/raid1/www/Hosts/bankrupt/TCRAP_Public/041124.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
Wednesday, November 24, 2004, Vol. 7, No. 233
Headlines
A U S T R A L I A
ACACIA PRESS: To Hold Final Meeting on November 30
AMGIS PTY: Members Resolve to Voluntarily Wind Up
ARISTOCRAT LEISURE: Faces Revolt Over New Bonus
CROSSCOMBE PTY: To Declare Dividend on December 15
ELLIS INSTITUTE: To Face Winding Up Proceedings
EXCELCO MINING: Placed Under Voluntary Winding Up
GARY WOOSTER: To Wind Up Voluntarily
GRANGEFIELD HOLDINGS: Enters Winding Up Proceedings
JAMES HARDIE: Former Boss Gets US$60,000 a Month
JAMES HARDIE: Releases Asbestos Liabilities Valuation Report
KENMERE PTY: To Wind Up Voluntarily
MINE EXC: Appoints Graeme Trevor Lean as Liquidator
MIRACLEWELL PTY: To Undergo Voluntary Winding Up
MND AUSTRALIA: Names R. Vile as Liquidator
SANDTECH PTY: To Declare Final Dividend on December 10
SUCCESS CRESCENT: To Wind Up Voluntarily
WADE MARINE: To Undergo Winding Up Process
WASTE REDUCTION: To Declare First and Final Dividend Today
C H I N A & H O N G K O N G
ALBERT HOUSE: Creditors, Contributories Meetings Set November 29
AREON INTERNATIONAL: Court to Hear Bankruptcy Petition
CHINA GAS: Posts Notice of Special General Meeting
CHINA GAS: Unveils Special General Meeting Resolutions
D.MONDO LIMITED: Faces Bankruptcy Proceedings
DIGITAL CHINA: Swings to Black with HK$95.523-Mln Profit
GOLDRIVER CORPORATION: Sets Meetings on December 3
JIANGXI PAPER: To Undergo Restructuring
SINOCAN HOLDINGS: Faces Stock Exchange Delisting
WAI CHUN: Posts Dividend Notice
I N D O N E S I A
BANK PERMATA: Standard-Astra Team Eyes New 20% Stake
SEMEN GRESIK: Completes Special Audit
J A P A N
ALL NIPPON: Computer Glitch Suspends Flights
DAIDO METAL: JCR Affirms BBB on Bonds
MILLEA HOLDINGS: Profit Plunges 94.5%
MITSUBISHI FUSO: Mulls Another Recall for Faulty Hubs
MITSUBISHI MOTORS: U.S. Unit's Rebound May Take Time
MUTTAH HAMU: Enters Bankruptcy
NAGOYA RAILROAD: JCR Assigns BBB+ to Bonds
SEIBU RAILWAY: Net Loss Doubles to JPY1.01 Bln
UFJ HOLDINGS: Units to Launch Securities Intermediation Business
K O R E A
HYNIX SEMICONDUCTOR: U.S. Officials Dispute Cuts on Duties
* Number of Corporate Bankruptcies Came Mostly from Builders
M A L A Y S I A
AMSTEEL CORPORATION: Unveils November 22 AGM Resolutions
AYER HITAM: Schedules AGM on December 16
AYER HITAM: Issues Default Status Update
DATAPREP HOLDINGS: Appoints New Remuneration Committee Member
FIAMMA HOLDINGS: Releases Unaudited Quarterly Results
GOLDEN FRONTIER: Issues Shares Buy Back Notice
JOHORE TENGGARA: Unveils FY04 Unaudited Quarterly Results
KRAMAT TIN: Posts Unaudited Quarterly Results
KUMPULAN BELTON: Notes Expiry of Warrants
LANKHORST BERHAD: Resumes Trading of Shares
NALURI BERHAD: Names New Secretary
NAUTICALINK BERHAD: EGM Set for January 5
PAN MALAYSIA: Discloses 2004 Unaudited Quarterly Results
PAN MALAYSIA: Proposes Warrants Extension
PAN PACIFIC: AGM Slated for December 15
PROMTO BERHAD: Creditors OK Restructuring Scheme
QUALITY CONCRETE: Reveals Securities Disposal, Acquisitions
SAFEGUARDS CORPORATION: Posts Litigation Update
SELOGA HOLDINGS: Releases FY04 Quarterly Result
TENCO BERHAD: Unveils 2004 Unaudited Quarterly Results
P H I L I P P I N E S
MANILA ELECTRIC: S&P Places 'CC' Rating on Credit Watch
PHILNICO MINING: Chinese Firms Eye US$1-Bln Rehab
S I N G A P O R E
CAPITALAND LIMITED: Establishes Indirect Subsidiary
CAPITALAND LIMITED: Reveals Change in Shareholder's Interest
DORTECHNIC PRIVATE: Issues Preferential Dividend Notice
ISB ASIA/PACIFIC: Creditors to Prove Debts by December 20
RSH LIMITED: Notes Change in Shareholder's Interest
T H A I L A N D
CAPETRONIC INTERNATIONAL: Unveils Meeting's Resolutions
M.D.X.: SEC Concludes No Necessary Amendment to FS
POWER-P: Reveals Result of Board Director's Meeting
THAI PETROCHEMICAL: Founder Seeks Permission to Buy Back Shares
TONGKAH HARBOUR: Terminates Offshore Mining Contract
- - - - - - - -
=================
A U S T R A L I A
=================
ACACIA PRESS: To Hold Final Meeting on November 30
--------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, the final meeting of members of Acacia Press Pty. Ltd.
(In Liquidation) A.C.N. 004 256 562 will be held at 9 Peter
Avenue, Blackburn North Victoria on Tuesday, 30 November 2004 at
10:00 a.m. for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.
Dated this 12th day of October 2004
Allen Peter Stephens
Liquidator
9 Peter Avenue,
Blackburn North Vic 3130
AMGIS PTY: Members Resolve to Voluntarily Wind Up
-------------------------------------------------
At a general meeting of the members of Amgis Pty Ltd A.C.N. 008
774 721 duly convened and held at Seventh Street, Harvey WA, on
the 8th day of October 2004, the special resolutions set out
below were duly passed:
(1) That the Company be wound up under the provisions applicable
to a Members' Voluntary Liquidation, and that Angela Ann Gaffney
and Mark Anthony Conlan be and are hereby appointed joint and
several Liquidators of the Company.
(2) That the Liquidators are hereby authorized to distribute in
specie such of the assets as they see fit and on such conditions
as they deem necessary to any one or more of the members of the
Company.
Dated this 8th day of October 2004
A.P. Green
Director
RSM Bird Cameron
1st Floor, 8 St George's Terrace,
Perth WA 6000
ARISTOCRAT LEISURE: Faces Revolt Over New Bonus
-----------------------------------------------
A major shareholder has accused Aristocrat Leisure of doubled
standards over an AU3 million postdated bonus payment for its
chief executive, casting doubt over a shareholder vote on the
deal, says the Sydney Morning Herald.
Paul Ainsworth commented the proposal to grant chief executive
Paul Oneile 380,000 shares under an incentive plan backdated to
January was an attempt to "sucker" Aristocrat shareholders.
Mr. Ainsworth refused to support the board's plan, which was
announced Friday.
On joining the Company last December, Mr. Oneile agreed to a
salary package of $900,000 plus a short-term incentive plan
providing a performance-based bonus scheme valued at up to 50
percent of his salary. He joined Aristocrat after a series of
scandals had caused the Company's share price to fall 75 perent.
On Friday, Aristocrat said it was "unfair" Mr. Oneile had not
been included in the Company's three-year, long-term bonus plan,
claiming it had always been the intention to include him for
this year.
Australian Shareholders Association representative Stephen
Matthews said that while CEOs should be well compensated, the
deal to go before shareholders on December 21 was inappropriate.
"To try and backdate a bonus - knowing that the share price has
risen - (and for shareholders to vote) within nine or 10 days
from end of the year when the board has a very good idea of
where it's going to be by the end of the year is, to my mind,
having a bet on a horse when it's within meters of the finishing
line. It's not fair."
CONTACT:
Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Head Office Telephone: (02) 9413 6300
Head Office Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com
CROSSCOMBE PTY: To Declare Dividend on December 15
--------------------------------------------------
A first and final dividend in respect of ordinary unsecured
creditors is to be declared on 15 December 2004 for Crosscombe
Pty Ltd (Subject To Deed Of Company Arrangement) formerly
trading as Medical Agencies A.C.N. 010 256 710.
Creditors whose debts or claims have not already been admitted
are required on or before 16 November 2004 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 11th day of October 2004
Jonathan Mcleod
For T. J. Schmierer
Deed Administrator
c/- Knights Insolvency Administration
Level 14, Brisbane Club Tower, 241 Adelaide
Street, Brisbane Qld 4000
Telephone: (07) 3004 3200
ELLIS INSTITUTE: To Face Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
The Ellis Institute Australia Pty Ltd (In Liquidation) A.C.N.
100 515 151 held on the 7th day of October 2004, it was resolved
that the Company be wound up voluntarily and that for such
purpose Mr. David John Cranstoun and Mr. John Feddema, Chartered
Accountants of Cranstoun & Hussein, Level 2, 102 Adelaide
Street, Brisbane in the State of Queensland be appointed as
joint and several liquidators.
Dated this 7th day of October 2004
John Feddema
Liquidator
EXCELCO MINING: Placed Under Voluntary Winding Up
-------------------------------------------------
Notice is given that at a meeting of Creditors of Excelco Mining
Pty Ltd A.C.N. 057 723 412 held on the 5th day of October 2004
it was resolved that the Company be wound up voluntarily and
that for such purpose Graeme Trevor Lean, CPA of G T Lean &
Associates, 424 Fitzgerald Street, North Perth, WA 6006 be
appointed Liquidator.
Dated this 6th day of October 2004
G.T. Lean
Liquidator
GARY WOOSTER: To Wind Up Voluntarily
------------------------------------
In the matter of the Corporations Law 1989 and in the matter of
Gary Wooster Pty Ltd A.C.N. 010 075 715, notice is hereby given
that on the 6th day of October 2004, the following resolution
was passed as a special resolution.
It was resolved that the Company be wound up voluntarily and
that Jeffrey Peter Oke of 80 Dorville Road, Carseldine, Qld
4034, Certified Practising Accountant, be appointed Liquidator.
Jeffrey Peter Oke
Certified Practicing Accountant
GRANGEFIELD HOLDINGS: Enters Winding Up Proceedings
---------------------------------------------------
Notice is given that at a meeting of Creditors of Grangefield
Holdings Pty Ltd A.C.N. 056 445 982 held on the 5th day of
October 2004 it was resolved that the Company be wound up
voluntarily and that for such purpose Graeme Trevor Lean, CPA of
G T Lean & Associates, 424 Fitzgerald Street, North Perth, WA
6006 be appointed Liquidator.
Dated this 6th day of October 2004
G.T. Lean
Liquidator
JAMES HARDIE: Former Boss Gets US$60,000 a Month
------------------------------------------------
James Hardie Industries' former chief executive Peter Macdonald
will receive US$60,000 (AU$76,700) a month to do consultancy
services for the Company, according to The Advertiser.
The embattled building products maker would pay Mr. Macdonald
the amount for the three to six months it takes for the
transition to new chief executive Louis Gries, who is now
interim CEO.
After the transition period, Mr. Macdonald would stay for
another two years, receiving a monthly pay of US$10,000.
Mr. Macdonald stepped down from his post last month after a
special commission of inquiry found he had violated trade
practices and corporations laws during the Company's three-year
attempt to isolate its core business from its asbestos
liabilities.
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: Releases Asbestos Liabilities Valuation Report
------------------------------------------------------------
KPMG Actuaries Pty Limited has been requested by James Hardie
Industries NV to provide actuarial assessment of the asbestos-
related disease liabilities of the Medical Research &
Compensation Foundation (MRCF) as at 30 June 2004 on a central
estimate basis.
The central estimate liability represents the present value of
KPMG's actuarial estimate of the expected future asbestos-
related claims payments and associated costs (including legal
and settlement costs) of the MRCF.
In the absence of any changes to assumptions from the 30 June
2003 valuation, other than the discount rate, KPMG would have
projected a central estimate liability assessment of AU$1,440.4
million as at 30 June 2004. Consequently, the revised assessment
represents an underlying increase in the liabilities of AU$95.6
million.
This is reflected in the total projected cash flows that have
increased by AU$183 million (from AU$3,403 million to AU$3,586
million) or 5% since the last valuation at 30 June 2003. This is
in addition to the actual payments in the interim period that
have been approximately AU$60 million.
To view the entire report, click on:
http://bankrupt.com/misc/JAMESHARDIE112304.pdf
KENMERE PTY: To Wind Up Voluntarily
-----------------------------------
At a general meeting of Kenmere (Wa) Pty Ltd (In Liquidation)
A.C.N. 064 014 160, duly convened and held at 2:00 p.m. on 30
September 2004, the following Special Resolution was passed:
That the Company be wound up as a members' voluntary liquidation
and that the assets of the companies may be distributed in whole
or in part to the members in specie should the liquidator so
desire.
Dated this 1st day of October 2004
Ron Gamble
Liquidator
c/- BDO
Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: (08) 9360 4200
MINE EXC: Appoints Graeme Trevor Lean as Liquidator
---------------------------------------------------
Notice is given that at a meeting of Creditors of Mine Exc Pty
Ltd A.C.N. 008 845 369 held on the 5th day of October 2004 it
was resolved that the Company be wound up voluntarily and that
for such purpose Graeme Trevor Lean, CPA of G.T. Lean &
Associates, 424 Fitzgerald Street, North Perth, WA 6006 be
appointed Liquidator.
Dated this 6th day of October 2004
G.T. Lean
Liquidator
MIRACLEWELL PTY: To Undergo Voluntary Winding Up
------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Miraclewell Pty Ltd (In Liquidation) A.C.N. 051 094
421 is to be held at the office of Messrs SV Partners, Level 16,
120 Edward Street, Brisbane, in the State of Queensland on 12
November 2004 at 10:00 a.m.
Agenda
(1) Receive an account by the liquidators
(2) To consider and if thought fit pass the following
resolution: that the books and records of the Company be
destroyed.
(3) General business.
Dated this 4th day of October 2004
Paul D. Sweeney
Terry G. Van Der Velde
Liquidators
MND AUSTRALIA: Names R. Vile as Liquidator
------------------------------------------
At a general meeting of the members of MND Australia Pty Ltd (In
Liquidation) A.C.N. 061 041 889 duly convened and held at 2
Avonmore Street, Moggill, on 5 October 2004, the special
resolution set out below was duly passed.
That the Company be wound up voluntarily pursuant to Section
491(1) of the Corporations Act and Mr. R Vile be appointed
liquidator for the purpose of such winding up.
Dated this 5th day of October 2004
R. Vile
Liquidator
Mr R. Vile
Chartered Accountant
21st Floor, 300 Queen Street
Brisbane Qld 4000
Telephone: (07) 3228 4000
SANDTECH PTY: To Declare Final Dividend on December 10
------------------------------------------------------
A first and final dividend to creditors is to be declared on
December 10, 2004 for Sandtech Pty Ltd (In Liquidation) A.C.N.
009 435 385.
Creditors whose debts or claims have not already been admitted
were required on 9 November 2004 to formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 8th day of October 2004
Louis Nilant
Liquidator
Sandtech Pty Ltd
KordaMentha
Telephone: (08) 9221 6999
SUCCESS CRESCENT: To Wind Up Voluntarily
----------------------------------------
At a general meeting of Success Crescent Pty Ltd (In
Liquidation) A.C.N. 079 098 329, duly convened and held at 2:00
p.m. on 30 September 2004, the following Special Resolution was
passed:
That the Company be wound up as a members' voluntary liquidation
and that the assets of the companies may be distributed in whole
or in part to the members in specie should the liquidator so
desire.
Dated this 1st day of October 2004
Ron Gamble
Liquidator
c/- BDO
Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: (08) 9360 4200
WADE MARINE: To Undergo Winding Up Process
------------------------------------------
Notice is hereby given that Wade Marine Applications Pty Ltd
A.C.N. 074 105 043 on 6 October 2004 duly resolved by special
resolution that it be wound up voluntarily, and that the
creditors of the Company resolved by ordinary resolution that
Mr. John William Cunningham and Mr. John Richard Park of Ramsay
Clout, Level 1, 37 The Esplanade Maroochydore, be and are
appointed Joint and Several Liquidators for the purposes of such
winding up.
Dated this 7th day of October 2004
Peter Alan Wade
Director
WASTE REDUCTION: To Declare First and Final Dividend Today
----------------------------------------------------------
A first and final dividend is to be declared today, the 24th of
November 2004 for Waste Reduction Technology Pty Ltd (In
Liquidation) A.C.N. 077 573 338.
Creditors whose debts or claims have not already been admitted
are required on or before 10 November 2004 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.
Dated this 11th day of October 2004
John Park
Lachlan Mcintosh
Joint & Several Liquidators
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900,
Facsimile: (07) 3225 4999
==============================
C H I N A & H O N G K O N G
==============================
ALBERT HOUSE: Creditors, Contributories Meetings Set November 29
----------------------------------------------------------------
The Incorporated Owners of Albert House also known as The Owners
Incorporation Of Albert House sets the date and place of
creditors and contributories meetings.
Date of Meeting of Creditors: 29 November 2004 at 10:30 a.m.
Place of Meeting of Creditors: Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66
Queensway, Hong Kong
Date of Meeting of Contributories: 30 November 2004 at 3:00p.m.
Place of Meeting of Contributories: Hall at 1/F, Aberdeen
Kaifong Welfare Association Social Service Centre, 180B
Aberdeen Main Road, Hong Kong
Dated this 19th day of November 2004.
E T O'CONNELL
Official Receiver & Provisional
Liquidator
AREON INTERNATIONAL: Court to Hear Bankruptcy Petition
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Areon International Trading Limited by the High Court of Hong
Kong Special Administrative Region was on the 20th day of
October 2004 presented to the said Court by Carven Enterprises
Limited whose registered office is situated at Rooms 709-710,
7th Floor, Star House, 3 Salisbury Road, Tsim Sha Tsui, Kowloon,
Hong Kong.
The said Petition will be heard before the Court at 9:30 a.m. on
the 8th day of December 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.
Fred Kan & Co.
Solicitors for the Petitioner
31st Floor, Central Plaza
18 Harbour Road
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
December 2004.
CHINA GAS: Posts Notice of Special General Meeting
--------------------------------------------------
Notice is hereby given that a special general meeting of the
shareholders of China Gas Holdings Limited will be held at 16th
Floor, AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong, on 9
December 2004 at 10:00 a.m. for the purpose of considering and,
if thought fit, passing with or without amendments, the
following resolutions as an ordinary resolution of the Company:
Ordinary Resolution
(1) "That, subject to and conditional upon the Listing Committee
of The Stock Exchange of Hong Kong Limited granting the listing
of and permission to deal in the shares of HK$0.01 each in the
Company to be subscribed by Sinopec Corp. pursuant to the
subscription agreement dated 31 October 2004 entered into
between the Company and Sinopec Corp.;
(A) the subscription of 210,000,000 Subscription Shares
pursuant to the Subscription Agreement be and is hereby
approved;
(B) the directors of the Company be and are hereby
authorized to:
(i) allot and issue the Subscription Shares;
(ii) to do all such acts and things as they consider
necessary, desirable or expedient to give effect to any or all
other transactions contemplated in this resolution."
By order of the Board
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Hong Kong, 23 November 2004
Registered office: Head office and principal place
Clarendon
House of business in Hong Kong:
2 Church Street 16th Floor
Hamilton HM 11 AXA Center
Bermuda No. 151 Gloucester Road
Wanchai Hong Kong
Notes:
(1) A member entitled to attend and vote at the SGM is entitled
to appoint one or more proxy to attend and subject to the
provisions of the bye-laws of the Company, to vote on his
behalf. A proxy need not be a member of the Company but must be
present in person at the SGM to represent the member. If more
than one proxy is so appointed, the appointment shall specify
the number and class of shares in respect of which each such
proxy is so appointed.
(2) In order to be valid, the form of proxy must be duly
completed and signed in accordance with the instructions printed
thereon and deposited together with a power of attorney or other
authority, if any, under which it is signed, or a certified copy
of such power or authority, at the head office and principal
place of business of the Company in Hong Kong at 16th Floor, AXA
Centre, No. 151 Gloucester Road, Wanchai, Hong Kong not less
than 48 hours before the time appointed for holding the SGM or
any adjournment thereof. Completion and return of a form of
proxy will not preclude a member from attending in person and
voting at the SGM or any adjournment thereof, should he so wish.
(3) In the case of joint holders of shares, any one of such
holders may vote at the SGM, either personally or by proxy, in
respect of such share as if he was solely entitled thereto, but
if more than one of such joint holder are present at the SGM
personally or by proxy, that one of the said persons so present
whose name stands first on the register of members of the
Company in respect of such shares shall alone be entitled to
vote in respect thereof.
CHINA GAS: Unveils Special General Meeting Resolutions
------------------------------------------------------
The Board is pleased to announce that the SGM was held on 22
November 2004 and the ordinary resolutions approving the
refreshment of General Mandate and grant of Options to two
Directors were duly passed by way of poll.
Reference is made to the press announcement dated 8 October 2004
and the circular dated 6 November 2004 of the Company regarding
the grant of the New General Mandate and Options to two
Directors. Capitalized terms used in this announcement shall
have the same meanings as those defined in the Circular unless
otherwise stated.
As set out in the notice convening the SGM dated 6 November
2004, ordinary resolutions in respect of the grant of:
(i) the New General Mandate
(ii) the extension of the New General Mandate
(iii) Options in excess of the 10% scheme mandate limit of the
Share Option Scheme
(iv) Options to Mr. Liu Ming Hui
(v) Options to Mr. Xu Ying were proposed to be considered and,
if thought if, passed at the SGM.
The resolutions were voted by way of poll. The Company's share
registrar, Computershare Hong Kong Investor Services Limited,
was appointed as scrutineer for the vote-taking in the SGM.
It was stated in the Circular that any of the controlling
Shareholders and their associates or, where there are no
controlling Shareholders, Directors (excluding independent non-
executive Directors) and the chief executive of the Company and
their respective associates shall abstain from voting for the
grant of:
(i) the New General Mandate
(ii) the extension of the New General Mandate.
As at the date of the SGM, there was no controlling Shareholders
and save and except Mr. Liu Ming Hui, the Directors, the chief
executive of the Company and their respective associates did not
have any shareholding interests in the Company. As such Mr. Liu
Ming Hui who is interested in 225,000,000 Shares (Note) as at
the date of this announcement and his associates abstained from
voting at the SGM.
Note: Pursuant to a sale and purchase agreement dated 16 January
2004 and entered into between Heng Fung Holdings Limited and its
subsidiaries as vendor and Mr. Liu Ming Hui as purchaser, Heng
Fung Group has agreed to sell and Mr. Liu has agreed to acquire
an aggregate of 250,000,000 Shares. As at the date of this
announcement, the sale and purchase of 90,000,000 Shares has
been completed. Mr. Liu is currently beneficially interested in
225,000,000 Shares.
Should the sale and purchase of the remaining 160,000,000 Shares
have been completed Mr. Liu will be interested in 385,000,000
Shares. With respect to the resolution in relation to the grant
of Options to Mr. Xu. It was stated in the Circular that Mr. Xu
and his associates shall abstain from voting for the grant of
Options to him. As at the date of the SGM, Mr. Xu and his
associates did not have any shareholding interests in the
Company.
It was further stated in the Circular that all connected persons
of the Company shall abstain from voting in favour of and Mr.
Liu and his associates shall abstain from voting for (i) the
grant of Options to Mr. Liu.
Accordingly, the connected persons of the Company, Mr. Liu and
his associates abstained from voting in such manner at the SGM.
The total number of issued share capital of the Company as at
the date of this announcement is 1,860,132,338. The results of
the voting at the SGM are as follows:
No of Shares entitling
Shareholders to attend Number of Shares (%)
Resolution and vote in the meeting For Against
(1) To approve the grant of general 1,635,132,338 617,607,970
260,000 mandate to the Directors to issue (99.96%) (0.04%)
securities.
(2) To approve the extension of the 1,635,132,338 617,867,970 0
general mandate as set out in (100%) (Nil) resolution no. 1.
(3) To approve the grant of options 1,860,132,338 617,867,970 0
in excess of the 10% scheme (100%) (Nil) mandate limit.
(4) To approve the grant of options to 1,635,132,338 617,867,970
0 Mr. Liu Ming Hui. (100%) (Nil)
(5) To approve the grant of options to 1,860,132,338 617,867,970
0 Mr. Xu Ying. (100%) (Nil)
Accordingly, the resolutions were duly passed by way of poll at
the SGM.
By order of the board of directors of
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Hong Kong, 22 November 2004
D.MONDO LIMITED: Faces Bankruptcy Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
D.Mondo Limited by the High Court of Hong Kong Special
Administrative Region was on the 13th 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, Hong Kong.
The said Petition will be heard before the Court at 9:30 am on
the 24th 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.
Ford Kwan & Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
No. 20 Pedder Street
Central, Hong Kong
Note: Any person who intends to appear 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 23rd day of
November 2004.
DIGITAL CHINA: Swings to Black with HK$95.523-Mln Profit
--------------------------------------------------------
Digital China Holdings Limited posted a net profit of HK$95.523
million for the six months ended September 30, compared to a net
loss of HK$90.962 million for the previous corresponding period.
The EPS were HK$0.111.
No interim dividend was declared for the period
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Un-audited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/4/2004 from 1/4/2003
to 30/9/2004 to 30/9/2003
Note ('000) ('000)
Turnover: 7,595,820 7,020,122
Profit/(Loss) from Operations: 115,142 (73,060)
Finance cost: (23,896) (23,603)
Share of Profit/(Loss) of
Associates: 765 (4,077)
Share of Profit/(Loss) of
Jointly Controlled Entities: N/A N/A
Profit/(Loss) after Tax & MI: 95,523 (90,962)
% Change over Last Period: N/A %
EPS/(LPS)-Basic (in dollars): 0.111 (0.1059)
-Diluted (in dollars): 0.1107 N/A
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit/(Loss) after ETD Items: 95,523 (90,962)
Interim Dividend: Nil Nil
per Share
(Specify if with other options): N/A N/A
B/C Dates for
Interim Dividend: N/A
Payable Date: N/A
B/C Dates for (-)
General Meeting: N/A
Other Distribution for: N/A
Current Period
B/C Dates for Other
Distribution: N/A
Remarks:
(1) Basis of presentation and principal accounting policies
The unaudited condensed consolidated interim financial
statements for the six months ended 30 September 2004 are
prepared in accordance with Hong Kong Statement of Standard
Accounting Practice No. 25 "Interim financial reporting" issued
by the Hong Kong Institute of Certified Public Accountants. In
preparing the unaudited condensed consolidated interim financial
statements, the same basis of presentation, accounting policies
and methods of computation as set out in the Group's
consolidated financial statements for the year ended 31 March
2004 had been consistently applied except for the following
change in segment accounting policy:
Change in segment accounting policy
During the six months ended 30 September 2004, the Group has
changed its identification of reportable business segments. The
Group has reclassified its previous three business segments,
namely, "Distribution of information technology products",
"Provision of systems integration services" and "Development and
distribution of networking products" into three new business
segments, namely, "Distribution", "Systems" and "Services". In
the opinion of the directors of the Company, the new basis of
segmentation provides a more appropriate presentation of the
segment information.
(2) Earnings/(Loss) per share
The calculation of basic earnings/(loss) per share was based on
the net profit attributable to shareholders for the six months
ended 30 September 2004 of approximately HK$95,523,000 (For the
six months ended 30 September 2003: net loss of approximately
HK$90,962,000), and the weighted average of 860,575,380 (For
the six months ended 30 September 2003: 858,704,823) ordinary
shares in issue during the six months ended 30 September 2004.
The calculation of diluted earnings per share was based on the
net profit attributable to shareholders for the six months ended
30 September 2004 of approximately HK$95,523,000 and 862,826,200
ordinary shares, which were the weighted average of 860,575,380
ordinary shares in issue during the six months ended 30
September 2004 and the weighted average of 2,250,820 ordinary
shares deemed to have been issued at no consideration on the
deemed exercise of all the outstanding share options during the
six months ended 30 September 2004.
Diluted loss per share for the six months ended 30 September
2003 had not been calculated, as the impact of the outstanding
share options was anti-dilutive.
GOLDRIVER CORPORATION: Sets Meetings on December 3
--------------------------------------------------
Goldriver Corporation Limited will on December 3 hold its
creditors and contributories meetings at 2:30 p.m. and 3:00
p.m., respectively.
Place: Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66
Queensway, Hong Kong
Dated this 19th day of November 2004.
E T O'CONNELL
Official Receiver & Provisional
Liquidator
JIANGXI PAPER: To Undergo Restructuring
---------------------------------------
Jiangxi Paper Industry Co. Ltd would undergo restructuring by
Jiangxi Jiangzhong Group after the latter purchased a 28 percent
stake in the beleaguered Company, reports Xinhua News.
Jiangzhong Group has agreed to buy a total of 45.1 million
shares in Jiangxi Paper Industry from Nanchang Haoyoudou
Industrial Co. Ltd, the paper maker's largest shareholder.
However, the purchase was subject to approval by China
Securities Regulatory Commission and the State-owned Assets
Administration and Supervision Commission
Jiangxi Paper will undergo rehabilitation through Jiangzhong's
health food making unit and the well-known wine brand Qinong,
once an approval is obtained from the regulators.
For the third quarter of this year, Jiangxi Paper posted total
assets of about CNY233.4 million (US$28.2 million) for the
third, nearly CNY500 million less than the previous year's.
SINOCAN HOLDINGS: Faces Stock Exchange Delisting
------------------------------------------------
In relation to the matter of Sinocan Holdings Limited (In
Liquidation), the Hong Kong bourse has issued a Cancellation of
listing in accordance with Practice Note 17 to the Rules
Governing the Listing of Securities on the Stock Exchange of
Hong Kong Limited.
The Exchange announced that with effect from 9:30 a.m. on 23
November 2004, the listing of the shares of the Company was
cancelled in accordance with the De-listing Procedures.
By the end of the Deadline mentioned below, the Company failed
to provide a valid resumption proposal. Therefore, the Exchange
cancelled the listing of the Company's shares in accordance with
the De-listing Procedures.
The Stock Exchange of Hong Kong Limited announced that the
listing of the shares of Sinocan Holdings Limited cancelled with
effect from 9:30 a.m. on 23 November 2004 in accordance with the
de-listing procedures stipulated in Practice Note 17 to the
Listing Rules. Practice Note 17 to the Listing Rules formalized
the procedures to be adopted to de-list long-suspended
companies.
Dealings in the Company's shares have been suspended since 24
June 2002. Accordingly, the Company's shares have effectively
been suspended for over 28 months.
The Company was put into the third stage of the De-listing
Procedures on 24 June 2003. Pursuant to the De-listing
Procedures, at the end of the third stage, which in the case of
the Company was 23 December 2003, the Deadline, where no valid
resumption proposals have been received, the listing of the
Company's shares will be cancelled.
A resumption proposal was submitted to the Exchange on 10
December 2003. However, the Listing Committee decided that the
resumption proposal was not viable. The Company disagreed with
the Listing Committee's decision and subsequently appealed to
the Listing Committee and Listing Appeals Committee. Both
Committees upheld the Listing Committee's decision and the
Exchange cancelled the listing of the Company's shares with
effect from 9:30 a.m. on 23 November 2004 in accordance with the
De-listing Procedures.
The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement
informing the public of the cancellation of the listing of its
shares on 22 November 2004.
The Exchange advises shareholders of the Company who have any
queries about the implications of the de-listing to obtain
appropriate professional advice.
WAI CHUN: Posts Dividend Notice
-------------------------------
Wai Chun Construction Company Limited, in liquidation, has
issued a dividend notice.
Registered Office & Liquidators' address: 22nd Floor, Prince's
Building, Central, Hong Kong
Amount of Dividend: 100 cents in the dollar
Date of Dividend Distribution: 26 November 2004
Dated this 19th day of November 2004.
John J. Toohey
Joint and Several Provisional Liquidator
Wai Chun Construction Co., Limited
In Liquidation
=================
I N D O N E S I A
=================
BANK PERMATA: Standard-Astra Team Eyes New 20% Stake
----------------------------------------------------
A consortium of Standard Chartered PLC and PT Astra
International is eyeing another 20% stake in PT Bank Permata
Tbk, Dow Jones relates.
The stake would be an addition to the 51-percent shareholding in
Permata the consortium already bought for US$300 million.
Standard Chartered has openly expressed interest in purchasing
the stake in the bank to be offered to public investors next
month.
The government has earlier announced its plan to sell a 20-
percent stake in Permata in the second week of December to help
plug the country's widening budget deficit.
Standard Chartered's interest in Bank Permata is good news for
President Susilo Bambang Yudhoyono, who has prioritized
attracting foreign investment to jump-start the country's
stalled economy.
CONTACT:
PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8
SEMEN GRESIK: Completes Special Audit
-------------------------------------
PT Semen Gresik has completed the special audit for its 2002-
2003 financial statements with an "unqualified opinion" result,
according to Indoexchange. Earlier, the 2002-2004 report
obtained a disclaimer status.
The revised opinion was made following a special audit on the
same financial data by accounting firm PricewaterhouseCoopers
(PwC), which found the Company actually had net profits of
IDR151 billion in 2002 and IDR378 billion in 2003 from IDR196
billion and IDR399 billion, respectively.
The Company's consolidated financial report for fiscal 2002-2003
has yet to gain approval from its shareholders, as the auditor
considered the financial statement of Gresik's subsidiary, PT
Semen Padang, was incomplete. Shareholders are set to meet on
November 30 to consider the approval of the said reports.
Meanwhile, Jakarta Stock Exchange Director Erry Firmansyah
affirmed Gresik's performance has improved following the special
audit. But the bourse will still carry out a public expose after
its shareholder's meeting.
CONTACT:
PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
Web site: http://www.americanstandard.com/
=========
J A P A N
=========
ALL NIPPON: Computer Glitch Suspends Flights
--------------------------------------------
A glitch in the computer system of All Nippon Airways caused the
cancellations of three domestic flights and delays in 52 others
nationwide, according to Kyodo News.
The system problem, which occurred at around 4:20 p.m., has
affected 10,000 passengers. The system fully returned to normal
at 5:45 p.m.
ANA said it is investigating the cause of the trouble.
CONTACT:
All Nippon Airways Co., Ltd.
Shiodome City Center,
1-5-2 Higashi-Shimbashi, Minato-ku
Tokyo, 105-7133, Japan
Phone: +81-3-6735-1000
Fax: +81-3-6735-1005
Web site: http://www.ana.co.jp
DAIDO METAL: JCR Affirms BBB on Bonds
-------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the
BBB rating on the bonds of Daido Metal Co., Ltd.
Issue Amount(bln) Issue Date Due Date Coupon
convertible
bonds no.3 JPY5 Dec. 13, 2000 Sept. 28, 2007 0.2%
Rationale:
Daido Metal has increased the revenue for 5 years in a row,
supported by brisk demand for trucks in Japan and expansion in
sales to automakers in Europe and the U.S. However, it was
forced to drop the pretax profit before extraordinary items
year-on-year for fiscal 2003 ended March 31, 2004. Increased
orders above production capacity and delivery time for these
orders lowered the efficiency of production. As a result, costs
in the fiscal year were larger than those in the previous fiscal
years.
Daido Metal has started increasing the production facilities to
raise production efficiency. The efficiency is now beginning to
improve. The pretax profit is likely to increase in and after
the current fiscal year. Although sales offshore have increased,
contributions from them to the earnings have yet to be made.
The interest-bearing debt will not be reduced for the near
future, given the capital spending for enhancement of facilities
being made now. JCR will pay attention to the future
developments as to how Daido Metal can increase the earnings
through expanded sales both in Japan and abroad.
CONTACT:
Daido Metal Co., Ltd.
Tendoh-Shinden, Maehara,
Inuyama, 484-0061, Japan
Phone: 81-568-61-4241
Fax: 81-568-62-8527
MILLEA HOLDINGS: Profit Plunges 94.5%
-------------------------------------
The two core nonlife insurance units of Millea Holdings
Incorporated tallied a combined net profit of JPY3.1 billion in
the first half of fiscal 2004, down 94.5 percent from the same
period last year, says Japan Today.
According to Millea Holdings, the combined pretax profit of the
two subsidiaries plunged 74.5 percent to JPY24.4 billion in the
April-September period.
To view the Company's financial report, click on:
http://bankrupt.com/misc/TCRAP_MILLEAHOLDINGS112304.pdf
CONTACT:
Millea Holdings, Inc.
Otemachi First Sq., West Tower,
1-5-1 Otemachi, Chiyoda-ku
Tokyo, 100-0004, Japan
Phone: +81-3-6212-3333
Fax: +81-3-6212-3343
Web site: http://www.millea.co.jp
MITSUBISHI FUSO: Mulls Another Recall for Faulty Hubs
-----------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation is planning another
recall of large trucks for free repair of faulty front-wheel
hub, Jiji Press says.
Subject to the recall are over 10,000 units of the Super Great
large trucks that are equipped with its latest model of front-
wheel hubs assembled mainly in the second half of the 1990s.
In order to prevent potential problems or accidents, the ailing
truck maker is considering halting shipments of trucks equipped
with the hubs in question.
The Company also plans to recollect some rear-wheel hubs because
of a similar problem.
Mitsubishi Fuso, mainly owned by DaimlerChrysler AG and
Mitsubishi Motors Corporation, has recalled a total of 168,000
vehicles in March and April this year due to a defect in its
previous wheel hub model.
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: U.S. Unit's Rebound May Take Time
----------------------------------------------------
Mitsubishi Motors North America said it may need longer time to
recover from slumping sales, Reuters reports.
Contrary to a statement made by the Company in May that U.S.
sales would rebound this year, Mitsubishi Motors acknowledged it
will "take until 2005 before sales hit bottom and turnaround
begins".
With U.S. sales plunging 36 percent in the first 10 months of
the year to 142,157 units, the ailing carmaker said it is open
to possibility that the Company would not hit its goal of
returning to profit in North America in 2006.
However, Mitsubishi Motors does not intend to give up on its
target, saying the turnaround may be delayed until 2007.
Backed by US$4.5 billion in aid from investment funds and sister
companies in the Mitsubishi group, the automaker mapped out a
solid restructuring scheme in May, only to revise it a month
later as its operations deteriorated faster than expected.
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
MUTTAH HAMU: Enters Bankruptcy
------------------------------
Meat Packing wholesaler K.K. Muttah Hamu has entered bankruptcy
with total liabilities of US$37.50 million, says Teikoku
Databank America.
The firm is based in Nagoya-shi, Aichi 456-0023.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
NAGOYA RAILROAD: JCR Assigns BBB+ to Bonds
------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has assigned BBB+
ratings to the two series of bonds of Nagoya Railroad Co., Ltd.
Issues Amount(bln) Issue Date Due Date Coupon
callable
convertible
bonds JPY10 Dec. 8, 2004 Mar. 31, 2010 TBD
callable
convertible
bonds JPY10 Dec. 8, 2004 Mar. 30, 2012 TBD
Covenants: Negative Pledge, Collateralized and Maintenance of
Profit
Commissioned Company: Yes
Rationale:
The cash flow generation capability of Nagoya Railroad is on the
rise thanks to the group restructuring that has been made
centering on leisure and services, retail and bus businesses.
Nagoya Railroad transferred part of the leisure business
conducted by the parent Company to a subsidiary last year. It
has also spun off the parent bus operation fully. Nagoya
Railroad incurred restructuring charges in a lump for fiscal
2002. It plans to record an extraordinary loss due to
application of accounting for impairment of fixed assets for the
real estate for business purpose and on spin-off of bus
operation for the current fiscal year.
Large capital spending has been made and continues in
preparation for opening of Chubu International Airport scheduled
for February 2005. Nagoya Railroad is expected to benefit from
the new international airport via extension of the railway
lines.
CONTACT:
Nagoya Railroad Co Ltd
2-4 Meieki 1-Chome
Nakamura-Ku Nagoya 450-8501, Aichi 450-8501
Japan
Phone: +81 52 571 2111
Fax: +81 52 588 0823
Web site: http://www.meitetsu.co.jp/
SEIBU RAILWAY: Net Loss Doubles to JPY1.01 Bln
----------------------------------------------
Seibu Railway Company saw its consolidated net loss for the
first half of the current fiscal year double from the year
before to JPY1.01 billion, according to Japan Today, citing
Kyodo News.
The railway Company attributed the loss mainly to appraisal
losses on properties holdings.
Meanwhile, group revenues dropped to JPY203.4 billion partly due
to a series of typhoons and the summer heat that caused
potential customers to refrain from using its railways for
outings.
Seibu Railway has been embroiled in a string of scandals
following its revelation that it had underreported the
shareholding ratio of stakes held by major investors, including
Kokudo Corporation, a privately held firm that effectively
controls the Seibu Railway group.
CONTACT:
Seibu Railway Company Limited
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237
UFJ HOLDINGS: Units to Launch Securities Intermediation Business
----------------------------------------------------------------
UFJ Holdings Incorporated's subsidiaries, UFJ Bank Limited and
UFJ Tsubasa Securities Co., Ltd., have decided to form an
alliance with kabu.com Securities Co., Ltd. with regard to the
securities intermediation business and has thereby entered into
a basic contract of consignment with UFJ Tsubasa and a basic
agreement with kabu.com in relation to such business Monday.
UFJ Group will mobilize its comprehensive financial service
functions in order to respond to a wide range of customers'
needs in asset management by providing highly competitive
services at one stop. UFJ also aspires to promote market
participation of variety of investors and contribute to
development of the securities market.
Overview of the securities intermediation business by UFJ Bank
is set forth below.
Commencement
On December 1, 2004, when the ban of securities intermediation
business is lifted, UFJ Bank will start securities
intermediation service with UFJ Tsubasa.
Intermediation to kabu.com is scheduled to start in next spring.
Outline of Business
(1) Alliance between UFJ Bank and UFJ Tsubasa
a) Installation of Security Desk
Securities Brokerage Office established in November 2004 in UFJ
Bank will control and promote securities intermediation business
for retail customers.
Securities Desks will be installed in 15 branches of UFJ Bank in
Tokyo, Nagoya and Osaka metropolitan areas on December 1 and
will be expanded to 30 to 40 branches by the end of March 2005.
Thereby UFJ Bank will deploy a full range of securities
intermediation business including opening of securities
consolidated accounts and intermediation of trades of stocks,
corporate bonds and foreign bonds.
b) Intermediation business for retail customers in most of the
branches
In other domestic branches of UFJ Bank without a Securities
Desk, we will sequentially start offering such services as
opening of securities consolidated accounts and sales of
corporate bonds and publicly offered foreign bonds. We will
start providing such services in about 300 branches nationwide
on December 6, 2004 and eventually expand to most of the
domestic manned branches by the end of March 2005.
c) Multi-channel service
In addition to transactions at branches, we will start offering
intermediation service of stocks transactions via UFJ Bank's
call centers and the Internet banking 'UFJ Direct' in December
2004.
d) Business with corporate customers
A specialized sales section will be set up in the headquarter,
where services responding to corporate customers' needs for
investment in stocks, foreign bonds and structured bonds are
provided by the expert staff.
(2) Alliance between UFJ Bank and kabu.com
UFJ Bank and kabu.com will start offering a new service in UFJ
Bank's Internet banking 'UFJ Direct'. This service enables
customers to open securities consolidated accounts on the spot
in website and to start trading immediately, which is the first
and quickest of its kind in Japan as it usually takes a week to
open an account in online securities companies.
This service realizes highly convenient service coordination
where customers can move between securities transactions and
banking transactions smoothly.
UFJ Bank and kabu.com have jointly applied for a patent with
regard to the system for immediate account opening and
transaction and the function of phone call relaying between call
centers of both companies.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: U.S. Officials Dispute Cuts on Duties
----------------------------------------------------------
The South Korean government may not succeed in a World Trade
Organization (WTO) case against cuts on U.S. duties imposed on
DRAM chips made by Hynix Semiconductor Inc., Reuters reports
citing U.S. Trade officials.
The official said it might be possible for the U.S. government
to correct one lost issue by not removing the 45-percent duties
imposed on Hynix last year.
The duties were imposed on Hynix through a case filed by Micron
Technology Inc., alleging that the South Korean government
indirectly subsidized Hynix by directing banks to provide below-
market rate loans.
A WTO ruling stated that the U.S. Commerce Department did not
have enough evidence on that point, a U.S. official said.
However, WTO agreed that import of South Korean DRAM microchips
injured the U.S. industry.
Even if the interim report is upheld on appeal, it maybe
possible for the commerce department to present additional
information to justify the finding, the U.S. official said.
According to Micron's director for corporate information, South
Korea's statement on the duty cuts may still be premature for
the WTO's report is confidential and still preliminary.
The European Union has a 38 percent duty on the Hynix DRAM
chips. Japan launched an investigation in August that could
also lead to duties on the South Korean products.
South Korea has filed a formal appeal to the WTO on both the
U.S. and EU rulings, saying the move virtually shuts the Company
out of two of its biggest markets. Seoul has said the bailout
package was decided and provided by creditors on their own
judgment, not under government influence, according to a recent
TCR-Asia Pacific report.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
* Number of Corporate Bankruptcies Came Mostly from Builders
------------------------------------------------------------
South Korean builders occupied a larger portion of the total
volume of corporate failures, Asia Pulse relates, citing the
central bank Monday.
The construction sector is entangled in severe slump, with a
total of 86 companies bankrupt companies since October of this
year. It was the first time this year for the portion to
surpass 20 per cent. The percentage was up sharply from 17.8
per cent for the third quarter of this year, 17.2 per cent for
the second quarter and 15.1 per cent for the first quarter.
The increase in October's figure resulted from the worsening
business conditions facing the domestic construction industry.
Weak domestic consumption and a government crackdown on property
speculation are crimping demand for new homes and apartments
thus made construction business remain sluggish.
===============
M A L A Y S I A
===============
AMSTEEL CORPORATION: Unveils November 22 AGM Resolutions
--------------------------------------------------------
The Twenty-Ninth Annual General Meeting (AGM) of Amsteel
Corporation Berhad held on 22 November 2004, the shareholders
have approved the following:
1. The re-appointment of Y. Bhg. Jen (B) Tan Sri Dato' Zain
Mahmud Hashim who retired pursuant to Section 129(2) of the
Companies Act, 1965 as Director of the Company; and
2. All other resolutions tabled thereat including the following
ordinary resolutions transacted as special business:
(a) Authority to Directors to issue shares
"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10%
of the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company."
(b) Proposed Renewal of Shareholders' Mandate for Recurrent
Related Party Transactions "THAT approval be given for the
Company and its subsidiary companies to enter into the recurrent
related party transactions of a revenue or trading nature which
are necessary for its day-to-day operations as detailed in
paragraph 3.3 (Recurrent Transactions) and with those related
parties as detailed in paragraph 3.2 of the Circular to
Shareholders of the Company dated 30 October 2004 subject to the
following:
(i) the transactions are in the ordinary course of business and
are on terms not more favourable to the related parties than
those generally available to the public and are not to the
detriment of the minority shareholders of the Company; and
(ii) disclosure is made in the annual report of the breakdown of
the aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year, amongst others,
based on the following information:
(a) the type of Recurrent Transactions made; and
(b) the names of the related parties involved in each type of
Recurrent Transactions made and their relationship with the
Company;
AND THAT authority conferred by this Ordinary Resolution shall
continue to be in force until:
(i) the conclusion of the next annual general meeting of the
Company at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;
(ii) the expiration of the period within which the next annual
general meeting after that date is required to be held pursuant
to section 143(1) of the Companies Act, 1965 (but shall not
extend to such extension as may be allowed pursuant to section
143(2) of the Companies Act, 1965); or
(iii) revoked or varied by resolution passed by the shareholders
in general meeting;
whichever is the earlier,
AND THAT the Directors be authorized to complete and do all such
acts and things (including executing such documents as may be
required) to give effect to the transactions contemplated and/or
authorized by this Ordinary Resolution."
CONTACT:
Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
MALAYSIA
Phone: +60 3 2162 2155/2161 3166
Fax: +60 3 2162 3448
AYER HITAM: Schedules AGM on December 16
----------------------------------------
Notice is hereby given that the Twenty-Sixth Annual General
Meeting of Ayer Hitam Tin Dredging Malaysia Berhad will be held
at Alamanda Room, Second Floor, Dorsett Regency Hotel, 172,
Jalan Imbi, 55100 Kuala Lumpur on Thursday, 16 December 2004 at
2:30 p.m. to conduct the following businesses:
AS ORDINARY BUSINESS
(1) To receive and adopt the Audited Financial Statements for
the financial year ended 30 June 2004 together with the Reports
of the Directors and Auditors thereon. Resolution 1
(2) To re-elect Dato' S.S. Subramaniam who retires in accordance
with Article 81 of the Company's Articles of Association.
Resolution 2
(3) To re-elect Hazli bin Ibrahim who retires in accordance with
Article 88 of the Company's Articles of Association. Resolution
3
(4) To approve Directors' remuneration for the financial year
ended 30 June 2004. Resolution 4
(5) To re-appoint Messrs KPMG as Auditors of the Company and to
authorize the Directors to fix their remuneration.
Resolution 5
AS SPECIAL BUSINESS
(6) To consider and, if thought fit, to pass the following
Ordinary Resolution with or without modifications:
Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965
"THAT subject to the approval of all relevant regulatory
authorities, the Directors be and are hereby empowered, pursuant
to Section 132D of the Companies Act, 1965, to issue shares in
the Company, at any time and upon such terms and conditions and
for such purposes as the Directors may, in their absolute
discretion, deem fit, provided that the aggregate number of
shares issued pursuant to this Resolution in any one financial
year does not exceed 10% of the issued capital of the Company
for the time being and THAT the Directors be and are also
empowered to obtain the approval for the listing of and
quotation for the additional shares so issued on the Bursa
Malaysia Securities Berhad and THAT such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company." Resolution 6
(7) To transact any other business of which due notice shall
have been given.
By Order of the Board,
WONG YEOW CHOR
Company Secretary
Kuala Lumpur
24 November 2004
Notes:
(1) A member of the Company entitled to attend and vote at the
meeting is entitled to appoint a proxy to attend in his stead. A
proxy may but need not be a member of the Company and the
provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company.
(2) To be valid, the form of proxy duly completed must be
deposited at the Company's Registered Office at Suites 4-6,
Level 24, Menara Olympia, 8, Jalan Raja Chulan, 50200 Kuala
Lumpur not less than 48 hours before the time appointed for
holding the meeting or at any adjournment thereof.
(3) A member shall be entitled to appoint not more than two (2)
proxies to attend and vote at the same meeting, provided that
the provisions of Section 149(1) (c) of the Companies Act, 1965
are complied with.
(4) Where a member appoints more than one (1) proxy, the
appointment shall be invalid, unless he specifies the
proportions of his holdings to be represented by each proxy.
(5) If the appointer is a corporation, the form of proxy must be
executed under its Common Seal or under the hand of its officer
or attorney duly authorized.
EXPLANATORY NOTE ON SPECIAL BUSINESS
Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965
The proposed Ordinary Resolution, if passed, will renew the
powers given to the Directors at the last Annual General
Meeting, the authority to issue shares up to 10% of the issued
capital of the Company for the time being or such other purposes
as the Directors consider would be in the interest of the
Company. This authority, unless revoked or varied at a general
meeting, will expire at the next Annual General Meeting of the
Company.
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920
AYER HITAM: Issues Default Status Update
----------------------------------------
Pursuant to Practice Note 1/2001 of the Bursa Malaysia
Securities Berhad, Ayer Hitam Dredging Malaysia Berhad provided
an update on its default in payments position as at 31 October
2004, as shown in Table 1
(http://bankrupt.com/misc/tcrap_ayer112304.doc)
The total default by the Group on principal sum plus interests
as at 31 October 2004 amounted to RM39,920,952.00. The default
payments owing to lending institutions are in respect of term
loan and syndicated term loan as per the previous announcement
made on 27 August 2004.
There is no new development on the default of payments since the
previous announcements with regard to Practice Note. No. 1/2001.
Notes:
Syndicated Term Loan
(1) As announced to the Exchange on 18 October 2004, the lending
institutions served a legal letter of demand to MHSB and the
Company, as the corporate guarantor for the sum of
RM23,870,518.32 which was in respect of principal due and
interest accrued up to 30 September 2004.
Term Loan
(1) Consequently, the Company, as the corporate guarantor of
both MHSB and PAHT's loans, may have cross-defaulted PAHT's term
loan. Hence, the full amount has been included in Table 1.
http://bankrupt.com/misc/tcrap_ayer112304.doc
The above figures are based on the respective companies'
records.
DATAPREP HOLDINGS: Appoints New Remuneration Committee Member
-------------------------------------------------------------
Dataprep Holdings Berhad announced that with effect from 22
November 2004, Dato' Pian bin Sukro has been appointed member
and Chairman of the Remuneration, Quality and Nominating (RQN)
Committee.
In view thereof, the RQN Committee of Dataprep Holdings Bhd
shall constitute of the following persons:
(1) Dato' Pian bin Sukro (Independent Non-Executive Director) (
(2) Encik Muhammad Fauzi bin Abd Ghani (Independent Non-
Executive Director)
(3) Mr. Michael Yee Kim Shing (Independent Non-Executive
Director)
(4) Mr. Chew Liong Kim (Executive Director/Chief Executive
Officer)
CONTACT:
Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Phone: 603-2539625
Fax: 603-2539620
This announcement is dated 22nd November 2004
FIAMMA HOLDINGS: Releases Unaudited Quarterly Results
-----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Fiamma
Holdings Berhad released its unaudited quarterly report for the
financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
32,638 44,363 152,633 210,878
2 Profit/(loss) before tax
-1,394 2,342 -583 -11,369
3 Profit/(loss) after tax and minority interest
-1,746 1,647 -1,789 -5,685
4 Net profit/(loss) for the period
-1,746 1,647 -1,789 -5,685
5 Basic earnings/(loss) per shares (sen)
-0.02 1.96 -0.02 -6.75
6 Dividend per share (sen)
1.50 3.00 1.50 3.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
1.3700 1.4200
For a full copy of its quarterly report, go to
http://bankrupt.com/misc/tcrap_fiamma112304.xls
CONTACT:
Fiamma Holdings Berhad
Lot 24, Rawang Housing & Industrial Estate,
Mukim Rawang, Karung Berkunci
No 210, 48000 Rawang,
Selangor Darul Ehsan, Malaysia
Phone: 603-60914343
Fax: 603-60913911, 60914485
Telex: MA 031993
GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on November
22, 2004.
Date of buy back: 22/11/2004
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 1,000
Minimum price paid for each share purchased (RM): 0.685
Maximum price paid for each share purchased (RM): 0.685
Total consideration paid (RM): 698.20
Number of shares purchased retained in treasury (units): 1,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,220,600
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Phone: +60 4 228 2890
This announcement is dated 22 November 2004.
JOHORE TENGGARA: Unveils FY04 Unaudited Quarterly Results
---------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Johore
Tenggara Oil Palm Berhad released its unaudited quarterly report
for the financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
23,103 20,608 64,693 55,675
2 Profit/(loss) before tax
-69,522 1,990 -54,082 10,356
3 Profit/(loss) after tax and minority interest
-58,617 -1,719 -44,474 6,552
4 Net profit/(loss) for the period
-58,617 -1,719 -44,474 6,552
5 Basic earnings/(loss) per shares (sen)
-37.00 -1.00 -28.00 4.10
6 Dividend per share (sen)
0.00 0.00 2.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
2.5200 2.3900
For more information, go to
http://bankrupt.com/misc/tcrap_johore112304.pdf
CONTACT:
Johore Tenggara Oil Palm Berhad
No. 7, Jalan 5/65C
Off Jalan Pahang Barat
Pekeliling Business Centre
53000 Kuala Lumpur
Phone: 03-4023 9322
Fax: 03-4024 7322
Web site: http://www.jtop.com.my
KRAMAT TIN: Posts Unaudited Quarterly Results
---------------------------------------------
Kramat Tin Dredging Berhad released its unaudited quarterly
report for the financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
0 0
2 Profit/(loss) before tax
-478 -788
3 Profit/(loss) after tax and minority interest
-489 -820
4 Net profit/(loss) for the period
-489 -820
5 Basic earnings/(loss) per shares (sen)
-12.30 -20.70
6 Dividend per share (sen)
0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.9400 1.1400
For a copy of its consolidated unaudited income statement, go to
http://bankrupt.com/misc/tcrap_kramat112304.xls
CONTACT:
Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang Bukit Damansara
Kuala Lumpur, 50490
MALAYSIA
Phone: +60 3 2092 5588
Fax: +60 3 2093 9917
KUMPULAN BELTON: Notes Expiry of Warrants
-----------------------------------------
Reference is made to Kumpulan Belton Berhad's 20,790,000
existing warrants 1999/2004 (Warrants), which were issued on 23
December 1999.
Notice is hereby given that pursuant to the Conditions
stipulated in the Deed Poll governing the terms and conditions
of the Warrants, the subscription rights of the Warrants shall
expire at 5 p.m. in Malaysia on Wednesday, 22 December 2004
(Expiry Date).
Based on the closing price of Belton Shares as at 17 November
2004 of RM0.31, the Warrants are currently trading out-of-the
money by RM1.19, i.e. the exercise price of the Warrants is
higher than the aforementioned traded price of Belton Shares.
Warrantholders should note that Warrants not exercised by 5.00
p.m. on the Expiry Date will lapse and become null and void and
cease to be exercisable or valid for any purpose thereafter.
Accordingly, any Warrants which have not been exercised shall be
debited by Bursa Malaysia Depository Sdn Bhd from the
Warrantholders' Securities Accounts after 5 p.m. on 22 December
2004.
Accordingly, the Warrants will be removed from the Official List
of the Bursa Securities, with effect from 9 a.m. on Thursday, 23
December 2004.
Warrantholders are therefore advised to carefully note the
procedures set out below:
(1) Suspension Of Trading And Last Day For Trading
To facilitate an orderly exercise of the Warrants subscription
rights, trading of the Warrants on Bursa Securities will be
suspended with effect from 9.00 a.m. on Tuesday, 7 December 2004
up to the Expiry Date. Hence, the last day for trading of the
Warrants shall be Monday, 6 December 2004.
(2) Exercise Price
The Exercise Price shall be RM1.50 (Ringgit Malaysia One and Sen
Fifty Only) for each new ordinary share or such adjusted price
as may for the time being be applicable in accordance with the
conditions set out in the Deed Poll, i.e. if you subscribe for
100 new ordinary shares, the Exercise Price shall be RM150.00.
(3) Payment Of Exercise Price
Payment of the Exercise Price shall be made to the specified
office of the Registrar of the Company, by way of remittance in
Ringgit Malaysia by banker's draft or cashier's order drawn on a
bank operating in Malaysia or a money order or a postal order
issued by a post office in Malaysia for the credit of "KUMPULAN
BELTON BERHAD WARRANT PROCEEDS ACCOUNT" for the full amount of
the Exercise Price payable in respect of the Warrants exercised.
The Warrantholder shall endorse the name and address of the
exercising Warrantholder on the reverse of the banker's draft,
money order, postal order or cashier's order. Such payment
shall be made free of any foreign exchange commissions,
remittance charges or other deductions.
(4) Procedure for Exercise of Warrants
Last Day of trade Warrants: 6 December 2004
Last Day to exercise Warrants and subscribe for new shares: 22
December 2004
In order to exercise one or more Warrants, the Warrantholder
must fulfill the following conditions:
(i) lodgement at the specified office of the Registrar, during
normal business hours, of a Subscription Form in the form as set
out in the Deed Poll (which shall be irrevocable and can be
obtained at the Registrar's office) duly completed and signed by
the exercising Warrantholder or, if the Warrantholder is a
corporation, signed by an authorized person on behalf of the
corporate exercising Warrantholder, and duly stamped in
accordance with any law for the time being in force relating to
stamp duty, if any;
(ii) the furnishing of a photocopy of Identity
Card/Passport/Certificate of Incorporation (whichever is
applicable) or such evidence, if any, as the Registrar, or as
the case may be, Bursa Malaysia Depository Sdn Bhd may require
to determine the due execution of the Subscription Form by or on
behalf of the exercising Warrantholder;
(iii) the payment of the Exercise Price in accordance with the
Deed Poll as highlighted in Paragraph 2 above;
(iv) the payment of any stamp, issue, registration or other
similar taxes or duties arising on the exercise of the relevant
Warrants as the Registrar may require, amounting to RM10.00
only, and;
(v) comply with the requirements set out in the Subscription
Form and all exchange control and other legal requirements
applicable to the exercise of the Subscription Rights under the
Warrants.
The new ordinary shares to be issued pursuant to the exercise of
the Warrants shall be credited into the respective
Warrantholder's CDS Accounts.
(5) Contact Details
Warrantholders may contact the Registrar of the Company,
Symphony Share Registrars Sdn Bhd, Level 26, Menara Multi-
Purpose, Capital Square, No.8 Jalan Munshi Abdullah, 50100 Kuala
Lumpur, (03) 2721-2222) for the subscription form and for any
exercise of the Warrants.
CONTACT:
Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
MALAYSIA
Phone: +60 3 6257 2233
Fax: +60 3 6257 8989
This announcement is dated 22 November 2004.
LANKHORST BERHAD: Resumes Trading of Shares
-------------------------------------------
The Bursa Malaysia Securities Berhad announced that the trading
in Lankhorst Berhad's securities has resumed on 23 November
2004.
The securities of Lankhorst Berhad were suspended on 18 November
2004 following the winding up petition notice on Lankhorst
Pancabumi Contractors Sdn Bhd, a subsidiary of the Company,
appearing on The Star on 18 November 2004.
CONTACT:
Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia
NALURI BERHAD: Names New Secretary
----------------------------------
Naluri Berhad announced the appointment of Ms. Liew Irene as its
new Secretary on September 22, 2004.
Date of change: 19/11/2004
Type of change: Appointment
Designation: Secretary
License no.: MAICSA 7022609
Name: Liew Irene
Working experience and occupation during past 5 years : 1996 -
2001: Secretarial Executive, Corporate Secretarial,
M&C Services Sdn Bhd
2001 - 2004: Assistant Company Secretary, RHB Bank Berhad
2004 - Present: Manager, Corporate Secretarial, K-3 Corporate
Services Sdn Bhd
Remarks: Appointed as Joint Company Secretary of Naluri Berhad
(Special Administrators Appointed)
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Telephone: +60 3 2162 0676
NAUTICALINK BERHAD: EGM Set for January 5
-----------------------------------------
The Board of Directors of Nauticalink Berhad (NB) at its meeting
held on 22 November has decided to proceed with convening an
Extraordinary General Meeting (EGM) of the Company as
requisitioned by Corporate Business (M) Sdn Bhd (CB).
The date of the requisitioned EGM is now fixed for Wednesday,
5th January 2005 at 10 a.m. in Kuala Lumpur. The venue will be
stated in the notice proper, which will be issued to
shareholders and also advertised in a local newspaper in due
course.
CONTACT:
Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-40431005
Fax: 03-40431058
PAN MALAYSIA: Discloses 2004 Unaudited Quarterly Results
--------------------------------------------------------
Pan Malaysia Industries Berhad released its unaudited quarterly
report for the financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
77,376 73,098 142,896 128,536
2 Profit/(loss) before tax
-17,198 -24,317 -25,136 -53,327
3 Profit/(loss) after tax and minority interest
-22,224 -26,261 -28,834 -53,728
4 Net profit/(loss) for the period
-22,224 -26,261 -28,834 -53,728
5 Basic earnings/(loss) per shares (sen)
-0.90 -1.16 -1.16 -2.55
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-0.0017 0.0108
For a copy of the Company's full quarterly report, go to
http://bankrupt.com/misc/tcrap_panpacific111204.xls
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299
PAN MALAYSIA: Proposes Warrants Extension
-----------------------------------------
Pan Malaysia Industries Berhad (PMI) proposes to extend the
duration and exercise period of PMI's outstanding Warrants by
five (5) years from 27 August 2005 to 26 August 2010.
THE PROPOSED WARRANTS EXTENSION
PMI had on 29 August 2000, issued 978,421,500 new ordinary
shares of RM0.50 each with 978,421,500 free detachable warrants
(1st Warrants) pursuant to the Company's renounceable rights
issue of 978,421,500 new ordinary shares of RM0.50 each with
978,421,500 warrants attached at an issue price of RM0.55 per
share with one (1) warrant attached for every existing ordinary
share held at 5.00 p.m. on 23 June 2000.
The 1st Warrants were listed on the Main Board of Bursa Malaysia
Securities Berhad (Bursa Securities) on 11 September 2000.
On 8 August 2003, PMI further issued 522,481,224 new ordinary
shares of RM0.50 each by way of:
a) rights issue of 274,990,118 new ordinary shares of RM0.50
each pursuant to the Company's renounceable rights issue of up
to 782,737,200 new ordinary shares of RM0.50 each (Rights
Shares) at an issue price of RM0.50 per Rights Share on the
basis of two (2) Rights shares for every five (5) existing
ordinary shares held at 5.00 p.m. on 24 June 2003 (Rights
Issue); and
b) bonus issue of 247,491,106 new ordinary shares of RM0.50 each
pursuant to the bonus issue of up to 704,463,480 new ordinary
shares of RM0.50 each (Bonus Shares) on the basis of nine (9)
Bonus Shares for every ten (10) Rights Shares subscribed under
the Rights Issue (Bonus Issue).
Consequent to the Right Issue and Bonue Issue, and in accordance
with the adjustment formulae set out in the Supplemental Deed
Poll dated 3 June 2003, which is supplemental to the Deed Poll
dated 20 June 2000 governing the 1st Warrants, PMI issued an
additional 108,498,533 warrants (New Warrants) on 8 August 2003
to the entitled holders of the 1st Warrants. Consequently, the
total number of Warrants (being 1st Warrants and New Warrants)
issued by PMI is 1,086,920,033. Further thereto, the exercise
price of the 1st Warrants and the New Warrants had been adjusted
from RM0.58 to RM0.52 per share retroactively from 25 June 2003.
The New Warrants will also expire at the same time as the 1st
Warrants i.e. on 26 August 2005. The Rights Shares, Bonus Shares
and New Warrants were listed on Bursa Securities on 20 August
2003. As at 19 November 2004, none of the 1,086,920,033 Warrants
have been exercised.
PMI had on 3 September 2001 announced that the Deed Poll
executed on 20 June 2000 governing the Warrants expressly
permits the extension of the exercise period of the Warrants
subject to the approval of the relevant authorities.
The Company proposes to extend the duration and exercise period
of the Warrants for five (5) years from 27 August 2005 up to and
including 26 August 2010.
The Proposed Warrants Extension is in compliance with the Press
Release as announced by the Securities Commission (SC) on 30
October 1998 pertaining to extension of the exercise period of
warrants and Section 68(1) of the Companies Act, 1965 (Act)
which enables options on shares to have an exercise period of up
to ten (10) years.
RATIONALE FOR THE PROPOSED WARRANTS EXTENSION
The market price of PMI shares has been trading below the
exercise price of the Warrants of RM0.52. There is uncertainty
as to whether the performance of the PMI's share price will
improve to a level that would result in the Warrants being in-
the-money by 26 August 2005 (being the current expiry date of
the Warrants).
The Proposed Warrants Extension is intended to allow the
Warrantholders who have not been able to exercise their Warrants
additional flexibility in exercising their Warrants as and when
the market price of PMI shares is more favorable. Based on the
1,086,920,033 Warrants outstanding as at 19 November 2004, and
the exercise price of RM0.52 per Warrant, the Company stands to
raise approximately RM565.20 million from the exercise of the
Warrants.
Unless PMI shares are traded above RM0.52 in the immediate
future, it is unlikely that the Warrantholders will exercise
their Warrants prior to the current expiry date of the Warrants
on 26 August 2005. Upon the lapse of the current expiry date,
the Warrants will have zero value. The Proposed Warrants
Extension would allow a longer period for the exercise of the
Warrants.
It should also be noted that the Proposed Warrants Extension
would not cause any further dilution in the shareholders'
interests other than that which has already been taken into
account when the Warrants were originally issued.
EFFECTS OF THE PROPOSED WARRANTS EXTENSION
Share Capital
The Proposed Warrants Extension will not have any impact other
than the effects arising from the exercise of the Warrants. The
issued and paid-up share capital will increase depending on the
number of Warrants exercised subsequent to the Proposed Warrants
Extension.
Earnings
The Proposed Warrants Extension will not have any material
effect on the earnings of PMI for the financial year ending 31
March 2005. Any potential effect on the earnings of PMI in the
future will depend on the number of Warrants exercised during
the exercise period, and the utilisation of proceeds thereof
from the exercise of the Warrants.
Net Tangible Assets (NTA)
The Proposed Warrants Extension will not have any material
effect on the NTA of PMI for the financial year ending 31 March
2005. However, assuming the full exercise of the Warrants, the
NTA of PMI is expected to increase based on the proforma audited
consolidated financial statements of PMI as at 31 March 2004.
Major Shareholders
The Proposed Warrants Extension will not have any effect on the
shareholdings of the major shareholders of PMI other than that
which has already been taken into account when the Warrants were
originally issued. The Proposed Warrants Extension also will not
cause any further dilution in the shareholders' interests other
than that which would have already been taken into account when
the Warrants were originally issued.
Dividends
The Directors of PMI did not recommend any dividend for the
financial year ended 31 March 2004. The payment of dividends in
the future would depend on, amongst others, the profitability
and cashflow position of PMI. The Proposed Warrants Extension is
not expected to have any material effect on the dividend policy
of the Company.
CONDITIONS OF THE PROPOSED WARRANTS EXTENSION
The Proposed Warrants Extension is conditional upon approvals
being obtained from the following:
(i ) the SC for the extension of the duration and exercise
period;
(ii) the shareholders of PMI at an Extraordinary General Meeting
(EGM) to be convened whereby at least 75% of the shareholders
present in person or by proxy vote in favor of the Proposed
Warrants Extension;
(iii) the Warrantholders of PMI at a Meeting of Warrantholders
to be convened for the Proposed Warrants Extension, whereby at
least 75% of the Warrantholders present in person or by proxy
vote in favour of the Proposed Warrants Extension; and
(iv) any other relevant authority, if required.
In the event that any of the above approvals is not obtained,
the Warrants will expire as originally scheduled on 26 August
2005.
DIRECTORS' INTERESTS
The interests of the interested Directors in the PMI shares and
Warrants are as set out in Table 3 and Table 4 respectively.
Dato' Mohd. Ibrahim bin Mohd. Zain and Tan Sri Dato' Dr Khoo Kay
Peng are Directors of PMI and are deemed interested in the
Proposed Warrants Extension by virtue of them having interests
in the PMI's Warrants. Accordingly, Dato' Mohd. Ibrahim bin
Mohd. Zain and Tan Sri Dato' Dr Khoo Kay Peng have abstained and
will continue to abstain from deliberation and voting in respect
of the Proposed Warrants Extension at all Board meetings of the
Company.
Save as disclosed above, none of the other Directors of PMI have
any interest, direct or indirect, in the Proposed Warrants
Extension.
STATEMENT BY BOARD OF DIRECTORS
Having considered the rationale for the Proposed Warrants
Extension, your Directors (save for the interested directors,
namely, Dato' Mohd. Ibrahim Bin Mohd. Zain and Tan Sri Dato' Dr
Khoo Kay Peng) are of the opinion that the Proposed Warrants
Extension is in the best interest of the Company, its
shareholders and the holders of Warrants.
DEPARTURE FROM THE SECURITIES COMMISION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES (SC GUIDELINES)
The Proposed Warrants Extension is in compliance with the Press
Release as announced by the SC on 30 October 1998 pertaining to
the extension of the exercise period of warrants and Section
68(1) of the Company Act, 1965 which enables options on shares
to have an exercise period of up to ten (10) years.
ADVISER
PM Securities has been appointed by PMI to act as Adviser for
the Proposed Warrants Extension.
APPLICATION TO THE SC
The application to the SC for the Proposed Warrants Extension
will be made within fourteen (14) days from the date of this
announcement.
cc. Securities Commission
Attn: Y.Bhg. Datuk Kris Azman Abdullah
For more information, go to
http://bankrupt.com/misc/tcrap_panamalaysia112304B.doc
This announcement is dated 22 November 2004.
PAN PACIFIC: AGM Slated for December 15
---------------------------------------
Notice is hereby given that the Fourteenth Annual General
Meeting (AGM) of Pan Pacific Asia Berhad will be held at Mersawa
Room, Lower Ground Floor, Eastin Hotel, 13, Jalan 16/11, 46350
Petaling Jaya, Selangor Darul Ehsan on Wednesday, 15 December
2004 at 8:30 a.m. for the purpose of transacting the following
business:
ORDINARY BUSINESS
(1) To receive the Audited Financial Statements for the year
ended 30 June 2004 together with the Reports of the Directors
and Auditors attached thereon.
Resolution 1
(2) To re-elect Ganesan A/L Sundaraj who is retiring in
accordance with Article 85 of the Company's Articles of
Association.
Resolution 2
(3) To re-appoint Messrs Ernst & Young as the Company's Auditors
and to authorise the Directors to fix their remuneration.
Resolution 3
SPECIAL BUSINESS:
(4) To consider and, if thought fit, to pass with or without
modifications, the following resolutions as Ordinary
Resolutions: Ordinary Resolution No. 1
Re-appointment of Director over 70 years of age
"THAT pursuant to Section 129 of the Companies Act, 1965, Dato'
Jaffar bin Ahmad Indot who is over 70 years of age, be and is
hereby appointed as Director of the Company and to hold office
until the conclusion of the next Annual General Meeting of the
Company." Resolution 4
Ordinary Resolution No. 2
Re-appointment of Director over 70 years of age
"THAT pursuant to Section 129 of the Companies Act, 1965, Tan
Sri Dato' Chen Wing Sum who is over 70 years of age, be and is
hereby appointed as Director of the Company and to hold office
until the conclusion of the next Annual General Meeting of the
Company." Resolution 5
Ordinary Resolution No. 3
Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965 "THAT subject always to the approvals of the
relevant authorities, the Directors be and are hereby authorised
pursuant to Section 132D of the Companies Act, 1965, to allot
and issue shares in the Company at any time and upon such terms
and conditions and for such purposes as the Directors may in
their absolute discretion, deem fit, provided that the aggregate
number of shares to be issued pursuant to this resolution does
not exceed ten per centum (10%) of the total issued capital of
the Company at the time of issue and that the Directors be and
are also empowered to obtain the approval for the listing of and
quotation for the additional shares to be issued on the Bursa
Malaysia Securities Berhad and that such authority shall
continue to be in force until the conclusion of the next Annual
General Meeting of the Company."
Resolution 6
ANY OTHER BUSINESS
(5) To transact any other business of the Company of which due
notice shall have been given in accordance with the Company's
Articles of Association and the Companies Act, 1965.
By order of the Board,
PAN PACIFIC ASIA BHD.
LIM PHOOI KEE
NURULUYUN BINTI ABDUL JABAR
Company Secretaries
Petaling Jaya
Date: 23 November 2004
Notes:
(1) A member of the Company entitled to attend and vote at the
Meeting may appoint a proxy or proxies (or being a corporate
member, a corporate representative) to attend and vote in his
stead. A proxy may but need not be a member of the Company.
(2) Where a member appoints two (2) or more proxies, the
appointments shall be invalid unless he specifies the proportion
of his shareholdings to be represented by each proxy.
(3) The instrument appointing a proxy shall be in writing and in
the case of an individual shall be signed by the appointer or
his attorney or in the case of a corporation executed under its
common seal or signed on behalf of the corporation by its
attorney or by an officer duly authorized.
(4) The instrument appointing a proxy or the power of attorney
or other authority (if any) under which it is signed or executed
must be deposited at the registered office of the Company at
Unit No. 602B, Level 6, Tower B, Uptown 5, 5, Jalan SS21/39,
Damansara Uptown, 47400 Petaling Jaya, Selangor Darul Ehsan not
less than 48 hours before the time fixed for holding the Meeting
or adjourned Meeting.
Explanatory Notes on Special Business of the Agenda
Re-appointment of Directors over 70 years of age
The Ordinary Resolutions No. 1 and No. 2 proposed under item (4)
above is in accordance with Section 129(6) of the Companies Act,
1965 which requires that a separate resolution be passed to re-
appoint Dato' Jaffar bin Ahmad Indot and Tan Sri Dato' Chen Wing
Sum who are over 70 years of age as Directors of the Company and
to hold office until the conclusion of the next Annual General
Meeting of the Company. These Resolutions must be passed by a
majority of not less than three-fourths of such Members of the
Company as being entitled to vote in person or where proxies are
allowed, by proxy at the Annual General Meeting of the Company.
Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965
The Ordinary Resolution No. 3 proposed under item (4) above, if
passed will give the Directors of the Company from the date of
the above Meeting, authority to allot and issue ordinary shares
from the unissued share capital of the Company for such purposes
as the Directors consider would be in the best interest of the
Company. This authority will, unless revoked or varied by the
Company in General Meeting, expire at the next Annual General
Meeting.
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Phone: 03-77278168
Fax: 03-77271622
PROMTO BERHAD: Creditors OK Restructuring Scheme
------------------------------------------------
Reference is made to the announcement dated 28 October 2004, in
relation to the notice of the scheme creditors of Promto Berhad
(PB) meeting to be convened pursuant to Section 176 of the
Companies Act, 1965.
Public Merchant Bank Berhad, on behalf of the Board of the
Company, announced that at the meeting of the scheme creditors
of PB summoned pursuant to an order of the High Court of Malaya,
which was held on 22 November 2004, the scheme creditors had
approved the proposed restructuring scheme, as set out in the
notice of the scheme creditors meeting on 29 October 2004.
CONTACT:
Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Phone: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com
QUALITY CONCRETE: Reveals Securities Disposal, Acquisitions
-----------------------------------------------------------
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 22nd
November, 2004: RM27,892
This value represents the aggregate of actual sales proceeds
received.
(3) Effect of the transactions on Company:
NTA per share as at 31 January 2004 RM2.2155
NTA per share after the transactions RM2.1826
Profit per share RM0.00004
The Company has on the 22nd of November 2004 disposed of 20,000
ordinary shares of RM1.00 each in EKSONS.
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.
SAFEGUARDS CORPORATION: Posts Litigation Update
-----------------------------------------------
The Board of Directors of Safeguards Corporation Berhad
(Safeguards) announced that a Writ of Summons dated 9 June 2004
has been served on the Company at 5.17 p.m. on 19 November 2004.
The Company has been named as the Second Defendant out of a
total of five Defendants in the action. The Plaintiff is HC
Corporate Advisory Sdn. Bhd. (HCCA) and the amount claimed is
for the sum of RM3,312,500.00. The claim is for an undertaking
allegedly provided to ensure that one of the Defendants in the
action is in a position to honour payments due to the Plaintiff
in relation to a proposed acquisition exercise by the said
Defendant.
The Board of Directors of Safeguards announced that it was never
at any time, a party to the transaction. The Company has sought
legal opinion and has been advised by their Solicitors that the
claim is without basis and that the Plaintiff has no reasonable
cause of action against the Company. The Solicitors has been
instructed to file a Notice of Appearance immediately and
thereafter proceed to file an application to strike out the
action. In the opinion of the Solicitors of Safeguards, the
claim will in all likelihood fail.
CONTACT:
Safeguards Corporation Berhad
Unit A-3-1,
Wisma HB,
Megan Phileo Avenue,
No. 12, Jalan Yap Kwan Seng,
50450 Kuala Lumpur
Phone: 03-21613633
Fax: 03-21625633
This announcement is dated 22 November 2004.
SELOGA HOLDINGS: Releases FY04 Quarterly Result
-----------------------------------------------
Seloga Holdings Berhad released its unaudited quarterly report
for the financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
19,233 16,715 59,673 53,055
2 Profit/(loss) before tax
-2,087 -2,235 -4,932 -5,352
3 Profit/(loss) after tax and minority interest
-2,087 -2,235 -4,932 -5,384
4 Net profit/(loss) for the period
-2,087 -2,235 -4,932 -5,384
5 Basic earnings/(loss) per shares (sen)
-2.08 -1.79 -5.04 -8.70
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.1500 0.0800
For a copy of the consolidated results for the third quarter
ended 30th September 2004, go to
http://bankrupt.com/misc/tcrap_seloga112304.xls
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
TENCO BERHAD: Unveils 2004 Unaudited Quarterly Results
------------------------------------------------------
Tenco Berhad released its unaudited quarterly report for the
financial period ended September 30, 2004.
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2004
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
30/09/2004 30/09/2003 30/09/2004 30/09/2003
RM'000 RM'000 RM'000 RM'000
1 Revenue
15,332 15,043 30,684 30,842
2 Profit/(loss) before tax
-418 -1,559 -353 -3,166
3 Profit/(loss) after tax and minority interest
-418 -1,559 -353 -3,166
4 Net profit/(loss) for the period
-418 -1,559 -353 -3,166
5 Basic earnings/(loss) per shares (sen)
-0.80 -2.99 -0.68 -6.07
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.0231 0.0251
CONTACT:
Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Telephone: (60) 3 541 0612
Fax: (60) 3 541 0132
=====================
P H I L I P P I N E S
=====================
MANILA ELECTRIC: S&P Places 'CC' Rating on Credit Watch
-------------------------------------------------------
Standard & Poor's Ratings Services on Monday has placed its `CC'
long-term corporate credit rating on Manila Electric Co.
(Meralco) on Credit Watch with positive implications. The rating
action reflects the potential mitigation of weaknesses in
Meralco's liquidity profile as it is in the process of
finalizing an agreement to extend its debt maturities.
Meralco has signed an agreement with its domestic and foreign
commercial banks to refinance maturing loans due in the next 24
months amounting to US$228 million. However, this agreement is
subject to certain conditions precedent, and the documentation
is being finalized. The proposed facility is denominated in U.S.
dollars and Philippine pesos. Principal repayment is proposed to
be amortized quarterly, with the final maturity in 2011.
"Meralco's very strained liquidity has been one of the main
weaknesses constraining its rating, as it had the potential to
precipitate a cash flow crisis. Meralco's rating might be raised
by several notches, possibly up to 'B' category, if the Company
successfully restructures its debt maturity profile, and the
restructuring alleviates its short-term liquidity concerns
substantially," said Standard & Poor's credit analyst Sharad
Jain, director in the Asia-Pacific Corporate & Infrastructure
Ratings Group.
Standard & Poor's will assess Meralco's liquidity situation
after it has finalized the documentation for the proposed loan
facility. The CreditWatch placement is likely to be resolved in
the next few weeks.
Meralco is the dominant electricity distributor in the
Philippines, distributing electricity under one franchise
agreement to 4 million customers in 23 cities and 88
municipalities. Meralco had revenues of Philippine peso (PHP)
135 billion (US$2.5 billion), and net income of PHP907 million
for 2003.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
PHILNICO MINING: Chinese Firms Eye US$1-Bln Rehab
-------------------------------------------------
Two Chinese firms are looking at the possibility of entering a
joint venture for the US$1 billion rehabilitation of the
mothballed Philnico Mining Corporation in Surigao City, the
Manila Times reports, citing the Department of Trade and
Industry.
Jinchuan Nonferrous Metals Corp. and Shanghai Baosteel Group
Corp. are in talks with the nickel processing plant for the
latter's much anticipated rehabilitation scheme.
If the Philnico rehabilitation project is completed, the Company
will reap around US$350 million in nickel exports annually. This
would also lead to the direct and indirect employment of 4,500
workers.
The nickel plant started operation in 1975 but was forced to
cease operation in 1986 because of technical difficulties.
CONTACT:
Mr. Lauro Perez
Vice-President for Operations and Resident Manager
PHILNICO Processing Corporation
Nonoc Island, Surigao City
Philippines 8400
Phone/Fax No. (63) (02) 812-8865)
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Establishes Indirect Subsidiary
---------------------------------------------------
The Board of Directors of CapitaLand Limited announced the
establishment of the following indirect wholly-owned subsidiary
incorporated in Singapore:
Name: CapitaLand Retail Project Management Pte. Limited (CPRM)
Principal Activity: Provision of project management and
consultancy services
Authorized Share: SD$100,000.00 divided into 100,000 ordinary
shares of Capital SD$1.00 each
Issued and: SD$2.00 divided into 2 ordinary shares of SD$1.00
each Paid-up Share Capital CRPM is a wholly-owned subsidiary of
CapitaLand Retail Limited, itself a wholly-owned subsidiary of
CapitaLand.
By Order of the Board
Tan Wah Nam
Company Secretary
22 November 2004
CAPITALAND LIMITED: Reveals Change in Shareholder's Interest
------------------------------------------------------------
Capitaland Limited released a notice on November 22, 2004, at
the Singapore Stock Exchange pertaining to the change in the
Percentage Level of the Interest of ST Property Investments Pte
Ltd.
Part I
(1) Date of notice to issuer: November 22, 2004
(2) Name of Substantial Shareholder: ST Property Investments Pte
Ltd ("STPI")
(3) Please tick one or more appropriate box(es):
Notice of a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Part III and IV]
Part II
(1) Date of change of Interest
(2) Name of Registered Holder
(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
- Please specify details
(4) Information relating to shares held in the name of the
Registered Holder
No. of [Select Option] held before the change
As a percentage of issued share capital %
No. of N.A. which are subject of this notice
As a percentage of issued share capital %
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received
No. of N.A. held after the change
As a percentage of issued share capital %
Part III
(1) Date of change of Interest: November 19,2004
(2) The change in the percentage level From 13.01 % To 13.01 %
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
- Please specify details On 19 November 2004, STPI lent
10,000,000 ordinary shares at par value of S$1.00 in the capital
of CapitaLand to Citigroup Global Markets Limited pursuant to a
Novation Agreement dated 3 November 2004 entered among Singapore
Technologies Pte Ltd, STPI and Citigroup, which is supplemental
to a Global Master Securities Lending Agreement dated 6 October
2003 entered into between STPL and Citigroup in relation to
shares of CapitaLand on the issue of S$451,000,000 1.08 Per
Cent. Guaranteed Exchangeable Notes Due 2010 by ST Treasury
Services Ltd.
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions: N.A.
(1) There was a loan of 10,000,000 CapitaLand Shares on 19
November 2004 as described in item 3 above.
(2) This notice is a result of a change in interest, not a
change in the percentage level.
Part IV
(1) Holdings of Substantial Shareholder, including direct and
deemed interest:
Direct Deemed
No. of shares held before the change 291,435,238 36,909,600
As a percentage of issued share capital 11.55% 1.46%
No. of shares held after the change 281,435,238 46,909,600
As a percentage of issued share capital 11.15% 1.86%
Footnotes % of share capital is based on 2,523,508,885 issued
shares as at 19 November 2004.
Submitted by:
Ng Chooi Peng
Assistant Company Secretary
DORTECHNIC PRIVATE: Issues Preferential Dividend Notice
-------------------------------------------------------
Dortechnic Private Ltd. issued a notice of intended preferential
dividend at the Singapore Government Gazette on November 19,
2004.
Address of Registered Office: Formerly of 200 Jalan Sultan #03-
03 Singapore 199018
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 453 of 1999
Last Day for Receiving Proofs: 3 December 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
KAREN LOH
Assistant Official Receiver
ISB ASIA/PACIFIC: Creditors to Prove Debts by December 20
---------------------------------------------------------
Notice is hereby given that the Creditors of ISB Asia/Pacific
Pte Ltd, which is being wound up voluntarily, are required on or
before 20th December 2004, to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the Company.
If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice or in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Chia Soo Hien
Ng Geok Mui
Liquidators
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808
This Singapore Government Gazette notice is dated November 191,
2004.
RSH LIMITED: Notes Change in Shareholder's Interest
---------------------------------------------------
Rsh Limited released a notice on November 22, 2004 at the
Singapore Stock Exchange pertaining to the change in the
Percentage Level of Interest of Mohamed Ali Rashed Alabbar.
Part I
(1) Date of notice to issuer: November 20, 2004
(2) Name of Director: Mohamed Ali Rashed Alabbar
(3) Please tick one or more appropriate box(es): *
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
[Please complete Part II and IV]
Part II
(1) Date of change of Interest: November 19, 2004
(2) Name of Registered Holder Mohamed Ali Rashed Alabbar
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
(4) Information relating to shares held in the name of the
Registered Holder
No. of Shares held before the change 83,052,533
As a percentage of issued share capital 24.66 %
No. of Shares which are subject of this notice 8,515,100
As a percentage of issued share capital 2.53 %
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.56
No. of Shares held after the change 91,567,633
As a percentage of issued share capital 27.19 %
Part III
(1) Date of change of [Select Option]
(2) The change in the percentage level From % To %
(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:
Part IV
(1) Holdings of Director, including direct and deemed interest:
Direct Deemed
No. of shares held before the change 83,052,533 0
As a percentage of issued share capital 24.66% 0%
No. of shares held after the change 91,567,633 0
As a percentage of issued share capital 27.19% 0%
Submitted by:
Tan Chong Beng
Company Secretary
===============
T H A I L A N D
===============
CAPETRONIC INTERNATIONAL: Unveils Meeting's Resolutions
-------------------------------------------------------
Capetronic International (Thailand) Public Company Limited
notified the Stock Exchange of Thailand (SET) the resolution of
the Extraordinary General Meeting of Shareholders No. 1/2004
which was held on Thursday, the 18th of November 2004, at 02.00
P.M., at Suanluang Bolloom, Novotel Bangna Hotel. The
shareholders meeting resolved the following agendas:
(1) Certified the minutes of the 2004 Annual General Meeting,
held on 30 April 2004.
(2) Approved the appointment of Mr. Somchai Kurujitkosol or Ms.
Wanraya Puttasatiean Certified Public Accountant No. 3277 and
4387 of S.K. Accountant Services Co., Ltd. as the Company's
auditor for the year 2004 and set the auditing fee of not more
than THB1,000,000.
No other agenda was proposed for consideration in the meeting.
Please be informed accordingly.
Your Sincerely,
(Mr. Pathrlap Davivongsa)
Managing Director
CONTACT:
Capetronic International (Thailand) Pcl
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4
M.D.X.: SEC Concludes No Necessary Amendment to FS
--------------------------------------------------
The Stock Exchange of Thailand (SET) posted an NR (Notice
received) sign on the securities of M.D.X. Public Company
Limited (MDX) effective from the first trading session of 19
November 2004 to announce that the SET has received the
Securities and Exchange Commission's (SEC) conclusion that it is
not necessary to amend MDX 's financial statement on the issues
so stated by the Company's auditor.
However, the SET has still suspended trading on the security of
MDX until the causes of delisting is eliminated.
Previously, the SET has posted an NP (Notice pending) sign on
M.D.X. Public Company Limited (MDX) effective from the first
trading session of 17 November 2004 . This is because in the
Company's reviewed financial statement for the period ending 30
September 2004 as submitted to the SET, the Company's auditor
was unable to reach any conclusion on the financial statement
and the SET was waiting for the SEC'S conclusion on this matter.
CONTACT:
M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731
POWER-P: Reveals Result of Board Director's Meeting
---------------------------------------------------
With reference to the board of director's meeting of Power-P
Public Company Limited (PP) held on November 23, the Company
notified the Stock Exchange of Thailand (SET) the resignation of
Mr. Saner Trakulsuk, Mr. Suwat Chaopreecha, Mr. Nikorn
Wattanapanom and Mr. Likit Cheewakraiengkrai from the
directorship of PP effective October 25, 2004.
In the meantime, the Board of Directors of PP has passed the
following resolutions:
(i) To appoint new directors of the Company namely Mr.
Somjainuek Angtrakul, Mr. Somchai Sakulsurarat, Mr. Ratchasak
Susewi and Mr. Paiboon Chorchaitis in order to replace the
foresaid directors who resigned respectively as well as;
(ii) To amend the number and names of the directors who are
authorized to sign to bind the Company as follows: "any two
directors, namely, Mr. Somchai Sakulsurarat, Mr. Ratchasak
Susewi and Mr. Paiboon Chorchaitis jointly signing with affixing
the seal of the Company".
After PP had completely registered with the registrar at the
Public Companies Registration Office, the Company will notify
and submit the certified true copy by the registrar of the
registered application together with the relevant registered
documentation and the Company Affidavits to the SET later.
For your acknowledgement and record as evidence.
Yours sincerely,
Mr. Veerachai Uahvilaijit
Authorized Director
Power-P Planner Company Limited
Plan Administrator of
Power-P Public Company Limited
CONTACT:
Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2
THAI PETROCHEMICAL: Founder Seeks Permission to Buy Back Shares
---------------------------------------------------------------
The founder of Thai Petrochemical Industry PCL (TPI) filed a
request to the Finance Minister to buy back significant shares
of TPI and TPI Polene PCL (TPIPL), Business Day relates.
The newly approved rehabilitation plan of TPI will include the
sale of 11.65 billion new shares and 5.89 billion existing
shares held by creditors to new investors.
According to Prachai Leophairatana, under TPI's new plan, former
shareholders are not prohibited to invest in the Company.
Silapin Buranasilapin, TPIPL's vice president said the existing
shareholder of TPI consider that the Ministry of Finance has no
right to allocate the shares of TPI and TPIPL to other people.
"The ministry has no right to offer the shares to anyone and the
existing shareholders should be given the first priority to buy
back the shares of the two companies," Business Day quoted Mr.
Silapin as saying, adding that Mr. Prachai is ready to meet with
the finance minister to discuss the share allocation issue.
"We want the Ministry of Finance to give the right to the
Leophairatana group and retail shareholders of TPI before other
groups. We are ready to buy up all the shares since we already
have both local and overseas business alliances," Mr. Silapin
said.
Mr. Silapin pointed out that if the Finance Ministry does not
take any action on their petition within 15 days he will submit
a petition to the Central Bankruptcy Court requesting for the
right for Prachai's group to buy back the shares of TPI and
TPIPL.
In the documents submitted to the Ministry of Finance, Prachai
said he wants to request the ministry to allow him to exercise
his right to buy both new capital raising shares and the
existing shares of TPI, including the TPIPL's stake currently
being held by TPI, prior to the ministry's move to allocate
TPI's shares to prospective new business partners of TPI.
Another requirement of TPI's restructuring plan is the repayment
of debts worth US$250 million within one year by selling 49
percent of its holdings in subsidiary TPI Polene, some 249
million shares, or transfer the shares to creditors as debt
repayment.
Mr. Prachai said the debt repayment would spark conflict between
new investors and the Company's plan administrator thus he is
asking to acquire all of the shares up for sale in order to
ensure the smooth operation of the Company's rehabilitation
process.
TPI's business rehabilitation plan gained the approval of the
Central Bankruptcy Court on November 10.
CONTACT:
Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th
TONGKAH HARBOUR: Terminates Offshore Mining Contract
----------------------------------------------------
Tongkah Harbour Public Company Limited (THL) reported to the
Stock Exchange of Thailand (SET), shareholders, and investors,
that THL had contracted Thai Chaloen Partnership to operate its
offshore tin mining in Phuket, under the offshore Tin Mining
Operation Agreement dated 21 May 2004.
The Contractor advised that they decided to discontinue its
operation and terminate the contract effective 17th of November
2004.
Therefore THL still retained only one Contractor, (Reu Dood Rae
Thai Ltd. Part) for the operation.
Please be informed accordingly.
Yours Faithfully,
(Mr. Chalermchai Martmuang)
Secretary to the Executive Board of Director
CONTACT:
Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901
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