/raid1/www/Hosts/bankrupt/TCRAP_Public/040831.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
Tuesday, August 31, 2004, Vol. 7, No. 172
Headlines
A U S T R A L I A
AUSTRALIAN SCHOLARSHIP: ASIC Accepts Enforceable Undertaking
BIOTA HOLDINGS: Books $7.8 Million Loss
CHEMEQ LIMITED: Completes Placement of 4.1Mln Shares
SONS OF GWALIA: Appoints Administrators from Ferrier Hodgson
C H I N A & H O N G K O N G
CENTRAL CHINA: Details New Shares Placement
CREATIVE MEDICAL: Winding Up Hearing Set September 15
ESEC LIMITED: Creditors To Submit Claims on September 27
FELICITY ENTERPRISE: To Hold Creditors' and Members' Meetings
GUANGDONG TOURS: Sets Members' and Creditors' Meetings
INNOVO LEISURE: Books HK$198M Net Loss
INTEC FINANCE: Creditors Must Prove Debts by September 13
KENTEL DEVELOPMENT: Enters Winding Up Proceedings
NEWJOY INVESTMENT: Court Hears Winding Up Petition
ORIENTAL INVESTMENT: Net Loss Swells to HK$22M
RUBUS COMPANY: Issues Notice to Creditors To Prove Debts
I N D O N E S I A
BANK PERMATA: Eight Foreign Investors Submit LOI to Bid
GARUDA INDONESIA: Forges Marketing Tie-up With BNI
MERPATI NUSANTARA: Government Delays Privatization
MERPATI NUSANTARA: Offering Discount Fares For Next Few Weeks
PERTAMINA: Cepu Block Decision Raises Questions
J A P A N
DAIEI INCORPORATED: Creditor Banks Reject Revival Plan
KAWASAKI HEAVY: Consortium Snags Chinese Bullet Train Project
K.K. INTAHMEDIA: Enters Bankruptcy
MATSUSHITA ELECTRIC: To Execute Own Share Repurchase
MITSUBISHI MOTORS: Analysts Unconvinced of Comeback Scheme
UFJ HOLDINGS: MTFG To Inject JPY600bln Into Merger
K O R E A
HYNIX SEMICONDUCTOR: To Proceed With Non-Memory Sale
KOOKMIN BANK: Shares Tumble As Foreign Investors Dump Stocks
KOOKMIN BANK: Union Asks CEO to Step Down
LG CARD: Probed By KSE For Stock Manipulation
LG CARD: Targets '04 Revenue at KRW3.29Tln
SK NETWORKS: Stops SK Securities Sale Talks
SSANGYONG MOTOR: Union To Deliver Demands to SAIC This Week
M A L A Y S I A
AOKAM PERDANA: Releases Unaudited Quarterly Report
BESCORP INDUSTRIES: Updates Practice Note 1/2001
CHANGHUAT CORPORATION: Releases Unaudited Quarterly Report
C.I. HOLDINGS: Releases 2004 Quarterly Report
DENKO INDUSTRIAL: Posts 1H04 Quarterly Report
EKRAN BERHAD: Unveils 1H04 Financial Results
GEAHIN ENGINEERING: Unit Receives Notice of Default
JIN LIN: Releases 1H04 Quarterly Result
JIN LIN: Issues Update on Material Litigation
LIPO CORPORATION: Unveils 1H04 Quarterly Result
PICA CORPORATION: Issues Update on Practice Note 4
PICA CORPORATION: Updates Practice Note 1/2001
SELANGOR DREDGING: Releases Clarification Made by High Court
SM SUMMIT: Unveils 2004 Quarterly Results
TIMBERWELL BERHAD: Releases Unaudited Quarterly Report
TRU-TECH HOLDINGS: High Court Grants RO
WEMBLEY INDUSTRIES: Releases Quarterly Report for 2004
P H I L I P P I N E S
ATLAS CONSOLIDATED: Director for Exploration Resigns
MANILA ELECTRIC: Releases Copy of New Director's SEC Form
MUSIC SEMICONDUCTORS: Unveils Annual Stockholders Meeting
NATIONAL POWER: Posts 2.2% Hike in H1 Energy Sales
PHILIPPINE LONG: Launches Mobile Phone Service in HK
PHILIPPINE TELEGRAPH: Reschedules Annual Stockholders' Meeting
S I N G A P O R E
21 NEWTON: Creditors To Prove Claims on September 27
21 NEWTON: Posts Resolutions Passed at EGM
CHUAN & CO: Court Issues Notice of Dividend
FHTK HOLDINGS: Q4 Net Loss Narrows to SG$2.44M
ITW SIGNODE: Winding Up Proceedings Set on September 27
L&M GROUP: Sets EGM on September 13
SWAN SWEE: Enters Winding Up Proceedings
WEE POH: To Announce FY2004 Financial Results September 15
T H A I L A N D
NATURAL PARK: Unveils Resignation of Directors
POWER-P: SET Suspends Trading of Securities
THAI DURABLE: Appoints New Audit Committee Member
THAI HEAT: Unveils Liquidation of Sanden Theco's Shares
TONGKAH HARBOUR: Ratifies Loan Repayment, Change of Director
* BOND PRICING: For the Week 30 August to 3 September 2004
- - - - - - - -
=================
A U S T R A L I A
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AUSTRALIAN SCHOLARSHIP: ASIC Accepts Enforceable Undertaking
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
accepted Friday an Enforceable Undertaking from Australian
Scholarship Group Friendly Society Limited (ASG) following
concerns that some representatives of ASG had made false and
misleading statements, and engaged in misleading or deceptive
conduct, in the marketing of its funds to prospective members.
ASG is a friendly society based in Oakleigh, Victoria, and
holder of an Australian Financial Services license. It conducts
a business providing and managing education funds which it
offers to members of the public who have children that may, in
the future, attend fee-paying secondary schools or tertiary
education institutions.
ASG has undertaken that it will:
- Implement a strict compliance plan to ensure its
representatives do not, in the future, mislead consumers about
ASG's products;
- Issue a corrective notice to all members of ASG by letter; and
institute a compensation process for investors who were affected
by the misleading statements or conduct.
Investors who are unable to reach agreement with ASG about
compensation will be able to refer their dispute to the
Financial Industry Complaints Service (FICS).
'This case highlights the need for those operating in the
financial services industry to ensure that all claims in
promotional and advertising material are accurate. ASIC will
take action to protect consumers from misleading promotion of
financial products and from the use of misleading tactics at the
point of sale of those products, including pressure-selling',
ASIC Deputy Executive Director of Enforcement, Mr. Mark Steward
said.
A copy of the enforceable undertaking is available from the ASIC
website at www.asic.gov.au.
Background
ASIC received a number of complaints regarding statements made
by representatives of ASG during presentations to members of the
public. These included statements that:
- ASG did not charge exit fees if a member left a fund before
the maturity date;
- ASG would refund 100 per cent of a members' contributions if
they exited the Funds before maturity date;
- annual contributions made by members to the Funds would not
increase over time; and
- ASG was 'government-backed' or 'like a bank', when neither
statement was true.
ASIC also found that, during presentations about the funds, some
ASG representatives:
- Pressured people to join a fund immediately after a
presentation without giving them time to read disclosure
statements for the funds, or consider the suitability of the
product for them; and
- Pressured people to join more funds than they were capable of
paying for, or to join funds that were unsuitable for their
childrens' future educational needs.
ASIC formed the view that these statements and conduct breached
various provisions of the ASIC Act 2001.
ASG acknowledges that it had breached the law.
In addition to requiring ASG to compensate, implement a
compliance program, and issue corrective disclosure, the
enforceable undertaking also prevents ASG from making
statements, or engaging in conduct of that kind in the future.
This ASIC announcement is dated August 27, 2004.
CONTACT:
Australian Scholarships Group Friendly Society Limited
A.B.N. 21 087 648 879
23-35 Hanover Street
Oakleigh, VIC
Australia 3166
Email Contact: info@asg.com.au
Head Office Phone: +61 3 9276 7777
Fax: +61 3 9563 2780
BIOTA HOLDINGS: Books $7.8 Million Loss
---------------------------------------
Biota Holdings Limited (ASX:BTA) announced its results on
Monday, for the year ended 30 June 2004, reporting a significant
improvement over the prior year's performance. The year was
important from an operational and strategic perspective.
Significant events
Milestones during the year included:
- Biota executed an agreement with Sankyo, one of Japan's
largest pharmaceutical companies, to collaborate on the
development and partnering of long-acting neuraminidase
inhibitors (LANI). Under the alliance, the companies cross-
licensed their relevant patents which covered Biota's second
generation FLUNET compounds and Sankyo's LANI compound.
Subsequently, the companies formed a Licensing Committee to
jointly offer the combined pipeline of second generation flu
drugs to prospective licensing partners for development and
marketing. This committee has been actively pursuing partnering
opportunities.
- Biota's common cold candidate drug, BTA798, passed preliminary
toxicological testing and was cleared to commence preclinical
development.
- The Company offered its first Share Purchase Plan (SPP) and
received a positive response from shareholders, raising $8.4m.
Approximately 14 percent of eligible shareholders participated,
well in excess of normal SPP take-up rates.
- Development at the Company's new site in Notting Hill,
Victoria has progressed well. The building, which will house
laboratories and offices, will be the new Australian
headquarters for Biota. It is intended that all global research
activities will be consolidated into this facility when it
becomes available in October 2004, as the new capacity will
allow for the combined Australian and USA research activities to
be conducted at this location.
This integration of global research will lead to more efficient
and effective management of the programs, as well as yield
significant cost savings.
- Biota negotiated profit share rights to a new influenza
diagnostic product, manufactured by Thermo Electron in the USA.
In addition to profit share from the current FLU OIA diagnostic
product, Biota now receives profit share revenue from the FLU
OIA A/B diagnostic product. Combined profit share from the two
products during the year was $3.5m, boosted by an influenza
epidemic in the USA.
- Biota received a two-year, $2.7m AusIndustry R&D Start grant
to support development of a small molecule RSV treatment and
preventative, leveraging the Company's long-standing expertise
in structure based drug design. During the year, all the
research milestones under that grant were achieved and the
Company continues to progress research towards a preclinical
candidate that could be positioned for human clinical trials in
two to three years. The grant is scheduled to conclude in June
2005.
- In May 2004, Biota announced that it had filed a suit in the
Victorian Supreme Court claiming damages from GlaxoSmithKline
(GSK) for past and future lost royalties on Relenza, arising
from GSK's decisions to withdraw support for the product shortly
after its worldwide launch in 1999/00. The Company will
vigorously pursue this claim during the 2005 financial year and
is confident of the merits of its case.
Results of operations
For 2004, the Company reported a loss attributable to members of
$7.8 million (2003: $10.3 million). This improvement was due to
strong revenues and expense savings arising from the USA
operations.
Revenues of $8.0 million grew by 8 percent from the prior period
(2003: $7.4 million). This was primarily due to increased profit
share revenues from diagnostic sales by Thermo Electron of $3.5
million, up 117 percent from 2003. Profit share was generated by
sales of the FLU OIA diagnostic product, as well as a new FLU
OIA A/B diagnostic recently added to the range, and was boosted
by the influenza epidemic in the USA during the northern
hemisphere winter.
Relenza royalties of $0.6 million fell by almost 50 percent from
the prior period payment (2003: $1.1m), due to the ongoing
decline in global sales of this product despite a very
significant growth in the overall flu treatment and prevention
market.
Operating expenses of $16.1 million decreased by 12 percent from
the prior period (2003: $18.4 million), largely due to reduced
R&D costs in the US. As a result of restructuring of the US
operations and careful cost management across all research
operations, R&D expenses declined to $7.8 million (2003: $10.8
million). Marketing and Business Development expenses rose to
$2.3 million (2003: $1.3 million) with the progression of
certain research programs into development activities.
In Australia, the Company commenced litigation against
GlaxoSmithKline for breaches of contract and fiduciary duties
for failing to promote and support Relenza. Expenses of $1.0
million were incurred during the year in preparing and
commencing the litigation.
Cash reserves held by the Company increased during the period to
$22.9m (2003: $21.6 million). The operating cash outflow was
$6.0 million but due to support of shareholders, a Share
Purchase Plan raised $8.4 million in October 2003.
About Biota
Biota is a world-leading antiviral drug discovery company with
its headquarters in Melbourne, Australia. Biota's first
breakthrough was the discovery of zanamivir, subsequently
marketed by GlaxoSmithKline as Relenza. In partnership with
Thermo Electron, Biota markets the FLU OIA diagnostics for the
rapid detection of influenza. In partnership with Sankyo, Biota
is engaged in the development and commercialization of second-
generation flu therapies (LANI or long-acting neuraminidase
inhibitors).
Biota also has active discovery and development programs aimed
at new therapies for diseases caused by Human Rhinovirus (common
cold), RSV (Respiratory Syncytial Virus), HIV, and hepatitis C.
To view a full copy of the Group Results for the Year Ended 30
June 2004, click
http://bankrupt.com/misc/BIOTAHOLDINGS083004.pdf
For further information please contact:
Tim Duncan Peter Molloy
Hinton & Associates Chief Executive Officer
Telephone: +61 3 9600 1979 Telephone: +61 3 9529 2311
Andrew Macdonald
Chief Financial Officer
Telephone: +61 3 9529 2311
CHEMEQ LIMITED: Completes Placement of 4.1Mln Shares
----------------------------------------------------
In a press release, Chemeq Ltd. announced that it has completed
a placement of 4.1 million shares, and intends shortly to lodge
a prospectus for a fully underwritten nonrenounceable rights
issue. This diffuses recent speculation about solvency and
capital raising which has had a negative impact on the share
price.
The Placement was over-subscribed but the company was unable to
issue additional shares due to Australian Stock Exchange
limitations on the number of shares that may be placed in a 12-
month period without shareholder approval.
Also, the company is delighted to announce that a sales order
has been signed for AU$1.5 million of CHEMEQ Polymeric
Antimicrobial by a South African agent to major poultry
producers. The customer has requested deliveries in December
2004, March 2005 and July 2005.
Additionally, the previously announced Memorandum of
Understanding with leading South African veterinarians for the
distribution of CHEMEQ Polymeric Antimicrobial to the South
African pig market and smaller poultry producers, has been
advanced to a signed Distribution Contract.
Both agreements are conditional upon a satisfactory APVMA audit
of Chemeq's manufacturing facility, due in October and APVMA
provision of a manufacturing license.
Dr Graham Melrose, Chairman and CEO of Chemeq, said, "These
contracts confirm market demand for Chemeq's unique and superior
products."
Placement
The company has successfully completed a Placement of 4.1
million shares at $2.40 per share to raise $9.84 million (before
expenses). Applicants will also receive one free option for
every share issued, exercisable at $2.40 by 30 June 2005.
Rights issue
The company intends to shortly lodge with ASIC a prospectus for
a fully underwritten nonrenounceable rights issue offering one
new share for every 11 shares held at the record date at an
issue price of $2.40 per share to raise $20.3 million.
Applicants will also receive one free option for every share
issued, exercisable at $2.40 by 30 June 2005.
The Rights Issue provides an equal opportunity for all Chemeq
shareholders to subscribe for shares at the price offered under
the Placement.
Any Shares not taken up pursuant to Shareholder entitlements
will be available to eligible Shareholders pursuant to an
oversubscription facility. Those investors who received Shares
under the Placement will be entitled to participate in the
Rights Issue.
Dr Graham Melrose has agreed to sub-underwrite the Rights Issue
up to a value of $6,449,920 (being $1 million over and above his
entitlement).
Aggregate issue proceeds
Pursuant to both the Placement and the underwritten Rights
Issue, Chemeq will raise $30.1 million (before issue costs). It
also has the potential to raise additional capital of up to
$30.1 million (before issue costs) from the exercise of options.
Chemeq intends to use the proceeds from the Placement and
underwritten Rights Issue primarily for working capital to roll
out production, continue the sales and marketing activity and
support ongoing operations.
Chemeq is focused on delivering sales from its existing 20,000
kg/pa manufacturing facility. Once commercial levels of sales
have been achieved, proceeds from the exercise of Options
will be used to expand production capacity.
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/
SONS OF GWALIA: Appoints Administrators from Ferrier Hodgson
------------------------------------------------------------
Sons of Gwalia, in a disclosure to the Australian Stock Exchange
announced the appointment of Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson as joint and several
Administrators.
The appointment immediately preceded announcement of the
foreshadowed review of the Company's operations and arose
following the inability of the Company to obtain agreement of
all creditor counterparties to a standstill agreement.
The review of operations identified a serious deterioration in
the status of the Gold reserves and resources which raised
concerns about the Company's ability to meet its hedge book
commitments. The Company was advised that the position would
constitute an event of material adverse change under the
counterparty agreements. The Company proposed a standstill
agreement with all creditor counterparties to allow an orderly
reorganisation of its affairs.
On Saturday 28th, the Company was advised that it was not
possible to obtain unanimous support to the proposals and as
such, the Directors met on Sunday 29th August and took the view,
after taking appropriate advice, there was no alternative but to
put the Company into Voluntary Administration on the basis that
the Company was likely to become insolvent.
CONTACT:
Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Email: carmen.kiggins
Website: http://www1.sog.com.au/
==============================
C H I N A & H O N G K O N G
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CENTRAL CHINA: Details New Shares Placement
-------------------------------------------
On 27 August 2004, Central China Enterprises Limited entered
into a Placing Agreement with the Placing Agent, pursuant to
which the Company has conditionally agreed to place, through the
Placing Agent on a best effort basis, 134,660,000 new Shares to
independent investors at a price of HK$0.45 per Placing Share.
The Placing Shares represent about 20.00% of the Company's
existing issued share capital of 673,337,100 Shares and about
16.67% of the Company's issued share capital of 807,997,100
Shares as enlarged by the Placing.
The gross proceeds from the Placing will be HK$60,597,000. The
net proceeds from the Placing will be about HK$58.7 million. Not
more than HK$30.0 million of the net proceeds will be used for
making future investments in a waste incineration and processing
business in the PRC as announced by the Company on 25 June 2004.
About HK$20.0 million of the net proceeds will be used for
making future investments in a environmental protection project
in the PRC, and the rest of about HK$8.7 million of the net
proceeds will be used for general working capital purpose.
In the event that the aforesaid project(s) does/do not proceed
or no appropriate investment opportunity is identified by the
Group, the net proceeds will be retained for general working
capital purpose. The net proceeds raised per Share upon the
completion of the Placing will be about HK$0.436 per Share.
The Placing Price of HK$0.45 represents a discount of 15.09% to
the benchmarked price of the Shares, which is the higher of i)
the closing price of HK$0.53 on 27 August 2004 before the
suspension of trading in the Company's Shares, being the date of
the Placing Agreement; and ii) the average closing price of
HK$0.481 in the last 5 trading days prior to the date of the
Placing Agreement.
To view the complete disclosure, click on:
http://bankrupt.com/misc/TCRAP_CENTRALCHINA083004.pdf
CREATIVE MEDICAL: Winding Up Hearing Set September 15
-----------------------------------------------------
Notice is given that a Petition for the Winding up of Creative
Medical Limited by the High Court of Hong Kong was, on the 9th
day of August, 2004, presented to the said Court by Kwan Ping
Ping Phoebe of Room B, 21/F., Block 7, Metro City Phase II, 8
Yan King road, Tseung Kwan O, New Territories, Hong Kong.
The said petition will be heard before the Court at 9:30 am on
the 15th of September 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 14th day of
September 2004.
ESEC LIMITED: Creditors To Submit Claims on September 27
--------------------------------------------------------
The Creditors of Esec (Hong Kong) Limited, which is being
voluntarily liquidated, are required on or before the 27th day
of September 2004 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
undersigned.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Charter Road, Central
Hong Kong
This announcement is dated August 27, 2004.
FELICITY ENTERPRISE: To Hold Creditors' and Members' Meetings
-------------------------------------------------------------
Notice is given that pursuant to Section 116 and 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Felicity Enterprise Limited (in creditors' voluntary
liquidation) will be held at 3101 and 3118, China Merchants
Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong
Kong on 22nd day of September 2004 at 10:30 a.m. and will be
followed by a meeting of the creditors of the company for the
purposes of considering the following matters:
If thought fit, to pass the following resolution as a Special
and Ordinary Resolutions in the Members meeting:
(a) That the company be wound up voluntarily as a creditor's
voluntary wind-up and that Mr. Wong Chi Keung, Dennis of 15th
Floor, Kam Chung building, 54 Jaffe Road, Wanchai, Hong Kong be
appointed Liquidator of the Company for the purpose of such
winding-up;
(b) To receive and consider the Statement of Affairs of the
Company; and
(c) Matters as provided in Sections 241, 242, 243, 244 and 255
(A) of the Companies Ordinance.
Members or creditors may attend and vote at the meeting in
person or by proxies. Proxies need not be members or creditors.
All proxy forms to be used at both meetings must be delivered to
the Registered Office not less 24 hours before the time fixed
for holding the Meeting or adjourned Meeting.
By Order of the Board
Chan Wai Man
Director
This announcement is dated August 27, 2004.
GUANGDONG TOURS: Sets Members' and Creditors' Meetings
------------------------------------------------------
Pursuant to Section 247 of the Companies Ordinance (Chapter 32),
a meeting of the members of Guangdong Tours Transportation
Limited (in creditors' voluntary liquidation) will be held at
Room 103, Duke of Windsor Social Service Building, 15 Hennessy
Road, Wanchai, Hong Kong on the 16th day of September 2004 at
10:30 a.m. It will be followed by a meeting of the creditors of
the company to be held at the same place at 11:00 a.m. for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company.
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at the office of
Messrs. Kennic L. H. Lui & Co., 5/Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings.
Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
This announcement is dated August 27, 2004.
INNOVO LEISURE: Books HK$198M Net Loss
--------------------------------------
Infocats News reported that Innovo Leisure Recreation Holdings
Limited posted a net loss of HK$198 million for 2003, compared
with a net profit of HK$20.449 million a year ago. Loss per
share was HK$0.33. No final dividend was declared.
To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_INNOVOLEISURE083004.pdf
INTEC FINANCE: Creditors Must Prove Debts by September 13
---------------------------------------------------------
The Creditors of Intec Finance (Hong Kong) Limited, which is
being voluntarily liquidated, are required on or before 4:30
p.m. on the 13th day of September 2004 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, they will be deemed to waive all of such
debts or claims and the liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.
Chan Sek Kwan
Liquidator
Unit G, 14th Floor, Seabright Plaza
9-23 Shell Street, North Point
Hong Kong
This announcement is dated August 27, 2004.
KENTEL DEVELOPMENT: Enters Winding Up Proceedings
-------------------------------------------------
A Petition for the Winding up of Kentel 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 at the 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.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 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.
NEWJOY INVESTMENT: Court Hears Winding Up Petition
--------------------------------------------------
Notice is given that a Petition for the Winding up of Newjoy
Investment Limited by the High Court of Hong Kong Special
Administrative Region was on the 13th 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 the 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 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.
Chu & Lau
Solicitors for the Petitioner
2nd Floor
The Chinese General Chamber of Commerce Building
No. 24-25 Connaught 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 14th day of
September 2004.
ORIENTAL INVESTMENT: Net Loss Swells to HK$22M
----------------------------------------------
According to Infocast News, Oriental Investment Corporation
Limited posted a net loss of HK$22.148 million for fiscal year
ended April 30, compared with a net loss of HK$4.967 million a
year ago. Loss per share was HK$0.0115. No final dividend was
declared.
To view the financial results, click on:
http://bankrupt.com/misc/TCRAP_ORIENTALINVESTMENT083004.pdf
RUBUS COMPANY: Issues Notice to Creditors To Prove Debts
--------------------------------------------------------
Notice is given that the creditors of Rubus Company Limited,
which is being wound up voluntarily, are required on or before
5:30 p.m. on the 28th day of September, 2004 to send particulars
of their debts or claims and the names and addresses of their
solicitors, if any, to the undersigned.
If so required by notice in writing from the liquidators, they
are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the Notice or in default thereof they will be
deemed to have waived all or any of such debts or claims and the
liquidators shall be entitled seven days after the above date to
distribute the funds available or any part thereof to the
members.
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong
This announcement is dated August 27, 2004.
=================
I N D O N E S I A
=================
BANK PERMATA: Eight Foreign Investors Submit LOI to Bid
-------------------------------------------------------
A total of eight foreign investors, including Malaysia's Maybank
and Commerce-Asset and UK-based Barclays, have formalized their
bid for a 51-percent stake in PT Bank Permata with their
submission of letters of intent to bid, reports The Jakarta
Post.
Bank Mandiri-Bank Buana consortium, Standard Chartered-Astra
International consortium, Bank Panin, Bank Rakyat Indonesia, and
United Overseas Bank (UOB) of Singapore are the other investors
that have sought to be included in the bidding.
Mohammad Syahrial, president of Indonesia's state asset sales
agency Perusahaan Pengelola Asset (PPA), said the agency will
select qualified investors this week.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
GARUDA INDONESIA: Forges Marketing Tie-up With BNI
--------------------------------------------------
In line with their aim to develop their businesses and improve
customer service, Garuda Indonesia airlines and BNI Bank
(JSX:BBNI) have inked last week a memorandum of understanding
(MoU) on its cooperation in the area of marketing, reports the
Antara News Agency.
The MoU was signed on Wednesday by the Indonesian flagship
carrier's business director Bachrul Hakim and BNI's Consumers
Director Achmad Baiquni.
"Under the cooperation, holders of BNI credit cards who are also
members of Garuda's Frequent Flyer (GFF) club can exchange a
certain number of points for GFF Mileage entitling them to
obtain free Garuda tickets for both domestic and international
routes," said Garuda communications chief Pujobroto.
Through the cooperation, the two companies expect to be able to
increase their service to their loyal consumers, especially for
holders of BNI credit cards and GFF club members.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg., Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: www.garuda-indonesia.com
MERPATI NUSANTARA: Government Delays Privatization
--------------------------------------------------
The Indonesian government's decision last week to delay the
privatization of PT Merpati Nusantara Airlines could cause the
state-owned carrier to be left behind by its competitors in the
industry, reported The Jakarta Post on Friday.
"We really regret this delay because we need fresh funds for our
expansion. Otherwise, we'll be left behind both by our domestic
and international competitors," Merpati president Hotasi Nababan
said.
The government said the delay in selling a number of state-owned
enterprises, Merpati included, for the remainder of this year
was due to the limited time left for the current administration
to conduct the sales.
"The government doesn't want to push the House of
Representatives (to approve) the privatization plan because it
is feared that such an action could prompt unwanted suspicion,
as the end of the current government's tenure is drawing near,"
Mr. Hotasi said. The House, which will hold its last session on
Sept. 30, must approve all sales of state-owned enterprises.
The country is also in the middle of preparations for the
presidential election on Sept. 20. The incumbent government will
leave office starting Oct. 10 and a new one will be sworn in on
Oct. 20.
Merpati, which currently has IDR1.3 trillion (US$139.93 million)
in debts and assets of IDR800 billion, asked the House for
permission to privatize in May, but lawmakers demanded that the
company should first restructure its finances to avoid being
sold at a low price.
The airline is also trying to expedite the conversion of its
IDR225-billion debt to the government into equity, and is in
talks with other creditors, such as Bank Mandiri and national
flag carrier Garuda Indonesia, to which it owes IDR230 billion
and IDR246.7 billion respectively.
"We've asked them to convert the debts into equity and we are
waiting for their response. As for the government, it has agreed
to do so and the Ministry of Finance is now recalculating the
debt," Merpati corporate secretary Jaka Pujiyono said.
The Merpati official also said that the airline has short-listed
three financial advisers for the privatization plan, whose names
would soon be submitted to the government.
CONTACT:
Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720 - Indonesia
Tel: (021) 6548888
Fax: (021) 6540620
E-mail: marketing@merpati.co.id
MERPATI NUSANTARA: Offering Discount Fares For Next Few Weeks
-------------------------------------------------------------
From September 1 to October 12, PT Merpati Nusantara Airlines
will be offering seats for IDR42,000 on all of its domestic
flights and US$42 on international flights in celebration of its
42nd anniversary, relates The Jakarta Post.
Merpati, which serves 120 domestic and three international
routes per day, will only offer five of these specially priced
seats per flight. The special fares exclude departure and
airport taxes, and are limited to economy class tickets.
According to Merpati corporate secretary Jaka Pujiyono, its
revenue will not be affected by the discount program, as most of
the specially priced seats would have been unsold.
PERTAMINA: Cepu Block Decision Raises Questions
-----------------------------------------------
The move by PT Pertamina not to extend a joint venture with US-
based ExxonMobil has sparked debate on whether the state oil and
gas company's move is in Indonesia's best interest, reports The
Jakarta Post. Pertamina announced last week that it has decided
to operate the Cepu block, located in Central and East Java, on
its own.
According to Irwan Prayitno, head of House of Representatives
Commission VIII for energy, mining and environmental affairs,
the commission fully supports the decision "for the sake of
national interests". This is in contrast with the opinion of a
senior official at oil and gas upstream authority BP Migas, who
said that Pertamina's move was in conflict with national
interests.
The BP Migas official said that while Pertamina may expect
greater benefits by operating the block alone, its decision has
seriously undermined the nation's current efforts to lure
foreign investors, and thus has harmed national interests in
general.
"The decision has expanded the list of the government's
inconsistencies toward business deals with multinational
companies, and this risks economic and political intervention by
the U.S. government," he said.
He also said the government had lost the chance to receive US$2
million per day (at an oil price of US$21 per barrel) from the
block. ExxonMobil planned to produce 164,000 barrels of oil per
day from the block.
Under the terms of a technical assistance contract (TAC) in the
early 1990s, Pertamina handed the block over to PT Humpuss
Patragas, which was controlled by Hutomo "Tommy" Mandala Putra,
former president Soeharto's youngest son.
Humpuss was obliged under the TAC to give Pertamina a portion of
the block's output equal in volume to Pertamina's last
production at the block. At the time of the handover to Humpuss,
the block only produced a few thousands of barrels of oil per
day.
In 1999, Humpuss sold its entire stake in the block to
ExxonMobil, which, upon finding oil reserves of some 600
million barrels and trillions of cubic feet of natural gas in
2001, asked for an extension of the TAC due in 2010 until 2030.
After three years of negotiations, ExxonMobil and the former
management of Pertamina agreed in June to sign a preliminary
agreement for a joint venture to operate the block.
However, the government's appointment of a new Pertamina
management has inexorably led to the decision not to extend
ExxonMobil's contract over the Cepu block.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Tel: (62)(21)3815111
Fax: 3846865/ 3843882
www.pertamina.com
=========
J A P A N
=========
DAIEI INCORPORATED: Creditor Banks Reject Revival Plan
------------------------------------------------------
Daiei Incorporated's three main creditor banks have expressed
their disappointment on the ailing retailer's refusal to involve
the Industrial Revitalization Corporation of Japan (IRCJ) in
Daiei's restructuring, The Japan Times reports.
A meeting held Friday, involving Daiei President Kunio Takagi
and senior officials of creditors UFJ Bank, Mizuho Corporate
Bank and Sumitomo Banking Corporation, failed to bridge the gap
between the two parties over an intervention by the IRCJ.
The struggling retailer insisted that its business could be
revived without IRCJ under private-sector guidelines on
corporate restructuring, which "call on companies seeking debt
waivers to assure investors that they would recover from a
negative net worth and become profitable in three years."
Daiei has been mapping out its own rehabilitation program which
includes asking creditor banks to waive JPY390 billion of its
JPY1 trillion interest-bearing loans, and raising JPY100 billion
through shares issuance.
Among other reasons, the three banks opted not to accept Daiei's
revival plan in order to avoid possible lawsuits by their
shareholders since they have already injected funds into the
ailing firm in 2001 and 2002.
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
KAWASAKI HEAVY: Consortium Snags Chinese Bullet Train Project
-------------------------------------------------------------
Kawasaki Heavy Industries Limited and five other consortium
partners won the tender for a bullet train project in China,
NewsOnJapan relates, citing Xinhua News Agency.
The JPY100 billion venture is aimed at doubling the speed of
trains on five main railway lines to 200 kilometers per hour,
covering more than 2,000 kilometers.
The winning consortium, formed by Kawasaki Heavy, Hitachi
Limited, Mitsubishi Electric Corporation, Itochu Corporation,
Mitsubishi Corporation and Marubeni Corporation, has teamed up
with Chinese train maker Nanche Sifang Locomotive Company for
the project.
CONTACT:
Kawasaki Heavy Industries, Ltd.
Kobe Crystal Tower, 1-3,
Higashikawasaki-cho 1-chome, Chuo-ku
Kobe, 650-8680, Japan
Phone: +81-78-371-9530
Fax: +81-78-371-9568
Website: http://www.khi.co.jp
K.K. INTAHMEDIA: Enters Bankruptcy
----------------------------------
K.K. Intahmedia has entered bankruptcy, according to
Teikoku Databank America. The DVD disk manufacturer has total
liabilities of US$30.83 million. The company is based in
Chiyoda-Ku, Tokyo 102-0076.
For more information, please click: http://www.teikoku.com/
MATSUSHITA ELECTRIC: To Execute Own Share Repurchase
----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (TSE: 6752; NYSE: MC)
announced on August 27 that its Board of Directors resolved to
repurchase its own shares, pursuant to Article 211-3, Paragraph
1, Item 2 of the Commercial Code of Japan.
Reason for Share Repurchase
This resolution is a part of continuing efforts to enhance
corporate value through shareholder-oriented management, and
enables flexible and agile capital management in a rapidly
changing economic environment.
Details of Share Repurchase
(1) Class of shares: Common stock
(2) Aggregate number of repurchaseable shares: Up to 80 million
shares (3.5% of total number of shares issued)
(3) Aggregate repurchase amount: Up to 100 billion yen
(4) Period of repurchase: Between August 30, 2004 and late March
2005
(Reference)
Total number of shares issued and treasury stock as of July 30,
2004
Total number of shares issued (excluding treasury stock):
2,318,404,818
Treasury stock: 134,648,679 shares
About Matsushita Electric Industrial Co., Ltd.
Matsushita Electric Industrial Company Limited best known for
its Panasonic brand name, is a worldwide leader in the
development and manufacture of electronic products for a wide
range of consumer, business, and industrial needs. Based in
Osaka, Japan, the company recorded consolidated sales of
US$71.92 billion for the fiscal year ended March 31, 2004.
Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, New
York (NYSE:MC), Euronext, Amsterdam and Frankfurt stock
exchanges.
CONTACT:
Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501, Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Website: http://matsushita.co.jp
MITSUBISHI MOTORS: Analysts Unconvinced of Comeback Scheme
----------------------------------------------------------
In an effort to bolster sales and profit following the
conclusion of defect cover-up issues, Mitsubishi Motors
Corporation is poised to launch an aggressive marketing campaign
in September, reports The Japan Times.
MMC Chairman Yoichiro Okazaki confirmed the ailing automaker's
plan to introduce its new image to the public ahead of a new
model's debut in fall. He was referring to the new Colt Plus
Impact, the first new model to be launched in 1 1/2 years.
According to Mr. Okasaki, Colt Plus "will decide Mitsubishi's
fate for the current fiscal year". He is optimistic that it will
help improve sales as MMC struggles to drive its monthly local
sales back above 60 percent of the previous year's levels
starting in October.
However, analysts are still unconvinced of the new Colt's
capacity to beef up MMC's sales and compete against other
automakers' models since it is only a remodeled version of the
old Colt compact.
For the last six months, consumers have refrained from buying
Mitsubishi vehicles following revelations of defect cover-ups
involving MMC and its spun-off unit Mitsubishi Fuso Truck & Bus
Corporation.
Since then, MMC has abstained from sales promotions since March
while dealership employees focused more on giving free auto
check-ups.
Because of plunging sales that reached 50 percent in June and
July, the embattled automaker amended its revival plan announced
in May. Under the new scheme, MMC revised its domestic sales for
the current fiscal year to 220,000 from the previous 300,000. To
offset the falling domestic sales, MMC will undertake cost and
payroll cuts.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Website: http://www.mitsubishi-motors.co.jp
UFJ HOLDINGS: MTFG To Inject JPY600bln Into Merger
--------------------------------------------------
In a final move to seal a merger with UFJ Holdings Incorporated,
Mitsubishi Tokyo Financial Group is poised to infuse JPY600
billion into UFJ before the end of September, The Daily Yomiuri
says.
According to sources, the two parties have been finalizing plans
to strengthen UFJ's capital base through the purchase of
preferred shares in UFJ by MTFG to be officially announced in
early September.
Expecting to book a net loss due to non-performing loans
disposal, UFJ needs to increase its capital base, which would
allow UFJ bank to raise its capital-adequacy ratio to more than
9 percent.
MTFG, which has inked a basic deal with UFJ to merge their
businesses next year to become the world's top-ranked banking
group, has announced on August 11 that it is allotting between
JPY500 billion and JPY700 billion into UFJ.
Earlier, Sumitomo Mitsui Financial Group offered a one-to-one
exchange ratio to UFJ's shareholders aside from a JPY700 billion
capital injection to help the troubled lender write-off most of
its JPY4.62 trillion bad debts.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Website: www.ufj.co.jp
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: To Proceed With Non-Memory Sale
----------------------------------------------------
Hynix Semiconductor Inc. said on Friday that the sale of its
non-memory unit to Citigroup Venture Capital would still push
through despite its failure to win an appeal to cut the share
buyback price to its stockholders who oppose the asset sale,
relates Channel News Asia.
The Financial Supervisory Service rejected on Thursday Hynix's
appeal to lower the stock repurchase price to KRW9,561 a share
from a previous offer price of KRW11,376 to buy back shares from
stockholders who are against the sale of its non-memory
operations to Citigroup for KRW954 billion.
In a statement Friday, Hynix said, "although the share buyback
exceeds our expectation of KRW40 billion, we will proceed to
conclude the sale, a key part of our business restructuring
plan. But the deal is expected to be delayed".
Hynix said the proceeds would be used to repay debts and fund
new operations.
Creditors last year rescued Hynix from near bankruptcy with a
KRW3.2 trillion bailout package, giving them control of the
company.
CONTACT:
HSI(Hynix Semiconductor Inc.)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Tel: 82-2-3459-3470
Fax: 82-2-3459-5987/8
http://www.hynix.com
KOOKMIN BANK: Shares Tumble As Foreign Investors Dump Stocks
------------------------------------------------------------
Reports that Kookmin Bank President Kim Jung-tae will be barred
from seeking a second term when his current tenure expires in
October has triggered a 4.16-percent drop in its shares to
KRW36,800, with foreign investors unloading a large stake,
reveals The Korea Times.
The largest sell orders came from ING, J.P. Morgan, Morgan
Stanley, UBS and Goldman Sachs. Trade volume was the largest of
the year at more than 4.7 million shares.
The Financial Supervisory Service has indicated on Thursday that
Kim will be handed down a severe penalty for Kookmin Bank's
violation of accounting standards, therefore rendering him
unable to run for reelection in October. The bank was found to
have misstated KRW550 billion in its accounting books for fiscal
year 2003, which eventually helped the bank save about KRW310
billion in corporate taxes.
If Kim is forced to resign, uncertainties will grow in the bank,
according to foreign investment banks, and will likely have a
negative impact on the bank's share prices.
The FSS plans to decide any punitive measures against Kim and
other bank executives at a meeting on Sept. 10.
CONTACT:
Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Tel: +82 2 317 2114
Tel: +82 2 776 5637
KOOKMIN BANK: Union Asks CEO to Step Down
-----------------------------------------
The labor union of South Korea's Kookmin Bank has called on
chief executive Kim Jung-tae to resign after the Financial
Supervisory Service (FSS) found that the bank violated generally
accepted accounting principles in 2003, reports The Korea Times.
"The accounting scandal has tarnished Kookmin's image as a
leading bank, the labor union claimed in a statement Friday.
President Kim should take full responsibility and resign for the
bank's future".
The Financial Supervisory Service (FSS) fined Kookmin KRW2
billion (about $1.7 million) last week for having misstated or
deflated loss reserves worth KRW550 billion in its process of
taking over a loss-making credit card subsidiary, apparently to
save on tax and inflate income.
LG CARD: Probed By KSE For Stock Manipulation
---------------------------------------------
A recent surge in the stock price of LG Card Co. has prompted
the Korea Stock Exchange (KSE) to investigate whether the credit
card firm has been undertaking any unfair transactions, reveals
The Korea Times.
LG Card's stock price has surged more than three times in the
past month, an occurrence which, according to the KSE, was
"abnormal" and was distorting the market's benchmark stock
index.
"If a particular stock moves abnormally and distorts the index,
it poses a serious problem. We are looking into possible stock
price manipulation by speculative investors and monitoring who
is buying and selling the stocks for how much, a KSE official
said.
The official said they are probing the daily stock trading
activities and the turnover, as less than 1 percent of its
outstanding shares are currently being traded on the floor. Any
evidence of irregularities they uncover, the official added,
will be handed over to the Financial Supervisory Service.
The shares of the credit card issuer gained almost 237 percent
in a month, from KRW5,550 on July 30 to KRW18,700 last Thursday.
It has advanced in 16 sessions out of the last 19.
The rising stock price has pushed LG Card to ninth spot as the
largest company by market capitalization on the KSE, ahead of LG
Electronics and behind KT.
LG Card's creditors hold about 99 percent of the company's
outstanding shares after swapping KRW3.5 trillion of debt for
new shares.
CONTACT:
LG Card Investor Relations
10th Floor, YTN Tower
6-1 Namdaemun-ro 5-ga,
Joong-Gu, Seoul, Korea
100-800
Phone: 822-6009-7206
Fax: 822-6009-7983
LG CARD: Targets '04 Revenue at KRW3.29Tln
------------------------------------------
South Korean credit card firm LG Card Co. (KSE:032710) said on
Friday it is targeting an operating revenue of KRW3.29 trillion
for full-year 2004, reveals Yonhap News.
However, South Korea's second-largest credit card firm by
billings said it also expects to post an ordinary loss of
KRW1.21 trillion (US$1.05 billion) for the year.
LG Card also said it sees an ordinary profit of KRW176 billion
and operating revenue of KRW2.85 trillion next year. In 2006,
ordinary profit is estimated to come in at KRW231 billion,
with operating revenue reaching KRW2.79 trillion, the company
added.
The credit card issuer teetered on the brink of bankruptcy last
year, as it posted a net loss of KRW5.9 trillion. In January
2004, LG Card's creditors and major shareholders rescued the
firm with a KRW5-trillion bailout. Creditors now hold about 99
percent of the company's outstanding shares after swapping
KRW3.5 trillion of debt for equity.
SK NETWORKS: Stops SK Securities Sale Talks
-------------------------------------------
Creditor-controlled SK Networks Co. on Monday said it has
decided to put a stop to talks with Seoul Securities Co. on the
sale of SK Securities Co., Yonhap News reports. SK Networks,
formerly known as SK Global Co., and Seoul Securities have been
in talks in line with a preliminary deal signed late July.
SK Networks is seeking to sell off SK Securities as part of
self-rescue efforts after creditors saved it from bankruptcy
last year.
CONTACT:
SK Networks Co. Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr
SSANGYONG MOTOR: Union To Deliver Demands to SAIC This Week
-----------------------------------------------------------
The labor union of Ssangyong Motor Co. (KSE:003620) said last
week that it will deliver its demands to the South Korean auto
maker and China's Shanghai Automotive Industry Corp.(SAIC) this
week, reports Yonhap News.
This comes after the union delivered to SAIC, the preferred
bidder for Ssangyong, a final set of preconditions last Friday.
Among the preconditions are guarantees of job security,
expansion of production facilities and sales networks and
increased spending on research and investment. Guarantees of
independent management and the continued use of the Ssangyong
Motor brand were also included in the preconditions.
Last month, SAIC, China's largest automaker, was selected as
preferred bidder for South Korea's fourth-largest automaker,
which had been up for sale since its creditors bailed it out
following the country's 1997-98 foreign exchange crisis.
The sale is expected to be completed by late October.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Tel: +82 31 610 1114
Tel: +82 31 610 3739
===============
M A L A Y S I A
===============
AOKAM PERDANA: Releases Unaudited Quarterly Report
--------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Aokam
Perdana 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
3,025 1,197 9,674 8,074
(2) Profit/(loss) before tax
-1,634 -2,478 -9,155 -12,995
(3) Profit/(loss) after tax and minority interest
-1,634 -2,478 -9,155 -12,995
(4) Net profit/(loss) for the period
-1,634 -2,478 -9,155 -12,995
(5) Basic earnings/(loss) per shares (sen)
-1.96 -2.97 -10.98 -15.58
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
-1.6600 -1.5500
For more information, click
http://bankrupt.com/misc/tcrap_aokam083104.xls
http://bankrupt.com/misc/tcrap_aokam083104B.doc
CONTACT:
Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 3466
Telephone: +60 3 2166 3455
BESCORP INDUSTRIES: Updates Practice Note 1/2001
------------------------------------------------
As required by the Bursa Malaysia Practice Note 1/2001, Bescorp
Industries Berhad (BIB) hereby provides an update on its default
in payment, as enclosed in Appendix A.
The default by BIB as at 31 July 2004 amounted to
RM62,049,779.65 made up of a principal sum of RM32,220,139.42
plus RM29,829,640.23 in interest for revolving credit
facilities.
As at 31 July 2004, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn Bhd (In Liquidation), Bescorp
Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn Bhd (In Liquidation) and Waktu Cerah
Sdn Bhd (Special Administrators Appointed), defaulted on a total
sum of RM170,069,830.20 made up of a principal sum of
RM58,780,492.90 plus RM46,669,897.24 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM64,619,440.06 for overdraft
facilities.
There were no further developments since our previous
announcement with regards to this Practice Note.
To view a full copy of Appendix A, click
http://bankrupt.com/misc/tcrap_bescorp083104.xls
CONTACT:
Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone:603-7327988
Fax: 603-7349967
CHANGHUAT CORPORATION: Releases Unaudited Quarterly Report
----------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Changhuat
Corporation Berhad released its unaudited quarterly report for
the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
(1) Revenue
29,893 23,167 102,524 82,248
(2) Profit/(loss) before tax
-295 -3,403 305 -4,680
(3) Profit/(loss) after tax and minority interest
-842 -2,536 -211 3,523
(4) Net profit/(loss) for the period
-842 -2,536 -211 3,523
(5) Basic earnings/(loss) per shares (sen)
-2.00 -6.04 -0.50 -8.39
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
1.9600 2.0800
For more information, click
http://bankrupt.com/misc/tcrap_changhuat083204.xls
C.I. HOLDINGS: Releases 2004 Quarterly Report
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, C.I.
Holdings 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
57,781 8,096 76,362 27,047
(2) Profit/(loss) before tax
-53,528 -2,765 -57,196 -169,271
(3) Profit/(loss) after tax and minority interest
-55,301 -2,087 -65,185 -175,744
(4) Net profit/(loss) for the period
-55,301 -2,087 -65,185 -175,744
(5) Basic earnings/(loss) per shares (sen)
-153.10 -4.10 -118.90 -344.60
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
0.2400 0.9800
For more information, click
http://bankrupt.com/misc/tcrap_ciholdings083104.xls
DENKO INDUSTRIAL: Posts 1H04 Quarterly Report
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Denko
Industrial Corporation Berhad released its unaudited quarterly
report for the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
(1) Revenue
32,123 8,608 32,123 8,608
(2) Profit/(loss) before tax
-1,146 -3,144 -1,146 -3,144
(3) Profit/(loss) after tax and minority interest
-1,302 -3,144 -1,302 -3,144
(4) Net profit/(loss) for the period
-1,302 -3,144 -1,302 -3,144
(5) Basic earnings/(loss) per shares (sen)
-1.78 -7.17 -1.78 -7.17
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
QUARTER FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
0.4678 0.4855
For more information, click
http://bankrupt.com/misc/tcrap_denko083104.xls
http://bankrupt.com/misc/tcrap_denko0831B.doc
CONTACT:
Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629
EKRAN BERHAD: Unveils 1H04 Financial Results
--------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Ekran
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
35,055 61,481 90,278 158,796
(2) Profit/(loss) before tax
-178,805 -11,546 -188,887 -25,598
(3) Profit/(loss) after tax and minority interest
-178,492 -9,534 -188,580 -23,417
(4) Net profit/(loss) for the period
-178,492 -9,534 -188,580 -23,417
(5) Basic earnings/(loss) per shares (sen)
-33.94 -1.81 -35.85 -4.45
(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)
1.3500 1.7000
For more information, click
http://bankrupt.com/misc/tcrap_ekran083104.doc
CONTACT:
Ekran Berhad
Jalan Parlimen
Kuala Lumpur, SARAWAK 50480
MALAYSIA
+60 82 236908
+60 82 236922
GEAHIN ENGINEERING: Unit Receives Notice of Default
---------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on February 27, 2004 Geahin Engineering Berhad wishes to
inform:
That on August 26, 2004 Green Formation, the subsidiary company
of Geahin, received a Notice per Form 16D Notice of Default with
Respect to a Charge under the National Land Code Section 254
dated 24.08.2004 from Affin-ACF that, inter alia, unless the
total sum of RM3,012,010.30 and legal costs plus service tax of
RM210.00 together with further interest accruing thereon is paid
to Affin-ACF, the Chargee (of six parcels of land in Alor Gajah,
Melaka), or to the Chargee's solicitors within seven (7) days
from the date of receipt of this Notice, Affin-ACF shall apply
for an Order for Sale of the property charged to the Chargee as
security of the fixed loan with outstanding sum of
RM3,012,010.30 as at 20.05.2004.
Further interest on the said sum of RM3,012,010.30 due on
20.05.2004 continues to accrue at the rate of 2.5 percent per
annum above the base lending rate (current BLR at the rate of
6.9 percent) [prescribed rate] on monthly rests from May 21,
2004 until date of full realization. An additional interest at
the rate of 1 percent per annum over and above the prescribed
rate to be charged on the sum of RM3,012,010.30 from May 21,
2004 until date of full realisation.
Affin-ACF further gave Notice to Green Formation that the
aforesaid demand is without prejudice and shall not be construed
as a waiver of any other rights and remedies which the Chargee
may have including without limitation the right to make further
demands in respect of other sums owing to them.
Except that the Chargor and/or the Company is exposed to the
aforesaid loss on the sum of RM3,012,010.30 further interests,
costs and any other relief(s) as mentioned in the preceding
paragraphs there are no other and additional financial and
operational impacts on the Geahin Group.
Meanwhile, the Company and the Chargor have informed and
instructed their solicitors to defend the aforesaid case and the
Company will keep all relevant parties informed about its
outcome in due course.
CONTACT:
Geahin Engineering Berhad
8999 Kawasan Perindustrian
Batu Berendam
(Fasa IV) Batu Berendam
75350 Melaka
Telephone: 06-2819998
Fax: 06-2813988
Website: www.mssa.org.my/geahin
JIN LIN: Releases 1H04 Quarterly Result
---------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Jin Lin
Wood 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
1,983 3,258 10,537 14,789
(2) Profit/(loss) before tax
-8,450 -8,782 -19,951 -25,442
(3) Profit/(loss) after tax and minority interest
-8,450 -8,782 -19,951 -25,442
(4) Net profit/(loss) for the period
-8,450 -8,782 -19,951 -25,442
(5) Basic earnings/(loss) per shares (sen)
-19.20 -19.96 -45.34 -57.82
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF CURRENT AS AT PRECEDING
QUARTER FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
-0.1500 0.3100
For more information, click
http://bankrupt.com/misc/tcrap_jinlin0831B.xls
http://bankrupt.com/misc/tcrap_jinlin083104.doc
CONTACT:
Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Tel: 086-334661/335570
Fax: 086-330866/334808
JIN LIN: Issues Update on Material Litigation
---------------------------------------------
On behalf of Jin Lin Wood Industries Berhad (JLWIB), Bursa
Malaysia Securities Berhad wishes to inform that further to
JLWIB's announcement dated 2 March 2004 on the legal suit of RHB
Delta Finance Berhac against Syarikat Mustapha & NGU Timber Sdn
Bbh (SMNT) and three others, a judgement in default was entered
on 19 August 2004.
The Company's lawyers will appeal and file an application for
the judgement to be set aside in view of the grant of the
Restraining Order pursuant to Section 176 of the Companies Act
1965 which was granted for 180 days until 28 November 2004.
This announcement is dated 27 August 2004.
LIPO CORPORATION: Unveils 1H04 Quarterly Result
-----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Lipo
Corporation Berhad released its unaudited quarterly report for
the financial period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
(1) Revenue
7,305 7,274 28,906 25,561
(2) Profit/(loss) before tax
-140 -4,965 525 -12,899
(3) Profit/(loss) after tax and minority interest
-178 -5,276 375 -13,355
(4) Net profit/(loss) for the period
-178 -5,276 375 -13,355
(5) Basic earnings/(loss) per shares (sen)
-0.35 -10.48 0.74 -26.54
(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)
1.0900 1.0800
For more information, click
http://bankrupt.com/misc/tcrap_lipo083104.xls
http://bankrupt.com/misc/tcrap_lipo083104.doc
PICA CORPORATION: Issues Update on Practice Note 4
--------------------------------------------------
The Board of Directors of Pica (M) Corp. Berhad wishes to make
the following announcement for public release:
Further to the Company's announcement on Practice Note 4, the
Company is still in the process of identifying suitable party to
take over the function of Commerce International Merchant
Bankers Bhd (CIMB), the Company's adviser for the proposed
Composite Scheme that had resigned with immediate effect on
18.3.2004, and continue with the Scheme. The proposed Composite
Scheme remains unchanged and is still pending approval from the
Securities Commission.
CONTACT:
PICA (M) CORPORATION BERHAD
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
MALAYSIA
Telephone: +60 3 2161 8800
+60 3 2161 1714
PICA CORPORATION: Updates Practice Note 1/2001
----------------------------------------------
The Board of Directors of Pica (M) Corp. Berhad wishes to make
the following announcement for public release:
(1) RM60 Million Guaranteed Revolving Underwriting Facility
Further to the Company's announcement on the status of the above
matter, the Court has fixed 28 September 2004 for further
mention in relation to the Defendant's striking out application.
Apart from the above, the legal proceeding is still pending in
court.
(2) RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 10 October 2004 for mention. Apart from the
above, the legal proceeding is still pending in court.
(3) RM50 Million Term Loan Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been fixed for further mention on 24 September 2004. Apart from
the above, the legal proceeding is still pending in court.
(4) RM4 million Revolving Credit Facility & RM7 million
Overdraft Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 26 October 2004. Apart from
the above, the legal proceeding is still pending in court.
(5) Approx RM3 million Credit Facility
Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defence
and the Plaintiff's summary judgment application has been fixed
for mention on 9 September 2004. Apart from the above, the legal
proceeding is still pending in court.
SELANGOR DREDGING: Releases Clarification Made by High Court
------------------------------------------------------------
Further to the announcement made on 2 August 2004 on litigation,
the Board of Directors of Selangor Dredging Berhad (SDB) wishes
to announce that the Company has been advised by its solicitors,
having conducted the Suit, that the High Court has clarified the
following:
(1) The High Court found that the Writ of Distress was not valid
in light of the fact that winding-up proceedings had commenced
against Mutiara Metropolis Sdn Bhd (MMSB). The High Court
therefore granted MMSB a declaration that the distress was
wrongly carried out.
(2) As the distress was not valid, consequently the writ of
possession granted by the Session Court was also not valid.
No other orders were entered against SDB. The learned judge has
clarified that the above mentioned was not to the effect that
SDB should pay MMSB any sum of money by way of damages. It would
be up to MMSB now to assess its damages, if any. Should MMSB
elect to do so, the assessment proceedings would take place
before the Registrar of the High Court. The learned judge also
ordered that SDB would now have to proceed with the trial of its
counterclaim.
This announcement is dated 27 August 2004.
CONTACT:
Selangor Dredging Berhad
West Block 142-C Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2161 3377
Telephone: +60 3 2161 6651
SM SUMMIT: Unveils 2004 Quarterly Results
-----------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, SM Summit
Holdings 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
10,072 9,515 10,072 9,515
(2) Profit/(loss) before tax
-463 43 -463 43
(3) Profit/(loss) after tax and minority interest
-621 -185 -621 -185
(4) Net profit/(loss) for the period
-621 -185 -621 -185
(5) Basic earnings/(loss) per shares (sen)
-1.55 -0.46 -1.55 -0.46
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR
END
(7) Net tangible assets per share (RM)
1.1828 1.1986
For more information, click
http://bankrupt.com/misc/tcrap_smsummit083104.XLS
TIMBERWELL BERHAD: Releases Unaudited Quarterly Report
------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Timberwell
Berhad released its unaudited quarterly report for the financial
period ended June 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/06/2004 30/06/2003 30/06/2004 30/06/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
7,291 10,788 12,846 15,387
2 Profit/(loss) before tax
-1,050 93 -1,823 -1,404
3 Profit/(loss) after tax and minority interest
-1,050 93 -1,823 -1,404
4 Net profit/(loss) for the period
-1,050 93 -1,823 -1,404
5 Basic earnings/(loss) per shares (sen)
-1.91 0.20 -3.32 -2.97
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)
1.0500 1.0900
For more information, click
http://bankrupt.com/misc/tcrap_timberwell083104.xls
http://bankrupt.com/misc/tcrap_timberwell083104B.doc
TRU-TECH HOLDINGS: High Court Grants RO
---------------------------------------
On behalf of Tru-Tech, Avenue Securities Sdn Bhd wishes to
announce that Tru-Tech and its subsidiaries, namely Tru-Tech
Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd
(Subsidiaries) have been granted a restraining and stay order
(RO) for a period of 90 days effective from 28 August 2004 up to
25 November 2004 by the Kuala Lumpur High Court pursuant to
Section 176(10) of the Companies Act, 1965.
The aforesaid RO was applied for in order to facilitate the
Proposed Restructuring Scheme, which was announced on 27 May
2004. The sealed RO dated 27 August 2004 is pending extraction
from the Johor Bahru High Court.
The Company does not expect the RO to have any material effect
on the financial and operational matters of Tru-Tech and the
Subsidiaries.
This announcement is dated 27August 2004.
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone (60) 3 7861 5220
Fax (60) 3 7861 7972
WEMBLEY INDUSTRIES: Releases Quarterly Report for 2004
------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Wembley
Industries Holdings 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
0 0 0 0
(2) Profit/(loss) before tax
-14,539 -13,099 -28,592 -25,949
(3) Profit/(loss) after tax and minority interest
-14,539 -13,099 -28,592 -25,949
(4) Net profit/(loss) for the period
-14,539 -13,099 -28,592 -25,949
(5) Basic earnings/(loss) per shares (sen)
-10.06 -9.07 -19.79 -17.96
(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)
-4.4200 -4.2200
For more information, click
http://bankrupt.com/misc/tcrap_wembley083104.pdf
http://bankrupt.com/misc/tcrap_wembley083104B.pdf
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Telephone: +60 82 236920
Telephone: +60 82 236922
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Director for Exploration Resigns
----------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Atlas
Consolidated Mining and Development Corp. announced that Mr.
Reginald Hare resigned as Director for Exploration of the
Company effective as at the date of the next board meeting. Mr.
Hare will, however, continue to be an independent director of
the company.
CONTACT:
Atlas Consolidated Mining Corp.
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Telephone Numbers: 635-2387/4495
Fax Numbers: 633-3759; 634-2312
Email Address: acmdcmla@info.com.ph
MANILA ELECTRIC: Releases Copy of New Director's SEC Form
---------------------------------------------------------
Further to Circular for Brokers No. 3786-2004 dated August 23,
2004, a newly elected director of Manila Electric Company (MER)
furnished the Philippine Stock Exchange a copy of his SEC Form
23-A (Initial Statement of Beneficial Ownership of Securities),
pursuant to Section 13 of the Revised Disclosure Rules
pertaining to Disclosure on Transactions of Directors and
Principal Officers in the Issuer's Securities."
A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE
website: www.pse.com.ph (under Listed Companies).
For your information
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group
CONTACT:
MANILA ELECTRIC CO.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
Email Address: corcom@meralco.com.ph
Website: http://www.meralco.com.ph
MUSIC SEMICONDUCTORS: Unveils Annual Stockholders Meeting
---------------------------------------------------------
In compliance with the continuing disclosure requirements of the
Philippine Stock Exchange, Music Semiconductors Corp. announced
to the Exchange that at the annual meeting of the stockholders
of the Corporation held on Friday, August 27, 2004, the
following were elected as directors of the corporation for the
ensuing fiscal year.
Jimmy S. Soo
Michael Burton
Juan B. Custodio
Patrick L. Go- Independent Director
Jose Alexander Ignacio
Ma. Theresa G. Santos- Independent Director
Antonio M. Callao
At the organizational meeting of the Board of Directors of the
Corporation which followed the aforementioned annual meeting of
stockholders the following were elected as officers of the
Corporation:
Jimmy S. Soo- Chairman
Michael Burton- President and Chief Executive Officer
Renelia L. Yturzaeta- Treasurer
Grace G. dela Cruz- Corporate Secretary
In the same annual meeting of the stockholders of the
Corporation, stockholders owing at least two thirds of the
outstanding capital stock thereof or represented in the said
meeting approved the amendments to the articles of Incorporation
and By-Laws of the Corporation set forth in Annex "A".
To view a full copy of Annex A, click
http://bankrupt.com/misc/MusicSemiconductors083004.pdf
CONTACT:
Music Semiconductors Corp.
110 Excellence Ave. corner Accuracy Drive
Special Export Processing Zone 1
Carmelray Industrial Park
Canlubang, Laguna
Telephone Number: (049) 549-1480
Fax Number: (049) 549-1024
Email Address: jos@music-mt.com
Website: http://www.music-corp.com
NATIONAL POWER: Posts 2.2% Hike in H1 Energy Sales
--------------------------------------------------
State-owned National Power Corp. (Napocor) announced over the
weekend that its energy sales for the first half have reached
17,551.72 gigawatthours (GWh), a 2.2-percent increase from the
17,170.68 GWh it posted in the same period last year, according
to the Philippine Star.
In a statement, Napocor said that of the three major regions,
Visayas, with its robust sales in all customer classes such as
cooperatives, power utilities, and industries, registered the
highest sales growth at 8.79 percent to 2,015.60 GWh from
1,852.72 GWh in 2003. Energy sales in Mindanao also grew 8.23
percent year on year to 3,213.53 GWh from 2,969.17 GWh.
Sales in Luzon, however, fell 0.13 percent to 11,554.34 GWh from
11,569.19 GWh due to a 4.17-percent reduction in the electricity
purchases of the Manila Electric Co. (Meralco), the state power
firm's largest customer. Sales to Meralco from January to June
stood at 7,470.28 GWh from 7,795 GWh last year.
According to Napocor, Meralco had consumed less than its
contracted demand and sourced a significant portion of its
requirements from its independent power producers, such as First
Gas Power Corp. and Quezon Power Philippines Ltd.
Meanwhile, in the missionary electrification areas being
serviced by Napocor's small power utilities group, sales grew
5.76% to 223.16 GWh from 211 GWh.
However, energy sales under Napocor's one-day power sales scheme
fell 4.11% to 545.08 GWh from 568.43 GWh in 2003 due to the
scheme's high-selling rates following the steady increase in
fuel prices.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
PHILIPPINE LONG: Launches Mobile Phone Service in HK
----------------------------------------------------
With overseas Filipino workers (OFWs) in mind, Philippine Long
Distance Telephone Co. (PLDT) has launched over the weekend a
new mobile phone service in Hong Kong, reports the Malaya
newspaper.
In a move which heralds the telecom giant's entry into the
regional market, the company introduced 1528 Smart, a cellular
phone service that gives subscribers cheaper text messaging,
voice call rates and innovative services.
A partnership between Smart Communications Inc., PLDT Global,
the telecom giant's international consumer arm and Hong Kong-
based mobile carrier HK CSL, 1528 Smart is expected by the firm
to capture a big share of the OFW market in Hong Kong. PLDT said
that an estimated 87 percent of some 180,000 OFWs in Hong Kong
own mobile phones, and the majority of these mobile phone
subscribers are on prepaid subscription.
PLDT and Smart chairman Manuel Pangilinan said PLDT is planning
similar services to Filipinos working in Europe and the United
States.
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
PHILIPPINE TELEGRAPH: Reschedules Annual Stockholders' Meeting
--------------------------------------------------------------
Philippine Telegraph and Telephone Corp. (PT&T) disclosed to the
Philippine Stock Exchange the resolution of the Regular Board
Meeting dated August 27, 2004, as per resolution of the Board
that the Annual Stockholders Meeting of PT&T scheduled on
October 29, 2004 in accordance with PT&T's By Laws has been
reset to November 26, 2004. The Resolution of the Board is
hereby quoted as follows:
Resolution
"Resolved, As it is hereby resolved, that the Annual
Stockholder's Meeting of the Corporation be reset from October
29, 2004 to December 3, 2004."
CONTACT:
Philippine Telegraph & Telephone Corp.
SJS Building, Casino St.
Barangay Palanan, Makati City
Telephone Numbers: 818-0511 to 18
Fax Number: 894-4622
Website: http://www.ptt.com.ph
=================
S I N G A P O R E
=================
21 NEWTON: Creditors To Prove Claims on September 27
----------------------------------------------------
The creditors of 21 Newton Pte Ltd, which is being wound up
voluntarily, are required on or before 27 September 2004 to send
in their names and addresses and the particulars of their debts
or claims, and the names and addresses of their solicitors, to
the liquidators.
If so required by the said liquidators, they are to come in and
prove their debts or claims as shall be specified.
In default thereof, they will be excluded from the benefits of
any distribution made before such proof.
Kon Yin Tong
Wong Kian Kok
William Caven Hutchinson
Joint Liquidators
C/o Foo Kon Tan Grant Thornton
47 Hill Street,
#05-01 Chinese Chamber of Commerce & Industry Building,
Singapore 179365.
This Singapore Government Gazette notice was posted on 27 August
2004.
21 NEWTON: Posts Resolutions Passed at EGM
------------------------------------------
At an Extraordinary General Meeting of 21 Newton Pte Ltd, duly
convened and held at 47 Hill Street, #05-01 Chinese Chamber of
Commerce & Industry Building on 19 August 2004 at 11.00 a.m.,
the following resolutions were duly passed:
Special Resolution
(a) Resolved that the Company be wound up voluntarily pursuant
to Section 290 (1) (b) of The Companies Act, Cap. 50.
Ordinary Resolutions Resolved:
(b) That Mr Kon Yin Tong, Mr Wong Kian Kok and Mr William Caven
Hutchison of Foo Kon Tan Grant Thornton be and are hereby
appointed liquidators, jointly and severally, for the purpose of
the winding up.
(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.
Special Resolution
(d) That the liquidators be empowered to exercise any of the
powers given by sub-sections of (1) and (2) of Section 272 of
the Companies Act, Cap. 50 and to distribute to members in
specie any part of the assets of the Company.
Esther Lam
Director
This Singapore Government Gazette notice is dated 27 August
2004.
CHUAN & CO: Court Issues Notice of Dividend
-------------------------------------------
In the matter of Chuan & Co Hardware Pte Ltd., a company
undergoing voluntary liquidation, a notice of dividend is
issued.
Address of Registered Office: c/o Deloitte & Touche
6 Shenton Way #32-00 DBS Building Tower Two
Singapore 068809.
Court: High Court of Singapore.
Number of Matter: Winding Up No. 81 of 2003.
Amount per centum: 0.06 cents.
First and Final or otherwise: Second Interim.
When Payable: 7th September 2004.
Where Payable: c/o Deloitte & Touche
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809.
Tam Chee Chong
Liquidator
This Singapore Government Gazette notice was posted last August
27, 2004.
FHTK HOLDINGS: Q4 Net Loss Narrows to SG$2.44M
----------------------------------------------
FHTK Holdings Limited posted a net loss of SG$2.44 million for
the fourth quarter ending June 30, 2004, down from last year's
SG$4.21 million loss.
The company reported a full year net loss of SG$15.55 million,
up from last year's SG$7.28 million. Pretax loss reached
SG$15.68 million compared to SG$7.20 previously. No dividend was
declared.
To view the complete financial statement, click on:
http://bankrupt.com/misc/TCRAP_FHTKHOLDINGS083004.pdf
ITW SIGNODE: Winding Up Proceedings Set on September 27
-------------------------------------------------------
Notice is hereby given that the creditors of ITW Signode
Singapore Pte Ltd., which is being wound up voluntarily are
required on or before the 27th day of September 2004 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors to the
undersigned, the liquidators of the said company.
If so required by notice in writing by the said liquidators,
they are to come in personally or by their solicitors and prove
their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
This Singapore Government Gazette notice was posted last August
27, 2004.
L&M GROUP: Sets EGM on September 13
-----------------------------------
Notice is given that an Extraordinary General Meeting of L&M
Group Investments Limited will be held on 13 September 2004 at
11.00 a.m. at 2 Tanjong Penjuru Crescent Singapore 608968 for
the purpose of considering, and if thought fit, passing, with or
without modifications, the following resolutions which will be
proposed as ordinary resolutions:
As Ordinary Resolutions
Resolution 1: Whitewash Resolution (By Way Of Poll)
(1) Subject to the passing of Resolutions 2 and 3 and pursuant
to the letter dated 30 June 2004 from the Securities Industry
Council, the Shareholders, not being Mr. Edwin Soeryadjaya and
parties acting in concert with him nor persons not otherwise
independent of Mr. Edwin Soeryadjaya and parties acting in
concert with him (the Independent Shareholders) hereby (on a
poll taken) unconditionally and irrevocably waive their right
under Rule 14 of the Singapore Code on Takeovers and Mergers to
receive a mandatory general offer from Mr. Edwin Soeryadjaya and
parties acting in concert with him for all the ordinary shares
of S$0.01 each in the share capital of the Company held by the
Independent Shareholders, as a result of Mr. Edwin Soeryadjaya
subscribing for the New Placement Shares (as defined in the
Company's Circular dated 28 August 2004) for which the Placement
Agent (as defined in the Company's Circular dated 28 August
2004) is unable to procure subscribers.
Resolution 2: Interested Person Transaction
2. Subject to the passing of Resolutions 1 and 3 and pursuant to
Chapter 9 of the Listing Manual of the Singapore Exchange
Securities Trading Limited, the Shareholders, not being Mr.
Edwin Soeryadjaya and his associates, hereby approve the
Subscription Agreement (as defined in the Company's Circular
dated 28 August 2004) whereby Mr. Edwin Soeryadjaya would
subscribe for such number of New Placement Shares (as defined in
the Company's Circular dated 28 August 2004) for which the
Placement Agent (as defined in the Company's Circular dated 28
August 2004) is unable to procure subscribers, at the price of
S$0.01 per New Placement Share.
Resolution 3: Issuance Of New Shares At Par
3. Subject to the passing of Resolutions 1 and 2, the Directors
are hereby authorized, pursuant to section 161 of the Companies
Act, Cap. 50, to allot and issue the New Placement Shares (as
defined in the Company's Circular dated 28 August 2004) pursuant
to the terms and conditions of the Placement Agreement (as
defined in the Company's Circular dated 28 August 2004) and the
Subscription Agreement (as defined in the Company's Circular
dated 28 August 2004) at S$0.01 each and each New Placement
Share allotted and issued shall rank pari passu in all respects
with the then existing issued and paid-up ordinary shares of
S$0.01 each in the capital of the Company and that such
authority shall be outside the authority granted to the
Directors under the General Mandate (as defined in the Company's
Circular dated 28 August 2004).
Resolution 4: General Authority
4. That in connection with Resolutions 1 to 3, the Directors be
authorized to complete and do all such acts and things
(including executing such documents as may be required), with
full power to assent to any condition, modification, variation
and/or amendment as may be required by the relevant authorities,
as they may consider expedient or necessary to give effect to
the transactions contemplated by the said Resolutions.
Resolution 5: Increase In Authorized Share Capital
5. To accommodate the future issue of new ordinary shares of
S$0.01 each in the share capital of the Company, the authorized
share capital of the Company be increased to S$200,000,000
divided into 20,000,000,000 ordinary shares of S$0.01 each, by
the creation of an additional 10,000,000,000 ordinary shares of
S$0.01 each and that in connection therewith, Clause 5 of the
Memorandum of Association of the Company be amended by deleting
the first sentence thereof and substituting therefore the
following sentence :
"The authorized share capital of the Company is S$200,000,000
divided into 20,000,000,000 ordinary shares of S$0.01 each."
By Order Of The Board
L&M Group Investments Limited
Attlee Hue Kuan Yew
Company Secretary
This announcement was posted on the Singapore Stock Exchange on
August 28, 2004.
SWAN SWEE: Enters Winding Up Proceedings
----------------------------------------
Notice is hereby given that a Petition for the winding up of
Swan Swee Enterprises Pte Ltd, by the High Court was on the 19th
day of August 2004 presented by Sinniah Karupaiah of 2B Hong San
Walk #09-06, Singapore 689048, a creditor.
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.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is at 2B Hong San Walk #09-06,
Singapore 689048.
The Petitioner's solicitors' are Messrs William Chai & Rama of
133 Cecil Street, #12-02 Keck Seng Tower, Singapore 069535.
Messrs William Chai & Rama
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to Messrs William Chai &
Rama of 133 Cecil Street, #12-02 Keck Seng Tower, Singapore
069535, a notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors 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.
This Singapore Government Gazette notice was posted on August
27, 2004.
WEE POH: To Announce FY2004 Financial Results September 15
----------------------------------------------------------
The Board of Directors of Wee Poh Holding Limited disclosed to
the Singapore Stock Exchange that an announcement on the Company
and the Group's full year financial statements for the year
ended 30 June 2004 will be made on or before 15 September 2004,
in any event as soon as practicable.
The Company has on 20 August 2004 written to the Singapore
Exchange Securities Trading Limited seeking a waiver from
compliance with Rule 705(i) of the Listing Manual and requesting
an extension of time to announce the Company and the Groups'
full year financial statements ended 30 June 2004. The reasons
given by the Company for such requests is that the Company's
resources have been tied up in the following matters:
(1) The project concerning the proposed acquisition of ChongQing
Runtime Industry Group Limited and its subsidiaries, all
incorporated in the People's Republic of China;
(2) The Company's wholly-owned subsidiary, Wee Poh Construction
Co. (Pte) Ltd's on-going Scheme of Arrangement with its
creditors;
(3) Outstanding confirmations required for substantiation of the
said financial statements with regard to corporate guarantees
given by the Company for its subsidiaries;
(4) Outstanding investigation as to the existence of certain of
the Company's subsidiaries' assets (plant & machinery) at East
Timor; and
(5) Continuing restructuring plans of the Company and the Group
to further strengthen, both financially and operationally its
corporate organization.
The Company had released its unaudited half year financial
results on 13 March 2004 and the Board of Directors of the
Company believe that the half year financial results will be a
indication of the full year's results. The Board of Directors of
the Company believe that there is no adverse event known at time
of delay of announcement and are not aware of any material event
or information that the Company has yet to announce.
By Order Of The Board
Chan Wang Kin
Managing Director
This announcement is dated August 28, 2004.
===============
T H A I L A N D
===============
NATURAL PARK: Unveils Resignation of Directors
----------------------------------------------
Thowthawal Subhavanich, Director of Natural Park Public Company
Limited, has informed the Stock Exchange of Thailand that Mr.
Tharagant Protpagorn and Mr. Suwan Thanombooncharoen have
tendered their resignation as directors of Natural Park,
effective August 27, 2004.
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
POWER-P: SET Suspends Trading of Securities
-------------------------------------------
Power-P Public Company Limited (PP) has submitted to the SET its
audited financial statements for the period ending 31 December
2003 with a Disclaimer of auditor's opinion on the financial
statements saying it can be considered that the numbers, which
represent the company's financial status and operating outcome
as presented in its financial statements, failed to adequately
and /or properly reflect the actual position of the Company.
Due to these discrepancies, the Securities and Exchange
Commission (SEC) considered to require the Company to amend its
financial statements on the issues raised by its auditor.
Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of PP effective from the first trading
session of 30 August 2004 to enable shareholders and general
investors to have sufficient time to scrutinize an auditor's
report on the review of its financial statements, including the
company's clarification as a whole. An NP (Notice Pending) sign
will also be posted effective from the first trading session of
31 August 2004 until the Company has the opportunity to submit
its amended financial statements or the SEC concludes that it
will not be necessary to amend its financial statements.
Nevertheless, the SET has still suspended trading its securities
until the causes of delisting are eliminated.
CONTACT:
POWER-P PUBLIC COMPANY LIMITED
LAOPENGNGUAN BLDG 1,
333 VIBHAVADI RANGSIT ROAD,
CHATU CHAK, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2
THAI DURABLE: Appoints New Audit Committee Member
-------------------------------------------------
In a disclosure to the Stock Exchange of Thailand, Thai Durable
Public Company Limited announces that the Board of directors'
meeting No. 6/2004 held on 27th August 2004, has resolved to
appoint Pol. Maj. Gen. Thavich Kanchanaporn, director of the
company, to be a member of the Audit Committee to replace Mr.
Chavalid Thonglim, who resigned as a member of the Audit
Committee effective 27 August, 2004.
For your acknowledgement
Yours Sincerely,
(Mrs. Phakarat Visudhimark)
Managing Director
CONTACT:
THAI DURABLE GROUP PCL
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821
THAI HEAT: Unveils Liquidation of Sanden Theco's Shares
-------------------------------------------------------
Thai Heat Exchange Public Company Limited submitted to the Stock
Exchange of Thailand the liquidation of Sanden Theco's Shares
Transaction.
The director's meeting of Thaiheat Reviral (1/2004) held on
August 27, 2004 resolved to liquidate Sanden Theco Co., Ltd.,
with the following details:
Seller: Thai Heat Exchange Public Company Limited
Buyer: Sanden Corporation
Relation: None
Assets: Sanden Theco Co.,Ltd's common shares
Transactions : Thai Heat Exchange Public Company Limited sales
Sanden Theco's shares to Sanden Corporation
Purpose: working capital
Type of Business: Manufacturing parts of car air conditioning
Book value as of December 31,2003: (60,848,868.50) Baht
Shareholders composed of:
Thai Heat Exchange Public Company Limited holds 19.00 percent
Sanden Corporation holds 33.12 percent
Sanden International (Singapore) Pte.,Lte. holds 47.88 percent
Capital:
Paid Up: THB80,000,000
Shares: 800,000 Shares
Par: THB100.00
No. of salling shares: 152,000 Shares
Selling price: THB100.00
Pricing: Agreement between buyer and seller
Value of transaction: 3.40 percent of total assets
Percentage of holding after liquidating: 0 percent
Mr.Surin Wanpensakul
Director
CONTACT:
THAI HEAT EXCHANGE PUBLIC COMPANY LIMITED
1364 RAMKHAMHAENG ROAD, SUAN LUANG Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Website: www.thaiheat.com
TONGKAH HARBOUR: Ratifies Loan Repayment, Change of Director
------------------------------------------------------------
Pursuant to the Board of Directors' Meeting No. 5/2004 held on
27 August 2004, Tongkah Harbour Public Limited (THL) hereby
informs the Stock Exchange of Thailand (SET), shareholders and
investors that its Board has resolved the following:
(1) Ratify the loan repayment on behalf of Tungkum Limited
amounting to THB50 million to SICCO for the construction of
infrastructure for the gold project at Loei and release the
mortgaged land on Ratchadapisek which belongs to Sky Cliff
Limited. This is to enable all parcels of land to be pledged as
collateral for the construction of Le Metro Condominium.
(2) Acknowledge the resignation of Mr. Anusorn Nuangpolmark as
Company Director, representing the Ministry of Finance effective
14 June 2004, and appoint Dr. Monthop Valayapetre as his
replacement.
Please be informed accordingly
Yours faithfully,
Mr. Chalermchai Martmuang
Secretary to Executive Board of Directors
CONTACT:
TONGKAH HARBOUR PUBLIC COMPANY LIMITED
MUANG THAI PHATRA OFFICE TOWER 1,
FLOOR 7, 252/11 RACHADAPISEK ROAD, HUAI KHWANG Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901
* BOND PRICING: For the Week 30 August to 3 September 2004
----------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group 10.000% 4/15/06 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
Amity Oil Ltd. 10.000% 10/31/13 2
APN News & Media Ltd 7.250% 10/31/08 5
Austrim National Radiation Ltd. 9.500% 10/31/04 50
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 8.250% 10/15/04 10
BIL Finance Ltd 8.750% 10/15/04 10
BIL Finance Ltd 8.750% 10/15/05 9
BIL Finance Ltd 9.000% 10/15/04 9
BIL Finance Ltd 9.250% 10/15/06 9
BIL Finance Ltd 10.000% 10/15/04 10
Capital Properties NZ Ltd 8.500% 4/15/05 8
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 9
Citigold Corp. 12.000% 3/29/07 1
Consolidated Minerals Ltd 11.250% 3/31/05 2
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Djerriwarrh Investments Ltd 7.500% 9/30/04 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd. 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 12
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure and Utility 8.500% 9/15/13 8
Minerals Corporation 11.500% 9/30 04 1
New South Wales Treasury Corporation 0.500% 2/16/10 75
NPT Capital Ltd 9.500% 11/30/04 9
Nuplex Industries Ltd 9.300% 9/15/07 8
Powerco Ltd 8.150% 9/1/07 8
Powerco Ltd 8.400% 5/22/07 9
Queensland Treasury Corporation 0.500% 5/19/10 75
Richmond Ltd 10.750% 12/15/04 10
Salomon Smith Barney Australia 4.250% 2/1/09 9
Sapphire Securities 7.410% 9/20/35 7
Sapphire Securities 9.160% 9/20/35 9
Sapphire Securities 9.250% 12/20/06 9
Sky Network Television Ltd 9.300% 10/29/49 8
Software of Excellence 7.000% 8/09/07 1
Strathfield Group 11.000% 12/31/05 1
Structural Systems Ltd 11.000% 6/30/07 1
Sydney Gas Company 12.000% 4/1/06 1
Tower Finance Ltd 8.650% 10/15/09 9
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 9
TrustPower Ltd 8.500% 9/15/12 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
CHINA
-----
China Government Bond 2.600% 9/20/17 74
China Government Bond 2.900% 5/24/32 62
China Government Bond 3.400% 4/17/23 75
KOREA
-----
Korea Electric Power Corporation 7.950% 4/1/96 62
MALAYSIA
--------
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Artwright Holdings Bhd 5.500% 3/05/07 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 3
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder Holdings Bhd 1.000% 2/25/08 1
Dataprep Holdings Bhd 4.000% 8/5/05 1
Dataprep Holdings Bhd 4.000% 8/6/07 1
Eden Enterprises (M) Bhd 2.500% 12/2/07 1
Fountain View Development Sdn Bhd 3.500% 11/3/06 5
Furqan Business Organization 2.000% 12/19/05 1
Gadang Holdings Bhd 2.000% 12/24/08 2
Grand Central Enterprises Bhd 5.000% 2/17/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
I-Bhd 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Killinghall Bhd 5.000% 4/13/09 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Emas Bhd 7.000% 11/15/04 1
Kumpulan Jetson 5.000% 11/28/12 1
LBS Bina Group Bhd 4.000% 12/31/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
Lebar Daun Bhd 2.000% 1/6/07 4
Lion Diversified Holdings Bhd 2.000% 6/1/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/5/12 1
Mithril Bhd 8.000% 4/5/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
MWE Holdings 5.500% 10/7/04 1
Naim Indah Corporation 0.500% 8/24/06 1
NAM Fatt Corporation Bhd 2.000% 6/24/11 1
Orlando Holdings Bhd 3.000% 3/16/05 1
OSK Holdings Bhd 3.500% 3/1/05 1
OSK Holdings Bhd 6.000% 3/1/05 1
Pantai Holdings 5.000% 3/28/07 1
Patimas Computer Bhd 6.000% 2/19/06 1
Poh Kong Holdings 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/20/16 1
POS Malaysia & Services Holdings Bhd 8.000% 11/26/04 1
Rashid Hussain Bhd 0.500% 12/23/12 1
Rashid Hussain Bhd 3.000% 12/23/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel Bhd 5.500% 7/31/08 2
Tanah Emas Corporation Bhd 2.000% 12/9/06 1
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
Wah Seong Corporation Bhd 3.000% 5/21/12 3
Yu Neh Huat Bhd 3.000% 9/2/08 1
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Rabobank Singapore 1.000% 1/15/13 73
Tampines Assets Ltd 5.625% 12/7/06 1
Tampines Assets Ltd 6.000% 12/7/06 1
Tincel Ltd 7.400% 6/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
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