/raid1/www/Hosts/bankrupt/TCRAP_Public/060410.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 10, 2006, Vol. 9, No. 071
Headlines
A U S T R A L I A & N E W Z E A L A N D
A&A POWER CLEANING: Placed Under Voluntary Liquidation
ABBY ROOFING: Supreme Court Orders Wind-up
A.C.N. 051 344 328 PTY: Prepares to Pay Dividend
AIR NEW ZEALAND: Supports NZ Tourism Promotion
ALLSTATE INSURANCE: Former Broker Sentenced on Fraud Charges
AOKAUTERE ESTATE: Prepares to Exit NZ Register
ASKNA PTY: Decides to Close Operations
AUSTRALIAN CREATIVE: Liquidator to Present Wind-up Report
BELLE-ROSE HOMES: Court Hears Wind-up Petition Today
BRONTE INVESTMENTS: Members Opt to Wind Up Firm
CENPAC HVAC: Court to Decide on Liquidation Petition on April 13
COMMERCIAL ASSET SERVICES: Names Receivers and Managers
CROESUS MINING: Unveils Business Turnaround Plan
FAIRSON INVESTMENTS: Court Appoints Liquidator
FRAGILE FREIGHT: Creditors Resolve to Wind Up Firm
HASIX PTY: Declares Dividend Today
INNOVATIVE PEOPLE: Starts Wind-up Proceedings
J.P. AUSTRALIA: Holds Final Meeting Today
JRA CONSULTANTS: CIR Files Petition to Liquidate Firm
L DEE: Liquidator to Distribute Assets
LONEY INVESTMENTS: Members Agree to Liquidate Firm
LUCKIES LIMITED: Court to Hear Liquidation Application Today
MIRAGE TRADING: Liquidator Finalizes Wind-up Report
MM BURK: Enters Voluntary Liquidation
PEVELY HOLDINGS: Members and Creditors Set to Meet Today
RIDLEY ENTERPRISE: Members to Receive Wind-up Details
SEAMART MT ALBERT: Taps Receivers and Managers from BDO Spicers
SINCERE PROPERTIES: Names Stephen Rogers as Liquidator
STRIKEABLE PTY: Shuts Down Operations
SYDNEY GAS: To Raise AU$50 Mln via Rights Issue
TECHNOLOGY LINK: Liquidator Seeks Firm's Removal from Register
TEN PERCENT: Receiver Steps Aside
WESTPOINT GROUP: Directors' Assets Remain Frozen
C H I N A & H O N G K O N G
ACTIUM INTERNATIONAL: Final Members Meeting Set on April 27
AGEAN CONSULTANTS: Members Appoint Liquidator
AGEAN CONSULTANTS: Members Resolve to Wind Up Firm
ARTECK ELECTRONIC: Annual Meeting Set April 10
ART VISION: Files for Voluntary Liquidation
BELSON INDUSTRIES: Members' Hold Final General Meeting
BEST ASSET: Names Official Liquidator
BOE TECHNOLOGY: Xinhua Cuts Rating to B
BROWNHILL TRADING: Approves Special and Ordinary Resolutions
CENTURY JEWELRY: Members Opt for Voluntary Liquidation
CHAMPION LEADER: Members Resolve to Wind Up Firm
CHAODA MODERN: Moody's Affirms 'Ba3' Ratings
DAIRU INDUSTRIES: Members' Final Meeting Scheduled on April 28
FRANKLIN TEMPLETON: Creditors Given Until May 2 to Prove Claims
FOOK CHEONG: Members Final Meeting Set on May 2
INCO INVESTMENTS: Enters Voluntary Winding Up
GOLDWIND LIMITED: Members' Final Meeting Slated for May 2
H.K. CONSTRUCTION: Holds Final General Meeting on April 24
INCO INVESTMENTS: Members Appoint Liquidator
JAQUE ENTERPRISE: Creditors Have Until May 1 to Submit Claims
JOY LINE: Appoints Official Liquidator
KENCO DEVELOPMENT: Members Opt for Voluntary Liquidation
KENNEDY TOWN: Creditors Should Prove Claims by May 2
KOREA LEASING: Members to Meet for Final Meeting on April 26
KOWLOON COPPERHILL: Creditors Given Until May 2 to Prove Claims
MARTIN OPTICAL: Names Official Liquidators
MERCHANTS EXCHANGE: Final Meeting Slated on April 25
MOULIN BUSINESS: Appoints Official Liquidators
NATIONAL PRINTED: Members and Creditors to Meet on April 10
NATIONS-CRT HONG KONG: Members' Final Meeting Scheduled on May 2
NITTAN CAPITAL: Members Final Meeting Set on May 2
PAN-JIT INTERNATIONAL: Intends to Purchase Own Shares
PIFCO OVERSEAS: Falls Into Liquidation
POKKA BLUE SEAL: Final Members Meeting Set on April 24
PRIMETIME HOLDINGS: Appoints Official Liquidator
QUALITY DATA: Creditors and Members to Meet Separately on May 3
RINOL ASIA: Appoints Joint and Several Provisional Liquidators
SARASIN RABO: SFC Reprimands Firm for Internal Control Failings
SCHARA LIMITED: Members Final Meeting Slated for April 28
SMERALDA STAR: Liquidator to Discuss Liquidation with Members
STANDARD CHARTERED GRINDLAYS: Members Set Final Meeting on May 2
STOCKWELL ONLINE: Appoints Official Liquidator
STUDIO SVS: Liquidator to Present Wind-up Report
SUNGRAND CORPORATION: Liquidator to Present Wind-up Report
TURBOGAIN CORPORATION: Special Resolutions Passed on March 24
WINSPOWER LIMITED: Names Joint Liquidators
YAU LEE ENGINEERING: To Convene on April 25 for Final Meeting
YANCY HOLDINGS: Liquidator to Present Wind-up Report
YEE SHEUNG: Final Meeting Scheduled on April 28
I N D I A
COAL INDIA: Bharat Coking Jumps Out of the Red After 25 Years
DUNLOP INDIA: BSE Reject Relisting Attempt
INDIA CEMENTS: Mulls Price Hike for May
I N D O N E S I A
PERTAMINA: Delays Cepu Oil Drilling on Rig Scarcity
J A P A N
JAPAN AIRLINES: Inspection Failure Caused by Mechanic Error
NEC CORPORATION: In Talks to Team Up with U.S. Firm
YOSHINOYA D&C: Posts Lower Net Loss for 2005 on Improved Sales
K O R E A
HYUNDAI MOTOR: Probers Summon Chief and Son Over Slush Fund Scam
KOREA EXCHANGE: BAI to Probe Lone Star Deal
M A L A Y S I A
CHG INDUSTRIES: Securities Commission Junks Restructuring Plan
COMSA FARMS: To Complete Submission of Reports on April 18
LANKHORST BERHAD: Unit Receives Winding Up Petition
LIEN HOE: Fails to Fulfill SPA Conditions
MBF HOLDINGS: To Seek Shareholders OK on Proposals
PAN MALAYSIA: Buys Back 150,000 Shares for MYR63,819
PANTAI HOLDINGS: To List and Quote New Shares on April 12
SBBS CONSORTIUM: High Court Hears Application for Stay
SBBS CONSORTIUM: Contributory Files for Stay of Wind-up Order
SETEGAP BERHAD: Inks Definitive Agreement to Complete Scheme
TRADEWINDS CORPORATION: Units Falls Into Voluntary Liquidation
TRU-TECH HOLDINGS: Court Grants 90-day Restraining Order
P H I L I P P I N E S
LAFAYETTE MINING: Violates 12 Environmental Requirements
NATIONAL FOOD: Buys Raw Sugar for Consumption
NATIONAL FOOD: Imports More Rice for Public Consumption
NATIONAL POWER: Catanduanes Seeks to Stop Impending Rate Hike
S I N G A P O R E
A-FOSS ASIA: Proofs of Debt or Claim Due Next Month
ASIA BIO SYSTEMS: Faces Wind Up Proceedings
JIANGSHAN INVESTMENT: To Pay Dividend on April 17
FORNET INTERNATIONAL: Court Opts to Wind Up Operations
RICHFIELD INNOVATIONS: Proofs of Debt Due on April 21
UNITED FIBER: AGM Slated for April 21
T H A I L A N D
TANAYONG: Court to Decide on Rehab Amendment on April 24
THAI AIRWAYS: Acting President Guarantees Transparency
THAI HEAT: Details Changes in Capital
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
A&A POWER CLEANING: Placed Under Voluntary Liquidation
------------------------------------------------------
A&A Power Cleaning Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.
Daniel Civil was then appointed as Liquidator.
Contact: Daniel Civil
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
ABBY ROOFING: Supreme Court Orders Wind-up
------------------------------------------
On March 2, 2006, the Supreme Court of Australia ordered the
winding up of Abby Roofing Pty Limited, and appointed Steven
Nicols as liquidator.
Contact: Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
A.C.N. 051 344 328 PTY: Prepares to Pay Dividend
------------------------------------------------
A.C.N. 051 344 328 Pty Limited will declare its first and final
dividend today, April 10, 2006, to the exclusion of its
creditors who were not able to prove their claims.
Contact: Laurence A. Fitzgerald
Liquidator
Horwath BRI (Victoria) Pty Limited Chartered
Accountants
Level 30, The Rialto, 525 Collins Street
Melbourne, Victoria 3000
Australia
AIR NEW ZEALAND: Supports NZ Tourism Promotion
----------------------------------------------
National flag carrier Air New Zealand has called for setting up
of an industry body to ensure overseas airlines mark funds to
promote New Zealand tourism.
Air New Zealand chief executive Rob Fyfe has recommended that
foreign-owned airlines including Qantas Airways and Emirates
should pay for tourism promotion as part of their rights to fly
to the country.
The airline's point is whoever chooses to fly to the country,
genuinely comes to support our national interests.
"If the government is going to allow airlines to fly into this
country they (should) demand of those airlines that they support
and nurture our natural greatest resource, which is tourism. "At
the moment all they do is freeload on our (promotional) spend,"
said Mr. Fyfe.
Mr. Fyfe indicated that regulators such as the Government had
undermined the airline-tourism framework by allowing competing
airlines to operate too easily in the New Zealand market.
Citing an example from Air New Zealand's contribution and market
share it is being said that given Qantas had about 20% of that
market, it should spend AU$40 million a year on promoting New
Zealand, and other airlines should pay according to their share,
according to Mr. Fyfe. The airline spent about NZ$80 million a
year offshore trying to attract tourists to New Zealand, and had
about a 40% share of the international inbound market.
Sharing his concerns, Mr. Fyfe said, "Our government has allowed
Emirates to operate in that market in a way that we believe has
undermined rational competition in that market."
According to suff.co.nz, for Emirates that route represented
less than 1% of that airlines revenue, so was not a key
consideration for that airline.
"They can destroy the viability of 20% of our revenue base, and
that's pretty hard to be able to take. My personal view is we
demand that if airlines want to fly here, they spend a certain
amount of their promotional spend," Mr. Fyfe said.
About Air New Zealand
Headquartered in Christchurch, New Zealand, Air New Zealand
-- http://www.airnz.co.nz/-- is an international and domestic
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom. Air New Zealand also encompasses business units
providing engineering and ground handling services.
Subsidiaries extend to booking systems, travel wholesaling and
retailing services. In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes. It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.
ALLSTATE INSURANCE: Former Broker Sentenced on Fraud Charges
------------------------------------------------------------
Peter John Mason, former director of failed Allstate Insurance
Pty Limited has been convicted on 14 counts of fraud in the
District Court of Queensland in Brisbane. Mr. Mason, who
pleaded guilty, was sentenced to 18 months imprisonment to be
wholly suspended for an operational period of two years on all
charges.
The charges were a result of an investigation by the Australian
Securities and Investments Commission.
ASIC investigated Mr. Mason's conduct when he was Director of
Allstate Insurance Pty Ltd, a registered insurance broking
company. The investigation focused on the premiums paid by 11
clients of Allstate at Strathpine in 2001.
ASIC alleged that between May and October 2001 Allstate received
funds from clients by way of premium payments. While the funds
should have been forwarded to insurance underwriters it was
proven that Mr. Mason failed to do so.
Some underwriters subsequently terminated some of the insurance
policies of Mr. Mason's clients. These clients were unaware
that their policies had ceased. As a result, they were
potentially left uninsured and at risk. The insurance policies
covered motor vehicles, homes and businesses.
In January 2002, ASIC alerted approximately 740 clients of the
situation in writing. At this time, Allstate also went into
voluntary administration and subsequently, in February 2002, the
company went into liquidation.
AOKAUTERE ESTATE: Prepares to Exit NZ Register
----------------------------------------------
Aokautere Estate Limited will be removed from the New Zealand
Register on grounds that the Company has:
-- ceased to carry on business;
-- discharged in full all their liabilities to all their
known creditors; and
-- distributed surplus assets in accordance with their
constitutions and the Companies Act 1993.
Any objections to the removal must be delivered to the Registrar
of the Companies, Private Bag, Wellington by April 28, 2006.
Contact: M. R. Curd
Chartered Accountant
Palmerston North
New Zealand
ASKNA PTY: Decides to Close Operations
--------------------------------------
The members of ASKNA Pty Limited resolved on February 28, 2006,
to wind up the Company's operations.
They then named Ezio Marco Senatore and Stephen Brennan as
liquidators for the wind-up.
Contact: Stephen Brennan
Ezio M. Senatore
c/o Senatore Brennan Rashid
GPO Box 2796, Canberra
Australian Capital Territory 2601
Australia
Telephone: (02) 6214 6700
Fax: (02) 6214 6799
AUSTRALIAN CREATIVE: Liquidator to Present Wind-up Report
---------------------------------------------------------
A final meeting of Australian Creative Marketing Pty Limited
will be conducted today, April 10, 2006.
At the meeting, Liquidator Andrew L. Dunner will present his
final account regarding the Company's wind-up operations.
Contact: Andrew L. Dunner
Liquidator
Andrew Dunner & Associates Chartered Accountants
23 Erin Street, Richmond
Australia
BELLE-ROSE HOMES: Court Hears Wind-up Petition Today
----------------------------------------------------
On March 8, 2006, the High Court of Christchurch received an
application to liquidate Belle-Rose Homes (2003) Limited.
The Application will be heard before the High Court today,
April 10, 2006.
Contact: Accident Compensation Corporation
Plaintiff
Maude & Miller
Dianne s. Lester
Solicitor for the Plaintiff
Second Floor, McDonald's Building
Cobham Court
P.O. Box 50-555 or D.X. S.P. 32-505
Porirua City
New Zealand
BRONTE INVESTMENTS: Members Opt to Wind Up Firm
-----------------------------------------------
The members of Bronte Investments Pty Limited held a meeting on
March 1, 2006, and agreed to shut down the Company's operations.
Hugh Charles Thomas was named as liquidator for the wind-up
exercise.
Contact: Hugh C. Thomas
Liquidator
BKR Walker Wayland Chartered Accountants
8th Floor, 55 Hunter Street
Sydney 2000, Australia
CENPAC HVAC: Court to Decide on Liquidation Petition on April 13
----------------------------------------------------------------
An application to liquidate Cenpac HVAC Limited was lodged
before the High Court of Auckland on December 21, 2006.
The High Court will hear the Petition on April 13, 2006.
Contact: Commissioner of Inland Revenue
Plaintiff
Technical and Legal Support Group
David Weaver
Solicitor for the Plaintiff
Auckland North Service Centre,
Inland Revenue Department
5-7 Byron Avenue, Takapuna
Auckland
P.O. Box 33-150, Auckland
New Zealand
Telephone: (09) 488 8695
Facsimile: (09) 488 2548
COMMERCIAL ASSET SERVICES: Names Receivers and Managers
-------------------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all the assets and undertakings of Commercial Asset Services
Pty Limited.
Contact: Andrew J. Love
Mark M. Taylor
Receivers and Managers
Level 17, 2 Market Street
Sydney, New South Wales 2000
Australia
Peter D. McCluskey
Receiver and Manager
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
CROESUS MINING: Unveils Business Turnaround Plan
------------------------------------------------
Croesus Mining, backed by its main creditor Macquarie Bank, will
implement a short-term revival plan to return its Norseman gold
business to profitability, The Sydney Morning Herald says.
A longer-term production forecast would also be prepared in due
course to provide the basis for longer-term financial planning.
The turnaround plan was formulated after Croesus conducted a
detailed evaluation of all financial and operational aspects of
the business, an independent solvency review and consultation
and liaison with major stakeholders including creditors,
directors, senior management, employees, consultants and
suppliers.
Chairperson Michael Kiernan said the review concluded that poor
decisions over several years had left the company in a difficult
financial and operational position, with the key issue being
insufficient ore sources to maintain its processing plant at
full capacity, and high costs.
The Company, whose shares have been in trading halt since March
16, 2006, will now embark on a program of enhancing productivity
to increase monthly gold production.
It has also deferred certain short-term financial obligations to
help the mine return to positive cashflow.
A new management team has also been put in, with the three main
leaders all coming from Mr. Kiernan's Consolidated Minerals.
The Troubled Company Reporter - Asia Pacific reported on
March 21, 2006, that Croesus has called in external advisers to
review its financial position after posting a first-half loss of
AU$27 million and after experiencing difficulties meeting its
gold hedging commitments. The TCR-AP said that Croesus Mining
N.L. Chairman Michael Kiernan personally pledged to help
bankroll a revival of the gold producer. He was reportedly
encouraged by Macquarie Bank's initial response to Croesus'
approaches about restructuring the hedgebook to give the Company
breathing space.
Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold
through its Davyhurst and Central Norseman exploration projects.
Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005. Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and
Harlequin mines. After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.
FAIRSON INVESTMENTS: Court Appoints Liquidator
----------------------------------------------
On March 3, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as the Official Liquidator for the winding
up of Fairson Investments Pty Limited.
Contact: Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street
Sydney, New South Wales 2000
Australia
FRAGILE FREIGHT: Creditors Resolve to Wind Up Firm
--------------------------------------------------
At a meeting on March 3, 2006, the creditors of Fragile Freight
Express Pty Limited agreed that the Company must voluntarily
commence a wind-up of its operations.
K. L. Sutherland and H. A. MacKinnon were appointed as joint and
several liquidators.
Contact: H. A. MacKinnon
K. L. Sutherland
Liquidators
Bent & Cougle Pty Limited Chartered Accountants
332 St. Kilda Road, Melbourne
Victoria 3004, Australia
HASIX PTY: Declares Dividend Today
----------------------------------
Hasix Pty Limited will distribute its first and final dividend
to unsecured creditors today, April 10, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend distribution.
Contact: A. R. Yeo
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne, Victoria 3000
Australia
INNOVATIVE PEOPLE: Starts Wind-up Proceedings
---------------------------------------------
Creditors of Innovative People Management Pty Limited held a
general meeting on March 6, 2006, and agreed to:
-- voluntarily wind up the Company's operations; and
-- appoint K. L. Sutherland and H. A. MacKinnon as joint and
several liquidators.
Contact: H. A. MacKinnon
K. L. Sutherland
Joint Liquidators
Bent & Cougle Pty Limited Chartered Accountants
332 St. Kilda Road, Melbourne
Victoria 3004, Australia
J.P. AUSTRALIA: Holds Final Meeting Today
-----------------------------------------
The members and creditors of J.P. Australia Leisure Products Pty
Limited will be convened today, April 10, 2006, to receive the
Joint Liquidators' accounts regarding the Company's completed
wind-up and disposal of the Company's property.
Contact: Robyn Erskine
Peter Goodin
Joint Liquidators
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Australia
Telephone: (03) 9882 6666
JRA CONSULTANTS: CIR Files Petition to Liquidate Firm
-----------------------------------------------------
The Commissioner of Inland Revenue has filed with the High Court
of Tauranga an application to liquidate JRA Consultants Limited.
The High Court will hear the petition today, April 10, 2006.
Contact: Gina N. Jansen
Solicitor for the Plaintiff
Inland Revenue Department
1 Bryce Street, Hamilton
New Zealand
Telephone: (07) 834 7408
L DEE: Liquidator to Distribute Assets
--------------------------------------
At a general meeting on March 6, 2006, the members of L Dee Pty
Limited resolved to close the Company's business operations and
distribute the proceeds of its assets disposal.
Leslie Allan Cleary was appointed to manage the Company's wind-
up activities.
Contact: Leslie A. Cleary
Liquidator
31 Cobbadah Avenue, Pennant Hills
New South Wales 2120
Australia
LONEY INVESTMENTS: Members Agree to Liquidate Firm
--------------------------------------------------
At Loney Investments Pty Limited's general meeting on March 1,
2006, members concurred that it is in the Company's best
interests to liquidate its operations.
John William Woods was then appointed to oversee the wind-up.
Contact: John W. Woods
Liquidator
Wilson Woods & Partners Chartered Accountants
30 Davey Street, Hobart
Tasmania 7000, Australia
Telephone: 03 6223 4343
LUCKIES LIMITED: Court to Hear Liquidation Application Today
------------------------------------------------------------
On March 9, 2006, the High Court of Christchurch received an
application to liquidate Luckies Limited from BP Oil New Zealand
Limited.
The High Court will hear the Petition today, April 10, 2006.
Contact: J. Shackleton
Solicitor for the Plaintiff
Simpson Grierson
Solicitors
HSBC Tower, Level Twenty-four
195 Lambton Quay, Wellington
New Zealand
MIRAGE TRADING: Liquidator Finalizes Wind-up Report
---------------------------------------------------
The liquidator of Mirage Trading Limited has applied for the
removal of the Company from the New Zealand Register, after the
Liquidator has completed its report on the Company's
liquidation.
Objections to the removal must be filed with the Registrar of
Companies not later than April 28, 2006.
Contact: Karen Betty Mason
Jeffrey Philip Meltzer
Liquidators
Meltzer Mason Heath
345 Queen Street, Auckland
P.O. Box 6302, Wellesley Street
Auckland, New Zealand
MM BURK: Enters Voluntary Liquidation
-------------------------------------
At a general meeting of MM Burk Transport Pty Limited on
February 28, 2006, members agreed that it is in the Company's
best interest to wind up its operations.
Richard Herbert Judson was then appointed as liquidator.
Contact: Richard H. Judson
Liquidator
Members Voluntarys Pty Limited
PO Box 819, Moorabbin
Victoria 3189, Australia
PEVELY HOLDINGS: Members and Creditors Set to Meet Today
--------------------------------------------------------
The members and creditors of Pevely Holdings Pty Limited will
hold a final meeting today, April 10, 2006, for them to receive
Liquidator G. G. Woodgate's final account showing how the
Company was wound up and how its property was disposed of.
Contact: G. G. Woodgate
Liquidator
Woodgate & Company
Level 14, 25 Bligh Street
Sydney, New South Wales
Australia
Telephone: (02) 9233 6088
Fax: (02) 9233 1616
RIDLEY ENTERPRISE: Members to Receive Wind-up Details
-----------------------------------------------------
A final meeting of the members of Ridley Enterprise Systems Pty
Limited will be held today, April 10, 2006, for Liquidator Wayne
Benton to present his account of the manner of the Company's
wind-up and property disposal.
Contact: Wayne Benton
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
SEAMART MT ALBERT: Taps Receivers and Managers from BDO Spicers
---------------------------------------------------------------
Brian Mayo-Smith and Robert John Knox were appointed joint and
several managers and receivers of Seamart Mt Albert Limited on
March 21, 2006.
The appointment was under the terms of general security
agreements giving the secured party a secured interest over all
the present and after acquired property of the Company.
Contact: Brian Mayo-Smith
Robert John Knox
Joint Receiver and Manager
BDO Spicers, Level Eight
120 Albert Street, Auckland
P.O. Box 2219, Auckland
New Zealand
SINCERE PROPERTIES: Names Stephen Rogers as Liquidator
------------------------------------------------------
At a general meeting of The Sincere Properties Company
(Australia) Pty Limited on February 28, 2006, members agreed
that it is in the Company's best interests to wind up its
operations.
Stephen John Rogers was appointed as liquidator.
Contact: Stephen J. Rogers
Liquidator
Nexia Court & Co. Chartered Accountants
Level 29, Australia Square
264 George Street, Sydney
New South Wales 2000
Australia
STRIKEABLE PTY: Shuts Down Operations
-------------------------------------
At an extraordinary general meeting on February 28, 2006, the
members of Strikeable Pty Limited decided to voluntarily wind up
the Company's operations.
Subsequently, Peter Paul Krecji was appointed as liquidator at a
creditors' meeting held on the same day.
Contact: Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
SYDNEY GAS: To Raise AU$50 Mln via Rights Issue
-----------------------------------------------
Sydney Gas Ltd on April 7, 2006, unveiled a recapitalization
plan to raise up to AU$50 million through an underwritten
shareholder rights issue, a June noteholder rights issue and
establishment of a new convertible note facility through Babcock
& Brown.
The capital raising is planned to provide Sydney Gas with the
funding required to pay its existing convertible notes, fund its
commitments under work programs agreed with joint venture
partner The Australian Gas Light Company and enhance its
institutional shareholder base. The recapitalization plan is
conditional upon certain matters, including shareholder
approval, to be sought at a general meeting to be held on May 8,
2006.
The recapitalization plan comprises:
-- up to AU$34.4 million in a non-renounceable pro-rata
rights issue to all Sydney Gas shareholders and existing
June noteholders of one new share for every 2.43 shares
or notes held. The rights issue to ordinary
shareholders will be underwritten by Babcock & Brown
Securities Pty Ltd; and
-- a facility for Sydney Gas of AU$15.6 million of new
convertible notes to be issued initially to Babcock &
Brown.
The non-renounceable rights issue is to be priced at 30 cents
per Sydney Gas share. The new convertible notes will carry an
interest rate of 10.5% per year -- compared with the expiring
notes of 12% per year -- and will be convertible into one
ordinary share at a conversion price of 42.5 cents per share.
Approximately AU$20 million of the money raised will be used to
fund the repayment of Sydney Gas' current convertible notes,
which mature on June 1, 2006. The remainder of the funds raised
will be used to pay Sydney Gas' share of development and
exploration costs under its coal seam gas joint venture with
AGL. Sydney Gas intends to use its cash on hand to redeem the 1
April 2006 tranche of AU$9.925 million of convertible notes and
will replenish its cash balance once the proceeds of the capital
raising are received.
The Company now has:
-- a stable, professional board;
-- a solid business plan underpinned by strategic
opportunities; and
-- a recapitalization plan that can provide Sydney Gas with
financial strength and flexibility for future growth.
With these significant achievements in place, Michael Norster --
who agreed to take on the role of Interim Chairman last December
-- has decided, due to his other business commitments, to step
down as Chairman. Michael Norster will continue to serve as a
non-executive director.
The Board has appointed existing director Ray Schoer as its new
Chairman. Ray Schoer, an experienced company director and former
Chief Executive of the National Companies and
Securities Commission, the forerunner to the Australian
Securities and Investments Commission, is well placed to take
the Company forward.
Mr. Schoer paid tribute to Mr. Norster's contribution in
steering the company through the complex process of
reconstituting the board and assessing various refinancing
proposals while the Company was and continues to be the subject
of a takeover offer, so that the Company could put a robust plan
to its shareholders.
Mr. Schoer said, "The recapitalization plan was chosen as being
in the best interests of all shareholders after consideration of
a number of alternative financing proposals since December 2005.
It would provide Sydney Gas with a solid financial base and
remove uncertainty over the need to pay out its June convertible
notes."
He said Queensland Gas Company Ltd's takeover offer containing a
proposal to refinance Sydney Gas' current convertible notes was
subject to the highly conditional offer succeeding, and this was
not certain within the timeframe for Sydney Gas' cashflow needs,
if at all. Furthermore, Sydney Gas had been investigating
funding alternatives well before QGC's offer was announced.
"Sydney Gas" improved prospects are demonstrated by the fact
that the company has attracted finance from such a prominent
global investor as Babcock & Brown," Mr. Schoer said.
Babcock & Brown has long-standing capabilities as an active
investor with particular experience in the energy sector, can
enhance Sydney Gas' access to capital and has the potential to
provide access to a broader customer base.
Babcock & Brown will be invited to nominate one director to the
Sydney Gas Board provided, after the convertible note facility
is approved and drawn down, it or its associates hold at least
AU$5 million of the new convertible notes. Babcock & Brown will
be able to nominate two directors to the Board if it or its
associates continue to hold at least AU$8.75 million of the new
notes. The new notes mature in three years.
Babcock & Brown has indicated that only senior executives with
significant experience in the energy and infrastructure sectors
would be nominated to the Sydney Gas Board.
Mr. Schoer said shareholders can vote to create a strong, well-
funded Sydney Gas by approving the capital raising proposal at
the shareholders meeting.
About Sydney Gas
Sydney Gas Limited -- http://www.sydneygas.com/-- is a major
coal seam methane producer in New South Wales. It is the first
CSM producer in New South Wales to be granted a Production
Lease. Its tenements cover the major energy markets in NSW
extending across the Wollongong, Sydney and Hunter Valley
regions. The company's key producing asset is located at Camden
and the Company is currently evaluating the upside projects at
Hunter and Merriwa.
On November 15, 2005, Sydney Gas completed all of the
preconditions to the Joint Venture arrangements with The
Australian Gas Light Company over its development and
exploration assets in NSW, and the consideration of AU$42.25
million has been paid to Sydney Gas by AGL. The financial close
of the joint venture arrangements with AGL completed a critical
element of the Company's strategy and saved Sydney Gas from
looming insolvency. The Australian Securities and Investments
Commission later decided not to take further action on
allegations that Sydney Gas had breached the Corporations Act,
unless new information comes to light.
Sydney Gas's entire board quit in December 2005 after the
Company's shares were suspended to allow it to progress its
inquiries regarding the ownership of and arrangements concerning
the exercise of rights affecting a substantial number of shares
in the Company.
Sydney Gas has been struggling with the challenge of funding its
redemption of AU$30 million of convertible notes, with the first
tranche due on April 1, 2006, and the other due in June.
Queensland Gas launched an AU$88-million takeover bid for Sydney
Gas, at AU$0.36 per share, together with an offer to bail the
Company out by funding the redemption of its existing notes and
issuing a new, cheaper set of notes. Sydney Gas rejected the
Queensland Offer.
TECHNOLOGY LINK: Liquidator Seeks Firm's Removal from Register
--------------------------------------------------------------
Liquidator Warwick J. Ainger has successfully concluded
liquidation of the assets of Technology Link Limited.
Subsequently, Mr. Ainger will file for the removal of the
Company from the New Zealand Register.
Any objection to the removal must be filed with the Registrar
before April 21, 2006.
Contract: Warwick J. Ainger
Liquidator
Ainger Tomlin
Chartered Accountants
First Floor, 116 Riccarton Road
P.O. Box 8237, Christchurch
New Zealand
Telephone: (03) 343 0046
Facsimile: (03) 348 9312
TEN PERCENT: Receiver Steps Aside
---------------------------------
On March 1, 2006, Kenneth Stewart Sellers ceased to act as the
receiver and manager of the property of Ten Percent Pty Limited.
WESTPOINT GROUP: Directors' Assets Remain Frozen
------------------------------------------------
The Federal Court in Perth has extended the asset freeze on
Westpoint Corporation's four directors until the matter is heard
on Wednesday, April 12, 2006, The Sydney Morning Herald reports.
The matter was adjourned with the lawyers for the Westpoint
directors saying they had not had enough time to review the
evidence of the case.
As reported by The Troubled Company Reporter - Asia Pacific on
April 6, 2006, the Australian Securities and Investments
Commission last week successfully applied to have the assets of
Norman Philip Carey, Graeme John Rundle, John Norman Dixon and
Cedric Richard Palmer Beck frozen.
The four directors have also been prohibited from leaving
Australia or even venturing within 100 meters of an overseas
departure point in the country until that date. Furthermore,
the directors were in the meantime granted an amendment allowing
direct debit orders, such as mortgages, from financial
institutions to be paid.
The Court also granted interim asset freezing orders against
Richstar Enterprises, Westpoint Realty, Bowesco, and Redchime,
all of which are companies associated with Norman Carey, TCR-AP
stated.
About Westpoint
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group. ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments. These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.
The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd. ASIC applied to wind up the company on
grounds of insolvency. ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies. ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors. The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.
Investors are currently joining forces to commence a class
action against Westpoint and its advisors.
=================================
C H I N A & H O N G K O N G
=================================
ACTIUM INTERNATIONAL: Final Members Meeting Set on April 27
-----------------------------------------------------------
Members of the Actium International Ltd will met for a final
general meeting on April 27, 2006.
At the meeting, Liquidator Eliza Wu will present an account of
the Company's liquidation.
The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.
AGEAN CONSULTANTS: Members Appoint Liquidator
---------------------------------------------
Members of Agean Consultants (Asia Pacific) Ltd appointed Andrew
Morrison Paul as the Company's Official Liquidator through a
special resolution passed on March 16, 2006.
Contact: Andrew Morrison Paul
Unit 16, 19F., Shun Tak Centre
China Merchants Tower
168-200 Connaught Road, Central
Hong Kong
AGEAN CONSULTANTS: Members Resolve to Wind Up Firm
--------------------------------------------------
Members of Agean Consultants (Asia Pacific) Ltd passed a written
resolution last March 16, 2006, to wind up the Company and for
its purpose appointed Christopher Harvey Hall as its Official
Liquidator.
Furthermore, the Mr. Hall will retain all Company's books,
accounts and documents and dispose them after the Company is
dissolved.
An ordinary resolution was passed that the liquidators'
statement of accounts need not be audited.
Contact: Christopher Harvey Hall
Unit 16, 19F., Shun Tak Centre
China Merchants Tower
168-200 Connaught Road, Central
Hong Kong
ARTECK ELECTRONIC: Annual Meeting Set April 10
----------------------------------------------
Members and creditors of Arteck Electronic Company Limited will
convene an annual meeting on April 10, 2006, at 2:30 p.m.
At the meeting, they will get an account of the manner of the
Company's wind-up and property disposal from Joint and Several
Liquidator Desmond Chiong.
Contact: Desmond Chiong
Liquidator
Ferrier Hodgson Limited
14th Floor, Hong Kong Club Building
3A Chater Road, Hong Kong
ART VISION: Files for Voluntary Liquidation
-------------------------------------------
Art Vision Hong Kong Company Limited started liquidating assets
after the Company's sole shareholder Kaoru Horikawa passed on
March 24, 2006, a special written resolution and an ordinary
resolution for the Company's voluntary wind-up.
Messrs. Darach E. Haughey and Lai Kar Yan, Derek were appointed
as liquidators.
Contact: Darach E. Haughey
Lai Kar Yan, Derek
Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong
BELSON INDUSTRIES: Members' Hold Final General Meeting
------------------------------------------------------
The members of Belson Industries Limited will gather on May 3,
2006, for a final general meeting at:
21/F, Fee Tat Commercial Centre
No. 613 Nathan Road
Kowloon, Hong Kong
Liquidator Yiu Kwong Man's accounts on the Company's voluntary
winding will be presented during the meeting.
BEST ASSET: Names Official Liquidator
-------------------------------------
Members of Best Asset Holdings Ltd, through a written resolution
passed on March 24, 2006, appointed Roderick John Sutton and
Desmond Chung Seng Chiong as joint and several liquidators of
the Company.
Contact: Roderick John Sutton
Desmund Chung Seng Chiong
Joint and Several Liquidators
Ferrier Hodgson
14/F Hong Kong Club Building
3A Chater Road Central
Hong Kong
BOE TECHNOLOGY: Xinhua Cuts Rating to B
---------------------------------------
Xinhua Far East China Ratings has downgraded the issuer credit
rating of BOE Technology Group Co Ltd to B from BB. The
Company's rating outlook has been changed to negative.
The downgrade reflects Xinhua Far East's view that it will be
challenging for BOE to sustain its development in the highly
risky TFT-LCD manufacturing sector in the long-term. Meanwhile,
BOE has a track record of tolerating high debt levels and
adopting aggressive expansion policies. In addition,
unfavorable market conditions, as well as the Company's
tremendous refinancing needs, challenges in cost controls and
difficulties in local sourcing, have made BOE's credit profile
highly vulnerable.
In Xinhua Far East's opinion, BOE is engaging in a highly risky
and cyclical sector, which is very capital - and technology -
intensive. BOE also faces heightened competition from its large
international peers, which have completed more sixth and seventh
generation production lines, offsetting market demand, resulting
in depressed product prices overall in 2005.
Xinhua Far East believes that given the industry nature, BOE has
very limited flexibility in holding back its capital
expenditures. The Company must invest further, or else all
previous investments will evaporate. Xinhua Far East
anticipates it will be difficult for BOE to sustain its
development in the long run given its constraints in capital and
technology, operating experience and risk control capability
relative to its international peers.
The downgrade reflects BOE's track record of tolerating high
debt levels and adopting aggressive expansion. BOE relies
heavily on bank loans for expansion and capital expenditures.
The Company's gross debt to total capital increased from 49.0%
in 2002 to 74.2% by the end of 3Q/FY05. The downgrade also
takes into account BOE's plans to build higher generation
production lines in the future.
The downgrade action factors in the heavy losses stemming from
BOE's core operations, which can hardly turn around amid an
unfavorable market environment. Compounding with its EBIT
margin of negative 12.7% and net operating cash flow of negative
CNY773 million in 1-3Q05, BOE said it expects to report a net
loss of CNY1,600 million in full-year 2005 and continuing net
loss of CNY500 million in the first quarter of 2006.
Nevertheless, Xinhua Far East acknowledges that BOE's strategic
investment in its associate Company TPV Technology Limited
partially secures its downstream market position. With BOE's
injection of OTPV and the involvement of Philips, TPV's business
will see significant benefits, which in turn will benefit BOE.
But despite being its largest shareholder, BOE has limited
control over TPV, leaving BOE itself to shoulder the mounting
debt and operating risks of the TFT-LCD business.
Xinhua Far East also notes that BOE's plan for an H shares
offering to raise USD400 million will only slightly alleviate
its debt burdens. Even if BOE succeeds in the share offering
given its loss performance, the offering will only reduce BOE's
debt level by about 10% based on its 3Q05 financials.
Going forward, Xinhua Far East's rating action for BOE will
depend on its:
* capital expenditure plan for higher production lines and
other investments;
* operating results and cost control ability; and
* cash generating ability.
About BOE Technology
BOE Technology Group Co. Limited is one of the largest display
device manufacturers in China. Its main products are TFT-LCD
panels used for TV sets and PC monitors. As of the end of
February 2006, BOE held a 22.26% stake in TPV Technology
Limited. In 2004, BOE's turnover reached RMB12.4 billion. OTPV
was a joint venture Company invested by BOE and TPV to produce
displayers. It accounted for 35.3% of BOE's turnover in 2004.
BOE is a constituent of the Xinhua/ FTSE China 200 and B35
Indices. As of market close on April 5, 2006, its total A-share
market capitalization and investable capitalization were RMB3.3
billion and RMB670 million respectively. Its B-share market cap
totaled USD196 million, of which all is investable.
As reported by the Troubled Company Reporter - Asia Pacific on
November 3, 2005, Chinese screen maker BOE Technology Group Co.
Ltd. (BOE) posted a net loss of CNY379.07 million ($47 million)
for the three months through September 2005, versus a net loss
of CNY46.22 million in the same quarter in 2004. The maker of
thin-film-transistor liquid-crystal-display (TFT- LCD) panels
sank into the red in 2004 after a worldwide glut hammered global
prices for the display panels.
BROWNHILL TRADING: Approves Special and Ordinary Resolutions
------------------------------------------------------------
On March 15, 2006, members of Brownhill Trading Company Ltd
signed and passed a resolution to voluntarily wind up and
appoint David J. Lawrence as the Company's official liquidator.
The members also passed a resolution to distribute the assets of
the Company to the members.
They also authorized the Liquidator to dispose the Company's
books, accounts and documents at time of his own discretion.
CENTURY JEWELRY: Members Opt for Voluntary Liquidation
------------------------------------------------------
Century Jewelry Manufacturer Ltd notified the Company's
creditors of its decision to voluntarily wind up.
The Company will be receiving proofs of debts or claims on or
before April 24, 2006.
Creditors are required to send in their particulars to the
solicitor and liquidator of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit the Company will make.
Contact: Yau Sui Han
Liquidator
Room 602, Eastern Commercial Centre
397 Hennessy Road , Wanchai
Hong Kong
CHAMPION LEADER: Members Resolve to Wind Up Firm
------------------------------------------------
Members of Champion Leader International Limited held a meeting
on March 15, 2006, and agreed that:
-- the Company be wound up voluntarily;
-- the assets of the Company be distributed among the members
in cash or in kind;
-- Leung Fung Yee Alice be appointed as liquidator and has the
power to pay creditors in full or make a compromise
or arrangement with the creditors; and
-- the audit of the Liquidator's accounts of receipts and
payments will not be required.
Contact: Leung Fung Yee Alice
Liquidator
5th Floor Jardine House
1 Connaught Place
Central, Hong Kong
CHAODA MODERN: Moody's Affirms 'Ba3' Ratings
--------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating and Ba3 foreign currency debt rating of Chaoda Modern
Agriculture (Holdings) Ltd (Chaoda). The ratings outlook
remains positive.
This rating action follows the Company's announcement to issue
US$173 million convertible bonds, which in Moody's view, has no
material impact on Chaoda's credit profile despite the increased
leverage.
"The proposed convertible bond issuance is for the purposes of
pre-funding the Company's future capex spending, thereby
supporting its aggressive expansion strategy," says Ken Chan, a
Moody's Assistant Vice President/Analyst, adding, "Moreover, the
sound financial profile and healthy operating margin continue to
well position Chaoda at the current rating level."
Moody's notes that Chaoda is projected to generate negative free
cash flow over the next few years due to heavy investments in
acquiring farmland and setting up of related infrastructure.
"But while it is increasing its scale, it needs to also continue
demonstrating its ability to sustain projected yields and
growth. Otherwise, the Company may need additional funding in
2-3 years time should it continue with its aggressive expansion
strategy," Chan says.
The Ba3 rating continues to reflect Chaoda's credit strengths,
which include:
* its sound business model, including large-scale
diversified production bases and strong distribution
network, which together support its high profit margins;
* its experienced management and ongoing R&D investments,
both of which enhance its competitive position;
* the presence of a supportive government policy, given the
agricultural sector's importance to China's economy;
* favorable industry trends with good growth potential
evident in green/organic agricultural produce; and
* its sound financial profile.
At the same time, the rating reflects the key credit challenges
facing Chaoda:
* its overall small scale against the backdrop of a highly
fragmented industry and earnings volatility, due, in
turn, to adverse weather and natural disasters;
* concerns over corporate governance, given the Company's
short track record as a listed Company and the presence
of material related-party transactions;
* ongoing concerns about the implications of the
resignation of PricewaterhouseCoopers (PWC) as its joint
auditor in June 2003, an event which raised uncertainty
over the quality of the Company's financial reporting,
but has been partially mitigated by the engagement of
Baker Tilly H.K. as joint auditor;
* projected negative free cash flow position due to an
aggressive growth strategy; and
* expansions into the more volatile livestock business in
Inner Mongolia.
The rating would be upgraded if the Company continues to receive
unqualified opinions from its joint auditors and, at the same
time, is able to maintain its current profitability and sound
financial profile.
A rating downgrade is unlikely, given the current positive
outlook. However, downward rating pressure would emerge with a
qualified opinion on material accounting and operational issues
for FY06; or evidence emerges of cash leakage for the purposes
of funding related companies, or significant margin erosion as
the business expands.
About Chaoda Modern Agriculture
Chaoda Modern Agriculture (Holdings) Ltd, headquartered in Hong
Kong and listed on the Hong Kong Stock Exchange, is principally
engaged in the cultivation and sale of agricultural produce in
China. It is also engaged in livestock breeding and sales as
well as supermarket operations. The Company is ultimately 30.8%
owned by Mr. Kwok Ho.
DAIRU INDUSTRIES: Members' Final Meeting Scheduled on April 28
--------------------------------------------------------------
A final meeting of the members of Dairu Industries Ltd will be
held for the parties to receive Liquidators Chan Kim Chee and
Chiu Fan Wa's final account showing how the Company was wound up
and how its property was disposed of.
The meeting will be held on April 28, 2006, at 10:00 pm., at
1001 Admiralty Centre Tower I, 18 Harcourt Road, Hong Kong.
FRANKLIN TEMPLETON: Creditors Given Until May 2 to Prove Claims
---------------------------------------------------------------
Franklin Templeton Institutional Asia Limited will be receiving
creditors' proofs of debt or claim before May 2, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.
Contact: Chan Wah Tip, Michael
Ho Man Kei, Keith
Joint and Several Liquidators
601 Prince's Building
Chater Road, Central
Hong Kong
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong
FOOK CHEONG: Members Final Meeting Set on May 2
-----------------------------------------------
A final meeting of the members of Fook Cheong Investment Company
Ltd will be held for the parties to receive Liquidators Ying
Hing Chiu and Chung Miu Yin's final account showing how the
Company was wound up and how its property was disposed of.
The meeting will be held on May 2, 2006, 10:00 am at Level 28,
Three Pacific Place, 1 Queen's Road East, Hong Kong.
INCO INVESTMENTS: Enters Voluntary Winding Up
---------------------------------------------
Members of Inco Investments Ltd passed a resolution to voluntary
wind up of the Company.
Subsequently, Lam Huk Chung and John James Toohey were appointed
to act jointly and severally to oversee the wind-up exercise.
Furthermore, the Liquidators are given the authority to divide
assets of the Company; whichever they think is just to the
members of the Company.
Contact: Lam Huk Chung
John James Toohey
22/F Prince's Building Central
Hong Kong
GOLDWIND LIMITED: Members' Final Meeting Slated for May 2
---------------------------------------------------------
Members of the Goldwind Limited will convene for a final general
meeting on May 2, 2006, at Suite 2001, 20th Floor, Cheung Kong
Centre, 2 Queen's Road Central, Hong Kong.
At the meeting, Liquidator Tang Po Kin will present an account
of the Company's liquidation process.
The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.
H.K. CONSTRUCTION: Holds Final General Meeting on April 24
----------------------------------------------------------
Members of the H.K. Construction Engineering Ltd will convene
for a final general meeting on April 24, 2006.
At the meeting, Liquidator Lian Mingshun will present an account
of the Company's liquidation.
The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed off after the Company is dissolved
INCO INVESTMENTS: Members Appoint Liquidator
--------------------------------------------
Inco Investments Limited started liquidating its assets after
members on March 24, 2006, passed a resolution to wind up the
Company's operation
Subsequently, Rainier Hok Chung Lam and John James Toohey were
appointed as Joint Liquidators.
Contact: Rainier Hok Chung Lam
John James Toohey
Joint and Several Liquidators
22nd Floor, Prince's Building
Central, Hong Kong
JAQUE ENTERPRISE: Creditors Have Until May 1 to Submit Claims
-------------------------------------------------------------
Creditors of Jaque Enterprise Company Limited are given until
May 1, 2006, to present proofs of claim to Liquidator Yiu Kwong
Man.
Creditors must submit their full names, addresses, their
descriptions, the full particulars of their debts or claims, and
the names and addresses of their lawyers.
Mr. Yiu may require the creditors to prove claims personally or
through their lawyers at the time and place that the liquidator
shall specify.
Creditors who are unable to have their claims verified would be
excluded from the benefit of receiving any distribution the
Company will make.
JOY LINE: Appoints Official Liquidator
--------------------------------------
Chow Cheuk Lap was appointed as the official liquidator of Joy
Line Ltd after creditors of the Company voluntarily wound up.
The Appointment was made official on a resolution passed on
March 16, 2006.
Contact: Chow Cheuk Lap
Rooms 501-503
5F,. Hang Seng Building
77 Des Voeux Road Central
Hong Kong
KENCO DEVELOPMENT: Members Opt for Voluntary Liquidation
--------------------------------------------------------
A special and ordinary resolution was signed and passed by the
members of Kenco Development Ltd during a general meeting on
March 13, 2006.
Members of the Company agreed to voluntarily wind up and appoint
Susanna Bik-Chu Lung and Albert Wai-Shing Lo either one acting
singly, as its official liquidator for the purpose of winding
up.
An ordinary resolution was passed that the Liquidator's
statement of accounts need not be audited and be empowered to
charge for their services.
KENNEDY TOWN: Creditors Should Prove Claims by May 2
----------------------------------------------------
Kennedy Town Service Company Limited will be distributing
dividends, and creditors are requited to prove their claims not
later than May 2, 2006, in order to benefit from the
distribution.
Contact: Chi Wai Tam
Liquidator
16th Floor, Ocean Centre
Harbour City, Canton Road
Kowloon, Hong Kong
KOREA LEASING: Members to Meet for Final Meeting on April 26
------------------------------------------------------------
Members of Korea Leasing (H.K.) Ltd will meet on April 26, 2006,
for their final meeting at 26/F Wing On Centre, 111 Connaught
Road Central, Hong Kong.
At the meeting, Joint and Several Liquidators Lai Kar Yan and
Darach Haughey will present an account showing how the Company
was wound up and how its property was disposed of.
Members will also decide whether the books, accounts and
documents of the Company will be retained by the Liquidators and
disposed off after the Company is dissolved.
KOWLOON COPPERHILL: Creditors Given Until May 2 to Prove Claims
---------------------------------------------------------------
Kowloon Copperhill Limited will be receiving proofs of debt or
claim before May 2, 2006.
Creditors should send in their particulars to the solicitors and
liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution.
Contact: Chi Wai Tam
Liquidator
16th Floor, Ocean Centre
Harbour City, Canton Road
Kowloon, Hong Kong
MARTIN OPTICAL: Names Official Liquidators
------------------------------------------
Members and creditors of Martin Optical (Far East) Company Ltd
appointed Roderick John Sutton and Desmund Chung Seng Chiong
official joint and several liquidators of the Company through a
special resolution passed on March 24, 2006.
Contact: Roderick John Sutton
Desmund Chung Seng Chiong
Ferrier Hodgson Ltd
14/F Hong Kong Club Building
3A Chater Road Central
Hong Kong
MERCHANTS EXCHANGE: Final Meeting Slated on April 25
----------------------------------------------------
A final meeting of the members of Merchants Exchange Ltd will be
held for the parties to receive Liquidator Leung Kam Bong's
final account showing how the Company was wound up and how its
property was disposed of.
The meeting will be held on April 25 2006, at 10:00 pm., at
Suite 1802, Crocodile House 1, 50 Connaught Road Central, Hong
Kong.
MOULIN BUSINESS: Appoints Official Liquidators
----------------------------------------------
Members and creditors of Moulin Business Solutions Ltd appointed
Roderick John Sutton and Desmund Chung Seng Chiong as official
joint and several liquidators of the Company through a special
resolution passed on March 24, 2006.
Contact: Roderick John Sutton
Desmund Chung Seng Chiong
Ferrier Hodgson Ltd
14/F Hong Kong Club Building
3A Chater Road Central
Hong Kong
NATIONAL PRINTED: Members and Creditors to Meet on April 10
-----------------------------------------------------------
The members and creditors of National Printed Circuit Limited
will hold a meeting at the Ferrier Hodgson Limited, 14th Floor,
Hong Kong Club Building, 3A Chater Road, Hong Kong, on April 10,
2006, at 4:30 p.m.
At the meeting, the members and creditors will receive
Liquidator Desmond Chiong's accounts on how the winding up was
conducted and the property of the Company disposed of.
Forms of proxies for the meeting must be lodged not later than
April 9, 2006, at the meeting location.
NATIONS-CRT HONG KONG: Members' Final Meeting Scheduled on May 2
----------------------------------------------------------------
Members of Nations-CRT Hong Kong Limited will convene for a
final general meeting on May 2, 2006, at 10:00 a.m.
At the meeting, Joint Liquidators Ying Hing Chiu and Chung Miu
Yin will present an account of the Company's liquidation.
The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.
Contact: Ying Hing Chiu
Chung Miu Yin, Diana
Joint Liquidators
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
NITTAN CAPITAL: Members Final Meeting Set on May 2
--------------------------------------------------
Members of Nittan Capital (H.K.) Ltd will meet on May 2, 2006,
10:00 am for their final meeting at Level 28, Three Pacific
Place, 1 Queen's Road East, Hong Kong.
At the meeting, Joint and Several Liquidators Ying Hing Chiu and
Chung Miu Yin will present an account showing how the Company
was wound up and how its property was disposed of.
Members will also decide whether the books, accounts and
documents of the Company will be retained by the Liquidators and
disposed of after the Company is dissolved.
PAN-JIT INTERNATIONAL: Intends to Purchase Own Shares
-----------------------------------------------------
Pan-Jit International (H.K.) Ltd informed its creditors on its
intent to purchase its own shares on March 20, 2006.
Creditors are given five weeks upon the date of notice to submit
an order prohibiting the said purchase.
PIFCO OVERSEAS: Falls Into Liquidation
--------------------------------------
Members of Pifco Overseas Limited passed a written resolution
last March 17 2006 stating that members of the Company agreed to
wind up and for its purpose assigned Christopher Harvey Hall as
its official liquidator.
An ordinary resolution was passed that the liquidators'
statement of accounts need not be audited.
Contact: Christopher Harvey Hall
31F., The Centre
99, The Queen's Road
Hong Kong
POKKA BLUE SEAL: Final Members Meeting Set on April 24
------------------------------------------------------
Members of the Pokka Blue Seal (H.K.) Ltd will meet on April 24,
2006, 5:30 pm, for their final meeting at Level 28, Three
Pacific Place, 1 Queen's Road East, Hong Kong
Liquidator Natalia Seng will then present an account showing how
the Company was wound up and how its properties was disposed of.
Special resolutions will be decided at the meeting pertaining as
to whether the Liquidator will retain documents, accounts and
books of the company or destroy them five years after
dissolution of the Company.
Contact: Natalia K. M. Seng
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
PRIMETIME HOLDINGS: Appoints Official Liquidator
------------------------------------------------
Members of PrimeTime Holdings Ltd on March 24, 2006, passed a
resolution to appoint Roderick John Sutton and Desmond Chung
Seng Chiong as joint and several liquidators of the Company.
Contact: Roderick John Sutton
Desmund Chung Seng Chiong
Joint and Several Liquidators
Ferrier Hodgson
14/F Hong Kong Club Building
3A Chater Road Central
Hong Kong
QUALITY DATA: Creditors and Members to Meet Separately on May 3
---------------------------------------------------------------
The annual meeting of the members and creditors of Quality Data
Network solution Ltd will be held on May 3,2006, 9:00 a.m. and
9:30 a.m., respectively, at Unit 3309-11, 33/F, West Tower, Shun
Tak Centre, 168-200 Connaught Road Central, Hongkong.
At the meetings, Liquidator Huen Ho Yin will present an account
of his acts and dealings and of the conduct of the winding up of
the Company.
Members and creditors may appoint a proxy to the meeting
provided they announce it a day before the scheduled date.
RINOL ASIA: Appoints Joint and Several Provisional Liquidators
--------------------------------------------------------------
Rinol Asia Pacific Ltd has appointed Joint and Several
Provisional Liquidators Desmund Chung Seng Chiong and Roderick
John Sutton through special resolution passed by the members of
the Company on March 15, 2006.
Contact: Desmund Chung Seng Chiong
Roderick John Sutton
14/F Hong Kong Club Building
3A Chater Road, Central
Hong Kong
SARASIN RABO: SFC Reprimands Firm for Internal Control Failings
---------------------------------------------------------------
The Securities and Futures Commission has reprimanded Sarasin
Rabo Investment Management Limited and its responsible officer,
Simon John Ruckert, for Sarasin's inadequate internal controls.
The SFC has also agreed to accept a voluntary payment of
$400,000 from Ruckert in settlement of the disciplinary action
against him.
The SFC commenced an inquiry following a report made by Sarasin
that one of its licensed representatives (relationship managers)
had conducted unauthorized transactions in three client
accounts, from October 2002 to March 2003, which resulted in
losses in one account amounting to around US$1 million (Note 2).
The SFC found certain internal control failings in Sarasin which
made it possible for the representative's misconduct and her
concealment of the misconduct from Sarasin. These included:
-- failure to monitor and supervise the activities of staff
members adequately;
-- failure to implement controls to ensure that clients with
hold mail accounts (Note 3) were notified of uncollected
mail by independent staff and not by their relationship
managers;
-- failure to put in measures to ensure that margin call
letters were sent independently to clients instead of
outing them through the relationship managers;
-- inadequate reporting procedures to ensure that relationship
managers disclosed client account details at the time they
placed an order for the London market instead of the
following day; and
-- failure to conduct regular reviews of recordings of
telephone conversations of its relationship managers.
Sarasin's internal control failings also facilitated the
representative to withhold margin call letters from the client
and disregard reminders from Sarasin to inform the client to
collect his hold mail.
At the material time, Ruckert was Sarasin's dealing director
responsible for its compliance. Although Ruckert did not
directly supervise the representative, he failed to put in place
adequate internal controls for Sarasin to prevent and detect the
misconduct committed by the representative.
In light of these findings, the SFC concludes that Sarasin and
Ruckert have breached the Code of Conduct for Persons Licensed
by or Registered with the SFC and their fitness and properness
has been called into question. The SFC therefore decides to
reprimand them. In reaching this decision, the SFC has taken
into account that:
-- Sarasin and Ruckert co-operated with the SFC's
investigation;
-- Sarasin has since strengthened its internal controls and
management supervision;
-- Sarasin reported the representative's misconduct to the SFC
and conducted a compliance review;
-- Sarasin compensated the relevant client; and
-- Ruckert co-operated with the SFC in settling the
disciplinary action.
The SFC considers that it is in the interest of the investing
public and in the public interest to settle its disciplinary
action against Ruckert. Ruckert's voluntary payment will be
paid to the government revenue.
Alan Linning, SFC's Executive Director of Enforcement, said:
"This case illustrates the importance for companies and their
senior management to put in place strong internal controls and
to closely supervise and monitor all staff activities to ensure
compliance. A strong internal control system will better
protect the interest of the Company and the investing public.
Firms and their management who fail to put in place adequate
internal controls can expect to face disciplinary action."
SCHARA LIMITED: Members Final Meeting Slated for April 28
---------------------------------------------------------
Members of the Schara Ltd will hold its final meeting on
April 28, 2006, 10:20 a.m. at Level 28, Three Pacific Place, 1
Queen's Road East, Hong Kong.
At the meeting, Liquidator Natalia Seng will present an account
showing how the Company was wound up and how its properties were
disposed.
Members will also decide at the meeting whether the Liquidator
will retain documents, accounts and books of the Company and
dispose it off five years after it has been dissolved.
Contact: Natalia K. M. Seng
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
SMERALDA STAR: Liquidator to Discuss Liquidation with Members
-------------------------------------------------------------
A final meeting of the members of the Smeralda Star Ltd will be
held for the parties to receive Liquidator Allan Hon Wing Yu's
final account showing how the Company was wound up and how its
property was disposed of.
The meeting will be held on May 2, 2006, at 9:30 pm., at Wing
Hang Finance Centre, 60 Gloucester Road Wanchai, Hong Kong.
STANDARD CHARTERED GRINDLAYS: Members Set Final Meeting on May 2
----------------------------------------------------------------
A final meeting of the members of Standard Chartered Grindlays
Investment Services Ltd will be held at 8/F Gloucester Tower,
The Landmark, 11 Pedder Street Central, Hong Kong on May 2, 2006
at 10:00 am.
At the meeting, Liquidator Suen Pui Yee will present its account
showing how the Company was wound up and how its property was
disposed of.
STOCKWELL ONLINE: Appoints Official Liquidator
----------------------------------------------
Members of Stockwell Online Ltd appointed Lui Man Sang as
official liquidator through special resolution passed on March
24, 2006.
Contact: Lui Man Sang
Units 407-410 4/F Tower 2
Silvercord, No. 30 Canton Road
Tsimshatsui, Kowloon
Hong Kong
STUDIO SVS: Liquidator to Present Wind-up Report
------------------------------------------------
Liquidator Wong Ka Lam King will meet with members and creditors
of Studio SVS Ltd on April 13, 2006 at 2/F, Double Building, 22
Stanley Street Central Hong Kong.
Members will meet at 3:00 p.m. to be followed by the Creditors
at 3:30 p.m. for the purpose of receiving accounts from the
liquidator his acts and dealings and the conduct of the winding
up of the Company.
Creditors and members of the Company may appoint proxy to the
said meeting provided they give notice a day before the
scheduled date.
SUNGRAND CORPORATION: Liquidator to Present Wind-up Report
----------------------------------------------------------
Liquidator Ha Yue Fuen will on May 8, 2006, lay his accounts on
how Sungrand Corporation was wound up and how its property was
disposed to members of Sungrand Corporation Ltd.
Contact: Ha Yue Fuen
Liquidator
Room 1010, 10/F Wing On Centre
111 Connaught Road Central
Hong Kong
TURBOGAIN CORPORATION: Special Resolutions Passed on March 24
-------------------------------------------------------------
Members of the Turbogain Corporation Ltd passed two resolutions
following its general convention held on March 24, 2006.
Members passed a resolution to receive full account on how the
winding up has been conducted and how the Company's property
been disposed of.
The members also authorized the Liquidator to dispose of the
Company's accounts, books and documents after its dissolution.
WINSPOWER LIMITED: Names Joint Liquidators
------------------------------------------
Richard Michael Healy and Stephen John Peaker, of Messrs.
Oldham, Li & Nie, Solicitors, were appointed as joint and
several liquidators of Winspower Limited on March 21, 2006.
Contact: Richard Michael Healy
Stephen John Peaker
Joint and Several Liquidators
Messrs. Oldham, Li & Nie, Solicitors
Room 503, 5th Floor, Central
Hong Kong
YAU LEE ENGINEERING: To Convene on April 25 for Final Meeting
-------------------------------------------------------------
Eliza Wu, the official liquidator of Yau Lee Engineering, will
present an account of the Company's liquidation process to the
Company's members on April 25, 2006.
The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed off after the Company is dissolved.
YANCY HOLDINGS: Liquidator to Present Wind-up Report
----------------------------------------------------
Members of Yancy Holdings Ltd will hold its final meeting on
May 2, 2006, 10:00 am at 14/F CNAC Group Building, 10, Queen's
Road Central, Hong Kong.
At the meeting, Liquidator Shiro Masayama will present an
account showing how the Company was wound up and how its
properties were disposed of.
Members will also decide at the meeting whether the Liquidator
will retain documents, accounts and books of the Company and
destroy them five years after the Company has been dissolved.
Contact: Shiro Masayama
14/F CNAC Group Building,
10 Queen's Road Central,
Hong Kong
YEE SHEUNG: Final Meeting Scheduled on April 28
-----------------------------------------------
Natalia Seng, the official liquidator of Yee Sheung Yan Ltd,
will on April 28, 2006, present an account showing how the
Company was wound up and how its properties were disposed of.
Members will also decide at the meeting whether the Liquidator
will retain documents, accounts and books of the Company and
destroy them five years after the Company has been dissolved.
Contact: Natalia K. M. Seng
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
=========
I N D I A
=========
COAL INDIA: Bharat Coking Jumps Out of the Red After 25 Years
-------------------------------------------------------------
Bharat Coking Coal Limited, considered a weak subsidiary of Coal
India Limited, booked a provisional profit of INR1.56 billion
for fiscal 2005-06, the first time since its inception in 1971,
Sify reports.
Bharat Coking chairman and managing director Bhattacherjee
explained that the profit-earning performance included the full
impact of INR2.5 billion per annum of wage revision under
National Coal Wage Agreement. This is compared to a loss of
INR9.5 billion in 2004-05. The loss included the arrears of
INR760 crore under NCWA.
The net sales of the company in 2005-06 were provisionally
estimated at INR31.59 billion as against INR28.84 billion.
Mr. Bhattacherjee said that the company had decided to focus
more on coking coal production, as the sales realization was
more from this variety of metallurgical coal. He also expected
the company to get out of the Board for Industrial and Financial
Reconstruction by 2010-11 when the net worth of the company
would turn positive.
Headquartered in Kolkota India, Coal India Limited
-- http://www.coalindia.nic.in/-- is engaged in the mining of
coal, coal based products and mining consultancy. The Group was
incorporated under the Companies Act, 1956 and is wholly owned
by the Government of India. It recently turned around from
substantial losses in the past due to its e-auction revenues.
However, it is still saddled with labor problems involving its
senior staff.
DUNLOP INDIA: BSE Reject Relisting Attempt
------------------------------------------
Efforts to revive Dunlop India Limited hit another roadblock
after the Bombay Stock Exchange refused to allow trading in the
Company's securities, The Financial Express reveals. The BSE
had suspended trading in Dunlop scrip in February 2003.
The Stock Exchange will only allow Dunlop's securities to trade
if it obtains clearance from the Board for Industrial and
Financial Reconstruction, which took the ailing Dunlop under its
arms in the late 90s.
Dunlop's new promoter, Kumar Ruia, is now doubling efforts to
secure BIFR's clearance since he cannot reach settlement with
Dunlop's financiers and investors if the Company is not listed.
Mr. Ruia said that he is ready to request the Court for a
directive, should the BIFR refuse to grant the much-needed
clearance.
Mr. Ruia stressed that the relisting will not only give retail
shareholders an exit route, but will also help in fund-raising
efforts to sustain Dunlop's revival.
Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes. The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators. The company had reported profit until
March 1997. In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited. This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98. After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998. The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors. In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.
INDIA CEMENTS: Mulls Price Hike for May
---------------------------------------
India Cements is considering raising cement prices up to INR20
per bag next month, The Telegraph reports.
The Company declined to confirm the report but acknowledged that
prices are hardening and can go up further.
Sources told The Telegraph that India Cements wants to increase
prices because cement prices per bag down South, where the
Company supplies, is far lower than the INR235 per bag in
Mumbai.
With the southern states expecting a construction boom and most
cement producers having huge capacities, the hike in prices
seems to be imminent, sources said.
Cement prices have moved up in all markets in the last three
months since large-scale construction work and real estate
development have fuelled huge demand for cement, The Telegraph
adds.
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,
he Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003. Faced with the
huge challenges, the company addressed its problems proactively.
It reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity. All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.
=================
I N D O N E S I A
=================
PERTAMINA: Delays Cepu Oil Drilling on Rig Scarcity
---------------------------------------------------
According to The Troubled Company Reporter - Asia Pacific on
March 17, 2006, Exxon Mobil Corporation and PT Pertamina have
signed a Joint Operating Agreement for the Cepu Contract Area
located in East and Central Java.
The TCR-AP recounts that the signing of the agreement follows
the execution of the Cepu Cooperation Contract in September
2005, and enables the parties to begin the activities and make
the investments required to develop the discovered resources and
further explore the block during the 30-year contract period.
In an update on April 7, 2006, Bloomberg News relates that Exxon
Mobil Corporation and PT Pertamina may delay drilling at the
US$2.6-billion Cepu project until early next year due to a
scarcity of rigs.
The scheme that will operate Cepu failed to secure any of the
four onshore rigs required to develop the field, said Hestu
Bagyo, head of the unit that holds Pertamina's stake.
Both parties had planned to start drilling in September at Cepu,
Indonesia's biggest unexploited oil field that straddles the
border of East and Central Java.
About Pertamina
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: Inspection Failure Caused by Mechanic Error
-----------------------------------------------------------
Japan Airlines Corporation said its failure to conduct a
required safety inspection on an aircraft last month was due to
a mechanic's misunderstanding of the safety procedures and a
senior inspector's failure to straighten it out, the Asahi
Shimbun reports.
Japan's Ministry of Land, Infrastructure and Transport had,
after reprimanding Japan Airlines for not conducting the proper
inspection on a passenger plane, ordered the Company to ground
the aircraft, Kyodo News says.
The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that the Ministry of Land, Infrastructure and
Transport had reprimanded the Company for flying an MD-87
aircraft for 10 days without conducting the proper safety
inspections required on all aircraft. The airplane had already
operated 41 flights before it was finally inspected.
The inspection was slated for Feb. 27, 2006, but JAL servicing
staff were not informed of the inspection. The carrier then
ordered an inspection on March 11, 2006. It was found out that
the aircraft did not conform to standards hence it was
immediately grounded.
When the safety inspection was finally conducted on March 20,
Asahi Shimbun says, a mechanic skipped a procedure requiring a
special chemical solution, which was not available at the time,
wrongly thinking it was ok to do so. Instead, he used anohter
procedure to conduct the test, and when a JAL maintenance head
noticed this, he asked the mechanic about it. The mechanic said
there was no problem. He has since been suspended from his
duties.
Incoming Japan Airlines chief executive Haruka Nishimatsu
apologized for the incident, adding that safety should ba a
major concern for all workers of the Company.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited
-- 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. Due to a series of safety related incidents,
the JAL Group was subjected to 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 to merge 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.
NEC CORPORATION: In Talks to Team Up with U.S. Firm
---------------------------------------------------
NEC Corporation is negotiating with electronics firm Matsuhita
Electric Works, Limited and United States-based chipmaker Texas
Instruments on a possible joint venture to create chips for
third-generation mobile phones, Channel NewsAsia reports.
The three firms, which are slated to sign an agreement this
month, plan to set up the joint venture firm in summer this year
to develop chips for NEC and Matsushita, according to Nihon
Keiza business daily.
NEC Electronics, a unit of NEC Corppration, and Matsushita unit
Panasonic Mobile Communications are also involved in the talks,
Reuters News adds. According to a source familiar with the
matter, the joint venture aims to reduce costs and offer mobile
phones at competitive prices.
NEC spokesman Toshinori Arai said that while nothing has been
finalized, the companies are in talks for possible cooperation,
and the joint venture firm would need some JPY10 billion in
capital.
About NEC Corporation
Headquartered in Kanagawa, Japan, NEC Electronics Corporation
-- http://www.necel.com/-- specializes in semiconductor
products encompassing advanced technology solutions for the
high-end computing and broadband networking markets, system
solutions for mobile handsets, PC peripherals, automotive and
digital consumer markets, and multi market solutions for a wide
range of customer applications. NEC Electronics Corporation has
26 subsidiaries worldwide, including NEC Electronics America,
Inc. and NEC Electronics (Europe) GmbH.
The Troubled Company Reporter - Asia Pacific reported on October
27, 2005, that NEC president Kaoru Tosaka, decided to resign on
November 1 after reporting a net loss of JPY1.55 billion in the
second quarter of 2005 and forecasting a deficit for that fiscal
year because of slumping chip sales. Executive Vice President
Toshio Nakajima was appointed to replace Mr. Tosaka.
NEC has been strengthening cost-cutting measures to improve its
finances.
YOSHINOYA D&C: Posts Lower Net Loss for 2005 on Improved Sales
--------------------------------------------------------------
Local restaurant chain Yoshinoya D&C Company, Limited, posted a
JPY387-million net loss for 2005 against a whopping JPY758
million net loss the previous year, Crisscross News says.
According to the Japan Times, the Company's menu changes and
aggressive promotions contributed to the decline in net loss.
Yoshinoya was forced to remove its "gyudon" beef-on-rice dishes
in 2004, after Japan imposed an import ban on Canadian and U.S.
Beef, after mad cow disease was discovered in both countries in
2003.
However, Yoshinoya president Shuji Abe hopes that the beef ban,
which was removed last December but re-imposed after a beef
shipment containing backbone was discovered, would be lifted
this September, otherwise profits would remain flat.
Yoshinoya reported a pre-tax profit of JPY2.18 billion due to a
slight 3.8% increase in sales to JPY122.39 billion, Kyodo News
reveals. The Company expects to post a JPY2.2 billion net
profit this year, on sales of JPY135.1 billion.
About Yoshinoya D&C
Japanese restaurant chain Yoshinoya D&C Company, Limited
- http://www.yoshinoya-dc.com/-- specializes in gyudon (beef-
on-rice) outlets and operates a national chain while pursuing
the development of other restaurant businesses in Japan.
Yoshinoya also operates in the United States, Taiwan, China and
Hong Kong, Singapore, the Philippines, Malaysia and Australia.
The Company was established on December 27, 1958, and has a
capital of JPY10.265 million. As of February 28, 2005,
Yoshinoya operates 1,016 domestic outlets and 258 overseas
outlets.
=========
K O R E A
=========
HYUNDAI MOTOR: Probers Summon Chief and Son Over Slush Fund Scam
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on March
31, 2006, that prosecutors raided the headquarters of Hyundai
Motor Co., and three of its subsidiaries -- Glovis Co., Kia
Motors Corporation and Hyundai Autonet Co. -- on March 26, 2006,
as part of their investigation into the Hyundai Motor Group's
alleged involvement in a slush fund scandal and in illegal
political lobbying.
In an updated on Friday, The Korea Herald relates that
prosecutors will summon Hyundai Automotive Group Chairman Chung
Mong-koo and his son Chung Eui-sun to question them about slush
funds created by several of the group's subsidiaries.
The TCR-AP reported earlier that Hyundai Motor's chairman Chung
Mong-koo has left for the United States on April 2, 2006, to
visit several manufacturing and sales facilities in the country.
Mr. Chung is expected to be back on April 9, 2006.
On April 3, 2006, prosecutors banned Chung Eui-sun from leaving
South Korea. Mr. Chung Eui-sun is regarded as heir to the auto
empire and is President of two key Hyundai Motor affiliates, Kia
Motors and Hyundai Mobis.
The prosecution also said it has secured the account books of a
Hyundai Automotive Group affiliate that contains details about
alleged slush funds.
The TCR-AP recounts that the Supreme Public Prosecutors Office
interrogated Chae Yang-ki, president of Hyundai Motor Group's
Corporate Planning Division, on March 29, 2006, and also
arrested Glovis chief executive officer Lee Ju-eun over
allegations that the automaker raised billions of won in slush
funds to bribe politicians and government officials through
lobbyist Kim Jae-rok. Mr. Lee was charged with embezzlement
of KRW6.98 billion of Company money to create slush funds.
Moreover, the prosecutors have also called in officials from the
Ministry of Construction and Transportation to question them
over suspicious lobbying and for giving authorization for the
expansion of Hyundai group's research center in Yangjae-dong,
Seoul.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles. The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%). Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact. The Company also
manufactures machine tools for factory automation and material-
handling equipment.
In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker. Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company. Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans. These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group Company INI Steel Co. The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved. However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.
KOREA EXCHANGE: BAI to Probe Lone Star Deal
-------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on March
7, 2006, that the Korean Board of Audit and Inspection will
probe Lone Star Funds' US$1.2 billion purchase of a stake in the
Korea Exchange Bank in 2003 was appropriate.
The probe, which is in response to the National Policy Committee
and the National Economy Committee's request, will focus on
alleged charges of the Bank's cheap sale and manipulation of the
Bank for International Settlement equity rate.
In an update on April 3, 2006, The Korea Times relates that the
Board of Audit and Inspection have summoned some 20 former and
incumbent government officials for questioning this week.
The list of officials include Byeon Yang-ho, a former director-
general of the Ministry of Finance and Economy; Kim Seok-dong,
former director-general of the Financial Supervisory Commission
and now deputy minister of finance economy; and Lee Kang-won,
former Korea Exchange President who currently leads the Korea
Investment Corporation.
BAI wants to determine whether there have been irregularities
such as influence-peddling in the decision making process of
granting Lone Star the status of the largest shareholder of
Korea Exchange three years ago.
According to the Korea Times, if testimonies indicate there has
been some responsibility from higher ups in the government, Kim
Jin-pyo, minister of education and human resources development
who was then minister of finance and economy, and Lee Jung-jae,
former chairman of the Financial Supervisory Commission, would
be summoned for questioning.
About 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.
===============
M A L A Y S I A
===============
CHG INDUSTRIES: Securities Commission Junks Restructuring Plan
--------------------------------------------------------------
The Securities Commission has on April 6, 2006, rejected CHG
Industries Berhad's application in relation to the Proposals
under the Company's Debt and Corporate Restructuring Scheme.
While considering the said application, the SC noted that:
-- the Proposals do not provide the appropriate benefits
to the shareholders of CHG whereby upon completion of
the Proposals, the shareholders of CHG will only hold
6.72% equity interest in Sinar Tiasa Sdn Bhd;
-- the Proposals involve among others, the acquisition of
three companies which are involved in businesses in the
timber industry. In the competitive timber industry,
Sinar Tiasa has no certainty of supply of logs due to,
among others, Sinar Tiasa and its proposed subsidiaries
not owning a timber concession. Furthermore, one of the
companies that will be acquired by Sinar Tiasa, that is,
Rejang Logging Co. Sdn Bhd which is the largest profit
contributor to the Sinar Tiasa Group, is dependent on
income derived from one customer, that is Bornion Timber
(Sarawak) Sdn Bhd; and
-- there are conflicting interests with the businesses of
the Sinar Tiasa Group as the promoters are also involved
in the upstream and downstream businesses in the timber
industry in other companies that are both listed and
unlisted on Bursa Malaysia Securities Berhad.
The Company said it will deliberate on the SC's decision and an
appropriate announcement will be made in due course.
As reported by Troubled Company Reporter - Asia Pacific, CHG
Industries on June 3, 2004, entered into an agreement with
Linmax Group Sdn Bhd to undertake a corporate and debt
restructuring exercise, which involves a capital reduction, the
injection of fresh assets and a transfer of its listing status.
Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia. It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products. The Company's woes
started when it defaulted on loan facilities in 1999. In 2004,
the Company has proposed a restructuring exercise, which
involves a capital reduction, the injection of fresh assets and
a transfer of its listing status. The plywood and veneer
product maker will be transformed into a mechanical and
engineering company through the injection of the assets of
Linmax Group Sdn Bhd. CHG said the restructuring via Linmax
will enable its existing shareholders to participate in Linmax,
which has income-generating assets, and keep the company listed
on the local bourse. The proposed restructuring scheme is
expected to be completed this year.
COMSA FARMS: To Complete Submission of Reports on April 18
----------------------------------------------------------
Comsa Farms Berhad disclosed that it has failed to issue the
Annual audited Accounts for the year ended March 31, 2005 and
the Annual Report for 2005 on their respective due dates as
required under Paragraph 9.23 of the Bursa Malaysia Securities
Listing Requirements.
Due to its failure to comply with the Listing Requirement, the
Company may be suspended or delisted by the Bourse.
As reported by Troubled Company Reporter - Asia Pacific, the
Company's securities had been suspended from trading since
November 2, 2005. The Company had received a Notice of
Delisting from Bursa Securities on March 28, 2006.
Pursuant thereto, the Company has submitted its Annual Audited
Account 2005 to the Bourse on April 5, 2006 and intends to
submit its Annual Report 2005 by April 18, 2006.
Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff. Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming. The Company is currently plunged in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000. Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.
LANKHORST BERHAD: Unit Receives Winding Up Petition
---------------------------------------------------
A winding up petition has been served on Lankhorst Pancabumi
Contractors Sdn Bhd, a subsidiary of Lankhorst Berhad, The New
Straits Times reports.
SAJ Holdings is reportedly claiming for MYR8,754.06 as payment
for arrears of water bill at Lankhorst Pancabumi's worker's
quarters at Taman NUsa Jaya, Johor Bahru project plus an annual
interest of 8% from April 13, 2000.
On June 11, 2003, Lankhorst Pancabumi obtained a judgment to pay
monthly installments of MYR1,000 to SAJ. This was, however,
rejected by the Petitioner.
Subsequently, Lankhorst has obtained a Restraining Order under
Section 176(10) of Companies Act 1965. The Petitioner has been
duly informed, by letter and advertisements of the Restraining
Order and its subsequent extensions on May 30, 2005, September
8, 2005, and January 13, 2006, respectively.
Lankhorst, however, claimed it has no record of the winding up
petition being served on its unit either at the registered
address of at the business address.
Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply. The Company has
been incurring a string of losses and its unit's are facing
winding up actions.
LIEN HOE: Fails to Fulfill SPA Conditions
-----------------------------------------
Lien Hoe Corporation Berhad has yet to satisfy certain
conditions precedent in its conditional sale and purchase
agreement as of March 31, 2006, or the cut-off date.
The Agreement relates to the proposed disposal of LH Commercials
Pte Ltd by Lienhoe to ISG Asia Limited for SG$50,542,616 to be
satisfied by the issuance of 631,782,701 new ISG shares of
SG$0.05 each at an issue price of SG$0.08 per share.
Accordingly, it was decided by the Company and ISG not to
further extend the cut-off date and accordingly the conditional
sale and purchase agreement has lapsed.
Headquartered in Petaling Jaya, Selangor, Malaysia, Lien Hoe
Corporation Berhad -- http://www.lienhoe.com.my/home.htm-- is
engaged in building and civil works, property investment,
operation of hotel operations and property development. The
Company is also engaged in the management of food court, car
park operations and property and investment holding. The Group
principally operates in Malaysia. Lien Hoe Corporation Berhad
and its lenders have successfully entered into a debt
restructuring agreement on September 10, 1999. The proposed debt
restructuring involves the restructuring of debts owed by Lien
Hoe and one of its subsidiaries, Lien Hoe Resort Sdn Bhd, to the
creditors amounting to MYR212.062 million. Lien Hoe also
implemented a capital reduction exercise as part of the
restructuring proposal. In addition, Lien Hoe has signed two
supplementary agreements to complete acquisitions of two land
banks. These supplementary agreements as well as another
proposed acquisition are meant to strengthen the Company's
financial standing.
MBF HOLDINGS: To Seek Shareholders OK on Proposals
--------------------------------------------------
MBf Holdings will be seeking shareholders' approvals for the
Proposed Shareholders' Mandate and Proposed Amendment to the
Company's Articles of Association at the forthcoming 43rd Annual
General Meeting to be convened at a still undetermined date.
MBfH had on June 10, 2005, obtained the mandate from its
shareholders at the Company's 42nd Annual General Meeting for
the Company to enter into recurrent related party transactions
of a revenue or trading nature, or RRPT, on the terms set out in
the Circular to Shareholders dated May 16, 2005. This mandate
will expire at the conclusion of the forthcoming 43rd Annual
General Meeting of the Company unless approval for its renewal
is obtained from the shareholders at the said meeting.
The Company will seek shareholders' approval for the proposed
renewal of shareholders' mandate for RRPT at the forthcoming
43rd Annual General Meeting in order to comply with Bursa
Malaysia Securities Berhad's Listing Requirements.
The Company also proposes to seek shareholders' approval for the
Proposed Amendments to the Articles of Association of the
Company to be consistent with the Listing Requirements of Bursa
Securities, other statutory and regulatory requirements.
Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes. Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding. The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.
Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group. Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965. MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action. The Scheme was
completed on June 30, 2003. Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies. The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business. However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.
PAN MALAYSIA: Buys Back 150,000 Shares for MYR63,819
---------------------------------------------------
Pan Malaysia Corporation Berhad bought back 327,600 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR139.240.75 on March 27, 2006.
The minimum price paid for each share purchased was MYR0.405 and
the maximum was MYR0.430.
After the purchase, the cumulative outstanding treasury shares
have reached 57,461,400.
Pan Malaysia Corporation on March 31, 2006, bought back 150,000
ordinary shares of MYR0.50 each for a total cash consideration
of MYR63,818.94, the Troubled Company Reporter - Asia Pacific
reports.
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.
PANTAI HOLDINGS: To List and Quote New Shares on April 12
---------------------------------------------------------
Pantai Holdings Berhad's additional 69,600 new ordinary shares
of MYR1.00 each issued pursuant to the Company's share employee
scheme will be granted listing and quotation on
April 12, 2006.
The Company will also list and quote on the same date some
1,219,600 new ordinary shares of MYR1.00 each arising from the
exercise of 1,219,600 warrants.
Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad
-- http://www.pantai.com.my/-- provides medical, surgical and
hospital services. The firms other activities include provision
of cleaning and maintenance services for hospitals, cardiac
cauterization, medical diagnostic, radiotherapy, oncology,
nurses training courses, medical laboratory, homecare,
rehabilitation, healthcare support, supervision of medical
examination of foreign workers, money lending, laundry and dry
cleaning and investment holding. Operations are carried out in
Malaysia, Cayman Islands and the British Virgin Islands. The
Company has defaulted on several loan facilities and is working
out plans to address them.
SBBS CONSORTIUM: High Court Hears Application for Stay
------------------------------------------------------
The Kuala Lumpur High Court will hear SBBS Consortium Berhad's
application for restraining order today, April 10, 2006.
As reported by Troubled Company Reporter - Asia Pacific, SBBS on
March 21, 2006, filed an application for a Restraining and Stay
Order so it could:
-- review and consider the feasibility of the proposals for
the corporate and debt restructuring scheme;
-- initiate consultation with SBBS's major creditors in
relation to a proposed debt settlement; and
-- engage and seek consultation from appointed consultants
on the best possible structure to restructure SBBS.
On March 20, 2006, SBBS entered into a 60-day Memorandum of
Understanding with PC Capital Sdn Bhd. The signing of the MOU
is aimed at setting the intentions of both parties to undertake
a corporate and debt restructuring scheme in order to revive
SBBS' financial and operational performance.
During the 60-day negotiation period, SBBS and PC Capital will
embark on exercises in order to facilitate the implementation of
the Scheme.
TCR-AP said that upon finalization of the negotiation and if the
parties are agreeable to all the final terms of the proposals
and the fulfillment of the Condition Precedent and other
conditions, the parties shall enter into a definitive
restructuring agreement before the MOU expires.
Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products. Its other activity is
investment holding. Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis. As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.
Negotiations between the Company and its bank creditors are
nonetheless, still continuing. The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options. Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.
SBBS CONSORTIUM: Contributory Files for Stay of Wind-up Order
-------------------------------------------------------------
Kain Ann @ Chua Chua Kein Lam, a contributory of SBBS Consortium
Berhad, on April 5, 2006, filed an application for a stay of the
winding up order issued by the Kuala Lumpur High Court on March
29, 2006.
The wind-up petition was filed by Southern Bank Berhad last year
after SBBS defaulted on a loan facility extended by the Bank.
Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products. Its other activity is
investment holding. Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis. As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.
Negotiations between the Company and its bank creditors are
nonetheless, still continuing. The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options. Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.
SETEGAP BERHAD: Inks Definitive Agreement to Complete Scheme
------------------------------------------------------------
On April 6, 2006, Setegap Berhad entered into a Definitive
Agreement with Calinex Sdn Bhd, Sumatec (Sarawak) Sdn Bhd,
Sumatec Trackworks Sdn Bhd, Untunwell Sdn Bhd and Sumatec
Resources Berhad to set out the corporate objectives of the
parties to the Definitive Agreement and to bind themselves and
to comply with all the terms and conditions of the restructuring
agreement entered into on March 28, 2006.
The Definitive Agreement will set out the role of Untungwell Sdn
Bhd and the interim arrangements between the parties up to the
completion of the Proposals under the Company's Corporate
Restructuring Scheme. Untungwell will be the newly incorporated
company, which will eventually assume Setegap's listing status.
The interim arrangements involve amongst others, secondment of
key resources by Setegap to Sumatec (Sarawak) and Sumatec
Trackworks to commence project planning and scheduling of
contracts and to participate together in evaluating future
contracts, and provision of financial arrangement by Sumatec
Resources Berhad to Sumatec (Sarawak) and Sumatec Trackworks
including but not limited to procurement of bid bonds and
performance security to enable Sumatec (Sarawak) and Sumatec
Trackworks to complete the awarded contracts.
The Definitive Agreement is part of the Company's Corporate
Restructuring Exercise, which include;
* a proposed capital reduction and consolidation;
* proposed share exchange;
* proposed debt settlement;
* proposed transfer of listing;
* proposed arrangement involving Calinex Sdn Bhd; and
* proposed subscription of new shares in Sumatec (Sarawak)
Sdn Bhd and Sumatec Trackworks Sdn Bhd.
About Setegap Berhad
Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.
The Company's other activities include manufacturing and selling
of road construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix. The Group also provides
mechanical and electrical services, leases machinery and
investment holding.
Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, inter-alia, the construction and
property sectors. As a result, the Company's cash flow and
profitability were adversely affected. In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee set up by the Government with its secretariat at Bank
Negara Malaysia on the restructuring of the Company and certain
of its subsidiaries' debts amounting to MYR95.29 million. The
Company had in October 2000 entered into a debt restructuring
agreement with its creditors.
As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations. However, in light of the bearish market
conditions, which had adversely affected the Company's share
price between 2000 and 2001, the fund raising proposals were
aborted as the shares were being traded below par value.
As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise was to provide the
Group with additional working capital, repayment of bank
borrowings and to provide security for the performance bond
facilities necessary for its projects. In June 2003, the
proposals were aborted as Setegap's management's was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market. In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts as the lack of sufficient
working capital has limited its ability to tender for new
contracts.
Due to the unsuccessful attempts by the Company to raise funds
to regularize its debt problems, the debt restructuring
agreement in October 2000 was technically in default in 2003.
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.
The Board had on November 11, 2005, announced that the Company
had been served with a notice to show cause by Bursa Securities
on the delisting of the securities of the Company. Without a
scheme to regularize its financial position, Setegap will risk
being delisted. The current proposals will therefore be a
revitalization scheme for the Setegap Group.
TRADEWINDS CORPORATION: Units Falls Into Voluntary Liquidation
--------------------------------------------------------------
The Board of Directors of Tradewinds Corporation Berhad on April
4, 2006, passed a resolution to voluntarily wind up its
subsidiaries:
* TCB OUE Cruises Sdn Bhd;
* Malaysia Timber Exports Sdn Bhd;
* TCB Services Sdn Bhd;
* TCB Engineering Sdn Bhd; and
* TCB Komputer Sdn Bhd.
Subsequently, Sathiea Seelan a/l Manickam of Messrs Anuarul
Azizan Chew & Company was appointed as liquidator of the dormant
companies.
The liquidation is pursuant to the streamlining of Tradewind's
structure and does not have material impact on the Group's
operations and results.
Tradewinds Corporation Berhad -- formerly known as Pernas
International Holdings Berhad -- is one of Malaysia's largest
and most dynamic investment holding company. The group is
focused on a diverse range of business activities, which include
plantations, hotels, manufacturing, and properties, and aims to
be the premier investment company. The Group has entered into a
restructuring scheme to settle debts, curb losses and streamline
its operations. In 2004, the Group's debt was significantly
restructured with the reorganization of the hotel businesses.
The Company also unveiled a new logo after its change of name in
July 2004, in line with its corporate re-branding exercise. The
Group divested some non-core assets in line with its objective
to streamline its businesses. In February 2005, the
acquisitions of property development land to diversify earnings
and improve cash flow were completed. Despite this, the Group's
debt level is still deemed substantial relative to its
capitalization. Although Tradewinds Corp's cashflow is
envisaged to be able to comfortably cover interest payments of
its bonds, the Group would still have to rely on debt
refinancing or disposal of assets to meet its principal
obligations when they fall due.
TRU-TECH HOLDINGS: Court Grants 90-day Restraining Order
--------------------------------------------------------
The Johor Bahru High Court on April 6, 2006 extended the
Restraining Order for Tru-Tech Holdings Berhad and its
subsidiaries, Tru-Tech Electronics (M) Sdn Bhd and Tru-Tech
Technology Sdn Bhd, from March 21, 2006 through June 18, 2006.
The Company obtained the Restraining Order to implement its plan
to regularize its financial condition.
As reported by Troubled Company Reporter - Asia Pacific, the
Tru-Tech Holdings unveiled a proposed restructuring scheme on
December 31, 2004.
Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products. Its other activities include
development and distribution of switch-mode power supplies and
investment holding. The Group operates in Malaysia, Singapore,
United States and United Kingdom. On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its financial frailty. These include the incorporation of a new
entity as Tru-Tech's holding company, and the disposal of its
existing contract-assembly business to a third party. Much of
Tru-Tech's future performance will hinge on its ability to
restructure its debts and resolve its financial woes.
=====================
P H I L I P P I N E S
=====================
LAFAYETTE MINING: Violates 12 Environmental Requirements
--------------------------------------------------------
Lafayette Philippines Incorporated, a local unit of Australian
firm Lafayette Mining Company, violated 12 major conditions of
its environmental compliance certificate, ABS-CBN News relates,
citing former environment secretary Heherson Alvarez.
According to Mr. Alvarez, LPI was required to build a tailings
dam with a 5 million metric-ton impounding capacity, but
instead, it built a dam with a capacity that had 25% of the
capacity specified in its feasibility study. The Company failed
to provide a cyanide destruction circuit to allow its waste
tailings to pass before being stored in a dam.
Mr. Alvarez, the Manila Times says, reprimanded Lafayette for
not complying with the standards of the environmental
certificate he had approved in 2001. He added that the
Department of Environment and Natural Resources should
constantly monitor the operations of mining firms.
About Lafayette
Headquartered in Melbourne, Australia, Lafayette Mining,
Incorporated -- http://www.lafayettemining.com/-- has been
listed on the Australian Stock Exchange since August 1997. It
focuses on developing a polymetallic project involving copper,
gold, zinc and silver on the Island of Rapu-Rapu in the
Philippines, through Lafayette Mining Philippines, Inc.
The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines in 2005
when the Company's mine tailings were accidentally spilled into
the Albay Gulf last October, killing thousands of fish and
destroying the livelihood of fishermen in the area. The Company
was also fined PHP10.7 million for violating the Clean Water Act
and its environmental compliance certificate.
Troubled Company Reporter reported on April 7, 2006, that a
fact-finding body created by President Gloria Macapagal Arroyo
last month to investigate the recent mining spills at Lafayette
Mining Philippines, Incorporated, has sought a one-month
extension on the deadline given to conclude its investigation
and report its findings.
NATIONAL FOOD: Buys Raw Sugar for Consumption
---------------------------------------------
The National Food Authority has started buying raw or brown
sugar from the Capiz Sugar Central in President Roxas, Capiz, as
part of a program to purchase at least 0.05% of the total sugar
produced in the milling firm, Philippine Information Agency
says.
Under the program ordered by President Gloria Macapagal Arroyo,
the NFA provincial office was given PHP1.5 million to purchase
up to 58,000 kilograms or 1, 160 bags of raw sugar; so far, the
agency has bought 700 bags at PHP950 per bag.
Information Officer Edna Artates said the NFA will buy "B-2"
sugar reserved for the agency allotted by the Sugar Regulatory
Administration on a weekly basis, in order to provide an
adequate supply of sugar to the residents of Capiz.
About National Food Authority
Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals. NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.
In 2005, the agency incurred an additional PHP6-billion debt to
bankroll cost of rice and corn importation, as well as payment
of import duties. The Company is seeking a private sector
takeover of its importation role so it could gradually make a
turnaround from its PHP22-billion loss in 2005.
On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a PHP8 billion loss
for the business year 2006.
NATIONAL FOOD: Imports More Rice for Public Consumption
-------------------------------------------------------
According to the National Food Authority, there is an adequate
supply of rice in Bicol due to the arrival of up to one million
bags of rice imported from Vietnam, Philippine Information
Agency reveals.
NFA Bicol assistant regional director Jose Guevarra disclosed
that Camarines Sur, Albay, Masbate, Sorsogon, Camarines Norte
and Catandanues all received bags of imported rice. In Bicol,
local production cannot keep up with consumer demand, PIA
reports. The imported rice would be sold at PHP900 per bag, or
PHP18 per kilo, in order to make it affordable to consumers.
Mr. Guevarra said the National Food Agency prepares for the
possibility of typhoons and other calamities, as well as the La
Nina phenomenon, in importing rice for public consumption. He
further added that due to the increase in population and the
lack of farming land for rice planting, the Government has to
import rice from neighboring countries to meet national demand.
About National Food Authority
Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals. NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.
In 2005, the agency incurred an additional PHP6-billion debt to
bankroll cost of rice and corn importation, as well as payment
of import duties. The Company is seeking a private sector
takeover of its importation role so it could gradually make a
turnaround from its PHP22-billion loss in 2005.
On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a PHP8 billion loss
for the business year 2006.
NATIONAL POWER: Catanduanes Seeks to Stop Impending Rate Hike
-------------------------------------------------------------
Catanduanes governor Leandro Verceles, Jr. presented a petition
to President Gloria Macapagal Arroyo to delay an upcoming 52%
rise in power rates by the National Power Corporation, the
Philippine Inquirer reports.
More than 33,000 consumers signed the petition, which stated
that the residents of Catanduanes were still adjusting to higher
prices brought on by fuel price increases and the 12% value-
added tax on goods. According to consumers, the affordability
index that National Power used as a basis to raise rates was
unfair. They added that most of them would not be able to
afford a higher power rate.
National Power is slated to issue an Energy Regulatory
Commission-approved power rate of PHP5.64 per kilowatt-hour
starting this month, from the current rate of PHP3.71 per
kilowatt-hour. The new rates will be reflected in consumers'
electric bills this May.
The Inquirer reveals the energy commission had on December 16,
2005, approved Napocor's application of a socially acceptable
generation rate for areas covered by its Small Power Utilities
Group, such as Catanduanes, Masbate, Palawan, among others, so
that a new provider could recover costs and seek a return on
investment. Local cooperatives and multi-sector organizations
opposed the move, but the commission ruled in favor of Napocor.
About National Power
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 debt of PHP600 billion. It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.
National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers. Aside from the PHP29.9 billion loss in 2004,
the Company posted a net loss of PHP117 billion in 2003.
The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.
Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that National power posted a PHP16 million profit
for the first time in seven years, on the Energy Regulation
Commission's approval of a rate increase, the use of an improved
fuel mix and better fuel prices.
=================
S I N G A P O R E
=================
A-FOSS ASIA: Proofs of Debt or Claim Due Next Month
---------------------------------------------------
Creditors of A-Foss Asia Private Limited are required to send in
their proofs of debt or claim until May 11, 2006.
Failure to do so will exclude them from the benefit of any
distribution the Company will make.
Contact: Timothy James Reid
Liquidator
50 Raffles Place #16-06
Singapore Land Tower
Singapore 048623
ASIA BIO SYSTEMS: Faces Wind Up Proceedings
-------------------------------------------
A wind-up petition was served on Asia Bio Systems Holdings
Private Limited on March 23, 2006.
The Petition will be heard before the Singapore High Court on
April 21, 2006, at 10:00 a.m.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the hearing.
Contact: BL TOK & Company
Solicitors for the Petitioner
47 Hill Street #06-09
Chinese Chamber of Commerce & Industry Building
Singapore 179365
JIANGSHAN INVESTMENT: To Pay Dividend on April 17
-------------------------------------------------
Jiangshan Investment Consortium Limited is set to distribute a
first interim dividend on April 17, 2006, at the office of Chia
Soo Hien, the Company's liquidator.
Contact: Chia Soo Hien
Liquidator
BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808
FORNET INTERNATIONAL: Court Opts to Wind Up Operations
------------------------------------------------------
On March 24, 2006, the Singapore High Court issued an order to
wind up Fornet International Private Limited.
Creditors of the Company should file their debt or claim to the
liquidator.
Contact: The Official Receiver
Insolvency & Public Trustee's Office
Liquidator
The URA Centre, East Wing
45 Maxwell Road #05-11/#06-11
Singapore 069118
RICHFIELD INNOVATIONS: Proofs of Debt Due on April 21
-----------------------------------------------------
Richfield Innovations Private Limited is set to distribute
dividends and will be receiving proofs of debt not later than
April 21, 2006, to the liquidator's office.
Contact: Bob Low Siew Sie
Liquidator
c/o Bob Low & Co.
83A Kampong Bahru Road
Singapore 169379
UNITED FIBER: AGM Slated for April 21
-------------------------------------
United Fiber System Limited will convene its Annual General
Meeting on April 21, 2006, at The Board Room, 103 Defu Lane 10,
Poh Lian Building 1, Singapore 539223, at 10:00 a.m. to transact
these businesses:
As Ordinary Business
(1) To receive and adopt the Directors' Report and Audited
Financial Statements for the financial year ended
December 31, 2005, together with the Auditors' Report
thereon. (Resolution 1)
(2) To approve payment of Directors' fees totaling $236,233 for
the financial year ended December 31, 2005. (Resolution 2)
(3) To re-elect the following Directors who are retiring
pursuant to the Articles of Association of the Company:
(a) Chia Quee Hock (Article 107) (Resolution 3a)
(b) Choo Lye Heng (Article 107) (Resolution 3b)
(c) Wong Vun Khi (Article 107) (Resolution 3c)
(d) Chew Hai Chwee (Article 117) (Resolution 3d)
(4) To re-appoint Messrs. Ernst & Young as Auditors for the
ensuing year and to authorize the Directors to fix
their remuneration. (Resolution 4)
As Special Business
(5) To consider and if thought fit, to pass the following
resolution as an Ordinary Resolution, with or without
modifications:
Authority to:
(i) Allot and Issue Shares and
(ii) Create and Issue Securities and to Allot and Issue
Shares in connection therewith, pursuant to Section 161
of the Companies Act, Chapter 50 of Singapore.
That pursuant to Section 161 of the Companies Act,
Chapter 50 of Singapore:
(a) the Directors be and are hereby authorised to allot
and issue shares in the capital of the Company to
any person on such terms and conditions and with such
rights or restrictions as they may think fit to
impose; and
(b) approval be and is hereby given to the Directors to:
(i) (aa) create and issue securities including,
without limitation, warrants or options to
subscribe for new shares in the capital of
the Company, debt securities and other
securities which are convertible into,
exchangeable for, or exercisable for, New
Shares or other securities issued or to be
issued by the Company to any person or
persons and on such terms and conditions as
the Directors may think fit to impose;
(bb) create and issue any further Securities as
may be required or permitted to be issued in
accordance with the terms and conditions of
the Securities; and
(cc) make, enter into and/or issue offers,
agreements, options, undertakings, guarantees
and/or indemnities which would or might
require the issue of New Shares or other
securities by the Company with any person or
persons and on such terms and conditions as
the Directors may think fit to impose;
(ii) allot and issue from time to time:
(aa) such number of New Shares as may be required
or permitted to be allotted or issued on the
conversion, exchange or exercise of the
Securities, or any of them, to the holders
of such Securities on the conversion,
exchange or exercise thereof, subject to and
otherwise in accordance with the terms and
conditions of the Securities;
(bb) on the same basis as paragraph (ii)(aa)
above, such further New Shares as may be
required to be allotted and issued on the
conversion, exchange or exercise of any of
the Further Securities in accordance with the
terms and conditions of the Further
Securities; and
(cc) such number of New Shares as may be required
or permitted to be allotted or issued
pursuant to and otherwise in accordance with
the terms and conditions of the Agreements;
(iii) take such steps, make such amendments to the
terms and conditions of the Securities, the
Further Securities and the Agreements and any of
them, and exercise such discretion as the
Directors may from time to time deem fit,
advisable or necessary in connection with all or
any of the above matters, provided that:
(1) the aggregate number of New Shares to be
issued pursuant to this Resolution
(including, without limitation, New Shares to
be issued pursuant to the Agreements made or
granted pursuant to this Resolution) does not
exceed 50 per cent of the issued share
capital of the Company (as calculated in
accordance with paragraph (2) below), of
which the aggregate number of New Shares to
be issued other than on a pro rata basis to
shareholders of the Company (including,
without limitation, New Shares to be issued
pursuant to the Agreements made or granted
pursuant to this Resolution) does not exceed
20% cent of the issued share capital of the
Company (as calculated in accordance with
paragraph (2) below);
(2) subject to such manner of calculation as may
be prescribed by the Singapore Exchange
Securities Trading Limited for the purpose of
determining the aggregate number of New
Shares that may be issued under paragraph (1)
above, the percentage of issued share capital
shall be based on the issued share capital of
the Company at the time this Resolution is
passed, after adjusting for:
(i) new shares in the capital of the Company
arising from the conversion or exercise of
any convertible securities or share
options or vesting of share awards which
are outstanding or subsisting at the time
this Resolution is passed; and
(ii) any subsequent consolidation or
subdivision of shares;
(3) in exercising the authority conferred by this
Resolution, the Company shall comply with the
provisions of the Listing Manual of the SGX-
ST for the time being in force (unless such
compliance has been waived by the SGX-ST) and
the Articles of Association for the time
being of the Company; and
(4) unless revoked or varied by the Company in
general meeting) the authority conferred by
this Resolution shall continue in force until
the conclusion of the next Annual General
Meeting of the Company or the date by which
the next Annual General Meeting of the
Company is required by law to be held,
whichever is the earlier. (Resolution 5)
(6) To transact any other business that may properly be
transacted at an Annual General Meeting.
Headquartered in Singapore, United Fiber System's
-- http://www.ufs.com.sg/-- principal activities are those of
building contractors and property developer. Other activities
include manufacturing and trading of scaffolding systems and
investment holding. Operations of the Group are carried out in
Singapore and other Asia-Pacific countries. In April 2002, the
shareholders of the Company approved a plan to venture into the
forestry and pulp businesses. The restructuring exercise
involved the acquisition of the entire issued and paid-up share
capital of Anrof Singapore Ltd group of companies with a forest
concession right and extensive forest plantations in Indonesia
and with a license to build and operate a bleached hardwood
kraft pulp mill in Indonesia with an annual production capacity
of 600,000 tonnes of pulp. The restructuring exercise has
transformed UFS from a local construction company to a group
with significant regional presence and with synergistic
operations in forestry, pulp production and construction.
===============
T H A I L A N D
===============
TANAYONG: Court to Decide on Rehab Amendment on April 24
--------------------------------------------------------
The Central Bankruptcy Court will release the order regarding
Tanayong Public Company Limited's petition to amend its
reorganization plan on April 24, 2006.
As reported by the Troubled Company Reporter- Asia Pacific on
March 7, 2006, the amendment was approved at the creditors'
meeting held on February 28, 2006, and about 69.16% of the
creditors voted for the amendment of the reorganization plan.
The amended plan was submitted to the Central Bankruptcy Court
for approval and was fixed for mention on April 3, 2006.
Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.
Tanayong is currently under rehabilitation. It is categorized
under Rehabco at the Stock Exchange of Thailand. The Company is
planning to focus on all kinds of property development,
including hotels right after the completion of its debt-
restructuring.
THAI AIRWAYS: Acting President Guarantees Transparency
------------------------------------------------------
Acting president of Thai Airways International Public Company
Limited assured members of the labor union that the selection of
new president would not have political intervention, The Nation
relates.
According to Somchainuk Engtrakul, a committee has been set up
to look over the selection process. However, the committee has
not chosen anyone from among four internal candidates who passed
the first round.
Union leader Somsak Srinual pointed out that the union wants one
of the four internal candidates to become Thai Airways'
president. Mr. Somsak said that the union will once again
gather at the Company headquarters on April 12, if they see that
the committee has not done any move.
Two directors of Thai Airways have resigned as the union calls
for their removal over conflict of interest.
Mr. Somsak said neither Olarn Chaipravat nor Vichit
Suraphongchai were qualified to remain on the board, because
they held shares in or were in the same industry as Thai Airways
or belonged to companies competing against the airline.
The two resigned directors also failed to notify shareholders on
their appointment date that they were directors of Shin
Corporation Plc, which is a shareholder of Thai AirAsia.
The union has demanded for a repayment of the fees both
directors received from the Company.
The union has also called for the head office to remain at
Vibhavadi-Rangsit Road, citing inconvenience to employees
needing transport once it is moved to Suvarnabhumi Airport.
Aside from that the union also questioned the need for two
airports, which are Don Muang and Suvarnabhumi when both are
serving the same city.
Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is
engaged in the operation of domestic and international air
transportation service. This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation. The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services. The company underwent a major business restructuring
last year after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes. It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.
THAI HEAT: Details Changes in Capital
-------------------------------------
Thai Heat Revival Company Limited as the plan administrator of
Thai Heat Exchange Public Company Limited unveiled the capital
increase as well as the capital decrease the Company undertook
on March 8, 2006.
The company decreased the capital from THB473,369,494 to
THB232,267,695 on April 3,2006 since the Company did not
convert the debt to equity according to the rehabilitation plan
dated May 16, 2005.
On April 4, 2006, the Company has then increased the capital
from THB232,267,695 to THB1,000,000,000 accommodating the
sale of shares to new investors and issuance of warrant in
the future.
Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils,
box air-conditioners, and cater to the various sectors of its
large clientele. Thai Heat is currently undergoing business
rehabilitation. Its securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.
*********
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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Reiza Dejito, Erica Fernando, Freya Natasha Fernandez, Francis
Chicano and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***