/raid1/www/Hosts/bankrupt/TCRAP_Public/040811.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
Wednesday, August 11, 2004, Vol. 7, No. 158
Headlines
A U S T R A L I A
QANTAS AIRWAYS: Not Ruling Out Fuel Surcharge Increase
QANTAS AIRWAYS: To Resume India Flights Next Month
TELEVISION AND RADIO: Founder To Launch New Pay-TV Service
WOODSIDE PETROLEUM: Monitoring Events in Mauritania
C H I N A & H O N G K O N G
ADVANCE GLORY: Enters Winding Up Proceedings
BESTAR ENGINEERING: Winding Up Hearing Set August 18
CHINA MOTION: Disposes of Wholly-owned Subsidiary
DENTSU HONGKONG: Creditors To Submit Claims on September 6
I-CHINA HOLDINGS: Appoints New Non-executive Directors
KEL HOLDINGS: Unaware of Exceptional Turnover Movement
LIPTON DEVELOPMENT: Faces Bankruptcy Proceedings
NHK TRADING: Creditors Must Prove Debts on September 6
PROSTEN TECHNOLOGY: Books HKD10.4M Q1 Net Loss
TOP PLUS: Court Hears Winding Up Petition
WAI KEE: Releases Financial Results
I N D O N E S I A
BANK PERMATA: PPA Urges Consortiums to Reveal Identities
BANK PERMATA: Bank Buana Leads Consortium for Stake Buy
CILIANDRA PERKASA: Pefindo Assigns "idBBB" to Bonds
PERTAMINA: Suspends Oil Exploration in Iraq
J A P A N
DAIEI INCORPORATED: Creditors Reaffirm IRCJ plan
DAIEI INCORPORATED: Marines/Hawks Merger Proposal Rejected
DAIKYO INCORPORATED: Mori Trust Mulling Support
FUCHIKAMI K.K.: Enters Bankruptcy
ITOCHU CORP.: Establishes Satellite Venture
MATSUSHITA ELECTRIC: To Consolidate Units' Pension Funds
UFJ HOLDINGS: Still Studying Sumitomo Mitsui Proposal
UFJ HOLDINGS: Source Says Potential Aplus Buyers Down To 3
K O R E A
SSANGYONG MOTOR: Starts Expanding Plant
M A L A Y S I A
BERJAYA SPORTS: Buys Back 380,000 Ordinary Shares
BESCORP INDUSTRIES: PwC Completes Investigative Audit
CONSOLIDATED FARMS: Court Issues Writ of Summons
CSM CORPORATION: Releases Unaudited Quarterly Report
CSM CORPORATION: Releases Practice Note No. 11/2001 Update
DENKO INDUSTRIAL: Replies to Bursa Malaysia Query
FEDERAL FURNITURE: Appoints New Audit Committee Member
MEDAS CORPORATION: Updates Proposed Restructuring Scheme
MYCOM BERHAD: Updates Scheme of Arrangement
PANTAI HOLDINGS: Purchases 122,000 Ordinary Shares on Buy Back
SELANGOR DREDGING: Unit Enters Supplemental Agreement With TLB
SIN HENG: Oversight Committee Approves Termination of SA
SIN HENG: Out of PN4 Condition
WCT ENGINEERING: Enters Agreement Re Bescorp's Liquidation
WCT ENGINEERING: Details Recurrent Related Party Transactions
P H I L I P P I N E S
BANK OF KABANKALAN: Issues Notice to Creditors
BANK OF MASINLOC: Issues Notice to Creditors
COLLEGE ASSURANCE: License Renewal Impossible Without Investor
FIRST OCCIDENTAL: Issues Notice to Creditors
MAYNILAD WATER: Counsel Says Debt Has Not Reached US$180Mln
PHILIPPINE BANK: Clarifies News Article in The Philippine Star
PHILIPPINE LONG: Issues News Article Clarification
S I N G A P O R E
GOLDEN BUKIT: Winding Up Order made
HUA KOK: HDB Terminates Subsidiary Scheme
JURONG REPTILE: Enters Winding Up Proceedings
THINKING BUSINESS: Winding Up Hearing Slated on August 20
T.S.HARMINDER: Faces Bankruptcy Proceedings
T H A I L A N D
ADVANCE PAINT: Unveils Result of Board Of Directors Meeting
- - - - - - - -
=================
A U S T R A L I A
=================
QANTAS AIRWAYS: Not Ruling Out Fuel Surcharge Increase
------------------------------------------------------
Qantas Airways on Tuesday said that with major shareholder
British Airways PLC (BAB) raising its existing passenger fuel
surcharge overnight, it could not rule out the possibility of
following suit, reveals Dow Jones.
"There is no change at this stage. However with fuel prices at
record highs, we cannot rule out a further increase," Qantas
Chief Financial Officer Peter Gregg told Dow Jones Newswires.
"We are monitoring the situation on a daily basis."
Most international carriers, including Air New Zealand Ltd.
(AIZ.NZ), American Airlines and Continental Airlines Inc. (CAL),
have also slapped on a passenger fuel surcharge in recent months
in a bid to offset the rising cost of fuel.
Overnight, crude oil futures in New York soared to a record high
of just under US$45 barrel amid the threat of a halt in Iraqi
exports and renewed worries about supplies from Russia.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A , 203 Coward Street,
MASCOT , NSW, AUSTRALIA, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Website: http://www.qantas.com
QANTAS AIRWAYS: To Resume India Flights Next Month
--------------------------------------------------
After a two-year break, Qantas Airways has decided to resume
direct flights to India starting September 1, reports the Asia
Intelligence Wire.
The Australian carrier, which halted its flights to India after
the September 11 terrorist attacks, will fly the Mumbai-Sydney
route three times weekly using Boeing 747-300 aircraft.
Qantas Airways has also entered into collaboration with domestic
airline companies such as Jet Airways and Air Sahara to assist
passengers traveling on the Mumbai-Sydney flight from
destinations such as Pune, Bangalore, Hyderabad.
TELEVISION AND RADIO: Founder To Launch New Pay-TV Service
----------------------------------------------------------
The founder of the defunct Television and Radio Broadcasting
Services Australia Pty Ltd (TARBS) is attempting to launch a new
pay-TV service, reports The Australian.
According to the report, the wife of TARBS founder Mike Boulos,
Regina, registered a new business called United Broadcasting
International, in mid-July just two weeks after the plug was
pulled on TARBS, which is under receivership.
Documents filed by United Broadcasting International list TARBS'
former address, 55 Pyrmont Bridge Rd in Sydney, as its
registered office and name Ms. Boulos as its sole director and
secretary.
In early July, TARBS' main creditor, satellite company PanAmSat,
called in receivers PricewaterhouseCoopers following TARBS'
failure to make an estimated $40million payment.
PWC has advertised the business for sale.
WOODSIDE PETROLEUM: Monitoring Events in Mauritania
---------------------------------------------------
Woodside Petroleum advised the Australian Stock Exchange
yesterday that it is monitoring events in Mauritania following
reports that several military personnel have been arrested.
All reports to Woodside from its staff and contractors within
the country, diplomatic channels and other sources indicate that
the situation in the capital, Nouakchott, is calm.
All Woodside staff and contractors have been accounted for.
As a precaution, Woodside has advised its staff and contractors
to suspend travel to Mauritania until the situation becomes
clearer.
Woodside will advise of any further developments.
CONTACT:
MEDIA
ROB MILLHOUSE
W: +61 8 9348 4281
M: +61 419 588 166
E: rob.millhouse@woodside.com.au
INVESTORS
MIKE LYNN
W: +61 8 9348 4283
M: +61 439 691 592
E: mike.lynn@woodside.com.au
==============================
C H I N A & H O N G K O N G
==============================
ADVANCE GLORY: Enters Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Advance Glory Development Limited by the High Court of Hong Kong
Special Administrative Region was, on the 15th day of July 2004,
presented to the said Court by Umbrella Finance Company Limited
whose registered office is situate at 15th Floor, Three Exchange
Square, 8 Connaught Place, Central, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 25th day of August 2004.
Any creditor or contributory of the said company desirous 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. 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.
Clifford Chance
Solicitors for the Petitioner,
29th Floor, Jardine House
One Connaught Place
Central
Hong Kong
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,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or 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 six o'clock in the afternoon of the 24th day of
August 2004.
BESTAR ENGINEERING: Winding Up Hearing Set August 18
----------------------------------------------------
Notice is given that a Petition for the Winding up of Bestar
Engineering Limited by the High Court of Hong Kong Special
Administrative Region was, on the 20th day of July 2004,
presented to the said Court by Zhuhai Lian Da Shiprepair & Ship
Building Co., Ltd. whose registered office is situated at Rooms
2507-2509, Hong Kong Plaza, 186-191 Connaught Road West, Hong
Kong.
The said Petition will be heard before the Court at 9:30 am on
the 18th day of August 2004.
Any creditor or contributory of the said company desirous 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. 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.
Andrew Chan & Co.
Solicitors for the Petitioner
Room 409
Nan Fung Tower
173 Des Voeux Road Central
Hong Kong
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,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or 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 six o'clock in the afternoon of the 17th day of
August 2004.
CHINA MOTION: Disposes of Wholly-owned Subsidiary
-------------------------------------------------
On August 6, 2004, Sheen Sino, an indirect wholly-owned
subsidiary of China Motion Telecom International Limited entered
into the Provisional Agreement with, among others, the
Purchaser, an Independent Third Party to dispose of the Property
at the consideration of HKD22,000,000.
The Disposal constitutes a discloseable transaction for the
Company under Chapter 14 of the Listing Rules. A circular
containing details of the Disposal will be sent to the
Shareholders as soon as reasonably practicable.
For complete information, please click:
http://bankrupt.com/misc/TCRAP_CHINAMOTION081004.pdf
DENTSU HONGKONG: Creditors To Submit Claims on September 6
----------------------------------------------------------
The Creditors of Dentsu Hong Kong Limited, which is being
voluntarily liquidated, are required on or before the 6th day of
September 2004 to send their names, addresses and descriptions,
full particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the undersigned
and if so required by notice in writing from the said
liquidators to prove their debts or claims at such time and
place as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
I-CHINA HOLDINGS: Appoints New Non-executive Directors
------------------------------------------------------
The Board of Directors of I-China Holdings Limited (which has
recently changed its name to Build King Holdings Limited) is
pleased to announce that Mr. David Howard Gem and Mr. Cheng Chi
Pang, Leslie have been appointed as the non-executive directors
of the Company effective August 9, 2004.
Mr. David Howard Gem, aged 64, retired from the directorship of
two subsidiaries of the Company in April 2003. Mr. Gem is a
Chartered Engineer and is a member of The Institution of Civil
Engineers, London and the Hong Kong Institution of Engineers. He
is also a member of the Chartered Institute of Arbitrators and a
Fellow of the Hong Kong Institute of Highways and
Transportation. He has over 40 years of experience with
contractors in the management, design, and construction of a
wide variety of civil engineering and building projects in the
United Kingdom (UK), Asia and Hong Kong. He is a former vice
president of the Hing Kong Construction Association and Chairman
of The Hong Kong Institution of Engineers and a past member of
the Construction Advisory BOard to the Hong Kong Government.
Mr. Gem was appointed as consultant of the Company during the
period from June 7, 2002 to July 30, 2004. He has been appointed
as a consultant of Wai Kee Holdings Limited, the ultimate
holding company of I-China, starting August 1, 2004 to provide
consultancy services on related construction activities.
Currently, Mr. Gem is the sole beneficial owner of Transoceanic
Ventures Limited, which holds 1.5 percent interest in Kier Hong
Kong Limited, the principal activity of which is civil
engineering, construction and building overseas. Save for his
consultancy capacity with Wai Kee and his interest in Kier, Mr.
Gem does not have any relationship with directors, senior
management or substantial or controlling shareholders of the
Company.
As of the date of this announcement, Mr. Gem is beneficially
interested in 140,000 ordinary shares of the Company and 500,000
ordinary shares of Wai Kee. The proposed aggregate emoluments of
Mr. Gem as non-executive director of the Company is HKD145,000
per annum.
Mr. Cheng Chi Pang, Leslie, aged 47, has ben appointed as a non-
executive director of Wai Kee since September 2000. Mr Cheng
holds a Bachelor Degree in Business and A Master Degree of
Business Administration. He is an associate member of The Hing
Kong Society of Accountant and The Australian Society of
Certified Practicing Accountants and a fellow member of The
Association of Chartered Certified Accountants. He is a
Certified Public accountant in Hong Kong and has over 24 years
of experience in financial management.
Mr. Cheng joined the New World Group in 1992 and is presently
Group Financial Controller of NWS Holdings Limited (NWSH). He is
also a director of a number of subsidiaries and associated
companies of NWSH, including New World Insurance Services
Limited, Hip Hing Construction & Engineering Company Limited and
NWS Engineering Group Limited. Mr. Cheng is also the Chairman of
the Supervisory Board of the Macau Water Supply Company Limited.
Prior to joining the New World Group, he was a senior manger of
an international accounting firm.
Save for his directorship in Wai Kee, Mr. Cheng does not have
any relationship with the directors, senior management or
substantial or controlling shareholders of the Company. As of
the date of this announcement, Mr. Cheng is beneficially
interested in 140,000 ordinary shares of the company and 500,000
ordinary shares of Wai Kee. The proposed aggregate emoluments of
Mr. Cheng as non-executive director of the Company is HKD145,000
per annum.
To date, the newly appointed non-executive directors have not
entered into any service contract with the Company. There are no
fixed term or proposed length of service in respect of the newly
appointed non- executive directors except that they are subject
to retirement by rotation pursuant to the by-laws of the
Company.
By Order of the Board
Zen Wei Peu, Derek
Chairman
CONTACT:
I-China Holdings Limited
73 Lei Muk Road
1st Floor
Kwai Chung, New Territories
Hong Kong
Phone: +852 2521 1238
+852 2523 9176
Website: www.ipowerb2b.com/
KEL HOLDINGS: Unaware of Exceptional Turnover Movement
------------------------------------------------------
The Stock Exchange has received a message from KEL Holdings
Limited dated August 9, 2004 that is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
We have noted the recent increase in the trading volume of the
shares of the Company today and wish to state that we are not
aware of any reasons for such increase.
Save as disclosed in the announcement of the Company dated 6
August 2004 in relation to the proposed very substantial
acquisition of the Company and the proposed placing of
175,000,000 existing shares by the controlling shareholder of
the Company at a HK$0.3 each, we confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under rule 13.23, neither is
the Board aware of any matter discloseable under the general
obligation imposed by rules 13.09, which is or may be of a
price-sensitive nature.
Made by the order of the Board of the Company, the directors of
which individually and jointly accept responsibility for the
accuracy of this statement.
As at the date of this notice, the board of directors of the
Company comprises seven directors, namely, Mr. Wang Ke Duan, Mr.
Tjia Boen Sien, Mr. Wang Jing Ning, Mr. Keung Kwok Cheung, Mr.
Kong Kwok Fai, Mr. Song Sio Chong and Mr. Mo Shikang and two
independent non-executive directors, namely Mr. Siu Man Po and
Miss Wong Sin Yee."
For and on behalf of
KEL Holdings Limited
Ong Chi King
Company Secretary
LIPTON DEVELOPMENT: Faces Bankruptcy Proceedings
------------------------------------------------
A Petition for the Winding up of Lipton Development Limited by
the High Court of Hong Kong Special Administrative Region was,
on the 15th day of July 2004, presented to the said Court by
Umbrella Finance Company Limited whose registered office is
located at 15th Floor, Three Exchange Square, 8 Connaught Place,
Central, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
August 25, 2004.
Any creditor or contributory of the said company desirous 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. 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.
Clifford Chance
Solicitors for the Petitioner,
29th Floor, Jardine House
One Connaught Place
Central
Hong Kong
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,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or 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 six o'clock in the afternoon of the 24th day of
August 2004.
NHK TRADING: Creditors Must Prove Debts on September 6
------------------------------------------------------
Notice is given that the Creditors of NHK Trading Company
Limited, which is being voluntarily liquidated, are required on
or before the 6th day of September 2004 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned, and if so required by notice in
writing from the said liquidators to prove their debts or claims
at such time and place as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong.
PROSTEN TECHNOLOGY: Books HKD10.4M Q1 Net Loss
---------------------------------------------
Infocast reports that Prosten Technology Holdings Limited posted
a narrowed net loss of HKD10.39 million for the first financial
quarter ended June 30, compared with the net loss of HKD10.415
million a year ago. Loss per share was HKD0.02. No first quarter
dividend was declared.
TOP PLUS: Court Hears Winding Up Petition
-----------------------------------------
Notice is given that a Petition for the Winding up of Top Plus
Investments Limited by the High Court of Hong Kong Special
Administrative Region was, on the 15th day of July 2004,
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 18th day of August 2004.
Any creditor or contributory of the said company desirous 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. 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.
Liu, Chan And Lam
Solicitors for the Petitioner,
Room 2102, Tower I
Admiralty Centre
18 Harcourt Road
Queensway
Hong Kong
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,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or 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 six o'clock in the afternoon of the 17th day of
August 2004.
WAI KEE: Releases Financial Results
-----------------------------------
Wai Kee Holdings Limited announced its financial results on
August 9, 2004.
Year-end date: December 31, 2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 30/06/2004 to 30/06/2003
Note ('000) ('000)
Turnover : 292,691 451,122
Profit/(Loss) from Operations : 392,809 (705)
Finance cost : (1,138) (11,348)
Share of Profit/(Loss) of
Associates : 88,711 75,398
Share of Profit/(Loss) of
Jointly Controlled Entities : 78,882 10,733
Profit/(Loss) after Tax & MI : 516,650 41,768
% Change over Last Period : +1,137 %
EPS/(LPS)-Basic (in dollars) : 0.6547 0.0534
-Diluted (in dollars) : 0.6522 0.053
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 516,650 41,768
Interim Dividend : 5 cents 2 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 25/08/2004 to
30/08/2004bdi.
Payable Date : 15/09/2004
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Reconciliation Of Change Of Figures For The Last Period
In the current period, the Group has adopted SSAP 36
"Agriculture" which is effective for accounting periods
commencing on or after 1st January, 2004. The principal effect
of the adoption of SSAP 36 is in relation to the agricultural
activity undertaken by an associate. SSAP 36 requires the
measurement of biological assets and agricultural produce at
their fair value. However, given the uncertainty in the process
of producing the ginseng crop and the lack of a market for
immature ginseng, the ginseng crops are stated at cost until the
time of harvest. In the absence of any specific transitional
requirements in SSAP 36, the new accounting policy has been
applied retrospectively.
As a result of this change in policy, the comparison figures for
the last corresponding period have been restated.
Reconciliation is set out below:
Share of Profit after Profit
Profit of Taxation after
Associates & MI ETD Items
HK$'000 HK$'000 HK$'000
Per last period's figures 78,768 45,138 45,138
Adjustment due to adoption
of SSAP 36 undertaken by
an associate (3,370) (3,370) (3,370)
---------- ---------- ----------
Per current period's figures 75,398 41,768 41,768
========== ========== ==========
(2) Earning Per Share
The calculation of the basic and diluted earnings per share is
based on the following data:
Six months ended
30th June,
2004 2003
Restated
HK$'000 HK$'000
Earnings for the purpose of basic and diluted
earnings per share 516,650 41,768
======== =======
Number of shares
Weighted average number of ordinary
shares for the purpose of basic
earnings per share 789,167,579 782,545,029
Effect of dilutive potential ordinary shares:
Options 2,986,597 5,481,339
------------ ----------
Weighted average number of ordinary
shares for the purpose of diluted
earnings per share 792,154,176 788,026,368
============ ==========
=================
I N D O N E S I A
=================
BANK PERMATA: PPA Urges Consortiums to Reveal Identities
--------------------------------------------------------
Indonesia's Asset Management Company (PPA) is urging Bank
Permata's potential investors to make the public aware of the
identities of the members of their consortiums, Indoexchange
reports.
PPA President Director Mohammad Syahrial declared, "Anyone who
becomes the winner will have to disclose their identity, down to
the individuals who own the companies under the consortium, to
the Bank of Indonesia (BI)." PPA will have to coordinate with
Bank Indonesia in order to trace the identities of the
consortium members.
Enterprises thought fit to be consortium leaders are commercial
banks that will hold at least 20 percent of the 51 percent
Permata stake offered by PPA to strategic investors.
Meanwhile, Mr. Syahrial said that the assessment must be carried
out fairly and should consider several aspects such as the
bidder's professionalism, its commitment to develop Bank
Permata, and a reasonable price offer.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
BANK PERMATA: Bank Buana Leads Consortium for Stake Buy
-------------------------------------------------------
In its first venture in Indonesian banking divestment programs,
Bank Buana Indonesia (JSX:BBIA) will lead a consortium to
acquire 51 percent of Bank Permata, reports Indoexchange.
Bank Buana Indonesia has been named head of a consortium with
shareholders United Overseas Bank of Malaysia, International
Finance Corporation and Sari Dasa Kasa as members.
According to the Bank Buana director Pandi Kendi, the decision
was made based on a PPA provision that requires the consortium
leader to be a commercial bank with a minimum capital of IDR1
trillion owning 20 percent stake in the consortium, and that it
should hold a relevant position.
Bank Buana's current IDR7-trillion liquidity surplus has not
been fully used due to a central bank regulation that limits
maximum legal lending to 20 percent.
CILIANDRA PERKASA: Pefindo Assigns "idBBB" to Bonds
---------------------------------------------------
Pefindo affirmed corporate and IDR290 billion bond I ratings of
PT Ciliandra Perkasa Tbk. (CILI) at "idBBB", and at the same
time affirmed CILI's IDR60 billion syariah-mudharabah bond at
"idBBB(sy)".
The ratings reflect promising business prospect of palm oil,
CILI's increased productivity, improved profitability and cash
flow protection.
However, the ratings are still mitigated by the Company's below
average plantation profile, increasing trend of production costs
and lack of financial supports from its Group.
CILI is an affiliated company of PT. Surya Dumai Industry Tbk,
flagship company of Surya Dumai Group (SDG). CILI operates an
integrated palm oil and rubber plantations, producing palm oil
Fresh Fruit Bunch (FFB), crude palm oil (CPO), palm kernel and
rubber.
As of 1Q04, the Company is owned by PT Fangiono Perkasa Sejati
with 95.6% ownership. CILI's land bank totaled to 75,314
hectares (ha), consisting of 59,118 ha of palm oil plantation,
4,285 ha of rubber plantation, and 11,911 ha of unplanted area.
Located in Pekanbaru (Riau), CILI's plantation is equipped with
four CPO mills and supported by 4,548 employees.
CONTACT:
PT Ciliandra Perkasa Tbk
Jl. Jend. Sudirman No. 395 ,
Pekanbaru 28116
Phone: (021)53670888,(0761)32888
Fax : (021)53671888, 53672888, (0761)32700
Email harianto@ciliandraperkasa.co.id
PERTAMINA: Suspends Oil Exploration in Iraq
-------------------------------------------
Due to adverse security conditions, PT Pertamina has opted to
halt exploration activities in Iraq, Asia Intelligence Wire
says.
Pertamina's upstream sector director Bambang Nugroho confirmed
that Iraqi operations have been temporarily suspended and
personnel were pulled out including representatives of the oil
firm's unit, Elnusa, because of Iraq's hostile situation.
Mr. Bambang, however, affirmed Pertamina's interest in Iraq and
that the oil company will resume its activities once security is
stabilized.
With the handover of Iraqi sovereignty on June 28, Pertamina has
planned to start exploration activities in Iraq after it was
granted a contract for Block Three and a possible acquisition of
an oil development project, which yields 100,000 barrels per
day.
Meanwhile, Pertamina is readying its bid for the Iran Khoramabad
block exploration in partnership with Petrovietnam Investment
Development Company (PDIC).
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
=========
J A P A N
=========
DAIEI INCORPORATED: Creditors Reaffirm IRCJ plan
------------------------------------------------
UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking
Corp. have reaffirmed on Monday their plan to seek the
assistance of state-backed Industrial Revitalization Corp. of
Japan (IRCJ) in bailing out troubled retailer Daiei
Incorporated, reports The Japan Times, citing bank officials.
According to the bank officials, Daiei's three main creditor
banks will probably pass on the plan to the retailer this week.
They added that the lenders are already informally discussing
ways to support Daiei with other major supermarket chain
operators such as industry leader Aeon Co. and Ito-Yokado Co.
CONTACT:
The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Website: www.daiei.co.jp
DAIEI INCORPORATED: Marines/Hawks Merger Proposal Rejected
----------------------------------------------------------
Embattled supermarket chain operator Daiei Inc. has rejected
Lotte Co.'s offer for a merger between their Pacific League
professional baseball teams, reports Kyodo News, citing sources
familiar with the situation.
According to the sources, officials from the two companies met
Friday to discuss the possible merger between the Lotte Marines
and the Daiei Hawks. Daiei officials, however, turned down the
offer even before financial terms or any other details could be
brought up.
DAIKYO INCORPORATED: Mori Trust Mulling Support
-----------------------------------------------
Japanese real estate developer Mori Trust Sogo Reit Inc.
(8961.TO) said on Monday that it would consider extending
assistance to condominium developer Daikyo Inc. if asked,
reports the Financial Times.
"We will consider extending support to Daikyo if such a request
is made but so far there have been no such requests," the
company said.
Daikyo, one of the biggest borrowers from UFJ Holdings Inc.,
could be possibly sent by the lender to the state-backed
Industrial Revitalization Corporation of Japan (IRCJ) for
financial rehabilitation next month, a source close to the
negotiations told the Financial Times.
Mori Trust is understood to have held preliminary, informal
talks with UFJ regarding Daikyo. The real estate developer said
Monday it hadn't yet held any talks with the IRCJ.
FUCHIKAMI K.K.: Enters Bankruptcy
---------------------------------
Fuchikami K.K. has entered bankruptcy, according to Teikoku
Databank America. The firm, which engaged in Japanese paper and
machine-made paper wholesale trade, has total liabilities of
US$56.67 million. The company is based in Kagoshima-Shi,
Kagoshima 890-0041.
For more information, please click on: http://www.teikoku.com/
ITOCHU CORP.: Establishes Satellite Venture
-------------------------------------------
Itochu Corp. announced on Monday that it has set up with NTT
Data Corp., NEC Toshiba Space Systems Ltd. and two other
companies a joint venture in Tokyo that would study the
feasibility of putting into orbit satellites that would seek out
natural resources and protect the environment, relates Kyodo
News.
Itochu said that it shouldered 67.5 percent of the JPY200
million capital for the venture, dubbed World Spectrum Inc. The
company said the venture will study until June 2005 whether it
can find adequate customer demand for such satellites.
The major trading company said it aims to launch two satellites
equipped with a "hyper-spectral sensor" with extremely high
image resolution in 2009.
By offering images for monitoring vegetation growth and pictures
of mineral resources, Itochu aims for first-year sales of around
JPY4 billion.
MATSUSHITA ELECTRIC: To Consolidate Units' Pension Funds
--------------------------------------------------------
A report by Japanese newspaper Nihon Keizai Shimbun said
Matsushita Electric Industrial Co Ltd, in its aim to reduce
administrative costs and fees paid to financial institutions, is
planning to consolidate the pension funds of four units into the
one managed by the parent, AFX-Asia reveals.
The Nihon report, which cited unidentified company officials,
said the merger will expand the pension fund under management by
Matsushita by JPY110 billion to JPY760 billion.
Matsushita had turned Matsushita Kotobuki Electronics Industries
Ltd, and three other group companies into subsidiaries by the
spring of 2003, but their pension funds had been managed
independently. Recently, an application to integrate the
Matsushita Kotobuki pension fund into the parent's fund was
filed with the Ministry of Health, Labor and Welfare.
According to the report, the pension fund consolidation process
should be completed by next spring, the report said.
CONTACT:
Matsushita 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
UFJ HOLDINGS: Still Studying Sumitomo Mitsui Proposal
-----------------------------------------------------
In a press release, UFJ Holdings, Inc. (UFJ) confirmed it has
received a proposal concerning a management integration from
Sumitomo Mitsui Financial Group, Inc. on August 8.
Even though UFJ has not changed its basic stance to aim at
management integration with Mitsubishi Tokyo Financial Group,
Inc. at this moment, since the proposal was presented, UFJ is
examining it prudently together with outside experts.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
www.ufj.co.jp
UFJ HOLDINGS: Source Says Potential Aplus Buyers Down To 3
----------------------------------------------------------
The potential buyers for Japan's fourth-ranked consumer finance
firm Aplus Co. has been narrowed down by UFJ Holdings Inc. to
Shinsei Bank Ltd., HSBC Holdings Plc and U.S. fund Lone Star,
Reuters reports, citing a financial source.
According to the source, final proposals for Aplus, which owes
UFJ's core units UFJ Bank and UFJ Trust Bank around JPY200
billion, were made last week and UFJ was comparing them.
Meanwhile, a Nikkan Kogyo newspaper report on Tuesday stated
that UFJ was in the final stage of negotiations to sell Aplus,
which has an annual turnover of some JPY1.72 trillion, to
Shinsei for about JPY100 billion (US$903.6 million).
=========
K O R E A
=========
SSANGYONG MOTOR: Starts Expanding Plant
---------------------------------------
In a move that would more than double its production capacity by
2007, Ssangyong Motor Co. announced on Tuesday it has begun
working on the expansion of its plant, reveals Yonhap News.
South Korea's fourth-largest automaker said last week it has
entered the first phase of its KRW2.2 trillion (US$1.9 billion)
expansion plan for its plant in Pyeongtaek, about 70 kilometers
south of Seoul.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Tel: +82 31 610 1114
Tel: +82 31 610 3739
===============
M A L A Y S I A
===============
BERJAYA SPORTS: Buys Back 380,000 Ordinary Shares
-------------------------------------------------
Berjaya Sports Toto Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back dated
August 9, 2004.
Description of shares purchased: ordinary shares
Total number of shares purchased (units): 380,000
Minimum price paid for each share purchased (RM): 3.500
Maximum price paid for each share purchased (RM): 3.540
Total consideration paid (RM): 1,338,000.80
Number of shares purchased retained in treasury (units): 380,000
Cumulative net outstanding treasury shares as at to-date
(units): 49,380,000
Remarks:
The number of shares with voting rights in issue after the above
shares buy back is 988,704,776
CONTACT:
Berjaya Sports Toto Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935888
Fax: 03-2935 8043
BESCORP INDUSTRIES: PwC Completes Investigative Audit
-----------------------------------------------------
Bescorp Industries Berhad (BIB) refers to the announcements made
on behalf of the Company by Commerce International Merchant
Bankers Berhad (CIMB) in relation to the investigative audit on
the Company's past losses by PricewaterhouseCoopers Advisory
Services Sdn Bhd (PwC) pursuant to a condition imposed by the
Securities Commission (SC) via its letter dated 9 May 2003.
On behalf of the Company, CIMB is pleased to announce that the
SC had via its letter dated 4 August 2004, received on 9 August
2004 approved an extension of time up to 9 August 2004 for PwC
to complete the investigative audit.
On behalf of the Company, CIMB is also pleased to announce that
in compliance with the condition imposed by the SC via its
letter dated 9 May 2003, PwC has on 6 August 2004 completed its
investigative audit on BIB's past losses. Two (2) copies of the
investigative audit report dated 6 August 2004 (Investigative
Audit Report) have been submitted to the SC on 9 August 2004.
A summary of the audit findings set out in the Investigative
Audit Report of PwC will be announced in due course.
This announcement is dated 9 August 2004.
CONTACT:
Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967
CONSOLIDATED FARMS: Court Issues Writ of Summons
------------------------------------------------
The Board of Directors of Consolidated Farms Berhad (Confarm)
wishes to announce that the Company, had been named as defendant
in Writ of Summon, dated 28 June 2004, filed by Rhodia Malaysia
Sdn Berhad (Rhodia) in the Magistrates Court of Kuala Lumpur and
served on Confarm, on 6 August, 2004.
The suit is related to goods sold and delivered to Confarm.
Rhodia had claimed for the amount of RM19,090.00 from Confarm,
together with interest of 8.0 percent per year, from 24 June,
2004 until full resolution, costs and any other relief to be
granted by the Court.
The Company has 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 announcement is dated 9 August 2004.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
CSM CORPORATION: Releases Unaudited Quarterly Report
----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, CSM Corp.
Berhad released its unaudited Quarterly report for the financial
period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
June 30, 2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
(1) Revenue
2,785 2,479 5,511 5,088
(2) Profit/(loss) before tax
-2,842 -2,420 -5,181 -4,924
(3) Profit/(loss) after tax and minority interest
-3,192 -2,857 -5,964 -5,794
(4) Net profit/(loss) for the period
-3,192 -2,857 -5,964 -5,794
(5) Basic earnings/(loss) per shares (sen)
-3.88 -3.47 -7.25 -7.04
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEEDING FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
-1.0800 -1.0100
To view full copy of the report, click
http://bankrupt.com/misc/CSMCORP080904.doc
http://bankrupt.com/misc/CSMCORP080904_2.doc
Contact:
CSM Corporation Berhad
Suite 8.2, 8th Floor
Menara CSM, Jalan Semangat
46100 Petaling Jaya
Telephone: 03-7958888
Fax: 03-7953707
Website: www.csm.com.my
CSM CORPORATION: Releases Practice Note No. 11/2001 Update
----------------------------------------------------------
CSM Corp. Berhad (CSM) released an update in relation to the
Provision of Financial Assistance pursuant to Practice Note No.
11/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad (BMLR).
The Board of Directors of CSM wishes to make this announcement
pursuant to paragraph 3.0 of the Practice Note No. 11/2001 which
is to be read in conjunction with paragraph 8.23(1)(ii) of the
BMLR.
Click to view information on financial assistance rendered or
made by CSM, in the format as set out in Appendix PN 11/2001-A
of the said Practice Note.
http://bankrupt.com/misc/csmcorp080904_3.doc
This announcement is dated 9th day of August 2004.
DENKO INDUSTRIAL: Replies to Bursa Malaysia Query
-------------------------------------------------
Further to Denko Industrial Corp. Berhad's announcement made to
Bursa Malaysia Securities Berhad on 4 August 2004, the company
wishes to inform that a motor vehicle was assigned for use to
Skiva Holdings Sdn Bhd, a wholly owned subsidiary of Denko who
subsequently has made an arrangement on behalf of Denko with the
intention to dispose of the motor vehicle with a used car dealer
(the vehicle is still under financing by Denko).
The arrangement was such that ownership of the motor vehicle
would remain with Denko while the used car dealer would take
possession of the motor vehicle for display purposes. It was
also agreed that the used car dealer would continue with the
monthly installment to the finance company until such time a
prospective buyer is found.
Prior to completion of the sale, the motor vehicle was stolen
and the used car dealer has since defaulted in his payment to
the finance company. As such, the finance company has no other
alternative but to commence legal action against Denko. A stolen
motor vehicle report was duly lodged with the police on 2 April
2004.
Query Letter content:
The Exchange refers to your Company's announcement dated 4
August 2004, in respect of the aforesaid matter.
In this connection, kindly furnish the Exchange with the
following additional information for public release:
(1) The details of the default or circumstances leading to the
filing of the summons against Denko.
Please furnish the Exchange with your reply within two (2)
market days from the date hereof.
Yours faithfully
TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
CONTACT:
Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629
FEDERAL FURNITURE: Appoints New Audit Committee Member
------------------------------------------------------
Federal Furniture Holdings (M) Berhad disclosed to Bursa
Malaysia Securities Berhad that Hj. Hussein bin Hamzah has been
appointed as an Independent and Non Executive member of the
Audit Committee.
Hj. Hussein is a Registered Architect of Lembaga Akitek Malaysia
and a Corporate Member of Pertubuhan Akitek Malaysia (PAM) and
Institute Rekabentuk Dalaman Malaysia (IPDM). He had previously
held various positions in PAM including Vice President from 1987
to 1989, President from 1989 to 1990 and Past-President from
1991-1992 and was also President of IPDM from 1992 to 1993.
Mr. Hussein has also represented PAM serving as a member on the
Committee for GATT and Trade in Services, Ministry of Works and
Finance, Copyright Committee, Ministry of Trade & Industry as
well as the Consultative Panel for the National Housing Policy,
Ministry of Housing and Local Government.
He was also a member of the Uniform Building Bye-Law Standing
Review Committee, Joint Dewan Bandaraya Professional Institutes
Consultative Committee and Chairman of the Draft Standards Sub-
Committee on Use of Buildings by the Handicapped for the
Ministry of Housing and Local Government. Hj. Hussein is
currently a director of Hussein & Loh, Architects Sdn Bhd.
Composition of Audit Committee (Name and Directorate of members
after change):
Chairman- Tunku Ahmad Burhanuddin bin Adnan- Independent & Non-
Executive Director
Member- Hj. Hussein bin Hamzah - Independent & Non-Executive
Director
Member- Choy Wai Hin- Managing Director
CONTACT:
Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Website: http://www.federal-furniture.com
MEDAS CORPORATION: Updates Proposed Restructuring Scheme
--------------------------------------------------------
Medas Corp. Berhad issued to Bursa Malaysia Securities Berhad an
update in relation to the following proposals:
- PROPOSED CAPITAL RECONSTRUCTION;
- PROPOSED ACQUISITION OF THE EMERALD GROUP;
- PROPOSED EXEMPTION FROM MANDATORY OFFER;
- PROPOSED PRIVATE PLACEMENT;
- PROPOSED DISPOSAL OF MEDAS; AND
- PROPOSED LISTING TRANSFER
(COLLECTIVELY THE PROPOSED RESTRUCTURING SCHEME)
(1) INTRODUCTION
The company refers to the announcements dated 10 September 2003,
19 November 2003, 8 December 2003, 30 March 2004, 6 April 2004
and 28 June 2004 in relation to the Proposed Restructuring
Scheme.
On behalf of the Board of Directors of Medas, Avenue Securities
Sdn Bhd wishes to announce that the High Court of Malaya had on
2 August 2004 granted an order specifying, inter alia:
(i) Medas is to convene a meeting of its shareholders (Court
Convened Meeting) pursuant to Section 176(1) of the Companies
Act, 1965 for the purpose of considering and if thought fit, to
approve with or without modifications the Proposed Restructuring
Scheme; and
(ii) The Court Convened Meeting must be held within one hundred
and eighty (180) days from the date of the Order.
The extraction of the sealed Order from the Court was dated 2
August 2004.
This announcement is dated 9 August 2004.
MYCOM BERHAD: Updates Scheme of Arrangement
-------------------------------------------
Further to the announcement on 16 April 2004 in respect of the
petition made to the High Court of Malaya for the confirmation
and approval of the Mycom Scheme of Arrangement.
The Board of Directors of Mycom Berhad (Mycom) wishes to
announce to Bursa Malaysia Securities Berhad that the Company's
solicitors had on 6 August 2004 filed the fair copies of the
Court Order dated 2 August 2004 (Court Order) and is now pending
extraction of the sealed order from the Court.
In the said Order, the Court has ordered for the settlement of a
list of creditors to be dispensed with and that the date of the
hearing for the confirmation and approval of the Mycom Scheme of
Arrangement be fixed on 1 September 2004 and that the notice of
the presentation of the petition and the date of the hearing
thereof be advertised in 3 different newspapers namely The Star,
Berita Harian and Sin Chew Daily at least 2 weeks before the
hearing date.
CONTACT:
Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
+60 3 2072 3996
PANTAI HOLDINGS: Purchases 122,000 Ordinary Shares on Buy Back
--------------------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back dated August 9, 2004.
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 122,000
Minimum price paid for each share purchased (RM): 0.845
Maximum price paid for each share purchased (RM): 0.860
Total consideration paid (RM): 104,254.51
Number of shares purchased retained in treasury (units): 122,000
Cumulative net outstanding treasury shares as at to-date
(units): 21,994,500
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
+60 3 2094 4528
SELANGOR DREDGING: Unit Enters Supplemental Agreement With TLB
--------------------------------------------------------------
Further to the announcement made by Selangor Dredging Berhad
(SDB) to Bursa Malaysia Securities Berhad on 16 June 2003 in
relation to the Proposed Land Acquisition, the Board of
Directors of SDB wishes to announce that SDB Properties Sdn Bhd
(SDBP), a wholly owned subsidiary of SDB, had on even date
entered into a Supplemental Agreement with Teh Lip Bin (TLB).
TLB, the sole surviving personal representative in the Estate of
Teh Kien Toh @ Chin Hooi, to vary certain terms of the Sale and
Purchase Agreement dated 16 June 2003 (Principal Agreement) made
between SDBP and TLB for the acquisition of an unencumbered land
comprising a vacant piece of freehold land measuring
approximately 69,204 square feet held under Geran 34441, Lot No
96, Town and District of Kuala Lumpur (Development Land) and an
undivided half share of an access road measuring approximately
1,979 square feet held under Certificate Title No 28332, Lot No
140, Section 58, Town and District of Kuala Lumpur (Access
Road).
The purpose of the Supplemental Agreement is to facilitate
SDBP's intended application for housing development's licence
and advertising and sale permit pursuant to the Housing
Development (Control and Licensing) Act 1966 and the Housing
Development (Control and Licensing) Regulations 1989 in relation
to SDBP's construction on the Development Land.
The Principal Agreement shall remain in full force and effect
and shall be read and construed to be enforceable as if the
terms of the Supplemental Agreement were inserted therein by way
of insertions, deletions, amendments or substitutions as the
case may be.
This announcement is dated 9 August 2004.
CONTACT:
Selangor Dredging Berhad
West Block 142-C Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2161 3377
+60 3 2161 6651
SIN HENG: Oversight Committee Approves Termination of SA
--------------------------------------------------------
Sin Heng Chan (Malaya) Berhad (SHCM) refers to the series of
announcements made on behalf of the Board of Directors (Board)
of SHCM in relation to its Proposed Revised Scheme.
On behalf of the Board of SHCM, Southern Investment Bank Berhad
wishes to announce that pursuant to Section 28(2) of the
Pengurusan Danaharta Nasional Berhad (Danaharta) Act, 1998, the
Oversight Committee, on the recommendation of Danaharta, had
approved the termination of the Special Administrators (SA) of
SHCM effectvie 9 August 2004.
Accordingly, the SA of the Company and the moratorium in respect
of the Company are terminated effective 9 August 2004.
The relevant advertisements on the notice of release from the
appointment as the SA of SHCM were made on the New Straits Times
and Berita Harian newspapers on 9 August 2004.
This announcement is dated 9 August 2004.
CONTACT:
Sin Heng Chan (Malaya) Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2094 7992
+60 3 2094 7996
SIN HENG: Out of PN4 Condition
------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) would like
to announce that Practice Note No. 4/2001 (PN4) Condition
company, Sin Heng Chan (Malaya) Berhad (SHCHAN) has regularized
its financial condition pursuant to PN4.
Following the implementation of the Company's Restructuring
Scheme, SHCHAN has regularized its financial condition and no
longer trigger any of the criteria under Paragraph 2.0 of PN4.
In respect of this, SHCHAN will be reclassified from PN4
Condition sector to the Consumer Products sector effective 9:00
a.m., Tuesday, 10 August 2004.
Bursa Securities would like to emphasize that notwithstanding
the above investor protection measures, Bursa Securities will
continue to monitor the progress of the PN4 Condition companies
in respect of their compliance with the Bursa Malaysia
Securities Listing Requirements.
WCT ENGINEERING: Enters Agreement Re Bescorp's Liquidation
----------------------------------------------------------
WCT Engineering Berhad disclosed to the Bursa Malaysia
Securities Berhad an update on the Proposed Corporate Exercise
involving WCT Land Berhad (WCTL), a wholly owned subsidiary of
WCT which is to be listed on the main board of Bursa Malaysia
Securities Berhad.
Reference is made to the announcement by AmMerchant Bank Berhad,
on behalf of the Company, on the Proposed Corporate Exercise on
31 May 2004 wherein shareholders of the Company had approved the
ordinary resolution pertaining to the Proposed Corporate
Exercise at the Extraordinary General Meeting held on 31 May
2004.
On behalf of the Company, AmMerchant Bank wishes to announce
that WCT had on 9 August 2004 mutually agreed with Bescorp
Industries Berhad (Special Administrators Appointed) (Bescorp)
via a letter on even date (Third Supplemental Letter) to
implement the Proposed Liquidation of Bescorp.
The Proposed Liquidation is pursuant to the Proposed Corporate
Exercise by way of WCTL disposing of the entire issued and paid-
up share capital held in Bescorp comprising 19,000,000 ordinary
shares of RM1.00 each to a special purpose vehicle to be
nominated and controlled by the Special Administrators of
Bescorp.
The disposal of shares is for a total consideration of Ringgit
Malaysia One (RM1.00), as soon as practicable after the
completion of the Proposed Transfer of Listing (Proposed
Liquidation Via Disposal).
Thereafter, Bescorp shall be liquidated according to the
provisions of the Companies Act, 1965 and the Proposed Corporate
Exercise as approved by the Securities Commission (SC). All
costs and expenses in connection to the Proposed Liquidation Via
Disposal up to Ringgit Malaysia Fifty Thousand (RM50,000) will
be borne by the Company and/ or WCTL.
Save for those liabilities arising under the terms and
conditions of the Principal Agreement, WCT and/ or WCTL shall
not be liable for any claims, damages or action that may arise
from the liquidation of Bescorp.
The Proposed Liquidation Via Disposal is subject to the approval
of the SC of which the application for the same has been
submitted to the SC for its approval on even date.
A copy of the Third Supplemental Letter will be made available
for inspection at the registered office of the Company at No.
12, Jalan Majistret U1/26, Seksyen U1, Lot 44, Hicom-Glenmarie
Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan during
normal office hours on Mondays to Fridays (except public
holidays) for a period of up to one (1) month from the date of
this announcement.
This announcement is dated 9 August 2004.
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
Email: wctbhd@wcte.com.my
WCT ENGINEERING: Details Recurrent Related Party Transactions
-------------------------------------------------------------
WCT Engineering Berhad issued to Bursa Malaysia Securities
Berhad the details of the Recurrent Related Party Transactions.
(1) DETAILS OF TRANSACTIONS
Pursuant to paragraph 10.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, the Board of Directors of WCT
Engineering Berhad (WCT) wishes to announce that:
(i) Mr. Taing Kim Hwa, Managing Director had via Strangeway Sdn.
Bhd. on 9 August 2004 entered into several Sale and Purchase
Agreements with Gemilang Waras Sdn. Bhd., a wholly-owned
subsidiary of WCT Land Berhad to purchase 16 units of 2-storey
shop office distinguished as lot nos. as stated below located in
Bandar Bukit Tinggi 2, Klang, Selangor for a total purchase
price of RM4,125,000.00.
Phase Lot Nos. Purchase Price
Phase 1E A1-0-1, A1-1-1 and A1-1-2, RM813,000.00
A3-0-1 and A3-1-1 RM568,000.00
B2-0-1, B2-1-1 and B2-1-2 RM818,000.00
B2A-0-1 and B2A-1-1 RM538,000.00
Phase 3B A1-0-1 and A1-1-1 RM528,000.00
A3-0-1 and A3-1-1 RM528,000.00
A23-1-1 and A23-1-2 RM332,000.00
------------------------
RM4,125,000.00
============
(ii) Mr. Wong Sewe Wing, an Executive Director had via Mutiara
Sanjung (M) Sdn. Bhd. on 9 August 2004 entered into several Sale
and Purchase Agreements with Gemilang Waras Sdn. Bhd., a wholly-
owned subsidiary of WCT Land Berhad to purchase 5 units of 2-
storey shop office distinguished as lot nos. as stated below in
Bandar Bukit Tinggi 2, Klang, Selangor for a total purchase
price of RM1,381,000.00.
Phase Lot Nos. Purchase Price
Phase 1E A17-0-1 and A17-1-1 RM568,000.00
A19-0-1, A19-1-1 and A19-1-2 RM813,000.00
------------------------
RM1,381,000.00
============
The sale consideration of these properties to Strangeway Sdn.
Bhd. and Mutiara Sanjung (M) Sdn. Bhd. (hereinafter referred to
as Recurrent Related Party Transactions) were arrived at after a
discount of RM50,000 each was given to Mr. Taing Kim Hwa and Mr.
Wong Sewe Wing which is in line with the Company's policy on
staff discount given to eligible staff and directors.
(2) RATIONALE
WCT Land Berhad group of companies are principally involved in
property development. The sale of these residential properties
is in the ordinary course of business of the Group.
(3) FINANCIAL EFFECTS OF THE RECURRENT RELATED PARTY
TRANSACTIONS
The Recurrent Related Party Transactions will not have a
material effect on the net tangible asset per share and earnings
per share of WCT for the current financial year ending 31
December 2004.
(4) DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST OR PERSONS
CONNECTED
Mr. Taing Kim Hwa and Mr. Wong Sewe Wing are directors and
substantial shareholders of WCT, who is in turn is the holding
company of WCT Land Berhad.
Mr. Taing Kim Hwa is a director and is holding 50% shareholding
in Strangeway Sdn. Bhd. Mr. Wong Sewe Wing is a director and is
holding 50 percent shareholding in Mutiara Sanjung (M) Sdn. Bhd.
Save as disclosed above and in so far as the Board of Directors
is aware, none of the other directors or substantial
shareholders of WCT or persons connected to them has interest,
direct or indirect, in the Recurrent Related Party Transactions.
Directors who are deemed interested have abstained from all
board deliberation on this matter.
(5) DIRECTORS' STATEMENT
The Recurrent Related Party Transactions were tabled for review
to Audit Committee and Board of Directors of WCT. The terms of
the Sale and Purchase Agreement and price of the property in
respect of the Recurrent Related Party Transactions are not more
favorable than those generally available to the employees of the
Company. The Board of Directors is of the opinion that the
Recurrent Related Party Transactions are fair, reasonable and
not to the detriment of WCT and its subsidiaries.
(6) APPROVAL REQUIRED
The Recurrent Related Party Transactions does not require the
approval of shareholders of WCT.
This announcement is dated 9 August 2004.
=====================
P H I L I P P I N E S
=====================
BANK OF KABANKALAN: Issues Notice to Creditors
----------------------------------------------
Please take notice that the Philippine Deposit Insurance
Corporation, as Liquidator of the Rural Bank of Kabankalan
(Negros Occidental), Inc. will submit the Project of
Distribution of Liquidating Dividends to the Creditors of the
said bank, for approval of the Liquidation Court (Regional Trial
Court-Branch 61, Kabankalan City, Sp. Proc. No. 1212, on August
13, 2004 at 8:30 A.M.
BANK OF MASINLOC: Issues Notice to Creditors
--------------------------------------------
Please take notice that the Philippine Deposit Insurance
Corporation (PDIC), as Liquidator of the Rural Bank of Masinloc
(Zambales), Inc. will submit the Project of Distribution of
Liquidating Dividends to the Creditors of the said bank, for
approval of the Liquidation Court (Regional Trial Court, Branch
71, Iba, Zambales, Sp. Proceedings No. 147-I) on August 12, 2004
at 8:30 A.M.
COLLEGE ASSURANCE: License Renewal Impossible Without Investor
--------------------------------------------------------------
According to an unnamed source, College Assurance Plans
Philippines Inc. (CAP) may not be allowed to sell pre-need plans
if it does not snag an investor to infuse fresh funds by end-
September, BusinessWorld reports.
By the time CAP's dealer's license expires, which is on
September 30, it is compelled to name an investor before it
would be allowed a renewal. The renewal of the pre-need firm's
license is tied to its ability to name an investor.
"The license will be reconsidered. That [license and
identification of the investor] is one package. If the dealer's
license is not renewed, [CAP] will be selling illegal plans,"
the source said.
CAP needs an investor that will put in US$100 million to fund
its PhP3.4-billion financing requirement for the year.
The company is now under regulatory leeway, which is intended
primarily to give pre-need companies a reasonable transition to
address the discrepancy between its actuarial reserve liability,
or projected future liabilities, and its trust fund, or assets.
The Securities and Exchange Commission has extended until end-
September the leeway, which was supposed to have ended last July
31. But CAP sought for an extension saying that it is currently
in talks with a possible investor.
Following the request for an extension on the deadline, CAP
first vice-president Bobby Cafe said that his company would
likely come up with definite terms for the proposed infusion by
investors by end-September.
On Monday, CAP director Robert John Sobrepena met with SEC
official to make a progress report on its negotiations. Mr.
Sobrepena assured the SEC that CAP would be able to name an
investor within 30 days. But according to the source, it was
not the first time for CAP to assure the SEC that it would close
a deal with an investor.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo Corner Hererra Streets
Legazpi Village, Makati City
Telephone: 817-6586, 759-2000
Fax: (0632) 818-0560
Website: http://www.cap.com.ph/
FIRST OCCIDENTAL: Issues Notice to Creditors
--------------------------------------------
Please take notice that the Philippine Deposit Insurance
Corporation, as Liquidator of the First Occidental Savings and
Loan Association (Bacolod), Inc. will submit the Project of
Distribution of Liquidating Dividends to the Creditors of the
said bank, for approval of the Liquidation Court (Regional Trial
Court 6th Judicial Region - Branch 48, Bacolod City, Negros
Occidental on August 20, 2004 at 8:30 A.M.
MAYNILAD WATER: Counsel Says Debt Has Not Reached US$180Mln
-----------------------------------------------------------
Maynilad Water Services Inc. legal counsel Helena Calo said the
firm's obligations to Metropolitan Waterworks and Sewerage
System have not yet reached US$180 million, reports
BusinessWorld.
"We're still looking into the numbers. Because we haven't been
current with our payments, they think it's US$180 million, but
we are saying it's near US$120 million, Ms. Calo said"
Maynilad is reviewing its financial projections in light of
recent events that have affected its initial forecast, namely
the implementation of a planned water rate increase incorporated
in its financial projections for its rehabilitation plan, Ms.
Calo added.
Ms. Calo said Maynilad opts to restructure the remaining debts
or convert it into equity if ever the water utility firm's debt
goes beyond US$120 million.
"This time, there are other ways to do it, other than debt-to-
equity swap we can stretch the repayment terms for other
creditors. There are so many permutations right now and we're
going to study each one of them," Ms. Calo said.
PHILIPPINE BANK: Clarifies News Article in The Philippine Star
--------------------------------------------------------------
Philippine Bank of Communications issued to the Philippine Stock
Exchange a clarification to the news article entitled "Local,
foreign investors eye PBCom's PHP12.5 billion bad assets"
published in the August 7, 2004 issue of The Philippine Star.
The article reported that:
"Fourteen local and foreign investors led by Bank of America
(BA), Deutsche Bank, Ayala Corp. and Robinsons Land Corp. have
signified interest in acquiring the PHP12.5 billion worth of bad
assets held by the Philippine Bank of Communications (PBCom).
As a result, bank officials have declared August 24 as public
bidding date for the sale of the PHP12.5 billion bad assets,
which should be able to result in the subsequent formation of a
special purpose vehicle (SPV). Among the interested entities
already conducting due diligence on PBCom are the Bank of
America (BA), Deutsche Bank, Sovereign Fund, and Marathon Fund.
Lehman Brothers will 'set up shop' in one of the date rooms
starting next week. Among the local groups that signified their
interest are Ayala Corp. and Robinsons Land Corp."
Philippine Bank of Communications (PBC), in its letter to the
Exchange dated August 10, 2004, stated that:
"The bank is confirming the veracity of the news article that
appeared in The Philippine Star. The public bidding for the
sale of PBCom's non-performing assets (NPA) is part of the
Bank's NPA disposal program as previously reported to the PSE."
Contact:
Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Telephone Number: 830-7000 (TL)
Fax Number: 818-2576 (Telefax)
Email Address: info@pbcom.com.ph
Website: http://www.pbcom.com.ph
PHILIPPINE LONG: Issues News Article Clarification
--------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Philippine
Long Distance Telephone Co. (PLDT) issued a clarification to the
news article entitled "PLDT targets 4-year net profit of PHP110
billion" published in the August 9, 2004 issue of the Philippine
Daily Inquirer (Internet Edition). The article reported that:
"The board of Philippine Long Distance Telephone Co. (PLDT) has
set a four-year profit target of PHP110 billion starting 2004,
which should raise the company's share price to PHP1,700 by the
end of2007, according to PLDT's top official."
At this rate, PLDT's net profit should increase to PHP25.3
billion in 2005, PHP29.1 billion in 2006 and PHP33.5 billion in
2007. This year, the company has revised its income target to
PHP22 billion from about PHP18 billion following the strong
first-semester results."
In relation to Circular for Brokers No. 3523-2004 dated August
3, 2004, Philippine Long Distance Telephone Co. (TEL) in its
letter dated August 9, 2004, disclosed that:
"the target growth in PLDT share price and PLDT Group's profit
over the four-year period 2004 to 2007 are specific to and
solely for the purpose of the Plan. Payment of awards under the
Plan will be triggered in proportion to the level of achievement
of such objectives subject to certain thresholds. However, said
performance objectives may be adjusted by our Board of Directors
during the period of the Plan to reflect the impact of
unforeseen events or matters which substantially affect the PLDT
Group's business activities, financial position or operations.
The company also wishes to emphasize that PLDT cannot make and
is not making any representation about its future financial
performance or give any assurance that the performance
objectives for the purpose of the Plan will be achieved during
the period of the Plan or at all."
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 I N G A P O R E
=================
GOLDEN BUKIT: Winding Up Order made
-----------------------------------
In the Matter of Golden Bukit Pte Ltd., a Winding Up Order was
made on July 30, 2004.
Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.
Mallal & Namazie
Solicitors for the Petitioner.
Lai Yew Seng Pte Ltd.
This Singapore Government Gazette announcement is dated August
6, 2004.
HUA KOK: HDB Terminates Subsidiary Scheme
-----------------------------------------
Hua Kok International Limited released an announcement on the
Singapore Stock Exchange dated August 9, 2004 regarding the
proposed scheme of arrangement for its principal subsidiary Hua
Kok Realty (Private) Limited and the impact of the termination
of the subsidiary scheme on Hua Kok International Limited (the
Company).
(A) The Proposed Scheme Of Arrangement For A Principal
Subsidiary - Hua Kok Realty (Private) Ltd (the Subsidiary
Scheme)
On May 31, 2004 and June 9, 2004, the Company announced that its
principal subsidiary, Hua Kok Realty (Private) Limited, had
filed an application seeking, inter alia, the Court's leave to
convene a creditors' meeting for the purpose of considering a
scheme of arrangement proposed to be made between the Subsidiary
and the Subsidiary's creditors pursuant to Section 210 of the
Companies Act (Cap. 50).
As set out in the explanatory statement of the Subsidiary Scheme
and as ordered by the Court on 16 June 2004, all conditions
precedent referred to in paragraph 7 of the Explanatory
Statement of the Subsidiary Scheme must have been met before the
notice convening the Creditors' Meeting is issued.
One of the Conditions Precedent to the convening of the
Creditors' Meeting is for the Subsidiary to obtain the Housing &
Development Board's (HDB) agreement to the novation of the
Subsidiary's on-going HDB construction projects with a new main
contractor on terms agreeable to the HDB, the Subsidiary and the
new main contractor.
However, in respect of one of the three HDB projects the
Subsidiary was involved in, being a project in Punggol West with
a contract value of SGD28.3 million, the HDB terminated the same
on 10 June 2004. HDB also subsequently called on the performance
guarantee. The Subsidiary's efforts to satisfactorily resolve
its disputes with the HDB had been unsuccessful. On 29 July
2004, the Subsidiary has issued a notice of arbitration in
respect of the Punggol Project, and took out an application for
an injunction, in respect of the payment under the performance
guarantee.
Given the non-fulfillment of all the Conditions Precedent and
the present circumstances in respect of the Punggol Project, the
Subsidiary has decided (after obtaining relevant advice) with
regret that it would not be feasible for the Subsidiary Scheme
to be effected. Accordingly, the Subsidiary has filed an
application with the High Court on 6 August 2004 for, inter
alia, an order that:
(1) no further steps be taken by the Subsidiary to convene a
Creditors' Meeting, that is, the Subsidiary will not be
proceeding with the Subsidiary Scheme; and
(2) the stay of legal proceedings under Section 210(10) of the
Companies Act (Cap. 50), ceases with immediate effect.
In view that the Subsidiary will not be proceeding with the
Subsidiary Scheme, the Company will not be issuing a circular to
Shareholders for the issue of new shares in the capital of the
Company pursuant to the Subsidiary Scheme.
(B) Impact Of The Termination Of the Subsidiary Scheme On Hua
Kok International Limited
The termination of the Subsidiary Scheme will have an impact on
the Company as follows:
(i) The Company has given a corporate guarantee in favor of the
Subsidiary's secured creditor amounting to S$7.5m (the
"Corporate Guarantee"). The Directors believe that the
Subsidiary has pledged sufficient assets to its secured creditor
for the purposes of fully repaying the debts owing to the
secured creditor, and accordingly, although the Company is
contingently liable under the Corporate Guarantee, it is
unlikely that such contingent liability will crystallize.
(ii) The Company has given indemnities in favor of the
Subsidiary's creditors against any payments which may be made by
them pursuant to calls on performance guarantees issued by such
Subsidiary's creditors. The Performance Guarantee Indemnities
amount to S$4.8m. The Performance Guarantee Indemnities are
contingent liabilities which are expected to crystallize upon
the termination of the Subsidiary Scheme or the liquidation of
the Subsidiary. The Directors are considering settling such
contingent liabilities when they crystallize by (subject to
applicable laws, legal advice and approval of Shareholders of
the Company as may be required) issuing shares in the capital of
the Company to such contingent creditors, and thereafter,
through the Company's right of subrogation, the Subsidiary will
be indebted to the Company.
(iii) The Subsidiary has advanced inter-company loans amounting
to SGD8.7m to the Company (before taking into account any
monies that may be owing by the Subsidiary to the Company
arising from the Company's right of subrogation as set out in
(ii) above). The Directors are considering settling the Inter-
Company Loans by (subject to applicable laws, legal advice and
approval of Shareholders of the Company as may be required)
issuing shares in the capital of the Company to the Subsidiary
and/or the liquidators of the Subsidiary.
The above sets out the preliminary plans of the Company in light
of the termination of the Subsidiary Scheme. The Company will
make further announcements in due course pending the outcome of
its negotiations with the various creditors.
JURONG REPTILE: Enters Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the winding up of
Jurong Reptile Park Pte Ltd. by the High Court was, on the 30th
day of July 2004, presented by United Overseas Bank Limited, a
Company incorporated in Singapore and having a place of business
at 80 Raffles Place, UOB Plaza, Singapore 048624, a creditor.
The Petition is directed to be heard before the Court sitting at
Singapore at 10.00 am in the forenoon on August 27, 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the said Petition may appear
at the time of the hearing by himself or his counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the said Company requiring the copy
of the Petition by the undersigned on payment of the regulated
charge for the same.
The Petitioner's address is 80 Raffles Place, UOB Plaza,
Singapore 048624.
The Petitioner's solicitors are Messrs Rajah & Tann of No. 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.
Messrs RAJAH & TANN
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the Petitioner's
solicitors, 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 Petitioner's solicitors not later than 12 o'clock
noon of 26th August 2004 (the day before the day appointed for
the hearing of the Petition).
THINKING BUSINESS: Winding Up Hearing Slated on August 20
---------------------------------------------------------
NOTICE is hereby given that a petition for the winding up of The
Thinking Business Pte Ltd by the High Court was, on the 26th day
of July 2004 presented by United Overseas Bank Limited, a
company incorporated in the Republic of Singapore and having its
registered office at 80 Raffles Place, UOB Plaza 1, Singapore
048624, a Judgment Creditor.
The petition is directed to be heard before the Court sitting at
Singapore at 10.00 a.m., on the 20th day of August 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of the 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 copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioners' address is 156 Cecil Street, #06-06 FEB
Building, Singapore 069045.
The Petitioners' solicitors are Yeo-Leong & Peh LLC of 20
McCallum Street, #12-03 Asia Chambers, Singapore 069046.
Yeo-Leong & Peh Llc
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named Yeo-
Leong & Peh LLC, 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, firm, or 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 o'clock noon of the 19th
day of August 2004 (the day before the date appointed for the
hearing of the petition).
T.S.HARMINDER: Faces Bankruptcy Proceedings
-------------------------------------------
Notice is given that a Petition for the winding up of T.S.
Harminder Singh (Pte) Ltd by the High Court was, on the 23rd
July 2004, presented by Bangkok Bank Public Company Ltd of 180
Cecil Street, Singapore 069546, the Creditors.
The Petition will be heard before the Court sitting at the High
Court at 10.00 in the forenoon, on the 20th 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 copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioners' address is at 180 Cecil Street, Singapore
069546.
The Petitioners' solicitors are Messrs Khattar Wong & Partners
of 80 Raffles Place, #25-01 UOB Plaza 1, Singapore 048624.
Messrs Khattar Wong & Partners
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs Khattar Wong &
Partners, the solicitors for the Petitioners, of 80 Raffles
Place, #25-01 UOB Plaza 1, Singapore 048624, a 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, 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 12 o'clock noon of the 19th day of August 2004
(the day before the day appointed for the hearing of the
Petition).
===============
T H A I L A N D
===============
ADVANCE PAINT: Unveils Result of Board Of Directors Meeting
-----------------------------------------------------------
Advance Paint & Chemical (Thailand) PCL notifies the Stock
Exchange of Thailand on the resolutions of the Board of
Directors Meeting No.3/2004, held on August 6th, 2004 at 7:00 to
10:30 p.m. on the following important matters:
(1) Adoption of the Minutes of the board of Directors Meeting
No. 2/2004.
(2) Agree to propose the shareholder's meeting to approve the
decrease of the registered capital from THB4,189,800,250 to
THB418,980,025 by reducing the par value of the shares from
THB10 per share to THB1 per share. The capital reduction is done
in order to compensate both of discount on common shares
amounting to THB1,970,758,350 and accumulated loss of the
Company of THB31,320,225.
(3) Agree to propose the shareholder's meeting to approve the
change of the par value of the shares from THB10 per share to
THB1 per share, as well as, to approve the amendment to Article
4 of the Company's Memorandum of Association in order to be
consistent with the capital decrease.
(4) The date for closing the Company's share register for the
right to attend the meeting will be August 20th, 2004 at 12:00
a.m. until the meeting ends.
(5) Unanimous approval for setting the date of the Extraordinary
Shareholders' Meeting No.1/2004 to be held on September 3rd 2004
at 9:00 A.M. at the Conference Room of the Company, Bangpa-In
Industrial Estate 344 Moo 2, Klongjik, Bangpa-In District,
Ayuthaya.
The following are the agenda for the Extraordinary Shareholders'
Meeting No. 1/2004:
(1) To consider and approve the Minutes of Ordinary General
Meeting of Shareholders No.1/2004
(2) To consider and approve the decrease of the Company's
registered capital by reducing the par value of the shares in
order to compensate both of discount on common shares and
accumulated loss of the Company.
(3) To consider and approve the change of par value.
(4) To consider and approve the amendment to Article 4 of the
Company's Memorandum of Association in order to be consistent
with the capital decrease as referred to in Agenda 2 and the
change of the par value as referred to in Agenda 3.
(5) To consider other business (if any)
Please be informed accordingly and please disseminate the
information to the Member Companies and interested investors in
support of their decision on any investment in the securities of
the Company.
Yours sincerely,
(Mrs.Narumol Punnakitikashem)
Director
CONTACT:
ADVANCE PAINT & CHEMICAL (THAILAND) PCL
344 MOO 2, BANG PA-IN INDUSTRIAL ESTATE,
BANG PA-IN Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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