/raid1/www/Hosts/bankrupt/TCRAP_Public/041001.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, October 1, 2004, Vol. 7, No. 195
Headlines
A U S T R A L I A
A.C.N. 098: To Hold General Meeting on October 8
AUSTRALIAN GAS: Launches New Site at Gosnells
CARAVAN WORLD: Members' Final Meeting Set October 10
CENTRE CYCLES: To Hold Final Meeting on October 12
JAMES HARDIE: Trust to File Suit Under Mafia Law
JD MOLONEY: Posts Notice of Creditors Meeting
JOHN DOLIN: Holds Final Meeting Today
LOWANDALE PTY: Final Meeting Set Today
PJ POOLE: Final Meeting Slated for October 20
PLINTBERG PTY: Sets Final Meeting on October 20
PRACOM LIMITED: Provides Update on Recapitalization
QANTAS AIRWAYS: Jetstar Asia Aloft by Year's End
QANTAS AIRWAYS: Temasek Owns 3% Stake
RAINBOW HORIZON: Sets October 7 as Date of Final Meeting
RYMON PTY: Schedules Final Meeting on October 7
SANTOS LIMITED: FUELS Issue Oversubscribed; Raises $600Mln
SCW 654: Members' Final Meeting Slated for October 8
SCW 706: Sets Final Meeting of Members on October 8
SCW 802: Sets October 8 as Date of Members' Final Meeting
SCW 809: Final Meeting of Members Slated for October 8
SITELANE PTY: Sets October 12 as Date of Final Meeting
SONS OF GWALIA: Inks Deal for Gold Projects Sale
TWIN VALLEY: Issues Notice of Final Meeting
C H I N A & H O N G K O N G
CHOICE COMPANY: Creditors Meeting Set October 20
COSMO VISION: Sets First Meetings on October 6
COUNTRY STAR: Winding Up Hearing Scheduled on October 20
CHUN LAI: Court to Hear Winding Up Petition
EVER BILLION: To Hold Creditors Meeting on October 19
FOREFRONT INTERNATIONAL: Creditors Meeting Set October 7
KONICA MANUFACTURING: Creditors to Prove Claims by October 25
LASIN INVESTMENTS: Court Hears Winding Up Petition
I N D O N E S I A
ASIA PULP: Indonesian Court Invalidates Another Series of Bonds
BUKAKA TEKNIK: Spared from JSX Delisting
J A P A N
HATOYAMA KANKOU: Enters Bankruptcy
HIGASHINIHON TEKKO: Facing Insolvency
MITSUBISHI FUSO: Truck's Clutch Housing Cracks Despite Checkup
MITSUBISHI MOTORS: Shareholders OK Move for Capital Infusion
MITSUBISHI MOTORS: Nears FY04 Global Sales Target
MITSUBISHI MOTORS: Ex-Execs Plead Innocent in Fatality Case
RESONA HOLDINGS: Units Aid Kondo Sangyo Revitalization
RESONA HOLDINGS: Unit Waives JPY8.1-Bln Debt of Kinoshita
SOJITZ HOLDINGS: Allots Preferred Stock to Third Parties
SOJITZ HOLDINGS: JCR Continues Ratings on Credit Monitor
UFJ HOLDINGS: Acquires Shares in Sojitz
K O R E A
* Number of South Korean Corporate Defaulters Reaches 99,096
M A L A Y S I A
ANTAH HOLDINGS: Receives Writ of Summons
BERJAYA GROUP: Unveils 2004 Quarterly Report
C.I. HOLDINGS: Releases Amended 2004 Quarterly Report
FABER GROUP: Granted Listing of 228,700 Ordinary Shares
GADANG HOLDINGS: Answers Bursa Malaysia Query
K.P. KENINGAU: Posts Monthly Default Status Update
OLYMPIA INDUSTRIES: Proposes to Renew Shareholder's Mandate
PANTAI HOLDINGS: Purchases 52,800 Ordinary Shares on Buy Back
PETALING TIN: Releases FY04 Unaudited Quarterly Report
PICA CORPORATION: Posts Practice Note No. 1/2001 Update
PICA CORPORATION: Seeks Company Adviser
PUNCAK NIAGA: Issues Additional 21,000 Ordinary Shares
RNC CORPORATION: Appoints New Director
WAKTU CERAH: Enters Agreement With RISDA
SATERAS RESOURCES: Issues Litigation Update
P H I L I P P I N E S
BANK OF PULILAN: Enters Judicial Liquidation Proceedings
COLLEGE ASSURANCE: Denies Selling Plans While On Suspension
FIRST SAVINGS: Citystate Bank Keen on Rehab Scheme
MAYNILAD WATER: Court OKs Rehabilitation Plan
MUSIC SEMICONDUCTORS: Unveils Amended 2003 Annual Report
NATIONAL STEEL: Sale Sealed In President's Presence
PHILIPPINE REALTY: ASM Set for October 29
S I N G A P O R E
CKL ELECTRICAL: Issues Dividend Notice
CLSM PRIVATE: Posts Notice of Dividend
DII GROUP: Creditors to Prove Debts by October 30
KLW HOLDINGS: Proposes Subscription of Ordinary Shares
NEPTUNE ORIENT: Temasek Gets 68.84% at Close of Offer
PANPAC MEDIA: Issues the Conversion of Notes
WEE POH: Posts Change in Director's Interest
WEE POH: Confident in Restructuring
T H A I L A N D
ADVANCE PAINT: Issues Report on Results of Warrant Exercise
KRUNG THAI: BoT Letter Will Determine President's Fate
TA ORANGE: Completes New Financing Arrangement
THAI PETROCHEMICAL: Lawyer Denies Report on Plans to Buy Debt
TPI POLENE: Court Delays Ruling by One Day
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 098: To Hold General Meeting on October 8
------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of A.C.N. 098 137 967 Pty Ltd (In Liquidation)
Formerly Kangaroo Island Seaview Motel Pty Ltd will be held at
the offices of Hayes Knight, Level 3, 104 Frome Street, Adelaide
on 8 October 2004 at 11:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed
of, and of hearing any explanations that may be given by the
Liquidator.
Dated this 30th day of August 2004
Peter J. Lanthois
Liquidator
c/- Hayes Knight
Level 3, 104 Frome Street,
Adelaide SA 5000
AUSTRALIAN GAS: Launches New Site at Gosnells
---------------------------------------------
Western Australia is cleaner and greener with yesterday's
opening of Australia Gas Light's $4.5 million landfill gas
powered generation site at Gosnells.
Western Australian Deputy Premier and Energy Minister, The Hon
Eric Ripper, MLA officially opened the site along with the State
Manager of AGL's infrastructure service company, Agility's Garth
Borgelt, and City of Gosnells Mayor Patricia Morris, AM JP.
AGL built, owns and operates the landfill gas extraction and
generation site at Gosnells, which generates renewable
electricity for West Australian energy customers.
The energy plant at Gosnells was commissioned late last year and
is expected to initially generate about 15.7 million kilowatts
of renewable electricity per annum. This is enough electricity
to power 3000 homes.
The Gosnells facility will also annually offset some 16,000
tonnes of CO2 emissions that would have been produced by
traditional electricity generation. In addition a further 70,000
tonnes of C02 emissions will be abated because of the combustion
of landfill gas used to generate electricity.
AGL Managing Director Greg Martin said the facility would
benefit the state by adding power to the electricity grid and
contributing to the reduction of greenhouse gas emissions.
"AGL's involvement in this project is part of our commitment to
ensure a cleaner future through the reduction of harmful
greenhouse gas emissions," Mr. Martin said.
Since 2000, AGL's landfill extraction projects in New South
Wales, Victoria and Western Australia have successfully reduced
greenhouse gas emissions by more than 110,000 tonnes.
Mr. Martin added that the emissions reduction from the Gosnells'
project was the equivalent of planting more than 10,000 hectares
of trees or removing approximately 24,000 cars from the road per
annum.
The project is supported by the City of Gosnells' Corporate
Greenhouse Action plan. It forms part of the council's
greenhouse gas emissions strategy to harness and utilize biogas
following the closure of the Kelvin Road Waste Disposal Site.
AGL will carry out further augmentation works at the site next
month to optimize the generation capacity of the facility.
"AGL will also work closely with the council to further develop
the site in the future," Mr. Martin said.
CONTACT:
The Australian Gas Light Company
AGL Centre
Cnr Pacific Highway and Walker Street
North Sydney NSW 2060
Telephone: (02) 9922 0101
Fax: (02) 9957 3671
Web site: http://www.agl.com.au/
CARAVAN WORLD: Members' Final Meeting Set October 10
----------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a final meeting of the members of Caravan
World Pty Ltd (In Liquidation) will be held at the offices of
Fennell, Allen & Co, 160 Greenhill Road, Parkside SA on 10
October 2004 at 10.00 a.m. for the purpose of receiving a report
as to the manner in which the winding up has been conducted and
the property of the company disposed of, and of hearing any
explanation that may be given by the liquidator.
Dated this 29th day of August 2004
Richard I. Dixon
Liquidator
Fennell, Allen & Co
160 Greenhill Road,
Parkside SA 5063
CENTRE CYCLES: To Hold Final Meeting on October 12
--------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the creditors and members of Centre
Cycles (Nt) Pty Ltd (In Liquidation) will be held in the meeting
room of SimsPartners, Level 6, 12 Pirie Street, Adelaide, on the
12th of October 2004 at 11:00 a.m.
Dated this 26th day of August 2004
Andre Strazdins
Joint and Several Liquidator
Note:
To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.
Proof of debt and proxy forms are available from SimsPartners.
JAMES HARDIE: Trust to File Suit Under Mafia Law
------------------------------------------------
The trust James Hardie Industries set up for asbestos disease
victims is considering suing the company under U.S. anti-
racketeering laws enacted to fight the mafia, says The Age.
The law is described as a legal "neutron bomb" that could triple
damages payouts.
The trust has coordinated with U.S. plaintiff lawyers to develop
a case claiming that Hardie engaged in a series of fraudulent
activities to deny compensation to future sufferers of asbestos
products.
The move came after last week's release of the Jackson report,
which found that the company deliberately under-funded the
trust, the Medical Research and Compensation Foundation, by up
to AU$2 billion.
Navy Milne, the foundation's lawyer, affirmed the suit could be
filed under the U.S. Racketeer Influenced and Corrupt
Organization Act.
Hardie derives about 75 percent of its revenue from the US and
is subject to US law because it is listed on the New York Stock
Exchange.
CONTACT:
For corporate and media enquiries only, please contact:
James Hardie Industries
Web site: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other inquires to CustomerLink Service Centre on 13 1103.
JD MOLONEY: Posts Notice of Creditors Meeting
---------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a meeting of the creditors of JD Moloney &
Co Pty Ltd (In Liquidation) will be held at the offices of
Kennedy & Co, Chartered Accountants, 140 Greenhill Road, Unley
SA 5061 on Monday 18 October 2004 at 10:00 a.m.
AGENDA
(1) For the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of, and of hearing any
explanations that may be given by the liquidator.
Forms of proxy should be returned to the offices of Kennedy &
Co, 140 Greenhill Road, Unley SA 5061 no later than Friday,
October 15, 2004.
Dated this 25th day of August 2004
R. M. Kennedy
Official Liquidator
JOHN DOLIN: Holds Final Meeting Today
-------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the final meeting of John Dolin Pty Ltd (In
Liquidation) will be held at 26 Chadwick Street, Hilton WA on
the 1st of October 2004 at 10:00 a.m. for the purpose of laying
before the meeting the Liquidator's final accounts and report
and giving any explanation thereof.
Dated this 23rd day of August 2004
Gaven Dolin
Liquidator
LOWANDALE PTY: Final Meeting Set Today
--------------------------------------
Notice is hereby given that a Final Meeting of the members of
Lowandale Pty Ltd (In Liquidation) will be held at the offices
of RSM Bird Cameron, Chartered Accountants, 1st Floor, 8 St
George's Terrace, Perth, on the 1st day of October 2004 at 10:00
a.m.
AGENDA
(1) To lay before the meeting the Liquidator's account showing
how the winding up has been conducted and how the property of
the company has been disposed of, and giving any explanation
thereof.
(2) Any other business.
Dated this 23rd day of August 2004
A. A. Gaffney
Joint & Several Liquidator for Lowandale Pty Ltd
RSM Bird Cameron
Chartered Accountants
8 St George's Terrace,
Perth WA 6000
Telephone: (08) 9261 9100
PJ POOLE: Final Meeting Slated for October 20
---------------------------------------------
Notice is given that the final meeting of PJ Poole Building Co
Pty Ltd (In Liquidation) will be held at 140 Greenhill Road,
Unley, South Australia on the 20th day of October 2004 at 10.00
a.m. for the purpose of receiving an account of how the winding
up has been conducted and the property of the company disposed
of.
Dated this 25th day of August 2004
P. V. Jorgensen
Liquidator
c/- Kennedy & Co
Chartered Accountant
140 Greenhill Road, Unley SA 5061
PLINTBERG PTY: Sets Final Meeting on October 20
-----------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Plintberg Pty Ltd (In Liquidation) formerly trading
as Powells Body Works is to be held at the office of Messrs SV
Partners, Level 16, 120 Edward Street, Brisbane, in the State of
Queensland on Wednesday the 20th of October 2004 at 4:00 p.m.
AGENDA
(1) Receive an account by the liquidators.
(2) To consider and if thought fit pass the following
resolution:
That the books and records of the company be destroyed.
(3) Approval of remuneration of the company
liquidators.
(4) General business.
Dated this 24th day of August 2004
Paul Sweeney
Terry Van Der Velde
Joint and Several Liquidators
PRACOM LIMITED: Provides Update on Recapitalization
---------------------------------------------------
In conjunction with lodging the final accounts for 2003/2004,
Pracom Limited provided the Australian Stock Exchange the
following update in relation to its Recapitalization process.
Subsequent to balance date the Directors have continued to
negotiate with a number of interested parties to develop a
recapitalization outcome, which will protect the solvency
position of the group and provide for the longer-term viability
of its operations. Restructure proposals have been communicated
to the group's financiers. The common elements of these
proposals include:
- Restructure of existing financial obligations to reduce the
level of debt and restore the group to a positive net asset
position, and
- Introducing new revenue or merging Pracom with a complimentary
business, to better utilize operational and corporate
infrastructure.
The group's financiers have each evidenced their intention to
continue financial support through to December 31, 2004 and also
their willingness in principle to support the current
recapitalization process. An exclusive terms sheet has not been
executed, however final agreement with a preferred party is
expected to be achieved following completion of formal Due
Diligence taking place during October.
While the Directors are not in a position to disclose specific
details of any favored outcome, the key elements should include
restructured debt facilities combined with access to fresh
capital to return to a positive Net Asset position, complemented
by the merging-in of new revenue streams over current
infrastructure.
Although the current negative Net Assets position of the company
is greater than -$6 million, it is anticipated some form of
value for shareholders, albeit potentially less than current
market value, will be maintained within the final transaction.
The likely process of the eventual transaction is anticipated to
cover due diligence during October, execution of formal
transaction documents and shareholder notification in mid-
November, with completion being targeted for mid-December
following appropriate compliance requirements.
Further information in relation to progress will be disclosed to
the market when the agreement is reached to progress a
transaction with a selected party.
About Pracom Limited
Established in 1988, Pracom Limited is an innovative Australian
telecommunications and technology services and solutions
company. Pracom listed on the ASX (PCO) in 1998 and delivers
outsourced services and technology solutions to Australian
business and the global telecommunications industry.
CONTACT:
David Parantholene
Managing Director, Pracom Limited
Telephone: +61 3 9677 8888
Web site: http://www.pracom.com.au
QANTAS AIRWAYS: Jetstar Asia Aloft by Year's End
------------------------------------------------
Qantas Airways officially launched its Singapore-based budget
carrier Jetstar Asia on Wednesday, reports the Sydney Morning
Herald.
The new carrier would start flights by the end of the year as it
awaited certification from the Singaporean government.
The SG$100 million (US$58 million) budget airline will commence
flying with leased A320s to destinations within five hours of
Singapore.
Combined with the Jetstar's plans to have a fleet of 23 Airbus
320s by mid-2006, Qantas Chief Geoff Dixon said Qantas could
have up to 40 Jetstar aircraft servicing the entire Asia-Pacific
region within 18 months.
At Wednesday's press conference in Singapore, Mr. Dixon failed
to provide a list of routes for the airline, as it had yet to
gain all necessary regulatory approvals to start its operations.
But he said the five-hour maximum range of Jetstar Asia flights
could still take in Northern Australia and most of Asia's
populous regions.
Jetstar Asia will become the ninth low-cost carrier in the past
18 months to start flights in Southeast Asia, which is home to
500 million people.
Qantas owns 49.9 percent of Jetstar Asia, while Singapore's
Temasek Holdings owns 19 percent, and Singapore businessmen Tony
Chew and Wong Fong Fui have 21.1 and 10 percent respectively.
Qantas has invested SG$50 million in the carrier, while the
other three stakeholders have invested another SG$50 million.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, Nsw, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
QANTAS AIRWAYS: Temasek Owns 3% Stake
-------------------------------------
Singapore-based Temasek Holdings is also a shareholder in rival
Qantas Airways Limited, Dow Jones reveals.
Qantas Chief Executive Geoff Dixon confirmed Temasek acquired
around 3 percent of Qantas from British Airways PLC, which last
month divested its 18.25-percent in the Australian airline to
institutional investors, including Temasek.
Temasek's stake in Qantas highlights deepening relations between
the two companies with their jointly owned airline, Jetstar
Asia, commencing operations in December.
"We have a 3% stake in Qantas and it's part of our portfolio
investments," Temasek spokeswoman Eva Ho said. She declined to
divulge how much Temasek paid for the stake.
Temasek considers aviation as an opportunity to invest in a new
and growing business.
In addition to the latest stake in Qantas, Temasek holds 56.8
percent of Singapore Airlines, 19 percent of Jetstar Asia and 11
percent of Tiger Airways.
RAINBOW HORIZON: Sets October 7 as Date of Final Meeting
--------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a Final Meeting of members and creditors of Rainbow Horizon
Pty Ltd will be held at the offices of Melsom Robson, Chartered
Accountants, Colmel House, 241 Stirling Street, Perth on
Thursday, the 7th of October 2004 at 3:30 p.m.
AGENDA
(1) To lay before the meeting the Liquidator's Account showing
how the winding up has been conducted and how the property of
the company has been disposed of, and giving any explanations
thereof.
(2) To review and approve, if required, the Liquidator's
remuneration.
(3) To resolve any other matters as may arise during the course
of the meeting.
Dated this 24th day of August 2004
E. R. Verge
Liquidator
Melsom Robson
Chartered Accountants
Colmel House, 241 Stirling Street,
Perth WA 6000
RYMON PTY: Schedules Final Meeting on October 7
-----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
Rymon Pty Ltd will be held at the offices of PPB, Level 1, 5
Mill Street Perth WA, 6000 on Thursday, 7 October 2004 at 10:00
a.m.
AGENDA:
(1) Provide an account to the members and creditors of the
liquidation.
(2) To discuss any other matters that arises.
Dated this 7th day of September 2004
Jeff Herbert
Liquidator
SANTOS LIMITED: FUELS Issue Oversubscribed; Raises $600Mln
----------------------------------------------------------
Santos Limited (Santos) advised in a company press release that
the FUELS capital management program announced last month by the
Company has closed oversubscribed, raising $600 million.
Funds raised by the issue of the franked, unsecured, equity-
listed securities (FUELS) will be used in the $350 million
redemption and buyback of existing Reset Convertible Preference
Shares (Resets) and for capital expenditure on the Company's
expanding oil and gas interests.
Santos broke new ground on 24 August 2004 when the FUELS capital
management initiative became the first step-up security issued
by an Australian corporate to be combined with a redemption and
buyback rollover option.
"The buyback and redemption of the Resets has been completed and
Santos has accepted a further $100 million worth of
subscriptions for FUELS," the Company's Chief Financial Officer,
Mr. Peter Wasow, said today.
"We have therefore allotted a total of 6 million FUELS with a
total value of $600 million compared with the indicative
Prospectus offer to raise $500 million," he said.
"It is a most pleasing response to our offer, in particular the
outstanding rollover of more than 85 percent of Resets into
FUELS by Reset holders."
"We appear to have hit a 'sweet spot' in the market where high
demand and a lull in new issuance is reflected in tight
pricing," he said.
Allocation details for the issue of FUELS pursuant to the
Prospectus dated 1 September 2004 are set out below.
Eligible Reset Holders
As outlined in the prospectus, Eligible Reset Holders validly
choosing to either Redeem and Reinvest in FUELS (Option 1) or
Sell Resets on-market and Reinvest in FUELS (Option 2) have had
their Resets proceeds reinvested into FUELS. Any Resets funds
not reinvested in FUELS (including remainder monies due to
reinvestment elections not necessarily resulting in multiples of
$100) will be refunded.
Priority Applicants
Applicants applying for FUELS under the priority offer will
receive the full amount of their valid applications.
General Public Applicants
As a result of the over subscription, valid applications
received by the close of the offer were scaled back in
accordance with the allocation policy set out below. Those
applicants who have been scaled back will receive refunds to
reflect the scale back.
If you applied for: You will be allocated:
Up to 250 FUELS 100% of the number of FUELS applied for
251 to 500 FUELS 250 FUELS ($25,000) plus 50% of the
number of FUELS applied for over 250
FUELS
501 to 1,000 FUELS 375 FUELS ($37,500) plus 25% of the
number
of FUELS applied for over 500 FUELS
More than 1,000 FUELS 500 FUELS ($50,000)
Dividend Rate
The non-cumulative dividend rate on FUELS for the initial
dividend period will be set, on a grossed-up basis incorporating
the value of franking credits, tomorrow, 1 October 2004. Santos
will also make an announcement as to the dividend rate tomorrow.
Holding Statements, Special Dividend and Refund Cheques
Holding Statements, Special Dividend and Refund Cheques are
expected to be dispatched on 8 October 2004.
Trading of FUELS on the ASX
Santos FUELS are expected to commence trading on Tuesday 5
October 2004 on a deferred settlement basis under the code
STOPB. Trading is expected to commence on a normal settlement
basis on 11 October 2004.
It is the responsibility of all holders of FUELS to determine
and confirm their allocation prior to selling any shares.
ATO Class Ruling
The Australian Taxation Office class ruling, foreshadowed in the
FUELS Prospectus, was issued on 29 September 2004 and confirms
the tax treatment of dividends on FUELS and the disposal of
Resets as set out in the Prospectus. A copy of the class ruling
is available on the ATO website at www.ato.gov.au.
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
SCW 654: Members' Final Meeting Slated for October 8
----------------------------------------------------
Notice is hereby given that the final meeting of members for
each of SCW 654 Pty Ltd (In Members' Voluntary Liquidation) will
be held concurrently at Fergusons, Chartered Accountants, Level
8, 115 Grenfell Street, Adelaide, South Australia on Friday, the
8th day of October 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 the property of the company disposed of, and
to give an explanation thereof.
Dated this 31st day of August 2004
R. A. Ferguson
Liquidator
c/- Fergusons
Chartered Accountants
Level 8, 115 Grenfell Street,
Adelaide SA 5000
SCW 706: Sets Final Meeting of Members on October 8
---------------------------------------------------
Notice is hereby given that the final meeting of members of SCW
706 Pty Ltd (In Members' Voluntary Liquidation) will be held
concurrently at Fergusons, Chartered Accountants, Level 8, 115
Grenfell Street, Adelaide, South Australia on Friday, the 8th
day of October 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 the property of the company disposed of, and
to give an explanation thereof.
Dated this 31st day of August 2004
R. A. Ferguson
Liquidator
c/- Fergusons
Chartered Accountants
Level 8, 115 Grenfell Street,
Adelaide SA 5000
SCW 802: Sets October 8 as Date of Members' Final Meeting
---------------------------------------------------------
Notice is hereby given that the final meeting of members of SCW
802 Pty Ltd (In Members' Voluntary Liquidation) will be held
concurrently at Fergusons, Chartered Accountants, Level 8, 115
Grenfell Street, Adelaide, South Australia on Friday, the 8th
day of October 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 the property of the company disposed of, and
to give an explanation thereof.
Dated this 31st day of August 2004
R. A. Ferguson
Liquidator
c/- Fergusons
Chartered Accountants
Level 8, 115 Grenfell Street,
Adelaide SA 5000
SCW 809: Final Meeting of Members Slated for October 8
------------------------------------------------------
Notice is hereby given that the final meeting of members of SCW
809 Pty Ltd (In Members' Voluntary Liquidation) will be held
concurrently at Fergusons, Chartered Accountants, Level 8, 115
Grenfell Street, Adelaide, South Australia on Friday, the 8th
day of October 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 the property of the company disposed of, and
to give an explanation thereof.
Dated this 31st day of August 2004
R. A. Ferguson
Liquidator
c/- Fergusons
Chartered Accountants
Level 8, 115 Grenfell Street,
Adelaide SA 5000
SITELANE PTY: Sets October 12 as Date of Final Meeting
------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the creditors and members of Sitelane
Pty Ltd (In Liquidation) will be held in the meeting room of
SimsPartners, Level 6, 12 Pirie Street, Adelaide, on the 12th
October 2004 at 10:30 a.m.
Dated this 25th day of August 2004
Des Munro
Joint and Several Liquidator
Note:
To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.
Proof of debt and proxy forms are available from SimsPartners.
Email: adel@simspartners.com.au
SONS OF GWALIA: Inks Deal for Gold Projects Sale
------------------------------------------------
Failed miner Sons of Gwalia finalized Monday an agreement to
sell the Cardinia, Raeside and Mertondale gold projects in
Western Australia to Navigator Resources Limited (NAV), reports
Egoli News.
The deal, which includes a payment of $120,000 and the issue of
one million shares in Navigator, provides NAV access to Gwalia's
treatment facilities in the area. The consideration is, however,
subject to agreement at the time Gwalia will retain the right to
repurchase up to 60 percent interest on discoveries exceeding
250,000 ounces of gold.
NAV has acquired a total of 57 granted and pending mining,
prospecting and miscellaneous leases, containing 221,500 ounces
of inferred gold reserves.
NAV have advised that the acquisition costs of the project reach
approximately $1 per resource ounce, with preliminary pit
optimization studies and financial modeling indicating potential
to develop a number of shallow gold open pits in a number of
different areas.
The deal was negotiated before Gwalia's financial troubles, and
Navigator says it will start production at the mines next month.
CONTACT:
Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Email: carmen.kiggins
Web site: http://www1.sog.com.au/
TWIN VALLEY: Issues Notice of Final Meeting
-------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a Final Meeting of members and creditors of Twin Valley
Agri-Products Pty Ltd will be held at the offices of Melsom
Robson, Chartered Accountants, Colmel House, 241 Stirling
Street, Perth on Wednesday 6th October, 2004 at 10:30 a.m.
AGENDA
(1) To lay before the meeting the Liquidator's Account showing
how the winding up has been conducted and how the property of
the company has been disposed of, and giving any explanation
thereof.
(2) To resolve any other matters as may arise during the course
of the meeting.
Dated this 27th day of August 2004
G. A. Lopez
Liquidator
Melsom Robson
Chartered Accountants
Colmel House, 241 Stirling Street,
Perth WA 6000
==============================
C H I N A & H O N G K O N G
==============================
CHOICE COMPANY: Creditors Meeting Set October 20
------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance, a meeting of the creditors of Choice
Company Limited will be held at Room 1101, 11/F., Shiu Lam
Building, 23 Luard Road, Wan Chai, Hong Kong on 20 October 2004
at 11:30 a.m. for the purposes mentioned in sections 241, 242,
243, 244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated 30 September 2004
By Order of the Board of
Choice Company Limited
Chow Siu Lung
Director
COSMO VISION: Sets First Meetings on October 6
----------------------------------------------
A Winding-up Order was made on 11 August 2004 for Cosmo Vision
Technology Company Limited. The above named company will have
its First Meetings of Contributories and Creditors at the office
of Lee Sik Wai & Co., Rms. 2005-7, Bank Centre, 636 Nathan Road,
Kowloon on 06th October 2004 at the times listed below.
Time of Meeting of Contributories: 10:00 a.m.
Time of Meeting of Creditors: 10:30 a.m.
Dated this 20th September 2004
Lee Sik Wai Benjamin
Luk Wai Yin Alice
Joint and Several Provisional Liquidators
Presented by Lee Sik Wai & Co.
COUNTRY STAR: Winding Up Hearing Scheduled on October 20
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Country Star Investment Limited by the High Court of Hong Kong
Special Administrative Region was on the 13th day of September
2004 presented to the said Court by Bank of China (Hong Kong)
Limited whose registered office is situated at 14th Floor, Bank
of China Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 20th 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.
Ford, Kwan & Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
No. 20 Pedder Street
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.
CHUN LAI: Court to Hear Winding Up Petition
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chun Lai Transportation Trading Limited by the High Court of
Hong Kong was on the 8th day of September, 2004 presented to the
said Court by Ng Kam Hung of Room A, 4/F., 5 Maple Street,
Mongkok, Kowloon, Hong Kong.
The said petition will be heard before the Court at 9:30 am. on
the 20th 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.
Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.
EVER BILLION: To Hold Creditors Meeting on October 19
-----------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Ever Billion International Limited will be held at Room 1101,
11/F., Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on
19 October 2004 at 11:30 a.m. for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated 30 September 2004
By Order of the Board of
Ever Billion International Limited
Kwok Keng Chee
Director
FOREFRONT INTERNATIONAL: Creditors Meeting Set October 7
--------------------------------------------------------
Forefront International Limited (In Compulsory Liquidation) with
registered office at 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, will hold a creditors and
contributories meeting on 7 October 2004 at the following time
and place
Creditors: 11:30 a.m.
Contributories: 11:00 a.m.
Address: 8th Floor, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong.
Dated this 24th day of September 2004
Kelvin Edward Flynn
Joint and Several Provisional Liquidator
Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited
KONICA MANUFACTURING: Creditors to Prove Claims by October 25
-------------------------------------------------------------
Notice is hereby given that the Creditors of Konica
Manufacturing (H.K.) Limited, which is being voluntarily
liquidated, are required on or before the 25th day of October
2004 to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the undersigned and
Mr. John Toohey, the Joint and Several Liquidators of the above
company.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, such creditors will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 24th day of September 2004
Rainier Hok Chung Lam
Joing and Several Liquidator
22th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
LASIN INVESTMENTS: Court Hears Winding Up Petition
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lasin Investments Limited by the High Court of Hong Kong Special
Administrative Region was on the 2nd day of September 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition will be heard before the Court at 10:00 am on
the 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.
Ford, Kwan & Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 12th day of
October 2004.
=================
I N D O N E S I A
=================
ASIA PULP: Indonesian Court Invalidates Another Series of Bonds
---------------------------------------------------------------
Oaktree Capital Management, LLC has issued on PR Newsire a press
release dated September 29, 2004, which is reproduced below.
"In an Indonesian decision further eroding the legitimacy of
Asia Pulp and Paper's (APP) exchange offers, the District Court
of Bengkalis has invalidated $500 million in bonds sold in 1994
by Indah Kiat International Finance Company B.V. and
unconditionally guaranteed by P.T. Indah Kiat Pulp & Paper
Corporation (Indah Kiat).
"This follows a different provincial court's ruling on September
16 invalidating $550 million in bonds issued by another APP
subsidiary, P.T. Lontar Papyrus Pulp & Paper Industry (Lontar).
Like Lontar, although it did not dispute receiving the funds,
Indah Kiat claimed the bond issuance was a 'deceptive scheme'
perpetrated by the indenture trustee, collateral agent,
underwriter, and depositary to generate fees. As with the
previous ruling, it is not enforceable pending resolution of the
appeal filed by the defendants.
"Neither Indonesian ruling affects the $353 million judgment of
the Supreme Court of the State of New York against these
entities for Gramercy Advisors LLC (Gramercy) and Oaktree
Capital Management, LLC (Oaktree Capital).
"Regarding the latest decision by the Indonesian court, these
American judgment creditors issued the following statements:
'APP subsidiaries Indah Kiat and Lontar both willingly
participated in the issuance of the bonds that are in question,
they received the funds raised by those bond issues, and had
their own counsel opine on the validity of the structure at
issuance. They willingly provided the collateral as an
inducement for investors to provide the funding, and as
sophisticated managers running a global business fully
understood that there would be claims on their plants and
equipment if they were to default on their debt. Until the
general default in 2001, interest payments and some principal
payments were made as well for several years, without complaint.
It is outrageous that the controlling shareholders have now
found a malleable forum to try to disavow
any further obligations to repay these valid debts,' said Robert
L. Rauch, Managing Director and Director of Research for
Gramercy.
"Melissa Obegi, Associate General Counsel for Oaktree Capital
stated: 'The Indonesian public interest is being further
damaged by this second ruling challenging the validity of the
SEC-registered bonds of APP. It is judgments such as these that
discourage the foreign direct investment that would benefit of
all the people of Indonesia. There is an opportunity now for
the new leadership in Indonesia to act decisively to reign in
abuses such as these, and make APP a success story for the
international business and political community, instead of what
it currently is -- a symbol of all that is wrong with
Indonesia's present investment climate.'
'In the meantime, while we would always prefer to negotiate, we
have been left with no other option but to pursue our legal
rights. Our $353 million-judgment, issued by the New York court
with jurisdiction over the bonds, entitles us to pursue APP's
assets wherever we can find them. Unless APP chooses to retreat
from global commerce entirely, they will have to continue to
deal with us,' finished Obegi."
CONTACT:
Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com
BUKAKA TEKNIK: Spared from JSX Delisting
----------------------------------------
Construction and engineering firm PT Bukaka Teknik Utama will
not be delisted from the Jakarta Stock Exchange, relates The
Jakarta Post.
JSX President Erry Firmansyah confirmed the bourse has decided
to extend Bukaka's listing after determining that the Company is
still able to sustain its operations. The extension will also
give the company time to undergo restructuring.
Mr. Erry said, "(The bourse) has decided not to delist Bukaka
right now. We are still giving it a grace period to improve its
performance."
The JSX was considering delisting Bukaka, along with engineering
company Texmaco Perkasa Engineering, plastic producer PT Wahana
Jaya Perkasa and infrastructure company PT Siswani Makmur,
because of the companies' failure to comply with capital market
regulations or because of difficulties with their business
operations.
Bukaka, whose shares have been suspended for more than one year,
defaulted on some US$152 million debts during the Asian economic
crisis in late 1997. The company is currently still seeking
settlement with its creditors over the debts.
CONTACT:
Pt Bukaka Teknik Utama
Jl Raya Narogong Km 19,5
Bukaka Industrial Estate
Cileungsi Bogor 16820
Indonesia
Phone: +62 21 823 2323
Fax: +62 21 823 1145
Web site: http://www.bukaka.com/
=========
J A P A N
=========
HATOYAMA KANKOU: Enters Bankruptcy
----------------------------------
According to Teikoku Databank America, Hatoyama Kankou K.K. has
entered bankruptcy with total liabilities of US$202.91 million.
The firm, engaged in golf course development, is based in Hiki-
gun, Saitama 350-0302.
For more information, visit http://www.teikoku.com/.
HIGASHINIHON TEKKO: Facing Insolvency
-------------------------------------
Metallic building product manufacturer Higashinihon Tekko K.K.
is facing insolvency, according to Teikoku Databank America. The
firm, based in Saitama-shi, Saitama 338-0835, has total
liabilities of US$45 million.
For more information, visit http://www.teikoku.com/.
MITSUBISHI FUSO: Truck's Clutch Housing Cracks Despite Checkup
--------------------------------------------------------------
The clutch housing of a large truck made by Mitsubishi Fuso
Truck and Bus Corporation was found to have cracked, despite
undergoing the firm's provisional safety inspection, Jiji Press
says.
The embattled truck maker acknowledged the defect, saying a
faulty propeller shaft bolt near the clutch housing might have
caused the crack. The firm pointed to the possibility of the
propeller shaft bolt damage being caused by poor maintenance or
travel on rough roads.
According to Mitsubishi Fuso, the propeller shaft of the truck
fell off the vehicle due to the damage to the clutch housing
when the truck was running on a road in Shizuoka Prefecture,
central Japan.
The company said it will include the bolt in the list of items
subject to safety inspections.
The latest revelation adds to the worries of Mitsubishi Fuso,
which is striving to regain public trust after a series of
recalls and defect cover-ups.
On May 26, Mitsubishi Fuso reported to the Ministry of Land,
Infrastructure and Transport a recall of 72,612 vehicles for
free repair due to clutch housing defects.
The company has so far conducted provisional safety inspections
for 95 percent of the affected vehicles. The truck in question
underwent the provisional checkup in July.
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
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: Shareholders OK Move for Capital Infusion
------------------------------------------------------------
Shareholders of Mitsubishi Motors Corporation have approved a
move enabling the automaker to raise cash through a share
offering, relates the Associated Press.
Aside from granting approval, the shareholders demanded the
company clean up its image and enhance its product offerings to
revive its business.
The amendment approved Wednesday at an extraordinary meeting at
Tokyo headquarters raised the ceiling on issued shares for the
capital infusion from affiliated Mitsubishi group companies and
other investors earlier this year.
The cash was needed after DaimlerChrysler AG, which owns 20
percent of Mitsubishi Motors, in April refused to provide fresh
funds to the ailing carmaker.
Mitsubishi Motors is accepting JPY496 billion (US$4.5 billion)
to implement its restructuring program, which includes raising
the quality of its products and services, developing attractive
models and improving ethical awareness among workers.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: Nears FY04 Global Sales Target
-------------------------------------------------
Global automobile sales of Mitsubishi Motors Corporation in
fiscal 2004 will likely come between 1.4 million and 1.45
million units, as robust overseas sales are offsetting plunging
domestic figures, relates Asia Intelligence Wire.
Mitsubishi Motors Chairman Yoichiro Okazaki revealed the
prospect at an extraordinary meeting of the company's
shareholders.
Mr. Okazaki is optimistic the ailing carmaker will exceed its
1.15 million target announced in a turnaround plan in May.
Although the automaker has seen a huge decline in car sales in
Japan and North America, strong demand in Asia, Europe and the
Middle East has covered its losses.
On domestic sales in September, Managing Director Fujio Cho told
the meeting that the company will be able to meet its goal of
limiting a year-on-year sales drop to less than 50 percent.
Another managing director, Osamu Masuko, said Mitsubishi Motors
will be able to dispose of 1.2 million units abroad in fiscal
2004 against 1,152,000 units initially projected for the year
and 1,168,800 units sold in fiscal 2003.
MITSUBISHI MOTORS: Ex-Execs Plead Innocent in Fatality Case
-----------------------------------------------------------
Two former officials of Mitsubishi Motors Corporation pleaded
innocent Thursday to professional negligence in a fatal accident
involving a Mitsubishi truck that killed a pedestrian, the
Associated Press reports, citing Kyodo News.
The pleas were lodged by the former manager of MMC's quality
control section, Hiroshi Murakawa, and an employee of MMC's
truck unit, Hirotoshi Miki, as their trial opened at Yokohama
District Court.
The two were accused of failing to take proper action although
they should have known about the potential dangers of the
defective wheel, which flew off a truck and crushed a
pedestrian.
The defect is suspected in the January 2002 accident, in which
Shiho Okamoto, a 29-year-old housewife, was killed when the
wheel rolled into her as she was walking down a sidewalk in
Yokohama, a port city near Tokyo.
RESONA HOLDINGS: Units Aid Kondo Sangyo Revitalization
------------------------------------------------------
Resona Bank, Ltd. and The Nara Bank, Ltd., both of which are
fully owned banking subsidiaries of Resona Holdings, Inc.
(Resona HD), acceded to the new reorganization plan formulated
by their customer, Kondo Sangyo Corporation (KSC), and decided
to provide KSC with the financial assistance including a
transfer of their claims to KSC to a new company to be
established by KSC's co-sponsors, Goldman Sachs Group and
Dynacity Corporation.
The aforementioned financial assistance is based on the
corporate reorganization fund scheme of the Resolution and
Collection Corporation.
(1) Profile of Kondo Sangyo Corporation
Address: 10-6, Keihan-hondori 2-chome, Moriguchi-shi, Osaka-fu
Representative: Tamio Sakai
Amount of Capital: JPY60 million
Line of Business: Sale and lease of condominiums
(2) Outline of the Financial Assistance
(i) Succession of claims to a new company
Resona Bank Amount of claims to be transferred: JPY15.6 billion
(ii) Sale of claims to Goldman Sachs Group
Resona Bank Amount of claims to be sold: JPY28.3 billion
Nara Bank Amount of claims to be sold: JPY0.2 billion
The aforementioned transactions are planned to be completed in
March 2005.
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Ltd. and The Kinki Osaka Bank, Ltd. have no claims to KSC.
(3) Impact of This Development on the Forecasted Earnings
The expected loss arising from the financial assistance are
already covered by loan loss reserves. Therefore, the earnings
forecasts for the fiscal year ending March 2005, which were
announced on May 24, 2004, remain unaffected by this
development.
CONTACT:
Resona Holdings, Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka, 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp
RESONA HOLDINGS: Unit Waives JPY8.1-Bln Debt of Kinoshita
---------------------------------------------------------
Resona Bank, Ltd., one of the banking subsidiaries of Resona
Holdings, Inc., acceded to the Business Revitalization Plan
formulated by Kinoshita Koumuten Jutaku Hanbai Co., Ltd. (the
Company) in accordance with the corporate rehabilitation scheme
of the Resolution and Collection Corporation, and decided to
provide the Company with the financial assistance as specified
below.
1. Outline of the Company
(1) Corporate name: Kinoshita Koumuten Jutaku Hanbai Co., Ltd.
(2) Address: 18-13, Takadanobaba 3-chome, Shinjuku-ku, Tokyo
(3) Representative: Morimasa Nakazawa
(4) Amount of capital: JPY55 million
(5) Line of business: Sales of custom-built and ready-built
houses
2. Financial Assistance
(1) Debt forgiveness JPY8.1 billion
The above financial assistance will be provided at the end of
September.
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.
3. Impact of This Development on the Forecasted Earnings
The anticipated losses arising from this development are covered
by loan loss reserves.
Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ending March 31, 2005, which were announced on May
24, 2004, remain the same.
SOJITZ HOLDINGS: Allots Preferred Stock to Third Parties
--------------------------------------------------------
Sojitz Holdings Corporation has resolved to issue preferred
stock by allocation to third parties and convertible bonds at
the meeting of its Board of Directors held on September 29,
2004.
The Sojitz Group has been requesting UFJ Bank and its other
principal banks, and UBS Group to accept new equity in the
Sojitz Group based on the "New Business Plan" for the Sojitz
Group announced on September 8, 2004.
The New Business Plan gained the understanding and confidence of
UFJ Bank, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi and
UBS Group, and as a result, Sojitz Holdings is able to issue
preferred stock in the amount of JPY360 billion.
By way of the principal banks exercising debt equity swap (DES)
on their loans to Sojitz Holdings in exchange for equity, this
capital injection by the principal banks will reduce their
portion of the Sojitz Group's interest-bearing debt.
On the other hand, of the total amount of preferred stock to be
issued, JPY10 billion of preferred stock will be allocated to
UBS Group. In addition to this, convertible bonds in the amount
of JPY10 billion will be issued to UBS Group.
The Sojitz Group's equity financing of JPY370 billion in total
will result in reinforced shareholders' equity and reduction in
interest-bearing debt.
As a result of this capital reinforcement, the Sojitz Group has
made a leap towards realizing one of the fundamental policies of
the New Business Plan, the "Establish a Robust Financial
Position". The Sojitz Group will pursue the goal to realize the
"Evolution to a Quality Earnings Structure".
To view the full release, click on:
http://bankrupt.com/misc/TCRAP_SOJITZHOLDINGS093004.pdf
CONTACT:
Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com
SOJITZ HOLDINGS: JCR Continues Ratings on Credit Monitor
--------------------------------------------------------
JCR continues placing Credit Monitor on the ratings for Sojitz
Holdings and Sojitz Corporation.
Issuer: Sojitz Holdings Corporation
Senior Debts
Issues Amount(bln) Issue Date Due Date Coupon
bonds no.1
(guaranteed by
Sojitz Corp.) JPY25 Mar. 25, 2004 Mar. 24, 2006 3.00%
Issuer: Sojitz Corporation
(former Nichimen)
Issues Amount(bln) Issue Date Due Date Coupon
bonds no.13 JPY11 Sept.22, 2000 Sept. 22, 2005 2.70%
bonds no.14 JPYY20 Dec. 14, 2000 Dec. 14, 2004 2.10%
(former Nissho Iwai Corporation)
Issues Amount(bln) Issue Date Due Date Coupon
FRN no.11 JPY3 Nov. 20, 1997 Nov. 20, 2007
floating
bonds no.19 JPY4 Aug. 27, 1998 Aug. 26, 2005 3.00%
CP Maximum Backup Line
JPY500 billion 0%
(Rationale)
Sojitz Holdings on Wednesday announced the details of the issues
of preferred shares. It will issue preferred shares to UFJ Bank,
Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi and UBS group.
Sojitz Holdings will strengthen the financial structure by
increasing the capital and reducing the interest-bearing debt
using the funds to be raised from issues of preferred shares.
JCR placed the ratings for Sojitz Corp. and Sojitz Holdings
under Credit Monitor upon announcement of its basic plan for the
new business plan on July 23, 2004. It then announced that it
would continue placing the ratings for them under Credit Monitor
on September 8, 2004 after Sojitz announced the new business
plan.
JCR continues placing the ratings under Credit Monitor in order
to verify 1) the details of loss amounting to JPY400 billion, 2)
feasibility of asset sales in the current fiscal year and 3)
feasibility of the earnings target for the future.
UFJ HOLDINGS: Acquires Shares in Sojitz
---------------------------------------
UFJ Holdings, Inc. (UFJ Holdings) on Wednesday announced that
UFJ Bank Limited (UFJ Bank), a subsidiary of UFJ Holdings, has
decided to acquire shares issued by Sojitz Holdings Corporation
(Sojitz) as set forth below.
The decision was made in order to support Sojitz in respect to
measures to strengthen equity capital in its New Business Plan
announced previously.
(1) Share Acquisition by UFJ Bank
Amount: JPY 330 billion
Type: Preferred shares
Form: Debt-for-equity swap of the loans extended to Sojitz
Date: October 29, 2004
(2) Impact on Earnings of UFJ Holdings
UFJ Holdings does not change the current forecast of its non-
consolidated and consolidated financial results for the fiscal
year ending March 31, 2005.
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
=========
* Number of South Korean Corporate Defaulters Reaches 99,096
------------------------------------------------------------
The number of corporate defaulters in South Korea rose to 99,096
as of the end of August, up 945 from a month earlier, reports
Asia Pulse, citing Yonhap News.
The increase resulted from a prolonged economic slump, a bank
association said. Companies are more affected when there is low
economic activity thus making it difficult for them to service
debt obligations.
According to a Korea Federation of Banks official, there is a
need to come up with a credit repair program targeting
delinquent corporate borrowers.
However, consumer credit defaulters eased down to 3.68 million
in August down 0.42 percent from July with the help of a state-
led credit recovery programs.
Corporate defaulters refer to companies that have been
delinquent in their debt repayments for three months or more.
===============
M A L A Y S I A
===============
ANTAH HOLDINGS: Receives Writ of Summons
----------------------------------------
Antah Holdings Berhad and its wholly owned subsidiary Naga Sakti
Sdn. Bhd. (NSSB) have been served with a Writ of Summon on 28
September 2004 by Kajang Heights Sdn. Bhd., Kenyal Sdn. Bhd.,
Sapphire Homestead Sdn. Bhd. and Standpoint Ventures Sdn. Bhd.,
seeking amongst others:
(a) Declaration that the Joint Venture Agreement has been
lawfully terminated;
(b) The sum of RM170 million; and
(c) The sum of RM5,046,722.57 being operational advances.
The Writ of Summon was filed at the High Court of Kuala Lumpur
on 21 September 2004.
Antah has engaged solicitors to vigorously contest these claims.
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
This announcement is dated 29 September 2004.
BERJAYA GROUP: Unveils 2004 Quarterly Report
--------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Berjaya
Group Berhad released its quarterly report for the financial
period ended July 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
31/07/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/07/2004 31/07/2003 31/07/2004 31/07/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
838,343 1,785,624 838,343 1,785,624
2 Profit/(loss) before tax
49,890 24,609 49,890 24,609
3 Profit/(loss) after tax and minority interest
-27,467 -64,814 -27,467 -64,814
4 Net profit/(loss) for the period
-27,467 -64,814 -27,467 -64,814
5 Basic earnings/(loss) per shares (sen)
-1.83 -4.33 -1.83 -4.33
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
-0.8509 -0.8433
CONTACT:
Berjaya Group Berhad Co.
11th Fl., Menara Berjaya, KL Plaza, 179,
Jalan Bukit Bintang
55100 Kuala Lumpur, Malaysia
Phone: +60-3-2935-8888
Fax: +60-3-2935-8043
C.I. HOLDINGS: Releases Amended 2004 Quarterly Report
-----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, C.I.
Holdings Berhad revealed its amended quarterly report for the
financial period ended July 31, 2004.
Remarks:
Amendment made to Part A2: Summary of Key Financial Information
under 'Basic earnings/(loss) per share (sen)' and
Part A3: Additional Information under 'Profit/(Loss) from
operations'.
SUMMARY OF KEY FINANCIAL INFORMATION
31/07/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/07/2004 31/07/2003 31/07/2004 31/07/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
57,781 8,096 76,362 27,047
2 Profit/(loss) before tax
-53,528 -2,765 -57,196 -169,271
3 Profit/(loss) after tax and minority interest
-55,301 -2,087 -65,185 -175,744
4 Net profit/(loss) for the period
-55,301 -2,087 -65,185 -175,744
5 Basic earnings/(loss) per shares (sen)
-83.80 -4.10 -119.10 -344.60
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
0.2400 0.9800
CONTACT:
C.I. Holdings Berhad
No 16 Lorong Yap Kwan Seng
Kuala Lumpur, JALAN SULTAN ISMAIL 50450
MALAYSIA
+60 3 2145 4337
+60 3 2141 5757
For a full copy of the quarterly report, go to
http://bankrupt.com/misc/tcrap_CIHoldings093004.xls
FABER GROUP: Granted Listing of 228,700 Ordinary Shares
-------------------------------------------------------
Faber Group Berhad's additional 228,700 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM457,400
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 228,700 new ordinary shares will be granted
listing and quotation with effect from 9.00 a.m., Monday, 4
October 2004.
CONTACT:
Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828
GADANG HOLDINGS: Answers Bursa Malaysia Query
---------------------------------------------
Gadang Holdings Berhad responded to the query letter by the
Bursa Malaysia Securites Berhad dated 29 September 2004 in
relation to the unusual market activity of our Company's shares
as follows:
1) There is no material development of our Company's business
and affairs not previously disclosed;
2) We have no knowledge and have not been notified of any
impending change in the major shareholders of the Company; and
3) In our knowledge, there is no other reason for the unusual
market action.
Further, none of the situations/events as defined pursuant to
paragraphs 9.03, 9.04 and 9.07 of the Listing Requirements of
Bursa Malaysia Securities Berhad contributed to the unusual
market activity in our Company's securities during the period in
question.
The Company is not aware of any existence of any rumor or report
(whether true or false), which contains information, which is
likely to have any effect on the trading of our Company's
securities.
Bursa Malaysia Securities Berhad's Query Letter content:
We draw your attention to the sharp increase in price and volume
in your Company's shares recently.
In accordance with the Corporate Disclosure Policy on Response
To Unusual Market Activity pursuant to paragraph 9.11 of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities LR), you are requested to furnish Bursa Securities
with an announcement for public release after a due enquiry
seeking the cause of the unusual market activity in the
Company's securities. When considering your response and when
making the required announcement, your attention is particularly
drawn to the continuing disclosure requirements set out in
Chapter 9 of the Bursa Securities LR.
Yours faithfully
CH'NG BOON HUAT
Development & Sector Head, Listing Compliance
Group Regulations
CONTACT:
Gadang Holdings Berhad
52, Jalan Tago 2
Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur, WP
Malaysia
Tel no: 603-6356888
Fax no: 603-6365560
K.P. KENINGAU: Posts Monthly Default Status Update
--------------------------------------------------
K. P. Keningau Bhd. (KPK) issued an update on its default in
payments as at 31 August 2004, as attached in Appendix A at
http://bankrupt.com/misc/tcrap_kpkeningau093004.doc
The total default by KPK on principal sum plus interest as at 31
August 2004 amounted to RM37,408,923.93. The default payments
owing to financial institutions are in respect of trade
financing, term loan, revolving credit and overdraft and details
of security cover thereof, are as per announcement made on 19
January 2004.
There is no new development on the default of payments since the
previous announcement with regard to this Practice Note.
OLYMPIA INDUSTRIES: Proposes to Renew Shareholder's Mandate
-----------------------------------------------------------
The Board of Directors of Olympia Industries Berhad is seeking
shareholders' approval for a proposed renewal of the existing
shareholders' mandate and proposed new shareholders' mandate for
recurrent related party transactions of a revenue or trading
nature as well as a proposed renewal of general mandate for the
provision of financial assistance at the forthcoming annual
general meeting of the Company.
A circular to shareholders in relation to the above proposals
will be sent together with the notice of the annual general
meeting to shareholders in due course.
CONTACT:
Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Tel: +60 3 2070 0033
Tel: +60 3 2070 0011
PANTAI HOLDINGS: Purchases 52,800 Ordinary Shares on Buy Back
-------------------------------------------------------------
Pantai Holdings Berhad announced the details of its shares buy
back on September 29, 2004.
Date of buy back: 29/09/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 52,800
Minimum price paid for each share purchased (RM): 0.830
Maximum price paid for each share purchased (RM): 0.840
Total consideration paid (RM): 44,276.01
Number of shares purchased retained in treasury (units): 52,800
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 23,600,300
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/
PETALING TIN: Releases FY04 Unaudited Quarterly Report
------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Petaling
Tin Berhad released its amended quarterly report for the
financial period ended July 31, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
31/07/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/07/2004 31/07/2003 31/07/2004 31/07/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
1,933 342 2,149 13,353
2 Profit/(loss) before tax
-1,812 -4,744 -4,193 -2,802
3 Profit/(loss) after tax and minority interest
-1,944 -3,213 -4,342 -2,307
4 Net profit/(loss) for the period
-1,944 -3,213 -4,342 -2,307
5 Basic earnings/(loss) per shares (sen)
-0.56 -0.93 -1.26 -0.67
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
7 Net tangible assets per share (RM)
1.1100 1.1200
For more details, go to
http://bankrupt.com/misc/tcrap_petaling093004.doc
CONTACT:
Petaling Tin, Berhad
No 8 Lorong P Ramlee
Kuala Lumpur, 50250
MALAYSIA
+60 3 2026 4491
+60 3 2026 3106
PICA CORPORATION: Posts Practice Note No. 1/2001 Update
-------------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on September 29, 2004, the Board of Directors of Pica
Corporation Berhad announced the following for public release:
(1) RM60 Million Guaranteed Revolving Underwriting Facility
Further to the Company's announcement on the status of the above
matter, the Court has fixed 18 October 2004 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in court.
(2) RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 10 October 2004 for mention. Apart from the
above, the legal proceeding is still pending in court.
(3) RM50 Million Term Loan Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been fixed for further mention on 20 October 2004. Apart from
the above, the legal proceeding is still pending in court.
(4) RM4 million Revolving Credit Facility & RM7 million
Overdraft Facility
Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 26 October 2004. Apart from
the above, the legal proceeding is still pending in court.
(5) Approx RM3 million Credit Facility
Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defence
and the Plaintiff's summary judgment application has been fixed
for mention on 14 October 2004. Apart from the above, the legal
proceeding is still pending in court.
CONTACT:
PICA (M) CORPORATION BERHAD
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
MALAYSIA
+60 3 2161 8800
+60 3 2161 1714
PICA CORPORATION: Seeks Company Adviser
---------------------------------------
Pica Corporation Berhad is still in the process of identifying a
suitable party to take over the function of Commerce
International Merchant Bankers Bhd (CIMB), the Company's
adviser, for the proposed Composite Scheme that had resigned
with immediate effect on March 18, 2004, and continue with the
Scheme.
The proposed Composite Scheme remains unchanged and is still
pending approval from the Securities Commission.
PUNCAK NIAGA: Issues Additional 21,000 Ordinary Shares
------------------------------------------------------
Puncak Niaga Holdings Berhad's additional 21,000 new ordinary
shares of RM1.00 each issued pursuant to the employees' share
option sheme will be granted listing and quotation with effect
from 9 a.m., Friday, 1 October 2004.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
RNC CORPORATION: Appoints New Director
--------------------------------------
RNC Corporation announced the appointment of Mr. Tow Kong Liang
as its new Director on September 29, 2004.
Date of change: 29/09/2004
Type of change: Appointment
Designation: Director
Directorate: Non Independent & Non Executive
Name: Tow Kong Liang
Age: 53
Nationality: Malaysian
Qualifications: Nil
Working experience and occupation: Chairman of Lien Hoe
Corporation Berhad (1989-1993)
Directorship of public companies (if any): Nil
Family relationship with any director and/or major shareholder
of the listed issuer: Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil
Remarks: Mr. Tow Kong Liang was re-appointed by the Board of
Directors with effect from 29 September 2004.
CONTACT:
RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
Malaysia
Telephone: +60 3 4043 9411
Telephone: +60 3 4043 1233
WAKTU CERAH: Enters Agreement With RISDA
----------------------------------------
Waktu Cerah Sdn Bhd (Special Administrators Appointed) (WCSB)
had on 20 September 2004, entered into a Principal Agreement
with Rubber Industry Smallholders Development Authority (RISDA),
which involves, inter-alia, the following:
(a) Capital reduction of RM0.99 from each existing ordinary
share of RM1.00 of WCSB and thereafter consolidating 100
ordinary shares of RM0.01 each of WCSB into 1 new ordinary share
of RM1.00 of WCSB;
(b) The acquisition of WCSB by RISDA from the existing
shareholders of WCSB at an aggregate purchase price of RM1.00;
(c) The payment of the sum of RM11,300,000 by RISDA to WCSB as
compensation for capital costs, site improvements and other
property development expenses incurred by WCSB in relation to
the property development undertaken by WCSB on the land known as
HS(D) 34723 PT No. 1648, HS(D) 32588 PT No. 1649, HS(D) 32587 PT
No. 1650, HS(M) 00260 PT No. 1944 GM 54 PT No. 11532 in the
mukim of Ampang and district of Wilayah Persekutuan;
(d) The completion by WCSB of the acquisition of the land known
as HS(D) 576/85 PT No. 473 in the mukim of Sungai Petani and
district of Kuala Muda, Kedah from RISDA at a purchase price of
RM12,000,000;
(e) Injection of funds by RISDA of RM2,000,000 as paid up
capital into WCSB; and
(f) The settlement of debt in the form of cash and in kind and
the write off of an agreed amount of debt to be determined
later.
Further details of the above proposals and the internal
restructuring exercise of WCSB will be announced in due course.
SATERAS RESOURCES: Issues Litigation Update
-------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Sateras
Resources (Malaysia) Berhad issued an update on the following
applications:
a) Application by the Company for Court sanction of the Proposed
Share Exchange and the Proposed Settlement of Debts by the
Company to be binding on the Company, its shareholders Scheme
Creditors pursuant to Section 176 of the Companies Act 1965
(Petition).
b) Application by creditors and shareholders, totaling 8
interveners, to Court to intervene for the purposes of setting
aside the restraining orders obtained by the Company and to
declare the scheme meetings null and void ("Intervener
Applications").
c) Applications by 2 creditors for an injunction to stop the
creditors scheme meeting and/or to declare the creditors scheme
meeting null and void ("Originating Summons").
After hearing the solicitors for the parties on 27 September
2004, the Court ordered the Petition, the Intervener
Applications and the Originating Summons to be adjourned to 25
November 2004 for mention to enable the parties to reply to the
respective applications and affidavits.
CONTACT:
Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Telephone: +60 2162 5288
Telephone: +60 2161 8529
=====================
P H I L I P P I N E S
=====================
BANK OF PULILAN: Enters Judicial Liquidation Proceedings
--------------------------------------------------------
The Philippine Deposit Insurance Corp. (PDIC) filed a verified
petition for the assistance in the judicial liquidation of the
Rural Bank of Pulilan (Bulacan), Inc. as follows:
(1) The PDIC (the petitioner) is a government owned and
controlled corporation created and existing under and by virtue
of Republic Act No. 3591, as amended, with principal office
address at 2228 Chino Roces Avenue, Makati City, the designated
liquidator of the Rural Bank of Pulilan (Bulacan), Inc. (RBPI
for brevity);
(2) On October 2, 2003, upon findings that the RBPI (a) is
unable to pay its liabilities as they become due in the ordinary
course of business, (b) has insufficient realizable assets to
meet its liabilities, (c) cannot continue business without
involving probable losses to its depositors and creditors, (d)
has large unsecured loans granted under questionable
circumstances, and (e) could not be rehabilitated taking into
account the disinterest of its management and stockholders and
considering that the management of the bank had been accordingly
informed of the need to infuse additional capital to place the
bank in a sound financial condition and was given adequate time
within which to make the required infusion but no infusion of
fresh capital was made, the Monetary Board of the Bangko Sentral
ng Pilipinas, in its Resolution No. 1926, ordered that the RBPI
be placed under receivership and designated PDIC as a Receiver
(Annex A);
(3) On October 3, 2003, PDIC implemented the said resolution and
took over the assets and affairs of the RBPI;
(4) After careful evaluation of the financial condition of RBPI,
it has been determined that RBPI, whose estimated value of
realizable assets as of December 31, 2003, was only Php
16,850,030.43 which is deficient by Php 165,941,045.48 to cover
its total liability of Php 182,791,075.91, can no longer be
rehabilitated or otherwise placed in such condition that it may
be permitted to resume business with safety to its depositors,
creditors, and the general public;
(5) As a consequence thereof, PDIC recommended to the Monetary
Board that RBPI be ordered for judicial liquidation;
(6) On the basis of such recommendation, the Monetary Board of
the Bangko Sentral ng Pilipinas, in its Resolution No. 292 dated
March 4, 2004, directed PDIC to proceed with the liquidation of
RBPI pursuant to Section 30 of Republic Act 7653;
(7) Pursuant to the said law, petitioner filed this petition in
order to adjudicate the disputed claims and to effect the
equitable distribution of the assets of RBPI among all its
depositors and creditors in accordance with the order of legal
priority and the liquidation/distribution plan prepared by PDIC
in its Resolution No. 93-06-087 dated June 22, 1993, for general
application in the liquidation of all closed banking
institutions.
Wherefore, let the instant petition be set for hearing on
November 10, 2004 at 8:30 o'clock in the morning on which date,
time, and place, all persons who may have claims against the
bank to appear and show cause why this petition should not be
granted.
Let a copy of this order be published once a week for two (2)
consecutive weeks in a newspaper of general circulation in the
Philippines and posted by the Deputy Sheriff of this Court at
the main entrance of the Provincial Capitol Building of Malolos,
Bulacan, at the Municipal Building of Pulilan, Bulacan, the
bulleting board of this Branch, and at the premises of Rural
Bank of Pulilan (Bulacan) at least thirty (30) days prior to the
scheduled date of hearing at the expenses of the petitioner.
Likewise, let copy of the same order be furnished the Bangko
Sentral ng Pilipinas.
SO ORDERED
Malolos City, Bulacan, July 7, 2004
(Sgd) WILFREDO T. NIEVES
Presiding judge
CONTACT:
Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
COLLEGE ASSURANCE: Denies Selling Plans While On Suspension
-----------------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) denied reports
that the company is still selling pre-need plans despite a
Securities and Exchange Commission suspension order, the
Business World reports.
The commission suspended CAP's license on August 13 after the
company was found to have sold as of June some PhP64.273 million
worth of plans in excess of the PhP5 billion worth it was
allowed to sell.
CAP first Vice President Bobby Cafe said his company has not
been selling unregistered plans. But he also said some clients
have made "deposits" for pre-need plans that would be sold to
them after SEC will have approved CAP's request to sell an
additional PhP1 billion worth of plans.
The Company admitted to overselling, but added that it was
unintentional since it could not immediately stop its agents
from selling. It had also said it would sell additional plans
until SEC approved its petition to sell an additional PhP1
billion worth of pre-need plans.
The pre-need firm earlier reported a PhP17-billion deficiency in
its trust assets as of end-2003. Its PhP8.4 billion in trust
assets was not enough to cover its actuarial reserve liability,
or projected future obligations, of PhP25.5 billion.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
FIRST SAVINGS: Citystate Bank Keen on Rehab Scheme
--------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Citystate
Savings Bank Inc. has informed the Philippine Deposit Insurance
Corporation (PDIC) of its intension to join in the
rehabilitation of the recently closed First Savings Bank.
Relative thereto, Citystate Savings Bank is requesting a list of
requirements for the bank to appropriately make its offer.
Rey D. Delfin
Citystate Savings Bank
Executive Vice President
For more information, go to
http://bankrupt.com/misc/tcrap_firstsavings093004.pdf
CONTACTS:
First Savings Bank, Inc.
268, E. Rodriguez, Sr.
Blvd., Quezon City,
Metro Manila
President: Ma. Paz I. Diokno
Telephone: 724-3261/724-2663
Citystate Savings Bank
2/F, Citystate Center Building
709 Shaw Boulevard, Pasig City
Tel. No: 637-4189; 637-9843 (TL)
Fax No: 637-4190
URL: http://www.citystatesavings.com
Auditor: Punongbayan & Araullo
Transfer Agent: Securities Transfer Services, Inc.
MAYNILAD WATER: Court OKs Rehabilitation Plan
---------------------------------------------
A Quezon City court has approved the petition for financial
rehabilitation of cash-strapped Maynilad Water Services Inc.,
the BusinessWorld reports.
However, parties involved in the rehabilitation must agree on
loan-restructuring terms, including the extent of the debt-to-
equity conversion for creditors.
The court also ordered Maynilad to immediately pay the PhP47-
million premium for its $120-million performance bond.
Former Justice Undersecretary Manuel A.J. Teehankee, a lawyer
for creditor Metropolitan Waterworks and Sewerage System (MWSS),
had proposed the premium payment be made over seven to 15 years,
"given the enormity of the amount." He also said the bond
premium was an administrative expense that should be paid in the
normal course of business.
But the court said Maynilad must pay the consortium of banks
that guaranteed the bond, otherwise, the government can't
withdraw it.
Thirteen local and foreign banks guaranteed the $120-million
performance bond. MWSS had said it would get the bond as soon as
the court will have approved Maynilad's rehabilitation.
The bond will partially cover Maynilad's unpaid concession fees,
which has reached nearly PhP8 billion. Maynilad has not been
paying concession fees to MWSS since March 2001.
CONTACT:
Maynilad Water Services Inc
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines
MUSIC SEMICONDUCTORS: Unveils Amended 2003 Annual Report
--------------------------------------------------------
Music Semiconductors Corporation (MUSX) furnished the Philippine
Stock Exchange its SEC Form 17-C dated September 29, 2004,
containing its response to the Securities and Exchange
Commission's comments on the Corporation's financial statements
as of December 31, 2003.
Likewise, the Corporation provided the Exchange a copy of its
Amended Annual Report, using SEC Form 17-A, for the year ended
December 31, 2003.
A copy of MUSX's Amended Annual Report shall be made available
for downloading at the PSE website: www.pse.com.ph (under Listed
Companies).
For your information.
JURISITA M. QUINTOS
Senior Vice President - Operations Group
CONTACT:
Music Semiconductors Corporation
110 Excellence Ave. corner Accuracy Drive
Special Export Processing Zone 1
Carmelray Industrial Park
Canlubang, Laguna
Tel. No: (049) 549-1480
Fax No: (049) 549-1024
E-mail Address: jos@music-mt.com
URL: http://www.music-corp.com
Auditor: Diaz Murillo Dalupan
Transfer Agent: Stock Transfer Service, Inc.
NATIONAL STEEL: Sale Sealed In President's Presence
---------------------------------------------------
Philippine President Gloria Macapagal Arroyo on Wednesday
witnessed the turnover of a Php1 billion certificate of inward
remittance by Global Infrastructure Holdings, Ltd. as down
payment for National Steel Corporation (NSC), reports the
BusinessWorld.
President Arroyo also said the sale of NSC, now known as Global
Steelworks, was sealed as two "conditions" necessary for its
rehabilitation had already been met, namely: the settlement of
NSC's liabilities to the Iligan City government, and the
restructuring of its debt to state-run National Power
Corporation (Napocor).
NSC liquidator Danilo Concepcion then handed over the PhP1-
billion check to Philippine National Bank (PNB) President
Lorenzo Tan. NSC owes PhP5.639 billion to PNB, its largest
creditor-bank.
Global has pledged to buy NSC for PhP13.25 billion, payable in
eight years and with a PhP1-billion down payment.
CONTACT:
National Steel Corporation
NSC Building Street 377 Sen.
Gil J. Puyat Avenue Area
Makati City, Metro Manila
PHILIPPINE REALTY: ASM Set for October 29
-----------------------------------------
Notice is hereby given that the Annual Meeting of the
Stockholders of Philippine Realty & Holdings Corporation shall
be held at Ballroom A of The Plaza Penthouse, Philippine Stock
Exchange Centre East Tower, Exchange Road, Ortigas Center, Pasig
City, Metro Manila at 4 p.m. on Friday, October 29, 2004 to
consider the following agenda:
(1) Certification of notice and quorum;
(2) Reading and Approval of the Minutes of the October 30,
2003 meeting and action taken thereon;
(3) Report of the Board of Directors;
(4) Ratification of the acts, contracts, and deeds of the
Directors and Officers;
(5) Election of Directors for the ensuing year;
(6) Appointment of External Auditor;
(7) Other matter; and
(8) Adjournment
Stockholders' registration will start at 3:30 p.m. Please bring
some form of Identification such as Driver's License, Credit
Card or Voter's I.D. Only stockholders of record as at 5:00
p.m., September 15,2004 shall be entitled to vote at said
meeting.
The minutes of the meetings and resolutions of the Board of
Directors, since the last Annual Stockholder meeting, may be
reviewed at the office of the Corporation at the 3rd Floor
Magnitud Building, 186 E. Rodriguez, Ir. Avenue, Brgy.
Bagumbayan, Quezon City.
AMADOR C. BACANI
President
CONTACT:
Philippine Realty & Holdings Corporation
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Tel. No: 631-3179 to 80
Fax No: 634-1504
E-mail Address: philrltv@info.com.ph
Auditor: C.L. Manabat & Company
Transfer Agent: Fidelity Stock Transfer, Inc.
=================
S I N G A P O R E
=================
CKL ELECTRICAL: Issues Dividend Notice
--------------------------------------
CKL Electrical Engineering Pte Ltd. posted a dividend notice at
the Singapore Government Gazette on September 24, 2004.
Address of Registered Office: Formerly of 22 Woodlands Link #02-
10/11 Singapore 738734
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 9 of 2002
Last Day for Receiving Proofs: 8 October 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: 24 September 2004
Sunari Bin Kateni
Assistant Official Receiver
CLSM PRIVATE: Posts Notice of Dividend
--------------------------------------
CLSM Private Limited posted a dividend notice at the Singapore
Stock Exchange on September 24, 2004.
Address of Registered Office: Formerly of 6 Harper Road
#03-06 Leong Huat Building
Singapore 369674
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 4 of 2000
Amount Per Centum: 25.5%
First and Final or otherwise: First & Final Preferential
Dividend
When Payable: 18 September 2004
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: 24th September 2004
Chan Wang Ho
Assistant Official Receiver
DII GROUP: Creditors to Prove Debts by October 30
-------------------------------------------------
Notice is hereby given that the creditors of The Dii Group
Singapore Pte Ltd, which is being wound up voluntarily, are
required, on or before the 30th day of October, 2004 to send in
their names and addresses, with particulars of their debts and
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidators of the said Company.
If so required by notice in writing by the said liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Dated this 28th day of September, 2004
Low Sok Lee Mona
Cheng Soon Keong
Liquidators
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
KLW HOLDINGS: Proposes Subscription of Ordinary Shares
------------------------------------------------------
KLW Holdings Limited presents a proposed subscription of up to
23, 000, 000 new ordinary shares of SG$0.02 each in the capital,
at the Singapore Stock Exchange on September 29, 2004.
Further to the announcements made on 9 September 2004 and 10
September 2004, the Board of Directors of KLW Holdings Limited
announced that the Company has received in-principle approval
from the SGX-ST for the listing and quotation of the 23,000,000
ordinary shares of SG$0.02 each on the SGX-ST Dealing and
Automated Quotation System subject to submission of the
following:
(i) Undertaking from the Company that it will make periodic
announcements on the utilization of the subscription proceeds as
and when the funds from the Subscription are materially
disbursed; and
(ii) Undertaking from the Company that it will provide a status
report on the use of the subscription proceeds in its Annual
Report.
The SGX-ST's approval in-principle is not to be taken as an
indication of the merits of the Subscription, the Company or the
New Shares.
By Order of the Board
Lim Teck Meng
Joint Company Secretary
NEPTUNE ORIENT: Temasek Gets 68.84% at Close of Offer
-----------------------------------------------------
Temasek Holdings Inc has gained 68.64 percent of Neptune Orient
Lines (NOL) at the end of its unconditional takeover offer, The
Strait Times says.
Temasek's latest acquisition fell short of the 90 percent needed
to make NOL private.
The firm said it would not extend its offer any longer, as it
initially extended its SG$2.80 per NOL share offer for two weeks
when it reached the 50 percent key mark, spending SG$1.57
billion in investment. The SG$2.80 per share bid was launched
last month after its open market purchases increased its stake
beyond the 30 percent threshold, causing a mandatory general
offer.
The three cents slip in NOL shares reflected the traders
concerns that Temasek might stop amassing shares on the open
market after the close of its offer. As of Wednesday, only 1.72
million were traded compared to its previous daily average of
22.9 million in the past four weeks.
Temasek repeated that it had no plans of making major changes in
terms of NOL's businesses. But speculations abound that Temasek
is likely to purchase another shipping line to improve profits.
CONTACT:
Neptune Orient Lines Limited
456 Alexandra Rd., NOL Bldg.
119962 Singapore
Phone: +65-6278-9000
Fax: +65-6278-4900
http://www.nol.com.sg
PANPAC MEDIA: Issues the Conversion of Notes
--------------------------------------------
Panpac Media Group Limited posted an announcement at the
Singapore Stock Exchange on September 29, 2004 regarding its
issue of conversion of notes to Quantum Capital Asset
Management.
We refer to our announcements dated 13 August 2004 and 3
September 2004 and the Circular to shareholders dated 20 August
2004 relating to the issue by the Company to Quantum Capital
Asset Management Limited of up to SG$10,000,000 in principal
amount of unsecured SG$ notes due 2007.
All capitalized terms herein shall have the same definition as
used in the said Circular to shareholders dated 20 August 2004.
The Board of Directors of the Company hereby wishes to announce
that Quantum Capital had on 28 September 2004 converted an
aggregate amount of SG$1.0 million of Tranche 1 Notes, being the
first sub-tranche of Tranche 1 Notes, at SG$0.1035 per share
into an aggregate number of 9,661,835 ordinary shares of SG$0.05
each in the issued and paid-up share capital of the Company.
The net proceeds from the issue of the abovementioned SG$1.0
million Tranche 1 Notes had been utilized as working capital for
its China operations.
None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.
Submitted by:
Ricky Ang Gee Hing,
Group MD and CEO
WEE POH: Posts Change in Director's Interest
--------------------------------------------
Wee Poh Holdings Limited on September 29 released a notice at
the Singapore Stock Exchange, pertaining to the change in the
Percentage Level of a Substantial Shareholder's Interest for
Chan Wang Kin.
Part I
(1) Date of notice to issuer: September 29, 2004
(2) Name of Director: Chan Wang Kin
(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. [Please complete
Parts II and IV]
Part II
(1) Date of change of interest: September 28, 2004
(2) Name of Registered Holder: Chan Wang Kin
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase
(4) Information relating to shares held in the name of the
Registered Holder:
No. of shares held before the change: 0
As a percentage of issued share capital: 0
No. of shares which are the subject of this notice: 1,000,000
As a percentage of issued share capital: 0.0410046
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.01
No. of shares held after the change: 1,000,000
As a percentage of issued share capital: 0.0410046
Part III
(1) Date of change of interest:
(2) The change in the percentage level: From % to %
(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.
Part IV
(1) Holdings of Director, including direct and deemed interest:
Direct Deemed
No. of shares held before change: 0
% of issued share capital: 0
-
No. of shares held after change: 1,000,000
% of issued share capital: 0.0410046
Submitted by:
Chan Wang Kin
Managing Director
WEE POH: Confident in Restructuring
-----------------------------------
Wee Poh Holdings is optimistic about their financial
restructuring, despite the drop in its share price on Wednesday,
the Singapore Business Times reports.
The firm is hopeful that the restructuring would be out of the
woods by the end of the year.
The beleaguered construction firm has been attempting to get out
of the construction business. It has completed its deal last
Monday with Hong Kong's The Winning Group to take a stake in and
inject the former's watch-making businesses into Wee Poh.
Managing director Chang Wang Kin said that several measures have
been instituted to resolve its financial woes. The first step
being the clearing of its debts and re-capitalizing then filling
the company with good business, and that is where the
partnership with The Winning Group comes in.
The company showed net liabilities of SG$ $14.2 million at the
end of June 2004, however proceeds of SG$3.39 million from a
placement in July reduced this to SG$10.81 million.
Its new debt-restructuring scheme entails the approval of
raising of SG$15 million through the issue of new shares. There
is also a debt conversion of SG$3 million into equity in its
debt restructuring, in order to gain SG$7.19 tangible assets.
Another proposal is to raise SG$4.5 million by issuing 695
million rights shares at a subscription price of half a cent and
placing 100 million shares at a subscription price of one cent.
Wee Poh is set to offer 12 billion new shares at half a cent
each to Winning Metal Products Manufacturing Company, Hong
Kong's The Winning Group subsidiary, under the terms of the
reverse takeover deal. If this pushes through, the vendor
Winning International will have a 75.5 percent stake in Wee
Poh's enlarged capital, which will give The Winning Group a
listing on Sesdaq.
The new Wee Poh group will include Grand Ocean, Tian Wang
Shenzhen, Tian Wang Electronics, Winning Metal Products
Manufacturing and Balco.
CONTACT:
Wee Poh Holdings
213 Upper Thomson Road (S) 574348
Phone: (65) 64521210
Fax: (65) 64536310
Website: http://www.weepoh.com.sg/
E-mail: info@weepoh.com.sg
===============
T H A I L A N D
===============
ADVANCE PAINT: Issues Report on Results of Warrant Exercise
-----------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Co., Ltd. announced
in a disclosure to the Stock Exchange of Thailand that it has
issued 167,453,025 warrants for right offering to existing
shareholders whose names appeared in the Shareholders Registered
Book as of 27 December 2002. The warrants can be exercised
every quarter starting from December 31, 2003 at the exercise
ratio 1 warrant:1 common share.
Thus, Advance Pant & Chemical (Thailand) Public Co., Ltd. would
like to report the result of exercise of the warrant holders on
the date of June 30, 2004:
As of September 29, 2004
Beginning Balance of Warrants: 133,463,425 Units
Less Exercised Warrants to be common shares: 0 Units
Ending Balance of Warrants: 133,463,425 Units
Please be informed accordingly.
Yours faithfully,
(Mrs. Narumol Punnakitikashem)
Executive Director
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
KRUNG THAI: BoT Letter Will Determine President's Fate
------------------------------------------------------
The fate of the reappointment of Krung Thai Bank (KTB) president
will be confirmed in a letter by the Bank of Thailand addressed
to the chairman of KTB board, reported The Nation.
The letter contains the stand of BoT on the reappointment of Mr.
Viroj Nualkhair. According to BoT Governor Tarisa Watanagase,
the letter will make it impossible for the return of Mr. Viroj
under the Banking Act.
"With this letter, KTB does not need to hold a board meeting for
a resolution on the fate of Viroj. In the letter, we will
comment on why Khun Viroj is not qualified to be the bank's
president," she said late Wednesday.
Ms. Tarisa's message seemed to be confirmed by a Krung Thai Bank
board member, Suparat Khawatkul stating that no board meeting
will materialize that day. Mr. Surapat, the director-general of
the Revenue Department, is expected to take up the post of
permanent secretary at the Finance Ministry Thursday.
A meeting was held Monday between BoT governor Pridiyathorn
Devakula and Prime Minister Thaksin Shinawatra to discuss the
governor's objection to Mr. Viroj's reappointment.
Mr. Suparat said Krung Thai Bank had not received any letter as
yet from the central bank and that its board is not doing
anything for the time being.
After the meeting, Mr. Pridiyathorn said the Krung Thai Bank
board would meet Thursday to decide on Mr. Viroj's fate, hinting
that the affair would be brought to a smooth conclusion as Prime
Minister Thaksin had agreed with him.
But according to the Prime Minister, he wanted the Finance
Ministry and the central bank to talk the matter over first and
come up with a solution.
Finance Minister Somkid Jatusripitak and the prime minister are
said to have shown support for Mr. Viroj. Mr. Pridiyathorn's
has put his job on the line because he strongly oppose KTB
president's reappointment, and the leadership is not too happy
with the governor.
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: www.ktb.co.th
TA ORANGE: Completes New Financing Arrangement
----------------------------------------------
True Corporation Public Company Limited would like to inform the
Stock Exchange of Thailand that TA Orange Company Limited
completed its new financing arrangement to the satisfaction of
the Company as detailed in the enclosure attached hereto.
As a result of TAO's completion of its new financing
arrangement, K.I.N (Thailand) Company Limited acquired from
Wirefree Services Belgium S.A. (WSB) 819 million shares in
Bangkok Inter Teletech Company Limited (BITCO) or an equivalent
to 39 percent of the total issued shares of BITCO at a total
price of THB1 pursuant to the resolution of the Annual General
Shareholders Meeting for the year 2004 held on 9 April 2004.
K.I.N. (Thailand) Company Limited is a subsidiary of the Company
having approximately 99.99 percent of its shares indirectly held
by the Company and WSB is an affiliate of Orange S.A.
As a result of the above transaction BITCO and TAO became the
subsidiaries of the Company with 82.86 percent of the total
issued shares of BITCO being held by the Company (43.86 percent
being directly held by the Company and 39 percent being held via
K.I.N (Thailand) Company Limited)).
Charoen Pokphand Group Company Limited and Wirefree Services
Belgium S.A. hold approximately 7.14 and 10 percent of shares in
BITCO respectively.
In addition in order to support such financing arrangement the
Company and Charoen Pokphand Group Company Limited have entered
into the Sponsor Support Agreement with the new group of
creditors of TAO. The Company also signed a Memorandum of
Agreement with Charoen Pokphand Group Company Limited pursuant
to the resolution of the Extraordinary Shareholders Meeting No.
3/2547 held on 23 September 2004.
The essential details of the Sponsor Support Agreement and the
Memorandum of Agreement are as notified to the Stock Exchange of
Thailand by the Company on 19 August 2004.
Please kindly be informed accordingly.
Respectfully yours
Athueck Asvanund
Vice Chairman and Group General Counsel
To view a full copy of the summary of Essential Details of
Financing Arrangement, click
http://bankrupt.com/misc/TAORANGE093004.doc
CONTACT:
TA Orange Company Limited,
U Chu Liang building 14th floor,
968 Rama IV Road Silom Bangrak,
Bangkok 10500 Thailand
THAI PETROCHEMICAL: Lawyer Denies Report on Plans to Buy Debt
-------------------------------------------------------------
Vichai Thongtaeng denied reports that he will buy Thai
Petrochemical Industry Public Company Limited's $400 million
debt from creditors, reports Business Day.
Mr. Vichai said although he admits that he is interested in both
TPI and TPI Polene's shares, he denied plans of buying TPI's
debts.
"Although I do have the expertise to deal with debt, I have less
interest in TPI because the company is too large in scale," Mr.
Vichai said. "I do have good connections with companies and
funds, especially those in Singapore, with an interest in buying
TPI's debt, but I have nothing to do with them in this (TPI)
case."
Mr. Vichai also denied that he is a nominee of Prime Minister
Thaksin Shinawatra in investing in any company.
"People often think I am the Prime Minister's man and that
(Thaksin) is using me to take over TPI. That's wrong," he said.
"I admit that I personally know him and used to work for him
[asset scrutinization case], yet, I don't have any business with
him. My family and I are saddened by accusations that we are
the nominees of the prime minister (because our own hands have
created all our fortune). They don't belong to anyone but us,"
he said.
Mr. Vichai was one of the lawyers in the legal team who defended
Prime Minister Thaksin Shinawatra before the Constitution Court
on charges of asset-concealment, TCR Asia Pacific reported
recently.
CONTACT:
Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th
TPI POLENE: Court Delays Ruling by One Day
------------------------------------------
The decision of the Central Bankruptcy Court on the request of
TPI Polene to extend the period of its $600 million debt
restructuring was delayed for a day, Bangkok Post reports,
citing Reuters.
The court postponed the ruling to Thursday afternoon in order to
have more time to consider the request, Judge Kamos
Teeravetponkul told the Central Bankruptcy Court.
TPI Polene sought an extension of 12 more months for the
renegotiation of the debt restructuring. The company wanted to
repay overdue interest of THB5billion in cash instead of
converting it into equity.
CONTACT:
TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: www.tpipolene.com
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($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
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
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
*** End of Transmission ***