/raid1/www/Hosts/bankrupt/TCRAP_Public/040917.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
Friday, September 17, 2004, Vol. 7, No. 185
Headlines
A U S T R A L I A
ACCESS BROKERAGE: BNZ Will Underwrite Client Losses
ADVANX TYRE: Final Meeting Slated for October 7
AMP GROUP: Moody's Upgrades Ratings, Deems Outlook Stable
BUILDING DEPOT: Owner Joins Tender
CONSTRUCTION CONSULTANCY: Final Meeting Slated for September 27
CROLIN PRIVATE: Final Meeting Slated for September 30
DONALD LAWTON: Issues Notice of Final Meeting
E.D. LAWTON: Sets September 24 as Final Meeting Date
ENERGY AUCTIONS: Sets September 27 as Date of Meeting
GANEDAN INVESTMENTS: Final Meeting Slated for September 27
GLENDENNING FREIGHTERS: To Declare Final Dividend on October 1
GMOOT PRIVATE: To Hold Final Meeting on September 30
JOHN A: Issues Notice of Final Meeting
LOWESTBID LIMITED: Final Meeting Slated for September 27
MITSUBISHI AUSTRALIA: Mulls Production Hiatus
RAWLINGS INVESTMENTS: To Hold Meeting on October 6
SANTOS LIMITED: Unit Signs Contract for John Brookes Gas Field
SANTOS LIMITED: Extends Dates of Resets Buyback
SYDNEY SLIPWAY: Final Meeting Slated for September 29
UTX FOODS: Sets September 24 as Date of Final Meeting
WEST MOUNT: Creditors Given Until October 7 to File Claims
C H I N A & H O N G K O N G
BONIFIELD LIMITED: Meeting of Creditors Set September 24
CENTURY MAIN: Appoints Liquidators
CHARTER SEA: Court Hears Winding Up Petition
CHINA CONSTRUCTION: Sells Stakes to State Companies
CHINA CONSTRUCTION: To Launch Joint Stock Firm
DORMINK INDUSTRIAL: Court Hears Winding Up Petition
HEALTH FROZEN: Creditors Meeting Slated for September 24
SEAPOWER RESOURCES: To Hold Creditors Meeting on September 24
SHEEN WEST: Annual Meeting Scheduled on September 22
* Bank Officials Executed for Fraud
I N D O N E S I A
ASTRA INTERNATIONAL: To Accelerate Debt Repayment
* Indonesia's Oil Industry Needs Overhaul
J A P A N
DAIEI INCORPORATED: Still Refuses To Seek IRCJ Aid
DAIEI INCORPORATED: IRCJ May Run Out of Time To Aid Revival
KEI ESU: Enters Bankruptcy
MATSUSHITA ELECTRIC: Introduces New Tilted-Drum Washers, Dryers
MITSUBISHI FUSO: Addresses Cause of Clutch Housing Defects
TOMOE SANGYO: Faces Insolvency
UFJ HOLDINGS: Shareholders Seek Legal Advice
K O R E A
DAEWOO HEAVY: Snags $51Mln in Orders During Exhibit
HYNIX SEMICONDUCTOR: To Allocate $1.57Bln for Facility Upgrade
SK NETWORKS: To Pick Top Bidder by October
SSANGYONG MOTOR: To Finalize Sale by October
* Bankruptcy Filings in Construction Sector Up 32%
M A L A Y S I A
ACTACORP HOLDINGS: Issues Restructuring Scheme Update
ANCOM BERHAD: Releases Shares Buy Back Notice
ANTAH HOLDINGS: Answers Bursa Malaysia Query
BUKIT KATIL: Faces Winding Up Petition
BUKIT KATIL: EGM Set For October 14
CYGAL BERHAD: Details Debt Restructuring Proposal
DISCCOMP BERHAD: Releases IPO Update
GOLDEN FRONTIER: Discloses Shares Buy Back Notice
INNOVEST BERHAD: SC Rejects Rescue Scheme Proposal
LION INDUSTRIES: Antara Steel Proposes RM500M Bond Issue
NAIM INDAH: Issues Additional 621,000 Shares
NALURI BERHAD: Releases Capital Restructuring Update
PANTAI HOLDINGS: Purchases 13,000 Ordinary Shares on Buy Back
P H I L I P P I N E S
COLLEGE ASSURANCE: Signs MOA With Local Investor
COLLEGE ASSURANCE: Selling Properties to Settle Maturing Debts
LMG CHEMICALS: Clarifies "Losing Php1M Daily on Shutdown" Report
NATIONAL POWER: Urged to Freeze Rate Hike
NATIONAL POWER: Debts Seen Swelling Further To US$15.918Bln
NATIONAL POWER: Cabinet Members Must Give Up Bonus, Says Senator
* ERC Penalizes Four Electric Utilities
S I N G A P O R E
CORE CONSTRUCTION: Posts Dividend Notice
EXPECT MUSIC: Court Issues Winding Up Notice
HIAP KIAN: Court Issues Winding Up Notice
NEPTUNE ORIENT: Temasek's 47% Stake Draws Attention
PRISO PRIVATE: Held EGM on September 7
PRISO PRIVATE: Creditors to Submit Claims by October 14
T H A I L A N D
ADVANCE PAINT: Posts ESM Resolutions
BANGKOK MASS: THB39Bln Debt Plan Gains Shareholders' Approval
DATAMAT: Informs SET on Resignation of Director
NATURAL PARK: Former Execs' Case Not Linked to Winning Bid
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ACCESS BROKERAGE: BNZ Will Underwrite Client Losses
---------------------------------------------------
The Bank of New Zealand (BNZ) affirmed Wednesday its plan to
underwrite a large portion of the losses investors incurred from
the collapse of Access Brokerage, Dow Jones says.
Sources said that the Bank of New Zealand, a unit of National
Australia Bank Limited, will pay out around NZ$4.3 million.
"We will be working with the liquidator to confirm the balances
of clients' accounts as at the date of the Access Brokerage
collapse," Bank of New Zealand Managing Director Peter Thodey
declared in a statement.
"The liquidators will be communicating directly with all clients
in this respect within the next week."
Mr. Thodey said Bank of New Zealand is underwriting the losses
because some Access clients believed they had trust funds in
their own name with BNZ.
"Our investigations over the last 10 days, and correspondence we
have received directly from Access clients, shows that this was
the impression Access clients were given by Access Brokerage,"
Mr. Thodey added.
On the other hand, the New Zealand Exchange Limited said
Wednesday it will extract NZ$460,000 from its fidelity guarantee
fund to help compensate Access Brokerage.
Last week, the New Zealand bourse halted trading of Access'
shares in the stock market, and referred the matter to the
Serious Fraud Office, the Securities Commission and the Minister
of Commerce.
ADVANX TYRE: Final Meeting Slated for October 7
-----------------------------------------------
Notice is given that a final meeting of members of Advanx Tyre &
Rubber Co. Pty Ltd (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street, Sydney, on 7 October 2004 at 10:00
a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.
Dated this 18th day of August 2004
M. C. Smith
Liquidator
McGrathNicol & Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 02 9338 2666
AMP GROUP: Moody's Upgrades Ratings, Deems Outlook Stable
---------------------------------------------------------
Moody's Investors Service on September 16 upgraded the ratings
of the AMP Group: senior debt guaranteed by AMP Group Holdings
to A3 from Baa1 and AMP Life Ltd's insurance financial strength
rating to Aa3 from A1, all with a stable outlook.
The following ratings were upgraded with a stable outlook:
AMP Group Holdings Ltd -- Senior debt A3 from Baa1
AMP Group Finance Services Ltd -- Senior debt A3 from Baa1;
Subordinated debt Baa1 from Baa2
AMP (UK) Finance Services plc -- Senior debt A3 from Baa1
AMP Life Ltd -- Insurance financial strength Aa3 from A1
These actions conclude the review for possible upgrade initiated
in June 2004, following AMP's announcement that it had
successfully repurchased A$747 million of its offshore bonds in
a reverse tender process, which reduced debt and gearing.
Moody's says the rating upgrades reflect this fall in gearing to
levels consistent with a single A rating -- as well as the good
progress in AMP's debt reduction program, which was completed
ahead of plan. Moody's has incorporated into its ratings its
expectation that AMP will keep leverage around the current
gearing ratio of 29%, even though excess capital is likely to be
returned to shareholders in 2005. The upgrades also reflect the
strong market position, financial fundamentals and future
business prospects of AMP Life, the group's main operating
entity.
The rating agency notes that the group had successfully
completed its demerger process by end-2003 and is now focused on
preserving its position as a leading Australian wealth
management company. Over the next reporting periods, it should
sustain the strong results posted for 1H2004 as well as its
positive retail cash inflows. Moody's believes AMP is well
positioned for further profitable growth in Australia.
As indicated, it had successfully completed its debt reduction
program. Debt has accordingly fallen to A$1.55 billion,
resulting in the 29% gearing ratio on June 30, 2004. This
situation has in turn significantly improved AMP's leverage
profile and debt-servicing ability, which had already risen due
to the demerger.
Furthermore, Moody's notes that AMP Life is maintaining its
leading market position with its well-capitalised and profitable
franchise. Its position has been enhanced by the end of the need
- as the group's main operating entity - to support its former
UK businesses, along with its strong level of asset/liability
management, lower cost base, and anticipation of ongoing growth
in its profitable, lower risk new businesses.
At the same time, these strengths are tempered by the more
competitive nature of Australia's wealth management industry and
the correlation between investment markets and
growth/profitability. However, Moody's believes AMP will
preserve its position, given its strong branding, diversified
distribution system, lower cost base and focused management.
Moody's adds that the stable outlook for the group's long-term
ratings reflects the expectation that AMP's market strength will
persist. It will also maintain profitable growth in wealth
management as well as its current group-level risk profile.
Factors that could prompt a rating upgrade include AMP's ability
to sustain rising positive cash inflows over the next two years
and the ongoing growth in profitability of its core financial
services business, such that a significant rise occurs in
operating margins over several consecutive reporting periods.
Factors that could prompt a rating downgrade include a
significant rise in gearing to 35-40%; meaningful reductions in
group capitalization or liquidity, and the emergence of
competitive pressures that result in declining and negative fund
inflows.
AMP Bank's ratings remain under review for possible upgrade and
their conclusion will be commented on in a separate press
release.
Sydney-based AMP Group had total assets of A$70.2 billion as at
end-2003.
CONTACT:
Amp Limited
Level 24, AMP Building,
33 Alfred Street,
Sydney, Nsw, Australia, 2000
Head Office Telephone: (02) 9257 5000
Head Office Fax: (02) 9257 7178
Website: http://www.amplimited.com/
BUILDING DEPOT: Owner Joins Tender
----------------------------------
The owner of Building Depot is participating in the bidding
process for the divestment of the failed firm, reports The New
Zealand Herald.
Mark Taylor, who owns 90 percent of the Building Depot, is
considering buying back the business, which he believes had a
viable future.
The Building Depot, which operates eight stores and has more
than 200 employees, was placed into receivership last week and
has been put up for sale as a going concern.
"I'd really like to carry on if there was some way we could
repurchase The Building Depot," Mr. Taylor iterated.
The receiver, Rod Pardington of Deloitte, declined to comment
but Taylor said the amount owed to creditors was probably in the
low millions.
CONSTRUCTION CONSULTANCY: Final Meeting Slated for September 27
---------------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Construction Consultancy Services And
Project Management Pty Limited (In Liquidation) will be held at
the offices of Knights Insolvency Administration, Level 27, The
Chifley Tower, 2 Chifley Square, Sydney on Monday 27 September
2004 at 9:30 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
Company has been disposed of, and to receive any explanation
required thereof.
(2) Any other business which may be lawfully considered with the
foregoing.
Dated this 13th day of August 2004
Bill Cotter
Joint and Several Liquidator
Knights Insolvency Administration
Level 27, The Chifley Tower, 2 Chifley Square,
Sydney NSW 2000
CROLIN PRIVATE: Final Meeting Slated for September 30
-----------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors Of Crolin Private Limited (In Liquidation) Will be
held at the office of Ferrier Hodgson, Chartered Accountants,
Level 1, 121-123 Crown Street, Wollongong, New South Wales on 30
September 2004 at 11:30 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;
(ii) To consider any other matter properly brought before the
meeting.
In accordance with Section 539(5) of the Corporations Act,
members and creditors are advised that the Liquidator's accounts
have been made up to 15 April 2004 and are available for
inspection at the regional office of the Australian Securities
and Investments Commission or at the Liquidator's office during
normal business hours (by appointment only).
Dated this 10th day of August 2004
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
DONALD LAWTON: Issues Notice of Final Meeting
---------------------------------------------
Notice is hereby given that the final meeting of the members of
Donald Lawton Investments Pty Limited (In Liquidation) will be
held at the offices of Jones Condon Chartered Accountants, Level
1, 34 Charles Street, Parramatta NSW, on 24 September 2004 at
11:00 a.m., for the purpose of laying before the meeting an
account showing how the winding up has been conducted and how
the property of the company has been disposed and giving any
explanation thereof.
Dated this 16th day of August 2004
SCHON G. CONDON RFD
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
E.D. LAWTON: Sets September 24 as Final Meeting Date
----------------------------------------------------
Notice is hereby given that the final meeting of the members of
E.D. Lawton & Sons Pty Limited (In Liquidation) will be held at
the offices of Jones Condon Chartered Accountants, Level 1, 34
Charles Street, Parramatta NSW, on 24 September 2004 at 11:00
a.m., for the purpose of laying before the meeting an account
showing how the winding up has been conducted and how the
property of the company has been disposed and giving any
explanation thereof.
Dated this 16th day of August 2004
Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
ENERGY AUCTIONS: Sets September 27 as Date of Meeting
-----------------------------------------------------
Notice is hereby given that the final meeting of
Members and Creditors of Energy Auctions Pty Limited (In
Liquidation) will be held at the office of Ferrier Hodgson,
Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, New South Wales on 27 September 2004 at 10:00 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;
(ii) To consider any other matter properly brought before the
meeting.
Dated this 16th day of August 2004
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
GANEDAN INVESTMENTS: Final Meeting Slated for September 27
----------------------------------------------------------
Notice is given that a final meeting of members of Ganedan
Investments Pty Limited (In Liquidation) will be held at the
offices of Stanley & Williamson, 1st Floor, 34 Burton Street,
Kirribilli on Monday 27 September 2004 at 10:00 a.m.
The purpose of the meeting is to receive the liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of and to receive any
explanation of the account.
Dated this 11th day of August 2004
Samuel H. K. Shun
Liquidator
c/- Stanley & Williamson
1st Floor, 34 Burton Street,
Kirribilli NSW 2061.
Telephone: (02) 9923 2666
GLENDENNING FREIGHTERS: To Declare Final Dividend on October 1
--------------------------------------------------------------
A First and Final Priority Employee Dividend is to be declared
on 1 October 2004 for Glendenning Freighters Pty Limited (In
Liquidation).
Creditors of the above class whose debts or claims have not
already been admitted are required on or before 17 September
2004 to formally prove their debts or claims. If they do not,
they will be excluded from the benefit of the dividend.
Dated this 16th day of August 2004
Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
GMOOT PRIVATE: To Hold Final Meeting on September 30
----------------------------------------------------
Notice is given that the final meeting of members and creditors
of Gmoot Private Limited (In Liquidation) will be held Star
Dean-Willcocks, Level 1 32 Martin Place, Sydney NSW, on Thursday
30 September 2004 at 10:00 a.m.
AGENDA
(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4.00 p.m. on Wednesday 29 September
2004.
Dated this 11th day of August 2004
Adam Shepard
Liquidator
Star Dean-Willcocks
Dean-Willcocks, Level 1 32 Martin Place,
Sydney NSW
JOHN A: Issues Notice of Final Meeting
--------------------------------------
Notice is given that the final meeting of the members of John A
Garrett Pty Limited (In Liquidation) will be held at the offices
of Deloitte Touche Tohmatsu Level 3, 225 George Street, Sydney
on the 27th September 2004 commencing at 10:00 a.m.
AGENDA:
To lay before the meeting an account showing how the winding up
has been conducted and the property of the company has been
disposed of and giving any explanation of the account.
Dated this 16th day of August 2004
I. J. Struthers
Liquidator
LOWESTBID LIMITED: Final Meeting Slated for September 27
--------------------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of Lowestbid Limited (In Liquidation) will be held at
the office of Ferrier Hodgson, Chartered Accountants, Level 1,
121-123 Crown Street, Wollongong, New South Wales on 27
September 2004 at 11:00 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;
(ii) To consider any other matter properly brought before the
meeting.
Dated this 16th day of August 2004
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
MITSUBISHI AUSTRALIA: Mulls Production Hiatus
---------------------------------------------
In a bid to bring its heavy stockpile under control, Mitsubishi
Australia is planning to shut down its assembly plant for the
last weeks of September, relates the Sydney Morning Herald.
Aside from the temporary halt in production operations, the
automaker will also introduce resale price guarantees for fleet
buyers ahead of a proposed launching of its cornerstone Magna
range.
Mitsubishi Australia has been struggling with a sluggish
business, with sales plummeting 25 percent to 36,997 vehicles in
the first eight months of 2004. The slump has stripped the
company AU$240 million.
However, Chief Executive Tom Phillips is optimistic that sales
will recover very soon.
CONTACT:
Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
Email: careers@mmal.com.au
Website: www.mitsubishi-motors.com.au
RAWLINGS INVESTMENTS: To Hold Meeting on October 6
--------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of the members of
Rawlings Investments Pty Limited (In Liquidation) (Members
Voluntary Winding Up) will be held at the offices of Simmons
Johnson & Co, Chartered Accountants, Suite 2501, 44 Market
Street, Sydney NSW 2000 on Wednesday, 6 October 2004 at 10:30
a.m.
AGENDA
(1) To receive the liquidator's account showing how the winding
up has been conducted and the property of the company has been
disposed of, and giving any explanation of the account.
(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the liquidator be empowered to destroy all
books and records of the company on completion of all duties.
(3) Any other business.
Dated this 16th day of August 2004
J. C. Simmons
Liquidator
Rawlings Investments Pty Limited (In Liquidation)
c/- Simmons Johnson & Co
Suite 2501, 44 Market Street, Sydney NSW 2000
SANTOS LIMITED: Unit Signs Contract for John Brookes Gas Field
--------------------------------------------------------------
In a company news release Thursday Santos Limited announced that
its wholly owned subsidiary, Santos (BOL) Pty Ltd (Santos), has
signed a second gas sales contract for the John Brookes gas
field.
Under the contract, Santos (45 percent) and Apache Northwest Pty
Ltd (55 percent and Operator) will supply EDL LNG (WA) Pty Ltd,
a subsidiary of Energy Developments Limited (EDL) with 58
petajoules (PJ) of gas over 20 years.
EDL will use the gas to supply four gas-fired power stations
under construction as part of their West Kimberley Power project
in the West Kimberly region of Western Australia.
EDL will convert the gas to liquefied natural gas (LNG) at a new
facility to be built at Karratha. The LNG will then be
transported by road tankers to fuel gas-fired power stations
located in Broome, Derby, Fitzroy Crossing and Halls Creek. The
electricity will then be sold under a recently executed power
purchase agreement with Western Power Corporation.
Under the contract, which will commence in the first half of
2006, the initial supply commitment is 6 terajoules per day
(TJ/d) and will then increase over the life of the contract to 9
TJ/d. Santos and Apache also have the opportunity to increase
daily contract quantities in the future subject to gas
availability and their consent.
Mr. John Ellice-Flint, Santos' Managing Director said, "This
contract will assist Santos to fully exploit the value of the
investment being undertaken to develop the John Brookes gas
field."
"EDL's West Kimberly Power project is an innovative project
supporting further development of the Kimberly region.
"The gas-fired power stations will replace the existing diesel
power stations and deliver cleaner power for these Kimberley
communities", said Mr. Ellice-Flint.
The contract is subject to the power purchase agreement becoming
unconditional, project financing being secured and the
satisfaction of all required approvals.
The John Brookes field is located in exploration permit WA 214-
P, in the Carnarvon Basin, offshore Western Australia.
The John Brookes field was discovered in 1998 with the drilling
of the John Brookes 1 exploration well and successfully
appraised by the Thomas Bright 1 and 2 wells during 2003.
Interests in the John Brookes Joint Venture are:
Apache Northwest Pty Ltd (operator) 55%
Santos (BOL) Pty Ltd 45%
CONTACT:
Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Website: http://www.santos.com.au
SANTOS LIMITED: Extends Dates of Resets Buyback
-----------------------------------------------
Santos Limited (Santos) announced in a company news release on
Wednesday that it has extended the following dates, in order to
give Santos Reset Convertible Preference Share (Reset) holders
more time to participate in the on-market buyback and to
consider their options under the Resets redemption and buyback.
Resets Redemption and Buyback New Date Previous Date
Last date for
lodging sell
& reinvest elections
(Option 2) 23 September 2004 16 September 2004
Closing date
of on-market
Buyback 24 September 2004 17 September 2004
All other dates remain unchanged. Investors should refer to the
"SUMMARY OF KEY DATES" page at the front of the FUELS Prospectus
and Resets Redemption and Buyback Information Booklet for a list
of other dates which are relevant to the offer.
Additional information
Invitations to invest in FUELS (Franked Unsecured Equity Listed
Securities) will be made in the prospectus which was lodged with
ASIC on 1 September 2004. Anyone wishing to acquire FUELS will
need to complete an application form which will accompany the
prospectus. Dates in relation to the FUELS offer and the
redemption and buyback of Resets may change without notice.
Reset holders and potential investors in FUELS should read the
prospectus and information booklet in full. If investors are in
any doubt as to how to deal with their Resets they should
contact their professional adviser immediately.
If you have any questions about your options please call the
Santos Information Line on 1300 733 636.
SYDNEY SLIPWAY: Final Meeting Slated for September 29
-----------------------------------------------------
Notice is given that a final meeting of members of Sydney
Slipway & Engineering Co Pty Ltd (In Voluntary Liquidation) will
be held at Level 9, 10 Shelley Street, Sydney, on 29 September
2004 at 10:00 a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and how
the property of the company has been disposed of, and to receive
any explanation of the account.
Dated this 11th day of August 2004
M. C. Smith
Liquidator
McGrathNicol & Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: (02) 9338 2666
UTX FOODS: Sets September 24 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of UTX Foods Corporations Pty Limited (In
Liquidation) will be held at the offices of Jones Condon
Chartered Accountants, Level 13, 189 Kent Street Sydney NSW
2000, on 24 September 2004 at 9:30 a.m., for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and how the property of the company has been
disposed and giving any explanation thereof.
Dated this 13th day of August 2004
Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222
WEST MOUNT: Creditors Given Until October 7 to File Claims
----------------------------------------------------------
A first and final dividend to creditors is to be declared on 24
October 2004 for West Mount Co-Operative Society Limited (In
Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 7 October 2004 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 24th day of August 2004
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
BONIFIELD LIMITED: Meeting of Creditors Set September 24
--------------------------------------------------------
Notice is hereby given that pursuant to section 241 of the Hong
Kong Companies Ordinance, a Reconvened Meeting of Creditors of
Bonifield Limited will be held at Meeting Room 1, 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on 24
September 2004 respectively at 9:15 a.m. for the purpose of
considering and if thought fit, approving the voluntary winding
up of the Companies and the appointment of Joint and Several
Liquidators of the Company, and considering further matters in
relation to the Companies Ordinance.
Creditors entitled to attend and vote at the meetings are
entitled to appoint another person as their proxy to attend and
vote in their place. A proxy need not be a creditor of the
Company.
Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 noon on
the day before the meeting or any adjourned meeting at which it
is to be held.
Cosimo Borrelli
Director
Bonifield Limited
This notice posted at Quamnet.com is dated September 16, 2004.
CENTURY MAIN: Appoints Liquidators
----------------------------------
Century Main Investments Limited of Flat A, 6/F., Pak Cheung
Building No. 2, Tak Shing Street, Kowloon, on July 30, 2004
appointed Mr. Stephen Liu Yiu Keung and Mr. Yeo Boon Ann, both
of Ernst & Young Transactions Limited, as Joint & Several
Provisional Liquidators.
The Provisional Liquidators' address is located at 17th Floor,
Hutchison House, Harcourt Road, Central, Hong Kong.
Dated this 10th day of September 2004
E T O'CONNELL
Official Receiver
CHARTER SEA: Court Hears Winding Up Petition
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Charter Sea Investment Limited by the High Court of Hong Kong
Special Administrative Region was, on the 27th day of August
2004, presented to the said Court by Bank of China (Hong Kong)
Limited (the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition will be heard before the Court at 10:00 a.m.
on the 6th day of October 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.
Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19/Fl., Hang Seng Building
77 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 5th day of
October 2004.
CHINA CONSTRUCTION: Sells Stakes to State Companies
---------------------------------------------------
In order to boost its finances ahead of an overseas share sale,
China's third biggest lender China Construction Bank (CCB) sold
three stakes to three Chinese state-owned companies for CNY8
billion or $964 million, Bloomberg relates.
China Yangtze Power Co., operator of the world's biggest
hydropower project has agreed to buy 1 percent CCB stake for
CNY2 billion, while Baosteel Group and State Group took a
combined stake of 1.5 percent for CNY3 billion.
The bank is currently under a state-mandated pilot reform
project aimed at reviving itself in preparation for listing in
either domestic or overseas market.
Construction Bank and Bank of China who both received bailout
from the government are preparing for their IPOs, although no
dates have been set.
The company handling the bailout funds, Central Hujin
Investments, owns 85.23 percent of CCB under the new structure,
while the lender itself holds 0.65 percent stake.
With China's entry into the World Trade Organization in December
2001, it has agreed to lift by 2006 its restrictions and allow
overseas bank to conduct retail business in yuan. At present,
foreign banks can only transact yuan through domestic banks.
Meanwhile, CCB has cut its bad loan ratio to 3.08 percent at the
end of June from 9.1 percent at the end of last year. Its bad
loan ratio is the lowest of China's big four state banks, which
is in line with the 2.94 percent average at 215 financial
institutions based in Hong Kong.
CCB stated late August that its bad loans at the end of July
accounted for 0.9 percent of its total consumer lending.
CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.com.cn
CHINA CONSTRUCTION: To Launch Joint Stock Firm
----------------------------------------------
China Construction Bank has announced its plan to set up a joint
stock company next week ahead of an initial public offering,
reports the China Daily.
Along with Bank of China, China Construction was chosen by the
central government as a pilot bank for the country's banking
reform.
The bank, which was granted a US$22.5 billion bailout by the
State last December, received government approval in June to
split into the China Construction Bank and the China
Construction Bank Corporation, a joint stock listing vehicle
three months later.
China Construction Bank Corporation will continue to operate the
bank's commercial banking business including its domestic and
foreign currency deposits, loans, banking cards and clearance.
Its business name, trademarks, Internet domain names and
services and call numbers will remain unchanged, as it will be
continually used.
The joint stock firm, with five founding shareholders has a
registered capital of 194.23 billion yuan (US$23.4 billion).
Central Hujin Investment Company is the firm's largest
shareholder with 85.228 percent stake, while China's top steel
maker Baosteel Iron and Steel Company Limited and State Grid
Corp have 1.545 percent stake each. Three Gorges Project
operator, Yangtze Power owns 1.030 percent stake. China
Construction Bank Investment Co Ltd, which is wholly owned by
the Central Huijin Investment Co., controls the remaining
stocks.
China Construction President Zhang Enzhai hopes that the firm
could establish a contemporary shareholding commercial bank that
is competitive in the global market.
In line with its goal to replenish its capital, China
Construction will issue more than CNY40 billion worth of
subordinated bonds, the second debt sale since the July CNY15
billion issue.
The second debt sale, which involves issuance of CNY8 billion in
a 10-year-bond with a reserved option to expand it to CNY10
billion, is slated on Friday.
DORMINK INDUSTRIAL: Court Hears Winding Up Petition
---------------------------------------------------
A petition for the Winding up of Dormink Industrial Limited by
the High Court of Hong Kong Special Administrative Region was,
on the 26th day of August 2004, presented to the said Court by
Bank of China (Hong Kong) Limited (the successor banking
corporation to Kincheng Banking Corporation pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose
registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 13th day of October 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.
Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's 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 12th day of
October 2004.
HEALTH FROZEN: Creditors Meeting Slated for September 24
--------------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a Reconvened Meeting of Creditors of
Health Frozen Foods Company Limited will be held at Meeting Room
1, 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong on 24 September 2004 respectively at 9:45 a.m. for the
purpose of considering and if thought fit, approving the
voluntary winding up of the Company and the appointment of Joint
and Several Liquidators of the Companies, and considering
further matters in relation to the Companies Ordinance.
Creditors entitled to attend and vote at the meetings are
entitled to appoint another person as their proxy to attend and
vote in their place. A proxy need not be a creditor of the
company.
Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 noon on
the day before the meeting or any adjourned meeting at which it
is to be held.
Cosimo Borrelli
Director
Health Frozen Foods Company Limited
This notice posted at Quamnet.com is dated September 16, 2004.
SEAPOWER RESOURCES: To Hold Creditors Meeting on September 24
-------------------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a Reconvened Meeting of Creditors of
Seapower Resources Freight Forwarding Limited will be held at
Meeting Room 1, 5/F, Allied Kajima Building, 138 Gloucester
Road, Wanchai, Hong Kong on 24 September 2004 respectively at
10:15 a.m. for the purpose of considering and if thought fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Companies,
and considering further matters in relation to the Companies
Ordinance.
Creditors entitled to attend and vote at the meetings are
entitled to appoint another person as their proxy to attend and
vote in their place. A proxy need not be a creditor of the
company.
Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 noon on
the day before the meeting or any adjourned meeting at which it
is to be held.
Cosimo Borrelli
Director
Seapower Resources Freight Forwarding Limited
This notice posted at Quamnet.com is dated September 16, 2004.
SHEEN WEST: Annual Meeting Scheduled on September 22
----------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, the Annual Meeting of the Members of Sheen
West Limited, a company under creditors' voluntary winding up,
will be held at 17/F., Chun Wo Commercial Centre, 23 Wing Wo
Street, Central, Hong Kong on the 22nd of September, 2004 at
9:30 a.m.
This will be followed at 10:00 a.m. by the Annual Meeting of the
Creditors for the purpose of receiving an account of the
Liquidators' acts and dealings and of the conduct of the
winding-up of the Company during the preceding year.
A creditor or member entitled to attend and vote at any of the
above meetings may appoint a proxy to attend and vote instead of
him. Proxies for meetings must be lodged at 17th Floor, Chun Wo
Commercial Centre, 23 Wing Wo Street, Central, Hong Kong not
later than 4:00 p.m. on the day before the meetings.
Kenny King Ching Tam
Joint and Several Liquidator
This notice posted at Quamnet.com is dated September 11, 2004.
* Bank Officials Executed for Fraud
-----------------------------------
China Construction Bank (CCB) and Bank of China (COB) employees
were executed for fraud that resulted to a $15 million loss,
reported the Xinhua News Agency.
CCB and BOC, the nation's second and third largest lenders are
gearing up for overseas share sales that could raise a combined
$10 billion. The banks received a total of $45 billion in
government bailout last December to aid in re-capitalization and
bad loans reduction before the initial public offers.
Wang Liming, a former accounting officer at China Construction
Bank in the central province of Henan, stole $2.4 million
utilizing fake papers. He, along with accomplice Miao Ping, was
executed. Wang Xiang, another CCB employee, also stole money
from the firm. As a result of the two cases Construction Bank
lost CNY40 million or $4.8 million.
Meanwhile Liang Shihan, an official at the Bank of China's
branch in Zhuhai, was also executed after he faked letters of
credit causing the bank to lose $10.3 million.
Earlier, top executives of banks were arrested for charges of
corruption, including former chief executive of Bank of China's
Hong Kong operations Liu Jinbao, who was arrested last February.
While Wang Liming, former chief executive of Construction Bank
was sentenced to twelve years imprisonment.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: To Accelerate Debt Repayment
-------------------------------------------------
PT Astra International is planning to settle its debts ahead of
schedule by refinancing its US$122 million loan and bond
obligations by the end of this month, reports The Jakarta Post.
Astra Finance Director John Slack said the Company will use
internal funds for repayment in order to reduce its bond debt to
US$125 million, which will mature in June 30, 2006. The
automotive firm hopes to refinance the balance before the year
ends.
Under the terms of Astra's loan agreement, the Company has
agreed to refinance its debts before they mature.
CONTACT:
P.T. Astra International Terbuka
No 8 Jl Gaya Motor Raya Sunter II
Jakarta 14330
Indonesia
Phone: +62 21 652 2555
Fax: +62 21 651 2058/59
Web site: http://www.astra.co.id/
* Indonesia's Oil Industry Needs Overhaul
-----------------------------------------
Despite anti-corruption efforts by the new PT Pertamina chief
and recent oil field discoveries, analysts still believe
Indonesia's energy problems will not improve unless the
government amends policy, reports Agence France Presse.
Over the past five years, Indonesia has been suffering shortage
of oil production, falling from 1.5 million barrels per day
(bpd) to a estimated average of less than one million bpd.
Lack of funds and inefficient crude refining facilities have
forced the state to import oil, putting a heavy burden on the
budget and an "odd light" on its Organization of Petroleum
Exporting Countries (OPEC) membership.
According to experts, Indonesia needs to revamp its aging oil
fields and focus on anti-graft measures to attract foreign
investors.
=========
J A P A N
=========
DAIEI INCORPORATED: Still Refuses To Seek IRCJ Aid
--------------------------------------------------
The Daiei Incorporated reiterated its decision to exclude the
Industrial Revitalization Corporation of Japan (IRCJ) in its
restructuring, Dow Jones relates.
Intent on reviving its ailing business under its own
rehabilitation scheme, the debt-laden retailer is considering
options to seek the support of potential reform sponsors and is
currently carrying out evaluations of its assets with outside
investors.
Daiei made the statement following reports by the Asahi Shimbun
and Mainichi Shimbun newspaper that the IRCJ is set to conduct a
preliminary assessment of Daiei's assets.
Daiei has rejected the request of its main lenders UFJ Bank,
Mizuho Corporate Bank and Sumitomo Mitsui Banking to seek IRCJ's
support for fear of losing management control and possible
downsizing of operations.
In order to break the lull in their restructuring talks, Daiei's
creditor banks suggested conducting separate asset evaluations
on the retailer by the banks and other potential reform
sponsors.
According to Daiei, its talks with the banks don't mean the
company will ask for IRCJ's help.
CONTACT:
The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Website: www.daiei.co.jp
DAIEI INCORPORATED: IRCJ May Run Out of Time To Aid Revival
-----------------------------------------------------------
A plan by creditors of Daiei Incorporated to send the embattled
retailer to the state bailout agency Industrial Revitalization
Corporation of Japan (IRCJ) may fail because of insufficient
time to appraise the firm's assets, Bloomberg reports.
``There is a time limit,'' said Atsushi Saito, Chief Executive
Officer of the Industrial Revitalization Corp. of Japan, in an
interview, declining to provide a date. ``If a company and its
main banks can't agree in time, then we'll say, `Sorry, it's too
late.'''
According to the current law that states its mandate, the IRCJ
has until March 31, 2005 to decide on any bad loan purchases
from the banks. It will take around six months to complete a
restructuring bid, including two or three months to examine the
target company.
Daiei's main creditors UFJ Bank, Sumitomo Mitsui Financial Group
Incorporated and Mizuho Financial Group Incorporated had hoped
to convince Daiei's executives to accept IRCJ support by the end
of August in order to give the IRCJ enough time to develop a
plan.
KEI ESU: Enters Bankruptcy
--------------------------
According to Teikoku Databank America, integrated kitchen system
trader K.K. Kei Esu has entered bankruptcy. The firm, based in
Suginami-ku, Tokyo 168-0082, has total liabilities of US$100
million.
For more information, visit http://www.teikoku.com/.
MATSUSHITA ELECTRIC: Introduces New Tilted-Drum Washers, Dryers
---------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand products, on September 15 added three new models
to its tilted-drum washer/dryer lineup. The new models feature
the industry's first foam and spray washing cycle, delivering
greater washing efficiencies in power and water consumption. The
three models are the NA-V81 and NA-V61 washer-dryers and the NA-
S81 washing machine. They will be introduced to the Japanese
market from November 21.
The new machines incorporate an innovative washing system, which
concentrates tiny bubbles of detergent, making them 12 times
more effective. The clothes soak in the concentrated detergent
foam and are then sprayed with water. The baffle in the drum
recycles and sprays the detergent water over the clothes,
maximizing the washing and rinsing efficiency and cutting water
usage to the industry's lowest level.
Another innovation is the water level switching button, the
industry's first with a drum-type washer. This feature allows
the user to set a required water level rather than relying on
preset levels. At the low water level setting, 25 liters, or
three bucketfuls of water, will wash a light load.
The NA-V81 has a roomy drum, 10% larger than the earlier model.
The new baffle and improved drying system complete the wash and
dry cycle in 190 minutes, the shortest time in the industry.
The NA-V81 and NA-V61 are equipped with a revolutionary air
filter, the Super Alleru-Buster, developed by the company. This
filter captures and neutralizes air-borne particles like pollens
collected from drying outdoors. The machines have Matsushita's
proprietary PTC (positive temperature coefficient) heater that
allows fine temperature control and provides faster and
efficient drying of all types of fabrics from heavy duty to
delicates.
Matsushita introduced the industry's first washer and dryer with
a tilted-drum in November 2003. These new models incorporate an
advanced Universal Design concept providing ease of use
especially for elderly people and disabled users. The dryer has
an internal LED that turns on while the door is open and a
larger front control panel for ease of use. Two separate filters
for drainage and dryer installed in the front make cleaning
easy.
Mr. Kazunori Takami, director of the corporate marketing
division for home appliances, said, "We project Japan's overall
demand for washing machines to be 4.3 million units for fiscal
2004, up 100% from last year while we anticipate the demand for
the washer-dryers to be one million, up 156% from last year.
This accounts for 25% of the total demand for fully automatic
washers. Matsushita started shipping the tilted-drum laundry
series to China and other Asian markets this month. We expect
the washer-dryer market will continue to grow in the future and
Matsushita will continue to lead the way."
CONTACT:
Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501, Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Web site: http://matsushita.co.jp
MITSUBISHI FUSO: Addresses Cause of Clutch Housing Defects
----------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation is now undertaking
measures to address the cause of cracks that develop in the
clutch housing of its large trucks, Kyodo News says.
According to the scandal-hit truck maker, the clutch housing
cracks resulted from excessive vibrations caused by a defective
part connected to the propeller shaft, which transmits an
engine's power to the driving wheels.
On May 26, Mitsubishi Fuso submitted a recall report to the
transport ministry involving 168,002 large vehicles to fix
faulty clutch housings.
Since then, the company has been replacing faulty clutch
housings with new ones as a temporary solution. It vowed to
prioritize the replacement work in trucks whose clutch housings
were found cracked during the inspections conducted since May.
Mitsubishi Fuso hopes to complete the work by the end of
November.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
TOMOE SANGYO: Faces Insolvency
------------------------------
Teikoku Databank America reported that Tomoe Sangyo K.K. has
entered bankruptcy with total liabilities of US$112.50 million.
The firm, engaged in Japanese foods restaurant management, is
Toyonaka-Shi, Osaka 561-0824.
For more information, visit http://www.teikoku.com/.
UFJ HOLDINGS: Shareholders Seek Legal Advice
--------------------------------------------
Several UFJ Holdings Incorporated investors are consulting
advisers over the possibility of a legal action against the
ailing firm following the latter's decision to accept a JPY700
billion (US$6.36 billion) capital injection from Mitsubishi
Tokyo Financial Group (MTFG), reports the Financial Times.
Embattled UFJ has received resistance from some of its
shareholders in its proposed merger with MTFG.
Earlier, UFJ has inked a basic merger agreement to merge with
MTFG next year to create the world's largest bank in terms of
assets. It has, likewise, received an unsolicited offer from
rival Sumitomo Mitsui Financial Group (SMFG).
On Friday last week, UFJ announced it accepted a JPY700 billion
capital infusion from MTFG, which involves MTFG's acquisition of
non-voting preference shares from UFJ Bank that can be converted
into voting shares.
The conversion may materialize if a party other than MTFG
acquires more than a 20 percent stake in UFJ Holdings in a
takeover bid or if UFJ shareholders approve a merger proposal by
a party other than MTFG.
Once the preference shares are converted, MTFG will have 33.4
percent of the voting rights in UFJ Bank.
"The legal issue that may arise is whether UFJ Holdings, as the
sole shareholder, is negligent if it allows such a new share
issue by UFJ Bank. Angry shareholders of UFJ Holdings may argue
that the issue of such shares is preferential to MTFG and
requires a special resolution," one lawyer said.
MTFG dismissed the allegation, saying the decision to acquire
preference shares in UFJ Bank and not UFJ Holdings that were not
convertible into ordinary shares avoided any dilution of UFJ
Holdings' shares.
Meanwhile, some investors are worried that if the MTFG-UFJ
merger failed after being rejected by UFJ's shareholders, UFJ
could buy back the preference shares issues to MTFG for a 30
percent premium, equivalent to US$2 billion.
"This may be arguably too high and unreasonable, given the
deterrent effect it may have," one lawyer said.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp
=========
K O R E A
=========
DAEWOO HEAVY: Snags $51Mln in Orders During Exhibit
---------------------------------------------------
Daewoo Heavy Industries won orders worth $51 million from an
international trade exhibition in Chicago, reports The Korea
Herald.
During the 25th International Manufacturing Technology Show
2004, the company featured its 18 latest products, which include
the high-speed, precision machining center. The exhibit
attracted orders from foreign buyers present during the event.
The result adds to the company's strong overseas performance.
Sales in North America, the largest export market for the
company's machinery business, jumped 134 percent year-on-year to
$48 million during the first eight months this year, according
to industry sources.
Fifteen percent of Daewoo Heavy's revenue is attributed to its
machinery division, the second largest contributor after the
construction equipment business. The company also makes armored
vehicles and other equipment for Korea's military.
According to Daewoo officials, machinery exports are expected to
rise 46 percent this year from $320 million a year earlier.
Daewoo Heavy is up for sale and the government plans to pick a
preferred bidder by next month.
HYNIX SEMICONDUCTOR: To Allocate $1.57Bln for Facility Upgrade
--------------------------------------------------------------
Hynix Semiconductor Inc. will pour in $1.57 billion to double
its investments this year in order to upgrade its chip
production facilities, Reuters reports.
The memory chipmaker wants to narrow the gap with Samsung
Electronics Co. Ltd. by investing on next generation technology
that can improve profit margins.
"We plan to spend about 1.8 trillion won in capital investment
this year, compared with 700 billion last year," said a
spokesman for Hynix.
The investment plan followed Hynix's announcement it will close
the deal on its specialized chip division sale by mid-October
with Citigroup Incorporated fund. The sale will let Hynix
infuse cash into its core memory business and a joint venture
with French firm STMicroelectronics in China.
Following the announcement regarding new investments, Hynix
shares were up 5.07 percent at KRW11,400 at 0523 GMT.
CONTACT:
HSI(Hynix Semiconductor Inc.)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
SK NETWORKS: To Pick Top Bidder by October
------------------------------------------
SK Networks Co. Limited, the trading arm of SK Group, plans to
pick the top bidder for the sale of SK Life Insurance Co.'s
stake in October, reports Reuters. SK Group targets to complete
the sale by the end of this year.
The stake sale is part of SK Networks' efforts to sell stakes in
affiliates as part of a creditor-led restructuring plan
following a huge accounting scandal last year. SK Life has over
KRW4 trillion (US$3.49 billion) in assets.
A domestic media report in July said HSBC Holdings Plc. (HSBA.L)
and top U.S. life insurance MetLife Inc. (MET.N) were among
three investors picked as preferred bidders to acquire SK Life,
but lead manager Hana Bank declined to confirm the report.
CONTACT:
SK Networks Co. Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Telephone: 82-2-2221-2114
Fax: 82-2-754-9414
Email: webmaster@sknetworks.co.kr
SSANGYONG MOTOR: To Finalize Sale by October
--------------------------------------------
According to the head of Ssangyong Motor Co.'s leading creditor
bank, the sale of the company will be finalized by the end of
October, Asia Pulse reports, citing Yonhap News.
The preferred bidder is China's Shanghai Automotive Industry
Corp. (SAIC). SAIC is a specialist in sports utility vehicle.
Due diligence for the bid has been completed earlier this month.
Choi Dong-soo, president of Chohung Bank, said the creditors
will send a draft contract to SAIC Tuesday.
Ssangyong Motor has been up for sale since its bailout by
creditors following the country's 1997-98 foreign exchange
crisis.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
+82 31 610 3739
Web site: http://www.smotor.com/en
* Bankruptcy Filings in Construction Sector Up 32%
--------------------------------------------------
Severe contraction in business of the construction sector
resulted to many bankruptcies in local builders, Asia Pulse
reported, citing Yonhap News.
According to the Construction Association of Korea, about 107
builders filed for bankruptcy in January to August period, up 32
percent from a year ago. Total number of builders decreased to
12,978 by the end of August, down by 18 from the end of last
year.
The number of new entrants to the industry also decreased to 573
during the eight-month period, down 48.2 per cent from a year
earlier.
Some 591 builders also went out of business by either canceling
their registration or failing to renew it.
"The downturn comes with the local construction market almost
saturated after a boom in the construction business," an
official at the association said.
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Issues Restructuring Scheme Update
-----------------------------------------------------
Actacorp Holdings Berhad (AHB) submitted written explanations to
Bursa Malaysia Securities Berhad on September 15 2004, to
justify why the Company's securities should not be removed from
the Official List of Bursa Securities for the time being until a
final decision from the Securities Commission (SC) in relation
to the Proposed Restructuring Scheme has been received.
As mentioned in our earlier announcements, the Company is now
awaiting the reply from the SC in respect of the appeal against
the SC's decision not to approve the Proposed Restructuring
Scheme of AHB.
This announcement is dated 15 September 2004.
c.c. Securities Commission
Attn: Encik Kris Azman Abdullah
CONTACT:
Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
Telephone: +60 3 9284 7133
ANCOM BERHAD: Releases Shares Buy Back Notice
---------------------------------------------
Ancom Berhad announced the details of its shares buy back on
September 15, 2004.
Date of buy back: 15/09/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 12,300
Minimum price paid for each share purchased (RM): 0.785
Maximum price paid for each share purchased (RM): 0.790
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 12,300
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,777,700
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
ANTAH HOLDINGS: Answers Bursa Malaysia Query
--------------------------------------------
Antah Holdings Berhad responded to the query letter by the Bursa
Malaysia Securities Berhad dated September 14 2004 in relation
to a news article appearing in The Edge on 13 September 2004
(Article) in particular the following statements:
(1) " there are parties keen on taking up a 30% block in the
company that has been pledged to a bank."
(2) " JTL Group, an independent financial adviser representing
several bumiputera businessmen, approached Alliance Bank in July
with an offer price of RM30 million or 30 sen per share for the
block of 101 million shares."
(3) "If JTL is successful in its bid ... it intends to sell
stakes in Kaseh to private investors to raise funds for repaying
bank loans and ultimately improving the net assets of the Antah
group."
(4) "But the present shareholders of Antah also have a plan to
revive Antah by listing some of its assets such as the highway
and turning it into an infrastructure company."
(5) "Antah will retain an interest of at least 60% in the
company ... "
(6) "The exercise will involve the sale to the public of about
150 million new shares."
(7) "Antah itself will undertake a private placement ... "
In relation to statements (1) to (3), the Board of Directors of
Antah wishes to inform that the Board is not aware of the
information contained in these statements and as such the Board
is not in the position to confirm or deny the validity of these
statements.
In relation to statements (4) to (7), the Board wishes to
clarify that Antah is constantly looking at various avenues to
unlock the value of its assets. One of the largest assets in
Antah's balance sheet as at 30 June 2004 is Kaseh Lebuhraya Sdn
Bhd (Kaseh), the highway concessionaire of the Lebuhraya Kajang-
Seremban. As such, Antah may ultimately be seen as an
infrastructure company after its Proposed Restructuring. As part
of Kaseh's fund raising exercise plan for its highway
development, Kaseh intends to raise approximately RM100million
to RM150million internally. One of the funding options is via an
infrastructure project company listing of new securities to be
listed on Bursa Securities. Antah intends to maintain it as a
subsidiary should any dilution or placement exercise be
undertaken. The Board wishes to clarify that the fund raising
options have yet to be finalized and Antah will make the
appropriate announcement in accordance with the Bursa Securities
Listing Requirements once it has been finalized.
The Board also wishes to take this opportunity to clarify the
following statements in the Article:
(1) "While Antah still remains a diversified group after the
proposals, its core activity will be in the area `of
infrastructure and property development with its net tangible
assets per share raised substantially from the current 61 sen to
RM1.20."
The Board wishes to inform that the Company has not made any
statements on the effects of its overall restructuring scheme on
the net tangible assets (NTA) of the Company. The terms of the
overall restructuring scheme of Antah has not been finalized and
as such the effects of NTA cannot be determined at this
juncture.
(2) "We have the consent of 99% of the creditors."
The Board wishes to clarify that the above statement is
inaccurately reported.
Bursa Malaysia's Query Letter content:
We refer to the above article appearing in The Edge, pages 8 and
65 on Monday, 13 September 2004, a copy of which is enclosed for
your reference. In particular, we would like to draw your
attention to the underlined sentences, which are reproduced as
follows:
(1) " There are parties keen on taking up a 30% block in the
company that has been pledged to a bank."
(2) " JTL Group, an independent financial adviser representing
several Bumiputera businessmen, approached Alliance Bank in July
with an offer price of RM30 million or 30 sen per share for the
block of 101 million shares."
(3) "If JTL is successful in its bid ... it intends to sell
stakes in Kaseh to private investors to raise funds for repaying
bank loans and ultimately improving the net assets of the Antah
group."
(4) "But the present shareholders of Antah also have a plan to
revive Antah by listing some of its assets such as the highway
and turning it into an infrastructure company."
(5) "Antah will retain an interest of at least 60% in the
company ... "
(6) "The exercise will involve the sale to the public of about
150 million new shares."
(7) "Antah itself will undertake a private placement ... "
In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.
Yours faithfully
LISA LAM
Sector Head
Issues & Listing
Group Regulations
LL/CY
c.c. Securities Commission (via fax)
CONTACT:
Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940
BUKIT KATIL: Faces Winding Up Petition
--------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKATIL)
announced that the High Court has on 8 September 2004 allowed
OCBC Bank (Malaysia) Berhad's application for the winding-up.
The winding-up shall only be effective once the High Court
approves the draft copy of the Order to be filed by the
Plaintiff's solicitors.
The Company however has already filed a Notice of Appeal to the
Court of Appeal against the decision of the High Court.
In the meantime, the Company is pursuing to fully settle this
matter amicably with OCBC Bank (Malaysia) Berhad.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara, Damansara Heights, Kuala
Lumpur 50490 MALAYSIA
Telephone: +60 3 2095 7077
Telephone: +60 3 2094 9940
BUKIT KATIL: EGM Set For October 14
-----------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Bukit Katil Resources Berhad will be held at Seasons
View, Level 1, Grand Seasons Hotel, Kuala Lumpur on 14 October,
2004 at 9:30 a.m. for the purpose of considering and if thought
fit, passing of the following as Ordinary Resolutions, special
notice having been given pursuant to Section 153 and 128(2) of
the Companies Act, 1965:
Copies of the aforesaid Notices, shall be made available at
http://bankrupt.com/misc/tcrap_bukit091604.pdf
CYGAL BERHAD: Details Debt Restructuring Proposal
-------------------------------------------------
Cygal Berhad is seeking the approval of the Securities
Commission for a further extension of time to 30 September 2005
to implement the following proposals:
1. Proposed Share Exchange;
2. Proposed Debt Restructuring Comprising:
(i) Proposed Financial Institutions Scheme;
(ii) Proposed Non Financial Institutions Scheme; And
(iii) Proposed Part Settlement Of Amount Owing To An Offshore
3. Financial Institution;
4. Proposed Additional Issue To Commerce International Merchant
Bankers Berhad (Cimb);
5. Proposed Rights Issue Of Shares Together With Warrants;
6. Proposed Acquisition Of Property Development Companies; And
7. Proposed Delisting Of Cygal And The Listing Of A New
Investment Holding Company, Active Accord Sdn Bhd.
CONTACT:
Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Tel: 03-7983 9099
Fax: 03-7981 7629
This announcement is dated 15 September 2004.
DISCCOMP BERHAD: Releases IPO Update
------------------------------------
The Board of Directors of Disccomp Berhad sought an extension of
time for a further seven (7) months up to 30 April 2005
(Deadline) from Bursa Malaysia Securities Berhad to implement
the utilization of proceeds raised from the Company's initial
public offering of RM3,800,000 (IPO Proceeds) (Proposed
Extension).
As announced earlier on 9 April 2004, Bursa Securities, vide its
letter dated 8 April 2004, had approved the proposed revision in
the utilization of IPO Proceeds subject to Disccomp obtaining
the prior approval of its shareholders for the same by way of
ordinary resolution at a general meeting to be convened and the
extension of time until 30 September 2004 to implement the
utilization of IPO Proceeds (Approval Letter).
On 12 April 2004, Bursa Securities was notified of the revision
in the utilization of the IPO Proceeds which would be redirected
towards part payment of an out-of-court settlement agreement
entered into between Disccomp with AMI Insurans Berhad on 9
April 2004 (Settlement Agreement) amounting to RM6,100,000
(Settlement Sum). In the 24th Annual General Meeting of Disccomp
held on 29 June 2004, the shareholders of Disccomp had approved
the ordinary resolution pertaining to the proposed revision in
the utilization of the IPO Proceeds for part payment of the
Settlement Sum (Shareholders' Approval).
In view of the Deadline, Disccomp proposes to seek an extension
of time for a further seven (7) months up to 30 April 2005 to
utilize the IPO Proceeds (Proposed Extension).
RATIONALE FOR THE PROPOSED EXTENSION
Pursuant to the Settlement Agreement, Disccomp will pay the
Settlement Sum to AMI Insurans Berhad in the following manner:
(a) A sum of RM1,830,000 on or before 9 April 2004; and
(b) The balance sum of RM4,270,000 to be paid in twelve (12)
equal monthly installments of RM355,833.33 on or before 9 May
2004 and each subsequent months until full payment of the
Settlement Sum.
As at 10 September 2004, the status of payment of the Settlement
Sum pursuant to the terms of the Settlement Agreement is set out
in Table 1. The status of the utilization of the IPO Proceeds as
at 10 September 2004 is set out in Table 2
http://bankrupt.com/misc/tcrap_disccomp091604.doc.
Based on Table 2, Disccomp intends to use the remaining IPO
Proceeds amounting to RM241,667 to replace the internally
generated funds which had been used as part payment of the
Settlement Sum. The remaining balance is immaterial and the
usage falls within the spirit of Disccomp's application for
utilization of proceeds dated 12 March 2004, which had been
approved by Bursa Securities on 8 April 2004. The extension of
time is merely required to accommodate the monthly installments
as provided in the Settlement Agreement.
EFFECTS OF THE PROPOSED EXTENSION
The Proposed Extension is not expected to have a material impact
on the share capital, substantial shareholders' shareholdings,
net tangible assets and earnings of the Company.
STATEMENT BY DIRECTORS
The Directors of Disccomp, having considered all aspects of the
Proposed Extension, are of the opinion that the Proposed
Extension is in the best interest of Disccomp and its
shareholders.
SUBMISSION TO THE REGULATORY AUTHORITIES
RHB Sakura Merchant Bankers Berhad, on behalf of Disccomp, had
on today, submitted the application in relation to the Proposed
Extension to Bursa Securities for their consideration and
approval.
CONTACT:
Disccomp Berhad
Wisma Lim Kim Chuan
Lot 50A, Seksyen 92A, 3 1/2 Miles
Off Jalan Sungei Besi
57100 Kuala Lumpur
Wilayah Persekutuan
Telephone: 03-79833333
Telefax: 03-79803333/36666
Email: chh@chuanhuat.com.my
GOLDEN FRONTIER: Discloses Shares Buy Back Notice
-------------------------------------------------
Golden Frontier Berhad disclosed to Bursa Malaysia Securities
Berhad the details of its shares buy back on September 15, 2004.
Date of buy back: 15/09/2004
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 4,000
Minimum price paid for each share purchased (RM): 0.700
Maximum price paid for each share purchased (RM): 0.700
Total consideration paid (RM): 2,820.92
Number of shares purchased retained in treasury (units): 4,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,066,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890
INNOVEST BERHAD: SC Rejects Rescue Scheme Proposal
--------------------------------------------------
The Board of Directors of Innovest Berhad announced that
Securities Commission (SC), via its letter dated 7 September
2004 (which the Company received on 14 September 2004), rejected
the Company's second appeal to the SC against the SC's decision
on 27 April 2004 to reject the Company's application for an
exemption from the requirements of Paragraphs 6.13(a)(iv) and
6.14(a) of the SC's Policies and Guidelines on Issue/Offer of
Securities in respect of its Proposed Rescue Scheme (Rejection).
However, the Board of Innovest wishes to highlight that the
Rejection does not have any impact on the new proposed rescue
scheme of the Company, which was announced on 2 September 2004.
This is due to the fact that the Company had on 1 September 2004
terminated the original proposed rescue scheme of the Company to
which the Rejection was referred to.
In the meantime, the Company is awaiting the decision of Bursa
Malaysia Securities Berhad on the Company's application for
extension of time to submit its new proposed rescue scheme to
the relevant authorities.
CONTACT:
Innovest Holdings Berhad
Suite 9B.2, Level 9B
Wisma E & C
No. 2 Lorong Dungun Kiri
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-2533373
Fax: 03-2543733
This announcement is dated 15 September 2004.
LION INDUSTRIES: Antara Steel Proposes RM500M Bond Issue
--------------------------------------------------------
Lion Industries Berhad announced issuance of RM500 million Bai'
Bithama Ajil Isalmic Debt Securities by Antara Steel Mills Sdn
Bhd, a wholly-owned subsidiary of Amsteel Mills Sdn Bhd (AMSB),
which in turn is a 99% owned subsidiary of Lion Industries
Corporation Berhad (LICB) (Proposed Bond Issue).
DETAILS OF THE PROPOSED BOND ISSUE
The Proposed Bond Issue will be arranged and underwritten by
AmMerchant Bank Berhad and will enable Antara to tap into the
domestic debt market at lower interest rates. The Proposed Bond
Issue will have tenure of 6 years from the date of issue.
The LICB Group will undertake an internal restructuring
involving the internal transfer of the Labuan hot briquetted
iron operations from AMSB to Antara for a consideration of RM300
million to be satisfied by a cash payment of RM270 million and
the issuance of 30 million redeemable preference shares of
RM0.01 each (RPS) at a premium of RM0.99 per RPS (Proposed
Internal Transfer of HBI Operations).
The Proposed Bond Issue will enable Antara to have a cash inflow
of RM500 million of which RM270 million will be utilised for the
Proposed Internal Transfer of HBI Operations. Antara will retain
the balance RM230 million for capital expenditure and working
capital requirements for the Johor and Labuan plants and issue
expenses.
Pursuant to the Proposed Internal Transfer of HBI Operations,
AMSB will have cash inflow of RM270 million of which RM150
million will be utilized to prepay AMSB's lenders. AMSB will
retain the balance RM120 million for its capital expenditure and
working capital requirements.
The Proposed Internal Transfer of HBI Operations, which is
subject to the consent of AMSB's lenders, will be implemented by
way of a scheme of arrangement pursuant to section 176 of the
Companies Act, 1965.
RATIONALE FOR THE PROPOSED BOND ISSUE
The Proposed Bond Issue will enable the LICB Group to raise
funds amounting to RM500 million which will be utilized for the
prepayment of AMSB lenders and the capital expenditure and
working capital requirements of Antara's Johor and Labuan plants
and AMSB's Klang plant. The capital expenditure will ultimately
increase productivity and enhance profitability.
FINANCIAL EFFECTS
i) Share Capital
There will be no effect on the issued and paid-up capital of
LICB as the Proposed Bond Issue does not involve the issuance of
new LICB shares.
ii) Earnings
The Proposed Bond Issue is not expected to have a material
impact on the earnings of the LICB Group for the financial year
ending 30 June 2005.
iii) Net Tangible Assets (NTA)
On a proforma basis, the Proposed Bond Issue is not expected to
have any impact on the NTA of the LICB Group based on the
audited consolidated balance sheet as at 30 June 2004.
CONDITIONS OF THE PROPOSED BOND ISSUE
The Proposed Bond Issue is conditional upon:
i) The approval of the Securities Commission for the Proposed
Bond Issue;
ii) The approval of the Ministry of International Trade and
Industry and such consents as may be required from the local
authorities for the Proposed Internal Transfer of HBI
Operations;
iii) The approval of AMSB lenders in a scheme of arrangement
pursuant to Section 176 of the Companies Act, 1965; and
iv) Any other relevant authorities.
DIRECTORS' RECOMMENDATION
The Directors of LICB having taken into consideration all
aspects of the Proposed Bond Issue, are of the opinion that the
Proposed Bond Issue is fair and reasonable and is in the best
interest of LICB and its shareholders.
TIME FRAME
Barring any unforseen circumstances, the Proposed Bond Issue is
expected to be completed by December 2004.
NAIM INDAH: Issues Additional 621,000 Shares
--------------------------------------------
Naim Indah Corporation Berhad's additional 621,000 new ordinary
shares of RM0.20 each arising from the conversion of RM621,000
nominal value of irredeemable convertible unsecured loan stocks
into 621,000 new ordinary shares will be granted listing and
quotation with effect from 9 a.m., Friday, 17 September 2004.
CONTACT:
Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411
NALURI BERHAD: Releases Capital Restructuring Update
----------------------------------------------------
Naluri Berhad issued an update on its capital restructuring
proposal as follows:
(I) Proposed capital restructuring comprising a proposed capital
repayment, proposed share premium account utilization and
proposed share premium set-off (Proposed Naluri Capital
Restructuring Scheme)
(ii) Proposed subscription of new ordinary shares of rm1.00 each
in Sriwani Holdings Berhad (SHB) and certain new irredeemable
convertible preference shares known as ICPS-A (Proposed SHB
Subscription)
(iii) Proposed acquisition of certain ordinary shares of rm1.00
each in SHB (SHB Shares) and certain irredeemable convertible
preference shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB and Malaysia
Airports (Sepang) Sdn Bhd (Proposed SHB Securities Acquisition)
(iv) Proposed acquisition of certain properties from certain
subsidiaries of SHB (Proposed SHB Property Acquisition)
(v) Proposed acquisition by Naluri of 100 percent equity
interest in United Industries Sdn Bhd (UISB), 100 percent
effective equity interest in United Vehicle Industries Sdn Bhd
(UVISB), 92.772 percent effective equity interest in United
Filter Sdn Bhd (UFSB) and 70% equity interest in United Sanoh
Industries Sdn Bhd (USISB) (Proposed UI Group Acquisition)
The Company has mutually agreed to an extension of time to 31
October 2004 for the fulfillment of all conditions precedent to
the following agreements:
1. A sales and purchase agreement dated 12 December 2003 between
Naluri and Malaysia Airports (Sepang) Sdn Bhd in relation to
Naluri acquiring 7,808,742 units of Sriwani Holdings Berhad
(SHB) ICPS-C;
2. A sales and purchase agreement dated 12 December 2003 between
Naluri and SHB Trade Creditors in relation to Naluri acquiring
821,037 units of SHB ICPS-C; and
3. Share sale agreements dated 12 December 2003 between Naluri
and the UI Vendors in relation to the Proposed UI Group Majority
Acquisition;
4. Share sale agreements dated 18 December 2003 between Naluri
and the Minority Vendors in relation to the Proposed UI Group
Minority Acquisition; and
5. UI Group Trust Shares SSAs dated 18 December 2003 between
Naluri and the Trust Vendors in relation to the Proposed UI
Group Acquisition.
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Tel: +60 3 2162 0878
Tel: +60 3 2162 0676
This announcement is dated 15 September 2004.
PANTAI HOLDINGS: Purchases 13,000 Ordinary Shares on Buy Back
-------------------------------------------------------------
Pantai Holdings Berhad announced the details of its shares buy
back on September 15, 2004.
Date of buy back: 15/09/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 13,000
Minimum price paid for each share purchased (RM): 0.855
Maximum price paid for each share purchased (RM): 0.865
Total consideration paid (RM): 11,243.93
Number of shares purchased retained in treasury (units) : 13,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,303,700
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Tel: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: Signs MOA With Local Investor
------------------------------------------------
College Assurance Plan Philippines (CAP) has signed a memorandum
of agreement with an unnamed local property developer that would
be infusing some Php6 billion to its trust fund to address its
Php17.1 billion shortfall, ABS-CBN News reports.
The Securities and Exchange Commission (SEC) has already
suspended CAP's dealer's license since the firm was found to
have sold Php64.27 million worth of additional plans, which
exceeded the Php5 billion worth of registered securities.
However, CAP First Vice-President Bobby Cafe said the suspension
of the dealer's license is only temporary until the SEC approves
a new application. Mr. Cafe noted the SEC has already imposed a
fine on CAP for the sale of unregistered pre-need plans, but
assured these plans would be included in the registration of the
Php1 billion worth of new plans.
CAP reported a net loss of Php1.68 billion for the first half of
the year, versus a net loss of Php330 million during the same
period last year. This was attributed to the increase in trust
fund contributions and amortization of the increase in the
actuarial reserve liabilities.
The SEC earlier gave CAP until September 30 to bring in new
investors and address its financial problems.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560
COLLEGE ASSURANCE: Selling Properties to Settle Maturing Debts
--------------------------------------------------------------
College Assurance Plan Philippines (CAP) plans to sell some
3,000 hectares of real-estate property to schools as payment for
obligations maturing in the next three to five years, the Manila
Times reported on Thursday, citing CAP First Vice President
Bobby Cafe.
Mr. Cafe said there are already three educational institutions
that have expressed interest in the swap arrangement, in
addition to an IT school and a foreign university.
At a briefing, Cafe also explained that the company had not
intended to exceed a Php5 billion limit on educational plan
sales earlier set by the Securities and Exchange Commission. He
said the violation was a result of "miscommunication" among CAP
dealers all over the country.
He added the Php64 million excess in sales is due mostly to
regional dealers who were unaware that CAP had already reached
its limit.
LMG CHEMICALS: Clarifies "Losing Php1M Daily on Shutdown" Report
----------------------------------------------------------------
This is in reference to the news article "LMG to lose PhP1M
daily during plant shutdown" published in the September 15, 2004
issue of the Business World (Internet Edition).
The article reported, "Listed LMG Chemicals Corp. said it will
lose at least Php1 million daily as a result of the temporary
closure of its plant in Pasig City.
The plant will remain indefinitely closed until a multipartite
monitoring team tasked to study the case deemed it safe to allow
the resumption of its operations. In an interview, LMG Chairman
and Chief Executive Antonio M. Garcia said the firm's 400 to 500
employees would be retrenched if the Pasig City government makes
good its threat that it will no longer allow the plant to
operate.
LMG Chemicals Corporation (LMG), in its letter to the Exchange
dated September 15, 2004, stated that:
1. On the information contained in the September 15, 2004 issue
of the Business World (internet Edition):
a. The interim financial statements of LMG Chemicals Corporation
Pasig Operations for the month of August 2004 show the following
figures:
1. Gross Sales - P 20.36 million
2. Net Income Before Tax - P 5.57 million
b. Based on the Chemphil Group's Manpower Report Summary as of
August 31, 2004, the Group has a total personnel complement of
379, of which a total of 80 are LMG employees based in Pasig.
Further, the Company disclosed that:
2. On your request that you be advised of the results of the
technical conference with the Environmental Management Bureau
(EMB), we wish to state that the basis for the allegation that
LMG was the source of the incident is still inconclusive pending
the result of the final findings of the Multipartite Monitoring
Committee. Nonetheless, whatever the results of these
investigations - and independent of these findings - LMG is
committed to continue the Health, Safety, & Environmental (HSE)
programs that it has been implementing these last number of
years. LMG will closely coordinate with all concerned government
agencies to address all issues raised in the hope that the CDOs
issued by the EMB and the City Government of Pasig will
hopefully be lifted in due course."
For your information.
(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group
NATIONAL POWER: Urged to Freeze Rate Hike
-----------------------------------------
A Party-list group, lead by Akbayan Representative Loreta
Rosales, is requesting the National Power Corporation (Napocor)
to hold the implementation of the increase on its rates while
the Lower House prepares to conduct a probe on the power firm's
burgeoning debt load, the Freeman reports.
The group believes that a big chunk of Napocor's losses is due
to its questionable contracts with the Independent Power
Producers (IPPs) and the ordering of the national government to
cap the firm's purchased power adjustment at Php0.40 per kWh in
May 2002.
Ms. Rosales said that the resignation of Napocor President Roger
Murga would also affect their inquiry because he should be among
the persons who would explain the losses of the power utility
since 1992.
Napocor incurred a net loss of Php113.23 billion last year and
expects to report a higher loss this year. The firm's officials
said that the only way for the state-run corporation to recover
from its losses is to increase its rates.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Debts Seen Swelling Further To US$15.918Bln
-----------------------------------------------------------
Borrowings of National Power Corporation (Napocor) is expected
to reach US$15.918 billion within the next three years from the
current US$10.77 billion level, the Manila Bulletin reports.
Data submitted by the state-owned power firm to the Senate
committee on energy revealed that by 2010, its borrowings are
expected to jack up even higher to US$23.092 billion if further
delays in the disposal of its assets would be encountered.
The magnitude of outstanding liabilities would reach such
heights, the NPC document noted, "assuming that there is no
tariff increase, no privatization of Transco (National
Transmission Corporation); no sale of NPC assets and no debt
absorption."
NATIONAL POWER: Cabinet Members Must Give Up Bonus, Says Senator
----------------------------------------------------------------
Philippine Senator Panfilo Lascon on Wednesday asked eight
Cabinet secretaries sitting as board members of the National
Power Corporation (Napocor) to give up their privileges in a bid
to reduce the power utility's losses, according to the
Philippine Daily Inquirer.
The eight who automatically got seats in Napocor's board were
the secretaries of the finance, energy, budget, local
government, environment, agriculture, trade, and the National
Economic Development Authority.
"And these Cabinet members get monthly perks said to be in
millions in pesos," he said.
"The losses in Napocor are so big and yet they are enjoying so
many privileges like the use of at least four Napocor-owned
helicopters and airplanes," Lacson told reporters.
* ERC Penalizes Four Electric Utilities
---------------------------------------
The Energy Regulatory Commission (ERC) has fined four electric
distribution utilities (DUs) for breach of various regulatory
laws. "The Commission assures the electricity providers and the
public of its commitment to enforce regulatory laws, rules and
guidelines", ERC Chairman Rodolfo B. Albano, Jr. said.
Ibaan Electric Engineering Corporation (IEEC) in Ibaan,
Batangas, was fined by the ERC for failure to provide adequate
safeguard and comply with the safety standards as required by
its Certificate of Public Convenience and Necessity (CPCN) and
ERB Resolution No. 95-21, which could have averted an accident
during a typhoon in 2003. Mactan Electric Company (MECO) in Cebu
and Bauan Electric and Light System (BELS), owned by the local
government of Bauan, Batangas, were both penalized for the late
submission of required annual reports.
Such reports serve as statistical basis for ERC in formulating
regulatory policies. On the other hand, Manila Electric Company
(MERALCO) was likewise charged for failure to obtain Commission
approval requisite to the disposal of properties. A total of
PhP263,750.00 is expected to be paid by the four (4) DUs to the
national treasury via the Commission.
The Commission's Investigation and Enforcement Division of its
Regulatory Operations Service continuously monitor compliance
with pertinent laws, orders, rules and regulations promulgated
by the ERC. Non-compliance is meted out with penalty in the
amount prescribed corresponding to the violation and in some
instances, revocation of the distribution utility's Certificate
of Public Convenience and Necessity (CPCN), or both.
Awaiting final resolution of cases for various regulatory
infractions are fifteen (15) other DUs and if found guilty,
would translate to nearly PhP2 Million into public funds. Such
penalties are borne by the DUs and are not passed on to the
consumer.
CONTACT:
Energy Regulatory Commission
Pacific Center Building, San Miguel Avenue
Ortigas Center 1600, Pasig City,
Metro Manila, Philippines
Tel: (632) 631-5816;
Fax: (632) 631-5818;
Email: info@erc.gov.ph
This ERC announcement is dated 15 September 2004.
=================
S I N G A P O R E
=================
CORE CONSTRUCTION: Posts Dividend Notice
----------------------------------------
Core Construction Pte Ltd, a company in Liquidation, posted its
dividend notice at the Singapore Government Gazette on September
15, 2004.
Address of registered address: 190 Middle Road #16-01, Singapore
188979.
Amount per centum:
100 percent of all admitted preferential claims
6.46 percent of all admitted ordinary claims
First and final or otherwise: First and final - preferential
First and final: ordinary
When payable: 30th September 2004
Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.
Dated this 15th day of September 2004.
Chee Yoh Chuang
Lim Lee Meng
Liquidators
EXPECT MUSIC: Court Issues Winding Up Notice
--------------------------------------------
In the Matter of Expect Music Pte Ltd., a winding up notice was
made last September 10, 2004.
Name and address of Liquidator: Mr Don Ho
Don Ho & Associates
20 Cecil Street #12-02 & 03
Singapore 049705
Dated this 15th day of September 2004.
Tan & Tan Partnership
Solicitors for the Petitioner
Note:
(a) All creditors of the above named company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.
(b) All debts due to the above named company should be forwarded
to the liquidator.
HIAP KIAN: Court Issues Winding Up Notice
-----------------------------------------
In the Matter of Hiap Kian Hoe Construction Co Pte Ltd.
Winding Up Order was made on the 3rd of September 2004.
Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
Dated this 6th day of September 2004
Tan & Tan Partnership
Solicitors for the Petitioner
Note:
(a) All creditors of the above named company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.
(b) All debts due to the above named company should be forwarded
to the liquidator.
This Singapore Government Gazette Notice is dated September13,
2004.
NEPTUNE ORIENT: Temasek's 47% Stake Draws Attention
---------------------------------------------------
Neptune Orient drew interest from inventors as Temasek Holdings'
takeover offer expired on September 15, pushing the Straits
Times Index (STI) to nearly a four-year high, reports The
Straits Times.
Temasek has increased its stake in NOL to 46.81 percent
following its acquisition of 37.8 million shares and receiving
acceptances for another 79.2 million shares from minority
shareholders.
The recent purchase and acceptances bring Temasek within 3.19
percentage points of getting at least 50 percent of NOL to make
its bid unconditional.
CONTACT:
Neptune Orient Lines Limited
456 Alexandra Rd., NOL Bldg.
119962 Singapore
Phone: +65-6278-9000
Fax: +65-6278-4900
Web site: http://www.nol.com.sg
PRISO PRIVATE: Held EGM on September 7
--------------------------------------
At an Extraordinary General Meeting of Priso Private Limited was
duly convened and held at 201 Keppel Road, Singapore 099419 on 7
September 2004. The resolutions set out below were duly passed:
Special Resolutions: Resolved
(a) That the Company be wound up voluntarily pursuant to Section
290 of the Companies Act, Cap. 50, and that Messrs Steven Tan
Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil Street, #15-00
Cecil Court, Singapore 069538, be and are hereby appointed as
Joint Liquidators for the purpose of such winding-up.
(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests.
(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by Section 272 of
the Singapore Companies Act, Cap. 50.
Ordinary Resolution: Resolved
That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up of the
Company on their normal scale of fees and that the Liquidators,
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation thereto.
Dorothy Ho
Company Secretary
This Singapore Government Gazette Notice is dated September 13,
2004.
PRISO PRIVATE: Creditors to Submit Claims by October 14
-------------------------------------------------------
Notice is hereby given that the Creditors of Priso Private
Limited, which is being wound up voluntarily, are required on or
before 14 October 2004 to send in their names and addresses and
the particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to the undersigned, the
Joint Liquidators of the said Company.
If so required by notice in writing from the said Joint
Liquidators, they are to come in personally or by their
solicitors and prove their said debts or claims at such time and
place as shall be specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Steven Tan Chee Chuan and Douglas Tan Kay Yeow
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538
This Singapore Government Gazette Notice is dated September 14,
20043.
===============
T H A I L A N D
===============
ADVANCE PAINT: Posts ESM Resolutions
------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited,
notified the Stock Exchange of Thailand (SET) on the resolutions
of the Extraordinary Shareholders' Meeting No.1/2004 held on
Wednesday September 15th, 2004.
The following are the resolutions of the meeting:
(1) Adoption of the Minutes of Ordinary General Meeting of
Shareholders No.1/2004;
(2) Approve the decrease of the registered capital by reducing
the par value of the shares and transfer of reserve in order to
compensate both of discount on common shares and accumulated
loss of the Company;
(2.1) Approve the transfer of Legal reserve of THB1,371,209 to
compensate the accumulated loss of the Company.
(2.2) Approve the decrease of the registered capital from
THB4,189,800,250 to THB418,980,250, by reducing the par value of
the shares from THB10 per share to THB1 per share, which have
been decreased its paid-up capital from THB2,224,531,750 to
THB222,453,175 in order to compensate the discount on common
shares of amount THB1,970,758,350 and the accumulated loss of
the Company of amount THB31,320,225.
(3) Approve the change of the par value of the shares from THB10
per share to THB1 per share as referred to in Agenda 2.2.
(4) Approve the amendment to Article 4 of the Company's
Memorandum of Association in order to be consistent with the
capital decrease as referred to in Agenda 2.2 and the change of
the par value as referred to in Agenda 3.
Please be informed accordingly
Yours Sincerely,
(Mr.Pricha Punnakitikashem)
Chairman
CONTACT:
Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871
BANGKOK MASS: THB39Bln Debt Plan Gains Shareholders' Approval
-------------------------------------------------------------
Bangkok Mass Transit System (BTSC) shareholders approved
Wednesday the terms of a THB39-billion debt-restructuring plan,
which is expected to be signed by creditors by the end of the
year, says the Bangkok Post.
The debt-restructuring plan is to be submitted to the Corporate
Debt Restructuring Advisory Committee of the Bank of Thailand
for approval, a company spokeswoman said.
Under the debt-restructuring plan, a THB12 billion in debt is to
be converted into convertible debentures and THB14 billion more
is to be converted into equity. Another THB8 billion will be
forgiven and the remainder repaid over an 18-year period.
The holdings of existing major shareholders like Tanayong, the
International Finance Corp, Siam Commercial Bank, Italian-Thai
Development Plc, B.Grimm and Credit Suisse First Boston will be
diluted to 42 percent from 58 percent, as a result of the debt-
restructuring plan.
Secured creditors will hold 28.8 percent under the new
shareholding structure, while unsecured creditors and debenture
holders will own 28.1 percent.
CONTACT:
The Bangkok Mass Transit System PCL
1000 Phahonyothin Road
Lad Yao, Chatuchak
Bangkok 10900
Telephone: 0 2617 7300
Fax: 0 2617 7133, 0 2617 7135
BTS Hotline: 0 2617 7141-2
BTS Tourist Information Center: 0 2617 7340
DATAMAT: Informs SET on Resignation of Director
-----------------------------------------------
Kusol Sangkananta, Director and Secretary to the Board of
Datamat Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Company received a resignation letter
from Mr. Weerakorn Ongsakul, Director, to resign from his
position in the Company, effective September 16, 2004.
CONTACT:
Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Website: www.datamat.co.th
NATURAL PARK: Former Execs' Case Not Linked to Winning Bid
----------------------------------------------------------
The Treasury Department did not find any proof to link the case
of the former executives of Natural Park Public Company Limited
(N-Park) to its recent winning bid to buy a prime riverfront
property from the department, reports The Nation.
With no evidence found, Natural Park's option to buy the plot of
land on Charoen Krung Road is unlikely to be jeopardized by the
criminal investigation into current and former directors over a
1999 transaction, Deputy Finance Minister Varathep Ratanakorn
said Wednesday. "The accusation is aimed at individuals, not
the company," Mr. Varathep said.
Natural Park won earlier a preliminary round of bidding with its
THB120-million offer, beating out TCC Land, which proposed
THB100 million and Great Heritage Limited, with a THB50 million
proposal.
The company plans to develop the plot, which has many buildings
more than a 100 years old into a five-star hotel with 75 rooms.
The law requires any developer who plans to construct a hotel
with more than 80 rooms to conduct an environmental impact
assessment.
In a Security and Exchange Commission Thailand (SEC) filing,
dated August 23, 2004, the SEC disclosed that it filed a
criminal complaint with the Department of Special Investigation
(DSI) to pursue its investigation against (1) Mr. Thosapong
Jaruthavee - the Director of Natural Park PLC (N-Park), who was
the former Managing Director responsible for the operation of N-
PARK, on the charge of misappropriating the assets or the
rightful benefits of N-Park to Mrs. Sawang Mankongcharoen, and
(2) Mrs. Sawang Mankongcharoen on the charge of aiding and
abetting.
With the THB1.5-billion guarantee from the Siam Commercial Bank
to support the project still in the hands of Natural Park, the
Treasury Department asked the company about its readiness to
proceed with the plan to acquire the state-owned landmark
property overlooking the Chao Pya River, Natural Park Managing
Director Sermsin Samalapa said.
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
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ -------
CHINA & HONG KONG
-----------------
Hainan DadongH-B 200613 (-5.15) 18.72
Hainan Dadong-A 000613 (-5.15) 18.72
Guangdong Sunrise-B 200030 (-177.22) 45.09
Guangdong Sunrise-A 000030 (-177.22) 45.09
Shenzhen China Bicycles-B
Co., Ltd. 200017 (-203.9) 52.16
Shenzhen China Bicycles-A
Co., Ltd. 000017 (-203.9) 52.16
Shenzhen Great Ocean 200057 (-10.87) 11.27
Shenzhen Petrochemical
Industry Group 200013 (-290.79) 25.62
Shenzhen Petrochemical
Industry Group 000013 (-290.79) 25.62
INDONESIA
---------
Barito Pacific Timber Tbk Pt BRPT (-50.67) 393.92
PT Smart Tbk SMAR (-30.07) 430.99
JAPAN
-----
Fujitsu Comp Ltd 6719 (-46.88) 316.07
Prime Systems 4830 (-100.79) 130.2
MALAYSIA
--------
CSM Corporation Bhd CSM (-8.40) 41.55
Faber Group Bhd FAB (-7.16) 504.98
Kemayan Corp Bhd KOP (-353.12) 84.89
Panglobal Bhd PGL (-41.07) 187.79
Sri Hartamas Bhd SHB (-138.37) 24.48
YCS Corporation Bhd YCS 28.34 160.27
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-400.56) 115.91
SINGAPORE
---------
Pacific Century Regional
Developments Ltd PAC (-176.29) 1050.46
THAILAND
--------
Asia Hotel PCL ASIA (-26.62) 96.21
Asia Hotel PCL ASIA/F (-26.62) 96.21
Bangkok Rubber PCL BRC (-41.29) 80.14
Bangkok Rubber PCL BRC/F (-41.29) 80.14
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Datamat PCL DTM 2.27 17.21
Datamat PCL DTM 2.27 17.21
Jutha Maritime JUTHA (-0.78) 29.03
Jutha Maritime JUTHA/F (-0.78) 29.03
National Fertilizer PCL NFC (-91.34) 293.84
National Fertilizer PCL NFC/F (-91.34) 293.84
PT Lippo Securities LPPS (-2.23) 17.6
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.84) 13.32
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.84) 13.32
Thai Wah Public
Company Limited-F TWC (-47.17) 166.46
Thai Wah Public
Company Limited-F TWC/F (-47.17) 166.46
Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25
Tuntex (Thailand) PCL TUNTEX/F (-50.94) 398.25
*********
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.
This material is copyrighted and any commercial use, resale or
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