/raid1/www/Hosts/bankrupt/TCRAP_Public/041025.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, October 25, 2004, Vol. 7, No. 211
Headlines
A U S T R A L I A
ANGELBAKE PTY: To Hold Final Meeting on October 29
AUSTRALIAN STANDARDBRED: Voluntarily Winds Up
BAIKLA PTY: Members Final Meeting Slated for October 27
BENDIGO & DISTRICT: Winding Up Process Completed
DIESEL ELECTRIC: Appoints Desmond John Galgut as Liquidator
FAIRNIE PTY: Sets October 29 as Date of Final Meeting
GOLDEN CITY: Completes Winding Up Process
GRACELANDS PASTORAL: To Hold General Meeting on October 26
GRIBBLES GROUP: Former Boss Holds the Key to Healthscope Bid
HAIR TESTING: To Face Winding Up Proceedings
HANDSOME CABINETS: Names Michael Scales as Liquidator
HIH INSURANCE: Bradley Cooper Faces Trial on Six Charges
HUEJAR PTY: Sets Final Meeting on October 27
JAMES HARDIE: Names Interim CEO After Peter Macdonald Resigns
JAMES HARDIE: AU$10-Mln Exec Payouts Must Go To Asbestos Victims
NATIONAL AUSTRALIA: CEO Finalizes New Leadership Structure
NIKKO SPECIALTY: Sets October 27 as Date of Final Meeting
OGALIN INVESTMENTS: Members Resolve to Voluntarily Wind Up
ONEWORLD SEMINARS: SC Orders Halt in Illegal Operations
QANTAS AIRWAYS: Expects Profit Growth in FY05
TOPSEEM PTY: Schedules Final Meeting on October 26
TROTTING INDEPENDENT: Issues Notice of Voluntary Winding Up
WORKING METALS: Falls Into Administration with AU600,000 Debt
C H I N A & H O N G K O N G
AMERICAN ACOUSTIC: Appoints Liquidators, Committee on Inspection
BANK OF CHINA: Sybase Wins Multi-million Dollar Contract
BLISSEA HOLDINGS: Undergoes Bankruptcy Proceedings
CAMBERGS LIMITED: Issues Winding Up Notice
CHARWAY INTERNATIONAL: Petition Date Set
CHEERY CITY: Sets Creditors, Contributories Meetings
CHINA POWER: Enters Winding Up Proceedings
DBS VICKERS: Creditors To Submit Claims by November 15
DERCON LIMITED: Winding Up Hearing Set November 17
ENGLECO HOLDINGS: Court to Hear Bankruptcy Petition
EVER WEALTH: Reconvenes Contributories Meeting
FOREFRONT INTERNATIONAL: To Reconvene Meeting
GLORY TRUTH: Winding Up Petition Hearing Set
GRAPHIC CONSULTANTS: Sets Creditors Meeting
HOLDING BEST: Court to Hear Winding Up Petition
HOLDING LUCK: Bankruptcy Petition Hearing Date Set
JOIN ROCK: Bankruptcy Petition Hearing Slated for October 27
JETIN INTERNATIONAL: Issues Winding Up Petition Notice
J.C.E. AGENTS: Court Set To Hear Winding Up Petition
PANACROWN INDUSTRIES: Creditors Meeting Set November 10
SEAPOWER ENGINEERING: Faces Winding Up Proceedings
SEAPOWER HENAN: Schedules Creditors Meeting
SEAPOWER INVESTMENTS: To Convene Creditors Meeting November 10
SEAPOWER MANAGERS: Creditors Meeting Slated for November 10
SUN SHINE: Undergoes Winding Up Proceedings
TAK SUM: Meeting Scheduled for November 10
UNIVERSAL DOCKYARD: Court To Hear Receiver's Application
WING FAI: Posts Agenda of Creditors Meeting
I N D O N E S I A
BANK DAGANG: Court Revokes Litigation Edict
* Sugiharto Pledges to Fight Graft in State Companies
J A P A N
IKEHATA GUMI: Enters Bankruptcy
MITSUBISHI FUSO: Adds Maintenance Staff to Hasten Recall Scheme
MITSUBISHI MOTORS: To Showcase Ralliart Concepts at Trade Show
MITSUBISHI MOTORS: Launches Internal Probe Over Recall Issues
SOUGOU SUPER: Faces Insolvency
* S&P Affirms JAL, ANA Ratings
K O R E A
CHOHUNG BANK: Cancels NY Planned Roadshow Due to High Demand
DAEWOO HEAVY: Union Would Object if Doosan Heavy Bid Wins
M A L A Y S I A
ANCOM BERHAD: Issues Shares Buy Back Notice
CONSOLIDATED FARMS: Issues Litigation Update
CONSOLIDATED FARMS: Bursa Malaysia Halts Shares Trading
GOLDEN FRONTIER: Purchases 3,000 Ordinary Shares on Buy Back
MALAYSIAN OXYGEN: Dissolves Dormant Units
METROPLEX BERHAD: Seeks Restraining Order Extension
MCSB SYSTEMS: MITI OKs Restructuring Plan
MTD CAPITAL: Posts Shares Buy Back Notice
PAN MALAYSIA: Details Private Placement Of Shares
POS MALAYSIA: Notes Last Interest Payment
QUALITY CONCRETE: Disposes of, Acquires Quoted Securities
RCE CAPITAL: Issues Reorganization Scheme Update
SELOGA HOLDINGS: AGM Set on November 9
SUNWAY CITY: Sees Solid Sales This Year
P H I L I P P I N E S
METRO PACIFIC: Bourse Starts Probe
METRO PACIFIC: Clarifies FirstPac Stake Sale News Report
NATIONAL POWER: Narrowly Averts Power Shortage in Luzon
NATIONAL POWER: Power Privatization Draws 11 Japanese Firms
NEGROS NAVIGATION: Discloses Rehabilitation Plan
PHILIPPINE LONG: To List Additional Shares
PHILIPPINE LONG: Notes Additional Listing of Shares
PHILIPPINE REALTY: Notes Unusual Price Movement
VICTORIAS MILLING: Files SEC Form 23-A
S I N G A P O R E
HONG LEONG: Posts Change in Shareholder's Interest
MARINENET OIL: Winding Up Hearing Set November 5
PANPAC MEDIA: Details Conversion of Notes
SINGAMIP ENTERPRISE: Enters Winding Up Proceedings
THL FOOD: Faces Winding Up Proceedings
T H A I L A N D
CAPETRONIC INTERNATIONAL: Unveils Board Meeting Resolutions
DATAMAT: Issues Report on Capital Increase
KRUNG THAI: Releases Quarterly Financial Statements
NAKORNTHAI STRIP: Reports Business Reorganization Progress
NATURAL PARK: Posts Details of the Convertible Debentures
- - - - - - - -
=================
A U S T R A L I A
=================
ANGELBAKE PTY: To Hold Final Meeting on October 29
---------------------------------------------------
Notice is hereby given that the final meeting of members of
Angelbake Pty Limited (In Liquidation) will be held at the
offices of Kenneth Michael Whittingham Chartered Accountant
Level 16, 25 Bligh Street, Sydney on 29 October 2004 at 10:00
a.m. for the purpose of laying before the meeting an account
showing how the winding up has been conducted and the property
of the Company has been disposed of, and giving any explanation
thereof.
Dated this 29th day of September 2004
Kenneth Michael Whittingham
Liquidator
Chartered Accountant
Level 16, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 6522,
Facsimile: (02) 9231 4463
AUSTRALIAN STANDARDBRED: Voluntarily Winds Up
---------------------------------------------
Notice is hereby given that a meeting of members of The
Australian Standardbred Pty Ltd (In Liquidation) pursuant to
Section 491(1) of the Corporations Act 2001 duly convened and
held on the 9th of September 2004, it was resolved that the
Company be wound up voluntarily.
For such purposes Steven Nicols of Nicols & Brien, Level 2, 350
Kent Street, Sydney, was confirmed a Liquidator by creditors
pursuant to Section 497(1) at a meeting held later that same
day.
Dated this 9th day of September 2004
Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289,
Web site: www.bankrupt.com.au
BAIKLA PTY: Members Final Meeting Slated for October 27
-------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members of Baikla Pty Limited
will be held at the offices of GHK Green Krejci, Level 9, 179
Elizabeth Street, Sydney NSW on Wednesday, 27 October 2004 at
10:30 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of, and of
hearing any explanations that may be given by the Liquidator.
Dated this 13th day of September 2004
Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000
BENDIGO & DISTRICT: Winding Up Process Completed
------------------------------------------------
Take notice that the affairs of Bendigo & District No. 21 Co-
Operative Housing Society Limited (In Liquidation) are now fully
wound up and that in pursuance of the Corporations Law and of
the Co-operative Housing Societies Act 1958, a general Meeting
of the Society will be held at 1st Floor, Killians Walk, Bendigo
on the 26th of October 2004 at 4:00 p.m. for the purposes of:
(i) Laying before it an account showing how the winding up has
been conducted and the property of the Society disposed of and
giving any explanation thereof, and
(ii) Passing a resolution that the books and papers of the
Society and of the Liquidator relevant to the affairs of the
Society be destroyed after a period of twelve months from the
date of the meeting.
Dated this 8th day of September 2004
R.J. Pitson
Liquidator
DIESEL ELECTRIC: Appoints Desmond John Galgut as Liquidator
-----------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Diesel Electric Holdings Pty Ltd (In Liquidation) held on 6
September 2004, it was resolved that the Company be wound up
voluntarily and that for such purpose, Desmond John Galgut, of
39 Clunies Ross Crescent, Mulgrave, Victoria be appointed
liquidator.
Dated this 6th day of September 2004
D.J. Galgut
Liquidator
FAIRNIE PTY: Sets October 29 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Law that a final meeting of members of Fairnie Pty
Ltd (In Liquidation) will be held at Suite 11, Lyndhurst, 303
Pacific Highway, Lindfield on 29 October 2004 at 10:00 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company disposed of, and of hearing any
explanations that may be given by the liquidator.
Dated this 13th day of September 2004
Christopher I. Bestic
Liquidator
Suite 11, Lyndhurst, 303 Pacific Highway,
Lindfield NSW 2070
GOLDEN CITY: Completes Winding Up Process
-----------------------------------------
Take notice that the affairs of Golden City No 11 Co-Operative
Housing Society Limited (In Liquidation) are now fully wound up
and that in pursuance of the Corporations Law and of the Co-
operative Housing Societies Act 1958, a general Meeting of the
Society will be held at 1st Floor, Killians Walk, Bendigo on the
26th of October 2004 at 4:00 p.m. for the purposes of:
(i) Laying before it an account showing how the winding up has
been conducted and the property of the Society disposed of and
giving any explanation thereof, and
(ii) Passing a resolution that the books and papers of the
Society and of the Liquidator relevant to the affairs of the
Society be destroyed after a period of twelve months from the
date of the meeting.
Dated this 8th day of September 2004
R.J. Pitson
Liquidator
GRACELANDS PASTORAL: To Hold General Meeting on October 26
----------------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act that a general meeting of the members of
Gracelands Pastoral Co. Pty Limited (In Liquidation) will be
held at the offices of Griffiths, Forrest & Greer, Chartered
Accountants, Level 7, 276 Pitt Street, Sydney NSW 2000 on the
26th of October 2004 at 9:00 a.m. for the purpose of having an
account laid before them showing the manner in which the Winding
Up has been conducted and the property disposed of and hearing
any explanations that may be given by the Liquidator.
Dated this 10th day of September 2004
John Greer
Liquidator
GRIBBLES GROUP: Former Boss Holds the Key to Healthscope Bid
------------------------------------------------------------
A possible AU$271 million takeover bid of Gribbles Group by
hospital operator Healthscope now lies in the hands of ousted
Gribbles chief Wallace Cameron, reports the Sydney Morning
Herald.
Gribbles founder and former CEO Mr. Cameron, who effectively
controls 43 percent of the pathology firm through EC Medical
Investments, holds the key to Healthscope's 60 cents per share
bid setting an acceptance condition of 90 percent of Gribbles
shares.
Healthscope M.D. Bruce Dixon is confident Mr. Cameron would join
Gribbles' independent directors in accepting the bid.
Sources, on the other hand, said Mr. Cameron "is considering"
the offer but will "sit back" and observe market reaction,
noting "Healthscope was pretty interested in the stake" and the
deal "rises or falls on that".
Speculations arose that Mr. Cameron, who is currently in a court
tussle with Gribbles over a disputed loan, is waiting for a
higher offer, and if is forthcoming, refuse the current bid and
punt on the share price drifting lower before renewing his own
lapsed private equity bid.
Healtscope's US$271 million offer would be funded through an
AU$195 million share issue and AU$76 million debt facility.
Gribbles' outstanding debt of AU$144 million would be absorbed
by the hospital operator.
According to Mr. Dixon, redundancies at Gribbles would be
minimal and no Gribbles board member would be transferred to
Healthscope.
Mr. Dixon would head the combined Company.
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/
HAIR TESTING: To Face Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a meeting of members of Hair Testing
Laboratory Pty Ltd (In Liquidation) pursuant to Section 491(1)
of the Corporations Act 2001 duly convened and held on the 9th
of September 2004, it was resolved that the Company be wound up
voluntarily. For such purposes Steven Nicols of Nicols & Brien,
Level 2, 350 Kent Street, Sydney, was confirmed a Liquidator by
creditors pursuant to Section 497(1) at a meeting held later
that same day.
Dated this 9th day of September 2004
Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289,
Web site: www.bankrupt.com.au
HANDSOME CABINETS: Names Michael Scales as Liquidator
-----------------------------------------------------
On 1 September 2004, the Supreme Court of Victoria in Proceeding
No. 6966 of 2004 ordered the winding up of Handsome Cabinets Pty
Ltd and Michael Scales was appointed Official Liquidator of the
Company.
Dated this 1st day of September 2004
Michael Scales
Ernst & Young
Chartered Accountants
GPO Box 67, Melbourne Vic 3001
Telephone: 03 9288 8000
HIH INSURANCE: Bradley Cooper Faces Trial on Six Charges
--------------------------------------------------------
Mr. Bradley David Cooper was committed in the Downing Centre
Local Court in Sydney on Friday to stand trial on six charges of
corruptly giving cash benefit to influence an agent of HIH
Insurance Limited (HIH) and seven charges of publishing a false
or misleading statement with intent to obtain a financial
advantage.
It is alleged Mr. Cooper paid between AU$119,000 and AU$124,000
to Mr. William Howard, a former Finance General Manager of HIH,
to facilitate payments to Mr. Cooper, or entities associated
with him, totaling AU$4.9 million plus the forgiveness of a
further debt owed to HIH of AU$1.79 million. The charges
regarding false or misleading statements relate to various
occasions where HIH or its agents were misled into making
further payments to Mr. Cooper or associated companies.
Mr. Cooper has had his previous bail conditions continued and he
is to appear in the NSW Supreme Court on a date to be fixed.
The matter was investigated by ASIC with the assistance of the
Australian Federal Police. The charges are being prosecuted by
the Commonwealth Director of Public Prosecutions.
HUEJAR PTY: Sets Final Meeting on October 27
--------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members of Huejar Pty Limited
(In Liquidation) will be held at the offices of GHK Green
Krejci, Level 9, 179 Elizabeth Street, Sydney NSW on Wednesday,
27 October 2004 at 10:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of, and of hearing any explanations that may be given by the
Liquidator.
Dated this 13th day of September 2004
Peter Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000
JAMES HARDIE: Names Interim CEO After Peter Macdonald Resigns
-------------------------------------------------------------
James Hardie on Friday announced the appointment of Mr. Louis
Gries to the position of Interim Chief Executive Officer for
James Hardie.
Mr. Gries is currently Executive Vice President, Operations with
James Hardie, based in the United States. The interim
appointment is effective immediately.
Mr. Gries joined James Hardie in February 1991 and has 12 years
of general management experience with the Company. He has been
Executive Vice President Operations since January 2003.
James Hardie also announced the appointment of Mr. Russell Chenu
to the role of Executive Vice President, Australia. An
experienced Chief Financial Officer, Mr. Chenu will also take
over the role of Interim CFO pending the appointment of a
permanent replacement.
In the role of Executive Vice President, Australia, Mr. Chenu
will have responsibility for corporate and governance activity
in Australia, and will be involved in the resolution of asbestos
compensation matters. Jamie Chilcoff, as Executive Vice
President International, will continue to have responsibility
for Australian business operations.
Last month Mr. Peter Macdonald stepped aside as CEO but remained
with the Company in a senior operational role. Mr. Macdonald has
now tendered his resignation, effective today. Mr. Macdonald is
expected to remain in a consulting capacity with the Company for
an interim period.
Mr. Peter Shafron has also tendered his resignation to the
Company, following his decision last month to step aside from
the position of CFO.
Chairman of James Hardie, Meredith Hellicar said the appointment
of a proven operational executive to the interim CEO role would
ensure business continuity during this period of executive
change with the Company.
"Louis Gries knows the James Hardie business exceptionally well
and has a very strong performance record with the Company.
Having Louis take over the interim CEO role and supported by an
executive of the calibre of Russell Chenu provides us with an
excellent basis for continued strong business performance while
seeking to resolve the current asbestos compensation issues",
Ms. Hellicar said.
Ms. Hellicar thanked outgoing Chief Executive, Peter Macdonald,
who has been with the Company since 1993 and CEO since 1998.
"Peter's contribution to the James Hardie business is a matter
of record. He has produced above market growth consistently over
many years and I thank him for this contribution to the
Company", she said.
Deputy Chairman appointed
Ms. Hellicar also announced that Mr. John Barr will take over
the role of Deputy Chairman of the Supervisory and Joint Boards
of the Company, effective immediately.
Mr. Barr joined the Company as non-executive Director in
September 2003. He has more than 30 years experience in the
North American industrial sector.
2nd quarter and half year results announcement (ASX)
To allow the interim CEO and CFO sufficient time to consider the
results of the Company for the second quarter and half year
ended 30 September 2004, the scheduled market announcement
date of 11 November 2004 will be changed. The new announcement
date will be advised in due
course but it is expected to be on or before 30 November 2004.
CONTACT:
For corporate and media enquiries only, please contact:
James Hardie Industries
Web site: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other inquires to CustomerLink Service Centre on 13 1103.
JAMES HARDIE: AU$10-Mln Exec Payouts Must Go To Asbestos Victims
----------------------------------------------------------------
The Australian Council of Trade Unions (ACTU) revealed in a
press release that ACTU Secretary Greg Combet has described an
AU$10 million payout to disgraced James Hardie Executives Peter
Macdonald and Peter Shafron as disgusting and outrageous.
Mr. Combet said:
"This is utterly disgusting and obscene. Peter Macdonald and
Peter Shafron played pivotal roles in removing assets from the
claims of Australian asbestos victims.
"I think the Australian community will be rightly disgusted at
these payouts.
"At the very time when Australian asbestos victims are fighting
for their right to just compensation from James Hardie, these
two disgraced executives are to receive close to $10 million in
payouts from the Company plus bonuses and share options.
"That money should be immediately returned to victims. It should
be donated to the asbestos compensation foundation so that it
can go to asbestos victims. That is what the community would
expect and it is the only decent thing for Mr. Macdonald, Mr.
Shafron and James Hardie to do.
"We will be examining any way in which these two executives
might be held to be personally liable so that this money can be
returned to the asbestos victims who rightly deserve it."
James Hardie announced the payouts Friday following the
resignation from the Company of CEO Mr. Macdonald and CFO Mr.
Shafron.
NATIONAL AUSTRALIA: CEO Finalizes New Leadership Structure
----------------------------------------------------------
The Chief Executive of the National in Australia, Mr. Ahmed
Fahour, on Friday finalized a new leadership team and a more
streamlined structure to help revitalize the business.
The new structure combines all of the National's business units
in Australia; Financial Services Australia and the Australian
operations of MLC and Institutional Markets and Services, into
three core categories:
(1) Customer - responsible for all front line sales and customer
relationships
(2) Products - responsible for end-to-end product management and
integration of risk, IT and operational processes into products
(3) Support - centralized support services for the Australian
business
The new leadership team comprises executives from each of the
three existing businesses and external executives with extensive
business experience from a range of sectors.
"The new leadership team rivals any business in the country in
terms of experience and capability," he said. "Our first
objective is to rebuild our reputation with customers."
"The new structure will improve our customer focus, provide
clear accountability for sales and service, and streamline our
business to eliminate internal silos and provide a more
competitive cost structure."
To view NAB's Australia Executive Committee and organizational
structure, click on:
http://bankrupt.com/misc/TCRAP_NATIONALAUSTRALIA102204.pdf
For further information:
Tim O'Leary
Corporate Affairs, Australia
03 8634 1569 work
0414 446 826 mobile
Brandon Phillips
Group Manager, Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile
Callum Davidson
Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile
NIKKO SPECIALTY: Sets October 27 as Date of Final Meeting
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members of Nikko Specialty
Steel Australia Pty Limited (In Liquidation) will be held at the
offices of GHK Green Krejci, Level 9, 179 Elizabeth Street,
Sydney NSW on Wednesday, 27 October 2004 at 11:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.
Dated this 13th day of September 2004
Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000
OGALIN INVESTMENTS: Members Resolve to Voluntarily Wind Up
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Ogalin Investments Pty Limited (In Liquidation) duly convened
and held at Frasers Insolvency Advisory, Level 9, 99 Elizabeth
Street, Sydney NSW 2000 on Friday, 10 September 2004 at 3.30
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
ONEWORLD SEMINARS: SC Orders Halt in Illegal Operations
-------------------------------------------------------
The Australian Securities and Investments Commission has
obtained orders in the Supreme Court of Queensland against Mr.
Jack C. Weavers, the promoter of a wealth creation seminar, and
his Company Oneworld Seminars Pty Ltd (Oneworld).
The orders, which were made by consent, prohibit Mr. Weavers,
formerly known as Hamid Alenaddaf, and his associates from
providing financial advice in contravention of the Corporations
Act to members of the public, including Oneworld's introductory
sessions, three-day seminars, Graduate Program and Mentoring
Programs.
The Court also made orders prohibiting Mr. Weavers' operation of
specialized courses involving foreign currency trading, share
trading and luxury car financing.
The Court made further orders preventing Mr. Weavers from
promoting or operating managed investment schemes, such as
Investment Clubs, where members of the public were encouraged to
contribute money to Mr. Weavers in order for him to trade on the
share market.
ASIC commenced an investigation into the conduct of Mr. Weavers
following complaints from the public.
ASIC is concerned that Mr. Weavers and Oneworld are providing
financial advice without holding an Australian financial
services license, and operating managed investment schemes,
without registering them, as required under the law.
'If people are interested in attending wealth creation seminars,
ASIC believes it is usually safer and far better value to attend
seminars run by reputable organizations and licensed financial
services businesses', ASIC Executive Director of Consumer
Protection and International, Mr. Greg Tanzer, said.
'ASIC will act to restrain the activities of anybody who is not
appropriately licensed and competent to provide financial
advice', Mr. Tanzer said.
The matter returns to Court on for 6 December 2004 for further
directions.
Background
Mr. Weavers controls an extensive, nation-wide wealth creation
business based on the Gold Coast. The business consists of the
promotion and sale of financial seminars for members of the
public that run for up to three days. Topics covered include
moneymaking strategies in areas such as share trading, foreign
currency trading and the financing of luxury cars.
The seminars are held in various locations throughout Australia,
including the Gold Coast, Sunshine Coast, Cairns and Perth.
The seminar operators provided ongoing guidance and networking
opportunities, for a fee, in the form of a Graduate Program and
a Mentoring Program. Upon completion of the programs,
participants were allowed entry into certain investment clubs
and joint ventures organized by Mr. Weavers, as well as entry to
the One world Seminars website.
QANTAS AIRWAYS: Expects Profit Growth in FY05
---------------------------------------------
Qantas Airways Limited is bullish it will record a profit growth
in fiscal 2005 amid high fuel prices, Dow Jones reports.
Qantas Chief Executive Geoff Dixon confirmed the airline
maintains its outlook commentary that was disclosed in August,
although it did not give any specific earnings forecast.
For the year ended June 30, the carrier tallied a net profit of
AU$648.4 million, up 89% from a year earlier.
Asked if the airline had seen a drop in demand following the
introduction of its passenger fuel surcharge in May, and two
subsequent increases in the surcharge, Dixon said, "there's no
definite trend yet, but certainly we see a faint inkling in a
couple of months" of demand slipping.
Meanwhile, Qantas Chairwoman Margaret Jackson insists the
government should remove the Qantas Sales Act, which limits
foreign ownership to 49 percent, in order to enable the airline
to access offshore capital.
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
TOPSEEM PTY: Schedules Final Meeting on October 26
--------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act that a general meeting of the members of
Topseem Pty Limited (In Liquidation) will be held at the offices
of Griffiths, Forrest & Greer, Chartered Accountants, Level 7,
276 Pitt Street, Sydney NSW 2000 on the 26th of October 2004 at
9:30 a.m. for the purpose of having an account laid before them
showing the manner in which the Winding Up has been conducted
and the property disposed of and hearing any explanations that
may be given by the Liquidator.
Dated this 10th day of September 2004
John Greer
Liquidator
TROTTING INDEPENDENT: Issues Notice of Voluntary Winding Up
-----------------------------------------------------------
Notice is hereby given that a meeting of members of Trotting
Independent Pty Ltd (In Liquidation) pursuant to Section 491(1)
of the Corporations Act 2001 duly convened and held on the 9th
of September 2004, it was resolved that the Company be wound up
voluntarily. For such purposes Steven Nicols of Nicols & Brien,
Level 2, 350 Kent Street, Sydney, was confirmed a Liquidator by
creditors pursuant to Section 497(1) at a meeting held later
that same day.
Dated this 9th day of September 2004
Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289,
Web site: www.bankrupt.com.au
WORKING METALS: Falls Into Administration with AU600,000 Debt
-------------------------------------------------------------
Working Metals Pty Ltd, the Company behind Modular Metals Garage
Doors, has called in administrators with AU$600,000 debts,
reports The West Australian.
The surprise move has left about 50 Perth homeowners uncertain
about whether they have lost their deposits.
It is understood that the failed Company, which supplied patios,
sheds and garages, has banked AU$30,000 in deposits from
customers but have cashed deposits checks in the past two weeks
after receiving advice about its financial woes.
Working Metals Director Jim Werkler has appointed Korda Mentha
partner Oren Zohar as administrator of the Company.
Korda Mentha consultant Louis Nilant confirmed the group's five
staff had been laid off, while the Company refrains from seeking
new customers or starting new jobs. However, the ailing supplier
is completing some work that had been started.
Mr. Nilant also noted the possibility of the business being
sold, saying many parties are interested in acquiring the
operation.
CONTACT:
Modular Metals
Unit 2
279 Camboon Rd,
Malaga, WA, 6090
Phone: 08 9249 1222
Fax: 08 9249 1211
Unit 1
52 Vinnicombe Dr,
Canning Vale, WA, 6155
Phone: 08 9455 1688
Fax: 08 9455 3688
FREECALL: 1800 999 059
Web site: http://www.modularmetals.com.au
==============================
C H I N A & H O N G K O N G
==============================
AMERICAN ACOUSTIC: Appoints Liquidators, Committee on Inspection
----------------------------------------------------------------
American Acoustic Development Limited (In Liquidation) has
posted a notice regarding the appointment of liquidators and
committee on inspection.
Registered Office: Unit 1, 24/F., Wharf Cable Tower, 9 Hoi Shing
Road, Tsuen Wan, New Territories
Name of Joint and Several Liquidators: Stephen Liu Yiu Keung and
Yeo Boon Ann
Liquidator's Address: 17th floor, Hutchison House, 10 Harcourt
Road, Central, Hong Kong.
Members of a Committee Of Inspection: (1) Jones Freda Qianming
(2) Kwok Shu Ting
Date of Appointment: 5 October 2004
Dated this 21st day of October 2004
Stephen Liu Yiu Keung
Yeo Boon Ann
Joint & Several Liquidators
BANK OF CHINA: Sybase Wins Multi-million Dollar Contract
--------------------------------------------------------
Financial Fusion, Inc., a subsidiary of Sybase, Inc. (NYSE: SY
News), a leading provider of enterprise infrastructure and
mobile software, announced that Bank Of China, one of the
world's top banks, has selected Financial Fusion Banking
Solution for their online banking services throughout China. The
Online Banking Solution platform will serve as an important
channel to serve consumer and corporate customers.
With the increasingly competitive marketplace in China,
especially with the WTO opens in 2006, banking customers are
becoming more sophisticated and demand more services from their
banks. To meet the demands of current and prospective customers,
and to improve the quality of service, Bank of China will
implement an integrated online banking service, allowing its
nationwide customers to have access to the most up-to-date
account information at their fingertips.
The online banking solution will act as an important
infrastructure platform to host and integrate with bank's
different applications such as wealth management, consumer
banking, corporate banking, and debit card services and serve as
a frontline channel for customers. Thus, Bank of China requires
a platform, which is open, scalable, and expandable that can
process large volume of data and transactions. Financial Fusion
is confident that its multi-tiered, open standards design and
reliable e-finance platform can meet the demands from Bank of
China.
"We are extremely excited to play a part in this very important
milestone of Bank Of China's history," said Richard Moore,
President and COO, Financial Fusion, Inc. "Our commitment to
providing industry leading e-finance solutions combined with our
years of experience in the market, allows Bank Of China to focus
on their business and feel confident that their customers will
receive the highest level of service. Our rich experience in the
financial services industry comes from powering more than 200
world class financial institutes including First Citizens Bank,
Baring Asset Management, Wells Fargo, The South Financial Group,
First Tennessee Bank and more."
Financial Fusion's systems integrator partner is Digital China,
an information technology services Company.
About Bank of China
Established in 1912, Bank of China is the oldest bank in China.
It has been ranked one of the world's top banks in terms of core
capital by The Banker. For 90 years, Bank of China has played an
important role in promoting China's economic and social progress
through its active involvement in the country's international
trade and financial activities. Since 1992 the bank has been
awarded "The Best Bank in China" for nine times by Euromoney
magazine, the latest being in 2002. Moreover, Bank of China has
been included in the Fortune Global 500 for 13 consecutive
years.
Bank of China is the first and the only Chinese bank that has
presence in all major continents. At present the bank offers
financial services through its global network of over 560
overseas offices in 25 countries and regions. In Hong Kong and
Macau, Bank of China is one of the local note-issuing banks.
About Financial Fusion, Inc.
Financial Fusion provides integrated financial solutions to more
than 200 of the world's leading financial institutions.
Financial Fusion maintains strategic technology relationships
with BEA, IBM, Microsoft, Sun Microsystems, and SWIFT. The
Company supplies service and support in 60 countries and is a
subsidiary of Sybase, Inc. (NYSE: SY - News).
About Sybase, Inc.
Celebrating 20 years of innovation, Sybase enables the Unwired
Enterprise for customers and partners by delivering enterprise
and mobile software solutions for information management,
development and integration. The world's most critical data in
commerce, communications, finance, government and healthcare
runs on Sybase. For more information, visit the Sybase Web site:
http://ap.sybase.com.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
BLISSEA HOLDINGS: Undergoes Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of Blissea
Holdings Limited will be held at 5/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at
9:45 a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
CAMBERGS LIMITED: Issues Winding Up Notice
------------------------------------------
Cambergs Limited (In Liquidation) enters winding up proceedings.
Name of Liquidator: Stephen Liu Yiu Keung and Yeo Boon Ann
Registered Office and Liquidator's Address: 15th Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong.
Last Day for Receiving Proofs: 5th November 2004
Dated this 21st day of October 2004
Stephen Liu Yiu Keung
Yeo Boon Ann
Joint & Several Liquidators
CHARWAY INTERNATIONAL: Petition Date Set
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Charway International Limited by the High Court of Hong Kong
Special Administrative Region was on the 30th 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 10:00 a.m.
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.
Messrs. Deacons
Solicitors for the Petitioner
5th Floor, Alexandra House
16-20 Chater Road, Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 2nd day of
November 2004.
CHEERY CITY: Sets Creditors, Contributories Meetings
----------------------------------------------------
Cheery City Contractors Limited will hold its creditors and
contributories meetings on October 27, 2004.
Contributories: 10:15 a.m.
Creditors: 10:45 a.m.
Address: Auditorium, Duke of Windsor Social Services Building,
No. 15 Hennessy Road, Wanchai, Hong Kong.
The meetings of the contributories or creditors are to:
(1) Determine by resolution whether or not an application should
be made to the court to appoint a liquidator in place of the
joint and several provisional liquidators and who is to be the
liquidator.
(2) Determine by resolution whether or not an application shall
be made to the court for the appointment of a committee of
inspection to act with the liquidator and who are to be members
of the committee, if appointed
Dated this 15th day of October 2004.
Ip Kwun Ting And Cho Yim Kan
Joint and Several Provisional Liquidator
CHINA POWER: Enters Winding Up Proceedings
------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of China Power
International Limited will be held at 5/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong on 10 November
2004 at 10:45 a.m. for the purpose of considering and, if deemed
fit, approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
DBS VICKERS: Creditors To Submit Claims by November 15
------------------------------------------------------
Notice is hereby given that the Creditors of DBS Vickers Futures
(Hong Kong) Limited, which is being voluntarily liquidated, are
required on or before the 15th day of November 2004 to send
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the undersigned and Ms. Joanne
Oswin, the Joint and Several Liquidators of the above Company.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, such creditors will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 15th day of October 2004
Rainier Hok Chung Lam
Joint and Several Liquidators
22nd Floor, Prince's Building
10 Chater Road, Central
Hong Kong
DERCON LIMITED: Winding Up Hearing Set November 17
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dercon 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.
ENGLECO HOLDINGS: Court to Hear Bankruptcy Petition
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Engleco Holdings Limited by the High Court of Hong Kong Special
Administrative Region was on the 25th day of September 2004
presented to the said Court by the Petitioner Best Local
Investments Limited whose registered office is situated at the
office of Offshore Incorporations Limited, P. O. Box 957, Office
Incorporations Centre, Road Town, Tortola, British Virgin
Islands.
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.
Messrs. F. Zimmern & Co.
Solicitors for the Petitioner
Suites 1501-1503, 15/Fl., Gloucester Tower
The Landmark, 11 Pedder Street, Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 2nd day of
November 2004.
EVER WEALTH: Reconvenes Contributories Meeting
----------------------------------------------
Ever Wealth Management Limited, In Compulsory Liquidation,
issued a notice to reconvene first meetings of contributories.
Registered Office: 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.
Matter: Reconvened first meeting of contributories
Time and Date: 11:00 a.m. on 25 October 2004
Address: 7th Floor, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong.
Dated this 15th day of October 2004.
Kelvin Flynn
Provisional Liquidator
Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited
FOREFRONT INTERNATIONAL: To Reconvene Meeting
---------------------------------------------
Forefront International Limited (In Compulsory Liquidation)
issued a notice to reconvene the first meeting of
contributories.
Registered Office: 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.
Matter: Reconvened first meeting of contributories
Time and Date: 11:00 a.m. on 26 October 2004
Address: 7th Floor, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong.
Dated this 15th day of October, 2004
Kelvin Flynn
Provisional Liquidator
Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited
GLORY TRUTH: Winding Up Petition Hearing Set
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Glory Truth Apparel Limited by the High Court of Hong Kong
Special Administrative Region was on the 22nd day of September
2004 present 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.
W. I. Cheung & Co.
Solicitors for the Petitioner
Rooms 2505-10, Wing On House
71 Des Voeux Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 2nd day of
November 2004.
GRAPHIC CONSULTANTS: Sets Creditors Meeting
-------------------------------------------
Graphic Consultants Limited sets its Creditors and
contributories meeting on October 25, 2004.
Contributories: 10:15 a.m.
Creditors: 11:00 a.m.
Address: Room 209, Duke of Windsor Social Services Building, No.
15 Hennessy Road, Wanchai, Hong Kong.
The meetings of the contributories or creditors are to:
(1) Determine by resolution whether or not an application should
be made to the court to appoint a liquidator in place of the
joint and several provisional liquidators and who is to be the
liquidator.
(2) Determine by resolution whether or not an application shall
be made to the court for the appointment of a committee of
inspection to act with the liquidator and who are to be members
of the committee, if appointed
Dated this 15th day of October 2004.
Ip Kwun Ting And Cho Yim Kan
Joint and Several Provisional Liquidator
HOLDING BEST: Court to Hear Winding Up Petition
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Holding Best International Investment 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 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.
Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine 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.
HOLDING LUCK: Bankruptcy Petition Hearing Date Set
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Holding Luck Group 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 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.
Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 9th day of
November 2004.
JOIN ROCK: Bankruptcy Petition Hearing Slated for October 27
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Join Rock Limited by the High Court of Hong Kong Special
Administrative Region was on the 15th 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 10:00 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.
Ford Kwan And Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 26th day of
October 2004.
JETIN INTERNATIONAL: Issues Winding Up Petition Notice
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Jetin 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 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.
Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 9th day of
November 2004.
J.C.E. AGENTS: Court Set To Hear Winding Up Petition
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
J.C.E. Agents Limited by the High Court of Hong Kong Special
Administrative Region was on the 4th day of October 2004
presented to the said Court by Global Winner Limited whose
registered office is situated at 30th Floor, New World Tower, 18
Queen's Road Central, 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.
Vincent T. K. Cheung, Yap & Co.
Solicitors for the Petitioner
15th Floor, Alexandra House
16-20 Chater Road, Central
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 9th day of
November 2004.
PANACROWN INDUSTRIES: Creditors Meeting Set November 10
-------------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of Panacrown
Industries Limited will be held at 5/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at
9:00 a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
SEAPOWER ENGINEERING: Faces Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of Seapower
Engineering Company Limited will be held at 5/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong on 10 November
2004 at 10:30 a.m. for the purpose of considering and, if deemed
fit, approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
SEAPOWER HENAN: Schedules Creditors Meeting
-------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of Seapower
Henan Limited will be held at 5/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at 9:15
a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
SEAPOWER INVESTMENTS: To Convene Creditors Meeting November 10
--------------------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, Meetings of Creditors of Seapower
Investments Limited will be held at 5/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at
11:00 a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
SEAPOWER MANAGERS: Creditors Meeting Slated for November 10
-----------------------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of Seapower
Managers Limited will be held at 5/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at
9:30 a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
SUN SHINE: Undergoes Winding Up Proceedings
-------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, a meeting of Creditors of Sun Shine
Express Limited will be held at 5/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at 10:00
a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
TAK SUM: Meeting Scheduled for November 10
------------------------------------------
Notice is hereby given that, pursuant to section 241 of the Hong
Kong Companies Ordinance, Meetings of Creditors of Tak Sum
Development Limited will be held at 5/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong on 10 November 2004 at
10:15 a.m. for the purpose of considering and, if deemed fit,
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators of the Company, and
considering further matters in relation to sections of the
Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 pm on 9
November 2004.
Dated this 15th day of October 2004.
UNIVERSAL DOCKYARD: Court To Hear Receiver's Application
--------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Universal Dockyard Limited will be heard before
Justice Kwan of the High Court for consideration of the
resolutions and determinations (if any) of the first meetings of
creditors held on 26th August 2004 and the first meeting of
contributories and adjourned first meeting of contributories
held on 26th August 2004 and 2nd September 2004 respectively,
deciding the differences (if any), and making such order of
appointments as the court may think fit.
Date and Time of Hearing:
2nd November 2004 (Tuesday) at 10:00 a.m.
Place of Hearing:
High Court Building, No. 38 Queensway, Hong Kong.
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 21st day of October 2004
Lee Mei Yee, May
Acting Official Receiver & Provisional Liquidator
WING FAI: Posts Agenda of Creditors Meeting
-------------------------------------------
Take notice that a meeting of creditors of Wing Fai Construction
Company Limited will be held on the 28th day of October 2004 at
3:00 o'clock in the afternoon at 8/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong.
Agenda:
To consider and if thought fit pass the following resolution:
(i) That Mr. Nicholas Timothy Cornforth Hill be appointed as
Joint and Several Liquidator in addition to, and to act jointly
and severally with, the current Joint and Several Liquidators,
Messrs David John Kennedy and Cosimo Borrelli.
(ii) To provide creditors with an update of the Liquidation.
Dated this 15th day of October 2004.
David Kennedy
Joint and Several Liquidator
Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged at 7/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no
later than 4.00 p.m. on the 27th day of October 2004.
=================
I N D O N E S I A
=================
BANK DAGANG: Court Revokes Litigation Edict
-------------------------------------------
The State Administrative Court (PTUN) Jakarta has granted the
appeal submitted by Bank Dagang Bali in April 5, 2004 to defer a
Central Bank revocation edict upon its license, Indoexchange
relates.
The decision, established by PTUN Decree No. 089-G.PTUN/2004/Jkt
and issued on October 20, ordered the central bank to
immediately restore the bank to its previous condition. The bank
has also returned to its earlier legal status.
Bank Dagang's legal representative, Dodi Abdur Kadir, said the
bank will undertake the necessary legal actions, and form a
special team to coordinate steps for the re-operation of Bank
Dagang.
The central bank is reportedly planning to lodge an appeal
against the PTUN verdict.
In April, the central bank has revoked the Bank Dagang's
business permit due to solvability and liquidity problems that
have caused a decline in its minimum capital supply ratio and
clearing ratio.
CONTACT:
PT Bank Dagang Bali
Jalan Gajah Mada No. 2 Depansar
Bali 80111
Indonesia
Phone: 62 361 263 736
Fax: 62 361 231 226
Email: suryatmaja@yahoo.com
* Sugiharto Pledges to Fight Graft in State Companies
-----------------------------------------------------
Newly appointed Minister of State Enterprises Sugiharto vowed to
rid the ministry of corrupt officials and prevent political
parties from taking advantage of the profits reaped from state-
owned enterprises (SOEs), The Jakarta Post says.
Sugiharto pledged he would create a special task force to follow
up and investigate reports of corruption in the ministry and in
SOEs during his first 100 days in office.
"The President has ordered all ministers to institute clean
government in their ministries. As an aide to the President, I
will obey the order by trying to totally eradicate corruption
and collusive practices within the ministry and in SOEs," Mr.
Sugiharto declared.
For many years, SOEs have been used as milking cows by the
country's political parties to fund political campaigns. It has
been a common practice for the parties to get their supporters
into the board of SOEs or to ask SOEs to pay some of their
community development funds to parties in exchange for allowing
the SOE executives to stay in office.
In order to help prevent corruption, Sugiharto said the ministry
would set up a complaint box for the public to report incidents
of corruption involving ministry officials and SOE executives.
When ask about plans to privatize some SOEs, the new minister
advised he would push ahead with the privatization scheme that
gained approval from the House of Representatives for the time
being.
He explained that he will concentrate in improving the values
and performances of SOEs, instead of selling them off to help
narrow the country's widening budget deficit.
=========
J A P A N
=========
IKEHATA GUMI: Enters Bankruptcy
-------------------------------
Ikehata Gumi K.K. has entered bankruptcy with US$61.30 million
worth of liabilities, according to Teikoku Databank America. The
firm, engaged in engineering works, is based in Kitakyushu-Shi,
Fukuoka 804-0054.
For more information, visit http://www.teikoku.com/.
MITSUBISHI FUSO: Adds Maintenance Staff to Hasten Recall Scheme
---------------------------------------------------------------
As part of its efforts to accelerate safety checks on recall-
related initiatives, Mitsubishi Fuso Truck and Bus Corporation
said it will add some 2,000 workers to its maintenance staff,
says Asia Pulse.
The beleaguered truck maker will bolster the number of
maintenance personnel at its sales branches from 3,000 to about
5,000.
Some 300 workers will be sent off from Mitsubishi Fuso in
October, increasing the supplemental staff from the parent to
around 450. Another 700 will be dispatched from cooperating
maintenance facilities and other sites.
In addition, a specialized team consisting of 110 workers will
be stationed at the sales branches to take charge of recall
measures for Mitsubishi Fuso buses, which have been involved in
a number of accidents.
Since the firm is currently experiencing a shortage of
replacement parts, Mitsubishi Fuso will begin procuring
components from South Korea in November to help speed up its
safety-related programs.
CONTACT:
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: To Showcase Ralliart Concepts at Trade Show
--------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) announced that it
will showcase Ralliart concepts based on two of its popular
sedans and SUVs at the 2004 Specialty Equipment Market
Association (SEMA) tradeshow.
Ralliart is the motor sports arm of Mitsubishi Motors
Corporation. Worldwide, Ralliart vehicles include additional
performance and appearance features, from more powerful engines
and sport-tuned suspensions to special fascia and unique fog
lamps. The new North American concepts will offer similar high
performance treatments.
Mitsubishi Motors will have a total of seven vehicles on display
in its booth, including the new Lancer Evolution MR and tuned
versions of Lancer, Eclipse and Lancer Evolution. Mitsubishi
models customized by other exhibitors also will be on display
throughout the show.
Mitsubishi Motors North America, Inc. is responsible for all
manufacturing, finance, sales, marketing, and research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 650 dealers.
CONTACT:
Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com
MITSUBISHI MOTORS: Launches Internal Probe Over Recall Issues
-------------------------------------------------------------
Mitsubishi Motors Corporation determined that it was essential
to launch an investigation ("internal investigation") by a group
of external lawyers into the reasons for, and facts relevant to,
the past recall problems (but investigation of specific
individuals or civil liability are not within the scope) with
the goal of taking preventative steps disciplinary measures to
see that they do not happen a second time.
The subject of internal investigation is the broad examination
of the past decision making processes and the corporate culture
which lead to the recall problem of 2000, and will further
include an investigation into defects, including the hub and
clutch housing defects, although it will not necessarily stop
there.
Our Company is cooperating fully and without exception, leaving
the entire investigating system and method to the discretion of
the team of external lawyers, which includes the submission of
forms and making testimonies, etc., as necessary, and setting no
limits to the extent of the overall investigation.
Investigation framework
(1) Shared lawyers (nine persons)
In March of this year, Mitsubishi Fuso Truck and Bus Company
commissioned a group of lawyers to launch an investigation into
the causes of the hub incident, and in May began another
investigation into the clutch housing incident.
Mitsubishi Motors, in its investigation of decision making
processes and corporate culture that contributed to the recall
problems of 2000, independently commissioned four lawyers on
July 6th (herein to be called the "independent lawyers"). But,
with regard to the hub and clutch housing issue, in order to
facilitate the rapid gathering of facts, Mitsubishi Motors
commissioned the same nine lawyers as Mitsubishi Fuso (herein to
be called the "shared lawyers"), and will see to it that the
independent lawyers can share information provided by the shared
lawyers.
(2) The roles of the independent lawyers (four persons) and the
shared lawyers
With regard to the internal investigation whose primary focus is
to determine the past decision making processes and the
corporate culture which lead to the recall problem of 2000, the
four independent lawyers who are conducting the investigation
have been studying archived materials and hearing testimony from
several persons involved at the time of the 2000 problem. The
independent lawyers have been gathering this information in
strictest confidence and have not divulged it to the shared
lawyers.
As for the Mitsubishi Fuso hub and clutch housing problems, the
independent lawyers have analyzed and evaluated evidence from
the shared lawyers, and they will make further independent
inquires into the matter as the need arises.
The responsibility of the independent lawyers is to make a final
report and presentation to the Company on the Mitsubishi Fuso
hub and clutch housing problems as well as the past decision
making processes and the corporate culture which lead to the
recall problem of 2000, in which the shared lawyers will take no
part whatsoever.
(3) Alteration of the investigation
The Company has decided that, with regard to the shared lawyers,
once the prospect of the original goal of understanding the
results of the investigation has been attained by the end of
October, the internal investigation will be restructured such
that it will be handled exclusively by the independent lawyers.
At that time, the Company will terminate the assignment of one
of the four independent lawyers who has been separately
commissioned by Mitsubishi Fuso, and their assignment to the
internal investigation will be concluded in order to clarify
that the investigation is being conducted by Mitsubishi Motors.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
SOUGOU SUPER: Faces Insolvency
------------------------------
Supermarket operator K.K. Sougou Super Maruyoshi is facing
insolvency, says Teikoku databank America. The firm, which is
based in Kitakyushu-shi, Fukuoka 800-0257, left total
liabilities of US$27.50 million.
For more information, visit http://www.teikoku.com/.
* S&P Affirms JAL, ANA Ratings
------------------------------
Standard & Poor's Ratings Services on Friday revised the outlook
to stable from negative on its 'BB-' long-term rating on All
Nippon Airways Co. Ltd. At the same time, Standard & Poor's
affirmed its 'BB-' long-term corporate and senior unsecured bond
ratings on ANA and Japan Airlines Corp., and its 'BB-' long-term
corporate rating on Japan Airlines International Co. Ltd.,
reflecting recovery in demand following eased concerns over the
negative impact of terrorism, severe acute respiratory syndrome
(SARS), and avian flu.
The outlook revision on ANA reflects steady progress in its
rationalization measures, including cost reductions, optimum
arrangement of airplanes, and improvement of revenue management.
In addition, given its strong hedge ratio, which will offset the
negative impact of fuel cost hike, substantial deterioration in
earnings now appears unlikely.
The rating on JAL reflects the vulnerability of its cost
structure, which still lacks flexibility, to unexpected external
factors. Although the effects of its business consolidation with
Japan Air System are gradually emerging, concerns over financial
deterioration because of rising fuel costs, which will pressure
earnings, remains.
ANA recorded a profit in fiscal 2003 (ended March 31, 2004) and
resumed dividends for the first time in seven years. The Company
also recorded 2.4 billion consolidated net profit in the first
quarter of fiscal 2004.
This improvement in profitability was boosted by the
introduction of systems to optimize passenger revenue and
management of its airline fleet in late 2003. ANA is expected to
improve its competitiveness in overseas markets by utilizing the
Star Alliance, a global airlines network.
Rising fuel costs in fiscal 2004 have been successfully passed
on to international airfares and freight rates. ANA's plan to
turnaround its international operations, which have recorded
losses in recent years, in fiscal 2004 should be achievable.
However, substantial improvement in its financial profile is
unlikely in the short-term, given the carrier's heavy debt
burden with total debt to capital (after lease obligation
adjustments) standing at 89% for fiscal 2003. Nevertheless,
ANA's cash flow generation remains relatively sound.
JAL has made progress in cutting costs by improving work force
efficiency and management of its domestic air fleet since its
consolidation in Oct. 2002. The effects of consolidation have
emerged gradually, including steady recovery of demand and
improvement of unit price per passenger backed by an expansion
of flight routes and volumes, and a revision of flight
schedules.
JAL has also aimed to improve its earnings structure in overseas
operations by expanding its business in China and cutting costs
within the JAL group. However, the Company still lacks
flexibility in adjusting to demand fluctuation and in its cost
structure, leaving it vulnerable to passenger volume drops
caused by unexpected external factors.
Rising fuel costs are also a concern. JAL has passed part of the
fuel cost increase to international airfares and freight rates
and intends to offset the remaining part through its own
initiatives, although a substantial impact on earnings appears
inevitable, given the hedge ratio in fiscal 2004 is expected to
stand at about 50%. It may not be easy for
JAL to attain a profit in fiscal 2004 (ending March 31, 2005),
considering it recorded 40.8 billion in net losses in the first
quarter of fiscal 2004.
Substantial improvement in JAL's financial profile is unlikely
in the short-tem given its heavy debt burden with total debt to
capital (after lease obligation adjustments) standing at 90% in
fiscal 2003.
=========
K O R E A
=========
CHOHUNG BANK: Cancels NY Planned Roadshow Due to High Demand
------------------------------------------------------------
Chohung Bank has to cancel its planned roadshows in New York
next week due to a high demand for its $400 million subordinated
bond which will likely result to a hike in the price of the
offer, reports Dow Jones, citing Yonhap News.
Even before the formal marketing of the exercise started, the
deal was already fully subscribed. Each tranche had $1.3
billion to $1.4 billion in orders. The orders have now been
closed since the bank has decided not to increase the size of
the offering.
Chohung has already met investors in Hong Kong and Singapore,
and presentations continue in London Friday. The bank was due to
meet U.S. investors Monday and Tuesday.
Chohung is looking to sell $200 million in Upper Tier 2 bonds
and $200 million in Lower Tier 2 bonds, which carries a 10-year
maturity with a call after five years.
Guidance for the former has been set at 110-115 basis points
over the London Interbank Offered Rate and for the latter at 95-
100 basis points over Libor. The levels are likely to be cut to
the 110 basis-point area and the 95 basis-point area,
respectively, bankers said.
Pricing is now expected Monday or Tuesday.
The proceeds of the bond issuance will be used to refinance the
bank's 10-year subordinated bonds whose five-year call date
falls April 1.
DAEWOO HEAVY: Union Would Object if Doosan Heavy Bid Wins
---------------------------------------------------------
Unionized workers of Daewoo Heavy Industries & Machinery Ltd.
expressed their objection to Doosan Heavy Industries Co. by
saying they will resort to extreme measures if Daewoo would pick
the latter as the preferred bidder, according to Asia Pulse,
citing Yonhap News.
According to sources close to the issue, the workers did not
clearly state what Company they are referring to, but since
Doosan leads the race, then it is most likely the one aimed by
the union.
"The leader of the sale should put a priority on the buyer's
ability to guarantee job security, management transparency and
productive management-labor relations, rather than the sale
price," said a unionized worker at Daewoo Heavy, the country's
largest manufacturer of defense and construction equipment,
requesting anonymity.
"If the Company, which is deemed to have problems, is chosen to
take over the Company, we will do everything within our power to
stop the sale," he added.
Daewoo Heavy union workers dislike Doosan after the incident
that happened to employees of Korea Heavy Industries in 2000.
After Doosan acquired Korea Heavy, it then conducted a mass
layoff.
The South Korean government plans to sell its entire 58 percent
stake in Daewoo Heavy, to recover public funds injected into the
Company in 1999.
CONTACT:
Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: www.dhiltd.co.kr/eng/index.asp
===============
M A L A Y S I A
===============
ANCOM BERHAD: Issues Shares Buy Back Notice
-------------------------------------------
Ancom Berhad announced the details of its shares buy back on
October 21, 2004.
Date of buy back: 21/10/2004
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 25,000
Minimum price paid for each share purchased (RM): 0.760
Maximum price paid for each share purchased (RM): 0.780
Total consideration paid (RM):
Number of shares purchased retained in treasury (units): 25,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 5,149,800
Adjusted issued capital after cancellation (no. of shares)
(units) :
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
CONSOLIDATED FARMS: Issues Litigation Update
--------------------------------------------
The Board of Directors of Consolidated Farms Berhad (Confarm)
announced that its wholly owned subsidiary Consolidated Feedmill
Sdn Bhd (CFSB) has been named as respondent in a Petition dated
6 September 2004, filed by BASF (Malaysia) Sdn. Bhd. (BASF) in
the High Court of Kuala Lumpur and served on CFSB on 27
September 2004.
The petition is in respect of goods sold and/or delivered to
CFSB. BASF had claimed for the amount of RM57,975.00 being the
balance of an account for goods sold and/or delivered to CFSB
due to BASF. The mention date for the suit against CFSB has been
fixed on 10 December 2004.
CFSB had appointed lawyers to defend the suit. The Company will
seek the indulgence of the petitioner to withhold further legal
proceedings while the Confarm Group proceeds to formulate a
restructuring/workout scheme.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
This announcement is dated 21 October, 2004.
CONSOLIDATED FARMS: Bursa Malaysia Halts Shares Trading
-------------------------------------------------------
Consolidated Farms Berhad advised that the trading in its shares
was suspended with effect from 4:23 p.m., Thursday, 21 October
2004 until further notice.
Your attention is drawn to the advertisement of Notice of
Winding Up Petition against Consolidated Feedmill Sdn Bhd, a
subsidiary of the Company, appearing in The Malay Mail,
Classifieds section, page 49 on Thursday, 21 October 2004
GOLDEN FRONTIER: Purchases 3,000 Ordinary Shares on Buy Back
------------------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on October
21, 2004.
Date of buy back: 21/10/2004
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 3,000
Minimum price paid for each share purchased (RM): 0.690
Maximum price paid for each share purchased (RM): 0.700
Total consideration paid (RM): 2,101.35
Number of shares purchased retained in treasury (units): 3,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,132,500
Adjusted issued capital after cancellation (no. of shares)
(units) :
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890
This announcement is dated 21 October 2004.
MALAYSIAN OXYGEN: Dissolves Dormant Units
-----------------------------------------
Malaysian Oxygen Berhad refers to its announcement dated 14 May
2004 in respect to the de-registration of its dormant units from
the register of the companies commission of Malaysia.
Pursuant thereto, the Board of Malaysian Oxygen Berhad announced
that MOX Gebeng Industrial Gases Sdn Bhd and MOX Shah Alam
Industrial Gases Sdn Bhd have been struck off from the Register
of the Companies Commission of Malaysia (CCM) and are dissolve
with effect from 21 October 2004 ie. upon expiration of three
(3) months from the date of the notice from CCM dated 20 July
2004, pursuant to subsection 308(2) of the Companies Act, 1965.
CONTACT:
Malaysian Oxygen Berhad
Lot 13 Jalan 222
Petaling Jaya, Selangor Darul Ehsan 46100
MALAYSIA
+60 3 7955 4233
+60 3 7956 6389
This announcement is dated 21 October 2004.
METROPLEX BERHAD: Seeks Restraining Order Extension
---------------------------------------------------
The Board of Directors of Metroplex Berhad (MB) informed the
Bursa Malaysia Securities Berhad that its solicitors, Messrs
Cheang & Ariff, has filed an application with the High Court of
Malaya for a further extension of the Restraining Order and debt
restructuring for the Company and its 15 subsidiaries which is
expiring on 21 October 2004 pursuant to Section 176(10) of the
Companies Act, 1965.
The Company will inform Bursa Securities once the outcome of the
application is known.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
Auditor: P C Chan & Partners
This announcement is dated 21 October 2004.
MCSB SYSTEMS: MITI OKs Restructuring Plan
-----------------------------------------
MCSB Systems (M) Berhad (MCSB) announced that the Ministry of
International Trade and Industry (MITI) had vided its letter
dated 18 October 2004 stated that it has no objection to the
Proposed Restructuring Scheme, which will involve the following:
(i) Proposed share exchange of the entire issued and paid-up
share capital in MCSB of up to 75,387,967 MCSB shares for up to
15,077,593 new ordinary shares of RM1.00 each in Ji Kang Berhad
(JKB) (JKB Shares), on the basis of one (1) new JKB Share for
every five (5) existing MCSB shares held;
(ii) Proposed acquisition of 354,180,576 ordinary shares of
RM1.00 each representing the entire equity interest in Ji Kang
Dimensi Sdn. Bhd. (Ji Kang) for a purchase consideration of
RM400,000,000 to be satisfied by the issuance of 400,000,000 new
JKB Shares at an issue price of RM1.00 per JKB Share;
(iii) Proposed restricted renounceable offer for sale of up to
15,077,593 JKB Shares by certain vendors of Ji Kang to the
existing shareholders of MCSB on the basis of one (1) JKB Share
for each existing JKB Share held after the Proposed Share
Exchange at an offer price of RM1.00 per JKB Share;
(iv) Proposed transfer of the listing status of MCSB on the
Second Board of the Bursa Securities to JKB; and
(v) Proposed exemption to the vendors of Ji Kang from the
obligation to undertake a mandatory offer under Practice Note
2.9.1 of the Malaysian Code on Take-Overs and Mergers 1998,
subject to the approval of the Securities Commission and the
adherence to the Foreign Investment Committee's Guidelines on
Acquisition of Interests, Mergers and Take-Overs.
Ji Kang is required to discuss with MITI regarding the
compliance of the equity condition imposed in Ji Kang's
manufacturing licence within three (3) years from the approval
date of this exercise for compliance with such equity condition.
MITI had also approved the application for the abolishment of
the condition in Ji Kang's manufacturing licence which states
that Ji Kang shares held by foreigners cannot be sold without
the prior written approval of MITI.
CONTACT:
MCSB SYSTEMS (M) BERHAD
Jalan Wisma Putra
Kuala Lumpur, 50460
MALAYSIA
+60 3 2141 7400
+60 3 2148 8010
This announcement is dated 21 October 2004.
MTD CAPITAL: Posts Shares Buy Back Notice
-----------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on October 20, 2004.
Date of buy back: 20/10/2004
Description of shares purchased: Ordinary shares of RM1/- each
Total number of shares purchased (units): 64,800
Minimum price paid for each share purchased (RM): 2.480
Maximum price paid for each share purchased (RM): 2.540
Total consideration paid (RM): 163,470.96
Number of shares purchased retained in treasury (units): 64,800
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 4,319,500
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/
PAN MALAYSIA: Details Private Placement Of Shares
-------------------------------------------------
Further to the announcements dated 1 October 2004, 7 October
2004, 11 October 2004 and 14 October 2004 in relation to the
Private Placement of 81,345,000 new ordinary shares of RM0.50
each in Pan Malaysia Corporation Berhad (PMCB) representing
approximately 10% of the existing issued and paid-up share
capital of the Company (private placement), PMCB announced to
date 26,560,000 Placement Shares have been placed out to
investors, allotted and issued as follows:
Date of Listing No. of Shares
1. 13 October 2004 20,000,000
2. 14 October 2004 1,560,000
3. 21 October 2004 5,000,000
Total 26,560,000
The Board of Directors of PMC will consider the placement of the
balance of the Placement Shares pursuant to the Private
Placement, amounting to 54,785,000 Placement Shares at a later
date.
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
+60 3 2031 1299
c.c. Securities Commission
Attn.: Encik Kris Azman Abdullah
POS MALAYSIA: Notes Last Interest Payment
-----------------------------------------
Notice is hereby given that pursuant to the terms and conditions
stipulated in the Trust Deed and Supplemental Trust Deed dated
29 July 1999 and 21 October 1999 respectively (collectively
referred as the Trust Deed), the ICULS 1999/2004 Holders are
reminded that the ICULS 1999/2004 of POS Malaysia will be
maturing at 5 p.m. on Friday, 26 November 2004 (Maturity Date).
The 8% irredeemable convertible unsecured loan stock (ICULS
1999/2004) shall cease to bear interest after the Maturity Date
and the matured ICULS 1999/2004 shall be automatically and
wholly applied by the Company for mandatory conversion on the
basis of RM1.80 nominal value of ICULS 1999/2004 for every one
(1) new share in the Company (Conversion Price) in accordance
with the terms of the Trust Deed.
As at 30 September 2004, a total of RM87,277,280 nominal value
of ICULS 1999/2004 have been converted into 48,487,367 new
ordinary Shares which rank pari passu in all respects with the
existing ordinary shares of the Company. The nominal value of
ICULS 1999/2004 outstanding as at 30 September 2004 is
RM62,722,720.
The ICULS 1999/2004 Holder who has not converted all or any part
of his ICULS 1999/2004 into fully paid ordinary shares of RM1.00
each of the Company at any time during the Conversion Period
shall have his ICULS 1999/2004 automatically converted into
fully paid ordinary shares of RM1.00 each on the Maturity Date,
in accordance with the Conversion Price.
All the ICULS 1999/2004 have been deposited into the CDS account
with the Bursa Malaysia Depository Sdn Bhd (Bursa Depository).
The new Shares arising from the conversion of the ICULS
1999/2004 shall be credited directly into the CDS account of the
ICULS 1999/2004 Holder and a notice of allotment stating the
number of Shares credited into the CDS account will be issued to
the ICULS 1999/2004 Holder and no physical share certificate
will be issued.
The Company shall within 10 market days of the date of receipt
of a subscription form together with the requisite payment or
such other period as may be prescribed by the Bursa Malaysia
Securities Berhad (Bursa Securities):
(a) Allot and/or issue the new Shares arising from the
conversion of ICULS 1999/2004;
(b) Despatch a notice of allotment to the ICULS 1999/2004
Holder; and
(c) Make an application for the quotation of such new Shares.
The new ordinary Shares to be issued pursuant to the conversion
of the ICULS 1999/2004 shall, upon allotment and issue, rank
pari passu in all respects with the existing ordinary shares of
PSH, save and except that they will not be entitled to any
dividends or distributions of which the entitlement date
precedes the relevant conversion date of the ICULS 1999/2004.
Accordingly, the ICULS 1999/2004 will forthwith be cancelled and
will be removed from the Official List of the Bursa Securities
with effect from 9.00 a.m. on Monday, 29 November 2004.
BOOKS CLOSURE FOR PAYMENT OF INTEREST ON ICULS 1999/2004 (LAST
INTEREST PAYMENT)
The ICULS 1999/2004, unless previously converted into shares of
the Company during the Conversion Period, shall carry an
interest at eight per centum (8%) per annum calculated for the
period from 1 January 2004 to 25 November 2004 and will be paid
on the Maturity Date to the ICULS 1999/2004 Holders whose names
appear in the Register of ICULS Holders and Record of Depositors
on 19 November 2004.
A depositor shall qualify for entitlement only in respect of:
a. ICULS 1999/2004 transferred into the depositor's securities
account before 4.00 p.m. on 19 November 2004 in respect of
ordinary transfers;
b. ICULS 1999/2004 bought on Bursa Securities on a cum
entitlement basis according on the rules of the Bursa
Securities.
SUSPENSION OF TRADING
The last trading date and time of the ICULS 1999/2004 will be on
Thursday, 4 November 2004 at 5.00 p.m. The trading of ICULS
1999/2004 on the Bursa Securities will be suspended with effect
from 9.00 a.m. on Friday, 5 November 2004 until the Maturity
Date.
BOOKS CLOSING DATE IN RELATION TO THE EXPIRY OF ICULS 1999/2004
Registered holders of the deposited ICULS 1999/2004 should note
that apart from the provisions contained in the Trust Deed, the
following provisions of the Bursa Depository will apply to the
ICULS 1999/2004:
Bursa Depository will not be accepting any request for ordinary
transfer of ICULS 1999/2004 for the period commencing 4.00 p.m.
on 19 November 2004 to 26 November 2004.
All deposited ICULS 1999/2004 as at 26 November 2004 will be
debited from the respective depositors' securities account on 29
November 2004.
UNCLAIMED MONEYS
In the event that any ICULS 1999/2004 Holder shall on the
Maturity Date thereof and/or within a period of thirty (30) days
thereof fail to claim or accept interests due on the Maturity
Date upon or in respect of the ICULS 1999/2004 held by him and
in accordance with Condition 1 of Part II of the First Schedule
of the Trust Deed, fail to claim or accept the interests payable
in the lawful Malaysian currency, then the Company shall
immediately after the expiry of the relevant thirty (30) days
period pay to the Trustee the relevant moneys which shall not
have been claimed or accepted as aforesaid and the receipt
thereof by the Trustee shall be good satisfaction and discharge
of the Company's obligations and liabilities in respect of the
ICULS 1999/2004 in respect of which such payment is made.
Such ICULS 1999/2004 Holders would then have to liase with the
Trustee thereafter at the following address:-
Universal Trustee (Malaysia) Berhad
No. 1, Jalan Ampang
3rd Floor
50450 Kuala Lumpur
Tel.: 03-20708050, 20709470, 20323432 & 20341699
Fax.: 03-20323194
FORFEITURE OF UNCLAIMED MONEYS
The Trustee shall in accordance with Section 10(1) of the
Unclaimed Moneys Act 1965 enter in a register of unclaimed
moneys any moneys deposited or paid to the Trustee pursuant to
Clause 16.1 of the Trust Deed and remaining unclaimed for twelve
(12) months after the date upon which such moneys shall have
become due and payable and the Trustee shall during the month of
March immediately following the expiry of the said period of
twelve (12) months advertise in the Gazette in Malaysia all
entries in the register of unclaimed moneys (including all
entries made up to the end of the month of February immediately
preceding such advertisement). All unclaimed moneys which have
not been claimed and paid within twelve (12) months from the
date of such advertisement shall be paid within fourteen (14)
days after the expiration of such period of twelve (12) months
by the Trustee to the Consolidated Trust Account and all
liability of the Trustee and the Company with respect to such
moneys shall thereupon cease.
CONTACT DETAILS FOR ENQUIRIES
All enquiries concerning the above should be addressed to the
Registrar at:
Tenaga Koperat Sdn Bhd
20th Floor, Plaza Permata
Jalan Kampar, Off Jalan Tun Razak
50400 Kuala Lumpur.
Tel: 03-40416522
Fax: 03-40426352
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 herein 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 in the Notice misleading.
BY ORDER OF THE BOARD,
Thean Siew Hein
Woon Yoke Lim
Company Secretaries
22 October 2004
QUALITY CONCRETE: Disposes of, Acquires Quoted Securities
---------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad has
entered into the following disposals and acquisitions of quoted
securities, on various dates as listed below, and for diverse
considerations.
1. Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.
2. Aggregate value of consideration for transactions on 21st
October, 2004: RM75,634
This value represents the aggregate of actual purchase proceeds
paid.
3. Effect of the transactions on Company:
NTA per share as at 31 January 2004 RM2.2155
NTA per share after the transactions RM2.1816
The Company has on 21st October 2004:
(1) Acquired 50,000 ordinary shares of RM1.00 each in AFFIN.
The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.
RCE CAPITAL: Issues Reorganization Scheme Update
------------------------------------------------
The Board of Directors of RCE Capital Berhad is undertaking an
internal reorganization and amalgamation scheme in order to
streamline its business operations, which inter alia consist of
the following salient arrangements:
a) E-Drama Sdn. Bhd. (E-Drama), the wholly-owned subsidiary of
RCE, has on 21 October 2004 entered into a Share Sale Agreement
(SSA) with the shareholders of RCE Marketing Sdn. Bhd. (RCEM), a
87.5% owned subsidiary of RCE, to acquire the entire issued and
paid-up capital of RCEM comprising 8,000,000 ordinary shares of
RM1.00 each and 38,780,000 Redeemable Convertible Non-Cumulative
Preference Shares of RM1.00 each (RCNC Preference Shares)
(collectively referred to as "the Proposed Acquisition).
b) The total purchase consideration for the Proposed Acquisition
of RM 63,165,000 shall be satisfied via the exchange of new
issuance of 79,998 new ordinary shares of RM1.00 each and
387,800 new RCNC Preference Shares of RM1.00 each (collectively
referred to as "the Consideration Shares) in E-Drama to the then
existing shareholders of RCEM as summarized below:
Existing Shareholders No. of Sale Shares
RCE 7,000,000 Ordinary Shares
Meridian Mode Sdn. Bhd. (MMSB) 1,000,000 Ordinary Shares
RCE Ventures Sdn. Bhd. (RCEV) 38,780,000 RCNC Preference Shares
(Collectively referred to as "the Vendors)
c) The Vendors' effective interest in RCEM held via shares in E-
Drama shall remain unchanged. However, RCE's effective interest
in E-Drama would be diluted from 100% to 87.5%. As E-Drama would
merely be an investment holding Company, the Proposed
Acquisition would not have any significant effect to RCE group
for the financial year ending 31 March 2005 as E-Drama is
currently dormant.
INFORMATION ON E-DRAMA
E-Drama is a wholly owned subsidiary of RCE. It was incorporated
in Malaysia under the Companies Act, 1965 on 6 December 1999 as
a private limited Company. E-Drama has not commenced its
operations. The present authorized share capital is RM100,000.
The issued and paid-up share capital of E-Drama is RM2
comprising 2 ordinary shares of RM1.00 each.
INFORMATION ON MMSB
MMSB was incorporated in Malaysia under the Companies Act, 1965
on 2 July 2002 as a private limited Company. Its principal
activity is investment holding. The present authorized share
capital is RM100,000. The issued and paid-up share capital of
MMSB is RM2 comprising 2 ordinary shares of RM1.00 each.
INFORMATION ON RCEV
RCEV was incorporated in Malaysia under the Companies Act, 1965
on 20 April 1991 as a private limited Company. Its principal
activity is investment holding. The present authorized share
capital is RM100,000. The issued and paid-up share capital of
RCEV is RM100,000 comprising 100,000 ordinary shares of RM1.00
each.
INFORMATION ON RCEM
RCEM is a 87.5% subsidiary of RCE. It was incorporated in
Malaysia under the Companies Act, 1965 on 16 November 1981 as a
private limited Company. Its principal activities are the
provision of general loan financing services and trading in
electrical home appliances, other consumer durable products
mainly on hire-purchase terms.
DETAILS OF THE PROPOSED ACQUISITION
Salient Terms of the Proposed Acquisition
(a) Basis of Purchase Consideration
The purchase consideration for the Proposed Acquisition of
RM63,165,000 (Purchase Consideration) was arrived at on a
willing buyer willing seller basis.
(b) Payment of Purchase Consideration
The Purchase Consideration, which will be satisfied by the
issuance of the Consideration Shares in E-Drama to the Vendors
in the following manner:-
Vendors No. of Sale Purchase No. of
Consideration Shares
Shares of RM1.00 Consideration (RM) of RM1.00 each
each
RCE 7,000,000 Ordinary 21,336,798 69,998 Ordinary
Shares Shares
MMSB 1,000,000 Ordinary 3,048,202 10,000 Ordinary
Shares Shares
RCEV 38,780,000 38,780,000 387,800 RCNC
RCNC Preference Preference Shares
Shares
TOTAL 63,165,000
EFFECTS OF THE PROPOSED ACQUISITION
Share Capital
The Proposed Acquisition will not have any effect on the share
capital of RCE.
Substantial Shareholders
The Proposed Acquisition will not have any effect on the
substantial shareholders of RCE and their shareholdings in RCE.
Earnings
The Proposed Acquisition is not expected to have any material
effect on RCE Group's earnings for the financial year ending 31
March 2005.
Net Tangible Assets
The Proposed Acquisition is not expected to have any material
impact on the NTA of the RCE Group.
APPROVAL REQUIRED
The Proposed Acquisition is not subject to approval of any
authorities or RCE's shareholders.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors and/or major shareholders of RCE and/or
any persons connected with them have any interest, direct or
indirect in the Proposed Acquisition.
DIRECTORS' RECOMMENDATION
The Board of Directors of RCE, after due consideration of all
relevant aspects of the Proposed Acquisition, is of the opinion
that the acquisition is reasonable and in the best interest of
the Company.
DEPARTURE FROM THE SECURITIES COMMISSION'S GUIDELINES (SC'S
GUIDELINES)
Insofar as the Directors of RCE can ascertain, there is no
departure from the SC's Guidelines.
CONTACT:
RCE Capital Berhad
1st Floor Lot 271
Jalan Dua
Off Jalan Chan Sow Lin
55200 Kuala Lumpur
Tel: 03-92228870
Fax: 03-92217793
SELOGA HOLDINGS: AGM Set on November 9
--------------------------------------
The Extraordinary General Meeting (EGM) of Seloga Holdings
Berhad (SHB) will be held at Saujana Ballroom, Ground Floor,
Hyatt Regency Saujana, 2km Off Sultan Abdul Aziz Shah Airport
Highway, Saujana, 47200 Subang, Selangor Darul Ehsan on Tuesday,
9 November 2004, at 10 a.m. for the purpose of considering and,
if thought fit, passing the following resolution, with or
without modifications:
ORDINARY RESOLUTION - PROPOSED PRIVATE PLACEMENT OF UP TO
10,044,641 NEW ORDINARY SHARES OF RM1.00 EACH, REPRESENTING
APPROXIMATELY TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE
CAPITAL OF THE COMPANY (PROPOSED PRIVATE PLACEMENT)
"THAT, subject to the approval of Bursa Malaysia Securities
Berhad and any other relevant authorities, if applicable, for
the listing of and quotation for the new ordinary shares of
RM1.00 each (Placement Shares) in the Company to be issued
hereunder, approval be and is hereby given for the Directors of
the Company to allot and issue up to 10,044,641 Placement
Shares, representing approximately ten percent (10%) of the
issued and paid-up share capital of the Company at an issue
price to be determined later based on market-based principles,
i.e. based on the five (5)-day weighted average market price of
the ordinary shares of RM1.00 each in the Company immediately
preceding the price-fixing date, less any appropriate discounts
(if any) to be determined by the Directors thereon, and at a
level which is in the best interests of the Company, and to take
into account the interests of minority shareholders, and to
place the Placement Shares, via placement agent(s), to
prospective placees and deal with the same upon such terms and
conditions as the Directors of the Company shall deem fit.
AND THAT, the Placement Shares shall upon allotment and issue,
rank pari passu in all respects with the existing ordinary
shares of RM1.00 each in the Company, except that they shall not
be entitled to any dividends, rights, allotments and/or other
distributions, where the entitlement date (namely the date as at
the close of business on which the shareholders must be
registered in order to be entitled to any dividends, rights,
allotments and/or other distributions) precedes the date of
allotment of the Placement Shares.
AND THAT the Directors of the Company be and are hereby
authorized to assent to any conditions, modifications,
variations and/or amendments that may be required by the
relevant authorities and to take all steps and do all acts and
things in any manner as the Directors may deem fit or expedient
to give full effect to the Proposed Private Placement."
BY ORDER OF THE BOARD
KANG SHEW MENG
SELENA LEONG SIEW TEE
Company Secretaries
Selangor Darul Ehsan
22 October 2004
Notes:
1. A member entitled to attend and vote at the meeting is
entitled to appoint one or more proxies to attend and vote in
his stead. A proxy may but need not be a member of the Company
and a member may appoint any persons to be his proxy. The
provisions of Section 149(1)(a) and (b) of the Companies Act,
1965 shall not apply to the Company.
2. Where a member appoints two or more proxies, the
appointment shall be invalid unless the member specifies the
proportions of his holdings to be represented by each proxy.
3. Where a member is an authorised nominee as defined under
the Securities Industry (Central Depositories) Act, 1991, it may
appoint at least one (1) proxy in respect of each securities
account it holds with ordinary shares of the Company standing to
the credit of the said securities account.
4. If the appointor is a corporation, the instrument
appointing a proxy must be executed either under its common seal
or under the hand of its officer or attorney duly authorised.
5. To be valid, the instrument appointing a proxy and the
power of attorney or other authority (if any) under which it is
signed or a notarially certified copy thereof, must be deposited
at the Registered Office of the Company at 312, 3rd Floor, Block
C, Kelana Square, 17 Jalan SS7/26, 47301 Petaling Jaya, Selangor
Darul Ehsan not less than forty eight (48) hours before the time
for holding the Extraordinary General Meeting or any adjournment
thereof.
CONTACT:
Seloga Holdings Berhad
No 1 Jalan USJ 10/1A UEP Subang Jaya
47620 Petaling Jaya Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 2274 7788
SUNWAY CITY: Sees Solid Sales This Year
---------------------------------------
Sunway City Bhd, which was temporarily halted in 1998 due to the
regional financial crisis, is seeing a steady increase in sales
this year, the Star Online reports, citing Sunway City Senior
General Manager Ong Pan yen.
Mr. Ong said the amount included sales of an initial 150
commercial and industrial lots developed in 1996. Sunway City
Ipoh is also building 46 residential units priced between
RM400,000 and RM600,000. Half of that had been sold. It also has
bungalow units.
Ong believes the value of the project would rise once the
RM40million water theme park, The Lost World of Tambun, is
opened to the public in the first week of next month.
CONTACT:
Sunway City Berhad
Level 16 Menara Sungei Way
Jalan Lagun Timur, Bandar Sunway
46150 Petaling Jaya,
Selangor
Tel: 03-5635 8889
Fax: 03-5634 1349
Web site: http://www.sunway.com.my/suncity
=====================
P H I L I P P I N E S
=====================
METRO PACIFIC: Bourse Starts Probe
----------------------------------
The Philippine Stock Exchange (PSE) has started its
investigation of stock transactions by Metro Pacific Corporation
over disclosure concerns of stockbrokers, the Philippine Daily
Inquirer reports.
PSE President Francis Lim said some brokers had spoken to him
about heavy selling of Metro Pacific shares before First Pacific
disclosed last week that it was selling five percent of its
stake in Metro Pacific.
First Pacific said it was raising funds for Metro Pacific's
troubled inter-island shipping unit Negros Navigation Co.
(Nenaco).
PSE President Francis Lim said an investigative committee would
carefully look into figures and data from transactions allegedly
tainted by insider trading and stock price manipulation.
Only after all records are reviewed will PSE take any necessary
action.
CONTACT:
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
METRO PACIFIC: Clarifies FirstPac Stake Sale News Report
--------------------------------------------------------
This is in reference to the news article entitled "SEC clears
Metro Pac on sale of First Pacific stake" published in the
October 22, 2004 issue of The Philippine Star (Internet
Edition).
The article reported that "(a)s far as the Securities and
Exchange Commission (SEC) is concerned, Metro Pacific Corp.
(MPC) has complied with the disclosure rules pertaining to the
divestment by its Hong Kong-based parent First Pacific Co. Ltd.
of a five-percent stake in the local firm."
Metro Pacific Corporation (MP"), in its letter to the Philippine
Stock Exchange dated October 22, 2004, stated that:
As of this date Metro Pacific Corporation (Metro Pacific) has
yet to receive any formal notice from either the Securities or
(sic) Exchange Commission (SEC) or the Philippine Stock Exchange
(PSE) regarding any investigation into sales of Metro Pacific
stock.
MPC is confident however, that the Company has fully adhered to
and exceeded, the standards for disclosure as required by the
regulatory agencies. Metro Pacific consistently seeks to work
closely with regulatory authorities to ensure that all
disclosure requirements are carefully adhered to and that Metro
Pacific stockholders and the investing public are properly
informed of all material developments.
MPC regard the negative allegations regarding the recent sale of
Metro Pacific shares of stock as unwarranted and without basis
for complaint. We are confident of the sanctity of our
transactions and believe that the regulatory authorities will
concur with this opinion."
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President
NATIONAL POWER: Narrowly Averts Power Shortage in Luzon
-------------------------------------------------------
The National Power Corporation (Napocor) has narrowly averted a
power shortage in Luzon with the arrival of a shipment of coal
for its Sual plant on October 20, Yehey Finance reports, citing
Energy Undersecretary Cyril C. del Callar.
Mr. Callar also said that the Manila Electric Co. and Quezon
Power Philippines Ltd Co. have agreed to supply the coal needed
by the Napocor plant.
He said the diversion of some 70,000 metric tons of coal
shipment originally meant for QPPL to the 1,200-MW coal-fired
Sual power plant would prevent further power shortages in the
Luzon grid.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Power Privatization Draws 11 Japanese Firms
-----------------------------------------------------------
Eleven Japanese companies have expressed interest in the
privatization of the National Power Corporation (NAP.YY), as
well as in developing geothermal fields in the Philippines,
Yehey Finance reports, citing Energy Secretary Vincent Perez.
The Power Sector Assets and Liabilities Management Corporation
(Psalm), tasked to handle Napocor's privatization, has bid out
four hydroelectric power plants: the 3.5-megawatt (MW) Talomo in
Bukidnon, 1.6-MW Agusan in Bohol, 1.8-MW Barit in Camarines Sur
and 0.4-MW Cawayan in Sorsogon.
Psalm is working on an accelerated privatization process with
about 70 percent of Napocor's total assets in Luzon and the
Visayas sold by end of 2005.
The energy department has identified the 10 most prospective
geothermal fields open for bidding in Manito-Kayabon and Rangas-
Tanawon in Sorsogon; Biliran in Eastern Visayas; Amacan in North
Davao; Dauin, Negros Occidental; Natib, Bataan; Mabini,
Batangas; Montelago, Mindoro Oriental; Kabalian in Leyte; and
North Cotabato. Initial estimates show that the development of
these fields could yield 300 MW to 470 MW in additional
capacity.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NEGROS NAVIGATION: Discloses Rehabilitation Plan
------------------------------------------------
Further to Circular for Brokers No. 4588-2004 dated October 18,
2004 in relation to Negros Navigation Co., Inc.'s (NN) petition
to delist its shares from the Official Registry of the
Philippine Stock Exchange, the Corporation, in the attached
letter dated October 20, 2004, which was received by the PSE on
October 21, 2004, submitted a comprehensive disclosure on the
effects of the rehabilitation plan to its capital structure.
For a copy of its Rehabilitation Plan and the Evaluation and
Recommendation Report dated August 31, 2004 and the
Manifestation dated September 24, 2004 of the Corporation's
Receiver, go to http://bankrupt.com/misc/tcrap_nenaco102204.pdf
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President - Operations Group
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
PHILIPPINE LONG: To List Additional Shares
------------------------------------------
The Philippine Stock Exchange has approved on May 18, 2001,
subject to the actual exercise of the conversion rights by the
preferred shareholders, the application of the Philippine Long
Distance Telephone Company to list up to 12,400,000 common
shares, with a par value of P5.00 per share, divided into the
following:
a. 2,900,000 common shares to cover the underlying shares of
Series V Cumulative Convertible Preferred Shares;
b. 5,600,000 common shares to cover the underlying shares of
Series VI Cumulative Convertible Preferred Shares; and
c. 3,900,000 common shares to cover the underlying shares of
Series VII Cumulative Convertible Preferred Shares.
In this connection, please be advised that the Company has
received a notice from a preferred shareholder for the
conversion of 50,000 shares of Series V Cumulative Convertible
Preferred Stock with 50,000 common shares.
In view thereof, the listing of the 50,000 common shares is set
for Friday, October 22, 2004.
This brings the number of common shares listed arising from the
conversion of additional 50,000 Series V Cumulative Convertible
Preferred Shares to a total of 1,046,541 common shares.
The designated Stock Transfer Agent is hereby authorized to
issue the corresponding stock certificate to the preferred
shareholder.
For your information and guidance,
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President- Operations Group
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
PHILIPPINE LONG: Notes Additional Listing of Shares
---------------------------------------------------
The Philippine Stock Exchange has approved on May 18, 2001,
subject to the actual exercise of the conversion rights by the
preferred shareholders, the application of the Philippine Long
Distance Telephone Company to list up to 12,400,000 common
shares, with a par value of P5.00 per share, divided into the
following:
a. 2,900,000 common shares to cover the underlying shares of
Series V Cumulative Convertible Preferred Shares;
b. 5,600,000 common shares to cover the underlying shares of
Series VI Cumulative Convertible Preferred Shares; and
c. 3,900,000 common shares to cover the underlying shares of
Series VII Cumulative Convertible Preferred Shares.
In this connection, please be advised that the Company has
received a notice from a preferred shareholder for the
conversion of 50,000 shares of Series V Cumulative Convertible
Preferred Stock with 50,000 common shares.
In view thereof, the listing of the 50,000 common shares is set
for Friday, October 22, 2004.
This brings the number of common shares listed arising from the
conversion of additional 50,000 Series V Cumulative Convertible
Preferred Shares to a total of 1,046,541 common shares.
The designated Stock Transfer Agent is hereby authorized to
issue the corresponding stock certificate to the preferred
shareholder.
For your information and guidance,
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President- Operations Group
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
PHILIPPINE REALTY: Notes Unusual Price Movement
-----------------------------------------------
In reply to a query from the Philippine Stock Exchange (PSE)
regarding the unusual price movement of the Philippine Realty &
Holdings Corp.'s share price, which increased by 50% to PO.045
per share, the Company said it is unaware of any information
relating to the unusual movement other than what the Company
have already disclosed to the PSE.
CONTACT:
Philippine Realty & Holdings Corporation
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Tel. No: 631-3179 to 80
Fax No: 634-1504
E-mail Address: philrltv@info.com.ph
Auditor: C.L. Manabat & Company
Transfer Agent: Fidelity Stock Transfer, Inc.
VICTORIAS MILLING: Files SEC Form 23-A
--------------------------------------
Further to Circular for Brokers No. 4200-2004 dated September
24, 2004, a newly elected Director of Victorias Milling Company,
Inc. (VMC) furnished the Philippine Stock Exchange a copy of his
SEC Form 23-A (Initial Statement of Beneficial Ownership of
Securities).
A copy of the said document shall be made available at
http://bankrupt.com/misc/tcrap_vmc102204.pdf
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted By:
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Tel. No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
URL: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.
=================
S I N G A P O R E
=================
HONG LEONG: Posts Change in Shareholder's Interest
--------------------------------------------------
Hong Leong Asia Ltd. posted a notice of changes in director's
interest at the Singapore Stock Exchange on October 21, 2004.
Part I
(1) Date of notice to issuer: October 21, 2004
(2) Name of Director: Kwek Leng Beng
(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. (Please complete
Parts II and IV)
Part II
(1) Date of change of interest: October 21, 2004
(2) Name of Registered Holder: Kwek Leng Beng
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: Acceptance of grant of options under the
Hong Leong Asia Share Option Scheme 2000
(4) Information relating to shares held in the name of the
Registered Holder:
No. of options held before the change: 600,000
As a percentage of issued share capital:
No. of options which are the subject of this notice: 60,000
As a percentage of issued share capital:
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: N.A.
No. of options held after the change: 660,000
As a percentage of issued share capital:
Part III
(1) Date of change of interest:
(2) The change in the percentage level: From % to %
(3) Circumstance(s) giving rise to the interest or change in
interest:
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.
Part IV
(1) Holdings of Director, including direct and deemed interest:
Direct Deemed
No. of options held before change: 600,000
% of issued share capital:
No. of options held after change: 660,000
% of issued share capital:
Submitted by:
Ng Siew Ping, Jaslin
Company Secretary
MARINENET OIL: Winding Up Hearing Set November 5
------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Marinenet Oil (S) Pte Ltd by the High Court was, on the 13th day
of October 2004 presented by BP Singapore Pte Ltd of No. 396
Alexandra Road, #01-01 BP Tower, Singapore 119954, a Judgment
Creditor.
The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10:00 in the forenoon on Friday, the
5th day of November 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by himself or his Counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the copy of the
Petition by the undersigned on payment of the regulated charge
for the same.
The Petitioners' address is No. 396 Alexandra Road, #01-01 BP
Tower, Singapore 119954.
The Petitioners' solicitors are Messrs Gurbani & Co of No. 9
Temasek Boulevard, #17-01 Suntec Tower 2, Singapore 038989.
Dated this 18th day of October 2004.
Gurbani & Co
Solicitors for the Petitioners
Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
solicitors Messrs Gurbani & Co, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person, firm, or his or their
solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of the 4th day of November 2004.
PANPAC MEDIA: Details Conversion of Notes
-----------------------------------------
Panpac Media Group Limited refers to its announcements dated 13
August 2004, 3 September 2004, 29 September 2004, 6 October 2004
and 12 October 2004 and the Circular to shareholders dated 20
August 2004 relating to the issue by the Company to Quantum
Capital Asset Management Limited of up to SG$10,000,000 in
principal amount of unsecured SG$ notes due 2007.
All capitalized terms herein shall have the same definition as
used in the said Circular to shareholders dated 20 August 2004.
The Board of Directors of the Company announced that Quantum
Capital had on 20 October 2004 converted an aggregate amount of
SG$500,000 of Tranche 1 Notes, being the fourth sub-tranche of
Tranche 1 Notes, at SG$0.1035 per share into an aggregate number
of 4,830,917 ordinary shares of SG$0.05 each in the issued and
paid-up share capital of the Company.
Pursuant to the conversion, the total number of issued and paid
up shares in the Company is 490,768,618 ordinary shares of
SG$0.05 each.
None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.
Submitted by:
Tan Min-Li
Company Secretary
SINGAMIP ENTERPRISE: Enters Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Singamip Enterprise Pte Ltd by the High Court was, on the 14th
day of October 2004, presented by Messrs Ong Yew Huat and
Seshadri Rajagopalan, the Judicial Managers.
The petition will be heard before the Court sitting at the High
Court of Singapore at 10:00 a.m. in the forenoon, on the 5th day
of November 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is care of 10 Collyer Quay, #21-01
Ocean Building, Singapore 049315.
The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.
Messrs Shook Lin & Bok
Solicitors for the Petitioners
Note: Any person who intends to appear on the hearing of the
petition must serve on or send by post to the Petitioner's
solicitors, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock noon of
the 4th day of November 2004.
THL FOOD: Faces Winding Up Proceedings
--------------------------------------
Notice is hereby given that a Petition for a Winding Up of THL
Food Holdings Pte Ltd by the High Court was, on the 8th day of
October 2004, presented by:
(1) China Walden Venture Investments Ltd (Cayman Islands) of
Ugland House, South Church Street, P.O. Box 309, Grand Cayman,
British West Indies
(2) Cwv Investment Pte Ltd of 168 Robinson Road, #37-01 Capital
Tower, Singapore 068912
(3) Ecics Ventures 2 Ltd of 7 Temasek Boulevard, #11-01 Suntec
Tower One, Singapore 038987
(4) Mc Private Equity Partners Asia Ltd (Cayman Islands) of
Maples and Calder P.O. Box 309, Ugland House, South Church
Street, George Town
(5) New Toyo International Holdings Ltd of 8 Cross Street, #11-
00 PWC Building, Singapore 048424
(6) Asian Venture Fund Limited (Island of Guernsey, Channel
Islands, United Kingdom) of 22 Smith Street, St Peter Port,
Guernsey, Channel Islands
(7) Taiwan Asia Pacific Venture Fund Limited (British
Virgin Islands of c/o CYPAC Investment Management
Ltd, 9F, No. 232, Pateh Road, Sec. 2, Taipei, Taiwan
(8) Yamaichi Uni Ven 6-S Investment Partnership (Japan) of 2-20-
1 Shiohama Kato-Ku, Tokyo 135, Japan
(9) Yamaichi Uni Ven 6 Investment Partnership (Japan) of 2-20-1
Shiohama Kato-Ku, Tokyo 135, Japan.
The Petition will be heard before the Court sitting at the High
Court at 10 o'clock in the forenoon on Friday, the 5th day of
November 2004.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of the hearing by himself or his Counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.
The Petitioners' addresses are as stated above.
The Petitioners' solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.
Dated this 20th day of October 2004.
Messrs Rajah & Tann
Solicitors for the Petitioners
Note: Any person who intends to appear on the hearing of the
Petition must serve on or send by post to the Petitioners'
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his solicitor or
their solicitor (if any) and must be served, or, if posted must
be sent by post in sufficient time to reach the Petitioner's
solicitors not later than 12 o'clock noon of the 4th day of
November 2004.
This Singapore Government Gazette Notice is dated October 22,
2004.
===============
T H A I L A N D
===============
CAPETRONIC INTERNATIONAL: Unveils Board Meeting Resolutions
-----------------------------------------------------------
The Capetronic International (Thailand) Public Company Limited
informed the Stock Exchange of Thailand the resolutions of the
Board of Directors meeting No. 8/2004 held on October 19, 2004.
(1) Appointed Mr. Somchai Kurujitkosol or Ms. Wanraya
Puttasatiean from S.K. Accountant Service Co., Ltd. as the
Company's auditor and set the auditing fee of the year 2004 of
not more than THB1,000,000.
(2) Convened the extraordinary shareholders' meeting No. 1/2004
at 4:00 on November 18, 2004 at Novotel Bangna Bangkok Hotel
with the following agenda:
Agenda a
Certified the report of the ordinary shareholders' meeting for
the year 2004.
Agenda b
Approved the Company's auditor and auditing fee for year 2004
Agenda c
Others (If any)
(3) The closing date of the shareholders' registered book for
the right to attend shareholders meeting 2/2004 has been set on
November 3, 2004 at 12:00 p.m. until the meeting will be
adjourned.
(4) Appointed Seamico Securities Public Company Limited as the
financial advisor to prepare the rehabilitation plan.
Please be informed accordingly.
Your Faithfully,
(Mr. Pathrlap Davivongsa)
Director
CONTACT:
Capetronic International (Thailand) Pcl
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4
DATAMAT: Issues Report on Capital Increase
------------------------------------------
The Board of Directors Meeting No. 9/2004 of Datamat Public
Company Limited, held on 19 October 2004, at 10:00 a.m., has
passed the resolution in respect of a capital increase and share
allotment. The details are:
(1) Capital Increase
The Board of Directors' Meeting resolves to increase the
registered capital from THB2,713,736,777.50 to THB4,138,348,570
by issuing 569,844,717 new ordinary shares at 2.50 par, totaling
THB1,424,611,792.50. At present, the Company has a registered
capital of THB2,713,736,777.50 divided into 1,085,494,711
ordinary shares at THB2.50 par.
(2) Allotment of new ordinary shares
(2.10 The Board of Directors Meeting approved the allotment of
542,747,356 shares at THB2.50 par, totaling THB1,424,611,792.50
as:
Allocation to Shares
Ratio
Old:New
Price (Baht)
Schedule
Note
(1) To the shareholders of the Company: 271,373,678; 4:11
The Board of Directors will be authorized to have a final
decision on the terms and Conditions of the sale of capital
increase shares
(2) For the issuance of the Warrants: 271,373,678
(3) For the repayment to the Bank creditors: 27,097,361
Average price of 180 days before the date on the Memorandum of
understanding with each creditors.
(2.2) The Company's process in case of the remaining fraction of
shares: None
(2.3) The remaining shares from the allocation: None
(3) The schedule for shareholder meeting:
The Extraordinary Annual General Shareholders' Meeting No.
1/2004 is scheduled to be held on November 22, 2004 at The
Westin Grand Sukhumvit Hotel. The Shareholders' Registration
Book will be closed to determine the right of shareholders to
attend this Meeting from November 3, 2004 at 12:00 noon onward
until the Meeting adjourns.
(4) Approval by relevant government agency and conditions: None
(5) Objectives and Plans for utilizing proceeds received from
the capital increase
(A) To repay debt under the restructuring agreement, which is
THB270 million debt value with 9 creditors. The details of debt
payment to the creditors are being under negotiation.
(B) To utilize the proceeds as the Company's working capital
since the year 2004 the Company is expecting to undertake
several large projects which require funds for issuance of
bank's letter of guarantee, issuance of letter of credit and
recruitment of additional personnel.
(C) To invest in new businesses.
(6) Expected benefits the Company will obtain from the increase
of capital and the allocation of new shares:
To increase the Company's liquidity and to release the Company
from debts.
(7) Benefits which the shareholders should expect from the
increase of capital and the allocation of new shares
(7.1) The Company's policy for the dividend:
The Company has a policy for the dividend payment in the rate,
in accordance to the Company's operation performance, not lower
than 40 percent of the net profit after tax clearance.
(7.2) The right for the shareholder to receive the dividend will
begin on: None
(7.3) Other
The proceeds from capital increase will solve the liquidity
problem and enable the Company to invest in new projects and to
undertake large projects, which will result positively in the
Company's financial status and operational performance. The
shareholders will receive returns in form of dividend payment or
capital gain.
(8) Other details necessary for shareholders to approve the
capital increase/share allotment: None
(9) Other details necessary for the shareholders in regards to
the approval of the capital increase: None
(10) Tentative timetable for the capital increase/the allotment
of newly issued shares.
(10.1) The Board of Directors approves the capital increase:
October 19, 2004.
(10.2) Disclose the resolution of the Board of the Directors to
the SET: October 20, 2004
(10.3) The closing date of the Company's register book for the
right to attend the shareholders' meeting: November 3, 2004
(10.4) The Extraordinary Annual General Shareholders' Meeting
No. 1/2004: November 22, 2004
(10.5) Disclose the resolution of the shareholders to the SET:
November 23, 2004
The Company hereby certifies that the aforementioned information
described is accurate and complete in all respect.
(Kusol Sangkananta)
Director and secretary to the Board
Authorized Signatory
CONTACT:
Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Web site: www.datamat.co.th
KRUNG THAI: Releases Quarterly Financial Statements
---------------------------------------------------
Krung Thai Bank reported to the Stock Exchange of Thailand its
unreviewed and unaudited quarterly financial statements.
Krung Thai Bank Public Company Limited
Unreviewed/ Unaudited
Ending September 30 (In thousands)
Quarter 3 For 9 Months
Year 2004 2003 2004 2003
Net profit
(loss) 3,795,310 4,391,797 10,561,019 5,979,446
EPS (baht) 0.34 0.39 0.94 0.53
Comment:
(1) Please see details in financial statements, auditor's report
and remarks from SET Information Management System.
"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Website: www.ktb.co.th
NAKORNTHAI STRIP: Reports Business Reorganization Progress
----------------------------------------------------------
The Stock Exchange of Thailand determined that the companies
categorized in the Rehabco Section have to report on the
progress of financial problem solving and business
rehabilitation once every six months, to enable the SET to
consider and review the financial status of the listed companies
in the said section.
Nakornthai Strip Mill Public Company Limited thus complies with
such requirement by preparing the report on the progress of its
financial problem solving and operational results, as well as
the business rehabilitation as already undertaken by the
Company, in accordance with the latest letter dated April 20,
2004, of Maharaj Planner Company Limited, as the Plan
Administrator.
The Plan Administrator reports the development of the
implementation of the Business Reorganization Plan of the
Company.
(10 Payment under the Plan
After the occurrence of the Effective Date (which was October
31, 2003), the Plan Administrator arranged for the Company to
make the payment to the Company's creditors as provided in the
Plan. For the Noteholder creditors, since the Plan
Administrator is still in the process of identifying the actual
beneficiary Noteholder creditors, the payment to them are yet to
be made.
However, the Plan Administrator has reserved the funds for
payment in the bank account maintained with Bangkok Bank Public
Co., Ltd., account No 135-2-25475-7 in order to facilitate
payment to the actual beneficiary Noteholder creditors when
identified.
(2) Return of Security
The Plan Clauses 4.4 (k) and 7.9 provide for appointing the new
facility and security agent to replace Chase Manhattan Bank.
The Plan Administrator appointed ABN Amro Bank N. V., to be the
new facility and security agent.
The Plan Administrator pursued Chase Manhattan Bank to release
the security, property, funds or other assets in its custody
pursuant to the Security Sharing Agreement to ABN Amro Bank N.
V. On May 19, 2004, Chase Manhattan Bank released the security
and delivery it to ABN Amro Bank N. V. Such security is listed
in the letter of delivery dated May 19, 2004. Such delivery
does not prejudice any right of the Company if the delivered
security is not completed.
(3) Removal of Second Land Mortgage
In respect of the debt-to-equity conversion for Tranche C Notes,
on October 31, 2003, as provided in the Plan Clause 6.2, the
second land mortgage for Tranche C Notes with Chase Manhattan
Bank, the security agent, being the mortgagee, was extinguished.
However, Chase Manhattan Bank did not remove the second land
mortgage. The Plan Administrator therefore filed a request to
the court to order Chase Manhattan Bank remove the second land
mortgage. The court issued the order on May 20, 2004, to Chase
Manhattan Bank to remove the second land mortgage. On June 1,
2004, the Company registered the court's order with the Land
Office, Sriracha Branch, to remove the second land mortgage.
(4) Identification of Actual Beneficiary Noteholder Creditors
for Delivery of Shares Issued in connection with Debt-To-Equity
Conversion
In respect of the debt-to-equity conversion for the Noteholder
creditors, on October 31, 2003, since the Plan Administrator was
yet to identify the actual beneficiary Noteholders and no final
orders of the Official Receiver or the court on their claims
were rendered, the Plan Administrator processed the debt-to-
equity conversion by issuing the Company shares in the name of
the Plan Administrator for its custody and delivery to the
actual beneficiary Noteholders.
At present the Plan Administrator is in the process of
implementation of the delivery of the shares to the actual
beneficiary Noteholders by appointing the information agent to
contact Depository Trust Company of USA and custodians of the
representing the actual beneficiary Noteholders. This is to
obtain the information of the actual beneficiary Noteholders and
coordination for delivery of the shares to them.
Presently, the information agent is in the process of gathering
information and contacting the custodians of the actual
beneficiary Noteholders. Upon completion of the identification
of the actual beneficiary Noteholders, the Plan Administrator
will report to the SET on the progress of the distribution of
shares.
Pleased be informed accordingly and distribute the information
to the general public.
Sincerely yours,
(Sawasdi Horrungruang)
Maharaj Planner Company Limited
In its capacity as Plan Administrator
Nakornthai Strip Mill Public Company Limited
CONTACT:
Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828
NATURAL PARK: Posts Details of the Convertible Debentures
---------------------------------------------------------
The Extraordinary General Meeting of the Shareholders No. 1/2004
of Natural Park Public Company Limited has resolved to approve
to issue and offer the convertible debentures. Subsequently,
the Board of Directors Meeting No. 20/2004 has resolved to
approve the additional details of the convertible debentures, as
detailing in reference.
The Company would like to notify the summary details of the
convertible debenture as:
Type: Convertible debenture in name certificate with the right
to convert into ordinary shares of the Company
Objective:
(1) Working capital for business operation
(2) Capital for business expansion
(3) Debt refinancing
Amount: 350 Units
Face Value: US$ 100,000
Issue Price: 100 percent of Face Value
Total issue of the convertible debentures: US$ 35,000,000
Coupon rate: 4.0 percent per annum, payable semi-annually in
arrears
Tenor: 5 Years from the issue date
Redemption Price: 111.50 percent of Face Value upon maturity
Collateral:
(1) Amend, change or do and perform all acts on insurance policy
of leasehold rights of Mercury building to add the bondholders
representative as the co-insured and sole beneficiary.
(2) Conditional assignment of leasehold right of land and
Mercury building.
(3) Conditional assignment of sub-lease agreement of office
space or rent area in Mercury building.
Note: As a collateral for payment of convertible debentures, the
Company will provide Trustee with the above rights, which means
as follow:
- Co-insured and sole beneficiary of an insurance policy of
leasehold rights of the Mercury building.
- At the event of default, the Trustee will receive the
leasehold rights of land and Mercury building.
- At the event of default, the Trustee will receive the rights
over sublease agreement of office space or rent area in the
Mercury building.
Conversion Period: Any business day from the issue date
Expiration of the conversion period: Seven days prior to the
maturity of the convertible debentures
Conversion ratio and conversion price: One unit of the
convertible debenture may be converted into newly issued shares
at the conversion price for each new ordinary share of 115
percent of the weighted average closing price of the Company's
share for 30 consecutive trading days in the SET prior to the
offer for sale of the convertible debentures but not less than
THB2.00 per share.
Nevertheless, one unit of the convertible debenture will be
converted into the new ordinary shares in a number equal to
100,000 x E / P shares where E =Exchange rate of the US Dollar
currency as of the offering date of the convertible debenture
(unit: Baht per US Dollar) P =Conversion price specified by the
Board of Directors of the Company (unit: Baht per share)
Note: The weighted average closing price of the Company's share
for 30 trading days (Baht per share) for the calculation of the
conversion price is calculated from total trading value for 30
trading days (Baht) divided by total trading volume for 30
trading days (shares).
Early redemption:
(1) The Company shall have the right to redeem all of the
convertible debentures prior to its maturity (call option) at
the price of 106.50 percent of Face Value plus accrued interest
(if any). The right for the early redemption could be exercised
after 3 years from the issue date and when the closing price of
the Company's shares is not less than 130 percent of the
conversion price for the period of not less than 15 days out of
30 consecutive trading days prior to the early redemption date
(Call Option).
(2) The convertible debenture holders shall have the right to
request the Company for the early redemption of all convertible
debentures (put option) at the price of 106.50 percent of Face
Value plus accrued interest (if any). The date for the early
redemption will be after 3 years from the issue date.
Governing Law: English Law
Please be informed accordingly.
Yours sincerely,
Natural Park Public Company Limited
(Mr. Thowthawal Subhavanich)
Chief Financial Officer
CONTACT:
Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
*********
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
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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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