/raid1/www/Hosts/bankrupt/TCRAP_Public/041021.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, October 21, 2004, Vol. 7, No. 209
Headlines
A U S T R A L I A
ANANDA ENTERPRISES: Sets October 21 as Date of Final Meeting
ATS NORTHERN: To Face Winding Up Proceedings
ATS ORANGE: Joint and Several Liquidators Appointed
AUSTRALIAN GAS: Retains Capital Management Options
AUSTRALIAN TRAFFIC: Issues Winding Up Notice
AUSTWIDE FINANCE: Voluntarily Winds Up
CHATEAU PTY: Sets Final Meeting on October 27
DT HOLDINGS: To Hold Final Meeting on November 17
GRIBBLES GROUP: Healthscope Tries To Seal AU$270-Mln Deal
GROUP CONTAINERS: Members Resolve to Voluntarily Wind Up
HAYDEN SECURITY: Final Meeting Slated for October 26
HD HOLDINGS: Schedules Final Meeting on November 17
JAMES HARDIE: Commits To Solution for Asbestos Victims
JGR HOLDINGS: To Hold Final Meeting on November 17
J. JAMES: Sets October 22 as Date of Final Meeting
JOHN MCKINNEY: Final Meeting Slated for October 22
K.E.O. INVESTMENTS: Final Meeting Set October 22
LV & PB: To Undergo Winding Up Proceedings
NATIONAL AUSTRALIA: ASIC Accepts Enforceable Undertaking
PRIMELIFE CORPORATION: Completes Successful Capital Raising
QANTAS AIRWAYS: Confirms New Staff Could Offset Strike Action
SONS OF GWALIA: Shareholders To File AU$50-Mln Lawsuit
C H I N A & H O N G K O N G
BEST PARTNER: Enters Winding Up Proceedings
BEST QUALITY: Court to Hear Winding Up Petition
BEST WAY: Creditors Meetings Slated for November 2
B&S AIR-CONDITIONING: Winding Up Hearing Set November 3
CHEERAY INTERNATIONAL: Issues Winding Up Petition Notice
CHINA DIGICONTENT: Sets First Meetings on October 29
CITY TOP: Posts Winding Up Petition Hearing Date
CRIC MOTOR: Court to Hear Bankruptcy Petition on October 27
INTERACT CONTRACTING: Schedules Creditors Meeting on October 27
LEADING SPIRIT: To Hold Creditors Meeting on October 29
I N D O N E S I A
DIRGANTARA INDONESIA: Mulls Sale of Subsidiary
SEMEN GRESIK: Completes Subsidiary's Forensic Audit
J A P A N
DAIEI INCORPORATED: R&I Retains Rating on Monitor
DAIEI INCORPORATED: May Pick Mr. Hasumi as New President
DAIEI INCORPORATED: Minister Backs Softbank Buyout of Hawks
JAPAN TOBACCO: Says Japan's Smoking Rate at Record Low in 2004
MITSUBISHI HEAVY: Snags Half of Japan's 7E7 Production Contracts
* Carriers' Attempt to Chase Separate Market Pays Off
* Moody's Report Explores Automakers' Rating Drivers
K O R E A
CHOHUNG BANK: Moody's Assigns (P)Baa2 to Subordinated Notes
SSANGYONG MOTOR: Management, Union Discuss Job Security Pact
M A L A Y S I A
BERJAYA SPORTS: Unveils Result of AGM
DENKO INDUSTRIAL: Securities Suspended From Trading
HUME INDUSTRIES: Posts AGM and EGM Results
MAXIS COMMUNICATIONS: To List Additional 133,000 Ordinary Shares
MTD CAPITAL: Purchases 107,000 Shares on Buy Back
MWE HOLDINGS: Issues Additional 21,482,146 Shares for Listing
PAN MALAYSIA: Updates Unit's Proposed Disposal of Leasehold
PUNCAK NIAGA: Issues Notice of Book Closure
SRIWANI HOLDINGS: Posts Notice of Expiry of Warrants
TH GROUP: Releases September Production Figures
P H I L I P P I N E S
COLLEGE ASSURANCE: SEC Picks 3 Officials for Oversight Body
MANILA ELECTRIC: Seeks Approval to Refinance US$240-Mln Debt
METRO PACIFIC: PSE Reviews Trades on Shares
NATIONAL POWER: PSALM Says NG's Absorption of Debts Necessary
NEGROS NAVIGATION: Court Rejects Tsuneishi Claim
S I N G A P O R E
CHO YANG: Issues Intended Dividend Notice
DUCHESS FASHIONS: Posts Notice of Intended Dividend
KOH BROTHERS: Declares Proposed Joint Venture
KLW HOLDINGS: Parties Agree to Extend Long Stop Date
LEUN WAH: First Meeting Set on November 5
PANPAC MEDIA: Unveils EGM Resolutions
T H A I L A N D
ABICO HOLDINGS: Issues Rehab Plan Progress Report
KRUNG THAI: Former President Files Lawsuit Against BoT
NFC FERTILIZER: Releases Rehab Plan Progress Report
THAI NAM: Notes Progress of Rehabilitation
THAI PETROCHEMICAL: Debt Planner to be Determined on November 4
- - - - - - - -
=================
A U S T R A L I A
=================
ANANDA ENTERPRISES: Sets October 21 as Date of Final Meeting
------------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the creditors and members of Ananda
Enterprises Pty Ltd (In Liquidation) will be held in the meeting
room of SimsPartners, Level 6, 12 Pirie Street, Adelaide, on the
21st of October 2004 at 10:00 a.m.
Dated this 7th day of September 2004
A.G. Scott
Voluntary Liquidator
Note:
To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.
Proofs of debt and proxy forms are available from SimsPartners.
Email: adel@simspartners.com.au
ATS NORTHERN: To Face Winding Up Proceedings
--------------------------------------------
Notice is hereby given that at a meeting of creditors of ATS
Northern Region Pty Limited (In Liquidation) convened pursuant
to Section 439A of the Corporations Act 2001 held on 8 September
2004, it was resolved that the company be wound up and pursuant
to Section 446A(4) of the Corporations Act 2001, Paul Andrew
Billingham and Trevor Mark Pogroske of Grant Thornton, Level 17,
373 Kent Street, Sydney NSW 2000 were appointed Joint and
Several Liquidators.
Dated this 21st day of September 2004
T.M. Pogroske
Joint and Several Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
ATS ORANGE: Joint and Several Liquidators Appointed
---------------------------------------------------
Notice is hereby given that at a meeting of creditors of ATS
Orange Pty Limited (In Liquidation) convened pursuant to Section
439A of the Corporations Act 2001 held on 8 September 2004, it
was resolved that the company be wound up and pursuant to
Section 446A(4) of the Corporations Act 2001, Paul Andrew
Billingham and Trevor Mark Pogroske of Grant Thornton, Level 17,
383 Kent Street, Sydney NSW 2000 were appointed Joint and
Several Liquidators.
Dated this 21st day of September 2004
T. M. Pogroske
Joint and Several Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
AUSTRALIAN GAS: Retains Capital Management Options
--------------------------------------------------
The Australian Gas Light Company (AGL) is reviewing options to
return capital to shareholders, Dow Jones relates, citing AGL
Chairman Mark Johnson.
The options being examined include a capital return, an on-
market buyback, an off-market buyback, increasing the dividend
payout ratio and a special dividend.
According to Mr. Johnson, AGL has a good understanding of the
New Zealand energy market and would consider future investments
should attractive opportunities arise.
Mr. Johnson's comments came after AGL sold its stake in NGC
Holdings Pty in New Zealand.
Managing Director Greg Martin said in a presentation to the
firm's annual meeting held Tuesday that the first half results
would include the proceeds from the NGC sale.
CONTACT:
The Australian Gas Light Company
AGL Centre
Cnr Pacific Highway and Walker Street
North Sydney NSW 2060
Telephone: (02) 9922 0101
Fax: (02) 9957 3671
Web site: http://www.agl.com.au/
AUSTRALIAN TRAFFIC: Issues Winding Up Notice
--------------------------------------------
Notice is hereby given that at a meeting of creditors of
Australian Traffic Services Pty Ltd (In Liquidation) convened
pursuant to Section 439A of the Corporations Act 2001 held on 8
September 2004, it was resolved that the company be wound up and
pursuant to Section 446A(4) of the Corporations Act 2001, Paul
Andrew Billingham and Trevor Mark Pogroske of Grant Thornton,
Level 17, 383 Kent Street, Sydney NSW 2000 were appointed Joint
and Several Liquidators.
Dated this 21st day of September 2004
T. M. Pogroske
Joint and Several Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
AUSTWIDE FINANCE: Voluntarily Winds Up
--------------------------------------
Notice is hereby given that a General Meeting of Members of
Austwide Finance Pty Limited (In Liquidation) duly convened and
held at Shop 2, 639 The Horsley Drive, Smithfield NSW 2164 on
Friday 10 September 2004 at 1:00 p.m., a Special Resolution that
the Company be wound up voluntarily was passed by members and
the undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 13th day of September 2004
M.F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000
CHATEAU PTY: Sets Final Meeting on October 27
---------------------------------------------
Notice is given that a final meeting of members and creditors of
Chateau Pty Ltd (In Liquidation) previously trading as EX
Government Computers will be held at the office of Gary
Anderson, Chartered Accountant, Level 1, 12 Prowse Street, West
Perth WA 6005 on Wednesday, the 27th of October 2004 at 9:30
a.m.
AGENDA
(1) To receive a report from the liquidator on the conduct of
the liquidation.
(2) To receive a statement of the receipts and payments for the
period of the liquidation.
(3) General business.
Dated this 13th day of September 2004
Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Telephone: (08) 9486 7822,
Facsimile: (08) 9226 4250
Email: garya@iinet.net.au
DT HOLDINGS: To Hold Final Meeting on November 17
-------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of DT Holdings Pty Ltd
(In Liquidation) will be held at 63 Mulgrave Road Cairns on 17
November 2004 at 9:00 a.m. for the purpose of laying before the
meeting the liquidators' final account and report and giving any
explanation thereof.
Dated this 7th day of September 2004
Francis W. Collins
Allan R. Bottomer
Joint and Several Liquidators
Accountants
63 Mulgrave Road, Cairns Qld 4870
GRIBBLES GROUP: Healthscope Tries To Seal AU$270-Mln Deal
---------------------------------------------------------
Hospital operator Healthscope was close to signing an agreement
to acquire the embattled Gribbles Group, in a deal worth up to
AU$270 million, reports the Sydney Morning Herald.
The board of the pathology group met on Monday to discuss the
Healthscope offer, believed to be valued at around 55 cents to
60 cents per share. The offer is understood to have been
received favorably.
Healthscope and Gribbles each released media statements
confirming that negotiations regarding the potential acquisition
of Gribbles are under way but remained incomplete.
Sources said that Healthscope has offered to buy the stake of
the company founder and former chief executive Wallace Cameron.
However, the deal does not depend entirely on him disposing of
his shareholding.
Mr. Cameron, who left the company in June, controls 43 percent
of the firm through gribbles shareholder EC Medical Investments,
a European trust owned by his three adult children.
Analysts speculated that Mr. Cameron might have been expecting a
much higher offer, given the share price has traded as high as
AU$1 as recently as 2002.
However, it is understood that Healthscope is the last potential
investor left standing after other interested parties, including
Mayne Group and Sonic Healthware, withdrew their intentions.
Goldman Sachs JBWere analysts said it would be "a good
opportunity for Healthscope but not without risk".
"We do not believe current debt capacity is sufficient to fund a
purchase of the entire Gribbles business ... and the company may
need to seek equity funding or offer scrip," analysts wrote.
Gribbles, which operates 25 laboratories and nearly 180 clinics,
recently booked a full year loss of AU$51.3 million including
charges over a tax dispute.
CONTACT:
The Gribbles Group Ltd
1868 Princes Highway
Clayton
Victoria 3168
Australia
Phone: +61 3 9538 6777
Fax: +61 3 9538 6778
E-mail: info@gribbles.com.au
Web site: http://www.gribbles.com.au/
GROUP CONTAINERS: Members Resolve to Voluntarily Wind Up
--------------------------------------------------------
At a general meeting of Group Containers Pty Ltd (In
Liquidation), duly convened and held at BDO on 3 September 2004,
the following Special Resolution was passed:
That the company be wound up as a members' voluntary liquidation
and that the assets of the company may be distributed in whole
or in part to the members in specie should the liquidator so
desire.
Dated this 3rd day of September 2004
Ron Gamble
Liquidator
c/- BDO
Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: (08) 9360 4200
HAYDEN SECURITY: Final Meeting Slated for October 26
----------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a Final Meeting of members and creditors of Hayden Security
Systems Pty Ltd will be held at the offices of Melsom Robson,
Chartered Accountants, Colmel House, 241 Stirling Street, Perth
on Tuesday, the 26th of October 2004 at 3:00 p.m.
AGENDA
(1) To lay before the meeting the Liquidator's account showing
how the winding up has been conducted and how the property of
the company has been disposed of, and giving any explanation
thereof.
(2) To review and approve, if required, the Liquidator's
remuneration.
(3) To resolve any other matters as may arise during the course
of the meeting.
Dated this 8th day of September 2004
E.R. Verge
Liquidator
Melsom Robson
HD HOLDINGS: Schedules Final Meeting on November 17
---------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of HD Holdings Pty Ltd
(In Liquidation) will be held at 63 Mulgrave Road Cairns on 17
November 2004 at 9:00 a.m. for the purpose of laying before the
meeting the liquidators' final account and report and giving any
explanation thereof.
Dated this 7th day of September 2004
Francis W. Collins
Allan R. Bottomer
Joint and Several Liquidators
Accountants
63 Mulgrave Road, Cairns Qld 4870
JAMES HARDIE: Commits To Solution for Asbestos Victims
------------------------------------------------------
James Hardie is committed to achieving a sustainable long-term,
compensation solution for asbestos disease sufferers as quickly
as possible, Chairman, Meredith Hellicar said Monday.
Ms. Hellicar said she was surprised at comments from the ACTU
that it was concerned about the progress of negotiations on a
funding outcome which commenced two weeks ago.
"We are absolutely focused on getting an outcome as quickly as
possible," Ms Hellicar said.
"Our view is that to this point, discussions have been
productive and there has been much goodwill demonstrated by all
parties working to a solution, and that considerable and
substantive progress has been made."
"Given the complexity of the issues to be addressed I believe
the progress is most encouraging."
"We want an outcome that is not only acceptable to the ACTU and
asbestos disease sufferers, but also one that can be supported
by our shareholders and other parties that are vital to the
ongoing success of the company.
"As a publicly listed company, James Hardie is obliged to meet
its governance requirements. We believe we can do this and still
reach an agreement within a realistic timeframe."
Ms Hellicar said the development of a voluntary funding solution
of the size being determined, to be sustainable by the company,
must have the support of James Hardie's debt and equity holders.
"A quick-fix is not going to meet the needs of this complex but
historic opportunity", she said.
CONTACT:
Media Inquiries:
John Noble
Telephone: 61 2 8274 5206
Mobile: 0407 000 040
Email: john.noble@jameshardie.com.au
Facsimile: 61 2 8274 5218
Web site: http://www.jameshardie.com
JGR HOLDINGS: To Hold Final Meeting on November 17
--------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of JGR Holdings Pty Ltd
(In Liquidation) will be held at 63 Mulgrave Road Cairns on 17
November 2004 at 9:00 a.m. for the purpose of laying before the
meeting the liquidators' final account and report and giving any
explanation thereof.
Dated this 7th day of September 2004
Francis W. Collins
Allan R. Bottomer
Joint and Several Liquidators
Accountants
63 Mulgrave Road,
Cairns Qld 4870
J. JAMES: Sets October 22 as Date of Final Meeting
--------------------------------------------------
Notice is hereby given that pursuant to Section 509(1) of the
Corporations Act, the final meeting of the members of J. James &
Co. Pty Ltd (In Liquidation) will be held at the offices of
Pitcher Partners, Level 21, 300 Queen Street, Brisbane on 22
October 2004 at 1:00 p.m.
AGENDA
To receive an account made up by the liquidator showing how the
winding up has been conducted and the property of the company
has been disposed of, and to receive any explanation required
thereof.
Dated this 8th day of September 2004
I.C. Klug
Liquidator
JOHN MCKINNEY: Final Meeting Slated for October 22
--------------------------------------------------
Notice is hereby given that pursuant to Section 509(1) of the
Corporations Act, the final meeting of the members of John
Mckinney Pty Ltd (In Liquidation) will be held at the offices of
Pitcher Partners, Level 21, 300 Queen Street, Brisbane on 22
October 2004 at 10:00 a.m.
AGENDA
To receive an account made up by the liquidator showing how the
winding up has been conducted and the property of the company
has been disposed of, and to receive any explanation required
thereof.
Dated this 8th day of September 2004
R. A. Vile
Liquidator
K.E.O. INVESTMENTS: Final Meeting Set October 22
------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, a Final Meeting of Shareholders of K.E.O.
Investments Pty Ltd (In Voluntary Liquidation) will be held at
the offices of William Buck, 48 Greenhill Road, Wayville, South
Australia, 5034, on the 22nd day of October 2004 at 9:00 a.m.
for the purpose of receiving the liquidator's account showing
how the winding up has been conducted and the property of the
company disposed of.
P.A. Taylor
Liquidator
LV & PB: To Undergo Winding Up Proceedings
------------------------------------------
Notice is hereby given that by a Special Resolution passed at a
meeting of Shareholders of LV & PB Clarke Pty Ltd duly convened
and held on the 2nd of September 2004, it was resolved that the
Company be wound up voluntarily and Leslie Victor Clarke be
appointed Liquidator.
Notice is also given that Creditors having claim against the
Company should furnish particulars of that claim to the
Liquidators within 21 days of this date, otherwise distribution
of the assets will take place without regard to such claims.
Dated this 2nd day of September 2004
Lesley Victor Clarke
Liquidator
NATIONAL AUSTRALIA: ASIC Accepts Enforceable Undertaking
--------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), on Tuesday announced that ASIC
has accepted an enforceable undertaking from National Australia
Bank Limited (National).
The enforceable undertaking requires the National to improve key
systems and controls under its Australian financial services
license (AFSL).
Under the enforceable undertaking, the National will prepare a
series of reports and have them scrutinized by independent
auditors. Both the reports and the audit opinions will then be
provided to ASIC to allow ASIC to monitor the National's
compliance with its obligations under the Corporations Act and
its AFSL.
Specifically, the reports and audit opinions are designed to
ensure that the National:
(1) Properly identifies, records and escalates to ASIC breaches
of its AFSL;
(2) Has adequate procedures to properly select, appoint, monitor
and remove its responsible officers; and
(3) Has adequate procedures to properly recruit, train, monitor
and supervise its representatives.
These reports will identify specific improvements to be made by
the National to ensure compliance with its AFSL.
'ASIC looks forward to seeing the improvements that this
enforceable undertaking will bring to the National's financial
services business', Mr. Lucy said.
Background
The enforceable undertaking follows a surveillance conducted by
ASIC after the National's reported irregular losses of $360
million in unauthorized trading in foreign exchange options and
the subsequent report by APRA dealing with risk management and
prudential issues.
ASIC's investigation into whether there were any contraventions
of the Corporations Act by employees of the National involved in
foreign exchange options trading announced on 22 January is
continuing.
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
PRIMELIFE CORPORATION: Completes Successful Capital Raising
-----------------------------------------------------------
Primelife Corporation on Tuesday announced the closing of its
AU$75 million capital raising. The rights issue of new shares
and rights issue of new convertible notes were each over 80-
percent subscribed, with the underwriters taking up the balance.
Primelife Managing Director, Mr. Jim Hazel, said: "We are happy
with the strong support for the company shown by our existing
shareholders. Primelife is now well positioned to move onto the
next stage of our strategy: to become a leading developer, owner
and operator of retirement villages and aged care facilities
across Australia. The management team is totally focused on
delivering value for shareholders by realizing the potential
inherent in Primelife".
Full details of subscriptions received are as follows:
In relation to the AU$50 million share offer, Primelife received
applications for AU$40.44 million of new shares
In relation to the AU$25 million convertible note offer,
Primelife received applications for AU$20.52 million of new
convertible notes.
Babcock & Brown and Albany Bay each took up their respective
entitlements under the share offer and notes offer in full.
Shares taken up by the share offer underwriters, Tricom, are to
be placed with a number of sub-underwriters, introducing several
new institutional shareholders to the Primelife register.
Formal documentation of the proposed Primelife / Multiplex /
Babcock & Brown development joint venture is at an advanced
stage, and once completed will enable the $5 million placement
to Multiplex to be finalized. This will then complete
Primelife's AU$80 million recapitalization.
For further information, please contact Mr. Jim Hazel, Managing
Director on (03) 8699 3300.
Jim Hazel
Managing Director
Primelife Corporation Limited
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/
QANTAS AIRWAYS: Confirms New Staff Could Offset Strike Action
-------------------------------------------------------------
Qantas Airways Limited has confirmed that the cabin crew now
undergoing training could be used to offset a possible strike
action by the union over the peak Christmas season, Dow Jones
reports.
"The flight attendants are loudly and publicly threatening
industrial action, and we as we have had in the past we'll have
contingency plans in place," a Qantas spokesman said.
The Flight Attendants Association of Australia has warned Qantas
of a possible industrial action during the holidays as a sign of
protest against the airline's plan to establish an offshore base
for 400 of its international cabin crew. The London base is
reportedly ready to operate by June next year.
Qantas said 500 or so new staff are "being trained for the peak
holiday period" and will help with a number of new international
services including flights to the U.S., Mumbai, Shanghai, and
Sydney-to-London via Hong Kong.
"We have an increase in international services as well as it
being the peak holiday period," the spokesman said.
Concerned that Qantas is training potential strikebreakers, the
union plans to seek orders from a labor tribunal ordering the
airline to provide details about fixed term contracts with the
new personnel.
"We've got a clause that says for any flight attendants, new
starters, that we have access to them to try and sign them up,"
said a union spokesman after a hearing before the Australian
Industrial Relations Commission that included representatives
from Qantas.
"And Qantas has been hindering that process. We went into the
commission a week and a half ago when they actually placed
management representatives in our talks with them (new staff),
which was outrageous," the spokesman said.
A Qantas spokesman denied the allegations, saying unions have
been given access to the new staff.
"Before we started training these flight attendants, we informed
the union, we told them how many trainees there were, we gave
them access to the trainees," he said. "We have provided a venue
for them to speak to the trainees, and we have provided
transport for the trainees to attend those meetings," the
spokesman added.
Qantas, whose 35,000 employees are divided among 14 unions, is
expected to face union groups in the next few months.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, Nsw, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
SONS OF GWALIA: Shareholders To File AU$50-Mln Lawsuit
------------------------------------------------------
A group of shareholders of collapsed miner Sons of Gwalia are
considering filing a lawsuit against the company, seeking AU$50
million in damages, says The Advertiser.
The 20 shareholders, who purchased Gwalia stock on or after July
22, claim the company did not properly inform the market of its
shaky financial structure when they bought the shares.
The group has approached listed litigation firm IMF to talk
about launching a group action against the beleaguered mining
firm.
IMF managing director Hugh McLernon said Sons of Gwalia received
the results of an internal review, which showed the company
would struggle to meet its hedged gold positions, on July 22.
The Company then waited until an external review verifying the
position was received on August 8.
Gwalia went into voluntary administration on August 30, carrying
AU$800 million in debts.
Meanwhile, IMF currently awaits a Federal Court ruling on
whether it can use the Gwalia share register to get in touch
with 1400 other shareholders who purchased the stock after July
22. The petition will be heard in the Federal Court Friday.
According to Mr. McLernon, Gwalia's administrator Ferrier
Hodgson had refused requests to grant access to the shareholder
register.
"For the administrator to refuse to consent to the shareholders
receiving information is surprising."
Mr. McLernon said that between July 22 and the company's
collapse, 50 million shares changed hands.
The administrators were not available for comment.
CONTACT:
Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Web site: http://www1.sog.com.au/
==============================
C H I N A & H O N G K O N G
==============================
BEST PARTNER: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Best Partner Resources Limited by the High Court of Hong Kong
Special Administrative Region was on the 27th day of September
2004 presented to the said Court by Lucky Engineering Company
Limited whose registered office is situated at 2nd Floor,
Prosper Commercial Building, 9 Yin Chong Street, Mongkok,
Kowloon, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 10th day of November 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.
Simmons & Simmons
Solicitors for the Petitioner
35th Floor, Cheung Kong Center
No. 2 Queen's Road Central
Hong Kong
Note: Any person who intends to appear on 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 9th day of
November 2004.
BEST QUALITY: Court to Hear Winding Up Petition
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Best Quality International Limited by the High Court of Hong
Kong Special Administrative Region was on the 22nd 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, Central, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 3rd day of November 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway, Central
Hong Kong
Note: Any person who intends to appear on 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 2nd day of
November 2004.
BEST WAY: Creditors Meetings Slated for November 2
--------------------------------------------------
Notice is hereby given that, pursuant to Section 228A of the
Companies Ordinance, a meeting of the creditors of Best Way
Footwear Company Limited will be held at 10:00 am on 2nd day of
November 2004 at Units 3309-3311, 33rd Floor, West Tower, Shun
Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong
Kong, for the purpose provided for in Sections 241, 242, 243,
244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Units 3309-3311, 33rd Floor, West
Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung
Wan, Hong Kong not later than 4:00 p.m. on the day prior to
which the creditors' meeting is to be held.
Dated this 15th day of October 2004
By Order Of The Board
Tang Si Ki
Director
B&S AIR-CONDITIONING: Winding Up Hearing Set November 3
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of B&S
Air-Conditioning (H.K.) Limited by the High Court of Hong Kong
Special Administrative Region was on the 17th day of September
2004 presented to the said Court by Leung Chi Hin of Flat J,
22/F., Block 3, Carado Garden, Shatin, New Territories, Hong
Kong.
The said Petition will be heard before the Court at 9:30 am on
the 3rd day of November 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.
Ivan Tang & Co.
Solicitors for the Petitioner
Room 2001, 20th Floor,
Hang Seng Mongkok Building
677 Nathan Road, Kowloon
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 2nd day of
November 2004.
CHEERAY INTERNATIONAL: Issues Winding Up Petition Notice
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cheeray International Limited by the High Court of Hong Kong
Special Administrative Region was on the 6th day of October 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, Central, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 17th day of November 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.
Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 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 16th day of
November 2004.
CHINA DIGICONTENT: Sets First Meetings on October 29
----------------------------------------------------
Notice is hereby given that the first meetings of contributories
and creditors of China Digicontent Company Limited will be held
at Room 103, Duke of Windsor Social Service Building, No. 15
Hennessy Road, Wanchai, Hong Kong on the 29th day of October
2004 at the following times:
Contributories: 2:30 pm
Creditors: 4:00 pm
The meetings have been called for the purpose of considering and
nominating a liquidator and members of a committee of inspection
for the said companies.
Any person claiming to be contributory who wishes to have Notice
of First Meeting, Proxy Forms and Provisional Liquidators'
Preliminary Report may do so by request in writing not less than
seven (7) days in advance of the meetings. A member or creditor
entitled to attend and vote at any of the above meetings is
entitled to appoint a proxy to attend and vote on his behalf.
A proxy need not also be a member or creditor of the company.
Proxies in the prescribed form must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 48
hours before the time for holding the respective contributories'
meetings and creditors' proxies not later than 4:00 p.m. on the
day before the meetings.
Dated this 15th day of October 2004.
Gabriel C. K. Tam
Malcolm Butterfield
Edward Middleton
Joint and Several Provisional Liquidators
Bank of America Tower
12 Harcourt Road
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 16th day of
November 2004.
CITY TOP: Posts Winding Up Petition Hearing Date
------------------------------------------------
Notice is hereby given that a petition for winding up of City
Top Engineering Limited by the High Court of Hong Kong Special
Administrative Region was on the 22nd day of September 2004
presented to the said Court by To Kwan Chak and Yim Kwok Keung
trading as Elite Construction Company whose place of business is
situated at Room 1629 Ming Yan Lau, Jat Min Chuen, Shatin, New
Territories, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 3rd day of November 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.
Tso & Associates, Solicitors
Solicitors for the Petitioner
Rooms 602-3, Union Park Tower
168 Electric Road, North Point
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 2nd day of
November 2004.
CRIC MOTOR: Court to Hear Bankruptcy Petition on October 27
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
CRIC Motor Works Limited by the High Court of Hong Kong Special
Administrative Region was on the 10th day of September 2004
presented to the said Court by the Secretary for Justice for and
on behalf of the Commissioner of Customs & Excise acting for the
Government of the Hong Kong special Administrative Region, 2nd
Floor, High Block, Queensway Government Offices, 66 Queensway,
Hong Kong.
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.
Yeung Kwong Kuen
Government Counsel, Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway, 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 28th day of
October 2004.
INTERACT CONTRACTING: Schedules Creditors Meeting on October 27
---------------------------------------------------------------
Interact Contracting Company Limited, in compulsory liquidation,
posted its creditors and contributories meeting schedule.
Registered Office: 7th Floor, Allied Kajima Building 138
Gloucester Road, Wanchai Hong Kong
Meeting of Contributories: 2:00 p.m. on 27 October 2004
Meeting of Creditors: 2:30 p.m. on 27 October 2004
Place: 8th Floor, Allied Kajima Building 138 Gloucester Road,
Wanchai Hong Kong
Dated this 15th day of October 2004.
Stephen Briscoe
Joint and Several Provisional Liquidator
Presented by:
RSM Nelson Wheeler Corporate Advisory Services Limited
LEADING SPIRIT: To Hold Creditors Meeting on October 29
-------------------------------------------------------
Notice is hereby given that the first meetings of contributories
and creditors of Leading Spirit High-Tech (Holdings) Company
Limited will be held at Room 103, Duke of Windsor Social Service
Building, No. 15 Hennessy Road, Wanchai, Hong Kong on the 29th
day of October 2004 at the following times:
Contributories: 9:30 am
Creditors: 11:00am
The meetings have been called for the purpose of considering and
nominating a liquidator and members of a committee of inspection
for the said companies.
Any person claiming to be contributory who wishes to have Notice
of First Meeting, Proxy Forms and Provisional Liquidators'
Preliminary Report may do so by request in writing not less than
seven (7) days in advance of the meetings. A member or creditor
entitled to attend and vote at any of the above meetings is
entitled to appoint a proxy to attend and vote on his behalf.
A proxy need not also be a member or creditor of the company.
Proxies in the prescribed form must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 48
hours before the time for holding the respective contributories'
meetings and creditors' proxies not later than 4:00 p.m. on the
day before the meetings.
Dated this 15th day of October 2004.
Gabriel C. K. Tam
Malcolm Butterfield
Edward Middleton
Joint and Several Provisional Liquidators
Bank of America Tower
12 Harcourt Road
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 16th day of
November 2004.
=================
I N D O N E S I A
=================
DIRGANTARA INDONESIA: Mulls Sale of Subsidiary
----------------------------------------------
A unit of state aircraft maker PT Dirgantara Indonesia (DI), PT
Nusantara Turbin and Propulsi (NTP), is up for divestment,
according to Asia Pulse.
DI Vice President M. Mokobombang confirmed that seven investors
including a Singaporean firm are interested to acquire 99
percent stake in the company for sale.
The non-binding bid is set to start this week, with an agreement
expected to be sealed by the end of January next year.
DI is looking to reap from the deal around US$50 million, which
will be used to refinance a debt to the Bank Restructuring
Agency (IBRA)
NTP has core businesses in maintenance of aircraft and
industrial engines and trading of aircraft and industrial
components and power generating turbine industry.
CONTACT:
Pt Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com
SEMEN GRESIK: Completes Subsidiary's Forensic Audit
---------------------------------------------------
A forensic audit on PT Semen Gresik's (SG) subsidiary, PT Semen
Padang, was just concluded, with results showing possible losses
from irregularities by preceding management, reports The Jakarta
Post.
The forensic audit was aimed to detect possible irregularities
committed by the previous management of Semen Padang, which was
replaced last year.
SG corporate secretary Soebayo said that the company auditor
PricewaterhouseCoopers (PwC) had just completed the forensic
audit for Semen Padang's 2002 financial account, which would
later be consolidated into the SG account. Mr. Soebagyo added
that the result were presented to Semen Padang's management last
Tuesday
Mr. Soebagyo did not disclose a provision amount or the worth of
lost assets.
But SG president director Satrio earlier stated that an
allocated IDR250 billion (US$27.7 million) will be set aside to
cover possible losses in Semen Padang. The company is still in
the process of consolidating the result of the forensic audit of
Semen Padang's 2002 and 2003 financial accounts.
SG will announce the results mid-November after the Semen Padang
accounts are consolidated in SG's audited financial reports. A
meeting to tackle the audit will also be held by its
shareholders on November 30.
Back in July, shareholders did not approve of the company's
financial accounts, pending the conclusion of Semen Padang's
audit.
A disclaimer on SG's 2002 and 2003 consolidated financial
accounts was issued by PwC due to its un-audited financial
figures.
It is understood that nearly IDR550 million (US$58.5 million) of
the SG subsidiary pegged for more than IDR2 trillion was
plundered by previous management.
CONTACT:
PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
Web site: http://www.americanstandard.com/
PT Semen Padang
Padang 25237,
West Sumatra, Indonesia
Pt Semen Gresik (Persero) Tbk
Gresik, East Java, Indonesia
Email: ptsg@sg.sggrp.com
Phone (toll free): 0800 - 10 - 88888
=========
J A P A N
=========
DAIEI INCORPORATED: R&I Retains Rating on Monitor
-------------------------------------------------
Rating and Investment Information, Inc. (R&I), has retained the
following ratings of The Daiei Incorporated on the Rating
Monitor scheme. The rating outlook is undetermined:
Senior Long-term Credit Rating
R&I RATING: (B); Remained on the Rating Monitor scheme.
The rating outlook is undetermined
Long-term Bonds (1 Series)
R&I RATING: (B-); Remained on the Rating Monitor scheme.
The rating outlook is undetermined
RATIONALE:
On October 13, Daiei made a decision to seek rehabilitation
assistance from the Industrial
Revitalization Corporation of Japan (IRCJ). The discussion
whether Daiei would use the IRCJ had been leading to a haze in
its relation with its main banks, however, the decision eased
the concern that Daiei will enter into legal liquidation because
financial assistance from the banks has become almost certain.
Yet, a full assessment of Daiei's assets by the IRCJ is still to
take place. Decisions on assistance and a reorganization plan
will be worked out on the basis of the assessment outcomes and
adjustments with relevant financial institutions will proceed
accordingly. It is essential for R&I to ascertain details of the
business reconstruction plan and the scale of financial
assistance to be provided. Therefore, R&I will remain the rating
on the Rating Monitor scheme and watch future trends closely.
R&I RATINGS:
ISSUER: The Daiei, Inc.
Senior Long-term Credit Rating: (B); Remained on the Rating
Monitor scheme. The rating outlook is undetermined
ISSUE: Bonds Rated Issue Date Redemption Amount (mln)
Unsec. Str. Bonds No. 13 Nov 21, 1996 Nov 19, 2004 JPY10,000
R&I RATING: (B-); Remained on the Rating Monitor scheme.
The rating outlook is undetermined
An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.
A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.
CONTACT:
The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: www.daiei.co.jp
DAIEI INCORPORATED: May Pick Mr. Hasumi as New President
--------------------------------------------------------
Ailing retailer Daiei Incorporated is considering appointing
Managing Director Toshio Hasumi to replace outgoing President
Kunio Takagi, according to Kyodo News.
Mr. Hasumi will take over Mr. Takagi, who will step down Friday
to take responsibility for Daiei's downfall.
Mr. Hasumi, 58, has spent his career inside Daiei's corporate
structure.
Mr. Takagi said last Friday after releasing Daiei's
rehabilitation scheme to be led by the state-backed Industrial
Revitalization Corporation of Japan that he will resign.
DAIEI INCORPORATED: Minister Backs Softbank Buyout of Hawks
-----------------------------------------------------------
The Minister of Internal Affairs and Communications, Tara Aso,
said he favors Softbank Corporation's bid to buy the Daiei Hawks
professional baseball club from its troubled parent Daiei
Incorporated, reports The Japan Times.
"The Hawks have taken root in their home ground of Fukuoka, so
it's desirable if the team can somehow remain there," Mr. Aso
said.
Internet service provider Softbank has expressed its intention
to acquire the baseball club, saying it strongly wants to
operate a baseball business in Fukuoka, where its own business
started.
But Daiei, who last week sought help from the state turnaround
body Industrial Revitalization Corporation of Japan, has said it
wants to retain ownership of the Hawks.
Minister in charge of industrial revitalization Seiichiro
Murakami said the fate of the baseball club "depends on the
results of (Daiei's) asset assessment."
JAPAN TOBACCO: Says Japan's Smoking Rate at Record Low in 2004
--------------------------------------------------------------
A survey released by Japan Tobacco Incorporated revealed Japan's
smoking rate dropped for the ninth consecutive year to a new low
of 29.4 percent, reports the Associated Press.
The overall rate fell to 29.4 percent from 30.3-percent a year
ago, the lowest since the first survey in 1965.
However, the percentage of Japanese men and women in their 30s
who continue to smoke remains significantly high.
According to the Company, smoking in Japan plummeted sharply
from its peak in 1966, when 49.4 percent of adults and 83.7
percent of men were smokers.
Despite the declines, Japan's smoking rate remains one of the
highest in the developed world.
The rates remain relatively high among people in their 30s -
56.3% for men and 21.3% for women - the Japanese tobacco company
said.
Japan Tobacco, the world's third-largest tobacco producer, said
it mailed the survey nationwide to 16,000 people aged 20 and
older, and 10,875, or 68%, responded.
CONTACT:
Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo, 105-8422, Japan
Phone: +81-3-3582-3111
Fax: +81-3-5572-1441
Web site: http://www.jti.co.jp
MITSUBISHI HEAVY: Snags Half of Japan's 7E7 Production Contracts
----------------------------------------------------------------
Mitsubishi Heavy Industries Limited will get half of the
contracts from Boeing Company to manufacture the proposed 7E7
aircraft, Bloomberg reveals.
Mitsubishi Heavy, the country's largest maker of heavy machines,
ships and planes, will get half of the value of awarded contract
to produce wings for 2,000 Boeing 7E7s over 20 years.
Japanese firms will make about 35 percent of every 7E7 aircraft,
each of which is worth US$120 million.
The 7E7, set to begin flying in 2008, is designed to be cheaper
to run and will fly the same routes as a 767 or 757 aircraft.
Mitsubishi Heavy and other Japanese makers have been seeking
aerospace contracts to offset the loss of shipbuilding work to
lower-cost rivals in China.
CONTACT:
Mitsubishi Heavy Industries, Ltd.
16-5, Konan 2-chome, Minato-ku
Tokyo, 108-8215, Japan
Phone: +81-3-6716-3111
Fax: +81-3-6716-5800
Website: http://www.mhi.co.jp
* Carriers' Attempt to Chase Separate Market Pays Off
-----------------------------------------------------
Japan Airlines Corporation (JAL) and All Nippon Airways Co.
(ANA) have, for the first time, traveled in opposite directions
in terms of services. And so far, the efforts seem to pay off
well as both carriers states they have met different passenger
needs.
According to The Japan Times, JAL in February announced it would
replace its 18-year old super-seat luxury class with a new,
cheaper class on domestic flights. Rival ANA, on the other hand,
said it would take the opposite direction by boosting its super-
seat services on domestic flights.
Hajime Hitotsuyanagi, a transport industry analyst at Daiwa
Institute of Research Ltd., said both companies' strategies have
been successful because they are targeting a different customer
segment.
"There was a huge gap in prices and services between super-seat
class and economy class," and Class J has cultivated a new
market by appealing to those in between, Mr. Hitotsuyanagi said.
On the other hand, JAL's move has boosted the number of
passengers for ANA's super seats since ANA has become the
dominant player in the upscale segment, Mr. Hitotsuyanagi said.
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome,
Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp
All Nippon Airways Co., Ltd.
Shiodome City Center,
1-5-2 Higashi-Shimbashi, Minato-ku
Tokyo, 105-7133, Japan
Phone: +81-3-6735-1000
Fax: +81-3-6735-1005
Web site: http://www.ana.co.jp
* Moody's Report Explores Automakers' Rating Drivers
----------------------------------------------------
Moody's Investor Service reported the world's automobile
manufacturers' credit ratings will depend more and more on the
companies' abilities to beef up market share, to maintain
competitive cost structures, and to make capital investments
even amid weak cash flows.
The new "methodology" report is the first by the rating agency
to explore similarities and differences in the key quantitative
and qualitative factors Moody's looks at in evaluating auto
manufacturers across the US, Europe, and Asia. Among the reports
highlights, Moody's details 13 key statistical measures,
including market position, profitability, cash flow, liquidity,
and debt maturity profile, and shows how these measures map to
specific ratings.
Weak returns, slow growth, and high fixed costs have all
pressured ratings for the industry over the past decade,
according to Moody's.
"Still, the auto manufacturing industry remains a mid-range,
investment-grade sector," says Senior Vice President Bruce
Clark, who covers the sector in the US for Moody's global
automotive analytic team.
Clark adds that, for the most part, ratings have begun to
stabilize and that the median for the manufacturers, currently
at Baa1, should remain within the Baa range for the foreseeable
future. (Including captive finance subsidiaries, many of whom
are rated higher, the industry median is A3.)
Moody's rates 16 automakers and their subsidiaries, which have
about $500 billion in rated debt outstanding. Ford and General
Motors, as two of the top three issuers in the US corporate bond
market, have combined outstanding debts of over $200 billion
when their captive finance companies are included. Ratings range
from Toyota's top-tier Aaa down to the mid-speculative grade Ba3
that Fiat, Mazda, and Mitsubishi all share.
"While some rating upgrades could occur over the next five
years, we do not anticipate that many of the companies currently
carrying speculative-grade ratings will improve sufficiently in
their business and financial profiles to cross over into
investment grade," says Clark.
Moody's Vice President/Senior Analyst Falk Frey, the automotive
team's European analyst, says "the risks associated with
attaining revenue and market share increases and the challenges
in maintaining a competitive cost structure are only growing.
Credit ratings will increasingly reflect Moody's opinion of a
company's ability to confront these difficulties."
When looking at the impact of market share on ratings, for
example, Moody's points out that the highest-rated investment-
grade automaker, Toyota, has excellent domestic and worldwide
market share, is growing faster than the competition, and has
shown that it is able to pursue growth in new markets
successfully.
The single-A rated automakers, meanwhile, generally have strong
regional market shares, but may lack true global diversity. Baa-
rated automakers typically will have lost some market share, but
show potential for rebuilding, while the speculative-grade
automakers may show evidence of brand erosion or lack an ability
to grow.
In the area of costs, top-rated Toyota has long been
distinguished by "its relentless drive to continue to reduce
costs, which is reflected in the steady improvement in its
margins over time," says Moody's Senior Vice President Junichi
Yamaki, in Japan.
Likewise, automakers rated single-A have generally been able to
maintain margins at consistently high levels, while those Baa-
rated for the most part show improvements on the heels of major
cost reduction programs. The speculative-grade automakers'
margins fall into a wide range as they grapple with diverse
problems.
Another important factor that will separate higher from lower
rated issuers, especially those in the Baa-range, or low
investment grade, is the quality of an issuer's liquidity.
Moody's points out that good liquidity suggests that a company
has the resources it needs to grapple with challenges before
they weaken credit quality.
Moody's reminds investors that no single metric such as a
measure of free cash flow or margins will by itself predict
credit quality. Moody's ratings always reflect a combination of
factors, including those that are qualitative in nature as much
as quantitative.
=========
K O R E A
=========
CHOHUNG BANK: Moody's Assigns (P)Baa2 to Subordinated Notes
-----------------------------------------------------------
Chohung Bank's proposed US$400 million subordinated notes due
2014 was assigned a prospective Baa2 rating by Moody's Investors
Service. The proposed subordinated notes will comprise US$200
million each in Lower Tier II and Upper Tier II securities.
The rating is underpinned by the subordinated status of the
notes and the bank's moderate capability to service its debt
obligations, given its modest financial fundamentals, as
reflected in its D- bank financial strength rating. The outlook
for the prospective Baa2 rating is stable.
Note that this rating is subject to the receipt of final
documentation, the terms and conditions of which have not
changed in any material way from the draft documents already
reviewed by Moody's.
The subordinated notes will represent unsecured, subordinated
obligations of the bank and qualify as Tier II capital. They
will also contain a step-up interest rate feature in 2009, if
they are not redeemed. In the event of liquidation, the ranking
of the notes is subordinated to the claims of depositors and
senior creditors. The securities will be sold in reliance of
Regulation S of the Securities Act 1933.
In the case of the Upper Tier II notes, interest payment
deferral is optional in the event the bank does not comply with
its capital adequacy ratio requirement and provided no dividends
are paid on its common stock. In our view, given the bank's
moderate financial condition, the interest deferral feature is
unlikely to be triggered.
This belief - coupled with the pari passu ranking of the Upper
Tier II instrument in liquidation with the Lower Tier II notes -
makes the difference in severity of loss, if any, likely to be
negligible. Thus, no notching differential has been made between
both types of notes.
Chohung Bank was established in 1897 and is Korea's oldest bank.
The government took over the bank during the Asian financial
crisis, when deterioration in the quality of its large corporate
book caused the bank to be severely under-capitalized.
Then, in September 2003, Shinhan Financial Group (SFG) acquired
an 80.04 percent stake from the government. It now wholly owns
Chohung Bank. As part of the Shinhan group, Chohung Bank is
currently under a "ONE BANK" strategy. With the acquisition, SFG
became the system's second largest financial group. SFG will
maintain Chohung Bank and its other subsidiary, Shinhan Bank, as
separate legal entities and fully combine both entities in 2006.
Chohung Bank's other ratings are: senior debt of Baa1; long-
term/short-term deposit of Baa1/Prime-2; and bank financial
strength rating of D-. All ratings carry a stable outlook
SSANGYONG MOTOR: Management, Union Discuss Job Security Pact
------------------------------------------------------------
The management and labor union of Ssangyong Motor Co. began
talks Tuesday on a formal job security agreement offered by
prospective owner Shanghai Automotive Industry Corp., reports
The Korea Herald.
The signing came after the union agreed to ink the agreement
without the signature of Shanghai Automotive.
"We consulted with the union's legal experts and concluded that
the contract will be legally binding after the acquisition," The
Korea Herald quoted Lee Young-ho the union's spokesman, as
saying.
The union officials, Soh Jin-kwan Ssangyong's president and
chief executive officer and other senior managers met in a close
door meeting held at Ssangyong's Pyeongtaek plant in Gyeonggi
Province. The details of the meeting were not released.
"We clearly understand Shanghai Automotive's commitment to safe
jobs and investment here. Representing the Chinese buyer, the
current management will finish the talks on the pact quickly. We
will pave the way for the new start," said Ssangyong spokesman
Chung Mu-young.
"Some difficulties are expected since the meeting agenda also
covers sensitive issues such as transparent management. But we
will continue the talks in a goodwill," said a union statement.
Shanghai Automotive generated CNY186 billion ($22.5 billion) in
sales last year. With a work force of 60,000, the company made
800,000 vehicles including 597,000 passenger cars in 2003.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
+82 31 610 3739
===============
M A L A Y S I A
===============
BERJAYA SPORTS: Unveils Result of AGM
-------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad advised
Bursa Malaysia Securities Berhad that at the Company's Annual
General Meeting held on 19 October 2004, the following ordinary
resolutions have been duly passed:
Ordinary Resolution 1
- Adoption of the audited financial statements of Company for
the year ended 30 April 2004 and the Directors' and Auditors'
Reports thereon.
Ordinary Resolution 2
- Approval on the payment of Directors' fees amounting to
RM135,000 for the year ended 30 April 2004.
Ordinary Resolution 3 And 4
- Re-election of Datuk Robert Yong Kuen Loke and Freddie Pang
Hock Cheng as Directors of the Company pursuant to Article 98(A)
of the Company's Articles of Association.
Ordinary Resolution 5
- Re-appointment of Tan Sri Dato' Thong Yaw Hong as a Director
of the Company.
Ordinary Resolution 6
- Re-appointment of Tan Sri Dato' Jaffar Bin Abdul as a Director
of the Company.
Ordinary Resolution 7
- Re-appointment of Messrs Ernst & Young as Auditors of the
Company.
Ordinary Resolution 8
- Authority for Directors to allot and issue shares pursuant to
Section 132D of the Companies Act, 1965.
Ordinary Resolution 9
- Proposed renewal of and new shareholders' mandate for
recurrent related party transactions of a revenue or trading
nature.
Ordinary Resolution 10
- Proposed renewal of authority to purchase its own shares by
the Company.
CONTACT:
Berjaya Sports Toto Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935888
Fax: 03-2935 8043
DENKO INDUSTRIAL: Securities Suspended From Trading
---------------------------------------------------
Denko Industrial Corporation Berhad advised Bursa Malaysia
Securities Berhad that trading in Denko's securities has been
suspended effective 9:00 a.m., Wednesday, 20 October 2004 until
further notice.
Your attention is drawn to Denko's announcement dated 19 October
2004.
CONTACT:
Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629
HUME INDUSTRIES: Posts AGM and EGM Results
------------------------------------------
Hume Industries (Malaysia) Berhad advised the following to Bursa
Malaysia Securities Berhad.
(A) 45th Annual General Meeting (AGM)
At the 45th AGM of the Company held on 19 October 2004, the
shareholders of the Company had approved all the ordinary
resolutions and special business as set out in the notice of the
AGM.
(B) Extraordinary General Meeting (EGM)
The ordinary resolutions pertaining to the following matters
were approved by the shareholders of the Company at the EGM
convened immediately after the conclusion of the 45th AGM:
(a) Renewal of the authority for the purchase of own shares by
the Company;
(b) Shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Hong Leong
Company (Malaysia) Berhad Group;
(c) Shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Mr Chuah Chuan
Thye, YBhg Tan Sri Quek Leng Chan, Mr Kwek Leng San, Mr Quek
Leng Chye and Hong Bee Hardware Company, Sdn Berhad;
(d) Shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YBhg Tan Sri
Dato' Zaki bin Tun Azmi and BIB Insurance Brokers Sdn Bhd;
(e) Shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YM Raja Zainal
Abidin bin Raja Haji Tachik, RZA Forwarding Sdn Bhd and RZA
Warehousing Sdn Bhd; and
(f) Shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YBhg Tan Sri
Dato' Ir Talha bin Hj Mohd Hashim and Gamuda Berhad and its
subsidiaries.
This announcement is dated 19 October 2004.
CONTACT:
Hume Industries (malaysia) Berhad
18 Jalan Perak
Level 8, Wisma Hong Leong
Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2164 2631
+60 3 2164 2514
MAXIS COMMUNICATIONS: To List Additional 133,000 Ordinary Shares
----------------------------------------------------------------
Maxis Communications Berhad announced to Bursa Malaysia
Securities Berhad that its additional 133,000 new ordinary
shares of RM0.10 each issued pursuant to the Employees Share
Option Scheme will be granted listing and quotation effective
9:00 a.m., Thursday, 21 October 2004.
MTD CAPITAL: Purchases 107,000 Shares on Buy Back
-------------------------------------------------
MTD Capital Bhd disclosed to Bursa Malaysia Securities Berhad
the details of its shares buy back dated October 19,2004.
Description of shares purchased: Ordinary shares of RM1/- each
Total number of shares purchased (units): 107,000
Minimum price paid for each share purchased (RM): 2.500
Maximum price paid for each share purchased (RM): 2.530
Total consideration paid (RM): 268,334.60
Number of shares purchased retained in treasury (units): 107,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,254,700
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022
+60 3 6187 7898
Web site: http://www.mtdcap.com/
MWE HOLDINGS: Issues Additional 21,482,146 Shares for Listing
-------------------------------------------------------------
MWE Holdings Berhad advised Bursa Malaysia Securities Berhad
that its additional 21,482,146 new ordinary shares of RM1.00
each arising from mandatory conversion OF 21,482,146 nominal
amount of 5.5 percent irredeemable convertible unsecured loan
stocks 1999/2004 will be granted listing and quotation effective
9:00 a.m., Friday, 22 October 2004.
CONTACT:
MWE Holdings Berhad
846 Jalan Raya Sungei Bakap
Seberang Perai Selatan,
Pulau Penang 14209
Malaysia
Telephone: +60 4 582 4811
+60 4 582 4707
PAN MALAYSIA: Updates Unit's Proposed Disposal of Leasehold
-----------------------------------------------------------
Pan Malaysia Holdings Berhad issued to Bursa Malaysia Securities
Berhad an update in relation to the Proposed Disposal of a
leasehold apartment by Kayangan Makmur Sdn Bhd, a wholly owned
subsidiary company of Pan Malaysia Holdings Berhad.
(1) Introduction
Pan Malaysia Holdings Berhad (PMH) announced that on 18 October
2004, its wholly-owned subsidiary, Kayangan Makmur Sdn Bhd
(KMSB) had entered into a conditional sale and purchase
agreement (SPA) with Dato' Syed Mohd Yusof Tun Syed Nasir of 5th
Floor, Wisma Concorde, 2 Jalan Sultan Ismail, 50250 Kuala Lumpur
(Purchaser), for the disposal of a leasehold apartment bearing
postal address Flat 53, 5th Floor, Park Mansions, 141-149
Knightsbridge, London, United Kingdom (the Apartment) together
with the furniture and fittings in the Apartment for a cash
consideration of œ570,000 (equivalent to approximately RM3.91
million based on an exchange rate of RM6.8575 to œ1.00)
(hereinafter referred to as the Proposed Disposal).
(2) Details Of The Proposed Disposal
The sale consideration of œ570,000 (hereinafter referred to as
the Sale Price) was arrived at on a willing-buyer and willing-
seller basis.
The salient terms of the SPA are:
(a) Deposit of 10% of the Sale Price is payable upon the
exchange of contracts (date of the SPA) to KMSB's solicitors'
client account (Deposit);
(b) The Proposed Disposal is conditional upon obtaining the
approval or waiver of such approval from the Securities
Commission (SC Approval) within 3 months from the date of the
SPA;
(c) In the event the SC Approval is not obtained within 3 months
from the date of the SPA, then either KMSB or the Purchaser may
terminate the SPA by giving written notice to the other and upon
termination of the SPA, the Deposit shall be refunded to the
Purchaser and thereafter the SPA shall be of no further force
and effect and neither KMSB nor the Purchaser shall have any
claim whatsoever in respect of the other under the terms of the
SPA;
(d) The Proposed Disposal is also subject to KMSB obtaining the
Landlord's consent to the transfer or assignment of the
Apartment to the Purchaser. Landlord is defined as the person(s)
entitled for the time being to the reversion immediately
expectant on the determination of the lease of the Apartment
(Landlord's Consent);
(e) If on the date being 3 months after the date of the SPA the
Landlord's Consent shall not have been obtained, then without
prejudice to any other right or remedy of KMSB, either party
(having itself fulfilled its own obligations under the SPA
relating to the obtaining of the Landlord's Consent) may at any
time after the said date and prior to the Landlord's Consent
being given, rescind the SPA by notice to the other whereupon
unless the rescission is as a result of the Purchaser's breach
of contract, the Deposit is to be repaid to the Purchaser but
without interest and the Purchaser is to return any documents he
received from KMSB and is to cancel any registration of the SPA;
(f) The Completion Date in the SPA is defined as the later of 18
January 2005, the date 5 working days after the date upon which
the Landlord's Consent is given and 7 days from the date the SC
Approval is granted; and
(g) Completion of the Proposed Disposal shall take place on the
Completion Date when the balance of the Sale Price and all
apportionment shall be paid to KMSB's solicitors.
There will be no liabilities to be assumed by the Purchaser
arising from the Proposed Disposal. Barring any unforeseen
circumstances, the Proposed Disposal is anticipated to complete
within 4 months from the date of this announcement.
A copy of the SPA is available for inspection on weekdays
(except public holidays) during normal business hours at the
registered office of PMH at 14th Floor, MUI Plaza, Jalan P
Ramlee, 50250 Kuala Lumpur.
(3) Background Information On The Apartment
KMSB purchased the Apartment on 30 September 1994 at a cost of
œ290,000 (approximately RM1.28 million). Based on unaudited
financial statements of KMSB as at 30 September 2004, the net
book value of the Apartment and the furniture and fittings
therein was RM1.05 million.
The Apartment is approximately 111 square metres in area and is
furnished with furniture and fittings. At the time of purchase
in 1994, the remaining period of the lease was approximately 58
years with the lease expiring in September 2052. The lease has
since been extended and shall now expire in June 2252. The age
of the Apartment is approximately 11 years. The Apartment is
currently not let out. The Apartment is free from all charges,
liens and other encumbrances of whatsoever nature.
(4) Effects Of The Proposed Disposal
Share Capital and Substantial Shareholders' Shareholding
The Proposed Disposal, which will be satisfied entirely in cash,
has no effect on the share capital of and substantial
shareholders' shareholding in PMH.
Earnings and Net Liabilities
The Proposed Disposal is expected to result in an estimated gain
of approximately RM2.86 million to KMSB and the PMH Group,
translating into an earnings per ordinary share of 0.3 sen and a
reduction of net liabilities per share of 0.3 sen at the PMH
Group level.
(5) Rationale
The Proposed Disposal is in line with PMH's Group's
rationalisation exercise to restructure and resuscitate the
Group by focusing on financial services, primarily stockbroking
business as its core business and to divest or liquidate non-
core businesses and assets. The Apartment is not required for
the PMH Group's operations.
The net proceeds from the Proposed Disposal will be used for the
PMH Group's working capital, including repayment of borrowings
and acquisition of additional shares in Pan Malaysia Capital
Berhad (PM Capital) to increase the Group's equity interest in
PM Capital as the financial services which undertaken by PM
Capital and its subsidiaries are the core business of the Group.
(6) Conditions
The Proposed Disposal is conditional upon PMH obtaining the SC
Approval and KMSB obtaining the Landlord's Consent to the
transfer or assignment of the Apartment to the Purchaser. The
Proposed Disposal is not subject to shareholders' approval.
(7) Directors' And Major Shareholders' Interest
None of the Directors, major shareholders and persons connected
with the Directors and major shareholders of PMH has any
interest, direct and indirect, in the Proposed Disposal.
(8) Directors' Recommendation
The Directors are of the opinion that the Proposed Disposal is
in the best interests of the Group.
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
+60 3 2031 1299
PUNCAK NIAGA: Issues Notice of Book Closure
-------------------------------------------
Puncak Niaga Holdings Berhad advised to Bursa Malaysia
Securities Berhad that:
(1) Puncak Niaga Holdings Berhad's securities will be traded and
quoted (Ex-Interest) as from: 29 October 2004
(2) The last date of lodgment: 2 November 2004
(3) Date Payable: 22 November 2004
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SRIWANI HOLDINGS: Posts Notice of Expiry of Warrants
----------------------------------------------------
Sriwani Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of expiry and last date for exercise of warrants
1994/2004.
Notice is hereby given that pursuant to the conditions
stipulated in the Deed Polls, the Subscription Rights of the
Warrants 1994/2004 will expire at 5.00 p.m. on Sunday, 21
November 2004 (Expiry Date) in accordance with the provisions of
the Deed Polls.
Accordingly, Warrant Holders are to note that their rights to
subscribe for New Shares must be exercised not later than 5:00
p.m. on the Expiry Date.
Warrants 1994/2004 not exercised by the Expiry Date will lapse
and become null and void and shall cease to be exercisable
thereafter and accordingly, be removed from the Official List of
Bursa Securities from 9:00 a.m. on Monday, 22 November 2004.
Warrant Holders are reminded that if they wish to participate in
the future performance of the Company and its subsidiaries, they
would have to exercise their Subscription Rights on or before
the Expiry Date.
Warrant Holders can either keep the New Shares to be issued to
them arising from the exercise of the Warrants 1994/2004 or
realize the said shares in the future either through a direct
business transaction with another party or through open market
on the Bursa Securities. On the contrary, Warrant Holders will
not be able to participate in the future performance of the
Company and its subsidiaries if the Subscription Rights are not
exercised on or before the Expiry Date.
Warrant Holders are therefore advised to read carefully the
procedures set out below:
(1) Suspension Of Trading And Last Day For Trading
Warrants 1994/2004 will be suspended from quotation on the Bursa
Securities with effect from 9:00 a.m. on Friday, 29 October 2004
until the Expiry date. Hence, the last day for trading of the
Warrants 1994/2004 shall be up to 5:00 p.m. on Thursday, 28
October 2004.
(2) Exercise Price
The Exercise Price of the Warrants 1994/2004 is RM3.80 for each
New Share. Accordingly, if you subscribe for 100 new Sriwani
Shares, the aggregate exercise price is RM380.00.
(3) Payment Of Exercise Price
The remittance has to be made in full for the Exercise Price,
payable in Ringgit Malaysia via a banker's draft or cashier's
order drawn on a bank operating in Malaysia and to be made out
in favor of Sriwani Warrant Proceeds Account crossed A/C Payee
Only and endorsed on the reverse side with the name, Old and New
NRIC No./Company No./Passport No./Armed Forces No./Police
Personnel No. and addresses of the Warrant Holders.
(4) Exercise Of Subscription Rights
(4.1) Existing Warrants deposited in the CDS Accounts of Warrant
Holders
If you are a Warrant Holder and wish to exercise your
subscription rights, you should BEFORE 5:00 p.m. on the Expiry
Date:
(i) Complete and sign the enclosed Subscription Form and stamped
the said form in accordance with any law for the time being
relating to stamp duty;
(ii) Deliver the duly completed Subscription Form together with
the remittance (including the documents as set out in iii to iv)
to the Company's Share Registrar at:
Symphony Share Registrars Sdn Bhd (formerly known as Malaysian
Share Registration Services Sdn Bhd)
Level 26, Menara Multi-Purpose,
Capital Square,
No. 8, Jalan Munshi Abdullah,
50100 Kuala Lumpur
Additional copies of the Subscription Form can be obtained from
the Company's Share Registrar.
(iii) Photocopy the statement of account issued by Bursa
Depository in respect of CDS accounts of the Warrant Holder;
(iv) In the case where the Warrant Holder is an individual, the
photocopy of the identity card of the Warrant Holder; or in the
case where the Warrant Holder is a corporation, the photocopy of
its certificate of incorporation; and
(v) The payment of fees and charges amounting to RM10.00 to the
Company's Share Registrar for the crediting of the New Shares
into the Securities Account of the exercising Warrant Holder.
All New Shares will be credited into the CDS Account specified
by the Warrant Holders and no physical share certificates will
be issued. The Company shall allot and issue the New Shares,
dispatch the notices of allotment to the Warrant Holders and
make application to the Bursa Securities for the quotation of
such new Sriwani Shares not later that ten (10) market days of
receipt of the Subscription Form together with the requisite
payment.
In view of the Expire Date fall on Sunday, 21 November 2004, the
Company's Share Registrar will be opened from 8.30 a.m. until
5.00 p.m. on the said Expiry Date to facilitate the exercise of
the Subscription Rights by the Warrant Holders.
(4.2) Existing Warrants not deposited with Bursa Depository and
have been transferred to MOF
Further to Section 29 of the Securities Industries (Central
Depositories) (Amendment No. 2) Act, 1998, all persons who hold
securities that are listed on Bursa Securities are required to
have deposited their securities with Bursa Depository by 1
December 1998. If you are a Warrant Holder who have failed to
deposit your Warrants by the aforementioned date, your Warrants
would have been transferred to the MOF without reference to you.
The last date for appeals to reclaim the Warrants transferred to
the MOF had expired on 31 May 2000.
Pursuant to Section 25 (5) of the Securities Industry (Central
Depositories) (Amendment) Act 1998, the MOF has the authority to
sell or dispose any such unclaimed securities and any proceeds
from the said sale will be dealt with in accordance with the
Unclaimed Moneys Act, 1965.
Warrant Holders, who have failed to make an appeal by 31 May
2000, may submit their claims to the Registrar of Unclaimed
Moneys to recover the proceeds for the sale of the unclaimed
Warrants, after the sale has been carried out by the MOF.
However, a written confirmation from the Jabatan Akauntan Negara
Malaysia is required before any claims for refund are made.
Warrant Holders who have made an appeal on or before 31 May 2000
but have not get their Warrants transferred to their CDS account
and Warrant Holders who have not appeal on or before 31 May 2000
may write to the Jabatan Akauntan Negara at the following
address for inquiries:
Jabatan Akauntan Negara Malaysia
Seksyen Pengurusan Sekuriti
Tingkat 42 Menara Maybank
No. 100 Jalan Tun Perak
50050 Kuala Lumpur
Tel: 03-2026 6297
Fax: 03-2026 7430
(5) Book Closure Date In Relation To The Warrants
Warrant Holders should note that apart from the provision
contained in the Deed Polls, the following provisions of the
Bursa Depository will apply to the Warrants:
(a) Bursa Depository will not be accepting any request for
ordinary transfers of Warrant for the period commencing from
4.00 p.m. on 8 November 2004 until the Expiry Date.
(b) Warrant Holders shall qualify for entitlement to subscribe
for New Shares in respect of the following:
(i) Warrants transferred into the depositor's securities account
before 4:00 p.m. on 8 November 2004 in respect of ordinary
transfers; and
(ii) Warrants bought on the Bursa Securities on or before 28
October 2004, being the last day of trading of the Warrants.
(6) Expiry Of Subscription Rights
Warrants Holders should note that:
(a) if their Subscription Rights are not exercised and the
relevant Subscription Form is not delivered to the Company's
Share Registrar by 5:00 p.m. on Sunday, 21 November 2004, the
rights will lapse and become null and void and cease to be
exercisable thereafter.
(b) all unexercised Warrants remaining in the Depositor's
securities account as at 21 November 2004 will be withdrawn from
the respective securities accounts on 22 November 2004.
(7) Enquiries
All enquiries concerning this Notice should be addressed to the
Company's Share Registrar at the following address:
Symphony Share Registrars Sdn Bhd (formerly known as Malaysian
Share Registration Services Sdn Bhd)Level 26, Menara Multi-
Purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100
Kuala Lumpur
Contact Person: Encik Mohamed Nazir bin Mohd Nasib
Telephone: 03-2721 2222
Fax: 03-2721 2530 / 2721 2531
(8) Directors' Responsibility Statement
This Notice has been seen and approved by the Board and they
collectively and individually accept full responsibility for the
accuracy of the information given in this Notice and confirm
that after making all reasonable enquiries and, to the best of
their knowledge and belief, there are no other facts, the
omission of which would make any statement herein misleading.
By order of the Board of
Sriwani Holdings Berhad
Thum Sook Fun
(Maicsa 7025619)
Secretary
Penang
20 October 2004
CONTACT:
Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my
TH GROUP: Releases September Production Figures
-----------------------------------------------
In accordance with Paragraph 9.29 of Part L of the Listing
Requirements of Bursa Malaysia Securities Berhad, TH Group
Berhad announced the production figures for the month of
September 2004 in respect of the Group's plantation production:
Current Preceding Current Preceding
Month Year Year Year
(mt) Corresponding to-Date Corresponding
Month (mt) (mt) Period (mt)
FFB 39,583 24,220 232,182 214,125
Crude
Palm
Oil 11,571 6,861 64,397 57,822
Palm
Kernel 2,668 1,545 14,426 13,327
Cocoa 6 2 61 179
CONTACT:
TH Group Berhad
Phase 1 Mile 1.5 Leila Road
Sandakan, Sabah 90712
Malaysia
Telephone: +60 89 273 388
+60 89 272 868
=====================
P H I L I P P I N E S
=====================
COLLEGE ASSURANCE: SEC Picks 3 Officials for Oversight Body
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) has selected three
of its assistant directors to sit in the oversight committee for
ailing pre-need firm College Assurance Plans Philippines
Incorporated (CAP), BusinessWorld reports.
To join the oversight panel are Merle Joy B. Pascual, SEC
assistant director and head of the registration and licensing
division of the nontraditional securities and instruments
department; Carol C. Lerma, assistant director and head of the
brokers/dealers division of the market regulation department;
and Ma. Gracia F. Casals, assistant director and head of the
securities registration division of the corporation finance
department.
Ms. Pascual will also be appointed SEC comptroller for CAP.
As members of the committee, the three officials are expected to
attend CAP's board meetings to ensure that the company follows
SEC rules, make recommendations, and oversee the operations of
the company in relation to its appela to be palced under
regulatory leeway.
The newest oversight panel will be the third such committee the
SEC constituted for CAP. It will be formed to replace the
oversight body that was composed of SEC Assistant Director
Nonilonia Ambat, former SEC lawyer Carlo Taparan, and former SEC
Commissioner Danilo Concepcion.
CAP reported a PhP17-billion deficiency in its trust assets as
of end-2003. During the period, CAP had PhP8.4 billion in trust
assets, compared with an ARL of PhP25.5 billion.
CONTACT:
College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Ph: 817-6586, 759-2000
Fax: (0632) 818-0560
MANILA ELECTRIC: Seeks Approval to Refinance US$240-Mln Debt
------------------------------------------------------------
Power distribution firm Manila Electric Company (Meralco) is
working to gain the consent of its creditors for the repayment
of US$240 million in loans due this year and the next, says
BusinessWorld.
Meralco president Jesus Francisco said the company will also
convene a creditors' meeting within the month to seek approval
to extend the maturity of Meralco's debts by five to seven
years.
"Our target is to get creditors' approval to refinance $240
million worth of loans before the end of the year," he told
reporters. "If we can't refinance, then we might have a problem
next year."
Creditors need to approve the proposal to enable the company to
service the last phase of its refund process amounting to Php18
billion (US$319.15 million).
Meralco is currently in the final stage of a Php30-billion
refund to consumers for over billing, which was ordered by the
Supreme Court in 2002.
Phase 4 of the refund process involves commercial and industrial
customers with a monthly consumption of at least 1,600 kilowatt-
hours (kWh) of electricity.
Phase 3 of the refund, amounting to PhP4.9 billion, covers
850,000 residential customers consuming more than 300 kWh a
month. This phase is expected completed by the end of the year.
The first two phases of the refund program have been completed.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
METRO PACIFIC: PSE Reviews Trades on Shares
-------------------------------------------
The shares trading of Metro Pacific Corporation is being looked
into by the Philippine Stock Exchnage (PSE) over disclosure
concerns of stockbrokers, The Philippine Daily Inquirer reports.
According to PSE President Francis Lim, the move was carried out
after some brokers spoke to him about the heavy trading of Metro
Pacific shares before First Pacific's disclosure last week that
it was selling five percent of its stake in the troubled firm.
"The PSE is conducting a formal review of transactions relating
to the Metro Pacific shares and the appropriate departments will
render their reports at the earliest possible time," Mr. Lim
said.
But Metro Pacific Vice President David Nugent insisted the sales
were fully disclosed as required by the stock exchange, saying
"everything was done to the highest disclosure standards".
Sources confirmed there was "massive selling" of Metro Pacific
shares between August and October, with a foreign broker leading
the transactions. They also noted that in September, the company
unveiled new strategies and plans, including its involvement in
a South Expressway project.
Brokers are concerned over First Pacific's compliance with
disclosure policies and why it did not divulge its sale of Metro
Pacific shares much earlier.
First Pacific raised roughly Php450 million from the sale of
930.2 million shares in Metro Pacific, which was completed last
week.
CONTACTS:
Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830
NATIONAL POWER: PSALM Says NG's Absorption of Debts Necessary
-------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) hailed the National Government's decision to assume
National Power Corporation's (Napocor) Php200-billion debts as a
crucial step to conclude the divestment of Napocor's assets,
relates The Philippine Star.
PSALM admitted that the approval of Napocor's multilateral
creditors on the transfer of assets depends on the absorption of
debts by the government.
"Napocor's official creditors, particularly the World Bank, the
Asian Development Bank and the Japan Bank for International
Cooperation, have made debt absorption in accordance with Epira
(Electric Power Industry Reform Act) a precondition for giving
their consent to the sale and transfer of Napocor assets," PSALM
declared in a statement.
In accordance with PSALM's proposal to the economic managers,
the debt absorption will only cover borrowings contracted by
Napocor and will be repaid following the original repayment
schedule.
President Gloria Macapagal-Arroyo signed Executive Order 370
last Oct. 12 to effect the direct assumption of Php200 billion
of Napocor's financial obligations.
The absorption of the Php200 billion debts was mandated by
Congress in 2001 in recognition of the need for government to
assume part of the obligations of Napocor.
The government was unable to absorb any of Napocor's debts since
2001 as it was seeking additional revenues to support the
absorption.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NEGROS NAVIGATION: Court Rejects Tsuneishi Claim
------------------------------------------------
The Court of Appeals has denied the claim of Japanese
shipbuilder Tsuneishi Heavy Industries against embattled
shipping company Negros Navigation Co. (Nenaco) for lack of
merit, reports The Philippine Daily Inquirer.
Associate Justice Juan Enriquez Jr.'s decision favored Nenaco's
stand that creditor's claims against the firm were suspended
pending rehabilitation.
The decision stemmed from a petition lodged by Tsuneishi in
February with a Cebu court to attach a Nenaco vessel as payment
for some Php111 million in unpaid dry-docking and ship repair
fees.
To cover part of Nenaco's debt, the Japanese company also
initiated garnishment proceedings of Nenaco's account with
Prudential Bank.
A month later, the Cebu court attached Nenaco's M/V Saint Peter
the Apostle, which was not carried out following Nenaco's filing
for corporate rehabilitation petition with the Manila Regional
Trial Court.
Nenaco asked the court for debt relief to give it ample time to
implement its court-approved revival program, which would enable
it to pay over Php2.5 billion in debt.
Tsuneishi raised the case to the Court of Appeals, but the
appellate court sustained the Manila trial court decision,
saying the trial court did not abuse its authority when it
issued the stay order against Tsuneishi.
Nenaco, which recently obtained court approval to restructure
Php2.4 billion of debts over 10 years, was advised by the Manila
Regional Trial Court to pay creditors an annual interest of 5
percent in the first four years of the rehabilitation schedule.
The rate will be increased to 7.5 percent for the fifth to the
10th years. Unsecured creditors shall be paid an interest rate
of 2.5 percent annually.
CONTACT:
Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number: 245-5588
Fax Number: 245-0780 (Telefax)
Email Address: nnwebmaster@surfshop.net.ph
=================
S I N G A P O R E
=================
CHO YANG: Issues Intended Dividend Notice
------------------------------------------
Cho Yang (Singapore) Pte Ltd. posted a notice of intended
dividend at the Singapore Government Gazette on October 15,
2004.
Address of Registered Office: Formerly of 6 Temasek Boulevard
Fourth Floor Suntec Tower Four Singapore 038986
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600131 of 2002
Last Day for Receiving Proofs: 29 October 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Moey Weng Foo
Assistant Official Receiver
DUCHESS FASHIONS: Posts Notice of Intended Dividend
---------------------------------------------------
Duchess Fashions Pte Ltd. posted its dividend notice at the
Singapore Government Gazette on October 15, 2004.
Address of Registered Office: Formerly of 21 Collyer Quay
#14-02/03 Hongkong Building Singapore 049320
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 223 of 1992
Last Day for Receiving Proofs: 29th day of October 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Karen Loh
Assistant Official Receiver
KOH BROTHERS: Declares Proposed Joint Venture
---------------------------------------------
Koh Brothers Group Limited announced on its proposed joint
venture with G&W Group at the Singapore Stock Exchange on
October 19, 2004.
(A) The proposed joint venture with G & W Group (Holdings)
Limited.
(B) The proposed capital distribution of 81, 000, 000 ordinary
shares of $0.20 each in the capital of G & W Group (Holdings)
Limited representing approximately 65.22% of the issued and
paid-up capital of G&W held by the company, to the shareholders
of the company, by way of capital reduction and dividend
distribution.
Further to the announcement dated 24 August 2004, the board of
directors of Koh Brothers Group Limited is pleased to announce
that the Singapore Exchange Securities Trading Limited has on 18
October 2004, approved in-principle the Company's application in
respect of the Capital Distribution.
As previously announced, the Capital Distribution will be
effected by way of:
(i) a capital reduction exercise under Section 73 of the
Companies Act, Chapter 50 of Singapore
(ii) a dividend-in-specie payment by the Company and is subject
to the approvals to be obtained in the following order
(i) the approval of the shareholders of the Company by way
of a special resolution for the Capital Distribution to be
proposed at an extraordinary general meeting to be convened by
the Company
(ii) subject to the passing of the special resolution at the
EGM of the Company for the Capital Distribution, the
confirmation of the High Court of Singapore for the Capital
Reduction and a copy of the Court Order being lodged with the
Accounting and Corporate Regulatory Authority.
The SGX-ST's in-principle approval for the Capital Distribution
is not to be taken as an indication of the merits of the Capital
Distribution.
A circular setting out further details of the Capital
Distribution and the notice convening the EGM will be dispatched
to Shareholders in due course.
The Books Closure Date to determine the entitlement of
Shareholders whose registered addresses are in Singapore for the
purpose of the Capital Distribution, will be announced in due
course.
By order of the Board
Koh Brothers Group Limited
Koh Tiak Chye
Chief Executive Officer and Managing Director
Submitted by:
Lee Suyin
Company Secretary
Koh Brothers Group Limited
KLW HOLDINGS: Parties Agree to Extend Long Stop Date
----------------------------------------------------
Further to KLW Holdings Limited announcements dated 28 July
2004, 29 July 2004 and 13 August 2004, as well as the circular
to shareholders dated 20 September 2004, pursuant to which a
shareholders' resolution was duly passed, the Board of Directors
of KLW Holdings Limited announced that both KLW Wood Products
Pte Ltd and Mapletree Trustee Pte Ltd have agreed to extend the
Long Stop Date due to certain conditions precedent not yet being
fulfilled.
The Long Stop Date is defined in the put and call option
agreement entered into between the parties to mean "the last day
of the twelfth week from the date of this Agreement or such
other date as the Parties may agree in writing." i.e. 20 October
2004.
It has been agreed between the parties that the Long Stop Date
shall be extended to 30 November 2004 or such other further date
as both parties may agree in writing.
By Order of the Board
Mr Lee Boon Teck
Director
KLW Holdings Limited
19 October 2004
Submitted by:
Lim Teck Meng
Joint Company Secretary
LEUN WAH: First Meeting Set on November 5
-----------------------------------------
Notice is hereby given that the first meeting of Leun Wah
Electric Company (Private) Limited will be held at 6 Shenton
Way, #29-00 DBS Building Tower Two, Singapore 068809 on Friday,
the 5th day of November 2004 at 10.30 a.m. for the following
purposes:
Agenda
(1) To receive a status update from the Liquidators.
(2) To consider the appointment of a Committee of Inspection.
To entitle you to vote thereat your proof must be lodged at our
office no later than 12.00 p.m. on the 2nd day of November 2004.
Forms of proof and of general and special proxies are enclosed
herewith. Proxies to be used at the meeting must be lodged at
our office no later than 12:00 p.m. on the 4th day of November
2004.
Dated this 15th day of October 2004.
Wee Aik Guan
Tam Chee Chong
Joint and Several Liquidators
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
PANPAC MEDIA: Unveils EGM Resolutions
-------------------------------------
Panpac Media Group Limited posted the Resolutions Passed at
Extraordinary General Meeting held on 20 October 2004.
The Board of Directors of Panpac Media Group Limited announced
that at the Extraordinary General Meeting of the Company held
today, the resolutions proposed in respect of the matters set
forth in the Notice of the AGM were passed.
Submitted by:
Ricky Ang Gee Hing
Group Managing Director
===============
T H A I L A N D
===============
ABICO HOLDINGS: Issues Rehab Plan Progress Report
-------------------------------------------------
Abico Holdings Public Company Limited reported to the Stock
Exchange of Thailand (SET) the progress of its rehabilitation
plan for the period of six months.
(1) The official receiver announced and publicized the court
order to have the business restructuring and made an appointment
for the company to be the planner of the business restructuring
in the government gazette, on June 1, 2004.
(2) The creditors submitted an application for receiving the
debt payment (For.20), within the date ending the application
for receiving the debt payment (July 1, 2004). The company has
already made a plan for business restructuring in order to solve
such problems of debt burden and has delivered the plan to the
official receiver on September 30, 2004.
(3) The official receiver has determined the date and time of
creditors' meeting on November 12,2004 at 9:30 hours onwards
For this, the planner has the objectives of emergency business
restructuring in order to solve the financial problems and
liquidity condition of the company; the details appear in the
business-restructuring plan. If there is any progress, the
company will report it to the Exchange to you from time to time.
Forwarded for your information.
Sincerely yours,
Abico Holdings Public Co., Ltd.
CONTACT:
Abico Holdings Pcl
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani
Telephone: 0-2992-5858 (14 Lines)
Fax: 0-2992-5878-9
Web site: www.abicogroup.com
KRUNG THAI: Former President Files Lawsuit Against BoT
------------------------------------------------------
The former president of Krung Thai Bank (KTB) has decided to
file a lawsuit against the Bank of Thailand (BoT) in the
Administration Court, reports Business Day.
According to former president Viroj Nualkhair, the central bank
has no legal authority in objecting to his reappointment. It
was reported that Viroj had submitted his petition letter
Tuesday to the Ministry of Finance asking for justice from the
finance minister on the disputed case.
"After this, I will bring the case to the Administration Court
since I understand that, according to the Commercial Act, the
BoT has no legal right to make any objection on such an
appointment," Mr. Viroj told reporters.
Mr. Viroj is also contemplating whether he would file a lawsuit
or not to KTB's board of directors in both criminal and civil
courts. However, he said a decision will be made right after
the Administration Court has come up with its verdict on his
petition case.
Mr. Viroj is aware that the lawsuit he filed would affect the
financial system of the country, but he said he will try his
best to explain his motives to all the relevant high ranking
officials in the government.
He stressed that he does not expect that he will be able to make
a comeback as the president of KTB after filing a lawsuit
against the central bank but he hopes that his petition
submitted to the Administration Court would lead to a disclosure
of the related information to the general public.
Suparut Kawatkul, secretary for the Ministry of Finance said he
will look into the petition filed by Mr. Viroj before making any
further moves.
According to Mr. Suparut his ministry has asked for a
recommendation from the Office of the Council of State on the
issue of legal authority in appointing a president of KTB, but
the office has not yet reacted to the request.
The dispute between KTB and the central bank was ignited by a
review of central bank on KTB's loan portfolio. The central
bank is investigating the sudden jump of KTB's non-performing
loans by over US$1 billion.
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
NFC FERTILIZER: Releases Rehab Plan Progress Report
---------------------------------------------------
Whereas, the Stock Exchange of Thailand (SET) determined that
NFC Fertilizer Public Company Limited and the independent
financial advisor jointly report on the progress of the
implementation under the Company's Rehabilitation Plan to the
SET every six months until the elimination of the grounds for
delisting, the company therefore informed that it has already
completed the rehabilitation of business as described in the
Plan.
The Central Bankruptcy Court has ordered to revoke the Company's
Rehabilitation Plan on September 13, 2004. The Company
therefore appointed a new group of executive officers and set
the business operation policy for the future. Currently, the
Company is adjusting the implementation of the Company as:
(1) To adjust the business structure and marketing plan;
(2) To improve the organization structure in order to suit with
the working plan;
(3) To reduce the sales and administrative expenses;
(4) To study the guideline of reduction of manufacturing cost;
(5) To plan the use of existing resources in the operation in
order to make granter advantages; and
(6) To classify each manufacturing unit as to profit for making
additional value of products.
Please be informed accordingly
Sincerely yours,
(Mrs. Bongkot Rasmeepaisarn)
Vice President
Office of the Chief Executive Officer
CONTACT:
National Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: www.nfc.co.th
THAI NAM: Notes Progress of Rehabilitation
------------------------------------------
Thai Nam Plastic Public Company Limited advised the Stock
Exchange of Thailand (SET) that in the past 6 months with the
accounting period ending September 30, 2004, the company still
recorded losses.
This was mainly affected by the decrease of monthly sales value
as a result of the country's internal economic situation and the
spread of Bird Flu disease leading to the slow down of overall
purchasing orders. Another factor was derived from the increase
of world oil price levels in continuation which had been forcing
all petrol related main chemicals to increase respectively and
incorporated with higher production cost.
The company's selling price was unable to adjust in line with
raw material cost increment.
Additionally, the Company remained to bear the high cost of
research and development for new added-value products according
to the environmental changes.
So, as to solve the above stated problems, the Company has
launched the policy to increase the selling price of each
product group corresponding to the higher raw material costs
commencing from the end of quarter 3/2004. It was expected that
with the new pricing policy, the Company's performance may
improve in the coming quarter.
Please be kindly advised.
Sincerely Yours,
(Mrs. Siriphorn Mangkornkarn)
Deputy Managing Director
CONTACT:
Thai Nam Plastic Public Company Limited
40 Moo 7 Petchkasem Road, Km 23, Krathum Baen Samut Sakhon
Telephone: 0-2420-9968-74, 0-2810-3000 (40 Lines)
Fax: 0-2420-1827, 0-2420-9967
Web site: www.thainam.com
THAI PETROCHEMICAL: Debt Planner to be Determined on November 4
---------------------------------------------------------------
The decision of the Constitutional Court on the eligibility of
the Finance Ministry to be the debt administrator of Thai
Petrochemical Industry Public Company Limited (TPI) will be
released on November 4, according to Reuters.
The ruling was made in response to the request of TPI's founder
Prachai Leophairatana to review the ministry's eligibility,
Paiboon Warahapaithoon, the court's Deputy General said.
The objection of Mr. Prachai raised uncertainty about the fate
of TPI's $2.95 billion debt restructuring, seen as a test case
for Thai corporate restructuring efforts following the 1997-1998
Asian economic crisis.
The decision of the court is crucial to the restructuring
process TPI is undertaking. If the court decides against the
ministry, TPI's restructuring process will be nullified.
TPI creditors include Bangkok Bank, Thailand's biggest bank,
U.S.-based Citibank, Bank of America, the International Finance
Corp, German development bank, Kreditanstalt fuer Wiederaufbau
and the U.S. Export-Import Bank.
CONTACT:
Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th
*********
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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