/raid1/www/Hosts/bankrupt/TCRAP_Public/040823.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, August 23, 2004, Vol. 7, No. 166
Headlines
A U S T R A L I A
QANTAS AIRWAYS: To Increase Fuel Surcharge
SANTOS LIMITED: Increases Interests in Offshore Victoria to 50%
STILINOX INTERNATIONAL: Court Appoints Liquidator
WOODSIDE PETROLEUM: Releases 1H Consolidated Financial Report
C H I N A & H O N G K O N G
CHINA TRADER: Enters Winding Up Proceedings
GOLDEN HARVEST: To Pursue Third Party Talks on Share Acquisition
INTERMAX INVESTMENTS: Creditors Must Prove Debts by September 20
INTERNATIONAL FURNITURE: Court Hears Winding Up Petition
MIDLAND REALTY: Independent Non-Executive Director Resigns
PO ON: Names Liquidators and Committee on Inspection
SOA ENTERPRISES: Sets September Creditors' Meeting
TAI FOOK: Winding Up Hearing Set September 8
TOPTIME INTERNATIONAL: Faces Bankruptcy Proceedings
I N D O N E S I A
BANK PERMATA: PPA To Name Shortlisted Bidders In Early September
KIANI KERTAS: Expects JPMorgan To OK Rehab Plan
PERTAMINA: State Oil, Gas Regulations Face More Delays
TELEKOMUNIKASI INDONESIA: To Launch New Satellite By Yearend
J A P A N
K.K. MURAMOTO: Enters Bankruptcy
MITSUBISHI FUSO: 2,617 Trucks Subject to Recall
MITSUBISHI MOTORS: Unable to Declare Vehicles Safe
NISSAN MOTOR: To Recall 33,000 Elgrand Minivans
TOSHIBA CORPORATION: Unit To Recall 526,000 Aircons
UFJ HOLDINGS: UFJ To Sell Aplus to HSBC
K O R E A
JINRO LIMITED: Union Launches Partial Strike
SK NETWORKS: July Sales Rise 26%
SSANGYONG MOTOR: Saudi Prince Eyeing Auto Maker
M A L A Y S I A
ACTACORP HOLDINGS: Receives Extension of Restraining Order
AOKAM PERDANA: Auditor Submits Investigative Report to SC
ARTWRIGHT HOLDINGS: Issues Additional 878,000 Ordinary Shares
GOLDEN FRONTIER: Releases Notice of Shares Buy Back
K.P. KENINGAU: Appoints New Committee Member
NAM FATT: Issues Additional 520,100 Ordinary Shares
NAUTICALINK BERHAD: Discloses Supplemental Agreement Update
OSK HOLDINGS: Issues Notice of Books Closure
OSK HOLDINGS: Releases Notice of Dividend Payment
PAN MALAYSIA: Issues Closed Period Trading
PICA (M) CORPORATION: Unveils 1H04 Financial Results
POLY GLASS: Unit Enters Winding Up Proceedings
SITT TATT: Names New Adviser For Proposed Rights Issue
TALAM CORPORATION: Issues Notice of Shares Buy Back
UNITED BINTANG: Releases Quarterly Report
WCT ENGINEERING: Grants Listing of 172,800 Ordinary Shares
P H I L I P P I N E S
FORTUNE SECURITIES: Issues Notice of Trading Halt
MANILA ELECTRIC: Clarifies "Reverse Rate Hike Ruling" Report
NATIONAL POWER: Issues Bidding Notice Schedule
NATIONAL POWER: Releases Bid Notice Re Masinloc Plant
PILIPINO TELEPHONE: Says Regulator Owes It Php600 Mln
VITARICH CORP.: Files Amended Regarding Ownership of Securities
S I N G A P O R E
EYEWEARASIA PRIVATE: Creditors Must Prove Debts on September 21
FLIMVEST PRIVATE: Enters Winding Up Proceedings
GARAGE R: Court Hears Winding Up Petition
I.R.E. CORPORATION: Completes Debt Conversion Exercise
LIANG HUAT: Issues Response to SGX Query
M-ACOUSTICS PRIVATE: Creditors Must Submit Claims September 20
MEDIASTREAM LIMITED: Issues Response to SGX Request
YONGNAM HOLDINGS: Posts Rights Issue Results
T H A I L A N D
THAI GERMAN: Releases Operating Results for Q2 2004
THAI GERMAN: Releases Auditor's Q2 2004 Opinion
THAI GERMAN: SP and NP Sign Posted Against Securities
THAI HEAT: Unveils Reviewed 2Q and Consolidated Statements
THAI NAM: Unveils Reviewed 2Q and Consolidated Financials
THAI NAM: Issues Operating Results for 2Q 2004
THAI PETROCHEMICAL: Unveils Reviewed 2Q and Consolidated FS
THAI PETROCHEMICAL: Issues Operating Results for 2Q 2004
THAI PETROCHEMICAL: SET Posts SP and NP Signs Against Securities
THAI WAH: Explains Variance in Profit
THAI WAH: Board Approves Company's Financial Statements
TONGKAH HARBOUR: Unveils Reviewed 2Q and Consolidated FS
TONGKAH HARBOUR: Clarifies FS for 2nd Quarter 2004
TONGKAH HARBOUR: Issues Progress Report of 2Q FS
TUNTEX THAILAND: SET Awaits Submission of Financial Statement
- - - - - - - -
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A U S T R A L I A
=================
QANTAS AIRWAYS: To Increase Fuel Surcharge
------------------------------------------
Qantas Airways Ltd. announced in a press release on Friday that
it would increase its fuel surcharge in response to new record
highs in the price of crude oil.
The Chief Executive Officer of Qantas Airways, Geoff Dixon, said
that crude oil prices had continued to escalate since the
airline introduced a fuel surcharge in May this year.
"At that time, jet fuel was about US$44 a barrel - the highest
it had been for 14 years. Jet fuel is now more than US$54 a
barrel, almost double its price of US$28 a barrel 15 months
ago," he said.
Mr. Dixon said that Qantas would increase its domestic fuel
surcharge from the current $6 a sector to $10 a sector. The
surcharge on international sectors, which was currently $15 per
sector, would increase to $22 a sector.
He said fuel was the third largest cost to the Qantas Group,
after staff and aircraft operational costs.
"Around 70 per cent of our fuel needs are hedged for 2004/05 at
US$32, but the price of hedge cover has never been more
expensive," he said.
The $10 fuel surcharge, for Qantas Domestic, QantasLink, Jetstar
and domestic New Zealand services, and the $22 surcharge for
Qantas International and Australian Airlines services will be
effective on tickets issued and travel commenced on or after 26
August.
Tickets issued before 26 August will incur the current fuel
surcharges of $6 (for domestic Australian and New Zealand
travel) and $15 for international travel.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
MASCOT, NSW, AUSTRALIA, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Website: http://www.qantas.com
SANTOS LIMITED: Increases Interests in Offshore Victoria to 50%
---------------------------------------------------------------
In a press release on Friday, Santos Limited announced that it
will expand its offshore Victorian gas interests having agreed
to increase to 50 percent its equity interests in both the
Patricia Baleen and the Sole gas fields in offshore Victoria.
Santos will obtain from Trinity Gas Resources Pty Ltd (TGR) an
additional 30 percent interest in the Patricia Baleen gas field
and associated processing facilities in eastern Victoria and an
additional 15% interest in the Sole gas field.
TGR is 75 percent owned by Mitsubishi Corporation and 25 percent
owned by Tokyo Gas Co., Ltd.
The acquisition increases Santos' interest in the Patricia
Baleen and Sole gas fields as follows:
Field Pre acquisition interest Post acquisition
interest
Patricia Baleen 20% 50%
Sole 35% 50%
The Patricia Baleen gas field is located in VIC/L21, 20
kilometres off the Victorian coast and the Sole gas field is
located in VIC/RL3, 45 kilometres off the Victorian coast in the
Gippsland Basin.
Santos will earn its 30 percent additional equity in the
Patricia Baleen gas field by meeting TGR's remaining share of
drilling costs on Baleen 4 which is a side track well of Baleen
3.
The Ocean Bounty semi-submersible offshore drilling rig has been
contracted to drill the horizontal Baleen 4 production well. The
well is scheduled to commence in the middle of September this
year.
Santos will earn its 15 percent additional equity in the Sole
gas field by meeting certain development costs on behalf of TGR,
if and when the Sole joint venture partners proceed to develop
this gas resource.
The joint venture participants will then hold the same interests
in both Patricia Baleen and Sole, aligning their interests for
future development and ongoing operations.
"This acquisition provides Santos with a material position in
the Patricia Baleen gas processing facility which is important
to the eastern Australia gas market", said Santos' Managing
Director, Mr. John Ellice-Flint.
"It also provides Santos with additional exposure to any
commercialization of the Sole gas field.
"Coupled with our Casino gas development and the offshore Otway
Basin exploration program, the increased 50% interests in
Patricia Baleen and Sole significantly expands our Victorian
based business," he said.
The increased Santos interests are effective from 30 June 2004.
The transaction is expected completed by the end of the third
quarter.
This transaction follows Santos' recent announcement that it had
sold its non-core onshore Otway Basin assets to Origin Energy
Resources Limited for $25.75 million.
The interests in VIC/L21 are:
New Old
Santos Limited 50% 20%
Basin Oil Pty Ltd (OMV) (operator) 35% 35%
OMV Timor Sea Pty Ltd 5% 5%
TGR 10% 40%
The interests in VIC/RL3 are:
New Old
Santos Limited 35% 35%
Santos Offshore Pty Ltd 15% 0%
Basin Oil Pty Ltd (OMV) (operator) 40% 35%
TGR
CONTACT:
Santos Ltd (NASDAQ (SC)
Level 29, Santos House, 91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Website: http://www.santos.com.au
STILINOX INTERNATIONAL: Court Appoints Liquidator
-------------------------------------------------
The Federal Court of Australia has ordered that Stilinox
International Pty Ltd (Stilinox) be wound up in insolvency
following proceedings brought by the Australian Securities and
Investments Commission (ASIC).
The Court appointed Mr. Colin Nicol, of McGrath Nicol &
Partners, as liquidator of Stilinox.
Stilinox, based in Melbourne, is a wholly owned subsidiary of
Stilinox International Inc, a company incorporated in Delaware
in the United States (US). According to their website, Stilinox
International Inc is the US sales division of Stilinox of Milan
in Italy and is involved in the direct sale of Italian household
products including vacuum cleaners, cookware and mattresses. The
products are marketed at presentations conducted in restaurants.
The former director and secretary of Stilinox, Mr Umberto
Tassoni, has at various times been a director of a number of
failed companies including Stilinox Australia Pty Ltd, Mondial
Casa Pty Ltd, Stilinox Sales Pty Ltd, Capitani Australia Pty
Ltd, Mattresses Direct Pty Ltd and International Health Products
Pty Ltd.
Earlier this month, ASIC disqualified Mr Tassoni, formerly of
Brighton in Victoria, from managing corporations for four years.
ASIC took that action in order to protect the interests of the
public from the misuse of the corporate structure.
This ASIC announcement is dated August 19, 2004.
WOODSIDE PETROLEUM: Releases 1H Consolidated Financial Report
-------------------------------------------------------------
The Directors of Woodside Petroleum Ltd. present their Report
and the consolidated Financial Report for the half-year ended 30
June 2004 as follows. The dollar figures are expressed in
Australian currency unless otherwise stated.
(a) FINANCIAL AND PRODUCTION PERFORMANCE
Financial Performance
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 percent 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% 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).
Revenues from oil and gas operations were A$994.4 million, down
11% from A$1,118.6 million in first half 2003. Sales volumes
were down 9.6 percent with lower sales volumes in all products
offset marginally by the introduction of volumes from the Ohanet
project in Algeria, which came into production at the end of
October 2003. During the period the US$ realized oil price
increased to US$35.04/boe (up 22 percent), however increases in
the average A$/US$ exchange rate to 0.7336 (up 19 percent)
largely offset these oil price benefits.
An interim dividend of 27 cents per share (cps) fully franked
will be paid on 24 September 2004 to all shareholders registered
at 3 September 2004. (2003: 21cps fully franked)
Expensed exploration of $98.7 million (before tax) was down 43
percent due to a decreased activity level in the first half
compared to first half 2003. Prior period acquisition costs of
$10.9 million have been expensed in first half 2004 following
decisions relating to commerciality of carried fields, in first
half 2003 prior period expenditure was larger at $49 million.
Depreciation of $136.0 million was up 20 percent due to
increased depreciation on specific assets after reassessment of
useful life. This increase includes a once-off change reflecting
the impact on operating assets of the Goodwyn Low Pressure Train
project.
Tax expense on operating profit before significant items
increased by $25.6 million to $190.2 million primarily due to
the increased profit result. The effective tax rate of 35.1
percent (2003: 37.7 percent) is marginally lower given the
proportionate impact of relatively reduced overseas exploration
activities in the first half of 2004.
At June 30, net debt was US$284.3 million (US$824.2 million
first half 2003). Total outstanding debt stood at US$800
million, comprising three unsecured US dollar denominated bond
issues. As of the reporting date, the group had US$465 million
undrawn borrowing capacity within its bilateral loan and
revolving credit facilities plus an A$300 million undrawn
commercial paper, medium-term note program.
To view full copy of the Consolidated Financial Report, click
http://bankrupt.com/misc/WOODSIDEPETROLEUM082004.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
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CHINA TRADER: Enters Winding Up Proceedings
-------------------------------------------
Notice is given that a Petition for the Winding up of China
Trader Consultants Limited by the High Court of Hong Kong was,
on the 9th day of August 2004, presented to the said Court by
Leung Suet Ha of Flat G, 24/f., Cheong Wang Mansion, 539 Castle
Peak Road, Kwai Chung, New Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 15th 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 14th day of
September 2004.
GOLDEN HARVEST: To Pursue Third Party Talks on Share Acquisition
----------------------------------------------------------------
It was stated in the announcement dated 30 May 2003, and in
subsequent announcements of the Company that Golden Harvest
Entertainment (Holdings) Limited had held preliminary
discussions with a number of independent third parties about the
possibility of their acquisition of new shares in the Company
which might amount to a possible change in controlling
shareholding and which might or might not result in a general
offer being made to shareholders of the Company to acquire their
shares in the Company.
The directors of the Company wish to state that the Company
intends to continue to pursue discussions with certain
independent third parties. However, no terms have been reached
yet as a result of such discussions and such discussions may or
may not lead to any agreement. Further announcements will be
made should there be any significant development of the
negotiations as and when appropriate.
In any event, the directors of the Company will no longer
continue discussions concerning any possible issue of new shares
of the Company which would result in a change in control of the
Company and which would lead to a general offer being made to
shareholders of the Company to acquire their shares in the
Company.
On behalf of the Board
Chow Ting Hsing, Raymond
Chairman
Hong Kong
This announcement is dated August 19, 2004.
INTERMAX INVESTMENTS: Creditors Must Prove Debts by September 20
----------------------------------------------------------------
Notice is hereby given that the creditors of Intermax
Investments Limited which is being wound up voluntarily are
required, on or before 20 September 2004 to send their names and
addresses, with full particulars of their debts or claims, and
the names and addresses of their solicitors, if any, to the
undersigned.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors or
representatives and prove their said debts or claims at such
time and place as shall be specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
CHOI Man Chau Michael
Joint and Several Liquidator
Intermax Investments Limited
6th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong
This announcement is dated August 20, 2004.
INTERNATIONAL FURNITURE: Court Hears Winding Up Petition
--------------------------------------------------------
Notice is given that a Petition for the Winding up of
International Furniture Enterprises (H.K.) Limited by the High
Court of Hong Kong was, on the 9th day of August, 2004,
presented to the said Court by Wong Hau Ching Angelia of Room
403, Lai Tak House, Lai On Estate, Sham Shui Po, Kowloon, Hong
Kong.
The said petition will be heard before the Court at 9:30 am. on
the 15th 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 14th day of
September 2004.
MIDLAND REALTY: Independent Non-Executive Director Resigns
----------------------------------------------------------
The Board of Directors of Midland Realty (Holdings) Limited
hereby announces that Mr. Au Son Yiu has resigned from the
offices of independent non-executive director and audit
committee member of the Company with effect from 19 August 2004
due to personal reasons.
The Board and Mr. Au have confirmed that Mr. Au has no
disagreement with the Board and they are not aware of any other
matters which need to be brought to the attention to the
shareholders of the Company in respect of the said resignation.
The Board would like to take this opportunity to thank Mr.
Au for his contribution during his terms of service of the
Company.
The Board also announces that Mr. Lai Dominic, the Company's
independent non-executive director, has been appointed as a
member of the audit committee of the Company with effect from 19
August 2004.
By order of the board
Midland Realty (Holdings) Limited
Chan Kin Chu, Harry
Company Secretary
Hong Kong
19 August 2004
PO ON: Names Liquidators and Committee on Inspection
----------------------------------------------------
Po On Construction Crystal Treasure Limited, which is in
compulsory liquidation, has on August 9 appointed its
liquidators and a committee of inspection.
Registered Office: Flat 1-10, 14th Floor, Boss Commercial
Centre, 28 Ferry Street, Kowloon
Joint and Several Liquidators' Names: Ng Kwok Wai and David Nip
Liquidators' Address: Room 701, 7 Floor Union Park Centre,
771 Nathan Road, Mongkok, Kowloon
Members of a Committee of Inspection:
(a) The Bank of East Asia, Limited;
(b) Hop Hing Saw Mill; and
(c) Ching Man Chiu;
Ng Kwok Wai
David Nip
Joint and Several Liquidators
SOA ENTERPRISES: Sets September Creditors' Meeting
--------------------------------------------------
Pursuant to Section 241 of the Companies Ordinance (Chapter 32),
a meeting of the creditors of Soa Enterprises Limited will be
held at Room 1101, 11/F., Shiu Lam Building, 23 Luard Road, Wan
Chai, Hong Kong on 10 September 2004 at 11:30 a.m. for the
purposes mentioned in sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
By Order of the Board of
Soa Enterprises Limited
Ko Shuk Yee
Director
TAI FOOK: Winding Up Hearing Set September 8
--------------------------------------------
Notice is given that a Petition for the Winding up of Tai Fook
Toys Limited by the High Court of Hong Kong was, on the 4th day
of August, 2004, presented to the said Court by Chan On Yee of
Flat 4, 26/F., Block E, Ka Tin Court, Shatin, New Territories,
Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 8th 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 7th day of
September 2004.
TOPTIME INTERNATIONAL: Faces Bankruptcy Proceedings
---------------------------------------------------
Notice is given that a Petition for the Winding up of Toptime
International Trading Limited by the High Court of Hong Kong
Special Administrative Region was, on the 9th day of August
2004, presented to the said Court by Bank of China (Hong Kong)
Limited (the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated a t 14th Floor, Bank of China Tower, 1 Garden Road,
Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 15th 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.
Ford, Kwan & Company
Solicitors for the Petitioner
Room 1202-1206, 12th Floor,
Wheelock House, 20 Pedder Street
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 14th day of
September 2004.
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I N D O N E S I A
=================
BANK PERMATA: PPA To Name Shortlisted Bidders In Early September
----------------------------------------------------------------
The vice president of Indonesia's Assets Management Company
(PPA) said Thursday the state agency will name shortlisted
bidders for the majority stake in Bank Permata early next month,
reports The Jakarta Post.
According to PPA Vice President Raden Pardede, they intend to
shortlist between three to five potential bidders for the
nation's ninth largest lender in terms of assets in early
September, but they will still have to consult with the
country's minister of finance.
The Ministry of Finance oversees the PPA, which is in charge of
managing and selling unsold assets formerly controlled by now-
defunct Indonesian Bank Restructuring Agency (IBRA).
Mr. Raden said additional information on Permata called the info
memo have been handed out to six large investors, including UK's
Standard Chartered Plc., Singapore's United Overseas Bank Ltd.,
Malaysia's Malayan Banking bhd., and Bank Danamon. He, however,
did not name the remaining two, and did not say how many
interested investors have so far officially bid for Permata.
The official said that the six potential bidders that received
the info memo have been given access to much more detailed
information on the bank, which indicates their seriousness.
The government is planning to sell a 71-percent stake in Permata
with proceeds to be used to help plug the 2004 state budget
deficit.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
KIANI KERTAS: Expects JPMorgan To OK Rehab Plan
-----------------------------------------------
PT Kiani Kertas has expressed optimism its proposed debt
restructuring scheme will get the nod of JPMorgan Chase & Co.,
reports The Jakarta Post. The troubled pulp and paper company is
confident that JPMorgan, its biggest overseas creditor, will
accept the proposal because it would deliver a high recovery
rate for the bank.
According to Kiani Chief Commissioner Luhut M.P. Panjaitan, the
company is still in the middle of talks with JPMorgan on the
scheme, and they are hoping that a deal would be finalized
within the next two months.
The Kiani official also admitted that its "preliminary" debt
restructuring proposal had been rejected by JPMorgan, which
channeled about one-third of a US$120 million loan to the
company, as it failed to address concerns that the company might
default again on its debts.
"The rejection was of our preliminary proposal. Now we are in
the process of negotiating a new restructuring scheme. I believe
that the new proposal will deliver a high rate of return for the
bank," said Luhut, who did not elaborate on the contents of the
new debt offer.
A Bloomberg report last Wednesday said that JPMorgan, in an
August 12 letter to Kiani advisor Renaissance Capital Asia, said
that it is concerned about a Renaissance report that
underestimated the amount of funds that Kiani would require to
be able to run its business, and pay its debts and the accruing
interest.
Renaissance proposed US$50 million infusion into Kiani as a
prerequisite for the restructuring scheme, with half of the
money to be used for working capital and the remainder for
capital expenditure. JPMorgan, however, disagreed, saying that
for Kiani to operate satisfactorily, it would need between US$30
million and US$40 million for capital expenditure alone and more
than US$25 million in working capital.
Kiani also proposed that creditors accept haircuts of between 50
percent and 60 percent in the sums owed to them, with the unpaid
debt being converted into equity in the company. Furthermore,
the proposal said that between 40 percent and 50 percent of the
loans would be converted into 10-year loans, paying 5.5 percent
interest annually for the first three years, and 7 percent from
the fourth year onwards. All interest arrears up to the date of
the agreement would be fully waived, Bloomberg said.
CONTACT:
PT. Kiani Kertas
Multika Building, 6th Floor
Jl. Mampang Prapatan Raya 71-73
Jakarta, 12790
Indonesia
Phone : 62-21-798-6066
Fax : 62-21-798-6036
PERTAMINA: State Oil, Gas Regulations Face More Delays
------------------------------------------------------
Indonesia's State Secretariat has asked the Ministry of Energy
and Mineral Resources to revise drafts of government regulations
on downstream and upstream sectors of the oil and gas industry,
particularly to clarify assets controlled by state oil and gas
company PT Pertamina, reports The Jakarta Post.
"It should be clear what assets will be controlled by the
company and what should be returned to the state," Minister of
Energy and Mineral Resources Purnomo Yusgiantoro said.
The governmental regulations are aimed at regulating
implementation of Oil and Gas Law No. 22/2001, which effectively
stripped Pertamina of its monopoly in the industry.
Under the same law, Pertamina is required to return to the
government its oil and gas working acreage, while it may
continue to operate the areas as a production-sharing
contractor.
The Oil and Gas Upstream Regulatory Body (BP Migas) has taken
over Pertamina's authority to manage oil and gas areas and
oversee production-sharing contractors.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
TELEKOMUNIKASI INDONESIA: To Launch New Satellite By Yearend
------------------------------------------------------------
In its aim to capitalize on the increasing use of satellites in
Asia, PT Telekomunikasi Indonesia is planning to launch in
December a new satellite to be known as Telkom-2, The Jakarta
Post reveals.
Telkom-2, which has a total of 24 transponders and a useful life
of 15 years, will replace Telkom's existing Palapa B4 satellite.
"The total investment is around US$170 million, and has been
taken from our internal reserves. Unlike the Palapa B4
satellite, whose footprint only covers the Southeast Asia
region, the Telkom-2 footprint goes all the way to India and
China," Telkom president Kristiono said on Thursday.
Arianespace, the European commercial launch service provider,
will launch Telkom-2 into orbit from Guyana, South America. It
is expected to be fully operational by February 2005.
Mr. Kristiono added that Telkom-2 will be insured by Jasindo,
although the insurance firm would likely have to form a
consortium to insure an asset of such value.
Telkom is the second biggest satellite provider after AsiaSat in
the Southeast Asia region, with a market share of 17 percent in
2003.
CONTACT:
P.T. Telekomunikasi Indonesia
Tbk. Jalan Japati 1
Bandung, 40133, Indonesia
Phone: +62-22-4527337
Fax: +62-22-7104743
http://www.telkom.co.id
=========
J A P A N
=========
K.K. MURAMOTO: Enters Bankruptcy
--------------------------------
K.K. Muramoto has entered bankruptcy, according to Teikoku
Databank America. The firm, which managed a golf course, has
total liabilities of US$139.17 million. The company is based in
Kitakatsuragi-Gun, Nara 635-0822.
For more information, please click: http://www.teikoku.com/
MITSUBISHI FUSO: 2,617 Trucks Subject to Recall
-----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation submitted a recall
report involving 2,617 The Great large trucks to the Ministry of
Land, Infrastructure and Transport, reports Dow Jones.
Mitsubishi Fuso will replace defective front wheel hubs of
vehicles manufactured between November 1994 and March 1996,
which were not included in a recall notice presented to the
ministry on March 24.
According to Mitsubishi Fuso, the said hubs lack strength, can
develop cracks after repeated use, and may even break while the
vehicle is in motion.
CONTACT:
Mitsubishi Fuso Truck of America, Inc.
2015 Center Square Rd.
Bridgeport, NJ 08085 (Map)
Phone: 856-467-4500
Fax: 856-467-4695
Website: www.mitfuso.com
MITSUBISHI MOTORS: Unable to Declare Vehicles Safe
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) is still unable to assure
the public that its vehicles are safe, reports Jiji Press.
MMC Vice Chairman Koji Furukawa said Thursday that the embattled
automaker will not make declarations of vehicle safety yet,
hinting at a delay in the launch of the new Colt wagon in
October.
According to Mr. Furukuwa, MMC will have to postpone the launch
of any new models until it can confirm that 90 percent of the
recalled vehicles are safe to drive.
The company, which has been embroiled in a series of defect
cover-up scandals, has already notified the authorities of its
recall and repair scheme on 35 cases of defects for vehicles
produced since December 1993. It is, likewise, offering free
check-up services to Mitsubishi car owners.
As part of efforts to regain public trust, the ailing MMC will,
on August 26, release the final results of its investigation on
problems dating back to 1979.
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
NISSAN MOTOR: To Recall 33,000 Elgrand Minivans
-----------------------------------------------
Around 33,000 Elgrand minivans will be recalled by Nissan Motor
Corporation so their defective catalyst systems can be fixed,
Japan Today reports, citing Kyodo News.
The automaker will recollect Elgrands manufactured between April
2002 and March 2003 to repair faulty catalyst systems, which
check the emission of carbon dioxide and other substances in
vehicles.
According to the company, "problems in a computer program for
engine control could lead to rise in exhaust temperatures and
cause catalyst-system deterioration."
CONTACT:
Nissan Motor Co., Ltd.
17-1, Ginza 6-chome, Chuo-ku
Tokyo, 104-8023, Japan
Phone: +81-3-3543-5523
Fax: +81-3-5565-2228
Website: http://www.nissan-global.com
TOSHIBA CORPORATION: Unit To Recall 526,000 Aircons
---------------------------------------------------
As a precautionary measure, Toshiba Carrier Corporation will
recall around 526,000 air-conditioning units sold in Japan, says
Japan Today.
The company will take back 45 1998-2002 models mostly belonging
to the LDR and YDR series "because the units in question may
catch fire."
CONTACT:
Toshiba Corporation
1-1, Shibaura 1-chome, Minato-ku
Tokyo, 105-8001, Japan
Phone: +81-3-3457-4511
Fax: +81-3-3455-1631
Website: http://www.toshiba.com
UFJ HOLDINGS: UFJ To Sell Aplus to HSBC
---------------------------------------
The UFJ group has decided to sell its consumer finance affiliate
Aplus Company to the HSBC group for JPY100 billion in a deal to
be finalized in September, relates The Japan Times.
The major banking group, led by UFJ Holdings Incorporated, will
streamline operations by dissolving its loss-making real estate-
backed lending enterprise from Aplus and divesting its
profitable consumer loan and credit business to HSBC. The UFJ
Group, on the other hand, will take over Aplus' credit guarantee
division.
Osaka-based Aplus, 40 percent of which is held by UFJ Holdings,
owes UFJ Bank And UFJ Trust Bank a total of JPY200 billion in
outstanding loans.
Ahead of a planned merger with Mitsubishi Tokyo Financial Group
in October 2005, UFJ is clearing up its balance sheet and is
currently speeding up disposal of bad loans extended to big
borrowers.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Website: www.ufj.co.jp
=========
K O R E A
=========
JINRO LIMITED: Union Launches Partial Strike
--------------------------------------------
Despite a resumption of talks with management last week, the
labor union of Jinro Limited still launched a partial strike
over wage negotiations from Friday morning, Yonhap News reports,
citing union officials.
One union official said that the partial strike was launched
because management "did not show sincerity in the negotiations".
About 97 percent of Jinro's unionized workers voted for a strike
two weeks ago, 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
SK NETWORKS: July Sales Rise 26%
--------------------------------
In a regulatory filing with the Korea Stock Exchange, SK
Networks said Friday that it has posted sales of KRW1.13
trillion in July, a 26.13-percent rise from a year ago, reports
Yonhap News.
The company formerly known as SK Global said that compared with
June, its monthly revenues fell 0.53 percent.
SK Networks, the trading and oil distribution arm of SK Corp.,
the country's top refiner, was placed by creditors under a debt
workout program last year after nearly going bankrupt following
the discovery by prosecutors of accounting irregularities
amounting to KRW1.55 trillion in March 2003.
CONTACT:
SK Networks Co. Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr
SSANGYONG MOTOR: Saudi Prince Eyeing Auto Maker
-----------------------------------------------
A group headed by a Saudi Arabian prince has expressed interest
in acquiring South Korea's Ssangyong Motor Co. (003620.SE),
reported The Korea Times on Friday, citing industry sources.
The sources said that Group Tech Saudi, led by Saudi Arabia's
Prince Sultan Bin Bandar Al-Faisal, has sent two officials to
Samil Accounting Corp. in charge of Ssangyong sales and asked
its Korean partner Group Tech Korea to submit a letter of intent
to purchase Ssangyong. They added that the Saudi Prince's group
is willing to shell out more than whatever the SAIC will pay.
Ssangyong's creditors, however, refused to confirm whether they
have received such a notice from the Saudi Arabian group. They
said that nothing has changed since the SAIC has been tapped as
the preferred bidder last month.
Should the group succeed in taking over the debt-saddled auto
maker, it plans to increase assembly lines in Saudi Arabia, in
addition to keeping current production facilities and workers in
Korea, so as to supply vehicles to Arab countries.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Tel: +82 31 610 1114
Tel: +82 31 610 3739
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Receives Extension of Restraining Order
----------------------------------------------------------
The Board of Directors of Actacorp Holdings Berhad wishes to
inform the Bursa Malaysia Securities Berhad (the Exchange) that
the Company has on 19th August, 2004 obtained an extension of
the Restraining Order from the Kuala Lumpur High Court vide Suit
No.: D6-24-86-2003 for further ninety (90) days until 20th
November, 2004 pursuant to Section 176 (1) and Section 176 (10A)
of the Companies Act 1965.
CONTACT:
Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, SELANGOR 55100
MALAYSIA
+60 3 9282 1388
+60 3 9284 7133
This announcement is dated 19 August 2004.
AOKAM PERDANA: Auditor Submits Investigative Report to SC
---------------------------------------------------------
Southern Investment Bank Berhad refer to the announcements made
on behalf of the Board of Directors (Board) of Aokam Perdana
Berhad on 8 January 2004 and 18 February 2004.
The Securities Commission (SC) in its approval for the
Proposals, via its letter dated 31 December 2003 imposed, inter-
alia, a condition for Aokam to conduct an investigative audit
(IA) on the past losses of the Company and to make an
appropriate announcement on the findings of the IA to Bursa
Malaysia Securities Berhad.
Pursuant to the abovementioned condition imposed by the SC, on
behalf of the Board of Aokam, Southern Investment Bank Berhad
wishes to announce that Anuarul Azizan Chew Consulting Sdn Bhd
(AAC), the independent auditors appointed to carry out the IA,
had submitted the IA report to the SC on 17 August 2004.
The Company and its Board will carry out a review of the IA
report and make the necessary reports to the relevant
authorities of the potential breaches, where reports have not
already been made.
The summary of the IA findings as extracted from the executive
summary of the IA report prepared by AAC can be accessed at
http://bankrupt.com/misc/tcrap_aokam082004.doc.The summary of
the IA findings is subject to the limitations as set out in the
IA report.
CONTACT:
Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 3466
Telephone: +60 3 2166 3455
This announcement is dated 19 August 2004.
ARTWRIGHT HOLDINGS: Issues Additional 878,000 Ordinary Shares
-------------------------------------------------------------
Artwright Holdings Berhad's additional 878,000 new ordinary
shares of RM1.00 each, being the remaining portion of the
private placement of up to 5,228,000 new ordinary shares of
RM1.00 each (Placement Shares) with up to 5,228,000 free
detachable warrants (Warrant) on the basis of one (1) Placement
Share with one (1) Warrant (Placement) will be granted listing
and quotation with effect from 9.00 a.m., Tuesday, 24 August
2004.
CONTACT:
Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia
GOLDEN FRONTIER: Releases Notice of Shares Buy Back
---------------------------------------------------
Golden Frontier Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on August 19, 2004.
Date of buy back: 19/08/2004
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 2,000
Minimum price paid for each share purchased (RM): 0.700
Maximum price paid for each share purchased (RM): 0.715
Total consideration paid (RM): 1,429.57
Number of shares purchased retained in treasury (units): 2,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 995,100
Adjusted issued capital after cancellation (no. of shares)
(units) :
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890
K.P. KENINGAU: Appoints New Committee Member
--------------------------------------------
The Board of Directors of K. P. Keningau Berhad announced that
Encik Mohd Salim Bin Mohamed Sain had been appointed a member of
the Nomination Committee and Remuneration Committee.
The new composition is as follows:
NOMINATION COMMITTEE
a) Law Kok Tiong - Chairman, Indpendent Non-executive Director
b) Aw Hong Boo - Member, Independent Non-executive Director
c) Mohd Salim Bin Mohamed Sain - Member, Independent Non-
executive Director
REMUNERATION COMMITTEE
a) Aw Hong Boo - Chairman, Independent Non-executive Director
b) Law Kok Tiong - Member, Independent Non-executive Director
c) Mohd Salim Bin Mohamed Sain - Member, Independent Non-
executive Director.
CONTACT:
KP Keningau Berhad
Suite 500-7-3
7th Floor Wisma UOA
50 Jalan Dungun
50490 Kuala Lumpur, WP
Malaysia
Tel no: 603-2552933
Fax no: 603-2550389
This announcement is dated 19 August 2004.
NAM FATT: Issues Additional 520,100 Ordinary Shares
---------------------------------------------------
Nam Fatt Corporation Berhad's additional 520,100 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
Rm520,100 irredeemable convertible unsecured loan stocks-A into
520,100 new ordinary shares will be granted listing and
quotation with effect from 9 a.m., Monday, 23 August 2004.
CONTACT:
Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Tel: +60 3342 0766
Tel: +60 3342 7830
NAUTICALINK BERHAD: Discloses Supplemental Agreement Update
-----------------------------------------------------------
Further to the announcement made on 8 June 2004, on behalf of
Nauticalink Berhad, Public Merchant Bank Berhad wishes to
announce the execution of the following supplemental agreements:
(i) Supplemental SPA-Property dated 17 August 2004 between
Nagatrend Plastic Sdn Bhd (NPSB) and Manis Resort Sdn Bhd (MRSB)
to extend the initial twelve (12) months period for the
satisfaction of the conditions as set out in the SPA-Property
dated 7 August 2003 entered into between NPSB and MRSB to 31
December 2004;
(ii) Supplemental Loan Stocks Sale Agreement dated 17 August
2004 between Perbadanan Nasional Berhad (PNS) and Orion Unggul
Sdn Bhd (Orion) to extend the initial twelve (12) months period
for the satisfaction of the conditions as set out in the Loan
Stocks Sale Agreement dated 7 August 2003 entered into between
PNS and Orion to 31 December 2004; and
(iii) Supplemental PNS Share Sale Agreement dated 17 August 2004
between PNS, Kosmo Seraya Sdn Bhd (Kosmo), Norhamzah bin Nordin
(NHN) and Mohd Azham bin Mohd Noor (MAM) to extend the initial
twelve (12) months period for the satisfaction of the conditions
as set out in the PNS Share Sale Agreement dated 7 August 2003
entered into between PNS, Kosmo, NHN and MAM to 31 December
2004.
Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.
This announcement is dated 19 August 2004.
OSK HOLDINGS: Issues Notice of Books Closure
--------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of the closure of books relating to the
Company's interim dividend.
EX-date :07/09/2004
Entitlement date :09/09/2004
Entitlement time :04:00:00 PM
Entitlement subject :Interim Dividend
Entitlement description:
Interim Dividend of 5 sen per Ordinary Share less 28% Income Tax
Period of interest payment: to
For year ending/Period ending/ended: 31/12/2004
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: to
Registrar's name, address, telephone no:
Signet Share Registrar Services Sdn Bhd
Level 26, Menara Multi-Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel: 03-2721 2222
Payment date: 20/09/2004
a) Securities transferred into the Depositor's Securities
Account before 4 p.m. in respect of transfers: 09/09/2004
b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit: 07/09/2004
c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable):
Entitlement indicator: RM
Entitlement in RM (RM): 0.05
CONTACT:
Osk Holdings Berhad
Jalan Ampang
50450 Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 4388
Tel: +60 3 2161 8254
OSK HOLDINGS: Releases Notice of Dividend Payment
-------------------------------------------------
Notice is hereby given that the interim dividend of 5 sen per
ordinary share less 28% income tax for the year ending 31
December 2004 will be payable on 20 September 2004 to members
whose names appear in the Register of Members on 9 September
2004.
A Depositor shall qualify for entitlement to the dividend only
in respect of:
a. Shares deposited into the Depositor's securities account
before 12:30 p.m. on 7 September 2004 (in respect of shares
which are exempted from mandatory deposit);
b. Shares transferred into the Depositor's securities account
before 4 p.m. on 9 September 2004 in respect of ordinary
transfers; and
c. Shares bough on Bursa Malaysia Securities Berhad (Bursa
Securities) on a cum entitlement basis according to the Rules of
the Bursa Securities.
BY ORDER OF THE BOARD
TAN MUI LIAN
Secretary
Kuala Lumpur
20 August 2004
PAN MALAYSIA: Issues Closed Period Trading
------------------------------------------
Further to our announcement dated 13 August 2004 on the trading
in shares of Pan Malaysia Corporation Berhad during the closed
period, the Company has received notification from Tan Sri Dato'
Dr Khoo Kay Peng that MUI Continental Insurance Berhad had
traded in the ordinary shares of the Company as follows:
Date of Transaction: 19 August 2004
Price Per Share (RM): 0.5483
No. of Shares Purchased: 220,300
% of Issued Share Capital: 0.027
CONTACT:
Pan Malaysia Corporation Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
MALAYSIA
Tel: +60 3 2141 1891
Tel: +60 3 2144 4755
This announcement is dated 19 August 2004.
PICA (M) CORPORATION: Unveils 1H04 Financial Results
----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pica (M)
Corporation Berhad released its unaudited quarterly report for
the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
296 47 1,383 66
2 Profit/(loss) before tax
-1,673 -4,911 -5,286 -9,622
3 Profit/(loss) after tax and minority interest
-1,673 -4,911 -5,286 -9,622
4 Net profit/(loss) for the period
-1,673 -4,911 -5,286 -9,622
5 Basic earnings/(loss) per shares (sen)
-1.55 -4.54 -4.89 -8.90
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-1.5100 -1.4700
For a copy of the condensed balance sheet as at June 30, 2004,
go to http://bankrupt.com/misc/tcrap_pica082004.xls
POLY GLASS: Unit Enters Winding Up Proceedings
----------------------------------------------
Poly Glass Fibre (M) Berhad had on 3 and 8 December 2003
announced that a winding-up order was granted on 12 June 2000 on
the petition filed by Sri Binaraya Sdn. Bhd. against Golden
Approach Sdn. Bhd., a wholly owned subsidiary of the Company.
CONTACT:
Poly Glass Fibre (M) Berhad
No 55 Jalan Sultan Ahmad Shah
Suite 12-A Level 12 Menara Northam
Penang 10050
MALAYSIA
+60 4 228 0511
+60 4 228 0518
SITT TATT: Names New Adviser For Proposed Rights Issue
------------------------------------------------------
Following Sitt Tatt Berhad's announcement made on 11 August
2004, the Company wishes to announce that Avenue Securities Sdn
Bhd (Avenue) as the new adviser for the Proposed Rights Issue as
defined therein is currently revisiting the same.
The appropriate announcement will be made by Avenue on behalf of
the Company in due course.
CONTACT:
Sitt Tatt Berhad
8th Floor, Wisma Chase Perdana
Off Jalan Semantan, Damansara Heights
50490 Kuala Lumpur
Malaysia
Tel: 603-2718 3800
Fax: 603-27232 7150
This Bursa Malaysia announcement is made on 19 August 2004.
TALAM CORPORATION: Issues Notice of Shares Buy Back
---------------------------------------------------
Talam Corporation posted a notice of shares buy back on August
18, 2004
Date of buy back: 19/08/2004
Description of shares purchased: ordinary
Total number of shares purchased (units): 74,000
Minimum price paid for each share purchased (RM): 1.110
Maximum price paid for each share purchased (RM): 1.130
Total consideration paid (RM): 82,886.00
Number of shares purchased retained in treasury (units): 74,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date (units)
:4,878,000
Adjusted issued capital after cancellation (no. of shares)
(units): 0
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Tel no: 603-2732222
Fax no: 603-2731439
UNITED BINTANG: Releases Quarterly Report
-----------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, United
Bintang Berhad released its unaudited quarterly report for the
financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
7,772 9,373 13,997 15,884
2 Profit/(loss)
before tax
-593 -577 -1,201 -1,215
3 Profit/(loss)
after tax and minority
interest
-588 -593 -1,196 -1,231
4 Net profit/(loss) for
the period
-588 -593 -1,196 -1,231
5 Basic earnings/(loss)
per shares (sen)
-1.00 -1.00 -2.00 -2.00
6 Dividend per share
(sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.6000 0.6200
For more information, go to
http://bankrupt.com/misc/tcrap_unitedbintang082004A.doc
http://bankrupt.com/misc/tcrap_unitedbintang082004B.xls
CONTACT:
UNITED BINTANG BERHAD
2-1, Jalan Segambut,
51200 Kuala Lumpur
Malaysia
Tel: (603) 4043-9288
Fax: (603) 4043-9753
Email: ubb@po.jaring.my
WCT ENGINEERING: Grants Listing of 172,800 Ordinary Shares
----------------------------------------------------------
Kindly be advised that WCT Engineering Berhad's additional
172,800 new ordinary shares of RM1.00 each issued pursuant to
the exercise of 172,800 warrants 2000-2005 will be granted
listing and quotation with effect from 9.00 a.m., Monday, 23
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
=====================
FORTUNE SECURITIES: Issues Notice of Trading Halt
-------------------------------------------------
In a disclosure to the Philippine Stock Exchange, the public is
hereby notified that Fortune Securities, Inc. a broker firm with
registered address Greenfield Building I, 750 Shaw Boulevard,
Mandaluyong City, voluntarily ceased trading operations on 30
June 2004. The security positions of its trading clients were
transferred to Imperial De Guzman, Abalos & Co., Inc. as its
successor.
All clients having any securities claims with Fortune
Securities, Inc. are hereby requested to update their records or
claim the securities registered in their names on or before 15
September 2004 Clients may get in touch with, or secure the
necessary claim forms from the Exchange during business hours at
the following address and contact numbers:
The Philippine Stock Exchange, Inc.
Attention: Ms. Maria Lourdes A. De Guzman
The Philippine Stock Exchange Centre
Exchange Road, Ortigas Center
1605 Pasig City, Metro Manila
Tel. No. +63 (2) 688 7621 to 7622
Fax No. +63 (2) 637 8811
Unclaimed accounts, which have not been traded for three (3)
years or more, shall be turned over to the Securities and
Exchange Commission for safekeeping and possible escheat in
favor of the Government.
MANILA ELECTRIC: Clarifies "Reverse Rate Hike Ruling" Report
------------------------------------------------------------
This is in reference to the news article entitled "Court asked
to reverse ruling s Meralco rate hike" published in the August
19, 2004 issue of the BusinessWorld (Internet Edition).
The article reported that "The Energy Regulatory Commission
(ERC) is asking the Court of Appeals to uphold the former's
decision granting Manila Electric Company (Meralco) a PhP0.17
per kilowatt-hour increase in electricity rates."
Manila Electric Company (MER), in its letter to the Exchange
dated August 19, 2004, stated that:
"We confirm the veracity of the news article whereby both the
Energy Regulatory Commission (ERC) and MERALCO filed their
separate motions for reconsideration before the Court of Appeals
seeking reconsideration of the said Appellate Court's Decision
which reversed the Order of the ERC approving the unbundling of
Meralco electricity rates."
For your information
JURISITA M. QUINTOS
Senior Vice President - Operations Group
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
Email Address: corcom@meralco.com.ph
Website: http://www.meralco.com.ph
NATIONAL POWER: Issues Bidding Notice Schedule
----------------------------------------------
The National Power Corporation (NPC), in a press release,
invites all Steam Coal Suppliers/Producers, foreign and local,
to apply for eligibility and to bid for the supply and delivery
of imported Blending (low sulfur) steaming coal of Pagbilao
Coal-Fired Thermal Power Plant (CFTPP) coal requirements for CY
2005, (Batch 3).
ELIGIBILITY CRITERIA:
1. The Prospective bidder must have a largest single contract
similar to the contract to be bid adjusted to current price
using the wholesale consumer price index completed within the
period and valued at least fifty percent (50%) of the Approved
Budget for the Contract (ABC) to be Bid.
2. The Prospective bidder must present a commitment from a
licensed bank to extend to him a Credit Line if awarded the
contract to be bid, or a Cash Deposit Certificate which shall be
at least ten percent (10%) of the ABC to be Bid, or must have a
Net Financial Contracting Capacity (NFCC) at least equal to the
ABC to be Bid.
The complete sets of eligibility requirements/bidding documents
are available for issuance at the Office of the Bids and
Contracts Services Department (BCSD), NPC, Diliman, Quezon City
with telefax No. (632) 922-1622 or email at
sediamante@napocor.gov.ph., upon payment of a non-refundable fee
of Ten Thousand Pesos (P10,000.00) per schedule per mine source.
Deadline for issuance of Bidding documents is on September 9,
2004.
Registered prospective bidders shall be evaluated as to
eligibility based on a non-discretionary "pass/fail" criteria
prescribed in the eligibility requirements/tender documents.
Source of funding for this requirement is Internal Cash
Generation of National Power Corporation.
The coal volume requirements and quality specifications are
tabulated hereunder:
CY 2005, BATCH 3 (Low Sulfur)
SPOT CONTRACT, SCHEDULE
SCHEDULE: PCF3-I-CY05 (08.04)
PLANT: Pagbilao CFTPP
VOL. (MT): 6X65,000
APPROVED BUDGET FOR THE CONTRACT (ABC)* in US Dollars:
US$23,400,000.000
PRE-BID CONFERENCE: September 10, 2004, 9:30 A.M. Moriones Rm.,
Fiesta Hall, NPC Building
SUBMISSION OF ELIGIBILITY DOCS/BIDS/E-BIDDING: September 24,
2004 9:30 A.M. Pahiyas Rm. Fiesta Hall, NPC Building
* Load Tolerance not included
Reference Quality for Above ABC:
GCV - 6322 Kcal/kg. (ARB)
TM - 10% (ARB)
TS - 0.75 (ARB)
ASH - 14.11 (ARB)
FINES - 25
Prospective bidders have the option to offer minimum of one (1)
lot to a maximum of Six (6) lots. Shipments shall be in panamax
vessel size per delivery schedule. Delivery period shall be as
follows:
65,000 MT - January to February 2005
65,000 MT - March to April 2005
65,000 MT - May to June 2005
65,000 MT - July to August 2005
65,000 MT - September to October 2005
65,000 MT - November to December 2005
The Bids and Awards Committee (BAC), NPC reserves the right to
accept or reject any bid, and to annul the bidding process and
reject all bids, at anytime prior to award of contract, without
thereby incurring any liability to the affected bidder(s). Any
inquiry regarding the above invitation shall be addressed to
Silvano C. Zanoria.
SILVANO C. ZANORIA
SVP, ME & TMS and
Chairman, Bids and Awards Committee
For more information, go to
http://bankrupt.com/misc/tcrap_napocor082004A.pdf
CONTACT:
National Power Corporation
BIR Road corner Quezon Avenue
Diliman, Quezon City, Philippines
Tel. Nos.: (632) 921-3541
Fax No.: (632) 921-2468
webmaster@napocor.gov.ph
NATIONAL POWER: Releases Bid Notice Re Masinloc Plant
-----------------------------------------------------
The National Power Corporation (NPC) invites all Steam Coal
Suppliers/Producers, foreign and local, to apply for eligibility
and to bid for the supply and delivery of steaming coal of Sual
and Masinloc Coal-Fired Thermal Power Plants (CFTPPs) coal
requirements for CY 2005, (Batch 1), the NPC reported on its Web
site.
ELIGIBILITY CRITERIA:
1. The Prospective bidder must have a largest single contract
similar to the contract to be bid adjusted to current prices
using the wholesale consumer price index completed within the
period and valued at least fifty percent (50%) of the Approved
Budget for the Contract (ABC) to be Bid.
2. The Prospective bidder must present a commitment from a
licensed bank to extend to him a Credit Line if awarded the
contract to be bid, or a Cash Deposit Certificate which shall be
at least ten percent (10%) of the ABC to be Bid, or must have a
Net Financial Contracting Capacity (NFCC) at least equal to the
ABC to be Bid.
The complete sets of eligibility requirements/bidding documents
are available for issuance at the Office of the Bids and
Contracts Services Department (BCSD), NPC, Diliman, Quezon City
with telefax No. (632) 922-1622 or email at
sediamante@napocor.gov.ph., upon payment of a non-refundable fee
of Ten Thousand Pesos (P10,000.00) per schedule per mine source.
Registered prospective bidders shall be evaluated as to
eligibility based on a non-discretionary "pass/fail" criteria
prescribed in the eligibility requirements/tender documents.
Source of funding for these requirements is Internal Cash
Generation of National Power Corporation.
The coal volume requirements and quality specifications are
tabulated hereunder:
CY 2005, BATCH 1
(Spot Contract)
OPEN TENDER
SCHEDULE: I. SCF1-I-CY05 (07.04)
II. MCF1-II-CY05 (07.04)
PLANT: Sual CFTPP; Masinloc CFTPP
VOL. (MT): 3x65,000; 12x65,000
APPROVED BUDGET FOR THE CONTRACT (ABC)* in US Dollars:
US$14,625,000.00; US$58,500,000.00.
PRE-BID CONFERENCE: August 30, 2004, 9:30 A.M. Moriones Rm.,
Fiesta Hall, NPC Building.
SUBMISSION OF ELIGIBILITY DOCS/BIDS: September 13, 2004, 9:30
A.M. Kanao Rm. Fiesta Hall, NPC Building.
* Load Tolerance not included
GCV - 6322 Kcal/kg. (ARB)
TM - 10% (ARB)
TS - 0.8 (ADB)
ASH - 15% (ADB)
Prospective bidders have the option to offer minimum of one (1)
lot to a maximum of three (3) lots for Sual CFTPP and one (1)
lot to a maximum of twelve (12) lots for Masinloc CFTPP.
Shipments shall be in panamax vessel size per delivery schedule.
Delivery period shall be as follows:
Sual CFTPP - January to March 2005.
Masinloc CFTPP - January to December 2005
The Bids and Awards Committee (BAC), NPC reserves the right to
accept or reject any bid, and to annul the bidding process and
reject all bids, at anytime prior to award of contract, without
thereby incurring any liability to the affected bidder(s).
Any inquiry regarding the above invitation shall be addressed to
Silvano C. Zanoria.
SILVANO C. ZANORIA
SVP, ME & TMS and
Chairman, Bids and Awards Committee
For more information, go to
http://bankrupt.com/misc/tcrap_napocor082004B.pdf
PILIPINO TELEPHONE: Says Regulator Owes It Php600 Mln
-----------------------------------------------------
Pilipino Telephone Company (Piltel) and Smart Communications
Inc. (Smart) denied Friday it has overdue supervision and
regulatory fees owed to the National Telecommunications
Commission, the Business World reports, citing Rogelio Quevedo,
head for legal and external carrier relations department for
both Smart and Piltel.
Both firms have been asking the NTC to reevaluate its basis for
computing regulatory and supervision fees.
"We are seeking [a] refund on the credit of overpaid regulatory
and supervision fees. It is actually the NTC which owes us
[Piltel] PhP600 million," Mr. Quevedo said, adding that the
commission also owes Smart PhP35 million.
He said the NTC earlier corrected its computation for fees paid
by telecom firms, which was used as the basis for the refund
currently sought by Piltel and Smart.
Mr. Quevedo filed Piltel's petition for refund in August 2003 at
the Quezon City Regional Trial Court. In the case of Smart, he
said there is already a pending case filed at the NTC.
The NTC said it is collecting unpaid fees amounting to PhP1
billion from Piltel and PhP100 million from Smart.
CONTACT:
Pilipino Telephone Corporation
25/F, Smart Tower
6799 Ayala Ave., Makati City
Tel. No: 511-6121/6241
Fax No: 817-3345
E-mail Address: dntan@smart.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
VITARICH CORP.: Files Amended Regarding Ownership of Securities
---------------------------------------------------------------
Further to Circular for Brokers No. 3342-2004 dated July 23,
2004, a director of Vitarich Corporation (Vita) furnished the
Philippine Stock Exchange (PSE) a copy of his Amended SEC Form
23-B (Statement of Changes in Beneficial Ownership of
Securities).
A copy of the said document can be accessed at
http://bankrupt.com/misc/tcrap_vitarich082004B.pdf
For your information.
JURISITA M. QUINTOS
Senior Vice President - Operations Group
CONTACT:
Vitarich Corporation
Abangan Sur, MacArthur Highway
Marilao, Bulacan
Tel. No: 843-3033; (044) 711-2829
Fax No: 843-0297; (044) 711-1519
E-mail Address: info@vitarich.com
URL: http://www.vitarich.com
Auditor: Punongbayan & Araullo
Transfer Agent: Union Bank of the Philippines
=================
S I N G A P O R E
=================
EYEWEARASIA PRIVATE: Creditors Must Prove Debts on September 21
---------------------------------------------------------------
Notice is hereby given that the Creditors of Eyewearasia Private
Limited (in creditors' voluntary liquidation) are required on or
before 21st September 2004 to send in their names and addresses,
with particulars of their Debts or Claims and the names and
addresses of their Solicitors (if any), to the undersigned, LEE
SOON CHUA of 336 Smith Street, #06-308 New Bridge Centre,
Singapore 050336, the Liquidator of the said Company.
If so required by notice in writing by the said Liquidator, 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, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved, their claim, if any, will be expunged and the
liquidator shall proceed to make the return of capital to
contributories without regard to such claim, if any.
Lee Soon Chua
Liquidator.
FLIMVEST PRIVATE: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Flimvest Private Limited (formely known as Vietraco Pte Ltd) by
the High Court was, on the 6th day of August 2004, presented by
RESORTS CONCEPT PTE LTD, a company incorporated in the Republic
of Singapore and having its registered office at 1 Pasir Ris
Close, Singapore 519599, a Creditor.
The said Petition will be heard before the Court sitting at the
High Court of Singapore at 10 o'clock in the forenoon, on the
3rd day of September 2004.
Any creditor or contributor of the said Company desiring to
support or oppose the making of an Order on the said Petition
may appear at the time of hearing by himself or his counsel for
that purpos. A copy of the Petition will be furnished to any
creditor or contributory of the Company requiring a copy of the
Petition by the undersigned on payment of the regulated charge
for the same.
The Petitioner's address is 1 Pasir Ris Close, Singapore 519599.
The Petitioner's solicitors are Ramdas & Wong of 9 Raffles
Place, #07-01 Republic Plaza, Singapore 048619.
Ramdas & Wong
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the solicitors for the
petitioners, notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the above named not later than 12 o'clock noon of the
2nd day of September 2004 (the day before the day appointed for
the hearing of the petition).
GARAGE R: Court Hears Winding Up Petition
-----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Garage R Automotive Trading Pte Ltd by the High Court was, on
the 6th day of August 2004, presented by Hong Leong Finance
Limited (formerly known as Hong Leong Singapore Finance Limited
(RC No. 196100003D)) a company incorporated in Singapore and
having its registered office at 16 Raffles Quay, #01-05 Hong
Leong Building, Singapore 048581, a creditor.
The Petition will be heard before the Court sitting at the High
Court at 10.00 o'clock in the forenoon on Friday, the 3rd day of
September 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his Counsel for the purpose. A
copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is at 16 Raffles Quay, #01-05 Hong
Leong Building, Singapore 048581.
The Petitioner's solicitors are Messrs Bih Li & Lee of 79
Robinson Road, #24-08 CPF Building, Singapore 068897.
BIH LI & LEE
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 the above named Messrs
Bih Li & Lee, notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person firm, or his or their solicitors (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the above named not later than twelve o'clock noon of
the 2nd day of September 2004 (the date before the day appointed
for the hearing of the Petition).
I.R.E. CORPORATION: Completes Debt Conversion Exercise
------------------------------------------------------
The Directors of I.R.E. Corporation Limited are pleased to
announce on the Singapore Stock Exchange that the Debt
Conversion Exercise has been completed on 18 August 2004.
Around 2,518,730,000 ordinary shares of S$0.01 each in the
capital of the Company have been allotted and issued pursuant to
the Debt Conversion Exercise. The Conversion Shares are listed
and quoted on the SGX-ST with effect from 9.00 am on 19 August
2004.
By Order of the Board
Michael Tay Kwang How
Company secretary
19 August 2004
LIANG HUAT: Issues Response to SGX Query
----------------------------------------
Further to the announcement made on 13 August 2004 in relation
to the results for the half year ended 30 June 2004, Liang Huat
Aluminium Limited would like to provide the following
information in response to the queries raised by the Singapore
Exchange Securities Trading Limited:
Question:
We noted that the Company reported exceptional items, which
amounted to $63.2 million for the period, ended 30 June 2004.
Included in the exceptional items are the following:
SG$
Impairment loss on 51 Benoi Road 4.4
Impairment loss on Pereira Road 6.8
Work-in-progress costs written off 35.4
Bad debt written off 13.3
Stock written down 2.2
The Company stated that the Group had recognized the above
exceptional loss of SG$63.2 million based on the external
auditors' report dated 28 April 2004 relating to the year ended
31 December 2003. We noticed that the auditors' report for
FY2003 contained in the Company's annual report for FY2003 was
dated 8 April 2004. Also, the auditors noted in their 8 April
2004 report that there were uncertainties regarding:
(1) The realizability of amounts of $9.8 million included in
contract work-in-progress of $42 million, relating to costs
overruns; and
(2) The recoverability of amounts of $7.6 million included in
trade receivables of $42.8 million.
With regards to the above, please provide the following:
(I) Please clarify what is contained in the auditors' report
dated 28 April 2004 (including the reasons for the report) and
why the contents of the said report was not announced via
MASNET.
The date of the external auditors' report mentioned in our
announcement on the 19 August 2004 should be 8 April 2004 and
not 28 April 2004.
(II) Please explain the reasons for the impairment loss on
properties amounting to $11.2 million and state whether the
Group expects to recognize further impairment loss on its
properties and if current provisions are sufficient.
The impairment loss on properties was provided to reflect the
latest market valuation of these properties dated 3 May 2004 and
4 August 2004.
(III) Please explain why work-in-progress costs written off of
$35.4 million and bad debt written off of $13.3 million exceeded
the amounts stated in the auditors' report of 8 April 2004.
Also, state whether the Group expects to write off further work-
in-progress and bad debts and if current provisions are
sufficient.
The additional amount of work-in-progress costs and bad debt
provisions was provided to reflect the current actual progress
billings of our projects and collectability of our debts.
(IV) Please explain the reasons for stock written down of $2.2
million and state whether the Group expects to write down
further the value of its inventories and if current provisions
are sufficient.
The Group is restructuring itself to focus on its core business.
As a result, certain stock became obsolete. The Group therefore
took the decision to write down these stocks to their net
realizable value.
(V) The auditors' report of 8 April 2004 mentioned that the
ability of the Company and the Group to meet its obligations is
dependent on several factors, which included the achievement of
milestones set by the principal bankers. We note that the third
milestone ie. The disposal of one of the Company's investments
in PRC has not been finalized to date. Please provide the status
of the proposed sale and clarify if the Company will proceed
with the sale in light of the Debt Restructuring Plan announced
on 12 August 2004.
The Company's investment in China Weal Technology Holdings
Limited (incorporated under The Companies Ordinance of Hong
Kong) was supposed to be finalized in December 2003. Due to
various unforeseen conditions beyond the control of the Company,
the condition precedents attached to the Sale and Purchase
Agreement is still being negotiated and pending finalization.
The Company will make an announcement as and when the Sales and
Purchase Agreement is finalized. The major banks are fully
appraised of the situation.
Tan Yong Kee
Group Managing Director
August 19, 2004
M-ACOUSTICS PRIVATE: Creditors Must Submit Claims September 20
--------------------------------------------------------------
Notice is hereby given that the creditors of M-Acoustics Private
Limited, which is being wound up voluntarily, are required on or
before 20th September 2004 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company.
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 or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
Chia Soo Hien
Ng Geok Mui
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.
This Singapore Government Gazette announcement is dated August
20, 2004.
MEDIASTREAM LIMITED: Issues Response to SGX Request
---------------------------------------------------
MediaStream Limited (MSL) refers to its announcement on 16
August 2004 in relation to the Proposed Acquisition of 70
percent of the Entire Issued and Paid-up Share Capital of Safuan
Bara-link S.A. Ltd.
Further to the announcement, the company has on 17 August 2004,
received a request from the Singapore Exchange Limited to
provide additional information in respect of the Proposed
Acquisition for clarification purposes. We have set out in this
announcement the additional information requested and our
responses thereto.
Terms used but not defined in this announcement shall have the
same meanings as those used and defined in the announcement.
To view the announcement, click on:
http://bankrupt.com/misc/tcrap_MEDIASTREAMLTD082004.pdf
YONGNAM HOLDINGS: Posts Rights Issue Results
--------------------------------------------
The Board of Directors of Yongnam Holdings Limited wishes to
announce that, as at the close of the Rights Issue on 17 August
2004, valid acceptances and excess applications for a total of
186,927,872 Rights Shares, representing approximately 85.1% of
the total number of Rights Shares available under the Rights
Issue, were received.
Details of the valid acceptances and excess applications for the
Rights Shares are as follows:
(a) acceptances were received for a total of 71,871,032 Rights
Shares, representing approximately 32.7% of the total number of
Rights Shares available under the Rights Issue; and
(b) excess applications were received for a total of 115,056,840
Rights Shares, representing approximately 52.4% of the total
number of Rights Shares available under the Rights Issue.
The balance of 147,791,616 Rights Shares not subscribed by
shareholders with registered addresses in Singapore as at 5.00pm
on 28 July 2004 (Books Closure Date) or those who had, at least
five (5) market days prior to the Books Closure Date, provided
to the Company or The Central Depository (Pte) Limited (CDP), as
the case may be, addresses in Singapore for the service of
notices and documents (Entitled Shareholders) under the Rights
Issue, will be allotted to satisfy excess applications by
Entitled Shareholders for 115,056,840 Excess Rights Shares in
such manner as the Directors of the Company deem fit.
The Company has therefore raised net proceeds of approximately
SGD3.6 million from the Rights Issue. The Company will pay
approximately SGD0.9 million to the UOB Group pursuant to the
Company's agreement and the balance of approximately SGD2.7
million for working capital of the Group. For more details,
please refer to the circular sent to the shareholders dated 31
May 2004.
The Rights Shares are expected to be listed and quoted on the
SGX-ST on 30 August 2004 and the Warrants are expected to be
listed and quoted on the SGX-ST on 31 August 2004.
On the whole, the Directors would like to add that given the
current poor sentiment in the global and local stock market from
rising global interest rates and higher crude oil prices and the
uncertain outlook for the construction sector in Singapore, the
level of subscription was better than expected.
The Directors wish to take this opportunity to thank the
shareholders for their support and continued belief in the
management and business of the Company.
On behalf of the Board
Seow Soon Yong
Chief Executive Officer
August 19, 2004
===============
T H A I L A N D
===============
THAI GERMAN: Releases Operating Results for Q2 2004
---------------------------------------------------
Thai-German Products PCL (TGPRO) submitted to the Stock Exchange
of Thailand its Reviewed Financial Statements as of June 30,
2004.
In addition TGPRO would like to explain its operation
performance during the second quarter of 2004 compared to the
same period of 2003:
(1) TGPRO did not record loss on impairment of fixed assets in
this quarter.
(2) This quarter TGPRO did not recognize a loss on investment to
a subsidiary because TGPRO has disposed its subsidiary shares on
December 30, 2003.
Yours faithfully,
(Veerachai Leelaphachakul)
Authorized Director
PLV & Associate Company Limited
As Business Reorganization Plan Administrator of
Thai-German Products PCL
CONTACT:
THAI-GERMAN PRODUCTS PUBLIC COMPANY LIMITED
99 HUAYPONG-NONGBON ROAD,
TAMBOL HUAYPONG, AMPHUR MUANG Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Website: www.tgpro.co.th
THAI GERMAN: Releases Auditor's Q2 2004 Opinion
-----------------------------------------------
Thai-German Products PCL (TGPRO) has submitted the auditor's
report and its financial statements as of June 30, 2004. The
auditor had disclaimed such financial statements because of
uncertainty on implementation of TGPRO re-organization plan in
the future.
TGPRO is in the process of implementing the third re-
organization plan which is approved by the Central Bankruptcy
Court on July 23, 2004.
Yours faithfully,
(Veerachai Leelaphachakul)
Authorized Director
PLV & Associate Company Limited
As Business Reorganization Plan Administrator of
Thai-German Products PCL
THAI GERMAN: SP and NP Sign Posted Against Securities
-----------------------------------------------------
Thai German Products PCL has submitted to the Stock Exchange of
Thailand 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 statement's amendment.
As a result, the SET has posted SP sign for suspended trading on
Thai German'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 is not necessary. However, the SET has still
suspended trading all securities of the aforementioned companies
until the causes of delisting are eliminated.
THAI HEAT: Unveils Reviewed 2Q and Consolidated Statements
----------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai Heat
Exchange PCL reported its reviewed quarterly financial
statements as follows.
Thai Heat Exchange PCL
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) 533 740 2,144 (4,906)
EPS (baht) 0.01 0.02 0.04 (0.15)
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."
(Mr.Surin Wanpensakul)
Director
Authorized to sign on behalf of the company
For more information, click
http://bankrupt.com/misc/THAIHEATAUDITORSREPORT081604.doc
http://bankrupt.com/misc/THAIHEATNOTESTOINTERIMFS_2081604.xls
http://bankrupt.com/misc/THAIHEATNOTESTOINTERIMFS081604.xls
CONTACT:
THAI HEAT EXCHANGE PUBLIC COMPANY LIMITED
1364 RAMKHAMHAENG ROAD, SUAN LUANG Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Website: www.thaiheat.com
THAI NAM: Unveils Reviewed 2Q and Consolidated Financials
---------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai Nam
Plastic PCL reported its reviewed quarterly financial statements
as follows.
Thai Nam Plastic PCL
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) (24,226) (9,730) (21,998)
(9,775)
EPS (baht) (1.14) (0.46) (1.04) (0.46)
Type of report: Qualified 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."
(Mrs. Siriphorn Mangkornkarn)
Position Deputy Managing Director
Authorized to sign on behalf of the company
For more information, click
http://bankrupt.com/misc/THAINAMAUDITORSREPORT081604.rtf
http://bankrupt.com/misc/THAINAMCASHFLOW081604.xls
http://bankrupt.com/misc/THAINAMNOTESTOFS081604.rtf
CONTACT:
THAI NAM PLASTIC PUBLIC COMPANY LIMITED
40 MOO 7 PETCHKASEM ROAD, KM 23, KRATHUM BAEN Samut Sakhon
Telephone: 0-2420-9968-74, 0-2810-3000 (40 Lines)
Fax: 0-2420-1827, 0-2420-9967
Website: www.thainam.com
THAI NAM: Issues Operating Results for 2Q 2004
----------------------------------------------
According to the submission of the Quarter 2 2004 consolidated
financial statements of the Company and its subsidiary companies
to the Stock Exchange of Thailand and showing a net operating
loss of THB24.2 million compared to the net loss THB9.7 million
in the corresponding period of the previous year, the Company
would like to explain the figure of net loss as following:
(1) In spite of much more increased sales revenue in the Quarter
2/2004, the Company had to encounter the highly increased cost
which was affected by the increased price of raw materials and
continuously high overhead charge in production especially fuel
cost.
At the same time, selling prices are unable to adjust in time
accordingly. Additionally, there is substantial increased cost
in R & D of new products from which some items have already
accomplished with coming in orders in suit.
On increased expenses of sales and administration, certain
factor came from sales and marketing promotion in the segments
of automotive, sport shoes and equipments eg. technical advice
recommendation and guidance provided for domestic and export
markets. All the positive activities would certainly bear fruit
with hoping for increased sales revenue in the coming future.
The other factor was from reserve setting in accounting system
as usual.
(2) One subsidiary company recorded a net loss THB2.70 million,
increasing THB2.0 million from the same corresponding period
despite of rising sales revenue. This was mainly derived from
the increased cost of raw materials and overhead charge expense
leading to high cost of goods sold. This was further worsened by
severe competition of its commodity product nature which
resulted in a limited gap for selling price adjustment.
Please be informed accordingly.
Faithfully Yours,
(Mrs. Siriphorn Mangkornkarn)
Deputy Managing Director
CONTACT:
THAI PETROCHEMICAL INDUSTRY PCL
TPI TOWER,FLOOR 8, 26/56
NEW JUN ROAD, THUNGMAHAMEK, SATHON Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Website: www.tpigroup.co.th
THAI PETROCHEMICAL: Unveils Reviewed 2Q and Consolidated FS
-----------------------------------------------------------
Thai Petrochemical Industry PCL reported to the Stock Exchange
of Thailand its reviewed quarterly financial statements as
follows.
Thai Petrochemical Industry Plc.
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) 57,959 (261,802) 2,504,664 60,725
EPS (baht) 0.01 (0.03) 0.32 0.01
Type of report: Unable to reach any conclusion
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."
(Mr.Suwit Nivartvong)
for The Plan Administrator
Thai Petrochemical Industry Pcl
Authorized to sign on behalf of the company
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4.doc
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.doc
THAI PETROCHEMICAL: Issues Operating Results for 2Q 2004
--------------------------------------------------------
With reference to the reviewed consolidated financial statements
for the quarter ended June 30, 2004 of Thai Petrochemical
Industry PCL (TPI) and its subsidiaries, please be advised that
the net profit for the second quarter was THB57.96 million
increasing by THB319.76 million comparing to the net loss of
THB261.80 million of the same period last year. The main reasons
of the increasing are as follow:
(1) Sales revenue and Cost of Sales
Sales revenue for the second quarter ended June 30, 2004 of the
company and its subsidiaries was THB36,682.92 million whereas
the amount was THB19,480.71 million for the same period last
year resulted in the increase of THB17,202.21 million or 88%.
This was due to the higher selling price and the increase of
sales quantity which was driven by higher crude run from 110,700
barrel per day in the second quarter last year to 185,180 barrel
per day in the same quarter this year.
Simultaneously, the higher crude run drove the cost of sales to
THB12,574.79 million or 74 percent higher than the cost of sales
for the second quarter last year.
(2) Selling and Administrative Expenses
Selling and administrative expenses for the second quarter ended
June 30, 2004 of the company and its subsidiaries were
THB3,695.99 million whereas the amount was THB2,684.08 million
for the same period last year. The increase of THB1,011.91
million or 38 percent was mainly the result of the increase in
excise tax due to the higher domestic refined products sales.
(3) Foreign exchange gains (losses)
The company and its subsidiaries recorded loss on foreign
exchange of THB2,045.87 million for the second quarter ended
June 30,2004 due to the depreciation of Thai Baht against the US
Dollar. Whilst the same period of prior year when the Thai Baht
was appreciated against the US Dollar, the company recorded gain
on foreign exchange of THB1,383.01 million.
Your acknowledgement of the above clarification is highly
appreciated.
Yours faithfully,
(Suwit Nivartvong)
for The Plan Administrator
Thai Petrochemical Industry PCL
THAI PETROCHEMICAL: SET Posts SP and NP Signs Against Securities
----------------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI) has
submitted to the Stock Exchange of Thailand (SET) its reviewed
financial statements for the period ending 30 June 2004.
As the company 's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the company 's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.
Due to these discrepancies, the Securities and Exchange
Commission (SEC) is considering requiring that the Company
amends its financial statements on the issues raised by its
auditor.
Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of TPI on 17 August 2004 to enable
shareholders and general investors to have sufficient time to
scrutinize an auditor's report on the review of its financial
statements.
The SET will grant the above company's permission to continue
trading its securities and post an NP sign on 18 August 2004
until the Company has the opportunity to submit its amended
financial statements or the SEC concludes that it will not be
necessary to amend its financial statements.
THAI WAH: Explains Variance in Profit
-------------------------------------
Thai Wah PCL (TWC) by Thai Wah Group Planner Company Limited as
the Plan Administrator would like to offer the following
explanation of TWC's operations for the decrease in profit of
THB406 million for the six-month period ended June 30, 2004 as
compared to the same period of 2003.
(1) An THB84 million reduction in share of profit of associated
companies in equity accounting method resulting from the
transfer of two associated companies accounted for under the
equity method to long-term available-for-sale investments, since
the plan administrator intends to dispose of those investments
in the future.
(2) Decrease in foreign exchange gains of THB357 million
resulting from the depreciation of Baht value making a THB82
million loss in the translation of USD loans as compared to a
gain of THB175 million in the same period in 2003.
(3) Gross profit increased by THB30 million as compared to the
same period in the previous year and this is attributed to the
following reasons:
(3.1) An increase in gross profit of tapioca flour amounting to
THB40 million.
An 11 percent increase in sales volume increased gross profit by
THB20 million. Although the average selling price weakened by 2
percent as compared to the same period last year, this was
offset by a 9 percent decrease in unit cost of sale thus
increasing the gross profit by another THB20 million.
(3.2) The gross profit of an overseas subsidiary company
producing tapioca flour decreased by THB9 million due to an
increase in tapioca root price which is the subsidiary's primary
raw material.
(4) Gross profit of hotel operations is THB21 million higher as
compared to the same period in 2003 due mainly to increase in
occupancy rate and average room rate.
(5) A THB40 million increase in "gain on debt restructuring"
resulting from
(5.1) The gain in 2004 from the reduction of debt amounting to
THB75 million in compliance with the condition of Incentive Debt
under the amended and restated debt restructuring agreement
which forms part of the amended business rehabilitation plan
accepted by the Central Bankruptcy Court on 30 June 2003
(5.2) The gain in 2003 amounting to THB35 million in compliance
with the Thai Accounting Standard No. 34 "Troubled Debt
Restructuring".
(6) A THB68 million decrease in "gain on sale of investment"
arising from the one-off sale of an investment in a related
company in 2003 which did not reoccur in the period under
review.
The company hopes that the above information would be beneficial
to all investors.
Very truly yours,
(Mr. Surapon Supratya)
Thai Wah PCL
By Thai Wah Group Planner Co., Ltd.
as the Plan Administrator
CONTACT:
THAI WAH PUBLIC COMPANY LIMITED
THAI WAH TOWER, FLOOR 21-22, 21/63-66
SOUTH SATHON ROAD, SATHON Bangkok
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Website: www.thaiwah.com
THAI WAH: Board Approves Company's Financial Statements
-------------------------------------------------------
Thai Wah Group Planner PCL issued to the Stock Exchange of
Thailand the result of the Board of Directors Meeting held on
August 15, 2004, of Thai Wah PCL (TWC).
The Board of Directors approved TWC's balance sheet as at June
30, 2004 and statements of earnings for the six-month periods
ended 30 June 2004 reviewed by the Auditor with the report
thereon.
Sincerely yours,
(Mr. Surapon Supratya)
Director
TONGKAH HARBOUR: Unveils Reviewed 2Q and Consolidated FS
--------------------------------------------------------
Tongkah Harbour PCL reported to the Stock Exchange of Thailand
its reviewed quarterly financial statements as follows.
Tongkah Harbour PCL
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) (12,847) (9,971) (28,579)
(21,719)
EPS (baht) (0.03) (0.02) (0.06) (0.05)
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."
(Mr.Somsak Ruamkid/ Dr.J.P.Mills)
Director
Authorized to sign on behalf of the company
For more information, click
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http://bankrupt.com/misc/TONGKAHHARBOURNOTESTOINTERIMFS081604.do
c
CONTACT:
TONGKAH HARBOUR PUBLIC COMPANY LIMITED
MUANG THAI PHATRA OFFICE TOWER 1,
FLOOR 7, 252/11 RACHADAPISEK ROAD, HUAI KHWANG Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901
TONGKAH HARBOUR: Clarifies FS for 2nd Quarter 2004
--------------------------------------------------
With reference to the Report and Consolidated Financial
Statements (Reviewed by Certified Public Accountant BDO
Richfield Co.,Ltd.), and the summary of Financial Statements for
the 2nd quarter ended 30 June 2004 submitted to the Stock
Exchange of Thailand on 16 August 2004, we would like to
highlight operating results as follows:
The Company reported a net loss for the second quarter ended 30
June 2004 of THB12.85 million, compared with a net loss of
THB9.97 million for the same quarter of 2003.
The Company's variation in operating results is due to the
following factors:
(1) Increase in Tin ore sales of THB10.30 million.
Tin ore sales for this quarter was THB12.47 million, an increase
of THB10.30 million as compared to the same quarter of 2003.
This was attributable to the increment in sales volume, 43,560
Kgs. of tin were sold as compared to the sale of 36,720 Kgs. for
the corresponding period of the previous year.
However, the decreased in gross margin was due mainly to the
higher royalty. The tin royalty rate is varied by tin price and
not fix as other minerals. In addition, income from tantalum,
which is a by-product from tin operation, has decreased from
2.76 percent to 1.20 percent this quarter.
(2) Increase in Andesite Sales by THB1.8 million and decrease in
Cost of Andesite Sale by THB1.1 million Andesite sales for the
second quarter 2004 increased by THB1.8 million compared to the
previous corresponding year.
The increase was mainly due to increased sales volume. While
sales volume increased, total cost of sales decreased by THB1.1
million when compared to the previous corresponding quarter due
to increase in the selling price and decrease in production cost
to improve the efficiency of production process.
(3) Selling and Administrative Expenses.
The selling and Administrative expenses increased by THB8.2
million compared to the previous corresponding quarter. The
increase is mainly from the marketing expenses for the
condominium project including the increase number of manpower
for the property development and gold project.
The Company is aggressively pursuing the expansion of its
customer base for each category of andesite product, and to
improve the efficiency of production process to reduce unit
production cost. Operations will also be expanded with the
approval of the second ten-year license now in place. On the
gold project at Loei, the company has commenced the construction
of infrastructure and preparations for the plant foundation
construction.
Please be informed accordingly.
Yours faithfully,
TONGKAH HARBOUR PUBLIC COMPANY LIMITED
(Mr.Somsak Ruamkid) (Dr. J.P. Mills)
Director
TONGKAH HARBOUR: Issues Progress Report of 2Q FS
------------------------------------------------
Tongkah Harbour PCL (THL) and D.S. Prudential Co., Ltd., THL's
Financial Advisor, provide herein up-to-date progress on its
various projects and those of its affiliated companies.
Essentially, THL continues to focus on its core business which
is mineral exploration and mining and property development.
Activities currently in progress include:
(1) Expediting the implementation of the mining program of
Tungkum Ltd. (TKL)
(2) Directing its mining subsidiary, Cholsin Ltd. (as its quarry
crushing plant operator)
(3) Conducting its andesite mining project in Saraburi Province,
(4) Managing tin mining on its offshore leases at Phuket, and
(5) Reviewing options and overseeing property development for
the Company's land banks in Phuket and Bangkok.
(1) EXPLORATION AND MINING
(1.1) GOLD MINING
THL has a 98.35 percent effective working interest in TKL, which
has 100 percent control of the mineral concessions for
exploration and mining of gold and related minerals in Loei
Province, Northeast Thailand.
MINE DEVELOPMENT
As previously informed in prior Progress Reports, the Company
informed that one of the domestic state enterprise banks has
approved the loan, in principle, for the project of
approximately USD 13 million for the Company's plant
construction and machinery and equipment with the condition that
another financial institution takes up part of the loan. Also,
the Company has to appoint an Independent Technical firm to
verify the ore reserve and processing procedure before drawdown.
Accordingly, the Company appointed GMT Corporation Ltd. as an
Independent Technical firm, to do the verification of gold ore
reserves and the technical and financial information. Its
report will be completed around the end of August.
The Company appointed Como Engineering Pty Ltd (Como) of Perth,
Australia to be Equipment Procurement and Construction
Management (EPCM) firm for the overall project. Como has a
proven international track record (and acceptable to banking
institutions) in developing gold processing and international
infrastructure facilities and mine sites. Currently, the
construction is in the process of basement preparation for plant
and tailings pond.
(1.2) ANDESITE MINING DEVELOPMENTS
Cholsin Limited (CSL) is under contract to handle the rock
crushing operations for THL. As such, CSL operates the rock
crushing plant and provides both equipment and experienced
manpower.
THL is operating under a ten-year license and will work on
another ten-year licensed area, which has been approved recently
by the Ministry of Industry. All other permits are kept current
as required by Government authorities.
Andesite sales for the second Quarter of year 2004 increased
from THB2.9 million to THB4.7 million when compared to the
previous corresponding quarter.
The increase was mainly due to increase in sales of Aggregate to
contractors for the Highway Department. Currently, the Company
is planning to improve the production capacity to cope with the
high demand for this product.
In addition, the Company is taking steps to diversify our
product market so that the Company is not so dependent on
railway ballast sales alone to ensure operational success. The
diversification also includes prospects in track laying and the
production of railway sleepers.
(1.3) OFFSHORE TIN MINING LEASES (OWNED 100% BY THL)
THL utilizes a contractor under its direct technical and
engineering supervision to operate its offshore tin mining under
leases numbered 18066/13050, 18064/13448 and 18065/13499 at
Phuket.
The Company's income from tin for the 2nd Quarter year 2004
increased from THB2.1 million to THB12.5 million when compared
to the same period of previous year. The increase was mainly
due to increasing of tin price and tin volume produced.
(2) PROPERTY DEVELOPMENT
(2.1) PHUKET PROPERTY HOLDINGS
The Company has proposed the Phuket Bay Rehabilitation and
Development Plan to the Government for consideration. The
rehabilitation plan includes the rehabilitation and conservation
of mangrove and eco-system along the Phuket Bay shore region and
the development of the Princess Mother's Park.
The Development plan consists of the creation of an island base
in Phuket Bay and centers on an integrated development program
involving an international convention and exhibition center, a
cruise ship terminal, marina, and supporting facilities.
(2.2) SKY CLIFF BUILDING (RACHADAPISEK ROAD)
Sky Cliff Limited (SCL) is commencing development of a 29 storey
contemporary condominium tower on the Company's land located at
Rachadapisek Road.
The Project has been termed, "Le Metro".
The project's Environment Impact Assessment (IEA) report has
been approved by the Office of Environmental Policy and Planning
(OEPP) in June 2004.
Currently, the Company is under negotiation to finalize with the
project construction contractor.
(3) OTHER ACTIVITIES
(3.1) PRIVATE PLACEMENT/CHANGE OF THE COMPANY'S PAID-UP CAPITAL
Pursuant to the Annual General Meeting of Shareholders of the
Company No. 10/2004 approved increase of the Company's capital
from THB505,551,570 to THB605,551,570, 100,000,000 new common
shares were issued for private placement.
On 24 June 2004, the Company's paid-up capital was increased
THB554,837,270 by the private placement of 49,285,700 shares to
an investor and the Company has completed the change of paid-up
capital with the Department of Business Development, Ministry of
Commerce on 25 June 2004.
(3.2) AUDIT COMMITTEE ACTIVITIES
The Audit Committee held its quarterly meeting to review the
audited financial statement for the Second quarter of 2004, and
other company activities.
The committee noted that the accounting policies and principles
being used by THL meet with standard accounting practices and
adhere to good corporate governance.
The above constitutes most of THL's activities for the Second
Quarter of 2004 and subsequent significant events.
Sincerely,
TONGKAH HARBOUR PUBLIC COMPANY LIMITED
Director
(Dr. J. P. Mills, Mr. Somsak Ruamkid)
TUNTEX THAILAND: SET Awaits Submission of Financial Statement
-------------------------------------------------------------
Tuntex (Thailand) PCL was unable to disclose its un-reviewed
semi-annual financial statements.
The Securities and Exchange Commission (SEC) has allowed listed
companies with an SP (Suspension) sign posted against them to
submit their un-reviewed semi-annual financial statements and
management discussion and analysis (MD&A) within 45 days instead
of submitting the reviewed quarterly financial statements.
Tuntex (Thailand) PCL (TUNTEX) has been unable to disclose its
un-reviewed semi-annual financial statements by the above
deadline specified by the SEC, so The Stock Exchange of Thailand
(SET) is informing investors that it is waiting for the company
to disclose the required information to the SET through the
public.
CONTACT:
TUNTEX (THAILAND) PCL
BB BUILDING, FLOOR 20,
54 SUKHUMVIT 21 ROAD,
(ASOKE) KLONGTOEY NUA,
WATTANA Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Website: www.tuntexthailand.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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