/raid1/www/Hosts/bankrupt/TCRAP_Public/041130.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
Tuesday, November 30, 2004, Vol. 7, No. 237
Headlines
A U S T R A L I A
ALLIED BEVERAGE: To Declare Priority Dividend on December 25
ALMAZ TRANSPORT: Court Appoints Ozem Kassem as Liquidator
BUILDING LOGIC: Winds Up Voluntarily
DISTAGA PTY: Members Resolve to Voluntarily Wind Up
EARTH SANCTUARIES: ASIC Acts to Stop Unsolicited Share Offers
EQUITICORP AUSTRALIA: To Declare Final Dividend on December 26
FINNIAN NOMINEES: To Declare Dividend on December 15
INIT PTY: To Undergo Voluntary Winding Up
KUMAGAI QLD: To Face Voluntary Winding Up Process
MANLY ENTERPRISES: Enters Winding Up Proceedings
MAX RESOURCES: Judge Rules Former Directors Not Guilty
MILAC PTY: To Undergo Winding Up Process
MITSUBISHI AUSTRALIA: Plant Closure Goes as Planned
MOORE AUSTRALIA: To Wind Up Voluntarily
NK AUSTRALIA: To Undergo Voluntary Winding Up Process
PASITI PTY: John Gerard Newton Appointed as Liquidator
PRIMELIFE CORPORATION: Launches New Home Care Brand
RAINFARMS AUSTRALIA: Receivers and Managers Named
RICHROSE PTY: Placed Under Voluntary Winding Up
SONS OF GWALIA: Snags Major Tantalum Supply Contract
VISY INDUSTRIES: Losing Millions Over Strike
C H I N A & H O N G K O N G
AURASOUND SPEAKERS: Court to Hear Receiver's Application Dec. 28
BEST CREATION: Court Issues Winding Up Order
CENTRAL HARVEST: First Meetings Set December 2
CENTURY ASIA: Creditors Meeting Slated for December 17
CROWN LEADER: Winding Up Order Served
HANG TAI: Receives Winding Up Order
KENOVA LIMITED: Creditors To Prove Debts by December 24
KOO SHING: Court Issues Winding-up Notice
ZHU KUAN: To Convene Creditors Meeting on Dec. 7
* Regulator Warns of Risks in Banking Sector
I N D O N E S I A
ASTRA INTERNATIONAL: Pefindo Upgrades Bond Rating to "idAA-"
PERTAMINA: Government to Sign Oil Exploration Contracts
PERUSAHAAN LISTRIK: Pefindo Revises Ratings to "idA-"
J A P A N
DAIKYO INCORPORATED: Receives Rehab Aid from Resona Bank
KOMAKIONSEN SHIBUSAWAKOEN: Enters Bankruptcy
MARUISHI CYCLE: Former Boss Gets Suspended Jail Term
PRURIMURA: Declared Bankrupt
RESONA HOLDINGS: Swings to Black in H1 with JPY210-Bln Profit
RESONA HOLDINGS: Unit's Client Applies for Liquidation
SOJITZ HOLDINGS: U.S. Unit Receives Contract from General Motors
UFJ HOLDINGS: Corrects H1 Consolidated Financial Results
UFJ HOLDINGS: Extends Financial Aid to Daikyo
K O R E A
ASIANA AIRLINES: Adding Special Flights to Incheon-Hanoi Route
DAEHAN INVESTMENT: Due Diligence Expected to End This Week
DAEWOO INTERNATIONAL: Targets KRW350 Bln Profit in 2010
HANARO TELECOM: Applies for "WiBro" License
M A L A Y S I A
CHUAN HUAT: Breaches Listing Requirement Rules
CONSOLIDATED FARMS: Issues Practice Note No. 1/2001 Update
DENKO INDUSTRIAL: Unit Faces Winding Up Proceedings
EKRAN BERHAD: AGM Set For December 21
GOLDEN FRONTIER: Unit Enters Into Sale Share Agreement
INTAN UTILITIES: Releases Default Status Update
JIN LIN: Court OKs Restraining Order Extension
K.P. KENINGAU: Unveils October 2004 Production Figures
METROPLEX BERHAD: Court Adjourns Winding Up Hearing to Dec. 2
MYCOM BERHAD: Bank Negara Approves Warrants Issuance
NALURI BERHAD: Issues Book Closure Notice
OLYMPIA INDUSTRIES: Details Rights Issue
QUALITY CONCRETE: Reveals Securities Disposal, Acquisitions
TALAM CORPORATION: To List Additional Shares
TRU-TECH HOLDINGS: Discloses Amended Restructuring Scheme
P H I L I P P I N E S
METRO PACIFIC: Issues Amended SEC Form 19-1
NATIONAL POWER: Inks US$9.2M Deal to Bring Power To Rural Areas
PHILIPPINE REALTY: Elects Nomination Committee Members
SANITARY WARES: Files Petition for Insolvency Liquidation
S I N G A P O R E
CAPITALAND LIMITED: Units Struck Off from Register of Companies
JOMED SINGAPORE: Creditors to Prove Claims by December 24
KOH BROTHERS: Subsidiary Snags SG$26.5-Mln New Contract
MARCO POLO: Creditors to Submit Claims by December 28
MARCO POLO: Posts Resolutions of Convened EGM
RSH LIMITED: Posts Change in Shareholder's Interest
TENBY INVESTMENTS: Court to Hear Bankruptcy Petition Dec. 10
TUNG LIN: Winding Up Hearing Set December 10
WEE POH: Withdraws Resolution 10 from AGM Agenda
T H A I L A N D
THAI WIRE: SET Suspends Trading of Securities
* BOND PRICING: For the Week 29 November to 3 December 2004
- - - - - - - -
=================
A U S T R A L I A
=================
ALLIED BEVERAGE: To Declare Priority Dividend on December 25
------------------------------------------------------------
A first interim priority dividend is to be declared on 25
December 2004 for Allied Beverage Dispensing Equipment Pty
Limited (Subject To A Deed Of Company Arrangement) A.C.N. 101
847 287.
Creditors whose debts or claims pursuant to section 556(c),
being wages and superannuation contributions payable by the
company, have not already been admitted were required on 16
November 2004 to formally prove their debts or claims. If they
have not, they would be excluded from the benefit of the
dividend.
Dated this 18th day of October 2004
P.G. Yates
D.J.F. Lombe
Deed Administrators
Deloitte Touche Tohmatsu
Chartered Accountants
Grosvenor Place, 255 George Street,
Sydney NSW 2000
ALMAZ TRANSPORT: Court Appoints Ozem Kassem as Liquidator
---------------------------------------------------------
Take notice that by an Order of the Supreme Court of New South
Wales Equity Division made on 14 October 2004, Ozem Kassem was
appointed Official Liquidator of Almaz Transport Pty Limited (In
Liquidation) A.C.N. 073 982 073.
Ozem Kassem
Official Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office,
Sydney NSW 1230
Telephone: (02) 8221 8433,
Facsimile (02) 8221 8422
BUILDING LOGIC: Winds Up Voluntarily
------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Building Logic Pty Ltd (In Liquidation) A.C.N. 083
111 915 held on 5 October 2004, it was resolved that the company
be wound up voluntarily.
At a meeting of creditors held on the same day it was resolved
that for such purpose, Dean R McVeigh of Foremans Business
Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay Road, Sandringham Vic
3191 be appointed Liquidator.
Dated this 12th day of October 2004
Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham 3191
DISTAGA PTY: Members Resolve to Voluntarily Wind Up
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Distaga Pty Ltd (In Liquidation) A.C.N. 002 238 682 held on
13 October 2004, it was resolved that the company be wound up
voluntarily and that, Paul Andrew Billingham, Chartered
Accountant of Grant Thornton, Level 17, 383 Kent Street, Sydney
NSW 2000 be nominated to act as Liquidator for the purpose of
the winding up.
Dated this 13th day of October 2004
P.A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
EARTH SANCTUARIES: ASIC Acts to Stop Unsolicited Share Offers
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
taken action to protect consumers from unsolicited offers to
purchase shares in Earth Sanctuaries Ltd (ESL) and Dia-B Tech
Limited (Dia-B Tech).
ASIC has placed an interim stop order on Comprehensively
Sustainable Developments Pty Ltd (CSD) regarding its unsolicited
offer to purchase shares from shareholders in ESL, while also
placing a stop order on Lucente Solicitors regarding their
offer, on behalf of an unnamed client, to purchase Dia-B Tech
shares.
CSD wrote to existing ESL shareholders on 5 November 2004
offering AU$0.1425 per share. Shares in ESL, a wildlife tourism
and education company with sanctuaries around Australia, last
traded on the 15 November 2004 at AU$0.145, and had over the
five days prior to this, closed between AU$0.135 and AU$0.150.
Lucente Solicitors wrote to shareholders in late October 2004
offering AU$0.04 per share in Dia-B Tech, a diabetes and obesity
research company.
ASIC issued the orders following concerns that the offers did
not comply with disclosure provisions of the Corporations Act
2001 (the Act).
The Act places restrictions on the way offers may be made to
ensure shareholders are able to make an informed decision about
whether to sell their shares. This includes giving shareholders
at least one month to consider the offer, and requiring that the
information provided be set out in a clear, concise and
effective manner.
The Act also states that shareholders should be provided with
the market value of the shares at the date of the offer and be
advised of who is making the offer.
"These offers are part of a growing trend in unsolicited offers
being made to shareholders," the Executive Director of Financial
Services Regulation, Mr. Ian Johnston said.
"In many, although not all, instances, unsolicited offers seek
to take advantage of poorly informed shareholders. Recent
changes to the law impose conditions on how unsolicited offers
are made. These are important consumer protection provisions and
ASIC will take all necessary measures to protect consumers from
unsolicited offers that do not appear to comply with the law,"
Mr. Johnston added.
The orders prevent offers, issues, sales or transfers of the ESL
and Dia-B Tech securities for 21 days unless the order is
lifted. ASIC will hold separate hearings to determine whether
the orders made in relation to the unsolicited offers made by
both CSD and Lucente Solicitors' undisclosed clients are revoked
or made permanent.
CONTACT:
Earth Sanctuaries Limited
21 Williams Road , MYLOR
Australia, 5153
Telephone: (08) 8370 9422
Fax: (08) 8339 7233
Web site: http://www.esl.com.au/
EQUITICORP AUSTRALIA: To Declare Final Dividend on December 26
--------------------------------------------------------------
A sixth interim dividend is to be declared on 26 December 2004
in respect of Equiticorp Australia Limited (In Liquidation)
A.C.N. 002 742 672.
Creditors whose debts or claims have not already been admitted
were required on 16 November 2004 formally to prove their debts
or claims. In default, they would be excluded from the benefit
of the dividend.
Dated this 26th day of October 2004
S.B. Kershaw
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
FINNIAN NOMINEES: To Declare Dividend on December 15
----------------------------------------------------
A first and final dividend is to be declared on the 15th day of
December 2004 for Finnian Nominees Pty Limited (In Liquidation)
A.C.N. 087 355 137.
Creditors whose debts or claims have not already been admitted
were required on the 16th day of November 2004 formally to prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.
Mark Roufeil
Official Liquidator
Level 9, 31 Market Street,
Sydney NSW 2000
INIT PTY: To Undergo Voluntary Winding Up
-----------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Init Pty Limited (In Liquidation) A.C.N. 073 811 748, held on
the 14th day of October, 2004, the following Special Resolution
was duly passed:
That as the Company in the opinion of the Directors will not be
able to pay its debts within twelve (12) months the Company be
wound up by a Creditors Voluntary Winding Up.
Stephen Jay of Nicholls & Co., Chartered Accountants, Suite 2,
1st Floor, 43 Macquarie Street, Dubbo, NSW was appointed
Liquidator.
Dated this 14th day of October 2004
Stephen Jay
Liquidator
Suite 2, 1st Floor, 43 Macquarie Street,
Dubbo NSW 2830
KUMAGAI QLD: To Face Voluntary Winding Up Process
-------------------------------------------------
At a general meeting of the members of Kumagai Qld Pty Ltd
A.C.N. 010 251 528 held concurrently at Suite 21, Level 5, Pitt
Street, Sydney, NSW, 2000 on 6 October 2004, a special
resolution that the company be wound up voluntarily was passed.
Timothy James Cuming
Simon John Cathro
Liquidator
Level 8, 201 Sussex Street,
Sydney NSW 1171
MANLY ENTERPRISES: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Manly Enterprises Pty Limited (In Liquidation) A.C.N. 000 232
048 held on 5 October 2004, it was resolved that the Company be
wound up voluntarily and that, Peter P Krejci, Chartered
Accountant of GHK Green Krejci, Level 9, 179 Elizabeth Street,
Sydney NSW be nominated to act as Liquidator for the purpose of
the winding up.
Dated this 15th day of October 2004
Peter P. Krejci
Liquidator
c/- GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000
MAX RESOURCES: Judge Rules Former Directors Not Guilty
------------------------------------------------------
Following a three-day trial, District Court Judge Macknay has
directed a jury to return a verdict of not guilty to charges
brought against Mr. Jeffery Verheggen and Mr. Michael
Langoulant, the former directors of Max Resources Limited.
The charges were brought by the Australian Securities and
Investments Commission (ASIC).
ASIC alleged Messrs Verheggen and Langoulant misused their
positions as officers of Robregal Investments Limited, a New
Zealand-registered company, by improperly authorising the
transfer of 600,000 shares owned by Robregal in the Australian-
listed company, Intrepid Mining Corporation NL.
Robregal was a wholly owned subsidiary of Max Resources Limited,
a New Zealand-listed company, which was the subject of an
inquiry by the New Zealand Securities Commission. The inquiry
resulted in the appointment of a statutory manager in August
1998 by the New Zealand Government.
The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.
MILAC PTY: To Undergo Winding Up Process
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Milac Pty Ltd (In Liquidation) A.C.N. 002 490 191 held on 13
October 2004, it was resolved that the company be wound up
voluntarily and that, Paul Andrew Billingham, Chartered
Accountant of Grant Thornton, Level 17, 383 Kent Street, Sydney
NSW 2000 be nominated to act as Liquidator for the purpose of
the winding up.
Dated this 13th day of October 2004
P.A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
MITSUBISHI AUSTRALIA: Plant Closure Goes as Planned
---------------------------------------------------
Mitsubishi Motors Australia's progressive closure of its
Lonsdale engine plant in Adelaide is going smoothly, with all
former employees finding new jobs, according to Asia Pulse.
As of Friday, only 140 out of more than 600 original employees
would continue working at the engine plant after Christmas.
Before the holiday period, Mitsubishi Australia would also shut
down the foundry operations at Lonsdale, ending the production
of engine blocks for local use and for export to its parent
company in Japan. Lonsdale was expected to end all production in
August next year.
The automaker's Executive Vice President of Manufacturing, Grant
Hanan, declared the progressive shutdown had worked well,
allowing the company to release people with different skill sets
at different times.
As part of its global restructuring program, Mitsubishi Motors
in May announced plans to close Lonsdale following a string of
scandals and slumping sales in Japan and the United States.
In addition to Lonsdale's closure, Mitsubishi Australia was also
required to lay off about 350 staff from its nearby vehicle
assembly plant at Tonsley Park.
CONTACT:
Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia,
5042 Australia
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: http://www.mitsubishi-motors.com.au
MOORE AUSTRALIA: To Wind Up Voluntarily
---------------------------------------
Notice is hereby given that at a general meeting of the members
of Moore Australia Pty Limited (In Liquidation) A.C.N. 089 834
140 held on 13 October 2004, it was resolved that the company be
wound up voluntarily and that, Paul Andrew Billingham, Chartered
Accountant of Grant Thornton, Level 17, 383 Kent Street, Sydney
NSW 2000 be nominated to act as Liquidator for the purpose of
the winding up.
Dated this 13th day of October 2004
P.A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
NK AUSTRALIA: To Undergo Voluntary Winding Up Process
-----------------------------------------------------
At a general meeting of the members of NK Australia Pty Limited
A.C.N. 058 171 476 (In Liquidation) held concurrently at Suite
21, Level 5, Pitt Street, Sydney, NSW, 2000 on 6 October 2004, a
special resolution that the company be wound up voluntarily was
passed.
Timothy James Cuming
Simon John Cathro
Liquidator
Level 8, 201 Sussex Street,
Sydney NSW 1171
PASITI PTY: John Gerard Newton Appointed as Liquidator
------------------------------------------------------
Notice is hereby given that at a General Meeting of Pasiti Pty
Ltd (In Liquidation) A.C.N. 002 242 953 held on 8 October 2004
it was resolved that the company be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose, John
Gerard Newton be appointed liquidator.
Dated this 8th day of October 2004
John Gerard Newton
Liquidator
c/- Haywards Accountants
Level 8, 19-31 Pitt Street,
Sydney NSW 2000
PRIMELIFE CORPORATION: Launches New Home Care Brand
---------------------------------------------------
Primelife Corporation Limited in announced the establishment of
Primecarers, a new business that will help older Australians
continue to enjoy a high quality of life at home by providing
them with personal care and a range of other support services.
Primecarers aims to become a leader in the seniors home care
market, a market that in Australia is currently estimated to be
worth almost AU$2 billion.
Primelife Managing Director, Jim Hazel, said the move into home
care was an important part of Primelife's strategy to become the
leading company meeting the lifestyle needs of Australian over-
55's.
"Primecarers will enable us to meet the needs of those older
Australians who want to continue to live in their own homes, but
who want to be able to access the type of services and support
that we provide in our retirement villages and aged care
facilities," Mr. Hazel said.
Bill Mountford has been appointed as the CEO of Primecarers. Mr.
Mountford was previously the CEO of the Victorian Workcover
Authority and has held a number of senior management roles in
the private and public sector.
Christopher McEwan, who previously led the Australian operations
of strategy consultants Monitor Group, will be Director of
Business Development.
Mr. Mountford said that Primecarers would meet a clear and
growing need for older Australians.
"The vast majority of seniors want to continue to live
independently at home, but at some stage may require support to
do this," Mr. Mountford said.
"Primecarers will help our clients continue to enjoy an
independent life at home by providing the highest quality of
Home and Personal care, plus access to other services.
"We also aim to make Primecarers the `employer of choice' in
home care by bringing a new standard of professionalism and
management to this sector."
"Primelife managed retirement villages and aged care facilities
are situated in areas of relative concentration of seniors,
which makes them ideal hubs from which to offer home care into
the community."
Primecarers will be owned 50% by Primelife with the balance of
shares held by the senior management team. Primecarers will
begin operating in early 2005 in Melbourne and will be rolled
out nationally over the next three years.
CONTACT:
Primelife Corporation Limited
Kings Way South Melbourne
Victoria 3205 Australia
Telephone: +61-3-8699-3300
Facsimile: +61-3-8699-3414
Web site: http://www.primelife.com.au
RAINFARMS AUSTRALIA: Receivers and Managers Named
-------------------------------------------------
Notice is given that Plaspak Group Ltd A.C.N. 003 964 081 has
appointed Receivers and Managers to the property described in
the schedule hereto of Rainfarms Australia Pty Ltd A.C.N. 069
451 074. The appointment was made on 4 October 2004 pursuant to
a mortgage registered in the Queensland Land Registry under
dealing number 707131928.
The persons appointed as Receivers and Managers are Lachlan
Stuart McIntosh and Ginette Dawn Muller both registered
liquidators of KordaMentha (Qld), Level 1, 307 Queen Street,
Brisbane Queensland 4000.
SCHEDULE OF PROPERTY
The property in respect of which the appointment is made is the
property subject to the above mortgage and includes the real
property located at Lot 1 Camp Creek Road, South Johnstone,
Queensland and contained in title reference 50300451.
Dated this 12th day of October 2004
J. Wowk
Director
Plaspak Group Ltd
A.C.N. 003 964 081
22 Yalgar Road, Kirrawee NSW 2232
RICHROSE PTY: Placed Under Voluntary Winding Up
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Richrose Pty Ltd (In Liquidation) A.C.N. 059 123
643 held on 5 October 2004, it was resolved that the company be
wound up voluntarily and at meetings of creditors held on the
same day it was resolved that for such purpose, Dean R McVeigh
of Foremans Business Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay
Road, Sandringham Vic 3191 be appointed Liquidator.
Dated this 12th day of October 2004
Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham 3191
SONS OF GWALIA: Snags Major Tantalum Supply Contract
----------------------------------------------------
Sons of Gwalia Ltd (SGW) (Administrators Appointed) and H.C.
Starck unveiled an agreement on a new long-term take or pay
tantalum supply contract.
The new contract provides for supply of tantalum concentrates
from SGW's Greenbushes Mine for the calendar years 2006 to 2008
inclusive. The minimum volume commitment is for 800,000 lbs per
annum, with the buyer having the option on a further 200,000 lbs
per annum. Pricing is at similar levels to current contract
prices.
The new agreement will ensure continuity of supply for H.C.
Starck following the expiry of the existing contracts in
December 2005.
This important contract represents approximately 25% of mined
tantalum required by the global tantalum industry at current
demand levels. It reinforces the importance of both H.C.
Starck and SGW as participants in the global tantalum industry
and the significance of the relationship between the parties.
SGW's Advanced Minerals Business - New Capital Investments
As part of the continuing development of SGW's Advanced Minerals
Business, the management of SGW and the Administrators has
approved a growth capital investment programme totalling AU$18
million. This is the largest approved investment in the tantalum
supply chain over the last 24 months.
Recommencement of underground mining at Greenbushes
Recommencement of underground mining at Greenbushes Mine in
Western Australia will create the largest underground tantalum
mine globally, anticipated to produce approximately 500,000 lbs
Ta2O5 per annum. Ramp up to full production is planned to take
18 months and will require AU$10 million of new capital
expenditure over the period.
Once full production of the new expansion is achieved the
Greenbushes Mine (including both open pit and underground) is
expected to have a production capacity of approximately 1.1
million lbs pa and will source a further 200,000 lbs from other
operations in Western Australia.
With the development of the underground mine the production
capacity can be economically scaled back to a minimum production
of 800,000 lbs per annum to service the recently signed H.C.
Starck contract. SGW is now in a position to market the
remaining uncommitted production capacity.
Wodgina plant upgrade
Management and the Administrators have approved a significant
upgrade to the Processing Plant at the company's world class
Wodgina Tantalum Mine. This upgrade is targeted at improving
process recoveries given the changes in the ore characteristics
as the mine moved from oxide to primary ore sources as well as
eliminating some bottle necks in the plant. The combination of
improved recoveries and higher throughputs would see maintenance
of a production capacity of 1.3 to 1.4 million lbs per annum.
This plant upgrade will take 12 months to complete and is
expected to cost AU$8 million.
The combination of both of these capital investments is a major
vote of confidence in the tantalum industry and secures a large
proportion of the industry's raw material needs.
Andrew Love, Joint Administrator of SGW said he welcomed the
decision by a major customer of SGW's tantalum business to reach
a negotiated contractual agreement to secure long-term supplies.
"This agreement shows the strength of the tantalum market and
the future value of Sons of Gwalia's world class assets. It is
an important step in maximizing the value of this business and
is strongly endorsed by the major creditor groups of SGW", Mr.
Love said.
Mr. Evan Flaschen from Bingham McCutchen representing a major
group of US creditors said.
"We are pleased to see the conclusion of contract discussions
with H.C. Starck which have been conducted in a desirable
environment of a negotiated commercial outcome. Sons of
Gwalia is the largest producer of tantalum in the world and the
Administrators are ensuring that the long term value in the
business is enhanced."
Mr. Love also said the new capital investments at the SGW's
Advanced Minerals Business would put it in a strong position to
take advantage of new market opportunities, especially from
China where there was growing demand for tantalum concentrate.
CONTACT:
Sons of Gwalia Ltd
Locked Bag 16 West Perth
Western Australia 6872
Phone: (618) 9263 5555
Fax: (618) 9481 1271
Web site: http://www.sog.com.au
VISY INDUSTRIES: Losing Millions Over Strike
--------------------------------------------
Embattled Visy Industries met with union officials Friday to
settle an industrial dispute that is costing the company
millions of dollars in lost production, Asia Pulse says.
The meeting was set a day after Visy's owner Richard Pratt sent
a letter to the federal government to express his anger at the
protest done by the Australian Manufacturing Worker's Union.
The strike, which was participated by around 600 packaging plant
employees, began Tuesday last week at 12 sites in New South
Wales, Queensland, Western Australia and Victoria.
Workers voted to take the action after enterprise bargaining
agreement (EBA) negotiations broke down over the issue of salary
continuance for injured and ill workers.
A spokesman from Visy Industries confirmed the company was
losing millions of dollars a day through lost production but was
meeting customer demands.
Meanwhile, the AMWU's federal secretary of printing division
Steve Walsh earlier said the union is optimistic that the matter
would be resolved. However, workers warned that they were
prepared to strike for as long as it took to settle the issue.
==============================
C H I N A & H O N G K O N G
==============================
AURASOUND SPEAKERS: Court to Hear Receiver's Application Dec. 28
----------------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of AuraSound Speakers Limited will be heard before
Master S. Kwang of the High Court for consideration of the
resolutions and determinations of the first meeting of creditors
held on 10 September 2004.
The adjourned first meeting of contributories held on
21 September 2004, deciding the differences and making such
order of appointments as the court may think fit.
Date and Time of Hearing: 28 December 2004 (Tuesday) at 11:30
a.m.
Place of Hearing: High Court, High Court Building, No. 38,
Queensway, Hong Kong
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 26th November 2004
E.T. O'CONNELL
Official Receiver & Provisional Liquidator
BEST CREATION: Court Issues Winding Up Order
--------------------------------------------
Best Creation (Asia) Limited of Rm 602-3, Bonham Trade Ctr, 50
Bonham Strand East, Sheung Wan, Hong Kong has received a winding
up order on November 17, 2004.
The winding up petition was presented in October 8, 2004.
Dated this 26th day of November 2004
E T O'CONNELL
Official Receiver
CENTRAL HARVEST: First Meetings Set December 2
-----------------------------------------------
Central Harvest Holdings Limited will on Dec. 2, 2004 hold its
first meetings for creditors and contributories at 10:00 a.m.
and 11:00 a.m. respectively.
The place of the meetings will be at the 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
CENTURY ASIA: Creditors Meeting Slated for December 17
------------------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of Century Asia
Enterprises Limited will be held at 9:30 a.m. on 17th day of
December 2004 at 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, Hong Kong to appoint a Liquidator and
to consider further matters relevant to the creditors' voluntary
winding-up of the above named Company pursuant to Sections 241,
242, 243, 244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at the Company's registered office at
26th Floor, Guangdong Investment Tower, 148 Connaught Road
Central, Hong Kong not later than 12:00 noon on the day before
the meeting or adjourned meeting at which they are to be used.
Dated this 19th day of November 2004
By Order:
The Board of Zhong Jianyuan
Director
CROWN LEADER: Winding Up Order Served
-------------------------------------
Crown Leader Limited of 108-118 Hong Kong Plaza, 181-188
Connaught Rd West, Hong Kong has been issued a winding up order
on Nov. 17, 2004.
The winding-up petition was presented in October 8, 2004.
Dated this 26th day of November 2004
E T O'CONNELL
Official Receiver
HANG TAI: Receives Winding Up Order
-----------------------------------
Hang Tai Plastic Manufacturing of Fu Yuen Ind Bldg, 8th Floor,
18 Fui Yiu Kok St. Tsuen Wan, NT has received a winding up order
on Nov. 17, 2004.
The winding-up petition was presented in October 8, 2004.
Dated this 26th day of November 2004
E T O'CONNELL
Official Receiver
KENOVA LIMITED: Creditors To Prove Debts by December 24
-------------------------------------------------------
Notice is hereby given that the Creditors of Kenova Limited,
which is being voluntarily liquidated, are required on or before
the 24th day of December 2004 to send in their names, addresses
and descriptions, full particulars of their debts or claims, as
well as the names and addresses of their solicitors (if any) to
the Liquidators of the said Company.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, they
will be deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Members.
Dated this 26th day of November 2004
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building,
10 Chater Road, Central
Hong Kong
KOO SHING: Court Issues Winding-up Notice
-----------------------------------------
Koo Shing International Limited of First Floor, 149 Wong Nai
Chung Rd, Hong Kong has received a winding-up order from the
court on Nov. 17, 2004.
The winding-up petition was presented in October 8, 2004.
Dated this 26th day of November 2004
E T O'CONNELL
Official Receiver
ZHU KUAN: To Convene Creditors Meeting on Dec. 7
------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that a meeting of the creditors of Zhu Kuan
Investment (Holdings) Limited will be held at Conference Room,
5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong, on 7 December 2004 at 9:45 a.m. for the purposes set out
in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 p.m. on
6 December 2004.
Dated this 26th day of November 2004.
Cosimo Borrelli
Director
Zhu Kuan Investment (Holdings) Limited
* Regulator Warns of Risks in Banking Sector
--------------------------------------------
The China Banking Regulatory Commission (CBRC) warned investors
of latent risks existing in the banking industry amid a
progressive banking reform in the country, Dow Jones Newswires
reports.
The mainland's top banking regulator's warning came as vice-
chairman Tang Shuangning said annual reviews of the Bank of
China and Construction Bank will begin next year to examine
their level of corporate governance. Starting next year, the
scrutiny will include management, profit and asset quality.
CBRC Chairman Liu Mingkang said that risk prevention must always
be strictly implemented even if macroeconomic controls have been
taking effect, with the economy maintaining stable and rapid
development.
He said there would be three stages to the reform of state
commercial banks, which include restructuring, transformation
into stockholding entities and going public.
Going public is not the goal of reform, but a way for banks to
strengthen operations and risk management.
=================
I N D O N E S I A
=================
ASTRA INTERNATIONAL: Pefindo Upgrades Bond Rating to "idAA-"
------------------------------------------------------------
Pefindo upgraded the ratings for PT Astra International (ASII or
the Company) and its outstanding bond III/1999 of IDR35.57
billion to "idAA-" from "idA-".
The rating action reflects the Company's significant improvement
in financial profile and persistent strong business position
despite the intensifying competition.
ASII is a parent company of one of the largest business groups
in Indonesia, Astra Group that has a wide range of business
activities, covering automotive, agribusiness, financial
institution and mining.
ASII is also the sole distributor of many prominent automobile
brands (Toyota, Daihatsu, Isuzu, Nissan Diesel and Peugeot) and
the most famous motorcycle, Honda. ASII's major shareholder is a
Singapore-based company, Cycle & Carriage, Ltd.
CONTACT:
PT Astra International Terbuka
No 8 Jl Gaya Motor Raya Sunter II
Jakarta 14330
Indonesia
Phone: +62 21 652 2555
Fax: +62 21 651 2058/59
Web site: http://www.astra.co.id/
PERTAMINA: Government to Sign Oil Exploration Contracts
-------------------------------------------------------
The Indonesian government is poised to sign 14 oil and gas
exploration contracts next month with investors and state-owned
PT Pertamina, Antara reveals.
The signing of the contracts, which is slated for December 12,
is in conjunction with a statement of the Indonesian Foreign
Affairs Ministry that the work sites are on Indonesian soil.
Of the 14 contracts, 12 will cover new areas, with U.S.-based
Unocal covering oil and gas bloc in East Ambalat.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: www.pertamina.com
PERUSAHAAN LISTRIK: Pefindo Revises Ratings to "idA-"
-----------------------------------------------------
Pefindo upgraded the ratings for PT (Persero) Perusahaan Listrik
Negara (PLNG or the Company) and its IDR600 billion Bond VI/1997
to "idA-" from "idBBB-".
The rating upgrades reflect the Company's improved
profitability, relatively conservative capital structure, and
superior market position. The ratings, however, are still
constrained by uncertain tariff adjustments in the future and
the Company's large exposures to foreign exchange risks.
PLNG is a wholly state owned company, engaging in generation,
transmission and distribution of electricity throughout the
country.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jalan Trunojoyo Blok M I No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
=========
J A P A N
=========
DAIKYO INCORPORATED: Receives Rehab Aid from Resona Bank
--------------------------------------------------------
Resona Bank, Ltd., one of the banking subsidiaries of Resona
Holdings, Inc., acceded to the Business Revitalization Plan
formulated by Daikyo Incorporated (the Company) and its five
group companies (Daikyo Kanri Incorporated, Daikyo Jyutaku
Ryutsu Incorporated, Okinawa Daikyo Incorporated, Daikyo Rental
Incorporated and Daikyo Family Incorporated), for which the
Industrial Revitalization Corporation of Japan decided to
provide the assistance.
Resona Bank will provide the Company with the financial
assistance as specified below.
(1) Outline of the Company
Address: 24-13, Sendagaya 4-chome, Shibuya-ku, Tokyo
Representative: Jihei Yamazaki
Amount of capital: JPY65,046 million
Line of business: Real estate business
(2) Financial Assistance
Debt forgiveness: JPY15.8 billion
The above financial assistance will be provided in March 2005.
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.
(3) Impact of This Development on the Forecasted Earnings
The anticipated losses arising from this development are covered
by loan loss reserves.
Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ending March 31, 2005, which were announced on
November 25, 2004, remain the same.
CONTACT:
Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21 Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475
Web site: http://www.daikyo.co.jp/
KOMAKIONSEN SHIBUSAWAKOEN: Enters Bankruptcy
--------------------------------------------
General restaurant operator Komakionsen Shibusawakoen K.K. has
entered bankruptcy, according Teikoku Databank America.
The firm, based in Misawa-shi, Aomori 033-0044, left a total of
US$183.33 million in liabilities.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
MARUISHI CYCLE: Former Boss Gets Suspended Jail Term
----------------------------------------------------
The former president of failed Maruishi Cycle Industries
Limited, Tetsuo Ishifuku, was sentenced by the Tokyo District
Court to one year and a half in prison and suspended for three
years over a fake capital increase, relates Jiji Press.
Mr. Ishifuku was arrested for conspiring with other company
executives to make false financial registration for the issuance
of 4.5 million new shares in March.
The fictitious shares were used as collateral for loans to
Maruishi Cycle in a bid to keep the struggling company afloat.
Presiding Judge Yutaka Inoue ruled that Mr. Ishifuku's action
was a "malignant crime that had a great social impact". But the
judge added that Mr. Ishifuku committed the crime not for his
own personal gains but for the company's sake.
The bicycle maker was declared bankrupt in September with debts
of 2.9 billion yen after its bills bounced and banks suspended
transactions.
Maruishi Holdings Co., which was established in May as Maruishi
Cycle's controlling company, was on Sept. 4 delisted from the
Tokyo Stock Exchange's Second Section on grounds that the firm's
financial data were unreliable.
CONTACT:
Maruishi Cycle Industries Ltd.
10-4 Kaji-Cho 1-Chome
Chiyoda-Ku 101-8540, Tokyo
JAPAN
Phone: +81 3 3252 0161
Fax: +81 3 3256 3857
PRURIMURA: Declared Bankrupt
----------------------------
K.K. Prurimura, which is engaged in wooden building construction
work, has been declared bankrupt, says Teikoku Databank America.
The firm, based in Shinjuku-ku, Tokyo 169-0075, has total
liabilities of US$295.00 million.
For more information, visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
RESONA HOLDINGS: Swings to Black in H1 with JPY210-Bln Profit
-------------------------------------------------------------
Resona Holdings Incorporated booked JPY210.85 billion in group
net profit for the first half of fiscal 2004, Kyodo News
reports.
The improved profit, which offset a JPY1,769.64-billion loss a
year earlier, was attributed to reduced bad loans indicating
improved business conditions at corporate borrowers as well as
cost reductions and gains from shares sale.
The holding company also chalked up a consolidated pretax profit
of JPY248.53 billion, compared with a previous loss of
JPY1,235.82 billion, on a 14.6-percent fall in operating
revenues to JPY526.56 billion for the April-September period.
Resona Holding has five unit banks under its wing namely resona
Bank, Saitama Resona Bank, Kinki Osaka Bank, Nara Bank and
Resona Trust & banking Co.
To view the summary of consolidated interim financial results,
click on:
http://bankrupt.com/misc/TCRAP_RESONAHOLDINGS112904.pdf
CONTACT:
Resona Holdings, Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka, 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp
RESONA HOLDINGS: Unit's Client Applies for Liquidation
------------------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that
PRIMURA Co., Ltd. (Company), which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank), filed an
application for commencement of special liquidation proceedings
with the Tokyo District Court.
As a result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:
(1) Outline of the Company
Corporate name: PRIMURA Co., Ltd.
Address: 18-13, Takadanobaba 3-chome, Shinjuku-ku, Tokyo
Representative (Liquidator): Katsuhiko Sugita
Amount of capital: JPY10.5 billion
Line of business: Designing and construction business
(2) Fact Arisen to the Company and Its Date
The Company filed an application for commencement of special
liquidation proceedings
with the Tokyo District Court on November 26, 2004.
(3) Amount of Claims to the Company
Exposure of Resona Bank Loans: JPY7.7 billion
Other banking subsidiaries of Resona HD, Saitama Resona Bank
Kinki Osaka Bank and
Nara Bank have no claims to the Company.
(4) Impact of This Development on the Forecasted Earnings
The anticipated losses arising from this development are covered
by loan loss reserves.
Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ending March
31, 2005, which were announced on November 25, 2004, remain the
same.
SOJITZ HOLDINGS: U.S. Unit Receives Contract from General Motors
----------------------------------------------------------------
Mitsubishi Electric Corporation and Sojitz Corporation of
America, the U.S. subsidiary of Sojitz Holdings Corporation, are
the first domestic companies to receive a long-term, exclusive
basis contract from General Motors Corporation of the U.S. for
the control equipment (inverter systems) for the electric-drive
control system and the air-conditioning system for the driver
seats to be used in new dieselelectric locomotives.
The two companies, together with General Motors, had been
pursuing the joint development for electric-drive control
systems, including inverter systems, since 2001. An order scale
of over JPY10 billion is expected over the next five years for
inverter systems and air-conditioning systems collectively.
Background of Order Receipt
Up to now, General Motors, who boast of holding one of the
leading shares of the world market in the business field of
diesel-electric locomotive manufacturing, has been procuring
control systems for diesel-electric locomotives from European
manufacturers.
Since 2001, Mitsubishi Electric and Sojitz Corporation of
America have been working together with General Motors on the
development of a control system for diesel-electric locomotives,
through making proposals for the system based on its power
electronics technology that materializes high-pressure
resistance, and on their highly reliable vehicle control
technology. The results of the joint development have been
highly appreciated, leading to the receipt of a major order for
inverter systems.
In addition, the air-conditioning system for the driver seats
enjoys a good reputation for its energy saving, high performance
and high-reliability benefits, resulting in the accompanying
adoption on a long-term and exclusive basis.
Features of the Ordered Items
The environmentally friendly products enable the efficient and
precise control of the great driving force through employment of
a state-of-the-art inverter, and also enable fuel consumption
improvements and low exhaust gas emissions through constant
diesel engine operation in the optimal rotation range.
Future Business Development
Mitsubishi Electric and the Sojitz Group position the North
American transport market as one of their areas of focus, and
plan to pursue the cultivation of new markets, such as electric-
drive control systems for suburban commuter rail cars, for which
an order was received in 1999 and which are now being delivered
to the New York State Department of Transportation, and systems
for diesel electric locomotives, for which an order has just
been awarded by General Motors.
CONTACT:
Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com
UFJ HOLDINGS: Corrects H1 Consolidated Financial Results
--------------------------------------------------------
UFJ Holdings, Inc. (UFJ) gave notice that there were incorrect
postings in Consolidated Financial Results for the Six Months
Ended September 30, 2004, Financial Statements of UFJ Bank
Limited and Supplementary publicized on November 24, 2004.
To view the amended financial statement, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS112904.pdf
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp
UFJ HOLDINGS: Extends Financial Aid to Daikyo
---------------------------------------------
UFJ Holdings, Inc. (UFJ) gave notice that UFJ Trust Bank Limited
(UFJ Trust), a subsidiary of UFJ, has agreed to the business
revitalization plan prepared by Daikyo Incorporated ('Daikyo')
and its group companies, namely Daikyo Kanri Incorporated,
Daikyo Jyutaku Ryutsu Incorporated, Okinawa Daikyo Incorporated,
Daikyo Rental Incorporated and Lions Family Incorporated, to
which the Industrial Revitalization Corporation of Japan decided
to provide support, and will extend financial assistance to
Daikyo group as set forth below.
UFJ Bank Limited, a subsidiary of UFJ, already announced a
financial support to
Daikyo group on September 28, 2004.
(1) Outline of Daikyo
Address: 24-13 Sendagaya 4-chome, Shibuya-ku, Tokyo
Representative: Jihei Yamazaki
Capital: JPY65,046 million
Business: Condominium sales, etc.
(2) Outline of the Financial Assistance (scheduled)
Debt Forgiveness: Approximately Yen 21 billion
Execution Date: March 2005
(3) Impact on Earnings of UFJ
Expected loss from above mentioned financial support is fully
reserved. There is no change to the consolidated and non-
consolidated forecasts of the result for the fiscal year ending
March 31, 2005 announced on November 24, 2004.
=========
K O R E A
=========
ASIANA AIRLINES: Adding Special Flights to Incheon-Hanoi Route
--------------------------------------------------------------
Four special flights will be added on Asiana Airlines' Incheon-
Hanoi routes in December to meet growing travel demand, Asia
Pulse relates, citing a company official.
"The addition is designed to meet a jump in the number of South
Koreans who want travel to tourism destinations in the northern
part of Vietnam," said Shim Sang-kyu, head of Asiana's branch
here.
On December 3, 6, 10, and 13, a 177 seat, A-321 plane will
depart from Incheon International Airport at 8:50 p.m. with
return flights leaving the Vietnamese city at 12:45 a.m. on
December 4, 7, 11, and 14 Mr. Shim said.
CONTACT:
Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230
DAEHAN INVESTMENT: Due Diligence Expected to End This Week
----------------------------------------------------------
The due diligence for troubled brokerage house, Daehan
Investment & Securities Co. is expected to be concluded this
week, reports Asia Pulse, citing financial resources.
The due diligence will speed up the acquisition of Daehan by
Hana Bank as well as negotiations for the price of the sale.
"When the due diligence is over, the government and Hana will
conduct negotiations on the sale price," said an official at the
Korea Deposit Insurance Corp. (KDIC), which is in talks with a
consortium led by Hana Bank on the takeover.
The sale price is expected to be around KRW400 billion (US$381
million). Hana offered KRW250 billion while KDIC considered
KRW500 billion.
The government injected KRW7.7 billion into Daehan Investment
and Korea Investment & Securities Co. from 1999 to 2000.
Another KRW1.2 to KRW1.3 trillion in public funds is expected to
be infused into the company to boost the asset quality of the
brokerage house before completing the sale, the sources said.
Hana and Daehan began negotiations in August, following the
replacement of PCA Life by Hana as the bidder.
DAEWOO INTERNATIONAL: Targets KRW350 Bln Profit in 2010
-------------------------------------------------------
Daewoo International Corp. aims to post KRW350 billion in
operating profit on sales of KRW10 trillion (US$9.5 billion) by
2010, reports Asia Pulse, citing Chief Executive Lee Tae-yong.
The move to raise sales is in line with Daewoo's vision to enter
Fortune magazine's top 500 companies in the world.
Mr. Lee said Daewoo International is expected to post KRW126.7
billion in net profit on sales of KRW5.04 trillion for the whole
of 2004.
Daewoo International, the former trading arm of the now defunct
Daewoo Group, has been undergoing radical restructuring for
years in an effort to escape its financial troubles, Mr. Lee
said.
The Company's number of domestic employees dropped to 800 at the
end of October from 1,451 in 2000, when the company was split
from the group.
The Company's debt-to-equity ratio as of September shrank to 165
per cent from 940 per cent in 2000, Lee said. Its debts then
stood at KRW1.06 trillion, compared to KRW2.5 trillion nearly
four years before.
Daewoo collapsed in August 1999 under US$80 billion, the world's
biggest bankruptcy and left local banks with large amounts of
bad loans.
CONTACT:
Daewoo International Corporation (Korea: DWIC)
541 5-Ga Namdaemunno, Chung Gu, CPO Box 2810
Seoul, South Korea
Phone: +82-2-759-2114
Fax: +82-2-753-9489
Web site: http://www.daewoo.com
HANARO TELECOM: Applies for "WiBro" License
-------------------------------------------
Hanaro Telecom Inc. seeks approval for its license application
for a new high-speed, wireless portable Internet service, says
Asia Pulse.
The new license, if approved, would allow broadband Internet
access through handheld devices such as mobile phones and
personal digital assistants using a 2.3-gigahertz radio
spectrum.
The new technology is more efficient than the current wireless
Internet standard, Wi-Fi, in terms of mobility, allowing users
to surf the Internet in vehicles moving at up to 60 kilometers
per hour.
The Ministry of Information and Communication has begun
receiving applications for the new wireless broadband service
dubbed as "WiBro" which will run for five days starting Monday.
According to the ministry, one operator will be selected for the
WiBro service by February 2005. Commercial services are
expected to start in 2006.
"We are confident of getting the license," said Kwon Soon-yub,
senior executive vice president of Hanaro Telecom, which is
controlled by a U.S. consortium led by American International
Group and Newbridge Capital.
KT Corp and SK Telecom Co. are also expected to apply for the
license, industry observers said.
"Unlike KT and SK Telecom, which have to invest into their
third-generation (3G) mobile phone networks, we have the upper
hand in launching the WiBro service," Kwon said. SK Telecom is
the country's biggest mobile phone operator with more than 18.6
million customers. KT owns KTF Co., which trails SK Telecom,
with some 11 million customers.
Under its business plan, Hanaro said it will begin a commercial
service of the wireless broadband network during the first half
of 2006 in Seoul and its neighboring areas.
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
===============
M A L A Y S I A
===============
CHUAN HUAT: Breaches Listing Requirement Rules
----------------------------------------------
Bursa Malaysia Securities Berhad in consultation with Securities
Commission (SC), publicly reprimanded and imposed a fine of
RM50,000 on Chuan Huat Resources Berhad (CHUAN) for the breach
of Paragraph 9.16(1) in particular, Paragraph 9.16(1)(a) of the
Listing Requirements (LR).
Paragraph 9.16(1) of the LR, stipulates that the content of a
press or other public announcement is as important as its
timing. In particular, Paragraph 9.16(1)(a) states that a listed
issuer must ensure that each announcement is factual, clear,
unambiguous, accurate, succinct and contains sufficient
information to enable investors to make informed investment
decisions.
CHUAN had breached Paragraph 9.16(1) in particular, Paragraph
9.16(1)(a) of the LR for not making a factual, clear, accurate
and succinct announcement with regard to the Consolidation
Adjustment that was not adjusted in its unaudited financial
results for the periods ended 31 March 2002, 30 June 2002, 30
September 2002 and 31 December 2002 as announced on 31 May 2002,
30 August 2002, 29 November 2002 and 28 February 2003
respectively.
The Consolidation Adjustment arose as a result of the dilution
in equity interest of Disccomp Berhad from 95.3% to 63.86% due
to the increase in paid up capital of Disccomp Berhad by private
placement on 22 January 2002.
The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Listing Requirements after taking into
consideration all relevant factors and after consultation with
the SC.
Bursa Securities views this contravention seriously and hereby
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.
CONTACT:
Wisma Lim Kim Chuan
Lot 50A, Section 92A
3 1/2 Miles off Jalan Sungai Besi
57100 Kuala Lumpur
Phone: 03-7983 3333
Fax: 03-7980 3333
Web site: http://www.chuanhuat.com
CONSOLIDATED FARMS: Issues Practice Note No. 1/2001 Update
----------------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 2 November 2004, Consolidated Farms Berhad
(Confarm) announced that its Group is unable to pay the
additional principal and/or interest in respect of its credit
facilities as set out in Table 1.
The Company and its financial advisors, Ernst & Young
Transaction Advisory Services, will take the necessary steps to
discuss with the respective lenders to apprise them on Confarm
Group's current financial condition and will seek their
indulgence and consideration to provide a standstill period in
respect of the Group's credit facilities for it to carry out a
financial review and, if appropriate, formulate a
restructuring/workout scheme.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
For more information, go to
http://bankrupt.com/misc/tcrap_consolidated112704.doc
This announcement is dated 26 November 2004.
DENKO INDUSTRIAL: Unit Faces Winding Up Proceedings
---------------------------------------------------
Skiva Holdings Sdn. Bhd (SHSB), a wholly owned subsidiary of
Denko Industrial Corporation Berhad have received a winding-up
petition dated 24 November 2004 filed by Government of Malaysia.
1. Under the petition Government of Malaysia claimed a sum of
RM1,148,119.32 for default in payment for income tax for Years
Assessment 1991, 1992, 1993 and 1997 inclusive interest of 8%
per annum calculated up to 10 May 2004 .
2. The details of the default or circumstances leading to the
filing of the winding-up petition:
a) SHSB received a Writ of summons and Statement of Claim on 12
December 2001. As SHSB has no intention of contesting the case,
consent judgment was recorded on 31 July 2002.
b) Subsequently, repayment plan was negotiated and IRB allowed
arrears to be settled in 13 installments as follows:
(i) First 12 installments @ RM40,000 per installment
RM 480,000.00
13th installment RM1,000,615.74
TOTAL RM1,484,615.74
c) SHSB has settled the first twelve installments but defaulted
on the last installment. SHSB has tried to negotiate but IRB
insisted that RM1,004,615.74 must be settled in six
installments. Without any financial assistance coupled with the
cessation of business, the proposed settlement to IRB is beyond
the affordability of SHSB.
d) On 18 May 2004, SHSB received a Notice of Demand pursuant to
S 218 (2) (a) of the Companies' Act 1965 for the amount of
RM1,148,119.32.
e) On 25 November 2004, SHSB received a winding up petition for
the same amount.
3. SHSB is presently dormant. The total cost of investment in
SHSB is RM9,207,145. A provision for diminution in value of
RM9,207,144 has been made in the accounts of Denko.
4. However, Denko does not expect any material adverse impact on
the operations of the Group as the expenses and investment in
SHSB have been provided for and/or fully written-off in the
consolidated accounts.
5. The expected losses, if any, arising from the winding-up
proceedings are legal costs and fees arising from handling the
case. The taxes in arrears have been provided for in the
accounts save and except for interest.
6. SHSB would take the following steps with regards to the
winding-up petition:
a) The management of SHSB will negotiate an amicable settlement
and to have the winding-up petition withdrawn; and
b) Should the winding-up proceedings continue, the management of
SHSB would instruct their solicitor not to object to the
winding-up petition.
7. The financial impact of the winding up proceedings on the
Denko Group, go to
http://bankrupt.com/misc/tcrap_denko112904.xls
CONTACT:
Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629
EKRAN BERHAD: AGM Set For December 21
-------------------------------------
Notice is hereby given that the Thirteenth Annual General
Meeting (AGM) of Ekran Berhad will be held at Ballroom I,
Santubong Kuching Resort, Jalan Santubong, 93748 Kuching,
Sarawak on Tuesday, 21 December 2004 at 9 a.m. for the following
purposes:
(1) To receive and adopt the Company's Audited Financial
Statements for the year ended 30 June 2004 together with the
Reports of the Directors and Auditors thereon.
(Resolution No. 1)
(2) To re-elect Tan Sri Dato' Paduka (Dr) Ting Pek Khiing who
retires in accordance with Article 93 of the Company's Articles
of Association, as Director of the Company. (Resolution No. 2)
(3) To re-elect Mr. Ting Sie Chuong who retires in accordance
with Article 93 of the Company's Articles of Association, as
Director of the Company.
(Resolution No. 3)
(4) To re-elect Mr. Liew Chie Chung who retires in accordance
with Article 93 of the Company's Articles of Association, as
Director of the Company.
(Resolution No. 4)
(5) To approve the payment of Directors' fees.
(Resolution No. 5)
(6) To re-appoint Messrs Ernst & Young as Auditors of the
Company and to authorize the Directors to fix their
remuneration.
(Resolution No. 6)
(7) As special business to consider and, if thought fit, pass
with or without any modifications, the following ordinary
resolution:
"THAT pursuant to Section 132D of the Companies Act, 1965,
Articles of Association of the Company and the Listing
Requirements of Bursa Malaysia Securities Berhad, 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 to be
issued pursuant to this Resolution 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 from
Bursa Malaysia Securities Berhad for the listing of and
quotation for the additional shares so issued and that such
authority shall continue in force until the conclusion of the
next annual general meeting of the Company."
(Resolution No. 7)
(8) To consider any other business for which due notice shall
have been given.
By Order of the Board
YAP BEE LEE
Secretary
Kuala Lumpur
29 November 2004
CONTACT:
Ekran Berhad
Jalan Parlimen
Kuala Lumpur, SARAWAK 50480
Malaysia
Phone: +60 82 236908
Fax: +60 82 236922
GOLDEN FRONTIER: Unit Enters Into Sale Share Agreement
------------------------------------------------------
Golden Frontier Berhad announced that its wholly owned
subsidiary company, Golden Frontier Packaging Sdn Bhd, has on 23
November 2004 entered into a Sale and Purchase Agreement with
Heng Chee Tong Trading Sdn Bhd to dispose of a piece of land
together with a factory building in Perak for a consideration of
RM1,800,000.
DESCRIPTION OF THE PROPERTY
a) The Property consist of a piece of freehold industrial land
held under Geran 4699, Lot No. 328, in the Mukim of Simpang,
District of Larut and Matang, Perak with an area measuring
approximate 1.61 acre together with a factory building erected
thereon;
b) The Property has kept vacant since the re-engineering
exercise of GFP to consolidate its manufacturing and sales of
corrugated fibreboard carton business under one location in
April 2004;
c) The Property was acquired in year 1992;
d) The Property was revalued by the directors in 2001 based on
valuation carried out by an independent firm of professional
valuers, using an "open market value" basis;
e) The net book value of the Property based on latest audited
accounts as at 30 September 2003 was RM1,462,000; and
f) The Property is free from any encumbrances.
SALIENT FEATURES OF THE SALE AND PURCHASE AGREEMENT
The sale consideration of RM1,800,000 in cash is derived on a
willing-buyer-willing-seller basis.
The sum of RM180,000 is paid upon signing of the S&P, the
balance of RM1,620,000 will be paid within 3 months from the
date of S&P. In the event the Purchaser is unable to pay the
balance of the purchase price within 3 months, the Vendor will
grant the Purchaser an extension of 1 month provided that the
Purchaser shall pay the Vendor an interest on the balance
purchase price at the rate of 8% per annum.
RATIONALE
The sale of the Property is in line with the Group's intention
to consolidate its manufacturing and sales of corrugated
fibreboard carton business under one roof, which resulted in the
Property being left idle.
The sale is expected to further improve the cash flow of GFP and
GFB Group and the proceeds will be used to finance the existing
business of GFP.
APPROVAL
The sale is not subject to any prior approval from the
authority. No shareholders' approval nor circular to
shareholders are required as the net gain derived from the
transaction is less than 15% of the Net Profits of GFB Group.
FINANCIAL EFFECT
Based on the latest management accounts of GFP as at 30
September 2004, the net book value of the Property is
approximately RM1,443,000. At GFP as well as GFB Group level,
the disposal is expected to realize a gain on disposal of
property of RM339,000 (after deduction of 5% Real Property Gains
Tax). Accordingly, the Earnings per Share and Net Tangible
Assets of GFB will both be increased by RM0.0054 (0.54 sen) for
financial year ending 30 September 2005.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the Directors or substantial shareholders has any
interest, direct or indirect, in the disposal of the Property.
STATEMENT BY DIRECTORS
After considering all relevant factors, the Directors of GFB are
of the opinion that the disposal of the Property is in the best
interest of GFP and GFB Group.
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
This announcement is dated 26 November 2004.
INTAN UTILITIES: Releases Default Status Update
-----------------------------------------------
Further to the announcement dated 28 October 2004 and pursuant
to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors of Intan
Utilities Berhad announced the summary of the borrowings in
default and the steps taken to address the defaults by IDS
Electronics Sdn. Bhd. and IDS Technology Sdn Bhd, 70%
effectively-owned subsidiaries of Intan Utilities Berhad.
For more details, go to
http://bankrupt.com/misc/tcrap_intan112904.xls
CONTACT:
Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan
JIN LIN: Court OKs Restraining Order Extension
----------------------------------------------
Jin Lin Wood Industries Berhad Board announced that its
subsidiaries were granted a restraining and stay order (RO) for
a period of 180 days effective from 2 June 2004 up to 28
November 2004 by the Kuala Lumpur High Court (Court) pursuant to
Section 176(10) of the Companies Act, 1965.
Avenue, on behalf of the Company, announced that the application
for the extension of the RO has been prepared and is in the
midst of being filed into Court by the solicitors.
CONTACT:
Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Phone: 086-334661/335570
Fax: 086-330866/334808
This announcement is dated 26 November 2004.
K.P. KENINGAU: Unveils October 2004 Production Figures
------------------------------------------------------
In accordance with paragraph 9.29 of Chapter 9 of the Bursa
Malaysia Securities Berhad Listing Requirements, K.P. Keningau
Berhad announced that the log production figures of the Group
for the month of October 2004 were 1,549 M3.
For more information, go to
http://bankrupt.com/misc/tcrap_kpkeningau112704.doc
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988
METROPLEX BERHAD: Court Adjourns Winding Up Hearing to Dec. 2
-------------------------------------------------------------
Metroplex Berhad was advised by its solicitors that the High
Court of Malaya has adjourned the hearing on the summons served
on MB for the appointment of provisional liquidator for MB from
26 November 2004 to 2 December 2004 for mention pending the
hearing of the application for the extension of the Restraining
Order of MB and its 15 subsidiaries scheduled on 29 November
2004.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911
This announcement is dated 26 November 2004.
MYCOM BERHAD: Bank Negara Approves Warrants Issuance
----------------------------------------------------
Mycom Behad refers to the renounceable rights issue of
39,268,207 new ordinary shares of RM1.00 each (Rights Shares) at
an issue price of RM1.00 with 39,268,207 free detachable
warrants (Warrants) on the basis of one (1) Rights Share and one
(1) Warrant for every one (1) existing ordinary share of RM1.00
each (Share) held in Mycom after the proposed capital reduction
and consolidation (Rights Issue).
The Rights Issue is one of the components of the Proposed
Restructuring Scheme. Mycom shareholders who are entitled to the
Rights Issue may comprise of non-residents.
On behalf of the Board of Directors of Mycom, Southern
Investment Bank Berhad announced that Bank Negara Malaysia has
via its letter dated 19 November 2004, which was received on 25
November 2004, approved the issuance of the Warrants to non-
residents pursuant to Exchange Control of Malaysia Notice 12.
CONTACT:
Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2072 3993
Fax: +60 3 2072 3996
This announcement is dated 26 November 2004.
NALURI BERHAD: Issues Book Closure Notice
-----------------------------------------
On behalf of Naluri Berhad, Aseambankers Malaysia Berhad
announced that the payment for the Capital Repayment would be
made to the shareholders of Naluri commencing from 8 December
2004.
As advertised in the New Straits Times and The Star on 9
November 2004, the payment to the entitled shareholders of
Naluri for the Capital Repayment which is tax exempted, will be
made by way of remittance in Ringgit Malaysia and Sen by cheque
order issued by the Company to its shareholders.
For any further enquiries relating to the Capital Repayment,
please contact the Company's share registrar:
Securities Services (Holdings) Sdn Bhd
Level 7, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
Damansara Heights
50490 Kuala Lumpur
Tel No: 03 - 2084 9000
Fax No: 03 - 2094 9940
In addition to the above, Aseambankers, on behalf of Naluri, is
pleased to announce that Naluri, had on 26 November 2004,
acquired Bellinzone Corporation Sdn Bhd (Company No. 666991-X)
(BCSB) with an authorized capital of RM100,000 of 100,000
ordinary shares of RM1.00 each and an issued and paid up capital
of RM2.00 of 2 ordinary shares of RM1.00 each for a cash
purchase consideration of RM2.00.
The acquisition of BCSB shall facilitate the UI Group
Acquisition, where BCSB shall acquire the equity interests in
the respective UI Group of companies. Upon completion of the UI
Group Acquisition, the UI group of companies will be held
directly under BCSB.
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676
This announcement is dated 26 November 2004.
OLYMPIA INDUSTRIES: Details Rights Issue
----------------------------------------
Olympia Industries Berhad refers to the renounceable rights
issue of 101,676,239 new ordinary shares of RM1.00 each (Rights
Shares) at an issue price of RM1.00 with 101,676,239 free
detachable warrants (Warrants) on the basis of two (2) Rights
Shares and two (2) Warrants for every one (1) existing ordinary
share of RM1.00 each (Share) held in OIB after the proposed
capital reduction and consolidation (Rights Issue).
The Rights Issue is one of the components of the Proposed
Restructuring Scheme. OIB shareholders who are entitled to the
Rights Issue may comprise of non-residents.
On behalf of the Board of Directors of Olympia Industries Berhad
(OIB), Southern Investment Bank Berhad announced that Bank
Negara Malaysia has via its letter dated 19 November 2004, which
was received on 25 November 2004, approved the issuance of the
Warrants to non-residents pursuant to Exchange Control of
Malaysia Notice 12.
CONTACT:
Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax: +60 3 2070 0011
This announcement is dated 26 November 2004.
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.
Aggregate value of consideration for transactions on 26th
November 2004: RM47,060
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.
Effect of the transactions on Company:
NTA per share as at 31 January 2004 RM2.2155
NTA per share after the transactions RM2.1833
Profit per share RM0.00006
The Company has on 26th November 2004:
(1) Acquired 5,000 ordinary shares of RM1.00 each in MAYBANK-CA.
(2) Disposed off 25,000 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.
CONTACT:
Quality Concrete Holdings Berhad
Room 209, 2nd Floor
Wisma Mata Kuching
Jalan Tunku Abdul Rahman
93100 Kuching
Serawak
Phone: 082-206600
Fax: 082-206607
TALAM CORPORATION: To List Additional Shares
--------------------------------------------
Talam Corporation Berhad's additional 170,000 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
1,700,000 irredeemable convertible preference shares 2004/2009
into 170,000 new ordinary shares will be granted listing and
quotation with effect from 9 a.m., Monday, 29 November 2004.
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Telephone number: 603-2732222
Fax number: 603-2731439
TRU-TECH HOLDINGS: Discloses Amended Restructuring Scheme
---------------------------------------------------------
Tru-tech Holdings Berhad disclosed its amended restructuring
scheme as follows:
"The Renewed Group via OHSB Bank has available land bank
totaling approximately 419 acres based on irrevocable
development rights to the land, with a total gross development
value of RM1.13 billion. Details of the land bank under the
irrevocable development rights arrangement are shown in Table 10
at www.bursamalaysia.com"
The Company also announced that the Section 2.4 of the
attachment to the said announcement under Proposed JVA
Settlement should read as follows:
"Pursuant to the Master Agreement, RGSB will issue and allot
60,000,000 RGSB Shares to Ambang Budi Sdn Bhd (ABSB) at par,
pursuant to exchanges of letters between Hartaplus Realty Sdn
Bhd (HRSB), a wholly-owned subsidiary company of RDSB, RDSB and
ABSB on 8 November 2004 (Supplemental JVA) which have the effect
of amending certain terms and conditions of a joint venture
agreement dated 1 October 2003 entered into between ABSB and
HRSB and RDSB (JVA) (Proposed JVA Settlement).
The proposed restructuring scheme is as follows:
Proposed Capital Reconstruction;
Proposed Scheme Of Arrangement With Creditors;
Proposed Acquisition;
Proposed Jva Settlement;
Proposed Exemption;
Proposed Listing Transfer;
Proposed Disposal;
Proposed Offer For Sale; And
Proposed Placement
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone: (60) 3 7861 5220
Fax: (60) 3 7861 7972
This announcement is dated 26 November 2004.
=====================
P H I L I P P I N E S
=====================
METRO PACIFIC: Issues Amended SEC Form 19-1
-------------------------------------------
Further to Circular for Brokers No. 4565-2004 dated October 15,
2004, Metro Pacific Corporation (MPC) furnished the Philippine
Stock Exchange a copy of the Amended Tender Offer Report (SEC
Form 19-1), in connection with its offer to acquire 84,934,375
common shares of Negros Navigation Co., Inc.
For a copy of the amended SEC Form 19-1, go to
http://bankrupt.com/misc/tcrap_metropac112904.pdf
CONTACT:
Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830
NATIONAL POWER: Inks US$9.2M Deal to Bring Power To Rural Areas
---------------------------------------------------------------
The National Power Corporation (Napocor) has inked a US$9.2
million contract with Japan-based Kanbutsu CXZ to finance,
supply and deliver generating sets (gensets) to 15 missionary
electrification areas being serviced by the Small Power
Utilities Group (SPUG), ABS-CBN News reports.
Kanbutsu is a joint venture of Kanto Bussan Kaisha Ltd. of
Tokyo, Japan and Shanghai Xinzhong Power Machine Plant of
Shanghai, China. Under the contract, Kanto Bussan will advance
the financing for the gensets while Shanghai Xinzhong will be
responsible for the manufacture, supply and delivery of the said
equipment. Kanbutsu CXZ will provide 25 diesel-fired gensets
with a capacity of 500 kilowatts each.
The units will be used to upgrade the capacity of 15 existing
diesel power plants in the following areas: Busuanga, Cuyo and
Culion Islands, El Nido, and San Vicente, all in Palawan; Lubang
in Occidental Mindoro; Polilio Island in Quezon; Sibuyan Island
and Corcuera in Romblon; Dinagat Island in Surigao del Norte;
Siasi in Sulu; Rapu-Rapu in Albay; Pilar in Cebu; Cagayan de
Tawi Tawi in Tawi-Tawi; and Tingloy in Batangas.
A total of 14 potential bidders had secured tender documents for
the project but only two had submitted bids namely Kanbutsu CXZ
and Sojitz Corporation. Under the contract, Napocor would be
repaying Kanbutsu CXZ the project cost over a four-year period
in eight semiannual installments at an interest rate of 4.5
percent per annum.
The financing component of the project will not carry any
sovereign guarantee from the Philippine government.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
PHILIPPINE REALTY: Elects Nomination Committee Members
------------------------------------------------------
The Philippine Realty And Holdings Corporation announced that
the following were designated as members of the Nomination
Committee for the ensuing year:
Mr. Juan Antonio Lanuza
Ms. Annabelle P. Brown
Mr. Jose Ma. R. Francisco
Mr. Manuel arros
Election of Members for Compensation and Remuneration Committee
The following were elected as members of the Compensation and
Remuneration Committee for the ensuing year:
Mr. Walter W. Brown
Mr. Antonio O. GIbes
Mr. Ramon Cuervo III
PHILIPPINE REAL TV AND HOLDINGS CORPORATION
Issuer
AMADOR C. BACANI
President
CONTACT:
Philippine Realty & Holdings Corporation
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Phone No: 631-3179 to 80
Fax No: 634-1504
E-mail Address: philrltv@info.com.ph
Auditor: C.L. Manabat & Company
Transfer Agent: Fidelity Stock Transfer, Inc.
SANITARY WARES: Files Petition for Insolvency Liquidation
---------------------------------------------------------
Sanitary Wares Manufacturing Corporation (SWM), in its letter
dated November 26, 2004, informed the Philippine Stock Exchange
that at its meeting held on 26 November 2004, the Board of
Diretors approved, among others, a resolution for the cessation
of the Company's operations and closure of its manufacturing
plant with effect from 26 November 2004. The Board also approved
a resolution authorizing the filing of a petition for insolvency
liquidation and eventual dissolution of the Company following
the completion of the insolvency liquidation process.
For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
For a copy of the Company's disclosure, go to
http://bankrupt.com/misc/tcrap_sanitarywares112904.pdf
CONTACT:
Sanitary Wares Manufacturing Corporation
Concha Cruz Drive
Barrio Almanza, Las Pi¤as City
Tel. No/s: 842-8950 to 55; 842-8738 to 40
Fax No/s: 809-3617
E-mail Address: asi.ph@amstd.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Bank of the Philippine Islands
=================
S I N G A P O R E
=================
CAPITALAND LIMITED: Units Struck Off from Register of Companies
---------------------------------------------------------------
The Board of Directors of CapitaLand Limited announced to that
the following dormant indirect wholly owned subsidiaries of
CapitaLand have, upon their respective applications and as
subsequently notified in the Government Gazette notification
dated 26 November 2004, been struck off the Register of
Companies pursuant to Section 344(4) of the Companies Act, Cap
50, with effect from 22 October 2004:
Blanco Court Pte Ltd
Murray Terrace Pte Ltd
Pidemco Place Pte Ltd
Sultan Centre Pte Ltd
The above striking-off of CapitaLand's subsidiaries does not
have any material impact on the net tangible assets or earnings
per share of the CapitaLand Group for the current financial year
ending 31 December 2004.
By Order of the Board
Tan Wah Nam
Company Secretary
26 November 2004
JOMED SINGAPORE: Creditors to Prove Claims by December 24
---------------------------------------------------------
Notice is hereby given that the creditors of Jomed Singapore Pte
Ltd, which is being wound up voluntarily, are required on or
before 24th December 2004 to send 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
Liquidator of the said Company.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 24th day of November 2004.
Ms. Mazlita Binti Mohamad Ali
Liquidator
c/o 4 Battery Road
#15-01 Bank of China Building
Singapore 049908.
Friday, November 26, 2004 1
KOH BROTHERS: Subsidiary Snags SG$26.5-Mln New Contract
-------------------------------------------------------
Koh Brothers Group Limited disclosed that its subsidiary, Koh
Brothers Building & Civil Engineering Contractor (Pte.) Ltd.
(KBCE) has secured a new contract worth SG$26.5 million for the
construction of container stacking yard and decking over
existing berth at Pasir Panjang. Project completion is expected
in 2006.
The Group had earlier announced 2 projects wins of SG$50 million
in April, bringing the total contract wins to SG$76.5 million in
2004.
About Koh Brothers Group Limited
Mainboard-listed Koh Brothers, is today a diversified business
group with operating synergies arising from its five core areas
of expertise:
ú construction
ú building materials
ú real estate
ú leisure and hospitality
ú oil and gas
To date, the Group has 62 subsidiaries, 4 JV companies and 8
associated companies in Singapore, China, Indonesia, India,
Malaysia, Thailand, Vietnam and U.S.A.
Submitted by Lee Suyin, Company Secretary on November 26, 2004
to the Singapore Stock Exchange.
MARCO POLO: Creditors to Submit Claims by December 28
-----------------------------------------------------
Notice is hereby given that the Creditors of Marco Polo Hotels
Management Singapore Pte Ltd, which is being wound up
voluntarily, are required on or before 28 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 Joint Liquidators of the said
Company.
If so required by notice in writing from the said Joint
Liquidators, they are to come in personally or by their
solicitors and prove their said debts or claims at such time and
place as shall be specified in such notice. In default thereof,
they will be excluded from the benefit of any distribution made
before such debts are proved.
Dated this 26th day of November 2004.
Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators.
138 Cecil Street
#15-00 Cecil Court
Singapore 069538
MARCO POLO: Posts Resolutions of Convened EGM
---------------------------------------------
At an Extraordinary General Meeting of Marco Polo Hotels
Management Singapore Pte Ltd duly convened pursuant to Section
179 of the Companies Act, Cap. 50 on 22 November 2004, the
following resolutions set out below were duly passed:
Special Resolutions Resolved:
(a) That the Company be wound up voluntarily pursuant to Section
290 of the Companies Act, Cap. 50, and that Messrs Steven Tan
Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil Street #15-00,
Cecil Court, Singapore 069538, be and are hereby appointed as
Joint Liquidators for the purpose of such winding-up;
(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests; and
(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by Section 272
(1) (b), (c), (d) and (e) of the Singapore Companies Act, Cap.
50.
Ordinary Resolution Resolved:
That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up of the
Company on their normal scale of fees and that the Liquidators,
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation thereto.
Paul Yiu-Cheung Tsui
Director
Dated this 26th November 2004.
RSH LIMITED: Posts Change in Shareholder's Interest
---------------------------------------------------
RSH Limited released a notice on November 26, 2004 at the
Singapore Stock Exchange pertaining to the change in the
Percentage Level of a Substantial Shareholder's Interest of
Part I
(1) Date of notice to issuer: November 26, 2004
(2) Name of Director: Vinod Kumar Gomber
(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 Shareholding: November 26, 2004
(2) Name of Registered Holder: Vinod Kumar Gomber
(3) Circumstance(s) giving rise to the interest or change in
interest Open Market Purchase
- Please specify details
(4) Information relating to shares held in the name of the
Registered Holder
No. of Shares held before the change 18,274,764
As a percentage of issued share capital 5.426 %
No. of Shares which are subject of this notice 11,000
As a percentage of issued share capital 0.003 %
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.61
No. of Shares held after the change 18,285,764
As a percentage of issued share capital 5.429 %
Part III
(1) Date of change of Interest
(2) The change in the percentage level From % To %
(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
- Please specify details
(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 18,274,764 0
As a percentage of issued share capital 5.426% 0%
No. of shares held after the change 18,285,764 0
As a percentage of issued share capital 5.429% 0%
Submitted by:
Tan Chong Beng
Company Secretary
TENBY INVESTMENTS: Court to Hear Bankruptcy Petition Dec. 10
------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Tenby Investments Pte Ltd by the High Court was, on the 19th day
of November 2004, presented by Malayan Banking Berhad, a
creditor.
The petition will be heard before the Court sitting at the High
Court of Singapore at 10:00 a.m. in the forenoon, on the 10th
day of December 2004.
Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is at 2 Battery Road, #01-01 Maybank
Tower, Singapore 049907.
The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.
Messrs Shook Lin & Bok
Solicitors for the Petitioner
Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the Petitioner's
solicitors, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock noon of
the 9th day of December 2004.
This Singapore Government Gazette notice is dated November 26,
2004
TUNG LIN: Winding Up Hearing Set December 10
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Tung Lin Construction Pte Ltd by the High Court was, on the 12th
November 2004 presented by Liang Jit Sin of 110 Wishart Road
#04-07, Singapore 098729.
The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10 o'clock in the morning on the 10th
December 2004.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the Petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 110 Wishart Road #04-07, Singapore
098729.
The Petitioner's solicitors are Messrs CHONG CHIA & LIM LLC of
No. 20 Maxwell Road, #03-01E/F Maxwell House, Singapore 069113.
Chong Chia & Lim Llc
Solicitors for the Petitioner
Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Chong Chia & Lim Llc of No. 20 Maxwell Road, #03-01E/F
Maxwell House, Singapore 069113, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named Messrs
Chong Chia & Lim Llc not later than twelve o'clock noon of the
9th December 2004.
This Singapore Government Gazette notice is dated November 26,
2004.
WEE POH: Withdraws Resolution 10 from AGM Agenda
------------------------------------------------
Wee Poh Holdings Limited to refers to the Notice of
Reconvened Ninth Annual General Meeting of the Company dated and
circulated on 17 November 2004.
The Company announced at the Singapore Stock Exchange that
Resolution 10 will be withdrawn and will not be tabled for
voting at the Reconvened Ninth Annual General Meeting to be held
on 2 December 2004 at Sheraton Towers Singapore, Ballroom 2, 39
Scotts Road, Singapore 228230 from 11 a.m.
The withdrawal of Resolution 10 will not invalidate or affect
any proxy form validly submitted for the AGM.
By order of the Board
Chan Wang Kin
Managing Director
on behalf of the Board of Directors of
Wee Poh Holdings Limited
===============
T H A I L A N D
===============
THAI WIRE: SET Suspends Trading of Securities
---------------------------------------------
Starting from November 30, 2004 the Stock Exchange of Thailand
(SET) will allow the securities of Thai Wire Products Public
Company Limited (TWP) to be listed on the SET after finishing
its capital increase procedures.
However, TWP is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of TWP until the causes of
delisting are eliminated.
Name: TWP
Paid up Capital
Old: THB220,000,000 (22,000,000 common shares)
New: THB270,000,000 (27,000,000 common shares)
Par Value: THB10/share
Allocation: Creditors under rehabilitation plan in the amount of
5,000,000 shares.
Ratio: THB10 of debt: 1 new share
Price: THB10/ share
Conversion date: November 15,2004
CONTACT:
Thai Wire Products Public Company Limited
Zeer Street Bldg, Fl7, 99/2 Moo 8,
Phaholyothin Road Pathum Thani
Telephone: 0-2992-6867
Fax: 0-2992-6870-1
* BOND PRICING: For the Week 29 November to 3 December 2004
-----------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group 10.000% 4/15/06 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
Amity Oil Ltd. 10.000% 10/31/13 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 9
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 8.750% 10/15/05 9
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 4/15/05 9
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
Citigold Corp. 12.000% 3/29/07 1
Consolidated Minerals Ltd 11.250% 3/31/05 2
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fletcher Building Ltd 10.500% 4/30/05 7
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 3
Gympie Gold Ltd. 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 9
Hy-Fi Securities Ltd 8.750% 8/15/08 11
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure and Utility 8.500% 9/15/13 8
NPT Capital Ltd 9.500% 11/30/04 10
Nuplex Industries Ltd 9.300% 9/15/07 8
Powerco Ltd 8.150% 9/01/07 8
Powerco Ltd 8.400% 5/22/07 10
Richmond Ltd 10.750% 12/15/04 11
Salomon Smith Barney Australia 4.250% 2/1/09 8
Sapphire Securities 7.410% 9/20/35 7
Sapphire Securities 9.160% 9/20/35 9
Sherlock Bay Nickel 12.000% 9/1/07 1
Sky Network Television Ltd 9.300% 10/29/49 8
Software of Excellence 7.000% 8/09/07 2
Strathfield Group 11.000% 12/31/05 1
Structural Systems Ltd 11.000% 6/30/07 1
Sydney Gas Company 12.000% 4/1/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 7
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Urbus Properties Ltd 9.250% 3/10/07 1
Vision Systems Ltd 9.000% 12/15/08 2
CHINA
-----
China Government Bond 2.900% 5/24/32 67
KOREA
-----
Korea Electric Power Corporation 7.950% 4/1/96 70
MALAYSIA
--------
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Artwright Holdings Bhd 5.500% 3/05/07 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Berjaya Sports Toto Bhd 8.000% 8/04/12 4
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder 3.000% 2/25/06 2
Dataprep Holdings Bhd 4.000% 8/5/05 1
Dataprep Holdings Bhd 4.000% 8/6/07 1
Eden Enterprises (M) Bhd 2.500% 12/2/07 1
Fountain View Development Sdn Bhd 3.500% 11/3/06 5
Furqan Business Organization 2.000% 12/19/05 1
Gadang Holdings Bhd 2.000% 12/24/08 1
Grand Central Enterprises Bhd 5.000% 2/17/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
I-Bhd 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Killinghall Bhd 5.000% 4/13/09 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/28/12 1
LBS Bina Group Bhd 4.000% 12/31/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
Lebar Daun Bhd 2.000% 1/6/07 5
Lion Diversified Holdings Bhd 2.000% 6/1/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/5/12 1
Mithril Bhd 8.000% 4/5/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
Naim Indah Corporation Bhd 0.500% 8/24/06 1
NAM Fatt Corporation Bhd 2.000% 6/24/11 1
Orlando Holdings Bhd 3.000% 3/16/05 1
OSK Holdings Bhd 3.500% 3/1/05 1
OSK Holdings Bhd 6.000% 3/1/05 1
Patimas Computer Bhd 6.000% 2/19/06 1
Poh Kong Holdings 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/20/16 1
Rashid Hussain Bhd 0.500% 12/23/12 1
Rashid Hussain Bhd 3.000% 12/23/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel Bhd 5.500% 7/31/08 2
Tanah Emas Corporation Bhd 2.000% 12/9/06 1
Talam Corporation Bhd 7.000% 7/19/05 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
Wah Seong Corp 3.000% 5/21/12 4
Yu Neh Huat Bhd 3.000% 9/2/08 1
SINGAPORE
---------
CSC Holdings Ltd 6.500% 4/27/05 1
Rabobank Singapore 1.000% 1/15/13 74
Sengkang Mall 8.000% 11/20/12 1
Tampines Assets Ltd 5.625% 12/7/06 1
Tampines Assets Ltd 6.000% 12/7/06 1
Tincel Ltd 5.000% 12/25/05 1
Tincel Ltd 7.400% 6/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***