/raid1/www/Hosts/bankrupt/TCRAP_Public/050106.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, January 6, 2005, Vol. 8, No. 4
Headlines
A U S T R A L I A
ASTEC COATINGS: To Convene Final Meeting on January 18
AUSASEAN ADVISORS: To Declare Final Dividend on January 20
AUSASEAN FINANCING: Final Dividend to be Declared January 20
BARTMARK PTY: Creditors, Members to Meet January 21
EV STREET: Final Meeting Fixed on January 10
EVENLODE PTY: Faces Voluntary Winding Up Process
GIRVAS PTY: Enters Winding Up Proceedings
GLAVANIS PTY: Appoints Stanley Leo Carroll as Liquidator
HIH INSURANCE: Accused Spotted in Island Luxury Ahead of Trial
KIKO GLOBAL: Members Resolve to Voluntarily Wind Up
KRISPY KREME: To Restate Earnings Amid Lawsuits
MITSUBISHI AUSTRALIA: Tariffs Pull Down Lancer Sedan Prices
MTL INDUSTRIAL: Court Issues Winding Up Order
NATIONAL AUSTRALIA: More Dealers Charged Over Forex Scandal
NITRATE PRODUCTIONS: Members, Creditors to Meet January 10
OZVIC ENTERPRISES: To Hold Final Meeting on January 18
PAINTING & DECORATING: Sets Final Meeting January 18
ROBERT FREDERICK: To Convene Final General Meeting January 14
VAN ES: Final Meeting Slated for January 14
C H I N A & H O N G K O N G
CCC NETWORK: Annual Meeting Set January 12
CHINA CONSTRUCTION: Forges Alliance with Shenzen Bank
DOLLY COMMUNICATIONS: Winding Up Hearing Slated for January 29
INDUSTRIAL AND COMMERCIAL: May Receive US$45 Billion Bailout
INDUSTRIAL AND COMMERCIAL: Gears for IPO
LUKINA LIMITED: Creditors Must Prove Claims by January 17
NATIONAL PRINTED: Schedules Creditors Meeting January 17
VIRTUE MARBLE: Court to Hear Winding Up Petition on January 12
I N D O N E S I A
ASIA PULP: Seeing Light at the End of the Tunnel
PERTAMINA: VP Orders Securing of Fuel Oil Supply to Aceh
PERUSAHAAN LISTRIK: Builds 30-Km Power Transmission Line in Aceh
* Indonesia Hopes to Reschedule Debt
J A P A N
MITSUBISHI MOTORS: President of U.S. Unit Resigns
MITSUBISHI MOTORS: U.S. Sales Jump 34% in December 2004
MITSUBISHI MOTORS: Reveals Next-generation Models
OJI STEEL: METI OKs Changes to Business Restructuring Plan
SEIBU RAILWAY: Used False Votes at Shareholder Meetings
SOJITZ HOLDINGS: Revises Conversion Price of Convertible Bonds
K O R E A
* Rising Steel Plate Prices Cause Shipbuilders' Sluggish Growth
M A L A Y S I A
BUKIT KATIL: Court Hearing Set for February 7
CONSOLIDATED FARMS: Issues Monthly Status Update
JIN LIN: Court OKs Restraining Order Extension
KEMAYAN CORPORATION: Reveals Restructuring Developments
NALURI BERHAD: Appoints New Director
OCEAN CAPITAL: Withdraws Restructuring Exercise
OLYMPIA INDUSTRIES: Updates Restructuring Plan
OMEGA HOLDINGS: Financial Position Unchanged
PANGLOBAL BERHAD: Details Internal Reorganization
PAN MALAYSIA: Extends Regularization Scheme
PAN MALAYSIA: Appoints Khet Kok Yin as CEO
PAN PACIFIC: Awaits Restructuring Scheme Approval
PARK MAY: Aims to Regularize Financial Condition
PILECON ENGINEERING: Posts Default Status Update
PUNCAK NIAGA: Appoints New Audit Committee Chairman
RNC CORPORATION: Updates Debt Restructuring Scheme
SRI HARTAMAS: Details Monthly Status Update
SRIWANI HOLDINGS: Notes Developments in Financial Regularization
TRU-TECH HOLDINGS: Submits Restructuring Plan to SC
UNITED CHEMICAL: Extends Restructuring Agreement
WEMBLEY INDUSTRIES: Details PN4 Status
P H I L I P P I N E S
ATLAS CONSOLIDATED: Releases Amended Quarterly Report
MANILA ELECTRIC: Shareholder Furnishes SEC Form 18-AS Copy
MAYNILAD WATER: May Attract Investors After 3 Years
METRO PACIFIC: SEC to Review PSE Findings
METRO PACIFIC: Unveils Board Meeting Attendance
NATIONAL POWER: PSALM Poised to Resume Assets Sale
PRICESMART INCORPORATED: May Close Philippine Outlets
S I N G A P O R E
ACTELYCON PRIVATE: Court Orders Winding Up
BELL SHAKESPEARE: Creditors May Submit Claims Until January 31
CAPITALAND LIMITED: To Acquire Retail Malls
D.S.E ENTERPRISE: Releases Notice Of Dividend
PANPAC MEDIA: Appoints Executive Director
TACTICAL AUTOMATION: Posts First and Final Dividend Notice
WEARNES THAKRAL: Issues Notice Of Dividend
T H A I L A N D
KRUNG THAI: May Raise Loan Allocation to SMEs by THB40Bln
PREECHA GROUP: Releases List of Year 2005 Holidays
* SET Give Firms Under Rehabco Until March 28 to Recover
- - - - - - - -
=================
A U S T R A L I A
=================
ASTEC COATINGS: To Convene Final Meeting on January 18
------------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of Astec Coatings Pty Limited (In Liquidation) A.C.N.
100 857 850 will be held at the offices of Bentleys MRI Sydney
Business Recovery & Insolvency Partnership, Level 8, Barrack
House, 16-20 Barrack Street, Sydney NSW on Tuesday 18 January
2005 at 4:00 p.m. for the purpose of laying before the meeting
the Liquidators' final account and report and giving any
explanation thereof.
Dated this 2nd day of December 2004
Ozem Kassem
Liquidator
Telephone: (02) 8221 8433
Facsimile: (02) 8221 8422
AUSASEAN ADVISORS: To Declare Final Dividend on January 20
----------------------------------------------------------
A final dividend will be declared on 20 January 2005 for
Ausasean Advisors Limited (Subject to Deed of Company
Arrangement) A.C.N. 054 567 985.
Creditors whose debts or claims have not already been admitted
were required 4 January 2005 to formally prove their debts or
claims. If they have not, they would be excluded from the
benefit of the dividend.
Dated this 6th day of December 2004
Roderick Mackay Sutherland
Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney 2001
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
AUSASEAN FINANCING: Final Dividend to be Declared January 20
------------------------------------------------------------
A final dividend is to be declared on 20 January 2005 for
Ausasean Financing Partners Limited (Subject to Deed of Company
Arrangement) A.C.N. 065 052 806.
Creditors whose debts or claims have not already been admitted
were required 4 January 2005 to formally prove their debts or
claims. If they have not, they would be excluded from the
benefit of the dividend.
Dated this 6th day of December 2004
Roderick Mackay Sutherland
Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney 2001
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
BARTMARK PTY: Creditors, Members to Meet January 21
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of the creditors and
members of Bartmark Pty Ltd (In Liquidation) A.C.N. 057 165 152
will be held at the offices of WalterTurnbull, Chartered
Accountants, Level 17, 55 Clarence Street Sydney, NSW 2000 on
the 21st of January 2005 at 10:30 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and of hearing any explanations
that may be given by the liquidator.
Dated this 14th day of December 2004
David Watson
Liquidator
WalterTurnbull
Chartered Accountants
Level 17, 55 Clarence Street,
Sydney NSW 2000
EV STREET: Final Meeting Fixed on January 10
--------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of EV Street
Pty Limited (In Voluntary Liquidation) A.C.N. 000 028 357 will
be held at the offices of Derek Pigot & Associates, 222 Anson
Street Orange, on the 10th day of January 2005 at 9:00 a.m. for
the purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.
Dated this 30th day of November 2004
Derek C. Pigot
Derek Pigot & Associates
222 Anson Street, Orange NSW 2800
EVENLODE PTY: Faces Voluntary Winding Up Process
------------------------------------------------
At a general meeting of the members of Evenlode Pty Limited (In
Liquidation) A.C.N. 008 477 594 duly convened and held at
Permanent Trustees, 35 Clarence Street, Sydney NSW, on 19
November 2004, the special resolution set out below was duly
passed:
That the Company be wound up voluntarily.
Dated this 2nd day of December 2004
Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988
GIRVAS PTY: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that at a General Meeting of Girvas Pty
Limited A.C.N. 000 214 219 duly convened and held on the 1st day
of December 2004 the following special resolution was passed:
That the Company be wound up voluntarily.
Dated this 1st day of December 2004
Brian P. Dunphy
Liquidator
Freshwater Management Pty Ltd
PO Box 663, Harbord NSW 2096
GLAVANIS PTY: Appoints Stanley Leo Carroll as Liquidator
--------------------------------------------------------
At a General Meeting of Glavanis Pty Ltd (In Liquidation) A.C.N.
000 551 879, duly convened and held at 43 Auburn Street, Moree,
NSW on 30 November 2004 the following Special Resolutions were
passed:
(a) That the Company be wound up as a Members' Voluntary Winding
Up and that Stanley Leo Carroll of 43 Auburn Street, Moree, NSW
be appointed liquidator of the Company for the purposes of such
winding up.
(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the Company as he may deem
fit.
Dated this 2nd day of December 2004
Stanley Leo Carroll
Liquidator
43 Auburn Street, Moree NSW
HIH INSURANCE: Accused Spotted in Island Luxury Ahead of Trial
--------------------------------------------------------------
Only months before his criminal trial over the collapse of HIH
Insurance, Brad Cooper has been seen relaxing on luxurious
Hamilton Island, reports The Advertiser.
Mr. Cooper, which faces 13 charges over the AU$5.3 billion
downfall, stayed in a room costing AU$996 during his holiday
with family and friends.
The former high-profile businessman was reportedly mulling to
buy an island property and has had several consultations with
the PRDnationwide realty office on the island.
Mr. Cooper was has been accused of allegedly giving cash
benefits to an employees and released misleading statements
between December 2000 and March 2001. He was thought to have
paid between AU$119,000 and AU$124,000 in bribes to recover
money he claimed the failed insurance Company owed him.
Meanwhile, he refused to comment about any plans to invest in
property or how his luxury holiday might appear to HIH
shareholders. He said only that he was on a vacation and was an
innocent man.
KIKO GLOBAL: Members Resolve to Voluntarily Wind Up
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Kiko Global Pty Limited (In Liquidation) A.C.N. 099 251 340,
held on 30 November 2004, it was resolved that the Company be
wound up voluntarily and that W.B. Rangott be appointed
Liquidator.
Dated this 2nd day of December 2004
W.B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3 Engineering House, 11 National
Circuit, Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966
KRISPY KREME: To Restate Earnings Amid Lawsuits
-----------------------------------------------
Krispy Kreme Doughnut Corporation is set to restate earnings for
the last three quarters of fiscal 2004, reports the Sydney
Morning Herald.
The troubled doughnut maker on Tuesday filed documents
announcing its decision to the U.S. Securities and Exchange
Commission amid allegations the Company padded shipments to
cover dwindling sales over the last two years.
Krispy Kreme said its board of directors had concluded that
statements for the business year ending February last year needs
to be amended, as well as the reports for the last three
quarters of that fiscal year.
The revisions are expected to trim the firm's profits for 2004
by between US$3.8 million (AU$4.8 million) and US$4.9 million
(AU$6.3 million).
Although restating the fiscal 2004 reports will affect reports
for the first two quarters of fiscal 2005, Krispy Kreme said it
did not expect any material changes to those results.
A recent filing in a shareholder lawsuit against Krispy Kreme
alleges the Company routinely padded sales by doubling doughnut
shipments to wholesale customers at the end of fiscal quarters.
In addition, the scandal-hit firm faced a new complaint filed on
Dec. 14 in Greensboro federal court. The suit claims that
between January 2003 and May 2004 when Krispy Kreme issued a
profit warning, "the Company issued false and misleading
statements, including false financial results" and "repeatedly
ratcheted upward its public quarterly and fiscal year revenue
and earning projections ... all in the face of slowing sales and
market saturation".
Krispy Kreme blamed its problems on the growing popularity of
low-carb diets and soaring oil prices. However, critics believe
that the Company expanded too quickly leading it to saturate its
market.
CONTACT:
Krispy Kreme Doughnut Corporation
PO Box 83
Winston-Salem, NC 27102
Phone: 1-800-4KRISPY (1-800-457-4779)
Web site: http://www.krispykreme.com/
MITSUBISHI AUSTRALIA: Tariffs Pull Down Lancer Sedan Prices
-----------------------------------------------------------
Mitsubishi Motors Australia has announced that the prices of its
popular Lancer sedans have been reduced from the 1st of January.
The price reductions are as a result of import tariffs being
reduced, and the cost reduction being passed on to consumers.
The Lancer sedan price reductions mean that all imported
Mitsubishi passenger cars have now been priced in line with the
new January '05 tariffs, as Colt, Lancer Sportswagon and Grandis
prices were all set at post-tariff prices when the cars were
launched during the year.
The revised Lancer sedan prices are:
Lancer ES sedan, 5 m/t
Previous RRP: AU$19,990
Revised RRP: AU$19,390
Price change: - AU$600
Lancer ES sedan, 4 a/t
Previous RR: AU$21,990
Revised RRP: AU$21,390
Price change: - AU$600
Lancer LS sedan, 5 m/t
Previous RRP: AU$23,790
Revised RRP: AU$23,120
Price change: - AU$670
Lancer LS sedan, 4 a/t
Previous RRP: AU$25,790
Revised RRP: AU$25,120
Price change: - AU$670
Lancer VR-X sedan, 5 m/t
Previous RRP: AU$26,990
Revised RRP: AU$26,200
Price change: - AU$790
Lancer VR-X sedan, 4 a/t
Previous RRP: AU$29,240
Revised RRP: AU$28,700
Price change: - AU$790
Lancer Exceed sedan, 4a/t
Previous RRP: AU$29,490
Revised RRP: AU$28,990
Price change: - AU$500
Mitsubishi Motors recently announced Australia's best warranty
cover when it announced its '5-10 Better Built. Better Backed.'
campaign as a way of engendering confidence and assisting
consumers with reducing their motoring costs.
The reduction of all passenger car prices in line with the
tariff reductions is another clear demonstration of Mitsubishi's
commitment to provide Australian motorists with the best
quality, best value products that are the least expensive to own
and operate.
There hasn't been any tariff change for light commercial
vehicles.
For more information:
Kevin Taylor
Manager Product Communications
MITSUBISHI MOTORS AUSTRALIA LTD
Telephone: (08) 8275 2348 or 0419 824 823
MTL INDUSTRIAL: Court Issues Winding Up Order
---------------------------------------------
On the 29th November, 2004 the Supreme Court made an Order that
MTL Industrial Services Pty Limited (In Liquidation) A.C.N. 081
754 967 be wound up and appointed Mark Roufeil to be Official
Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000
NATIONAL AUSTRALIA: More Dealers Charged Over Forex Scandal
-----------------------------------------------------------
Three more dealers were found to have participated in National
Australia Bank Limited's (NAB) AU$360 million rogue trading
scam, reports Dow Jones.
The Australian Securities and Investments Commission (ASIC)
charged Vince Ficarra, Luke Duffy and Gianni Gray almost a year
after the controversy first swept over NAB following charges
last month against another former NAB dealer, David Bullen.
The four dealers, who were dismissed by the bank in March after
being suspended when the scandal broke out in January last year,
are scheduled to appear in Melbourne Magistrates' Court on Jan.
25.
An investigation by PricewaterhouseCoopers discovered the four
were involved in unauthorized trading of foreign currency
options, which caused NAB to suffer some AU$360 million in
pretax losses.
A second probe commissioned by the Australian Prudential
Regulatory Authority found the traders had engaged in "collusive
behavior" to conceal the truth.
The Australian Federal Police, likewise, concluded its own
investigation into the incident in April. No charges were laid
but its findings were forwarded to ASIC.
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
NITRATE PRODUCTIONS: Members, Creditors to Meet January 10
----------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of Nitrate Productions Pty Ltd (In Liquidation) A.C.N.
105 596 085 will be held at the offices of de Vries Tayeh, Level
3, 95 Macquarie Street, Parramatta NSW 2150 on 10 January 2005
at 10:00 a.m. for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Joint
Liquidator.
Dated this 30th day of November 2004
Riad Tayeh
Joint Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150
OZVIC ENTERPRISES: To Hold Final Meeting on January 18
------------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of Ozvic Enterprises Pty. Limited (In Liquidation)
A.C.N. 074 775 410 will be held at the offices of Bentleys MRI
Sydney Business Recovery & Insolvency Partnership, Level 8,
Barrack House, 16-20 Barrack Street, Sydney NSW on Tuesday 18
January 2005 at 11:00 a.m. for the purpose of laying before the
meeting the Liquidators' final account and report and giving any
explanation thereof.
Dated this 6th day of December 2004
Ozem Kassem
Liquidator
Telephone: (02) 8221 8433
Facsimile: (02) 8221 8422
PAINTING & DECORATING: Sets Final Meeting January 18
----------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors Painting & Decorating Creations Pty. Limited (In
Liquidation) A.C.N. 098 466 589 will be held at the offices of
Bentleys MRI Sydney Business Recovery & Insolvency Partnership,
Level 8, Barrack House, 16-20 Barrack Street, Sydney NSW on
Tuesday 18 January 2005 at 3:00 p.m. for the purpose of laying
before the meeting the Liquidators' final account and report and
giving any explanation thereof.
Dated this 6th day of December 2004
Ozem Kassem
Liquidator
Telephone: (02) 8221 8433
Facsimile: (02) 8221 8422
ROBERT FREDERICK: To Convene Final General Meeting January 14
-------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final General Meeting of Robert
Frederick Pigott Pty Limited (In Liquidation) A.C.N. 001 233 905
will be held at the offices of William Buck, Chartered
Accountants, Level 23, 201 Elizabeth Street, Sydney on the 14th
day of January 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and the termination of the administration.
Dated this 3rd day of December 2004
Anthony W. Elkerton
Liquidator
Robert Frederick Pigott Pty Limited (In Liquidation)
VAN ES: Final Meeting Slated for January 14
-------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Van ES
Holdings Pty Limited (In Liquidation) A.C.N. 075 301 058 will be
held at the offices of Jirsch Sutherland & Co - Wollongong,
Level 3, 6-8 Regent Street, Wollongong NSW on 14 January 2005 at
10:30 a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted,
the property of the Company disposed of and of hearing any
explanations that may be given by Liquidator.
Dated this 14th day of December 2004
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: (02) 4225 2545
Facsimile: (02) 4225 2546
==============================
C H I N A & H O N G K O N G
==============================
CCC NETWORK: Annual Meeting Set January 12
------------------------------------------
Take notice that the annual meeting of the creditors and
contributories of CCC Network Systems Limited will be held at
the office of Ferrier Hodgson Limited, 14th Floor, Hong Kong
Club Building, 3A Chater Road, Central, Hong Kong on 12th day of
January 2005 at 3:00 p.m., for the purpose of receiving an
account laid before the meetings detailing the liquidator's act
and dealings, the conduct of the winding up of the Company
during the preceding year, and to hear any explanations that may
be given by the Liquidators.
A member or creditor entitled to attend vote at the above
meeting may appoint a proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for the meetings must be lodged at the office of Ferrier
Hodgson Limited not later than 4:00 p.m. on the day before the
meeting.
Dated this 24th day of December 2004
Rod Sutton
Joint and Several Liquidator
CHINA CONSTRUCTION: Forges Alliance with Shenzen Bank
-----------------------------------------------------
China Construction bank (CCB) has clinched a deal with Shenzen
Development Bank, reports Xinhua, citing a CCB spokesman.
The agreement between the two firms includes, among others,
corporate finance, foreign exchange business and fund
management.
The partnership, which is aimed at establishing an all-around
co-operation, is expected to boost the competitive edge for both
banks and streamline their services since China is still opening
up its banking sector to foreign investors under its agreement
with the World Trade Organization.
Inaugurated in 1987, Shenzhen Development Bank is the first
Chinese lender listed in the stock market. CCB, on the other
hand, has immense capital and an extensive countryside network.
Both banks are expected to benefit each other.
CCB, which has already been split into a holding Company and a
joint-stock firm, is slated to issue shares sometime within the
year.
CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.com.cn
DOLLY COMMUNICATIONS: Winding Up Hearing Slated for January 29
--------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Dolly Communications and Publishing Limited by the High Court of
Hong Kong Special Administrative Region was on the 30th day of
November 2004 presented to the said Court by Multicreate
Investments Limited whose registered office is situated at P. O.
Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands.
The said Petition will be heard before the Court at 9:30 a.m. on
the 19th day of January 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Chui And Lau
Solicitors for the Petitioner
Room 42, 4th Floor, New Henry House
10 Ice House Street
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18th day of
January 2005.
This notice is dated 24 December 2004.
INDUSTRIAL AND COMMERCIAL: May Receive US$45 Billion Bailout
------------------------------------------------------------
Industrial and Commercial Bank of China (ICBC) may possibly
receive China's biggest bailout that will free it from its huge
debts, The Standard reports.
The bank could get up to US$45 billion (HK$351 billion), an
amount that could top the combined value of the bailout money
given to China Construction Bank and Bank of China.
The move would mark a significant broadening of Beijing's
efforts to clean up its banking system, in line with its goal to
come up with efficient capital markets vital to its long-term
economic health.
ICBC's bailout has long been awaited by its officials as they
have been imposing cost cutting measures by reducing staff and
closing branches in an attempt to improve risk management and
bring often semi-independent branches more firmly under
management control.
If the bailout is coupled with internal reforms, it could
possibly have an IPO as much as US$10 billion some time next
year. It is expected that ICBC would announce a shortlist of
chosen underwriters within weeks.
CONTACT:
Industrial and Commercial Bank of China
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
INDUSTRIAL AND COMMERCIAL: Gears for IPO
----------------------------------------
Industrial and Commercial Bank of China (ICBC) will likely
pursue its HK$10 billion initial public offering (IPO) overseas,
as the Chinese government is close to approving the infusion of
more than HK$30 billion into its coffers, Financial Times
reports.
China's biggest but troubled lender is gearing up for its IPO
and is expected to invite investment banks to bid for the
advisory mandate for the IPO slated in the coming weeks.
The approval for ICBC's re-capitalization is expected to receive
its final approval from Chinese regulators before the month
ends. Approval of the plan, which details measures to transform
ICBC into a joint-stock Company and overhaul its risk
management, information technology and credit systems, is almost
certain to be followed by an injection of state funds.
LUKINA LIMITED: Creditors Must Prove Claims by January 17
---------------------------------------------------------
Notice is hereby given that the Creditors of Lukina Limited,
which is being voluntarily wound up, are required on or before
17th January 2005 to send their names, addresses and
descriptions, full particulars of their debt 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 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 17th day of December 2004
Thomas Andrew Corkhill
Kevin John O'shaughnessy
Joint and Several Liquidators
13th Floor, Gloucester Tower
The Landmark
11 Pedder Street,
Central Hong Kong
NATIONAL PRINTED: Schedules Creditors Meeting January 17
--------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, a meeting of the creditors of National
Printed Circuit Limited will be held at Room 1004, 10th Floor,
Kowloon Building, 555 Nathan Road, Mongkok, Kowloon, Hong Kong
on 17th day of January 2005 at 3:00 p.m. to appoint liquidators
and consider all other matters relevant to the creditors'
voluntary winding up of the 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 Room 1004, 10th Floor, Kowloon
Building, 555 Nathan Road, Mongkok, Kowloon, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated this 17th day of December 2004
By Order of The Board of Directors
Li Kwong Fai
Chairman
VIRTUE MARBLE: Court to Hear Winding Up Petition on January 12
--------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Virtue Marble Engineering Company Limited by the High Court of
Hong Kong was on the 19th day of November 2004 presented to the
said Court by Ip Ting Fong of Room 2503, Fu Wen House, Fu Cheong
Estate, Sham Shui Po, Kowloon, Hong Kong.
The said petition will be heard before the Court at 9:30 a.m. on
the 12th day of January 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.
Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 11th day of
January 2005.
This notice is dated 28 December 2004.
=================
I N D O N E S I A
=================
ASIA PULP: Seeing Light at the End of the Tunnel
------------------------------------------------
Troubled Asia Pulp and Paper (APP) is finally nearing resolution
of its debt problems, according to Dow Jones, citing the
Financial Times.
APP, the largest corporate defaulter in emerging markets
history, is moving toward a debt restructuring that will see its
creditors paid just a tiny portion of the more than US$4.5
billion owed by its Singapore parent Company if anything at all.
The embattled Company is expected this month to begin repaying
creditors of three of its four main Indonesian units. Under the
US$5 billion restructuring deal, the three subsidiaries will
repay the face value of their debt plus interest capped at 6
percent in three tranches over up to 22 years. The restructuring
of the fourth Company has been postponed following legal action
by its secured bondholders.
The Indonesian restructuring also paves the way for the
settlement of some US$2 billion owed by its operating affiliates
in China, with terms calling for creditors to be repaid in a
single tranche over a period of 15 to 20 years.
APP's lead financial adviser Nicky Tan said, "The economics is
such that at the end of the day, because they are further away
from the cash-generating assets, they cannot expect to get terms
as generous as the creditors down below."
The Singapore parent Company's bonds are trading at just 1-2
cents on the dollar in the secondary market, against 60-70 cents
for APP's Indonesian bonds. Creditors and others, however, argue
that the Singapore bonds could end up being worth fractions of a
cent.
One idea being floated by the Company's advisers is to use the
US$50 million to be paid annually by its operating companies in
China and Indonesia to buy back debt via an annual auction. Even
that would see the Singapore debt bought back at a huge discount
to face value, the Financial Times said.
CONTACT:
Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com
PERTAMINA: VP Orders Securing of Fuel Oil Supply to Aceh
---------------------------------------------------------
State oil and gas firm PT Pertamina has been instructed by Vice
President Jusuf Kalla to secure fuel oil supply to Aceh and
establish more distribution depots in the tsunami-devastated
province, reports Antara.
Mr. Kalla stressed Pertamina was responsible for the fuel oil,
which is badly needed to distribute relief aid and evacuate
victims of the massive Asian tsunami.
Humanitarian aid to Aceh was being distributed by both air, sea
and land transportation except for Meulaboh where the
authorities were using aircraft and ships to carry food aid.
The Indonesian government is now prioritizing efforts to help
people survive, bury the dead, secure clean water and food,
medicine and electricity supply.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERUSAHAAN LISTRIK: Builds 30-Km Power Transmission Line in Aceh
----------------------------------------------------------------
State electricity Company PT Perusahaan Listrik Negara (PLN) has
finished building a 30-kilometer power transmission line in
tsunami-hit Meulaboh, Aceh, says Asia Pulse.
PLN engineers were working hard to distribute electricity to
areas that have been devastated by the massive Asian tsunami.
Currently, around 60 percent of the power supply in Bandah Aceh
has been restored with its peak loading 28 megawatts, while in
Langsa Sabulussalam and Bireun districts distribution had
reached 100 percent.
Supply has reached 90 percent in Lhoseumawe, Sigli 80 percent
and Meulaboh 16 percent.
In Nias Island, North Sumatra, electricity supply has also been
fully restored.
Power supply to a total of 16,000 houses in Banda Aceh has been
restored. PLN expects to be able to refurbish the supply to
34,000 houses.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id
* Indonesia Hopes to Reschedule Debt
------------------------------------
The Indonesian government is seeking to reschedule its debts to
foreign donors so it can fund the restoration of damaged
infrastructure in Aceh and North Sumatra after the Dec. 26
disaster, The Jakarta Post relates.
Minister of Finance Yusuf Anwar said he is optimistic the
government can reach an agreement for debt rescheduling outside
of the International Monetary Fund (IMF) legal claims, as the
request is for humanitarian aims.
He added the rescheduling should be free from any conditions
that could lower the sovereign rating of the country.
Indonesia, which is no longer under the IMF program, is likely
to receive debt relief from the international fund after Italy,
Germany and the U.S. expressed their intent to consider offering
debt relief to tragedy-hit countries.
The country is facing a projected widening state-budget deficit
from the calamity.
With a deficit estimated at 1 percent of gross domestic product
(GDP), Indonesia will have difficulty refinancing some IDR46
trillion (US$5.11 billion) maturing foreign debts this year,
limiting the availability of extra funds for reconstructing
devastated Aceh.
Coordinating Minister for the Economy Aburizal Bakrie said
earlier that Indonesia would need at least IDR10 trillion to
rebuild Aceh.
=========
J A P A N
=========
MITSUBISHI MOTORS: President of U.S. Unit Resigns
-------------------------------------------------
Mitsubishi Motors North America (MMNA), the U.S. unit of ailing
Mitsubishi Motors North America, announced the resignation of
Finbarr O'Neill as President and CEO. Mr. O'Neill has accepted a
position as President and CEO of Reynolds & Reynolds, located in
Dayton, Ohio.
Mitsubishi Motors President of Manufacturing Rich Gilligan has
been appointed to replace Mr. O'Neill as MMNA's President and
CEO.
"My decision to leave was a very difficult and personal one,"
said Mr. O'Neill.
"I truly believe that Mitsubishi Motors is on the right track
and will have a successful turnaround in the North American
market. The Company has the leadership, people, dealers and
products to succeed. We have built a strong foundation for the
turnaround of the brand. Mitsubishi is moving in a positive
direction."
Mr. O'Neill joined Mitsubishi Motors in September 2003. During
his tenure, the Company's management focused on restructuring
and streamlining business operations, eliminating risky retail
financing programs, re-establishing stronger dealer
relationships, drastically cutting fleet sales to improve
residual values, and rebuilding the brand.
"We appreciate Fin's involvement and commitment over the past 16
months," said Osamu Masuko, head of Overseas Operations for
Mitsubishi Motors Corporation in Japan.
"With his help, we have laid the groundwork for a successful
turnaround in North America. We have great confidence in Rich
Gilligan's ability to keep the turnaround moving forward."
"I am extremely excited to be assuming the leadership of MMNA at
this time," said Mr. Gilligan.
"With the sales launch of two exciting new vehicles -- the
Eclipse coupe and the Raider truck -- in the coming year,
Mitsubishi dealers will have the best portfolio of products in
our Company's history."
Mr. Gilligan came to Mitsubishi in December 1998 as Executive
Vice President and COO of Manufacturing. He was promoted to
President and COO in June 2001. During his tenure, MMNA improved
from last to first in the assembly productivity rankings by
Harbour and Associates.
Mr. Gilligan had a 30-year career with the Ford Motor Company,
beginning as a lineworker in 1962. In 1987, he became Assistant
Plant Manager in Chicago, then Assistant Plant Manager at the
Kansas City Assembly Plant (1988) and Norfolk Assembly Plant
Manager (1989), before returning to the Kansas City Assembly
Plant from 1990 through the end of 1992 as Plant Manager. Prior
to joining MMNA, he was President of House of Lloyd -- a direct
sales and marketing Company with a sales force of more than
30,000 -- from 1993 through 1998.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 650 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit www.media.mitsubishicars.com.
CONTACT:
Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com
MITSUBISHI MOTORS: U.S. Sales Jump 34% in December 2004
-------------------------------------------------------
Mitsubishi Motors North America Inc. (MMNA) reported December
2004 U.S. sales of 11,151 units, a 34 percent increase from
November's sales volume. Mitsubishi Motors has sold 161,609
units year to date in the United States.
"We are very pleased with this month's sales, which reflect the
Company's strategic shift from fleet to retail -- in fact,
December was the best retail sales month since August," said
Michael Tocci, senior vice president of sales, fleet and
distribution at Mitsubishi Motors North America.
"We look forward to an even more prosperous 2005 as we continue
advancing the business objectives of our turnaround plan."
In addition to the overall monthly increase in sales volume,
MMNA experienced a dramatic increase in sales of several
vehicles, including a 99 percent increase in Galant sales from
last month at 3,980 units (and a 54 percent increase from
December 2003), a 23 percent increase in Outlander sales from
last month at 1,298 units, and a 17 percent increase in Endeavor
sales from last month at 1,781 units.
To view the sales breakdown for December 2004, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS010505.pdf
MITSUBISHI MOTORS: Reveals Next-generation Models
------------------------------------------------
At this year's North American International Auto Show,
Mitsubishi Motors North America, Inc. (MMNA) will introduce its
next-generation Eclipse sporty coupe and new, strikingly bold
Raider midsize pick-up truck - products geared for those who
love to drive, appreciate performance and styling, and who don't
want to blend in with the crowd.
Both vehicles feature Mitsubishi's unique design DNA that
clearly differentiates these products from others in their
segment. Engineered to exude both attitude and sophistication,
the 2006 Eclipse and Raider join an exciting lineup of
Mitsubishi models that feature distinctive styling and
performance characteristics aimed at capturing the imaginations
of the truly "young at heart" consumer.
The all-new, fourth-generation Eclipse lives up to its
nameplate's legacy in the import sport coupe segment, with a
futuristic, organic design and greatly enhanced powerplant under
the hood. The Eclipse GT flexes its muscles with the most
powerful V6 engine in its class. Such pure energy is
complemented by superb handling and smooth ride characteristics
that are sure to appeal to both upscale, affluent consumers and
younger drivers alike. The new Eclipse will be available mid-
year, along with the new Eclipse Spyder convertible later in
2006.
Mitsubishi's vision of what a light truck can be is embodied in
the all-new Raider, which redefines the traditional mid-size
import pickup in terms of styling, content and quality.
Aggressive design cues and unexpected interior amenities clearly
position it to appeal to a new generation of truck buyers with
upscale tastes and urban style.
Power and toughness, however, are not compromised. The Raider,
based on the 2005 Dodge Dakota platform, revives the Mitsubishi
legacy of standout truck performance as the only import pickup
truck in its class to offer a 4.7L V8 engine. It arrives in
showrooms next fall.
"Both the Raider and Eclipse are exceptional vehicles that, true
to the sporty and stylish DNA of Mitsubishi, stir an emotional
connection with consumers," said Finbarr O'Neill, MMNA president
and CEO. "They exude the boldness and confidence that define our
target drivers who dare to be different. Drive either of these
new vehicles and it will be virtually impossible to blend into
the crowd. You will be noticed."
The Raider and Eclipse join a reinvigorated family of Mitsubishi
models, from the rally-racing inspired Lancer Evolution MR
Edition to the bigger, more powerful Galant sedan; from the
adaptable Outlander to the acclaimed Endeavor midsize SUV and
rugged Montero premium SUV model. This energized lineup is part
of Mitsubishi Motors' strategy to strengthen its consumer
product offerings and appeal directly to those who want more
than just mere transportation in the vehicle they drive.
In addition to building and preparing the launch of all-new,
standout products for 2005, MMNA has spent the past year focused
on rebuilding its brand and laying the foundation for future
growth, with the goal of becoming a well-defined and profitable
brand in North America by 2006.
"While we have faced challenging times in the last year, all the
pieces are in place for future growth, starting with stunning
products," O'Neill said. "And consumers are rediscovering us. In
turn, we are rediscovering them and developing a much deeper
understanding of our target audience's wants and needs."
OJI STEEL: METI OKs Changes to Business Restructuring Plan
----------------------------------------------------------
Changes to the business restructuring plan originally submitted
to the Ministry of Economy, Trade and Industry (METI) by Oji
Steel Co., Ltd. on December 16, 2004 were examined pursuant to
Article 4, Paragraph 5 of Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements of Article
3, Paragraph 6, which applies mutatis mutandis to Article 4,
Paragraph 5 of the said law.
The changes were consequently approved on December 28, 2004.
SEIBU RAILWAY: Used False Votes at Shareholder Meetings
-------------------------------------------------------
The controversial Seibu Railway Company was found to have used
false votes at shareholder meetings, according to The Yomiuri
Shimbun.
Until last year, the Company deliberately stamped voting papers
in the name of individual investors whose shares were actually
owned by Seibu's core Company Kokudo Corporation, as the voting
papers were needed in order to cast votes at shareholders
meetings. The railway Company had also urged it employees to
pose as shareholders during meetings.
Under the Commercial Code, majority shareholders are required to
attend the Company's shareholders meetings. A large percentage
of shareholders with voting rights is needed to pass the
resolutions and more than two-thirds of votes are required for
important agenda items.
At shareholders meetings, shareholders submit their voting
papers stating their approval or disapproval of a resolution. In
the event they are absent, they can exercise their voting right
by sending stamped voting papers to vote for proposals.
However between 1957 and 1982, Seibu Railway pretended its
shareholders had met the quorum by stamping hundreds of voting
papers with seals from about 1,200 individuals entrusted by
Kokudo.
Until last year, tens of section chiefs and those with a higher
rank, who were not the individuals passed off as shareholders,
were asked to attend the shareholders meetings carrying these
papers.
An expert said the practice meant that Seibu Railway exercised
the voting right of its shareholders, indicating that Seibu
Railway is not actually a joint-stock Company.
CONTACT:
Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/
SOJITZ HOLDINGS: Revises Conversion Price of Convertible Bonds
--------------------------------------------------------------
Sojitz Holdings Corporation has notified the revision of the
conversion price of 1st Series Unsecured Convertible Bonds Due
October 2006 as follows.
(1) Revision of conversion price
1st Series Unsecured Convertible Bonds Due October 2006
(guaranteed by Sojitz Corporation)
Current conversion price: JPY401.3
Revised conversion price: JPY402.4
(2) Effective date: As from January 5, 2005
(3) Reasons for revision
The revision is made in accordance with the provisions as
specified in the terms and conditions.
CONTACT:
Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com
=========
K O R E A
=========
* Rising Steel Plate Prices Cause Shipbuilders' Sluggish Growth
---------------------------------------------------------------
South Korea shipbuilders will face rough waters in 2005 as costs
continuously rise, reports Asia Pulse, citing an analyst.
According to Lee Seung-jae, a Hana Securities Co. analyst,
rising prices in steel plates will cause a sluggish growth in
the shipbuilding sector. Steel plate is one of the key raw
materials for building ships.
Business in 2004 boomed as Hyundai Heavy Industries and other
South Korean shipbuilders snagged a record amount of orders last
year of 15 million compensated gross tons (CGT) a measure of the
capacity to build ships, nailing South Korea to the status as a
global shipbuilding leader.
The anticipated hike in the cost of steel plates may be higher
than expected offsetting rising ship prices and brisk orders,
Mr. Lee warned.
"The current slump in shipbuilders' earnings will deepen this
year since steelmakers are likely to ramp up efforts to raise
plate prices," Mr. Lee said.
Goldman Sachs also share the same view, citing the same factor
and regarded the won's appreciation against the U.S. dollar as
another contributing factor to the shipbuilding sectors' woes.
Experts fear the 15 percent increase of the value of won against
the U.S. dollar may affect South Korean exports by making them
more expensive and would consume a large part of the exporters'
earnings.
Domestic shipbuilders are also vulnerable to the won's value
against the key reserve currency, as the bulk of their orders
are won from abroad.
With the shipbuilding industry's gloomy business outlook,
shipbuilders remain conservative about their sales target for
2005.
Compared to last year, Hyundai Heavy is targeting a bigger sales
target for this year. From the KRW9.14 trillion sales target in
2004 it increased its target to KRW10.16 trillion.
"South Korean shipbuilders' profitability is expected to remain
sluggish for the first three quarters of 2005," a December
report stated. "A recovery is unlikely until the second half."
===============
M A L A Y S I A
===============
BUKIT KATIL: Court Hearing Set for February 7
---------------------------------------------
Following announcements made on 20 November 2003, 28 January
2004, 21 April 2004 and 15 September 2004, the Board of
Directors of Bukit Katil Resources Berhad (BKATIL) announced
that the hearing of the Court of Appeal has now been fixed on 7
February 2005.
The Company, however, has already filed for a stay of execution
for the winding order on 5 October 2004.
Bukit Katil Resources Berhad (BKATIL) intends to fully settle
this matter amicably with OCBC Bank (Malaysia) Berhad. In this
respect, it is in negotiations with a third party to assist
Omega Bricks Sdn Bhd to raise the necessary financing.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur
50490 Malaysia
Telephone: +60 3 2095 7077
Fax: +60 3 2094 9940
CONSOLIDATED FARMS: Issues Monthly Status Update
------------------------------------------------
The Board of Directors of Consolidated Farms Berhad (Confarm)
announces:
1. Monthly Status Announcement: Practice Note No. 1/2001
The Confarm Group has been unable to pay the amount of principal
and/or interest in respect of its credit facilities as at 31
December 2004.
In addition to the outstanding debts as stated in Table 1,
Confarm's 70% subsidiary Company, Consolidated Liquid Eggs Sdn.
Bhd. defaulted its payment in respect of the payment of the
fixed cumulative dividend of 5.5% p.a., amounting to RM619,300/-
on the Redeemable Convertible Cumulative Preference Shares
(RCCPS) of RM0.25 each.
The Company defaulted to pay the coupon at the rate of 4.5% p.a,
which amounted to RM270,000/- in respect of the Redeemable
Convertible Unsecured Loan Stocks (RCULS), payable to RCULS
holders.
2. Monthly Status Announcement: Practice Note No. 17/2005
Further to the Requisite Announcement dated 31 December 2004,
the Board of Directors of Confarm announced that there has been
no material development in respect of the Company's plan to
regularize its financial position since 31 December 2004.
The Company is in the midst of finalizing the details of the
submission to the Securities Commission and other relevant
authorities within the stipulated timeframe.
For more information, go to
http://bankrupt.com/misc/tcrap_consolidated010505.doc
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
This announcement is dated 4 January 2005.
JIN LIN: Court OKs Restraining Order Extension
----------------------------------------------
Jin Lin Wood Industries Berhad and its subsidiary, Avenue
Securities Sdn Bhd have been granted an extension of a
restraining and stay order (RO) for a period of 120 days
effective from 29 November 2004 to 28 March 2005 by the Kuala
Lumpur High Court pursuant to Section 176(10) of the Companies
Act, 1965.
The aforesaid RO was applied for in order to facilitate the
Proposed Restructuring Scheme, which was announced on 9 February
2004.
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 4 January 2005.
KEMAYAN CORPORATION: Reveals Restructuring Developments
-------------------------------------------------------
Further to the announcement made on 1 December 2004, Kemayan
Corporation Berhad announced the following developments in
relation to its proposed restructuring scheme:
1. On 24 December 2004, PMBB had, on behalf of the Board of
Directors of KCB, made an announcement in relation to the
approval from DBKL vide a letter dated 26 November 2004, which
was received by KCB on 23 December 2004, for the proposed
disposal of shares held by the Vendors of Amber to Jawira
pursuant to the Proposed Acquisitions of Amber;
2. On 31 December 2004, PMBB had, on behalf of the Board of
Directors of KCB, made an announcement in relation to the
proposed variations to the Proposed Restructuring Scheme; and
3. On 31 December 2004, PMBB had submitted to the SC an
application seeking further extension of time of an additional
six (6) months to 16 July 2005 for KCB/Jawira to fully implement
its Proposed Restructuring Scheme.
Further developments in relation to the Proposed Restructuring
Scheme will be made known to Bursa Malaysia Securities Berhad in
due course.
CONTACT:
Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax: +60 7 236 5307
This announcement is dated 4 January 2005.
NALURI BERHAD: Appoints New Director
------------------------------------
Naluri Berhad announced the appointment of Kan Weng Hin as its
new Executive Director on January 4, 2004.
Date of change: 04/01/2005
Type of change: Appointment
Designation: Director
Directorate: Executive
Name: Kan Weng Hin
Age: 43
Nationality: Malaysian
Qualifications: Graduated from the University of Canterbury,
Christchurch, New Zealand in 1985. Admitted to practice at the
Bar of New Zealand in the same year.
Working experience and occupation: Gained valuable experience as
a barrister and solicitor in New Zealand in the firm of Morgan
Coakle, Ryan and Bietre.
Admitted to the Malaysian Bar on 5 April 1986.
Has more than 19 years of legal practice and has extensive
experience in commercial and corporate litigation, enforcement
of securities, loan recovery, debt collection and foreclosure of
properties, insurance and employment law matters.
Well-versed in commercial and corporate work and his experience
also includes assisting in the restructuring of public listed
companies.
Directorship of public companies (if any): None
Family relationship with any director and/or major shareholder
of the listed issuer: None
Details of any interest in the securities of the listed issuer
or its subsidiaries: 5,500 Ordinary Shares
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676
OCEAN CAPITAL: Withdraws Restructuring Exercise
-----------------------------------------------
Further to its announcement dated 22 December 2004 and 23
December 2004, Ocean Capital Berhad has terminated its proposed
corporate restructuring exercise.
The Company is currently looking for another potential "White
Knight" and shall make the relevant announcement in due course.
CONTACT:
Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200 Kuala Lumpur
Phone: 03-21480700
Fax: 03-21454825
This announcement is dated 3 January 2005.
OLYMPIA INDUSTRIES: Updates Restructuring Plan
----------------------------------------------
Olympia Industries Berhad announced that there has been no major
development since the last announcements made on 1 December
2004, 15 December 2004 and 23 December 2004 in relation to the
implementation of the proposed restructuring scheme.
c.c. Securities Commission
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 3 January 2005.
OMEGA HOLDINGS: Financial Position Unchanged
--------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Omega
Holdings Berhad announced that there has been no major
development in respect to the Company's plan to regularize its
financial position.
CONTACT:
Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax: +60 3 2713 2170
This announcement is dated 3 January 2005.
PANGLOBAL BERHAD: Details Internal Reorganization
-------------------------------------------------
PanGlobal Berhad (PGB) announced that its wholly owned
subsidiary, Menara PanGlobal Sdn Bhd has on 3 January 2005
transferred 40% equity interest in PanGlobal Technologies Sdn
Bhd (PGTech), comprising 80,000 ordinary shares of RM1.00 each
to the following persons for a total cash consideration of
RM40.00 only (the Transfer):
Name of Transferee No. of Shares Cash Consideration
Lt Gen Datuk Nawi Bin 32,000 RM16.00
Alias
Muhammad Amin Bin 44,000 RM22.00
Jamadi
Nawi Bin Abdullah 4,000 RM2.00
Total 80,000 RM40.00
That contingent to the aforesaid transfer, the equity interest
of Menara PanGlobal Sdn Bhd in the capital of PGTech will be
diluted from 100% to 60%.
PGTech was inactive with negative shareholders' funds. The
Transfer is in line with its change of business direction to
facilitate strategic partnership.
The Transfer is not subject to the approval of the shareholders
or any relevant authorities.
The Board of Directors of PGB is of the opinion that the
Transfer is in the best interest of the Company.
CONTACT:
Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
MALAYSIA
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977
This announcement is dated 3rd January 2005.
PAN MALAYSIA: Extends Regularization Scheme
-------------------------------------------
Pan Malaysia Holdings Berhad (PMH) refers to its announcement
dated 28 October 2002 where the Bursa Malaysia Securities Berhad
(Bursa Securities) approved its application for extension of
time up to 31 December 2004 to regularize the group's financial
condition.
The Bursa Malaysia has approved an extension of time from 1
January 2005 to 31 March 2005 to enable the Company to be
uplifted from its Practice Note No. 4/2001 (PN4) status.
The said approval of Bursa Securities was pursuant to an
application made by PMH dated 14 December 2004 to allow PMH time
up to 31 March 2005 to submit the unaudited condensed
consolidated balance sheet of PMH for the last financial year
ended 31 December 2004 and the report of its auditors, Messrs
BDO Binder, on their limited review thereof, which would show
that the PMH group's financial condition has been regularized
with the automatic conversion of the irredeemable convertible
preference shares of Pan Malaysia Capital Berhad (PM Cap) into
ordinary shares of PM Cap on 29 December 2004.
CONTACT:
Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Telephone: (60) 3244-1470
Fax: (60) 3244-7789
PAN MALAYSIA: Appoints Khet Kok Yin as CEO
------------------------------------------
Pan Malaysia Corporation Berhad announced the appointment of Mr.
Khet Kok Yin as its new Chief Executive Officer effective
January 1, 2005.
Date of change: 01/01/2005
Type of change: Appointment
Name: Khet Kok Yin
Age: 57
Nationality: Malaysian
Qualifications: Bachelor of Economics (Honours) from University
of Malaya.
Working experience and occupation: Mr. Khet is presently the
Managing Director of Pan Malaysian Industries Berhad, Pan
Malaysia Holdings Berhad and Pan Malaysia Capital Berhad. He is
also a Director of MUI Continental Insurance Berhad and
Metrojaya Berhad.
Directorship of public companies (if any):
Pan Malaysian Industries Berhad
Pan Malaysia Holdings Berhad
Pan Malaysia Capital Berhad
MUI Continental Insurance Berhad
Metrojaya Berhad
Family relationship with any director and/or major shareholder
of the listed issuer: N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries: N/A
PAN PACIFIC: Awaits Restructuring Scheme Approval
-------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announced that its unit Computegates Holdings Berhad (CHB) had
on 15 December 2004 entered into a conditional sale and purchase
agreement with Goh Kheng Peow and Tan Ngaip Soon (CSB Vendors)
for the proposed acquisition of Computegates Sdn Bhd. PPAB had
also entered into a supplemental restructuring agreement with
CSB Vendors on the even date to finalize certain terms and
conditions of the Proposed Restructuring Scheme.
The Company had on 24 December 2004 submitted the application in
relation to its proposed restructuring scheme to the Securities
Commission (SC) and is awaiting the approval at this point in
time.
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Phone: 03-77278168
Fax: 03-77271622
PARK MAY: Aims to Regularize Financial Condition
------------------------------------------------
In compliance with the Practice Note No. 4/2001 (PN4) pursuant
to paragraph 8.14 of the Bursa Malaysia Securities Berhad, Park
May Berhad announced that it is in the midst of finalizing the
Explanatory Statement / Circular to be dispatched to the
shareholders of the Company for the purposes of its plan to
regularize group of companies' financial position.
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax: +60 3 7625 4987
This announcement is dated 3 January 2005.
PILECON ENGINEERING: Posts Default Status Update
------------------------------------------------
Pilecon Engineering Berhad (PEB) announced the status of default
in payments pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB).
The Company announced that there have not been any changes to
the status of default since then.
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Telephone: (603) 704-1888
PUNCAK NIAGA: Appoints New Audit Committee Chairman
---------------------------------------------------
Puncak Niaga Holdings Berhad announced the appointment of Tan
Sri Dato' Seri Dr. Ting Chew Peh as its new Audit Committee
Chairman on January 3, 2005.
Date of change: 03/01/2005
Type of change: Appointment
Designation: Chairman of Audit Committee
Directorate: Independent & Non Executive
Name: TAN SRI DATO' SERI DR. TING CHEW PEH
Age: 62
Nationality: Malaysian
Qualifications:
1. Bachelor Of Arts Degree, University Malaya (1970)
2. Master of Science, University of London (1972)
3. Doctorate in Philosophy, University of Warwick (1976)
Working experience and occupation: Occupation: Member of
Parliament
Working Experience:
1. Lecturer - Associate Professor of the Faculty of
Humanities and Social Sciences, Universiti
Kebangasaan Malaysia (1974 - 1980)
2. Member of Parliament, Gopeng Constituency (1987 - current)
3. Parliamentary Secretary, Ministry of Health (1988 -
1989)
4. Deputy Minister, Prime Minister's Department (1989 - 1990)
5. Minister of Housing and Local Government (1990 - 1999)
6. Secretary-General, Malaysian Chinese Association (1990 -
current)
7. Independent Non-Executive Director, Puncak Niaga Holdings
Berhad (2000 - current)
Directorship of public companies (if any):
1. Pan Malaysia Capital Berhad Group
2. Pan Malaysia Holdings Berhad
3. Hua Yang Bhd
4. Johan Holdings Berhad
Family relationship with any director and/or major shareholder
of the listed issuer: none
Details of any interest in the securities of the listed issuer
or its subsidiaries: none
Composition of Audit Committee (Name and Directorate of members
after change):
1. YB Tan Sri Dato' Seri Dr. Ting Chew Peh (Independent
Non-Executive Director) - Chairman of Audit Committee ('AC')
2. YBhg Tan Sri Dato' Hari Narayanan A/L Govindasamy
(Independent Non-Executive Director) - Member of AC
3. YB Datuk Dr. Rahman Bin Ismail (Independent
Non-Executive Director) - Member of AC
4. Mdm Loong Chun Nee (Executive Director, Finance
Division) - Member of AC
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
RNC CORPORATION: Updates Debt Restructuring Scheme
--------------------------------------------------
RNC Corporation Berhad issued an update on its debt-
restructuring scheme pursuant to the Practice Note No. 4/2001
(PN4) of the Bursa Malaysia Securities Berhad.
1. Reference is made to paragraph 4.1 (b) of the Practice Note
4/2001 in relation to the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange.
2. Reference is also made to the "First Announcement" on 19th
February 2001 on the Proposed Corporate and Debt Restructuring
Scheme (PRS), the previous Monthly Status Announcements since
1st March 2001 and also all the announcements pertaining to the
PRS.
3. On 18th April 2003, the Company and its advisers, OSK
Securities Berhad (OSK) had submitted the proposed modifications
to the PRS to the Securities Commission (SC), Ministry of
International Trade and Industry (MITI), Federal Economic
Planning Unit (EPU) and Foreign Investment Committee (FIC) for
their approval.
4. The SC via its letter dated 13th November 2003 and 17th
November 2003 approved the proposed modifications to the PRS.
The approval of the SC on the PRS was subject to the compliance
of its terms and conditions as announced on 18th November 2003
and 19th November 2003.
5. The SC via its letter dated 5 November 2004 extended the
implementation of the PRS to 16th April 2005.
6. On 18th November 2004, on behalf of RNC, OSK had announced
the renounceable rights issue of 7,000,000 ordinary shares of
RM1.00 each (Rights Shares) in Aliran Ihsan Resources Berhad
(AIRB) at an issue price of RM1.00 per Rights Share, payable in
full upon acceptance, on the basis of approximately three (3)
shares for every one (1) existing ordinary share held by the
entitled shareholders.
7. On 18th November 2004, on behalf of RNC, OSK also announced
the non-renounceable restricted offer for sale of 40,521,021
ordinary shares of RM1.00 each (Offer Shares) in AIRB by
Lindungan Sinar Sdn Bhd (LSSB) and Kembangan Dinamik (M) Sdn Bhd
(KDSB), to the entitled shareholders at an offer price of RM1.00
per offer share, payable in full upon acceptance, on the basis
of approximately eighteen (18) Offer Shares for every one (1)
existing ordinary share held by the entitled shareholders.
8. On 13th December 2004, on behalf of RNC, OSK announced the
extension of the last time and day for the acceptance and
payment of the Rights Shares and Offer Shares from 5.00 p.m. on
16 December 2004 to 5.00 p.m. on 23 December 2004.
9. On 30th December 2004, on behalf of RNC and the Board of
AIRB, OSK announced the subscription rate of both the Rights
Shares and Offer Shares at 299,042 or approximately 4.27% of the
7,000,000 Rights Shares available under the Rights Issue and
1,001,485 or approximately 2.47% of the 40,521,021 Offer Shares
available under the Restricted Offer for Sale respectively.
CONTACT:
RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
MALAYSIA
Phone: +60 3 4043 9411
Fax: +60 3 4043 1233
SRI HARTAMAS: Details Monthly Status Update
-------------------------------------------
Sri Hartamas Berhad (SHB) refers to the Practice Note No. 4/2001
on the criteria and obligations pursuant to paragraph 8.14 of
the Listing Requirements of the Bursa Malaysia Securities
Berhad.
The Company hereby set out below the monthly report for the
month of December 2004 for your kind attention:
"The Special Administrators of SHB wish to inform that there is
no change to our announcement made on 1 December 2004 on the
status of SHB's plan to regularise its financial condition.
The Special Administrators of SHB had announced on 4 November
2004 that they had received a notice from Bursa Malaysia
Securities Berhad (Bursa Securities) dated 3 November 2004 to
show cause on the de-listing of the securities of SHB (Show
Cause Notice). The Show Cause Notice requires SHB to make
written representations to Bursa Securities, within fourteen
(14) days commencing from the date of receipt of the Show Cause
Notice as to why the securities of SHB should not be de-listed
from the Official List of Bursa Securities.
Pursuant to the Show Cause Notice, the Company announced:
a) That the Company has been accorded 14 days by Bursa
Securities to make written representations to Bursa Securities
on why its securities should not be removed from the Official
List of Bursa Securities;
b) That in the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of 14 days
from the date of notification of the decision to de-list the
Company or upon such other date as may be specified by Bursa
Securities; and
c) That in the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Bursa Securities Listing
Requirements.
In this connection, the Special Administrators of SHB wish to
announce that they had replied to the Show Cause Notice on 17
November 2004 and had submitted on behalf of SHB the said
written representations to Bursa Securities.
CONTACT:
Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Phone: +60 3 2167 0600
Fax: +60 3 2162 0212
This announcement is dated 3 January 2005."
SRIWANI HOLDINGS: Notes Developments in Financial Regularization
----------------------------------------------------------------
Sriwani Holdings Berhad announced the following developments
pertaining to the Company's plan to regularize its financial
condition.
The Company has completed the following components of its
restructuring plan to regularize its financial condition:
(a) The capital reduction and consolidation exercise, involving
the cancellation of RM0.98 from every then existing ordinary
share of RM1.00 each in SHB (SHB Share) and thereafter, the
consolidation of the issued and paid-up share capital of SHB
such that every resultant fifty (50) ordinary shares of RM0.02
each constitute one (1) SHB Share;
(b) The restricted issue of 7,272,847 new SHB Shares at an issue
price of RM1.00 per SHB Share to Multi Esprit Sdn Bhd;
(c) The acquisition of the entire equity interest in Winner
Prompt Sdn Bhd for a purchase consideration of RM8.0 million
satisfied through the issuance of 7,272,727 new SHB Shares at an
issue price of RM1.10 per SHB Share;
(d) The acquisition of the entire equity interest in Selasih
Ekslusif Sdn Bhd for a purchase consideration of RM12.0 million
satisfied through the issuance of 10,909,091 new SHB Shares at
an issue price of RM1.10 per SHB Share;
(e) The issuance of a total of 31,208,315 new SHB Shares at an
issue price of RM1.10 each, 36,409,703 new irredeemable
convertible preference shares (ICPS)-B1 of RM0.10 each at an
issue price of RM1.10 each, 36,409,703 ICPS-B2 of RM0.10 each at
an issue price of RM1.10 each and 22,422,574 ICPS-C of RM0.10
each at an issue price of RM1.10 each pursuant to the debt
restructuring exercise of SHB and the debt settlement with
Malaysia Airports (Sepang) Sdn Bhd (MA Sepang), and the share
sale agreements between Naluri Berhad (Naluri) and certain
scheme creditors of SHB as well as MA Sepang; and
(f) The payment for the four (4) separate sale and purchase of
properties between certain subsidiaries of SHB and Naluri
amounting to approximately RM191.018 million has been made.
However, one (1) of the sale and purchase transactions amounting
to approximately RM27.481 million, which relates to three (3)
pieces of leasehold development land comprising a golf and
country club and vacant land held under Lot 2501 H.S. (D)
888/97, Lot 2209 H.S. (D) 28/93 and Lot 2502 H.S. (D) 889/97,
Mukim Sungai Laka, Daerah Kubang Pasu, Kedah Darul Aman (CPSB
Land) has been paid by Naluri to a stakeholder pursuant to the
terms of the sale and purchase agreement for the CPSB Land. The
sale and purchase of the CPSB Land shall only be completed upon
Naluri being registered as proprietors for the leases of the
CPSB Land.
The Company is currently implementing a renounceable rights
issue of 22,626,635 new SHB Shares (Rights Shares) at an issue
price of RM1.00 per Rights Share, on the basis of seven (7)
Rights Shares for every three (3) existing SHB Shares held
together with 363,642,355 ICPS-A of RM0.10 each at an issue
price of RM0.10 per ICPS-A, on the basis of seventy-five (75)
ICPS-A for every two (2) existing SHB Shares held (Rights
Issue). The Rights Issue forms part of the restructuring plan of
SHB. The prospectus for the Rights Issue was dispatched to
shareholders on 14 December 2004. The last date for acceptance
and payment for the Rights Issue is 6 January 2005.
CONTACT:
Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my
This announcement is dated 3 January 2005.
TRU-TECH HOLDINGS: Submits Restructuring Plan to SC
---------------------------------------------------
Tru-Tech Holdings Berhad applications for the proposed
restructuring scheme has been submitted to the Securities
Commission (SC), Foreign Investment Committee (through the SC)
and the Ministry of International Trade and Industry on 31
December 2004.
In a disclosure to the Bursa Malaysia Securities Berhad, there
has been no material development in respect to the Company's
plan to regularize its financial position.
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 3 January 2005.
UNITED CHEMICAL: Extends Restructuring Agreement
------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, United
Chemical Industries Berhad (UCI), Perbadanan Kemajuan Negeri
Perak and Aspirasi Ekuiti Sdn Bhd had, on 31 December 2004,
agreed to extend the completion date of the corporate
restructuring agreement dated 18 December 2002 to 30 June 2005.
CONTACT:
United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malasia
Telephone: 603-2619055
Fax: 603-2610502
This announcement is dated 3 January 2005.
WEMBLEY INDUSTRIES: Details PN4 Status
--------------------------------------
Wembley Industries Holdings Berhad announced the details of its
Practice Note 4/2001 (PN4) condition to the Bursa Malaysia
Securities Berhad as follows:
PN4
1.1 On 23 February 2001, the Company announced to Bursa Malaysia
Securities Berhad (the Exchange) that the Company is an affected
listed issuer pursuant to Practice Note No. 4/2001 (PN4) as the
Auditors of the Company had expressed a disclaimer opinion of
the going concern of the Company and its subsidiaries. As an
affected listed issuer, the Company has its obligations under
PN4.
1.2 The Requisite Announcement as required under PN4 was made to
the Exchange on 31st July 2002.
1.3 The applications for its regularization plan were submitted
to the Securities Commission (SC) and Foreign Investment
Committee (FIC) on 29 October 2002.
On 7 January 2003, the FIC approved the Company's regularization
plan. Subsequently, on 7 April 2003 the FIC revised its approval
to include the possible participation of Daewoo Corporation, the
former turnkey contractor of Plaza Rakyat Project in the
Proposed Debt Restructuring. As a result, the approval of FIC
now includes the approval for the additional RM112 million ICULS
and 11.2 million warrants to be issued to Daewoo Corporation (in
the event Daewoo participates in the Proposed Debt
Restructuring). The condition that the FIC would review the
equity structure of the WIHB shares 3 year after the completion
of the proposals remains the same. The revised approval
supercedes the approval dated 7 January 2003.
On 27 January 2003, the SC approved the regularization plan
subject to the conditions as set out in the SC's approval letter
dated the same. The details of the SC's conditions are set out
in the Company's announcement dated 5 February 2003.
On 13 January 2004, Alliance Merchant Bank Berhad (Alliance)
announced on behalf of the Company certain revisions to the
Company's regularization plan. The application to the SC for the
said revisions will be made within two (2) months from 13
January 2004.
On 16 January 2004, the SC further approved an extension of time
of one (1) year to 27 January 2005 for the Company to complete
the implementation of its regularization plan following an
application made by Alliance.
On 12 March 2004, Alliance announced on behalf of the Company
further revisions to the Company's regularization plan. The
application to the SC for the said revisions will be made by
within one (1) month from 12 March 2004. On 12 April 2004,
Alliance announced on behalf of the Company that the Company
intends to submit the application to the SC within one (1) month
from 12 April 2004, after incorporating its latest audited
results for the financial year ended 31 December 2003. On 13 May
2004, the Company further announced that the terms and
conditions of the Debt Restructuring Agreement (DRA) have been
agreed upon and signed by all the financial institutions and
creditors participating in the Proposed Debt Restructuring
except for one creditor. On 18 October 2004, the Company
announced that the Company and its subsidiary, Plaza Rakyat Sdn.
Bhd. had entered into a Debt Restructuring Agreement on 15
October 2004 with parties who are participating in the Proposed
Debt Restructuring Scheme except for Daewoo Engineering and
Construction Co Ltd. The Company's application to the SC in
respect of the proposed revision to the Company' regularization
plan will be submitted within one month from the date of
completion of the preparation of the revised profit and cash
flow forecasts and projections of the Company.
1.4 The regularization plan is also pending the approvals of the
shareholders of the Company and other relevant authorities.
1.5 The Company has received a notice dated 2 January 2003 from
the Exchange noting that the Company has failed to obtain all
regulatory approvals necessary for the implementation of its
regularization plan by 31 December 2002 pursuant to paragraph
5.0 of PN4.
Given the above, the Exchange has suspended the trading of the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements with effect from 9.00 a.m. Friday,
10 January 2003 until further notice.
1.6 On 14 October 2004, the Exchange issued a tenth reminder
pursuant to PN4 to the Company to remind the Company to
implement its regularization plan within the timeframe or
extended timeframe prescribed by the Securities Commission
failing which the Exchange will commence de-listing procedures
against the Company.
2.0 INVESTIGATIVE AUDIT
2.1 On 26 March 2003, the Company announced that it had on 22
March 2003 appointed Messrs Horwath, Kuala Lumpur Office as the
independent audit firm to carry out an investigative audit on
the previous losses incurred by the Company. The said
appointment is in compliance with one of the conditions imposed
by the SC in approving the Company's regularization plan. The
Investigative Audit will be completed within 6 months from the
date of appointment.
On 22 December 2003, Alliance announced that the Company had
sought for a further extension of time from the SC until 22 June
2004 for Messrs Horwath to complete the investigative audit of
WIHB. The SC had vide its letter dated 7 January 2004 approved
the extension of time until 22 March 2004 to complete the
investigative audit. The said approval granted by the SC is
subject to the condition that Messrs Horwath is required to
furnish to the SC a monthly report in relation to the
development of the investigative audit on WIHB.
On 22 March 2004, Alliance announced that an application to the
SC was made for a further extension of time until 22 September
2004 for Messrs Horwath to complete the investigative audit of
WIHB. The SC had vide its letter dated 2 June 2004 approved the
extension of time until 22 September 2004 to complete the
investigative audit. The said extension will be the final
extension of time for WIHB to complete its investigative audit.
On 23 September 2004, the Company announced that the
investigative audit of WIHB undertaken by Messrs Horwath, Kuala
Lumpur office has not been completed as at 22 September 2004. As
such, on 23 September 2004, Messrs Horwath had made an
application to SC to request for a further extension of time for
a period of six (6) months up to 22nd March 2005 to complete the
Investigative Audit of WIHB. On 29 October 2004, the SC issued a
letter to WIHB requiring the Company to show cause why further
action should not be taken against WIHB for its failure to
complete the investigative audit within the extension time until
22 September 2004 granted by the SC. On 12 November 2004, the
Company submitted a written reply to the said letter of show
cause from the SC.
3.0 OTHER MATTERS IN RESPECT OF PRACTICE NOTE NO. 10/2001 (PN10)
3.1 On 7 September 2001, the Company announced to the Exchange
that the Company is deemed an affected listed issuers pursuant
to paragraph 2.1(c) of PN10. Under paragraph 2.1(c) of PN10, a
listed issuer, who has insignificant business or operations, is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations, which
generates revenue on a consolidated basis that represents 5% or
less of the issued and paid up share capital of the listed
issuer.
3.2 As an affected listed issuer under PN10, the Company must
comply with the obligations set out in paragraph 6 of PN10. the
Exchange has informed the Company that since the Company is also
an affected listed issuer under PN4, the requirements and
obligations of PN4 would prevail over those of PN10. It is
expected that the Company's regularization plan would address
both its financial condition (PN4) and the level of operations
(PN10) to warrant a continuing listing on the Official List.
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
This announcement is dated 3rd January 2005.
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Releases Amended Quarterly Report
-----------------------------------------------------
Atlas Consolidated Mining and Development Corporation (AT)
furnished the Philippine Stock Exchange a copy of its amended
quarterly report, using SEC Form 17-Q, for the quarter ended
September 30, 2004.
For a copy of its amended quarterly report, go to
http://bankrupt.com/misc/tcrap_atlas010505.pdf
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.
MANILA ELECTRIC: Shareholder Furnishes SEC Form 18-AS Copy
----------------------------------------------------------
A shareholder of Manila Electric Company (MER) furnished the
Philippine Stock Exchange a copy of its SEC Form 18-AS (Short
Form Report by Certain Institutional owners of more than five
percent).
A copy of the said document can be accessed at
http://bankrupt.com/misc/tcrap_meralco010505.pdf
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers: 16220 (TL); 633-4553 (Corp. Sec.)
Fax Number: 631-5572
Email Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MAYNILAD WATER: May Attract Investors After 3 Years
---------------------------------------------------
Maynilad Water Services, Inc. is more likely to attract
investors after three years, when it partially completes its
rehabilitation scheme, Yehey Finance reports.
"Not yet, not now. I think in three years most probably Maynilad
can become attractive. As of now it has debts to pay," court-
appointed receiver Rosario S. Bernaldo said.
Three companies are reportedly keen on taking over the cash-
strapped water firm as soon as a Quezon City court approves its
revised rehabilitation plan.
The court receiver last week filed her report and
recommendations on the rehabilitation plan submitted by Maynilad
last September.
Should the trial court approve her recommendations, Maynilad
will have to revise its rehabilitation plan. A new strategy to
pay off its debts was earlier scheduled to be implemented by
January 14.
CONTACT:
Maynilad Water Services Inc.
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines
METRO PACIFIC: SEC to Review PSE Findings
-----------------------------------------
The Securities and Exchange Commission (SEC) will review the
findings of the Philippine Stock Exchange's (PSE) market
integrity board on Metro Pacific Corp.'s insider trading case,
Yehey Finance reports.
The investigation stemmed from stockbrokers' concern about Metro
Pacific Corp.'s heavy selling of shares prior to the sale by
parent firm First Pacific of a five-percent stake in Metro
Pacific, equivalent to 930.2 million shares. The investigation
started in October, but the PSE exonerated Metro Pacific on the
allegation last month when its Market Integrity Board (MIB)
declared that the firm did not violate disclosure rules.
In a meeting last December, PSE President Francis Lim said that
the Exchange's Board of Directors received the ruling from the
integrity board last December 8, but the brokers that complained
of insider trading did not appeal the decision.
When the period for appeal lapsed last December 18 without any
word from the complainants, the PSE's verdict exonerating Metro
Pacific became final, as the law provides that the disclosure of
transactions be made within 10 days of the following month after
the sale.
But according to Mr. Lim, the MIB found that Metro Pacific did
not properly disclose some matters to the exchange.
"The number of shares to be sold fell short of Php10 million,
and Metro Pacific did not indicate when it received the
information from parent Company First Pacific, so Metro Pacific
is still not off the hook," he said.
Metro Pacific may be fined a minimum penalty of Php50,000 due to
these inaccuracies in the disclosure.
The Commission is expected to finish the review of the findings
this month.
CONTACTS:
Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830
METRO PACIFIC: Unveils Board Meeting Attendance
-----------------------------------------------
A special meeting of the Board of Directors of Metro Pacific
Corporation held on December 31, 2004, after the Company has
submitted to the Commission its report on certification of
attendance of Directors in the Board Meetings held during the
fiscal year ending December 31, 2004. Consequently, the
directors' attendance at the aforementioned special meeting was
not included in the submitted report on certification of
attendance.
The following Directors attended the special meeting held on
December 31, 2004:
Manuel V. Pangilinan
Jose Ma. K. Lim
Enrique P. Esteban
Edward S. Go
Antonio A. Picazo
Amado Santiago III
Gemma M. Santos
Alfred A. Xerez-Burgos, Jr.
The following Directors were unable to attend the same special
meeting:
Augusto P. Palisoc, Jr.
Edward A. Tortorici
Sulficio O. Tagud, Jr.
The registrant's report on certification of attendance of the
Directors in the board meetings hold during the fiscal year
ending December 31, 2004 should be deemed modified to include
the foregoing information.
Metro Pacific Corporation
Registrant
By: Antonio A. Picazo
Corporate Secretary
Date: 3 January 2005
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: PSALM Poised to Resume Assets Sale
--------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) will resume next month the sale of the National Power
Corp's (NPC) generating assets, ABS-CBN News reports, citing
PSALM Vice President Froilan Tampinco.
PSALM, the entity tasked to dispose of the assets of the NPC, is
supposed to put in the auction block the Bataan and Limay power
facilities this month.
The other power facilities lined up for sale include the
decommissioned Manila Thermal (Tegen) diesel-fired power plant
tentatively scheduled on February 18, another decommissioned
plant Cebu II by March and the Pantabangan/Masiway power plants
by April.
Mr. Tampinco said two foreign companies have expressed interest
to bid for Tegen.
The government said it has at least 48 potential buyers for the
plants and expects to raise US$2 billion.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
PRICESMART INCORPORATED: May Close Philippine Outlets
-----------------------------------------------------
PriceSmart Incorporated, a U.S.-based warehouse shopping entity,
has said that it may be forced to close its Philippine outlets
due to financial troubles, reports The Philippine Star.
According to Mr. Ramon Esguerra of the Esguerra & Blanco Law
Offices, Price- Smart chief financial officer John Heffner had
admitted that sales of the warehouse shopping Company had
declined to US$594.2 million last year from US$638.5 million in
2003 as a result of fewer outlets and a stop in wholesale
telephone card sales which generated US$23.9 million in sales
for the Company.
Company records filed with the US Securities and Exchange
Commission showed that PriceSmart incurred combined losses of
US$65.4 million for its fiscal years 2003 and 2004.
PriceSmart started commercial operations in the Philippines in
May 2001 through its subsidiary PSMT Philippines Inc. It opened
its first shopping warehouse at the Fort Bonifacio Global Center
in Taguig.
It opened two more outlets later, only to close its branches
almost immediately due to losses.
On its first year of operation in the Philippines in 2001, PSMT,
PriceSmart's local subsidiary reported a net income of Php9.86
million; however, PSMT then reported a sharp drop in net income
in 2002 to Php1.3 million. By the end of 2003, PSMT reported a
net loss of Php349.9 million in its unaudited financial
statement.
PriceSmart originally entered the Philippine market with the
Ever-Gotesco Group, and its initial outlets were known as the
S&R PriceSmart.
When that partnership fell through, PriceSmart formed PSMY with
businessman Robert Siy, William Go and Metropolitan Bank and
Trust Co; however, it is also involved in corporate difficulties
with these partners, as well.
PriceSmart's former key officers have left the Company and
transferred to a local competitor as a result of its corporate
problems.
CONTACTS:
Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com
PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689
=================
S I N G A P O R E
=================
ACTELYCON PRIVATE: Court Orders Winding Up
------------------------------------------
In the matter of Actelycon Private Ltd., a winding up order was
made on the 26th day of November 2004.
Name and address of Liquidator: Saw Meng Tee
Messrs Saw Meng Tee & Co
No. 1 North Bridge Road
#23-01 High Street Centre
Singapore 179094
Dated this 26th day of November 2004.
Messrs Rajah & Tann
Solicitors for the Petitioner
No. 4 Battery Road
#15-01 Bank of China Building
Singapore 049908
This Singapore Government Gazette notice is dated 31 December
2004.
BELL SHAKESPEARE: Creditors May Submit Claims Until January 31
--------------------------------------------------------------
Notice is hereby given that the creditors of Bell Shakespeare
Asia Pte. Ltd., whose debts or claims have not already been
admitted, are required on or before 31st January 2005 to submit
particulars of their debts or claims and any security held by
them to the undersigned.
This should be done by delivering or sending through the post to
the undersigned at c/o 6 Shenton Way #32-00 DBS Building Tower
Two Singapore 068809 a formal Proof of Debt in accordance with
Form 77 containing their respective debts or claims.
In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.
Dated this 31st day of December 2004.
Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
CAPITALAND LIMITED: To Acquire Retail Malls
-------------------------------------------
Capitaland Limited announced at the Singapore Stock Exchange its
proposed acquisition of two retail malls in Beijing, China.
The Company disclosed its proposed acquisition of two retail
malls in Beijing, China and entry into a joint venture with
Beijing Hualian Group Investment Holding Co., Ltd to provide
marketing and retail management services.
To view the entire documents click on:
http://bankrupt.com/misc/tcrap_capitaland010405.pdf
http://bankrupt.com/misc/tcrap_capitalandlimited010405.pdf
D.S.E ENTERPRISE: Releases Notice Of Dividend
---------------------------------------------
D.S.E Enterprise Pte Ltd released at the Singapore Government
Gazette its notice of intended dividend.
Company Registration No.: 199000771E
Address of former registered office: c/o The Liquidator's Office
Court: High Court of Singapore
No. of Matter: No. 600025 of 2001
Amount per centum: 72.67 per centum
Name of Liquidator: Robert Yam Mow Lam
First and final or otherwise: 2nd and final
When payable: 28 December 2004
Where payable: 190 Middle Road
#16-01 Fortune Centre
Singapore 188979
Dated: 27 December 2004
Robert Yam Mow Lam
Liquidator
190 Middle Road
#16-03 Fortune Centre
Singapore 188979
PANPAC MEDIA: Appoints Executive Director
-----------------------------------------
Panpac Media Group Limited announced at the Singapore Stock
Exchange the appointment of an executive director.
Date of Appointment: 03 January 2005
Name: Chen Xiaotao
Age: 47
Country of principal residence: China
Whether appointment is executive, and if so, area of
responsibility: The appointment is executive.
Mr. Chen Xiaotao will be in charge of and oversee the day-to-day
operations of the Group.
Job Title Executive Director and Chief Executive Officer
Working experience and occupation(s) during the past 10 years:
June 2001 to Present
President, Stone Group Holding Limited
Shareholding in the listed issuer and its subsidiaries: None
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None
Conflict of interest: None
Past (for the last five years): None
Present Stone Group Holding Limited
China Cable Media Group Ltd.
China Cable Network Co. Ltd.
Sina Corporation
Information required under Rule 704(7)(h)
Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any questions is "yes", full
details must be given.
(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No
(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No
(c) Whether there is any unsatisfied judgment against him? No
(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No
(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach? No
(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misinterpretation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of involving an allegation of
fraud, misinterpretation or dishonesty on his part)? No
(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No
(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No
(i) Whether he has ever been the subject of any order, judgment
or ruling of any court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity? No
(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of:
(i) any corporation which has been investigated for a
breach of any law or regulatory requirement governing
corporations in Singapore or elsewhere; or
(ii) any corporation or partnership which has been
investigated for a breach of any law or regulatory requirement
that relates to the securities or futures industry in Singapore
or elsewhere, in connection with any matter occurring or arising
during the period when he was so concerned with the corporation
or partnership?
TACTICAL AUTOMATION: Posts First and Final Dividend Notice
----------------------------------------------------------
Tactical Automation Pte Ltd posted its intended dividend notice
at the Singapore Government Gazette on 31 December 2004.
Address of Registered Office: 11 Collyer Quay #10-04 The Arcade
Singapore 049317
Amount per centum: 62.64%
First and final or otherwise: First and Final
When payable: 31 December 2004
Where payable: c/o 11 Collyer Quay
#10-02 The Arcade Singapore 049317
WEARNES THAKRAL: Issues Notice Of Dividend
------------------------------------------
Wearnes Thakral Pte Ltd. posted a notice of dividend at the
Singapore Government Gazette on 31 December 2004.
Address of Registered Office: 11 Collyer Quay #10-02 The Arcade
Singapore 049317
Amount per centum: 12.83%
First and final or otherwise: First and Final
When payable: 31 December 2004
Where payable: 11 Collyer Quay #10-02 The Arcade
Singapore 049317
===============
T H A I L A N D
===============
KRUNG THAI: May Raise Loan Allocation to SMEs by THB40Bln
---------------------------------------------------------
Small and medium enterprises or SMEs are likely to benefit on
Krung Thai Bank Plc's (KTB) plan to increase by THB40 billion
the amount of loan allocated to them, Dow Jones relates, citing
a bank executive Tuesday.
Most of the loans will be extended to export-related companies,
especially to auto parts manufacturers, electronic components
and food processing products, Anantapol Punpeng, KTB's executive
vice president said.
The country's continuing economic growth made the bank consider
a target net growth of THB70 billion or around seven percent,
Apisak Tantivorawong, the bank's President said.
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: http://www.ktb.co.th
PREECHA GROUP: Releases List of Year 2005 Holidays
--------------------------------------------------
Preecha Group Public Company Limited advised the Stock Exchange
of Thailand (SET) the details of the Company's holidays for the
year 2005.
(1) January 3 Monday Substitution New Year's Day
(2) February 9 Wednesday Chinese New Year's Day
(3) February 23 Wednesday Makha Bucha Day
(4) April 6 Wednesday Chakri Memorial Day
(5) April 13 Wednesday Songkran Day
(6) April 14 Thursday Songkran Day
(7) April 15 Friday Songkran Day
(8) May 2 Monday Substitution National Labour Day
(9) May 5 Thursday Coronation Day
(10) May 23 Monday Substitution Visakha Bucha Day
(11) July 22 Friday Buddhist Lent Day
(12) August 12 Friday H.M. The Queen's Birthday
(13) October 24 Monday Substitution Chulalongkorn
Memorial Day
(14) December 6 Monday Substitution H.M. The King's
Birthday
(15) December 10 Friday Constitution Day
Please be informed accordingly.
Respectfully yours
Mr.Preecha Tirakijpong
Director
CONTACT:
Preecha Group Public Company Limited
1919 Pattanakarn Road, Suan Luang Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Web site: www.preecha.com
* SET Give Firms Under Rehabco Until March 28 to Recover
--------------------------------------------------------
Around 22 firms are expected to exit the rehabco sector of the
Stock Exchange of Thailand (SET) this year, The Nation, citing
SET Vice President, Suthichai Chitvanich.
There are already seven firms which have returned to the normal
sector namely, EMC Plc, Natural Park Plc, Millennium Steel Plc,
Raimon Land Plc, Eastern Wire Plc, Syntech Construction Plc and
Christiani & Nielsen (Thai) Plc.
Six more are expected to follow, among them are; Eastern
Printing Plc, Preecha Group Plc, Inter Fareast Engineering Plc
and Power P Plc. The SET still awaits the release of the
companies' full year financial statements before formally
putting them back to their normal sectors.
A steady decline in the number of stocks listed in the
rehabilitation does not ease the worries of SET for some may
fail to move back due to uncertainty about their prospects even
when they complete debt restructuring, Mr. Suthichai warned.
Mr. Suthichai reckoned there were 35 companies in rehabilitation
- excluding the six expected to emerge soon - at the end of
2004. If another 22 would be able to return to normal, 13 would
be left under the rehabco sector at the end of 2005.
Companies under rehabilitation must have positive equity and
show net profit for three consecutive quarters ahead of
submitting their intentions are eligible to return to normal.
And at least 75 per cent of their outstanding debt must be
restructured, and they must service debts on schedule pending
SET consideration.
On the other hand, companies still in rehabilitation after March
28, 2005 will be automatically dropped from the stock market.
*********
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 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers. Information
contained herein is obtained from sources believed to be
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