/raid1/www/Hosts/bankrupt/TCRAP_Public/040819.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 19, 2004, Vol. 7, No. 164
Headlines
A U S T R A L I A
AMBIR PTY: Court Fines Builder For Failure To Lodge Report
AMP LIMITED: Posts 72% Increase in Half-Year Net Profit
AMP LIMITED: Releases Chairman's 2004 Half-Year Results Overview
AMP LIMITED: Reduces Fees for Key Products
WOODSIDE PETROLEUM: Posts A$724.6Mln 1H Net Profit
C H I N A & H O N G K O N G
CENTURY MAIN: Court Hears Winding Up Petition
DRESDNER RCM: Creditors To Prove Debts on September 13
GLORY CRUISE: Enters Winding Up Proceedings
GOLD-FACE HOLDINGS: Creditor Files Bankruptcy Petition
JINHUI HOLDINGS: Unit Acquires New Bulk Carrier
M. PARIS: Sets Members' and Creditors' Meetings
POWER PACKING: Faces Bankruptcy Proceedings
SHANGHAI MERCHANTS: To Hold Annual General Meeting
SHANGHAI MERCHANTS: Posts H1 Financial Results
THORNTON BROKERAGE: Creditors Must Submit Claims by September 13
TIGER EYE: Winding Up Hearing Slated on September 1
TOWRY LAW: Gets Severe Reprimand From SFC
I N D O N E S I A
GARUDA INDONESIA: To Add One More Brisbane-to-Denpasar Flight
J A P A N
DAIEI INCORPORATED: Marubeni Maps Out Support Plan
KANEBO LIMITED: METI Approves Revival Plan
MISAWA HOMES: UFJ, Toyota Deny Investment Report
MITSUBISHI MOTORS: To Set Up Production Venture in China
YUU AND YUU: Enters Bankruptcy
K O R E A
HYNIX SEMICONDUCTOR: Signs Pact With Wuxi Govt For Chip Plant
HYNIX SEMICONDUCTOR: Asks FSC To Change Stock Buyback Prices
JINRO LIMITED: Braces For First-Ever Strike In Firm History
* Corporate Bankruptcies Down In July
M A L A Y S I A
ANCOM BERHAD: Purchases 8,700 Ordinary Shares on Buy Back
BERJAYA SPORTS: Releases Notice of Shares Buy Back
FABER GROUP: Issues Additional 80,000 New Ordinary Shares
FARLIM GROUP: Issues Notice of Financial Assistance
LANKHORST BERHAD: Clarifies Winding Up Petition Notice
MALAYSIA BUILDING: Replies to Bursa Malaysia's Query Letter
MENTIGA CORPORATION: To Dispose of 9,450 Ordinary Shares in Unit
OLYMPIA INDUSTRIES: Withdraws Application Re Unit MESDAQ Listing
OMEGA HOLDINGS: Audit Committee Member Resigns
PAN PACIFIC: Issues Default Status Update
SATERAS RESOURCES: EGM Set for September 10
SIN KEAN: Issues Litigation Update
TA ENTERPRISE: Answers Bursa Malaysia Query
TALAM CORPORATION: Issues Additional 88,000 Ordinary Shares
TRU-TECH HOLDINGS: Issues Practice Note 1/2001 Update
WCT ENGINEERING: Grants Listing of 140,325 Ordinary Shares
P H I L I P P I N E S
DIGITAL TELECOMMUNICATIONS: Unveils Second Quarter 2004 Report
MAYNILAD WATER: To Submit Rehab Plan in 30 Days
NATIONAL STEEL: Danaharta To Receive Fair Share From Sale
NEGROS NAVIGATION: Clarifies "Nenaco Sues Cargo Vessel" Report
PHILIPPINE LONG: PSE OKs Additional Listing of Shares
PHILNICO NICKEL: Caraga Region Seeks to Revive Nickel Mining
S I N G A P O R E
ACHIEVA LIMITED: Change in Shareholder's Interest
INFORMATICS HOLDINGS: Posts Additional Information on Q1 Results
MEDIASTREAM LIMITED: Signs Deal with Safuan Group
MORTON HALL: Court Hears Winding Up Petition
SEATOWN CORPORATION: Judicial Management Order Extended
T H A I L A N D
ASIA HOTEL: Issues Clarification on 2Q Results
ASIA HOTEL: Issues Clarification Re Auditor's Opinion
ASIA HOTEL: SET Suspends Trading of Securities
BANGKOK RANCH: Unveils Reviewed 2Q FS
BANGKOK RANCH: Releases 2Q 2004 Operating Results
BANGKOK RUBBER: SET Posts SP Sign on Securities
CENTRAL PAPER: Clarifies 2004 First Half Results
CENTRAL PAPER: SET Suspends Securities Trading
MDX: SP Sign Posted on Securities
MANAGER MEDIA: SET Posts NP Sign On Securities
NFC FERTILIZER: SP and NP Signs Posted Against Securities
NFC FERTILIZER: Issues Amendment of Information in Tender Offer
NFC FERTILIZER: Releases Performance Report for Q2 2004
PREMIER ENTERPRISE: Releases Operating Results for 2Q 2004
RATTANA REAL: Releases Reviewed Second Quarter Statements
- - - - - - - -
=================
A U S T R A L I A
=================
AMBIR PTY: Court Fines Builder For Failure To Lodge Report
----------------------------------------------------------
Mr. Raymond Thomas Reilly, also known as Charlie Reilly, has
been found guilty in the Darwin Court of Summary Jurisdiction of
failing to submit a Report as to Affairs to the Liquidator of
Ambir Pty Ltd.
Mr. Reilly was fined $700.
Ambir Pty Ltd was placed into liquidation on 28 May 2003
following a dispute with Paspalis Hotel Investments Pty Ltd. At
the time of the Liquidator's appointment, Ambir Pty Ltd was in
the process of building a tourist resort on Darwin's main
esplanade.
'Reports as to Affairs are essential for Liquidators to
facilitate the investigation of the affairs of a company, to
identify possible recoverable assets for the benefit of
creditors, and for the overall proper winding up of the
company', ASIC's Northern Territory Regional Commissioner, Mr.
Anthony Beven, said.
'ASIC will not hesitate to take action when company officers, or
people with knowledge of a company affairs, refuse to assist
Liquidators who are endeavouring to obtain a return for
creditors,' Mr. Beven said.
This Australian Securities and Investments Commission
announcement is dated August 17, 2004.
AMP LIMITED: Posts 72% Increase in Half-Year Net Profit
-------------------------------------------------------
In a company press release on Wednesday, AMP Limited announced
its Half Year Results.
Improved cashflow and investment income and a continued
reduction in costs have contributed to a 72 per cent increase in
AMP Limited's net profit before other items to A$412 million for
the six months to 30 June 2004, compared with the previous
corresponding period.
Business unit operating margins rose by 19 per cent to A$279
million in the first half while the underlying contribution,
which smoothes out investment market volatility, rose 21 per
cent to A$311 million. Return on Equity (RoE) on an underlying
basis rose to 17 per cent and on an actual basis to 22 per cent.
Net profit after other items was A$378 million compared with a
loss of A$2.2 billion in the previous corresponding period.
Directors have declared a dividend for the first half of 13
cents per share (75 per cent franked), compared with 7 cents per
share in the previous corresponding period (15 per cent
franked). The increased dividend - which represents the first
step in returning capital to shareholders - reflects a lift in
the dividend payout policy from 60 per cent to 75 per cent. This
is expected to be maintained in the medium term.
AMP Chief Executive Officer Andrew Mohl said that post the
December 2003 demerger, AMP's focus had been on operational
excellence in four key areas: reducing unit costs, growing
cashflow, outperforming on investments and lowering the Group's
gearing.
In terms of the focus on reducing unit costs, controllable costs
fell by 1 per cent on the previous corresponding half to A$396
million, while the cost to income ratio across the group was 5
percentage points lower at 42 per cent.
Cash flows improved with growth in AMP Financial Services
inflows of 21 per cent while cash outflows were down 8 per cent.
This resulted in a turnaround in net cash flows of almost A$1.1
billion from the previous corresponding half to A$540 million.
In AMP Capital Investors, external net cash flows for the first
half were $1.6 billion, a turnaround of $2.3 billion on the
previous corresponding period.
Investment performance was again strong, with 81 per cent of
Australian Assets Under Management (AUM) outperforming
benchmarks for the year to 30 June 2004. The flagship Balanced
Fund was in the top quartile while significant value was added
relative to benchmark in the AMP Life No. 1 fund.
Finally, three major debt reduction initiatives in the first
half lowered Group debt levels by almost two-thirds with the
gearing ratio (defined as debt to debt plus equity) falling from
55 per cent to 29 per cent over the half. AMP has achieved its
target debt levels more than six months ahead of schedule.
"Post demerger, AMP is a more focused and agile company with a
passion to succeed. Our strategic intent is clear - to run the
company better than it's ever been run before," Mr. Mohl said.
"Improvements have been made across the business. In AMP
Financial Services, we have a clear strategy focused around high
quality advice-based distribution and low cost product
manufacturing.
"In AMP Capital Investors, we are now firmly based as a regional
asset management business. Our strategy to establish
partnerships with other specialist fund managers, to continue to
develop asset management distribution capability in Asia and to
develop specialist retail funds is progressing well.
"Finally, in Cobalt/Gordian, the run-off insurance businesses
are being tightly managed with a focus on maximizing profit and
increasing surplus capital."
To view full copy of the announcement, click
http://bankrupt.com/misc/AMPLIMITED081804.pdf
CONTACT:
AMP LIMITED
Level 24, AMP Building,
33 Alfred Street,
SYDNEY, NSW, AUSTRALIA, 2000
Head Office Telephone: (02) 9257 5000
Head Office Fax: (02) 9257 7178
Website: http://www.amplimited.com/
AMP LIMITED: Releases Chairman's 2004 Half-Year Results Overview
----------------------------------------------------------------
AMP Limited announced in a press release on Wednesday a half-
year financial result reflecting the success of its strategy and
improved market conditions.
Net profit before abnormal items is up 72 percent on the first
half of 2003 to $412 million. This increase is a result of
AMP's focus on operational excellence -running AMP better than
it's ever been run before - and improved investment income.
Dividends
The company is pleased to declare an increase in the interim
dividend to 13 cents a share (75 percent franked) from 7 cents a
share (15 percent franked) in the first half 2003. The dividend
will be paid on 26 October.
This improved dividend reflects an increase in its payout policy
from 60 percent to 75 percent of underlying contributions - in
other words, AMP is paying out more of its underlying earnings
in dividends to shareholders. Franking has been set at 75
percent, up from 15 percent in first half 2003, but down
slightly on the 85 percent franking in the second half 2003 as a
result of the increase in payout policy. The company expects to
maintain the current payout policy and franking levels at least
over the medium term.
Dividend Reinvestment Plan (DRP):
The company has also announced changes to its Dividend
Reinvestment Plan (DRP):
- limiting participation to a maximum of 10,000 shares per
shareholder to reduce dilution
- reducing the DRP pricing period from 10 to 5 business days.
These changes are being made to maintain its DRP for the benefit
of retail shareholders, while limiting the number of new shares
that AMP has to issue under the plan. Further details about the
changes will be sent to all DRP participants in early September.
Returning excess capital
The company has also reaffirmed its intention to return excess
capital to shareholders over the next twelve months. AMP is
currently reviewing the best way to do this to benefit all
shareholders. Once AMP has made a decision, it will inform all
shareholders.
Key financial results
The results of the past six months show that AMP is well on its
way to rebuilding value in the company. AMP has made pleasing
progress in:
- Reducing costs: total controllable costs are down 1 percent to
A$396 million and the cost to income ratio is down 5 percentage
points to 42 percent
- Growing cash flows: there has been a A$1.1 billion turnaround
in net cash flows in AMP Financial Services, compared with first
half 2003, and a A$2.3 billion turnaround in net external
cashflows in AMP Capital Investors
- Outperforming on investments: investment performance has
continued to improve, with 81 percent of Australian assets under
management out performing benchmarks
- Reducing debt: debt has been cut by A$2.8 billion and the
amount of debt to equity is now at targeted levels, at least six
months ahead of schedule.
AMP's financial performance is continuing to track well and
clearly indicates that the demerger was the right thing to do.
Peter Willcox
Chairman
AMP LIMITED: Reduces Fees for Key Products
------------------------------------------
AMP Limited announced in a press release on Wednesday fee
reductions for key Australian superannuation and pension
products, with almost 800,000 customers set to benefit by a
total of A$40 million per annum.
The fee reductions are the largest ever undertaken by AMP
Limited, averaging 10 per cent for Flexible Lifetime -
Superannuation products, 6 per cent for CustomSuper and 5 per
cent for Flexible Lifetime - Allocated Pensions. The reductions
take full effect from 1 November 2004.
Managing Director of AMP Financial Services (AFS), Craig Dunn,
said AMP was passing on to consumers the benefits of recent cost
savings, as well as reductions achieved in recent fee
negotiations with fund managers.
Customers will benefit to varying degrees from the changes,
according to the dollar size of their investment balance and the
investment options selected.
All customers can take advantage of the lower investment fees on
59 of the 63 investment options available in Flexible Lifetime -
Super from 20 September. For those 59 investment options with a
lower investment fee, fee reductions will vary from 1 per cent
to 25 per cent.
The A$40 million pre-tax fee reduction being passed to customers
has been funded from both cost savings and fund manager fee
renegotiations. This demonstrates how AMP has been able to take
advantage of its scale position in the market, for the benefit
of both shareholders and customers.
"Recent regulatory changes, including choice of superannuation
fund legislation and more transparent fee disclosure, are likely
to make the market increasingly competitive," Mr. Dunn said.
"AMP has been a strong supporter of these changes.
"These fee reductions put us on the front foot and, combined
with the strength of our planning distribution network, position
us well in preparing for the new regulatory framework and making
us more competitive to customers."
In addition to lower fees, a number of enhancements and new
product initiatives have been made to AMP's superannuation and
pension product range, such as the launch of the new growth
pension last week. AMP is also changing its fee disclosure to
make it easier to understand and compare with other funds.
WOODSIDE PETROLEUM: Posts A$724.6Mln 1H Net Profit
--------------------------------------------------
Woodside Petroleum announced in a press release its First Half
2004 Results.
Key Points
- First half 2004 net profit after tax was A$724.6 million
compared to the first-half 2003 net profit after tax of A$272.2
million. The first half result includes a significant item of
A$373.6 million (post tax) being profit on the sale of a 40
percent interest in the Enfield oil project and WA-271-P.
- The underlying net profit after tax (pre-significant items) of
A$351.0 million was up 29 percent over the previous
corresponding period with contributions from unrealized foreign
exchange gains.
Revenue benefits from a 22 percent increase in average realized
oil prices were largely offset by a 19 percent increase in the
average A$/US$ exchange rate.
- Interim fully franked dividend of 27 cps, up by 6 cps from
first-half 2003.
- Net operating cash flow of A$539.4 million was down 5%
compared to A$569.6 million.
- 2004 aspirational production target is unchanged at 58MMboe.
First half production of 28 MMboe is expected to be exceeded in
the second half of 2004.
- Woodside committed to three major projects in first half of
2004. The three projects, Enfield, Thylacine-Geographe and
Chinguetti, with a total capital expenditure of approximately
A$3.0 billion (Woodside share: A$1.7 billion) are on budget and
on schedule to start-up in 2006.
- The NW Shelf LNG expansion project is near completion. First
gas came to shore through the new second offshore trunkline in
February, the Venture's 9th LNG carrier loaded its first cargo
in April and gas was introduced into the 4.2 million tonne-a-
year fourth processing train in June. LNG production from Train
4 to storage tanks is expected by September 2004.
The reported net profit after tax of A$724.6 million for the
first half 2004 was up strongly compared with A$272.2 million
for the corresponding period in 2003. The large increase in the
headline result was mainly due to a significant item after tax
of A$373.6 million, which arose from the profit on the sale of
Woodside's 40% equity in the Enfield oil development and WA-271-
P.
The underlying net profit after tax (pre-significant items) of
A$351.0 million for the first half 2004 was up 29 percent
compared with A$272.2 million for the corresponding period in
2003. This increase was achieved despite lower oil and gas
revenues.
During the half, the US dollar cash proceeds from the sale of a
40 percent participating interest in WA-271-P (including the
Enfield project) were received and placed on interest bearing
deposit. The translation of these US cash proceeds and deposits
plus the translation gains and losses on receivables resulted in
a net gain position of A$89.9 million before tax (2003: A$42.8
million loss). These unrealized gains arose from the 30 June
2004 AUD/USD exchange rate of 0.6910 (31 December 2003: 0.7488)
To view full copy of the First Half results, click
http://bankrupt.com/misc/WOODSIDEPETROLEUM081804.pdf
http://bankrupt.com/misc/WOODSIDEPETROLEUM081804_2.pdf
http://bankrupt.com/misc/WOODSIDEPETROLEUMAPPENDIX4D081804.pdf
CONTACT:
Woodside Petroleum Ltd.
Woodside Plaza , 240 St Georges Terrace
PERTH, AUSTRALIA, 6000
Head Office Telephone: (08) 9348 4000
Head Office Fax: (08) 9214 2777
Website: http://www.woodside.com.au/
==============================
C H I N A & H O N G K O N G
==============================
CENTURY MAIN: Court Hears Winding Up Petition
---------------------------------------------
Notice is given that a Petition for the Winding up of Century
Main Investments Limited by the High Court of Hong Kong Special
Administrative Region was, on the 27th day of July 2004,
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap. 1167) whose registered office is situate 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 1st day of September 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.
Tsang, Chan & Wong
Solicitors for the Petitioner,
16th Floor, Wing On House
71 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 31st day of
August 2004.
DRESDNER RCM: Creditors To Prove Debts on September 13
------------------------------------------------------
Notice is given that the creditors of Dresdner RCM Strategic
Holdings (HK) Limited, which is in Members' Voluntary
Liquidation, are required (if they have not already done so), on
or before the close of business on 13 September 2004, to send in
their names, addresses and particulars of their debts or claims,
and the name and address of their solicitors, if any, to the
Liquidators of the said Companies.
If so required by notice in writing from the said Liquidators,
they are to come in 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 deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.
Suen Pui Yee
Iain Ferguson Bruce
Joint and Several Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
GLORY CRUISE: Enters Winding Up Proceedings
-------------------------------------------
Notice is given that a Petition for the Winding up of Glory
Cruise Shipping Company Limited by the High Court of Hong Kong
Special Administrative Region was, on the 30th day of July 2004,
presented to the said Court by King Wealth Limited of Room 1009,
10/F., Nan Fung Tower, 173 Des Voeux Road Central, Hong Kong.
The said Petition will be heard before the Court at 10:00 am on
the 1st day of September 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.
David Y. W. Man & Co.
Solicitors for the Petitioner,
Room 2201, 22nd Floor
Nam Wo Hong Building
148 Wing Lok Street
Sheung Wan
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 31st day of
August 2004.
GOLD-FACE HOLDINGS: Creditor Files Bankruptcy Petition
------------------------------------------------------
China Overseas Building Construction, a subsidiary of China
Overseas Land & Investment has filed a bankruptcy petition
against real estate developer Gold-Face Holdings, reports South
China Morning Post. The Hong Kong High Court will hear the
petition on September 8.
Last year, creditors of beleaguered Gold-Face seized two of its
unfinished projects namely Villa Pinada in Tuen Mun and The
Aegean in Siu Lam due to an HKD384.6 million loan default. In
March 31, 2002, the firm's reported net debts amounted to
HKD1.18 billion.
Meanwhile, Gold-Face directors Tai Chi-Wah and Lim Hau-chun were
charged earlier this month with conspiracy to defraud four banks
of HKD12.5 million in mortgages for the Villa Pinada project
between November 2001 and May 2002. The case was temporarily
adjourned and hearing will resume on September 2.
JINHUI HOLDINGS: Unit Acquires New Bulk Carrier
-----------------------------------------------
The Board of Jinhui Holdings Company Limited announces that on
16 August 2004 Jinhe Marine, a wholly-owned subsidiary of Jinhui
Shipping, entered into the Agreement with the Contractor for the
construction and sale of the Vessel.
Under the Agreement, Jinhe Marine agrees to acquire from the
Contractor one deadweight 77,000 metric tons type single screw
diesel propelled bulk carrier, which will be built and
delivered in Japan, for a consideration of US$31,500,000
(approximately HK$245,700,000).
Under the Listing Rules, the Acquisition constitutes a major
transaction for the Company. A circular containing, amongst
other things, further information relating to the Acquisition
will be dispatched to the shareholders of the Company as soon as
reasonably practicable.
Trading in the shares of the Company was suspended at the
Company's request with effect from 9:30 a.m. on 17 August 2004.
The Company has applied to the Stock Exchange for resumption of
trading in its shares with effect from 9:30 a.m. on 18 August
2004.
To view the complete announcement, please click:
http://bankrupt.com/misc/TCRAP_JINHUIHOLDINGS081804.pdf
http://bankrupt.com/misc/TCRAP_2JINHUIHOLDINGS081804.pdf
http://bankrupt.com/misc/TCRAP_3JINHUIHOLDINGS081804.pdf
CONTACT:
Jinhui Holdings Co Limited
1-6 Connaught Road West
26th Floor Yardley Commercial Building
Hong Kong
Phone: +852 2545 0951
+852 2541 9794
Website: http://www.jinhuiship.com/
M. PARIS: Sets Members' and Creditors' Meetings
-----------------------------------------------
Pursuant to Section 247 of the Companies Ordinance (Chapter 32),
a meeting of the members of M. Paris Hong Kong Limited will be
held at Room 2603, 26/Floor, Wing On Centre, 111 Connaught Road
Central, Hong Kong on 1 September 2004 at 2:30 p.m. and will be
followed by a meeting of the creditors of the company to be held
at the same place at 2:45 p.m. for the purpose of receiving an
account of the liquidator's act and dealings and of the conduct
of the winding up of the company during the year ended 10 June
2004.
A member or creditor entitled to attend voting at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 22/Floor, Wing One
Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the meetings.
ANTHONY P. S. LUI
Liquidator
POWER PACKING: Faces Bankruptcy Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Power Packing & Removal Company Limited by the High Court of
Hong Kong was, on the 2nd day of August, 2004, presented to the
said Court by Lau Kuen Kwong of Room 521, Kui On House, Wo Lok
Estate, Kwun Tong, Kowloon, Hong Kong.
The said petition will be heard before the Court at 10:00 am. on
the 1st day of September 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.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
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 31st day of
August 2004.
SHANGHAI MERCHANTS: To Hold Annual General Meeting
--------------------------------------------------
The Annual General Meeting of Shanghai Merchants Holdings
Limited (incorporated in Bermuda with limited liability) will be
held at Chater Room 1, B/3, Regal Hongkong Hotel of 88 Yee Wo
Street, Causeway Bay, Hong Kong on 22 September 2004 at 11 a.m.
(or at the soonest time thereafter as the Special General
Meeting of the Company convened on the same date and place shall
have been concluded or adjourned) for the following purposes:
(1) To receive and consider the financial statements and the
reports of the directors and auditors of the Company for the
year ended 31 December 2003;
(2) To re-elect Directors and to fix their remunerations;
(3) To re-appoint Auditors and to authorize the Directors to fix
their remunerations;
(4) As special business, to grant a general mandate to the
Directors:
(i) to repurchase shares of the Company not exceeding 10% of its
issued share capital as of the date of passing of the relevant
resolution;
(ii) to issue additional Shares not exceeding 20% of its issued
share capital as of the date of passing of the relevant
resolution; and
(iii) to extend the limit under such Issue Mandate by the
addition thereto of such number of securities representing the
aggregate nominal amount of capital repurchased by the Company
under the Repurchase Mandate.
(5) As special business, to consider and, if thought fit, passed
with or without modification, an ordinary resolution of the
Company conditionally adopting a new share option scheme of the
Company terminating with contemporaneous effect the existing
share option scheme of the Company which was adopted on 7 June
2002 and authorizing the Directors to allot and issue shares of
the Company pursuant to the exercise of any options which may
fall to be granted under the New Share Option Scheme.
(6) As special business, to consider and, if thought fit, pass
the necessary resolution(s) as special resolution(s) of the
Company amending the existing bye-laws of the Company in
accordance with the proposed amendments made in the full text in
order to conform with the Rules Governing the Listing of
Securities the Stock Exchange effective as of 31 March 2004.
The full text of the proposed resolutions referred to above is
available for inspection at the principal place of business of
the Company in Hong Kong at Room 1225, 12/F, Prince Building, 10
Chater Road, Central, Hong Kong from the date hereof to the date
of the Annual General Meeting and a circular containing the same
will be delivered together with a copy of this notice and the
2003 Annual Report to the registered shareholders of the
Company.
By order of the board of Directors
Yue Jialin
Chairman
Hong Kong
Notes:
(1) A shareholder entitled to attend and vote at the above
meeting may appoint one or more than one proxy to attend and to
vote in his stead. A proxy need not be a shareholder of the
Company.
(2) Where there are joint registered holders of any Share, any
one such persons may vote at the meeting, either personally or
by proxy, in respect of such Share as if he were solely entitled
thereto; but if more than one of such joint holders be present
at the meeting personally or by proxy, that one of the said
persons to present whose name stands first on the register of
members of the Company in respect of such Shares shall alone be
entitled to vote in respect thereof.
(3) In order to be valid, the form of proxy duly completed and
signed in accordance with the instructions printed thereon
together with the power of attorney or other authority, if any,
under which it is signed or a notarially certified copy thereof
must be delivered to the Company's Hong Kong branch share
registrar, Secretaries Limited at 28th Floor, BEA Harbour View
Centre, 56 Gloucester Road, Wanchai, Hong Kong not less than 48
hours before the time appointed for holding the meeting or any
adjournment thereof.
(4) Completion and delivery of the form of proxy will not
preclude members from attending and voting at the meeting
convened, and in such event, the instrument appointing a proxy
shall be deemed to be revoked.
(5) A circular containing the explanatory statement regarding
the Repurchase Mandate and the full text on the proposed
Amendment of Bye-laws and summary of the terms of the New Share
Option Scheme will be accompanying the 2003 Annual Report of the
Company.
As of the date of this announcement, the Directors currently
comprises of Mr. Yue Jialin and Mr. Lau Yau Cheung Brent, both
of whom are executive Directors and Mr. Wong Wing Kuen, Albert,
Mr. Tsui Robert Che Kwong and Wu Guo Jian, all of them are
independent non-executive Directors.
This Hong Kong Stock Exchange announcement is dated August 16,
2004.
SHANGHAI MERCHANTS: Posts H1 Financial Results
----------------------------------------------
The board of directors of Shanghai Merchants Holdings Limited
(the Company) announces that the unaudited consolidated results
of the Company and its subsidiaries (the Group) for the six
months ended 30 June 2003 together with comparative figures for
the preceding period. These condensed interim financial
statements have not been audited, but were reviewed by the
Company's audit committee and auditors of the Company.
For the period under review, the Group had attained a turnover
of HK$62.2 million, representing an increase of 78% over that of
HK$34.9 million for the same period last year. Loss attributable
to shareholders increased to HK$41 million from HK$1 million for
the six months ended 30 June 2002. Loss per share was also
increased to 11.16 cents from 0.56 cents for the six months
ended 30 June 2002.
To view the complete financial statement, please click on:
http://bankrupt.com/misc/TCRAP_SHANGHAIMERCHANTS081804.pdf
THORNTON BROKERAGE: Creditors Must Submit Claims by September 13
----------------------------------------------------------------
Notice is given that the creditors of Thornton Brokerage
Limited, which is in Members' Voluntary Liquidation, are
required (if they have not already done so), on or before the
close of business on 13 September 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the Liquidators of
the said Companies.
If so required by notice in writing from the said Liquidators,
they are to come in 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 deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.
Suen Pui Yee
Iain Ferguson Bruce
Joint and Several Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
TIGER EYE: Winding Up Hearing Slated on September 1
---------------------------------------------------
Notice is given that a Petition for the Winding up of Tiger Eye
International Limited by the High Court of Hong Kong was, on the
2nd day of August 2004, presented to the said Court by Choi Yuk
Chor of Flat 1, 25/F., Shui Pak House, Hong Pak Court, Lam Tin,
Kowloon, Hong Kong.
The said petition will be heard before the Court at 10:00 am. on
the 1st day of September 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.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
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 31st day of
August 2004.
TOWRY LAW: Gets Severe Reprimand From SFC
-----------------------------------------
The Securities and Futures Commission (SFC) instituted
disciplinary proceedings against Towry Law (Asia) HK Limited
(Towry Law International, TLI) as a result of failings in
relation to two hedge funds managed by third parties, Global
Diversified Trading Limited (GDT) and Global Opportunities
Trading Limited (GOT).
The SFC alleged that TLI:
(1) conducted insufficient due diligence into the two funds
before recommending them to clients;
(2) sold the two funds to clients whose investment objectives
and risk tolerance did not always match with the risk profiles
of the two funds;
(3)failed to conduct proper enquiries into circumstances
surrounding the two funds which indicated problems with the
funds; and
(4) failed to advise clients when it became clear that the funds
had problems.
GDT and GOT were both suspended from trading in September 2002,
and are now being liquidated. The primary responsibility for the
collapse of the two funds lies with other parties, not TLI.
Without any admission of liability on the part of TLI, it has
agreed to make ex-gratia payments to all TLI investors remaining
in these funds as at their respective suspension dates.
GOT investors will receive an amount equal to 90% of the capital
invested, plus compound interest at 1% over the HSBC US Dollars
deposit rate prevailing from the date of investment to the date
the offer is accepted, whilst GDT investors who invested through
TLI will receive an amount equal to 80% of the capital invested,
also plus compound interest at the same rate from the date of
investment to the date the offer is accepted.
There is a difference between the levels of the ex-gratia
payments offered for GOT and GDT investors because the funds
were launched at different times and in different circumstances.
There is a mechanism for the processing of investor applications
for the ex-gratia payments, which the SFC will supervise in Hong
Kong (the TLI schemes).
TLI investors remaining in the funds as at the suspension dates
will receive a letter from TLI by the end of August 2004 setting
out the terms of the schemes. Investors are advised to consider
their position and to take legal advice in relation to the TLI
schemes.
TLI has confirmed that its Hong Kong office will remain open
until completion of the schemes.
The SFC has decided that it is in the public interest to settle
its disciplinary proceedings by severely reprimanding TLI
because:
(1) the TLI schemes amount to substantial mitigation;
(2) the members of senior management responsible for TLI's
involvement with the GDT and GOT funds have been replaced; and
(3) the SFC received a high degree of co-operation from the
current senior management of TLI.
The SFC continues to discuss with TLI investor complaints about
the sale of certain other third party products.
Mr Alan Linning, SFC's Executive Director of Enforcement, said
"The SFC recognises the high level of co-operation it has
received from the current management of TLI, as well as the
promised co-operation during the life of the schemes. Taking
all the circumstances into account, the SFC considers that this
settlement is in the public interest.
"Last year I said that investment advisers were an enforcement
priority. This remains the case. We have received numerous
complaints from investors alleging that they were mis-sold a
variety of products without being properly advised about the
nature or suitability of those products bearing in mind their
individual appetites for risk. Mis-selling is unacceptable and
will attract tough disciplinary sanctions.
"We are concerned at standards in parts of the investment
adviser industry. We have a sense that there is too much
emphasis on earning commission and too little on ensuring
suitability.
"However, investors must also play their part and consider
carefully whether an investment is right for them. There is no
such thing as a risk free investment. Generally a higher rate
of return equates to a higher degree of risk.
"Investors need to be comfortable that the risk associated with
a particular product is something they are prepared to bear.
Assuming investors are properly advised, any losses arising from
the performance of a product may have to be borne by investors.
Investors should also remember that the SFC has no power to
award compensation. If money is lost as a result of poor
investment advice or poor investment performance the civil
courts may be an investor's only recourse" Mr Linning added.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: To Add One More Brisbane-to-Denpasar Flight
-------------------------------------------------------------
With prospects of visits by Australian tourists steadily
improving, Indonesian flagship carrier Garuda Indonesia is
planning to increase the number of weekly flights for its
Brisbane-Denpasar route from three to four, reports the Antara
News Agency.
According to Garuda General Manager for Queensland Herry
Setiawan, the airline plans to add the extra flight by March
2005.
Tourist visits to Bali have been greatly affected since the
bombing in October 2002, which left 202 people, including 88
Australian tourists, dead. However, a perceived improvement in
the security of the country, coupled with the strengthening of
the Australian dollar against the Indonesian rupiah, has
Australian tourists coming in droves once again.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg., Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
http://www.garuda-indonesia.com
=========
J A P A N
=========
DAIEI INCORPORATED: Marubeni Maps Out Support Plan
--------------------------------------------------
Marubeni Corporation has devised a support plan for Daiei
Incorporated involving additional cash injections, Dow Jones
reports, citing the Sankei Shimbun.
Marubeni, which holds 4 percent of Daiei, tied up with the
struggling retailer in 1994 in a business deal that has
generated JPY65 billion a year. Marubeni had, likewise, infused
funds into Daiei Group affiliate Maruetse Incorporated in which
it owns a 28-percent stake.
Creditor UFJ Bank originally sought assistance from Marubeni for
Daiei's rehabilitation in June before it decided to turn to the
Industrial Revitalization Corporation (IRCJ) for support.
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
KANEBO LIMITED: METI Approves Revival Plan
------------------------------------------
Kanebo Limited and its eight affiliates have received approval
from the Ministry of Economy, Trade and Industry (METI) to
promote its rehabilitation program, says Japan Today, citing
Kyodo News.
The troubled textile firm, whose restructuring is backed by the
Industrial Revitalization Law, will be granted tax breaks to
promote the scheme, which includes loan waivers by creditor
banks and capital reduction.
Earlier this month, Kanebo shareholders have approved a JPY50
billion fundraising project in line with measures to rescue the
ailing company.
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
MISAWA HOMES: UFJ, Toyota Deny Investment Report
------------------------------------------------
UFJ Holdings Inc. has denied a report that it asked automaker
Toyota Motor Corp. for assistance in reviving borrower Misawa
Homes Holdings Inc. by investing in the struggling home builder,
Reuters reports.
UFJ, Toyota and Misawa all belied a Nihon Keizai article
published on Wednesday which stated that UFJ Bank, Misawa's main
bank and the core unit of UFJ Holdings, is trying to convince
the car maker to help Misawa, and that Toyota was interested in
taking a 20 to 40 percent equity stake in Misawa Homes.
According to the daily, Toyota considered pursuing the proposal
because a tie-up with the housing firm could boost its own
sluggish housing business Toyota Home that was launched in the
1970s.
UFJ is also implementing a JPY30-40 billion (US$273-364 million)
financial assistance to help reduce Misawa's JPY290 billion of
interest-bearing debt, it said.
UFJ, which is cleaning up its balance sheet ahead of a planned
takeover by Mitsubishi Tokyo Financial Group in October 2005, is
seeking outside help to rebuild its big, troubled borrowers.
CONTACT:
Misawa Homes Company Ltd.
2-4-5 Takaido-Higashi, Suginamik
Tokyo, 168-8533 Japan
MITSUBISHI MOTORS: To Set Up Production Venture in China
--------------------------------------------------------
In order to beef up production, scandal-hit Mitsubishi Motors
Corporation (MMC) is considering setting up a factory in China
with local automaker Hunan Changfeng Motor Company, relates
Channel News Asia, citing the Yomiuri Shimbun daily.
The two firms, which are negotiating on launching a joint
venture to manufacture Mitsubishi cars in China, hope to reach
an agreement next month on producing 40,000 to 50,000 units of
Mitsubishi 's Pajero model annually following the Chinese
government's approval.
The new entity, which will be based in Changsa, the capital of
Hunan province, will vend automobiles under the Mitsubishi
brand.
China is a potential key market for MMC as it struggles to win
back public trust and make up for a steep decline of its Japan
and China sales following a series of defect cover-up scandals
and DaimlerChrysler's refusal to grant new aid.
MMC unveiled restructuring plans in May, which featured factory
closures and monetary support from the Mitsubishi Group,
business partner China Motor Corporation and outside investors.
MMC already owns 20 percent of Hunan Changfeng, which sells
Pajeros in China under its own brand.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Website: http://www.mitsubishi-motors.co.jp
YUU AND YUU: Enters Bankruptcy
------------------------------
Yuu and Yuu Shokuhin K.K. has entered bankruptcy, according to
Teikoku Databank America. The firm, which engaged in restaurant
management business, has total liabilities of US$45.66 million.
The company is based in Toshima-Ku, Tokyo 171-0022.
For more information, please click: http://www.teikoku.com/
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Signs Pact With Wuxi Govt For Chip Plant
-------------------------------------------------------------
Hynix Semiconductor Inc. announced yesterday it has contracted
with Wuxi City, Jiangsu Province in China for setting up a plant
in China.
By completing the contract, Hynix explained it is able to obtain
solid footing for the long-term competitiveness since the plant
is expected to help in expanding manufacturing facilities for
12-inch wafers through the alliance with STMicro, enforcing cost
competitiveness by utilizing low cost manufacturing environment,
maintaining leading position in the Chinese market and resolving
trade issues including countervailing duties.
In addition, Hynix, which reported record profit for its second
quarter and posted fourth straight quarterly profit, added it
aims to be a leading memory chip manufacturer as the Company
secured stable financial base for the business normalization.
Hynix plans to complete construction of the China chip plant by
the second half of 2005 and expects to start mass production in
2006.
CONTACT:
Hynix Semiconductor Inc.
San 136-1, Ami-ri, Bubal-eub
Ichon, Kyonggi 467-860, South Korea
Phone: +82-31-630-4114
Fax: +82-31-630-4103
http://www.hynix.com
HYNIX SEMICONDUCTOR: Asks FSC To Change Stock Buyback Prices
------------------------------------------------------------
In a regulatory filing, South Korean chipmaker Hynix
Semiconductor said on Tuesday that it has requested the
Financial Supervisory Commission (FSC) change compensation
prices for stockholders who are against the sale of its non-
memory unit to Citigroup Venture Capital (CVC), reports The
Korea Times.
After Hynix finalized in June the KRW954.3 billion deal selling
its non-memory operation to CVC, Citigroup's seed-investment
unit, dissenting shareholders were granted by the chip maker
rights to cash in their shares under the appraisal remedy
system, which affords corporate shareholders the option of
redeeming their shares in the event of certain transactions that
have a heavy influence on a firm's future.
Initially, the buyback price was set at KRW11,376 per share. But
with Hynix stock prices experiencing a freefall caused by a
series of bad news, including a dumping probe of the outfit in
Japan, shareholders asked the firm to redeem up to 17 million
shares for cash, which would cost Hynix about KRW190 billion,
KRW150 billion more than originally expected.
The price of Hynix shares now hovers around KRW9,000.
Hynix said that should the FSC grant its request for a price
change, it would let shareholders revoke their application to
minimize any negative repercussions of such unprecedented move.
JINRO LIMITED: Braces For First-Ever Strike In Firm History
-----------------------------------------------------------
If the management and labor union of Jinro Limited fail to reach
a compromise soon, Korea's No. 1 soju distiller may soon be
facing the prospect of a first-ever labor strike in its 80-year
history, reports The Korea Herald.
On Tuesday, Jinro's labor union said it is ready to take the
next step in a series of planned industrial actions. The union
launched a work-to-rule action Monday as a "cautionary move"
toward a possible buildup to a general strike.
According to Lee Hak-gye, head of Jinro's labor union in Seoul,
the union's work-to-rule action calls for a strict adherence to
eight hours of labor as required by law. The next step, he said,
would be a partial strike, involving work stoppages of up to two
hours. Finally, a general union strike would affect 1,466
workers out of the company's 1,800 employees.
"Things so far with the management don't look promising, so we
will have to take the next step," the labor leader said. The
union, however, did not specify a date for the planned strike.
About 97 percent of Jinro's unionized workers voted for a strike
last week, seeking a pay raise, a five-day workweek and job
security.
CONTACT:
Jinro Limited
1448-3 Seocho-dong Seocho-gu
Seoul, SEOUL 137-866
KOREA (SOUTH)
Tel: +82 2 520 3114
Tel: +82 2 520 3453
* Corporate Bankruptcies Down In July
-------------------------------------
Due largely to a drop in bankruptcy filings from the service and
construction sectors, the number of South Korean corporate
bankruptcies fell to a six-month low in July to 348, down from
386 in June, says Dow Jones, citing the Bank of Korea on
Wednesday.
The Korean central bank also said that the number of new startup
companies in the country's eight biggest cities slipped to 2,688
last month from 2,696 in June.
The default rate on the country's corporate bills - including
corporate bonds, checks and promissory notes - also slipped to
0.04% from 0.06% in June, falling to a level unseen since 0.04%
in January 2003. Defaults by firms that had already gone
bankrupt also decreased during the month, the bank said.
The ratio of startups to bankrupt companies rose to 17.3 from
15.5 in the previous month due to a sharp fall in the number of
bankrupt companies.
===============
M A L A Y S I A
===============
ANCOM BERHAD: Purchases 8,700 Ordinary Shares on Buy Back
---------------------------------------------------------
Ancom Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buy back on August 17, 2004.
Date of buy back: 17/08/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 8,700
Minimum price paid for each share purchased (RM): 0.790
Maximum price paid for each share purchased (RM): 0.800
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 8,700
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,127,200
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my
BERJAYA SPORTS: Releases Notice of Shares Buy Back
--------------------------------------------------
Berjaya Sports Toto Berhad announced the details of its shares
buy back on August 17, 2004.
Date of buy back: 17/08/2004
Description of shares purchased: ordinary shares
Total number of shares purchased (units): 1,885,200
Minimum price paid for each share purchased (RM): 3.380
Maximum price paid for each share purchased (RM): 3.480
Total consideration paid (RM): 6,507,962.29
Number of shares purchased retained in treasury (units):
1,885,200
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 54,743,600
Adjusted issued capital after cancellation (no. of shares)
(units) :
Remarks:
The number of shares with voting rights in issue after the share
buy back is 983,447,932.
CONTACT:
Berjaya Sports Toto Berhad
179 Jalan Bukit Bintang
Kuala Lumpur 55100
Malaysia
Tel: +60 3 2935 8888
Tel: +60 3 2935 8043
FABER GROUP: Issues Additional 80,000 New Ordinary Shares
---------------------------------------------------------
Faber Group Berhad's additional 80,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM160,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 80,000 new ordinary shares will be granted
listing and quotation with effect from 9 a.m., Friday, 20 August
2004.
CONTACT:
Faber Group Berhad
Jalan Desa Bahagia
Taman Desa Off Jalan Klang Lama, Kuala Lumpur 58100
Malaysia
Tel: +60 3 7628 2888
Tel: +60 3 7628 2828
This announcement is dated 18 August 2004.
FARLIM GROUP: Issues Notice of Financial Assistance
---------------------------------------------------
Pursuant to Paragraphs 8.23 and 10.08 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Farlim Group
(Malaysia) Berhad announced the financial assistance rendered or
made on August 17, 2004.
For more information, go to
http://bankrupt.com/misc/tcrap_farlim081804.xls.
CONTACT:
Farlim Group (Malaysia) Berhad
Jalan PJS 10/32 Bandar Sri Subang
Petaling Jaya, Selangor Darul Ehsan 46000
Malaysia
Tel: +60 5635 5533
Tel: +60 5635 0301
LANKHORST BERHAD: Clarifies Winding Up Petition Notice
------------------------------------------------------
Lankhorst Berhad clarified the winding-up petition notice of its
unit Lankhorst Pancabumi Contractors Sdn Bhd (LPCSB) advertised
in the Star, Star Notices, page 7 on August 12, and wishes to
furnish the following additional information requested for
public release:
1. The name of the Petitioner is Vibracon Sdn. Bhd. Until to
date Lankhorst Pancabumi Contractors Sdn Bhd (LPCSB) has NOT
been personally served with the winding-up petition at its
registered address. The Company became aware of the said
winding-up petition only when the Exchange sent the copy of the
advertisement together with your letter of 12th August 2004.
2. The claim is for rectification, coring and drilling works at
its Jalan Kem/Sungai Aur Project for an amount of RM110,797.00
with interests at 8% p.a. from 30-7-2002 till full realization
and costs of RM1,869.00.
3. LPCSB's management had earlier made a proposal to pay the
amount claimed by way of installment payments but this was
rejected. LPCSB then paid the full principal amount of
RM110,797.00 on 6th August 2004 vide BCB cheque No. 310830. Save
for the payment of interests and costs (which LPCSB wish to
negotiate down), as far as LPCSB's management is concerned it
has not defaulted. Vibracon's act of advertising the winding-up
petition without serving the notice on LPCSB personally showed
that they have acted in bad faith.
4. The total cost of investment in LPCSB is RM25,000,000.00.
5. The claim and proceedings will not have any significant
financial and operational impact on the Company or the Group.
6. There are no expected losses arising out of the winding-up
proceedings.
7. In view of the payment made, LPCSB has requested the lawyers
for Vibracon Sdn. Bhd. to immediately withdraw the winding-up
petition and file a Notice of Discontinuance with the High
Court.
8. Lankhorst Berhad and its group of companies is solvent i.e.
there is no contingent or other liability that has become or
likely to become enforceable within the period of 12 months from
the date hereof which will or may affect the ability of the
Group or the Company to meet their obligations as and when they
fall due.
9. The Company will provide the Exchange with a solvency
declaration executed by the Directors by August 17.
Query Letter content:
The Bursa Malaysia Securities Berhad (the Exchange) refer to the
advertisement on winding-up petition appearing in Star, Star
Notices, page 7 on Tuesday, 12 August 2004, a copy of which is
enclosed for your reference.
In this connection, kindly furnish the Exchange with the
following additional information immediately for public release:
The name of the petitioner and date the winding-up petition was
served on LPCSB;
The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;
The details of the default or circumstances leading to the
filing of the winding-up petition;
The total cost of investment in LPCSB;
The financial and operational impact of the winding-up
proceedings; The expected losses, if any arising from the
winding-up proceedings; The steps taken and proposed to be taken
by the Company in respect of the winding-up proceedings;
8. A statement whether Lankhorst Berhad and its group of
companies (Group) is solvent i.e. that no contingent or other
liability has become or is likely to become enforceable within
the period of twelve (12) months from the date thereof which
will or may affect the ability of the Group or the Company to
meet their obligations as and when they fall due; and
9. An undertaking to provide to the Exchange a solvency
declaration executed by the directors of the Company within
seven (7) days (where such declaration can be made).
Please note that the board of directors of the Company must
endorse the contents of the announcement.
Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to: Securities Commission (via fax)
CONTACT:
Lankhorst Berhad
5th Floor, Bangunan UMNO Selangor,
Persiaran Perbandaran,
Section 14,
40000 Shah Alam,
Selangor Darul Ehsan,
Malaysia.
Tel: 03-5031 3030
Fax: 03-5031 3036
E-mail: hafidz
This Bursa Malaysia announcement is dated 17 August 2004.
MALAYSIA BUILDING: Replies to Bursa Malaysia's Query Letter
-----------------------------------------------------------
Malaysia Building Society Berhad responded to the article
appearing in The Edge, Financial Daily, Page 2 on Monday 16
August 2004.
As per the first 6 months performance, Malaysia Building have
already reported a profit after tax of RM13.3 million, based on
annualize basis and barring any unforeseen circumstances, the
Company should be able to achieve the forecasted profit.
Query Letter content:
The Bursa Malaysia Securities Berhad (Exchange) refer to the
news article appearing in The Edge, FinancialDaily, page 2, on
Monday, 16 August 2004, a copy of which is enclosed for your
reference.
In particular, we would like to draw your attention to the
underlined sentence, which is reproduced as follows:
"...MBSB could post a net profit of at least RM20 million for
the full year to end-December 2004..."
In accordance with the Securities Exchange's Corporate
Disclosure Policy, the Company is requested to furnish the
Securities Exchange with an announcement for public release
confirming or denying the above reported article and in
particular the underlined sentence after due and diligent
enquiry with all the directors, major shareholders and all such
other persons reasonably familiar with the matters about which
the disclosure is to be made in this respect. In the event you
deny the above sentence or any other part of the above reported
article, the Company is required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, the Company is required to set forth facts
sufficient to support the same.
Please furnish the Securities Exchange with your reply within
one (1) market day from the date hereof.
Yours faithfully
CHONG FUI TZY
Sector Head
Issues & Listing, Group Regulations
HTH/MZM
Copy to: Securities Commission (viafax)
This announcement is dated 17 August 2004.
MENTIGA CORPORATION: To Dispose of 9,450 Ordinary Shares in Unit
----------------------------------------------------------------
The Board of Directors of Mentiga Corporation Berhad had in
principle accepted an offer to dispose off 9,450 ordinary shares
representing 90% of the total issued and paid up share capital
of PT Rebinmas Jaya, Indonesia (PTRJ) through its 56% owned
subsidiary, SBSB. The total cash consideration for the said
disposal is RM68,000,000.00 (Ringgit Malaysia: Sixty Eight
Million only), of which 10% consideration belongs to Mr. Karli
Boenjamin, who holds the remaining 10% equity in PTRJ.
PTRJ owns oil palm plantations (Plantations) of approximately
12,002.36 hectares situated at Pulau Belitung, South of
Sumatera, Indonesia. The purchase consideration for the Proposed
Disposal is based on the valuation report of the Plantations
prepared by a firm of professional valuers dated 28 August 2003.
The Proposed Disposal is to meet the working capital
requirements to finance its day-to-day operations.
The Proposed Disposal is subject to negotiation and finalization
of a Sale & Purchase Agreement (SPA) and approval of the
relevant authorities and shareholders of MCB at an Extraordinary
General Meeting (EGM) to be convened at a later date.
A full announcement of the terms of the Proposed Disposal will
be made upon the execution of the SPA for the Proposed Disposal,
which is envisaged to take place by end of September 2004.
CONTACT:
Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Tel: +60 3 40439411
Tel: +60 3 40431233
OLYMPIA INDUSTRIES: Withdraws Application Re Unit MESDAQ Listing
----------------------------------------------------------------
Further to its announcement made on 14 March 2003, the Board of
Directors of Olympia Industries Berhad announced that the
application to Bursa Malaysia Securities Berhad (the Exchange)
for the Proposed Listing of JetFM Sdn Berhad on the MESDAQ
market of the Exchange has been withdrawn on 16 August 2004.
CONTACT:
Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Tel: +60 3 2070 0033
Tel: +60 3 2070 0011
This announcement is dated 17 August 2004.
OMEGA HOLDINGS: Audit Committee Member Resigns
----------------------------------------------
Omega Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the information on Mohamed Saleh Bin Gomu's resignation
as member of the Audit Committee.
Date of change: 16/08/2004
Type of change: Resignation
Designation: Member of Audit Committee
Directorate: Independent & Non Executive
Name: MOHAMED SALEH BIN GOMU
Age: 53
Nationality: Malaysian
Qualifications: LLB Honours
Working experience and occupation: Practising Lawyer
Directorship of public companies (if any): Kumpulan Emas Berhad
Berjaya Sports Toto Berhad
Family relationship with any director and/or major shareholder
of the listed issuer: None
Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil
Composition of Audit Committee (Name and Directorate of members
after change): Peter Chen Hing Woon - Chairman, Independent Non
Executive Director
Uvarajan A/L Rathinasamy
CONTACT:
Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Tel: +60 3 2713 2160
Tel: +60 3 2713 2170
PAN PACIFIC: Issues Default Status Update
-----------------------------------------
Pan Pacific Asia Berhad (PPAB) issued an update regarding its
default in payment as at 31 July 2004 and its subsidiaries in
accordance with the Practice Note No. 1/2001.
The Company announced that there are no material changes in
PPAB's status of default from the date of the last announcement
until 31 July 2004.
For a copy of the borrowings in default as at 31 July 2004, go
to http://bankrupt.com/misc/tcrap_panpacific081804.xls
CONTACT:
Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Tel: +60 3 7727 8168
Tel: +60 3 7727 1622
SATERAS RESOURCES: EGM Set for September 10
-------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
announced that its Extraordinary General Meeting (EGM) will be
held at Balai TAR, The Royal Commonwealth Society, 4 Jalan
Birah, Damansara Heights, 50490 Kuala Lumpur on 10 September
2004 at 10 o'clock in the morning.
The Board of Sateras also wishes to inform that the meeting of
Shareholders and the Scheme Creditors of Sateras summoned
pursuant to an order of the High Court of Malaya (Scheme
Meetings) for the purpose of considering and, if thought fit,
agreeing (with or without modification) to the scheme of
arrangement proposed between the Company and its Shareholders
and Scheme Creditors respectively will be held at Balai TAR, The
Royal Commonwealth Society, 4 Jalan Birah, Damansara Heights,
50490 Kuala Lumpur on the dates and times specified below or
soon thereafter upon the conclusion or adjournment of the prior
meeting:
Meeting of Shareholders 10 September 2004 at 10:30 a.m.
Meeting of Scheme Creditors 10 September 2004 at 11 a.m.
The Notice of EGM and the Scheme Meetings will be published in
the press on Wednesday, 18 August 2004.
CONTACT:
Sateras Resources (Malaysia) Berhad
19 Jalan Pinang
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Tel: +60 2162 5288
Tel: +60 2161 8529
This Bursa Malaysia announcement is dated 17 August 2004.
SIN KEAN: Issues Litigation Update
----------------------------------
On 20 May 2003, Sin Kean Boon Group Berhad (SKBG) had announced
that Sin Kean Boon Metal Industries Sdn Bhd (SKBMI), a wholly-
owned subsidiary of SKBG had on 20 May 2003 received from Messrs
Choy & Associates, solicitors for SKB Metal Sdn Bhd (SMSB), a
Writ Saman Dan Penyata Tuntutan issued by the Penang High Court
(No. 2) Guaman Sivil No: 22-267-2003. By the said Writ, SMSB has
claimed against SKBMI for the following reliefs:
a) The sum of RM972,300.00 and RM74,078.39 being the arrears of
rent and the interest accrued thereon respectively for a portion
of the Premises known as Lot 466 & 472, Jalan Perusahaan Baru
Satu, Prai Industrial Estate 3, 13600 Prai, Penang, together
with interest accrued thereon at the rate of 8% per annum from
21 March 2003 until full settlement;
b) Vacant possession of the said Premises known as Lot 466 &
472, Jalan Perusahaan Baru Satu, Prai Industrial Estate 3, 13600
Prai, Penang occupied by the Defendant within one (1) month from
the date of the Order of Court;
c) Mesne profits of RM92,600.00 per month from 1 April 2003 up
to the date of delivery of vacant possession;
d) costs; and
e) that there be such further reliefs and/or orders as may be
deemed just and necessary.
On 20 May 2003, SKBG had also announced that in the Penyata
Tuntutan, SMSB alleged that the tenancy has been terminated due
to SKBMI's failure to pay rent from July 2001 to March 2003
(inclusive).
SKBG had on 20 May 2003 also announced that they had instructed
their lawyers to defend this suit as all monthly rental from
July 2001 to date has been paid to the solicitors as
stakeholders as previously agreed pending the tenancy dispute of
the premises. Further, the counterclaim in Penang High Court
Civil Suit : 22-104-2002 is in respect of the same tenancy
dispute is still pending trial.
On 28 May 2003, Sin Kean Boon Group Berhad announced that the
solicitors had on 28 May 2003, filed a Memorandum Kehadiran to
the Penang High Court.
On 30 June 2003, Sin Kean Boon Group Berhad announced that it
has on 30 June 2003 received a copy of sealed Saman Dalam Kamar
dated 30 May 2003 and Affidavit affirmed by Sin Kheng Chuan on
30 May 2003.
The Saman Dalam Kamar is the Plaintiff's (SMSB) application for
summary judgment for the sum of RM972,300.00 and RM74,078.39 and
interest at 8% p.a. from 21 March 2003 to date of full
settlement and costs. The Plaintiff's application was fixed for
hearing on 17 July 2003.
The Defendant Sin Kean Boon Metal Industries Sdn Bhd (SKBMI)
will be resisting this application.
SKBG had on 17 July 2003 announced that the matter fixed for
hearing on 17 July 2003 was adjourned and the Court had fixed
the final hearing date for Summary Judgment on 15 September
2003.
On 15 September 2003, SKBG announced that the Court has
postponed this matter pending its preparations to relocate to
its new premises at Northam Tower and the Court will write to
parties to inform of the new hearing date.
SKBG had on 14 January 2004 announced that the Court has fixed
the matter for hearing of the Plaintiff's application for
Summary Judgment on 11 February 2004.
On 15 January 2004, SKBG announced that SKBMI's application for
suit no: 22-267-2003 to be stayed pending the hearing of SKBG's
Counterclaim in suit no: 22-104-2002, alternatively, for both
the suit no: 22-267-2003 and SKBG's counterclaim in suit no: 22-
104-2002 to be consolidated or heard together has been fixed on
11 February 2004 which is the same day as the Plaintiff's
application for summary judgment.
On 11 February 2004, SKBG announced that the matter had been
adjourned to a date to be fixed later.
On 12 March 2004 SKBG announced that the Court has fixed the new
hearing date of this matter on 6 April 2004.
On 6 April 2004, SKBG announced that its solicitors had informed
the Court that the Defendant's application for consolidation of
the matters, ie for Plaintiff's summary judgment to be heard
together with the Defendant's counterclaim or alternatively for
stay of Plaintiff's suit pending disposal of the Defendant's
counterclaim (enclosure 11) has not been disposed off yet.
As such the Court directed that parties file Written Submission
for both the application. The mention dates following the above
are:
1. 21/04/04 - For Defendant to file reply to Plaintiff's written
submissions to enclosure 3 (Summary Judgement). Also for
Defendant to file written submissions to enclosure 11
(consolidation).
2. 13/05/04 - For Plaintiff to file reply to Defendant's written
reply to enclosure 3.
- Also for Plaintiff to file reply to Defendant's written
submissions for enclosure 11.
3. 27/05/04 - For Defendant to file reply to Plaintiff's reply
to enclosure 11.
4. 04/06/04 - Decision of enclosure 3 and 11.
On 22 April 2004, SKBG announced that the solicitors have
informed that the written submissions as directed by the Court
have been duly filed. The solicitors have also informed that the
next date 13 May 2004 is maintained.
On 13 May 2004, SKBG announced that the Plaintiff's solicitors
have requested for extension of time to file the Plaintiff's
written reply submission.
On 24 May 2004, SKBG announced that their solicitors have
received the Plaintiff solicitors' Reply Written Submissions and
the solicitors will be writing to Court for an extension of time
of 2 weeks to enable them to file the Defendant's reply to the
same.
On 27 May 2004 SKBG announced that this matter was fixed for
mention on 27 May 2004 for the solicitors to file the
Defendant's written reply to the Plaintiff's Reply to
Defendant's Written Submissions. As the Plaintiff have filed
their Reply late and only served the Company on 24 May 2004, the
solicitors have written to Court for a 2 weeks' extension for
Defendant to file the said written reply.
On 4 June 2004, SKBG announced that since the Plaintiff have
delayed in filing their written submissions, the Defendant would
therefore require more time to file their reply. As such the
decision fixed for today will be taken off since the submissions
are not completed. The next date for decision will depend upon
the date granted by the Court.
On 14 June 2004, SKBG announced that their solicitors have filed
the Plaintiff's reply to the Plaintiff's reply submission. The
Court has fixed 28 June 2004 for decision of both Enclosure 3
and Enclosure 11 i.e. the Plaintiff's application for Summary
Judgement and the Defendant's application for consolidation of
the suits respectively.
On 28 June 2004 SKBG announced that the decision for both
enclosure 3 and 11 has been adjourned to a date to be fixed by
the Court as the Learned Deputy Registrar was on emergency
leave.
On 20 July 2004 SKBG announced that the Court has fixed the
matter for decision of both enclosure 3 and 11 on 27 July 2004.
On 27 July 2004, SKBG announced that the Court allowed the
Plaintiff's application for Summary Judgement (Enclosure 3) for
the sum of RM972,300.00 with interest of 8% on RM972,300.00 from
21 March 2003 until full settlement.
As regards the Defendant's application (Enclosure 11), the Court
allowed for an Order that the above suit be consolidated with
the Counterclaim under suit 22-104-2002.
SKBG has one month from 27 July 2004 to decide whether they wish
to appeal against the decision of the Court concerning Enclosure
3.
On 30 July 2004, SKBG announced that they wish to appeal against
the decision of the Court concerning Enclosure 3 and the
solicitors had filed the Notice of Appeal to The Judge in
Chambers.
On 3 August 2004, SKBG announced that the solicitors have filed
the application for stay of execution and will revert with the
hearing date in due course.
On 4 August 2004, SKBG announced that the hearing date for the
above is now fixed on 10 August 2004.
On 6 August 2004, SKBG announced that the Plaintiff have filed
an appeal to the Judge In Chambers against the Order for
consolidation. No hearing date has been fixed yet.
On 10 August 2004, SKBG announced that the Court has granted a
stay of execution until the counterclaim in suit no: 22-104-2002
is heard and disposed of.
On 12 August 2004 SKBG announced that the Court has fixed the
hearing date of our appeal to the Judge in Chambers on 26 April
2005.
On Tuesday, SKBG wishes to announce that the Plaintiff has filed
an appeal against the order of the Court allowing the stay of
execution. No hearing date has been fixed yet.
Yours faithfully
Lam Voon Kean (MIA 4793)
Joint Secretary
TA ENTERPRISE: Answers Bursa Malaysia Query
-------------------------------------------
Ta Enterprise Berhad refers to Bursa Malaysia Berhad's (the
Exchange) query letter dated 16th August 2004 in respect of news
article appearing in The Edge, Pages 1 and 65 on Monday 16th
August 2004.
After due diligence enquiry with all directors and all such
other persons reasonably familiar with the corporate affairs of
the Company, Ta Enterprise wish to inform the Exchange that the
Company has no knowledge of what is reported in The Edge's
article dated 16th August 2004.
Query Letter content:
We refer to the above news article appearing in The Edge, Pages
1 and 65, on Monday, 16 August 2004, a copy of which is enclosed
for your reference. In particular, we would like to draw your
attention to the underlined sentences, which are reproduced as
follows:
"...A company linked to the China International Trust and
Investment Corp (Citic) is believed to be holding high-level
talks with the TA group's largest shareholder Datuk Tony Tiah
Thee Kian. "
"...if the Chinese party is going to acquire TA Enterprise, it
may pay up to RM150 million over the net tangible assets (NTA)
value of the company after the revaluation of landed assets."
"The second plan would see Citic coming in at TA Enterprise
level following which the group's property division will be
flipped out for a stand-alone listing."
"A third possibility would entail Citic coming in directly at TA
Securities level, bypassing the holding company altogether. If
this is the scenario that pans out, then Citic will take up to a
20% stake in TA Securities...."
In accordance with Bursa Malaysia Securities Berhad ("Bursa
Securities")'s Corporate Disclosure Policy, you are requested to
furnish Bursa Securities with an announcement for public release
confirming or denying the above reported sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above reported sentences, you are required to
set forth facts sufficient to clarify any misleading aspects of
the same. In the event you confirm the above reported sentences,
you are required to set forth facts sufficient to support the
same.
Please furnish Bursa Securities with your reply within one (1)
market day from the date hereof.
Yours faithfully
CHONG FUI TZY
Sector Head, Issues & Listing
Group Regulations
HTH/TFM
Copy to: Securities Commission (via fax)
CONTACT:
Ta Enterprise Berhad
No 22 Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Tel: +60 3 2072 1277
Tel: +60 3 2031 6608
This announcement is dated 17th August 2004.
TALAM CORPORATION: Issues Additional 88,000 Ordinary Shares
-----------------------------------------------------------
Talam Corporation Berhad's additional 88,000 new ordinary shares
of RM1.00 each issued pursuant to the conversion of RM88,000
irredeemable convertible unsecured loan stocks 2003/2005 into
88,000 new ordinary shares will be granted listing and quotation
with effect from 9 a.m., Thursday, 19 August 2004.
CONTACT:
Talam Corporation Berhad
Jalan Pandan Indah 4/2 Pandan Indah
Kuala Lumpur, 55100
Malaysia
Tel: +60 3 4296 2000
Tel: +60 3 4297 7220
TRU-TECH HOLDINGS: Issues Practice Note 1/2001 Update
-----------------------------------------------------
Further to the announcement dated 16 July 2004 on the monthly
announcement on the status of default of coupon payment on
RM55,000,000 nominal amount of redeemable unsecured loan stock
(RULS) and default of monthly deposit of RM1,200,000 into the
sinking fund account under practice note 1/2001, Avenue
Securities Sdn Bhd (Avenue), on behalf of the Board of Tru-Tech
Holdings Berhad, announced that there has been no material
development in respect of the Default pursuant to Practice Note
1/2001.
Tru-Tech Holdings will not be able to make the monthly deposit
of RM1,200,000 due on 17 August 2004 for the purposes of
redemption of the RULS, due to Tru-Tech's current tight cash
flow position. The monthly deposit was required in accordance
with the terms of the Trust Deed dated 18 October 1996 as
amended by the Supplemental Trust Deed dated 16 November 2001
and the 2nd Supplemental Trust Deed dated 10 September 2003
(collectively, the "Trust Deed") ("Deposit Default"). The
financial and legal implications to Tru-Tech in respect of the
Deposit Default are similar to that of the Default, which had
been set out in the announcement dated 17 October 2003.
The Company is also presently in discussion with the RULS
holders to address the Deposit Default.
The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at 31 July 2004 can be
accessed at http://bankrupt.com/misc/tcrap_trutech081804.doc.
Tru-Tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru-Kota Tinggi
Mukim Plentong
81800 Ulu Tiram , Johor
Malaysia
Tel no: 607-8615220
Fax no: 607-8617972
This Bursa Malaysia announcement is dated 17 August 2004.
WCT ENGINEERING: Grants Listing of 140,325 Ordinary Shares
----------------------------------------------------------
WCT Engineering Berhad's additional 140,325 new ordinary shares
of RM1.00 each issued pursuant to the Exercise of 140,325
warrants 2000-2005 was granted listing and quotation on
Thursday, 16 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
Tel: 603-7805 2266
Fax: 603-7804 9877
Email: wctbhd@wcte.com.my
=====================
P H I L I P P I N E S
=====================
DIGITAL TELECOMMUNICATIONS: Unveils Second Quarter 2004 Report
--------------------------------------------------------------
In a disclosure to the Securities and Exchange Commission (SEC),
Digital Telecommunications Philippines Inc. (Digitel) announced
its quarterly report ended June 30, 2004.
The report revealed that Digitel's consolidated net revenues
rose to P3,494.7 million for the six months ended June 30, 2004,
an 11.9% increase from P3,121.7 million for the six months ended
June 30, 2003.
The increase in consolidated net revenues was attributable to
the P675.8 million revenue by the wireless segment of the
company's business in 2004 as compared to the P466.2 million
contribution in 2003 since its launching on March 29, 2003.
Further, this was boosted by the strong growth in international
toll revenues by P209.0 million or 22.3% due to higher inbound
rates coupled with higher inbound traffic.
Wireline data communication services increased slightly to
P184.0 million in June 30, 2004 from P182.4 million for the same
period in 2003.
Consolidated costs and expenses amounted to P3,595.8 million for
the six months ended June 30, 2004, or an 11.9% increase from
P3,212.7 million for the six months ended June 30, 2003. The
increase was attributable mainly to higher operating expenses of
its wireless business such as rental, advertising and commission
expenses by P402.9 million.
Depreciation and amortization decreased by P53.6 million or 4.3%
in June 30, 2004. The lesser depreciation expense in 2004 was
primarily attributable to fully depreciated assets by the end of
2003.
As a result of the foregoing, DIGITEL incurred a consolidated
operating loss of P101.1 million for the six months ended June
30, 2004 compared to P91.0 million for the same period in 2003.
Consolidated other charges - net (principally interest expense,
net of interest income) amounted to P652.7 million for the six
months ended June 30, 2004. This posted a 6.4% increase from
P613.3 million for the six months ended June 30, 2003. As a
result, consolidated pre-tax accounting loss amounted to P753.8
million for the six months ended June 30, 2004 compared to
P704.3 million for the six months ended June 30, 2003.
DIGITEL registered a consolidated EBITDA (earnings before
interest, taxes, depreciation and amortization) of P1,083.9
million despite a consolidated net loss of P693.4 million for
the six months ended June 30, 2004. For the six months ended
June 30, 2003, consolidated EBITDA was P1,147.7 million while
consolidated net loss was P478.6 million.
FINANCIAL POSITION
Total assets reached P49,160.0 million as of June 30, 2004, a
6.1% increase from P46,335.9 million at the end of 2003.
Accounts receivable - trade (net) registered a decrease of 17.1%
or P388.3 million due to collection of certain inter carrier
accounts and additional provision for probable losses.
Other accounts receivable increased by 86.0% or P167.0 million
basically due to additional advances to suppliers and
contractors of the wireless business.
Inventories and supplies increased by P200.9 million or 58.3%
from P344.5 million as of December 31, 2003 to P545.4 million as
of June 30, 2004 primarily due to purchases of handsets,
Subscriber Identification Module (SIM) cards, call cards and
others for DIGITEL's cellular mobile telephone services.
Prepaid expenses and other current assets increased by P561.4
million or 60.0% arising from recognition of input taxes on
property additions covered by loan drawings, prepayments of
rental, taxes and other expenses.
The increase of P54.0 million or 8.3% in net deferred tax assets
was attributable to the deferred taxes on additional allowance
for probable losses.
Other assets increased by 38.1% or by P289.8 million due to
additional deferred handset costs recorded during the quarter.
DIGITEL issued a Zero Coupon 12% Convertible Bonds due 2013,
which as of June 30, 2004 has an outstanding balance of P631.8
million. The increase of P65.3 million or 11.5% was due to
amortization of discount coupled with the depreciation of
Philippine Peso.
Long term debts (current and non-current) aggregating to
P19,862.3 million as of June 30, 2004 and P18,701.5 million at
the end of 2003 consisted of suppliers' credits, bank financing,
minimum capacity purchase agreement and financial lease
obligations.
Capital stock stood at P8,975.7 million as of June 30, 2004 and
December 31, 2003. Retained earnings amounted to P87.0 million
and P 780.4 million as of June 30, 2004 and December 31, 2003,
respectively.
DIGITEL's financing requirements were covered by both internally
generated funds and external borrowings. Consolidated EBITDA
(earnings before interest, taxes, depreciation and amortization)
amounted to P1,083.9 million in June 30, 2004, down by 5.6% from
P1,147.7 million in June 30, 2003. Consolidated net cash flow
provided by operating activities in 2004 amounted to P527.7
million from P1,602.4 million in 2003. Net cash financing from
external sources amounted to P2,882.2 million in 2004 and P226.7
million in 2003.
For a full copy of the Company's financial statements, go to
http://bankrupt.com/misc/tcrap_digital081804.pdf
CONTACT:
Digital Telecommunications Philippines Inc.
Digitel Building
110 E. Rodriguez Jr. Avenue
110 Bagumbayan, Quezon City
Tel. No/s: 397-8888
Fax No/s: 635-6142
E-mail Address: pamintuan_b@ditsi.com.ph
URL: http://www.digitelone.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Equitable PCI Bank, Inc.
MAYNILAD WATER: To Submit Rehab Plan in 30 Days
-----------------------------------------------
The Quezon City Regional Trial Court has ordered the Maynilad
Water Services Inc. to submit next month a revised
rehabilitation program that assumes a payment of US$120 million
to state-run Metropolitan Waterworks and Sewerage System (MWSS)
to cover unpaid concession fees, the Philippine Star reports.
In a recent TCR-AP report, 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.
Maynilad legal counsel Helena Calo said the water utility firm
opts to restructure the remaining debts or convert it into
equity if ever the water utility firm's debt goes beyond US$120
million.
NATIONAL STEEL: Danaharta To Receive Fair Share From Sale
---------------------------------------------------------
Creditor banks of National Steel Corporation (NSC) have assured
state-run Pengurusan Danaharta Nacional Berhad of Malaysia of
its fair share in the proceeds of NSC's sale to Indian steel
giant Global Infrastructure Holdings Ltd. (GIHL), the Philippine
Star reported on Wednesday.
Danaharta had owned up to 80 percent of NSC before it agreed to
a major "haircut" that brought down its shareholding to just 20
percent and allowed a restructuring of the Company's crippling
Php16 billion debt load. Creditor banks of the NSC led by the
Philippine National Bank took over 80 percent of the steel firm.
GIHL, a unit of Ispat Industries of India, has offered to pay
Php13.25 billion over a period of eight years. Last February, it
reopened the NSC's steel facilities that have been mothballed
since 1999 after the company defaulted on its P16-billion debt.
NEGROS NAVIGATION: Clarifies "Nenaco Sues Cargo Vessel" Report
--------------------------------------------------------------
Negros Navigation Co. (Nenaco) clarified the news article
entitled "Nenaco sues cargo vessel owner for damage to ship"
published in the August 17, 2004 issue of Today.
The article reported "Negros Navigation Co. (NENACO) on Monday
filed a Php20 million case against the owner of MV Sea
Celebrity, the cargo vessel that bumped against one of its
passenger ships. xxx `We filed a P20-million suit before the
Manila Regional Trial Court. This represents the damages and
revenue loss that our cargo vessel incurred brought about by the
collision last week. A temporary restraining order against Sea
Celebrity was also secured,' NENACO spokesman Gian Galvez said.
xxx"
Negros Navigation Co., Inc., in its letter to the Exchange dated
August 18, 2004, disclosed that:
"We confirm the contents of the above-mentioned newspaper
report."
For your information.
JURISITA M. QUINTOS
Senior Vice President - Operations Group
CONTACT:
Negros Navigation Company, Inc.
Pier II, North Harbor
Tondo, Manila
Tel. No: 245-5588
Fax No: 245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph
URL: http://www.nenaco.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: Stock Transfer Service, Inc.
PHILIPPINE LONG: PSE OKs Additional Listing of Shares
-----------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company (PLDT) to list additional 1,289,745 common shares, with
a par value of P5.00 per share, to cover the Executive Stock
Option Plan (ESOP) of the Company, at an exercise price of
P814.00 per share.
In this connection, please be advised that a total of 8,384
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.
In view thereof, the listing of the 8,384 common shares is set
for Thursday, August 19, 2004. This brings the number of common
shares listed under the ESOP to a total of 178,791 common
shares.
The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.
For your information and guidance.
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President- Operations Group
CONTACT:
Philippine Long Distance Telephone Company
Ramon Cojuangco Building
Makati Avenue, Makati City
Tel. No: 814-3552; 888-0188
Fax No: 813-2292
URL: http://www.pldt.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: HongKong & Shanghai Banking Corp.
PHILNICO NICKEL: Caraga Region Seeks to Revive Nickel Mining
------------------------------------------------------------
The Caraga Business Council has urged the government to revive
the Philnico Nickel Refinery and Special Economic Zone on Nonoc
Island, Surigao del Norte, Business World reports.
In a resolution passed last month, the Caraga Business Council,
represented by Leonel Santos, Philippine Chamber of Commerce and
Industry regional governor for Eastern Mindanao, asked President
Gloria Macapagal Arroyo to direct the Regional Development
Council, the Department of Trade and Industry and the Board of
Investments to fast track moves to revive Philnico in a move to
boost the mineral industry and the regional economy.
The closure of Philnico in 1986 resulted in the loss of some
4,000 jobs, about US$600 million in investments and US$300
million in annual export earnings.
In 2003, the business sector also passed a resolution calling on
the government to find ways to reopen the nickel plant.
CONTACT:
Leonel A. Santos
Surigao Economic Development Foundation
STI Surigao City, Amat cor. Magallanes St., Surigao City
Tel: 8268086-87
Tel: 8268087
Caraga Council for Economic Development (CCED)
Tel (63-85) 815-1273
Fax (63-82) 815-1271
Email: dtireg13@butuanonline.com
=================
S I N G A P O R E
=================
ACHIEVA LIMITED: Change in Shareholder's Interest
-------------------------------------------------
Achieva Limited has released a Notice Of a Director's (including
a director who is a substantial shareholder) Interest and Change
in Interest.
PART I
(1) Date of notice to issuer: August 16, 2004
(2) Name of Director/Substantial Shareholder: Lim Yong Choon
(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. [Please complete
Parts II and IV]
PART II
(1) Date of change of interest: August 16, 2004
(2) Name of Registered Holder: Lim Yong Choon
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase
(4) Information relating to shares held in the name of the
Registered Holder:
No. of shares held before the change: 106,412,009
As a percentage of issued share capital: 21.47
No. of shares which are the subject of this notice: 1,200,000
As a percentage of issued share capital: 0.24
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.1467
No. of shares held after the change: 107,612,009
As a percentage of issued share capital: 21.71
PART III
(1) Date of change of interest:
(2) The change in the percentage level: From % to %
(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.
PART IV
(1) Holdings of Director/Substantial Shareholder, including
direct and deemed interest:
- Direct Deemed
No. of shares held before change: 106,412,009
% of issued share capital: 21.47
-
No. of shares held after change: 107,612,009
% of issued share capital: 21.71
Based on share capital of 495,705,676 shares
Submitted by Adrian Chan Pengee and Leong Shiao Yee, Joint
Company Secretaries on August 16, 2004 to the Singapore Stock
Exchange.
INFORMATICS HOLDINGS: Posts Additional Information on Q1 Results
----------------------------------------------------------------
Further to the Announcement No. 81 released on 13 August 2004,
please note the additional information pertaining to the
"Company" under item 7 in the unaudited results announcement
FY2005 Q1 as follows:
(7) Net asset value (for the issuer and group) per ordinary
share based on issued share capital of the issuer at the end of
the (a) current period reported on and (b) immediately preceding
financial year.
Restated
Group Group Change Company Company Change
30.06.04 30.06.03 30.06.04 30.06.03
Net asset backing
per ordinary shares
(cents) based on
existing issued
share capital as of
the end of the
period reported 4.43 28.73 -85% 6.04 28.27 -79%
Submitted by Raymond Quek Hiong How, Company Secretary on August
17, 2004 to the Singapore Stock Exchange.
MEDIASTREAM LIMITED: Signs Deal with Safuan Group
-------------------------------------------------
The Board of Directors of Mediastream Limited announced to the
Singapore Stock Exchange that it had on 12 August 2004 entered
into a conditional sale and purchase agreement with Safuan Group
International Limited for the acquisition of its entire 70-
percent equity interest in Safuan Bara-Link S.A. (Pty) Ltd.
To view entire announcement, click:
http://bankrupt.com/misc/TCRAP_MEDIASTREAMLTD081704.pdf
MORTON HALL: Court Hears Winding Up Petition
--------------------------------------------
Notice is hereby given that a petition for the winding up Morton
Hall Electronics Pte Ltd, by the High Court was on the 20th day
of July 2004. Presented by Teo Kent Peng (Nric No. S1763109H) of
Block 289B, Bukit Batok Street 25 #11-200, Singapore 651289, a
Judgment Creditor.
The Petition is directed to be heard before the Court sitting at
the High Court in Singapore at 10.00 a.m. in the forenoon, on
Friday, the 27th 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 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 Company requiring the same by
the undersigned on payment of the regulated charge for the same.
The Petitioner's address is Block 289B, Bukit Batok Street 25
#11-200, Singapore 651289.
The Petitioner's solicitors are Messrs Sobhraj Tay Low Subra &
Teo of 14 Robinson Road, #02-01/02 Far East Finance Building,
Singapore 048545.
Messrs SOBHRAJ TAY LOW SUBRA & TEO
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 Sobhraj Tay Low
Subra & Teo of 14 Robinson Road, #02-01/02 Far East Finance
Building, Singapore 048545, the Solicitors for the Petitioner, 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 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
abovenamed not later than 12 o'clock noon of the 26th day of
August 2004 (the day before the day appointed for the hearing of
the Petition).
SEATOWN CORPORATION: Judicial Management Order Extended
-------------------------------------------------------
Further to the announcement made by the Board of Directors of
Seatown Corporation Ltd on 24 February 2004, the Board is
pleased to announce that the High Court of Singapore made, inter
alia, the following orders on 11 August 2004:
(a) That the Judicial Management Order dated 26 February 2003 be
extended for further six (6) months from 27 August 2004 to 26
February 2005; and
(b) That the Judicial Manager be given a further extension of
time until 26 January 2005 to comply with the requirements in
section 227M of the Companies Act.
Submitted by The Board of Directors, Seatown Corporation Ltd on
August 17, 2004 to the Singapore Stock Exchange.
===============
T H A I L A N D
===============
ASIA HOTEL: Issues Clarification on 2Q Results
----------------------------------------------
According to the consolidated financial statements, Asia Hotel
PCL (ASIA) and its subsidiaries had a net loss in 2004-second
quarter of THB42.19 million, which was lower compared to the
same period last year which was THB11.31 million.
In other words, the result of the second quarter 2004 was 21
percent better than the second quarter 2003 result. The
aforesaid better result came from ASIA and its subsidiaries,
which had total revenues in the second quarter 2004 of THB191.94
million, THB42 million greater than the second quarter 2003
revenues or an increase of 28 percent from such compared period.
This information is provided for notification to the Stock
Exchange of Thailand (SET) and for disclosure to investors.
Best regards,
(Mr. Kumpol Techaruvichit)
Chairman and Managing Director
CONTACT:
ASIA HOTEL PUBLIC COMPANY LIMITED
296 PHAYATHAI ROAD, PHAYA THAI Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Website: www.asiahotel.co.th
ASIA HOTEL: Issues Clarification Re Auditor's Opinion
-----------------------------------------------------
Asia Hotel PCL (ASIA) would like to inform the Stock Exchange of
Thailand (SET) in relation to the case of the Auditor which was
unable to reach any conclusion.
The auditor has not reached any conclusion on the second quarter
results because the company and its subsidiaries still have a
deficit, which exceeded its capital (capital deficiency). And
that ASIA is still in the process of preparing a rehabilitation
plan to be proposed to the shareholders. Asia Hotel will inform
the SET on the progress later on.
This information is provided for notification to the SET and for
disclosure to investors.
Best regards,
(Mr. Kumpol Techaruvichit)
Chairman and Managing Director
ASIA HOTEL: SET Suspends Trading of Securities
----------------------------------------------
Asia Hotel PCL (ASIA) has submitted to the Stock Exchange of
Thailand (SET) its second quarterly reviewed financial
statements ending June 30, 2004. Since the auditors were unable
to reach any conclusion on the captioned financial statements,
this could be considered that the financial statements do not
reflect the actual business performance. Hence, the Securities
and Exchange Commission (SEC) would require the amendment to the
financial statements.
As a result, the SET has posted an SP sign for suspended trading
on ASIA's securities effective from the first trading of August
17, 2004 to enable shareholders and general investors to have
sufficient time to scrutinize auditors' reports relating to the
results in financial statements including the companies'
clarification.
The SET will post NP sign effective from the first trading of
August 18, 2004 until such time as the companies will submit the
amended financial statements or it is concluded that such
amendment are not necessary. However, the SET has still
suspended trading all securities of Asia Hotel until the causes
of delisting are eliminated.
BANGKOK RANCH: Unveils Reviewed 2Q FS
-------------------------------------
Bangkok Ranch PCL reported to the Stock Exchange of Thailand its
reviewed quarterly financial statements as follows.
Bangkok Ranch PCL
Reviewed Ending June 30 (In Thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) (45,313) 37,941 (78,450)
78,397
EPS (baht) (0.54) 0.45 (0.94) 0.94
Type of report: Unqualified Opinion with an emphasis of matters
Comment:
(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
For more information, click
http://bankrupt.com/misc/RANCHCONSOLIDATEDFS081704.rtf
http://bankrupt.com/misc/RANCHNOTESTOINERIMFS081704.rtf
http://bankrupt.com/misc/RANCHSTATEMENTOFCHANGE081604.xls
CONTACT:
BANGKOK RANCH PUBLIC COMPANY LIMITED
18/1 MOO 12, LANGWATBANGPLEEYAINAI ROAD,
BANG PLEE Samut Prakarn
Telephone: 0-2337-3280-3, 0-2752-0401-3
Fax: 0-2337-3293, 0-2337-3295
BANGKOK RANCH: Releases 2Q 2004 Operating Results
-------------------------------------------------
Bangkok Ranch PCL issued to the Stock Exchange of Thailand the
highlights of the Results of Operations for the 2nd Quarter of
2004.
The Company's net income for the 2nd quarter of 2004 decreased
by THB83.3 MM or 219.4 percent compared to the same period last
year. This resulted from the decrease in net sales by THB289.5
MM and increase in cost of sales and selling & administrative
expenses.
Net sales posted at 429.2 MM, decreased by THB289.5 MM or 40.3
percent from THB718.7 MM last year. Due to ban announcement of
raw products from Thailand of many importing countries, export
sales decreased by 64.0 percent. Feed mill sales decreased by
55.7 percent and sales of ducklings, medicine and vaccine
decreased by 32.6 percent which was resulted from fewer duck in
farms caused by the outbreak of avian influenza in Thailand. The
local sales increased by 6.9 percent.
Cost of sales increased by THB215.3 MM or 34.6% over last year's
figures. This cost was 94.8 percent of net sales, compared to
86.6 percent of last year. The main reasons were the higher cost
of raw materials of feed and cost of live duck, and also the
increase in minimum wage of workers and other overheads.
Selling & Administrative expenses increased by THB0.8 MM or 1.2
percent over last year, mainly due to an increase in public cold
storage expenses by 262.4 percent which resulted from high
quantity of finished goods and a provision for impairment of
inventories by THB5.5 MM which was reserved for an possible
damages from the outbreak of avian influenza.
Although this quarter's financial performance decreased from
last year's record level, the management will continue to work
to improve the performance. Currently the Company is in the
process of cooked product expansion in order to alleviate an
impact from fresh imported ban.
In addition, the Company also plans for new marketing strategy,
cost reduction & control and product development to support
demand in both domestic and export markets.
Very truly yours,
Bangkok Ranch Planner Ltd.
As Plan Administrator of Bangkok Ranch Public Co. Ltd.
Joseph Suchaovanich Jaithip Kanjanapoo
Director Director
BANGKOK RUBBER: SET Posts SP Sign on Securities
-----------------------------------------------
Bangkok Rubber PCL (BRC) has publicly submitted to the Stock
Exchange of Thailand (SET) its reviewed financial statement for
the period ending June 30, 2004. Since their auditors were
unable to reach any conclusion on its financial statement, it
can be considered that the numbers (indicating the financial
status and operating results of the company presented in its
financial statement) did not reflect the actual position of the
company and the Securities and Exchange Commission (SEC)
probably issued an instruction that they are obliged to amend
its financial statement.
The SET has posted SP sign for suspended trading on its
securities from the second session of August 16, 2004 to enable
shareholders and general investors to have sufficient time to
scrutinize the auditors' report relating to the results in
financial statement.
The SET has still suspended trading on the securities of BRC in
view of the fact that the Company must prepare a rehabilitation
plan.
CONTACT:
BANGKOK RUBBER PUBLIC COMPANY LIMITED
611/40 SOI RAJ-UTIT 2, BANGKHLO, YAN NAWA Bangkok
Telephone: 0-2689-9500
Fax: 0-2291-1353
Website: www.pan-group.com
CENTRAL PAPER: Clarifies 2004 First Half Results
------------------------------------------------
As Central Paper Industry Plc. (CPICO) reported to the Stock
Exchange of Thailand (SET) and the Securities and Exchange
Commission (SEC) in order to respite for reporting the financial
statement of the second quarter (reviewed only) and the
financial statement of the year 2004 (audited). CPICO indicated
that its loss in the first half year of 2004 changed from the
first half year of 2003 more than 20 percent.
The loss came from the company entering into agreement to a
financial institution for guarantee liabilities of a trade
payable for default on debt repayment in additional accrued
interest amount of THB94.67 million in the first half year of
2004 compare with the default in principal amount and accrued
THB2,541.46 million in the first half year of 2003. Although
the paper industry trends to be stable in selling price of pulp
and paper, but also the increasing net revenues in the first
half year of the 2004 by THB55.56 million or 18.33 percent
compared to the same period of 2003.
Whereas the cost of goods sales increased THB64.40 million or
18.24 percent compared to the same period of 2003.
Moreover, the interest expense only increased THB0.39 million
but the selling and administrative expenses only decreased by
THB7.27 million.
Therefore, the company had a net loss in the first half year
2004 amounted THB324.65 million compared to a net loss of
THB2,769.04 million at the same period in 2003.
Yours Sincerely
(Mr.Parkpoom Sitthiprasert)
Rehabilitative planner of
Central Paper Industry Company Limited
CONTACT:
CENTRAL PAPER INDUSTRY PUBLIC COMPANY LIMITED
40 MOO 13 SUKHAPHIBAN 6 ROAD,
PHRA PRA DAENG Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9
CENTRAL PAPER: SET Suspends Securities Trading
----------------------------------------------
The Central Paper Industry PCL publicly submitted to the Stock
Exchange of Thailand (SET) its second quarterly reviewed
financial statements ending June 30, 2004. Since the auditors
were unable to reach any conclusion on the captioned financial
statements, this could be considered that the financial
statements do not reflect the actual business performance.
Hence, the Securities and Exchange Commission (SEC) would
require the financial statements' amendment.
As a result, the SET has posted SP sign for suspended trading on
Central Paper's securities effective from the first trading of
August 17, 2004 to enable shareholders and general investors to
have sufficient time to scrutinize auditors' reports relating to
the results in financial statements including the companies'
clarification.
The SET will post NP sign effective from the first trading of
August 18, 2004 until such time as the companies will submit the
amended financial statements or it is concluded that such
amendment are not necessary. However, the SET has still
suspended trading all securities of the aforementioned companies
until the causes of delisting are eliminated.
MDX: SP Sign Posted on Securities
---------------------------------
MDX PCL has publicly submitted to the Stock Exchange of Thailand
(SET) its reviewed financial statements for the period ending
June 30, 2004. Since their auditors were unable to reach any
conclusion on their financial statements, it can be considered
that the numbers (indicating the financial status and operating
results of the company presented in their financial statements)
did not reflect the actual position of the companies and the
Securities and Exchange Commission (SEC) probably issued an
instruction that they are obliged to amend their financial
statements.
The SET has posted an SP sign for suspended trading on their
securities from the first session of August 17, 2004 to enable
shareholders and general investors to have sufficient time to
scrutinize the auditors' report relating to the results in
financial statements.
The SET has still suspended trading on the securities of MDX in
view of the fact that the Companies must prepare a
rehabilitation plan.
CONTACT:
M.D.X. PUBLIC COMPANY LIMITED
NAILERT TOWER, FLOOR 7, 10,2/4 WIRELESS ROAD,
LUMPINI, PATHUM WAN, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731
MANAGER MEDIA: SET Posts NP Sign On Securities
----------------------------------------------
The Stock Exchange of Thailand (SET) has posted an NP (Notice
Pending) signs on the securities of Manager Media PCL effective
from the first trading session of August 17, 2004 due to its
failure to submit the financial statements for the period ending
June 30, 2004 by the deadline specified by the SET.
The aforementioned NP signs indicate to the general public that
the SET is currently waiting the receipt of the required
financial statements.
CONTACT:
MANAGER MEDIA GROUP PUBLIC COMPANY LIMITED
102/1 PHRA ATHIT ROAD, CHANASONGKHRAM, PHRA NAKHON, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Website: www.manager.co.th
NFC FERTILIZER: SP and NP Signs Posted Against Securities
---------------------------------------------------------
NFC Fertilizer PCL publicly submitted to the Stock Exchange of
Thailand (SET) its second quarterly reviewed financial
statements ending June 30, 2004. Since the auditors were unable
to reach any conclusion on the captioned financial statements,
this could be considered that the financial statements do not
reflect the actual business performance. Hence, the Securities
and Exchange Commission (SEC) would require the financial
statements amendment.
As a result, the SET has posted SP sign for suspended trading on
NFC's securities effective from the first trading of August 17,
2004 to enable shareholders and general investors to have
sufficient time to scrutinize auditors' reports relating to the
results in financial statements including the companies'
clarification.
The SET will post NP sign effective from the first trading of
August 18, 2004 until such time as the companies will submit the
amended financial statements or it is concluded that such
amendments are not necessary. However, the SET has still
suspended trading all securities of NFC until the causes of
delisting are eliminated.
CONTACT:
NFC FERTILIZER PCL
LAOPENGNGUAN BLDG 1, FLOOR 17-19,
333 VIBHAVADI RANGSIT ROAD,
CHATU CHAK, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Website: www.nfc.co.th
NFC FERTILIZER: Issues Amendment of Information in Tender Offer
---------------------------------------------------------------
C.J. Morgan Company Limited as the Plan Administrator of NFC
Fertilizer PCL (NFC) would like to inform that, on Aug. 13,
2004, NFC received a Form of Amendment or Addition of the
Information Contained in a Tender Offer (Form 247-6-Kor) from
Mr. Nuttaphob Ratanasuwanthawee.
Form of Amendment or Addition of the Information Contained in a
Tender Offer
(1) This form has the following objective:
- To announce an extension of the offer period
- To announce an amendment of the offer in the tender offer
- To announce a final offer which will not be amended.
- To announce a final offer period which will not be extended.
(2) Date of submission of this form: August 13, 2004
(3) Name of securities which are the subject of the Tender
Offer:
Ordinary shares of NFC Fertilizer PCL (previous name National
Fertilizer Public Company Limited)
(4) Name of the Tender Offeror: Mr. Nuttaphob Ratanasuwanthawee
(5) Name of the Tender Offer Preparer for the Tender Offer:
Ploenchit Advisory Co., Ltd
(6) Information contained in the Tender Offer:
Before submission of the form
After submission of the form
Offer contained in the form
(6.1) Amount offer to be purchased: Remain unchanged
(6.2) Offer price: Remain unchanged
(6.3) Conditions of cancellation of the tender offer: Remain
unchanged
(6.4) Conditions of purchase: Remain unchanged
(6.5) Purchase in case the amount:
Remain unchanged
is more/less than the amount offered to be purchased
Offer period
(6.6) Last day of the offer period:
August 17, 2000
September 3, 2004
(6.7) Last day of cancellation of the tender offer:
August 9, 2004
September 3, 2004
The company hereby certifies that the above statements are true
and no concealment has been made on any material information
which may affect the decision of the investors.
Nuttaphob Ratanasuwanthawee
(Mr. Nuttaphob Ratanasuwanthawee)
the Offerors
The company had made a careful review and hereby certify that
the Tender Offeror is actually capable of proceeding with the
above offer.
Sasiprin Chandratat Chatrapee Tantixalerm
(M.R. Sasiprin Chandratat) (Mr. ChatrapeeTantixalerm)
Managing Director Managing Director
Ploenchit Advisory Co., Ltd.
Tender Offer Arranger
NFC FERTILIZER: Releases Performance Report for Q2 2004
-------------------------------------------------------
NFC Fertilizer Public Company Limited is a listed company in the
Securities Exchange of Thailand (SET) and according to its
regulation the company shall submit its quarterly financial
statements within 45 days from the closing date.
In this conformity, the Company would like to submit the
financial statements for the second quarter ended 30th June
2004.
Meanwhile, the Company would like to report the operating
results and their explanation as follows:
(1) Operating results for the Company
The results of operation for 6 months period ended 30th June
2004.
The Company has a net loss of THB4,396 million compared to the
same period of 2003 at a net loss of THB946 million, at a
decrease loss of THB3,450 million as a result of loss from
impairment of assets.
(1.1) The results of sale operation
The Company's total revenues for the period January - June 2004,
equal to THB763 million decreased from the same period of
previous year 2003 amounting to THB1,498 million as a decrease
of THB735 million.
The total revenues are comprised of:
(A) Revenues from sales of fertilizer
The Company has a fertilizer sales for the period 6 months
amounting THB617 million with a total weight of fertilizer
77,215 tonnes, compared to the same period of 2003 the Company
has a sales of THB1,362 million with a total weight sales of
205,512 tonnes. The decrease of revenues from sales is a result
of the company's undergoing a Business Rehabilitation Plan and
has not received the full financial credit support from
financial institution, thus the Company has to run down its
production and sales volume along with its availed working
capital.
(B) Income from sales of intermediate products
The Company has a revenues from sales of intermediate products
e.g. Phospho-Gypsum, Ammonia and Sulfuric Acid, for the first
half year of 2004 amounting THB134 million, increased from the
same period of 2003 at THB73 million, an increase of THB61
million.
(1.2) Cost of Goods Sold
The Company has a total cost of goods sold in fertilizer and
intermediate products for the first half year of 2004 amounting
THB756 million, compared from the same period of 2003 at
THB1,699 million, a decrease of THB943 million. This was an
effect of decrease sales volume of fertilizer in this period.
(1.3) Selling and administrative expenses
For the first 6 months of 2004, the Company reduced its selling
and administrative expenses totaling THB79 million, compared to
the same period of the year 2003 at THB140 million, accounted a
decrease of THB61 million.
(1.4) Interest expenses
The Company has a total interest expense of THB556 million for
the first 6 months of the year 2004 lower than the same period
of 2003 at THB604 million, a decrease of THB48 million. This is
an effect of repayment of debt to financial creditors according
to the Business Rehabilitation Plan.
(2) The financial restructuring by business rehabilitation
through the Central Bankruptcy Court.
The Company has followed the business rehabilitation procedure
in all cases under the Business Rehabilitation Plan as follows.
(1) Repayment to Debtors by debt to asset in the amount of
THB188.3 million.
(2) Repayment to Debtors by cash from the deposit in the saving
account in the amount of THB78.0 million.
(3) Repayment to Debtors by debt to equity in the amount of
THB583.8 million.
(4) Repayment to Debtors by cash from the paid-up capital of the
strategic partner in the amount of THB1,588.0 million.
(5) Repayment to Debtors by debt to debenture conversion in the
amount of THB200.0 million.
The debt settlement has been completed since July 30,2004
including being forgiven by the debtors in the amount of
THB10,484.3 million. Then The Company will be able to file
application for the exit from the business rehabilitation plan
on September 2004.
With kind regards
C. J. Morgan Company Limited
On behalf of the Plan Administrator of
NFC Fertilizer Public Co., Ltd.
PREMIER ENTERPRISE: Releases Operating Results for 2Q 2004
----------------------------------------------------------
Premier Enterprise Public Company Limited and Subsidiaries
Financial Statements and Performance of Registered Company
Changing in financial status and performance of Premier
Enterprise Plc. and subsidiaries in the 6-month period of 2004
in comparison with 2003.
In the year 2004, the company and its subsidiaries had net
operating loss of THB35.51 million as the result of profit in
the operation in the amount of THB384.70 million, profit in
selling permanent assets in the amount of THB9.21 million,
profit in the long term investment in the amount of THB18.26
million, share of profit of associated companies in the amount
of THB9.97 million, others income in the amount of THB81.95
million, the company's sale and administrative expenses in the
amount of THB483.67 million. Doubtful debt in the amount of
THB8.61 million, interest expenses in the amount of THB38.95
million, corporate income tax in the amount of THB9.35 million.
Changing in financial status and performance of the company in
the year 2004 in comparison with the year 2003; net operating
loss decreased by THB53.81 million as the result of share of
profit/loss of associated companies increased by THB10.59
million. The company's sale and administrative expenses
decreased by THB7.27 million, interest expenses decreased by
THB27.70 million. Profit in the long-term investment THB18.26
million, doubtful debt increased by THB7.86 million. Profit in
selling the permanent asset decreased by THB5.52 million.
The total assets of the company and its subsidiaries decreased
by THB237.87 million since cash, bank deposit, temporary fund,
and financial institution deposit with contingent liabilities
decreased by THB183.62 million. Long-term investment decreased
by THB105.23 million. Investment in associated companies
decreased by THB11.78 million. Non-current assets decreased by
THB10.75 million. Trade receivable and hire purchase receivable
decreased by THB47.94 million. Inventories increased by THB31.98
million. Other current assets increased by THB49.72 million.
Fixed assets increased by THB51.13 million.
The total liabilities of the company and its subsidiaries
decreased by THB85.84 million since trade creditor and factoring
creditor increased by THB9.73 million. Over-draft and loans from
financial institution increased by THB23.04 million. Accrued
expenses and other current liabilities decreased by THB3.58
million. The long-term liabilities due in 1 year decreased by
THB27.47 million. Accrued interests decreased by THB10.25
million. Long-term liabilities decreased by THB39.08 million.
Deferred gain from debt restructuring decreased by THB39.00
million.
Shareholder's equity of the company and its subsidiaries
decreased by THB152.03 million due to net loss in the amount of
THB35.51 million. Decreased in premium from revaluation in the
amount of THB21.75 million. And decreased in unrealized gain
from valuation of investment in the amount of THB93.78 million.
(Vichien Phongsathorn, Duangthip Eamrungroj)
Director
Premier Planner Company Limited
As the Plan Administrator of
Premier Enterprise Public Company Limited
CONTACT:
PREMIER ENTERPRISE PUBLIC COMPANY LIMITED
PREMIER CORPORATED PARK BLDG,
1 SOI PREMIER, SINAKHARIN RD, NONG BON, PRAWET Bangkok
Telephone: 0-2301-1000, 0-2398-0029
Fax: 0-2398-2350, 0-2398-0701
RATTANA REAL: Releases Reviewed Second Quarter Statements
---------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Rattana Real
Estate PCL reported its reviewed quarterly financial statements
as follows.
Rattana Real Estate Public Company Limited
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) 156,915 517,887 240,881 592,882
EPS (baht) 1.06 6.40 2.12 7.33
Type of report: Unqualified Opinion with an emphasis of matters
Comment:
(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
(Vitavas Vibhagool)
Managing Director
Authorized to sign on behalf of the company
For more information, click
http://bankrupt.com/misc/RASITRATTANAAUDITORSREPORT081604.doc
http://bankrupt.com/misc/RASITRATTANABALANCESHEET081704.xls
http://bankrupt.com/misc/RASITRATTANNOTESTOFS081704.doc
CONTACT:
RATTANA REAL ESTATE PUBLIC COMPANY LIMITED
CHARN-ISSARA TOWER 2, FL29, 2922/305-306
NEW PETCHBURI ROAD, BANGKAPI, HUAI KHWANG Bangkok
Telephone: 0-2308-2049, 0-2308-2708-18
Fax: 0-2308-2719-20
*********
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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