/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060413.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 Thursday, April 13, 2006, Vol. 9, No. 074 Headlines A U S T R A L I A & N E W Z E A L A N D 4STAR HOLDINGS: Receivers and Managers Conclude Liquidation A&D KACAN: Members and Creditors Agree to Wind Up Operations AGRICARE LIMITED: Court to Hear Liquidation Petition on April 20 AIR NEW ZEALAND: Inks Codeshare Deal with Qantas ALIVE ELECTRICAL: Proofs of Debt or Claim Due on May 12 ASC TIMBER: Macintosh Ceases to Act as Receiver AUSTRALIAN ROOFING: Appoints Official Liquidators AWB LIMITED: Court Defers Decision on 'Apology' Document AWB LIMITED: Downer Says He Has No Recollection of Cables AWB LIMITED: Prime Minister Howard to Appear at Cole Inquiry CRAWFORD PROPERTIES: Receiving Proofs of Claims Until April 30 DUMA PRECAST: Initiates Wind-up Process GARY LENG TRANSPORT: Set to Distribute Dividend to Creditors HI-FI SUPERMARKET: Creditors Opt for Voluntary Liquidation HYMEC ENGINEERS: Liquidator to Present Wind-up Report KINGDREAM PTY: Names Receivers and Managers MELLORS PTY: Members Agree on Liquidation METLCAST MANUFACTURING: Enters Voluntary Liquidation MULTIPLEX: Obtains Bank Debt Waivers NORTHCOTE GARAGE: Prepares to Liquidate Assets PANAHOME NEW ZEALAND: Taps Liquidator from McGrath Nicol P&B HOLDINGS: Faces Liquidation Proceedings PBO LIMITED: Picks Bryan Williams as Liquidator PERFECTION DEVELOPMENTS: Court Orders Winding Up PIEMAN AUSTRALIA: Pays Out Final Dividend REALIZE PTY: Liquidator to Present Wind-up Report RIDGID FLOORS: Creditors Must Prove Debt or Claims by April 27 SAKAN PTY: NAB Appoints Receivers and Managers TROJAN RIGGING: Enters Winding Up Proceedings TULLAWUNG PTY: Members Meet to Discuss Winding Up UFHUSEN PROPERTIES: Faces Liquidation Proceedings VIZOWA PTY: Members Resolve to Have Business Liquidated WEBB AIR AUTO: Placed in Voluntary Liquidation C H I N A & H O N G K O N G AESTHETIC ENGINEERING: Creditors, Contributories Meet Separately BEAR COMPANY: To Issue First and Final Preferential Dividend CHINA EASTERN: Posts 2005 Loss on 64% Rise in Fuel Costs CHINA EASTERN: To Sell 20% Stake CHINESE MEDICINE: Passes Wind-up Resolution on April 7 DON FRANCO: Appoints Liquidators & Inspection Committee Members JENXON LIMITED: Final Members and Creditors Meetings Set May 8 JUMBO FORTUNE: Court to Hear Wind-up Petition on May 17 GAC CARGO: To Hold Final Members Meeting on May 8 KWOK YUNG INVESTMENTS: Members' Final Meeting Set on May 15 LEE FUNG SCREW: Transfers Operation to Lee Fung Metal Products LONG PROGRESS: Appoints Official Liquidator MIRROR IMAGE: Kwan Ceased to Act as Liquidator NETEL TECHNOLOGY: Nine-Month Net Loss Narrows to HK$2 Mln PMMS ASIA-PACICIC: Completes Transfer of Business on May 7 PRICE WATERHOUSE: Appoints Liquidators via Special Resolution ROXY WORLD: Members Pass Wind-up Resolution ROXY WORLD: Creditors to Prove Debts by May 6 REMY FINE WINES: Appoints Official Liquidators SHANGHAI REAL ESTATE: Rating Unaffected by Bond Rise SNP PANPAC: Transfers Business to Times Publishing on March 1 STAR PACIFIC: Shareholders Opt for Voluntary Liquidation TAK YIP TRADING: To Pay Second Supplementary Dividend I N D I A BHARAT PETROLEUM: Sets up Karippur Aviation Refueling Depot DUNLOP INDIA: Ruia Reopens Ambattur Plant DUNLOP INDIA: Earmarks INR350 Crore for Revival I N D O N E S I A PERTAMINA: Forges Alliance With Saudi Aramco J A P A N JAPAN AIRLINES: Lack of Communication Caused Safety Blunders MITSUBISHI MOTORS: Launches Car R&D Unit in Mainland China PIONEER CORPORATION: Omron Agrees to Acquire Subsidiary KAJIMA CORPORATION: To Delist Stock in London KOBE STEEL: Forges Alliance to Build U.S. Plant K O R E A HYUNDAI MOTOR: Civic Group Sues Owners for Embezzlement KOREA EXCHANGE: Prosecutors Find Lead in Lone Star Tax Evasion M A L A Y S I A AFFIN HOLDINGS: Lists Shares from Employees' Share Option Scheme APEX EQUITY: Lodges 219,200 Shares with Registrar of Companies CONSOLIDATED FARMS: Agrees to Extend Fulfillment of Deals LANKHORST BERHAD: Annual General Meeting Fixed on April 28 MBF HOLDINGS: Receives Mandatory Offer from CIMB METROPLEX BERHAD: Shareholders' Equity Logs MYR196.3-Mln Deficit METROPLEX BERHAD: Defaulted Amounted Hits MYR1.7 Bln MYCOM BERHAD: Buys More Time to Complete Restructuring POLYMATE HOLDINGS: AmBank Slaps Over MYR343,770 Claim SETEGAP BERHAD: Submits Regularization Plan to Authorities TALAM CORPORATION: Invites Parties to Subscribe in Shares TENAGA NASIONAL: Woes Mount Despite Healthy Finances P H I L I P P I N E S EQUITABLE PCI: S&P Affirms Counterparty Rating LEPANTO CONSOLIDATED: Fully Repays Loan from Ivanhoe MANILA ELECTRIC: Sister Firm Averts Termination of Operations RB FAMY: Court to Conclude Liquidation Proceedings on May 5 TPG CORPORATION: SEC Does Not Buy Proposed Payment Suspension S I N G A P O R E GREATRONIC LIMITED: Amends 2005 Full Year Financial Results LINDETEVES-JACOBERG: Unveils Mandatory Conditional Cash Offer STARTECH ELECTRONICS: 7th AGM Slated for April 27 TRADE PLANET: Proofs of Debt or Claim Due on May 8 TRI-M TECHNOLOGIES: Fixes April 27 as AGM Date WEST BAY: Creditors Should Prove Debt to Benefit from Dividend T H A I L A N D PAE (THAILAND): Wipes Out 2004 Profit; Posts THB44 Million Loss PREMIER ENGINEERING: Turns Around with THB112-Million Net Profit PREMIER ENTERPRISE: Net Profit Jumps to THB816 Million in 2005 - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ 4STAR HOLDINGS: Receivers and Managers Conclude Liquidation ----------------------------------------------------------- David Murray Blanchett and Peter Ross McLean, liquidators of 4Star Holdings Limited, have ceased to act as receivers and managers of the property of the Company after having completed their duties. A&D KACAN: Members and Creditors Agree to Wind Up Operations ------------------------------------------------------------ At an extraordinary general meeting of members and creditors of A&D Kacan Pty Ltd, it was decided that the Company be wound up voluntarily. Chartered Accountant and Registered Liquidator Joseph Loebenstein was then appointed to oversee the Company's liquidation. Contact: Joseph Loebenstein Liquidator Loebenstein Insolvency Services Pty Ltd 203 Balaclava Road, Caulfield North Victoria 3161, Australia AGRICARE LIMITED: Court to Hear Liquidation Petition on April 20 ---------------------------------------------------------------- On January 27, 2006, an application to liquidate Agricare Limited was filed with the High Court of Auckland. Subsequently, the Court has fixed to hear the Application on April 20, 2006. Any person wishing to appear at the hearing is required to file an appearance not later than April 18, 2006. Contact: Commissioner of Inland Revenue Plaintiff Simon John Eisdell Moore Solicitor for the Plaintiff Crown Solicitor Meredith Connell Level Seventeen, Forsyth Barr Tower 55-65 Shortland Street P.O. Box 2213 or D.X. C.P. 24-063 Auckland New Zealand Telephone (09) 336 7556 AIR NEW ZEALAND: Inks Codeshare Deal with Qantas ------------------------------------------------ Air New Zealand and Qantas have signed a codeshare agreement for their Tasman routes. The airlines will shortly file applications seeking authorization from the New Zealand Minister of Transport and the Australian Competition and Consumer Commission. The agreement, which is subject to an independent audit review, will be specifically limited to the Tasman only. Benefits to the consumer would include better loyalty programme advantages, a better spread of schedules, better connections to onward flights and the retention of low fares. Air New Zealand customers currently have the choice of 134 Tasman departures per week. Under the proposed codeshare with Qantas this would increase by 63% to 218 departures. The codeshare will also have significant benefits for the environment. Air New Zealand currently uses 1.78 million barrels of fuel a year on the Tasman. This will be reduced by around 100,000 barrels annually under the proposed codeshare. "The Tasman is a fiercely contested market," said Rob Fyfe, Chief Executive Officer of Air New Zealand. "The number of seats on sale is greater than the number of passengers carried; in fact the equivalent of 11 empty A320 aircraft make two return trips per day. To continue such over capacity in the present environment of high fuel prices would not only be uneconomic, it would be financially and environmentally irresponsible." A codeshare agreement will allow the airlines to reduce cost by removing some surplus capacity and utilizing aircraft more efficiently, while increasing the number of flights available to each airline's customers. Mr. Fyfe said that while the proposed codeshare arrangements with Qantas and recent initiatives designed to remove costs from Tasman operations would be positive for Air New Zealand, the company would still be well short of achieving adequate returns on its substantial fleet investment. Air New Zealand currently has almost a billion dollars invested in aircraft on the Tasman. "Once the proposed codeshare arrangements with Qantas become effective, the market will continue to be highly competitive," said Mr. Fyfe. "The reality is that both Air New Zealand and Qantas continue to compete against a significant number of other airlines on the Tasman. Both airlines would also remain vigorous competitors in marketing and distribution." The proposed codeshare will be supported by revenue, pricing and scheduling arrangements. Once it becomes effective, all revenue earned by Air New Zealand and Qantas on Tasman routes will be allocated on an agreed basis. Each carrier will benefit from its own cost reduction programmes and continue to maintain independent and competitive relationships with travel agents. Mr. Fyfe said it was expected that the applications could take around six months to be assessed by regulators on both sides of the Tasman. The parties declined to release the value of the benefit of the codeshare for commercial reasons. 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. About Qantas Airways Headquartered in Sydney, Australia, Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline and is also recognized as one of the leading long- distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline-related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. Qantas started having problems in 2003 with the ill effects of the Iraq War and the SARS outbreak, on top of the already difficult period following the events of the 9/11 terrorist attacks, the Afghanistan war and the terror threats, which lead to a downturn in bookings to other Asian countries, and affecting most of European routes as well. The adverse effects also affected other areas of the business including Qantas Flight Catering, Qantas Holidays and Australian Airlines. Qantas started reviewing, and widened, the range of initiatives it had put in place following the triggering events. These initiatives included the reduction of staffing numbers through the use of accumulated leave to the equivalent of 2,500 full- time employees by June 2003 and by the equivalent of 1,000 employees between July and September 2003; a restructuring program involving 1,000 redundancies, 400 permanent positions eliminated through attrition and 300 permanent positions converted from full time to part time; a freeze on capital and discretionary expenditure; expansion of the leave without pay program; increased use of part time workers; significant restructuring of work practices and activities; and reduction of capital expenditure, including retirement of some aircraft and deferral of delivery of new aircraft. In December 2003, Qantas unveiled its new low cost-carrier airline, Jetstar Asia, which later proved to be a headache after failing to gain access to crucial markets such as Indonesia and China. In June 2005, Qantas admitted it is still struggling to recover its investment in Jetstar, despite having managed to lease out four of its unused Airbus 320s. By early 2004, Qantas posted a AU$357.8 million net profit for the period ended December 31, 2003, owing to a strong domestic performance, effective cost-cutting measures, improvement in the international segment of the business and other subsidiaries. However, the airline also posted a lower revenue figure. The road to recovery proved rocky as Qantas had to deal with escalating fuel prices, increased competition and skirmishes with its labor unions. Qantas has also seen a lot of fruitless merger talks. Qantas went into another round of job cuts in late June 2005, a move that was punctuated with more than 600 jobs slashed in the first half of its financial year. The latest round of job cuts announced in February 2006 came amidst uncertainty of outsourcing the airline's heavy maintenance works overseas. ALIVE ELECTRICAL: Proofs of Debt or Claim Due on May 12 ------------------------------------------------------- On March 31, 2006, it was resolved by special resolution that Alive Electrical Limited be liquidated and that Kim S. Thompson, be appointed liquidator. Subsequently, creditors are given until May 12, 2006, to prove their debt or claims to benefit from any distribution the Company will make. Contact: Kim S. Thompson Liquidator P.O. Box 1027, Hamilton New Zealand Telephone: (07) 834 6027 Facsimile: (07) 834 6064 ASC TIMBER: Macintosh Ceases to Act as Receiver ----------------------------------------------- Alexander Robert Mackay Macintosh, the former Court Appointed Receiver of the property of ASC Timber Pty Limited appointed under the powers contained in a Court Order dated March 1, 1989, has ceased to act as such on February 14, 2006. Contact: Alexander Robert Mackay Macintosh Court Appointed Receiver McGrathNicol+Partners Level 9, 10 Shelley Street Sydney, New South Wales 2000 Web site: http://www.mcgrathnicol.com.au/ AUSTRALIAN ROOFING: Appoints Official Liquidators ------------------------------------------------- At Australian Roofing Solutions NSW & Qld Pty Ltd's general meeting on March 1, 2006, members resolved to appoint Jason Bettles and Susan Carter to oversee the company's liquidation. Contact: Jason Bettles Liquidator Worrells Solvency & Forensic Accountants Level 6, 50 Cavill Avenue, Surfers Paradise Queensland 4217, Australia Web site: http://www.worrells.net.au/ AWB LIMITED: Court Defers Decision on 'Apology' Document -------------------------------------------------------- The Federal Court has postponed until late April a decision on whether AWB Limited's "apology" document should be made public, ABC News reports. The Court ruled it would allow further evidence from AWB supporting its claim of legal professional privilege. The Age relates that AWB's counsel is concerned that thousands of documents provided to the Cole inquiry which they believe to be privileged, could be made public. Former managing director Andrew Lindberg allegedly wrote a draft apology after a United States-based public relations specialist advised AWB to over-apologize, to try to counter any corporate scandal relating to the oil-for-food program. The document was given to the inquiry by AWB and was shown on a screen at the Cole inquiry on March 24, 2006, before lawyers for AWB successfully sought a non-publication order, stopping the media from reporting the contents. The non-publication order was subsequently revoked by Terrence Cole, who ruled the apology was not covered by professional privilege. It was given to the inquiry by AWB and was shown on a screen at the Cole inquiry on March 24 before lawyers for AWB successfully sought a non-publication order, stopping the media from reporting the contents. The non-publication order was subsequently revoked by Mr Cole, who ruled the apology was not covered by professional privilege. AWB lawyer James Judd QC on Wednesday told the Federal Court that the letter was given to the Cole inquiry in error and should be returned to the AWB. The Federal Court heard AWB would provide a second witness statement testifying the apology was prepared as part of lawyer- client meetings and as such should remain confidential. AWB also questioned the power of Commissioner Terence Cole to make any rulings around lawyer-client confidentiality, an issue disputed by lawyers acting on behalf of the commission. A full hearing has been adjourned until April 24. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in and the Government's alleged "knowledge" of the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. AWB LIMITED: Downer Says He Has No Recollection of Cables --------------------------------------------------------- Foreign Minister Alexander Downer has fronted the Cole inquiry on Tuesday, telling the commission that the United Nations had ultimate responsibility for enforcing sanctions against Iraq, not his department, The Age reveals. Labor has seized on Mr. Downer's evidence to the commission investigating the monopoly wheat exporter's AU$300 million of kickbacks to the regime of Saddam Hussein, questioning how Mr. Downer had given one account to the inquiry and another to parliament. However, in his appearance before the Cole inquiry Mr. Downer testified that he couldn't recollect details of cables warning AWB was paying kickbacks. But that evidence has the opposition claiming he's been inconsistent. Deputy Prime Minister Marke Vaile, who appeared at the inquiry on Monday, stressed that he had no recollection of seeing the diplomatic cables. Opposition foreign affairs spokesman Kevin Rudd said Mr. Downer and Mr. Vaile were no longer fit to hold office as cabinet ministers. Labor's demand for the ministers' resignation has been backed by Ken Coghill, co-director of the governance research unit at Monash University. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in and the Government's alleged "knowledge" of the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. AWB LIMITED: Prime Minister Howard to Appear at Cole Inquiry ------------------------------------------------------------ John Howard will become the first Australian Prime Minister to appear before an official inquiry in over 23 years today when he fronts up to a probe into alleged kickbacks by monopoly wheat exporter AWB Limited to former Iraqi dictator Saddam Hussein's regime. It is alleged the AWB paid some AU$$360 million to the former Iraqi leader's government during the operation of the oil-for- food scheme. Mr. Howard had previously submitted a written statement to the inquiry, and has now confirmed agreeing to appear before them. The Prime Minister's appearance follows that by Australian Foreign Minister Alexander Downer, who gave evidence to the inquiry last Tuesday. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in and the Government's alleged "knowledge" of the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. CRAWFORD PROPERTIES: Receiving Proofs of Claims Until April 30 -------------------------------------------------------------- Crawford Properties Limited has commenced liquidation of its assets on December 8, 2006. The Company's liquidator hereby requires creditors to prove their debt or claims not later than April 30, 2006. Contact: Robin Winston Hargrave Liquidator O'Halloran HMT Limited P.O. Box 6004, Wellesley Street Auckland New Zealand Telephone: (09) 366 5065 Facsimile: (09) 366 5001 DUMA PRECAST: Initiates Wind-up Process --------------------------------------- Members of Duma Precast Pty Ltd convened on March 3, 2006, to commence the wind-up of the Company's operations. Subsequently, Robyn Erskine and Peter Goodin were tapped to manage the Company's wind-up activities. Contact: Robyn Erskine Peter Goodin Brooke Bird & Co., Chartered Accountants 471 Riversdale Road, Hawthorn East, 3123, Australia GARY LENG TRANSPORT: Set to Distribute Dividend to Creditors ------------------------------------------------------------ Gary Leng Transport Pty Limited will distribute its first and final dividend today, April 13, 2006, to the exclusion of creditors who were not able to prove their claims. Contact: P. Newman Official Liquidator HLB Mann Judd Chartered Accountants Level 1, 160 Queen Street, Melbourne 3000 Australia HI-FI SUPERMARKET: Creditors Opt for Voluntary Liquidation ---------------------------------------------------------- Creditors of Hi-Fi Supermarket Pty Ltd had on March 3, 2006, passed a resolution to voluntarily wind up the Company's operations. Contact: Craig Shepard Liquidator KordaMentha Phone: (03) 8623 3334 e-mail: cshepard@kordamentha.com Web site: http://www.kordamentha.com.au/ HYMEC ENGINEERS: Liquidator to Present Wind-up Report ----------------------------------------------------- A final meeting of the members and creditors of Hymec Engineers Pty Limited will be held for the parties to receive Liquidator Danny Vrkic's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held on April 13, 2006, at 10:00 a.m. Contact: Danny Vrkic Liquidator Jirsch Sutherland & Co-Wollongong Level 3, 6-8 Regent Street Wollongong, New South Wales 2500. Telephone: 02 4225 2545 Facsimile: 02 4225 2546 KINGDREAM PTY: Names Receivers and Managers ------------------------------------------- On March 1, 2006, Brian McMaster and Martin Madden were appointed as joint and several receivers and managers of Kingdream Pty Ltd. Contact: Brian Mcmaster Joint and Several Receiver & Manager KordaMentha Level 11, 37 St Georges Terrace Perth, West Australia 6000 Australia MELLORS PTY: Members Agree on Liquidation ----------------------------------------- Members of Mellors Pty Limited held a meeting on February 28, 2006, and agreed on the Company's need to liquidate. At the meeting, the members appointed Richard Herbert Judson to manage the Company's wind-up activities. Contact: Richard Judson Members Voluntarys Pty. Ltd. P.O. Box 819, Moorabbin Victoria 3189, Australia METLCAST MANUFACTURING: Enters Voluntary Liquidation ---------------------------------------------------- After their general meeting on March 2, 2006, the members of Metlcast Manufacturing Pty Ltd decided to voluntarily wind up the Company's operations. Subsequently, Peter George Biazos and Ian Alexander Currie were appointed as the Company's Joint and Several Liquidators. Contact: I. A. CURRIE P. G. BIAZOS Currie Biazos Insolvency Accountants Level 3, 320 Adelaide Street Brisbane, Queensland 4000 Australia Telephone: 3220 0994 Web site: http://www.cbia.com.au/ MULTIPLEX: Obtains Bank Debt Waivers ------------------------------------ Multiplex Group has obtained waivers from its lenders over the breach of financial covenants that the losses from its Wembley stadium redevelopment had generated, Dow Jones reports. The Australian property and construction firm, which originally planned to hand the stadium to the English Football Association by the end of January, has said it won't substantially complete the project on time and may breach the debt covenants again by June, Bloomberg reveals. In February, the Company reported that losses at the Wembley project have jumped to A$250.7 million. The Group posted a total loss of AU$119.6 million for the first half and said funding the Wembley losses had caused the group's available liquidity to fall to AU$484 million from AU$745 million at June 2005. After talks with its bankers, Multiplex expects to receive further waivers at the time of its full year results in August. About Multiplex Headquartered at Miller's Point, in New South Wales, Australia, Multiplex Group -- http://www.multiplex.biz/-- derives its revenue from property funds management, construction, property development, and facilities management. The Group employs over 2,000 people and has established operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East. In December 2003, Multiplex Limited listed on the Australian Stock Exchange as a part of the Multiplex Group, raising a total of AU$1.2 billion. Multiplex Group was formed by combining the various businesses of Multiplex Limited and the newly established portfolio of investments held by Multiplex Property Trust. Early in 2005, Multiplex began facing cost pressures on its reconstruction project for the Wembley Stadium in London, prompting it to conduct its own internal investigation into the Wembley difficulties. Its auditor, KPMG, later conducted its own thorough review of the problems, leading to an unpredicted write-down. In February 2005, stunned investors sold down Multiplex shares after the Company reversed its stance on two United Kingdom projects, writing off AU$68.3 million from its profits. This started a series of profit downgrades throughout 2005. The Company's troubles continue with plunging share prices, extortion attempts and threats of class action from disgruntled shareholders. The Roberts family, as founder and controlling shareholder of Multiplex, opted to offer AU$50 million indemnity in a bid to appease dissatisfied shareholders. In May 2005, Multiplex admitted its troubled Wembley Stadium construction project may end up with a multimillion loss. As of February 2006, the Company is faced with liquidity crisis after posting a massive AU$474 million loss on Wembley and is currently in talks to bring down possible delay fees, pegged at AU$138,000 per day beyond the scheduled March 31, 2006 completion date. NORTHCOTE GARAGE: Prepares to Liquidate Assets ---------------------------------------------- Northcote Garage 1982 Limited has commenced liquidation of its assets on April 3, 2006. Subsequently, the liquidator requires creditors of the Company to prove their debt or claims not later than May 3, 2006, to benefit from any distribution the Company will make. Contact: Russell k. D. Rodgers Liquidator Rodgers & Co. Limited P.O. Box 29-189, Christchurch New Zealand Telephone: (03) 343 3068 Facsimile: (03) 343 3067 PANAHOME NEW ZEALAND: Taps Liquidator from McGrath Nicol -------------------------------------------------------- A special resolution was passed on March 31, 2006, to appoint joint and several liquidators for PanaHome New Zealand Limited. Therefore, creditors are given until April 28, 2006, to prove their debt or claims to benefit from any distribution the Company will make. Contact: Kerryn Downey Joint Liquidator McGrath Nicol + Partners (NZ) Limited Level Two, 18 Viaduct Harbour Avenue P.O. Box 91-644, Auckland New Zealand Telephone: (09) 367 5976 Facsimile: (09) 366 4656 P&B HOLDINGS: Faces Liquidation Proceedings ------------------------------------------- At a meeting of P&B Holdings Pty Ltd on March 3, 2006, members concurred that it is in the Company's best interests to liquidate its operations. Graeme Trevor Lean was then appointed as liquidator for the wind-up. Contact: PETER MILLS Director G. T. Lean & Associates 424 Fitzgerald Street North Perth, West Australia 6006 Australia PBO LIMITED: Picks Bryan Williams as Liquidator ----------------------------------------------- Bryan Edward Williams has been appointed liquidator for PBO Limited assets on March 31, 2006. Mr. Williams therefore, required creditors of the Company to prove their debt or claims not later than April 24, 2006, to enable them to benefit from any distribution the Company will make. Contact: Bryan Williams care of Bryan Williams & Associates Insolvency Practitioners 131 Taupaki Road Taupaki, Auckland 1232 New Zealand Telephone: (09) 412 9762 Facsimile: (09) 412 9763 PERFECTION DEVELOPMENTS: Court Orders Winding Up ------------------------------------------------ On March 10, 2006, the Supreme Court of New South Wales, Equity Division, made an order for the liquidation of Perfection Developments Pty Limited and appointment of R. J. Porter as liquidator. Contact: R. J. Porter Official Liquidator Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta, New South Wales 2150 Australia PIEMAN AUSTRALIA: Pays Out Final Dividend ----------------------------------------- Pieman Australia Pty Ltd will distribute its final dividend today, April 13, 2006. Creditors who were not able to prove their claims will be excluded from the benefit of the dividend. Contact: C. M. Williamson Liquidator SimsPartners Level 12, 40 St George's Terrace Perth, West Australia 6000 REALIZE PTY: Liquidator to Present Wind-up Report ------------------------------------------------- The members and creditors of Realize Pty Limited will hold a final meeting today, April 13, 2006, to receive an account of Liquidator Danny Vrkic's acts and dealings and of the conduct of the wind-up. Contact: Danny Vrkic Liquidator Jirsch Sutherland & Co-Wollongong Level 3, 6-8 Regent Street Wollongong, New South Wales 2500 Telephone: 02 4225 2545 Facsimile: 02 4225 2546 RIDGID FLOORS: Creditors Must Prove Debt or Claims by April 27 -------------------------------------------------------------- Henry David Levin and David Stuart Vance have been picked to facilitate the liquidation of Ridgid Floors Limited on March 30, 2006. The Liquidators fixed April 27, 2006, as the last day for creditors to make their claims and establish any priority their claims may have. Creditors who have not made a claim at the date a distribution is declared will be excluded from the benefit of that distribution and those creditors may not object to that distribution. Contact: Amy Sexton McCallum Petterson Level Eleven, Forsyth Barr Tower 55-65 Shortland Street Auckland New Zealand P.O. Box 6916, Wellesley Street Auckland Telephone: (09) 336 0005 Facsimile: (09) 336 0010 SAKAN PTY: NAB Appoints Receivers and Managers ---------------------------------------------- On February 15, 2006, National Australia Bank appointed Derrick Vickers and Geoffrey Frank Totterdell as joint and several receivers and managers of all of the property, undertaking and interests of Sakan Pty Ltd A.C.N. Contact: National Australia Bank Limited A.C.N. 004 044 937 Level 5, 50 St George's Terrace Perth, West Australia 6000 Australia TROJAN RIGGING: Enters Winding Up Proceedings --------------------------------------------- At Trojan Rigging And Scaffolding Pty Limited's general meeting on March 10, 2006, members concurred that it is in the Company's best interests to liquidate its operations. Peter Hillig was then appointed as liquidator at a creditors' meeting held later that day. Contact: P. Hillig Liquidator Smith Hancock hartered Accountants Level 4, 88 Phillip Street Parramatta, New South Wales 2150 Australia TULLAWUNG PTY: Members Meet to Discuss Winding Up ------------------------------------------------- A final meeting of the members and creditors of Tullawung Pty Ltd will be held today, April 13, 2006, at 11:00 a.m. At the meeting, Liquidator Timothy John Ryan will report the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. Contact: Timothy John Ryan Liquidator Robert A. Casey & Co 20 Denis Street Subiaco, West Australia 6008 Australia UFHUSEN PROPERTIES: Faces Liquidation Proceedings ------------------------------------------------- The High Court of Wellington has received an application to liquidate Ufhusen Properties Limited on February 1, 2006. The application will be heard before the court on April 24, 2006, at 10:00 a.m. An appearance must be filed not later than April 20, 2006, to be able for any person to appear at the hearing of the application. Contact: Commissioner of Inland Revenue Plaintiff Kerryn Marie Watt Solicitor for the Plaintiff Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House, 7-27 Waterloo Quay P.O. Box 1462, Wellington Telephone: (04) 802 8091 Facsimile: (04) 802 8187 VIZOWA PTY: Members Resolve to Have Business Liquidated ------------------------------------------------------- On March 8, 2006, members of Vizowa Pty Ltd resolved that the Company be wound up voluntarily. Richard John Cauchi and Peter Gountzos were appointed as liquidator at a creditors meeting held later that day. Contact: Richard J. Cauchi Joint and Several Liquidator CJL Partners Level 3, 180 Flinders Lane Melbourne, Victoria 3000 Telephone: (03) 9639 4779 Facsimile: (03) 9639 4773 WEBB AIR AUTO: Placed in Voluntary Liquidation ---------------------------------------------- On March 6, 2006, members of Webb Air Auto Electrics Pty Ltd resolved that the Company be wound up voluntarily. Con Kokkinos was appointed as liquidator at a creditors meeting held later that day. Contact: Con Kokkinos O'Keeffe Walton Richwol Chartered Accountants Suite 3, 431 Burke Road Glen Iris 3146 Australia ================================= C H I N A & H O N G K O N G ================================= AESTHETIC ENGINEERING: Creditors, Contributories Meet Separately --------------------------------------------------------------- Creditors and Contributories of Aesthetic Engineering Company Ltd will meet separately on May 8, 2006, at 3:00 p.m. for the contributories and 3:30 pm for the creditors. The meeting will be held at the office of Baker Tilly Hong Kong, Unit 1203-13, 12/F., China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong. Proofs of debts and proxies to be used at the meeting must be lodged at the office of the joint and Several Liquidator not later than 5:00 p.m. on May 4, 2006. Contact: Bruno Arboit Baker Tilly Hong Kong, Unit 1203-13 12/F., China Merchants Tower Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong BEAR COMPANY: To Issue First and Final Preferential Dividend ------------------------------------------------------------ Bear Company (H.K.) Ltd will issue its first and final preferential dividend at 100 percent on April 7, 2006, onwards. Issuance of dividends will take place at the Company's address, 5th floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong. CHINA EASTERN: Posts 2005 Loss on 64% Rise in Fuel Costs -------------------------------------------------------- As reported by the Troubled Company Reporter - Asia Pacific on July 18, 2005, China Eastern Airlines Corporation Limited has estimated that it will suffer a financial loss for the six-month period ended June 30, 2005. In an updated on April 11, 2006, Dow Jones relates that the Company has incurred a net loss of CNY467.3 million for the year ended December 31, 2005, versus a profit of CNY320.7 million a year earlier. The airline said a 64% increase in fuel costs offset rising revenue and foreign exchange gains. It added that aircraft fuel costs increased to CNY8.89 billion in 2005 from CNY5.43 billion a year earlier. In 2005, average domestic fuel prices increased 24% and international aviation prices rose 40%. The airline said aviation fuel accounted for 32% of the airline's total operating costs in 2005, up from 27% last year. Meanwhile, China Eastern benefited from an exchange gain of CNY415 million after the July 2% revaluation of the Chinese yuan. The airline posted a 28% rise in revenue to CNY27.45 billion from CNY21.39 billion. At the end of 2005, the company's short-term loans amounted to CNY13.71 billion, and long-term loans to CNY12.61 billion. Dow Jones states that China Eastern plans to raise the ratio of aviation fuel arbitrage to reduce the impact of fuel price fluctuation. The airline expects demand for air transport to be sustained by the growing global economy, albeit at a slower rate this year. About China Eastern Airlines Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. In March 2006, Fitch Ratings assigned China Eastern Airlines Corporation Limited a Foreign Currency Issuer Default Rating (IDR) of 'BB-' (BB minus), and a Local Currency Issuer Default Rating of 'BB-' (BB minus). The Outlook on the ratings is Negative. The ratings reflect China Eastern's deteriorating profitability due to declining yields driven by increasing competition and escalating operating expenses as a result of the hike in jet fuel prices. Fitch also notes that the carrier's aggressive capex plans could constrain its cash flow generation and further worsen its leverage levels. The restructuring risks from the integration of Yunnan Air and China Northwest Airlines in 2005 have also been factored into the ratings. CHINA EASTERN: To Sell 20% Stake -------------------------------- China's largest carrier China Eastern Airlines plans to sell at least 20% of its stake to an investor to raise funds and help improve management expertise, The Standard relates, citing China Eastern Chairman Li Fenghua. The airline is currently in talks with three to four potential investors but did not reveal their names. Market watchers had earlier speculated that Japan Airlines and Cathay Pacific Airways were possible buyers. The stake sale plan was unveiled as it announced it has placed an order for 16 aircraft from Boeing to meet demand for domestic short-to- middle range routes. The aircraft have a total catalog price of US$924 million (HK$7.2 billion) although Boeing has granted the company "significant price concessions", China Eastern said. About China Eastern Airlines Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. In March 2006, Fitch Ratings assigned China Eastern Airlines Corporation Limited a Foreign Currency Issuer Default Rating (IDR) of 'BB-' (BB minus), and a Local Currency Issuer Default Rating of 'BB-' (BB minus). The Outlook on the ratings is Negative. The ratings reflect China Eastern's deteriorating profitability due to declining yields driven by increasing competition and escalating operating expenses as a result of the hike in jet fuel prices. Fitch also notes that the carrier's aggressive capex plans could constrain its cash flow generation and further worsen its leverage levels. The restructuring risks from the integration of Yunnan Air and China Northwest Airlines in 2005 have also been factored into the ratings. CHINESE MEDICINE: Passes Wind-up Resolution on April 7 ------------------------------------------------------ The members of the Hong Kong Association of Higher Education of Chinese Medicine Ltd passed a special resolution to submit itself to voluntary winding up. Cheng Kai Tai of 19/F Beverly House, Nos. 93-107 Lockhart Road, Wanchai Hong Kong was subsequently appointed as the official liquidator of the Company. The resolution was passed on April 7, 2006 at an Extraordinary General Meeting of the members of the Company. DON FRANCO: Appoints Liquidators & Inspection Committee Members --------------------------------------------------------------- Don Franco (H.K.) Company Ltd of Unit B 2/F Dragon Industrial Building, 93-95 King Lam Street, Cheung Sha Wan Kln., has appointed Chiu Koon Shou and Tsang Fan Wan as Joint and Several liquidators. Furthermore, members of the Committee of Inspection were appointed for the winding-up proceedings. JENXON LIMITED: Final Members and Creditors Meetings Set May 8 -------------------------------------------------------------- The members and creditors of Jenxon Limited will hold its Final Meeting at Room 207, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on May 8, 2006, at 2:30 p.m. and 3:00 p.m., respectively. At the meeting, the members and creditors will receive Liquidator Ruby Mun Yee Leung'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 May 7, 2006, at 5th Floor, Ho Lee Commercial Building, 38-44 D' Aguilar Street Central, Hong Kong. JUMBO FORTUNE: Court to Hear Wind-up Petition on May 17 -------------------------------------------------------- Man Financial Ltd presented to the High Court of Hong Kong a winding-up petition against Jumbo Fortune (H.K.) Ltd on March 17, 2006. The petition will be heard before the Court at 9:30 a.m. of May 17, 2006. Any creditor or contributory wishing to support or oppose the making of a wind up order may appear at the hearing by himself or by his counsel. Contact: Johnson Stokes & Master 18th Floor, Prince's Building 10 Chater Road, Central Hong Kong GAC CARGO: To Hold Final Members Meeting on May 8 ------------------------------------------------- Members of the GAC Cargo Systems (H.K) Ltd will met for a final general meeting on May 8, 2006. At the meeting, Liquidator Kung Chi How will present an account of the Company's liquidation process. Members are entitled to vote by person or by proxy. KWOK YUNG INVESTMENTS: Members' Final Meeting Set on May 15 ----------------------------------------------------------- Members of Kwok Yung Investments Ltd will convene for their final meeting on May 15, 2006, at Room 1403, 43 Queens Road East, Hong Kong at 10:00 a.m. At the meeting, Liquidator Charles Fearn will present the account showing how the winding up has been conducted and the property of the Company been disposed of. LEE FUNG SCREW: Transfers Operation to Lee Fung Metal Products --------------------------------------------------------------- Lee Fung Screw Manufactory, a manufacturer, distributor and seller of screws, washers, automatic lathes, iron, carbonated steel, metal alloy etc. located at Unit 2101, Treasure Centre, 42 Hung To Road, Kwun tong, Kowloon, Hong Kong has agreed to transfer its business to Lee Fung Metal Products Factory Ltd. The transferee, with the same address as the transferor, intends to carry on the business of the former under the names of both Lee Fung Screw Manufactory and Lee Fung Metal Products Factory Limited. Liability of the transferee for all debts and obligation arising from the business of the transferor shall cease after one month of the date of the last publication of this notice, unless proceedings are instituted prior to such expiration. LONG PROGRESS: Appoints Official Liquidator ------------------------------------------- On April 7, 2006, Long Progress Timber Development Company Ltd passed a Special Resolution to appoint Ng Kam Wan as the Company's official liquidator. Contact: Ng Kam Wan 21/F Fee Tat Commercial Centre No. 613 Nathan Road Kowloon, Hong Kong MIRROR IMAGE: Kwan Ceased to Act as Liquidator ----------------------------------------------- Chan Sek Kwan, former liquidator of Mirror Image Internet (H.K.) Ltd, ceased to act as the Company's Liquidator on March 29, 2006. NETEL TECHNOLOGY: Nine-Month Net Loss Narrows to HK$2 Mln --------------------------------------------------------- Netel Technology (Holdings) Limited posted a net loss of HK$2.36 million for the nine months ended February 28, 2006, compared with a net loss of HK$9.14 million a year earlier, relates Infocast News. Loss per share was $0.55. No dividend was declared for the fiscal third quarter. The Troubled Company Reporter - Asia Pacific reported on January 16, 2006, that the Company incurred a net loss HK$2.201 million for the six months ended November 30, 2005, versus a net loss of HK$6.2 million in 2004. The Group is principally engaged in the provision of long distance call services through an integrated network infrastructure, comprising both the packet-switched system (IP based) and the circuit-based system (conventional phone based). PMMS ASIA-PACICIC: Completes Transfer of Business on May 7 ---------------------------------------------------------- PMMS Asia-Pacific Ltd, a business consultant firm located at 1302 Luk Hoi Tong Building, 31 Queens Road Central, Hong Kong has agreed to transfer its business to PMMS Consulting Group Asia Pacific Ltd. The transferee, located at 1302 Luk Hoi Tong Building, 31 Queens Road Central, Hong Kong intends to carry on the business of the transferor under the name PMMS Asia Pacific and NRI Asia Pacific. Liability of the transferee for all debts and obligation arising from the business of the transferor shall cease after one month of the date of the last publication of this notice, unless proceedings are instituted prior to such expiration. PRICE WATERHOUSE: Appoints Liquidators via Special Resolution ------------------------------------------------------------- Ying Hing Chiu and Chung Miu Yin were appointed Liquidators to act jointly and severally for Price Waterhouse Management Consultants Ltd. The special resolution was passed on March 28 2006. ROXY WORLD: Members Pass Wind-up Resolution ------------------------------------------- On March 28, 2006, members of Roxy World Trading Company Ltd signed and passed a resolution to voluntarily wind up the Company and appoint Roderick John Sutton 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. ROXY WORLD: Creditors to Prove Debts by May 6 --------------------------------------------- Roxy World Trading Company Ltd will be receiving creditors' proof of debts or claims on or before May 6, 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: Roderick John Sutton C/O Ferrier Hodgson Limited 14th Floor, Hong Kong Club Bldg 3A Chater Road Hong Kong REMY FINE WINES: Appoints Official Liquidators ---------------------------------------------- By virtue of a Special Resolution passed by the Remy Fine Wines Ltd on March 24, 2006, Natalia K M Seng and Susan Y H Lo were appointed Liquidators to act Jointly and Severally for the Company. SHANGHAI REAL ESTATE: Rating Unaffected by Bond Rise ---------------------------------------------------- Standard & Poor's Ratings Services disclosed that its long-term corporate credit rating on Shanghai Real Estate Ltd. (BB-/Stable/--) would not be affected by a US$50 million increase in a proposed seven-year bond to be issued by the company. The issue size is now US$200 million. According to the management, the additional proceeds will be used to refinance SRE's existing bank loans at the subsidiary level. While this refinancing will not affect the company's financial parameters, it will increase its interest expenses. The rating on Shanghai Real Estate factors in Standard & Poor's expectation that the company will maintain a disciplined growth strategy. If its land acquisitions prove increasingly aggressive, there could be downward pressure on the rating. About Shanghai Real Estate Shanghai Real Estate Limited (SRE), established in 1993 and listed on the Hong Kong Stock Exchange in 1999, is a property developer focusing on mid-to-high-end residential development in Shanghai. As of end-2005, it possessed a land bank of about 1.4 million square meters, sufficient for 5 years of development. Moody's Investors Service has affirmed Shanghai Real Estate Limited's (P) Ba3 local currency corporate family rating and foreign currency senior unsecured bond rating. The ratings outlook is stable. The affirmation follows the Company's decision to increase the size of its bond issuance to US$200 million from US$150 million. SNP PANPAC: Transfers Business to Times Publishing on March 1 ------------------------------------------------------------- SNP Panpac Ltd, engaged in publication of educational books and reference materials located at Unit B2, 6/F Eastern Sea Industrial Building, 48-56 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong has transferred its business to Times Publishing Ltd. The transferee, located at Unit 02, 30/F, Citicorp Centre, 18 Whitfield Road, Causeway Bay Hong Kong acquired all together the assets and the goodwill of the transferor. Liability of the transferee for all debts and obligation arising from the business of the transferor shall cease after one month of the date of the last publication of this notice, unless proceedings are instituted prior to such expiration. The transferor shall pay all debts, liabilities and outgoings incurred before the transfer date absolutely. STAR PACIFIC: Shareholders Opt for Voluntary Liquidation -------------------------------------------------------- Shareholders of Star Pacific Holdings Ltd signed a resolution to wind-up the Company voluntarily and appoint Kong Chi How as the Company's official liquidator. The special resolution was passed on March 31, 2006. TAK YIP TRADING: To Pay Second Supplementary Dividend ----------------------------------------------------- On April 13, 2006 onwards, Tak Yip Trading Company Ltd will start issuing second supplementary dividend at 0.299 percent at the Company's registered office, 10th floor, Queensway Governments Offices, 66 Queensway, Hong Kong. ========= I N D I A ========= BHARAT PETROLEUM: Sets up Karippur Aviation Refueling Depot ----------------------------------------------------------- State oil firm Bharat Petroleum Corporation Ltd will open its aviation refueling station at Karippur International Airport by September 2006, Zee News reports Bharat Petroleum aviation business head S P Mathur on Tuesday laid the foundation for the INR2 crore project. Mr. Mathur said that the facility, which has a 400 kilo-liter capacity, would provide hassle-free service to incoming and outgoing flights. The decision to set up such a station was taken while considering the possible introduction of more flights from the airport in the wake of it attaining international status, Mr. Mathur explained. The Karippur depot would be the third refilling station in the state, the others being at Thiruvananthapuram and Kochi, taking the total number to 21 in the country. About Bharat Petroleum Headquartered in Maharashtra, India, Bharat Petroleum Corporation Limited -- http://www.bharatpetroleum.com/-- is engaged in refining and marketing petroleum, liquefied petroleum gas and petrochemical products including middle distillates, light distillate, lubricants, benzene and toluene. During the year 2002, the Group introduced Petro Card and SmartFleet Card and had around 700,000 customers enrolled in 28 cities. There are 4,711 retail outlets and 1,729 LPG distributors that operate in the country. The plants of the Group are located in Mahul and Mallet Road in Mumbai and in Budge. Bharat Petroleum is currently working to reverse its losses resulting from the Government's mandate to sell kerosene, liquefied petroleum gas, petrol and diesel way below market rates. On September 23, 2005, the Company delisted its shares from Madras Stock Exchange Ltd, Calcutta Stock Exchange Association Ltd and Delhi Stock Exchange Association Ltd. In November 2005, Bharat Petroleum's November 2004 profits dissipated and the Company registered a INR203-crore (US$45.7 million) net loss. By the end of the third quarter ending December 31, 2005, the Company posted a US$231 million net loss. In January 2006, Bharat Petroleum entered into a merger with Koichi Refineries Ltd, which shareholders for both companies accepted, after an initial merger bid was disapproved in September 2005. Even with its aggressive expansion moves, Bharat Petroleum has decided to put aside a US$1.4 million dollar expansion project due to losses brought about by oil subsidies, as the Company -- and the entire industry -- suffered huge losses and has difficulty implementing expansion activities due to the Government's refusal to allow oil companies to raise fuel prices despite global crude oil price crossing US$70 a barrel. On February 20, 2006, the Petroleum Ministry, however, has proposed an increase of INR3 per liter each in petrol and diesel prices and INR20 per cylinder increase in liquefied petroleum gas price to save the oil companies from going bankrupt. DUNLOP INDIA: Ruia Reopens Ambattur Plant ----------------------------------------- Dunlop India Limited's Ambattur factory in Tamil Nadu has finally reopened last Monday after almost five years of closure, Business Standard reports. Some 1000 workers are scheduled to work at the Ambattur facility under a new management headed by Pawan Kumar Ruia. The workers will do maintenance work in the next four to five months in preparation for resumption of operations in September this year. Kolkata-based Ruia group, the Company's new owner, said all labor issues have been sorted out at the plant. The agreement between the workers and the management was for a three-year period and of the 1,300 workers, only 1,000 would be reintroduced. The remaining 300 workers would be granted retirement scheme. Mr. Ruia is confident all pending issues would be sorted out soon to pave way for opening of Dunlop's second plant as well. Dunlop's unit in Sahagunj in West Bengal is also likely to commence production in the last quarter of this year. The Ambattur and Sahagunj plants closed down in 2001 when Dunlop India became sick under the Manu Chhabria led management. Dunlop India's revival prospects brightened when Ruia bought the entire tyre business of the Chhabria family controlled Jumbo Group of Dubai in December last year for INR200 crores. The Ruia group, who had earlier bought public sector engineering giant, Jessop, had proposed to re-open both plants with 1000 workers in each and offering voluntary retirement packages to others. The Ambattur unit had 1400 workers and Shahgunj 2600 when they closed down. About Dunlop India 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. DUNLOP INDIA: Earmarks INR350 Crore for Revival ----------------------------------------------- Dunlop India has allocated INR350 crore in its preliminary capital expenditure program for the revival of its facilities at Ambattur in Tamil Nadu and Sahagunj in West Benggal, Business Standard says. Dunlop's new promoter Pawan Kumar Ruia said that about INR25 crore is needed for additional maintenance expenses at Sahagunj The Company expects to restart production at the plant by September 2006. The total start-up cost of both the units would be around INR225 crore. While INR125 crore would be spent on refurbishing and adding new equipment, INR100 crore would be for working capital. About Dunlop India 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. ================= I N D O N E S I A ================= PERTAMINA: Forges Alliance With Saudi Aramco -------------------------------------------- PT Pertamina plans to team up with Saudi Aramco to build a new refinery plant in Indonesia as the company's current seven refineries cannot match the rise in domestic fuel demand, AFX News relates, citing Pertamina's vice-president Iin Arifin Takhyan. Mr. Takhyan said the location, capacity and investment cost of the refinery will depend on Saudi Aramco. In 2005, Pertamina signed an agreement with China Petroleum & Chemical Corporation (Sinopec) to build an oil refinery in Tuban, East Java. Sinopec however may withdraw from the deal after the estimated investment cost has risen nearly doubled to US$3 billion from the initially envisaged US$1.6 billion. Pertamina has said it is considering looking for other partners to replace Sinopec. 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: Lack of Communication Caused Safety Blunders ------------------------------------------------------------ Japan Airlines Corporation has informed Japan's parliament that insufficient communication between labor and management were the causes of a series of safety blunders at the airline, AFX News relates, citing incoming Japan Airlines chief executive Haruka Nishimatsu. The Troubled Company Reporter has reported on April 11, 2006, that that House of Representatives Transport Committee has asked President Toshiyuki Shinmachi to testify on recent maintenance errors at a hearing to be held on April 11, 2006. AFX News relates that the mishaps had cost the airline about JPY32 billion (US$270 million) in sales last year as passengers defected to rival All Nippon Airways Co. 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. MITSUBISHI MOTORS: Launches Car R&D Unit in Mainland China ---------------------------------------------------------- Mitsubishi Motors Corporation has commissioned a new research and development center in Mainland China that will help the company supply Mitsubishi brand vehicles that meet the requirements of this diversifying and increasingly sophisticated growth market. Incorporated as Lingfa Car Technical Consulting (Shanghai) Ltd., the new R&D center is a wholly owned Mitsubishi Motors subsidiary and is the company's third R&D unit to be based outside Japan. In a press statement, the new R&D center began operating in April and initially will concentrate on assuring quality in locally produced parts and components, following trends in vehicle and traffic laws and regulations, and speedily meeting customer needs and requirements. Going forward, research facilities will be added as Mitsubishi Motors builds up its R&D organization in mainland China to support the development of Mitsubishi brand vehicles to be introduced over the coming years and to support the management of development operations at the four local companies in which it holds equity stakes1. New R&D Center profile Corporate name : Lingfa Car Technical Consulting (Shanghai) Ltd. Location : Grand Gateway Tower 1, 4707 HongQiao Road 1, Shanghai, China Capital : JPY30 million Shareholders : Mitsubishi Motors Corporation, 100% Representative : Masazumi Koga, General Manager & President Business lines : Motor Vehicle Development Site area : 304.76 sq.m. (building floor area) Initial Investment : JYP42 million Date of Establishment: January 2006 Start of Operations : April 2006 Employees : 10 (at start of operations) About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The Company also operates consumer-financing services and provides this to its customer base. Mitsubishi's problems stem, in part, from the scandal surrounding years of systematically covering up defects and ill- advised auto lending policies in the United States. TCR-AP reported on March 31, 2006, that Moody's Investors Service changed the outlook of Mitsubishi's Ba3 long-term debt rating to stable from negative, which reflects Moody's expectation that the Company's credit profile may continue improving profitability recovering due to improved cost structures and an increased market position due to global introductions of new models. PIONEER CORPORATION: Omron Agrees to Acquire Subsidiary ------------------------------------------------------- Omron Corporation has reached a preliminary agreement with Pioneer Corporation to acquire 100% of Pioneer Corporation's stock in Pioneer Precision Machinery Corporation (Pioneer PMC). In a press release, both parties have been independently developing, manufacturing and marketing backlight units (BLU) primarily for use in small size LCDs. Forecasts suggest that the global LCD backlight unit business is set to grow rapidly. Aiming to be a leader in this expanding market, Omron has decided to integrate its technical expertise, production capacity and sales forces with Pioneer PMC's, to create a world class manufacturer of BLUs for small to large size LCDs. Omron also plans to continue Pioneer PMC'S rubber business and resin molding business. Following the basic agreement reached on April 4, 2006, terms and schedule for the stock purchase will be discussed and finalized in due course. Objective of the acquisition Omron aims to consolidate and expand its business in the market for small size backlights by adding Pioneer PMC's multi light source BLUs to its own proprietary point light source BLU product lineup. Boosting competitiveness across the board through accelerating medium-size BLU business -- Omron is aiming to boost its competitiveness in markets for all sizes of BLU, by expanding Pioneer PMC's medium-size BLU business alongside its own small- and large-size BLU business. Boosting cost-competitiveness through economies of scale - greater parts procurement power, optimized usage of production capacity and technology development synergies will allow Omron to boost its cost-competitiveness. Increasing market share - as there is little overlap between Omron and Pioneer PMC's product ranges, Omron will increase its total BLU market share through this acquisition. About Pioneer Precision Machinery Pioneer Precision Machinery Corporation with its president, Yoshio Nakano, is located in Saitama, Japan and was founded on April 18, 1977. Its main business lines are the manufacture and marketing of high-precision parts for electronic equipment such as light-guiding plates for small LCDs. The company employs 270 and has annual sales of Yen 35 billion (estimated for fiscal year 2005). About Omron Corporation Established in 1933 and headed by President Hisao Sakuta, Omron has more than 25,000 employees in over 35 countries working to provide products and services to customers in a variety of fields including industrial automation, electronic components industries, and healthcare. The company is divided into five regions and head offices are in Japan (Kyoto), Asia Pacific (Singapore), China (Hong Kong), Europe (Amsterdam) and US (Chicago). The European organization has its own development and manufacturing facilities, and provides local customer support in all European countries. About Pioneer Corporation Headquartered in Tokyo, Japan, Pioneer Corporation -- http://www.pioneer.co.jp/-- manufactures consumer and commercial electronics, about 40% of its sales come from car electronics, which are sold to retailers and automobile manufacturers. Pioneer also makes video equipment and audio products. Through Disco Vision Associations, Pioneer also generates revenue from licensing optical disc technologies. Pioneer has more than 30 manufacturing facilities worldwide. In February 2005, Standard & Poor's Ratings Services lowered its long-term issuer credit and senior unsecured debt ratings on Pioneer to 'BBB' from 'BBB+' reflecting substantial deterioration in earnings in the Company's home electronic business and weak prospects for early recovery in performance. The rating action reflected the subsequent deterioration in cash flow protection. By November 2005, S&P placed its 'BBB' ratings on Pioneer on CreditWatch with negative implications following the Company's yet weaker profit forecast for fiscal 2005 (ending March 31, 2006). In December 2005, Pioneer announced business restructuring plans that involve improving management efficiency through organizational restructuring. The Company dismantled its current "internal Company" system as of Jan. 1, 2006, and reorganized into a two-department set-up featuring the Home Entertainment Business Group and the Mobile Entertainment Business Group. All operations related to plasma displays, DVD products and home audio products will be integrated into the Home Entertainment Business Group. The Home Entertainment Business Group staff, currently working at three locations, will be consolidated at one location in Japan by 2007. As part of Pioneer's efforts to reduce fixed costs for the entire group, it is also consolidating its worldwide production sites from 40 to about 30, and in this regard, cutting about 2,000 employees, mostly at overseas production sites. KAJIMA CORPORATION: To Delist Stock in London --------------------------------------------- Kajima Corporation will delist its stock from the Official List of the Financial Services Authority. It will also have the admission to trading of its Shares on the EEA Regulated Market of the London Stock Exchange Plc cancelled in light of its small transaction volume. In a press statement, the Company stated that delisting would have very little effect on its shareholders and investors, since the shares will continue to be listed on the Tokyo Stock Exchange, Inc., the Osaka Securities Exchange Co., Ltd. and the Nagoya Stock Exchange, Inc. About Kajima Corporation Tokyo-based Kajima Corporation -- http://www.kajima.co.jp/-- was founded in 1840 and quickly grew to become an industry leader in the field of construction, where it has remained as such ever since. Kajima Corporation is a leading contractor in the construction industry, providing a full range of services in Japan and countries around the globe. Kajima Corporation has been experiencing losses due to poor operating performance of its European construction subsidiary, and has disposed of its loss-making units. KOBE STEEL: Forges Alliance to Build U.S. Plant ----------------------------------------------- Kobe Steel Limited, Steel Dynamics Inc. and Cleveland-Cliffs Incorporated will build a steel plant in the United States through a JPY15-billion joint venture, the Nihon Keizai business daily said on Wednesday. The three companies are considering building the plant in the state of Minnesota. The plant, designed to produce high-end steel used in automobiles from low-quality iron ore and low-priced coal, can cut materials costs to about one-third those of a blast furnace. The plant will start operations as early as 2008 at an initial output of around 500,000 tonnes a year. About Kobe Steel Limited Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel, Limited -- http://www.kobelco.co.jp/english/corp/index.html-- is one of Japan's leading steelmakers, as well as the top supplier of aluminum and copper products. Other businesses include welding consumables, urban infrastructure and plant engineering services, and industrial machinery. The Company also has high-tech businesses in electronics and information systems. Kobe Steel has numerous consolidated and equity-valued companies in Japan, the Americas, Asia and Europe. KOBELCO is the corporate mark used by Kobe Steel on a variety of products and in the names of a number of group companies. On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short- term Foreign and Local Currency Issuer Default Rating to Kobe Steel Limited. Short-term IDRs, which replace traditional Short-term ratings, reflect the ability of an issuer to meet its financial commitments on a timely basis over the next 12 months; it is thus a benchmark 'probability of default' rating and does not reflect any assessment of potential loss in the event of default. Securities in an issuer's liability structure will be rated higher, lower, or the same as the IDR on the basis of their relative recovery prospects. ========= K O R E A ========= HYUNDAI MOTOR: Civic Group Sues Owners for Embezzlement ------------------------------------------------------- The People's Solidarity for Participatory Democracy, an influential shareholder activist group in Seoul, has filed a suit against Hyundai Motor Chairman Chung Mong-koo and his son Eui-sun, over allegations of embezzlement related to their auto freight company, Glovis Co., Yonhap News relates. 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. 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: Prosecutors Find Lead in Lone Star Tax Evasion -------------------------------------------------------------- Prosecutors investigating alleged tax evasion by Lone Star Funds' 2003 acquisition of Korea Exchange Bank have secured new evidence, Digital Chosun reports. Chun Yong-jun, a former Korea Exchange Bank official who had led the bank's sales task force, testified that Lone Star changed the buyer of the controlling stake from Lone Star Fund to LSF- KEB Holdings in Belgium. Mr. Chun said this was aimed at evading taxes on profits acquired from the sale of the bank. According to the report, Korea and Belgium have a double taxation pact, and under the agreement Korea cannot slap taxes on Belgian firms. KEB's board of directors is believed to have condoned the maneuver in the sale. Lone Star bought a 50.5% stake in Korea Exchange Bank in 2003 for KRW1.3 trillion (US$1.3 billion). It recently signed a preliminary deal with Kookmin Bank to sell it for some KRW6.5 trillion. 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. In March 2006, Standard & Poor's Ratings Services placed its 'BBB/A-2' counterparty credit ratings on Korea Exchange Bank, and its rating on the bank's lower tier II subordinated bonds, on CreditWatch with positive implications. The CreditWatch placement is due to the increased likelihood that KEB will be purchased by the stronger Kookmin Bank (A-/Stable/A-2). U.S.-based Lone Star Funds designated Kookmin as the preferable partner for its planned sale of its 50.53% stake in KEB. Finalizing the Transaction may take a few months and there have been several cases where negotiations with designated partners collapsed. However, Standard & Poor's believes that the likelihood that Kookmin will purchase KEB is relatively high, given the strong intention by the bank's management and the motivation of Lone Star Fund to complete the transaction soon. =============== M A L A Y S I A =============== AFFIN HOLDINGS: Lists Shares from Employees' Share Option Scheme ---------------------------------------------------------------- Affin Holdings Berhad's additional 900,000 new ordinary shares of MYR1.00 each issued pursuant to the Company's Employees' Share Option Scheme will be granted listing and quotation on Friday, April 14, 2006. Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad -- http://www.affin.com.my/-- is engaged in commercial banking, merchant banking, finance company business, stock broking and asset management business. The Company's other activities include the provision of insurance services, lease and hire purchase financing, nominee services and investment holding. Operations are carried out principally in Malaysia. Affin Holdings had experienced hefty losses in the past because of huge loan provisions and impairment of assets. However, the Affin Group is starting to recover as a result of the hard work and professionalism displayed by management at all levels of the organization. APEX EQUITY: Lodges 219,200 Shares with Registrar of Companies -------------------------------------------------------------- Apex Equity Holdings Berhad bought back a total of 219,200 ordinary shares from March 29, 2006, to April 5, 2006, for a total cash consideration of MYR98,692.66. The minimum price paid for each share purchased was MYR0.440 and the maximum was MYR0.450. The number of shares purchase an retained in treasury has now reached 219,200, while the total number of shares retained in treasury is 3,069,200. On April 10, 2006, the Company lodged with the Registrar of Companies the total issued capital as diminished. On April 5, 2006, the Company bought back 130,400 ordinary shares for a total cash consideration of MYR59,173.24, according to an earlier report by the Troubled Company Reporter - Asia Pacific. Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is principally engaged in stock and share broking, securities dealing, property holding, provision of portfolio management, investment advisory and nominee services, establishment and management of unit trust and property and investment holding. Operations of the Group are principally carried out in Malaysia. The Company has suffered five consecutive years of losses beginning 2001. It has incurred a net loss of MYR32,932,000 in the fourth quarter of the fiscal year ending December 31, 2005, which is an improvement from the fourth quarter 2004 net loss of MYR76,596,000. CONSOLIDATED FARMS: Agrees to Extend Fulfillment of Deals --------------------------------------------------------- Consolidated Farms Berhad, together with Wong Kian Teck, Wong Kin Sang, Yap Yee Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam Har and Yap Sun Hiad, agreed to extend the period from April 10, 2006, to April 10, 2007, for the fulfillment of the conditions precedent as set out in the Heads of Agreement dated March 30, 2005, the Supplemental Heads of Agreement dated March 30, 2005 and the Supplemental Letter dated October 12, 2006. Subsequently, the cut-off date for the fulfillment of conditions precedent as set out in the Share Sale Agreement dated December 31, 2004, made between AimReach Holdings Sdn Bhd and Wong Kian Teck, Wong Kin Sang, Yap Yee Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam Har and Yap Sun Hian in respect of the proposed acquisition of Bun Seng Hardware Sdn Bhd and Wahseng Hardware Sdn Bhd, is also extended to one year. The Share Sale Agreement dated December 31, 2004, (as amended and supplemented by the Re-Stated Share Sale Agreement dated 30 March 2005) made between AimReach and Wong Kian Wah for the proposed acquisition of 70% equity interest in Riseng Hardware Sdn Bhd may also be fulfilled until April 10, 2007. The same applied to the Sale of Shares Agreement dated March 30, 2005, made between AimReach and Meridian Esteem Sdn Bhd in respect of the proposed disposal of the entire issued and paid- up share capital of ConsFarm to Meridian Esteem Sdn Bhd. Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd -- http://www.confarm.com/-- is engaged in poultry farming which includes operating of breeder farm, production and processing of organic fertilizer, feed milling and manufacturing and sale of egg trays. Other activities include manufacturing and processing of eggs into pasteurized eggs and de-shelled hard-boiled eggs. The Company is a Practice Note 4 concern currently undergoing a restructuring exercise to address its debt problem. The company had appointed Deloitte KassimChan Business Services Sdn Bhd as advisor for the restructuring exercise. Consolidated Farms was mired with MYR122-million debt on account of its expansion plan, which included the purchase of equipment and facilities. LANKHORST BERHAD: Annual General Meeting Fixed on April 28 ---------------------------------------------------------- Lankhorst Berhad will hold its Ninth Annual General Meeting on April 28, 2006, at 10:00 a.m. At the meeting, the members will be asked to: -- receive and adopt the Company's Audited Financial Statements for the financial year ended December 31, 2004, and the Reports of the Directors and Auditors thereon; -- re-elect the retiring director Mohd Hamizan Abd Hamid in accordance with Article 81 of the Company's Articles of Association; -- re-elect the retiring directors Rashidi Aly Abd Rais, Rosthman Ibrahim, and Abd Rahim Abu Bakar in accordance with Article 88 of the Company's Articles of Association; -- approve the payment of Directors' fees for the financial year ended December 31, 2004; -- appoint Messrs. PKF (AF 0911) as Auditors and to authorize the Directors to fix their remuneration; -- consider and if thought fit pass with or without any modification, the authorization of Directors to allot and issue shares in the Company from time to time at such price, upon such terms and conditions, for such purposes and to such persons whomsoever as the Directors may deem fit provided that the aggregate number of shares so issued pursuant to this resolution does not exceed 10% of the issued capital of the Company for the time being and that such authority shall continue to be in force until the conclusion of the next Annual General Meeting of the Company; and -- transact any other business for which due notice has been given. The meeting will be held at the Balai TAR, Royal Commonwealth Society, No. 4, Jalan Birah, Damansara Heights, 50490 Kuala Lumpur. 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. MBF HOLDINGS: Receives Mandatory Offer from CIMB ------------------------------------------------ MBf Holdings Berhad on April 10, 2006, received a Notice of Mandatory Offer from Commerce International Merchant Bankers Berhad, which is acting in behalf of Impact Action Sdn Bhd, to acquire: -- the remaining 304,125,253 ordinary shares of MYR1.00 each in MBf Holdings representing 53.35% of the issued and paid-up share capital of MBf Holdings as of April 10, 2006; -- any new MBf Holdings Share that may be allotted and issued by MBf Holdings up to the close of the Offer following the exercise/conversion of any outstanding convertible securities in the Company; -- all outstanding warrants in MBf Holdings; -- all outstanding class A guaranteed floating rate redeemable convertible secured loan stocks; and -- all outstanding class B guaranteed floating rate RCSLS, not owned by Impact Action and persons acting in concert with Impact Action as of April 10, 2006. In accordance with the Malaysian Code on Take-Overs and Mergers, 1998, the MBf Holdings' Board will appoint an Independent Adviser to advise the Independent Directors and minority shareholders of MBfH in relation to the Offer. The appointment of the Independent Adviser is subject to the approval of the Securities Commission, in accordance with Part IV Section 15(8) of the Code. The Board does not intend to seek an alternative person to undertake the Offer. About MBf Holdings 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. METROPLEX BERHAD: Shareholders' Equity Logs MYR196.3-Mln Deficit ---------------------------------------------------------------- Metroplex Berhad's unaudited quarterly results for the financial year ended January 31, 2006, revealed that the Company has a deficit in the shareholders' equity on a consolidated basis amounting to MYR196.3 million. The deficit in the shareholders' equity is mainly attributable to the Metroplex Group's accumulated losses exceeding the Group's paid-up share capital and reserves. As such, Metroplex is an affected listed issuer pursuant to Paragraph 2.1(a) of Practice Note No. 17/2005 and Paragraph 8.14C of the Listing Requirements of Bursa Securities. As an affected listed issuer, Metroplex is required to: -- submit a regularization plan to the relevant authorities for approval or, where the relevant authorities' approvals are not required, obtain all other approvals necessary for the implementation of the Plan within eight months from the date of this First Announcement; -- implement the Plan within the timeframe stipulated by the relevant authorities or where no timeframe has been stipulated or allowed by the relevant authorities, within the timeframe as imposed by Bursa Securities; -- announce the status of its Plan on a monthly basis until further notice from Bursa Securities; and -- announce its compliance or non-compliance with a particular obligation imposed pursuant to PN17/2005 on an immediate basis. In the event Metroplex fails to comply with the obligation to regularize its condition, all its listed securities shall be suspended from trading on the fifth market day after expiry of the Submission Timeframe or Implementation Timeframe, as the case may be, and delisting procedures shall be commenced against Metroplex. The Company's Board of Directors is currently working on formulating the Proposed Composite Scheme of Arrangement to regularize its financial condition. Upon completion, the requisite announcement detailing the Proposed Scheme will be announced to Bursa Securities. As reported by the Troubled Company Reporter - Asia Pacific on April 6, 2006, the Metroplex Group reported a revenue of MYR28.4 million for the fourth quarter of the year ended January 31, 2006, compared to MYR33.8 million in the immediate preceding quarter. Due to impairment in value of assets and provision for doubtful debts, the Group reported a pre-tax loss of MYR238.3 million for the current quarter as compared to MYR16.9 million in the immediate preceding quarter. The Company did not issue any profit forecast and profit guarantee for the quarter under review. Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's activities are hotel and casino operations. Other activities include property investment, property development, provision of administrative services, general and building construction, leasing and financing, trading of building materials and operation of hotel management training school. Operations are carried out in Malaysia, Hong Kong and Philippines. On April 28, 2005, Morgan Stanley Emerging Markets Inc. had filed a winding-up petition on the Company to the Kuala Lumpur High Court. Morgan Stanley also filed for a summons to appoint a provisional liquidator for the wind up. Until and unless a provisional liquidator is appointed pursuant to the application to the Court by the Petitioner to appoint provisional liquidator for Metroplex, the winding-up petition will not have significant impact on the Group's operations as MB is currently working out a debt-restructuring scheme. In the event the winding-up petition succeeds, the Company will be put into liquidation. METROPLEX BERHAD: Defaulted Amounted Hits MYR1.7 Bln ---------------------------------------------------- Metroplex Berhad reported that its estimated amount of default as of March 31, 2006, is MYR1,751,755,818.16. An update on Company's default status on various loan facilities as of March 31, 2006, is available for free at: http://bankrupt.com/misc/tcrap_metroplexdefault041206.xls Presently, Metroplex is negotiating with its lenders on the Proposed Composite Schemes of Arrangement, which will essentially address the default in payment. Upon the finalization of the Proposed Scheme, an announcement will be made to Bursa Securities. Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's activities are hotel and casino operations. Other activities include property investment, property development, provision of administrative services, general and building construction, leasing and financing, trading of building materials and operation of hotel management training school. Operations are carried out in Malaysia, Hong Kong and Philippines. On April 28, 2005, Morgan Stanley Emerging Markets Inc. had filed a winding-up petition on the Company to the Kuala Lumpur High Court. Morgan Stanley also filed for a summons to appoint a provisional liquidator for the wind up. Until and unless a provisional liquidator is appointed pursuant to the application to the Court by the Petitioner to appoint provisional liquidator for Metroplex, the winding-up petition will not have significant impact on the Group's operations as MB is currently working out a debt-restructuring scheme. In the event the winding-up petition succeeds, the Company will be put into liquidation. MYCOM BERHAD: Buys More Time to Complete Restructuring ------------------------------------------------------ Mycom Berhad, through its solicitor Alliance Merchant Bank Berhad, submitted an application to seek the Securities Commission's approval for: -- the extension of time up to August 31, 2006, for the Company to complete its restructuring scheme; and -- the extension of time of 18 months, from completion of the restructuring scheme, which is expected by August 31, 2006, for the Company to complete the implementation of its corporate exercises. Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged in the provisions of granite quarry services, manufactures and sells latex rubber thread, tape, plywood, laminated board and sawn timber, cultivates oil palm fruits, and develops property. The Company is also involved in hotel operation, provision of management and financial services and investment holding. Operations of the Group are carried out in Malaysia and South Africa. Mycom is in the advanced stage of negotiations to settle its foreign debts. The proposed capital reduction and consolidation by Mycom, as well as the proposed share premium account reduction will reduce the Company's accumulated losses. In its proposal to streamline its operations and focus on property development activities after restructuring, Mycom had proposed to undertake a series of acquisitions of property companies and land, as well as the disposal of certain assets in the future years. Both the corporate and debt restructuring would put Mycom Group on a stronger financial footing to continue as a going concern, to return to profitability and to enhance returns to all the stakeholders. POLYMATE HOLDINGS: AmBank Slaps Over MYR343,770 Claim ----------------------------------------------------- On April 10, 2006, Polymate Holdings Berhad and its wholly owned subsidiary, Polymate Industries (M) Sdn Bhd were served with a Writ of Summons ad Statement of Claim by AmBank (Malaysia) Berhad. AmBank is demanding MYR343,770.29 from the two firms as payment for an outstanding debt as of February 17, 2006. The sum will also include an annual interest of 8.01% from February 18, 2006, until full realization thereof. The Bank is also claiming for other costs and any other relief that the Court deems fit. Headquartered in Selangor Malaysia, Polymate Holdings Berhad -- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in the manufacturing and marketing of lead acid batteries for the automotive and related industries. It is also engaged in the manufacturing and dealing of plastic articles and products, corrugated carton boxes and related products, manufacturing and trading of door closers and trading of building materials, investment holding and provision of corporate and financial support services. The Group operates in Malaysia, Australia, New Zealand and Europe. Polymate Holdings is in the process of working out possible plans to regularize its condition. Operations in its ailing subsidiaries will be revived when a workable restructuring scheme is formalized with its lenders and when fresh working capital can be injected into the operations. SETEGAP BERHAD: Submits Regularization Plan to Authorities ---------------------------------------------------------- K&N Kenanga Berhad, as the submitting merchant bank, has on April 10, 2006, handed over to relevant authorities Setegap Berhad's regularization plan. On March 4, 2005, Setegap was declared as an affected listed issuer pursuant to Practice Note 17/2005 of Bursa Malaysia Securities Berhad Listing Requirements and was accordingly required to comply with the requirements of PN 17/2005. As an affected issuer, Setegap as an affected listed issuer was required to submit a regularization plan to the relevant authorities for approval and to implement the regularization plan within the timeframe stipulated by the relevant authorities or where no timeframe has been stipulated or allowed by the relevant authorities, within the timeframe as imposed by Bursa Securities. On January 9, 2006, the Company entered into a restructuring agreement with Timeless Solutions Sdn Bhd. A new company was then incorporated prior to submission of the Plan to the Securities Commission to facilitate the Proposals. As reported by Troubled Company Reporter - Asia Pacific, Setegap had announced its proposed restructuring and regularization plan on January 11, 2006. The Plan consists of: -- a proposed debt settlement of all outstanding debt owed by the Company to its secured lenders and trade creditors for a total of MYR87.6 million; -- a proposed exchange of Setegap shareholders' ordinary shares of MYR1.00 each with new Newco, or new company, shares on the basis of one Newco share for every five existing Setegap shares. -- a proposed transfer of listing status to Newco; and -- a proposed disposal by the Newco of the entire issued and paid-up capital of Setegap for a nominal consideration of MYR1.00. The Newco shall eventually take over and assume the listing status of Setegap. 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 offroad 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. TALAM CORPORATION: Invites Parties to Subscribe in Shares --------------------------------------------------------- On April 7, 2006, Talam Corporation and its subsidiaries have entered into conditional subscription agreements with Parkfair Development Sdn Bhd whereby Talam's subsidiaries, Envy Vista, Untung Utama and Zhinmun wish to raise additional working capital by proposing to enlarge their share capital. The Subsidiary Companies have invited Parkfair and their existing shareholder, Mutual Prosperous Sdn Bhd to subscribe new ordinary shares in their respective shareholding in the Subsidiary Companies. The proposed subscription by Parkfair involves: -- 175,000 ordinary shares of MYR1.00 each in Envy Vista at par, representing 70% of the enlarged equity interest of 250,000 ordinary shares of MYE1.00 each in Envy Vista, for a ash consideration of MYR175,000; -- 700,000 ordinary shares of MYR1.00 each in Zhinmun at par, representing 70% of the enlarged equity interest of 1,000,000 ordinary shares of MYR1.00 each in Zhinmun, for a cash consideration of MYR700,000; and -- 2,333,333 ordinary shares of MYR1.00 each in Untung Utama at par, representing 70% of the enlarged equity interest of 3,333,333 ordinary shares of MYR1.00 each in Untung Utama, for a cash consideration of MYR2,333,333. On the other hand, the proposed subscription by Mutual Prosperous involves: -- 74,998 ordinary shares of MYR1.00 each in Envy Vista at par and thus increasing its shareholding from 2 ordinary shares of MYR1.00 each to 75,000 ordinary shares of MYR1.00 each, representing 30% of the enlarged equity interest of 250,000 ordinary shares of MYR1.00 each in Envy Vista, for a cash consideration of MYR74,998;and -- 50,000 ordinary shares of MYR1.00 each in Zhinmun at par and thus increasing its shareholding from 250,000 ordinary shares of MYR1.00 each to 300,000 ordinary shares of MYR1.00 each, representing 30% of the enlarged equity interest of 1,000,000 ordinary shares of MYR1.00 each in Zhinmun, for a cash consideration of MYR50,000. The proposed subscription also envisages the shareholder's advances by Parkfair of MYR16,616,667 to Envy Vista, Zhinmun and/or Untung Utama for working capital purposes. About Parkfair Parkfair was incorporated on March 30, 2006, in Malaysia. The authorized share capital of Parkfair is MYR1,000,000 comprising 1,000,000 ordinary shares of MYR1,000,000 each, of which 1,000,000 shares are issued and fully paid-up. Parkfair is an investment holding company and has committed to advance a sum of MYR16,616,667 and the subscription money of MYR3,208,333 pursuant to the Proposed Subscription. About Envy Vista Envy Vista was incorporated on April 28, 2004, in Malaysia. The authorized share capital of Envy Vista is MYR100,000 comprising 100,000 ordinary shares of MYR1.00 each, of which 2 shares are issued and fully paid-up. Envy Vista is an investment holding company. Envy Vista owns a right to develop a 104 acres land into mixed residential development project in Selayang, north of Gombak Land Office and the Selayang Wholesale Market via Bintang Dian Sdn Bhd, in which Envy Vista has entered into a sale and purchase agreement and a supplemental agreement to acquire a 100% beneficial interest. Bintang Dian in turn have a joint venture agreement with the land owner to develop the said land into a mixed residential development project on a joint venture basis. The Bintang Dian SPA and Bintang Dian JVA have not been completed. About Zhinmun Zhinmun was incorporated on July 7, 1992, in Malaysia. The authorized share capital of Zhinmun is MYR500,000 comprising 500,000 ordinary shares of MYR1.00 each, of which 250,000 shares are issued and fully paid-up. The principal activity of Zhinmun is property development. Zhinmun owns a 50 acres land approved for a mixed residential development project in Selayang, north of Gombak Land Office and the Selayang Wholesale Market. About Untung Utama Untung Utama was incorporated on July 27, 2000, in Malaysia. The authorized share capital of Untung Utama is MYR1,000,000 comprising 1,000,000 ordinary shares of MYR1.00 each, of which 1,000,000 shares are issued and fully paid-up. The principal activity of Untung Utama is property development. Untung Utama owns a 50 acres land approved for a mixed residential development project in Selayang, north of Gombak Land Office and the Selayang Wholesale Market. About Mutual Prosperous Mutual Prosperous was incorporated on August 6, 2004, in Malaysia. The authorized share capital of Mutual Prosperous is MYR500,000 comprising 425,000 ordinary shares of MYR1.00 each and 75,000 Redeemable Convertible Preference Shares of MYR1.00 each, of which 25,000 ordinary shares and 75,000 RCPS are issued and fully paid-up. The principal activity of Mutual Prosperous is investment holding. About Talam Corporation Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad is principally engaged in property development. Its other activities include trading building materials, manufacturing of ready mixed concrete, provision for higher educational programs, development and management of hotel, golf and country club horticulturists, agriculturists and landscaping designers and contractors and investment holding. Operations of the Group are carried out in Malaysia and China. The Company has accumulated mounting losses and debt in the past few years. In a bid to cut back on its borrowings, the firm has agreed to sell off some of its assets. The sales are expected to slash the Company's short-term debts, which amounted to MYR1.8 billion as of January 31, 2005. TENAGA NASIONAL: Woes Mount Despite Healthy Finances ---------------------------------------------------- Tenaga Nasional Berhad's results, due for release this week, may indicate good financial strength but mask the utility firm's deep-seated problems, The Star Online reports. The Star reveals that Tenaga's financial picture is less encouraging with its tariff hire proposal still uncertain, higher payments to independent power producers, negative cash flow and huge borrowings to duns its capital expenditure. TNB's problems are expected to mount when the two huge IPP projects - Tanjung Bin and Jimah - come onstream. TNB's payments to IPPs are projected to go up by about 30% by financial year 2008 from what it anticipates to pay in year 2006, primarily due to the anticipated payments to Tanjung Bin. Once the Jimah plant comes onstream, these payments are expected to rise by about 50% at the end of this decade over that incurred in 2006. Such payments are, however, considered a credit risk by rating agencies. Moody's Investors Service said these payments were "like fixed-charge obligations since they need to be made irrespective of whether TNB requires the IPP to generate electricity". Furthermore, the excess reserve margin would increase Tenaga's exposure to rising coal prices and raise costs for Tenaga as the national utility company's most efficient power plants can generate cheaper electricity. Another issue facing Tenaga is the proposed aluminium smelter in Perak, which might generate its own power for consumption instead of tapping into the national grid and reducing the company's huge reserve margin. With the IPP payments taking a big chunk out of Tenaga's cash flow and the company's request for a tariff increase deferred, the positive cash flow that the Company could generate from its operations is forecast to shrink over the next few years. Analysts are also concerned that the amount of cash generated by the Company is not enough to fund even its day-to-day operations. TNB's negative cash flow and continued borrowings are expected to worsen over the next few years without the tariff increase as it spends on transmission and distribution upgrades. Its total capex needs up to 2008 could see Tenaga borrowing MYR18 billion to MYR20 billion for additional funding. With total debts and capex projected to accelerate after 2008, the national utility company would probably be saddled with total borrowings exceeding MYR45 billion by the end of the decade. About Tenaga Nasional Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad -- http://www.tnb.com.my/-- is engaged in the generation, transmission, distribution and sale of electricity. The Company also manufactures, sells and repairs transformers and switchgears. It is also involved in provision of project management, consultancy, engineering works, contracting, trading, risk management, risk surveys, insurance, research and development, property management, energy project development and investment holding services. It also undertakes repairs and maintenance of motor vehicles. The Group operates in Malaysia and Mauritius. The Company is currently undertaking liability management exercises, which are expected to extend the Company's debt maturity profile and reduce refinancing risk. Moody's gave the Company a 'Ba' rating due to the Company's relatively high financial leverage and significant PPA obligations, accounting for approximately 42% of total operating costs in FY2004. ===================== P H I L I P P I N E S ===================== EQUITABLE PCI: S&P Affirms Counterparty Rating ---------------------------------------------- Standard & Poor's Rating Services affirmed its counterparty credit ratings on Philippines' Equitable PCI Bank Incorporated at B/B, and removed all ratings from CreditWatch, where they were placed on January 9, 2006, with positive implications. The outlook is stable. The B rating on Equitable's senior unsecured debt and CCC+ rating on its subordinated debt were also removed from CreditWatch. The ratings on Equitable reflect its stable funding profile that is underpinned by a strong franchise in the domestic banking sector. Nevertheless, this is partly offset by the bank's improving, but still weak, asset quality, amid a difficult economic and operating environment. The ratings were removed from CreditWatch following a lack of development on a potential merger or acquisition for Equitable. In early January, Banco de Oro Universal Bank (BDO; B+/Stable/B) offered to merge with Equitable. Although Equitable's board and its shareholders did not respond to the offer from BDO, which technically lapsed on Jan. 31, 2006, BDO has indicated that it is still willing to acquire Equitable at mutually acceptable terms. "We will continue to monitor further developments at Equitable and will assess the credit impact on the ratings on Equitable from a renewed merger offer by BDO or a new offer from another bidder," said Standard & Poor's credit analyst Nandini Vijayaraghavan. The stable outlook on the long-term counterparty credit rating is based on expectations that Equitable will continue to address its asset quality. Equitable's domestic franchise is expected to be further strengthened, given management's efforts to enhance its revenue sources. About Equitable PCI Bank Equitable PCI Bank is engaged in the provision of diversified financial services. Services include deposit and related services, loans and credit facilities, trust services, investment banking, securities, insurance, leasing and finance, product development and management, specialized financial services and property development services. LEPANTO CONSOLIDATED: Fully Repays Loan from Ivanhoe ---------------------------------------------------- Lepanto Consolidated Mining Company has fully repaid the US$3 million loan from Ivanhoe Mines Limited, which the latter extended in January 2005 in consideration of its priority negotiation right over Lepanto's mineral properties. About Lepanto Lepanto Consolidated Mining Company -- http://www.lepantomining.com/-- was incorporated primarily to be involved in the exploration and mining of gold, silver, copper, lead, zinc and all kinds of ores, metals, minerals, oil, gas and coal and their related by-products. The Company was incorporated in 1936 and until 1997 was operating an enargite copper mine. It shifted to gold bullion production in the same year through its Victoria Project. Lepanto operated a copper flotation plant from August 2000 to December 2001, when copper operations were suspended due to the presence of excessive penalty elements in the mill feed and copper concentrate. Lepanto sells its gold bullion production to London's Johnson Matthey. Lepanto is now one of the country's top producers of gold and its by-products, copper and silver. The Company also has investments in other areas through its subsidiaries such as hauling business, diamond drilling business, insurance business, manufacturing of industrial diamond tools for mining exploration, marble cutting and the construction industry. The Troubled Company Reporter - Asia Pacific reported on January 27, 2006, that Lepanto Consolidated is working to recover from a PHP400 billion loss incurred from the past two years due to labor disputes. MANILA ELECTRIC: Sister Firm Averts Termination of Operations ------------------------------------------------------------- The Energy Regulatory Commission has approved the petition filed by Manila Electric Company and sister company Duracom Mobile Power Corporation for an interim extension of their power supply deal, Manila Times reports. Meralco and Duracom sought for an extension of their power supply agreement to avoid disruptions in electricity supply as well as to protect Duracom, which has been suffering from heavy losses due to higher oil prices. Meralco is Duracom's sole customer. The power producer supplies Meralco some 108 megawatts. With the regulator's decision, Duracom has been saved from a possible shutdown of its facility, which is considered crucial to the delivery of electricity over the Luzon grid. Three of Duracom's power barges ceased operations last year, due to shortage of cash inflow, which was not sufficient to purchase necessary fuel to run the barges, the regulator told Manila Times. "The amendment and interim extension is intended to provide an interim relief to Duracom in order to maintain the availability of its generation capacity which is crucial to the stability of the Luzon grid," Manila Times quotes the regulator as saying. Meralco and Duracom have introduced these important amendments to their power supply deal: -- peg Duracom's selling price to the hourly basis of Napocor's time of use scheme; -- avail of Napocor's rate adjustment mechanism such as the generation rate adjustment mechanism collected on a quarterly basis and the incremental currency exchange rate adjustment; and -- be allowed to collect an equivalent of 95 percent of the National Transmission Corporation's applicable charges. These terms are an improvement to the original supply deal. The original deal includes a take-or-pay-provision in favor of Duracom. Without the take-or-pay provision, Duracom would have to operate its facilities without guaranteed monthly payment from Meralco. The new interim supply deal will take effect until December 25, 2006 or until Meralco and Duracom come up with a new supply deal. About Manila Electric Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the largest utility in the Philippines, providing power to 4.1 million customers in metropolitan Manila and more than 100 surrounding communities. As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers. Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. The TCR-AP reported on March 31, 2006, that the Company posted a 79.7% decrease in its 2005 net losses to PHP411 million from PHP2.03 billion in 2004, due to provisions for probable losses while awaiting a Supreme Court final decision on a pending unbundling rate case, and the adoption of new accounting standards. RB FAMY: Court to Conclude Liquidation Proceedings on May 5 ----------------------------------------------------------- The Motion for approval of final project of distribution of the assets and termination of the liquidation proceedings of Rural Bank Famy (Laguna) will be submitted for approval to Regional Trial Court Branch 33, Siniloan Laguna on May 5, 2006, at 8:30 a.m. Contact: Philippine Deposit Insurance Corporation Liquidator 2228 Chino Roces Avenue 1231 Makati City TPG CORPORATION: SEC Does Not Buy Proposed Payment Suspension ------------------------------------------------------------- The Securities and Exchange Commission does not favor TPG Corporation's proposal to suspend payment of its obligations to holders of open-ended plans, INQ7.Net reveals. The SEC said that it would be best for TPG to succumb to liquidation should it fail to acquire a viable option to address its financial problem. The Commission's comment was channeled through its counsel, the Office of the Solicitor General, to the Makati City Regional Trial Court on April 6. In addition, the Commission said that TPG has an obligation to its plan holders, and it is only fit to honor this obligations. "These plans cannot be unilaterally amended without the consent of the plan holders," it said. "The proposed rehabilitation, if approved will certainly violate the concensual nature of contracts. As such, it cannot be enforced on the parties who do not consent to it." The SEC told the Inquirer, that it did not approve TPG's proposal for a program to convert pre-need plans into company, which is the crux of its rehabilitation scheme. The SEC finds the proposal disadvantageous to the plan holders. "The latter have the right to recover their investments but are not under any obligation to have their investments converted into shares of stock by force and against their will," it said. "Besides, who would want to invest in an ailing company?" The total outstanding and lapsed open-ended plans that TPG has at present now stands at PHP2.0 billion, out of the total issued plans of PHP6.5 billion as of December 2004. Open-ended education plans offered to cover tuition costs of beneficiaries regardless of the amounts. The SEC banned their sale in 2002 after the government deregulated tuition increases. About TPG Corporation TPG Corporation is a pension, pre-need, educational plan provider. In 1999, TPG has failed to comply with the Securities and Exchange Commission's requirement of trust fund deposit. And in 2004, TPG availed of the SEC's leeway program in hopes of addressing its trust fund deficiencies. During the first year of the program, TPG incurred deficiencies in its monthly payments, and eventually stopped payments in 2005. As of the fourth quarter of 2005, the Company's liabilities have exceeded liquid assets. According to the Troubled Company Reporter- Asia Pacific on February 17, 2006, TPG has finally sought corporate rehabilitation with the Makati Regional Trial Court to ensure continued operations. ================= S I N G A P O R E ================= GREATRONIC LIMITED: Amends 2005 Full Year Financial Results ----------------------------------------------------------- Greatronic Limited and its subsidiaries have issued additional provisions to its full year 2005 financial results for the financial period ended December 31, 2005, to reflect the developments that occurred since the release of the results on March 1, 2006. The additional provisions are: * interest in subsidiaries of US$1.3 million; * foreign exchange difference and other adjustments made by Malaysian subsidiary (Modern Handling Engineering (M) Sdn Bhd) US$0.10 million; and * additional accrued expenses US$0.06 million. Financial Effects: Group Audited FY2005 Unaudited FY2005 Difference ($'000) ($'000) ($'000) Loss before tax 4,861 3,402 1,459 Loss after tax attributable to shareholders of the Company 4,861 3,402 1,459 Minority interest - - - As a result of the amendments, the financial effects on the earnings per share and net asset value per share of the Company and group are: Audited FY2005 Unaudited FY2005 Group Loss (cents) per share (LPS) 3.54 2.48 - on a fully diluted basis 3.54 2.48 Net asset value (cents) per share (NAV) 0.20 0.50 Company Net asset value (cents) per share (NAV) 0.29 0.51 Note: EPS and NAV based on 137,443,281 shares at beginning and end of the year. Headquartered in Singapore, Greatronic Limited -- http://www.greatronic.com/--is engaged in the manufacturing of material handling equipment as well as the design, fabrication and installation of conveyor-based integrated automation system. The Company is embroiled in a controversy after its unit, Greatronic Technology (Malaysia) Berhad, was accused of making fraudulent transactions with its associates based in the United States and Germany. The scandal further contributed to the firm's losses. LINDETEVES-JACOBERG: Unveils Mandatory Conditional Cash Offer ------------------------------------------------------------- Lindeteves-Jacoberg Limited issued details of the Mandatory Conditional Cash Offer by CIMB-GK Securities for and on behalf of ATB Austria Antriebstechnik AG for all the remaining ordinary shares in the capital of the Company in issue not already owned, controlled or agreed to be acquired by ATB Austria and parties acting in concert with it. Level of Acceptances As at 5:00 p.m. Singapore time on April 10, 2006, ATB Austria has received pursuant to the Offer valid acceptances in respect of an aggregate of 34,000 shares, representing approximately 0.01% of the issued and paid-up share capital of the Company. Prior to the announcement date on March 15, 2006, ATB Austria and parties acting in concert with it held 223,869,831 shares, representing approximately 45.12% of the issued and paid-up share capital of the Company. Between the announcement date on March 15, 2006, save for the 3,555,000 shares, representing approximately 0.72% of the issued and paid-up share capital of the Company, acquired by ATB Austria in the open market and save for the Creditors Call Options, the offeror has not acquired or agreed to acquire any shares other than pursuant to valid acceptances of the Offer. Creditors Call Options ATB Austria intends to exercise the First Creditors Call Option pursuant to the Creditors Call Option Agreement, details of which are set out on page 8 of the Offer Document. Upon the exercise of the First Creditors Call Option, the Offer will become unconditional in all respects. Closing Date and Shut-Off Notice ATB Austria does not intend to revise the Offer Price and does not intend to extend the Offer beyond 3:30 p.m. on May 3, 2006. In accordance with Rule 22.6 of the Code, notice is hereby given that the Offer Price will not be revised and the Offer will not be open for acceptance beyond 3:30 p.m. on May 3, 2006. Acceptances received after 3:30 p.m. on May 3, 2006 will be rejected. A full-text copy of the Mandatory Condition Cash Offer Notice is available for free at: http://bankrupt.com/misc/LINDETEVESJACOBERGShutoffAnnc_final.pdf Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was incorporated in Singapore on December 11, 1947 as part of a Dutch international trading group. Its principal activities consist of investment holding, provision of warehousing and rental services and acting as specialist mechanical and electrical contractor for environmental engineering projects. The Company is undergoing a debt restructuring exercise by way of a Scheme of Arrangement with its creditors. STARTECH ELECTRONICS: 7th AGM Slated for April 27 ------------------------------------------------- The Seventh Annual General Meeting of Startech Electronics Limited will be held at the SAA City Campus, 1 Raffles Place, 27th Floor, OUB Centre, Singapore, on April 27, 2006, at 3:00 p.m. At the meeting, members will be asked to: -- receive and consider the Audited Accounts for the financial year ended December 31, 2005, and the reports of the directors and auditors thereon. -- approve the directors' fees of SGD80,000.00 for the financial year ended December 31, 2005. -- re-elect the directors who are retiring in accordance with the Company's Articles of Association Special Business To consider and if thought fit, pass these ordinary resolution, with or without modifications: * Authority to allot and issue shares * Startech Share Option Scheme * Transact any other ordinary business which may be properly transacted at an Annual General Meeting. Startech Electronics Limited -- http://www.startechgrp.com/-- was incorporated as a private company limited by shares on October 12, 1999, under the name PV Startech Holdings Pte Limited. It changed its name to Startech Electronics Limited on February 5, 2001, when it became a public limited company. Startech Electronics provides electronics manufacturing services, supplemented by the distribution business and switchgear design and assembly business which diversifies the Group's earnings base. Despite posting a SGD17 million net loss in 2003, the Company began restructuring its outstanding loans through a scheme of arrangement with creditors, who had written off part of its debt, as well as transforming its core business and a restructuring of its various operations outside Singapore. TRADE PLANET: Proofs of Debt or Claim Due on May 8 -------------------------------------------------- Trade Planet Asia Private Limited has commenced winding up its operations. Subsequently, creditors are given until May 8, 2006, to prove their debt or claims to benefit from any distribution the Company will make. Contact: Chua Keng Khng Liquidator 89 Short Street #08-11 Golden Wall Centre Singapore 188216 TRI-M TECHNOLOGIES: Fixes April 27 as AGM Date ---------------------------------------------- Tri-M Technologies (S) Limited will hold its Annual General Meeting at at 25 Kallang Avenue #07-01, Singapore 339416 on April 27, 2006 at 4:00 p.m. The meeting will discuss these matters as ordinary business: * To receive and adopt the Directors' Report and the Audited Accounts of the Company for the financial period ended December 31, 2005 together with the Auditors' Report thereon. (Resolution 1) * To re-elect the following Directors retiring pursuant to Articles 106 and 90 of the Company's Articles of Association: -- Abbasbhoy Haider Nakhoda (Retiring under Article 106) (Resolution 2) -- Lee Hock Lye (Retiring under Article 106) (Resolution 3) -- Foo Sac Phoon (Retiring under Article 90) (Resolution 4) -- Nakhoda will, upon re-election as Director of the Company, remain as a Chairman of the Audit Committee and a member of the Remuneration and Nominating Committees and will be considered independent. Mr. Lee will, upon re-election as Director of the Company, remain as Chairman of the Nominating Committee and a member of the Audit and Remuneration Committees and will be considered independent. * To approve the payment of Directors' fees of SGD80,000 for the financial period ended December 31, 2005 (2005: SGD100,000). (Resolution 5) * To re-appoint Messrs Ernst & Young as the Company's Auditors and to authorise the Directors to fix their remuneration. (Resolution 6) * To transact any other ordinary business which may properly be transacted at an Annual General Meeting. As Special Business * To consider and if thought fit, to pass the following resolutions as Ordinary Resolutions, with or without any modifications: * Authority to allot and issue shares up to 50 per centum (50%) of issued shares in the capital of the Company Tri-M Technologies (Singapore) Limited -- http://www.tri-m.com.sg/-- is a diversified Electronics Manufacturing Services provider with facilities in Singapore, Malaysia, Philippines and China. In addition, Tri-M has forged strategic alliances in SJ, USA for prototyping and small quantity run to support U.S.-based customers. Tri-M provides services in product design & development, prototyping, full turnkey manufacturing & total supply chain management. The Company has been posting financial losses since 2004, when reported a SGD931,000 net loss for the six months ended September 30, 2004. WEST BAY: Creditors Should Prove Debt to Benefit from Dividend -------------------------------------------------------------- The last day for creditors of West Bay Beach Private Limited to prove their debt or claims will be on May 8, 2006. Creditors failure to comply with the requirement will exclude them from the benefit of any distribution the Company will make. Contact: Chee Yoh Chuang Lim Lee Meng Liquidators 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 =============== T H A I L A N D =============== PAE (THAILAND): Wipes Out 2004 Profit; Posts THB44 Million Loss --------------------------------------------------------------- PAE (Thailand) Public Company Limited has reported a net loss of THB43.52 million for the year ending December 31, 2005 from a 2004 profit of THB2.99 billion. Revenue increased marginally to THB255.03 million in 2005 from THB246.02 million the year before. The results is due to higher costs and expenses. The Company reported a 24.46 per cent higher selling and administration expense account for the year THB48.84 million. Cost of sales and services was THB180.54 million, or 95.33 per cent of the revenue from sales and services amounting to THB189.40 million. The ratio for cost to revenue in the previous corresponding period stood at only 88.47 per cent. Further, the company has reserved the full amount of doubtful debt from the overdue account receivables of THB54.63 million resulting in the recorded net loss. The Company also lost the benefit of 2004's recorded gain from debt restructuring amounting to THB2.98 billion. PAE (Thailand) Public Company Limited Financial Highlights, For the year Ending December 31 In Millions of THB 2005 2004 ---------- ---------- Assets 386.68 406.29 Liabilities 145.35 121.83 Equity 241.33 284.46 Paid-up Capital 383.00 383.00 Revenue 255.03 246.02 Net Profit -43.52 2,993.26 EPS(Baht) -1.14 83.87 Source: Stock Exchange of Thailand No dividend payout In a subsequent company release to the Stock Exchange of Thailand dated March 29, 2006, The Company's Board of Directors, on March 28, 2006, have proposed that the Company would not pay any dividends for 2005 due to accumulated loss for the year. About PAE (Thailand) Headquartered in Bangkok, Thailand, PAE (Thailand) Public Company Limited -- http://www.pae.co.th/-- provides construction services including building and drilling site constructions; industrial services including lasting and technical inspections, as well as communication and manpower supply services. The Company also distributes construction and agricultural equipment. The Company has been operation with a capital deficit for years, culminating in a THB3.05 billion deficit in 2003. That and a series of net losses set the stage for the Company's entry into Thailand's REHABCO, or Companies Under Rehabilitation sector. Business Rehabilitation Plan PAE (Thailand) Public Company Limited and Thai Sakura Company Limited have petitioned for the business rehabilitation of PAE (Thailand) Public Company Limited which was approved on February 22, 2000, and the GTT Planners Co., Ltd. has been appointed to handle the rehabilitation plan. On January 9, 2004, the Company submitted the revised debt restructuring plan to the Central Bankruptcy Court for the approval of debt repayment in February 2004 and approval for the Company's exit of the court's debt restructuring plan. On March 26, 2004, the debt restructuring management requested the court to cancel the restructuring because the Company had successfully fulfilled the plan's conditions. During the 1st and 2nd quarters of 2004, the Company had completed the major steps as stipulated in the restructuring plan with regards to the increase in share capital, repayment of parts of its debts and also the relief of the outstanding debts. The Company recorded gain from debt restructuring amounting to THB2.98 billion. On April 28, 2004, the Central Bankruptcy Court ordered the cancellation of restructuring of PAE (Thailand) Company Limited. PREMIER ENGINEERING: Turns Around with THB112-Million Net Profit ---------------------------------------------------------------- Premier Engineering & Technology Public Limited Company has reported a THB111.52 million net profit for the year ended December 31, 2005, up THB165.02 million from a THB53.50 net loss for the previous corresponding period. This result includes profit from transferring asset for repayment under debt restructuring agreement and profit from debt restructuring in total of THB145.53 million, and a THB157.40 million profit from its software business. Revenues has also increased 4.90 per cent from THB618.85 million to THB649.19 million. The Company has also corrected its capital deficit, posting a positive equity value of THB89.98 million, from a THB10.04 million deficit in 2004. Premier Engineering & Technology Public Limited Company Financial Highlights, For the year Ending December 31 In Millions of THB 2005 2004 ---------- ---------- Assets 542.56 729.47 Liabilities 428.29 716.19 Equity 89.97 -10.04 Paid-up Capital 1,402.36 1,338.66 Revenue 649.19 618.85 Net Profit 111.52 -53.50 EPS(Baht) 0.90 -1.46 Formerly known as Thai Electronic Industries Public Limited Company and headquartered in Bangkok, Thailand, Premier Engineering & Technology Public Company Limited manufactures car radio cassette players for local and international markets. Through its subsidiaries, the Company manufactures speakers, speaker components, telephone sets, and telephone answering machines. In addition, the Company distributes computer hardware and software, complete information systems, LCD projectors and screens. Since 2001, the Company has been operating under the business rehabilitation plan dated November 28, 2000, which was approved by Thailand's Central Bankruptcy Court on January 12 2001 and ruled on favorably by the Supreme Court on December 25, 2002. On October 11, 2004, the Central Bankruptcy Court issued an order approving the Company's exit from the business rehabilitation process, since the Company had already implemented most of the plan. The Company's Rehabilitation Plan 1. Debt repayment * A principal amount of THB164 million will be repaid in installments within 10 to 12 years from the date the court approves the plan with a grace period of 3 years. Interest is charged at the rate stipulated in the plan. * The THB6 million debt principal to leasing creditors is to be repaid in installments in 5 years. Interest is charged at the rate stipulated in the plan. * A THB13 million principal to senior creditors of loans and financial instruments is to be repaid in installments within 10 years from the date the court approves the plan with a grace period of 3 years. Interest is charged at the rate stipulated in the plan. * Debt principal to trade creditors amounting to THB15 million is to be repaid in installments within 3 years from the date the court approves the plan, with a grace period of 6 months. No interest is charged. Since 2001 the Company has paid interest and principal when due in accordance with the rehabilitation plan. 2. Reduction and increase of share capital * Registered capital was to be reduced from THB233.10 million (23,310,379 ordinary shares of THB10 each) to THB23.31 million (2,331,038 ordinary shares of THB10). * Registered capital was to be increased by THB346,985,520 through the issue of 34,698,552 ordinary shares of THB10 each. 3. Conversion of debt to equity The Company was to allocate 5,074,880 shares of THB10 each to creditors. During the year 2003, the Company reduced and increased its share capital and converted debt to equity in accordance with the rehabilitation plan. 4. Debt forgiveness All debt remaining after the payment of debt and the conversion of debt to equity will be forgiven. 5. Merger and transfer of business operations between the Company and a related company. * During the year 2003, the Company executed a share swap in accordance with the rehabilitation plan. Following the merger and transfer of business operations, 20% of shares were to be held by the Company's existing shareholders, including shareholders as a result of debt-to-equity conversion, while 80% of shares were to be held by existing shareholders of the related company. * The business, and all business operations of the related company, were to be transferred to the Company. If the planner believed there were grounds to object this merger and transfer of business operations process, the planner may choose not proceed and deem completion of the completion of the merger and transfer of business. Business reorganization In the fourth quarter of the year 2005 the Company reorganized its business to focus on the information technology sector, in accordance with its strategy to resolve its problem with operating losses. Resolutions were passed by the Board of Directors and shareholders in accordance with which the Company proceeded as: * Offered an additional 15.5 million ordinary shares, of which 11.4 million ordinary shares were sold; * Sold its investments in 2 subsidiaries, Premier CE Company Limited and Premier Resource Recycle Company Limited, to a related company; * Transferred rights of claim amounting to THB70 million and THB20 million in loans and receivables of Premier CE Company Limited and Premier Home Appliance Company Limited, respectively, to a related company, and received remuneration amounting to THB90 million, and; * Sold assets of its subsidiary which were not used in the information technology business at prices not lower than their net book value. Debt restructuring During the third quarter of the year 2005, the Company defaulted on payment of loan principal amounting to THB10.5 million. As a result, all outstanding debt under the rehabilitation plan, amounting to THB196 million, was reclassified as current liabilities. Subsequent talks helped the Company reduce the debt to THB155.8 million, which it will pay with cash and property transfer in partial settlement. After this, the remaining THB55.5 million will be forgiven. PREMIER ENTERPRISE: Net Profit Jumps to THB816 Million in 2005 -------------------------------------------------------------- Premier Enterprise Public Company Limited has a THB816.22 million net profit in the year ended December 31, 2005, a staggering 10205.81 per cent increase from the THB7.92 million posted in the previous corresponding period. This result includes recorded profit in selling property in the amount of THB310.82 million and a THB474.09 million profit in debt restructuring, coupled with decreased cost of sales and tax expenses. The Company has also corrected its THB1.92 billion capital deficit in 2004. Revenue for the Company has decreased 24.66 per cent to THB3.88 billion in 2005 from THB5.15 billion in 2004. Premier Enterprise Public Company Limited Financial Highlights for the year Ending December 31 In Millions of THB 2005 2004 ---------- ---------- Assets 1,565.53 3,195.68 Liabilities 1,358.10 5,087.32 Equity 207.40 -1,922.52 Paid-up Capital 8,000.00 3,878.47 Revenue 3,880.21 5,149.94 Net Profit 816.22 7.92 EPS (Baht) 2.18 0.02 Headquartered in Bangkok, Thailand, Premier Enterprise Public Company Limited -- http://www.premier.co.th/-- markets and distributes durable products including automobiles, electrical appliances, spare parts, and construction materials. The Company also provides hire purchase and office building rental services, and invests in diversified businesses including foold, finance and securities, and petroleum industries. The Company is currently rehabilitating its business under a business rehabilitation plan approved by the Thai Supreme Court on August 2, 2002. In 2005 the rehabilitation planner filed petitions with Thailand's Central Bankruptcy Court seeking to amend the rehabilitation plan in respect of business and financial restructuring, which was approved on October 13, 2005 and December 15, 2005. The Company's Amended Rehabilitation Plan 1. Business restructuring The company shall sell to a newly established company, Premier Fission Capital Company Limited, the entire non-core property of company in order to run the business and manage such property. The Company designated a transfer price for assets of 1.1 to 1.3 equal to their net book value under the equity method. The payment will be completed within 10 years, commencing from the day on which the court issued the final approval on amendment plan. 2. Financial restructuring. 2.1. Debt repayment After the conversion of debt to equity, the debt shall be THB636.21 million. For the debt of THB486.21 million, the company shall sell its security for repayment within six months or transfer such security for repayment instead. The remaining THB150 million will be repaid by year 2015. 2.2. Conversion of debt to equity The company shall increase its registered capital by an additional THB4.12 billion by issuing 412,752,709 shares of common stock to be contributed, as equity, to creditors in proportion for the repayment of debt of THB1.07 billion. The company converted the debt by issuing common stock providing to such creditors on December 28, 2005. ********* 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is $575 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***