on its audited
financial statements for the financial year ended March 31,
2005.
Bursa Securities said it will continue to monitor the progress
of Formis in respect of its compliance with the Listing
Requirements.
A company may be placed under PN17 status if:
-- there is a deficit in the adjusted shareholders' equity
of the listed issuer on a consolidated basis;
-- receivers and managers have been appointed over the
property of the listed issuer, or over the property of
its major subsidiary or major associated company, which
property accounts for at least 70% of the total assets
employed of the listed issue on a consolidated basis;
-- the auditors have expressed adverse or disclaimer
opinion in respect of the listed issuer's going concern,
in its latest audited accounts;
-- the listed issuer has suspended or ceased its entire
major business due to the cancellation, loss or renewal
of license, disposal of business or a court order
prohibiting the listed issuer from conducting business;
or
-- the listed issuer has an insignificant business or
operations.
Formis (Malaysia) Berhad -- http://www.formis.net/-- is listed
on the main board of Bursa Malaysia. There are 13 companies
under Formis (Malaysia) Berhad that are in the business of
information technology. These companies provide a complete and
diverse spectrum of services covering Distribution, Services,
Software, Systems, Solutions and Networks.
JUPITER SECURITIES: May Proceed with Workout Sans SC Approval
-------------------------------------------------------------
The Securities Commission has advised Jupiter Securities Sdn Bhd
that approval for the Company's request for a three-month
extension to complete its Modified Workout Proposal is not
necessary.
However, Jupiter Securities is required to fulfill the condition
stated in the Commission's approval letter, wherein the services
of the Creditors' Agent can only be terminated after the
satisfactory implementation of the Workout Proposal.
On April 30, 1999, Pengurusan Danaharta Nasional Berhad had
appointed Gan Ah Tee and Ooi Woon Chee of KPMG Peat Marwick as
special administrators for Jupiter, a subsidiary of Olympia
Industries Berhad.
On October 11, 1999, Jupiter's creditors had approved a workout
proposal prepared by the Special Administrators.
Under the Workout Plan, Olympia will inject MYR53.2 million to
re-capitalize Jupiter and to provide Jupiter's working capital
to fund its trading operations. Olympia has also provided an
undertaking to meet any shortfalls in the capital adequacy and
minimum daily funding requirements for Jupiter, if the need
arises.
The rationale of the Workout Proposal is to enable Jupiter to
resume normal trading and to repay their creditors to the best
of its ability taking into consideration the capital injection
by its major shareholder, Olympia, and the settlement of the
inter-company amounts due.
The Troubled Company Reporter - Asia Pacific reported on
February 1, 2006, that Olympia Industries Berhad requested the
Securities Commission to further extend to September 30, 2006,
its time to complete the implementation of its Restructuring
Scheme. Olympia wants the deadline extended as it is still
requesting that Jupiter merge with at least one other
stockbroking company.
Jupiter Securities Sdn Bhd is a participating organization of
Bursa Malaysia Securities Berhad and holds a Dealer's License
issued by the Securities Commission. The Company is principally
engaged in the business of stockbroking.
MALAYSIA AIRLINES: Decision to Revive Business Wins Praise
----------------------------------------------------------
The Public Accounts Committee has praised Malaysia Airlines for
being transparent on its turnaround plan, Bernama reports.
PAC Chairman Datuk Shahrir Samad commended Malaysia Airlines'
managing director Idris Jala for announcing the restructuring
plan. Mr. Samad said it was a very brave thing for any
executive to say what he was going to do in the next two years
and be judged by it.
"When you are the chief executive officer, you need to turn
around your company. You are actually putting your commitment
and being transparent about it," he said.
The Troubled Company Reporter - Asia Pacific reported on
March 8, 2006, that Malaysia Airlines has presented a radical
revival plan after reporting a third quarterly loss of more than
US$160 million for the three months ending December 2005. Newly
appointed managing director, Idris Jala, blames higher fuel and
staff costs and falling passenger numbers for the crisis, which
prompted the carrier to implement a comprehensive turnaround
program.
Headquartered in Selangor, Malaysia, Malaysia Airlines --
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.
METROPLEX BERHAD: In Talks with Lenders to Address Default Issue
----------------------------------------------------------------
Metroplex Berhad is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement to address its default
problem.
The Company disclosed that the estimated amount of default as of
February 28, 2006, is MYR1,746,305,990.74.
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong and Philippines. On
April 28, 2005, Morgan Stanley Emerging Markets Inc had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court. Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up. Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme. In the event the winding-up
petition succeeds, the Company will be put into liquidation.
METROPLEX BERHAD: Court Dismisses Appeals
-----------------------------------------
On March 1, 2006, the Hong Court of Appeals dismissed an appeal
by Morgan Stanley Emerging Markets Incorporated to appoint a
provisional liquidator for Metroplex Berhad's subsidiary, Legend
International Resorts Limited.
The Court also dismissed Legend International's appeal to strike
out Morgan Stanley's winding-up petition.
On November 3, 2004, Morgan Stanley Emerging Markets filed with
the High Court of the Hong Kong Special Administrative Region a
petition to wind up Legend International for defaulting on its
credit facilities. Morgan Stanley has claimed payment of
US$5,236,021, together with accruing interest. Legend
International is taking legal steps to oppose the wind-up
action.
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong and Philippines. On April
28, 2005, Morgan Stanley Emerging Markets Inc had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court. Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up. Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme. In the event the winding-up
petition succeeds, the Company will be put into liquidation.
PAN MALAYSIA: Proposes Capital Reconstruction
---------------------------------------------
Pan Malaysia Holdings Berhad has drafted a capital
reorganization plan following its admission to Bursa Malaysia's
Practice Note 17.
The Troubled Company Reporter - Asia Pacific reported on
March 7, 2006, that Pan Malaysia Holdings has become an affected
issuer due to its insignificant level of business or operations
for the financial year ended December 31, 2005. The Company's
2005 revenue, computed on the basis stated in PN17, represented
not more than 5% of its issued share capital.
In a bid to step out of PN17, Pan Malaysia Holdings proposed to
cancel 90 sen of the par value of each existing share of MYR1.00
each. On completion of the capital reconstruction, it is
expected that the Company's accumulated losses of MYR872.5
million at end-2005 would be reduced to MYR1.8 million.
Pan Malaysia Holdings' directors are confident that with the
improving market sentiment on Bursa, the Company will be able to
achieve the requisite revenue in the second half this year
which, upon completion of the proposed capital reconstruction,
will enable it to regularize its level of operations, and to
ease to be an affected issuer under PN17.
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels. The Group also
manufactures carton boxes and general packaging products. Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending. In 2001, the Group has disposed
Focusprint Sdn Bhd, Labels Specialist Industries Sdn Bhd and
Pengkalen Concrete Sdn Bhd wherein the manufacturing and trading
activities were discontinued. The Company has proposed to
reduce capital to erase its accumulated losses after discovering
that its revenue is not more than 5% of its paid-up share
capital.
PATIMAS COMPUTERS: Buys Back MYR84,066 Worth of Shares
------------------------------------------------------
On March 9, 2006, Patimas Computers Berhad bought back 90,000
ordinary shares for a total cash consideration of MYR84,066.
The minimum price paid for each share purchased was MYR0.920 and
the maximum was MYR0.930.
After the purchase, the cumulative outstanding treasury shares
of the Company have reached 100,000.
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. The Group, which
currently has a healthy revenue backlog and strong sales
pipeline, is optimistic of the prospects in the year ahead and
anticipates better financial results in 2006.
POHMAY HOLDINGS: Securities Delisted from Bourse
------------------------------------------------
Pohmay Holdings Berhad has failed to submit a regularization
plan to the relevant authorities for approval within the time
frame pursuant to Paragraph 8.14C of Bursa Securities Listing
Requirements and Paragraph 4.0 of the Practice Note N17 and no
further extension of time has been granted to the Company.
After having considered all the facts and circumstances of the
matter, Bursa Securities has decided to de-list the Company's
securities from the Official List of Bursa Securities as Pohmay
does not have an adequate level of financial condition to
warrant continued listing on the Official List of Bursa
Securities.
The securities of the Company will be removed from the Official
List of Bursa Securities at 9:00 a.m. on Wednesday, March 22,
2006.
Bursa Malaysia said the soon-to-be-delisted Company can continue
its operations and business, and to have shareholders rewarded
by the companies' performance. However, shareholders will be
holding shares that are no longer quoted and traded on Bursa
Securities.
Furthermore, the Company's shareholders who intend to hold on to
their securities in the form of physical certificate can
withdraw those securities from their Central Depository System
accounts with Bursa Depository at anytime after the Company's
securities are delisted.
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.
Pohmay is a defendant of a wind-up petition filed by AmBank (M)
Berhad. The legal action is expected to have a significant
financial and operational impact on the Company. The Company is
negotiating 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.
POHMAY HOLDINGS: Inks MoU to Acquire Assets
-------------------------------------------
On March 9, 2006, Pohmay Holdings Berhad has entered into a
Memorandum of Understanding with vendors Dato' Samat Abd Samad
Bin Maharudin, Dato' Tee Ah Seng and Tee Kim Hock in relation to
the Company's proposed acquisition of their assets pursuant to
its restructuring.
The acquisition will allow the transfer of Pohmay's listing
status to a new company incorporated to facilitate the
restructuring scheme.
Under the MoU, Pohmay agrees to and invites the participation of
the Vendors in a proposed restructuring scheme.
The Company is also required to execute an acquisition agreement
with the Vendors and the new company before the MoU expires on
June 9, 2006.
Pohmay said it is still finalizing its restructuring scheme and
will disclose the details of the Plan soon.
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.
Pohmay is a defendant of a wind-up petition filed by AmBank (M)
Berhad. The legal action is expected to have a significant
financial and operational impact on the Company. The Company is
negotiating 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.
SATERAS RESOURCES: Bourse Delists Securities
--------------------------------------------
Bursa Malaysia Securities Berhad has decided to de-list Sateras
Resources (Malaysia) Berhad from the Official List of Bursa
Securities on March 22, 2006.
The Company would be delisted for failing to issue its 2004
annual audited account, annual report, and quarterly report
within the timeframes stated and have not issued the financial
statements after more than six months from the expiry of the
timeframes.
The stock exchange said the Company's shareholders who intend to
hold on to their securities in the form of physical certificate
can withdraw those securities from their Central Depository
System accounts with Bursa Depository at anytime after the
Company's securities are delisted.
Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad engages in property development and golf club
management and development. Its other activities include
provision of educational services, investment holding, general
trading, and provision of electronic commerce, software
development and Internet services. In 2002, the firm was served
a wind-up petition by AmBank Berhad. In 2003, the Company
proposed a Restructuring Scheme to clean up its balance sheet.
In 2004, lodged an application before the Bursa Malaysia to
regularize its financial condition. The Company is currently in
the process of restructuring its finances.
TANCO HOLDINGS: Needs to Regularize Business to Avert Delisting
---------------------------------------------------------------
Upon due consideration of all facts and circumstances, Bursa
Malaysia Securities Berhad has required Tanco Holdings Berhad to
implement its regularization plan as soon as Bank Negara
Malaysia approves the proposal.
The Company was also asked to regularize its financial condition
within six months from the date of Bank Negara's approval.
The Bourse has warned that it will suspend or delist Tanco
Holdings' securities if the Company fails to comply with the
requirements.
Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf
and marina clubs and provides management services. Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding. The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.
The Company is placed under Bursa Malaysia Securities Practice
Note 17 because its lackluster financial performance, as well as
mounting debts and defaults.
TANCO HOLDINGS: Court Extends Restraining Order Until June 30
-------------------------------------------------------------
The Kuala Lumpur High Court has further extended the Restraining
Order pertaining to Tanco Holdings Berhad and its subsidiaries
through June 30, 2006.
The Company's affected subsidiaries are:
* JKMB Development Sdn Bhd;
* Palm Springs Development Sdn Bhd;
* Palm Springs Resort Management Berhad;
* Popular Elegance (M) Sdn Bhd;
* Tanco Development Sdn Bhd;
* Tanco Land Sdn Bhd;
* Tanco Properties Sdn Bhd;
* Tanco Resorts Berhad; and
* Tanco Club Berhad.
As reported by the Troubled Company Reporter - Asia Pacific on
August 18, 2004, the High Court of Malaya in Kuala Lumpur
entered a Restraining Order in favor of the Tanco group to allow
the Group time to formalize its Scheme of Arrangement with its
creditors.
Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf
and marina clubs and provides management services. Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding. The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.
The Company is placed under Bursa Malaysia Securities Practice
Note 17 because its lackluster financial performance, as well as
mounting debts and defaults. On May 28, 2004, the Group
announced that it was not in a position to meet its interest
obligations to its lenders and would be in a default position in
payment of interest when it became due. As a consequence, the
Group's restructured loans as worked out under the purview of
the Corporate Debt Restructuring Committee would be and is in
default.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Shareholder Exchanges PDRs for Shares
-----------------------------------------------------------
On September 8, 1999, the Philippine Stock Exchange approved the
listing of a maximum of 272 million Philippine Deposit Receipts
by ABS-CBN Holdings Corporation.
The Company's PDR agent received a notice that a Company
shareholder wished to exchange 100,000 ABS-CBN PDRs with 100,000
ABS-CBN common shares. The reduction of the Company's PDRs by
100,000 took effect on March 13, 2006, which brings the total
number of the Company's PDRs to 267,814,800.
The designated PDR agent is thus authorized to cancel in its
books the above number of PDRs, and to issue the corresponding
ABS-CBN common shares in favor of the exercising PDR holders.
ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a
leading Philippine radio and television broadcasting network and
multimedia company. It was the first television station founded
in the Philippines in 1953. The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.
ABS-CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and rising costs amidst
a drop in viewer ratings, along with the restructuring of its
parent firm, Benpres Holdings. A stampede on February 4, 2006,
that happened in time for a program anniversary, led to rumors
of license revocation for the Network, class action proceedings
initiated by the victims and other expenses, which altogether
led to a further drop in share prices.
LAFAYETTE MINING: Set to Resume Operations in April
---------------------------------------------------
Australian Lafayette Mining, Inc., whose Philippine operations
were suspended by the Government after two toxic spills, is
slated to restart operations in April, the Australian Financial
Review reports.
LMI subsidiary Lafayette Philippines, Inc., operates a gold,
copper and silver mine in Rapu-Rapu, Albay. After two toxic
spills that killed fish in the nearby village, the Government
ordered the Company to pay a PHP11 million fine, and suspended
its operations in January this year.
LPI's chief executive officer, Carlos Dominguez, had said that
the Company complied with five of the six conditions imposed by
the Government before it can resume operations, and are
finalizing steps to comply with the last condition.
To comply with a required comprehensive anti-pollution control
program, LPI raised the plant's dam wall and widened its base,
and it expanded its tailings pond. To ensure the dam's
structural soundness, the Company sought experts to ascertain
that its elevation could withstand strong rains, LPI legal
counsel Bayani Agabin said. He added that LPI wants to ensure
that the previous incidents will not happen again, before it
resumes normal operations.
Headquartered in Melbourne, Australia, Lafayette Mining
Incorporated-- http://www.lafayettemining.com/-- has been
listed on the Australian Stock Exchange since August 1997. It
focuses on developing a polymetallic project involving copper,
gold, zinc and silver on the Island of Rapu-Rapu in the
Philippines.
The Philippine Government suspended Lafayette's operations at
the Rapu-Rapu mine after its plant allegedly released cyanide
and mercury into local waters on October 11 and 31, 2005. The
Company faces 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 President Carlos Dominguez before the House Committee
on Natural Resources that 74% of Lafayette is owned by its
Australian parent, while 24% is controlled by Malaysian firm,
Philco.
LAFAYETTE MINING: Rapu-Rapu Spill Prods Review of Mining Laws
-------------------------------------------------------------
In the wake of complaints from mining communities about
destructive effects on the environment, particularly the recent
mine tailings spill on Rapu-Rapu island in Albay, involving
Australian firm Lafayette Mining Inc., the Government has
resolved to review the Mining Act of 1995.
After President Gloria Arroyo, together with some cabinet
officials, and the House of Representatives Committee on Natural
Resources met with the bishops from mining provinces who
requested a study on the mining law, Speaker Jose de Venecia Jr.
said that the Congress Committee will review the Mining Act of
1995 to provide more safeguards against the despoliation of the
environment and safety standards for mining communities.
Mr. De Venecia added that while the government wants to
encourage investments in mining, appropriate safeguards such as
those being implemented in other countries should be put in
place. He further added that the review would include the
health effects of the Lafayette incidents on its surrounding
areas, Albay and Sorsogon.
Headquartered in Melbourne, Australia, Lafayette Mining
Incorporated -- http://www.lafayettemining.com/-- has been
listed on the Australian Stock Exchange since August 1997. It
focuses on developing a polymetallic project involving copper,
gold, zinc and silver on the Island of Rapu-Rapu in the
Philippines.
The Philippine Government suspended Lafayette's operations at
the Rapu-Rapu mine after its plant allegedly released cyanide
and mercury into local waters on October 11 and 31, 2005. The
Company faces 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 President Carlos Dominguez before the House Committee
on Natural Resources that 74% of Lafayette is owned by its
Australian parent, while 24% is controlled by Malaysian firm,
Philco.
NATIONAL POWER: PSALM to Hire Auctioneer to Speed Up Assets Sale
----------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
recognizes the need to hasten the disposal of retired plants of
the National Power Corporation, and plans to hire an auctioneer
to facilitate the sale, The Manila Standard says.
According to PSALM's vice-president for asset management and
electricity trading, Froilan Tampinco, PSALM approved the hiring
of a third party auctioneer that would take charge of selling
Napocor's assets via public bidding. He added that three firms
had offered to bid for the role, but he did not specify which,
the Standard reports.
The third party auctioneer is slated to propose a comprehensive
asset disposal service to PSALM, as well as to come up with a
sale strategy and methodology for Napocor's non-operating power
plants, which comprise of:
-- a 108-megawatt diesel plant in Aplaya,
-- a 225-megawatt bunker plant in Bataan,
-- a 54-megawatt Cebu II diesel plant,
-- a 22.3-megawatt diesel plant in General Santos, and
-- a 200-megawatt bunker plant in Manila.
About Napocor
Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities. It works
with independent producers under a build-operate-transfer
program. With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies. To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated 600 billion pesos ($11.6 billion) of debt. It has
also separated its transmission operations into a new
subsidiary, the National Transmission Corporation.
The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of Php18.41 billion this year from Php5.95-
billion deficit in 2005. Napocor incurred its huge losses to
fund the operations of its power facilities. The Government is
selling National Power's assets to help pay for the utility's
estimated Php600 billion of debt. The annual loss at the
utility, which generates about 40% of the country's electricity,
narrowed to Php29.9 billion pesos in 2004 from Php117 billion in
2003 after it was allowed to increase tariffs.
Napocor's debt has junk status, according to Moody's Investors
Service and Standard & Poor's. Moody's rates the utility's
long-term foreign-currency debt at B1, four rungs below
investment grade. S&P's rating of the utility's debt is one
step higher than Moody's.
PHILIPPINE AIRLINES: Officials Seek to Reopen Laoag Flights
-----------------------------------------------------------
Local officials have asked President Gloria Macapagal-Arroyo to
lift the suspension of Philippine Airline's flights to Laoag
City, Ilocos, The Manila Times reports.
According to Ilocos Sur Vice Governor Deogracias Victor
Savellano, the provincial board had approved a resolution to ask
for the President's help to reopen flights to Laoag, as the
suspension burdened travelers going to Ilocos, and has affected
the region's tourism industry.
PAL flights to Laoag City were suspended after a Company
employee reported being harassed by a well-known politician.
In order to compensate for the suspended PAL flights, Ilocos
Norte Governor Ferdinand Marcos Junior negotiated with local
carrier Asian Spirit to fly from Manila to Laoag four times a
week.
Vice Governor Savellano expressed that the loss of PAL flights
to Laoag City would contribute to a marked decline in tourist
arrivals for the region's summer festivals in April and May.
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 in 2009.
PICOP RESOURCES: May Shut Down on Pollution Charges
---------------------------------------------------
After a visit to Picop Resources Inc.'s plant in Surigao del
Sur, House Committee on Environment Chairman Rep. Nereo Acosta
said that the Company must be shut down due to pollution, the
Philippine Inquirer recounts.
Bislig parish priest Flori Falcon had claimed that PRI's
operations led to the deaths of at least 72 people, and around
400 people suffered from respiratory ailments due to pollution
from the Company's plants. He implored the Government to act
quickly to alleviate the situation.
According to Rep. Acosta, PRI violated Philippine laws on clean
water, ecology and the environment, and must be closed. His
assessment of the Company's operations were based on validated
and reliable environmental studies.
Rep. Acosta further stated that, according to environmental
studies, PRI's processing plants disposed highly toxic materials
that polluted the air and water of Bislig, and that the city's
toxic carbon and sulfur contamination of air and water resources
had reached a grave environmental health crisis.
In contrast, the Inquirer cites PRI spokesman Domingo Tumambing
as saying that the Company has complied with environmental
standards.
Mr. Tumambing argues that Fr. Falcon's claims, which had no
basis, were part of a smear campaign against PRI, and that he
did not have the authority nor the expertise to state that the
Company was guilty of pollution.
Environmental Management Bureau Reynaldo Villafuerte said that
the pollution matter has been brought up with the Pollution
Adjudication Board in Manila, but there are no developments to
the case as yet.
PICOP Resources Incorporated -- http://www.srmo-law.com-- is
the only integrated forest and paper company in the country. Its
forest concession covers about 200,000 hectares in Northeastern
Mindanao under a sustainable and expanding yield basis. It is
widely recognized for the quality of its timber products such as
plywood, veneer and lumber, and its paper products such as
newsprint, kraft linerboard, corrugating medium, mechanical
printing paper and world-class telephone directory paper.
PICOP expects to bounce back to black in the next two years
after suffering from consecutive losses since 1997. The Company
is currently working to trim energy costs, which contribute
substantially to its annual losses. The Company incurred a net
loss of PHP292 million in 2004, up from PHP273 million in 2003,
despite cutting its operating expenses from PHP305 million in
2003 to PHP210 million in 2004.
=================
S I N G A P O R E
=================
ASIA LINK: Wind-Up Hearing Slated for March 17
----------------------------------------------
Tat Hong Leasing Private Limited filed with the Singapore High
Court a petition to wind up Asia Link Marine Industries Private
Limited.
The High Court will hear the Petition on March 17, 2006.
Creditors of the Company may file a notice not later than March
16, 2006, to the solicitors for the petitioners if they plan to
appear at the hearing to support or oppose the making of an
order on the petition.
Contact: Asialegal LLC
Solicitors for the Petitioners
20 Cecil Street
#08-01 Equity Plaza
Singapore 049705
BRIGHT CENTURY: Prepares to Give Out Dividends
----------------------------------------------
Bright Century Marine (S) Private Limited is set to distribute
dividend to its creditors.
Creditors are given until March 24, 2006, to prove their debt or
claims to the liquidator at:
The Official Receiver
Beverly Wee
Assistant Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
DIGILAND INTERNATIONAL: Reduces Capital and Consolidates Shares
---------------------------------------------------------------
On March 10, 2006, Digiland International Limited lodged with
the Accounting and Corporate Regulatory Authority of Singapore a
copy of the Order of the Singapore High Court confirming the
Company's proposal for capital reduction. Therefore, the
capital reduction took effect on March 10, 2006.
Accordingly, the consolidation of every two ordinary shares into
one new ordinary share, which shareholders approved at the
Extraordinary General Meeting on December 27, 2005, took effect
immediately after the capital reduction has taken effect.
Main-board listed Digiland International Limited is a major
distributor of IT products and provider of IT services in the
Asia-Pacific.
SAPPHIRE CORPORATION: Names New Secretary
-----------------------------------------
The Board of Directors of Sapphire Corporation Limited has
appointed on March 8, 2006, Lynn Wan Tiew Leng as Company
Secretary in place of Michael Tay Kwang How.
Incorporated in Singapore on November 26, 1985, Sapphire
Corporation Limited, formerly IRE Corporation Limited
-- http://www.ire.com.sg/-- is engaged in building maintenance
and upgrading; the supply and application of architectural
finishing products and related services; and building
construction and formwork design engineering. Sapphire has
engaged in various debt-conversion schemes to repay its loans.
STAMFORD OVERSEAS: Court Winds Up Operations
--------------------------------------------
The Singapore High Court has issued a wind-up order against
Stamford Overseas Student Residence Private Limited on
March 3, 2006.
Creditors of the Company should file their proof of debt with
the liquidator at:
The Official Receiver,
The URA Centre, East Wing
45 Maxwell Road #06-11
Singapore 069118
Contact: CS Lee
Solicitors for the Petitioner
11 North Bridge Road #08-12
Peninsula Plaza
Singapore 179098
TAJIMA METALWORK: To Pay First and Final Dividend on March 16
-------------------------------------------------------------
Tajima Metalwork (Singapore) Private Limited will declare a
first and final dividend to its creditors on March 16, 2006.
Contact: Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
===============
T H A I L A N D
===============
SIAM AGRO-INDUSTRY: Chairman of Audit Committee Quits
-----------------------------------------------------
Mark Christopher Chewter has resigned as Director and Chairman
of the Audit Committee of Siam Agro-Industry Pineapple and
Others Public Company Limited on March 7, 2006.
Headquartered in Bangkok, Thailand, Siam Agro-Industry Pineapple
and Others Public Company Limited -- http://www.saico.co.th/--
manufactures and distributes processed tropical fruits. Its
core products are derived from processing of fresh pineapple and
consist of canned pineapple, aseptic pineapple juice
concentrate, aseptic pineapple single strength juice and aseptic
pineapple crush. The Company also produces other kinds of
tropical fruit products such as canned mixed fruit, pink guava
puree, passion puree and tomato ketchup. Its main brands are
SAICO and Del Monte. Siam Agro-Industry is currently in
rehabilitation under the Bankruptcy Act. Its securities are
placed under the Rehabco Sector of the Stock Exchange of
Thailand.
TONGKAH HARBOUR: To Convene AGM Next Month
------------------------------------------
Tongkah Harbour Public Company Limited advised the Stock
Exchange of Thailand, its shareholders and investors that:
* its audited accounts for year ended December 31, 2005 has
been approved by the Company's board of directors and is
submitted to the shareholders for recommendation.
* the board of directors has recommended AMT & Associate to
be the Company's auditor.
* the approval of the directors' fee for the year 2006, has
been recommended to the shareholders.
* the Company has called for an Annual General Meeting of
shareholders on April 28, 2006, at 9:30 a.m., to be held at
Wangchan Room, 4th Floor, The Grand Hotel No. 238
Ratchadapisek Road, in Huay Kwang, Bangkok.
At the AGM, the shareholders will:
1. consider and, if accepted, confirm the minutes of the
previous shareholders' AGM dated March 4, 2005;
2. acknowledge the Company's Annual Report for the year
2005;
3. approve the audited financial statements for the fiscal
year;
4. approve the non-allocation of dividend payments;
5. consider and approve offsetting accumulated losses
against share premiums;
6. consider and elect directors in place of those directors
retiring by rotation and appoint the Board of Directors
to elect Director to fill vacancy and fixing directorate
remuneration for the year 2006;
7. consider and appoint the Company's auditors and affix
their remuneration for the fiscal year 2006; and
8. consider and approve the trading of Tongkah Harbour's
share AIM or other alternatives or issue of financial
instruments to give access to trading of the Company.
* the Company's share register book be closed on April 7,
2006, at 12:00 p.m., for the right to attend the AGM of the
shareholders until such Meeting is completed.
* Kriang Kiatfuengfoo, Chairman of the Audit Committee and
Independent Director or Arida Vidhyananda, Audit Committee
Member and Independent Director, to act as proxy holder of
the Company's Shareholders unable to attend the AGM.
* the Company will not make any dividend payments as the
Company's operated at a loss for the year ending
December 31, 2005, in accordance with the law.
Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily
engaged in mining operations. The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management. The
Company is placed under the Rehabco Sector of the Stock Exchange
of Thailand and is currently rehabilitating its business.
TONGKAH HARBOUR: 2005 Losses Rise 17%
-------------------------------------
Tongkah Harbour Public Company Limited reported a further rise
in its net loss for the year ending December 31, 2005, with the
2005 figure pegged at THB69.02 million, compared with a net loss
THB57.21 million for the same period in 2004.
Tongkah and its subsidiaries experienced persistent operating
losses and have current liabilities substantially in excess of
current assets.
Tongkah's consolidated financials for the year ended Dec. 31,
2005, is available for free at:
http://bankrupt.com/misc/Tongkah_2005_Financials.xls
Notes to Tongkah's consolidated financials for the year ended
Dec. 31, 2005, is available for free at:
http://bankrupt.com/misc/Tongkah_Notes_to_2005_Financials.doc
Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily
engaged in mining operations. The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management. The
Company is placed under the Rehabco Sector of the Stock Exchange
of Thailand and is currently rehabilitating its business.
BOND PRICING: For the Week 13 March to 17 March 2006
----------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 9
Arrow Energy NL 10.000% 03/31/08 1
Australian Government 6.750% 11/15/06 60
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 06/30/10 1
Bremer Park Ltd 7.000% 12/23/10 1
Capital Properties NZ Ltd 8.500% 04/15/07 8
Capital Properties NZ Ltd 8.500% 04/15/09 8
Capital Properties NZ Ltd 8.000% 04/15/10 8
Cardno Limited 9.000% 06/30/08 4
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 02/28/08 1
Clean Seas Tuna Ltd 9.000% 09/30/08 1
Djerriwarrh Investments Ltd 6.500% 09/30/09 4
EBet Limited 10.000% 11/29/06 25
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 03/15/11 8
Fletcher Building Ltd 7.800% 03/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 9
Fletcher Building Ltd 8.300% 10/31/06 9
Fletcher Building Ltd 8.600% 03/15/08 8
Fletcher Building Ltd 8.850% 03/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 9
Futuris Corporation Ltd 7.000% 12/31/07 2
Hy-Fi Securities Ltd 7.000% 08/15/08 8
Hy-Fi Securities Ltd 8.750% 08/15/08 10
Hutchison Telecoms Australia 5.500% 07/12/07 1
IMF Australia Ltd 11.500% 01/30/10 1
Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 8
Infratil Ltd 8.500% 11/15/15 8
Kagara Zinc Ltd 9.750% 05/06/07 3
Kiwi Income Properties Ltd 8.000% 06/30/10 1
Longreach Group Ltd 10.000% 10/31/08 1
Minerals Corporation Ltd 10.500% 09/30/07 1
Nuplex Industries Ltd 9.300% 09/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 10
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 01/31/08 1
Salomon SB Australia 4.250% 02/01/09 8
Sapphire Securities Ltd 9.160% 09/20/35 9
Silver Chef Ltd 10.000% 08/31/08 1
Software of Excellence 7.000% 08/09/07 1
Sydney Gas Company 12.000% 04/01/06 1
Sydney Gas Limited 12.000% 06/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 09/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 09/15/12 8
TrustPower Ltd 8.500% 03/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
Westpac Banking Corporation 6.250% 08/30/11 6
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 03/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 07/15/07 2
Crescendo Corporation Bhd 3.000% 08/25/07 1
Dataprep Holdings Bhd 4.000% 08/06/07 1
Denko Industrial Corporation Bhd 5.000% 03/15/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 06/16/10 1
Equine Capital Bhd 3.000% 08/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Gadang Holdings Bhd 2.000% 12/24/08 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 04/23/08 1
Hong Leong Industries Bhd 4.000% 06/28/07 1
Huat Lai Resources Bhd 5.000% 03/28/10 1
I-Berhad 5.000% 04/30/07 1
Insas Bhd 8.000% 04/19/09 1
Kamdar Group Bhd 3.000% 11/09/09 1
Killinghall Bhd 5.000% 04/13/09 2
Kosmo Technology Industrial Bhd 2.000% 06/23/08 4
Kretam Holdings Bhd 1.000% 08/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 01/06/07 3
Lion Diversified Holdings Bhd 2.000% 06/01/09 2
Media Prima Bhd 2.000% 07/18/08 1
Mithril Bhd 3.000% 04/05/12 1
Mithril Bhd 8.000% 04/05/09 1
Mutiara Goodyear Development Bhd 2.500% 01/15/07 1
Naim Indah Corporation Bhd 0.500% 08/24/06 1
Nam Fatt Corporation Bhd 2.000% 06/24/11 1
Pantai Holdings Bhd 5.000% 03/28/07 2
Pantai Holdings Bhd 5.000% 07/31/07 2
Pelikan International Corp Bhd 3.000% 04/08/10 1
Poh Kong Holdings Bhd 3.000% 01/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Senai-Desaru Expressway Bhd 3.500% 12/08/17 74
Silver Bird Group Bhd 1.000% 02/15/09 1
Southern Steel 5.500% 07/31/08 1
Talam Corporation Bhd 7.000% 04/19/06 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 06/29/06 1
Tenaga Nasional Bhd 3.050% 05/10/09 1
VTI Vintage Bhd 4.000% 08/22/06 1
WCT Land Bhd 3.000% 08/02/09 1
Wah Seong Corp 3.000% 05/21/12 3
YTL Cement Bhd 4.000% 11/10/15 1
SINGAPORE
---------
Rabobank Singapore 1.000% 11/03/13 74
Structural System Singapore 11.000% 06/30/07 1
Tampines Assets Ltd 5.625% 12/07/06 1
Tampines Assets Ltd 6.000% 12/07/06 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Ma.
Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica
Fernando, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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*** End of Transmission ***