/raid1/www/Hosts/bankrupt/TCRAP_Public/040826.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 26, 2004, Vol. 7, No. 169
Headlines
A U S T R A L I A
AUSTRALIAN GAS: Issues Proposal to Deliver Price Stability
CHEMEQ LIMITED: $50Mln Private Placement Remains Unclear
NATIONAL AUSTRALIA: Unveils New Appointments in Executive Team
PASMINCO LIMITED: Issues Memo to Deed Creditors
QANTAS AIRWAYS: ACCC Proposes Continued Alliance With BA
REYNOLDS WINES: Fails to Pay Annual Listing Fee
SANTOS LIMITED: Sets Record Date to Determine Entitlements
* ASIC Files Court Proceedings Against Alleged Inside Traders
C H I N A & H O N G K O N G
1,2,3 PRINTING: Court Hears Winding Up Petition
GRANBON DEVELOPMENT: Faces Bankruptcy Proceedings
JINHUI HOLDINGS: Notes Exceptional Turnover Movement
KEL HOLDINGS: Releases AGM Results
KESSEL ELECTRONICS: Creditors Must Prove Debts by September 8
PATANO INTERNATIONAL: Winding Up Hearing Slated on September 15
QPL INTERNATIONAL: Back In Black with HK$10M Net Profit
QPL INTERNATIONAL: Proposes Capital Reorganization
TREASURE HILL: Court Sets Winding Up Petition Hearing
WISE EMPIRE: Enters Winding Up Proceedings
I N D O N E S I A
BANK NEGARA: Exempted From SOEs' Privatization Delay
INDONESIA ASAHI: To Be Liquidated By Parent
PERTAMINA: Offices Picketed By Students
J A P A N
ASAHI KOKUSAIKAIHATSU: Enters Bankruptcy
DAIEI INCORPORATED: Denies Resignation of President
DAIEI INCORPORATED: Revival Plan To Include Shareholders
DAIEI INCORPORATED: Expects Loss, May Accept State Help
DOGASHIMA YORAN: Declares Bankruptcy
GOTO K.K.: Faces Insolvency
PAINREKU GORUFUKURABU: Insolvency Looming
UFJ HOLDINGS: SMFG Offers US$29.2bln Bailout
UFJ HOLDINGS: Comments on SMFG Proposal
K O R E A
HYUNDAI MERCHANT: Breaks Free From Deal With Creditors
KOOKMIN BANK: To Be Fined KRW2bln For Accounting Violation
M A L A Y S I A
ANCOM BERHAD: Issues Notice of Shares Buy Back
ANSON PERDANA: Receives Winding up Order Notice
BERJAYA SPORTS: Purchases 202,000 Ordinary Shares on Buy Back
HO HUP: Releases Unaudited Quarterly Report
HO HUP: Board OKs Conditional Share Subscription Deal
HO HUP: Director Dato' Aripin Bin Mokhtar Resigns
KUMPULAN BELTON: Releases Unaudited Quarterly Report
LITYAN HOLDINGS: Unveils Investigative Audit Result
MANGIUM INDUSTRIES: Discloses 1H04 Financial Result
MANGIUM INDUSTRIES: Unveils Production Figure for July 2004
MENANG CORPORATION: Narrows Second Quarter Loss to MYR4.68M
MUHIBBAH ENGINEERING: Issues Practice Note 11/2001 Update
MUHIBBAH ENGINEERING: Unveils Unaudited Quarterly Report
NAIM INDAH: Completes Capital Reconstruction Exercise
NAIM INDAH: Unveils Log Production Figures for July 2004
NAUTICALINK BERHAD: Narrows 2Q04 Net Loss to MYR384,000
OSK HOLDINGS: Posts Notice of Shares Buy Back
SIME DARBY: Units Enter Voluntary Liquidation
SIME ENGINEERING: Posts 4Q04 MYR81.1M Net Loss
P H I L I P P I N E S
COLLEGE ASSURANCE: Names East West As Trustee Bank
DMCI HOLDINGS: Director Consunji Acquires 300,000 Common Shares
MANILA ELECTRIC: Generation Fees To Go Up By P0.17/kwh
PHILIPPINE BANK: Sees Higher Profits in H2
PHILIPPINE LONG: Issues Additional Listing of Shares
S I N G A P O R E
ASSOCIATED ASIAN: Issues Notice of Creditors' Meeting
ASSOCIATED ASIAN: Releases Final Dividend Notice
ASV TECHNOLOGY: First & Final Dividend Notice Issued
CHARTERED SEMICONDUCTOR: Unit Director's Interests Change
CLOVERMATES INTERNATIONAL: Preferential Dividend Notice Issued
HIAP KIAN: Court Hears Winding Up Petition
ROTOL SINGAPORE: Unit Disposes of Property
YAO YANG: Winding Up Hearing Slated on September 10
T H A I L A N D
EASTERN WIRE: Applies for Removal of Stock from Rehabco Sector
NATURAL PARK: Unveils Operating Performance as of June 30
NATURAL PARK: SET Lifts Trading Securities Halt
SYNTEC CONSTRUCTION: Issues Clarification to SEC News Issue
THAI PETROCHEMICAL: SEC Concludes FS Needs No Amendment
THAI WIRE: Unveils Reviewed Second Quarter Financials
THAI WIRE: Reports Operating Result for FY 2004
THAI WIRE: Informs SET of Auditor's Failure to State Opinion
THAI WIRE: SET Posts NP Sign on Securities
THAI WIRE: Reports Progress of Business Reorganization
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN GAS: Issues Proposal to Deliver Price Stability
----------------------------------------------------------
Australian Gas Light Co. announced in a press release that it
submitted on Monday a price path proposal that will deliver
stability to standing electricity prices in South Australia and
provide greater pricing certainty for customers over the next
3.5 years from January 2005.
In a submission to the Essential Services Commission of South
Australia (ESCOSA), AGL has proposed a price path that will
limit average standing electricity price changes to a level
consistent with the cost of living.
For the first 18 months commencing January 1 2005, AGL has
proposed electricity price adjustments totaling 3.8 per cent
followed by price changes in line with CPI* for the two
subsequent years.
In determining its price path proposal, AGL is participating in
the State Government-established review process with ESCOSA.
This involves a thorough and transparent review by ESCOSA of
AGL's actual wholesale and operating costs.
"AGL believes this price path proposal will help strike the
appropriate balance between protecting consumer interests and
ensuring a viable electricity industry is maintained in South
Australia," General Manager AGL SA, Sandy Canale said.
The new price path means electricity prices will be set for the
next 3.5 years, removing the requirement for an annual review of
AGL's standing contracts.
AGL's proposed price path is based on no change in network
prices during the period of the agreement - any changes in
network prices, resulting from the current regulatory review,
will be passed through to customers.
Network charges currently compose around 48 per cent of the
average residential customer's total electricity bill.
*CPI is the abbreviated term for the Consumer Price Index which
is a measurement used to determine changes in living costs.
(Current annual CPI for the eight Capital cities is 2.5%).
Proposed Price Path
Period
Retail January- July 2005- July 2006- July 2007-
Price June 2005 June 2006 June 2007 June 2008
Change (%) CPI 1.3% CPI CPI
CONTACT:
The Australian Gas Light Company
AGL Centre
Cnr Pacific Highway and Walker Street
North Sydney NSW 2060
Telephone: (02) 9922 0101
Fax: (02) 9957 3671
Website: http://www.agl.com.au/
Postal Address:
AGL Centre
Locked Bag 944
North Sydney NSW 2059
CHEMEQ LIMITED: $50Mln Private Placement Remains Unclear
--------------------------------------------------------
The trading suspension of Chemeq Limited will likely be extended
for another week as the status of the firm's attempt to raise
$50 million is still vague, reports the Age. The reporting
season and a general lack of interest is believed to be the
cause of delay in the completion of the placement.
Chemeq announced on Monday an initial $10 million share
placement to institutions originally scheduled to be completed
within a week. A spokesman from Ord Minnet, the equity raising
coordinator said it was still premature to comment on the
completion of the book build, saying the broker was "organizing
things at the moment".
Initial documents provided to fund managers priced the book-
build between $2.40 and $2.75 a share, which, at the lower end,
represented a 30 percent discount to the stock's last closing
price of $3.42. The remaining $40 million will be raised through
a non-renounceable rights issue to existing shareholders.
In a statement to The Age Tuesday, Chemeq director Graeme Major
said he did not know how the fund-raising was going.
A flow of news from the company throughout its suspension,
including a clarification to its financial position and an
announcement that its Chairman and Chief Executive, Graham
Melrose would step down from the executive role did not stop
Chemeq from being evasive on the subject of capital raising.
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
BENTLEY, AUSTRALIA, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Website: http://www.chemeq.com.au/
NATIONAL AUSTRALIA: Unveils New Appointments in Executive Team
--------------------------------------------------------------
The Chief Executive of the National Australia Bank Ltd., Mr.
John Stewart, has announced in a press release several important
management changes as part of a new executive team that will
lead the ongoing transformation of the National.
The key changes are:
- John Hooper has been appointed Executive General Manager,
Institutional Markets & Services (IM&S) the global business of
the former Corporate & Institutional Banking division;
- Ian MacDonald has been appointed Chief Information Officer on
the new Executive Committee. He replaces Ian Crouch, who will
be leaving the National in September.
Key Corporate Development functions will be relocated to other
members of the Executive Committee to streamline the corporate
headquarters.
"I am pleased to confirm that Mr. John Hooper has been appointed
Executive General Manager, Institutional Markets & Services, and
will be a member of the new Executive Committee," Mr. Stewart
said. "John is an experienced institutional banker and proved
to be the best candidate during the recruitment process."
"IM&S will include all global business lines. The corporate
banking business, custodian service and transactional services
will be integrated within each region and report to the regional
business heads in Australia, New Zealand and Europe. The Chief
Executive Officer of Australia, Mr. Ahmed Fahour, will work with
John Hooper, Ian MacDonald and Peter Scott to finalize the
integrated regional operating model for Australia."
Mr. Stewart also said he was pleased to announce that Ian
MacDonald, currently Executive General Manager of Financial
Services Australia, has been appointed Chief Information Officer
on the new Executive Committee.
"Ian MacDonald is one of the most experienced business leaders
at the National and formerly lead the global shared services
function across the Group," Mr. Stewart said. "He will bring
an operational perspective to the development and implementation
of information technology within the National."
"This move is in line with the appointment of other experienced
business managers to key functional leadership roles, such as
Lynne Peacock, Executive General Manager, People & Culture.
Ian will begin the new role immediately but progressively hand
over his FSA responsibilities to Ahmed Fahour. This will ensure
continuity until the new regional leadership team is finalized.
"Ian will replace Ian Crouch who will leave the National. I
would like to thank Ian Crouch for his leadership of the
technology function within the National over the last two years
and wish him every success for the future."
Mr. Stewart also announced the restructuring of Corporate
Development and the integration of key functions under other
members of the Executive Committee to streamline the corporate
headquarters:
- Corporate Strategy will report direct to the Chief Executive
as we continue to develop the strategy for the Group
- Corporate Affairs will report to Lynne Peacock to support the
cultural change program and rebuild the National's reputation
Major Projects will report to Cameron Clyne, the Executive
General Manager, Customer Solutions, who has been asked to
achieve the best outcome for customers from our project spend.
"As a result of the restructuring of Corporate Development, Mike
Laing will also be leaving the National," Mr. Stewart said. "I
would like to thank Mike for his contribution to the National
over many years and wish him every success for the future.
"Following these changes, I have now finalized the structure of
the executive team that will lead the new National from 1
September."
The new Group Executive Committee includes: Lynne Peacock (EGM,
People & Culture), Michael Ullmer (Group CFO), Ian MacDonald
(CIO), Cameron Clyne (EGM, Customer Solutions), Graeme Willis
(a/g EGM, Risk Management), Gavin Slater (Group General
Manager), Ahmed Fahour (CEO Australia), Peter Scott (EGM, Wealth
Management), Ross Pinney (Chief Executive, Financial Services
Europe), Peter Thodey (Chief Executive Officer, Bank of New
Zealand), and John Hooper (EGM, IM&S).
"This is an outstanding group of executives that will lead the
transformation of the National towards a more nimble and
customer-focused organization and help to build our reputation
and employee pride," Mr. Stewart said.
For further information:
Samantha Evans
Corporate Relations Manager
03 8641 4982 work
0404 883 509 mobile
Callum Davidson
Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
MELBOURNE, VICTORIA, AUSTRALIA, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Website: http://www.national.com.au/
PASMINCO LIMITED: Issues Memo to Deed Creditors
-----------------------------------------------
Pasminco Limited issued in its website a Circular to unsecured
creditors regarding estimated dividend levels.
Introduction
As you are aware, we have held back a proportion of the proceeds
from the float of Zinifex Ltd in order to deal with the
completion of the Deeds of Company Arrangement of the remaining
twenty-two companies that comprise the Residual Group. The
process from here is effectively akin to a winding up.
Due to the commercial sensitivity of the issues relating to the
retention, we are unable to provide you with details of the
quantum (or a specific breakdown of the quantum) of the
retention and how it relates to the provisioning for the issues
that remain to be dealt with in the Residual Group.
We have in our opinion retained sufficient funds to enable the
Residual Group to meet all known actual and contingent
liabilities of those companies under the deeds or which arise
out of the restructure of the Pasminco Group or the effective
winding up of the Residual Group in relation to the following:
- Site Remediation costs
- Litigation
- Workers Compensation claims
- Tax liabilities and indemnities
- Professional fees
- Other unforeseen contingencies
Given our present understanding of the likely cost of dealing
with or providing for these liabilities, we have sought to
provide creditors with an estimate of further dividends that may
be payable based on "best case", "mid case" and "worst case"
scenarios.
The worst and best case scenarios we consider are extremes and,
in our view, dividends are unlikely to materialize at this
level. The mid case scenario represents our best estimate, at
this present time, of further dividend payments to creditors.
In addition, these dividend estimates have been discounted at
rates of 8 percent, 10 percent, 12 percent to provide a Net
Present Value of those payments estimated as at 30 June 2004.
The calculations take into account bank interest receivable on
the deposit funds currently held.
To view a full copy of the memorandum, click
http://bankrupt.com/misc/PASMINCOLIMITED081904.pdf
CONTACT:
Pasminco Ltd.
Ferrier Hodgson
Level 25, 140 William Street
Melbourne Vic 3000
Telephone: 61 3 9600 4922
Facsimile: 61 3 9642 5887
Website: http://www.pasminco.com.au/
QANTAS AIRWAYS: ACCC Proposes Continued Alliance With BA
--------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
proposed granting continued authorization to an alliance which
has operated between Qantas Airways and British Airways since
1995.
"The draft decision is finely balanced", ACCC Chairman, Mr.
Graeme Samuel, said Monday. "The Joint Services Agreement of
JSA, has been authorized twice before, but in a dynamic industry
like international aviation there is a need to regularly revisit
such arrangements.
"The JSA allows agreement between competitors to fix prices.
This aspect requires very careful scrutiny by the ACCC to ensure
there is continuing overall benefit to the public.
"The ACCC faced a similar challenge when considering the recent
Qantas/Air New Zealand alliance. Then, it found that the public
benefit did not outweigh the anti-competitive detriment. The
ACCC rejected that alliance because the airlines jointly held a
90 percent share of the trans-Tasman market and it could not
rely on a competitive constraint from a Virgin Blue subsidiary,
which had not even entered into the market, and fifth freedom
carriers which held a minor market share.
"It is clear from submissions made to the ACCC that there has
been strong price competition on the Kangaroo route,
particularly for leisure travelers, over recent years, and the
ACCC is satisfied that this price competition will continue. On
the other hand in the Qantas/Air New Zealand matter the ACCC
believed that, as acknowledged by the Applicants in their
submissions, the proposed alliance would lead to higher prices
for travelers on trans-Tasman routes.
"Under the JSA, Qantas and BA are seeking to continue an
arrangement which allows the airlines to coordinate scheduling,
marketing, sales, freight, and customer service activities. The
coordination occurs on services between Australia and Europe,
including services between Australia/Europe and intermediate
points such as Bangkok and Singapore.
"The ACCC received submissions from Virgin Blue and Virgin
Atlantic opposing authorization. The ACCC has competition
concerns, but believes that overall the JSA results in
sufficient benefit to the public to allow it to be authorized.
To view a full copy of the ACCC announcement, click
http://bankrupt.com/misc/QANTASAIRWAYS082004.pdf
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
REYNOLDS WINES: Fails to Pay Annual Listing Fee
-----------------------------------------------
The Australian Stock Exchange in a market release announced that
Reynolds Wines Ltd. is one of the entities listed who have
failed to pay the annual listing fee to the Exchange in respect
of the year ended June 30, 2005.
Under listing rule 17.6, any entity (if not already suspended)
that had not paid its annual listing fee by close of business on
Monday, August 23, 2004 would be suspended from official
quotation before the commencement of trading on Tuesday, August
24, 2004.
To view a full copy of the ASX market release, click
http://bankrupt.com/misc/REYNOLDSWINE.pdf
CONTACT:
Reynolds Wines Limited
ACN No 061 232 657
Registered Office "Quondong",
Cargo Road, Cudal via Orange,
NSW 2864, Australia
Telephone: +61 2 63907900
Fax: +61 2 63642388
Postal address:
P.O. Box 41, Cudal via Orange,
NSW 2864, Australia
Email: sales@orangewines.com
Website: http://www.reynoldswines.com.au/
SANTOS LIMITED: Sets Record Date to Determine Entitlements
----------------------------------------------------------
Pursuant to Listing Rule 3.20, Santos Limited advises that the
record date to determine entitlements to the dividend payable on
its Reset Convertible Preference Shares (STOPA) in respect of
the period March 31, 2004 to September 29, 2004 (inclusive) is
September 2, 2004. In accordance with the Terms of Issue, the
dividend amount for this period is $3.2940 per Reset Convertible
Preference Share (fully franked) and payment will be made on
September 30, 2004.
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
* ASIC Files Court Proceedings Against Alleged Inside Traders
-------------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced on Tuesday that ASIC
has filed proceedings in the Federal Court in Melbourne against
Messrs John Petsas and Marc Miot alleging that they engaged in
insider trading in January 2003. Action was taken following a
referral from the Australian Stock Exchange.
The proceedings relate to the purchase of exchange-traded call
options of BRL Hardy Ltd (BRL Hardy) on 13 January 2003, the day
before the public announcement of merger discussions between BRL
Hardy and Constellation Brands Inc (Constellation).
In its civil penalty proceedings, ASIC has asked the Court to
make a variety of orders against the defendants.
ASIC is seeking a Court declaration that the defendant
contravened the insider trading provisions, together with the
imposition of a pecuniary penalty of up to $200,000. ASIC is
also seeking compensation in favor of the counter parties who
suffered losses by selling the exchange-traded call options to
the defendants. ASIC is seeking any profits made by the
defendants resulting from the alleged contraventions to be
included in the compensation.
'This is the first time ASIC has taken civil penalty proceedings
for a breach of the insider trading provisions', Mr. Lucy said.
'While these are not criminal proceedings, the breaches of law
alleged by ASIC are sufficiently serious to seek orders against
the defendants for both compensation and civil penalties', he
said.
Background
ASIC alleges that Mr. Petsas, in his role as a client
relationship manager at the Australia and New Zealand Banking
Group Limited, acquired confidential and price-sensitive
information about the impending BRL Hardy-Constellation merger.
ASIC alleges that he conveyed the inside information to Mr.
Miot, who then purchased 95 exchange-traded call option
contracts. Mr. Miot ultimately realized a profit of
approximately $128,000 from his trading.
==============================
C H I N A & H O N G K O N G
==============================
1,2,3 PRINTING: Court Hears Winding Up Petition
-----------------------------------------------
Notice is given that a Petition for the winding up of 1,2,3
Printing Services Limited by the High Court of Hong Kong Special
Administrative Region on the 2nd day of August 2004 presented to
the said Court by Man Sang Envelope Manufacturing Company
Limited whose registered office is situate at Rooms A-D, 2nd
Floor, Block 2, Camel Print Building, 58-62 Hoi Yuen Road, Kwun
Tong, Kowloon, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 8th 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.
Wong & Fok
Solicitors for the Petitioner
Room 2015, 20th Floor
Hutchison House
10 Harcourt Road
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
September 2004.
GRANBON DEVELOPMENT: Faces Bankruptcy Proceedings
-------------------------------------------------
A Petition for the Winding up of Granbon Development Limited by
the High Court of Hong Kong Special Administrative Region was,
on the 4th 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 10:00 am on
the 8th 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.
Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
September 2004.
JINHUI HOLDINGS: Notes Exceptional Turnover Movement
----------------------------------------------------
The Stock Exchange has received a message dated August 24, 2004
from Jinhui Holdings Company Limited, which is reproduced as
follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The Board of Directors of Jinhui Holdings Company Limited has
noted the recent increase in trading volume of the shares of the
Company and wishes to state that, save for the disclosures made
in the announcement dated 21 August 2004 regarding certain on-
market share repurchase transactions conducted by the Company's
Oslo Stock Exchange listed subsidiary Jinhui Shipping and
Transportation Limited, the Board is not aware of any reasons
for such movement.
The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited, neither is the Board aware of any matter discloseable
under the general obligation imposed by rule 13.09 of the
Listing Rules, which is or may be of a price-sensitive nature.
Made by the order of the Board, the directors of which
individually and jointly accept responsibility for the accuracy
of this statement."
By Order of the Board
Ng Siu Fai
Chairman
CONTACT:
Jinhui Holdings Co Limited
1-6 Connaught Road West
Hong Kong
Phone: +852 2545 0951
Fax: +852 2541 9794
Website: http://www.jinhuiship.com/
KEL HOLDINGS: Releases AGM Results
----------------------------------
Reference is made to the notice of the annual general meeting of
KEL Holdings Limited dated 8 July 2004.
The Company hereby announces that at the annual general meeting
of the Company held on 24 August 2004, all of the resolutions
specified in the AGM.
Notice were duly passed by the shareholders of the Company on a
show on hands, including but not limited to, the special
resolution to approve the amendments to the bye-laws of the
Company and the ordinary resolutions to approve the granting of
the general mandates to repurchase shares and to issue new
shares and the re-election of directors. No proposal was put
forward to veto or amend any resolutions at the AGM and no new
resolution was proposed for consideration at the AGM.
By Order of the Board of
KEL Holdings Limited
Tjia Boen Sien
Managing Director and Deputy Chairman
KESSEL ELECTRONICS: Creditors Must Prove Debts by September 8
-------------------------------------------------------------
The creditors of Kessel Electronics (H.K.) Limited, which is in
Members' Voluntary Liquidation, are required (if they have not
already done so), on or before the close of business on 8
September 2004, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Joint and Several
Liquidators of the above-named company at Messrs. Kennic L. H.
Lui & Co. of 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street Central, Hong Kong.
If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.
Kennic Lai Hang Lui
Lau Wu Kwai King Lauren
Joint and Several Liquidators
PATANO INTERNATIONAL: Winding Up Hearing Slated on September 15
---------------------------------------------------------------
Notice is given that a Petition for the Winding up of Patano
International Company Limited by the High Court of Hong Kong
Special Administrative Region was, on the 5th 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 at 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.
T. H. Koo & Associates
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
No. 95 Queensway
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.
QPL INTERNATIONAL: Back In Black with HK$10M Net Profit
-------------------------------------------------------
According to Infocast News, QPL International Holdings posted a
net profit of HK$10 million for the fiscal year ended April 30,
compared with a net loss of HK$477 million a year ago. EPS were
HK$0.02. No final dividend was declared with bonus issue of
warrants on the basis of 1 warrant for every 5 existing shares
hold.
To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_QPLINTERNATIONAL082504.pdf
CONTACT:
QPL International Holdings Ltd
138 Texaco Road
2nd Floor QLP Industrial Building
Tsuen Wan, New Territories
Hong Kong
Phone: +852 2406 5111
Fax: +852 2407 6271
Website: http://www.qplhk.com/
QPL INTERNATIONAL: Proposes Capital Reorganization
--------------------------------------------------
QPL International Holdings Limited on August 25 announced on the
Hong Kong Stock Exchange its proposed capital reorganization,
bonus issue of warrants, and application for whitewash waiver
from the obligation to make a mandatory general offer to acquire
shares in QPL International Holdings Limited.
The Directors propose to implement the Capital Reorganization,
pursuant to which the amount standing to the credit of the Share
Premium Account of HK$1,558 million as at April 30, 2004 will be
reduced by an amount of HK$1,479 million and the credit arising
therefrom will be applied to eliminate the Accumulated Losses of
HK$1,479 million as at April 30, 2004 in full.
The Capital Reorganization will be conditional upon the passing
of a special resolution by the Shareholders at the SGM to
approve the Capital Reorganization and compliance with section
46 of the Companies Act 1981 of Bermuda (as amended), including,
inter alia, the publication of a legal notice of the reduction
of the Share Premium Account in an appointed newspaper in
Bermuda. Subject to the satisfaction of such conditions, the
elimination will take place on the Effective Date.
The Directors also propose the Bonus Issue, pursuant to which
Warrants will be issued to Shareholders whose name appear on the
register of members of the Company (other than Overseas
Shareholders) on the Record Date, on the basis of one Warrant
for every five existing Shares held on the Record Date. Each
Warrant will entitle the holder thereof to subscribe in cash for
one new fully-paid Share at an initial subscription price of
HK$1.82, subject to adjustment, at any time during a three-year
period which is expected to commence on October 5, 2004 and end
on October 4, 2007 (both days inclusive). On the basis of
639,369,842 Shares in issue on August 24, 2004, and assuming no
further Shares will be issued or repurchased by the Company on
or before the Record Date, 127,873,968 Warrants are proposed to
be issued pursuant to the Bonus Issue.
Full exercise of the Subscription Rights attaching to the
127,873,968 Warrants at the initial subscription price of
HK$1.82 per Share would result in the issue of a total of
127,873,968 new Shares, representing approximately 20.00% of the
issued ordinary share capital of the Company as at the date of
this announcement and approximately 16.67% of the issued
ordinary share capital of the Company as at the date of this
announcement as enlarged by the issue of such new Shares, and
the receipt by the Company of subscription moneys totaling
approximately HK$232,730,622 before expenses.
The Company will apply to the Listing Committee of the Stock
Exchange for listing of and permission to deal in the Warrants
and the new Shares falling to be issued upon exercise of the
Subscription Rights.
To view the full document, click on:
http://bankrupt.com/misc/TCRAP_2QPLINTERNATIONAL082504.pdf
TREASURE HILL: Court Sets Winding Up Petition Hearing
-----------------------------------------------------
Notice is given that a Petition for the Winding up of Treasure
Hill Industrial Limited by the High Court of Hong Kong Special
Administrative Region was, on the 5th 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 10:00 am on
the 8th 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 7th day of
September 2004.
WISE EMPIRE: Enters Winding Up Proceedings
------------------------------------------
Notice is given that a Petition for the winding up of Wise
Empire Investment Limited by the High Court of Hong Kong Special
Administrative Region on the 2nd day of August 2004 presented to
the said Court by the Petitioner, Bank of China (Hong Kong)
Limited whose registered office is situated at 14th Floor, Bank
of China Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 10:00 am on
the 1st day of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 31st day of
August 2004.
=================
I N D O N E S I A
=================
BANK NEGARA: Exempted From SOEs' Privatization Delay
----------------------------------------------------
The sale of a 30-percent stake in publicly listed Bank Negara
Indonesia (BNI) is still expected to take place this year
despite the government's decision to delay the sale of shares in
a number of state-owned enterprises (SOEs), reports The Jakarta
Post.
"BNI is still on the list for privatization this year. As for
the other SOEs, we plan to shelve them until next year," said
Mahmuddin Yasin, deputy of privatization at the Office of the
State Minister for State Enterprises.
The government made the decision to delay the sale of shares in
a number of SOEs this year because of the limited time remaining
until October, when the current administration's term will end.
Regulations require the government and parliament to first issue
an approval for the SOE sales.
Airliner PT Merpati Nusantara and tin miner PT Timah are among
the SOEs to be affected by the delay, which, according to Mr.
Mahmuddin, would not cause the government to fail in meeting
this year's IDR5 trillion (US$555 million) target, as it expects
to raise huge proceeds from the BNI shares sale.
CONTACT:
Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
+62 21 2511214
Website: www.bni.co.id
INDONESIA ASAHI: To Be Liquidated By Parent
-------------------------------------------
Japan's Asahi Kasei Fibers Corp. will soon liquidate its
Indonesian unit amid stiff competition from Chinese rivals,
according to Dow Jones.
Production and sales activities of textile manufacturer PT
Indonesia Asahi Kasei will be terminated by November. By the end
of the same month, a total of 1,170 local employees are likely
to be laid off. Liquidation proceedings will then begin in
December.
Asahi Kasei Corp., the parent company of Asahi Kasei Fibers
Corp., expects to book a special loss worth JPY6 billion from
the liquidation. It also said it has already factored the loss
into its earnings outlook for the current fiscal year through
March.
CONTACT:
P.T. Indonesia Asahi Kasei
+62-21-5202100
PERTAMINA: Offices Picketed By Students
---------------------------------------
A protest outside state-owned oil and gas company, PT Pertamina
was staged last Tuesday by approximately 50 students from the
province of Jayapura, reports The Jakarta Post.
Aside from demanding an end to the kerosene shortage that the
province has been suffering for over a month, the protesters
also demanded an explanation for the shortage, which, according
to the protest's coordinator, has caused kerosene prices to soar
nearly 10 times its regular price.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
=========
J A P A N
=========
ASAHI KOKUSAIKAIHATSU: Enters Bankruptcy
----------------------------------------
Asahi Kokusaikaihatsu K.K. has entered bankruptcy, according to
Teikoku Databank America. The firm, which managed golf courses,
has total liabilities of US$466.67 million. The company is based
in Takarazuka-Shi, Hyogo 669-1204.
For more information, please click: http://www.teikoku.com/
DAIEI INCORPORATED: Denies Resignation of President
---------------------------------------------------
Daiei Incorporated strongly denied the supposed resignation plan
of its president, Kunio Takagi, reports Jiji Press.
The struggling firm declared that there is no truth to the
report that Mr. Takagi is vacating his post to take
responsibility for Daiei's crumbling business following the
conclusion of rehabilitation talks between the retailer and its
main creditors.
Daiei, which plans to explain its new revival program to its
three major lenders by the end of the week, is currently
negotiating to rebuild itself with UFJ Bank and other creditors
without the involvement of state-backed Industrial
Revitalization Corporation of Japan (IRCJ).
CONTACT:
The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Website: www.daiei.co.jp
DAIEI INCORPORATED: Revival Plan To Include Shareholders
--------------------------------------------------------
Minister in charge of industrial revitalization Kazuyoshi Kaneko
declared Tuesday that the new revival scheme of Daiei
Incorporated might include capital reduction and unfavorable
shareholder responsibility, The Japan Times reports.
Daiei has already presented its own rehab proposal to main
creditors UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui
Banking Corporation last week, which featured restructuring
support from trading house Marubeni Corporation. The plan,
however, did not mention any aid from the Industrial
Revitalization Corporation of Japan (IRCJ), which the three
banks have been urging the retailer to accept.
Mr. Kaneko admitted that he has not seen the content of the plan
but "what matters is whether it can win the approval of the
market."
Meanwhile, Daiei President Kunio Takagi, whose reported
resignation was denied by the retailer, will convene with
executives of the creditor banks this week to discuss the
details of the plan.
DAIEI INCORPORATED: Expects Loss, May Accept State Help
-------------------------------------------------------
Daiei Incorporated may accept state aid for its revival program
as it expects to book a heavy loss this year, Reuters reveals,
citing The Asahi Shimbun.
Due to the closure of its loss-making establishments and sale of
group firms, the ailing retailer projects a JPY500 billion
(US$4.6 billion) group net loss for the current fiscal year with
JPY410 billion liabilities exceeding its total assets. With the
recent estimate, it plans to request its three main creditors to
waive JPY390 billion of debts.
Despite Daiei's resistance, the creditors are continually urging
the retailer to undergo restructuring by the government-backed
Industrial Revitalization Corp. of Japan (IRCJ).
Earlier, Daiei denied reports that its president is resigning
and confirmed that the firm is hammering out a business strategy
for March 2005 onwards, which will be disclosed to its lenders
this week.
A number of local and foreign funds, including retailer titan
Wal-Mart Stores Incorporated, has expressed interest in Daiei's
rehabilitation.
DOGASHIMA YORAN: Declares Bankruptcy
------------------------------------
According to Teikoku Databank America, Dogashima Yoran Senta
N.H. has entered bankruptcy. The controlled flower cultivation
company, which is based in Kamo-Gun, Shizuoka 410-3514, has
total liabilities of US$33.92 million.
For more information, please click: http://www.teikoku.com/
GOTO K.K.: Faces Insolvency
---------------------------
Kitchenware wholesale trader Goto K.K. has entered bankruptcy,
says Teikoku Databank America. The company based in Sakai-Shi,
Osaka 590-0911, reported US$55.00 million total worth of
liabilities.
For more information, please click: http://www.teikoku.com/
PAINREKU GORUFUKURABU: Insolvency Looming
-----------------------------------------
According to Teikoku Databank America, Painreku Gorufukurabu
K.K. is facing insolvency with US$425.00 million worth of
liabilities. The firm, which engaged in the golf course
business, is located in Osaka-Shi, Osaka.
For more information, please click: http://www.teikoku.com/
UFJ HOLDINGS: SMFG Offers US$29.2bln Bailout
--------------------------------------------
In a move to challenge rival Mitsubishi Tokyo Financial Group
Incorporated (MTFG), Sumitomo Mitsui Financial Group
Incorporated laid out a US$29.2 billion (JPY3.2 trillion) bid
for UFJ Holdings Incorporated, reports Bloomberg.
Despite the fact that UFJ and MTFG have already inked a basic
deal to combine their businesses next year to form the world's
top-ranked bank, SMFG still attempts to woo UFJ away from MTFG.
In a statement, SMFG said it offered a one-to-one exchange ratio
to UFJ's shareholders aside from a JPY700 billion capital
injection to help the lender write- off most of its JPY4.62
trillion bad debts.
Meanwhile, MTFG, which is allotting JPY700 billion for UFJ,
affirmed that SMFG's proposal would not affect its "calculations
of a merger ratio or preparations for the merger." To date, MTFG
has not yet disclosed terms for the takeover.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Website: www.ufj.co.jp
UFJ HOLDINGS: Comments on SMFG Proposal
---------------------------------------
UFJ Holdings, Inc. announced in a press release dated August 24,
2004 that it has received a proposal on integration ratio etc.
from Sumitomo Mitsui Financial Group, Inc.
"Even though UFJ has not changed the basic stance to integrate
management with Mitsubishi Tokyo Financial Group, Inc. following
the capital injection from MTFG on or before the end of
September 2004 at this moment, since the proposal was presented,
UFJ is examining it prudently together with outside experts."
=========
K O R E A
=========
HYUNDAI MERCHANT: Breaks Free From Deal With Creditors
------------------------------------------------------
South Korean ocean shipper Hyundai Merchant Marine Co. Ltd. said
Tuesday it has been released from a performance agreement with
creditors ahead of schedule, reports Yonhap News.
According to a Hyundai official, its main creditor bank Korea
Exchange Bank (KEB) informed the firm to terminate the
management normalization pact it signed with KEB and other
creditors in May 2003. The pact was to expire at the end of this
year.
KEB and other creditors had earlier bailed out Hyundai Merchant
from a liquidity crisis, requiring the company to take self-help
steps and meet a set of performance goals.
Since Hyundai Merchant has achieved these self-rescue measures,
including the sale of its assets, it will no longer be subject
to supervision from its creditor banks. The company also said
that the decision to terminate the accord will also help raise
its credit profile and allow it to resume ordinary transactions
with financial institutions, which were restricted while it was
receiving creditors' help.
Hyundai Merchant reported a net profit of KRW171.4 billion in
the first half compared to a loss of KRW91.5 billion a year ago.
CONTACT:
Hyundai Merchant Marine Co.,Ltd.
66 Jeokseon-dong, Jongno-gu
Seoul 110-052, Korea
TEL:(02)3706-5114
FAX:(02)736-8517
KOOKMIN BANK: To Be Fined KRW2bln For Accounting Violation
----------------------------------------------------------
South Korea's Kookmin Bank will be slapped a KRW2-billion fine
by the Financial Supervisory Service (FSS) for violating
accounting standards on its provisioning strategy related to its
credit card and other loans, reports Dow Jones.
The FSS said in a statement Wednesday that the decision is still
subject for final approval by the Financial Supervisory
Commission.
The regulator said Kookmin Bank is also in violation of
accounting rules for asset-backed securities issues in its
financial statements for full-year 2003.
The bank had taken aside an extra KRW250 billion of provisions
in the first half in the wake of an accounting probe by
financial authorities.
Kookmin posted a net profit of KRW307.6 billion in the first
half, compared to a loss of KRW161.2 billion a year ago as
provisions shrank, helped by an improvement in its credit-card
operations.
CONTACT:
Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Telephone: +82 2 776 5637
===============
M A L A Y S I A
===============
ANCOM BERHAD: Issues Notice of Shares Buy Back
----------------------------------------------
Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad
the details of its shares buy back on August 24, 2004.
Date of buy back: 24/08/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 29,500
Minimum price paid for each share purchased (RM): 0.775
Maximum price paid for each share purchased (RM): 0.790
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 29,500
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,224,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Pusat Dagangan Phileo Damansara 1
No 9 Jalan 6/11 OffJalan Damansara, Petaling Jaya Selangor Darul
Ehsan 43650
MALAYSIA
+60 3 7660 0008
+60 3 7660 0010
ANSON PERDANA: Receives Winding up Order Notice
-----------------------------------------------
Anson Perdana Berhad announced that its lawyers have notified it
on Tuesday of a Winding-Up Order against the Company, pronounced
by the Kuala Lumpur High Court on 20 August 2004.
CONTACT:
Anson Perdana Berhad
Unit B5-8, Megan Phileo Promenade
Jalan Tun Razak
Kuala Lumpur
Tel: +603 2162 6899; +603 2163 0773
Fax: +603 2163 7088
BERJAYA SPORTS: Purchases 202,000 Ordinary Shares on Buy Back
-------------------------------------------------------------
Berjaya Sports Toto Berhad announced the details of its shares
buy back on August 24, 2004.
Date of buy back: 24/08/2004
Description of shares purchased: ordinary shares
Total number of shares purchased (units): 202,000
Minimum price paid for each share purchased (RM): 3.440
Maximum price paid for each share purchased (RM): 3.440
Total consideration paid (RM): 697,364.64
Number of shares purchased retained in treasury (units): 202,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 56,165,600
Adjusted issued capital after cancellation (no. of shares)
(units):
Remarks:
The number of shares with voting rights in issue after the above
share buyback is 982,056,232.
CONTACT:
Berjaya Sports Toto Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, Kuala Lumpur 55100
Malaysia
+60 3 2935 8888
+60 3 2935 8043
HO HUP: Releases Unaudited Quarterly Report
-------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Ho Hup
Construction Company 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
26,210 62,967 73,159 107,252
2 Profit/(loss) before tax
-7,422 -675 -8,910 -2,452
3 Profit/(loss) after tax and minority interest
-6,127 292 -8,991 -2,277
4 Net profit/(loss) for the period
-6,127 292 -8,991 -2,277
5 Basic earnings/(loss) per shares (sen)
-6.40 0.30 -9.20 -2.60
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
1.7300 2.6000
For more information, go to
http://bankrupt.com/misc/tcrap_hohup082504.xls.
CONTACT:
Ho Hup Construction Company Berhad
No 2 Medan Imbi
Kuala Lumpur, 55100
Malaysia
+60 3 2148 7711
+60 3 2142 4988
HO HUP: Board OKs Conditional Share Subscription Deal
-----------------------------------------------------
Ho Hup Construction Company Berhad announced the details of its
proposed subscription of 6,456,470 equity shares of Rs10 each in
Krishna Godavari Power Utilities Limited (KGPUL) representing
49% of the enlarged issued and paid-up share capital of KGPUL
(Proposal).
1. INTRODUCTION
On 24 August 2004 Ho Hup Construction Company Berhad's Board of
Directors approved the conditional share subscription and
shareholders agreement (SSSA) dated 22 July 2004 entered into
between Dato' Low Tuck Choy for and on behalf of the Company and
Dr. M. Venkataratnam, Mrs. M. Kondamma, Mr. M. Sreenivas
(collectively referred to as Promoters), MV Consultants
(Private) Ltd (MVC) and KGPUL (collectively referred as Parties)
for the Company to subscribe into 6,456,470 equity shares of
Rs10 each in KGPUL (KGPUL Shares) (Subscription Shares)
representing 49% of the enlarged issued and paid-up share
capital of KGPUL for a cash consideration of Rs64,564,700
(equivalent to RM5,380,392 based on an exchange rate of Rs12 to
RM1) (Subscription Price).
An exchange rate of Rs12 to RM1 is assumed for the purpose of
this announcement.
2. DETAILS OF THE PROPOSAL
Ho Hup entered into a SSSA with the Promoters, MVC and KGPUL for
the subscription of 6,456,470 new KGPUL Shares, representing 49%
of the enlarged issued and paid-up share capital of KGPUL for a
Subscription Price of Rs64,564,700 (equivalent to RM5,380,392).
Barring any unforeseen circumstances, the Company estimates that
the Proposal will be completed by first quarter of 2005.
2.1 Information on KGPUL
KGPUL was incorporated in India on 5 July 1995 under the Indian
Companies Act, 1956 as a private limited company.
KGPUL has an authorized share capital of Rs15,000,000 comprising
1,500,000 KGPUL Shares, of which Rs14,000,900 comprising
1,400,090 KGPUL Shares have been issued and fully paid-up.
KGPUL is principally involved in developing, financing,
constructing and operating an approximately 60 megawatts coal
based power plant project (Project), which is located in
Nalgonda District of Andhra Pradesh, India. KGPUL had entered
into a conditional power purchase agreement dated 23 February
2004 with the Transmission Corporation of Andhra Pradesh Limited
(APTRANSCO) for the exclusive sale of power to APTRANSCO for a
period of 25 years from the commercial operation date (PPA).
The Company expects the construction of the Project to commence
by the end of 2004 and to be completed in 2006, barring any
unforeseen circumstances.
A summary of the financial results of KGPUL for the past five
(5) financial years ended 30 June 2003 is set out in Table 1
herein.
As at the date hereof, KGPUL does not have any subsidiary or
associated company.
2.2 Basis of cash consideration
The Subscription Price of Rs10 per KGPUL Share pursuant to the
Proposal is based on the par value of Rs10 of KGPUL Shares.
2.3 Sources of Funding
The Subscription Price is proposed to be funded via internally
generated fund and/or bank borrowings.
2.4 Liabilities to be assumed
There are no liabilities to be assumed by Ho Hup arising from
the Proposal.
2.5 Estimated Financial Commitment
Ho Hup estimates that the financial commitment, spread over a
period of 24 months, will amount to approximately RM35.728
million as set out in Table 2 herein.
2.6 Salient terms of the SSSA
The salient terms of the SSSA include, inter-alia, the
following:
2.6.1 Ho Hup shall subscribe for and acquire the Subscription
Shares free from all third party interests together with all
benefits and rights appertaining to the Subscription Shares on
the terms and conditions contained in the SSSA;
2.6.2 After the issue of the Subscription Shares to Ho Hup, the
shareholding in KGPUL on a fully diluted basis shall be as set
out in Table 3;
2.6.3 The shareholding in KGPUL shall from time to time be such
that the Promoters and MVC shall hold an aggregate of 51% and Ho
Hup shall hold 49% of the entire shareholding in KGPUL required
for the completion of the Project. It is further agreed that the
percentages of shareholding in KGPUL of each said Party shall
remain until the commercial operation date of the Project.
However, the SSSA provides that no decisions of the shareholders
of KGPUL by way of a simple majority shall be made without the
affirmative vote of authorized representative of Ho Hup. The
SSSA further provides that all matters relating to execution or
termination of agreement, contract or arrangement between KGPUL
and Promoters and/or MVC or authorization and signing of cheques
limits shall be discussed and decided upon only at the meeting
of the board of KGPUL with affirmative vote by Ho Hup;
2.6.4 Ho Hup shall pay the Subscription Price within 7 days from
the satisfaction or waiver of the conditions precedent of the
SSSA;
2.6.5 Ho Hup shall provide all the necessary equity funding for
the Project to enable it to achieve financial closure (namely
when loan is available for draw down for the financing of the
Project) as well as commercial operation, which shall include:
(i) initial financial support of Rs30,500,000 (equivalent to
RM2,541,666) on terms to be mutually agreed; and
(ii) initial financing of the balance equity support to MVC as
may be mutually agreed upon to retain its percentage interest as
referred to in Section 2.6.3 above.
2.6.6 All outstanding dues by KGPUL other than the list of
expenditure and liabilities of MVC amounting to Rs67,200,000
(equivalent to RM5,600,000) as at 30 June 2004 shall be settled;
2.6.7 The SSSA is subject to the completion of legal, financial
and accounting due diligence on KGPUL and its business as well
as resolution of all issues arising there from to the
satisfaction of Ho Hup;
2.6.8 In connection with the financing for the Project, each
Party, when required, shall:
(i) pledge all shares owned by it and all rights under the SSSA
for such financing;
(ii) subordinate all of the interest under the SSSA and any
claims against KGPUL to the rights of the lenders of the Project
(Lenders); and
(iii) take any other similar or related actions reasonably
requested by the Lenders that do not require such Party to grant
any recourse to any of its assets other than its equity
ownership in KGPUL.
2.6.9 The Promoters/MVC or Ho Hup shall under all circumstances,
have a right of first refusal in respect of any transfer of
KGPUL Shares proposed to be carried out by the other Party to
any third party; and
2.6.10 Should either Party be found to have committed any breach
that substantially affects the rights and obligations of the
Parties under the SSSA (Defaulting Party), the other Party shall
have the right to terminate the SSSA and place all or part of
its KGPUL Shares to the Defaulting Party at a price to be
determined by one of the 'Big-Four' accounting firms established
and operating in India, appointed by the mutual consent of the
Parties.
HO HUP: Director Dato' Aripin Bin Mokhtar Resigns
-------------------------------------------------
Ho Hup Construction Company Berhad announced the resignation of
its Director Dato' Aripin Bin Mokhtar on August 24, 2004.
Date of change: 24/08/2004
Type of change: Resignation
Designation: Non-Executive Director
Directorate: Non Independent & Non Executive
Name: Dato' Aripin Bin Mokhtar
Age: 56
Nationality: Malaysian
Qualifications: 25 years experience in infrastructure
development
Working experience and occupation: Pinggiran Pelangi Sdn Bhd -
Executive Chairman
Directorship of public companies (if any): Nil
Family relationship with any director and/or major shareholder
of the listed issuer: Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil
KUMPULAN BELTON: Releases Unaudited Quarterly Report
----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Kumpulan
Belton 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
13,441 16,478 26,505 28,615
2 Profit/(loss) before tax
270 -1,040 1,099 -5,131
3 Profit/(loss) after tax and minority interest
95 -1,128 448 -4,112
4 Net profit/(loss) for the period
95 -1,128 448 -4,112
5 Basic earnings/(loss) per shares (sen)
0.11 -1.33 0.53 -4.83
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
0.1900 0.1900
CONTACT:
Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
MALAYSIA
+60 3 6257 2233
+60 3 6257 8989
LITYAN HOLDINGS: Unveils Investigative Audit Result
---------------------------------------------------
Reference is made to the announcements dated 27 September 2002,
8 September 2003, 28 April 2004 and 20 July 2004.
As required by the Securities Commission (SC) in granting its
approval to Lityan Holdings Berhad (LHB)'s Proposed Rights Issue
and Capital Increase, the company had on 20 October 2003 engaged
Messrs Wong Liu & Partners (WLP) to carry out an investigative
audit on the accumulated losses of LHB and its subsidiaries (LHB
Group). WLP had completed the investigative audit and submitted
its findings to the SC on 20 July 2004.
A summary of the investigative audit findings extracted from the
investigative audit can be accessed at
http://bankrupt.com/misc/tcrap_lityan082504.doc.
The Board of Directors of LHB had reviewed and examined the
investigative audit findings and will take appropriate measures
and actions on them.
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2
40150 Shah Alam
Selangor Darul Ehsan Malaysia
Tel: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
MANGIUM INDUSTRIES: Discloses 1H04 Financial Result
---------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Mangium
Industries 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
10,227 8,277 17,052 11,553
2 Profit/(loss) before tax
-1,723 -1,842 -4,011 -5,755
3 Profit/(loss) after tax and minority interest
-1,745 -1,809 -4,014 -5,722
4 Net profit/(loss) for the period
-1,745 -1,809 -4,014 -5,722
5 Basic earnings/(loss) per shares (sen)
-5.45 -5.65 -12.54 -17.88
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
0.1400 0.2600
MANGIUM INDUSTRIES: Unveils Production Figure for July 2004
-----------------------------------------------------------
Mangium Industries Berhad announced the following monthly
production figure for the month of July 2004 in compliance with
Paragraph 9.29 of the Chapter 9 of the Bursa Malaysia Securities
Berhad Listing Requirements.
M3
Mangium Sawmill Sdn. Bhd. (Formerly known as
Kilang Papan Dasatu Sdn. Bhd.)
1. Production of sawn timber
2. Production of finger joint timber
TOTAL
Mangium Plantations Sdn. Bhd. (Formerly known as
Serisar Forest Plantation & Products Sdn. Bhd.)
1. Production of logs 23,999-94
TOTAL 23,999-94
MENANG CORPORATION: Narrows Second Quarter Loss to MYR4.68M
-----------------------------------------------------------
Menang Corporation (Malaysia) Berhad posted a net loss of
MYR4.68 million in the second quarter ended June 30, 2004,
versus a net loss of MYR4.93 million a year earlier, Dow Jones
reports.
2nd quarter ended June 30: Figures are in Ringgit (MYR).
2004 2003
Revenue MYR677,000 MYR1,316,000
Pretax Profit (4,681,000) (4,935,000)
Net Profit (4,681,000) (4,935,000)
Earnings Per Share (1.75 Sen) (1.85 Sen)
Dividend Omitted Omitted
6 months ended June 30:
Revenue 1,253,000 6,267,000
Pretax Profit (8,701,000) (6,292,000)
Net Profit (8,706,000) (6,218,000)
Earnings Per Share (3.26 Sen) (2.33 Sen)
Dividend Omitted Omitted
(Figures in parentheses are losses.)
Results are based on Malaysian accounting standards and are
unaudited.
MUHIBBAH ENGINEERING: Issues Practice Note 11/2001 Update
---------------------------------------------------------
Muhibbah Engineering (M) Berhad announced that pursuant to
Practice Note 11/2001, the aggregate amount of financial
assistance provided during the quarter ended 30 June 2004 to
facilitate the ordinary course of business of the Company and
the Group is as per Table A below.
There would be no significant financial impact to the earnings
and cash flow of Muhibbah Group as a result of the below
financial assistance granted during the reporting quarter as
these guarantees are not expected to be realized and called
upon.
Table A
Type of Financial Assistance Company Level (RM'000)
Group Level
(RM'000)
1. Corporate Guarantee 10,700
10,700
2. Bank Guarantee 8,526
9,940
Total financial assistance provided during the second quarter of
2004 is 19,226 20,640.
CONTACT:
Muhibbah Engineering (M) Berhad
Lot 586, 2nd Mile
Jalan Batu Tiga Lama
41300 Klang , Selangor
Malaysia
Web address (URL) : http://www.muhibbah.com/
Tel no: 603-3424322/4323
Fax no: 603-3424327
MUHIBBAH ENGINEERING: Unveils Unaudited Quarterly Report
--------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Muhibbah
Engineering (M) 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
226,578 164,125 390,259 308,872
2 Profit/(loss) before tax
4,002 6,036 11,573 10,598
3 Profit/(loss) after tax and minority interest
-3,373 2,484 64 3,882
4 Net profit/(loss) for the period
-3,373 2,484 64 3,882
5 Basic earnings/(loss) per shares (sen)
-2.34 1.74 0.04 2.71
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)
1.6800 1.6800
NAIM INDAH: Completes Capital Reconstruction Exercise
-----------------------------------------------------
PM Securities Sdn Berhad refer to Naim Indah Corporation Berhad
(NICB)'s (formerly known as Arus Murni Corporation Berhad)
announcement dated 12 July 2004 and its announcements dated 14
May 2004, 23 July 2004 and 28 July 2004 pertaining to, inter
alia, the aforementioned NICB Par Value Reduction.
PM Securities Sdn Bhd, on behalf of the Board of Directors of
NICB, announced that the Capital Reconstruction exercise of the
Company is deemed completed on 17 August 2004.
Hereinafter collectively referred to as the "Capital
Reconstruction"
Share Capital Reduction Pursuant To Section 64(1) Of The
Companies Act, 1965 (Act) Involving The Cancellation Of RM0.80
Of The Par Value Of Each Existing NICB Ordinary Share Of RM1.00
Each In Issue (NICB Par Value Reduction); and
Reduction Of The Share Premium Of NICB Of Up To RM317,358,091
Pursuant To Sections 64(1) And 60(2) Of The Act (Share Premium
Reduction)
This Bursa Malaysia Securities Berhad announcement is dated 24
August 2004.
c.c. Attn: En. Kris Azman Abdullah
Securities Commission
NAIM INDAH: Unveils Log Production Figures for July 2004
--------------------------------------------------------
The Board of Directors of Naim Indah Corporation Berhad
(formerly known as Arus Murni Corporation Berhad) announced that
the timber logs production of its wholly owned subsidiary Jernih
Makmur Sdn. Bhd. (which owns a Timber Concession located at
Hutan Simpanan Lebir, Mukim of Relai, District of Chiku, Jajahan
Gua Musang, Kelantan Darul Naim) for the month of July 2004 was
5,469.84M3.
This Bursa Malaysia announcement is dated 24 August 2004.
NAUTICALINK BERHAD: Narrows 2Q04 Net Loss to MYR384,000
-------------------------------------------------------
Nauticalink Berhad announced its second quarter results ended
June 30, 2004.
2nd quarter ended June 30 Figures are in Ringgit (MYR)
2004 2003
Revenue MYR237,000 MYR789,000
Pretax Profit (384,000) (706,000)
Net Profit (384,000) (706,000)
Earnings Per Share (1.92 Sen) (3.53 Sen)
Dividend Omitted Omitted
6 months ended June 30:
Revenue 414,000 1,472,000
Pretax Profit (950,000) (1,914,000)
Net Profit (950,000) (1,914,000)
Earnings Per Share (4.75 Sen) (9.57 Sen)
Dividend Omitted Omitted
($1=MYR3.80; MYR1=100 Sen)
(Figures in parentheses are losses.)
Results are based on Malaysian accounting standards and are
unaudited.
OSK HOLDINGS: Posts Notice of Shares Buy Back
---------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on August 24, 2004.
Date of buy back: 24/08/2004
Description of shares purchased: Ordinary Shares of RM1.00 each
Total number of shares purchased (units): 55,800
Minimum price paid for each share purchased (RM): 1.530
Maximum price paid for each share purchased (RM): 1.550
Total consideration paid (RM): 86,461.28
Number of shares purchased retained in treasury (units): 55,800
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 11,924,700
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Osk Holdings Berhad
Jalan Ampang
50450 Kuala Lumpur, 50450
MALAYSIA
Tel: +60 3 2162 4388
Tel: +60 3 2161 8254
SIME DARBY: Units Enter Voluntary Liquidation
---------------------------------------------
Further to the announcements dated 19th June 2001, 20th May 2002
and 3rd June 2002 respectively, Sime Darby Berhad announced that
the following wholly-owned subsidiary companies of Sime Darby,
which were placed under members' voluntary liquidation on the
dates mentioned below, lodged returns on 24th May 2004 relating
to their final meetings held on 17 May 2004:
Date liquidation commenced
i. Sime Darby Travel (Sarawak) Sdn Bhd 19th June 2001
ii. Brickiln Towers Sdn Bhd 20th May 2002
iii. Sime Darby Drilling Sdn Bhd 20th May 2002
iv. Sime Darby Insurance Brokers Sdn Bhd 3rd June 2002
Accordingly, the Companies were dissolved today pursuant to
Section 272(5) of the Companies Act, 1965.
This announcement is dated 24th August 2004.
SIME ENGINEERING: Posts 4Q04 MYR81.1M Net Loss
----------------------------------------------
Sime Engineering Services Berhad recorded a net loss of MYR81.1
million in the fourth quarter ended June 2004.
Figures are in Ringgit (MYR).
2004
Revenue MYR269,167,000
Pretax Profit (72,939,000)
Net Profit (81,190,000)
Earnings Per Share (16.60 Sen)
Dividend Omitted
12 months ended June 30:
Revenue 691,138,000
Pretax Profit (54,128,000)
Net Profit (71,230,000)
Earnings Per Share (14.50 Sen)
Dividend Omitted
($1=MYR3.80; MYR1=100 Sen)
(Figures in parentheses are losses.)
The Company didn't provide comparative earnings figures.
Results are based on Malaysian accounting standards and are
unaudited.
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: Names East West As Trustee Bank
--------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) has selected East
West Bank to be its seventh trustee bank, Business World
reported on Wednesday.
Trustee banks manage a pre-need company's trust assets. Allied
Bank, Veterans Bank, and Bank of Commerce are among its trustee
banks.
"Through its appointment of East West Bank, CAP is confident
that its trust fund, now standing at PhP8.7 billion, and the
largest in the pre-need industry, will grow even bigger to meet
future obligations of its subscribers," CAP said.
"The bank likewise offers online banking to both corporate and
individual clients worldwide. In the Philippines, East West Bank
operates branches strategically located to service the needs of
its clients," CAP said.
CAP officials did not confirm or deny if the move to hire East
West to be its trustee bank was meant to accommodate the wishes
of the potential investor of the pre-need company or if the
potential investor is in any way affiliated to the bank.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo Cor. Herrera Streets
Legazpi Village, Makati City
Ph: 817-6586,759-2000
Fax: (0632) 818-0560
DMCI HOLDINGS: Director Consunji Acquires 300,000 Common Shares
---------------------------------------------------------------
The Philippines Stock Exchange (PSE) disclosed that Victor A.
Consunji, a Director of DMCI Holdings Inc., acquired additional
shareholdings totaling 300,000 common shares via separate
transactions as indicated below:
Victor A. Consunji
Summary of Sold Shares of DMCI Holdings, Inc.
Date Unit Price Volume
August 20, 2004 1.70 300,000
For a copy of the SEC Form 17-C filing, go to
http://bankrupt.com/misc/tcrap_dmci082504.pdf
CONTACT:
DMCI Holdings Inc.
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Tel. No: 888-3000
Fax No: 816-7362
E-mail Address: dmcihi@dmcinet.com
URL: http://www.dmchi.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.
MANILA ELECTRIC: Generation Fees To Go Up By P0.17/kwh
------------------------------------------------------
The Energy Regulatory Commission (ERC), in an Order dated August
20, 2004, approves Manila Electric Company's (MERALCO)
application for rate adjustment in its generation charge, the
ERC announced on its Web site. Meralco's new generation cost
will be adjusted by PhP0.1737 effective September 2004.
This is the third instance since the inception of the Generation
Rate Adjustment Mechanism (GRAM) that Meralco applied for a
revision in its generation cost.
The change in Meralco's generation rate stemmed from the
recovery in its carrying charges under the Deferred Accounting
Adjustments (DAA). However, the adjustments in carrying charges
were tempered by the downward generation cost based on the test
period covering the months of February to May, 2004.
"Meralco is merely collecting from its customers the reasonable
costs imposed upon it by its power suppliers. This does not give
Meralco additional income. The GRAM is a recovery mechanism on
the cost of power it purchased," ERC Chairman Rodolfo B. Albano,
Jr. explained. The viability and continued supply of safe,
adequate and reliable, and quality electric service for the
people is of the essence," Chairman Albano, added.
DAA is a cost component in the generation rate intended to
recover or refund generation costs incurred during the test
period.
For more information, go to
http://bankrupt.com/misc/tcrap_meralco082504.pdf
CONTACT:
Manila Electric Company
Lopez Building
Ortigas Avenue, Pasig City
Tel. No: 16220 (TL); 633-4553 (Corp. Sec.)
Fax No: 631-5572
E-mail Address: corcom@meralco.com.ph
URL: http://www.meralco.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.
PHILIPPINE BANK: Sees Higher Profits in H2
------------------------------------------
Philippine Bank of Communications (PBCom) is convinced that an
improvement in its revenue base will be achieved for the second
half of the year resulting in increased profitability, Business
World reports.
After posting a net loss of PhP200.72 million in the first
quarter, the bank reported profits of PhP9.7 million in the
succeeding quarter because of higher interest income on
investments.
This came after a PhP3-billion capital infusion by major
shareholders last March and interest income from PhP7.64 billion
in government securities put in by the Philippine Deposit
Insurance Corp. (PDIC) relative to auction of the bank's PhP12.5
billion worth of foreclosed properties and bad loans.
In a report to the Securities and Exchange Commission, PBCom
said it expects to complete the sale of a substantial portion of
its non-performing assets (NPAs) to a special purpose vehicle
(SPV) and to fully realize by this quarter the gains from the
capital infused by major shareholders.
"With the expected sale of a substantial portion of the NPAs and
the PhP7.64 billion in government securities put in by the PDIC
to offset 85% of the losses that will be incurred in the [bad
asset] sale, the financial drag on the balance sheet will be
eliminated," the bank said.
The bank earlier announced that 14 local and foreign investors
led by Bank of America, Deutsche Bank, Ayala Corp. and Robinsons
Land Corp. were keen on its idle assets.
CONTACT:
Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Tel. No: 830-7000 (TL)
Fax No: 818-2576 (Telefax)
E-mail Address: info@pbcom.com.ph
URL: http://www.pbcom.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.
PHILIPPINE LONG: Issues Additional Listing of Shares
----------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by the Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of P5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of P814.00 per
share.
In this connection, please be advised that a total 650 common
shares have been availed of the fully paid by the optionee under
the Company's ESOP.
In view thereof, the listing of the 650 common shares was
scheduled on August 25, 2004. This brings the number of common
shares listed under the ESOP to a total of 190,166 common
shares.
The designated stock transfer agent is hereby authorized to
record and register in its books and above number of shares.
For your information and guidance,
Maria Isabel T. Garcia
Head, Listing Department
Jurisita M. Quintos
Senior Vice President - Operations Group
CONTACT:
Philippine Long Distance and Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Tel. No: 814-3552; 888-0188
Fax No: 813-2292
URL: http://www.pldt.com.ph
Auditor: Joaquin Cunanan & Company
Transfer Agent: HongKong & Shanghai Banking Corp
=================
S I N G A P O R E
=================
ASSOCIATED ASIAN: Issues Notice of Creditors' Meeting
-----------------------------------------------------
Notice is hereby given that pursuant to Section 268 (3) (b) of
the Companies Act, a meeting of the creditors of Associated
Asian Securities Pte. Ltd., will be held at 16 Raffles Quay,
#22-00 Hong Leong Building, Singapore 048581 on the 8th day of
September 2004 at 4.00 p.m. for the purpose of:
(a) Presenting a statement of all the Company's receipts and
payments during the period of liquidation;
(b) Approving the liquidators' proposal to discontinue legal
action in Malaysia against two debtors - Messrs KK Sharma and
Raju Jayaraman;
(c) Passing a resolution under Section 268 (3) (d) of the
Companies Act to consent to the amount of the liquidators'
remuneration;
(d) Resolving under Section 320 (3) of the Act that the books,
accounts and documents of the Company and liquidators may be
disposed off after the dissolution of the Company; and
(e) Any other business. To entitle you to vote thereat, your
proof of debt must be lodged at the office of 16 Raffles Quay,
#22-00 Hong Leong Building, Singapore 048581 not later than
5.00 p.m. on 6th September 2004.
Michael Ng Wei Teck
Joint and Several Liquidator
Note: Creditors may vote either in person or by proxy. Proxies
must be lodged at the office of 16 Raffles Quay, #22-00 Hong
Leong Building, Singapore 048581 not later than 5.00 p.m. on 6th
September 2004 or not later than 4.00 p.m. on the day, before
any adjourned meeting thereof.
This Singapore Government Gazette notice was posted on August
24, 2004.
ASSOCIATED ASIAN: Releases Final Dividend Notice
------------------------------------------------
A notice to the unsecured creditors of Associated Asian
Securities Pte Ltd, a company in liquidation, was issued to
declare their first and final dividend.
Address of Registered Office: Formerly of 10 Anson Road
#14-03 International Plaza
Singapore 079903.
Last Day For Receiving Proof Of Debt: 7th September 2004.
Name And Address Of Liquidators: Bobby Chin Yoke Choong
Michael Ng Wei Teck
Joint and Several Liquidators
c/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.
Michael Ng Wei Teck
Liquidator
This Singapore Government Gazette notice was posted on August
24, 2004.
ASV TECHNOLOGY: First & Final Dividend Notice Issued
----------------------------------------------------
A notice for the first and final dividend of ASV Technology and
Manufacturing Pte Ltd, a company in Creditors' Voluntary
Liquidation, is issued.
Address of registered office: 105 Tampines Road
#06-02/01 Wing Tai Industries Center
Singapore 535127.
Amount per centum: 5.6 per centum of all admitted ordinary
claims.
First and final or otherwise: First and Final.
When payable: 27th August 2004.
Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Center
Singapore 048423.
Chee Yoh Chuang and Lim Lee Meng
Liquidators
This Singapore Government Gazette notice was posted on August
24, 2004.
CHARTERED SEMICONDUCTOR: Unit Director's Interests Change
---------------------------------------------------------
Chartered Semiconductor Manufacturing Limited has released a
Notice Of Change In Interests of Subsidiary Company's Director
in Related Corporation dated August 24, 2004 on the Singapore
Stock Exchange.
PART I
(1) Date of notice to issuer: August 20, 2004
(2) Name of Director: Tan Ai Ching
(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. [Please complete
Parts II and IV]
PART II
(1) Date of change of interest: August 18, 2004
(2) Name of Registered Holder: CDP: Tan Ai Ching
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Exercise of share options granted by
Singapore Technologies Engineering Ltd, a related corporation of
Chartered Semiconductor Manufacturing Ltd.
(4) Information relating to shares held in the name of the
Registered Holder:
No. of shares held before the change: 60,659
As a percentage of issued share capital: 0
No. of shares which are the subject of this notice: 5,000
As a percentage of issued share capital: 0
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $2
No. of shares held after the change: 65,659
As a percentage of issued share capital: 0
PART III
(1) Date of change of interest:
(2) The change in the percentage level: From % to %
(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.
PART IV
(1) Holdings of Director, including direct and deemed interest:
- Direct Deemed
No. of shares held before change: 60,659 0
% of issued share capital: 0 0
-
No. of shares held after change: 65,659 0
% of issued share capital: 0 0
Ms Tan Ai Ching is a Director of Chartered Silicon Partners Pte
Ltd, a subsidiary of Chartered Semiconductor Manufacturing Ltd.
CONTACT:
Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D, Street 2
738406 Singapore
Phone: +65-6362-2838
Fax: +65-6362-2938
Website: http://www.charteredsemi.com
CLOVERMATES INTERNATIONAL: Preferential Dividend Notice Issued
--------------------------------------------------------------
A notice for intended preferential dividend for Clovermates
International Pte Ltd, a company in creditors' voluntary
liquidation, is issued.
Address of Registered Office: 112 Middle Road
#06-03 Midland House
Singapore 188970
Last Day for Receiving Proofs: 9th September 2004
Name of Liquidator(s): Chan Ket Teck
Address: c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.
Dated this 20th day of August 2004.
HIAP KIAN: Court Hears Winding Up Petition
------------------------------------------
Notice is hereby given that a petition for the Winding Up of
Hiap Kian Hoe Construction Co. by the High Court was presented
by Yongnam Engineering & Construction Pte Ltd., a company
incorporated in Singapore and having a place of business at 51
Tuas South Street 5, Singapore 637644, a creditor.
The Petition will be heard before the High Court sitting in
Singapore at 10:00 a.m. on 3rd 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 themselves or their counsel for that
purpose; and 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 51 Tuas South Street 5, Singapore
637644.
The Petitioner's solicitors are Tan & Tan Partnership of 20
Cecil Street, #06-07 Equity Plaza, Singapore 049705.
Tan & Tan Partnership
Solicitors for the Petitioner
Note: Any person who intends to appear at the hearing of the
petition must serve or send by post to the Petitioner's
Solicitors, Tan & Tan Partnership of 20 Cecil Street, #06-07
Equity Plaza, Singapore 049705, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitors and must be served, or if posted, must be sent by
post in sufficient time to reach the Petitioner's solicitors not
later than twelve o'clock noon of 2nd September 2004 (the day
before the day appointed for the hearing of the Petition).
ROTOL SINGAPORE: Unit Disposes of Property
------------------------------------------
The Board of Directors of Rotol Singapore Limited on August 24,
2004 disclosed to the Singapore Stock Exchange that its wholly-
owned subsidiary, Rotol (S) Co., Ltd Jiaxing Factory (, had on
February 18, 2004 disposed of the property known as 10/F, No.
388, Main Building, Zhuxing South Road, Zhejiang, the PRC to
Zhejiang Youth Investment Group Co., Ltd, an unrelated party,
for a consideration of CNY5,080,000(USD1,040,807).
To view the full announcement, click on:
http://bankrupt.com/misc/TCRAP_ROTOLSINGAPORE082504.pdf
CONTACT:
Rotol Singapore
21, Tuas Avenue 6 Jurong,
Singapore 639308
Phone: 65-862-2921
Fax: 65-861-7511
Email: rotol@singnet.com.sg
URL: http://www.rotolsingapore.com/
YAO YANG: Winding Up Hearing Slated on September 10
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of the
Yao Yang Construction Pte Ltd., by the High Court was on the
16th day of August 2004 presented by International Factors
Singapore Ltd of 7 Temasek Boulevard, #10-01 Suntec Tower One,
Singapore 038987, a creditor of the Company.
The Petition is directed to be heard before the Court sitting at
Singapore at 10:00 a.m., on Friday, the 10th 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 that purpose;
and a copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioners' address is at 7 Temasek Boulevard, #10-01
Suntec Tower One, Singapore 038987.
The Petitioners' solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624.
Messrs Rodyk & Davidson
Solicitors for the Petitioners.
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to Messrs Rodyk &
Davidson of 80 Raffles Place, #33-00 UOB Plaza 1, Singapore
048624, a notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or 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 9th day of September 2004 (the day before the appointed date
for the hearing of the Petition).
===============
T H A I L A N D
===============
EASTERN WIRE: Applies for Removal of Stock from Rehabco Sector
--------------------------------------------------------------
Pursuant to the Stock Exchange of Thailand's (SET) letter no.
BorJor. 342/2541 dated March 4, 1998 Eastern Wire PCL fell
within the de-listing purview of the SET and was posted with an
SP sign. It was moved to the REHABCO category April 3, 1998.
The Company has implemented the de-listing rehabilitation plan
approved by the Central Bankruptcy Court on June 21, 2001, which
entailed:
(1) the Company settling the debt of THB206 million:
- By cash from the Company: THB60 million.
- By receiving the payment of Rayong Wire Industries Co., Ltd.,
the Company's subsidiary: THB50 million.
- By selling some machines to its subsidiary: THB28 million.
- By transferring mortgaged land, buildings, and machines to the
third party: THB60 million.
- By borrowing from Egga Holding Co., Ltd., the major
shareholder of the Company: THB8 million.
(2) The Company decreased its undistributed registered capital
by THB632,560 which resulted in a reduction of the paid up
capital of the Company from THB180,000,000 to THB179,367,440.
(3) The Company increased its registered capital by 200 million
shares at par value of THB10 per share and offered those shares
to the existing shareholders at THB0.001 per share. Then the
Company wrote down those newly issued shares with the ratio of
100 shares to 5 shares, consequently its increased shares
decreased from 200 million shares to 10 million shares. Thus,
the total registered and paid-up capital becomes THB279,367,440.
Unit: million Baht
Principal Interest Payable Total Debt Repayment Gain from
Debt
Restructuring
Secured
Creditor-
Tranche 1 219.95 104.45 324.40 63.89 260.51
Secured
Creditor-
Tranche 2 151.26 56.40 207.66 56.12 151.54
Non-secured
Creditors-
Tranche 3 735.22 253.03 988.26 83.10 905.16
Non-secured
Creditors 262.09 32.32 294.40 2.89 291.51
(Guarantee)-
Tranche 4
Total 1,368.52 446.20 1,814.72 206.00 1,608.72
The Central Bankruptcy Court had an order dated March 10, 2004
to terminate the Company's rehabilitation as the Company
successfully completed its rehabilitation plan according to
Bankruptcy Act B.E. 2483. As a result, the Company is no longer
liable for all debts under the rehabilitation plan.
In addition, Rayong Wire Industries Co., Ltd. (RWI), the Company
subsidiary, attempted debt-restructuring according to the
agreement with its lenders signed on March 27, 2000. However,
due to the slow recovery of the economy and RWI's insufficient
working capital, RWI operating result was not on the target and
consequently RWI could not repay its debts according to the
debt-restructuring plan.
Consequently, RWI has negotiated to revise the debt-
restructuring plan and offered a new option of having access to
a new loan facility from Asset Billion Co., Ltd. (ABC) to repay
its existing debts, renovate the plant and machines, and use as
the working capital within RWI. As a result of this new debt-
restructuring plan, RWI could presently settle 83.17 percent of
its total debts.
Creditors Total Debts Repayment Gains from Debt Note
(million Amount/Transfer Restructuring Baht)1/
Claims (million Baht) (million Baht)
SCNB 89.81 45.02 44.79 Paid on Mar
25,2004
Egga
Holding 48.12 48.12 0.00 Transfer claims
toABC
Co., Ltd.
Sukhumvit
Asset 124.59 28.00 96.59 Paid on July 23,
2004
Management
AMC 37.04 7.54 29.50 Paid on June 30,
2004
Bank Thai 34.09 N.A. N.A. During submitting to
The Board of the bank
for consideration. It
is estimated to
acknowledge the
resolution by the end
of this August.
Asia
Credit
Plc. 26.54 N.A. N.A. Recorded the provision for
the whole amount in the
financial report
Total 360.18 128.68 170.88
Remark:
(1) Including principal and interest payable.
(2) Transfer the claim from Petchburi Asset Management Co., Ltd
and Bangkok Metropolitan Bank, respectively.
In order to achieve the objective of the decrease in the
outstanding debts of RWI, the Company's Board meeting no.5/2004
on June 30, 2004 had the resolution to increase the registered
capital from THB279,367,440 to THB340,000,000 by offering newly
issued shares of 6,063,256 shares at par value of THB10 per
share totaling THB60,632,560 to ABC.
The proceeds from the issuance of newly issued shares will be
borrowed by RWI to partial repay its debts to ABC. ABC has
committed to relax the outstanding debt repayment by setting
long-term loan with low interest rate. The Company's
extraordinary shareholders meeting no. 1/2004 held by August 4,
2004 has approved such transaction.
>From the above financial restructuring, the Company and its
subsidiaries will have a stronger financial position and be
fully qualified for stock removal from REHABCO and trading under
normal category according to the Set circulation letter no. Bor
Jor.(Wor)28/2547 dated April 29, 2004 as follows:
(1) According to its consolidated financial statements as of
June 30, 2004, the Company shareholders equity was THB200.90
million. After the offering of increased shares to ABC, the
Company's shareholders' equity will be THB261.53 million.
(2) The Company recorded net profit from core business operation
of THB6.16 million in 2003 and 4 consecutive quarters as
following:
Unit: thousand Baht
H1/2003 2003 H2/2003 Q1/2004 Q2/2004
(Jan.-Jun.) (Jul.-Dec.)
Profit
before
extra
ordinary
items 1,430 8,202 6,772 20,284 21,425
Less
Profit
from
selling
assets 0 0 0 17,366 0
Profit
from
operation 1,430 8,202 6,772 2,918 21,425
Less
Bad
debt
recovery 1,501 2,632 1,131 1,724 906
Net
profit
from
core
business -71 5,570 5,641 1,194 20,519
operation
(3) The Company has settled more than 75 percent of its total
debts. In this regard, its total debt claim under the plan as
ordered by the official receiver was in the amount of
THB1,814.72 million, which the Company has settled in full as
mentioned above.
As of June 30, 2004, the Company had no long-term liabilities.
After debt restructuring and the private placement of new shares
to ABC, RWI will have the outstanding long-term liabilities in
the amount of THB189.31 million, including the loan and the
transferred claim of THB68.68 million from ABC, the loans of
THB0.63 million from debt restructuring plan and guarantee
liability and the loans of THB60 million from EWC.
(4) The Company expects to continue to record strong financial
position and operational performance in its normal course of
business operations based on the following:
- The Company has a stronger financial position. The Company's
debt to equity ratio was reduced from 5.77 times on December 31,
2003 to 1.86 times on June 30, 2004. After new share offering on
a private placement basis of THB60 million, such ratio will be
better.
- The management team including Mr. Rapee Sukhyanga, Mr. Pirom
Priyawat, and Mr. Sontaya Noicharoen are proficient in the core
business areas including marketing and financial skills; hence,
these factors would strengthen the operations of the Company and
its subsidiaries.
After the private placement of the new common shares, ABC will
become the major shareholders of the Company with 17.83 percent
shareholding of the issued and paid-up capital of THB340
million. It can provide financial supports to the Company and
its subsidiaries for future operation.
- RWI, the Company subsidiary, has a good relationship with its
customers most of them are the regular customers. With the
recovery of economy in terms of financial and industry sectors,
the financial positions of the Company and RWI customers and
vendors become stronger. This will have a positive effect to the
status of the Company and RWI.
The shares held by such strategic shareholders are subject to a
silent period according to the criteria of the SET, covering
30,590,085 shares (including 6,063,256 new common shares issued
to ABC) at par value of THB10 per share or 89.97 percent of the
total paid-up capital of THB340 million of the Company (as of
August 19, 2004).
The company would appreciate your kind consideration and
approval of the Company share removal from the REHABCO and
trading under the normal category.
Yours faithfully,
Eastern Wire Company (Limited)
(Mr.Pirom Priyawat)(Mr.Sontaya Noicharoen)
Director Director
CONTACT:
EASTERN WIRE PCL
RASA TOWER, ROOM 1201-1203,
555 PHAHOLYOTHIN ROAD,
CHATU CHAK Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067
NATURAL PARK: Unveils Operating Performance as of June 30
---------------------------------------------------------
Natural Park Public Company Limited recently submitted the
auditor's reviewed financial statements for the first six months
as of June 30, 2004 to the Stock Exchange of Thailand with a
view to share the information with general investors. The key
indicators and changes over the same period of the previous year
are:
Operating performance for six-month as of June 30, 2004 over the
same period of the previous year.
(1) The Company's total revenue for the first six-months rose to
THB686.01 million an increase of THB545.74 million or up 389
percent. The rental revenue and related service income
accounted for THB260.78 million, an increase of THB175.05
million or up 204 percent, the share of profits from investments
of THB79.62 million, an increase of THB27.37 million or up 52
percent.
In addition, the Company incurred revenue contributed from hotel
business of THB263.75 million, club business of THB24.51
million, restaurant business of THB12.26 million, management fee
income of THB6.72 million and others of THB38.37 million. The
main reason for the rapid growth was the increase in every
business that the Company has invested during the year.
(2) The Company's net loss for six-months as of June 30, 2004
after deduction of minority interest amounting to THB 270.74
million, compared with the same period of 2003 that incurred net
profit of THB22.67 million. The main reasons for the net loss
was:
(2.1) Administrative expenses for six-month ended June 30, 2004
was THB207.03 million, increased from same period of the
previous year by THB163.85 million or up 379 percent. The
increase was due to higher expenses related to business
expansion in various projects for future development including
expenses in participating in bids for projects such as
development in the pre-cadet area and development in the custom
house area, research expenses, professional and other fees.
(2.2) Interest expense for six-month ended June 30, 2004 was
THB163.55 million increased from same period of the previous
year by THB151.59 million because of higher loan from financial
institution for investment and development projects and some
part of interest expense is not consider to be capital
expenditure. Nonetheless, higher interest expense is in
accordance with business expansion and increase in total assets.
Operating performance for three-months as of June 30, 2004 over
the same period of the previous year.
(1) The Company's total revenue for second quarter 2004 rose to
THB303.76 million, an increase of THB219.89 million or up 262
percent. The rental revenue and related service income
accounted for THB127.91 million, an increase of THB84.06 million
or up 192 percent.
In addition, the Company's revenue from hotel business reached
THB101.51 million, club business THB11.42 million, restaurant
business THB12.26 million, management fee income grew to THB3.35
million and others THB23.16 million.
However, the share of profits from investment decreased by THB
14.15 million from the same period the previous year.
(2) The Company's net loss for the quarter ended June 30, 2004
after deduction of minority interest amounting to THB191.16
million, compared with the same period of 2003 that incurred net
profit of THB16.02 million. The main reasons for the net loss
were:
(2.1) Administrative expenses for the quarter ended June 30,
2004 was THB143.77 million, increased from same period of the
previous year by THB119.3 million or up 488 percent. The
increase was due to higher expenses related to business
expansion in hotel and restaurant business including expenses in
participating in bids for projects, research expenses,
professional and other fees.
(2.2) Interest expense for quarterly ended June 30, 2004 was B
89.83 million increased from same period of the previous year by
THB81.07 million because of higher loan from financial
institution for invest and develop projects and some part of
interest expense is not consider to be capital expenditure.
Presently, Natural Park Public Company Limited has launched 8
property development projects as follows:
(1) The Chedi Chiangmai Hotel located in the old site of British
Consulate, along Mae Ping Riverside on the total area of 17,000
sq.m. The hotel has been designed for 86 guestrooms.
Currently, the project progresses for more than 70 percent and
expected completion by January 2005.
(2) The Novotel Panwa Beach Resort, Phuket
Currently, the hotel is under renovation and construction for
the additional guestrooms. The total guestrooms are 230 units.
However, 132 units will be available for service by March 2005
and another 98 units by November 2005.
(3) The Platinum (Formerly called Mercury Tower)
Office building located at the corner of Ploenchit and Lang Suan
road, right next door to Chidlom sky train station. The 25-story
building on total area of 40,500 sq.m is currently under
renovation and expected completed at the end of 2005.
(4) The Natural Park Apartment
In the middle of 3 rai real garden on Sukhumvit 49, the serviced
apartment has 15 stories with the total of 82 units. Occupancy
rate of 100 percent is always the norm all year round since its
opening in 1989. Presently, the project is under renovation to
serve the new concept of living. The expected project completion
is by the end of 2005.
(5) The Sofitel Sukhumvit is located between Sukhumvit soi 13
and 15. The hotel has total area of 3 rai with 350 guestrooms.
The hotel will be ready for service in the mid of 2006.
(6) Siam Opera First theater of Thailand meets world-class
standards. Located on the 5th floor, Siam Paragon, it is fully
equipped with a stage and sound system that can accommodate
Broadway-style, concert, and various world-class performing
arts. The project is expected to open by 2007.
(7) Siam Hotel and Serviced Apartment
Five-star hotel project on 18 rai land plot, located adjacent to
the Siam Paragon Shopping Complex and Siam Opera. The project
has total of 300 hotel guestrooms and 150 units of serviced
apartment on 50,000 sq.m. utilization space. The expected
completion is in the mid of 2007.
(8) Setai Phuket HotelThe project was built on sloped boulder
with the perfect view of Kata Noi Bay. Total area is 35,000
sq.m. with 120 total guestrooms.
We would very much appreciate it if you could share this
information among general investors.
Sincerely,
(Mr. Thowthawal Subhavanich)
Director
CONTACT:
NATURAL PARK PUBLIC COMPANY LIMITED
Address: 88 SOI KLANG (SUKHUMVIT 49),
SUKHUMVIT ROAD, WATTANA, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
NATURAL PARK: SET Lifts Trading Securities Halt
-----------------------------------------------
The Stock Exchange of Thailand (SET) previously ordered a
trading halt of Natural Park PCL's securities because of news
stated in the Securities and Exchange Commission (SEC) that
charged the Company's director as the former management officer
that might affect trading of its securities.
Now, the Companies have completely clarified or disclosed the
relevant material information, which has been broadly
disseminated through the SET's disclosure systems. Thus, the
SET permitted resumption of trading of Natural Park from morning
trading session of August 24,2004 onwards.
SYNTEC CONSTRUCTION: Issues Clarification to SEC News Issue
-----------------------------------------------------------
With regards to the Securities and Exchange Commission's (SEC)
accusation that Miss Sawang Mankongchroen, managing director and
director of Syntec Construction PCL, violated the Securities and
Exchange ACT B.E. 1995 (Section 315), SYNTEC would like to
state:
(1) The SEC's accusation against Miss Sawang Mankongchroen is
personal and unrelated to SYNTEC. There has been no process of
law yet. It is not known that Miss Sawang Mankongchroen is
guilty.
(2) The accusation against Miss Sawang Mankongchroen is not
against her as a manager of SYNTEC. SYNTEC will not be involved
nor it would have any affect to the business of SYNTEC in
present or in the future.
(3) Miss Sawang Mankongchroen has resigned as the managing
director and director of SYNTEC effective 23 August 2004 to
prove her innocence in the process of law.
Please be informed accordingly
Sincerely Yours,
(Mr.Somchai Sirilertpanich)
Director
CONTACT:
SYNTEC CONSTRUCTION PUBLIC COMPANY LIMITED
555/7-11 SUKHUMVIT 63 ROAD,
KHLONG TON NUA, WATTANA, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330
THAI PETROCHEMICAL: SEC Concludes FS Needs No Amendment
-------------------------------------------------------
Previously, the Stock Exchange Of Thailand (SET) posted the NP
(Notice Pending) sign on the securities of Thai Petrochemical
Industry PCL since 18 August 2004 because it submitted to the
SET their financial statements ending 30 June 2004, wherein its
auditors were unable to reach any conclusion. The SET was
waiting for the conclusion whether TPI has to amend their
financial statements.
The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend TPI's financial
statements on the issue that the auditors stated, therefore, the
SET has posted the NR (Notice Received) sign on their securities
on 18 August 2004 to announce that the SET has received the
conclusion from the SEC.
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 WIRE: Unveils Reviewed Second Quarter Financials
-----------------------------------------------------
Thai Wire Products PCL reported to the Stock Exchange of
Thailand its reviewed quarterly financial statements as follows.
THAI WIRE PRODUCTS PUBLIC COMPANY LIMITED
Reviewed Ending June 30 (In thousands)
Quarter 2 For 6 Months
Year 2004 2003 2004 2003
Net profit (loss) 68,444 (6,468) 104,377 (16,246)
EPS (baht) 3.11 (0.29) 4.74 (0.74)
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. Sukit Nganthavee)
Managing Director
Authorized to sign on behalf of the company
CONTACT:
THAI WIRE PRODUCTS PUBLIC COMPANY LIMITED
ZEER STREET BLDG, FL7, 99/2 MOO 8,
PHAHOLYOTHIN ROAD Pathum Thani
Telephone: 0-2992-6867
Fax: 0-2992-6870-1
THAI WIRE: Reports Operating Result for FY 2004
-----------------------------------------------
Thai Wire Products PCL would like to disclose to the Stock
Exchange of Thailand the information concerning the operating
results for Q2 2004 and the first six-month periods of the year
2004 compared to the same period of previous year.
In 2004, in response to the increase of raw material price, the
company had to raise its selling price. Therefore, the revenues
were increased from THB259.66 million to THB337.10 million in
the 2nd quarter and from THB512.42 million to THB672.91 million
in January to June.
The gross margin increased from 14.19 percent to 32.89 percent
in the 2nd quarter and from 13.59 percent to 27.89 percent in
the first six-month periods. As a result, the net profit for
the 2nd quarter and the first six-month periods compared to the
same period of previous year were up from THB (6.47) million to
THB68.44 million and from THB (16.25) million to THB104.38
million respectively.
Yours faithfully,
(Mr.Sukit Nganthavee)
Managing Director
THAI WIRE: Informs SET of Auditor's Failure to State Opinion
------------------------------------------------------------
Thai Wire Products PCL would like to inform the Stock Exchange
of Thailand that the reason why the auditor has not concluded
the reviewed result on the financial statement for the six
months ended June 30, 2004 is the uncertainty on the ability to
continue as a going concern. The significant factors that
affected this ability are as follows:
- The company has incurred a loss for several years, which has
led to a capital deficiency, amounting to THB1,583 million in
2Q04. The main cause for the company's great loss was the
financial and economic crisis in Thailand and the slowdown in
the demand for P.C. Wire.
Moreover, the financial and economic situation affected the
recovery of the receivables, which causes the company to provide
the allowance for doubtful accounts, totaling THB1,901.09
million, for the long-term loans to related company (THB1,709.96
million) and the trade account receivables (THB191.13 million).
- On May 29,2003, the company requested to the court for the
business rehabilitation and on June 23,2003, the court has
issued an order for the company's business rehabilitation and
appointed Thai Wire Products Public Company Limited to be the
planner. Therefore, the ability to continue as going concern
depends on the success of the rehabilitation.
Although the shareholders' Company equity is less than zero, the
company's performance for the first half of this year was better
compared to last year. The net profit was up from (THB16.25)
million to THB104.38 million.
As for the business' rehabilitation, the creditor's meeting has
already passed a resolution to approve the rehabilitation plan
since May 18, 2004 and the court asked to hear the consideration
of the plan on August 23, 2004.
Therefore, the company's management is confident that the
company will be able to continue its business without going
concern question.
Yours faithfully,
(Mr. Sukit Nganthavee)
Managing Director
THAI WIRE: SET Posts NP Sign on Securities
------------------------------------------
This is in relation to the NP (Notice Pending) sign posted
against Thai Wire Products Public Company Limited (TWP) on
August 17, 2004 due to failure to submit its reviewed financial
statement as of June 30, 2004 on the date and time specified by
the SET.
Presently, TWP has submitted the above-mentioned financial
statement. Hence, NR (Notice Received) sign is posted against
TWP on August 20, 2004 to announce that the SET has received the
captioned financial statements.
However, TWP's auditor reported his inability to reach any
conclusion on the captioned financial statements, which could be
considered that TWP's financial statements do not reflect its
actual business performance.
Moreover, the Securities and Exchange Commission (SEC) would
require TWP's financial statements amendment.
As a result, the SET has posted an SP sign for suspended trading
on TWP's securities on August 20, 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.
However, the SET will post an NP sign from August 23, 2004 until
such time as the company will submit the amended financial
statements or it is concluded that such an amendment is not
necessary.
Nevertheless, the SET has still suspended trading all securities
of TWP until the causes of de-listing are eliminated.
THAI WIRE: Reports Progress of Business Reorganization
------------------------------------------------------
Thai Wire PCL would like to report an update from the previous
report on the progress of the business reorganization. The
details are as follows:
As the creditor meetings held on May 18, 2004 passed the
resolution to approve the business reorganization plan, on
August 23, 2004, the court has issued an order approving the
plan. The framework of plan can be summarized as follows:
The plan administrator- Thai Wire Products Public Company
Limited
The principles and methods for business reorganization
(1) Reduction of the debt
(2) Extension of time for payment of the debt
(3) Reduction of the interest rate
(4) Debt to equity conversion
The payment of debt
According to the plan, the repayment condition of outstanding
debt can be summarized as follows:
(1) Secured loans (THB231.95 million)
Total amount will be repaid by cash within 10 years at the
following interest rate.
- Year 1-2= 2.50 percent
- Year 3-4= 3.00 percent
- Year 5-6= 3.50 percent
- Year 7-10= 4.70 percent
(2) Unsecured loans (THB295.00 million)
(2.1) The principle amount of THB77 million (26.10 percent) will
be repaid by cash within 10 years at the following interest
rate.
- Year 1-2= 2.50 percent
- Year 3-4= 3.00 percent
- Year 5-6= 3.50 percent
- Year 7-10 = 4.70 percent
(2.2) The principle amount of THB7.52 million will be converted
into equity at THB10 per share.
(2.3) The principle amount of THB30.06 million is hanging debt.
It will be paid by excess cash within 10 years. However, it
will be written off if there is no excess cash during 10 years.
(2.4) The remaining balance (THB180.42 million) is written off
since the date wherein the court has issued an order approving
the plan.
(3) Unsecured loans (THB1,471.25 million)
(3.1) The principle amount of THB384.03 million (26.10 percent)
will be repaid by cash within 10 years at the following interest
rate.
- Year 1-2= 2.50 percent
- Year 3-4= 3.00 percent
- Year 5-6= 3.50 percent
- Year 7-10= 4.70 percent
(3.2) The principle amount of THB37.48 million will be converted
into equity at THB10 per share.
(3.3) The principle amount of THB149.94 million is hanging debt.
It will be paid by excess cash within 10 years. If there is no
excess cash , it will be written off.
(3.4) The remaining balance (THB899.80 million) is written off
since the date wherein the court has issued an order approving
the plan.
(4) Unsecured loans (THB322.65 million)
(4.1) The principle amount of THB68.09 million (21.10 percent)
will be repaid by cash within 10 years at the following interest
rate.
- Year 1-2= 2.50 percent
- Year 3-4= 3.00 percent
- Year 5-6= 3.50 percent
- Year 7-10= 4.70 percent
(4.2) The principle amount of THB5 million will be converted
into equity at THB10 per share.
(4.3) The remaining balance (THB249.56 million) is written off
since the date wherein the court has issued an order approving
the plan.
(5) Trade creditors (THB1.31 million)
- Total amount will be repaid by cash within 12 months without
interest.
(6) The guarantee to other parties
- The guarantee to other parties will be cancelled without
payment.
(7) Accrued interest
- Total accrued interest was written off since the date wherein
the court has issued an order approving the plan.
Other covenants
- The company will not pay dividends without the approval of the
creditors.
Yours faithfully,
(Mr. Sukit Nganthavee)
Managing Director
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2004. All rights reserved. ISSN: 1520-9482.
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