/raid1/www/Hosts/bankrupt/TCRAP_Public/041004.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, October 4, 2004, Vol. 7, No. 196
Headlines
A U S T R A L I A
ABSWOLD HOLDINGS: Final Meeting Slated for October 15
ACCESS BROKERAGE: Clients Are Getting Their Money Back
ARCHLINE PTY: Issues Notice of Members and Creditors Meeting
AUSTRALASIAN CARPENTRY: ASIC Bans Former Director
BARRIE COLE: To Hold Final Meeting on October 15
CLIFFORD GROUP: Court Hands Down Penalties Against Directors
D&D HOLDINGS: Final Meeting Set October 15
E.R. BLADWELL: Creditors Must Prove Claims by October 5
EZISHOP.NET LIMITED: Creditors to Prove Debts by October 5
FURNITURE MART: To Hold Final Meeting on October 15
GIBSON CHEMICALS: Enters Voluntary Winding Up Proceedings
HORNET PTY: Members and Creditors Meeting Set October 15
INTEGRATED ESSENTIAL: Final Meeting Slated for October 15
JAMES HARDIE: Trust Says Lawsuit Would Be Last Resort
JAMES HARDIE: Labor To Ask Bosses to Quit
KIRL-ENZ PTY: Sets October 15 as Date of Final Meeting
L.A. & A.J.: Unveils Result of Members Meeting
MOORE TECHNOLOGIES: Schedules Final Meeting on October 15
NATIONAL AUSTRALIA: Losses Lending Market Share
PHOENIX RISING: To Enter Winding Up Proceedings
PRIMELIFE CORPORATION: Updates Managed Investment Schemes
RESTBIN PTY: Final Meeting Slated for October 15
C H I N A & H O N G K O N G
CRESVALE FINANCE: Final Meetings Scheduled on November 1
ED LEE: Court to Hear Winding Up Petition on October 20
EFI NOMINEES: Creditors to Prove Claims by November 1
EIDS SOLUTIONS: Court Issues Winding Up Notice
ETON HOLDING: Creditors Meeting Set October 13
EURO MERCHANDISE: To Hold Creditors Meeting on October 19
GOLD METTLE: Court Issues Winding Up Notice
HING KEE: Enters Winding Up Proceedings
KAI MEN: Appoints Liquidators
LIKO TRADING: Winding Up Notice Issued
MCI COMPANY: Names Joint and Several Liquidators
PACIFIC WORLDWIDE: Creditors Meeting Slated for October 27
SHANXI CENTRAL: Winding Up Hearing Set October 20
TOP ART: Winding Up Notice Issued
VAST ISLAND: Court To Hear Winding Up Petition on October 13
I N D O N E S I A
BANK NEGARA: Divestment, Bond Issue Unlikely This Year
INDOFOOD SUKSES: Buys 60% Stake in Container Firm
J A P A N
KAWATA SHOJI: Bankruptcy Looming
KOGANOI K.K.: Enters Bankruptcy
MITSUBISHI MOTORS: Appoints Isao Torii as MMSP GmbH President
TEKISUI K.K.: Declared Bankrupt
TOYAMA CHEMICAL: Affirms BBB- on Senior Debts
UFJ HOLDINGS: Expects to Cut JPY1.2 Trillion in Bad Loans
UFJ HOLDINGS: Corrects Figures of Management Revitalization Plan
K O R E A
DAEWOO HEAVY: Doosan and Hyosung Bids Exorbitant; Says Pantech
M A L A Y S I A
BESCORP INDUSTRIES: Issues Default Status Update
BUKIT KATIL: Posts Update on Loan Facilities
BUKIT KATIL: Unveils Production Figures for August 2004
CONSOLIDATED FARMS: Unveils 2004 Unaudited Quarterly Report
FABER GROUP: Completes Debt Revamp Scheme
GOLDEN FRONTIER: Issues Shares Buy Back Notice
HUME INDUSTRIES: Disposes of 2,895,000 Ordinary Shares in Tasek
JASATERA BERHAD: Releases 2004 Unaudited Quarterly Report
KSU HOLDINGS: Board OKs AGM Resolutions
METROPLEX BERHAD: Seeks Creditors' Meeting Extension
MTD CAPITAL: Purchases 85,000 Ordinary Shares on Buy Back
SUGAR BUN: Posts 2004 Quarterly Report
SURIA CAPITAL: Updates Classification Sector
TAP RESOURCES: Discloses FY04 Unaudited Quarterly Report
P H I L I P P I N E S
BALABAC RESOURCES: Nominates New Directors for FY 2004-2005
MAYNILAD WATER: Clarifies "Court OKs Rehab Petition" Report
MAYNILAD WATER: French Firm Decides To Stay in Consortium
METRO PACIFIC: Clarifies "Eyeing Stake in SLEX Rehab" News
NATIONAL STEEL: Iligan City Reopens Steel Firm
NEXTSTAGE INC.: Unveils October 1 ASM Results
PHILIPPINE AIRLINES: Mulls International Fare Hike of Up To $30
PHILIPPINE BANK: CEO Alcantara to Retire on October 31
S I N G A P O R E
BENG TIONG: To Undergo Winding Up Proceedings
CHARMSON INTERNATIONAL: Enters Winding Up Proceedings
GORFORD SERVICES: Winding Up Hearing Set October 15
INFORMATICS HOLDINGS: Raises SG$18.8Mln From Rights Issue
LIAN HUAT: Court to Hear Winding Up Petition on October 15
MAGNE ELECTROPLATING: Enters Bankruptcy Proceedings
PANPAC MEDIA: Releases Statement on Acquisition
T H A I L A N D
EASTERN WIRE: Subsidiary Signs Debt Restructuring Contract
JASMINE INTERNATIONAL: Updates Progress of Unit's Rehab Plan
KRUNG THAI: S&P Rating on Banking Sector Unaffected by Issues
THAI WIRE: Issues Progress Report on Rehabilitation
TPI POLENE: Court Rejects Extension Bid
TUNTEX: Releases List of Company Holidays
- - - - - - - -
=================
A U S T R A L I A
=================
ABSWOLD HOLDINGS: Final Meeting Slated for October 15
-----------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Abswold Holdings Pty Limited (In Liquidation) will
be held at the office of Rangott & Slaven, Chartered
Accountants, 3rd Floor, 11 National Circuit, Barton ACT on 15
October 2004 at 10:00 a.m.
The meeting is convened for the purpose of receiving the
Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
W. B. Rangott
Liquidator
ACCESS BROKERAGE: Clients Are Getting Their Money Back
------------------------------------------------------
Checks have been sent to Access Brokerage clients who have
responded to letters sent out last week, says NZCity News.
Access clients who sent back documents confirming their account
balances will be getting their money in no time, as the checks
are already in the mail.
Earlier, Access clients were getting anxious about the delayed
release of money frozen in their Bank of New Zealand (BNZ)
accounts. The process had taken longer than expected, but
letters went out last week to all clients indicating they would
be repaid in full once their balances were confirmed.
Liquidator Brendan Gibson confirmed they have had good response
from clients. The repayment process, which could take another
one or two weeks to finish, was going smoothly.
Access, owned by former Olympic Committee head Bill Garlick, was
placed under liquidation on September 6 after an AU$5 million
hole in the clients' funds was found.
CONTACT:
Access Brokerage Limited
Ground Floor, Exchange Place
5-7 Willeston Street
P O Box 1293
Wellington 6015
Call Free: 0800 734 644
Telephone: 04 473 4644
From Auckland 09 373 4644
Fax: 04 473 4681
E-mail: info@accessbrokerage.co.nz
Web site: http://www.acessbrokerage.co.nz
ARCHLINE PTY: Issues Notice of Members and Creditors Meeting
------------------------------------------------------------
Notice is hereby given that final meeting of members and
creditors of Archline Pty Limited (In Liquidation) will be held
at the office of Rangott & Slaven, Chartered Accountants, 3rd
Floor, 11 National Circuit, Barton ACT on 15 October 2004 at
11:45 a.m.
The meeting is convened for the purpose of receiving the
Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
W. B. Rangott
Liquidator
AUSTRALASIAN CARPENTRY: ASIC Bans Former Director
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Phillip John Hird, of Greenvale in Victoria, from
managing corporations for three years.
ASIC commenced an investigation into Mr. Hird after the
liquidators of Australasian Carpentry and Plastering Pty Ltd
(ACP) and J.M. Interiors Pty Limited (JMI) lodged reports
regarding the two failed companies. These companies were
involved in the building and construction industry.
ASIC's investigations found:
(1) The liquidators of ACP and JMI each reported that the
companies were unable to pay unsecured creditors more than 50
cents in the dollar;
(2) Mr. Hird permitted ACP and JMI to trade with a substantial
deficiency of assets to liabilities;
(3) Mr. Hird failed to remit statutory debts to the Australian
Taxation Office in respect of ACP and JMI;
(4) Under Mr. Hird's directorship, ACP continued trading when
there was reasonable grounds for suspecting insolvency; and
(5) Mr. Hird failed to provide company information and documents
to the liquidators of JMI.
"Mr. Hird has demonstrated that he is unfit to direct, promote
or manage the affairs of corporations. It is ASIC's
responsibility to ensure the community is protected from
officers who misuse their positions of authority and fail to
comply with the law", ASIC's Deputy Executive Director of
Enforcement, Mr. Allen Turton said.
Background
Under the Corporations Act 2001 (the Act), ASIC can disqualify a
person from managing corporations for up to five years if that
person has been an officer of two or more corporations that have
been wound up. The liquidator of those companies must also lodge
a report under s533(1) of the Act about the company's inability
to pay its debts.
BARRIE COLE: To Hold Final Meeting on October 15
------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Barrie Cole Transport Pty Limited (In Liquidation)
will be held at the office of Rangott & Slaven, Chartered
Accountants, 3rd Floor, 11 National Circuit, Barton ACT on 15
October 2004 at 10.15 a.m.
The meeting is convened for the purpose of receiving the
Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
W. B. Rangott
Liquidator
CLIFFORD GROUP: Court Hands Down Penalties Against Directors
------------------------------------------------------------
Ms. Jan Redfern, Executive Director of Enforcement at the
Australian Securities and Investments Commission (ASIC), has
welcomed Thursday's decision in ASIC's civil penalty proceedings
against former directors of Clifford Corporation Limited
(Clifford), Mr. John Barrie (Barrie) Loiterton, Mr. Ian Robert
Hall, Mr. Ian Sapier and a director of a Clifford subsidiary,
Signature Group Australia Limited, Mr. Peter James Loiterton.
In relation to Mr. Barrie Loiterton, the Court on September 30
ordered that he be banned from managing a corporation for 17
years (from the date of his bankruptcy, 12 July 2002), pay a
pecuniary penalty of $400,000, and pay a maximum of 70 per cent
of ASIC's costs.
In relation to Mr. Hall, the Court ordered that he be banned
from managing a corporation for 14 years (from the date of his
bankruptcy, 16 May 2002), pay a pecuniary penalty of $285,000,
and pay a maximum of 60 per cent of ASIC's cost.
In relation to Mr. Sapier, the Court ordered that he be banned
from managing a corporation (other than two nominated companies
associated with his accounting practice) for eight years, from
30 September 2004, pay a pecuniary penalty of $120,000, pay a
maximum of 30 per cent of ASIC's costs, and pay compensation of
$120,000 to Clifford Corporation Limited (in liquidation).
The Court ordered that Mr. Peter Loiterton pay a maximum of 2
per cent of ASIC's costs, but declined to make any other orders
against him.
ASIC did not pursue compensation orders against Mr. Barrie
Loiterton and Mr. Hall, which were part of ASIC's original
application, as both Messrs Loiterton and Hall became
undischarged bankrupts during the proceedings.
Today's penalties follow formal declarations by the Court on 1
April 2004 that each of the directors of Clifford, and Mr. Peter
Loiterton had contravened various provisions of the Corporations
Act.
At that time, the Court found that Mr. Barrie Loiterton had
committed 29 breaches of the Corporations Act (including 13 acts
of dishonesty), Mr. Hall had committed 32 breaches (including 12
acts of dishonesty), Mr. Sapier had committed 18 breaches
(including two acts of dishonesty), and Mr. Peter Loiterton had
committed two breaches.
'Today's result sends a very clear message to company directors
that they must act honestly, and ensure that the information
they provide in financial records is true and correct', Ms.
Redfern said.
'ASIC regards the failure of directors to abide by their duties
by operating financial records that deliberately flout the law,
very seriously. ASIC conducted an extensive investigation to
ensure the directors of Clifford were brought to account, and
will continue to vigorously pursue company directors who fail to
uphold the high standards the community expects', Ms. Redfern
said.
The penalties conclude ASIC's civil action which it commenced in
2000 following the collapse of the Clifford Group of companies
in late 1998. The collapse of the Group left creditors and
shareholders with a deficiency in excess of $90 million.
An ASIC investigation found that the directors of the Clifford
Group and its subsidiaries entered into various fictional and
non-commercial transactions, which had the effect of increasing
the Group's reported profit for the 1996-97 financial year.
ASIC's criminal action against Mr. Barrie Loiterton and Mr. Hall
is currently before the Courts. They are due to be sentenced in
the Supreme Court of NSW on 15 December 2004.
D&D HOLDINGS: Final Meeting Set October 15
------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of D&D Holdings Pty Limited (In Liquidation) will be
held at the office of Rangott & Slaven, Chartered Accountants,
3rd Floor, 11 National Circuit, Barton ACT on 15 October 2004 at
9:15 a.m.
The meeting is convened for the purpose of receiving the
Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
M. E. Slaven
Liquidator
E.R. BLADWELL: Creditors Must Prove Claims by October 5
-------------------------------------------------------
A First and Final dividend is to be declared on the 19th day of
October 2004 in respect of E.R. Bladwell (Golden Plains) Pty
Limited (In Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before the 5th day of October 2004 formally
to prove their debts or claims. In default, they will be
excluded from the benefit of the dividend.
Dated this 14th day of September 2004.
Frank Lo Pilato
Official Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601.
Telephone: (02) 6247 5988
EZISHOP.NET LIMITED: Creditors to Prove Debts by October 5
----------------------------------------------------------
A first dividend to priority and unsecured creditors is to be
declared on 26 October 2004 for Ezishop.Net Limited (In
Liquidation).
Creditors whose debts or claims have not already been admitted
are required on or before 5 October 2004 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 31st day of August 2004.
Scott Pascoe
Joint Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square,
264 George Street,
Sydney NSW 2000
FURNITURE MART: To Hold Final Meeting on October 15
---------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Furniture Mart (Parks) Pty Limited (In Liquidation)
will be held at the office of Rangott & Slaven, Chartered
Accountants, 3rd Floor, 11 National Circuit, Barton ACT on 15
October 2004 at 8:30 a.m.
The meeting is convened for the purpose of receiving the
Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
M. E. Slaven
Liquidator
GIBSON CHEMICALS: Enters Voluntary Winding Up Proceedings
---------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Gibson Chemicals Great Britain Pty Limited (In Voluntary
Liquidation) duly convened and held on 31 August 2004, a Special
Resolution that the company be wound up voluntarily was passed
by members and M.C. Smith was appointed Liquidator.
Dated this 31st day of August 2004
M. C. Smith
Liquidator
c/- McGrathNicol&Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
HORNET PTY: Members and Creditors Meeting Set October 15
--------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Hornet Pty Limited (In Liquidation) will be held at
the office of Rangott & Slaven, Chartered Accountants, 3rd
Floor, 11 National Circuit, Barton ACT on 15 October 2004 at
8:45 a.m. The meeting is convened for the purpose of receiving
the Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
M. E. Slaven
Liquidator
INTEGRATED ESSENTIAL: Final Meeting Slated for October 15
---------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Integrated Essential Services Pty Limited (In
Liquidation) will be held at the office of Rangott & Slaven,
Chartered Accountants, 3rd Floor, 11 National Circuit, Barton
ACT on 15 October 2004 at 11:30 a.m.
The meeting is convened for the purpose of receiving the
Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
W. B. Rangott
Liquidator
JAMES HARDIE: Trust Says Lawsuit Would Be Last Resort
-----------------------------------------------------
The Medical Research Compensation Foundation (MRCF), a trust
James Hardie Industries set up to take over its asbestos
liabilities, said it would only take legal action against the
company as a last resort, reports Asia Intelligence Wire.
MRCF lawyer Nancy Milne affirmed the foundation would only file
a suit against James Hardie if the compensation-funding crisis
could not be resolved. She added MRCF would make a decision
depending on the outcome of talks between James Hardie and
unions set Friday.
The embattled asbestos products manufacturer has volunteered to
finance a compensation statutory scheme, which unions strongly
resist.
Currently, victims of James Hardie's asbestos products are
recompensed through the MRCF, which was established in 2001 with
only AU$293 million funding. The money is expected to run out in
three years with a shortfall of over AU$1 billion.
Earlier, an inquiry into James Hardie's funding scheme
discovered that the firm's chief executive Peter Macdonald and
legal counsel Peter Shafron had misled MRCF directors by
allowing them to rely on unreliable funding projections.
Meanwhile, James Hardie on Friday sent a letter to its
shareholders informing them of developments since the inquiry
findings were made public last week. Those findings are now
being investigated by the Australian Securities and Investments
Commission (ASIC).
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.
JAMES HARDIE: Labor To Ask Bosses to Quit
-----------------------------------------
A Labor government is set to ask James Hardie officials to
resign over the asbestos illness compensation fund shortfall,
ABC News relates, citing federal opposition spokesman on
financial services, Stephen Conway.
Mr. Conway revealed the plan at the launch of Labor's policy on
corporate governance and financial services, saying companies
would be more accountable to shareholders and to the community
under a Labor government.
He added ASIC would be authorized to regulate the property
sector, and law reforms recommended by the Special Commission of
Inquiry into James Hardie would be carried out.
"The [James Hardie] board has announced that the CEO and the CFO
have stepped aside, however they are both still working for the
company," he said.
"This is an outrage. There is a shortfall in the funding to the
foundation.
"At the very minimum, the CEO Mr. [Peter] Macdonald must take
responsibility and resign."
KIRL-ENZ PTY: Sets October 15 as Date of Final Meeting
------------------------------------------------------
Notice is hereby given that final meetings of members and
creditors of Kirl-Enz Pty Limited (In Liquidation) will be held
at the office of Rangott & Slaven, Chartered Accountants, 3rd
Floor, 11 National Circuit, Barton ACT on 15 October 2004 at
10:45 a.m. The meetings are convened for the purpose of
receiving the Liquidator's final report on the winding up.
Dated this 14th day of September 2004.
W. B. Rangott
Liquidator
L.A. & A.J.: Unveils Result of Members Meeting
----------------------------------------------
At a meeting of members of L.A. & A.J. Foster Pty Limited (In
Liquidation) duly convened and held on 21 August 2004 at Orange,
the following resolutions were passed:
(1) That the Company be wound up voluntarily.
(2) That Steven George Stone of 27 Sale Street, Orange be
appointed liquidator of the company.
Dated this 1st day of September 2004
Steven George Stone
Liquidator
MOORE TECHNOLOGIES: Schedules Final Meeting on October 15
---------------------------------------------------------
Notice is hereby given that final meetings of members and
creditors of Moore Technologies Pty Limited (In Liquidation)
will be held at the office of Rangott & Slaven, Chartered
Accountants, 3rd Floor, 11 National Circuit, Barton ACT on 15
October 2004 at 11:15 a.m. The meetings are convened for the
purpose of receiving the Liquidator's final report on the
winding up.
Dated this 14th day of September 2004.
W. B. Rangott
Liquidator
NATIONAL AUSTRALIA: Losses Lending Market Share
-----------------------------------------------
Figures from the Australian Prudential Regulation Authority
(APRA) showed National Australia Bank (NAB) has lost its market
share in both business and personal lending in July, reports The
Age.
NAB's total lending in July dipped 0.1 percent, driven by a 1.1
percent slump in business lending, with home lending subdues at
0.7 percent. Deposits rose a negligible 0.6 percent.
APRA has recently resumed publishing monthly banking statistics.
While providing a general picture of the industry, the data is
only for the trading banks. The numbers are not adjusted for
securitizations or prior periods for restatements.
CONTACT:
National Australia Bank Limited
Fl. 24, 500 Bourke St.
Melbourne, 3000, Australia
Phone: +61-3-8641-4200
Fax: +61-3-8641-4927
Web site: http://www.national.com.au
PHOENIX RISING: To Enter Winding Up Proceedings
-----------------------------------------------
At a general meeting of the members of Phoenix Rising
Investments Pty Ltd duly convened and held at 103-105
Northbourne Avenue, Turner ACT on the 23rd day of August 2004,
the special resolution set out below was duly passed:
That the company be wound up voluntarily.
Dated this 23rd day of August 2004
Harold Wolf
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue, Turner ACT 2611.
Telephone: (02) 6247 5988
PRIMELIFE CORPORATION: Updates Managed Investment Schemes
---------------------------------------------------------
Primelife Corporation Limited issued in a company announcement
an update in relation to the company's managed investments
schemes.
As foreshadowed in Primelife Corporation Limited's (Primelife)
Prospectus of 6 August 2004 and the Supplementary Prospectus of
16 September 2004, the Australian Securities and Investment
Commission (ASIC) has taken action in the Federal Court to
protect the interests of investors in managed investment schemes
connected with Primelife relating to 23 retirement villages and
aged care facilities.
Neither ASIC nor Primelife believe that these proceedings will
cause any disruption to the lives of any of Primelife's
residents in any of the retirement villages and aged care
facilities. ASIC initially seeks the appointment of an
Investigative Accountant to review the affairs of these schemes,
and to report to the Court.
If the Investigative Accountant finds that these schemes have
not been operating as required under the Act, ASIC may ask the
Court to make further orders to ensure the interests of
investors in the schemes are protected. No order is currently
sought to avoid any obligation to or right of the residents.
Primelife will ask the Court to have regard to the continuing
efficient operation of these facilities. Primelife advised ASIC
of its concerns about the legality of the schemes and is
continuing to co-operate with ASIC on this matter. Primelife's
Managing Director, Mr. Jim Hazel, said
"The Board of Primelife is pleased that the next step in
resolving these difficult issues has now been taken".
Background
Between 1997 and 2002, approximately 25 proposed retirement
village / aged care facilities (13 of which are in development
and not yet operating) were sold to investment syndicates, which
ASIC alleges comprise the schemes.
These retirement villages / aged care facilities are currently,
or will in the future, be developed and managed by Primelife.
Subsection 601ED(1) of the Act specifies whether a managed
investment scheme must be registered and Subsection 601ED(5)
prohibits the operation of a managed investment scheme that is
required to be registered, where it is not registered.
CONTACT:
Primelife Corp. Ltd.
210 Kings Way,
South Melbourne, Victoria,
Australia, 3205
Head Office Telephone: (03) 8699 3300
Head Office Fax: (03) 8699 3414
Web site: http://www.primelife.com.au/
RESTBIN PTY: Final Meeting Slated for October 15
------------------------------------------------
Notice is hereby given that final meetings of members and
creditors of Restbin Pty Limited (In Liquidation) will be held
at the office of Rangott & Slaven, Chartered Accountants, 3rd
Floor, 11 National Circuit, Barton ACT on 15 October 2004 at
11:00 a.m. The meetings are convened for the purpose of
receiving the Liquidator's final report on the winding up.
Dated this 14th day of September 2004
W. B. Rangott
Liquidator
==============================
C H I N A & H O N G K O N G
==============================
CRESVALE FINANCE: Final Meetings Scheduled on November 1
--------------------------------------------------------
Notice is hereby given that, pursuant to Section 248 of the
Companies Ordinance, that a final general meeting of the members
and creditors of Cresvale Finance Limited will be held at 20th
Floor, Prince's Building, 10 Chater Road, Hong Kong on the 1st
of November 2004 at 10:00 a.m. and 10:30 a.m. respectively.
For the purposes 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, to hear any explanation that
may be given by the Liquidators, to determine by Special
Resolution of the Company the manner in which the books,
accounts and documents of the Company and of the Liquidators
thereof, shall be disposed.
Proxies to be used at the meeting must be lodged no later than
4:00 p.m. on the 29th of October 2004.
Dated this 30th day of September 2004.
Joanne Oswin
Joint and Several Liquidator
Cresvale Finance Limited
(In Creditors' Voluntary Liquidation)
ED LEE: Court to Hear Winding Up Petition on October 20
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Ed
Lee & Company (Insurance Brokers) Limited by the High Court of
Hong Kong Special Administrative Region was on the 16th day of
September 2004 presented to the said Court by Bank of China
Group Insurance Company Limited whose registered office is
situated at 9th Floor, Wing On House, No. 71 Des Voeux Road
Central, Hong Kong.
The said Petition will be heard before the Court at 10:00 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.
Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.
EFI NOMINEES: Creditors to Prove Claims by November 1
-----------------------------------------------------
Notice is hereby given that the Creditors of Efi Nominees
Limited, which is being voluntarily liquidated, are required on
or before 1 November 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 named company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Dated this 30th day of September 2004
Rainier Hok Chung Lam
Joint and Several Liquidator
22th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
EIDS SOLUTIONS: Court Issues Winding Up Notice
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Eids Solutions (Hk) Limited by the High Court of Hong Kong was
on the 8th day of September 2004 presented to the said Court by
Tse Kit Hung of Room C, 5/F., Block 5, Glorious Garden, Tuen Mun
New Territories, 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.
ETON HOLDING: Creditors Meeting Set October 13
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Eton Holding Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 31st day of August 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.
K. W. Ng & Co.
Solicitors for the Petitioner
11th Floor, Wings Building
110 Queen's Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 12th day of
October 2004.
EURO MERCHANDISE: To Hold Creditors Meeting on October 19
---------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Euro Merchandise Enterprises Limited will be held at 22nd Floor,
Wing On Centre, 111 Connaught Road Central, Hong Kong on 19th
day of October 2004 at 11:00 a.m.
It will be followed by a meeting of the creditors of the company
to be held at the same place at 11:15 a.m. for the purpose of
receiving an account of the liquidator's act and dealings and of
the conduct of the winding up of the company during the year
ended 2 August 2004.
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote on his behalf. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 26th Floor, Wing One
Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the meetings.
Dated this 30th day of September 2004
Dermot Agnew
Joseph K. C. Lo
Joint and Several Liquidators
GOLD METTLE: Court Issues Winding Up Notice
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gold Mettle Engineering Limited by the High Court of Hong Kong
Special Administrative Region was on the 14th day of September
2004 presented to the said Court by Gold Corporation Australia
trading as AGR Hong Kong whose registered office is situated at
No. 310 Hay Street, East Perth, Western Australia 6004,
Australia and having a principal place of business in Hong Kong
at Unit 1009, Peninsula Square, 18 Sung On Street, Hunghom,
Kowloon, 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.
C. M. Li, Chow, Pang & Chan
Solicitors for the Petitioner
Room 1501, 15th Floor, China Merchants Building
No. 303 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.
HING KEE: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a final dividend is to be declared
by Hing Kee Construction Company Limited. All creditors of the
company must prove their debts by 15 October 2004. Any creditor,
who does not lodge a claim by that date, will be excluded from
the benefit of any distribution made before such debts are
proved and from objecting to such distribution.
Dated this 30th day of September 2004
Rainier H C Lam
Joint and Several Liquidator
Hing Kee Construction Company Limited
(In Liquidation)
22/F., Prince's Building
10 Chater Road
Central, Hong Kong
KAI MEN: Appoints Liquidators
-----------------------------
By order of the High Court of the Hong Kong Special
Administrative Region dated the 19th day of July 2004, Nicholas
Timothy Cornforth Hill and Cosimo Borrelli of RSM Nelson Wheeler
Corporate Advisory Services Limited, 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed as Joint and Several Liquidators of Kai Men Tai
International Limited (formerly known as Rawfield International
Limited) with a committee of inspection.
Dated this 30th day of September 2004.
Nicholas Timothy Cornforth Hill
Cosimo Borrelli
Joint and Several Liquidators
Kai Men Tai International Limited
LIKO TRADING: Winding Up Notice Issued
--------------------------------------
Notice is hereby given that a Petition for the Winding up of
Liko Trading Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 20th day of September
2004 presented to the said Court by Hans C. Winckler Trading
whose address is Ivo-Hauptmann-Ring 5, 22159 Hamburg, Germany.
The said Petition will be heard before the Court at 9:30 am on
the 27th 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.
Haldanes
Solicitors for the Petitioner
8th Floor, Ruttonjee House
11 Duddell 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 26th day of
October 2004.
MCI COMPANY: Names Joint and Several Liquidators
------------------------------------------------
MCI (Hong Kong) Company Limited with registered office at 8/F.,
Capitol Centre, 5-19 Jardine's Bazaar, Causeway Bay, Hong Kong
has appointed Mr. Desmond Chung Seng Chiong and Mr. Roderick
John Sutton as Joint & Several Provisional Liquidators.
Liquidators' Address:
c/o Ferrier Hodgson Limited
14th Floor, Hong Kong Club Building,
3A Chater Road, Central, Hong Kong
Members of:
(1) Standard Chartered Bank (Hong Kong) Limited Committee of
Inspection
(2) Bank of China (Hong Kong) Limited
Date of Appointment: 14 September 2004
Dated this 30th day of September, 2004
Desmond Chung Seng Chiong
Roderick John Sutton
Joint and Several Liquidators
PACIFIC WORLDWIDE: Creditors Meeting Slated for October 27
----------------------------------------------------------
Notice is hereby given that pursuant to Section 228A of the
Companies Ordinance, a meeting of the creditors of Pacific
Worldwide Logistics Limited will be held at 11:30 am on 27th day
of October 2004 at Unit 2102, Jubilee Centre, 46 Gloucester
Road, Wanchai, Hong Kong.
The purpose of the meeting is to approve the resignation of the
exiting Liquidators, appoint a new Liquidator and to consider
further matters relevant to the creditors' voluntary winding-up
of the above named Company pursuant to Sections 228A of the
Companies Ordinance.
Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Unit 2102, Jubilee Centre, 46
Gloucester Road, Wanchai, 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 this 30th day of September 2004
By Order Of The Board Of
Yip Chi Man
Director
SHANXI CENTRAL: Winding Up Hearing Set October 20
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Shanxi Central Pharmaceutical International Limited whose
principal place of business in Hong Kong is situated at Room
605, Sea View Commercial Building, 21-24 Connaught Road West,
Hong Kong by the High Court of Hong Kong Special Administrative
Region was on the 15th day of September 2004 presented to the
said Court by DBS Bank (Hong Kong) Limited, formerly known as
Dao Heng Bank Limited, whose registered office situated at 11th
Floor, The Center, 99 Queen's Road Central, Hong Kong.
The said Petition will be heard before the Court at 10:00 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.
Wilkinson & Grist
Solicitors for the Petitioner
6th Floor, Prince's Building
Chater Road
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.
TOP ART: Winding Up Notice Issued
---------------------------------
Notice is hereby given that a Petition for the Winding up of Top
Art Limited by the High Court of Hong Kong Special
Administrative Region was on the 4th day of September 2004
presented to the said Court by Top Art Limited whose registered
office is situated at Room 2201, Shun Tak Centre, West Tower,
200 Connaught Road West, 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.
Kenneth C. C. Man & Co
Solicitors for the Petitioner
Rooms 1203-8, 12th Floor
Hang Seng Building
77 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 12th day of
October 2004.
VAST ISLAND: Court To Hear Winding Up Petition on October 13
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Vast Island Development 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
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 12th day of
October 2004.
=================
I N D O N E S I A
=================
BANK NEGARA: Divestment, Bond Issue Unlikely This Year
------------------------------------------------------
Bank Negara Indonesia (BNI) is likely to postpone the divestment
of 30 percent of its shares to public investors and a proposed
US$300 million bond issuance, The Jakarta Post reveals.
Head of BNI divestment team Fero Poerbonegoro said the planned
sale of BNI shares was not technically possibly this year due to
regulatory constraints and unfavorable market conditions.
"The divestment of BNI shares, along with the bond issue plan,
are likely to be feasible next year," Mr. Fero declared.
The decision was made following a delay in gaining the
parliament's approval and the need to use the latest financial
reports.
According to Mr. Fero, BNI could no longer utilize the first-
semester financial report as a base to sell the shares. Under
capital market regulations, financial reports are valid only for
180 days.
"We are likely to use a full-year financial report as the base
for the divestment and bond issue. It is the most feasible," he
said.
BNI will retain Bahana Securities and JP Morgan to arrange the
divestment.
On Monday, the house decided to delay approving the BNI
divestment and left the matter to the next government and
legislators, as they have determined BNI still has sufficient
capital to sustain its operations.
CONTACT:
Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
+62 21 2511214
Web site: http://www.bni.co.id
INDOFOOD SUKSES: Buys 60% Stake in Container Firm
-------------------------------------------------
PT Indofood Sukses Makmur (JSX:INDF) purchased the 60-percent
stake held by Stanhope Limited in PT Suryo Rengo Containers for
IDR255 billion (US$28.3 million), says Asia Pulse.
In a report submitted to the Surabaya Stock Exchange, company
Vice President Cesar M. de la Cruz confirmed the deal with
Mauritius-based Stanhope was sealed on September 24.
Stanhope held 60 percent of Suryo Rengo through its wholly owned
subsidiary Perfect Wealth Investment Ltd, a company established
under British Virgin Island law.
Since Suryo Rengo provides around 60 percent of the corrugated
box requirements of Indofood and its units, the acquisition will
guarantee supply of packaging for Indofood products.
Publicly listed Indofood is the largest producer of instant
noodles in Southeast Asia.
CONTACT:
Indofood Sukses Makmur Tbk
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav
Jakarta 12950,
Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
=========
J A P A N
=========
KAWATA SHOJI: Bankruptcy Looming
--------------------------------
Kawata Shoji K.K. is facing insolvency, Teikoku Databank America
says. The land developer, based in Mishima-Shi, Shizuoka 411-
0025, has total liabilities of US$52.50 million.
For more information, visit http://www.teikoku.com/.
KOGANOI K.K.: Enters Bankruptcy
-------------------------------
Hotel developer Koganoi K.K. has entered bankruptcy with
US$153.33 million in total liabilities, according to Teikoku
Databank America. The firm is based in Nishimuro-Gun, Wakayama
649-2211.
For more information, visit http://www.teikoku.com/.
MITSUBISHI MOTORS: Appoints Isao Torii as MMSP GmbH President
-------------------------------------------------------------
Mitsubishi Motors Corporation announced in a press release on
Thursday that Mr. Isao Torii will assume the position of
president of its motor sports unit MMSP GmbH Germany, effective
October 1. The new appointment has been made to add impetus to
the 3-year restructuring plan the company's WRC program is in
the middle of just now as well as to ensure the company builds
further on its cross-country rally successes.
"Motor sports is vital to MMC in that it gives material form and
expression to the company's identity, to its DNA. The reforms
that Sven Quandt initiated over the last two years as president
of MMSP GmbH have been significant and I give him due credit for
the progress made to date. Mr. Quandt was instrumental in MMC's
ninth victory in the Dakar 2004 and initiated the Lancer WRC04
car, which is the first real WRC car for MMC. We decided to put
Mr. Torii in charge of MMSP GmbH after reaching the conclusion
that to accelerate these reforms and to beef up MMC's motor
sports structure, we needed someone from within the MMC
organization with the necessary experience and qualifications,"
stated Akira Kijima, Managing Director and Head of Products
Operations, who is in overall charge of MMC motor sports
programs.
New MMSP GmbH president Mr Torii has the international
experience required for his new job after postings to MMC's R&D
units in Europe and the United States respectively, where as an
engineer his duties included vehicle testing of such models as
the Mirage ("Colt" in Europe), GTO and Eclipse. MMC judged that
Mr Torii's vehicle development capabilities, his overseas work
experience and his outstanding management skills made him the
right man to head the company's motor sports unit.
Mr. Torii had the following to say about his appointment: "MMC
is blessed in having Mario Fornaris as Technical Director of
MMSP Ltd., our WRC development unit based in the U.K., and
Dominique Serieys as the managing director of MMSP SAS, our
cross-country rally development unit based in France. My job
will be to assist these able leaders in performing to the
maximum of their abilities and to strengthen the teamwork
between MMC and the units under their command. As well as
ensuring success for MMC motor sports, this approach will also
ensure that the valuable technology and passion nurtured through
our motor sports programs is fed back to our production models
and after-service."
In preparation for its return to the WRC arena in 2005, MMSP
will enter two Lancer WRC04 test machines piloted by Gilles
Panizzi and Daniel Sola in the Rallye Catalunya (Rallye de
Espana), the 15th round of the 2004 FIA WRC calendar, being held
in Spain October 29 - 31.
As a warm up for the 2005 Paris-Dakar Rally, when the company
will bid for its fifth consecutive and 10th overall crown, MMSP
will enter two Pajero Evolutions piloted by Hiroshi Masuoka and
Stephane Peterhansel in the UAE Desert Challenge 2004, to be
held in the United Arab Emirates October 11 - 15.
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
TEKISUI K.K.: Declared Bankrupt
-------------------------------
Tekisui K.K., a firm engaged in the sales of buildings and
houses, has been declared bankrupt, according to Teikoku
Databank America. The firm, located in Osaka-Shi, Osaka 543-
0028, has US$83.33 million in liabilities.
For more information, visit http://www.teikoku.com/.
TOYAMA CHEMICAL: Affirms BBB- on Senior Debts
---------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
senior debts of Toyama Chemical Co., Ltd., affirming the BBB-
rating on its outstanding bonds.
Issues Amount(bln) Issue Date Due Date Coupon
bonds no.1 JPY10 Apr. 12, 2000 Mar. 31, 2005 1.0%
Rationale
Toyama Chemical has decreased the earnings power sharply in
fiscal 2000 ended March 31, 2001 when it suspended supply of the
mainstay product.
Toyama Chemical avoided impairment of capital by making
alliances with Taisho Pharmaceutical in fiscal 2002. It incurred
a net loss for 5 years in a row through fiscal 2003.
JCR paid attention to the negotiations for the out-licensing of
new agent. Toyama Chemical entered into a license agreement with
a major U.S. pharmaceutical company. Although probability of
approval for the new drug increased, it is difficult for Toyama
Chemical to turn profitable on an operating profit basis with
the existing drugs only.
Toyama Chemical will have to rely on the payment received for
the signing of the agreement for the near future. It will have
to wait till fiscal 2007 when the new agent is expected to
contribute to boosting the earnings fully to stabilize the
earnings power.
The funds for redemption of the outstanding bonds rated by JCR
will be covered well by the internal funds.
CONTACT:
Toyama Chemical Co., Ltd.
2-5, Nishishinjuku 3-chome,
Shinjuku-ku, Tokyo 160-0023
Telephone: 81-3-5381-3889,
Fax: 81-3-3348-6638,
Web site: www.toyama-chemical.co.jp
UFJ HOLDINGS: Expects to Cut JPY1.2 Trillion in Bad Loans
---------------------------------------------------------
UFJ Holdings Incorporated expects to slash its outstanding non-
performing loans by at least JPY1.2 trillion in the second half
of fiscal 2004, Japan Today relates.
UFJ is optimistic about its projections as its four of seven
large debtors have already consolidated rehabilitation plans.
Ahead of a planned merger with Mitsubishi Tokyo Financial Group,
UFJ has been accelerating the disposal of bad loans in order to
reduce the amount to the 3-percent level by the end of the
current fiscal year.
UFJ is carrying a total of JPY4.6 trillion in bad loans, or 10
percent of its total lending at the end of June.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp
UFJ HOLDINGS: Corrects Figures of Management Revitalization Plan
----------------------------------------------------------------
UFJ Holdings, Inc. issued a notice concerning correction of
figures in the Plan to Revitalize Management announced on
September 24, 2004 as set forth below.
These corrections are made due to incorrect posting and do not
result from amendment of the Plan.
P38. Table 1-1 Financial Projection Summary
UFJ Holdings, Inc. (Billions of Yen)
Fiscal Year 3/2006 Figures in announcement Correct Figures
(Plan) on Sep. 24, 2004
Total stockholders'
equity 933.0 930.5
Capital stock 916.3 913.8
P40. Table 1-2 Financial Projection Summary
UFJ Bank Limited including UFJ Strategic Partner Co., Ltd. and
UFJ Equity Investments Co., Ltd. and UFJ Trust Bank Limited
including UFJ Trust Equity Co., Ltd.
(Billions of Yen)
Fiscal Year 3/2005 Figure in announcement Correct Figure
(Plan) on Sep. 24, 2004
Revaluation losses
(on stocks) 263.0 317.0
=========
K O R E A
=========
DAEWOO HEAVY: Doosan and Hyosung Bids Exorbitant; Says Pantech
--------------------------------------------------------------
The highest bid for the sale of Daewoo Heavy Industries &
Machinery (DHI) came from Doosan Heavy Industries &
Construction, reports the Asia Intelligence Wire, citing
industry sources.
Doosan tendered KRW1.8 trillion for the bid, and was selected as
the preferred bidder, topping Hyosung's bid of KRW1.3 trillion
and a consortium of DHI workers and Pantech with KRW800 billion.
However, Doosan insisted the bidding price is total conjecture.
The seven bidders are required by a confidentiality agreement
with Korea Asset Management Corp. (KAMCO) not to reveal their
bidding price.
As the Public Fund Oversight Committee, which has the right to
issue the final approval, has reportedly given consequence to
price matters, rather than non-price matters, Doosan and Hyosung
have advantage over the Pantech consortium, the sources said.
But the possibility for the Pantech consortium to win the right
of way to buy the troubled firm is within reach as it could earn
bonus points in non-price matters such as stable labor-
management relation and supports from the labor union, the
sources added.
If the bidding price presented by Doosan and Hyosung are true,
it is exorbitant in comparison to the real value of the company,
the Pantech consortium said. The consortium has said it will
make efforts to prevent large conglomerates from owning DHI,
targeting Doosan and Hyosung.
The preferred bidder will be announced next month, who will
purchase a 55-percent stake in DHI, owned by KAMCO and state-
invested Korea Development Bank.
CONTACT:
Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: www.dhiltd.co.kr/eng/index.asp
===============
M A L A Y S I A
===============
BESCORP INDUSTRIES: Issues Default Status Update
------------------------------------------------
As required by the Bursa Malaysia Practice Note 1/2001, Bescorp
Industries Berhad (BIB) hereby provides an update on its default
in payment.
The default by the company as at 31 August 2004 amounted to
RM62,535,836.20 made up of a principal sum of RM32,220,139.42
plus RM30,315,696.78 in interest for revolving credit
facilities.
As at 31 August 2004, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn. Bhd. (In Liquidation), Bescorp
Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn. Bhd.
(In Liquidation), Bespile Sdn. Bhd. (In Liquidation) and Waktu
Cerah Sdn. Bhd. (Special Administrators Appointed), defaulted on
a total sum of RM171,303,181.79 made up of a principal sum of
RM58,780,492.90 plus RM47,419,868.21 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM65,102,820.68 for overdraft
facilities.
There were no further developments since the Company's previous
announcement with regards to the Practice Note.
For a copy of the Company's bank borrowings as at 31 August
2004, go to http://bankrupt.com/misc/tcrap_bescorp100104.xls
CONTACT:
Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967
BUKIT KATIL: Posts Update on Loan Facilities
--------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, the
Board of Directors of Bukit Katil Resources Berhad (BKATIL)
wishes to update on the following loan facilities.
BUMIPUTRA-COMMERCE BANK BERHAD
The application by the bank to enter summary judgment against
the Company was allowed by the Learned Senior Assistant
Registrar on 16 July 2004. The Company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.
The Company is still in the process of seeking third party
financing to settle the loan facilities.
OCBC BANK (MALAYSIA) BERHAD
OCBC Bank (Malaysia) Berhad has obtained an order for sale on 14
November 2003 on Omega Bricks Sdn Bhd's land held under Grant
Reg No. 31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian,
Negeri Perak.
OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on 6
October 2003 and was served on the Company on 14 November 2003.
The High Court on 8 September 2004 allowed the bank's
application for the winding-up petition. The Company has already
filed a Notice of Appeal to the Court Appeal against the
decision of the High Court and is also in the process of
applying for a stay of the winding-up order.
The company is still in the process of seeking alternative
financing from other financial institutions for the repayment of
the defaulted sums.
ALLIANCE MERCHANT BANK BERHAD
Hearing has been adjourned to 9 September 2004 to consider the
Bank's application for summary judgement as well as the
Company's counterclaim. The court has fixed 5 October 2004 for
decision.
The Company is still actively negotiating with other financial
institutions to refinance the outstanding sums.
PERBADANAN KEMAJUAN NEGERI PAHANG
The Company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
19 April 2004, a final judgement was granted by the High Court
for RM14.0 million against the Company, inclusive of interest
until the date of full settlement. The Company is appealing
against the said judgement, which is to be heard on 18 November
2004.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara, Damansara Heights, Kuala
Lumpur 50490 MALAYSIA
Telephone: +60 3 2095 7077
Telephone: +60 3 2094 9940
BUKIT KATIL: Unveils Production Figures for August 2004
-------------------------------------------------------
Bukit Katil Resources Berhad announced the production figures
for the month of August 2004 in respect of the Group's
plantation production as follows:
Current Preceeding Year Current Year Preceeding Year
Month Corresponding to date Corresponding
(Aug 2004) Month (Aug 2003) (Aug 2004) Period
(Aug 2003)
FFB (mt) 493.77 817.67 1,047.11
1,762.89
CONSOLIDATED FARMS: Unveils 2004 Unaudited Quarterly Report
-----------------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad,
Consolidated Farms Berhad released its unaudited 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
1 Revenue
2,108 17,152 8,409 33,416
2 Profit/(loss) before tax
-17,671 -2,128 -29,050 -6,620
3 Profit/(loss) after tax and minority interest
-15,436 -1,733 -26,068 -6,059
4 Net profit/(loss) for the period
-15,436 -1,733 -26,068 -6,059
5 Basic earnings/(loss) per shares (sen)
-73.87 -8.29 -124.74 -28.99
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)
-1.2200 -0.2700
For a full copy of the quarterly report, go to
http://bankrupt.com/misc/tcrap_consolidatedfarms100104.doc
http://bankrupt.com/misc/tcrap_consolidatedfarms100104.xls
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
FABER GROUP: Completes Debt Revamp Scheme
-----------------------------------------
On behalf of Faber Group Berhad (FGB), Aseambankers Malaysia
Berhad is pleased to announce that the Restructuring Scheme has
been completed on 30 September 2004.
The restructuring scheme includes:
(i) Transfer of Hotel Merlin Kuantan Sdn Bhd, Mersing Merlin Inn
Sdn Bhd, Faber Kompleks Sdn Bhd, Merlin Labuan Sdn Bhd, Subang
Jaya Hotel Development Sdn Bhd, Langkawi Island Resort Sdn Bhd,
Hotel Merlin Cameron Highlands Bhd, Merlin Inn Johor Bahru Sdn
Bhd, Faber Plaza Sdn Bhd, Faber Centre Sdn Bhd, Sungai Petani
Land, Tower Block Land And Faber Towers To Jeram Bintang Sdn Bhd
(JBSB) and its wholly-owned subsidiary, Canggih Pesaka Sdn Bhd
for a cash consideration of RM1.00;
(ii) Waiver of the Accreted Yield on Redeemable Convertible
Secured Zero Coupon 2000/2005 Bonds (RCSB) amounting to
RM250.894 Million from the Date Of Issuance to 10 April 2003
(Being the date on which the RCSB Bondholders approved the
termination of further accrual of yield on the RCSB);
(iii) Novation of Liability amounting to RM929.460 Million under
the RCSB and Issuance of RM985.611 Million of Non Convertible
Redeemable Secured Zero Coupon 2004/2012 Bonds (JBSB Bonds);
(iv) Issuance of RM200.0 Million nominal value of Redeemable
Convertible Preference Shares of RM1.00 each and up to RM185.528
Million nominal value of Redeemable Secured Loan Stock (RSLS) to
JBSB comprising of RM135.564 Million nominal value of RSLS to be
issued and 4% coupon compounded annually up to maturity
amounting up to RM49.964 Million nominal value payable in the
form of RSLS (with consequential amendments to the Memorandum
and Articles of Association);
(v) Acknowledgement of Debt and Settlement of the Balance Sum
amounting to RM51.442 Million;
(vi) Management and Maintenance Arrangements between JBSB and
its Subsidiary with FGB; And
(vii) Settlement by JBSB of the JBSB Bonds
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
This announcement is dated 30 September 2004.
GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on September 30, 2004.
Date of buy back from: 16/09/2004
Date of buy back to: 29/09/2004
Total number of shares purchased (units): 31,200
Minimum price paid for each share purchased (RM): 0.700
Maximum price paid for each share purchased (RM): 0.720
Total amount paid for shares purchased (RM): 22,292.07
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 31,200
Total number of shares retained in treasury (units): 1,097,500
Number of shares purchased, which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 29/09/2004
Remarks:
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890
This Announcement is dated 30 September 2004.
HUME INDUSTRIES: Disposes of 2,895,000 Ordinary Shares in Tasek
---------------------------------------------------------------
Hume Industries (Malaysia) Berhad (HIMB) disposed of a total of
2,895,000 ordinary shares of RM1.00 each in Tasek, representing
approximately 1.58% of the issued and paid-up share capital of
Tasek (Tasek Shares), for a total cash consideration of
RM7,519,073.00 (after deduction of brokerage and stamp duty
charges) (Disposal). The proceeds will be utilized for working
capital purposes. The Disposal was a direct business transaction
through a stockbroker.
The original cost of investment of HIMB shares acquired during
the financial years 1997 to 2003 was RM20,606,005.33. Based on
the accounting policy on short term investments, the Tasek
Shares were written down to RM7,382,250.00 as at 30 June 2004.
Consequently, the Disposal will result in a gain of RM136,823.00
at the HIMB Group level. However, the Disposal will not have any
material impact on the HIMB Group's net tangible assets and
earnings per share for the financial year ending 30 June 2005.
YBhg Tan Sri Quek Leng Chan is a Director of HIMB and a deemed
substantial shareholder of HIMB and Tasek. Mr Quek Leng Chye, a
deemed substantial shareholder of HIMB and Tasek, also has
direct interest in HIMB. Mr Kwek Leng San, a Director of HIMB,
Mr Quek Leng Chye and YBhg Tan Sri Quek Leng Chan are brothers.
Save as disclosed, the Company is not aware of any of its other
Directors, major shareholders and persons connected with them
having any interest, direct or indirect, in the Disposal.
The Disposal is not subject to the approval of shareholders or
any governmental authority.
The Board of Directors of the Company is of the opinion that the
Disposal is in the best interest of the HIMB Group.
CONTACT:
Hume Industries (Malaysia) Berhad
18 Jalan Perak
Kuala Lumpur, 50450
MALAYSIA
+60 3 2164 2631
+60 3 2164 2514
This announcement is dated 30 September 2004.
JASATERA BERHAD: Releases 2004 Unaudited Quarterly Report
---------------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad,
Jasatera Berhad released its unaudited 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
1 Revenue
1,409 2,274 3,429 5,868
2 Profit/(loss) before tax
-3,071 -2,055 -6,789 -3,389
3 Profit/(loss) after tax and minority interest
-3,071 -2,055 -6,789 -3,389
4 Net profit/(loss) for the period
-3,071 -2,055 -6,789 -3,389
5 Basic earnings/(loss) per shares (sen)
-15.37 -10.29 -33.98 -16.96
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)
-7.0500 -6.7100
For more information, go to
http://bankrupt.com/misc/tcrap_jasatera100104.xls
CONTACT:
Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Tel: 603-7332888/7742
Fax: 603-7332607
KSU HOLDINGS: Board OKs AGM Resolutions
---------------------------------------
The Board of Directors of KSU Holdings Berhad (Receiver and
Manager Appointed) announced that at the 2004 Annual General
Meeting held on 30 September 2004, the members of the Company
approved and passed all the ordinary resolutions set out in the
Notice thereof dated 8 September 2004 except for Ordinary
Resolution 7 which is in respect of the payment of Non-Executive
Director Fees to past directors, namely, Dato' Abdullah Bin Mohd
Zain and Encik Ismail Bin Rautin Ibrahim amounting to
RM120,000.00 and RM15,000.00 respectively for the period ended
31 March 2003.
CONTACT:
KSU Holdings Berhad
No. 1116B & C, 2nd & 3rd Floor
Persiaran Raja Muda Musa
41100 Klang
Selangor Darul Ehsan
Tel: 03-33739191
Fax: 03-33747763
METROPLEX BERHAD: Seeks Creditors' Meeting Extension
----------------------------------------------------
Metroplex Berhad will be making an application to the High Court
of Malaya for an extension of time to hold the Court Convened
Creditors' Meeting, which is due to be held on 30 September
2004. The Company will advise Bursa Securities once the outcome
of the application is known.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
Auditor: P C Chan & Partners
This announcement is dated 30 September 2004.
MTD CAPITAL: Purchases 85,000 Ordinary Shares on Buy Back
---------------------------------------------------------
MTD Capital announced the details of its shares buy back on ice
September 30, 2004.
Date of buy back: 29/09/2004
Description of shares purchased: Ordinary shares of RM1/- each
Total number of shares purchased (units): 85,000
Minimum price paid for each share purchased (RM): 2.540
Maximum price paid for each share purchased (RM): 2.550
Total consideration paid (RM): 216,401.50
Number of shares purchased retained in treasury (units): 85,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 3,196,800
Adjusted issued capital after cancellation (no. of shares)
(units) :
Remarks:
The cumulative net outstanding treasury shares as at to-date
should read as 3,196,800 units instead of 3,191,800 units as
announced.
CONTACT:
MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone: (603) 689-9022
SUGAR BUN: Posts 2004 Quarterly Report
--------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Sugar Bun
Corporation 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
1 Revenue
9,924 12,088 19,579 24,925
2 Profit/(loss) before tax
-2,942 85 -5,008 -1,329
3 Profit/(loss) after tax and minority interest
-2,925 -60 -4,971 -1,453
4 Net profit/(loss) for the period
-2,925 -60 -4,971 -1,453
5 Basic earnings/(loss) per shares (sen)
-3.25 -0.08 -5.54 -1.97
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)
0.8600 0.9100
Remarks :
(i) The basic loss per share is based on the weighted average
number of ordinary shares in issue for the Quarter-to-Date and
Year-to-Date of 90,104,000(2003 : 76,640,000) and 89,680,176
(2003 : 73,709,613) respectively.
For more information, go to
http://bankrupt.com/misc/tcrap_sugarbun100104.doc
SURIA CAPITAL: Updates Classification Sector
-------------------------------------------
Bursa Malaysia Securities Berhad has decided to update the
classification sector for Suria Capital Holdings Berhad to come
into effect on 9.00 a.m., Tuesday, 5 October 2004.
The update in the classification of sector for SURIA is as
follows:
Company Short Stock Stock Present New Sector
Name Number Sector
Suria Capital
Holdings Berhad SURIA 6521 Finance
Trading/Services
The stock number and stock short name for the company remain
unchanged.
The classification of sector for SURIA (upon the company's
request) has been updated based on the criteria which take into
account, among others, the following factors:
Changes in business activity for the company.
Core business activity contribution to company's financial
results.
The update in the classification of sectors will ensure all
investors and industry participants are kept informed on the
latest development of public listed companies in the various
sectors of the Bursa Securities' Main Board and Second Board.
TAP RESOURCES: Discloses FY04 Unaudited Quarterly Report
--------------------------------------------------------
Tap Resources Berhad released its unaudited 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
1 Revenue
2,301 630 2,301 630
2 Profit/(loss) before tax
-1,539 -586 -1,539 -586
3 Profit/(loss) after tax and minority interest
-1,539 -586 -1,539 -586
4 Net profit/(loss) for the period
-1,539 -586 -1,539 -586
5 Basic earnings/(loss) per shares (sen)
-1.58 -1.33 -1.58 -1.33
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
Net tangible assets per share (RM)
0.2565 0.2694
=====================
P H I L I P P I N E S
=====================
BALABAC RESOURCES: Nominates New Directors for FY 2004-2005
-----------------------------------------------------------
At the Meeting of the Board of Directors of Balabac Resources &
Holdings Co., Inc. dated 1 October 2004, the Board unanimously
approved the nominees for directors for the fiscal year 2004-
2005. They are as follows:
Mr. Raymundo O. Feliciano, Jr.
Mr. Antonio Q. Sevilla
Mr. Santos C. Tan
Mr. Raymundo F. Feliciano Jr.
Mr. Wilson T.Young
Mr.Jaime J. Bautista
Mr. Dewey L. Yu
Mr. Peter Y. Ong
Mr. Anthony M. Te
Mr. Regnar C. Revira - Independent Director; and
Mr. Pompeyo S. Tiu - Independent Director
Very Truly Yours,
Balabac Resources & Holdings Co. Inc.
Atty. Ma. Cecilia L. Pesayco
Corporate Secretary
CONTACT:
Balabac Resources & Holdings Co. Inc.
7/F, Allied Bank Centre
Ayala Avenue, Makati City
Tel. No: 815-2830
Fax No: 815-2855
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Allied Banking Corporation
MAYNILAD WATER: Clarifies "Court OKs Rehab Petition" Report
-----------------------------------------------------------
Benpres Holdings Berhad clarified the news article entitled
"Court okays Maynilad's rehab petition" published in the
September 30, 2004 issue of the BusinessWorld (Internet
Edition).
The article reported, "(a) Quezon City judge yesterday approved
the petition for financial rehabilitation of cash-strapped
Maynilad Water Services, Inc., more than 10 months after it was
first filed in court. The court `gave due course' to Maynilad's
petition for loan restructuring, so it could return to financial
profitability. It also referred the case to lawyer
Rosario S. Bernaldo, the court-appointed receiver, who was
tasked to review the rehabilitation plan presented by the Lopez-
led utility. But despite the ruling in favor of rehabilitation,
parties have to agree on loan restructuring terms, including the
extent of debt-to-equity conversion for creditors. `The next
step is for me to take a closer look at the recovery plan and
make the parties meet halfway. I also have to get the inputs of
the creditors,' Ms. Bernaldo said. All Maynilad creditors,
including state-run Metropolitan Waterworks and Sewerage System
(MWSS), want Maynilad rehabilitated. The court also ordered
Maynilad to immediately pay the PhP47-million premium for its
$120-million performance bond."
Benpres Holdings Corporation (BPC), in its letter to the
Philippine Stock Exchange dated October 1, 2004, confirmed that:
"On September 29, 2004, The Regional Trial Court, Branch 90,
Quezon City gave `due course' to the petition for corporate
rehabilitation filed by Maynilad Water Services Inc. The
petition for corporate rehabilitation, its annexes and the
September 2004 Revised Rehabilitation Plan were referred to the
receiver, Mrs. Rosario Bernaldo for evaluation. The court also
approved the petitioner's motion for approval of payment of
issuance fee for the SBLC dated August 10, 2004."
For your information.
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
JURISITA M. QUINTOS
CONTACT:
Maynilad Water Services Inc
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines
MAYNILAD WATER: French Firm Decides To Stay in Consortium
---------------------------------------------------------
The French multinational firm Suez Lyonnaise des Eaux has
decided to stay in the Maynilad Water consortium as the courts
finally approved its proposed rehabilitation plan for discussion
by creditors, reports the Philippine Star.
Ondeo Waters, an affiliated of Suez Lyonnaise des Eaux, had
expressed its intention to pull out of the consortium last
December after Maynilad cited hard times that led to its
inability to continue meeting its obligations to the
Metropolitan Waterworks and Sewerage System (MWSS).
According to sources, however, the appointment of a receiver and
the approval of Maynilad's draft rehabilitation plan had
compelled both Maynilad's creditors and investors to continue
discussing the company's recovery program.
METRO PACIFIC: Clarifies "Eyeing Stake in SLEX Rehab" News
----------------------------------------------------------
Metro Pacific Corporation refers to the news article entitled
"Metro Pacific eyes stake in SLEX rehab" published in the
September 30, 2004 issue of the Manila Standard.
The article reported, "Metro Pacific Corp. (MPC), the local unit
of Hong Kong-based First Pacific Co. Ltd., is holding talks with
a consortium that will rehabilitate and extend the South Luzon
Expressway (SLEX). Sources said Metro Pacific had held meetings
with Northeast Development Acquisitions Corp. (NDAC), which
leads the consortium that owns the franchise to build and
maintain toll ways from Metro Manila to the Southern Luzon
corridor. `We are still in the early stages of discussion at
present. A considerable amount of work needs to be done
regarding the feasibility and financing studies, which should
take several months. The discussions will eventually be guided
by those results,' said David Nugent, Metro Pacific group vice
president for corporate communications."
Metro Pacific Corporation (MPC), in its letter to the Philippine
Stock Exchange dated October 1, 2004, stated that:
" As mentioned in the comments and in previous news clippings,
Metro Pacific is engaged in exploratory discussions with a
number of parties engaged in the ownership and management of
various toll way systems. It is Metro Pacific's belief that an
integrated toll way system servicing the greater National
Capital Region will facilitate greater movement of people, goods
and services and will most likely, be the most economically
feasible."
CONTACT:
Metro Pacific Corporation
10/F, MGO Building
Legaspi cor. Dela Rosa Sts., 0721 Makati City
Tel. No: 888-0888 to 92
Fax No: 888-0813/0830
E-mail Address: metro@metropacific.com
Web site: http://www.metropacific.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
NATIONAL STEEL: Iligan City Reopens Steel Firm
----------------------------------------------
The government envisions Iligan City to become the country's
industrial center with the reopening of the National Steel
Corporation (NSC), The Philippine Star reports, citing
Philippine President Gloria Macapagal Arroyo.
The steel firm, which was in financial distress, closed the
steel plant in 1999, sending at least 2,000 steelworkers and
thousands more workers in the downstream industries out of their
jobs.
However, after five years, the efforts of the government to
reopen the NSC steel plant finally succeeded.
Iligan City Mayor Lawrence Cruz said that with the renewed
optimism of the people and their leaders here, the city would
soon revive its names as the "Industrial City."
CONTACT:
National Steel Corporation
NSC Building Street 377 Sen.
Gil J. Puyat Avenue Area
Makati City, Metro Manila
NEXTSTAGE INC.: Unveils October 1 ASM Results
---------------------------------------------
At the Annual Stockholders' Meeting (ASM) of Nextstage Inc. held
on 1 October 2004, at the 5th floor Sta. Maria Function Room,
Discovery Suites, ADS Avenue, Ortigas Center, Pasig City, the
following matters were approved:
1. Election of the following as directors of the Corporation to
serve as such for the ensuing year and until their successors
have been elected and qualified:
Orlando B. Vea
David To Fernando
Rafael A. Morales
Cesar A. Buenaventura
Vicente F. Ruaro
Jose Benjamin So Fernandez
John D. Butterworth
Edmundo S. Soriano
Angelo dM. Mendoza
In compliance with the requirements of Section 38 of the
Securities Regulation Code, Messrs. Cesar A. Buenaventura and
Edmundo S. Soriano were elected as independent directors of the
Corporation.
2. Increase of the capital stock of the Corporation from One
Hundred Million Pesos (11100,000,000.00) to One Hundred Seventy
Million Pesos (P170,OOO,OOO.OO) and the amendment of the
Corporation's Articles of Incorporation accordingly.
3. Appointment of Joaquin Cunanan & Co. as the Corporation's
external auditor.
At the Organizational meeting of the Board of Director held
immediately after the stockholders' meeting, the following
officers were elected to the positions opposite their names to
serve as such for the ensuing year and until their successors
have been elected and qualified:
Orlando B. Vea -Chairman
David T. Fernando -President
Vicente F, Ruaro -Treasurer
Jose Benjamin S. Fernandez -Managing Director/Chief Operating
Officer
Aru1a Melissa R. Lichatoo -Corporate Secretary
The Board likewise approved the election of the following
Committees, to wit:
4. Nomination Committee
Orlando B. Yea
Cesar A. Buenavemura
Angelo M., Mendoza
5. Compensation and Remuneration Committee
David T. Fernando
Jose Benjamin S. Fernandez Angelo dM. Mendoza
6. Audit Committee
Vicente F. Ruaro
Edmundo S, Soriano
Cesar A. Buenaventura
CONTACT:
Nextstage Inc.
1004 Centerpoint Building
Julio Vargas Avenue
Corner Garnet Road
Ortigas Center, Pasig City
Tel. No: 887-1111 to 1118
Fax No: 887-1119
E-mail Address: jbsfernandez@nextstagegroup.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Rizal Commercial Banking Corporation
PHILIPPINE AIRLINES: Mulls International Fare Hike of Up To $30
---------------------------------------------------------------
The Philippine Airlines (PAL) plans to hike international fares
by up to $30, enough to offset surging fuel prices and at the
same time maintain its competitiveness, The Malaya reports,
citing PAL President Jaime Bautista.
Mr. Bautista said at least $30 was needed per passenger on
international flights to recover the soaring cost of jet fuel,
which has tracked crude oil's more than 40 percent increase so
far this year to around $50 per barrel.
The airline made a net loss of Php661 million in the fiscal year
to end-March 2004, hit by rising oil prices and the SARS virus
that kept passengers off flights.
PAL, which is working through a program to settle debts of
around US$1.5 billion, had over Php1 billion (US$17.8 million)
in net income in the first two months of the current fiscal
year.
CONTACT:
Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel: (632) 817-1234
Tel: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph
PHILIPPINE BANK: CEO Alcantara to Retire on October 31
------------------------------------------------------
The Board of Directors of the Philippine Bank of Communications
(PBCom) had agreed to the retirement of its President and Chief
Executive Officer, Isidro Alcantara, on October 31, reports the
Philippine Daily Inquirer.
Mr. Alcantara is retiring after the implementation of the bank's
recovery plan. The plan entailed the injection of Php3 billion
billion in fresh capital into the bank by its major
shareholders, and Php7.64 billion in financial assistance from
the Philippine Deposit Insurance Corporation (PDIC).
The bank has yet to announce Mr. Alcantara's replacement.
CONTACT:
Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Tel. No: 830-7000 (TL)
Fax No: 818-2576 (Telefax)
E-mail Address: info@pbcom.com.ph
URL: http://www.pbcom.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Securities Transfer Services, Inc.
=================
S I N G A P O R E
=================
BENG TIONG: To Undergo Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Beng Tiong Realty Pte Ltd., by the High Court was on the 27th
day of September 2004, presented by United Overseas Bank Limited
the successor in-title to Overseas Union Trust Limited of 80
Raffles Place, UOB Plaza 1, Singapore 048624, a creditor.
The Petition is scheduled before the Court sitting at 10.00
o'clock in the forenoon on Friday, the 22nd day of October 2004.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of the hearing by himself or his Counsel
for that purpose. A copy of the said 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.
The Petitioner's address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.
The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.
Drew & Napier LLC
Solicitors for the Petitioner
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to Drew & Napier LLC
a notice in writing of his intention to do so. The notice must
state the name and address of the person, or if a firm, the name
and address of the firm, and must be signed by the person or
firm or his or their Solicitors (if any) and must be served, or
if posted must be sent by post in sufficient time to reach the
above named, not later than twelve o'clock noon of the 21st day
of October 2004.
This Singapore Government Gazette Notice is dated October 1,
2004.
CHARMSON INTERNATIONAL: Enters Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Charmson International Trading Pte Ltd., by the High Court was,
on the 21st day of September 2004, presented by FMG Corporate
Services Pte Ltd of 18 Cross Street, #08-02 Marsh & McLennan
Centre, Singapore 048423, a Creditor.
The said Petition will be heard before the Court sitting at
10.00 o'clock in the morning, on Friday, the 15th day of October
2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the said Petition may appear
at the time of hearing by himself or his counsel for that
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.
The Petitioners' address is 18 Cross Street, #08-02 Marsh &
McLennan Centre, Singapore 048423.
The Petitioners' solicitors are Messrs Lim & Lim of 18 Cross
Street, #07-01 Marsh & McLennan Centre, Singapore 048423.
Messrs Lim & Lim
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs Lim & Lim,
notice in writing of his intention to do so. The notice must
state the name and address of the person or if a firm, the name
and address of the firm, and must be signed by the person, firm,
or his or their solicitor (if any) and must be served or if
posted, must be sent by post in sufficient time to reach the
above named not later than twelve o'clock noon of the 14th day
of October 2004.
This Singapore Government Gazette notice is dated October 1,
2004.
GORFORD SERVICES: Winding Up Hearing Set October 15
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Gorford (Singapore) Services Pte Ltd by the High Court was, on
the 21st day of September 2004, presented by FMG Corporate
Services Pte Ltd of 18 Cross Street, #08-02 Marsh & McLennan
Centre, Singapore 048423, a Creditor.
The said Petition will be heard before the Court sitting at
10.00 o'clock in the morning, on Friday, 15th day of October
2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the said Petition may appear
at the time of hearing by himself or his counsel for that
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.
The Petitioners' address is 18 Cross Street, #08-02 Marsh &
McLennan Centre, Singapore 048423.
The Petitioners' solicitors are Messrs Lim & Lim of 18 Cross
Street, #07-01 Marsh & McLennan Centre, Singapore 048423.
Messrs Lim & Lim
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Messrs
Lim & Lim, notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person firm, or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the above named not later than twelve o'clock noon of
the 14th day of October 2004 (the day before the day appointed
for the hearing of the Petition).
INFORMATICS HOLDINGS: Raises SG$18.8Mln From Rights Issue
---------------------------------------------------------
Beleaguered educations provider, Informatics Holdings, raised
nearly SG$18.8 million from its rights issue, reports Channel
News Asia.
Around SG$4.5 million of the amount will be used to repay DBS
Bank for the credit facilities extended to the company.
According to Informatics, around SG$2.8 million has already been
repaid to DBS last week.
The money was generated from the sale of several Informatics
properties in Yishun, Bukit Panjang and Jurong West.
Some SG$2.8 million of the rights proceeds will be used for
working capital intentions, while SG$8.6 million of the net
proceeds will be allocated for Informatics' obligations to ABN
Amro.
CONTACT:
Informatics Holdings Ltd.
Informatics Bldg.,
5 International Business Park
609914 Singapore
Phone: +65-65600003
Fax: +65-66653605
Web site: http://www.informaticsgroup.com
LIAN HUAT: Court to Hear Winding Up Petition on October 15
----------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Lian Huat Metal Pte. Ltd. by the High Court was, on the 20th day
of September 2004 presented by Yongnam Engineering & onstruction
(Private) Limited of No. 51 Tuas SouthStreet 5, Singapore
637644, a Judgment Creditor.
The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10.00 o'clock in the forenoon on the
15th October 2004.
Any creditor or contributory of the said Company desiring to
support or oppose the making or 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.
The Petitioners' address is No. 51 Tuas South Street 5,
Singapore 637644.
The Petitioner's Solicitors are Messrs Chia & Tang of No. 10
Anson Road, #23-10 International Plaza, Singapore 079903.
Messrs Chia & Tang
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to Messrs Chia &
Tang of No. 10 Anson Road, #23-10 International Plaza, Singapore
079903, notice in writing of his intention to do so. The Notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person or firm, or his or their Solicitors (if any) and must be
served or if posted, must be sent by post in sufficient time to
reach the above named not later than twelve o'clock noon, on the
14th day of October 2004.
This Singapore Government Gazette notice is dated October 1,
2004.
MAGNE ELECTROPLATING: Enters Bankruptcy Proceedings
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Magne Electroplating Pte Ltd by the High Court was on the 20th
day of September 2004 presented by Nippon Paint (Singapore)
Company Pte Ltd, a company incorporated in the Republic of
Singapore and having its registered office at 1 First Lok Yang
Road, Singapore 629728, a Creditor.
The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10.00 o'clock in the forenoon on the
15th day of October 2004.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the said
Petition may appear at the time of hearing by himself or his
Counsel for that 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.
The Petitioners' address is 1 First Lok Yang Road, Singapore
629728.
The Petitioners' solicitors are Messrs UniLegal LLC of 24
Raffles Place, #19-06 Clifford Centre, Singapore 048621.
Unilegal LLC
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs UniLegal LLC of
24 Raffles Place, #19-06 Clifford Centre, Singapore 048621, a
notice in writing of his intention to do so. The notice must
state the name and address of the person or if a firm, the name
and address of the firm, and must be signed by the person, or,
firm or his or their Solicitor (if any) and must be served, or
if posted, must be sent by post in sufficient time to reach the
above named not later than twelve o'clock noon of the 14th day
of October 2004.
This Singapore Government Gazette Notice is dated October 1,
2004.
PANPAC MEDIA: Releases Statement on Acquisition
-----------------------------------------------
Panpac Media Group Limited released a statement on its sales and
purchase agreement at the Singapore Stock Exchange on October 1,
2004.
Sale and purchase agreement relating to the acquisition of the
Observer Star Group Holdings Limited by Media Sky Associates
Ltd, a wholly owned subsidiary of Panpac Media Group Limited
Further to the announcements made on 21 May 2004, 16 July 2004
and 31 August 2004, the Board of Directors of Panpac Media Group
Limited wishes to announce that the Company has entered into an
addendum to the Sale and Purchase Agreement with Sun Media
Investment Holdings Limited on 1 October 2004 to vary the terms
and conditions of the Sale and Purchase Agreement. For further
details on the Sale and Purchase Agreement please refer to the
announcement dated 21 May 2004.
The amendments made are as follows:
(A) Change In Completion Date
The date of "Completion" in the Sale and Purchase Agreement has
been extended from 30 September 2004 to 31 October 2004.
Accordingly, the Sale and Purchase Agreement has been amended
such that the Company undertakes to procure the fulfillment of
certain conditions in the Sale and Purchase Agreement by 31
October 2004 (or such other date as the Company and Sun Media
may agree in writing from time to time).
Inspection
A copy of the Addendum is available for inspection during normal
business hours at the Company's registered office for 3 months
after the date of this announcement.
Submitted by:
Ricky Ang Gee Hing
Group MD and CEO
===============
T H A I L A N D
===============
EASTERN WIRE: Subsidiary Signs Debt Restructuring Contract
----------------------------------------------------------
Eastern Wire Public Company Limited informed the Stock Exchange
of Thailand (SET) that Rayong Wire Industries Company Limited
(RWI), the Company subsidiary, has signed in a debt
restructuring contract with Bank Thai Co., Ltd. on September 30,
2004 with details that RWI will make debt repayment within 90
days commencing September 7, 2004, causing RWI to realize a
profit from the debt restructuring of THB23,679,615.50.
The Company would like to also inform that with the completion
of the debt restructuring as mentioned above, the Company
subsidiary's debt restructure would settle 92.63 percent of the
total debts.
Please be informed accordingly
Best regards,
(Mr. Sontaya Noichaloen)
Chief Operation Officer
Eastern Wire Public Company Limited
CONTACT:
Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067
JASMINE INTERNATIONAL: Updates Progress of Unit's Rehab Plan
------------------------------------------------------------
Chaengwatana Planner Company Limited as the Plan Administrator
of Jasmine International Public Company Limited informed the
Stock Exchange of Thailand (SET) on the progress of the
implementation of business rehabilitation of its subsidiary,
Jasmine International Overseas Company Limited (JIOC), as
follows:
(1) Pakkret Planner Co., Ltd. (JIOC Plan Administrator) has
announced Tuesday 28 September 2004 as the Debt Repayment
Commencement Date pursuant to JIOC Business Rehabilitation Plan.
Accordingly, the repayment of debts under relevant debt
repayment programs, including debt novation, debt discharge,
debt-to-equity swap, reserve for or temporary holding of
disputed debts, and performance of any other relevant action has
commenced since the Debt Repayment Date.
(2) The restructuring of JIOC equity structure has been
successfully completed on the Debt Repayment Date.
Currently, the registered capital of JIOC is THB115,384,630,
divided into 11,538,463 shares with a par value of THB10 each.
List of shareholders are as follows:
(2.1) Jasmine International Public Company Limited: 4,594,138
shares
(2.2) ACeS Regional Services Co., Ltd.: 3,000,000 shares
(2.3) ACeS (Thailand) Co., Ltd.: 3,944,325 shares
(3) Progress/Status of debt repayments
(3.1) Group 1 Creditors (Secured Creditors)
(a) Debt-to-Secured Asset (Non-core) Swap Program: On the Debt
Repayment Date, JIOC Plan Administrator transferred JI Default
Shares and JI New Shares (altogether 600 million shares with a
par value of THB1 each) to creditors in proportion to their
debts in lieu of debt repayments, and the remaining debts,
accrued interests and outstanding fees of JIOC as pledger were
written off entirely. As to the creditors who are also creditors
under the Debt Restructuring Agreement, such creditors are
eligible to the debt repayment under the Partial Debt Repayment
Program.
(b) Partial Debt Repayment Program: On the Debt Repayment Date,
all principal and accrued interest owned by JIOC under the Debt
Restructuring Agreement were converted to be new debt of Pakkret
Special Purpose Vehicle Co., Ltd. (SPV).
In addition, JIOC Plan Administrator has transferred 160,500,000
shares in ACeS (Thailand) Company Limited and capital increase
proceeds in the amount of THB30 million to the SPV. As such, all
of remaining principal, accrued interest and outstanding fees
under the Debt Restructuring Agreement were written off
entirely.
Currently the SPV is proceeding to transfer the relevant shares
and capital increase proceeds to creditors according to the
Plan.
(3.2) Group 2 Creditor (Unpaid Share Contribution Creditor) and
Group 5 Creditor (Creditor with Specific Nature)
(a) Partial Debt-to-Equity Swap Program: On the Debt Repayment
Date, debts of Groups 2 and 5 Creditors collectively were
swapped to JIOC's 8,538,462 newly issued shares at THB10 per
share. The debt-to-equity swap has been made to creditors in
proportion to their debts, and all of remaining principal,
accrued interest and outstanding fees were written off.
(3.3) Group 3 Creditor (Share Pledge Creditor)
JIOC is not obligated to make debt repayment to this group of
creditor. This is because the official receiver has issued debt
repayment order in favor of JIOC rejecting the creditor's claim,
and no interested person filed any objection against such order.
(3.4) Group 4 Creditors (Professional Creditor)
(a) Professional Fees Debt Repayment Program: JIOC Plan
Administrator successfully made relevant debt repayment
according to the Plan to this group of creditors since November
2003.
Please be informed accordingly.
(Mr.Somboon Patcharasopak)
Authorized director
Chaengwatana Planner Co., Ltd.,
the Plan Administrator of
Jasmine International Public Company Limited
CONTACT:
Jasmine International Public Company Limited
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi
Telephone: 0-2502-3000-7
Fax: 0-2502-3150-2
Web site: www.jasmine.co.th
KRUNG THAI: S&P Rating on Banking Sector Unaffected by Issues
-------------------------------------------------------------
Despite the relatively large increase in problem loans reported
by Krung Thai Bank Pcl (KTB; BB+/Stable/B) in the middle of
2004, Standard & Poor's Ratings Services maintains its stable
outlook on the Thai banking sector. The rating agency said,
KTB's case is bank specific and does not herald the start of
another systematic bank crisis.
Standard & Poor's believes the Thai banking sector is improving,
given the domestic commercial banks' rehabilitative measures and
the broad-based economic recovery, which has led to increased
lending activity and stronger bank collateral values on the back
of recovering property prices.
Generally, there have been structural improvements in the Thai
banking sector's capital levels, asset quality measures, and
funding.
In addition, recent measures proposed by the Bank of Thailand
(BoT; the central bank) to tighten loan loss reserve
requirements and allow further sales of impaired assets are
encouraging developments. The imposition of a more stringent
loan classification standard also signals another positive move
in rehabilitating the Thai banking system (see Bank of
Thailand's Proposed Measures: Another Step in the Right
Direction, published May 19, 2004, on RatingsDirect, Standard &
Poor's Web-based credit research and analysis system).
KTB's nonperforming loans (NPL) rose to THB129.2 billion (US$3.1
billion) at June 30, 2004, from THB82.9 billion at Dec. 31,
2003, following the Bank of Thailand's directive to KTB to
reclassify about THB46 billion worth of loans as nonperforming.
This reclassification was in line with the regulator's more
stringent loan classification rules to strengthen the Thai
financial sector. For example, loan reviews now include
qualitative, as well as quantitative, assessments.
With the more stringent loan classification regulation by the
BoT, the sector's NPLs are likely to increase slightly, but are
not likely to reach the scale or magnitude experienced by KTB.
Mirroring this development is the recent statement by
Kasikornbank Pcl (KBANK; BB+/Positive/B) that its regulatory NPL
ratio could increase to 13 percent by year-end 2004 following
the BoT's qualitative review of the bank's restructured loans,
from the current 10.6 percent.
Partially mitigating the concern of higher NPLs is the more
realistic approach by domestic commercial banks in establishing
loan loss provisions to a level that is closer aligned with the
degree of operating risk in Thailand. For example, most of the
major domestic commercial banks, such as KBANK and Siam
Commercial Bank PCL (SCB; BB+/Positive/B), started to set aside
general loan loss reserves in 2002, with a view to gradually
build up the reserves buffer to a certain percentage of their
total loans.
Although a late entrant, KTB has since started to establish
general loan reserves with a similar objective to KBANK and SCB.
This puts them in a better position to meet any additional
regulatory requirement. The domestic banking system average
reserves coverage against nonperforming assets (NPAs) has
improved gradually in the past few years, although the level is
still below international standards. The domestic banking
system's average ratio of reserves coverage against NPAs
increased to 44 percent at year-end 2003, from 38 percent and 25
percent at 2002 and 2001, respectively.
Although the level of reserves coverage could soften in the
short-term as a result of the tighter regulatory loan
classification rule, domestic commercial banks are likely to
rebuild the buffer to accommodate any adverse development in the
operating environment.
Nevertheless, it would be important for Thai banks to sustain
their capital position to support any rise in credit costs, in
light of their intention to grow loans over the next few years,
and given the uncertainty over the recovery of residual problem
loans and the inherent risk profile of business base.
Although the capital position of the Thai banking system, as
denoted by the ratio of adjusted common equity to assets, has
shown incremental improvement in the past year, the level is
still weak in an international context. At Dec. 31, 2003, the
system's average ratio of adjusted common equity to assets was
4.5 percent, compared with 3.4 percent at Dec. 31, 2002.
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
THAI WIRE: Issues Progress Report on Rehabilitation
---------------------------------------------------
The company would like to inform the Stock Exchange of Thailand
(SET) the progress of the company'rehabilitation for the past 6
months ended September 30,2004:
(1) On May 18,2004, the creditor meeting passed the special
resolution to recognize the rehabilitation plan by 93.95 percent
of the credit amount.
(2) On August 23, 2004, the court has issued an order approving
the plan and appointed Thai Wire Products Public Company Limited
to be the plan administrator. The framework of the plan can be
summarized as:
Type Principle Debt Equity Paid By Hanging Principle
Of Debt Conversion Amount Cash Debt to be
No. of Conversion (MB) (MB) cancelled
Share Price
Secured loans
231.95 - - - 231.95 - -
Unsecured loans
295.00 751,592 10 7.52 77.00 30.06 180.42
Unsecured loans
1,471.25 3,748,408 10 37.48 384.03 149.94 899.80
Unsecured loans
322.65 500,000 10 5.00 68.09 - 249.56
Trade Creditors
1.31 - - - 1.31 - -
Total
2,322.16 5,000,000 10 50.00 762.38 180.00 1,329.78
Accrued interest
- Total accrued interest was written off since the date which
the court has issued an order approving the plan.
Term payment
- Debt equity conversion: within 3 months.
- Paid by cash for loans: within 10 years with the following
interest rate
- Year 1-2= 2.50 percent
- Year 3-4= 3.00 percent
- Year 5-6= 3.50 percent
- Year 7-10 = 4.70 percent
- Hanging debt will be paid by excess cash within 10 years.
However, it will be written off if there is no excess cash
during 10 years.
- Trade creditors will be paid within 12 months.
Other covenants
The company will not pay dividends without the approval of the
creditors.
Yours faithfully
(Mr. Sukit Nganthavee)
Managing Director
CONTACT:
Thai Wire Products Public Company Limited
Zeer Street Bldg, Fl7, 99/2 Moo 8,
Phaholyothin Road Pathum Thani
Telephone: 0-2992-6867
Fax: 0-2992-6870-1
TPI POLENE: Court Rejects Extension Bid
---------------------------------------
TPI Polene PCL's request for an extension of its debt-
restructuring period was rejected by the Central Bankruptcy
Court Thursday, reports Bangkok Post.
According to the court the proposal did not pass the legal
process as required by the bankruptcy laws. Following the
refusal of the court, the company would now need to renegotiate
the debt plan with creditors and resubmit it to the court.
In January TPI Polene raised $285 million from a public share
offering and used the proceeds to buy back debt at a discount
which reduced its debt to $600 million.
TPI Polene, a 49 percent owned by Thai Petrochemical Industry
PCL has been restructuring its $1.1 billion debt since 2001.
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
Website: www.tpipolene.com
TUNTEX: Releases List of Company Holidays
-----------------------------------------
Tuntex (Thailand) Public Company Limited announced to the Stock
Exchange of Thailand the details of the Company's special
holidays in 2005 which are different to the Stock Exchange of
Thailand's holidays.
(1) Monday 7th February 2005- Chinese New Year
(2) Tuesday 8th February 2005- Chinese New Year
(3) Wednesday 9th February 2005- Chinese New Year
Yours sincerely,
Yang, Jin-Tuu
Director
CONTACT:
Tuntex (Thailand) Pcl
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Web site: www.tuntexthailand.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***