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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, March 15, 2006, Vol. 9, No. 053
Headlines
A U S T R A L I A & N E W Z E A L A N D
ABSOLUTELY NOT!: Members Agree on Liquidation
ALTERNATIVE CARGO: To Declare Dividend Today
BILL STEVENS: Members and Creditors to Receive Wind-up Details
CALDER PARK: To Distribute Dividend on March 16
CALVANE PTY: Paul Vartelas Named as Liquidator
CHARMANT AUSTRALIA: Enters Voluntary Liquidation
CITY CONSTRUCTION: Appoints Receivers and Managers
COLES MYER: Myer Family Gets Back Department Store Business
COLES MYER: Moody's Affirms Coles Myer Baa2 Rating After Sale
COLES MYER: Retains S&P's BBB/Stable/A-2 Rating
CONCRETE PRODUCTIONS: Land Transport Files Liquidation Petition
CORONATION MACHINERY: Hires Receivers and Managers
DEIGHTON CREEK: To Hold Final Meeting Today
EMMANUEL ORCHARDS: Receiver Steps Aside
EVANS & TATE: To Sell Mildura Winery for AU$22 Million
HULSING PTY: Winds Up Business Operations
INGOT METAL: Liquidator to Explain Wind-up Report
ITW POLYMERS: Placed Under Voluntary Liquidation
JAMES HARDIE: Hopes New Tax Laws to Fund Payout
JAMES HARDIE: Hopes for Payout After Profit Surge
JAMES HARDIE: May Face 22 New Lawsuits
MAITLAND REALTY: Appoints Receivers and Managers
MALFUNCO1 PTY: Members Resolve to Wind Up Firm
MB ASSOCIATES: Receiving Proofs of Debt Until Next Month
MICHEVA PTY: Inability to Pay Debt Leads to Wind-up
NATIONAL AUSTRALIA: Launches New Insurance Package for Customers
OPERATIONAL RESTRUCTURE: Proofs of Debt Due on March 24
PAI BUSINESS: Appoints Official Liquidator
PLAYHOUSE LIMITED: Tasman Liquor Files Liquidation Petition
PRIMELIFE CORPORATION: Spending Causes 69% Drop in Net Profit
R.H. CREIGHTON: To Pay Dividend to Creditors
SEDGTRANS PTY: Decides to Shut Down Business
SOUTH EAST AUSTRALIA: Liquidator to Present Wind-up Report
SYDNEY CITY: Enters Liquidation Proceedings
TEAC AUSTRALIA: Former Director Agrees to Stay for Probe
TELSTRA CORPORATION: Emergency Dbase System Errors Uncovered
TELSTRA CORPORATION: Opens Longreach Office
TENTH DOT: Faces Liquidation Proceedings
UNIFIED HOLDINGS: Members Opt to Wind Up Business
UNLIMITED LIMITED: Picks Meltzer Mason Heath as Liquidators
VINEYARD CARE: Court to Hear Liquidation Petition on April 5
VOLANTE GROUP: Posts AU$3.5 Million Drop in Half-year Profit
WATERSIDE HOLDINGS: Prepares to Liquidate Assets
C H I NA & H O N G K O N G
AGRICULTURAL BANK: Launches Misys Summit FT System
CONSTRUCTION INDUSTRY: Enters Voluntary Liquidation
DAVENHAM ENGINEERING: Enters Compulsory Liquidation
FAMEAST DEVELOPMENT: Set to Close Business
PANG FAI: Court Issues Bankruptcy Order
SHANGHAI OFFSHORE: Appoints Muk & Middleton as Joint Liquidators
STAR WORLD: Bid to Block Liquidator's Appointment Due March 24
SUN SANG: Court Enters Wind-Up Order
UNBEATABLES FILE: Liquidator Issues Debt Claim Notice
VIVARINI LIMITED: Receiving Proofs of Claim Until April 10
WERNER CLADDING: Appoint Joint Liquidators
WO HING: Official Liquidators Named
ZHONG QUAN: Agrees to Wind-Up Business
* China to Shut Down 2,116 Bankrupt Firms in Three Years
I N D I A
BHARAT PETROLEUM: Petroleum Minister Sends Out Distress Call
HINDUSTAN PETROLEUM: Inks Cooperation Deal with Sinopec
INDIA CEMENTS: Board Approves Issuance of Securities
NATIONAL TEXTILE: To Pay Dues from Land Sale Proceeds
SPICE COMMUNICATIONS: Telekom M.B. Offers Debt Restructuring Aid
I N D O N E S I A
BANK MANDIRI: Central Bank Monitors Operations
GARUDA INDONESIA: Gov't Offers US$80 Mln Special Purpose Vehicle
INDOFOOD SUKSES: UK Court Overturns No Buy-back Ruling
PERTAMINA: Petronas Still Keen on Refinery Deal
J A P A N
JAPAN AIRLINES: Increases Flights in Cooperation with Korean Air
K O R E A
KOREA EXCHANGE: DBS Bank Confirms Bid
KOREA EXCHANGE: Merrill Says Kookmin Has Edge Over Hana in Bid
M A L A Y S I A
APEX EQUITY: Repurchases MYR8,961 Worth of Shares
AVANGARDE RESOURCES: Faces Delisting from Bourse
BIMB HOLDINGS: Second Quarter Sees MYR20.7-Mln Loss
GEORGE TOWN: To be Delisted from Bourse on March 22
KILANG PAPAN: Bourse Commences Delisting Procedures
MALAYSIA AIRLINES: Willing to Wait for MYR2-Bln Government Loan
MALAYSIA AIRLINES: Charter Flights Seen to Boost Revenue
PAN MALAYSIA: Net Loss Shrinks in Q4/FY05
PAN MALAYSIA: Buys Back 20,000 Shares
PROMTO BERHAD: Bourse Decides to Delist Securities
SOUTHERN BANK: Bourse Halts Shares Trading
TELEKOM MALAYSIA: TRI's MYR11-Mln Claim Dismissed
TELEKOM MALAYSIA: Takes 49% Stake in India's Spice
P H I L I P P I N E S
ATLAS CONSOLIDATED: Aims to Reopen Copper Mine in 2007
MANILA ELECTRIC: Reduces Rates Due to Higher Dispatch Levels
NATIONAL POWER: To Rehabilitate Areas Damaged by Semirara Spill
* Pre-need Problem Limited to Open-ended Educational Plans
S I N G A P O R E
DBS BANK: Moody's to Review 'B-' Bank Financial Strength Rating
E.G. TAN: To Distribute Dividend Today
EWC ASIA: Court Closes Down Business
GREAT CENTRAL: Court to Hear Wind-Up Petition on March 24
LINDETEVES-JACOBERG: Fully Subscribes and Allots Shares to ATB
XCHANGE TELECOM: To Wind Up Operations
T H A I L A N D
PICNIC CORPORATION: Says B/E Claims Won't Affect Financial State
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
ABSOLUTELY NOT!: Members Agree on Liquidation
---------------------------------------------
At an extraordinary general meeting of the members of Absolutely
Not! Entertainment Pty Limited on February 10, 2006, it was
agreed that a voluntary wind-up of the Company is appropriate
and necessary.
Peter Paul Krecji was appointed as liquidator for the wind-up.
Contact: Peter P. Krecji
Liquidator
GHK Green Krecji
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
ALTERNATIVE CARGO: To Declare Dividend Today
--------------------------------------------
Alternative Cargo Services Pty Limited will declare its first
and final dividend today, March 15, 2006, to the exclusion of
its creditors who were not able to prove their claims.
Contact: H. A. MacKinnon
Liquidator
Bent & Cougle Pty Limited Chartered Accountants
332 St. Kilda Road, Melbourne
Victoria 3004, Australia
BILL STEVENS: Members and Creditors to Receive Wind-up Details
--------------------------------------------------------------
The members and creditors of Bill Stevens Pty Limited will
convene today, March 15, 2006, to receive Liquidator Peter
Crowe'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: Peter Crowe
Liquidator
A. K. Graham & Co. Chartered Accountants
P.O. Box 203, Subiaco
Western Australia
Telephone: (08) 9388 9917
CALDER PARK: To Distribute Dividend on March 16
-----------------------------------------------
Calder Park Motorsport Promotions Pty Limited will declare a
dividend on March 16, 2006.
Creditors of the Company who are not able to submit their proofs
of claim will be excluded from the benefit of the dividend.
Contact: Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne, Victoria 3000
Web site: http://www.worrells.net.au/
CALVANE PTY: Paul Vartelas Named as Liquidator
----------------------------------------------
On February 10, 2006, the members of Calvane Pty Limited agreed
to wind up the Company's operations voluntarily. They appointed
Paul Vartelas as liquidator for that purpose.
Contact: Paul Vartelas
Liquidator
A. K. Taylor & Company
8th Floor, 608 St. Kilda Road
Melbourne, Australia
CHARMANT AUSTRALIA: Enters Voluntary Liquidation
------------------------------------------------
Members of Charmant Australia Pty Limited held a meeting on
February 15, 2006, and agreed to close the Company's business.
C. R. Campbell and P. G. Yates were then appointed as
liquidators.
CITY CONSTRUCTION: Appoints Receivers and Managers
--------------------------------------------------
On February 10, 2006, David Michael Stimpson and Terry Grant van
der Velde were appointed as the receivers and managers of the
property of City Construction Queensland Pty Limited.
Contact: David M. Stimpson
Terry G. van der Velde
Receivers
c/o SV Partners Pty Limited
Insolvency Accountants and Risk Managers
Web site: http://www.svpartners.com.au/
COLES MYER: Myer Family Gets Back Department Store Business
-----------------------------------------------------------
Coles Myer Limited has sold its 61-store chain and its flagship
store in Bourke Street, Melbourne, for AU$1.4 billion in
aggregate to Newbridge Capital LLC, along with American parent
company Texas Pacific Group and the Myer family.
As reported on March 13, 2006, by the Troubled Company Reporter
- Asia Pacific, the Myer family has around 5% stake in
Newbridge, valued at AU$65 million. The Myers also hold around
3-5% of Coles Myer. The Myer family owned the Myer Limited
store chain before it was sold to Coles Myer in 1984.
Coles Myer Will Focus on Remaining Businesses
With the underperforming Myer stores out of the way, Coles Myer
chairman Rick Allert said that the Company would now focus on
its remaining businesses and the fast-moving consumer goods
markets of food and liquor. Mr. Allert also added that a name
change from "Coles Myer" to "Coles" might soon be under way to
reflect the recent sale.
The Coles Myer's board of directors has not yet fixed any plans
on how it would use the proceeds of the sale. However,
expansion of supermarkets and a potential capital return are
being considered.
Coles Myer expects the sale of the Myer department stores to
generate a AU$700 million profit.
New Owners Name New Myer Executive Chair
Newbridge, who now holds the reins for the Myer stores,
appointed Woolsworth's former chief financial officer, Bill
Wavish, as Myer Limited's new executive chairman.
Current Myer managing director, Dawn Robertson, will oversee the
transition before stepping down when the deal is finalized in a
few months. She had been offered the post of deputy chairman
and president, which she declined. Instead, Ms. Robertson
accepted a place on Newbridge's new Myer board.
Former Myer and David Jones boss, Peter Wilkinson, was named
adviser to Newbridge.
Newbridge has 10-Year Plan for Myer
Newbridge's head for Australia and New Zealand, Ben Gray, said
that his group had a 5- to 10-year plan for the newly acquired
business. The new owners indicated that they would maintain the
regional and rural stores, and make no major changes to the
Bourke Street store in the short term.
Mr. Wavish said that the new Myer management is planning on
cutting out costs while increasing service levels to customers.
The new owners are also expected to execute a revamp of Myer's
supply chain and some of its outdated store layouts.
Staffing levels are also likely to be examined. Mr. Wavish said
that he did not expect to offer redundancies, but lower staff
costs could come from not replacing employees who left.
Coles Director Says Myer Price Could Have Been Higher
A spokesman for former Coles Myer director Solomon Lew told the
Australian Financial Review that Myer may have been sold for
AU$2.6 billion, instead of AU$1.4 billion, had the retailer met
sales and margin benchmarks.
The spokesman added that the price and the sale is an indication
of Myer's failure to reach Cole Myer benchmarks outlined in its
five year strategy. He explained that the benchmarks included 5
per cent growth in general merchandise sales and lifting margins
by 4%, resulting in earnings before interest and tax this year
of AU$144 million.
Mr. Lew was booted out of the Coles Myer board in 2002.
About the Companies
Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in
Australia and New Zealand and employs with over 165,000 staff.
The Company is listed on the stock exchanges of Australia,
London, and New Zealand. Coles Myer has been suffering the
burden of consumer-spending downturn. In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality. In
the same period, Myer's market share has plummeted from 27.8% to
20.6%. The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million. Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net
profit. Between 2001 and 2004, Myer closed 12 of its 73
outlets. In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for AU$1.4
billion.
COLES MYER: Moody's Affirms Coles Myer Baa2 Rating After Sale
-------------------------------------------------------------
Moody's Investors Service has affirmed the Baa2 long-term issuer
and senior unsecured ratings and P-2 short-term rating of Coles
Myer Ltd. following the announcement that the Myer department
store chain and the Myer Melbourne building will be divested.
The outlook for the ratings remains stable.
The ratings affirmed are:
Issuer Rating - Baa2
Senior Unsecured Rating - Baa2
Short-Term Rating - Prime-2
Preference Stock Rating - Ba1
"The divestments will be mildly positive for CML's consolidated
earnings profile, given the relatively weak EBIT margins earned
by the Myer department store segment in recent years," says lead
analyst Peter Fullerton.
"The divestment will also reduce the company's adjusted debt
metrics (incorporating the notional capitalized value of its
operating leases), producing in turn a slight improvement in its
expected leverage metrics and cash flow to debt metrics,"
Fullerton says, adding, "However, Moody's expects these ratios
will continue to remain appropriate for the Baa2 rating."
Moody's also says that the divestment of the under performing
Myer department store segment should allow management to refocus
its attention on the core food and liquor division, which has
recently reported sales growth below expectations.
The divestments may also allow CML's other general merchandising
and apparel segments (namely Target and Kmart) to compete more
aggressively with the divested Myer in particular product
categories.
However, Moody's expects that a material portion of the sales
proceeds will be returned to shareholders in the near future
with a smaller portion held as cash reserves for reinvestment in
core operations. Furthermore, the expected capital return to
shareholders and reduction in diversity of operations are
expected to offset the slight improvement expected in CML's key
credit metrics.
The rating outlook is stable, based on Moody's opinion that
CML's key financial metrics will remain within the ranges
appropriate for its Baa2 rating.
Given the recent announcement of weak half-yearly sales and the
divestment of Myer, the rating is unlikely to experience upward
pressure within the next 12 months. In the long term, upward
rating pressure could emerge in the event of a sustainable
improvement in operating margins, such that adjusted debt to
EBITDA fell below 3.0x. In addition, an improvement in total
coverage above 4.0x would also place upward pressure on the
rating.
However, negative pressure could become apparent should a
sustained slide occur in the operating performance of the key
food and liquor division, which would be evidenced by adjusted
debt to EBITDA trending towards 4.5x on a sustained basis. A
weakening of the company's total coverage trending towards 3.0x
would also place negative pressure on the rating.
Coles Myer, based in Melbourne, is Australia's largest retailer
with approximately 80% of revenues obtained from its core food
and liquor sales. The company also operates various other
retail formats, including Kmart, Target and Office Works.
COLES MYER: Retains S&P's BBB/Stable/A-2 Rating
-----------------------------------------------
Standard & Poor's Ratings Services said that Coles Myer Ltd.'s
(BBB/Stable/A-2) sale of its Myer department store business,
including property, for AU$1.4 billion to Newbridge Capital LLC
and The Myer Family Co. would have no immediate impact on Coles
Myer's ratings or outlook.
Standard & Poor's believes that the divestment of Myer modestly
improves Coles Myer's business profile by reducing earnings
cycles, business complexity, and sales overlap between the
company's non-food brands. The significant sale proceeds also
provides Coles Myer with capacity to undertake some capital-
management initiatives and/or debt-fund acquisitions at the BBB
rating level. Contingent lease liabilities relating to many of
the Myer stores may, however, moderate the size of any capital
reduction or additional gearing assumed. Standard & Poor's
expects Coles Myer, who has publicly stated its commitment to
the BBB rating, to maintain appropriate financial parameters to
support its current rating.
CONCRETE PRODUCTIONS: Land Transport Files Liquidation Petition
---------------------------------------------------------------
On February 20, 2006, Land Transport New Zealand -- previously
known as Land Transport Safety Authority -- filed with the High
Court of Wellington an application to liquidate Concrete
Productions Limited.
The Petition will be heard before the High Court on
March 27, 2006, at 10:00 a.m.
Any person planning to appear at the hearing may file an
application not later than March 23, 2006.
Contact: Malcolm David Whitlock
Solicitor for the Plaintiff
Whitlock & Co.
care of Level Two
Baycorp House, 15 Hopetoun Street
Auckland
New Zealand
CORONATION MACHINERY: Hires Receivers and Managers
--------------------------------------------------
James Gregory Eden and Bruce Carlaw Richards have been appointed
Receivers and Managers for Coronation Machinery 2004 Limited's
undertakings, property and assets.
Contact: James Gregory Eden
Bruce Carlaw Richards
Receivers and Managers
Staples Rodway Taranaki Limited
Chartered Accountants
109-113 Powderham Street
New Plymouth
New Zealand
Staples Rodway Taranaki Limited
Chartered Accountants
P.O. Box 146,
New Plymouth, New Zealand
DEIGHTON CREEK: To Hold Final Meeting Today
-------------------------------------------
A final meeting of the members of Deighton Creek Pty
Limited will be held today, March 15, 2006.
At the meeting, liquidator Robert Zagami 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.
EMMANUEL ORCHARDS: Receiver Steps Aside
---------------------------------------
On February 8, 2006, Robert Anthony Ferguson of Fergusons
Chartered Accountants ceased to act as the receiver and manager
of Emmanuel Orchards Pty Limited.
EVANS & TATE: To Sell Mildura Winery for AU$22 Million
------------------------------------------------------
Evans & Tate Limited will sell its Mildura winery to United
Kingdom beverage group Neqtar, The Age reports. In exchange for
the Mildura property, Evans & Tate will get AU$22 million, plus
the granting of options over 5.9% of the pre-listing capital of
Neqtar.
According to the report, Evans & Tate is also in negotiations
with wine importer and distributor HwCg Ltd. for a new
distribution arrangement in the UK. Neqtar is the holding
company of HwCg.
Evans & Tate Chief Executive Officer Martin Johnson told The Age
that the wine maker has committed to reduce its debt and the
sale of the Mildura winery will allow it to reduce debt
significantly.
Moreover, Mr. Johnson noted that after a strategic review of
Evans & Tate's UK business in late 2005, the board determined it
needed to form a strategic alliance with a significant partner.
"We believe HwCg will be an excellent partner for us," he said.
Mr. Johnson further explained that the Neqtar Deal would see the
Company retain an interest in the future of performance of the
Mildura winery and keep its Salisbury and Barramundi brands and
contract their production to Neqtar. Evans & Tate is also
anticipated to gain an interest in Neqtar's diversified
portfolio of assets though its equity stake in the Company.
The Age relates that the sale of the Mildura winery is subject
to conditions, including Neqtar's listing on the Alternative
Investment Market of the London Stock Exchange. Neqtar is
expected to list on the AIM in the first half of 2006.
About Evans & Tate
Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange. The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.
In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt. A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited. It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies." Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank. The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at discount, and
cut the carrying value of certain wineries. In July 2005, Evans
& Tate has secured an additional AU$10 million in short-term
working capital from ANZ. In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million. The
Company is still seeking for buyers. In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.
HULSING PTY: Winds Up Business Operations
-----------------------------------------
The members of Hulsing Pty Limited held a meeting on February
16, 2006, and agreed to close the Company's business.
Vincent Heufel was then appointed as liquidator.
Contact: Vincent Heufel
Liquidator
Heufel Partners
20 Kemp Street, Wallsend
New South Wales 2287, Australia
INGOT METAL: Liquidator to Explain Wind-up Report
-------------------------------------------------
A final meeting of the members and creditors of Ingot Metal 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 15, 2006.
Contact: Peter Crowe
Liquidator
A. K. Graham & Co. Chartered Accountants
PO Box 203, Subiaco
Western Australia 6904
Telephone: (08) 9388 9917
ITW POLYMERS: Placed Under Voluntary Liquidation
------------------------------------------------
On February 14, 2006, the sole member of ITW Polymers & Fluids
Pty Limited decided to wind up the Company's operations.
Subsequently, Mark Francis Xavier Mentha was appointed as
liquidator.
Contact: Francis X. Mentha
Liquidator
KordaMentha
Level 24, 333 Collins Street
Melbourne, Victoria
Australia
JAMES HARDIE: Hopes New Tax Laws to Fund Payout
-------------------------------------------------
James Hardie Industries NV hopes that new tax laws, which are
backdated to apply from July 1, 2005, could help fund its AU$1.6
billion settlement payout to asbestos sufferers.
The laws could provide Hardie millions of dollars in tax breaks
on the payout agreed to in December.
Unveiled by Assistant Treasurer Peter Dutton, the revisions
allow businesses to claim tax deductions for a range of costs
previously considered to be "black hole expenditures."
In 2005, the Australian Taxation Office knocked back a claim by
Hardie for AUD500 million in tax deductions.
Under a deal signed in December, Hardie agreed to pay up to 35%
of its yearly profits into a fund to compensate people harmed by
asbestos products. The deal was conditional on the firm
obtaining the tax deductions.
Treasurer Peter Costello declined to pass special laws, despite
pressure from the NSW Government and unions to give the global
building company tax breaks.
It is understood Hardie will apply again for a private ruling
based on the new laws if a review of the bill suggests a
reasonable chance of success.
After a 2001 restructure Hardie no longer owned its former
asbestos-making subsidiary, an independent foundation liable for
compensation payments to former employees suffering from
asbestos-related diseases.
"The Treasurer pointed us towards it in his statements last year
and now it's something for us to look at," a James Hardie
spokesman said.
"We are currently reviewing the Government's proposed
legislation for the treatment of black hole expenditures. It
would be inappropriate to comment on its implications at this
time."
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America. The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may
diseases caused by exposure to the asbestos-related products
produced by James Hardie. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was then accused of topping up
the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia. Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century. In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades. When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.
JAMES HARDIE: Hopes for Payout After Profit Surge
-------------------------------------------------
James Hardie Industries NV is positive that its compensation
deal for asbestos victims will still push through, after
reporting a surge in third quarter profits.
The Company continues talks with the Australian Taxation Office
over a compensation deal it signed with asbestos victims, unions
and the New South Wales Government in December 2005.
The deal hit a snag when the ATO ruled out tax deductibility for
the payouts that the Company plans to make over the next four
decades. The Company also wants a tax exemption for the special
purpose fund that will handle the claims.
Hardie Chief Executive Officer Louis Gries said that the Company
was hopeful it would succeed and be able to put its compensation
deal to its shareholders for approval.
James Hardie's asbestos victims are currently being paid out of
a fund that has enough money to last until the end of 2006.
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America. The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may
diseases caused by exposure to the asbestos-related products
produced by James Hardie. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was then accused of topping up
the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia. Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century. In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades. When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.
JAMES HARDIE: May Face 22 New Lawsuits
--------------------------------------
Twenty-two former and current residents of Baryulgil, a New
South Wales community, are now diagnosed with possible asbestos-
related illness, The Class Action Reporter said on February 17,
2006.
A James Hardie Industries NV mine operated at the small, mainly
aboriginal, town between the 1950s and 1979.
Ray Jones from the Grafton Aboriginal Medical Service says the
residents have been seeking compensation but are getting
frustrated with their progress.
Dr. Jones said, "They've been going down that road for the last
30 years and they've never got a cent out of it, so they
probably think that it's a lost cause. But I think they are
probably getting closer to some sort of financial settlement out
of the company and I think they're being pushed into a situation
where they might be more prone to give them some sort of
compensation."
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America. The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may
diseases caused by exposure to the asbestos-related products
produced by James Hardie. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was then accused of topping up
the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia. Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century. In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades. When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.
MAITLAND REALTY: Appoints Receivers and Managers
------------------------------------------------
Russell John Carleton Holmes and Richard Brian Burge were
appointed joint and several liquidators of Maitland Realty
Limited to facilitate the liquidation of the Company's assets,
which commenced on March 6, 2006.
Creditors are given until March 24, 2006, to prove their debt or
claims and to establish any priority their claims may have.
Contact: Russell Holmes
Liquidator
P.O. Box 30-568, Lower Hutt
New Zealand
Telephone (04) 569 9069
MALFUNCO1 PTY: Members Resolve to Wind Up Firm
----------------------------------------------
Members of Malfunco1 Pty Limited held a general meeting on
Feb. 10, 2006, and agreed to:
-- voluntarily wind up the Company's business operations; and
-- appoint Andrew Fielding as liquidator for the wind-up.
Contact: Andrew Fielding
Liquidator
PPB Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road
Toowong, Queensland 4066
Australia
MB ASSOCIATES: Receiving Proofs of Debt Until Next Month
--------------------------------------------------------
The High Court of Auckland has named John Trevor Whittfield and
Boris van Delden as joint and several liquidators of MB
Associates Limited on March 2, 2006.
The Liquidators have fixed April 10, 2006, as the last day by
which the Company's creditors may prove their debt or claims.
Contact: Boris Van Delden
Liquidator
McDonald Vague, P.O. Box 6092
Wellesley Street Post Office
Auckland, New Zealand
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Web site: http://www.mvp.co.nz/
MICHEVA PTY: Inability to Pay Debt Leads to Wind-up
---------------------------------------------------
After a meeting of the members of Micheva Pty Limited on
February 11, 2006, it was agreed that the Company wind up its
business voluntarily due to its inability to pay its debts.
John Lachlan Charles McInnes was then appointed as the Company's
liquidator.
Contact: John L. C. McInnes
Liquidator
McInnes, Graham & Gibbs Chartered Accountants
Level 1, 2 Wellington Parade
East Melbourne, Victoria 3002
Australia
Telephone: (03) 9419 5133
NATIONAL AUSTRALIA: Launches New Insurance Package for Customers
----------------------------------------------------------------
National Australia Bank has launched a new combined mortgage and
insurance package in an attempt to lock more customers into its
retail arm and to combat the "under-insurance crisis" in
Australia, The Sydney Morning Herald reports.
NAB says that its new protected loan packages will enable
customers to bundle different types of insurance with their
mortgage repayments in a "one-stop-shop" model.
The product, which is focused on protecting customers' assets
and their repayments on their debt, incorporates the bank's
National LoanCover. LoanCover covers loan repayments in the
event of disability, illness, or involuntary unemployment and
home contents insurance. One package will guarantee up to
AU$5,000 a month to help clients meet mortgage repayments if
they become disabled, involuntarily unemployed or critically
ill. Premiums will shrink as the mortgage is paid off.
NAB's retail banking general manager, Andrew Thorburn, said that
consumers, overwhelmed by choice and time-poor, would be
attracted to the simplicity and convenience factor of the
product.
The new package is part of NAB's three-year turnaround strategy.
It marks the first time that the bank has directly packaged the
insurance services of its wealth management arm MLC, acquired
from Lend Lease six years ago, for its customers.
Headquartered at Melbourne, in Victoria, Australia, National
Australia Bank Ltd. -- http://www.national.com.au/-- offers a
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth
management, transactional solutions, custody services asset
finance and leasing financial planning. The bank's Australian
Division is focused on delivering financial solutions to help
customers achieve their financial goals. National Australia
Bank is undertaking a three-year revival program after its 2004
foreign exchange trading scandal and several profit downgrades
in 2005 that hammered its share price. The Bank is working to
recover from a tumultuous two years marked by a boardroom
upheaval and disintegration, executive departures and huge job
cuts. As of February 2006, NAB said that it was moving ahead
and that its crises were over. NAB further stated that planning
for its post-recovery phase was under way.
OPERATIONAL RESTRUCTURE: Proofs of Debt Due on March 24
-------------------------------------------------------
On March 6, 2006, shareholders of Operational Restructure
Limited appointed John Howard Ross Fisk and Richard Dale Agnew
as joint and several liquidators to facilitate the Company's
winding up.
Creditors are hereby requested to file their proofs of debt or
claim on or before March 24, 2006.
Contact: John Howard Ross Fisk
Liquidator
PricewaterhouseCoopers
P.O. Box 243, Wellington
New Zealand
Telephone: (04) 462 7486
Facsimile: (04) 462 7492
PAI BUSINESS: Appoints Official Liquidator
------------------------------------------
At a meeting of the members and creditors of PAI Business
Management Pty Limited on February 16, 2006, Jamieson Louttit
was appointed as liquidator to facilitate the Company's wind-up.
Contact: Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9231 0505
Fax: (02) 9231 0303
PLAYHOUSE LIMITED: Tasman Liquor Files Liquidation Petition
-----------------------------------------------------------
The High Court of Auckland received on February 8, 2006, a
petition by Tasman Liquor Company to wind up the operations of
The Playhouse Limited.
The High Court will hear the Petition on April 20, 2006, at
10:45 a.m.
Any person planning to appear on the hearing of the application
must file an appearance not later than April 18, 2006.
Contact: Kevin Patrick Mcdonald
Solicitor for the Plaintiff
Eleventh Floor, Global House,
19-21 Como Street
P.O. Box 331-065 or D.X. B.P. 66-086
Takapuna, Auckland
New Zealand
Telephone: (09) 486 6827
Facsimile: (09) 486 5082
PRIMELIFE CORPORATION: Spending Causes 69% Drop in Net Profit
-------------------------------------------------------------
Primelife Corporation posted a 69% drop in net profit for the
half year ending December 31, 2005, The Age reports.
The Company's net profit fell to AU$611,000 from an almost AU$2
million for the same period in 2004. The Company said that this
was due to increased development spending on 95 new units, which
translated to AU$36.7 million during the period.
The Company expects a surge in reservations for places in its
retirement villages will see increased cashflow in the second
half. Primelife Chief Executive Officer Jim Hazel is hopeful
that the Company would pay off since 36% of these new units are
currently reserved.
Mr. Hazel said that there had been a 48% increase in
reservations for places in Primelife's retirement homes during
the first half and these would boost the company's cashflows as
they were converted into settlements in the second half, The Age
adds.
About Primelife
Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care
orlow care hostels and high care nursing homes, and in-home
Care.
Primelife almost skidded into insolvency when on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking,
amongst other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes. ASIC also applied for the schemes to be wound up.
ASIC alleged that the schemes are not registered, as required
under the Corporations Act. ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.
The unregistered schemes were completely wound up in October
2005. The Company had currently resolved most of the legal
issues and was turning the corner after a tough couple of years.
R.H. CREIGHTON: To Pay Dividend to Creditors
--------------------------------------------
R.H. Creighton Holdings Pty Limited will declare its first and
final dividend on March 16, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend distribution.
Contact: J. L. Harwood
Liquidator
c/o Harwoods Mudge Coleman
1st Floor, 19-21 Watt Street
Gosford, New South Wales 2250
Australia
Telephone: (02) 4324 3288
SEDGTRANS PTY: Decides to Shut Down Business
--------------------------------------------
The members of Sedgtrans Pty Limited convened on February 15,
2006, and agreed to wind up the Company's operations
voluntarily.
Richard James Porter and David Ian Mansfield were appointed as
liquidators for the wind-up.
Contact: David I. Mansfield
Richard J. Porter
Joint Liquidators
c/o Moore Stephens Chartered Accountants
460 Church Street, Parramatta
New South Wales 2150, Australia
SOUTH EAST AUSTRALIA: Liquidator to Present Wind-up Report
----------------------------------------------------------
The final meeting of the members of South East Australia Tackle
& Outdoors Pty Limited is scheduled today, March 15, 2006, to
receive liquidator Shawn Robert Hennig's final account showing
how the wind-up was conducted and how the Company's property was
disposed of.
SYDNEY CITY: Enters Liquidation Proceedings
-------------------------------------------
At a meeting of Sydney City Enterprises Pty Limited on February
15, 2006, members agreed to commence wind-up operations for the
Company.
As a result, Stephen Gower Baker was appointed as liquidator.
Contact: Stephen G. Baker
Liquidator
Stephen Baker & Co. Chartered Accountants
Suite 2, 98 Woolwich Road
Woolwich, New South Wales 2110
Australia
Telephone: 9817 6427
Fax: 9879 0964
TEAC AUSTRALIA: Former Director Agrees to Stay for Probe
--------------------------------------------------------
Gavin William Muir, a former director of TEAC Australia Pty Ltd,
has provided undertakings to the Federal Court of Australia not
to leave Australia before September 1, 2006. Mr. Muir's
passports will be held by the Court during that period.
ASIC is conducting an investigation relating to TEAC Australia.
Mr. Muir agreed to provide these undertakings during discussions
that took place before ASIC's proceeding was issued.
ASIC does not otherwise intend to comment upon these
undertakings or its investigation.
TEAC Australia Pty Ltd -- now called ACN 005 408 462 Pty Ltd --
was placed into administration on March 13, 2005, and entered a
Deed of Company Arrangement on September 19, 2005.
TELSTRA CORPORATION: Emergency Dbase System Errors Uncovered
------------------------------------------------------------
An internal check on Telstra Corporation's fixed-line databases
revealed that the telco incorrectly recorded up to 500,000 user
details in its triple-0 emergency database.
The record errors, which include wrong postcodes and phone
number prefixes, reveals a marred system that needs a major
repair.
According to the Australian Associated Press, the errors have
raised fears among Australians that Telstra's emergency services
could result in a "critical" situation if ambulances, fire
services and police are directed to the wrong locations.
The findings are contained in an internal Telstra report, a copy
of which has been obtained by The Australian.
The findings document says that 28% of Telstra's customer
contact details for service orders on its copper network are
deemed "unusable," with 25% of changed appointment orders
containing "junk data." Also, more than 2,000 supposedly
"silent" numbers are not marked as silent on the public
database.
In addition, the report lists the duplication of records,
obsolete product codes, a shortage of internal expertise and a
lack of quality control as key problems with Telstra's database.
The report, titled Data Quality at Telstra, was ordered by
Telstra operations chief Greg Winn. It reveals that the errors
are more than a data management issue and could, therefore,
leave the telecommunications company open to legal action.
The Australian says that Mr. Winn forwarded the report to
Telstra Chief Executive Officer Sol Trujillo and 15 of the
Company's senior officers, including retail chief David Moffatt,
who spent three years in charge of Telstra's IT systems when he
was chief financial officer in the early 1990s.
The Australian cites Telstra spokesman Warwick Ponder as saying
that the Company is "extremely concerned by this situation, and
is spending AU$1 billion on an IT transformation program, which
includes the simplification and improvement of its data
collection systems."
Mr. Winn is planning to reduce the company's more than 1,200
systems by 80% to ensure that the current rate of errors is
minimized.
The Australian notes that the findings of the data quality
report are the latest blow to the Telstra's IT Transformation
project outlined by Mr. Trujillo last November. The company
recently admitted to "gaps" in the software for its new AU$500
million billing and customer care platform.
Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. In September 2005, Telstra suffered an
earnings downgrade and share price fall. The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing. Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company. The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade. This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior. In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.
TELSTRA CORPORATION: Opens Longreach Office
-------------------------------------------
Telstra Corporation has opened an office at Longreach,
Queensland, initially for a six-month trial, IT Wire reports,
stating that it will improve the level of service for customers
across Central Western Queensland.
The trial period will beign in April 2006. By the end of the
trial, a decision will be made to establish the office on a more
permanent basis.
The office, to be headed by 22-year old former Telstra trainee
Lawrence Blake, will progressively become responsible for
managing residential and business customers in the Jericho,
Barcaldine, Aramac, Ilfracombe, Longreach and Winton Shires of
Central Western Queensland. In addition, Barcoo, Isisford and
Blackall Shire residents will also benefit from the proximity of
the Longreach office.
Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. In September 2005, Telstra suffered an
earnings downgrade and share price fall. The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing. Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company. The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade. This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior. In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.
TENTH DOT: Faces Liquidation Proceedings
----------------------------------------
The High Court of Christchurch received on January 31, 2006, an
application to put Tenth Dot Management Limited into
liquidation.
The application will be heard before the High Court on
March 27, 2006, at 10:00 a.m.
Any person, other than the defendant company planning to appear
on the hearing of the application, must file an appearance not
later than March 23, 2006.
Contact: Julia Dykema
Solicitor for the Plaintiff
Inland Revenue Department
Technical and Legal Support Group
South Island Service Centre
Ground Floor Reception
518 Colombo Street
P.O. Box 1782, Christchurch
New Zealand
Telephone: (03) 363 1809
Facsimile: (03) 363 1889
UNIFIED HOLDINGS: Members Opt to Wind Up Business
-------------------------------------------------
Members of Unified Holdings Pty Limited held a meeting on
February 16, 2006, and agreed on the Company's need to liquidate
its assets.
They then named Nicholas Crouch to oversee the Company's wind-up
activities.
Contact: Nicholas Crouch
Liquidator
Crouch Insolvency Chartered Accountants
Level 28, 31 Market Street
Sydney, New South Wales 2000
Australia
UNLIMITED LIMITED: Picks Meltzer Mason Heath as Liquidators
-----------------------------------------------------------
The shareholders of Unlimited Limited hired Karen Betty Mason
and Jeffrey Philip Meltzer to liquidate the Company's assets.
The Company's creditors are given until April 6, 2006, to prove
their debt or claims or establish any priority their claims may
have.
Contact: K. B. Mason
Liquidator
Meltzer Mason Heath
Chartered Accountants
P.O. Box 6302, Wellesley Street
Auckland
New Zealand
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
VINEYARD CARE: Court to Hear Liquidation Petition on April 5
------------------------------------------------------------
A petition to liquidate Vineyard Care Contractors Marlborough
Limited into liquidation was filed with the High Court of
Blenheim on December 21, 2005, by the Commissioner of Inland
Revenue.
The High Court will hear the petition on April 5, 2006.
Any person wishing to appear on the hearing must file an
appearance not later than April 3, 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
VOLANTE GROUP: Posts AU$3.5 Million Drop in Half-year Profit
------------------------------------------------------------
Volante Group Limited posted a profit after tax of AU$2 million
for the six months to December 31, 2005, as compared with the
AU$5.5 million in the same period in 2004.
The Company also disclosed that earnings before interest, tax,
depreciation and amortization for the December 2005 Half-year
were AU$12.6 million -- a decrease of over AU$4 million from the
2004 figure of AU$17 million.
Operating cash outflow for the period was AU$1 million, compared
with an outflow of AU$2.6 million for the previous corresponding
period. Net debt at December 31, 2005, was AU$13.2 million,
compared with AU$14.4 million at December 31, 2004. The debt to
equity ratio was 10.9%.
Volante says that these results, which are after one-off
restructuring and tendering costs of AU$2.9 million, are in line
with the Company's guidance in November 2005.
Ian Penman, Volante's group managing director, says that while
within previous guidance, the results reflect the significant
challenges in taking tough actions to realign the Company, and
position it for future growth. Mr. Penman notes that the first
half was negatively impacted by one-off restructuring costs of
AU$1.9 million, tendering costs of AU$1 million, lower-than
anticipated revenue from product sales and a higher than
acceptable cost structure.
On a positive note, Volante says that it has now made
substantial progress with strengthening its operations, reducing
costs and growing its services business, which together, are
expected to positively impact its ability to deliver
significantly improved results for the second half of FY06 and
FY07.
The directors have declared an interim dividend of 2.0 cents
fully franked, payable on April 7, 2006, to shareholders on the
register at March 24, 2006.
Volante says that Commander Corporation Pty Limited's takeover
offer permits shareholders to retain any dividend that is paid
prior to the final date of Commander's payment for Volante
shares. Shareholders, accordingly, will receive the 2-cent
interim dividend whether or not they accept Commander's offer.
The special dividend that forms part of Commander's offer
consideration will be 8 cents per share as a result of the 2-
cent interim dividend. Commander has declared the increased
offer price as final and the closing date for the offer is
March 31, 2006.
Headquartered in New South Wales, Australia, Volante Group
Limited -- http://www.volante.com.au/-- is today one of the
largest ICT infrastructure services companies in Australia. Its
businesses offer a range of services such as hardware
procurement and software asset management, infrastructure
solutions, software solutions, strategic consulting and managed
services. Volante employs over 900 staff. The Company, before
the Commander takeover bid, was restructuring its operations.
Volante issued an earnings downgrade in November 2005 when its
first-half net profit was expected to drop by as much as 39%
between AU$2 million and AU$2.5 million. Commander had pounced
on Volante at a difficult time for the Company as it underwent a
transition from selling hardware towards a focus on IT services.
WATERSIDE HOLDINGS: Prepares to Liquidate Assets
------------------------------------------------
Tasman Liquor Company Limited has filed with the High Court of
Auckland an application to liquidate Waterside Holdings Limited.
The application will be heard before the High Court on
May 18, 2006, at 10:00 a.m.
Any person, other than the defendant company, who wishes to
appear on the hearing of the petition, must file an appearance
not later than May 16, 2006.
Contact: Kevin Patrick McDonald
Solicitor for the Plaintiff
Eleventh Floor, Global House
19-21 Como Street
P.O. Box 331-065 or D.X. B.P. 66-086
Takapuna, Auckland
New Zealand
Telephone: (09) 486 6827
Facsimile: (09) 486 5082
================================
C H I N A & H O N G K O N G
================================
AGRICULTURAL BANK: Launches Misys Summit FT System
--------------------------------------------------
Misys Banking Systems and Agricultural Bank of China has gone
live with Misys Summit FT to enable trading and risk management
of treasury market derivatives and structured products.
The system is being used by 25 of the Bank's staff in Beijing,
and will operate out of locations in Hong Kong and Singapore in
the near future.
Misys Banking stated in a press release that the formation of
joint stock owned banks and the move towards global listing of
the top four state-owned banks in China, including Agricultural
Bank of China, has resulted in these banks needing to update and
modernize their operating infrastructure.
Agricultural Bank of China currently trades many structured
products - snowballs, snow blades and TARNS - some are back-to-
back trades with global banks. The Bank was awarded a
derivatives business license by the regulatory authority. To
manage the growing derivatives business in China, the Bank needs
an industrial strength trading and risk management system, with
superior pricing and straight-through trade processing
capabilities in complex structured products.
In addition to the complex instruments, Misys Summit FT also
handles all trading and risk management of treasury and capital
market instruments in foreign exchange, money market and bonds.
For risk management, Summit aggregates market and credit risk
exposure across business lines, portfolios and products, and
provides sophisticated Value-at-Risk measures for users.
Mr. Peng Xiangdong, Deputy General Manager, International
Department Agricultural Bank of China, says, "We chose Misys
Summit FT over other trading systems because of its innovative
approach to handling structured trades and its ability to offer
a functionally rich solution for cross-asset trading. Before
making our decision we undertook a three-month due diligence and
proof of concept. We were particularly impressed with the
Summit MUST module and its unique approach to building and
processing structured trades. We are confident that this
solution will meet our present and future needs, enabling us to
trade more efficiently and strengthen risk control."
The implementation of Misys Summit FT will dramatically improve
the Bank's trading environment and help it manage positions and
exposures better as volume and complexity increases," comments
Alan Railton, General Manager, Treasury & Capital Markets, Misys
Banking Systems.
"In addition to meeting the bank's complex trading needs, part
of the project has involved replacing an existing FX and MM
treasury system and integrating with its legacy back office
application. We have a growing team of expert consultants in
the capital markets area in Asia and have recently grown our
team in Beijing in response to the growth in new client
signings. ABC signed with us earlier this calendar year and has
gone live on time and to budget."
Misys Banking Systems supplies over 1,200 customers in over 120
countries, among them 49 of the world's top 50 banks, with
software and solutions for retail banking, wholesale banking,
treasury and capital markets and risk management. Misys Banking
Systems is part of global software Company Misys plc. Misys Plc
serves the international banking and healthcare industries,
combining technological expertise with in-depth understanding of
customers' markets and operational needs. In banking Misys is a
market leader with over 1,200 customers, including 49 of the
world's top 50 banks.
Headquartered in Beijing China, Agricultural Bank of China
-- http://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.
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's decision on bailout funds.
CONSTRUCTION INDUSTRY: Enters Voluntary Liquidation
---------------------------------------------------
At a general meeting on March 1, 2006, the members of
Construction Industry Training Authority - Construction
Management Graduates Alumni Association Limited concurred that
the Company needs to voluntarily commence winding up of its
operations.
Ho Man Kit was nominated to act as liquidator to manage the
wind-up activities.
DAVENHAM ENGINEERING: Enters Compulsory Liquidation
---------------------------------------------------
On February 15, 2006, the members of Davenham Engineering
Projects Limited have agreed to wind-up the Company.
Subsequently, Stephen Briscoe and Mr. Cosimo Borrelli were
appointed to oversee the Company's wind-up activities.
Contact: Stephen Briscoe
Cosimo Borrelli
Joint Liquidators
Alvarez and Marsal
5th Floor Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Telephone: (852) 3102 2600
Fax: (852) 2598 0060
e-mail: sbriscoe@alvarezandmarsalasia.com
FAMEAST DEVELOPMENT: Set to Close Business
------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance entered a wind-up order pertaining to
Fameast Development Limited on March 1, 2006.
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
PANG FAI: Court Issues Bankruptcy Order
---------------------------------------
The High Court of Hong Kong issued a bankruptcy order for Pang
Fai Mould Tools Engineering Company on March 10, 2006.
All debts due to the estate should be paid to 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
SHANGHAI OFFSHORE: Appoints Muk & Middleton as Joint Liquidators
----------------------------------------------------------------
The members of Shanghai Offshore Oil Group (HK) Co Limited
convened at a meeting on March 10, 2006, and agreed to wind up
the Company's operations.
Jacky Chung Wing Muk and Edward Simon Middleton were appointed
as joint liquidators.
Contact: Jacky CW Muk
Edward Simon Middleton
KPMG, 8th Floor
Prince's Building
10 Chater Road
Central, Hong Kong
STAR WORLD: Bid to Block Liquidator's Appointment Due March 24
--------------------------------------------------------------
The creditors or contributories of Star World International
Limited who want to dismiss an order appointing Stephen Briscoe
as liquidator of the Company may file an application on or
before March 24, 2006.
Contact: Stephen Briscoe
Liquidator
Alvarez and Marsal
5th Floor Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Telephone: (852) 3102 2600
Fax: (852) 2598 0060
e-mail: sbriscoe@alvarezandmarsalasia.com
SUN SANG: Court Enters Wind-Up Order
------------------------------------
Sun Sang Manufacturing (International) Company Limited has
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 released an order
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
UNBEATABLES FILE: Liquidator Issues Debt Claim Notice
-----------------------------------------------------
Unbeatables File Station intends to pay dues to all creditors
who have already filed their claims with Liquidator Edward
Thomas O'Connell.
Any person who has not filed their claims by March 25, 2006,
will be excluded from the benefit of any distribution.
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
VIVARINI LIMITED: Receiving Proofs of Claim Until April 10
----------------------------------------------------------
Vivarini Limited will be receiving proofs of debt or claim until
April 10, 2006.
Creditors may send in their particulars to Rainier Hok Chung
Lam, the Company's joint liquidators at the 22nd Floor, Prince's
Building, in Central Hong Kong.
Creditors who fail to comply with such requirements will be
excluded from the benefit of any distribution.
WERNER CLADDING: Appoint Joint Liquidators
------------------------------------------
Stephen Briscoe and Nicholas Timothy Cornforth Hill, of Alvarez
& Marsal Asia Limited, were appointed as joint and several
liquidators of Werner Cladding Systems (Asia) Limited on March
1, 2006.
Contact: Stephen Briscoe
Nicholas Timothy Cornforth Hill
5/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
WO HING: Official Liquidators Named
-----------------------------------
Wo Hing Engineering Limited has appointed Stephen Briscoe and
Cosimo Borreli as the Company's joint liquidators.
Any person who wants to oppose the said appointment may file an
application to the High Court of Hong Kong on or before March
24, 2006.
Contact: Stephen Briscoe
Cosimo Borreli
Joint Liquidators
Alvarez and Marsal
5th Floor Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Telephone: (852) 3102 2600
Fax: (852) 2598 0060
e-mail: sbriscoe@alvarezandmarsalasia.com
ZHONG QUAN: Agrees to Wind-Up Business
--------------------------------------
At a meeting of Zhong Quan Cheuk Kei Engineering Company Limited
held on February 16, 2006, the members agreed to wind up the
Company's business voluntarily, and appointed Stephen Briscoe
and Mr. Cosimo Borrelli to act as joint liquidators.
Contact: Stephen Briscoe
Cosimo Borrelli
Joint Liquidators
Alvarez and Marsal
5th Floor Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Telephone: (852) 3102 2600
Fax: (852) 2598 0060
e-mail: sbriscoe@alvarezandmarsalasia.com
* China to Shut Down 2,116 Bankrupt Firms in Three Years
--------------------------------------------------------
China is likely to close down 2,116 bankrupt state-owned
enterprises with debts totaling US$28 billion (CNY227 billion)
in three years, The China Securities Journal relates, citing a
policy plan detailed by the State Council.
About 3.51 million people will likely be laid off in the
resulting tide of closures.
The scheme is part of the government's transition from a planned
economy dominated by State-owned enterprises to a market-
oriented one where companies must meet their own financial
obligations.
According to the report, China has gradually encouraged
companies to be accountable for their own finances in the
current market-oriented system, but is also wary of the social
instability that could result when factories close or cut their
workforce.
=========
I N D I A
=========
BHARAT PETROLEUM: Petroleum Minister Sends Out Distress Call
------------------------------------------------------------
Newly installed Petroleum minister Murli Deora has warned Prime
Minister Manmohan Singh that state oil companies Bharat
Petroleum, Hindustan Petroleum and IBP Limited could collapse if
they are not bailed out soon, The Economic Times reports.
Mr. Deora asks the Government to offer a revival package to the
oil firms, which could run into catastrophic losses in the next
few years. The package, according to Mr. Deora, should include
a bigger subsidy for liquefied petroleum gas and kerosene to
allow the firms to recover losses for selling fuel at lower-
than-market prices.
The Petroleum Ministry has demanded an eight-fold increase in
oil subsidy, from about INR3,000 crore to about INR24,000 crore
on the lines of food and fertilizer subsidies.
As reported by Troubled Company Reporter - Asia Pacific on
February 27, 2006, the Government has approved the issue of
INR11,500-crore worth of oil bonds, to compensate loss-making
state oil firms for selling petroleum products at subsidized
prices while the subsidy has remained static at INR2,900 crore.
Indian Oil Corporation is set to receive INR6,000 crore, while
the remaining INR5,500 crore will be equally divided between
Hindustan Petroleum and Bharat Petroleum, the report stated.
Bharat said that it will trade the bonds in the market
immediately after their receipt and would use the proceeds to
partly pay off its INR5,800-crore debt and in meeting working
capital requirements.
About Bharat Petroleum
Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene. During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities. There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country. The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.
Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates. On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd. In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss. By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005. Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel. On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.
HINDUSTAN PETROLEUM: Inks Cooperation Deal with Sinopec
-------------------------------------------------------
State-run Hindustan Petroleum Corp Ltd has signed a preliminary
agreement with China's state-run Sinopec Corporation for
projects in India and China.
The two will cooperate in international trade, exploration and
production, refinery and petrochemicals and consultancy
services, Hindustan Petroleum told the Mumbai stock exchange.
Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations. The operations of
Caltex were merged in 1976. With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market. However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices. The Company is counting on a Government
bailout to save it from bankruptcy.
INDIA CEMENTS: Board Approves Issuance of Securities
----------------------------------------------------
At a meeting on March 13, 2006, the Board of Directors of India
Cements Ltd has considered and approved:
-- the issuance in the form of Foreign Currency Convertible
Bonds and other securities for an amount not exceeding
US$75 million including premium;
-- the increase in the Authorized Share Capital from INR3250
million to INR3350 million; and
-- the increase the holding limit under Portfolio, Investment
Scheme of all Foreign Institutional Investors/sub
accounts of Foreign Institutional Investors put together
from the present 24% to 40% of paid up equity capital.
The Board also recorded the nomination received from Industrial
Development Bank of India Ltd appointing Arun Datta on the Board
in the place of B Ravindranath.
An Extraordinary General Meeting will be held on April 13, 2006.
Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets
cement under the brand name Coromandel cement. The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949. Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh. In 2002,
the Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003. Faced with the
huge challenges, the company addressed its problems proactively.
It reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity. All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.
NATIONAL TEXTILE: To Pay Dues from Land Sale Proceeds
-----------------------------------------------------
National Textile Corporation is looking to raise money from a
planned land sale so it could pay its bond interests, settle
dues under its Voluntary Retirement Scheme and revive idle
mills, Profit.com says.
The Company needed to raise nearly INR1,250 crore under a
revival scheme approved by the Board for Industrial and
Financial Reconstruction in 2002.
Moreover, the Company has earlier unveiled plans to revive and
sell some of the mill lands it owns, after the Supreme Court
gave the green light for the development of 600 acres of mill
lands across Mumbai.
National Textile had a total of INR255-crore acres of mill land
under it. Out of this, about 48 acres have already been sold to
commercial developers for a total of INR2,000 crore. The
Company is eligible to sell another 90 acres for commercial
development.
As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, National Textile, which has more than a dozen
mills with surplus real estate in Mumbai, hopes to raise more
than US$1 billion from land sales.
Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India. The strength of the group is around
22000 employees. The annual turnover of the Company in the year
2004-05 was approximately INR638 crores. In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills. National
Textile is in the process of a major restructuring. A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.
SPICE COMMUNICATIONS: Telekom M.B. Offers Debt Restructuring Aid
----------------------------------------------------------------
Telekom Malaysia Berhad has acquired a 49% stake in Spice
Communications Private Limited, Indiantelevision.Com reports.
The US$178.85 million acquisition was made through the purchase
of the stake held by Deutsche Bank AG and Ashmore Investment
Management Limited consortium (DBA).
Times News Network relates that Telekom Malaysia Chief Executive
Dato' Abdul Wahid Omar said that the company would help Spice in
restructuring a US$215 million existing debt.
Mr. Omar said that Telekom Malaysia does not plan to take its
stake beyond 49%.
About Spice Communications
Spice Communications Private Limited --
http://www.spiceindia.com/-- is presently operating Cellular
Phone Services in the states of Punjab and Karnataka.
Considered as one of the best service providers of mobile
telephony in India, Spice Telecom is a flagship company of MCorp
Global -- http://www.mcorpglobal.com/-- a pioneer in
introducing cellular mobile telephone services for the first
time in India and has interests in the fields of Information,
Communication and Entertainment
Launched over nine years ago under the brand name of "Spice
Telecom," the Company's cellular services have already built up
a strong customer base of over 1.5 million in two of India's
most challenging and lucrative markets - Punjab and Karnataka.
Spice Telecom is currently restructuring US$215 million in debt.
=================
I N D O N E S I A
=================
BANK MANDIRI: Central Bank Monitors Operations
----------------------------------------------
In a filing with the Jakarta Stock Exchange, PT Bank Mandiri
admitted that it has been under "intense supervision" by the
Indonesian Central Bank since July 2005.
Bloomberg New cites Bank Mandiri as saying that the situation
arose because its net non-performing ratio is higher than the
central bank's 5% cap.
Mandiri spokesman Ekoputro Adijayanto said that the information
had not been disclosed to the public because Central Bank's
letter was confidential.
Headquartered in Jakarta, Indonesia, Bank Mandiri --
http://www.bankmandiri.co.id/-- Indonesia's largest and best
capitalized bank in terms of assets, loans and deposits,
provides comprehensive financial services to more than six
million corporate and individual consumers, as well as small and
medium-sized enterprises in Indonesia. Its total assets as of
March 31, 2002, were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements. Pefindo has assigned in
March 2006, a corporate rating of "idA+" to PT Bank Mandiri
(Persero) Tbk. The rating reflects the continuing strong
supports from the government, the bank's superior position as
the largest bank in the country, and the bank's sound
capitalization. However, the bank's huge problematic loans
resulted from a combination of implementation of Bank Indonesia
regulation no. 7/2/PBI/2005 regarding changes in earnings assets
classification and assets quality deterioration of several big
loans has mitigated the rating.
GARUDA INDONESIA: Gov't Offers US$80 Mln Special Purpose Vehicle
----------------------------------------------------------------
The Indonesian Government has proposed to infuse US$250 million
for PT Garuda Indonesia's debt restructuring, or set up a
"special-purpose vehicle" in a bid to pay the airline's debts
totaling US$644 million, People's Daily reports.
Sugiharto, the state-owned enterprises minister, said that if
the second option was agreed, the special-purpose vehicle would
repay debt principal and interest of US$80 million annually
within a 10-year period. He added that the financial sources
would be from the airline's leasing revenues of US$30 million a
year and Government's fund of US$50 million a year.
This option would have a more positive impact on Garuda's
financial stability and capital, Mr. Sugiharto claimed.
The Troubled Company Reporter - Asia Pacific reported on
March 13, 2006, that the Government would seek parliamentary
approval this week for a plan to infuse US$106 million into the
ailing carrier. Under the proposal, US$50 million would go to
operations and the rest would be used to repay debt.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves another 10 domestic routes. Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system. The carrier has been hard-hit by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005. It has also
suffered from soaring global oil prices, a weakening of the
Indonesian rupiah and rising interest rates. At present, Garuda
is concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005. Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006. The carrier posted a SGD46.5 billion net loss in
January, versus a net loss of IDR56.1 billion in the same period
last year. As of the end of 2005, Garuda's debt totaled US$795
million.
INDOFOOD SUKSES: UK Court Overturns No Buy-back Ruling
------------------------------------------------------
PT Indofood Sukses Makmur Tbk can now buy back its US152 million
of dollar-denominated bonds after it won an appeal against a
United Kingdom Court ruling that had blocked the Company from
doing so, FinanceAsia.com says.
FinanceAsia stated that the U.K. Court decided on March 2, 2006,
that it will permit Jakarta-based Indofood International Finance
Limited, a wholly owned subsidiary of Indofood Sukses, to redeem
the 10.375% eurobonds at par.
Bondholders did not approve the buyback bid because Indofood's
offered price was lower than the market price.
The Company turned to British courts to approve the plan, after
the early termination of a double taxation treaty between
Indonesia and Mauritius, which would mean a two-fold increase in
withholding tax (up to 20%) for the Company's bonds due in 2007.
The U.K. Court blocked the move in a ruling issued on August 2,
2005.
The noodles maker had expected its 2005 net profit to return to
IDR600 billion if U.K. courts approve the Company's plan to buy
back Eurobonds worth IDR2.9 trillion.
PT. Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed
foods company. It's products including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, is leading domestic market shares. Indofood is
the currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively. Indofood's products are distributed mainly through
its subsidiaries, including Indomarco, independent distributors
as well as some cooperatives, that bring the company s products
to more than 150,000 retail outlets in the country. Total
employees as of December 31,1999 was 42,172.
A combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
it's range in 2005.
PERTAMINA: Petronas Still Keen on Refinery Deal
-----------------------------------------------
Malaysian state oil firm Petronas is still interested in
building a refinery in Indonesia with state oil company PT
Pertamina, Business Times relates.
An agreement has not been established, but Petronas Vice
President Datuk Anuar Ahmad said that he is hopeful the two
companies can work together in processing and building a
refinery.
Indonesia has nine oil refineries with a total processing
capacity of nearly one million barrels per day, but 30% of
Indonesia's oil products consumption is still imported.
Meanwhile, Pertamina's processing director, Suroso Atmomartoyo,
said the Company is seeking a partner to build a 150,000 barrel
per day new refinery in East Java.
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
=========
JAPAN AIRLINES: Increases Flights in Cooperation with Korean Air
----------------------------------------------------------------
Japan Airlines and Korean Air have agreed to expand an existing
code share partnership beginning March 26, 2006. As a result,
the total number of code share routes operated by the two
airlines will increase from seven routes and 104 flights per
week to nine routes and 266 flights per week (on a one-way
basis).
In addition to existing code share agreements, the carriers will
launch extra code share flights between Tokyo, Osaka (Kansai),
Nagoya and Seoul. On a one-way basis, the two airlines will
code share on an additional 84 flights per week on the Narita-
Seoul route, 56 flights per week on the Kansai-Seoul route, and
28 flights per week on the Nagoya (Chubu)-Seoul route. The
proposed code sharing agreement is pending government approval.
By strengthening their code sharing partnership, JAL, Asia's
largest airline group, and Korean Air, the biggest Korean
airline, are building an extensive network to increase customer
convenience.
On the four flights per week code share service between Komatsu
and Seoul, KAL-operated aircraft will replace JAL aircraft and,
as already announced, JAL will suspend its three flights per
week Hiroshima-Seoul service on March 24, 2006.
By the end of March 2006, JAL's Korea network, including code
share flights, will serve the cities of Seoul and Busan, linking
eight cities in Japan to Korea.
Korean Air and JAL started code share operations on August 1,
2004 on routes between Komatsu, Niigata, Sapporo and Seoul.
Nagoya-Busan code share flights started on March 27, 2005
followed by Hiroshima and Kagoshima-Seoul flights on August 2,
and Fukuoka-Seoul on October 3, 2005.
Tokyo-based Japan Airlines Corporation -- http://www.jal.com/en/
-- was created as a result of the merger of Japan Airlines and
Japan Air Systems to boost domestic coverage. JAL's
international passenger operations incurred losses in recent
years due to negative factors such as the severe acute
respiratory distress syndrome epidemic and terrorism fears. As
result of a series of incidents relating to the safety of flight
operations, the JAL Group was the subject of a business
improvement order and administrative warnings relating to
assurances on air transportation safety issued by the Ministry
of Land, Infrastructure and Transport in March 2005. In the
fiscal year 2005-2007, the Company's Medium-Term Business Plan
stated that in order to implement the reform of the corporate
structure and the cost structure swiftly, the holding Company
and operating companies are to be integrated. Specifically, in
fiscal 2005, the corporate planning and marketing functions will
be integrated and further steps to eliminate overlapping jobs
and streamline the organization will be taken with a view to
achieving substantial integration, the aim being to virtually
integrate the holding company and the operating company. In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005. For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, primarily because of a delay in the
recovery of demand on routes to China and Southeast Asia.
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, as a
result of factors such as the series of safety problems that
occurred. Demand for international cargo services also
registered a year-on-year decline overall, owing to weak demand
on routes from Japan to East Asian countries and the United
States. Rising aviation fuel prices compounded the situation
and meant that the environment in which the JAL Group operated
remained exceptionally harsh.
=========
K O R E A
=========
KOREA EXCHANGE: DBS Bank Confirms Bid
-------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 14, 2006, that 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 Bank.
DBS Bank has confirmed in a company press release that it has
submitted a bid to acquire a majority ownership stake in Korea
Exchange from Lone Star Funds.
Lone Star has been pushing to unload its 51% stake in Korea
Exchange.
DBS said that if selected as its strategic partner, it will grow
Korea Exchange's banking franchise, providing the Bank's
customers with a wider choice of preferred banking services.
DBS Bank will bring its management resources, regional network,
product development capabilities and risk management skills to
benefit all KEB stakeholders including KEB customers, employees
and shareholders.
Meanwhile, The Maeil Business Newspaper reported that Kookmin
Bank, Hana Financial Holdings Co. and DBS Group Holdings Ltd.
have offered about US$14.3 (KRW14,000) per share, or KRW4.6
trillion in total, for United States-based Lone Star Fund's 51%
stake in Korea Exchange.
Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank. It retains its strength in
trade finance and foreign exchange. In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets. It operates a branch network of 317 domestic and
28 overseas offices. During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health. However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.
KOREA EXCHANGE: Merrill Says Kookmin Has Edge Over Hana in Bid
--------------------------------------------------------------
Investment bank Merrill Lynch said in a research report that
Kookmin Bank is a more viable buyer for Korea Exchange Bank than
rival Hana Financial Group, Reuters reports.
The research report stated that Kookmin has a much easier time
funding the acquisition as it has about KRW4 trillion to spend
and can partner with a financial investor to gather the total
KRW6 trillion to KRW7 trillion it may need for the deal.
"Given KEB's current market capitalization of KRW9 trillion,
(Hana's) shortage of funds could be a major barrier to its
acquisition bid," Merrill Lynch said.
Merrill Lynch added that one of the two Korean lenders is more
likely to emerge as the winning bidder than DBS Bank, given
their qualifications and high level of interest in Korea
Exchange.
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, including Kookmin, DBS and
Hana have finished their online due diligence audits.
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
===============
APEX EQUITY: Repurchases MYR8,961 Worth of Shares
-------------------------------------------------
Apex Equity Holdings Berhad bought back 20,000 ordinary shares
for a total cash consideration of MYR8,960.76 on March 13, 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.
On March 10, 2006, the Company bought back 10,000 ordianry
shares for MYR13,312, according to a report by the Troubled
Company Reporter - Asia Pacific.
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: Faces Delisting from Bourse
------------------------------------------------
Financially distressed Avangarde Resources Berhad will be
delisted from the official list of Bursa Malaysia Securities on
March 22, 2006, due to the Company's inadequate level of
financial condition.
The delisting follows the Company's failure to issue its annual
audited accounts and annual reports for the financial years 2003
and 2004 after more than six months from the expiry of the
timeframes.
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 securities of the
companies are delisted.
The Troubled Company Reporter - Asia Pacific reported on
February 1, 2006, that the Bursa Malaysia has warned that it
will take action against Avangarde Resources, including a
possible delisting, if the Company fails to disclose its
financial statements on the deadline.
Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects. The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.
BIMB HOLDINGS: Second Quarter Sees MYR20.7-Mln Loss
---------------------------------------------------
BIMB Holdings Bhd posted net loss of MYR20.78 million in the
second quarter ended December 31, 2005, weighed down by higher
allowance of non-performing financing, partly due to additional
provision for Bank Islam's Labuan offshore branch.
The Company disclosed on March 13, 2006, that the loss was due
to higher allowance of NPFs of MYR102.24 million and higher
total operating expenses of MYR101.51 million. In the previous
corresponding quarter, it had reported a net profit of
MYR395,000.
BIMB had increased the allowance for specific bad and doubtful
financing to MYR1.07 billion as of December 31, 2005. This was
an increase of MYR94.47 million from the MYR974.84 million as of
September 30, 2005.
BIMB said its second quarter revenue was 2.27% higher at
MYR272.94 million from MYR266.87 million. Loss per share was
3.69 sen from earnings per share of 0.07 sen.
The Company warned that the provision of NPFs at the banking
group would continue to impact the group's results for the
current financial year ending June 31, 2006.
For the first half ended December 31, 2005, net loss was
MYR35.55 million versus a net profit of MYR19.21 million.
Revenue was MYR559.53 million from MYR479.80 million.
As of December 31, 2005, BIMB had made an allowance of MYR1.07
billion for specific bad and doubtful financing. This was an
increase of MYR94.47 million from the MYR974.84 million as of
September 30, 2005.
Ratio of net NPF, financing and other loans to total net
financing, advances and other loans was 18.22% compared with
12.37% as of June 30, 2005. Its risk weighted capital ratio was
10.89%.
The Company's financial statement and explanatory notes are
available for free at:
http://bankrupt.com/misc/tcrap_BIMBHoldings031406.pdf
http://bankrupt.com/misc/tcrap_BIMBHoldings031406notes.pdf
Headquartered in Kuala Lumpur, Malaysia, BIMB Holdings Berhad
-- http://www.bankislam.com.my/-- is an investment holding
company, which operates along Islamic principles. The Company
was incorporated in Malaysia on March 20, 1997, and was listed
on the Main Board of the Kuala Lumpur Stock Exchange on
September 16 in the same year. Core subsidiaries of the Group
are involved in various Islamic financial service activities
including banking, stock-broking, leasing and other related
services. The Bank has incurred substantial losses since 2000
due to huge financing costs and high provisions for loss-making
offshore units.
GEORGE TOWN: To be Delisted from Bourse on March 22
---------------------------------------------------
Starting March 22, 2006, George Town Holdings Bhd will no longer
be listed with the Bursa Malaysia Securities.
The Company will be delisted from the Bourse's official list due
to its failure to issue annual audited accounts, annual report
and quarterly reports within the timeframes stated and have not
issued the financial statements after more than six months from
the expiry of the timeframe.
The securities of the Company, which are deposited with Bursa
Malaysia Depository Sdn Bhd, will continue to remain deposited
with Bursa Depository notwithstanding the de-listing of the
securities of the Company from the Official List of Bursa
Securities. It is not mandatory for the securities of the
Company to be withdrawn from Bursa Depository.
Shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw these
securities from their Central Depository System accounts with
Bursa Depository, at anytime after the securities of the Company
are de-listed from the Official List of Bursa Securities by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.
Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores. Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food centre, financial services, hotel management and
investment holding. The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries. The Company has
been suffering losses since 1999 due to stiff competition. It
has closed over 10 outlets in the past four years. The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.
KILANG PAPAN: Bourse Commences Delisting Procedures
---------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that the securities
of Kilang Papan Seribu Daya Berhad, which is a Practice Note No.
4/2001 company, will be de-listed and removed from the Official
List of Bursa Securities on March 22, 2006.
Pursuant to Paragraph 8.14 of the Listing Requirements of Bursa
Securities and Paragraph 5.0 of PN4, the financial condition of
a listed company on a consolidated basis must warrant continued
listing on the Official List of Bursa Securities. If the
financial condition of a public listed company does not warrant
continued listing on the Official List of Bursa Securities,
Bursa Securities may delist the company.
After having considered all the facts and circumstances of the
matter, Bursa Securities has the Company does not have an
adequate level of financial condition to warrant continued
listing on the Official List of Bursa Securities.
With respect to the Company's securities, which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the
de-listing of the securities from the Official List of Bursa
Securities. It is not mandatory for the securities of a company,
which has been delisted to be withdrawn from Bursa Depository.
Alternatively, the Company's shareholders who intend to hold
their securities in the form of physical certificates, can
withdraw these securities from their Central Depository System
accounts maintained with Bursa Depository at anytime after the
securities of the above companies have been de-listed from the
Official List of Bursa Securities. This can be effected by the
shareholders submitting an application form for withdrawal in
accordance with the procedures prescribed by Bursa Depository.
Upon the delisting, Kilang Papan will continue to exist but as
an unlisted entity. The Company is still able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
companies' performance. However, the shareholders will be
holding shares, which are no longer, quoted and traded on Bursa
Securities.
Headquartered in Sabah, Malaysia, Kilang Papan Seribu Daya
Berhad engages in the manufacturing and marketing of timber and
timber related products; and trading of rubber wood products.
Its products, which include sawn timber and molded timber, are
exported to Japan, United States and Europe. The Company fell
into Special Administration on December 1999, due to its
catastrophic losses. In December 2002, the Company's debt-
restructuring scheme was approved by the Securities Commission.
MALAYSIA AIRLINES: Willing to Wait for MYR2-Bln Government Loan
---------------------------------------------------------------
Malaysia Airlines said it was not in a hurry to obtain a planned
MYR2-billion government loan, which will be used to turn its
business around, Bernama reports.
The ailing carrier said that it will not pressure the Government
to infuse the mugs-needed funds since the Company is confident
it could generate money from other means.
Earlier this month, the Government said it was evaluating the
MYR2-billion request and a decision could be expected in the
next three months.
Malaysia Airlines told Bernama that it could reap MYR1 billion
from ticket sales and operations, while another MYR1 billion
could be secured from banks and the markets.
The MYR2 billion is half of the MYR4 billion needed to get the
airline back on track.
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, the Troubled Company
Reporter - Asia Pacific reported on March 8, 2006. 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.
MALAYSIA AIRLINES: Charter Flights Seen to Boost Revenue
--------------------------------------------------------
Malaysia Airlines forecasts a 10% growth in annual revenue
resulting from an increasing demand for its charter flight
services, The Star reports.
The airline disclosed the side business contributed about
MYR120-million revenue in 2005.
Malaysia Airlines recognized a huge business potential in the
passenger air charter business and has developed a comprehensive
product catering to both scheduled and ad-hoc charter needs of
customers around the Asia Pacific region where the market is
estimated to generate MYR250 million.
The Troubled Company Reporter - Asia Pacific reported on
March 13, 2006, that Malaysia Airlines has been losing money on
many domestic routes. The airline has agreed to share its
domestic routes with low-cost carrier AirAsia, as part of the
airline's three-year revival plan.
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.
PAN MALAYSIA: Net Loss Shrinks in Q4/FY05
-----------------------------------------
Pan Malaysia Corporation Berhad reported a net loss of
MYR6,883,000 in the fourth quarter of the fiscal year ended
December 31, 2005. The result is an improvement from a net loss
of MYR1,125,718,000 for the same quarter in the preceding year.
Basic loss per share for the quarter under review in 0.96 sen,
as against the previous year's 134.29 sen.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-12-2005 31-12-2004 31-12-2005 31-12-2004
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
78,982 95,538 332,638 352,986
* Profit/(loss) before tax
-17,616 -1,123,703 -24,551 -1,116,601
* Profit/(loss) after tax and minority interest
-6,883 -1,125,718 -16,427 -1,116,573
* Net profit/(loss) for the period
-6,883 -1,125,718 -16,427 -1,116,573
* Basic earnings/(loss) per shares (sen)
-0.96 -134.29 -2.12 -140.39
* Dividend per share (sen)
0.00 0.00 0.00 1.00
* Net assets per share (MYR)
As at end of As at Preceding
Current Quarter Financial Year End
0.5958 0.6040
The Company's Quarterly Report is available for free at:
http://bankrupt.com/misc/tcrap_panmalaysia031406.pdf
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products. The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in
Malaysia, Australia and the rest of Asia-Pacific. Pan Malaysia
has suffered consecutive losses in the past. In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.
PAN MALAYSIA: Buys Back 20,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad bought back 20,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR8,286.64 on March 10, 2006.
The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.415.
After the purchase, the cumulative outstanding treasury shares
have reached 56,704,500.
The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that Pan Malaysia had recently repurchased 50,000
shares for a total cash consideration of MYR20,664.79.
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products. The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in
Malaysia, Australia and the rest of Asia-Pacific. Pan Malaysia
has suffered consecutive losses in the past. In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.
PROMTO BERHAD: Bourse Decides to Delist Securities
--------------------------------------------------
After having considered all the facts and circumstances of the
matter, Bursa Securities has decided to delist Prompto Berhad
from the Official List of Bursa Securities as the Company has
failed to issue its Annual Audited Accounts and Annual Reports
for the financial years 2002, 2003 and 2004, all the quarterly
reports for 2003 and 2004 and the quarterly report for fiscal
2005 within the given timeframes.
Accordingly, the Company's securities will be removed from the
Bourse's Official List on Wednesday, March 22, 2006.
Bursa Malaysia said the Company can continue their operations
and business after the delisting, and their shareholders
rewarded by the companies' performance.
Shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw these
securities from their Central Depository System accounts with
Bursa Depository, at anytime after the securities of the Company
are delisted from the Official List of Bursa Securities by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.
Headquartered in Kuala Lumpur, Malaysia, Promto Berhad is active
in the manufacture and sale of electrical fittings, plastic
pipes, reinforced concrete pipes, culverts, concrete poles and
other building materials. The Company has been employing
measures to revive its business and comply with listing
requirements. The Company currently awaits the approval of
relevant authorities for the implementation of its proposed
restructuring scheme and rationalization exercise.
SOUTHERN BANK: Bourse Halts Shares Trading
------------------------------------------
Trading in the securities of Southern Bank Berhad was suspended
effective March 13, 2006, pending an announcement relating to a
"significant change in business direction."
The announcement allegedly relates to merger talks between
Bumiputra-Commerce Holdings Berhad and Southern Bank Berhad,
Bernama reports.
According to the report, the Southern Bank board has accepted
Bumiputra-Commerce's revised offer price of MYR4.30 per share,
plus 5.0 sen dividend per share, at a meeting held last Southern
Bank.
Citigroup Investment Research said the merger saga may end soon,
adding that the reported offer price of MYR4.35 per Southern
Bank share was "within acceptable price range".
The Southern Bank Board had unanimously rejected the unsolicited
Asset Sale Proposal from Bumiputra-Commerce, saying the bid
fundamentally undervalues Southern Bank and is materially
inadequate from a financial and business point of view, the
Troubled Company Reporter - Asia Pacific reported on March 8,
2006.
The hostile takeover offer prices Southern Bank's shares at
MYR4.15 each, but the Bank insisted its shares are worth MYR5.53
each. Sources said that both parties could agree on a share
price of MYR4.30 to MYR4.35, TCR-AP said.
Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad
-- http://www.southernbank.com.my/-- is engaged in the
provision of commercial banking business and other related
financial services, which include Islamic banking services.
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.
The Bank is currently working out measures to prevent the sale
of its business to Bumiputra-Commerce Holdings Berhad, which has
already submitted an unsolicited Asset Sale Proposal. The Bank
believes Bumiputra-Commerce's bid fundamentally undervalues
Southern Bank and is materially inadequate from a financial and
business point of view. In October 2005, Moody's Investors
Service has placed Southern Bank Berhad's D- bank financial
strength rating on review for possible upgrade.
TELEKOM MALAYSIA: TRI's MYR11-Mln Claim Dismissed
-------------------------------------------------
An application by Telekom Malaysia's sub-subsidiary, Technology
Resources Industries Bhd, to recover MYR11.05 million paid to
its former directors Tan Sri Tajudin Ramli, Bistaman Ramli and
Datuk Lim Kheng Yew has been dismissed.
Telekom Malaysia said on March 10, 2006, that the Senior
Assistant Registrar had dismissed TRI's summary judgment
application with costs.
TRI is presently seeking legal advice on whether or not to
appeal against the Senior Assistant Registrar's decision, the
Company said.
TRI is a unit of Celcom (Malaysia) Bhd, which in turn is a unit
of Telekom Malaysia.
Celcom had on December 24, 2002, revealed that TRI had filed an
application in the High Court of Kuala Lumpur for summary
judgment. The judgment was part of TRI's claim seeking recovery
of MYR11.05 million paid to the defendants on June 4, 2002, as
alleged bonus and incentive payments.
Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management. The company is also a leading Internet
Service Provider. Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks. It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003. The company also owns stakes in
businesses in nine countries in Asia and Africa. The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm. Some of its units
are also facing the possibility of being wound up by creditors.
TELEKOM MALAYSIA: Takes 49% Stake in India's Spice
--------------------------------------------------
Telekom Malaysia Bhd has picked up a 49% stake in Spice Telecom
for US$178.8 million to enter Indian market, The Hindu reveals.
The Malaysian telecommunications giant, which bought the stake
from Deutsche Bank and Ashmore Investment Management, would help
Spice restructure its existing US$215-million debt and had no
plans to take its stake beyond 49%, the report says.
Ashmore and Deutsche Bank had picked up the strategic stakes
held by Singapore-based Distacomm, following the latter's
decision to exit the market.
Analysts say Spice, which started wireless operations in Punjab
and Karnataka in 1995, faces intense competition from larger
players that can leverage upon a national network.
Privately owned Spice operates in the northern Indian state of
Punjab and southern Karnataka state, two of the 23 regions
making up India's mobile market. It has 1.8 million users, or
2.2% of a market of roughly 85 million mobile subscribers.
Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management. The company is also a leading Internet
Service Provider. Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks. It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003. The company also owns stakes in
businesses in nine countries in Asia and Africa. The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm. Some of its units
are also facing the possibility of being wound up by creditors.
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Aims to Reopen Copper Mine in 2007
------------------------------------------------------
Atlas Consildated Mining and Development Corporation is
targeting to raise funds this year in order to be able to reopen
its copper mine in 2007, The Manila Bulletin says.
According to Atlas Chief Financial Officer Martin Buckingham,
the Company needs to raise PHP8.67 billion to reopen its copper
mine in Toledo City, Cebu, which was closed in 1994 due to a
typhoon and a drop in metal prices.
The paper relates that Atlas Consolidated plans to borrow 50% of
the amount needed to reopen the Toledo copper mine.
Atlas Consolidated is confident to reopen its copper mine by
2007 despite political instability stemming from the Philippine
Government's planned 30-day review of its mining laws to address
the Catholic Church's environmental concerns, and adds that it
supports the Government's campaign on responsible mining.
Atlas Consolidated also disclosed that it is slated to conduct
an initial public offering for Carmen Copper Corporation, but
would retain a majority stake in the unit. Once the IPO is
completed, Atlas would start draining the underground mine,
which is expected to take four to five months.
A report by the Troubled Company Reporter - Asia Pacific on
March 7, 2006, stated that Atlas Consolidated is preparing to
list the shares of its Carmen Copper unit in order to raise
funds to reopen the Toledo copper mine.
Mr. Buckingham said that reopening the copper mine would enable
Atlas to take advantage of the high global prices of copper,
which ranges from US$1.60 (PHP81.64) to US$1.80 (PHP91.85) per
pound. Carmen Copper's mine is slated to hold 873 million tons
of minerals, worth about PHP153.09 billion.
An earlier TCR-AP report also explained that Crescent Asian
Special Opportunities Portfolio investment will include the
purchase of a portion of outstanding Atlas debts for US$7
million to be convertible into Atlas common stock at par value,
and injecting US$33 million into Carmen Copper. The US$7
million proceeds, on the other hand, will be injected into Atlas
as deposits for subscriptions for equity.
About Atlas Consolidated
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. Its
subsidiary, ACMDC Ventures, Inc., is 79%-owned and is engaged in
construction and engineering works.
The Company's copper mining operations, which started commercial
operations in 1955, are centered in Toledo City, Cebu, where two
open pit mines, two underground mines and milling complexes
(concentrators) are located. The Cebu copper mine ceased
operations in 1994. Activities after the shutdown were limited
to safeguarding and maintaining the property, plant and
equipment at the minesite. The closure has brought huge losses
to the mining firm. The Masbate gold mine, meanwhile, was sold
to Base Metal Minerals Resources Corporation in 1996.
In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered. The Company continues to work on
possible capital infusion and equity investments to reduce
substantially if not wipe out its capital deficiency. Its debt
reduction program was also at an "advanced stage" and was
expected to help address the deficit issue.
MANILA ELECTRIC: Reduces Rates Due to Higher Dispatch Levels
------------------------------------------------------------
On March 14, 2006, Manila Electric Company said that it had
reduced its power generation rate by PHP0.82 per kilowatt-hour
for March due to higher dispatch levels from its Independent
Power Producers, the Philippine Star says.
Last month, Meralco bought up to 52% of its power supply from
the National Power Corporation, while it sourced the remaining
48% from IPPs. The Company bought power from Napocor at
PHP5.9463 per kilowatt-hour, while it paid PHP5.2628 per
kiolwatt-hour for electricity from IPPs. Thus, IPP-purchased
power is cheaper by PHP0.684 per kilowatt-hour. Since there is
a one-month delay in the Company's monthly rates, then its
February rates are reflected in this month's bill.
The Star reports that according to Meralco, power supply for its
three major IPPs had increased, which led to lower cost of
generation per kilowatt-hour. This would eventually lead to a
lower electric bill.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
Meralco started to incur huge losses in 2003 on lower power
sales and a slowdown in residential power consumption due to the
rising cost of power. In 2004, the Energy Regulatory Commission
ordered the power utility firm to refund some PHP90 million to
its customers for overbillings. On June 2, 2004, Meralco
adopted a 13.27-centavo power rate hike, which was approved by
the Energy Regulatory Commission, to offset its losses.
However, the rate hike was nullified by the Supreme Court in
February 2006. Standard & Poor's Ratings Services assigned a B-
rating and negative outlook on Meralco.
NATIONAL POWER: To Rehabilitate Areas Damaged by Semirara Spill
---------------------------------------------------------------
State-owned National Power Corporation has taken full
responsibility for a recent oil spill in Semirara Island,
Antique, from one of its power barges last year, and promises to
restore damaged areas, The Manila Times relates.
Napocor president Cyril C. del Callar promised to compensate the
villagers of Semirara Island for any damages caused by the oil
spill, and assures Philippine senators that the Company is
taking extra care to prevent a similar incident.
As reported by the Troubled Company Reporter - Asia Pacific, a
Napocor barge spilled 200,000 liters of bunker fuel in the
Semirara Island due to bad weather conditions on December 17,
2005, affecting 236 hectares of mangrove forests and 40 square
kilometers of marine life. The Philippine Coast Guard estimated
that the actual economic value of damages caused by the oil
spill in Semirara Island could reach Php80 million. Napocor has
hired 250 island folks to clean up the spill in four to five
months.
At present 36% of the island's mangrove swamp has been cleaned
up. According to the Philippine Coast Guard, the cleanup
process would require at least PHP90 million. So far, Napocor
has spent PHP12 million for the work in progress.
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.
* Pre-need Problem Limited to Open-ended Educational Plans
----------------------------------------------------------
The Federation of Philippine Pre-Need Companies Incorporated
said that the pre-need industry's problem was limited to open-
ended educational plans, the sales of which had already been
stopped in 2002 by the Securities and Exchange Commission, The
Manila Bulletin reports.
The Bulletin says that even if many pre-need firms have
difficulty servicing planholders who bought open-ended
educational plans, other firms have continued to meet their
obligations to planholders.
According to the Federation, the pre-need industry sells
education, pension and life plans. Most of the time, people do
not distinguish from the three, thus, they mistake the problem
of one aspect of the industry (in this case, the open-ended
education plans) to mean the entire industry as a whole.
However, Federation president Miguel Madrigal Vasquez said that
the industry's pension plans life plans and fixed-value
education plans are not in jeopardy, though they are perceived
to be problematic.
Mr. Vasquez added that open-ended education plans, which
amounted to 20% of the pre-need industry's market as of 2003,
had been decreased significantly.
To help member firms with liquidity problems due to these open-
ended plans, the Federation proposes to have an open dialogue
with its affected planholders, so as to come up with a plan-
sharing formula with a ceiling, which benefits both the firms
and the planholders.
=================
S I N G A P O R E
=================
DBS BANK: Moody's to Review 'B-' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service will continue to review DBS Bank
Limited's 'B-' bank financial strength rating for possible
upgrade, even given the bank's bid for a majority of Korea
Exchange Bank.
The bank's debt and deposit ratings are unaffected and continue
to have a stable outlook, as they already incorporate a degree
of government support. DBS Bank's deposits are rated Aa2.
Moody's rating committee is affirming the review, because the
potential increase in DBS Bank's risk profile was deemed
unlikely to move its BFSR lower than the current B- level.
The rating agency placed DBS Bank's BFSR of B- on review for
possible upgrade on February 24, 2006. As announced at the
time, in addition to DBS Bank's still strong financial
fundamentals, the review reflects what appear to be a more
gradual regional expansion and more cautious approach to
acquisitions. These assumptions will be considered in the light
of the bank's pricing and financing of its bid for KEB.
Moody's stressed that the critical drivers for the potential
upgrade continue to be:
(1) DBS's ability to maintain its strong financial
fundamentals; and
(2) a more gradual regional expansion and more disciplined
approach to acquisitions.
The rating agency noted that should the outcome of the current
KEB bid (or any other transactions which may arise in future)
prove otherwise --- such that DBS Bank's capital adequacy seems
likely to be put under repeated pressure and its risk profile
significantly increased --- DBS's bank financial strength rating
is more likely to remain at B-.
Moody's notes that Korea, where most of the bank's exposure is
at today, generally is a riskier operating environment than
Singapore and Hong Kong.
DBS Bank Limited is Singapore's largest bank with total assets
SGD180 billion (US$108 billion) on December 31, 2005.
The ratings affected are:
-- DBS Bank Limited's B- BFSR is placed on review for
possible upgrade.
The ratings not affected, all of which have a stable outlook,
are:
-- DBS Bank Limited's
-- Aa2 and Prime-1, long- and short-term deposit ratings,
respectively,
-- Aa3 subordinated debt (Upper Tier II) rating, and
-- A1 preference shares rating.
DBS Capital Funding Corp (Cayman Islands)
-- A1 preference shares
E.G. TAN: To Distribute Dividend Today
--------------------------------------
E.G. Tan & Company is set to pay final dividend today,
March 15, 2006.
Contact: E.G. Tan & Company
c/o 10 Collyer Quay #21-01
Ocean Building, Singapore 049315
EWC ASIA: Court Closes Down Business
------------------------------------
The Singapore High Court has ordered to wind-up EWC Asia Private
Limited on March 3, 2006.
Contact: Veerappan Subramanian
Liquidator
105 Cecil Street
#10-04 The Octagon
Singapore 169532
GREAT CENTRAL: Court to Hear Wind-Up Petition on March 24
---------------------------------------------------------
On March 24, 2006, at 10:00 a.m., the Singapore High Court will
hear the wind-up petition presented by Teng Jia Jie against
Great Central International Private Limited.
Creditors planning to support or oppose the making of an order
on the said petition may appear at the hearing.
Contact: Teng Jia Jie
Petitioner
104 Spottiswoode
Park Road #24-112
Singapore 080104
Foo Kwok & Lai Partnership
Petitioner's Solicitors
Blk 134, Jurong East Street 13 #04-307H
Singapore 600134
LINDETEVES-JACOBERG: Fully Subscribes and Allots Shares to ATB
--------------------------------------------------------------
At the Extraordinary General Meeting of Lindeteves-Jacoberg
Limited on February 27, 2006, the shareholders approved the
allotment of issue of the new ordinary shares in the Company's
capital to ATB Austria Antriebstechnik AG.
As a result, the Company has completed the subscription by, and
allotment and issue to ATB of an aggregate of 148,781,725
Subscription Shares. In addition, an aggregate of 59,533,511
Conversion Shares has been allotted and issued to the Scheme
Creditors pursuant to the Debt Restructuring Exercise.
Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on 11 December 1947 as part of a Dutch
international trading group. Its principal activities consist
of investment holding, provision of warehousing and rental
services and acting as specialist mechanical and electrical
contractor for environmental engineering projects. The Company
is undergoing a debt restructuring exercise by way of a Scheme
of Arrangement with its creditors.
XCHANGE TELECOM: To Wind Up Operations
--------------------------------------
Phua Cheng Shu, David, a creditor of Xchange Telecom Private
Limited, filed with the Singapore High Court a petition to wind
up the Company.
The Petition will be heard before the High Court on
March 24, 2006, at 10:00 a.m.
Creditors may appear at the hearing to support or oppose the
making of an order on the wind-up petition.
Contact: Phua Cheng Shu, David
Petitioner
9 Rhu Cross #07-07
Singapore 437436
Legalworks Law Corporation
Solicitors for the Petitioner
138, Robinson Road, #13-08/10
The Corporate Office
Singapore 068906
===============
T H A I L A N D
===============
PICNIC CORPORATION: Says B/E Claims Won't Affect Financial State
----------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific,
Picnic Corporation Public Company Limited is currently facing
claims by four asset management companies.
One of these firms had already sent a notice for claims
amounting THB63.28 million and THB6.33 million. In addition,
the Company is currently in a legal process with three asset
management companies, which claim a repayment of overdue bills
of exchange amounting to THB156.6 million, plus penalties.
The method of repaying the overdue bills of exchange is through
the issuance of new shares to existing shareholders, which the
Company will propose during its Extraordinary Shareholders
Meeting on March 21, 2006.
In case the shareholders approve the proposed capital increase,
the existing shareholders will subscribe their rights for a
total of 34% (about THB510 million).
Should the existing shareholders decide not to subscribe their
right, the Company will opt to offer the new shares to the
existing shareholders, limited number of investors and
institution investors or specific investors and convert debt to
equity.
Picnic states that it had an initial agreement with the Asset
Management Companies' executives under the condition that:
-- it will pay the principal plus accrued interest on the
remaining debt for a total of THB283.79 million.
-- Picnic will use its working capital to repay the accrued
interest, on the condition that the Asset Management
Companies will not claim repayment for Picnic's debt until
June 30, 2006.
The Company believes that the debt would not affect its
financial status.
Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
The Company became listed when it took over B Grimm Engineering
Plc, a company that had languished in the Stock Exchange of
Thailand's rehabilitation sector since the financial crisis.
At present, Picnic is undergoing business rehabilitation. Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
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