/raid1/www/Hosts/bankrupt/TCRAP_Public/070618.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, June 18, 2007, Vol. 10, No. 119
Headlines
A U S T R A L I A
BRISBANE WATER: Members' Final Meeting Set for July 21
EVANS & TATE: ANZ Fails to Find Third-Party Investor
HOECHST AUSTRALIA: To Declare Dividend on August 7
HOECHST AUSTRALIAN: Creditors' Proofs of Debt Due on July 3
JULIO VALDE'S: Members Agree on Voluntary Liquidation
MARTIN DALE: Members' Opt for Voluntary Liquidation
MULTIPLEX GROUP: Mulls Over Brookfield's AU$2.4 Billion Bid
PARK BENCH: Undergoes Voluntary Liquidation
RHONE-POULENC: Intends to Declare Dividend on August 7
ROUSSEL UCLAF: Proofs of Debt Due by July 3
S & M FARRUGIA: Members & Creditors to Meet on July 5
STG PACIFIC: Members Resolve to Close Business
VERSAILLES PTY: Members Decide to Liquidate Business
C H I N A & H O N G K O N G
BANK OF CHINA: Shareholders' Approve CNY3-Billion Debt Issuance
BEST PLENTY: Shareholders Opt to Shut Down Business
BMG ZOMBA: Liquidators Quit Posts
BOLD WARE: Creditors Must File Claims by June 29
CHINA CONSTRUCTION: To Issue Up to 9 Billion Shares in Shanghai
COLIYIELD COMPANY: Taps Hill & Borelli as Liquidators
FERENDO LIMITED: Court Appoints Liquidators
H.E.A INVESTMENTS:Creditors & Contributories to Meet on July 10
ISLAND PRAISE: Taps Dominic Kiun Tai as Liquidator
JIANGXI COPPER: No Risk of Oversupply from Production Increase
JOHNNY CHAN: Sets Final Meeting for July 12
LEI SHING: Placed Under Voluntary Liquidation
NATIONAL STARCH: Creditors' Proofs of Debt Due by July 8
NFO HONG KONG: Appoints Kwong Chi Choi as Liquidator
SMETOUN COMPANY: Members' Final Meeting Set for July 16
WESTON PHARMACEUTICAL: Members to Hear Wind-Up Report on July 10
WING SHING: Sets Final Meeting for July 11
ZHONG LU: Members' Final General Meeting Set for July 12
ZURICH CAPITAL: Members' Final Meeting Set for July 9
I N D I A
INDIAN OVERSEAS: S. Bhat Named as Chairman & Managing Director
INDUSIND BANK: Enters Strategic Tie-Up With Religare
JAMMU & KASHMIR BANK: Shareholders Okay Capital Increase
KARNATAKA BANK: Net Profit Down 48% in Qtr. Ended March 31, '07
I N D O N E S I A
ALCATEL-LUCENT: Wins EUR10-Mil. Contract From Telekom Malaysia
GARUDA INDONESIA: Signs MOU With Danareksa
PERTAMINA: To Raise Stake in Natuna Gas Field
PERTAMINA: Awards US$61.49-MM Tanker Contract to Jiangsu Eastern
PERUSAHAAN LISTRIK: Sells IDR3 Trillion Worth of Bonds
PERUSAHAAN LISTRIK: S&P Affirms 'BB-' Foreign Currency Rating
J A P A N
ALL NIPPON: Executives' Wages Hacked Over Computer Glitch
ALL NIPPON: To Withdraw From International Cargo Services
GOODWILL GROUP: FamilyMart Eyes Operational Tie-Up
NIKKO CORDIAL: Citigroup to Issue JPY400B Bonds to Pay Creditors
K O R E A
BHK INC: Signs KRW7.5-Billion Supply Contract With WiseDV Inc.
C&C ENTERPRISE: Appoints Chae Jung Hee as New CEO
MAGNA SEMICON: Manufactures AMI Semiconductor's SmartPower Tech
M A L A Y S I A
FOREMOST HOLDINGS: CIMB Amends Conditions to Debt Settlement
HALIFAX CAPITAL: Files Regularization Plan with Securities Com.
MP TECHNOLOGY: Faces Wind-Up Petition from Bhadarul Baharain
PARK MAY: Completes Restructuring Plan Implementation
TENAGA NASIONAL: Seeks to Improve Revenue & Efficiency Via RMR
N E W Z E A L A N D
ALUMEX INSTALLATIONS: Court to Hear Wind-Up Petition on June 21
B R PROPERTIES: Creditors' Meeting Set for July 6
CASA ROCA: Faces CIR's Wind-Up Petition
CE INVESTMENTS: Court Hears Wind-Up Petition
HAMES SHARLEY: Wind-Up Petition Hearing Set for July 12
KT CONSTRUCTION: Court to Hear Wind-Up Petition on June 21
MILLENNIUM RESIDENTIAL: Creditors' Proofs of Debt Due by June 25
PERTAKO LTD: Subject to CIR's Wind-Up Petition
PLUS SMS: To Issue Shares and Stock Options to Sr. Management
POTTER GROUP: Faces CIR's Wind-Up Petition
SOFTWARE OF EXCELLENCE: Reports NZ$4.4-Mil. Profit in FY 2007
SOFTWARE OF EXCELLENCE: Henry Schein Wants to Takeover Firm
SPEIRS GROUP: Incurs NZ$847,000 Loss in FY2007
SPEIRS GROUP: Derek Walker Joins Company's Board of Directors
VEHICLE RECOVERY: Court Hears Wind-Up Petition
P H I L I P P I N E S
ATOK BIG WEDGE: Appoints Proxy for Unit's Stockholders Meeting
PHIL. BANK OF COMMS: Posts PHP286MM Net Income for 1st Qtr. 2007
PHIL. LONG DISTANCE: Posts PHP8BB Net Income for March Quarter
ZIPPORAH REALTY: To Change Name to "Sta Lucia Land Inc."
* Non-factor Service Exports Grew 7.4% for First Quarter of 2007
S I N G A P O R E
BIOTECH RESEARCH: Requires Creditors to Prove Debts by July 16
KLS TECHNOLOGY: Wind-Up Petition Hearing Set for June 29
LIANG HUAT: SGX-ST OKs Listing of Scheme & Creditors' Shares
MAXWAY CONSTRUCTION: Court to Hear Wind-Up Petition on June 29
NEXWELL INTERNATIONAL: Proofs of Debt Due by July 16
T H A I L A N D
TMB BANK: Bank of Thailand to Launch Probe Into TMB's Losses
- - - - - - - -
=================
A U S T R A L I A
=================
BRISBANE WATER: Members' Final Meeting Set for July 21
------------------------------------------------------
Brisbane Water Industrial Products Pty Ltd will hold the final
meeting for its members on July 21, 2007, at 10:00 a.m., on Unit
2 at 1 Anzac Road in Tuggerah New South Wales 2259, Australia.
At the meeting, the members will be asked to:
-- receive and adopt the the liquidator's report of acts and
dealings during the conduct of the winding up;
-- receive and adopt the liquidator's statement and
Australian Securities and Investments Commission Form 524
Accounts; and
-- transact any other business which may properly be brought
forward at the meeting.
About Brisbane Water
Brisbane Water Industrial Products Pty Ltd operates hardware
stores. The company is located in New South Wales, Australia.
EVANS & TATE: ANZ Fails to Find Third-Party Investor
----------------------------------------------------
Evans & Tate Limited has received an alternative offer for its
financial restructure after Australia and New Zealand Bank
terminated an agreement made by both parties for failing to find
a third-party co-investor, ABC News reports.
The Sydney Morning Herald, citing Australian Associated Press,
says that media suspects that winemaking company Fogarty Wine
Group made the offer to Evans & Tate.
In a company statement grabbed by SMH, Evans & Tate conveyed
that the offer has already been endorsed to the its board of
directors and has been proposed to ANZ for its consideration.
However, the report notes, ANZ has not yet decided on the
matter.
The article adds that Evans & Tate will only reveal details once
a decision has been made by ANZ.
On May 15, 2007, the Troubled Company Reporter - Asia Pacific
reported that Evans & Tate and ANZ had an agreement for the
winemaker to issue new shares to ANZ and a third-party co-
investor to raise AU$45 million and use the raised money to
repay the AU$100 million it owes ANZ.
However, ABC News relates, ANZ decided to not pursue this deal
because they were not able to find the suitable co-investor to
join the restructure.
ANZ reportedly told Evans & Tate "that it will actively examine
the alternative proposal which has been received" and not
withdraw its financial support for the company.
About Evans & Tate
Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange. The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.
The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Evans & Tate Limited posted a loss of
AU$63.9 million for the 2005-2006 financial year, down 12% on
the corresponding figure for the previous year.
The TCR-AP report also stated that as of June 30, 2006, the
company's balance sheet revealed strained liquidity with
AU$90.930 billion in total current assets available to pay
AU$152.377 billion of total current liabilities coming due
within the next 12 months. Further, Evans & Tate's June 30,
2006 balance sheet also showed total liabilities of AU$207.445
billion exceeding total assets of AU$139.792 billion, resulting
to total shareholders' deficit of AU$67.653 billion.
Going Concern
The same TCR-AP report added that Evans & Tate said the
financial report has been prepared on a going concern basis,
noting that as at June 30, 2006, certain matters are considered
pertinent when considering the ability of the consolidated
entity to continue as a going concern.
The company noted that if it is unable to continue as a going
concern, it will be required to realize its assets and
extinguish its liabilities other than in the normal course of
business and at amounts that may be different to those stated in
the financial report.
HOECHST AUSTRALIA: To Declare Dividend on August 7
--------------------------------------------------
Hoechst Australia Limited will declare dividend on August 7,
2007.
Creditors must be able to prove their debts by July 3, 2007, to
be included in the company's dividend distribution.
The company's liquidator is:
Geoffrey Reidy
c/o Rodgers Reidy
Chartered Accountants
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
About Hoechst Australia
Hoechst Australia Limited, which is also trading as HMR Bulk
Active Ingredients, is a distributor of medicinal chemicals and
botanical products. The company is located in New South Wales,
Australia.
HOECHST AUSTRALIAN: Creditors' Proofs of Debt Due on July 3
-----------------------------------------------------------
Hoechst Australian Investments Pty Limited will declare dividend
on August 7, 2007.
Creditors are required to file their proofs of debt by July 3,
2007, to be included in the company's dividend distribution.
The company's liquidator is:
Geoffrey Reidy
c/o Rodgers Reidy Chartered Accountants
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
About Hoechst Australian
Hoechst Australian Investments Pty Limited operates
miscellaneous business credit institutions. The company is
located in Victoria, Australia.
JULIO VALDE'S: Members Agree on Voluntary Liquidation
-----------------------------------------------------
The members of Julio Valde's Australia Pty Limited met on
June 4, 2007, and agreed to voluntarily liquidate the company's
business.
Schon Condon, of Condon Associates was appointed liquidator to
handle the proceeding.
The Liquidator can be reached at:
Schon Condon
c/o Condon Associates
Telephone:(02) 9893 9499
Australia
About Julio Valde's
Julio Valde's Australia Pty Limited is a distributor of durable
goods. The company is located in New South Wales, Australia.
MARTIN DALE: Members' Opt for Voluntary Liquidation
---------------------------------------------------
On May 29, 2007, members of Martin Dale Constructions Pty Ltd
had a meeting and resolved to close the company's business.
Mark Robinson and Graham Stephenson were appointed as
liquidators.
The Liquidators can be reached at:
Mark Robinson
Graham Stephenson
PPB, Level 46, 19 Martin Place
Sydney, New South Wales
Australia
About Martin Dale
Martin Dale Constructions Pty Ltd, which is also trading as
Aquarius Pools, is a special trade contractor. The company is
located in New South Wales, Australia.
MULTIPLEX GROUP: Mulls Over Brookfield's AU$2.4 Billion Bid
-----------------------------------------------------------
After acquiring the Roberts family's 26% controlling stake for
AU$1.1 billion, Brookfield Asset Management launched a
AU$4.2-billion cash bid for Multiplex Group, various reports
say.
According to Carolyn Cummins of Stuff.Co.Nz, Brookfield is
offering AU$5.05 per Multiplex stapled security.
Multiplex's incumbent acting joint managing directors, Bob
McKinnon and Ross McDiven, told Stuff.Co that they supported the
offer subject to there being no superior offer.
Stapled security, according to the report, is where investors
own two or more securities, which are generally related and
bound together through one vehicle.
With the AU$5.05 offering, shareholders will receive a
distribution estimated at AU10 cents for every stapled security
relates the report.
Brookfield's purchase, according to ABC News, will give
Brookfield properties and fundraising abilities in Australia and
New Zealand including office buildings in Sydney, Melbourne and
Perth.
Former Chief Andrew Roberts and Tim Roberts, sons of the
Multiplex founder John Roberts, have stepped down as directors
of the board and executive positions at Multiplex reports Ms.
Cummins.
Andrew Roberts revealed to Ms. Cummins that Brookfield assured
his siblings that it would keep the group intact and "build on
its successes."
In an interview of Andrew Forest by WA Business News, he shared
that Multiplex will continue to prosper with Brookfield sharing
the same "strategic path that we've been on, keeping all parts
of the business operating."
About Mutiplex Group
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.
In May 2005, Multiplex admitted that 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.
The Troubled Company Reporter - Asia Pacific reported on Aug.
18, 2006, that Multiplex Group's financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss. The project loss position has
remained unchanged since December 31, 2005.
PARK BENCH: Undergoes Voluntary Liquidation
-------------------------------------------
The members of Park Bench Enterprises Pty Limited met on
Jan. 18, 2007, and decided to voluntarily liquidate the
company's business.
P. Ngan and G. Parker were appointed as liquidators.
The Liquidators can be reached at:
Peter Ngan
G. Parker
c/o Ngan & Co Chartered Accountants
Level 5, 49 Market Street
Sydney, New South Wales 2000
Australia
About Park Bench
Park Bench Enterprises Pty Limited, which is also trading as
Face Displays, operates advertising agencies. The company is
located in New South Wales, Australia.
RHONE-POULENC: Intends to Declare Dividend on August 7
------------------------------------------------------
Rhone-Poulenc Rorer Australia Pty Limited prepares to declare
dividend on August 7, 2007.
Only the creditors who can file their proofs of debt by July 3,
2007, will be included from sharing in the company's dividend
distribution.
The company's liquidator is:
Geoffrey Reidy
c/o Rodgers Reidy
Chartered Accountants
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
About Rhone-Poulenc
Rhone-Poulenc Rorer Australia Pty Limited, which is also trading
as RPR Australia, is a distributor of drugs, drug proprietaries
and druggists' sundries. The company is located in New South
Wales, Australia.
ROUSSEL UCLAF: Proofs of Debt Due by July 3
-------------------------------------------
Roussel Uclaf Australia Pty Limited requires its creditors to
file their proofs of debt by July 3, 2007.
The proofs of debt are required for the company's declaration of
dividends on August 7, 2007.
The company's liquidator is:
Geoffrey Reidy
c/o Rodgers Reidy
Chartered Accountants
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
About Roussel Uclaf
Roussel Uclaf Australia Pty Limited is a holding company. The
company is located in New South Wales, Australia.
S & M FARRUGIA: Members & Creditors to Meet on July 5
-----------------------------------------------------
The members and creditors of S & M Farrugia Pty Ltd will meet on
July 5, 2007, at 10:00 a.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.
The company's liquidator is:
Riad Tayeh
Level 3, 95 Macquarie Street
Parramatta, New South Wales 2150
Australia
About S & M Farrugia
S & M Farrugia Pty Ltd is a distributor of durable goods. The
company is located in New South Wales, Australia.
STG PACIFIC: Members Resolve to Close Business
----------------------------------------------
During a meeting held on May 15, 2007, the members of STG
Pacific Pty Ltd decided to close the company's business and
appointed Chris Wykes as liquidator.
The Liquidator can be reached at:
Chris Wykes
Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street
Sydney, New South Wales 2000
Australia
About STG Pacific
STG Pacific Pty Ltd is a distributor of durable goods. The
company is located in New South Wales, Australia.
VERSAILLES PTY: Members Decide to Liquidate Business
----------------------------------------------------
At a general meeting held on May 28, 2007, the members of
Versailles Pty Ltd decided to liquidate the company's business.
David Clement Pratt and Timothy James Cuming were appointed as
liquidators.
The Liquidators can be reached at:
David Clement Pratt
Timothy James Cuming
Level 15, 201 Sussex Street
Sydney, New South Wales 1171
Australia
About Versailles Pty
Versailles Pty Ltd, which is also trading as James Baker
Services, provides business services. The company is located in
Queensland, Australia.
=================================
C H I N A & H O N G K O N G
=================================
BANK OF CHINA: Shareholders' Approve CNY3-Billion Debt Issuance
---------------------------------------------------------------
Shareholders of Bank of China Ltd have approved a plan for the
bank to issue up to CNY3 billion worth of debt in the Hong Kong
market, AFX News Ltd reports.
The approval, according to the report, was given at the
company's annual shareholders meeting.
AFX News recounts that the bank previously indicated that the
debt will have a maturity of no more than three years.
Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents. The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions. In Hong Kong and Macao, Bank of
China is one of the local note issuing banks. Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions. The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.
Moody's Investors Service gave the bank a bank financial
strength rating of D- on May 4, 2007.
The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on December 14,
2006.
BEST PLENTY: Shareholders Opt to Shut Down Business
---------------------------------------------------
The shareholder of Best Plenty Limited passed a resolution on
June 5, 2007, to wind up the company's operations and appoint
Wong Lung Tak as liquidator.
Creditors are required to file their proofs of debt by July 9,
2007, to be included in the company's dividend distribution.
The company's liquidator is:
Wong Lung Tak Patrick
China Insurance Group Building
Room 1101, 11th Floor
141 Des Voeux Road Central
Hong Kong
BMG ZOMBA: Liquidators Quit Posts
---------------------------------
John James Toohey and Rainier Hok Chung ceased to act as
liquidators of BMG Zomba Production Music Asia Limited on
June 6, 2007.
The former Liquidators can be reached at:
John James Toohey
Rainier Hok Chung
Prince's Building, 22nd Floor
10 Chater Road, Central
Hong Kong
BOLD WARE: Creditors Must File Claims by June 29
------------------------------------------------
Bold Ware Optical (Metal) Manufactory Limited, which is in
voluntary liquidation, requires its creditors to file their
proofs of debt by June 29, 2007.
Creditors who will not be able to file their proofs of debt by
the due date will be excluded from sharing in the company's
dividend distribution.
The company's liquidator is:
Rod Sutton
c/o Ferrier Hodgson Limited
Hong Kong Club Building, 14th Floor
3A Chater Road, Central
Hong Kong
CHINA CONSTRUCTION: To Issue Up to 9 Billion Shares in Shanghai
---------------------------------------------------------------
China Construction Bank will apply to issue up to 9,000,000,000
A-shares for listing on the mainland's stock exchange in
Shanghai, Agence France Press reports, citing the bank's
disclosure with the Hong Kong Stock Exchange.
The total shares, according to the report, would represent 3.85%
of the mainland bank's enlarged share capital.
The planned issue is worth up to CNY41.8 billion, and will be
utilized to boost its capital base, Reuters says.
"The bank believes that the A-shares issue will establish a new
financing platform, strengthen its capital base and support its
ongoing business development," the lender said in its disclosure
with the Hong Kong bourse.
China Construction will need shareholders and regulatory
approval for the issue, the report says.
The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China. It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.
The Troubled Company Reporter - Asia Pacific reported on
Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D'
individual rating.
On May 4, 2007, Moody's Rating Agencies rates Construction Bank
Corporation's Bank Financial Strength Rating at D-. The outlook
for BFSR is stable.
CITGO PETROLEUM: Shuts Down Crude Unit at Corpus Christi
--------------------------------------------------------
Citgo Petroleum Corp. told the Houston Chronicle that it closed
down a crude unit at its Corpus Christi refinery.
The Houston Chronicle notes that Citgo Petroleum filed a report
on the matter to the Texas Commission on Environmental Quality.
The malfunction required emergency flaring for seven hours, The
Houston Chronicle reports.
Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.
Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.
* * *
Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006. Citgo Petroleum carries
Fitch's BB- Issuer Default Rating.
Fitch also rates the company's US$1.15 billion senior secured
revolving credit facility maturing in 2010 at 'BB+', its US$700
million secured term-loan B maturing in 2012 at 'BB+', and its
senior secured notes at 'BB+'.
COLIYIELD COMPANY: Taps Hill & Borelli as Liquidators
-----------------------------------------------------
On April 27, 2007, Nicholas Timothy Cornforth Hill and Cosimo
Borrelli were appointed as liquidators of Coliyield Company
Limited.
The Liquidators can be reached at:
Nicholas Timothy Cornforth Hill
Cosimo Borrelli
Admiralty Centre
1401, Level 14, Tower 1
18 Harcourt Road, Admiralty
Hong Kong
FERENDO LIMITED: Court Appoints Liquidators
-------------------------------------------
The High Court of Hong Kong appointed Nicholas Timothy Cornforth
Hill and Cosimo Borelli as the liquidators of Ferendo Limited.
The Liquidators can be reached at:
Nicholas Timothy Cornforth Hill
Cosimo Borrelli
Admiralty Centre
1401, Level 14, Tower 1
18 Harcourt Road, Admiralty
Hong Kong
H.E.A INVESTMENTS:Creditors & Contributories to Meet on July 10
---------------------------------------------------------------
The creditors and contributories of H.E.A. (Investments) Limited
will meet on July 10, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.
The meeting will be held at the office of Ferrier Hodgson
Limited, 14th Floor of Hong Kong Club Building at 3A Chater Road
in Central, Hong Kong.
ISLAND PRAISE: Taps Dominic Kiun Tai as Liquidator
--------------------------------------------------
Dominic Kiun Tai was appointed as the liquidator of Island
Praise Limited on June 6, 2007.
The Liquidator can be reached at:
Dominic Kiun Tai
16E Neich Tower
128 Gloucester Road
Wanchai, Hong Kong
JIANGXI COPPER: No Risk of Oversupply from Production Increase
--------------------------------------------------------------
Jiangxi Copper Group's new copper smelting project will not put
pressure on domestic spot-market prices, the company's vice
president, Wang Chiwei, assured Interfax at the Commodity
Investment World Asia 2007 Forum.
"Jiangxi Copper plans to carry out a trial run of its new
300,000-ton copper smelting facility on Aug. 1 this year,
increasing the company's annual copper cathode production to
550,000 tons. Despite this increased output, we believe there
will be no oversupply issues in the copper spot market, as up to
80% of annual production is used to supply copper users with
long-term contracts and 300,000 tons of which will supply our
subsidiary companies," Mr. Wang said.
The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Jiangxi Copper's 300,000 tonnes refining facility has
started production and is expected to lift the company's total
refined capacity to 700,000 tonnes a year. The smelter will
further increase the company's production to 800,000 tonnes
before 2010.
Asked by Interfax as to the new facility's raw material supply,
Mr. Wang admitted that they have experienced some difficulty in
securing adequate raw materials for production. However, he
later commented, "we have managed to settled all raw material
issues for the new facility through imports."
Beijing Antaike Information analyst, Li Yusheng, confirmed with
the Interfax that Jiangxi Copper will mainly rely on imported
copper concentrate and scrap copper. Copper concentrate for the
project will be mainly sourced from Chile, Mongolia and
Indonesia, Mr. Li said.
Jiangxi Copper is China's largest copper producer. In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output. The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.
Jiangxi Copper is a constituent of the Xinhua/FTSE China 200
Index.
On July 18, 2006, Xinhua Far East China Ratings commented that
the likelihood of downward surprises on the issuer rating for
Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable. Its issuer
credit rating remains BB+.
JOHNNY CHAN: Sets Final Meeting for July 12
-------------------------------------------
Johnny Chan & Co. Limited will hold a final meeting for its
members on July 12, 2007, at 10:00 a.m., on Room 509, Bank of
America Tower at 12 Harcourt Road in Central, Hong Kong.
Chan Lai Hang Edmond, the company's liquidator, will present at
the meeting a report about the company's wind-up proceedings and
property disposal.
LEI SHING: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on June 7, 2007, the
members of Lei Shing Hong Nominee Limited passed a resolution to
wind up the company's operations.
The company's liquidator is:
Lim Mooi Ying, Marianne
New World Tower, 8th Floor
Queen's Road, Central
Hong Kong
NATIONAL STARCH: Creditors' Proofs of Debt Due by July 8
--------------------------------------------------------
The creditors of National Starch & Chemical Limited are required
to file their proofs of debt by July 8, 2007.
Failure to prove debts by the due date will exclude a creditor
from sharing in the company's dividend distribution.
The company went into liquidation on May 31, 2007, according to
the Troubled Company Reporter - Asia Pacific.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
The Landmark, Gloucester Tower, 8th Floor
15 Queen's Road, Central
Hong Kong
NFO HONG KONG: Appoints Kwong Chi Choi as Liquidator
----------------------------------------------------
On May 31, 2007, Kwong Chi Choi, Oliver, was appointed as
liquidator of NFO Hong Kong Limited.
The Liquidator can be reached at:
Kwong Chi Choi, Oliver
C C Kwong Co., 11th Floor
99 Hennessy Road, Wanchai
Hong Kong
PETROLEOS DE VENEZUELA: Borrowing Costs Concern Affects Bonds
-------------------------------------------------------------
Alex Kennedy and Guillermo Parra-Bernal, at Bloomberg News,
reports that state-run oil company Petroleos de Venezuela SA's
debt issues has suffered on concern that global borrowing costs
will rise and slow economic expansion.
The company's bonds fell after a statement made by former
Federal Reserve Chairman Alan Greenspan predicted in New York an
end to a global surge in financial liquidity, and that
historically low premiums on emerging-market debt "ain't going
to continue that way," Bloomberg relates.
The yield on the Petroleos de Venezuela's 5.25% bond due April
2017 closed up 14 basis points, or 0.14 percentage point, to
8.77 percent, according to Merrill Lynch & Co. The price, which
moves inversely to the yield, dropped 0.80 cent on the dollar to
77.10 cents on the dollar.
The Petroleos bond due in 2017 yields 3.5 percentage points more
than the U.S. Treasury due May 2017, compared with 3.47
percentage points yesterday.
The state oil firm sold the bonds in April to finance a plan to
double production by 2012.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
PETROLEOS DE VENEZUELA: Mulling Oil Exploration Outside Country
---------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA's
Exploration and Production Vice President Luis Vierma told El
Universal that the company is considering exploring for oil and
gas outside Venezuela.
However, Petroleos de Venezuela still has to acquire a stake in
a block, El Universal notes, citing Mr. Vierma. The firm was
offered shares in two blocks in Vietnam. It declined the offer
after seismic analysis. It is holding talks on other areas.
Mr. Vierma explained to reporters, "We declined the blocks
because seismic data showed no prospects. We have a team
working in Vietnam."
Mr. Vierma told El Universal that Petroleos de Venezuela is also
seeking for opportunities to explore for oil and gas in Bolivia,
Ecuador and Cuba. The company had entered into an accord with
Iranian Petropars to explore for oil in other parts of the
world.
Venezuela has proven reserves of about US$87 billion and
advanced confirmation of 238 billion tons of extra heavy crude
oil in Orinoco belt, El Universal states, citing Mr. Vierma.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.
PETROLEOS DE VENEZUELA: Will Pay Dividends to Partnership
---------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA has
promised to start paying dividends to its partners at 21 oil
field joint ventures after over a year of delays Dow Jones
Newswires reports.
Petroleos de Venezuela Exploration Director Orlando Chacin told
Dow Jones that the firm "will come clean on the accumulated
debts" in June. He told the press, "By the end of the month,
dividends should be ready for all 21."
The dividends for seven of the shared-equity firms have been
ratified. The rest should be ready in the coming weeks, Dow
Jones notes, citing Mr. Chacin.
Mr. Chacin told Dow Jones that two of the 21 joint ventures
haven't been ratified by the National Assembly yet.
According to Dow Jones, the partner firms include:
-- Chevron Corp.,
-- Royal Dutch Shell, and
-- Petroleo Brasileiro.
Mr. Chacin told Dow Jones that Petroleos de Venezuela had to
wait for audited 2006 financial results before making payments.
The late dividend payments were also due to other administrative
delays.
Dow Jones notes that the payment delays have hurt maintenance
and exploration on the "oil patch." The oil fields included in
the 21 joint ventures produced over 400,000 barrels daily before
the contract changes.
Production is now at 320,000 barrels per day. An average output
for 2007 should be slightly higher, Dow Jones states, citing Mr.
Chacin.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.
SMETOUN COMPANY: Members' Final Meeting Set for July 16
-------------------------------------------------------
The members of Smetoun Company Limited will have their final
meeting on July 16, 2007, at 10:30 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.
The meeting will be held on the Ground Floor at No. 343
Reclamation Street in Kowloon, Hong Kong.
WESTON PHARMACEUTICAL: Members to Hear Wind-Up Report on July 10
----------------------------------------------------------------
The members of Weston Pharmaceutical Limited will meet on
July 10, 2007, 10:00 a.m., to hear the liquidator's report about
the company's wind-up proceedings and property disposal.
The meeting will be held at Flat A, 16th Floor of United Centre
in 95 Queensway, Hong Kong.
WING SHING: Sets Final Meeting for July 11
------------------------------------------
A final meeting will be held for the member of Wing Shing Sea
Food Company Limited on July 11, 2007, at 10:00 a.m. on Flat B,
1st Floor of Wing Sing Building at 355-359 Queen's Road West,
Hong Kong.
Chan Yuk Tan, the company's liquidator, will give a report about
the company's wind-up proceedings and property disposal at the
meeting.
ZHONG LU: Members' Final General Meeting Set for July 12
--------------------------------------------------------
A final general meeting will be held for the members of Zhong Lu
Vegetable Oils (Hong Kong) Limited on July 12, 2007, at
10:30 a.m. on the 16th Floor of Jonsim Place at 228 Queen's Road
East in Wanchai, Hong Kong.
At the meeting, the members will be asked to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.
ZURICH CAPITAL: Members' Final Meeting Set for July 9
-----------------------------------------------------
The members of Zurich Capital Markets Hong Kong Limited will
hold their final meeting on July 9, 2007, at 10:00 a.m., to hear
the liquidator's report about the company's wind-up proceedings
and property disposal.
The meeting will be held on Level 28 of Three Pacific Place at 1
Queen's Road East, Hong Kong.
=========
I N D I A
=========
INDIAN OVERSEAS: S. Bhat Named as Chairman & Managing Director
--------------------------------------------------------------
Indian Overseas Bank informed the Bombay Stock Exchange that the
Government of India, via notice dated June 4, 2007, appointed S.
A. Bhat as Chairman and Managing Director, replacing T. S.
Narayanaswami.
Mr. Bhat's appointment took effect on the date of the notice.
Pursuant to the notice, he will be holding office until Oct. 31,
2010, i.e, the date of his superannuation and/or until further
orders, whichever is earlier.
Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services. The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services. IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services. It also provides automated teller
machine services. As of March 31, 2006, IOB had five
full-fledged branches overseas: two in Hong Kong, and one each
in Singapore, Seoul and Sri Lanka. The Bank also had an
extension counter in Sri Lanka and a remittance center in
Singapore.
The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.
Fitch gave the bank a 'D/E' Individual Rating on June 1, 2005.
INDUSIND BANK: Enters Strategic Tie-Up With Religare
----------------------------------------------------
Indusind Bank Ltd has entered into a strategic tie up with
Religare, an integrated financial services provider, a filing
with the Bombay Stock Exchange says.
The tie-up, though a holistic and integrated partnership, will
initially focus on seamlessly offering Religare's Internet-
trading services platform to the bank's customers, to be
eventually followed by a roll-out of the entire spectrum of
Religare's services to the bank's customers. The Internet-
trading facility will be part of a value-added 3-in-1 offering
for the bank's savings account customers, offering them a
savings and a DP account from the Bank along with an internet
trading account, powered by Religare. Both parties have pledged
to work closely and leverage each other's strengths to
eventually ensure "Customer Delight". Religare with its state-
of-the-art, value-added, 360- degree portal and the Bank with
its network, ethos and customer-centric approach plan to
capitalize on the fast-growing phenomenon of internet trading
and seamlessly cater to the convenience-and value- seeking,
cash-rich and time-poor new-age consumers.
Bhaskar Ghose, Managing Director & CEO of the bank said: "Our
partnership with Religare demonstrates yet again that Indusind
Bank is committed to providing a gamut of financial products and
services under one roof. This alliance will enable us to expand
our suite of capital market-related facilities to our customers
in terms of Banking, Depository and Broking services. This move
will also contribute to our non-interest income."
Religare's alliance with the Bank will be more than a mere
structural tie-up. Religare will have highly-trained dedicated
teams assigned for this activity working closely with the Bank
to provide the support required for servicing the customers
effectively. Apart from providing support and orientation to
the Bank team, Religare representatives will also be available
at various Bank's branches and participate in customer calls if
required. This integrated tie-up is to demonstrate Religare's
close involvement in this initiative and establish a sound
business model for the industry.
In another regulatory filing, the bank disclosed that R.
Seshasayee has been appointed, with the approval of the Reserve
Bank of India, part-time non-executive chairman for a period of
two years.
Headquartered in Pune, India, Indusind Bank Ltd. --
http://indusind.com/-- offers corporate banking services,
including working capital finance, term loans, trade and
transactional services, foreign exchange and cash management
services. The bank also offers international banking products
and services to its clients.
* * *
As of May 28, 2007, the bank still carries Fitch Ratings'
Individual Rating of 'D' and Support Rating of 5, which were
placed on Dec. 24, 2002.
JAMMU & KASHMIR BANK: Shareholders Okay Capital Increase
--------------------------------------------------------
Jammu & Kashmir Bank Ltd's shareholders at the bank's 69th
Annual General Meeting on June 9, approved an increase in the
bank's authorized capital from INR75,00,00,000 divided into
7,50,00,000 equity shares of INR10 each, to INR100,00,00,000
divided into 10,00,00,000 equity shares of INR10 each, by
creation of 2,50,00,000 equity shares of INR10 each ranking pari
passu with the existing equity shares.
The capital increase is still subject to the approval of the
Reserve Bank of India.
At the AGM, the shareholders also approved the payment of
dividend at 115% for the financial year ended March 31, 2007.
In a regulatory filing, the bank informed the Bombay Stock
Exchange that Mohammad Yaseen Mir, retired by rotation at the
AGM. M. S. Verma (ex-chairman, State Bank of India) and G. P.
Gupta (ex-chairman & managing director, IDBI) were re-appointed
as directors of the bank.
India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses. The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization. The bank, through
its operations, is focusing on banking, insurance and asset
management.
Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.
KARNATAKA BANK: Net Profit Down 48% in Qtr. Ended March 31, '07
---------------------------------------------------------------
Karnataka Bank Ltd's net profit for the quarter ended March 31,
2007, decreased 48% to INR267.6 million from the INR510.1
million in the corresponding quarter last year. The decrease is
despite the increased revenues.
The bank's total income increased to INR3.94 billion in the
January-March 2007 quarter from the INR3.08 billion a year ago.
Total Expenditures also rose from INR2.11 billion in the March
2006 quarter to INR2.89 billion in the current quarter under
review.
What brought the bottom line down is the jump in provisions and
contingencies, which increased three times from INR202.4 million
in the March 2006 quarter to INR607.8 million in the March 2007
quarter.
A copy of the company's financial results for the quarter under
review is available for free at the Bombay Stock Exchange at
http://www.bseindia.com/
Headquartered in Mangalore, India, Karnataka Bank Ltd --
http://karnatakabank.com/ktk/Index.jsp-- provides products and
services for business and personal purposes that include
borrowing facilities, deposits, providing optimum returns on
surplus funds or helping with overseas transactions. The bank
has two business segments: Treasury and Other Banking
Operations. Treasury Operations mainly comprise of surplus
statutory liquidity ratio and non-SLR investments. Other
Banking Operations mainly consist of advance portfolio of the
bank and SLR securities to the extent of SLR requirements. The
bank provides Working Capital Finance, Term Loans and
Infrastructure Finance. The Business Finance Products offers
both fund-based and non-fund-based products. The bank has
diversified into the marketing of life insurance products of
MetLife India Insurance Co. Pvt. Ltd. The Bank has entered into
a memorandum of understanding with Bajaj Allianz General
Insurance Co. Ltd. for distribution of its general insurance
products through its branches.
Fitch Ratings gave Karnataka Bank a support rating of 5.
=================
I N D O N E S I A
=================
ALCATEL-LUCENT: Wins EUR10-Mil. Contract From Telekom Malaysia
--------------------------------------------------------------
Alcatel-Lucent has been awarded a EUR10 million contract to
supply a 10 gigabit next generation IP/Ethernet network to
Telekom Malaysia Berhad, Malaysia's leading communications
service provider. The network is being delivered through
AirStar Sdn Bhd, a local solutions provider in
telecommunications and ICT.
Alcatel-Lucent's solution will enable TM to offer highly
reliable services such as Virtual Leased Lines and Virtual
Private LAN Services to its business customers. This next
generation network will also form the platform for future
services, including triple play, allowing TM to offer the next
wave of advanced services with minimal further investment.
Built on a single unified IP infrastructure, Alcatel-Lucent's
IP-based solution is designed to support multiple type of
services with superior scale, hierarchical quality of service
and availability, critical for guaranteeing stringent Service
Level Agreements on business-critical data.
"Alcatel-Lucent brings its worldwide experience and expertise in
major IP network and service transformation projects in this
partnership with Airstar and TM", said Frederic Rose, President
of Alcatel-Lucent's Asia Pacific activities. "Together, we are
building the largest carrier class, MPLS-based IP/Ethernet
network in Malaysia, which enables TM to adopt advanced
technological solutions to meet broadening market demand and
challenging targets."
AirStar Chief Executive Officer, Zulkifli Osman, said: "The
contract strengthens both Airstar and Alcatel-Lucent positions
as key technology partners and suppliers to TM. Alcatel-
Lucent's global leadership in IP solutions ideally combines with
our ICT expertise to support such global network transformation
projects."
TM's Malaysia Business Chief Executive Officer, Zamzamzairani
Mohd Isa said, "IP/Ethernet technology is definitely where the
future of networks lie. Our deployment in key business centres
nationwide is to ensure we are able to provide our corporate
customers with the most cost-effective and flexible network
solution to meet their growing needs. As the leading
telecommunications provider of the nation, we need to be always
forward looking in all our investments to ensure that we stay
competitive and relevant to our customers."
Alcatel-Lucent is deploying its industry-leading IP/MPLS
portfolio, namely the Alcatel-Lucent 7750 Service Router,
Alcatel-Lucent 7450 Ethernet Service Switch, Alcatel-Lucent 7250
Service Access Switch and the Alcatel-Lucent 5620 Service Aware
Manager.
Over 160 service providers in more than 60 countries around the
world have selected the Alcatel-Lucent IP portfolio as key
elements for their IP transformation, including massive, multi-
year projects at AT&T, BT and Telstra. In the past months,
Alcatel-Lucent has announced new service provider IP
transformation deployments at Cable & Wireless, China Mobile,
CTM-Macau, Hawaiian Telecom, Indosat, SaskTel, Telef˘nica Latin
America, Telecom Malagasy and Vodafone.
About TM
Telekom Malaysia Berhad, a leading regional information and
communications group, offers a comprehensive range of
communication services and solutions in fixed-line, mobile, data
and broadband. As one of the largest listed companies on Bursa
Malaysia with an operating revenue of more than RM16 billion, TM
is driven to deliver value to its stakeholders in a highly
competitive environment. The Group places emphasis on
continuing customer service quality enhancements and
innovations.
Currently, with investments and operations in 13 countries
around Asia and globally, TM is focused on sustainable growth in
both the local and international markets. On the Corporate
Social Responsibility front, the Group has always been a major
corporate contributor towards responsible activities in the
belief that these practices are a fundamental tenet of good
corporate governance. The Group promotes 3 major platforms i.e.
education, sports development and community/nation-building.
Under education, TM has spent some RM800 million to develop
Multimedia University with more than 20,000 students. TM has
also provided scholarships to over 10,000 graduates pursuing
academic programmes locally and overseas. On the sports front,
TM is actively contributing towards the upliftment of football
at all levels while under the community/nation-building
platform, the Group contributes towards causes that bring value
to the community and nation at large.For further information on
TM, visit external link http://www.tm.com.myexternal link
About Airstar Sdn Bhd
Airstar Sdn. Bhd. is both a Bumiputra and a certified Multimedia
Super Corridor status company. Having the MSC status, the
Company had been participating actively in the development of
the MSC projects, and is also actively pursuing the
telecommunication industry. It is among the first group of
Malaysian companies that obtained the MSC R&D Grant Scheme
approved by the Ministry of Science, Technology and Environment
in 2002. The Company focuses on R&D effort on wireless
microwave Point-to-Point telecommunications system, catering to
challenges faced in tropical climate area. AirStar was
incorporated in 1997, and is a registered contractor with the
Ministry of Finance, Ministry of Defence, government linked
companies such as Telekom Malaysia Berhad and Tenaga Nasional
Berhad, and others including PLUS and Putra Jaya Holdings. The
company is embarking on strategic alliances and collaboration
with multinational companies in providing a cost-effective
solution to its customers. For further information on AirStar,
visit http://www.airstar.com.my
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users. Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.
* * *
As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.
As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating. Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
GARUDA INDONESIA: Signs MOU With Danareksa
------------------------------------------
PT Garuda Indonesia has signed a Memorandum of Understanding
with Danareksa, a state-owned enterprise that operates in
capital market and other financial services, to better meet the
administrative needs of its treasury section.
The MoU was signed by Garuda Indonesia's President & CEO
Emirsyah Satar and Danareksa's President Director Lin Che Wei,
CFA, on May 9, 2007, at the Grand Hyatt Hotel, Jakarta.
The scope of the MoU will cover cooperation in upgrading and
developing the roles of both parties to support and empower the
treasury function, in line with the companies respective
competencies and with the applicable laws.
Danareksa had already been appointed as advisor to Garuda
Indonesia in its debt restructuring, and also helps with the
management of foreign exchange transactions to meet day-to-day
operational needs and to protect the value of foreign exchange
through hedging.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves 10 other domestic routes. Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005. It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates. Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on December 31, 2005.
The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.
Garuda is currently undergoing debt restructuring. The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.
PERTAMINA: To Raise Stake in Natuna Gas Field
---------------------------------------------
PT Pertamina is looking to raise its stake in the disputed
Natuna Gas Field, Dow Jones Newswire reports.
According to the report, Pertamina currently has a 24% stake in
the project, with ExxonMobil Corp. holding the remaining 76%.
Pertamina is looking to buy stakes from ExxonMobil to increase
its share to 50%.
Pertamina said it wanted revisions in the contract for the
project to include more-than-doubling of its share to 50% should
the government decide to take such action, the report notes.
The report recounts that in 1995, Indonesia and ExxonMobil
signed a contract covering around US$40 billion of investment to
develop the Natuna block. However, the government and Exxon are
in disagreement over the life of the contract.
The government claimed that the contract expired after
ExxonMobil failed to make significant progress to develop the
block. Exxon said it still has two years to meet the
conditions.
About PT 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. Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day. However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.
In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market. Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.
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.
In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java. Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.
PERTAMINA: Awards US$61.49-MM Tanker Contract to Jiangsu Eastern
----------------------------------------------------------------
PT Pertamina (Persero) has awarded a US$61.49 million tanker
building contract to Jiangsu Eastern Shipyard of China with the
expectation to receive the tanker in July 2010, Antara News
reports. The tanker will be used to transport crude oil.
According to the report, Pertamina needs more ships, which is
the new trend in crude oil transportation market. It will also
need ships to improve its negotiating position for the price it
pays for oil shipments. Another aim of this project is to
improve Pertamina's tanker facilities service and have a younger
fleet of ships.
Currently Pertamina's own fleet of ships carry just 25% of the
company's total oil needs with the rest transported by chartered
vessels, the report notes.
About PT 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. Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day. However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.
In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market. Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.
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.
In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java. Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.
PERUSAHAAN LISTRIK: Sells IDR3 Trillion Worth of Bonds
------------------------------------------------------
PT Perusahaan Listrik Negara sold IDR3 trillion worth of bonds,
composed of IDR1.5-trillion 10-year bonds yielding 10.4%, and
IDR1.2-trillion 15-year bonds yielding 10.9%, and IDR300-billion
10-year Islamic bonds in Indonesia, Bloomberg News reports.
According to the report, Listrik Negara will use the proceeds to
fund daily operations, including the purchase of fuel to
generate electricity.
Listrik Negara appointed Danareksa Sekuritas, PT Bahana
Securities, PT Mandiri Sekuritas and PT Trimegah Securities to
help sell the bonds. The utility company will complete the sale
after getting approval from the capital markets regulator, the
report notes.
The report adds that Indonesia's central bank has reduced
borrowing costs by 4.25 percentage points in the past year that
encouraged companies including Listrik Negara to sell bonds and
expand, the report
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.
The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Moody's Investors Service changed the outlook to
positive from stable for the B1 corporate family rating and
senior unsecured bond rating of PT Perusahaan Listrik Negara.
The rating action follows Moody's decision to change the outlook
of Indonesia's B1 foreign and local currency government bond
ratings to positive from stable.
Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable. At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.
PERUSAHAAN LISTRIK: S&P Affirms 'BB-' Foreign Currency Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services today affirmed its 'BB-'
foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook
is stable. At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.
The notes are irrevocably and unconditionally guaranteed by PLN,
which is fully owned by the Indonesian government. As the size
and exact terms are being finalized, this issue rating is
subject to final documentation.
"The ratings on PLN reflect its overall weak financial profile,
uncertainties related to tariff revision and timely and adequate
subsidy payments for bridging the shortfall in its operating
cash flows," said Standard & Poor's credit analyst Anshukant
Taneja.
In addition, the ratings reflect the risks associated with the
funding of PLN's ambitious 9,000 MW expansion plan, its
relatively inefficient capacity mix and high cost of generation
and substantial foreign currency exposure.
PLN owns and operates about 85% of the electricity generation
capacity and the entire power transmission and distribution
network in Indonesia. For the year ended Dec. 31, 2006, PLN had
operating revenues of Indonesian rupiah (IDR) 104.72 trillion,
EBITDA of IDR9.64 trillion, and net loss of IDR1.9 trillion.
"PLN's credit profile benefits significantly from strong
government support, demonstrated through 100% government
ownership," Mr. Taneja said. "The company also has regulatory
protection, being the only nominated state-owned enterprise
under Indonesia's Electricity Act."
In addition, PLN gets subsidies as compensation for providing
electricity as mandated by the government, he said. "The
company's dominant integrated position in the Indonesian
electricity sector and the favorable demand outlook also support
its ratings," Mr. Taneja noted.
About Perusahaan Listrik
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
=========
J A P A N
=========
ALL NIPPON: Executives' Wages Hacked Over Computer Glitch
---------------------------------------------------------
All Nippon Airways Co., Limited, decided Wednesday last week to
punish President Mineo Yamamoto and four other executives by
cutting their salaries for responsibilities over the serious
computer system glitch late last month, reports People Daily
Online, citing Xinhuanet.
According to the report, Mr. Yamamoto will see his pay cut 20%
for one month and the other four will see theirs cut 10% to 20%.
A May 30, 2007 report by the Troubled Company Reporter - Asia
Pacific conveyed that ANA canceled 130 flights at the Haneda
Airport in Tokyo after experiencing a computer glitch that
affected its check-in systems. The problem affected about
69,000 passengers.
Quoting ANA, People Daily relates that the accident brought
around JPY450 million estimated loss.
About All Nippon
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that Moody's Investors Service placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade. The rating action reflects
ANA's high and stable profitability despite the ongoing price
hikes of aircraft fuel, as well as Moody's view that the
company's financial flexibility is likely to be further improved
by its recently announced asset disposition related to its hotel
business.
ALL NIPPON: To Withdraw From International Cargo Services
---------------------------------------------------------
All Nippon Airways Co., Limited, plans to withdraw from
international cargo flight services using Chubu Centrair
International Airport near Nagoya this fall due to low
profitability, sources revealed to Japan Today.
According to Japan Today's sources, ANA will shift its cargo
business at Centrair airport to Kansai International Airport off
Osaka, where its second runway will be in operation in August
for around-the-clock flights.
Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue. The company, which was founded in
1952, provides these services:
1. Scheduled air transportation business;
2. Nonscheduled air transportation business and business
utilizing aircraft;
3. Business of buying, selling, leasing and maintenance of
aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.
The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that Moody's Investors Service placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade. The rating action reflects
ANA's high and stable profitability despite the ongoing price
hikes of aircraft fuel, as well as Moody's view that the
company's financial flexibility is likely to be further improved
by its recently announced asset disposition related to its hotel
business.
GOODWILL GROUP: FamilyMart Eyes Operational Tie-Up
--------------------------------------------------
FamilyMart Co. has approached The Goodwill Group Inc. for an
operational tie-up in such fields as home delivery of products,
Japan Times reports.
Under the proposed tie-up, FamilyMart will provide workers by
letting some of its 100,000 employees at 7,000 stores nationwide
to obtain licenses to provide nursing care. The store chain
made the proposal to Goodwill through financial institutions,
Japan Times says.
Quoting the FamilyMart officials, Japan Times relates that the
tie-up with Goodwill could help solve the problem of low income
for caretakers by enabling them to work at convenience stores
during their free time since being a caretaker does not require
full-time jobs.
The officials of FamilyMart believes its offer could add value
to Goodwill's services and personnel management, and eventually
enable a smooth sale of its entire nursing-care operations,
Japan Times states.
About The Goodwill Group
Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html
-- is a involved in five business segments. The Staffing
segment offers recruitment services for technicians, senior
workers and others. The Human Resources-related segment
provides employee hiring support services to corporate clients,
counseling services to workers and outplacement services to
retired and retiring workers. The Nursing-care and Medical
Support segment is engaged in the provision of home-care
services, care services in facilities and dental examination
services at home, as well as the sale of nursing-care goods and
equipment, among others. The Senior Residence and Restaurant
segment operates nursing home under the name THE BARRINGTON
HOUSE, and also operates restaurant in both domestic and
overseas markets. The Others segment is engaged in the
planning, designing and management of pet care facilities, the
operation of pet care shops, the operation and management of
nurseries, the provision of baby-sitting services and others.
Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the the Japanese government
banned it from renewing its licenses due to its involvement in a
fraud scandal.
The article conveys that the firm allegedly obtained some of the
licenses for nursing-care service operators certified under a
public insurance program through fraudulent applications,
including those with an inflated number of employees.
NIKKO CORDIAL: Citigroup to Issue JPY400B Bonds to Pay Creditors
----------------------------------------------------------------
Citigroup Japan Investments LLC last week disclosed that it
plans to issue JPY400 billion worth of bonds to repay some of
the funds borrowed for its acquisition of Nikko Cordial Corp.,
Reuters reports, citing The Nikkei business daily as its source.
Forbes, citing Nikkei, writes that Citigroup, to accommodate
various investor demands, will simultaneously issue bonds with
maturities of three to 40 years.
The Troubled Company Reporter - Asia Pacific reported on May 11,
2007, that Citigroup paid Nikko Cordial US$7.7 billion in cash
following the finalization of the tender offer on April 27,
2007, acquiring 61% stake.
Early this month, the TCR-AP reported that Citigroup increased
its stake to 68% making the company immune to shareholder vetoes
and owns more than two-thirds in terms of voting rights.
The report stated that Citigroup spokeswoman Chikako Ooki
revealed that the U.S. financial group spent JPY117 billion to
raise its stake in Nikko Cordial.
About Nikko Cordial
Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field. The company
operates in four business segments. The Retail segment provides
consulting services for financial products management. The Asset
Management segment provides asset management services for
individual, corporate and foreign investors. The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services. The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products. Nikko Cordial has 62
consolidated subsidiaries. It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore. The
company has a global network.
The Troubled Company Reporter - Asia Pacific reported on Mar. 8,
2007 that Fitch Ratings revised the Rating Watch on the foreign
and local currency Issuer Default and Individual ratings of
Nikko Cordial Corporation and Nikko Cordial Securities Inc. to
Evolving from Negative. These ratings were placed on Watch
Negative on Dec. 21, 2006.
The ratings are as follows:
NCC: Individual rating C/D and Support rating 5.
Nikko Cordial Securities: Individual C and Support rating 4.
As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission began investigating Nikko
Cordial for falsifying its annual financial statements for the
business year ended March 30, 2005, declaring JPY14 billion in
false profits, and using them to procure money from the market.
=========
K O R E A
=========
BHK INC: Signs KRW7.5-Billion Supply Contract With WiseDV Inc.
--------------------------------------------------------------
BHK Inc. has signed a contract with WiseDV Inc, wherein BHK
will supply 43,000 monitors to WiseDV, Reuters Key Developments
reports.
The contract is worth KRW7.5 billion.
About BHK Inc.
Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing. The company sells
its bedding products in the department stores under the brand
name Pierre Cardin. Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.
The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.
C&C ENTERPRISE: Appoints Chae Jung Hee as New CEO
-------------------------------------------------
C&C Enterprise Co., Ltd.'s co-chief executive officer, Kim Byung
Joon, resigned from his position effective June 13, 2007,
Reuters reports.
According to the report, the existing Co-CEO, Chae Jung Hee,
becomes sole Chief Executive Officer of the Company.
About C&C Enterprise
Headquartered in Seoul, Korea, C&C Enterprise Co., Ltd.
-- http://www.cncen.com/-- is specialized in the provision of
electronic money systems. The company provides its services
under three categories: automatic fare collection (AFC), smart
card and intelligent transport systems (ITS). Its AFC system
enables deferred payment on public transit usages. Its smart
card system stores money values electronically in the integrated
circuit (IC) cards and use electronic money for payments to
purchase products or services. Its ITS provides solutions to
reduce fare collection and transaction time and integrate
various fare payment methods. In addition, the company offers
access control, digital video record (DVR) and remote control
systems and other related services.
The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that the company had a US$14.50 million
shareholders' equity deficit on total assets of
KRW28.05 million.
MAGNA SEMICON: Manufactures AMI Semiconductor's SmartPower Tech
---------------------------------------------------------------
MagnaChip Semiconductor and AMI Semiconductor disclosed that
MagnaChip will manufacture AMI Semiconductor's 0.35-micron
SmartPower technology and continue existing joint development of
ULP technology. This agreement follows a November 4, 2005
announcement of a 0.18-micron development and foundry
relationship between the two companies.
MagnaChip and AMIS have developed a 0.18-micron ultra-low power
process that enables customers to extend battery life by
combining a typical off-current of 0.1pA/um2 for the core logic
transistor with an optimized design environment including low-
power standard cells and SRAM compilers from Virage Logic. The
ULP process offers embedded EEPROM, all standard mixed-signal
modules and ultra-high reliability. Developed in conjunction
with AMIS, the process is targeted at battery powered and other
key low-power consumer and medical devices.
Another part of the agreement covers the SmartPower process
transfer from AMIS to MagnaChip along with a capacity agreement
that allows AMIS to utilize MagnaChip's foundry services to
address significant growth opportunities in the high-voltage
telecom market. AMI Semiconductor's SmartPower 0.35-micron
mixed-signal process supports up to 80V operation and combines
high-density digital circuits, high-voltage circuitry and high-
precision analog blocks on a single chip.
"We are pleased to have MagnaChip as a manufacturing partner to
supplement our own manufacturing operations," said Chris King,
CEO of AMIS. "The collaborative effort of both companies will
provide our customers with leading-edge technology and, thus,
advanced products for low-power medical applications, such as
hearing aids and implantable devices, as well as high-voltage
telecom products, such as highly-integrated power-sourcing
equipment, that use SmartPower technology."
"We appreciate the confidence AMIS has shown in MagnaChip by
embracing us as a manufacturing partner in two key process
technology areas," said Sang Park, Chairman and CEO of
MagnaChip. "We believe that this relationship will enable our
two companies to grow in the ultra-low-power and SmartPower
markets and provide customers top-level quality and capabilities
in their end products."
About AMI Semiconductor
AMI Semiconductor (AMIS) is a leader in the design and
manufacture of silicon solutions for the real world. As a widely
recognized innovator in state-of-the-art mixed-signal and
digital products, AMIS is committed to providing customers in
the automotive, medical, industrial, mil/aero and communication
markets with the optimal value, quickest time-to-market
semiconductor solutions. AMI Semiconductor operates globally
with headquarters in Pocatello, Idaho, European corporate
offices in Oudenaarde, Belgium, and a network of sales and
design centers located in the key markets of the North America,
Europe and the Asia Pacific region. For more information, please
visit the AMIS Web site at http://www.amis.com.
About MagnaChip Semiconductor
MagnaChip Semiconductor -- http://www.magnachip.com/-- designs,
develops, and manufactures mixed-signal and digital multimedia
semiconductors addressing the convergence of consumer
electronics and communications devices. MagnaChip also provides
wafer foundry services utilizing CMOS high voltage, embedded
memory, and analog and power process technologies for the
manufacture of IC's for customer-owned designs. MagnaChip has
world-class manufacturing capabilities and an extensive
portfolio of approximately 8,500 registered and pending patents.
As a result, MagnaChip is a valued partner in providing leading
technology solutions to its customers worldwide.
* * *
Moody's Investors Service, on April 20, 2007, that Moody's
Investor Service downgraded MagnaChip Semiconductor LLC's
corporate family rating to B2 from B1. At the same time,
Moody's has downgraded the following debt ratings as issued by
MagnaChip Semiconductor Finance Co (US) and MagnaChip
Semiconductor SA:
1) USUS$100 million 5-year senior secured credit revolver to
B1 from Ba3
2) USUS$500 million aggregate floating- and fixed-rate second
priority senior secured notes due 2011 to B2 from B1
3) USUS$250 million senior subordinated notes due 2014 to
Caa1 from B3
The outlook for the ratings is negative. This concludes the
review for possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'. At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'. The outlook on
the long-term corporate credit rating is negative.
===============
M A L A Y S I A
===============
FOREMOST HOLDINGS: CIMB Amends Conditions to Debt Settlement
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 22, 2007, that Foremost Holdings Bhd received CIMB Bank's
approval of the company's proposed debt settlement scheme.
According to the TCR-AP, Foremost Holdings disclosed with the
Bursa Malaysia Securities Bhd the various proposals under its
regularization plan, in which part of Foremost's proposals was a
debt settlement plan with CIMB Bank, its financial creditor, by
virtue of a corporate guarantee for the debts owed by its 58.75%
subsidiary, Yaku Shin (Malaysia) Sdn Bhd, which has been placed
under receivership during financial year 2005.
The TCR-AP noted that Foremost is currently in the advanced
stages of negotiations with CIMB and is proposing for the
settlement arrangement to be conducted through:
(i) issuance of up to 15,800,000 new FHB Shares of MYR0.50
each at par after the Proposed Par Value Reduction to
the Creditor as full and final discharge of the bank
guarantee; and
(ii) any shortfall arising from the Proposed Issuance of
Shares for the bank guarantee to be waived.
Foremost adds that with the approval, the proposed debt
settlement will be subject to these conditions:
(i) crystallizing the corporate guarantee debt of Yaku Shin
at MYR15.4 million, being debt as at Dec. 31, 2006, after
netting off MYR1.5 million to be received from Receivers
and Managers;
(ii) allowing a 50% waiver and the balance of MYR7.70 million
to be converted into FHB shares at MYR0.50 per share.
The Creditor expects to receive 15.4 million shares of
FHB; and
(iii) A put option from the majority shareholder or associates
of the major shareholder to purchase back the FHB shares
at MYR0.50 per share. The put option should be secured
by 50% cash margin.
The company, however, said that it intends to appeal against the
third condition -- put option.
In an update, the company informed the Malaysian bourse that
CIMB Bank has agreed via its letter dated June 13, 2007, to cut
the third condition on CIMB's agreement to the Proposed Debt
Settlement.
Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets. The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services. Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.
Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing."
As an affected issuer, the Company is required to draft and
implement a plan to regularize its finances to avoid being
delisted from the Official List.
Foremost's total assets as of Dec. 31, 2006, amounted to
MYR33.72 million and total liabilities aggregated to MYR35
million. Shareholders' equity deficit reached MYR1.54 million.
HALIFAX CAPITAL: Files Regularization Plan with Securities Comm.
----------------------------------------------------------------
Halifax Capital Bhd submitted on June 13, 2007, its
regularization plans to the Securities Commission for approval,
the company informed the Bursa Malaysia Securities Bhd.
With the submission, Bursa Malaysia decided to await the outcome
of the company's submission and deferred the suspension of the
company's securities.
On June 12, 2007, the Troubled Company Reporter - Asia Pacific
reported that the Bursa Securities has commenced delisting
procedures against Halifax after it failed to comply with the
extended timeframe to submit its regularization plan to the
Securities Commission and other relevant authorities for
approval by June 6, 2007.
Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka Setron (Malaysia) Berhad -- is principally engaged
investment holding, and assembly and sale of electrical and
electronic products. Setron Sales & Service (M) Sdn. Bhd., the
Company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.
The company is considered an affected listed issuer under the
Bursa Malaysia Securities Berhad's Practice Note 17 category
because its shareholders' equity on consolidated basis is less
than 25% of the issued and paid-up share capital.
MP TECHNOLOGY: Faces Wind-Up Petition from Bhadarul Baharain
------------------------------------------------------------
MP Technology Resources Bhd is facing a wind-up petition filed
by Bhadarul Baharain & Partners pertaining to legal fees
connected with a Share Sale Agreement between the company and
Infobio Evolusi Sdn Bhd and Accuwira Onsys Sdn Bhd, amounting to
MYR86,990 without interest rate.
The petition was received by the company on Dec. 26, 2006.
In a disclosure with the Bursa Malaysia Securities Bhd, the
board of directors of the company said that they had instructed
solicitors to defend the petition on the grounds that there is
no judgment of the court and that the professional fees charged
are excessive.
MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacturing and
reconditioning of various plastic and related equipment. Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.
The Group operates in Malaysia.
On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.
PARK MAY: Completes Restructuring Plan Implementation
-----------------------------------------------------
Park May Bhd had successfully completed the implementation of
its restructuring scheme, a disclosure with the Bursa Malaysia
Securities Bhd stated.
According to the company, with the successful implementation of
the plan, it has regularized its financial condition and no
longer triggers any of the criteria under Paragraph 2.0 of
Practice Note 4/2001.
Accordingly, Park May was removed from the Official List of
Bursa Securities and Konsortium Transnational Bhd was admitted
in place of the company starting June 15, 2007.
In this connection, KTB's entire issued and paid-up share
capital of MYR150,998,674, comprising 301,997,348 ordinary
shares of MYR0.50 each arising from the Restructuring Scheme
will be admitted to the Official List of Bursa Securities, and
the listing and quotation of these ordinary shares on the Main
Board under the "Trading Services" sector will be granted with
effect which started on June 15, 2007, on a "Ready" basis
pursuant to the Rules of Bursa Securities.
The Stock Short Name, Stock Number and ISIN Code of KTB's
ordinary shares are "KTB", "4847" and "MYL4847OO009"
respectively.
The Troubled Company Reporter - Asia Pacific reported on
Jan. 23, 2006, the unveiling of the company's Proposed
Restructuring Scheme, which comprise of:
(a) Konsortium Transnasional Berhad's acquisitions of these
six subsidiaries of Kumpulan Kenderaan Malaysia Berhad:
1. Kenderaaan Langkasuka Sdn Bhd,
2. Kenderaan Klang Banting Berhad,
3. Kenderaan Labu Sendayan Sdn Bhd,
4. Starise Sdn Bhd,
5. Syarikat Rembau Tampin Sdn Bhd, and
6. Transnasional Express Sdn Bhd.
KTB is the company which will assume the listing status of
Park May pursuant to the Proposed Restructuring Scheme,
for a total purchase consideration of MYR85,055,614.50,
which was satisfied by the issuance of 170,111,229 new
ordinary shares of MYR0.50 each in KTB at an issue price
of MYR0.50 per Share;
(b) a voluntary offer by KTB to acquire all the issued and
paid-up share capital of Syarikat Kenderaan Melayu
Kelantan Berhad, comprising 7,250,620 ordinary shares of
MYR1.00 each which was satisfied by the issuance of
72,506,200 new shares in KTB at an issue price of MYR0.50
per share on the basis of 10 new shares in KTB for every
one existing ordinary share of MYR1.00 each held in SKMK;
(c) a voluntary offer by KTB to acquire all the issued and
paid-up share capital of Tanjong Keramat Temerloh Utara
Omnibus Berhad, comprising 1,054,653 ordinary shares of
MYR1.00 each, which was satisfied by the issuance of
7,382,571 new shares in KTB at an issue price of MYR0.50
per share on the basis of seven new Shares in KTB for
every one existing ordinary share of MYR1.00 each held in
Keramat;
(d) a proposed exchange of all the existing ordinary shares of
MYR1.00 each in Park May with new shares in KTB on the
basis of two new shares in KTB for every three existing
ordinary shares of MYR1.00 each held in Park May prior to
the Proposed Shares Cancellation;
(e) a proposed cancellation of the entire issued and paid-up
share capital of Park May involving 74,996,022 ordinary
shares of MYR1.00 each pursuant to Section 64 of the
Companies Act of 1965 and the issuance of new ordinary
shares of MYR1.00 each in Park May to KTB;
(f) a proposed debt restructuring of the entire MYR63.0
million Commercial Papers outstanding of Park May by way
of canceling the entire MYR63.0 million CP outstanding and
the issuance of an equivalent nominal value of Irredeemable
Convertible Secured Loan Stocks by KTB;
(g) a waiver to KKMB and parties acting in concert with it from
the obligation to extend an unconditional mandatory general
offer for all the remaining shares in KTB not already owned
after the Acquisitions of Bus Companies and Proposed
Share Exchange;
(h) a proposed offer for sale or placement of the shares in KTB
held by KKMB to the Malaysian public or to investors to
comply with the minimum 25% public shareholding spread
requirement; and
(i) a proposed admission of the entire enlarged issued and
paid-up share capital of KTB to the official list of the
Bursa Malaysia Securities Berhad and proposed delisting of
Park May.
Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus
transportation in Peninsular Malaysia, categorized as stage bus
and express bus. Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6-million Combined and Converted
Short Term Loan Facility due April 8, 1999. On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt-restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million. On April 17, 2000, the
Securities Commission approved Park May's Proposals. On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category. As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.
Park May Bhd's unaudited balance sheet as of March 31, 2007,
went upside down with a shareholders' deficit of MYR58.44
million, from total assets of MYR41.53 million and total
liabilities of MYR99.92 million.
TENAGA NASIONAL: Seeks to Improve Revenue & Efficiency Via RMR
--------------------------------------------------------------
Tenaga Nasional Bhd is looking to improve its revenue and
operational efficiency through the implementation of remote
meter reading (RMR) systems for its large power consumers, The
Star reports.
Asked by the newspaper on how the company would benefit from the
system, vice-president for distribution Datuk Aishah Abdul Rauf
said the RMR systems would enable the company to better
understand the consumption and energy usage patterns of its
commercial and industrial customers.
"We will be able to obtain a very detailed profile of the
customer's load, which our current metering system cannot do,"
she said at the contract handing over ceremony and software
licensing agreement between TNB, Impianas Sdn Bhd and Itron Inc,
the report relates.
"In the long term, this would translate into savings for us,"
Ms. Abdul Rauf said. The data might be sold to customers for a
nominal charge, she told The Star, adding that the company had
yet to look into the aspects of commercialization.
The Star recounts that TNB appointed Impianas, a specialist in
RMR solutions, in December 2006 to implement the RMR systems for
its remaining 60,000 low voltage large power consumers. The
project, worth about MYR60 million, is expected to be completed
within three years.
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.
Tenaga Nasional carries Moody's Investors Service 'Ba' rating
due to its relatively high financial leverage and significant
PPA obligations.
====================
N E W Z E A L A N D
====================
ALUMEX INSTALLATIONS: Court to Hear Wind-Up Petition on June 21
---------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Alumex Installations Ltd. on June 21, 2007, at
10:00 a.m.
The petition was filed by Accident Compensation Corporation on
March 5, 2007.
Accident Compensation's solicitor is:
Dianne S. Lester
Maude & Miller
McDonald's Building, 2nd Floor
PO Box 50555, Porirua City
New Zealand
B R PROPERTIES: Creditors' Meeting Set for July 6
-------------------------------------------------
B R Properties No. 8 Ltd. will hold a meeting for its creditors
on July 6, 2007, at 10:00 a.m. in the Conference Room, 2nd Floor
of The Southern Cross Building Society Building at 59 High
Street in Auckland, New Zealand.
At the meeting, the creditors will be asked to:
-- receive the update on the progress of the liquidation;
-- consider whether to appoint any other nominees as
liquidator of the company;
-- consider whether to appoint a liquidation committee; and
-- consider whether to pass resolutions setting out any other
views of creditors.
The company's liquidator is:
G. S. Rea
c/o Gerry Rea Associates
PO Box 3015, Auckland
New Zealand
Telephone:(09) 377 3099
CASA ROCA: Faces CIR's Wind-Up Petition
---------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Casa Roca Ltd. on March 5, 2007.
The petition will be heard before the High Court of Auckland on
June 21, 2007, at 10:00 a.m.
The CIR's solicitor is:
Justine S. T. Berryman
c/o Technical and Legal Support Group
Auckland North Service Centre
Inland Revenue Department
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1538
Facsimile:(09) 984 3116)
CE INVESTMENTS: Court Hears Wind-Up Petition
--------------------------------------------
The High Court of Auckland heard the petition to wind up the
operations of CE Investments Ltd. on June 14, 2007.
The petition was filed by Connell Wagner Limited on Feb. 28,
2007.
Connell Wagner's solicitor is:
J. J. Troup
Kensington Swan, Lawyers
89 The Terrace, Wellington
New Zealand
HAMES SHARLEY: Wind-Up Petition Hearing Set for July 12
-------------------------------------------------------
Hays Specialist Recruitment (NZ) Limited filed a petition on
April 4, 2007, to wind up the operations of Hames Sharley
International Ltd.
The petition will be heard before the High Court of Auckland on
July 12, 2007, at 10: 00 a.m.
Hays Specialist's solicitor is:
A. C. H. Clemow
Gaze Burt
Lawyers, 1 Nelson Street
PO Box 91345, Auckland
New Zealand
KT CONSTRUCTION: Court to Hear Wind-Up Petition on June 21
----------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of KT Construction (2004) Ltd. on June 21, 2007, at
10:45 a.m.
The petition was filed by the the Commissioner of Inland Revenue
on March 26, 2007.
The CIR's solicitor is:
Justine S. T. Berryman
c/o Technical and Legal Support Group
Auckland North Service Centre
Inland Revenue Department
5-7 Byron Avenue
PO Box 33150, Takapuna
Auckland
New Zealand
Telephone:(09) 984 1538
Facsimile:(09) 984 3116)
MILLENNIUM RESIDENTIAL: Creditors' Proofs of Debt Due by June 25
----------------------------------------------------------------
Millennium Residential Construction Ltd, which is in
liquidation, requires its creditors to file their proofs of debt
by June 25, 2007.
The company went into liquidation on May 28, 2007.
The company's liquidator is:
John Gilbert
c/o C & C Strategic Limited
Ponsonby, Auckland
New Zealand
Telephone:(09) 376 7506
Facsimile:(09) 376 6441
PERTAKO LTD: Subject to CIR's Wind-Up Petition
----------------------------------------------
A petition to wind up the operations of Pertako Ltd. will be
heard before the High Court of Auckland on June 21, 2007, at
10:45 a.m.
The petition was filed by the Commissioner of Inland Revenue on
March 19, 2007.
The CIR's solicitor is:
Simon John Eisdell Moore
Meredith Connell
Level 17, Forsyth Barr Tower
55-65 Shortland Street
PO Box 2213, Auckland
New Zealand
Telephone:(09) 336 7556
PLUS SMS: To Issue Shares and Stock Options to Sr. Management
-------------------------------------------------------------
Plus SMS Holdings Ltd will issue 15,112,165 ordinary fully paid
shares to its selected senior management, a filing with the New
Zealand Stock Exchange reveals. The consideration of the stock
issuance, which stock represents 4.18% of the company, is an
agreement by senior management to be employed by the Plus SMS
Group of Companies and for services rendered and to be rendered
to the Plus SMS Group by those members of senior management who
have received the shares.
"The shares were issued to selected members of the senior
management of the PLS Group of Companies as part of their
respective employment arrangements and will, in the opinion of
the Board of PLS greatly assist in the retention and
incentivisation of key senior management of the PLS Group of
Companies," Plus SMS Chief Financial Officer Les Coates said.
As part of the employment arrangements, the company also intends
to issue 11,436,232 management options, at NZ10 cents each, to
selected managers. The key terms of the options are:
(a) Each Management Option entitles the holder to acquire one
ordinary share in Plus SMS;
(b) The exercise price payable to acquire one ordinary share
in Plus SMS is NZ10 cents;
(c) The Management Options may be exercised in the period
commencing on the date of their issue and ending on or
before Dec. 31, 2009 (Exercise Period). If a holder of
the Management Options ceases to be employed by Plus SMS
prior to the exercise of the Management Options, then
those Management Options will be forfeited and shall not
be exercisable;
(d) Any Management Options which are not exercised during the
Exercise Period will lapse;
(e) Shares issued upon exercise of a Management Option will
be credited as fully paid and rank equally in all
respects with shares on issue at the relevant exercise
date (except for any dividend or other entitlement where
the entitlement date occurs prior to the exercise date);
(f) The Management Options are not transferable;
(g) The Management Options will confer on the holder the
right to participate in rights issues undertaken by Plus
SMS;
(h) The holders of the Management Options will not be
entitled to vote at any meeting of the shareholders of
Plus SMS;
(i) On any consolidation, subdivision or other reconstruction
of shares the number of shares over which each Management
Option is exercisable will be adjusted in proportion to
the reconstruction, and the exercise price will remain
unchanged;
(j) If, during the Exercise Period Plus SMS undertakes a
bonus issue to the shareholders of Plus SMS, the number
of shares over which each Management Option is
exercisable will be increased (or, at the election of the
holder, additional shares may be reserved for issue on
the exercise of the Management Option) by the number of
shares which the holder would have received if the
Management Option had been exercised before the record
date for the bonus issue. The total exercise price will
remain unchanged however;
(k) In the event that, during the Exercise Period, the
ordinary shares of Plus SMS are exchanged or converted
into, or holders of ordinary shares of Plus SMS are
issued, shares in another entity (NewCo) that are
intended to be quoted on an internationally recognised
stock exchange other than the NZSX or the NZAX
(Quotation) then either Plus SMS or any holder of the
Management Options may elect to convert his or her
Management Options to options in NewCo (NewCo Options).
The conversion rate that will be applied to convert or
exchange Management Options to NewCo Options will be the
same rate that is used to convert or exchange Plus SMS
shares into shares, or to issue shares, in NewCo at the
time of Quotation. The NewCo Options will be on the same
terms as the Management Options except that the exercise
price will be adjusted by the conversion rate and by the
exchange rate at the time of conversion.
Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the
parent company of Plus SMS Limited. It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number. On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.
The company suffered at least two years of consecutive
consolidated net losses: NZ$11,888,229 for the financial year
ended March 31, 2007, and NZ$4,488,542 for the year ended
March 31, 2006.
POTTER GROUP: Faces CIR's Wind-Up Petition
------------------------------------------
The Commissioner of Inland Revenue filed on May 2, 2007, a
petition to liquidate the business of Potter Group.
The petition will be heard before the High Court of Wellington
on June 18, 2007, at 10:00 a.m.
The CIR's solicitor is:
Andrew Hamer Instone
c/o Legal and Technical Services
Wellington Service Centre
1st Floor, New Zealand Post House
7-27 Waterloo Quay
PO Box 1462, Wellington
New Zealand
Telephone:(04) 890 1133
Facsimile:(04) 890 0009
SOFTWARE OF EXCELLENCE: Reports NZ$4.4-Mil. Profit in FY 2007
-------------------------------------------------------------
Software of Excellence International Ltd reported a net after
tax profit of NZ$4.363 million for the year to March 31, 2007.
This result is in line with the earnings guidance the company
issued last month.
The result reflects the continued strong performance of SOE's
core Professional dental software business in the United Kingdom
and Australasia. Net profit after tax from continuing
activities was NZ$3.916million, up 99.9% on the previous year's
earnings of NZ$1.959 million.
Key factors behind the growth in earnings in the March 07 year
were:
- Strong revenues from the company's core UK market, which
accounted for 80% of total turnover. In local currency
terms, sales in the UK were 8.9% higher at ?8 million.
- A weakening of the Kiwi dollar against the British pound
continued into the second half of the year compared to the
previous corresponding period. This contributed an
additional NZ$2.228 million to revenue.
- A strong first full year from the Oasis operations in
Australia (acquired in December 2005) contributed NZ$2.016
million in revenue and NZ$0.205 million in EBITDA.
- An encouraging performance from the company's new UK
digital imaging sales strategy in the second half of the
year. This product strategy is built around SOE's
proprietary software, which can accommodate a range of
digital imaging equipment, allowing the company to sell
product from a variety of suppliers both to its existing
customer base and new customers.
- The successful divestment of the assets of SOE's US dental
schools subsidiary, GSD, in December 2006.
United Kingdom / European operations
Record numbers of Professional software orders were processed in
the first half of the year, largely due to a substantial backlog
from the March 31, 2006 cutover date imposed by the UK
Government's "Options for Change" programme.
In the second half of the year the new Digital Imaging
initiative supplemented revenue as practice management software
sales returned to levels similar to those before the Options for
Change programme.
The company's recurring income continued to grow in the UK and
accounted for 46% of UK turnover. At year end the company's UK
order book stood at ?0.827 million (NZ$2.261 million).
SOE is also continuing to enjoy good organic sales growth in the
Republic of Ireland.
Asia Pacific / Oasis
The Oasis business in Australia, acquired in December 2005,
experienced a 16% increase in unit sales in the March 2007 year.
SOE's dual product strategy in Australia has also resulted in
strong sales gains by its EXACT Professional product.
With more than 1500 sites, SOE is now the clear leader in the
Australian market and it is looking to build on this position
through further product development, innovative marketing
activities and a better-resourced centralised support operation.
The Asia Pacific region accounted for 10% of the company's total
revenues in the year under review.
A final 'earn-out' payment of AUNZ$561,000 was made to the
vendors of Oasis in February 2007 following achievement of
profit targets.
GSD Inc
All the assets of GSD were sold in December 2006 and SOE no
longer has any continuing activities in the US market.
Dividends
Directors are not recommending a final dividend at this stage
given the current conditional takeover proposal. However, it is
their intention that existing imputation credits will be
distributed shortly.
Commentary
Chief Executive Brian Weatherly said:
"This result is a milestone for SOE in that it delivers a
financial performance that reflects the benefits of the change
in strategic direction that we have been driving over the past
18 months."
"We have focused our activities on our Professional business and
that is bringing gratifying results in both in our UK and Asia
Pacific markets."
"Our digital imaging sales initiative is starting to gain
traction in the UK and is already delivering good incremental
business for us. In the medium term we will be offering an
increased range of products and services to all our existing
5000 customers."
"We are continuing to evaluate the taking of our Professional
business model into other European markets, but have yet to
identify any specific opportunities that meet our criteria".
"Our strategy continues to be based on being the market leader
in our chosen sectors and building on the leading market
positions we have established in the UK, Australia, New Zealand
and Ireland."
"Whilst we have no doubt benefited from the spike in activity
surrounding the UK Options for Change programme, we are
confident that we have the product strategies in place to
deliver growth in line with our longer-term targets, and confirm
the guidance provided to shareholders on 26 April this year
Conditional Takeover Proposal
On April 30, 2007, SOE advised the NZX that it had received a
conditional proposal from an independent party that is
contemplating making a takeover offer for all the company's
issued securities.
This party will not disclose its identity until it has completed
accelerated due diligence and confirmed that it wishes to
proceed with an offer. It has indicated that it requires 20
working days to complete its due diligence and that any offer
would be subject to regulatory approvals.
The board of SOE has established an Independent Directors
Committee to monitor this process and this committee has
indicated that it will obtain an independent appraisal of any
offer on behalf of all securityholders and then make a
recommendation to securityholders on whether they should accept
any such offer or not.
About Software of Excellence
Headquartered in Albany, New Zealand, Software of Excellence
International Limited -- http://www.soeidental.com/-- is
engaged in developing and implementing practice management
solutions to dentists in the United Kingdom, Ireland, Australia,
New Zealand and South East Asia. In the United Kingdom, the
company is a supplier of practice management systems to both
private and public health dentists, and is the preferred
supplier to most National Health Service (NHS) local service
providers. Software of Excellence International Limited also
supplies dental software in Australia and New Zealand, where
more than 1,700 private practices use its solutions. The
solutions offered by the Company include EXACT, Soel Knowledge
and Soel Health. Software of Excellence International Limited
has a global customer base of more than 5,000 sites. On
December 5, 2005, the Company's wholly owned subsidiary,
Software of Excellence Australia Limited acquired 00% of the
business assets of Oasis Software Pty Limited.
The Troubled Company Reporter - Asia Pacific, on June 12, 2007,
listed Software of Excellence's 7.000% bond with a August 9,
2007 maturity date as distressed.
SOFTWARE OF EXCELLENCE: Henry Schein Wants to Takeover Firm
-----------------------------------------------------------
The Board of Software of Excellence International Limited has
received notice pursuant to Rule 41 of the Takeovers Code from
Henry Schein New Zealand, a wholly-owned subsidiary of Henry
Schein, Inc., that HSIC intends to make an offer for 100% of the
issued capital (ordinary shares and mandatory convertible notes)
of SOEI. HSIC is offering NZ$2.70 per share (together with an
entitlement to retain a cash dividend of NZ3 cents per share to
be paid by SOEI to shareholders) and NZ$2.73 per MCN.
The record date for the entitlement to the dividend will be
June 26, 2007, and the payment date will be July 2, 2007. If
the takeover does not proceed the Board intends to declare a
further dividend of 0.9 cents per share to meet SOEI's policy of
a dividend payout ratio of up to 50% of Net Profit after Tax.
The offer will be subject to conditions including acceptances
representing 90% or more of the voting rights in SOEI.
The Board has been informed that HSIC has entered into "lock-up"
agreements with Co-Investor Capital Partners Pty Ltd and related
parties (18.3%) and SOEI's Managing Director Brian Weatherly
(4.7%) under which those security holders have agreed to accept
the offer. Directors note that under the Takeovers Code, all
security holders would be entitled to the benefit of any
revision to the terms of any offer.
The Board has formed an Independent Directors Committee (IDC)
comprising the Chairman, Jim Syme and directors Clive Ross,
Kerry Gleeson and Paul Hargreaves to consider the Board's
position on the offer. Kerry Gleeson will Chair the IDC.
In accordance with Rule 21 of the Takeovers Code, the IDC has
commissioned Grant Samuel to prepare an Independent Appraisal
Report on the merits of the offer and will prepare a Target
Company Statement. On receipt of the Independent Appraisal
Report, the Board will form a view on the merits of the offer.
The Board expects the formal offer documents together with the
Independent Appraisal Report and the Target Company Statement to
be dispatched in late June.
About Software of Excellence
Headquartered in Albany, New Zealand, Software of Excellence
International Limited -- http://www.soeidental.com/-- is
engaged in developing and implementing practice management
solutions to dentists in the United Kingdom, Ireland, Australia,
New Zealand and South East Asia. In the United Kingdom, the
company is a supplier of practice management systems to both
private and public health dentists, and is the preferred
supplier to most National Health Service (NHS) local service
providers. Software of Excellence International Limited also
supplies dental software in Australia and New Zealand, where
more than 1,700 private practices use its solutions. The
solutions offered by the Company include EXACT, Soel Knowledge
and Soel Health. Software of Excellence International Limited
has a global customer base of more than 5,000 sites. On
December 5, 2005, the Company's wholly owned subsidiary,
Software of Excellence Australia Limited acquired 00% of the
business assets of Oasis Software Pty Limited.
The Troubled Company Reporter - Asia Pacific, on June 12, 2007,
listed Software of Excellence's 7.000% bond with a August 9,
2007 maturity date as distressed.
SPEIRS GROUP: Incurs NZ$847,000 Loss in FY2007
----------------------------------------------
Speirs Group Limited reports a loss after tax, attributable to
the shareholders of the company, of NZ$847,000 for the year
ended 31 March 2007, as signaled in the company's advice to its
shareholders earlier this year.
Speirs Group Directors describe the result as disappointing, and
advise that it was mainly due to the need to provide for larger
than expected bad and doubtful debt. Bad debt and doubtful debt
provisioning in 2007 amounted to NZ$3,318,000, compared to
NZ$1,726,000 the previous year. Most of the bad and doubtful
debt in 2007 arose from loans made during the financial years
2001-2005 under lending practices that have since been changed.
Over the last 18 months, new high quality Finance Division
management and processes have been introduced. Lending
standards have been tightened significantly, asset valuation and
recovered asset disposal processes have been upgraded, and an
exhaustive review of the receivables portfolio was undertaken
during 2007. The Company's Directors believe that the residual
bad debt problem from the pre-2005 period has now been properly
addressed with the write-offs and provisioning made in the 2007
financial year.
Speirs Group total revenue declined 2.0% to NZ$43,835,000 in
2007. Finance division revenue increased 1.5% to NZ$31,651,000,
and Food division revenue decreased in very competitive
conditions to NZ$12,184,000.
"Speirs Group Limited paid a fully imputed dividend of 3 cents
per share on 26 June 2006. N o further dividend will be paid for
the 2007 year."
Speirs Group Limited -- http://www.speirs.co.nz/-- is a New
Zealand-based investment company. The company operates two
commercial divisions: Speirs Finance and Speirs Foods. Speirs
Finance is engaged in asset backed financing. Speirs Foods is
engaged in production and distribution of fresh food, such as
salad and fresh cut vegetable to retailers and caterers.
* * *
The Troubled Company Reporter - Asia Pacific, on June 12, 2007,
listed Speirs Group's 10.000% bond with a June 30, 2049 maturity
date as distressed.
SPEIRS GROUP: Derek Walker Joins Company's Board of Directors
-------------------------------------------------------------
Speirs Group Limited said that Derek Walker has joined the
Company's Board as a director.
With over 30 years experience in senior management and
governance positions within the New Zealand corporate sector,
Derek has gained a wide range of business experience and
knowledge at a most senior level.
Currently, Derek holds the position of chairman of NZ Windfarms
Limited, The Bio Commerce Centre Limited and Palmerston North
Airport Limited, and is a director of Quotable Value Limited and
Third Bearing Limited. Past directorships and management
positions include a wide range of positions within the
electricity sector.
Speirs Group Limited -- http://www.speirs.co.nz/-- is a New
Zealand-based investment company. The company operates two
commercial divisions: Speirs Finance and Speirs Foods. Speirs
Finance is engaged in asset backed financing. Speirs Foods is
engaged in production and distribution of fresh food, such as
salad and fresh cut vegetable to retailers and caterers.
* * *
The Troubled Company Reporter - Asia Pacific, on June 12, 2007,
listed Speirs Group's 10.000% bond with a June 30, 2049 maturity
date as distressed.
VEHICLE RECOVERY: Court Hears Wind-Up Petition
----------------------------------------------
On Feb. 2, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Vehicle Recovery Group
Ltd.
The petition was heard before the High Court of Auckland on
June 14, 2007, at 10:45 a.m.
Vehicle Recovery's solicitor is:
Adam R. A. Pell
17 Putney Way, Manukau
Auckland
New Zealand
Telephone:(09) 985 7214
=====================
P H I L I P P I N E S
=====================
ATOK BIG WEDGE: Appoints Proxy for Unit's Stockholders Meeting
--------------------------------------------------------------
Atok Big Wedge Co. Inc.'s Board of Directors has designated
Atty. Ramon H. Felipe Jr. as the corporation's proxy in its
subsidiary Atok Gold Mining Co. Inc.'s forthcoming annual
stockholders' meeting to be held on August 17, 2007.
During the special stockholders' meeting held last Friday, the
corporation also approved these items:
* Creation of a special committee of inspectors for
validation of proxy.
* Amendments of by-laws to change the venue of the annual
meeting of stockholders from the corporation's principal
office to Quezon City.
* Minutes of the June 1, 2007 Board meeting.
Headquartered in Quezon City, Philippines, Atok Big Wedge Co.
Inc. was established and registered with the Securities and
Exchange Commission on Sept 4, 1931 primarily as a mining
company. After decades of mining, the company devolves into a
Holding Company with business in general investment, mining
related activities were spun off to its 100% wholly own
subsidiary, company Atok Gold Mining Co., Inc.
The company is exploring business ventures.
Going Concern Doubt
After auditing the company's financial statements for the year
ended December 31, 2006, Wilberto Sison at Tulio, Evangelista,
Lim & Co. raised significant doubt on the company's ability to
continue as a going concern due to the stoppage of its mining
operations.
The company also registered continued annual net losses: PHP3.54
million in 2006, PHP3,508,592 in 2005 PHP3,729,041 in 2004 and
PHP4,663,844 in 2003.
PHIL. BANK OF COMMS: Posts PHP286MM Net Income for 1st Qtr. 2007
----------------------------------------------------------------
The Philippine Bank of Communications posted a net income of
PHP286.19 million for the first quarter of 2007, a decrease of
26% from the PHP388.11 million net income reported for the same
period in 2006.
The decline in net income was primarily attributed to the
scheduled amortization of losses from the sale of the Bank's
non-performing assets to a SPV for the current year that started
in January as compared to previous year where the full year
amortization started only in November 2006.
For the January-March 2007 period, the bank earned a net
interest income of PHP343.6 million, on interest income of
PHP841.19 million and interest expenses of PHP497.58 million.
The bank also earned PHP643.51 million on other income and
incurred other expenses of PHP613.4 million for the first three
months of 2007.
As of March 31, 2007, the company had total assets of
PHP53.15 billion and total liabilities of PHP43.57 billion,
resulting in total capital funds of PHP53.15 million.
The bank's first quarter 2007 financial statements can be
downloaded for free at:
http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PBC_17Q_Mar2007.pdf
Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts. Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.
Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'
PHIL. LONG DISTANCE: Posts PHP8BB Net Income for March Quarter
--------------------------------------------------------------
The Philippine Long Distance Telephone Co.'s consolidated income
statement reported a net income of PHP8.73 billion for the
quarter ended March 31, 2007, as compared with the
PHP8.76-billion net income reported for the same period in 2006.
For the first three months of 2007, PLDT earned revenues and
other income of PHP33.83 billion while incurring expenses of
PHP20.52 billion.
As of March 31, 2007, the company reported total assets of
PHP251.59 billion, comprised of PHP164.49 billion in property,
plant and equipment and cash and cash equivalents of
PHP38.47 billion, and total liabilities of PHP147.35 billion,
resulting in a total equity of PHP104.24 billion.
The company's first quarter 2007 financial statements can be
downloaded for free at:
http://www.pse.com.ph/html/ListedCompanies/pdf/2007/TEL_17Q_Mar2007.pdf
Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.
* * *
The Troubled Company Reporter - Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating. The outlook for this rating remains
positive.
Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+. Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.
ZIPPORAH REALTY: To Change Name to "Sta Lucia Land Inc."
--------------------------------------------------------
Zipporah Realty Holdings Inc.'s Board of Directors, in its
special meeting held last Friday, approved the amendment to its
article of incorporation to change its name to Sta. Lucia Land
Inc.
The Board also approved these matters:
* Changes in the primary purpose of Zipporah to expand its
powers in relation to property development
* Transfer of the company's principal office to Cainta,
Rizal
* Reduction of the Board of Directors to 9 members
* Increase of the authorized capital stock to at most PHP21
billion
The matters attended during the special meeting will be
submitted to the company's shareholders at their annual meeting
on July 16, 2007, and to the Securities and Exchange Commission
for approval.
About Zipporah Realty
Zipporah Realty Holdings, Inc. was originally incorporated as a
mining firm. Presently, it is primarily engaged in real estate
holding and development with mining as its secondary purpose.
Its main source of revenue comes from sales of real estate
properties.
The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996. The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.
The company registered a PHP746.12 million deficit for the year
2006.
* Non-factor Service Exports Grew 7.4% for First Quarter of 2007
----------------------------------------------------------------
The Philippines recorded a 7.4% year-on-year growth for its non-
factor service exports for the quarter ended March 31, 2007, the
Manila Standard reports.
Non-factor service exports encompass revenues from tourism,
international transport, business process outsourcing and other
services. It does not include remittances from overseas workers,
income from investments, interest payments, and dividend
repatriation.
Non-factor service imports amounted to PHP48.3 billion at
current prices for the first three months of 2007, the article
relates. This gives the country about PHP52.4 billion in surplus
in services trade, excluding remittances.
Romulo Virola, National Statistical Coordination Board secretary
general, told the Manila Standard that had it not been for the
appreciation of the peso, there could have been higher non-
factor export services.
Such exports are initially recorded in the balance of payments
in dollar terms by the Bangko Sentral ng Pilipinas. With the US
dollar buying fewer pesos this year, the peso equivalent of non-
factor services also decreased.
The report said that the peso appreciation slowed down the
growth in exports in miscellaneous services, from 48.7% in 2006
to 16.2% in the January-March 2007 quarter.
For the first quarter, the Philippines recorded PHP51.5 billion
in exports of miscellaneous services, which include contact
center, medical transcription, animation, software development
and other outsourced activities, construction services,
financial services, computer and information services, cultural
and recreational services, and other business services. Imports
reached about PHP17.3 billion for the quarter.
Other non-factor service exports in the first quarter were
travel services amounting to P36.2 billion; transportation, with
PHP17.7 billion; government services abroad, PHP1.3 billion; and
insurance, amounting to PHP702 million.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook. Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues.
The new bonds mature in 2010 and 2012 and carry interest rates
of 5.5% and 5.75%, respectively. The exchange offers yielded
approximately Philippine peso 55 billion and PHP58 billion for
the three- and five-year bonds, respectively, from the exchange
of eligible issues.
Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively. The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.
On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.
The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.
=================
S I N G A P O R E
=================
BIOTECH RESEARCH: Requires Creditors to Prove Debts by July 16
--------------------------------------------------------------
Biotech Research Ventures Pte Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by July 16,
2007.
Failure to prove debts by the due date will exclude a creditor
from sharing in the company's dividend distribution.
The company's liquidators are:
Kon Yin Tong
Wong Kian Kok
c/o 47 Hill Street #05-01
Singapore Chinese Chamber of
Commerce & Industry Building
Singapore 179365
KLS TECHNOLOGY: Wind-Up Petition Hearing Set for June 29
--------------------------------------------------------
A petition to wind up the operations of KLS technology Pte Ltd
will be heard before the High Court of Singapore on June 29,
2007, at 10:00 a.m.
Three Bond Singapore Pte Ltd filed the petition with the Court
on May 30, 2007.
Three Bond's solicitor is:
Infinitus Law Corporation
No. 77 Robinson Road #16-00
Robinson 77
Singapore 068896
LIANG HUAT: SGX-ST OKs Listing of Scheme & Creditors' Shares
--------------------------------------------------------
The Singapore Stock Exchange - Trading Limited approved on
June 15, 2007, the listing and approval of Liang Huat Aluminium
Limited Limited's:
* clearance in respect of the Circular; and
* listing and quotation of:
-- the Scheme Shares;
-- the Creditors' Shares;
-- up to 2,066,680,200 ordinary shares in the capital of the
company after the share consolidation of every ten
ordinary shares in the share capital of the company, and
the allotment and issuance of the Scheme Shares and the
Creditors' Shares one ordinary share in the company's
share capital;
-- the Investor Shares;
-- the Conversion Shares; and
-- the Mandate Placement Shares,
The SGX Approval is subject to:
-- compliance with the SGX-ST's continuing listing
requirements and guidelines;
-- shareholders' approval being obtained for (a) the Modified
Schemes;(b) the Investment Agreement;(c) the option
granted by the company to the Investor pursuant to the
Investment Agreement whereby the Investor has the right to
convert US$1,250,000 of the Investment Amount into the
Conversion Shares upon non-completion of the Investment
Agreement; (d) the Capital Reduction; (e) the Share
Consolidation; (f) the allotment and issuance of the
Creditors' Shares to the Creditors, representing
approximately 0.19% of the enlarged share capital of the
company, for the conversion of debt of US$919,693 owed by
the company to the Creditors; and (g) the placement
exercise by the Company for the allotment and issuance of
the Mandate Placement Shares;
-- the Mandate Placement Shares to be in number of shares
in the company representing not more than 15% of the
company's enlarged share capital;
-- the use of proceeds from the Mandate Placement Exercise
will be announced periodically as and when the funds from
the Mandate Placement Exercise are materially disbursed,
and to provide a status report on the use of the Mandate
Placement Exercise proceeds in the annual report;
-- the issue of the Mandate Placement Shares will comply with
Rule 803 of the SGX-ST Listing Manual;
-- the issue of the Mandate Placement Shares will comply
with Rule 812 of the SGX-ST Listing Manual; and
-- submission of a written undertaking from the Company that
the issue of the Mandate Placement Shares will comply
with Rule 812 of the SGX-ST Listing Manual.
About Liang Huat
Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries. It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.
Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004. Presently, the company is undergoing a financial
restructuring exercise. It is also working a Scheme of
Arrangement with its major creditor banks.
As of Dec. 31, 2006, the company's balance sheet showed total
assets of SGD0.84 million and SGD138.78 million in total
liabilities, which leaves a shareholders' equity deficit of
SGD137.93 million.
MAXWAY CONSTRUCTION: Court to Hear Wind-Up Petition on June 29
--------------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Maxway Construction Pte Ltd on June 29, 2007, at
10:00 a.m.
The petition was filed by Joo Tat Metals & Engineering Pte. Ltd
on May 25, 2007.
Joo Tat's solicitor is:
Eng Leong & Partners
20 Tuas Avenue 9
Singapore 639178
NEXWELL INTERNATIONAL: Proofs of Debt Due by July 16
----------------------------------------------------
The creditors of Nexwell International Pte Ltd are required to
file their proofs of debt by July 16, 2007, to be included in
the company's dividend distribution.
The company's liquidator is:
Timothy James Reid
50 Raffles Place #16-06
Singapore Land Tower
Singapore 048623
===============
T H A I L A N D
===============
TMB BANK: Bank of Thailand to Launch Probe Into TMB's Losses
------------------------------------------------------------
The Bank of Thailand will investigate the operations of TMB Bank
PCL under orders of Thailand's Finance Ministry to find out the
cause of TMB's inability to recover despite the recapitalization
in 2006 and to ascertain whether there was fraud in the lending.
According to The Nation, several parties questioned TMB on why
it has been unable to recover its losses even after the Finance
Ministry, which is a major shareholder in the bank, provided
funds for its recapitalization during which the THB9.7 billion
was raised through issuance of new shares to existing
shareholders and of floating hybrid securities worth US$200
million.
Deputy Minister Sommai Phasee, the bank's chairman before being
appointed deputy Minister, told reporters that all management
and directors would be subject to legal action if any wrongdoing
is uncovered by the investigation.
In the last quarter of 2006, the bank reported a net loss of
THB60.18 billion after posting a THB12.29 billion net loss in
2006, with a THB7.8 billion net profit in 2005. In the quarter
ended March 31, 2007, the bank posted a net profit of THB220.17
million against the THB2.13-billion loss in the same period in
2006.
The bank's president, Subhak Siwaraksa, reacted by saying that
the matter was for the bank to look into, and said that Sommai's
statement will cause damage to both the organization and its
personnel, The Nation reports.
According to the Bangkok Post, Finance Minister Chalongphob
Sussangkarn said the central bank was now auditing TMB, but had
not yet submitted its report. However, Mr. Chalongphob declined
to comment when questioned whether a special investigation would
be held.
Mr. Sommai did not confirm claims that the merger with the
Industrial Finance Corp. of Thailand caused the decline in TMB's
financial position, instead he only told the Bangkok Post that
"[it] might have some role" in the losses.
About TMB Bank
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.
Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.
On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.
On May 4, 2007, Moody's retained the following ratings for TMB:
* BSFR is at D-.
* Foreign currency deposit ratings remains at Baa2/P-2.
On June 2, 2007, Moody's downgraded its ratings for TMB's hybrid
tier-1 securities from Ba2 to B1.
Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating. On June 6, 2007,
S&P gave affirmed its BBB-/A-3 rating on the bank and raised
the outlook from negative to stable.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
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. Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2007. 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 US$625 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 US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***