/raid1/www/Hosts/bankrupt/TCRAP_Public/040802.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, August 2, 2004, Vol. 7, No. 151
Headlines
A U S T R A L I A
COLES MYER: Cuts Discount Card to Achieve $100Mln Gross Profit
GLENMORGAN FARM: Enters Receivership
GYMPIE GOLD: To Undergo Winding Up Proceedings
STANBROKE PASTORAL: Empire Crumbles On Sell-Offs
TEMPO SERVICES: Sets Targets For New CEO
C H I N A & H O N G K O N G
ACTIVE LIAISON: Creditors Meeting Set August 26
BEJING HAI: Creditors Meeting Slated for August 26
BESTWAY INTERNATIONAL: Issues Debt Restructuring Update
BESTWAY INTERNATIONAL: AGM Set for August 26
EVEREST INTERNATIONAL: Net Loss Shrinks to HK$10.61M
FIRST ACE: Creditors Meeting Set for August 10
GRANDY CORPORATION: Managing Director Resigns
GRANDY CORPORATION: Board Meeting Set for August 11
HEALTH FROZEN: Issues Notice of Creditors Meeting
HERITAGE INTERNATIONAL: Narrows FY04 Net Loss to HK$20.25M
RENREN HOLDINGS: Appoints Kong Lung Cheung as Executive Director
I N D O N E S I A
BANK PERMATA: Government Changes Divestment Scheme
PERTAMINA: Government Pays US$261M Fuel Subsidy
J A P A N
FUJITSU LIMITED: Posts Q1 Financial Results
KANEBO LIMITED: Investors OK JPY50bln Fundraising
MATSUSHITA ELECTRIC: Q2 Profit Soars 12-fold
MITSUBISHI MOTORS: Reports Improvement Measures Status
NIIMI SHOKUHIN: Enters Bankruptcy
NISSO K.K.: Glass Maker Becomes Insolvent
RESONA HOLDINGS: To Provide Financial Aid To Kanebo Group
UFJ HOLDINGS: Sumitomo May Offer Merger Proposal
UFJ HOLDINGS: Cancels Share Exchange Agreement
K O R E A
HYNIX SEMICONDUCTOR: Down on DRAM Price Fall
KOOKMIN BANK: Bank Probe Enters Critical Stage
LG CARD: Shares Up 15% After Debt-equity Swap
M A L A Y S I A
AMSTEEL CORPORATION: EGM Slated for August 16
ANCOM BERHAD: Releases Notice of Shares Buy Back
AVANGARDE RESOURCES: Winding up Petition Hearing Set October 22
CONSOLIDATED FARMS: Packerman Sdn Files Suit Against Firm
CSM CORPORATION: Enters Purchase Agreement with Jutawin Sdn
GULA PERAK: Issues Notice of Director's Interests
INTAN UTILITIES: Units Default in Payments
JOHAN HOLDINGS: Shareholders OK AGM Resolutions
NAIM INDAH: Unveils Capital Reconstruction Scheme
NAM FATT: Completes Purchase Deal With Light Flair
OILCORP BERHAD: Bursa Malaysia Rejects Share Split Proposal
OLYMPIA INDUSTRIES: Signs Rights Underwriting Pacts
PANTAI HOLDINGS: Purchases 69,000 Ordinary Shares on Buy Back
SELOGA HOLDINGS: Buys 450,000 Ordinary Shares in SESB
SRIWANI HOLDINGS: Issues Litigation Update
TANJONG PUBLIC: Posts Principal Officer's Open Period Dealings
P H I L I P P I N E S
MANILA ELECTRIC: Issues Clarification to News Article
NATIONAL POWER: Saves PHP50Mln On Insurance Policy
NATIONAL POWER: Masinloc Plant Has Four "Serious Bidders"
NATIONAL STEEL: PHP700Mln in Back Taxes Stall Sale
PILIPINO TELEPHONE: Furnishes PSE With A Copy of SEC Form 18-A
PHILIPPINE LONG: Unit Expands Services to 10 Asian Countries
* S&P Assigns `BB' Rating On Philippines' Foreign Currency
S I N G A P O R E
CHINA INFORMATION: Enters Winding Up Proceedings
DIGI BUILDER: Winding Up Order Made
FUSTAR CHEMICALS: Creditors To Prove Debts by September 1
INFORMATICS HOLDINGS: Announces Corrigendum to Annual Report
INFORMATICS HOLDINGS: Announces Result of 21st AGM
INTERNATIONAL XCEL: Holds Final Meeting on August 21
KOH HAN: Court Hears Winding Up Petition
LANDMARK ENGINEERING: Court Issues Winding Up Order
TREK TRAVEL: Creditors Must Submit Claims on September 3
T H A I L A N D
NAKORNTHAI STRIP: Releases Summarized Report of Capital Increase
THAI PETROCHEMICAL: Final Decision On Rehab Plan Nears
TPI POLENE: Reports Proceeds Utilization
- - - - - - - -
=================
A U S T R A L I A
=================
COLES MYER: Cuts Discount Card to Achieve $100Mln Gross Profit
--------------------------------------------------------------
In line with its aim to bolster gross profit by about $100
million this financial year, Australian retailer Coles Myer
announced that its shareholders' discount card would no longer
be honored starting midnight of July 31, reports The Age. After
the deadline given, shareholders and their families must pay
full price as other customers do.
Austock's John Burgess, however, said while the discount scheme
was expensive and had to go, the risk of investors staging a
boycott in Coles Myer stores for up to six months is possible.
Mr. Burgess' argument is that shareholders usually spent more in
stores compared to Coles Myer's average customers, and if
discounts were denied to them, they might temporarily spend less
at Coles Myer. Of the retailer's 480,000 shareholders, about
380,000 hold discount cards and they each have an extra card to
give to a partner or loved one.
Even if rival David Jones expects to draw disaffected Coles
Myers investors to its stores, their discounts are only
available to those who also take up its credit card.
The discount scheme was started in 1993 when Coles Myer
shareholders were still stood at 68,000. The numbers then
ballooned to 580,000 in July 2001.
Discounts ranged as high as 10 per cent at Myer and 3-5 percent
at Coles and Bi-Lo supermarkets. Myer now offers 7.5 percent
off, Target and Kmart 5 percent, and Coles and Officeworks 3
percent.
GLENMORGAN FARM: Enters Receivership
------------------------------------
Glenmorgan Farm went into receivership on July 23, according to
the National Business Review.
Receiver Richard Agnew, a PricewaterhouseCoopers partner said
the company's main issue was to establish the ownership of 200
or so horses based on Glenmorgan's two South Auckland
properties.
"It is early days but we have already moved to stabilize the
company's position and secure its assets," Mr. Agnew said.
"The operation will continue to trade and as such it will be
business as usual," he said.
About Glenmorgan Farm
Glenmorgan Farm is a Thoroughbred Stud farm privately owned and
operated by the Jenkins family. It offers thoroughbred breeders
worldwide a range of services including:
- Stallion Services
- Bloodstock Agistment
- Yearling Preparation and Sales
- Bloodstock Consultancy and Management
- Racehorse Syndication and Management
Managing director Brett Jenkins established Glenmorgan Farm 15
years ago.
CONTACT:
Brett and Kim Jenkins
Preparation and Tourist Farm
355 Blackbridge Road,
Karaka, RD1 Papakura, Auckland, New Zealand
Phone:+ 64 9 291 9355 Fax: +64 9 291 9356
Email: info@glenmorgan.co.nz
Breeding Farm
Smeed Quarry Road
Pukekawa, New Zealand
Phone: + 64 9 233 4771 Fax: +64 9 233 4433
Email: info@glenmorgan.co.nz
GYMPIE GOLD: To Undergo Winding Up Proceedings
----------------------------------------------
Creditors of Gympie Gold Ltd. agreed to wind up the company in a
meeting held Thursday morning, the Australian reports.
Its subsidiaries, Gympie Eldorado Gold Mines, the gold project
operator, and Southland Mining, the group that controlled a 90-
percent stake in the Southland colliery in the Hunter Valley in
NSW will also be wound up. McGrath Nicol & Partners' Murray
Smith and Joseph Hayes, who were the group's administrators,
will stand as liquidators.
A fire at Southland mine snuffed out Gympie's cash-flow, which
was being used to fund the gold project's exploration and
development. The Gympie Group, both the coal mine and the Gympie
operation were put on the market right after its former chief
executive quit the group.
However, the receivers who are handling these sales and pursuing
insurance claims in relation to the Southland fire have not been
knocked down in the rush.
In the administrator's report to creditors in May, the group's
total secured and unsecured debt amounts to $50 million, and
suggested that there may be a sale of the gold project by the
end of June. But nothing has yet been settled, and what might
be retrieved from the group's insurer still remains uncertain.
STANBROKE PASTORAL: Empire Crumbles On Sell-Offs
------------------------------------------------
Stanbroke Pastoral Co. Ltd.'s new owner Peter Menegazzo will
likely whittle down the company's once-mighty empire from 23
properties to 12, according to the Australian.
Stanbroke, once the largest pastoral holdings in Australia, had
27 properties when it was sold for $490 million by AMP Insurance
to a syndicate led by Mr. Menegazzo in September last year.
In May, Mr. Menegazzo brought out the other syndicate members in
a deal which valued the Stanbroke empire at $700 million. Mr.
Menegazzo, however, began selling properties almost as soon as
he took over, with sales now reaching $350 million.
Stanbroke had under 500,000 cattle at the time Mr. Menegazzo
took over, but that number is expected to dwindle down to
200,000 after all the sales, said PricewaterhouseCoopers' David
Usasz, who is handling Mr. Menegazzo's affairs.
Mr. Usasz said two more properties - the Barkly Downs and
Rocklands - would be the last ones to be placed on the market.
CONTACT:
Stanbroke Pastoral Co., Ltd.
Head Office
Postal Address:
GPO Box 155
BRISBANE QLD 4001
Street Address:
Level 11, 12 Creek Street
BRISBANE QLD 4000
Ph: +61 7 3229 1516
Fax: +61 7 3229 6204
Email: enquiries@stanbroke.com.au
TEMPO SERVICES: Sets Targets For New CEO
----------------------------------------
New Tempo Services Ltd. chief executive Craig Higgins was
challenged to lift the troubled cleaning outfit's share price by
a third in exchange for a fixed remuneration package of $375,000
a year, plus a $100,000 bonus if he meets "target performance
criteria" at the end of his first year, the Sydney Morning
Herald reports.
Part of Mr. Higgins' long-term incentive package is 500,000
options at an exercise price of 96c a share and strike price of
$1.28, which means if Tempo's shares price hits $1.28, Mr.
Higgins could make a profit of $160,000.
Another option will be granted to Mr. Higgins on June 30, 2005
with the same conditions. That is, if he can raise the company's
share price by 33 percent in three years.
But Mr. Higgins nor Tempo founder John Schaeffer could not be
reached for comment. "Nobody's going to be talking about it. I
think the announcement stands on its own," the Sydney Morning
Herald quoted Anthony Tregoning of the communications company
FCR as saying.
Tempo has been having trouble keeping up with many competitors
who operate on a cash basis. Another fear is that the cleaning
group's margins will continue to drop every time it renegotiates
contracts.
According to one analyst, Tempo's decline is unstoppable, and
that cleaning businesses all over the world have either gone
bankrupt or into remission.
Seen as vital for repaying Tempo's debt is the sale of its
security business, Securitas 4, with a $60 million value.
Tempo Services Ltd is one of Australia's leading providers of
facility management and multi-discipline support services.
CONTACT:
Tempo Services Ltd Head Office
495 Victoria Road,
Gladesville NSW 2111
Tel (02) 9844 2200
Fax (02) 9844 2277
==============================
C H I N A & H O N G K O N G
==============================
ACTIVE LIAISON: Creditors Meeting Set August 26
-----------------------------------------------
Notice is hereby given that a meeting of the creditors of Active
Liaison Limited (In Creditors' Voluntary Liquidation) will be
held at the Conference Room, 5th Floor, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong at 9:45 a.m. on 26
August 2004 for the purposes of considering Sections 241, 242,
243, 244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4:00 pm on 25
August 2004.
This Quamnet Gazette announcement is dated 30 July 2004.
BEJING HAI: Creditors Meeting Slated for August 26
--------------------------------------------------
Notice is hereby given that a meeting of the creditors of Bejing
Hai Qiao International Consultants Company Limited (In
Creditors' Voluntary Liquidation) will be held at the Conference
Room, 5th Floor, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong at 10:15 a.m. on 26 August 2004 for the
purposes of considering Sections 241, 242, 243, 244, 251(1)(a),
255A(2) and 283 of the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4:00 pm on 25
August 2004.
This Quamnet Gazette announcement is dated 30 July 2004.
BESTWAY INTERNATIONAL: Issues Debt Restructuring Update
-------------------------------------------------------
This announcement is made by Bestway International Holdings
Limited pursuant to Rule 13.09 of the Listing Rules of the Hong
Kong Stock Exchange.
Reference is made to the announcements of Bestway International
Holdings Limited dated 31 May 2002, 29 July 2002 and 19
September 2002 in relation to the Debt Restructuring Deed by the
Company and certain of its subsidiaries, which involved, among
other things, the Short Term Secured Loans and Secured Term
Loans and the issue of Secured Convertible Bonds to the Bank
Creditors. The Shareholders at the Company's special general
meeting held on 29 July 2002 approved the Debt Restructuring.
DEBT ASSIGNMENT DEED
The Board wishes to announce that the Coordinating Agent has
notified the Board that on 28 July 2004 the Bank Creditors and
the Coordinating Agent entered into the Debt Assignment Deed
with Wealthguard pursuant to which, among other things, the Bank
Creditors agreed to sell to Wealthguard the Transferred Rights
and Obligations. Completion of the Debt Assignment Deed took
place on the same day. As a result of completion of the Debt
Assignment Deed, Wealthguard is now the sole owner of the
Transferred Rights and Obligations.
Mr. Yang Ting who currently owns 8,000,000 Shares wholly owns
Wealthguard. Both Wealthguard and Mr. Yang Ting are not
connected persons of the Company as defined under the Listing
Rules.
Secured Term Loans As at the date of the Debt Assignment Deed,
the principal amount of the Secured Term Loans (being part of
the Transferred Rights and Obligations) was HK$36 million,
which, upon completion of the Debt Assignment Deed, will
continue to be owing by the Bestway Group to Wealthguard on the
same terms as provided in the Debt Restructuring Deed. The
Secured Term Loans bear an annual interest rate of 1% over
monthly HIBOR payable monthly. The principal repayment of the
Secured Term Loans will commence 25 months after the DRD
Completion Date by way of 47 consecutive equal monthly payments
of HK$750,000 each and an additional payment of HK$750,000
together with any outstanding interest payable on the 72nd month
after the DRD Completion Date.
SECURED CONVERTIBLE BONDS
As at the date of the Debt Assignment Deed, the principal amount
of the indebtedness represented by the First Tranche Secured
Convertible Bonds and the Second Tranche Secured Convertible
Bonds (both being part of the Transferred Rights and
Obligations) was HK$40,000,000 and HK$50,414,704 respectively,
which have been assigned by the Bank Creditors to Wealthguard
pursuant to the Debt Assignment Deed.
Wealthguard has become the sole holder of CB One and CB Two upon
completion of the Debt Assignment Deed.
(a) A summary of the principal terms of CB One is as follows:
Principal amount: HK$40,000,000
Interest: 3% per annum payable half-yearly in arrears to
Wealthguard (being the sole holder of CB One upon completion of
the Debt Assignment Deed)
Maturity date: 7 years from the DRD Completion Date
Transferability: Transferable in an integral multiple of
HK$1,000,000 subject to the Debt Restructuring Deed
Ranking: The new Shares to be issued upon conversion will rank
pari passu in all respects with all other Shares in issue on the
date of conversion
Security: The Scheme Security
Redemption: The Company may at any time before the maturity date
give a redemption notice in writing to the bondholder to redeem
all or some of CB One at an amount equal to 102% of the
principal amount of the relevant CB One to be redeemed together
with accrued interest thereon.
Unless the bondholder notify the Company in writing within 21
days from the date of such redemption notice of its intention to
convert its CB One which the Company intends to redeem, the
relevant CB One which is not converted by the bondholder
pursuant to the notice of conversion given by it will be
redeemed by the Company at 102% of the principal amount of the
relevant CB One together with accrued interest thereon. Unless
previously converted or redeemed prior to the maturity date, CB
One will be redeemed by the Company at its principal amount
together with accrued interest thereon on the maturity date.
Conversion period: Wealthguard may convert all or part of CB One
at any time during the period of 7 years from the DRD Completion
Date
Conversion price: HK$0.05 per new Share (subject to adjustment)
(b) A summary of the principal terms of CB Two are as follows:
Principal amount: HK$50,414,704
Interest: 1.5% per annum payable half-yearly in arrears to the
Wealthguard (being the sole holder of CB Two upon completion of
the Debt Assignment Deed)
Maturity date: 7 years from the DRD Completion Date
Transferability: Transferable in an integral multiple of
HK$1,500,000 subject to the Debt Restructuring Deed
Ranking: The new Shares to be issued upon conversion will rank
pari passu in all respects with all other Shares in issue on the
date of conversion
Security: The Scheme Security
Redemption: The Company may at any time before the maturity date
give a redemption notice in writing to the bondholder to redeem
all or some of CB Two at an amount equal to 102% of the
principal amount of the relevant CB Two to be redeemed together
with accrued interest thereon.
Unless the bondholder notify the Company in writing within 21
days from the date of such redemption notice of its intention to
convert its CB Two which the Company intends to redeem, the
relevant CB Two which is not converted by the bondholder
pursuant to the notice of conversion given by it will be
redeemed by the Company at 102% of the principal amount of the
relevant CB Two together with accrued interest thereon. Unless
previously converted or redeemed prior to the maturity date, all
outstanding CB Two will be mandatorily converted into new Shares
on the maturity date
Conversion period: Wealthguard may convert all or part of CB Two
at any time during the period of 7 years from the DRD Completion
Date
Conversion price: HK$0.20 per new Share (subject to adjustment)
The Company will disclose to the Stock Exchange any dealings by
any connected person of the Company from time to time in the
Secured Convertible Bonds immediately upon the Company becoming
aware of such dealings.
FINANCIAL EFFECT ON THE COMPANY
As at 31 March 2004, the Bestway Group's consolidated negative
net asset value stood at about HK$36 million. As mentioned
above, Wealthguard has the right to convert any of the Secured
Convertible Bonds at any time up to 7 years from the DRD
Completion Date. Upon the date of conversion of all the CB One
(the Date of Conversion), the total number of ordinary shares in
issue will be increased by 28.1% to 3,651,200,000 Shares; and
the consolidated negative net asset value will then be
eliminated by capitalizing the entire amount of CB One of HK$40
million assuming no significant further depletion of the Bestway
Group's consolidated assets from 1 April 2004 to the Date of
Conversion. The finance costs will be reduced by approximately
HK$1.2 million per annum upon conversion of CB One. The
completion of the Debt Assignment Deed has no material effect on
the operational and financial position of the Bestway Group as
prior to any conversion of the Secured Convertible Bonds, the
Bestway Group's debts and obligations (other than in respect of
the Short Term Secured Loan which shall continue to be owing to
HSBC) under the Debt Restructuring Deed shall remain owing to
Wealthguard in accordance with the terms of the Debt
Restructuring Deed.
GENERAL
Trading in the Shares on the Hong Kong Stock Exchange was
suspended with effect from 9:30 a.m. on 29 July 2004 pending the
release of this announcement. An application has been made for
the resumption of trading in the Shares on the Exchange with
effect from 9:30 a.m. on 30 July 2004.
CONTACT:
Bestway International Holdings Limited
28 Queen's Road East
Wanchai, Hong Kong
Tel: +852 2815 1199
Tel: +852 2854 0176
BESTWAY INTERNATIONAL: AGM Set for August 26
--------------------------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
Bestway International Holdings Limited will be held at the 18th
Floor, Tesbury Centre, 28 Queen's Road East, Hong Kong on
Thursday, 26 August 2004 at 10 a.m. for the following purposes:
1) To receive and consider the audited consolidated financial
statements and the reports of the Directors and Auditors for the
year ended 31 March 2004;
2) To elect Directors, to fix the maximum number of Directors,
to authorize the Board of Directors to appoint additional
Directors up to the maximum number determined and to authorize
the Board of Directors to fix the Directors' remuneration;
3) To appoint Auditors and to authorize the Board of Directors
to fix their remuneration;
4) To consider as special business and, if thought fit, pass
with or without amendments.
For more information, go to
http://bankrupt.com/misc/tcrap_bestway073004.pdf
EVEREST INTERNATIONAL: Net Loss Shrinks to HK$10.61M
----------------------------------------------------
Everest International Investments Limited announced the audited
consolidated results of the Company and its subsidiaries (the
Group) for the year ended 31st March 2004 together with the
comparative audited figures for the corresponding period of last
year, as follows:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2003 from 1/4/2002
to 31/3/2004 to 31/3/2003
Note ('000) ('000)
Turnover : 4,332 689
Profit/(Loss) from Operations : (8,414) (28,382)
Finance cost : (2) (1)
Share of Profit/(Loss) of
Associates : N/A 57
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (10,612) (27,211)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0375) (0.1104)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (10,612) (27,211)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 7/9/2004 to
9/9/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
The Directors do not recommend the payment of a final dividend
for the year ended 31st March 2004 (2003: Nil).
FIRST ACE: Creditors Meeting Set for August 10
----------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
First Ace Investment Limited will be held at Room 1101, 11/F.,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on 10
August 2004 at 11:30 a.m. for the purposes mentioned in sections
241, 242, 243, 244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4 p.m. on the day before the meeting or adjourned meeting
at which they are to be used.
By Order of the Board of
FIRST ACE INVESTMENT LIMITED
LAU KOK KEUNG
Director
This Quamnet Gazette announcement is dated 30 July 2004.
GRANDY CORPORATION: Managing Director Resigns
---------------------------------------------
The Board of Director of Grandy Corporation announced that Mr.
Tsui Tai Hoi Raymond has tendered his resignation as Managing
Director of the Company with effect from 28 July 2004. Before
his resignation, Mr. Tsui is an Executive Director of the
Company.
Mr. Tsui has also resigned as a Compliance Officer and
Authorized Representative of the Company.
Mr. Tsui confirmed that he resigned because (a) he takes
personal responsibility for the significant losses suffered by
the Company and its subsidiaries (collectively the "Group") for
the two consecutive years ended respectively on 31 March 2003
and on 31 March 2004; and (b) of his personal reasons.
As a result, Mr. Tsui has also resigned from all his other
directorships within the Group.
Mr. Tsui further confirmed to the Board that he has no
disagreement with the Board and is not aware of any matters that
should be brought to the attention of The Stock Exchange of Hong
Kong Limited and the shareholders of the Company in connection
with his resignation.
Mr. Chan Hoi Chiu, one of the remaining Executive Directors,
will be appointed as Compliance Officer and Authorized
Representative of the Company with effect from 28 July 2004. The
other Authorized Representative is Mr. Yeung Kam Yan, an
Executive Director of the Company.
The Board would like to take this opportunity to express its
appreciation to Mr. Tsui for contributions towards the Company.
On behalf of the Board
Chan Hon Chiu
Executive Director
Hong Kong, 28 July 2004
CONTACT:
Grandy Corporation
10th Floor, Luk Kwok Centre
72 Gloucester Road, Wanchai
Hong Kong
Tel: +852 2722 4388
Fax: +852 2543 8865
E-mail: info@grandy.com.hk
GRANDY CORPORATION: Board Meeting Set for August 11
---------------------------------------------------
The Board of Directors of Grandy Corporation announced that a
meeting of the Board will be held at 10/F., Luk Kwok Centre, 72
Gloucester Road, Wanchai, Hong Kong on Wednesday, 11 August 2004
at 4 p.m. for the following purposes:
1) To receive and consider the unaudited first quarterly results
of the Company and its subsidiaries for the three months ended
30 June 2004, and to approve the draft announcement in respect
of the first quarterly results to be published on the websites
of the GEM and the Company
2) To consider payment of an interim dividend, if any;
3) To consider the closure of the Register of Members, if
necessary;
4) To transact any other business.
By Order of the Board
Wilfred Wong
Company Secretary
This Hong Kong Stock Exchange announcement is dated 27 July
2004.
HEALTH FROZEN: Issues Notice of Creditors Meeting
-------------------------------------------------
Notice is hereby given that a meeting of the creditors of Health
Frozen Foods Company Limited will be held at Conference Room,
5th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong at 2:45 p.m. on 26 August 2004 for the purposes of
considering Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and
283 of the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4 p.m. on 25
August 2004.
Rishton Trading Limited
Director
HEALTH FROZEN FOODS COMPANY LIMITED
This Quamnet Gazette announcement is dated 30 July 2004.
HERITAGE INTERNATIONAL: Narrows FY04 Net Loss to HK$20.25M
----------------------------------------------------------
Heritage International Holdings Limited announced that the
audited consolidated results of the Company and its subsidiaries
(collectively the Group) for the year ended 31 March 2004
together with the comparative figures for the corresponding
period in 2003 are as follows:
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 01/04/2003 from 01/04/2002
to 31/03/2004 to 31/03/2003
Note ($ ) ($ )
Turnover 1 : 80,307,000
53,546,000
Profit/(Loss) from Operations 2 : (12,813,000)
(5,739,000)
Finance cost 3 : (7,411,000)
(23,538,000)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (20,255,000)
(29,287,000)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 4 : (0.01) (0.02)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (20,255,000)
(29,287,000)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 27/09/2004 to
28/09/2004bdi.
Other Distribution for : -
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Note 1 :
TURNOVER
2004 2003
HK$ HK$
(restated)
Continuing operations 80,307,000 53,546,000
Discontinued operations - -
----------- -----------
80,307,000 53,546,000
=========== ===========
Comparative amount of the turnover figure for 2003 has been
reclassified to conform with the current year's presentation.
Note 2 :
LOSS FROM OPERATIONS
2004 2003
HK$ HK$
Continuing operations 12,813,000 5,739,000
Discontinued operations - -
------------ -----------
12,813,000 5,739,000
============ ===========
Note 3 :
FINANCE COSTS
2004 2003
HK$ HK$
Interest on :
Other borrowings wholly
repayable within five years 10,379,000 24,410,000
Bank loans not wholly repayable
within five years 56,000 -
------------ -------------
Total interest 10,435,000 24,410,000
Less: Interest expenses
classified as cost
of sales (3,024,000) (872,000)
------------ -------------
Total finance costs for
the year 7,411,000 23,538,000
============ =============
Note 4:
LOSS PER SHARE
(a) Basic loss per share
Basic loss per share is calculated based on (i) the net loss
from ordinary activities attributable to shareholders of
HK$20,255,000 (2003: HK$29,287,000); and (ii) the weighted
average number of 1,980,060,784 (2003: 1,194,999,043) ordinary
shares in issue during the year.
(b) Diluted loss per share
In a disclosure to the Hong Kong Stock Exchange, no diluted loss
per share amounts have been presented for the two years ended
31st March 2004 as the effect of the Company's share options and
warrants outstanding during these years were anti-dilutive.
RENREN HOLDINGS: Appoints Kong Lung Cheung as Executive Director
----------------------------------------------------------------
The Board of Directors of Renren Holdings Limited announced that
Mr. Kong Lung Cheung was appointed as Executive Director of the
Company with effect from 26th July 2004.
In a disclosure to the Hong Kong Stock Exchange, Mr. Kong, aged
29, holds a Bachelor Degree in Computer Science from the Hong
Kong Baptist University, has over 10 years experience in the
media industry and over 5 years experience in management. Mr.
Kong does not hold directorship in any listed company in Hong
Kong during the last years.
Mr. Kong's service contract did not provide for a specified
length of service period and his emoluments (including bonus)
shall be determined by the Board. Mr. Kong does not have any
relationship with any Directors, senior management or
substantial or controlling shareholders of the Company and does
not have any interests in the shares of the Company.
As at the date of this announcement (upon the above changes in
directors), the directors of the Company are as follows:
Mr. Mak Chi Yeung, Chairman
Mr. Cheng Wai Keung, Executive Director
Mr. Kong Lung Cheung, Executive Director
Mr. Lo Chi Man, Independent Non-Executive Director
Mr. Wong Kwong Lung, Independent Non-Executive Director
Renren Holdings Limited incurred a net loss of HK$100.785
million for 2003, versus a net loss of HK$89.333 million a year
earlier, TCR-AP reported in its 84th edition.
On behalf of the Board
Renren Holdings Limited
Mak Chi Yeung
Chairman
Hong Kong, 29th July 2004
=================
I N D O N E S I A
=================
BANK PERMATA: Government Changes Divestment Scheme
--------------------------------------------------
To the dismay of several investors, the Indonesian government
has revised its Bank Permata divestment plan by allocating only
a 51-percent stake to strategic investors, The Jakarta Post
reports.
In order to gain optimum profit from the Permata sale, the state
decided to divest 51 percent through a strategic deal instead of
the proposed 71 percent favored by most investors. The remaining
20 percent will then be disposed later through market placement.
According to Minister of State Enterprises Laksamana Sukardi,
the state would gain maximally under the new plan "as the share
price of the bank on the stock market was expected to increase
after it was acquired by a strategic investor."
The state had earlier planned to sell 71 percent of its Permata
shares through state asset management agency PT Perusahaan
Pengelola Aset by the end of this year to help plug the
country's widening budget deficit.
PPA, which has already received letters of interests from 42
foreign and local investors, will announce the winning bidder on
August 13.
Bank Mandiri, Bank Rakyat Indonesia, Bank Panin, Bank Buana,
Bank Danamon, Bank Artha Graha and Bank Niaga are among the list
of local investors eyeing the Permata sale.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
PERTAMINA: Government Pays US$261M Fuel Subsidy
-----------------------------------------------
The Indonesian government has reimbursed IDR2.38 trillion
(US$261 million) of its IDR5.1 trillion fuel subsidy obligation
to PT Pertamina, Asia Pulse reports, citing Pertamina spokesman
Hanung Budya.
According to Mr. Hanung, payment of the remaining IDR2.8
trillion has yet to be decided but the state oil firm hopes to
receive the amount soon.
Pertamina will use the subsidy to pay maturing debts to oil
traders and meet bank commitments.
"The amount of the fund received by Pertamina is still far from
meeting the actual need, but at least it could improve the
company's credibility in the eyes of the banks, traders as well
as the relevant agencies," Mr. Hanung said.
CONTACT:
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
=========
J A P A N
=========
FUJITSU LIMITED: Posts Q1 Financial Results
-------------------------------------------
Fujitsu Limited, a leader in customer-focused IT and
communications solutions for the global marketplace, posted
Thursday consolidated net sales of 1,008.1 billion yen
(approximately US$9,249 million*) for the first quarter of
fiscal 2004 (April 1, 2004 - June 30, 2004), an increase of 7.4%
over the same period last year. Although first-quarter sales in
the Software & Services segment rose only slightly year-on-year,
sales of semiconductors, hard disk drives and plasma display
panels increased significantly. Sales also rebounded sharply in
servers, mobile and IP networks and other categories in
Fujitsu's Platforms segment.
Because of the seasonality of IT spending patterns in Japan,
Fujitsu has typically posted a consolidated operating loss in
the first quarter. However, thanks to higher sales and continued
cost-reduction measures, the company was able to narrow the
first-quarter operating loss to 4.3 billion yen (US$40 million),
a significant improvement over the 37.8 billion yen operating
loss posted in the first quarter of fiscal 2003 and its lowest
first-quarter operating loss since it began reporting quarterly
financial results.
The company posted a first-quarter consolidated net loss of 11.8
billion yen (US$109 million), a major turnaround from the 39.8
billion yen net loss recorded in the first quarter of fiscal
2003.
"We've made a solid start out of the gate in fiscal 2004, with a
substantial rebound in our Platforms businesses and better-than-
forecast results in Electronic Devices," said Fujitsu Limited
president Hiroaki Kurokawa. "Together with continuing progress
in strengthening our financial position, I believe these results
put us on track for a very strong year."
Business Segment Results
Net sales in Software & Services rose a modest 0.3% to 384.5
billion yen (US$3,528 million). Continued severe price
competition was one of several factors that negatively impacted
performance in Japan. Overseas, however, the segment was
profitable, thanks to the impact of business restructuring
initiatives undertaken last year as well as contributions from
large-scale public-sector outsourcing contracts won by Fujitsu
Services in the UK. Overall, the segment recorded an operating
loss for the quarter of 10.9 billion yen (US$101 million), a 7.3
billion yen decline in comparison with the same quarter last
year.
Net sales in the Platforms segment were 359.4 billion yen
(US$3,298 million), an increase of 15.1% over the same period
last year. Sharp advances in sales both in Japan and overseas
reflected the recovery in IT spending during the quarter. UNIX
servers and mainframes for mission-critical enterprise systems
posted particularly strong sales gains, as did financial
terminals able to accommodate new banknotes in Japan. While PC
sales were affected by declining prices, hard disk drives -
particularly those for notebook PCs - continued to enjoy strong
sales growth. Moreover, wider use of broadband networks and 3G
mobile phones resulted in increased sales of transmission
systems and mobile network base stations to handle the growth in
data loads. The Platforms segment recorded an operating loss of
7.0 billion yen (US$65 million), a major improvement of 12.3
billion yen over the comparable period last year.
In the Electronic Devices sector, continued strong demand for
logic chips and Flash memory used in mobile phones and digital
AV products, as well as for plasma display panels and liquid
crystal displays in advance of this summer's Olympic Games in
Athens, helped drive a 25.4% gain in net sales to 203.9 billion
yen (US$1,871 million). Enjoying a fourth consecutive profitable
quarter, the segment recorded operating income of 23.8 billion
yen (US$219 million), an improvement of 30 billion yen over the
same period last year.
FY 2004 Earnings Projections
Fujitsu maintained unchanged the FY 2004 full-year consolidated
earnings projections of 4,950 billion yen in net sales, 200
billion yen in operating income, and 70 billion yen in net
income that it made at the beginning of the fiscal year.
Complete information on Fujitsu's First-Quarter FY 2004
financial results, including financial tables, explanation of
results and supplementary information, may be found at:
http://www.fujitsu.com/about/ir/
Note: Yen figures are converted to US dollars for convenience
only at a uniform rate of $1 = 109 yen, the closing exchange
rate on June 30, 2004.
These materials may contain forward-looking statements that are
based on management's current views and assumptions and involve
known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results
may differ materially from those projected or implied in the
forward-looking statements due to, without limitation, the
following factors:
-General economic and market conditions in key markets
(particularly Japan, North America and Europe)
-Rapid change in the high-technology market (particularly
semiconductors, PCs, etc.)
-Fluctuations in currency exchange rates or interest rates
-Fluctuations in capital markets
-Intensifying price competition
-Changes in market positioning due to competition in R&D
-Changes in the environment for procurement of parts and
components
-Changes in competitive relationships relating to
collaborations, alliances and technical provisions
Potential emergence of unprofitable projects
About Fujitsu Limited
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.7 trillion yen
(US$45 billion) for the fiscal year ended March 31, 2004.
CONTACT:
Fujitsu Limited
Public & Investor Relations
Shiodome City Center
1-5-2 Higashi-Shimbashi Minato-ku,
Tokyo 105-7123
Japan
Tel: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
www.fujitsu.com
KANEBO LIMITED: Investors OK JPY50bln Fundraising
-------------------------------------------------
Kanebo Limited shareholders have approved a JPY50 billion
fundraising scheme in line with a revival plan to rescue the
ailing textile maker, Japan Today reports.
Because of dubious accounting practices, Kanebo has also
endorsed at an extraordinary meeting of shareholders a plan to
replace its current auditor ChuoAoyama PricewaterhouseCoopers
with Deloitte Touche Tohmatsu.
The firm is currently under a management rehabilitation program
backed by the Industrial Revitalization Corp. of Japan (IRCJ).
CONTACT:
Kanebo Limited
20-20 Kaigan 3-chome, Minato-ku
Tokyo, 108-8080
Japan
Phone: +81-3-5446-3002
Fax: +81-3-5446-3027
www.kanebo.co.jp
MATSUSHITA ELECTRIC: Q2 Profit Soars 12-fold
--------------------------------------------
Aided by robust sales of digital products, Matsushita Electric
Industrial's June quarter earnings soared more than a dozen-fold
to JPY32.82 billion, reports Japan Times.
The electronics giant saw a 19-percent growth in revenue to
JPY2.1 trillion, including the JPY350.5 billion consolidated
income of lighting and housing equipment firm Matsushita
Electric Works Limited.
Matsushita's sales of Panasonic PDP TVs and DVD recorders surged
through the three-month period, with PDP TV sales jumping 2.2-
fold to JPY45.3 billion.
CONTACT:
Mitsushita Electric Works Ltd.
Advanced Technology Research Lab
1048 Kadoma
Osaka 571-8686
Japan
Phone Number: +81(0)6-6908-5264
Fax Number: +81(0)6-6906-4631
www.mew.co.jp
MITSUBISHI MOTORS: Reports Improvement Measures Status
------------------------------------------------------
Mitsubishi Motors Corporation (MMC) submitted on Thursday its
weekly report to the Japanese Ministry of Land, Infrastructure
and Transport on the current status of recalls and other
improvement measures stemming from past "repair directives," or
so-called shiji-kaishu. Today's report is the seventh weekly
report submitted by the company.
Post-market measures for 92 cases related to past repair
directives
MMC today submitted recalls for the five additional cases
requiring post-market measures reported last week. This
finalizes submissions for all 35 cases (33 recalls, 2
improvement measures) requiring post-market measures out of the
92 cases related to past repair directives that came to light as
a result of the company's investigations stretching back to
December 1993.
MMC has confirmed that vehicles falling under the remaining 47
cases related to merchantability are not affected in terms of
safety and the company will decide on what action to take by the
end of August.
As of July 27, measures had been implemented for 14 percent of
registered vehicles for the 30 cases submitted by July 7
(compared to 10.5 percent as of the last report on July 20).
Current status of expanded investigation
MMC is currently carrying out its investigations as outlined
below based on all possible information it can gather.
MMC is investigating approximately 55,000 product information
reports it has from April 2001 to find information on defects
and decide whether post-market measures need to be taken. The
investigations include:
A reinvestigation into the appropriateness of measures already
taken.
A reinvestigation of cases that were put before the company's
meetings on countermeasures for quality issues but were deemed
to not require post-market measures.
A reinvestigation of cases where more than two defects had
occurred but the case was not included in meetings on
countermeasures for quality issues and post-market measures not
carried out.
A double check to confirm that no important information has been
overlooked in the product information reports.
The company is also looking into some 79,000 product information
reports issued before March 2001 that it has collected from
dealers. MMC has confirmed that no accidents resulting in death
have occurred. For cases where two or more incidents of the same
defect have occurred, the company in looking into the cause of
the defect and considering what action to take.
In addition to technical memos filed at dealers, MMC is checking
all related documents it has such as work requisition forms to
see if there is any information that may point to the need for
recalls or improvement measures.
A detailed analysis of the criteria used to determine the need
for post-market measures is now being conducted to ensure there
were no mistakes in the checking process. The company plans to
file a report with the Business Ethics Committee and make the
information public.
NIIMI SHOKUHIN: Enters Bankruptcy
---------------------------------
Niimi Shokuhin K.K. has entered bankruptcy, according to Teikoku
Databank America. The firm, which engaged in dried food
wholesale trade, has total liabilities of US$41.67 million. The
company is based in Hiroshima-Shi, Hiroshima 733-0833, Japan.
NISSO K.K.: Glass Maker Becomes Insolvent
-----------------------------------------
According to Teikoku Databank America, Nisso K.K. has entered
bankruptcy. The glass manufacturer, which is based in Adachi-Ku,
Tokyo 121-0815, has total liabilities of US$79.67 million.
RESONA HOLDINGS: To Provide Financial Aid To Kanebo Group
---------------------------------------------------------
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura),
Saitama Resona Bank, Ltd. (Saitama Resona Bank, President:
Tadahiro Tone) and The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank,
President: Hiroyuki Mizuta), which are the banking subsidiaries
of Resona Holdings, Inc., have decided to accede to the business
revitalization plan formulated by Kanebo Group and provide the
financial assistance to Kanebo, Ltd. and its group companies as
specified in the following. (The Industrial Revitalization
Corporation of Japan decided to provide assistance for
revitalization of Kanebo and its group companies.)
(1) Outline of Kanebo, Ltd.
Address: 17-4, Sumida 5-chome, Sumida-ku, Tokyo
Representative: Akiyoshi Nakajima
Capital: JPY31,341 million (consolidated basis)
Line of business: Manufacturing and sales of household goods,
chemicals, foods, fashion, textile and new materials
(2) Kanebo's Group Companies Receiving Financial Assistance
Kanebo Foods Co. Ltd., Kanebo Foods Hokkaido Sales Co. Ltd.,
Kanebo Foods Tokyo Sales Co. Ltd., Kanebo Foods Osaka Sales Co.
Ltd., Kanebo Foods Kyushu Co. Ltd., Kanebo Pharmaceuticals Co.
Ltd., Kanebo SPINNING Corporation Kanebo Logistics Ltd., Shop &
Shops Co. Ltd. LB Ltd. (Saitama)
(3) Type and Amount of Claims and Financial Assistance
Resona Bank: Loans JPY9.9 billion Debt forgiveness JPY2.0
billion
Kinki Osaka: Bank Loans JPY2.8 billion Debt forgiveness JPY0.5
billion
Saitama Resona Bank: Loans JPY0.1 billion Debt forgiveness None
Financial assistance is planned for the end of September 2004.
The Nara Bank, Ltd., also a banking subsidiary of Resona
Holdings, has no claims to the aforementioned Kanebo Group
companies.
(4) Impact of This Development on the Earnings Forecasts of
Resona Holdings
Loan loss reserve has already been provided for the losses
arising from the financial assistance. Therefore, the previous
earnings forecasts of Resona Holdings for the fiscal year ending
March 31, 2005, which was announced on May 24, 2004, remain
unchanged.
UFJ HOLDINGS: Sumitomo May Offer Merger Proposal
------------------------------------------------
Sumitomo Mitsui Financial Group Inc. is considering a merger
offer for troubled UFJ Holdings Inc. in efforts to counter a
similar bid from rival Mitsubishi Tokyo Financial Group Inc.
(MTFG), Japan Today says.
Osaka-based UFJ has, on July 16, started merger talks with MTFG
that would create the world's biggest bank with total assets of
US$1.7 trillion.
The merger plan received a setback this week after a Tokyo court
ordered to halt negotiations between UFJ and MTFG in favor of
Sumitomo Trust. The court ruled the talks violated an agreement
in May that Sumitomo Trust had with UFJ to buy UFJ's trust
banking operations.
Meanwhile, UFJ issued on its website the following statement in
response to media reports regarding Sumitomo's plan:
"Even though some media reported that Sumitomo Mitsui Financial
Group will propose integration discussions to the UFJ Group, we
have not been notified about the issue."
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
www.ufj.co.jp
UFJ HOLDINGS: Cancels Share Exchange Agreement
---------------------------------------------
In a press release dated July 30, 2004, UFJ Holdings, Inc. and
UFJ Tsubasa Securities Co., Ltd. announced the cancellation of
their share exchange agreement dated May 28, 2004.
In response to the substantial changes in circumstances
surrounding UFJ, including the status of discussions between UFJ
and Mitsubishi Tokyo Financial Group, Inc. regarding a possible
management integration, UFJ Holdings and UFJ Tsubasa decided to
cancel the agreement. As a result, UFJ Tsubasa will not become a
wholly owned subsidiary of UFJ Holdings on August 16, 2004, as
opposed to the previous announcement.
The procedure of submission of share certificates for UFJ
Tsubasa's shareholders is suspended today and submission
hereafter is unnecessary. The submitted share certificates will
be returned to the respective shareholders as quickly as
possible.
In addition, the delisting of UFJ Tsubasa's shares scheduled on
August 10, 2004 is planned to be cancelled. Therefore, shares of
UFJ Tsubasa will remain listed at Tokyo, Osaka, and Nagoya stock
exchanges.
This decision does not represent a change in the UFJ's strong
commitments to securities businesses. UFJ Tsubasa continues to
be positioned as UFJ's core securities company as ever. UFJ will
appreciate the understanding of the shareholders and related
parties of the both companies about this matter.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Down on DRAM Price Fall
--------------------------------------------
Shares in Hynix Semiconductor Inc. tumbled 2.91 percent to
KRW10,000 after chip prices fell in the global market, Reuters
reported on Thursday.
Spot prices of industry standard 256-megabit DDR DRAM (double
data rate dynamic random access memory) chips dropped 1.23
percent to us$4.58 late on Wednesday, chip brokerage
DRAMeXchange said.
CONTACT:
Hynix Semiconductor Incorporated
San 136-1 Ami-ri Bubal-eup Ichon-si
Gyeonggi, KYONGGI-DO 467-866
Korea (South)
Tel: +82 31 630 4114
Tel: +82 31 630 4101
KOOKMIN BANK: Bank Probe Enters Critical Stage
----------------------------------------------
The Financial Supervisory Commission (FSC) is reviewing whether
accounting irregularities at Kookmin Bank were technical or
intentional as their months-long probe draws to a close, the
Korea Times reports.
Should the FSC take punitive action against Kookmin for improper
accounting, the bank, listed on the New York Stock Exchange,
could be slapped with fines by U.S. regulators, the FSC said.
Kookmin Bank official Lee Ok-won said the bank has decided not
to make any official announcement about the allegations until
the results of the investigation are announced.
CONTACT:
Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Tel: +82 2 317 2114
Tel: +82 2 776 5637
LG CARD: Shares Up 15% After Debt-equity Swap
---------------------------------------------
LG Card shares jumped 15 percent on Thursday after creditors
completed a KRW2.55 trillion debt-for-equity swap for the ailing
card issuer, according to Reuters. Creditors also approved a
restructuring plan, under which the Company agreed to sell
assets and reduce debt.
CONTACT:
LG Card Investor Relations
10th Floor, YTN Tower
6-1 Namdaemun-ro 5-ga,
Joong-Gu, Seoul, Korea
100-800
Phone: 822-6009-7206
Fax: 822-6009-7983
===============
M A L A Y S I A
===============
AMSTEEL CORPORATION: EGM Slated for August 16
---------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Amsteel Corporation Berhad will be held at the Meeting
Hall, Level 48, Menara Citibank, 165 Jalan Ampang, 50450 Kuala
Lumpur on 16 August 2004 at 9.30 a.m., for the purpose of
considering, and if thought fit, passing the following
resolution as an Ordinary Resolution:
Proposed disposal of up to 20,002,700 ordinary shares of RM1.00
each fully paid in Boustead Properties Berhad (formerly known as
SCB Developments Berhad) for cash, representing approximately
11% of the current issued and paid-up share capital of Boustead
Properties Berhad through the open market or placements.
"THAT approval be and is hereby given for Amsteel Corporation
Berhad ("Amsteel") to dispose of up to 20,002,700 ordinary
shares of RM1.00 each fully paid in Boustead Properties Berhad
(formerly known as SCB Developments Berhad)(Boustead Properties)
(Boustead Properties Shares) (inclusive where applicable of (i)
any new shares in Boustead Properties arising from an alteration
of the existing par value of the Subject Shares pursuant to any
consolidation, subdivision or conversion of the Subject Shares,
(ii) any additional new shares in Boustead Properties arising
from an issue by Boustead Properties to its shareholders
credited as fully paid by way of capitalization of profits or
reserves, attributable to the Subject Shares, (iii) any capital
distribution by Boustead Properties to its shareholders,
attributable to the Subject Shares, and/or (iv) any entitlements
to any issue of shares or securities by Boustead Properties,
attributable to the Subject Shares) at price(s) which shall not
be more than 10% discount to the 5-day weighted average market
prices of the Boustead Properties Shares preceding the relevant
date(s) of the disposal(s) through the open market or
placement(s) (Share Disposal Mandate) AND THAT authority be and
is hereby given to the Directors of the Company to do all such
acts and things as they may consider expedient or necessary or
in the interest of the Company to give effect to the Share
Disposal Mandate and that such authority shall continue to be in
force from the date this resolution is passed until 31 December
2009."
By Order of the Board
CHAN POH LAN
WONG PHOOI LIN
Secretaries
Kuala Lumpur
Notes:
1) A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint a proxy to attend and
vote instead of him. A proxy need not be a member of the
Company. The instrument appointing a proxy must be in writing
under the hand of the appointor or his attorney duly authorized
in writing or, if the appointor is a corporation, either under
seal or the hand of an officer or attorney duly authorized.
2) An instrument appointing a proxy executed in Malaysia need
not be witnessed. The signature to an instrument appointing a
proxy executed outside Malaysia shall be attested by a
solicitor, notary public, consul or magistrate.
3) The instrument of proxy shall be deposited at the Registered
Office of the Company, Level 46, Menara Citibank, 165 Jalan
Ampang, 50450 Kuala Lumpur not less than forty-eight (48) hours
before the time for holding the Meeting.
4) Form of Proxy sent through facsimile transmission shall not
be accepted.
CONTACT:
Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 2155/2161 3166
Tel: +60 3 2162 3448
This Bursa Malaysia announcement is dated 30 July 2004.
ANCOM BERHAD: Releases Notice of Shares Buy Back
------------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on July 28, 2004.
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 7,700
Minimum price paid for each share purchased (RM): 0.825
Maximum price paid for each share purchased (RM): 0.830
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 7,700
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,893,100
Adjusted issued capital after cancellation (no. of shares)
(units) :
CONTACT:
Ancom Berhad
Pusat Dagangan Phileo Damansara 1
No 9 Jalan 6/11 OffJalan Damansara, Petaling Jaya Selangor Darul
Ehsan 43650 Malaysia
Tel: +60 3 7660 0008
Tel: +60 3 7660 0010
AVANGARDE RESOURCES: Winding up Petition Hearing Set October 22
---------------------------------------------------------------
Avangarde Resources Berhad announced that on 29 July 2004 the
Company received a winding-up Petition No. D7-28-489-2004 to the
Kuala Lumpur High Court from Wood Products Sdn Bhd for a claim
of RM390,128.06.
In a disclosure to the Bursa Malaysia Securities Berhad, the
said Petition is fixed for hearing on 22 October 2004 and was
handed to the solicitor, M/S C.L. Chin & Associates for further
action.
The Solicitors advised that there are bona fide disputes to the
alleged claim and the same is in the process to apply on behalf
of the Company to defend the Petition.
CONSOLIDATED FARMS: Packerman Sdn Files Suit Against Firm
---------------------------------------------------------
The Board of Directors of Consolidated Farms Berhad announced
that the Company, had been named as defendant in Writ of Summon,
dated 9 July 2004, filed by Packerman Sdn Bhd (Packerman) in the
Session Court of Melaka and served on Confarm, on 28 July 2004.
The suit is in respect of goods sold and delivered to Confarm.
Packerman had claimed for the amount of RM30,250.00 from
Confarm, together with interest of 1.5% per month, from 21 June,
2004 until full resolution, costs and any other relief to be
granted by the Court.
The Company had appointed lawyers to defend the suit. The
Company will seek the indulgence of the plaintiff for an
abeyance in the proceedings pending the review by the Board of
Directors of Confarm to ascertain its financial position before
deciding the way forward for the Confarm Group.
This Bursa Malaysia announcement is dated 28 July 2004.
CSM CORPORATION: Enters Purchase Agreement with Jutawin Sdn
-----------------------------------------------------------
The Board of Directors of CSM Corporation Berhad has on 29 July
2004 entered into a Sale and Purchase Agreement (SPA) with
Jutawin Sdn Berhad for the disposal of the Company's property
held under title No. Geran 2012, Lot No. 2209, Town and District
of Kuala Terengganu in the State of Terengaganu Darul Iman.
DETAILS OF THE PROPERTY
The Property is a piece of vacant freehold land measuring
approximately 1,995.1 square metres held under Title No. Geran
2012, Lot No. 2209, Town and District of Kuala Terengganu in the
State of Terengganu Darul Iman. The Property has been charged to
Bank Islam Malaysia Berhad (BIMB) in 1999 for the purpose of
securing banking facilities granted by BIMB to CSM Trading Sdn
Bhd, a wholly-owned subsidiary of the Company.
DETAILS OF THE DISPOSAL
Salient Terms and Conditions of the SPA
The Property shall be sold to the Purchaser free from all
encumbrances at a purchase consideration of RM500,000.00
(Ringgit Malaysia Five Hundred Thousand) Only (the Purchase
Consideration) subject to the following salient terms and
conditions:
Mode of Payment
The Purchase Consideration shall be payable by the Purchaser by
way of a bank draft made in favor of BIMB to be deposited with
the Company's Solicitors prior to or upon the date of the SPA.
The Company's Solicitors are authorized to release the Purchase
Consideration to BIMB immediately upon the execution and
stamping of the SPA on condition that BIMB has issued its
irrevocable letter of undertaking to refund the Purchase
Consideration (without interest) to the Purchaser in the event
the Property is not transferred to the Purchaser free from
encumbrances for whatever reasons by the Completion Date
(hereinafter defined) of the SPA and in such circumstance, the
SPA shall be null and void and thereafter, neither parties shall
have any recourse or claims against one another.
Utilization of Proceeds
The Purchase Consideration shall be applied by BIMB to set-off
against that part of the principal sum of the debts equivalent
to the Purchase Consideration owing by the Company and/or its
subsidiary(ies) to BIMB.
Completion Date
The Completion Date of the SPA shall be two (2) months from the
date thereof, subject to such extension of time as shall be
mutually agreed upon between the parties.
BASIS OF CONSIDERATION
The Purchase Consideration was arrived at on a willing-buyer-
willing-seller basis with the condition that the Purchaser shall
make full payment directly to BIMB prior to the transfer of the
Property to the Purchaser.
FINANCIAL EFFECT OF THE DISPOSAL ON THE COMPANY
Share Capital
The Disposal will not have any effect on the share capital of
the Company.
Substantial Shareholders' Shareholding
The Disposal will not have any effect on the substantial
shareholders' shareholding of the Company.
Other Financial Effects
The Disposal is not expected to result in a material gain for
the Company for the financial year ending 31 December 2004. As
such, the Disposal has no significant impact on the financial
results of the CSM group for the financial year ending 31
December 2004.
LIABILITIES TO BE ASSUMED
There are no liabilities to be assumed by the Company.
ORIGINAL COST OF INVESTMENT AND DATE OF INVESTMENT
The Company acquired the Property in 1974 and the land cost of
the Property is RM345,000.00.
APPROVALS REQUIRED
The Disposal is not subject to the approval of the shareholders
of the Company and any relevant government authorities.
RATIONALE OF THE DISPOSAL
The Purchase Consideration will be utilized to set-off against
the amount owing by the Company and/or its subsidiary(ies) to
BIMB and henceforth reduce the liabilities of the Company.
DIRECTORS' AND/OR MAJOR SHAREHOLDERS' AND/OR CONNECTED PERSONS'
INTERESTS
None of the Directors, major shareholders and/or persons
connected to them have any interests in the Disposal.
DIRECTORS' STATEMENT
The Board of Directors of the Company is of the opinion that the
Disposal is in the best interest of the Company.
DOCUMENTS FOR INSPECTION
The SPA is available for inspection at the registered office of
the Company at Suite 8.2, 8th Floor, Menara CSM, Jalan Semangat,
46100 Petaling Jaya, Selangor Darul Ehsan during normal office
hours from Monday to Friday (except public holidays) for a
period of three (3) months from the date of this announcement.
CONTACT:
CSM Corporation Berhad
Jalan Semangat
Petaling Jaya, 46100
Malaysia
Tel: +60 3 7958 8888
Tel: +60 3 7958 1289
This Bursa Malaysia announcement is dated 29 July 2004.
GULA PERAK: Issues Notice of Director's Interests
-------------------------------------------------
Gula Perak Berhad (GPB) has received the following notification
from Tan Sri Dato' Lim Cheng Pow, a Director of the Company,
that he has an intention to deal in the securities of GPB during
the closed period:
"I, Tan Sri Dato' Lim Cheng Pow, a director of GPB, hereby
declare that I have the following interest in GPB as at 29 July
2004.
Securities Direct Interest % of Shares
Ordinary Shares @ RM1.00 32,598,000 12.63%
In compliance with Paragraph 14.08 of the Listing Requirements
of Bursa Malaysia Securities Berhad (Bursa Malaysia) in relation
to directors' dealing in the securities of their public listed
companies during the closed period, I wish to inform Bursa
Malaysia that I intend to deal in the securities of GPB through
the stockbrokers during the closed period pending the
announcements by GPB of its result for the first quarter ended
30 June 2004."
Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.
CONTACT:
Gula Perak Berhad
218 Jalan Ipoh
Kuala Lumpur, 51200
MALAYSIA
+60 3 4044 2828
+60 3 4044 6688
This Bursa Malaysia announcement is dated 29 July 2004.
INTAN UTILITIES: Units Default in Payments
------------------------------------------
Further to the announcement dated 28 June 2004 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors of Intan
Utilities Berhad announced the summary of the borrowings in
default and the steps taken to address the defaults by IDS
Electronics Sdn. Bhd. and IDS Technology Sdn Bhd, 69 percent
effectively-owned subsidiaries of Intan Utilities Berhad.
For more details, go to
http://bankrupt.com/misc/tcrap_Intan073004.xls
JOHAN HOLDINGS: Shareholders OK AGM Resolutions
-----------------------------------------------
Johan Holdings Berhad announced that at the Annual General
Meeting (AGM) held on Wednesday 28 July 2004, shareholders in
attendance have unanimously approved all the resolutions
transacted under ordinary business and special business as set
out in the notice of the AGM.
CONTACT:
Johan Holdings Berhad
Suite 4.2, Level 4, Block C, Plaza Damansara,
No. 45, Jalan Medan Setia 1, Bukit Damansara,
50490 Kuala Lumpur, MALAYSIA.
Tel: 603-252 1858
Fax: 603-252 2812
E-mail: jhb@johanholdings.com.my
NAIM INDAH: Unveils Capital Reconstruction Scheme
-------------------------------------------------
The Bursa Malaysia Securities Berhad announced that Naim Indah
Corporation Berhad (NICB) has resolved to fix the Effective Date
for the Par Value of Each Existing NICB Ordinary Share of RM1.00
Each in Issue on 17 August 2004 at 9 o'clock in the morning.
The Capital Reconstruction would create a credit amounting to
approximately RM468.031 million which will be utilized to set
off the accumulated losses of the Company. Accordingly, the
accumulated losses of the Company shall be reduced from
approximately RM479.877 million as at 31 December 2003 to
approximately RM11.846 million which will be more manageable,
thus, better reflecting the present value of the NICB Group.
With effect from 9.00 a.m. on 17 August 2004, the par value of
the ordinary shares of NICB shall be reduced from RM1.00 per
share to RM0.20 per share pursuant to the NICB Par Value
Reduction. Shareholders of the Company should note that the NICB
Par Value Reduction does not affect the number or the rights
attaching to the ordinary shares held by all shareholders of the
Company. All of the ordinary shares in NICB standing to the
credit of the securities accounts of the shareholders shall be
unaffected, except for the reduction in the par value from
RM1.00 to RM0.20 per share.
The market price for the ordinary shares of NICB will not be
adjusted on the Effective Date as the Capital Reconstruction
does not constitute an entitlement to the shareholders.
Consequent to the NICB Par Value Reduction, the Conversion Price
of the 0.5% Irredeemable Convertible Unsecured Loan Stocks
2003/2006 ("ICULS") in NICB will be adjusted from RM1.00 for one
(1) new ordinary share in NICB to RM0.20 for one (1) new
ordinary share in NICB. The aforesaid adjustment shall take
place on the close of business on the market day immediately
preceding the Effective Date i.e. 16 August 2004 at 5.00 p.m.
A Notice to the Shareholders relating to the NICB Par Value
Reduction and a Notice to the ICULS holders relating to the
adjustment to the conversion price of the ICULS of the Company
will be dispatched in due course and no action is required to be
taken by them.
c.c. Attn : En. Kris Azman Abdullah
Securities Commission
CONTACT:
Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
MALAYSIA
Phone: +60 3 4043 9411
This Bursa Malaysia announcement is dated 28 July 2004.
NAM FATT: Completes Purchase Deal With Light Flair
--------------------------------------------------
Further to the announcement dated 10 February 2004, Hwang-DBS
Securities Berhad, on behalf of the Board of Directors of Nam
Fatt Corporation Berhad, announced that, in accordance with the
terms of the Sale and Purchase Agreement between Nam Fatt and
Light Flair Sdn Berhad dated 10 December 2003, the Proposed
Disposal is now deemed completed.
CONTACT:
Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
MALAYSIA
Tel: +60 3342 0766
Tel: +60 3342 7830
This Bursa Malaysia announcement is dated 28 July 2004.
OILCORP BERHAD: Bursa Malaysia Rejects Share Split Proposal
-----------------------------------------------------------
Hwang-DBS Securities Berhad refers to Oilcorp Berhad's
announcement dated 17 June 2004 in relation to the following
proposals:
Proposed share split of one (1) existing ordinary share of
RM1.00 each in Oilcorp into two (2) new ordinary shares of
RM0.50 each (Proposed Share Split); and
Proposed amendments to the memorandum of association of Oilcorp
(Proposed Memorandum Amendments)
In Section 8 of the said announcement, it was stated that
OilCorp group has negative revenue reserve of RM25.6 million and
RM23.5 million based on its audited financial statements for the
financial year ended 31 December 2003 and the quarterly
unaudited report for the three (3) months ended 31 March 2004
respectively. The negative revenue reserve of OilCorp arose
solely from the one-off corporate cost written off in respect of
the debt restructuring of Abrar Corporation Berhad which was
completed on 5 August 2003.
Based on the above, OilCorp does not comply with Paragraph
13.06(b) of the Listing Requirements of Bursa Malaysia
Securities Berhad (Bursa Securities) which state that "The
Listed Issuer must comply with the following:-...(b) the issued
and paid-up capital of the Listed Issuer must be unimpaired by
losses on a consolidated basis, where applicable, based on the
Listed Issuer's latest audited accounts as well as its latest
quarterly report as required by paragraph 9.22;...".
Based on the above departure from the Listing Requirements, it
was also announced that it is the intention of the Board of
Directors of OilCorp to seek a waiver from Bursa Securities for
non-compliance with the abovementioned criterion.
On behalf of OilCorp, Hwang-DBS Securities Berhad wishes to
announce that Bursa Malaysia Securities Berhad, vide its letter
dated 27 July 2004, did not approve the Proposed Share Split and
the application for waiver for non-compliance with the Listing
Requirements.
The Board of Directors of OilCorp is currently deliberating on
the decision of Bursa Securities.
CONTACT:
Oilcorp Berhad
No 2-2 Jalan SS 6/6 Kelana Jaya
47301 Petaling Jaya Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 7804 4843
OLYMPIA INDUSTRIES: Signs Rights Underwriting Pacts
---------------------------------------------------
On behalf of Olympia Industries Berhad, Southern Investment Bank
Berhad (SIBB) announced that the Company had on 29 July 2004
entered into an underwriting agreement with SIBB, OSK Securities
Berhad, M&A Securities Sdn Bhd and TA Securities Berhad in
relation to the underwriting of the open portion of 91,798,206
Rights Shares, which represents 90.28% of the total Rights
Shares to be issued pursuant to the Rights Issue with Warrants.
The Rights Issue with Warrants forms part of the Restructuring
Scheme of OIB. Together with the major shareholder's undertaking
for the balance of 9.72% of the Rights Shares, all the Rights
Shares under the Rights Issue with Warrants are fully
underwritten.
The renounceable rights issue of 101,676,239 new ordinary shares
of RM1.00 each in OIB (Rights Shares) with 101,676,239 five (5)-
year free detachable warrants 2004/2009 (Warrants) on the basis
of two (2) new Rights Shares with two (2) Warrants for each
existing ordinary share of RM1.00 held in OIB (subsequent to the
Capital Reduction and Capital Consolidation) at an issue price
of RM1.00 per Rights Share (Rights Issue with Warrants).
CONTACT:
Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Tel: +60 3 2070 0033
Tel: +60 3 2070 0011
This Bursa Malaysia announcement is dated 29 July 2004.
PANTAI HOLDINGS: Purchases 69,000 Ordinary Shares on Buy Back
-------------------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on July 28, 2004.
Date of buy back: 28/07/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 69,000
Minimum price paid for each share purchased (RM): 0.900
Maximum price paid for each share purchased (RM): 0.915
Total consideration paid (RM): 63,039.60
Number of shares purchased retained in treasury (units): 69,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 21,215,600
Adjusted issued capital after cancellation (no. of shares)
(units)
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Tel: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
SELOGA HOLDINGS: Buys 450,000 Ordinary Shares in SESB
-----------------------------------------------------
The Board of Seloga Holdings Berhad (SHB) announced that the
Company has on 26 July 2004 subscribed for 450,000 ordinary
shares of RM1.00 in the capital of Seloga Engineering Sdn. Bhd.
(SESB), which is 100% owned by Seloga Jaya Sdn. Bhd. (SJSB), a
wholly owned subsidiary of SHB.
Further, the entire equity interest comprising of 300,000
ordinary shares of RM1.00 in the capital SESB held by SJSB, will
be transferred to SHB on 29 July 2004.
Upon completion of the transfer from SJSB to SHB, SESB will
become a direct wholly owned subsidiary SHB.
These internal transactions are not expected to have any
financial impact on the earnings or net tangible assets per
share of SHB for the year ending 31 December 2004.
CONTACT:
Seloga Holdings Berhad
No 1 Jalan USJ 10/1A UEP Subang Jaya
47620 Petaling Jaya Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 2274 7788
This Bursa Malaysia announcement is dated 29 July 2004.
SRIWANI HOLDINGS: Issues Litigation Update
------------------------------------------
Bursa Malaysia Securities Berhad refers to the Sriwani Holdings
Berhad announcement dated 12 April 2004 pertaining to the suit
by Eden Enterprises (M) Berhad against Sriwani Duty Free Centre
(Langkawi) Sdn Bhd, a wholly owned subsidiary of Sriwani.
Sriwani announced that Eden Enterprises has on 25 July 2004
filed an application in the Alor Setar High Court to discontinue
the aforementioned suit and such application is pending a
hearing date.
CONTACT:
Sriwani Holdings Berhad
418 Chulia Street
Penang, 10200
MALAYSIA
Tel: +60 4 262 8535
Tel: +60 4 261 4076
This Bursa Malaysia announcement is dated 28 July 2004.
TANJONG PUBLIC: Posts Principal Officer's Open Period Dealings
--------------------------------------------------------------
Tanjong Public Limited Company has been notified of the
following dealings by Yin Yee Yuen, a Principal Officer of the
Company pursuant to Paragraph 14.09 (a) of the Listing
Requirements of Bursa Securities:
1) Notification on 28 July 2004:
(a) (i) That he has disposed in the open market of the Bursa
Securities, 5,000 shares of 7.5 pence each in Tanjong
representing 0.0012% of the issued share capital of Tanjong as
at the date of the transaction;
(ii) Date of transaction - 27 July 2004; and
(iii) Transaction price - RM12.50 per share of 7.5 pence each.
(b) (i) That he has disposed in the open market of the Bursa
Securities, 5,000 shares of 7.5 pence each in Tanjong
representing 0.0012% of the issued share capital of Tanjong as
at the date of the transaction;
(ii) Date of transaction - 27 July 2004; and
(iii) Transaction price - RM12.60 per share of 7.5 pence each
CONTACT:
Tanjong PLC
Kuala Lumpur City Centre
Kuala Lumpur, 50088
MALAYSIA
Tel: +60 3 381 3388
Tel: +60 3 381 3399
This Bursa Malaysia announcement is dated 30 July 2004.
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: Issues Clarification to News Article
-----------------------------------------------------
Manila Electric Co. (Meralco) issued to the Philippine Stock
Exchange a clarification to the news article entitled "Appeals
court rules vs Meralco rate hike" published in the July 30, 2004
issue of the BusinessWorld (Internet Edition). The article
reported that:
"The Court of Appeals yesterday reversed the Energy Regulatory
Commission (ERC) ruling that allowed the Manila Electric Company
(Meralco) to raise its electricity price by 17 centavos per
kilowatt-hour in June last year. The court said ERC should have
first required the audit of Meralco's books and accounts before
it was allowed to break down or undbundle its charges and then
to raise them.
In a 33-page decision penned by Associate Justice Martin
Villarama, Jr., the appeals court ordered the return of the case
to ERC, as it also directed the Commission on Audit (CoA) to
check the books, records, and accounts of Meralco."
Manila Electric Company (MER) provided the Exchange the attached
SEC Form 17-C dated July 30, 2004, to clarify the above-
mentioned news article.
To view full copy of the SEC Form, click
http://bankrupt.com/misc/manilaelectric073004.pdf
CONTACT:
MANILA ELECTRIC CO.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
Email Address: corcom@meralco.com.ph
Website: http://www.meralco.com.ph
NATIONAL POWER: Saves PHP50Mln On Insurance Policy
--------------------------------------------------
National Power Corp.'s (Napocor) bidding for its 2004 to 2005
insurance requirements resulted in a PHP50 million savings for
the power firm, BusinessWorld reports.
According to Senior Vice-President for corporate services Roland
S. Quilala, the bulk of the savings can be attributed to
Napocor's Industrial All-Risks (IAR) insurance policy, which
cost Napocor US$14.1 million this year, a significant decrease
from the US$14.7-million premium the firm paid last year.
Mr. Quilala said the power firm was able to negotiate a lower
price for its IAR after the interagency Joint Bidding Committee,
which oversaw the bidding for the insurance policy, sought
tenders for its insurance requirements. The Committee is made up
of the Department of Finance, Napocor, GSIS and the Department
of Energy.
"As a rule, our IAR costs go up every year, because this policy
covers Napocor assets [the power plants, the substations,
various buildings, and machinery and equipment] which naturally
depreciate every year. But through the JBC [Joint Bidding
Committee], we were able to get a very competitive price for our
IAR insurance policy this year," BusinessWorld quoted Mr.
Quilala as saying.
NATIONAL POWER: Masinloc Plant Has Four "Serious Bidders"
---------------------------------------------------------
Four out of 17 foreign investors are considered serious bidders
for National Power Corp.'s (Napocor) 600-megawatt Masinloc power
plant, the BusinessWorld reports.
Energy Secretary Vincent S. Perez Jr. said four investors were
initially considered by the Power Sector Assets and Liabilities
Management Corp. (PSALM) as serious bidders while another four
were deemed equally serious but had concerns which were
subsequently addressed by the PSALM board. Bid procedures were
distributed on Thursday upon approval by the board.
Companies from India, Japan, Korea, the U.S. and Southeast Asia
have submitted letters of intent to participate in the plant
sale.
Masinloc will be sold as a merchant plant without any power sale
contract and would be sold free of debt. But as an incentive,
investors would have to pay only 40 percent of the price at the
time of any deal, deferring the remaining 60 percent over a
period of about seven years.
The Power Sector Assets and Liabilities Management Corp. (PSALM)
has set an August 18 deadline for the submission of letters of
intent. A pre-bidding conference is scheduled in September,
while the actual bidding is on October 27.
The government aims to raise up to US$5 billion by the end of
2005 by selling Napocor-owned power plants and grids.
NATIONAL STEEL: PHP700Mln in Back Taxes Stall Sale
--------------------------------------------------
National Steel Corp. (NSC) will not reopen until the real estate
tax of about PHP700 million payable to Iligan City is settled,
according to BusinessWorld.
Creditor-banks would have wanted to complete NSC's sale last
Friday but neither the banks nor the buyer want to pay the back
tax, sources said. Consequently, the deadline for the signing of
NSC's asset purchase agreement has been extended by another 45
days, sources added.
Philippine National Bank President Lorenzo V. Tan said the real
estate tax issue could be the biggest obstacle to NSC's sale
because neither the banks nor new NSC's owners, Global
Infrastructure Holdings, Ltd., want to foot the bill.
NSC's back taxes were supposed to be written off because the
Iligan City government, under then-Mayor Franklin M. Quijano,
was open to the idea. But Mayor Quijano lost to his former vice
mayor, Lawrence Lluch Cruz, in last May's elections. New
negotiations are therefore needed, said Mr. Tan.
Further delaying the NSC sale is the objection of the steel
mill's Malaysian stockholder, Pengurusan Danaharta Nasional
Berhad, to the asset purchase agreement for still unknown
reasons.
Land Bank of the Philippines, another major creditor, said that
under a November 2002 agreement, Danaharta could not oppose the
sale if NSC were to be sold for more than 80 percent of its
appraised value.
PILIPINO TELEPHONE: Furnishes PSE With A Copy of SEC Form 18-A
--------------------------------------------------------------
Pilipino Telephone Company (Piltel) furnished the Philippine
Stock Exchange (PSE) a copy of its Amended SEC Form 18-A (Report
by Owner of More Than Five Percent), containing the following
update:
"In a letter dated July 19, 2004, a copy of which was received
by SMART on July 26, 2004, the Securities and Exchange
Commission (the `Commission') informed SMART that, in its
meeting of July 13, 2004, the Commission resolved to confirm the
position of SMART that the issuance of Eight Hundred Twenty
Million Two Hundred Fifty Thousand (820,250,000) shares of
common stock of PILTEL, equivalent to 32.7 percent of total
outstanding shares of common stock of PILTEL after the Tranche 1
Conversion will not trigger the mandatory tender offer
requirement under Section 19 of the Securities Regulation Code
(SRC).
The Commission resolved to confirm the above position of SMART
upon consideration of the following grounds:
(i) The existing available underlying common shares of PILTEL
can accommodate a conversion of preferred shares of only up to
32.8 percent of the total outstanding stock of PILTEL;
(ii) The conversion of the remaining preferred shares (i.e. the
Preferred-K Conversion Shares') shall be made through an
increase in authorized capital stock which is exempt from
mandatory tender offer, per paragraph 3(A) (ii) of the SRC Rule
19.
"Given the above, upon conversion of the Preferred-K Conversion
Shares into the Common Exchange Shares, SMART does not intend to
make a tender offer for the shares held by the remaining holders
of shares of common stock of PILTEL."
CONTACT:
Pilipino Telephone Corp.
25/F, Smart Tower
6799 Ayala Ave., Makati City
Telephone Numbers: 511-6121/6241
Fax Number: 817-3345
Email Address: dntan@smart.com.ph
PHILIPPINE LONG: Unit Expands Services to 10 Asian Countries
------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) unit Asia Cellular
Satellite (ACeS) has tied up with national carriers and
international distributors to expand its satellite services to
the Asia Pacific region, BusinessWorld reveals.
AceS, which is 20-percent owned by PLDT, will open its satellite
service in Sri Lanka, Palau, Malaysia, Hong Kong, Singapore,
Taiwan, Japan, China, Nepal and Papua New Guinea.
"We have established a niche market in the Philippine maritime
industry. We are now forging partnerships with
telecommunications companies and international distributors
within the footprint of ACeS satellite," BusinessWorld quoted
Tina Z. Mariano, public access department head of Smart
Communications, Inc., as saying. Smart Communications manages
ACeS Philippines Cellular Satellite Corporation.
ACeS satellite's footprint covers 11 million square miles in the
Asia-Pacific region. It can reach as far as Pakistan in the
west, China, Japan and Korea up north, and Indonesia and Papua
New Guinea in the south, the BusinessWorld report stated.
ACeS started operations in 2001 with facilities in the
Philippines, Indonesia and Thailand.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Website: http://www.pldt.com.ph
* S&P Assigns `BB' Rating On Philippines' Foreign Currency
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed on Thursday its
long-term foreign currency sovereign credit rating on the
Republic of the Philippines at 'BB'.
At the same time, Standard & Poor's lowered its long-term local
currency rating to 'BBB-' from 'BBB', and affirmed the 'B'
short-term foreign currency and the short-term local currency
rating of 'A-3'. The outlook on the long-term ratings is stable.
The affirmation of the long-term foreign currency rating takes
into account the country's satisfactory external liquidity
position, which is underpinned by the stable inflow of overseas
remittances.
"The Philippines' short-term liquidity risk is moderate and
compares favorably with its peers," said Standard & Poor's
credit analyst Agost Benard, associate director in the Sovereign
& International Public Finance Ratings Group. The country's
reserves provide short-term debt coverage of about 270 percent,
and the ratio of gross financing requirement (current account,
short-term debt, and amortization) to reserves is projected at
54 percent this year.
"The downgrade in the local currency rating reflects the
elevated risk of the large general government debt limiting
fiscal flexibility, given the possible rise in interest rates,
and the country's shallow capital markets, which have a limited
capacity to absorb more debt," said Mr. Benard. "This also
implies an increased risk of crowding out private sector
investment, which has been struggling to regain momentum since
the 1997 Asian financial crisis, and a consequent impairment of
future growth prospects."
The stable outlook reflects the expectation that the new
administration will slowly reverse the erosion of public
finances witnessed in recent years. "Following her re-election,
President Gloria Macapagal Arroyo is in a stronger position to
move boldly on reforms in the fiscal and power sector areas,"
added Mr. Benard. "Nevertheless, our optimism is somewhat
tempered by the knowledge that most of the measures required to
turn around public finances will be politically difficult, and
that legislative and implementation risks persist."
=================
S I N G A P O R E
=================
CHINA INFORMATION: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a petition for the winding up of
China Information Centre (Singapore) Pte Ltd. by the High Court
was, on July 22, 2004, presented by Jin Jiang International
Hotel Management Corporation (formerly known as Jin Jiang
International Management Corporation) of 51 Guang Dong Road,
Shanghai 200002, China, a judgment creditor.
The petition will be heard before the Court sitting at the High
Court in Singapore at 10.00 o'clock in the forenoon on the 13th
day of August 2004.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the company requiring the same by the
undersigned on payment of the regulated charge for the same.
The Petitioner's address is 51 Guang Dong Road, Shanghai 200002,
China.
The Petitioner's solicitors are Messrs BL TOK & CO. of 47 Hill
Street, #06-09 Chinese Chamber of Commerce & Industry Building,
Singapore 179365.
Messrs BL TOK & CO.
Solicitors for the Petitioner.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs BL TOK & CO.,
notice in writing of his intention to do so. The notice must
state the name and address of the person, or if a firm, his or
their solicitor (if any) and must be served, or if posted, must
be sent by post in sufficient time to reach the above named not
later than 12.00 o'clock noon of the 12th day of August 2004.
DIGI BUILDER: Winding Up Order Made
-----------------------------------
In the Matter of DIGI BUILDER PTE LTD., a Winding Up Order was
made on July 23, 2004.
Name and address of Liquidators: Kung Seah Lim
Messrs Kung Seah Lim & Co
336 Smith Street
#05-310 New Bridge Centre
Singapore 050336.
Dominion LLC
Solicitors for the Petitioners.
This Singapore Government Gazette announcement is dated July 27,
2004.
FUSTAR CHEMICALS: Creditors To Prove Debts by September 1
---------------------------------------------------------
Notice is hereby given that the creditors of Fustar Chemicals
Pte Ltd, which is being wound up voluntarily, are required on or
before the 1st day of September 2004 to send in their names and
addresses, and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
Liquidator of the said Company at 545 Orchard Road, #11-07 Far
East Shopping Centre, Singapore 238882.
If so required by notice in writing from the said Liquidator,
they are required by their solicitors or personally, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice. In default thereof, they will
be excluded from the benefit of any distribution made before
such debts are proved.
Ong Soo Hwa
Liquidator.
This Singapore Government Gazette announcement is dated July 30,
2004.
INFORMATICS HOLDINGS: Announces Corrigendum to Annual Report
------------------------------------------------------------
The Board of Directors of Informatics Holdings Ltd refers to the
Company's Annual Report 2004, which was dispatched to
shareholders on 15 July 2004. The Board wishes to clarify that
there were some printing errors on page 18, the section entitled
"Board of Directors" - the name of a Director, Mr Anderson Tang
Siu Ki was inadvertently omitted and should be inserted.
Please also refer to the attachment, which sets out
supplementary information for Note 34 of the Notes to the
Financial Statements on pages 88 and 89 of the Company's Annual
Report 2004.
By Order Of The Board
Raymond Quek Hiong How
Singapore
This Singapore Stock Exchange announcement is dated July 29,
2004.
CONTACT:
Informatics Building
5 International Business Park
Singapore 609914
Phone No: +65 6560 0003
Fax No: +65 6665 3605
INFORMATICS HOLDINGS: Announces Result of 21st AGM
--------------------------------------------------
The Board of Directors of Informatics Holdings Ltd wishes to
announce that all resolutions set forth in the Notice of the
Twenty-First Annual General Meeting of the Company dated July
13, 2004 were duly passed by the shareholders.
On behalf of the Board
Michael Tay Kwang How
Company Secretary
This announcement is submitted to the Singapore Stock Exchange
on July 30, 2004.
INTERNATIONAL XCEL: Holds Final Meeting on August 21
----------------------------------------------------
Pursuant to section 308 (2) of the Companies Act, Cap. 50, a
Final Meeting of the Members of International Xcel Supply.com
Pte Ltd (in member's voluntary liquidation) will be held at 1
Scotts Road, #21-07/08/09 Shaw Centre, Singapore 228208 on 31
August 2004 at 10.00 a.m. for the purposes as stated in section
308 of the Companies Act, Cap. 50.
Madam Chia Lay Beng
Mr Lok Lai Cheng
Liquidators.
NOTE: A member entitled to attend and vote at the General
Meeting is entitled to appoint a Proxy to attend and vote on his
behalf and such Proxy need not be a member of the Company. The
Form of Proxy must be deposited at the Liquidators' Office not
less than 48 hours before the time appointed for holding the
Meeting or adjourned Meeting.
This announcement is dated July 30, 2004.
KOH HAN: Court Hears Winding Up Petition
----------------------------------------
Notice is hereby given that a Petition for the Winding Up of Koh
Han Kok Private Limited by the High Court was, on July 22, 2004,
presented by Jimmy Koh of 63 Oriole Crescent, Singapore 288654
and Ang Gim Lian of 7 Rivervale Crescent #12-17, Singapore
545085 (acting as the Administrators for the Estate of See Tsai
Ying (Mrs Koh Han Kok) deceased), a Creditor.
The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 a.m. on August
13, 2004.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the said Petition
may appear at the time of hearing by himself or his Counsel for
that purpose, and a copy of the Petition will be furnished to
any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.
The Petitioners' address is No. 80 Raffles Place, UOB Plaza,
Singapore 048624.
The Petitioners' solicitors are Messrs Wong Partnership of No.
80 Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.
Messrs Wong Partnership
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Wong Partnership of No. 80 Raffles Place, #58-01 UOB
Plaza 1, Singapore 048624, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (if
any) and must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than twelve
o'clock noon of 12th August 2004 (the day before the day
appointed for the hearing of the Petition).
LANDMARK ENGINEERING: Court Issues Winding Up Order
---------------------------------------------------
In the Matter of Landmark Engineering & Water Service
Pte Ltd., a Winding Up Order was made on 23rd July 2004.
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Note:
(a) All creditors of the above named company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.
(b) All debts due to the above named company should be forwarded
to the liquidator.
Messrs Gurdip & Gill
Solicitors for the Petitioner.
TREK TRAVEL: Creditors Must Submit Claims on September 3
--------------------------------------------------------
Notice is given that the creditors of Trek Travel Limited, which
is being wound up voluntarily, are required on or before the 3rd
day of September 2004 to send in their names and addresses, with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidator
of the said company.
If so required by notice in writing by the said Liquidator, they
are to come personally or by their solicitors and prove their
said debts or claims at such time and place as shall be
specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.
This Singapore Government Gazette announcement is dated July 30,
2004.
===============
T H A I L A N D
===============
NAKORNTHAI STRIP: Releases Summarized Report of Capital Increase
----------------------------------------------------------------
Nakornthai Strip Mill PCL, refers to the Rights offering of
warrants amount of 3.23 billion units of THB0.05 per unit and
Public Offering amount of 1.8 billion shares of THB2.20 per
share, which totals to THB4,121.69 million shown in the
Prospectus of Nakornthai Strip, subscription period on 27th to
29th October 2003, the Company would like to summarize and
report the use of increased capital as of 30th June 2004:
Description Expected Use Actual Use Up to Remaining
ofFund 30th June 2004
(million of USD) (million of USD) (million
of USD)
(1) Flat-Rolled
Steel Mill 29.78 22.57 7.21
(2) Finishing
CAPEX 40.04 1.67 38.37
(3) Working
Capital 20.00 11.16 8.84
Total 89.82 35.40 54.42
Please be informed and disseminate the above accordingly.
Yours Sincerely,
(Mr. Sawasdi Horrungruang)
Director
Maharaj Planner Company Limited
as the plan Administrator of Nakornthai Strip Mill PCL
THAI PETROCHEMICAL: Final Decision On Rehab Plan Nears
------------------------------------------------------
According to Thai Minister of Finance (MoF) Somkid Jatusripitak,
the final decision of Thai Petrochemical Industry's revised
rehabilitation plan will be made within two weeks, Business Day
reports.
Mr. Somkid said the plan does not need the cabinet's
endorsement, and it will instead be directly presented to the
Central Bankruptcy Court for approval.
Mr. Somkid said Vichai Thongtaeng, who was reported to have
bought TPI debt, will not be eligible to receive TPI's capital
raising shares to be allocated to the creditors. He added that
the ministry has full authority to allocate TPI's shares.
Mr. Vichai, however, denied the report on Thursday. "I have done
nothing. I didn't buy the firm's debt," Mr. Vichai told Reuters.
He admitted, though, that he had bought shares of TPI in the
stock market.
TPI, the country's largest debt defaulter, is now under a scheme
to restructure its US$2.95 billion debt.
CONTACT:
THAI PETROCHEMICAL INDUSTRY PCL
TPI TOWER,FLOOR 8, 26/56
NEW JUN ROAD, THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Website: www.tpigroup.co.th
TPI POLENE: Reports Proceeds Utilization
----------------------------------------
TPI Polene PCL (TPIPL) refers to its equity fund raising of
THB11,100 million by ways of public offering of the 300,000,000
new ordinary shares at the price of THB37 per share on January
15, 16 and 19, 2004. The total net proceeds after deducting the
offering expenses were THB10,652 million.
The company would like to report to the Stock Exchange of
Thailand that the company utilized the proceeds of THB10,652
million and the cash from operation for the amount of THB1,761
million, totaling THB12,413 million to repurchase debts at
discount rate and to repay debts to the Scheme Creditors as
specified in the Company's prospectus, as the following:
Objectives Utilized Amount (In Million Baht equivalent)
(1) Repayment of the remaining settlement 5,600
amount of debt under the Debt
Repurchase Process
(2) Payment of accrued interest 5,151
and fees calculated up to
November 30, 1999
(3) Principal repayment 1,662
of Debt with the Surplus DRP Fund.
Total 12,413
Please be informed accordingly
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer
CONTACT:
TPI POLENE PUBLIC COMPANY LIMITED
26/56 NEW JUN ROAD,
THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Website: www.tpipolene.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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