/raid1/www/Hosts/bankrupt/TCRAP_Public/050124.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 24, 2005, Vol. 8, No. 16
Headlines
A U S T R A L I A
ARTVARX PTY: Sets Final Meeting February 2
ATOKILL LTD: Appoints Liquidators to Wind Up Company
AUSTWIDE ELECTRICAL: Final Dividend to be Declared February 16
GROWTHCORP PTY: Ex-manager Convicted Due to Investors' Losses
HOTEL MOTEL: Lays Out Agenda for Final Meeting
INKJET SOLUTIONS: Requires Creditors to Prove Claims Today
INTERNATIONAL FINANCE: Former Directors Face 80 ASIC Charges
INTERSAT SYSTEMS: Court Issues Winding Up Order
IRRIKI PTY: Members, Creditors to Meet February 2
JACKSON'S RURAL: General Meeting Slated for January 25
JENALDI GROUP: To Hold Final Meeting February 14
KINGFISHER NURSERIES: Lays Out Agenda for Meeting
LIFESTYLE PROPERTIES: Members Agree to Wind Up Company
L.W. LEARMONTH: Creditors Should Prove Claims by January 31
L.W. LEARMONTH: Members Decide to Wind Up Company
PICTON GROUP: Enters Winding Up Proceedings
ROLFE & COMPANY: Members Final Meeting Slated for February 2
S&J DAVIS: Appoints Liquidator to Wind Up Company
SANTOS LIMITED: Winds Up Testing at Jeruk Well
STAYRITE ENGINEERING: Lays Out Purpose of Meeting
SUPERIOR ALUMINIUM: Shareholders Slated for January 28
TONER TECHNOLOGIES: To Declare Final Dividend February 18
WERNER PASTORAL: Members Agree to Wind Up Company
* ASIC Cracks Down on Negligent Company Directors
C H I N A & H O N G K O N G
CHINA MERCHANTS: Delays Dispatch of Circular
FLOATA SEAFOOD: Schedules Meetings on Feb. 8
FOREFRONT INTERNATIONAL: Court to Hear Liquidator's Application
G.K. CORPORATE: Faces Winding Up Proceedings
RON WALKER: Creditors Must Prove Claims by Feb. 14
THAI VILLAGE: Unveils AGM Results
VANCOUVER FUR: Winding Up Hearing Set March 2
WAKO FASHIONS: Receiving Proofs of Claims Until Feb. 4
WING FAI: Picks Liquidator to Wind Up Company
YUE FUNG: Bourse Cancels Listing
I N D O N E S I A
BANK PERMATA: JP Morgan Withdraws Sale Management Deal
J A P A N
ASAHI MUTUAL: JCR Upgrades Ability to Pay Insurance to BB
FUJITSU LIMITED: May Downsize Plasma-display Panel Business
JAPAN AIRLINES: Expands Code-share Flights with Korean Air
JAPAN AIRLINES: Unveils Group Route, Fleet Plan for 2005
KOBE STEEL: Provides Aid to Sumatra Tsunami Relief Effort
MITSUBISHI MOTORS: In Compensation Talks with DaimlerChrysler
MITSUI LIFE: JCR Affirms BBB- on Insurance Payment
PAINTHOUSE COMPANY: Seeks Nullification of Default Claim
WAVE COMPANY: METI OKs Business Restructuring Plan
* S&P Raises Ratings on 4 Integrated Electronics Firms
K O R E A
DAEWOO HEAVY: Korean Air Eyes Stake
HANARO TELECOM: To Set Price Guidance on Bond Issue
LG CARD: LG Chem to Pay US$24.6 Million for Shares
LG CARD: To Receive KRW75.8 Bln from Kookmin Bank
M A L A Y S I A
GOLDEN FRONTIER: Posts Notice of Shares Buy Back
HAP SENG: Unit Details Sale, Purchase Agreement
HONG LEONG: Clarifies Article on Disposal of Units
KUMPULAN HARTANAH: Complies with Public Spread Requirement
MTD CAPITAL: Releases Shares Buy Back Notice
MTD CAPITAL: Buys Back 68,000 Shares
MTD CAPITAL: Issues Notice of Shares Buy Back
NAM FATT: To List Additional Shares
PAN MALAYSIA: Repurchases Additional Shares
PANTAI HOLDINGS: Posts Notice of Shares Buy Back
POS MALAYSIA: Notes Resale of Treasury Shares
SURIA CAPITAL: Unit Enters Into Cooperation Agreement
TT RESOURCES BHD: Opts Not to Extend Warrants Exercise Period
WOO HING: Bursa Malaysia Approves Kamdar Proposals
P H I L I P P I N E S
ASIAN DIAMOND: Insolvency Looming As Cash Flow Woes Grow
MANILA ELECTRIC: Earmarks Php5.75-Bln Capital Expenditure
MANILA ELECTRIC: Grants Power Discounts to 16 Companies
MAYNILAD WATER: Banks Release US$120-Mln Bond to MWSS
NATIONAL POWER: ERC Considers Php0.40 Rate Hike
NATIONAL POWER: Aims to Boost Power Capacity This Year
S I N G A P O R E
BULSING PRIVATE: Posts Intended Preferential Dividend Notice
CHINA AVIATION (S): Delays Submission of Financial Report
CHO YANG: Issues Notice of Preferential Dividend
JACKLIE CONSTRUCTION: Court to Hear Winding Up Petition Jan. 28
PENTON INTERNATIONAL: EGM Slated for Feb. 11
SHOW THEATRES: Posts Notice of Intended Dividend
T H A I L A N D
KRUNG THAI: Unveils Board of Directors Meeting Results
KRUNG THAI: Corrects Operating Results as of December 31, 2004
NATURAL PARK: SET Suspends Trading of Securities
- - - - - - - -
=================
A U S T R A L I A
=================
ARTVARX PTY: Sets Final Meeting February 2
------------------------------------------
Notice is given that a final meeting of members and creditors of
Artvarx Pty Ltd (In Liquidation) A.C.N. 054 032 110 will be held
at the offices of Grant Thornton, Level 4, 102 Adelaide Street,
Brisbane Qld on Wednesday, February 2, 2005 at 11:00 a.m.
AGENDA
(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.
(2) Giving an explanation of the abovementioned account.
(3) Any other business that may be considered with the
foregoing.
Dated this 21st day of December 2004
M.G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212
ATOKILL LTD: Appoints Liquidators to Wind Up Company
----------------------------------------------------
Notice is given that Susan Carter and Jason Bettles, Registered
Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of
Atokill Ltd (formerly Welenco Training & Development Ltd) (In
Liquidation) A.C.N. 065 569 815 at a general meeting of the
Company's members on December 6, 2004.
Dated this 7th day of December 2004
Susan Carter
Liquidator
AUSTWIDE ELECTRICAL: Final Dividend to be Declared February 16
--------------------------------------------------------------
A first and final dividend in respect of priority unsecured
creditors is to be declared on February 16, 2005 for Austwide
Electrical Services Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 010 161 118.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 8th day of December 2004
Jonathan Mcleod
for T. J. Schmierer
Deed Administrator
c/- Knights Insolvency Administration
Level 14, Brisbane Club Tower, 241 Adelaide Street,
Brisbane Qld 4000
Telephone: (07) 3004 3200
GROWTHCORP PTY: Ex-manager Convicted Due to Investors' Losses
-------------------------------------------------------------
Mr. Charles Edward Platcher, of Granville, Sydney, has been
convicted in the Central Local Court of managing Growthcorp
(Aust) Pty Limited while disqualified following an investigation
by the Australian Securities and Investments Commission (ASIC).
The charges laid by ASIC concerned Mr. Platcher's alleged
management of Growthcorp between 12 February 1999 and 30 October
2000.
Mr. Platcher was disqualified from managing corporations between
12 February 1999 and 11 June 2002 as he was bankrupt.
ASIC alleged that Mr. Platcher managed Growthcorp in breach of
his disqualification, and that a number of persons who invested
with Growthcorp, while it was under his management, suffered
serious financial detriment. Three investors lost $660,000 in
total.
Earlier civil action by ASIC resulted in the Federal Court
banning Mr. Platcher on 13 January 2003 from managing
corporations for 25 years.
On 5 May 2003, a Deed of Company Arrangement, that was entered
into by Growthcorp on 23 May 2001, was terminated and Growthcorp
was placed in liquidation.
The matter was adjourned for sentencing on 16 March 2005.
"To continue to engage in acts of management whilst prohibited
by law is illegal. ASIC will take prompt action to ensure that
people who disregard their disqualified status and the orders of
the courts, are brought to justice," ASIC's Deputy Executive
Director of Enforcement, Mr. Allen Turton said.
"ASIC will continue to take action against irresponsible and
reckless people who put the financial welfare of others at
risk," Mr. Turton said.
This matter was prosecuted on behalf of ASIC by the Commonwealth
Director of Public Prosecutions.
HOTEL MOTEL: Lays Out Agenda for Final Meeting
----------------------------------------------
Notice is given that a final meeting of members and creditors of
Hotel Motel & Resort Brokers Pty Ltd (In Liquidation) A.C.N. 072
170 784 will be held at the offices of Grant Thornton, Level 4,
102 Adelaide Street, Brisbane Qld on Wednesday, February 2, 2005
at 11:30 a.m.
AGENDA
(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.
(2) Giving an explanation of the abovementioned account.
(3) Any other business that may be considered with the
foregoing.
Dated this 21st day of December 2004
M.G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212
INKJET SOLUTIONS: Requires Creditors to Prove Claims Today
----------------------------------------------------------
A first and final dividend is to be declared on February 14,
2005 in respect of creditors of Inkjet Solutions Pty Ltd (In
Liquidation) A.C.N. 060 288 600.
Creditors whose debt or claims have not already been admitted
are required today, January 24, 2005 to formally to prove their
debt or claims. If they do not, they will be excluded from the
benefit of the dividend. Creditors are advised that they are
required to provide documentary evidence to substantiate their
debt or claim.
Dated this 13th day of December 2004
Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East Vic 3123
Telephone: (03) 9882 6666
INTERNATIONAL FINANCE: Former Directors Face 80 ASIC Charges
------------------------------------------------------------
The directors of International Finance Corporation Pty Ltd (In
Liquidation) (IFC), Mr. Robin Brian Poumako, of Lewiston, South
Australia and Ms. Ann-Marie Donaldson, of Greenwith, South
Australia appeared in the Adelaide Magistrates Court today on 80
charges arising from an investigation by the Australian
Securities and Investments Commission (ASIC).
IFC was involved in 'mezzanine financing' which concerned
raising and lending funds for real estate developments,
including Fernilee Lodge in Burnside, Adelaide.
It is alleged that between 25 April 2003 and 3 February 2004,
Mr. Poumako and Ms. Donaldson aided IFC in the making of offers,
and issuing, of securities to investors without having lodged a
disclosure statement with ASIC.
ASIC's charges relate to over AU$2.2 million lent by 34
investors who should have been provided with a copy of a
registered disclosure document to enable them to make a fully
informed decision about the investment.
In February 2004, ASIC obtained interim orders in the Federal
Court preventing IFC, Mr. Poumako and Ms. Donaldson from
continuing to raise funds from investors. ASIC believes more
than AU$5 million was raised from 53 investors in total.
In July 2004, IFC was wound up by the Federal Court and Ms
Hillary Orr was appointed liquidator.
The charges are being prosecuted by the Commonwealth Director of
Public Prosecutions.
Mr. Poumako and Ms Donaldson were each required to enter into a
bail agreement in the sum of AU$1,000.
Mr. Poumako and Ms Donaldson have been remanded to re-appear in
the Magistrates Court on March 4, 2005 for declarations to be
filed, and again on April 1, 2005 to answer charges.
INTERSAT SYSTEMS: Court Issues Winding Up Order
-----------------------------------------------
Notice is hereby given on December 8, 2004 the Supreme Court of
Victoria, ordered the winding up of Intersat Systems Pty Ltd (In
Liquidation) A.C.N. 004 635 625 and Gregory Stuart Andrews of 22
Drummond Street, Carlton 3053 was appointed Official Liquidator
of the Company.
Dated this 9th day of December 2004
G.S. Andrews
Official Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544
IRRIKI PTY: Members, Creditors to Meet February 2
-------------------------------------------------
Notice is given that a final meeting of members and creditors of
Irriki Pty Ltd (In Liquidation) A.C.N. 065 784 885 will be held
at the offices of Grant Thornton, Level 4, 102 Adelaide Street,
Brisbane Qld on Wednesday, February 2, 2005 at 12:00 p.m.
AGENDA
(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.
(2) Giving an explanation of the abovementioned account.
(3) Any other business that may be considered with the
foregoing.
Dated this 21st day of December 2004
M.G. McCann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212
JACKSON'S RURAL: General Meeting Slated for January 25
------------------------------------------------------
Notice is given that a general meeting of members of Jackson's
Rural Enterprises Pty Ltd (in liquidation) A.C.N. 010 096 456
will be held at the offices of Peter Wilson & Associates, 12
Baldwin Street, Caloundra Qld 4551 on January 25, 2005 at 11:00
a.m.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.
Dated this 7th day of December 2004
Ulrike Bendle
Liquidator
Peter Wilson & Associates Pty Ltd
12 Baldwin Street, Caloundra Qld 4551
JENALDI GROUP: To Hold Final Meeting February 14
------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, a general meeting of the members of Jenaldi
Group Holdings Pty Ltd A.C.N. 004 671 845 will be held at the
offices of Neil W. Curwood Pty Ltd at Level 5, 456 Lonsdale
Road, Melbourne on February 14, 2005 at 12:30 p.m., for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.
Dated this 9th day of December 2004
Neil Wesley Curwood
Liquidator
KINGFISHER NURSERIES: Lays Out Agenda for Meeting
-------------------------------------------------
Notice is given that a final meeting of members and creditors of
The Kingfisher Nurseries Pty Ltd (In Liquidation) A.C.N. 101 612
962 will be held at the offices of Grant Thornton, Level 4, 102
Adelaide Street, Brisbane Qld on Wednesday, February 2, 2005 at
9:30 a.m.
AGENDA
(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.
(2) Giving an explanation of the abovementioned account.
(3) Any other business that may be considered with the
foregoing.
Dated this 21st day of December 2004
M.G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212
LIFESTYLE PROPERTIES: Members Agree to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a General Meeting of members of
Lifestyle Properties International Pty Ltd (In Liquidation)
A.C.N. 096 407 279 duly convened and held on December 7, 2004,
it was resolved that the Company be wound up voluntarily and at
a meeting of creditors held on the same day pursuant to Section
497 of the Corporations Act, it was resolved that for such
purpose Katherine Elizabeth Barnet and William John Fletcher of
Bentleys MRI, Chartered Accountants Level 26, AMP Place, 10
Eagle Street, Brisbane be confirmed joint and several
liquidators.
Dated this 9th day of December 2004
Katherine Elizabeth Barnet
William John Fletcher
Liquidators
c/- Bentleys MRI
Chartered Accountants
Level 26, AMP Place, 10 Eagle Street,
Brisbane Qld 4000
L.W. LEARMONTH: Creditors Should Prove Claims by January 31
-----------------------------------------------------------
Take notice that creditors of L.W. Learmonth Pty Ltd A.C.N. 004
322 847, whose debts or claims have not already been admitted,
are required on or before January 31, 2005 to prove their debts
or claims and to establish any title they may have to priority
by delivering or sending through the post to me at my address a
formal proof of debt or claim in accordance with Form 535 or 536
containing their respective debts or claims.
In default, they will be excluded from the benefit to any
distribution made before their debts or claims are proved or
their priority is established and from objecting to the
distribution.
Form of proof may be obtained from this office.
John Allan Buchanan
Liquidator
2nd Floor, 306 Little Collins Street,
Melbourne Vic 3000
L.W. LEARMONTH: Members Decide to Wind Up Company
-------------------------------------------------
Notice is hereby given that a general meeting of members of L.W.
Learmonth Pty Ltd A.C.N. 004 322 847 duly convened and held at
70 Hardings Road, Wallington on December 10, 2004 the following
special resolution was passed.
That the Company be wound up as a members' voluntary winding up
and that John Allan Buchanan be appointed liquidator for the
purpose of such winding up and that the liquidator may divide
amongst the members, in kind, the whole, or any part of, the
assets of the Company (whether they consist of property of the
same kind or not) and may for that purpose set such value as he
deems fair upon any property to be divided as aforesaid and may
determine how the division shall be carried out as between
members.
Dated this 13th day of December 2004
J.A. Buchanan
Liquidator
PICTON GROUP: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that at a General Meeting of members of
Picton Group Pty Ltd A.C.N. 077 995 245 duly convened and held
on December 7, 2004, it was resolved that the Company be wound
up voluntarily and at a meeting of creditors held on the same
day pursuant to Section 497 of the Corporations Act, it was
resolved that for such purpose William John Fletcher and
Katherine Elizabeth Barnet of Bentleys MRI Chartered
Accountants, Level 26, AMP Place, 10 Eagle Street, Brisbane be
joint and several Liquidators.
Dated this 13th day of December 2004
K.E. Barnet
Liquidator
c/- Bentleys MRI
Chartered Accountants
Level 26, AMP Place, 10 Eagle Street,
Brisbane Qld
Telephone: (07) 3222 9777
ROLFE & COMPANY: Members Final Meeting Slated for February 2
------------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Rolfe & Company Pty Ltd (In Liquidation) A.C.N. 009 813 941 will
be held at the offices of Grant Thornton, Level 4, 102 Adelaide
Street, Brisbane Qld on Wednesday, February 2, 2005 at 10:30
a.m.
AGENDA
(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.
(2) Giving an explanation of the abovementioned account.
(3) Any other business that may be considered with the
foregoing.
Dated this 21st day of December 2004
M.G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212
S&J DAVIS: Appoints Liquidator to Wind Up Company
-------------------------------------------------
Notice is hereby given that S&J Davis Pty Ltd (In Voluntary
Liquidation) A.C.N. 062 521 028 on December 9, 2004 duly
resolved at a general meeting of members held under Section
491(2)(b) of the Corporations Act 2001 that the Company be wound
up voluntarily and that Peter Anthony Lucas and Ian Alexander
Currie of Lucas & Currie, Chartered Accountants, Level 8, ING
Building, 100 Edward Street, Brisbane, Queensland, 4000 be
appointed Joint & Several Liquidators for the purposes of such
winding up.
Dated this 10th day of December 2004
P.A. Lucas
I.A. Currie
Liquidators
SANTOS LIMITED: Winds Up Testing at Jeruk Well
----------------------------------------------
Santos Limited (Santos) advised that testing operations
conducted by its wholly owned subsidiary, Santos (Sampang) Pty
Ltd, have been completed on the Jeruk 2 wellbore and the well
will now be suspended for re-entry at a later date.
This decision follows analysis of data from the open-hole Drill
Stem Test (DST) 3 conducted during the past week and mechanical
well bore difficulties.
The rig will now move to drill the Agung 1 well in the North
Bali 1 Production Sharing Contract (PSC).
Examination of data obtained during the test confirmed that a
mixture of fluids containing oil flowed to the surface during
the initial flow from DST 3. The fluid mixture flowed at an
unstabilized rate as part of the initial "clean-up" flow. The
oil has an estimated gravity of 33o API, the same as oil
recovered from earlier DSTs in the Jeruk field.
The open-hole DST 3 commenced on 9 January 2005 and was
performed over a 30-meter interval from 5,430m to 5,460m
measured depth. During the initial part of the DST the test
tools became plugged with well debris preventing further flow.
A stable flow rate could not be established. Several attempts
were made to clear the plugged test string. However, it became
impractical to continue testing operations and the well will now
be suspended.
The results from DST 3 indicate that oil is present in the Jeruk
field down to at least 5,460m measured depth. Analysis of data
following completion of the test indicates that the oil tested
in Jeruk 2 DST 3 is part of the same hydrocarbon column as that
tested in Jeruk 2 DST 1 over the interval 5,134m to 5,152m in
the Jeruk 2/ST2 (Side Track) well bore.
A hydrocarbon column of at least 379m has therefore been
encountered in the Jeruk field indicating likely recoverable
reserves in excess of the pre-drill estimate of 170 million
barrels.
"The results of Jeruk 2 are very encouraging. We are currently
integrating all data into a final evaluation of the well which
will help us narrow a likely reserve range for the field,"
Santos' Managing Director, Mr. John Ellice-Flint, said today.
Jeruk 2 was drilled to follow up the Jeruk 1 well, which
finished drilling in early April 2004 about 1.6 kilometers west
of Jeruk 2. The well is in the Sampang PSC area in water depth
of 44 meters and it is located approximately 42 kilometers from
the Indonesian city of Surabaya.
A 3D seismic survey is currently being conducted in the Sampang
PSC which will extend over the Jeruk field area. Following the
3D seismic survey the program to appraise the field more fully
will be developed.
Interests in the Jeruk field are:
Santos (Sampang) Pty Ltd (operator) 50%
PT Medco Sampang 50%
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
STAYRITE ENGINEERING: Lays Out Purpose of Meeting
-------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Stayrite Engineering Pty Ltd (In Liquidation)
A.C.N. 010 610 410 will be held at PPB Chartered Accountants,
Level 4, 31 Sherwood Road, Toowong Qld at 11:00 a.m. on Tuesday,
January 25, 2005.
The purpose of the meeting is to:
(a) Show the manner in which the property of the Company has
been disposed of;
(b) Lay the accounts before the meeting;
(c) Hearing any explanation that may be given by the Liquidator;
and
(d) Approve the destruction of the books and records of the
Company upon approval by the Australian Securities and
Investment Commission.
Dated this 7th day of December 2004
Andrew Fielding
Liquidator
PPB
Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road, Toowong Qld 4066
SUPERIOR ALUMINIUM: Shareholders Slated for January 28
------------------------------------------------------
Notice is hereby given that a meeting of shareholders of
Superior Aluminium Products (Mackay) Pty Ltd (In Voluntary
Liquidation) A.C.N. 009 802 671 pursuant to Section 509 of the
Corporations Law will be held at the offices of WHK- TCM
Partners, 159 Flinders Street, Townsville on January 28, 2005 at
10:30 a.m. for the purpose of considering the liquidators' final
accounts and report.
By Order of the Liquidator
Dated this 21st day of December 2004
Trevor D. West
Liquidator
TONER TECHNOLOGIES: To Declare Final Dividend February 18
---------------------------------------------------------
An employee dividend is to be declared on February 18, 2005 for
Toner Technologies Pty Ltd (In Liquidation) A.C.N. 050 408 047.
Employees who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 10th day of December 2004
Andrew Fielding
Liquidator
PPB
Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road,
Toowong Qld 4066
Telephone: (07) 3371 7244
Facsimile: (07) 3371 7311
WERNER PASTORAL: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that a General Meeting of Werner Pastoral
Co Pty Ltd (In Voluntary Liquidation) A.C.N. 004 423 652 duly
convened and held on December 10, 2004 the following Special
Resolution was duly passed:
That the Company be wound up voluntarily and that Peter John
Cramer of Green Taylor Partners, Chartered Accountants of 43-45
Pynsent Street, Horsham Victoria be and the same is hereby
appointed Liquidator of the Company for the purposes of such
winding up and that he is hereby authorized to divide all or
such part of the surplus assets of the Company as he shall think
fit among the members of the Company in specie and vest the
whole of any such assets in the Trustees upon such Trusts for
the benefit of the contributories as the Liquidator thinks fit.
Dated this 10th day of December 2004
P.J. Cramer
Liquidator
Green Taylor Partners
Chartered Accounts
43-45 Pynsent Street, Horsham Vic 3400
* ASIC Cracks Down on Negligent Company Directors
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
prosecuted 45 Company officers in New South Wales and Queensland
over the last week as part of an initiative to ensure that
directors of failed companies assist external administrators.
Fines and costs totaling more than AU$81,000 were imposed.
The prosecutions followed the failure of these Company officers
to provide external administrators with key pieces of
information relating to the Company's finances and history.
One of the officers convicted was Sydney accountant, Mr. Sam
Peter Cassaniti, of Cassaniti and Associates, who failed to
submit a Report as to Affairs (the report) to the liquidator of
property development Company, Tinain Pty Ltd.
Tinain, of which Mr. Cassaniti was a director, was placed into
liquidation on 3 November 2003. Since that date the liquidator
had endeavored without success to seek the report from Mr.
Cassaniti.
"Reports as to Affairs are essential for liquidators to
investigate the affairs of a failed Company. Members of the
accounting profession like Mr. Cassaniti are fully aware of this
and have a duty to assist," ASIC's Director of Complaints
Compliance Actions, Mr. Adrian Borchok said.
"ASIC is committed to ensuring that external administrators are
given the necessary support, and that the interests of creditors
and employees of failed companies are protected," Mr. Borchok
added.
A charge against Mr. Cassaniti of failing to provide books and
records to the Liquidator was dismissed.
In 2004 ASIC prosecuted 503 Company officers for 956 offences
relating to failing to assist, or provide information to,
external administrators. Fines and costs in the amount of
AU$822,291.00 were imposed.
==============================
C H I N A & H O N G K O N G
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CHINA MERCHANTS: Delays Dispatch of Circular
--------------------------------------------
Pursuant to Rule 14.38 of the Listing Rules, the China Merchants
Holdings International was required to dispatch the major
transaction circular in relation to the Transactions to the
shareholders of the Company within 21 days after the publication
of the Announcement, which shall be on or before Jan. 19, 2005.
As the Company requires additional time for preparing and
reviewing the financial information (including the accountants'
report on SIPG and pro forma financial information) required to
be included in the circular, the Company has applied to the
Stock Exchange for a waiver from strict compliance with Rule
14.38 of the Listing Rules such that the dispatch of the
circular in relation to the Transactions can be postponed.
The Company expects to dispatch the circular on or before Jan.
31, 2005.
By Order of the Board
Li Yi
Managing Director
FLOATA SEAFOOD: Schedules Meetings on Feb. 8
--------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Floata Seafood Restaurant Limited will be held at Room 802, Shiu
Lam Building, 23 Luard Riad, Wan Chai, Hong Kong on Feb. 8, 2005
at 10:00 a.m. and will be followed by a meeting of the creditors
of the Company to be held at the same place at 10:30 a.m.
For the purpose of receiving an account of the liquidator's act
and dealings and of the conduct of the winding up of the Company
during the year ended Nov. 14, 2004 laid before them.
A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at Rooms 801-2, Shiu
Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later than
4:00 p.m. on the day before the meetings.
Cho Yim Kan
Liquidator
This notice is dated Jan. 14, 2005.
FOREFRONT INTERNATIONAL: Court to Hear Liquidator's Application
---------------------------------------------------------------
Take notice that pursuant to direction given by Master Ho of the
High Court a hearing has been fixed on Feb. 7, 2005 at 9:30 a.m.
at the High Court, High Court Building, 38 Queensway, Hong Kong
for the high Court to consider the application made by the
Provisional Liquidators pursuant to Section 194 of the Companies
Ordinance for the appointment of Kelvin Edward Flynn and Cosimo
Borrelli as Joint and Several Liquidators of Forefront
International Limited.
Copies of the Provisional Liquidator's reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidator at the address below.
Kelvin Edward Flynn
Provisional Liquidators
RSM Nelson Wheeler Corporate Advisory Services Limited
7/F., Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Phone: (852) 2598 5123
Fax: (852) 2598 0060
This notice is dated Jan. 14, 2005.
G.K. CORPORATE: Faces Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
G.K. Corporate Fashion (HK) Limited by the High Court of Hong
Kong Special Administrative Region was on Dec. 20, 2004
presented to the said Court by the Petitioner GeoLogistics
Limited whose registered office is situated at the 19th Floor,
Broadway Centre, No. 93 Kwai Fuk Road, Kwai Chung, New
Territories, Hong Kong.
The said Petition will be heard before the Court at 9:30 a.m. on
Feb. 25, 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.
C. P. Cheung & Co.
Solicitors for the Petitioner
Room 2301, 23rd Floor, Golden Centre
188 Des Voeux Road
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of Feb. 24, 2005.
This notice is dated Jan. 14, 2005.
RON WALKER: Creditors Must Prove Claims by Feb. 14
--------------------------------------------------
Notice is hereby given that the Creditors of Ron Walker Limited,
which is being voluntarily wound up, are required on or before
Feb. 14, 2005 to send their names, addresses and descriptions,
full particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the 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,
creditors 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.
Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong
This notice is dated Jan. 14, 2005.
THAI VILLAGE: Unveils AGM Results
---------------------------------
Thai Village Holdings Ltd released the results of its annual
general meeting at the Singapore Stock Exchange.
The board of Directors of the Company announced that at the
Annual General Meeting of the Company held on Jan. 20, 2005,
resolutions relating to matters set out in the Notice of Meeting
dated Jan. 3, 2005 were duly passed.
Submitted by:
Lee Tong Soon
Chairman and Managing Director
VANCOUVER FUR: Winding Up Hearing Set March 2
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Vancouver Fur & Leather (H.K.) Limited formerly known as Loyal
Forward Limited by the High Court of Hong Kong Special
Administrative Region was on Dec. 23, 2004 presented to the said
Court by Bank of China (Hong Kong) Limited whose registered
office is situated at the 14th Floor, Bank of China Tower, 1
Garden Road, Hong Kong.
The said Petition will be heard before the Court at 9:30 a.m. on
Mar. 2, 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.
Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 Mar. 1, 2005.
This notice is dated Jan. 14, 2005.
WAKO FASHIONS: Receiving Proofs of Claims Until Feb. 4
------------------------------------------------------
Notice is hereby given that the preferential creditors and
unsecured creditors of Wako Fashions Limited, which is in
Members' Voluntary Liquidation, are required (if they have not
already done so), on or before 5:30 p.m. on Feb. 4, 2005 to send
in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors, if any, to
the undersigned.
In order to establish any title they may have to priority under
Section 265 of the Companies Ordinance or in default thereof
they will be excluded from the benefit of any distribution made
next after the Feb. 4, 2005 or as the case may be from objecting
to such distribution.
Dermot Agnew
Joseph K. C. Lo
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong
This notice is dated Jan. 18, 2005.
WING FAI: Picks Liquidator to Wind Up Company
---------------------------------------------
Notice is hereby given that Nicholas Timothy Cornforth Hill has
been appointed as Joint and Several Liquidator of Wing Fai
Construction Company Limited by an order of the High Court of
the Hong Kong Special Administrative Region Court of First
Instance, dated Dec. 8, 2004.
This in addition to, and to act jointly and severally with, the
current Joint and Several Liquidators, Messrs David John Kennedy
and Cosimo Borrelli, both of RSM Nelson Wheeler Corporate
Advisory Services Limited, 7th Floor, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong.
Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
This Quamnet notice is dated Jan. 14, 2005.
YUE FUNG: Bourse Cancels Listing
--------------------------------
In relation to the matter of Yue Fung International Group
Holding Limited with provisional liquidators appointed, an
announcement of its de-listing was made on the Hong Kong Stock
Exchange on Jan. 20, 2005.
The Exchange hereby announced that with effect from 9:30 a.m. on
Jan. 20, 2005, the listing of the shares of the Company will be
cancelled in accordance with the Delisting Procedures.
By the end of the Deadline mentioned below, the Company has
failed to submit a valid proposal for resumption. Therefore,
the Exchange will cancel the listing of the Company's shares in
accordance with the Delisting Procedures.
The Stock Exchange of Hong Kong Limited announces that the
listing of shares of Yue Fung International Group Holding
Limited (provisional liquidators appointed) will be cancelled
with effect from 9:30 a.m. on Jan. 20, 2005 in accordance with
the delisting procedures stipulated in Practice Note 17 to the
Listing Rules. Practice Note 17 to the Listing Rules formalises
the procedures to be adopted to delist long-suspended companies.
Dealings in the Company's shares have been suspended since 16
December 2002. Accordingly, dealings in the Company's shares
have effectively been suspended for over 24 months.
The Company was put into the third stage of the Delisting
Procedures on Jun. 10, 2004. Pursuant to the Delisting
Procedures, at the end of the third stage, which in the case of
the Company was on Dec. 9, 2004, where no valid proposals have
been received for resumption, the listing of the Company's
shares will be cancelled. Following the suspension in trading
in the Company's shares and before the Deadline, two resumption
proposals were submitted to the Exchange on Apr. 22, 2004 and
Nov. 19, 2004 respectively. However, the Listing Division
decided that the resumption proposals were not viable. By the
end of the Deadline, the Company has not submitted any valid
proposal for resumption.
The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement
informing the public of the cancellation of the listing of its
shares on the same day of this announcement.
The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.
=================
I N D O N E S I A
=================
BANK PERMATA: JP Morgan Withdraws Sale Management Deal
------------------------------------------------------
JP Morgan Securities won't be able to manage the planned sale of
the Indonesian government's minority stakes in PT Bank Central
Asia (BCA) and PT Bank Permata, AFX Asia reports, citing Bisnis
Indonesia.
JP Morgan said its inability to comply with the legal aspects of
the deal made it turn down an opportunity to manage the sale.
The securities firm, together with six other investment banks
such as UBS Securities, CLSA, PT Bahana Securities, PT Danareksa
Sekuritas, PT Mandiri Sekuritas and PT Nusantara Capital had
been selected by state asset management Company PT Perusahaan
Pengelola Aset (PPA) to manage the placement of government
stakes in six banks.
"They initially agreed to sign the agreement (to manage the
sale) but later withdrew because their legal division did not
agree," PPA chairman Mohammad Syahrial said.
CONTACT:
Pt Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Jakarta, 12920
Indonesia
Telephone: +62 21 523 7899
Fax: +62 21 250 0680
=========
J A P A N
=========
ASAHI MUTUAL: JCR Upgrades Ability to Pay Insurance to BB
---------------------------------------------------------
The Japan Credit Rating Agency Limited has upgraded the rating
on the ability to pay insurance claims of Asahi Mutual Life
Insurance Company from BB- to BB.
Rationale:
JCR upgraded the rating for Asahi Mutual Life by one notch to
BB- in July 2004, given the dissolution of deferral of payment
of interest on foundation funds. JCR upgraded this time again
the rating by one notch as it came to a conclusion that Asahi
Mutual Life had gotten out of the strongly difficult conditions
in the past where it suffered from rapid increase in surrender
and deterioration in the financial structure.
However, the capital is still weak. It is still vulnerable to
fluctuations in stock prices and currency exchange rates,
although the investment risk lowered with the balance of stocks
held by it being reduced. Burden for loss due to introduction of
accounting for impairment of fixed assets is expected to be
large. And it should be kept in mind that Asahi Mutual Life will
face difficulty in increasing capital with redemption of
foundation funds being taken into account.
JCR considers that Asahi Mutual Life should improve the capital
sharply to raise creditworthiness further.
CONTACT:
Asahi Mutual Life Insurance Company
7-3 Nishi-Shinjuku 1-Chome
Shinjuku-Ku 163-8611, Tokyo 163-8611
Japan
Phone: +81 3 3342 3111
Web site: http://www.asahi-life.co.jp/
FUJITSU LIMITED: May Downsize Plasma-display Panel Business
-----------------------------------------------------------
Fujitsu Limited is planning to scale back or even withdraw from
its involvement in the plasma-display panel business that it
pioneered globally more than 30 years ago, says Agence France
Presse.
The Asahi Shimbun newspaper reported earlier that Fujitsu is in
talks with Hitachi to sell it a majority or its entire stake in
their 50-50 joint venture, Fujitsu Hitachi Plasma Display.
The firm also plans to transfer the basic patents it holds on
the panels to Hitachi, which positions the product as the
crucial component for flat-screen television sets, the paper
said.
A Fujitsu spokeswoman, however, said the Company has not yet
made any decisions regarding its plasma-display panel
operations.
CONTACT:
Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211
Japan
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/
JAPAN AIRLINES: Expands Code-share Flights with Korean Air
---------------------------------------------------------
Japan Airlines (JAL) has reached an agreement with Korean Air
(KAL) to expand their code-share flights between Japan and
Korea.
As a result, from March 27, they will launch code share flights
between the new Chubu International Airport at Nagoya, Japan,
and Pusan.
The two airlines are currently operating individually between
Nagoya and Pusan out of Nagoya's Komaki Airport. From February
17, they will switch flights on the Nagoya-Pusan route to the
new Chubu International Airport, which opens on February 17. By
turning these Nagoya-Pusan flights into code share flights in
March, customers of both airlines will be able to enjoy greater
convenience.
Since August 1, 2004, JAL and KAL have been operating code share
flights between Seoul and the cities of Komatsu, Niigata and
Sapporo in Japan. As a result of the new agreement, code share
flights by the two airlines will be increased to 64 weekly
flights on four routes from 36 weekly flights on three routes.
JAL and KAL hope to contribute to the exchanges of peoples,
goods and culture through the expansion of their networks
between Japan and Korea.
To view the summary of the new code share flight plan, click on:
http://bankrupt.com/misc/TCRAP_JAPANAIRLINES012105.pdf
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome, Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp
JAPAN AIRLINES: Unveils Group Route, Fleet Plan for 2005
--------------------------------------------------------
To overcome the rise in jet fuel costs and the boost
competitiveness, the Japan Airlines (JAL) Group plans to
implement various countermeasures to improve its budget in the
group's route and fleet plan for the year beginning April 1,
2005 through to March 31, 2006.
The JAL Group will use production resources to the fullest and
will carry out business operations with greater efficiency in
order to maximize income and cutback costs. The plan is based on
the optimal route network and flight frequencies, with fleet
planning and flight schedules flexibly responding to trends in
demand.
On international routes, JAL is increasing flights on Russia
routes, and in support of the Visit Japan Campaign is boosting
Korea and Taiwan routes by introducing more flights and larger
aircraft. JAL also intends to increase its China network. The
plan includes further introduction of the fuel-efficient B767-
300ER, B777-200ER and inauguration of the B777-300ER on long
haul routes and the phasing out of the DC-10 from scheduled
service. JAL will introduce the new B777-300ER on long haul
flights to Europe equipped with the JAL NEW SKYSLEEPER SOLO seat
in first class and award-winning Shell flat seat in business
class.
Continuous growth is expected, and international operations by
JAL Group subsidiary JALways will be expanded in order to
increase cost competitiveness.
As for domestic routes, to further strengthen our
competitiveness over rival airlines, we will take steps to
maintain and upgrade the largest network in Japan. The plan
takes into account the opening of Kobe Airport (Feb 2006) and
Chubu Airport, Nagoya, (Feb 2005). While all JAL international
and domestic flights operations now operating at Nagoya's Komaki
Airport will move to Chubu when it opens but commuter flights by
subsidiary J-Air will be operated at Komaki in response to an
expected rise in demand.
To increase cost competitiveness, JAL will expand operations of
domestic subsidiary JAL Express by the transfer of four MD-81
aircraft to that airline.
On the cargo front, JAL will increase flights and will rearrange
routes to the U.S. and China, for more efficient operation of
the freighter fleet during periods of strong demand,
To view the summary of JAL's flight frequency and fleet plan,
click on: http://bankrupt.com/misc/TCRAP_JAL012105.pdf
KOBE STEEL: Provides Aid to Sumatra Tsunami Relief Effort
---------------------------------------------------------
Kobe Steel, Ltd. extends its sincere sympathy to the victims of
the Sumatra tsunami.
To assist the people suffering from the tsunami and the
disaster-stricken areas, Kobe Steel pledges to donate 10 million
yen by the end of this month to the Japanese Red Cross Society
through the Nippon Keidanren (Japan Business Federation).
In addition, subsidiary Kobelco Construction Machinery Co., Ltd.
already announced it would contribute 50 million yen in aid
comprising relief goods and construction equipment with
operators and engineers at no cost to the disaster areas.
In total, the Kobe Steel Group intends to donate 60 million yen
in monetary contributions and goods.
Kobe Steel itself was one of the most heavily damaged companies
in the 1995 Great Hanshin-Awaji Earthquake and received
assistance from throughout Japan 10 years ago. Kobe Steel hopes
that the tsunami-hit areas and the people suffering from the
disaster will be able to recover soon.
About Kobe Steel, Ltd.
Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is one of Japan's
leading steelmakers and producers of aluminum and copper
products. Other businesses include welding consumables,
infrastructure and plant engineering, machinery, and real
estate.
CONTACT:
Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm
MITSUBISHI MOTORS: In Compensation Talks with DaimlerChrysler
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) and DaimlerChrysler AG are
currently negotiating possible compensation for the German
carmaker for damages related to recall scandals at MMC's truck
unit, reports the Associated Press.
MMC confirmed the two parties are holding talks, but stressed
that the compensation was still undecided. It denied a media
report that the settlement may be between JPY50 billion (US$484
million) and JPY80 billion (US$774.5 billion).
DaimlerChrysler, MMC's former key partner, decided last year to
cut its financial aid to the Tokyo-based firm following a string
of defect cover-up scandals which sent MMC's vehicle sales
plummeting.
In line with its goal to turn its business around, MMC is set to
disclose a revised restructuring plan this month.
The Company says the latest restructuring plan involves a fresh
cash injection from the Mitsubishi group of companies, which has
already invested nearly JPY500 billion (US$4.8 billion) since
last year.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUI LIFE: JCR Affirms BBB- on Insurance Payment
--------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) affirmed the BBB-
rating on ability to pay insurance claims of Mitsui Life
Insurance Company Limited.
Rationale:
Sumitomo Mitsui Banking became the largest shareholder (14%) of
Mitsui Life when the insurance Company turned into a joint-stock
Company in April 2004. This strengthened the relations of Mitsui
Life with the bank.
JCR has been factoring in support from the bank in the rating
for Mitsui Life. Mitsui Life's efforts to improve the sales
channels have paid off. However, Mitsui Life has failed to
expand the earnings fully through shift to medical insurance and
the tapping into small businesses. The earnings are still
dropping with the policies in force declining.
The capital as buffer against risk was strengthened through
improvement in quality of it due to the turning into a joint-
stock Company and through the reduced balance of equity
securities held by it. However, the capital was weakened in face
of decline in the stock prices. It was not increased enough to
prepare for risk fully.
Mitsui Life will face difficulty in increasing retained
earnings, given the expected burden for loss due to the
impending introduction of accounting for impairment of fixed
assets
CONTACT:
Mitsui Life Insurance Company Limited.
1-2-3 Otemachi, Chiyoda-ku
Tokyo 100-8123, Japan
Phone: +81-3-3211-6111
Fax: +81-3-3215-1580
PAINTHOUSE COMPANY: Seeks Nullification of Default Claim
--------------------------------------------------------
Painthouse Company is seeking the nullification of the default
declaration to the Company by its main creditor, Dow Jones
reports.
The troubled housing refurbishment firm has last week filed a
lawsuit against UFJ Bank after the bank declared Painthouse to
be in default. UFJ Bank fears that a total of JPY7.56 billion in
loans extended to Painthouse will be unrecoverable.
The Company and the bank had been negotiating over Painthouse's
debt waiver request, but to no avail.
Painthouse fell into negative net worth after posting a group
net loss of over JPY5.3 billion for the year ended Aug. 31.
WAVE COMPANY: METI OKs Business Restructuring Plan
--------------------------------------------------
A business restructuring plan submitted to the Ministry of
Economy, Trade and Industry (METI) by Wave Co., Ltd.
(provisional translation) was examined pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements of the
law.
The plan was consequently approved on January 20.
* S&P Raises Ratings on 4 Integrated Electronics Firms
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four of
Japan's major integrated electronics companies and their related
entities: Fujitsu Ltd. to 'BBB-' from 'BB+'; Mitsubishi Electric
Corp. to 'BBB+/A-2' from 'BBB/A-2'; Oki Electric Industry Co.
Ltd. to 'BB-' from 'B+'; and Toshiba Corp. to 'BBB/A-2' from
'BBB-/A-3'. The outlooks on the ratings are stable.
At the same time, Standard & Poor's raised its ratings on the
senior unsecured debt issued by: Fujitsu to 'BBB' from 'BBB-',
Mitsubishi Electric to 'BBB+' from 'BBB', Oki Electric to 'BB'
from 'BB-', and Toshiba to 'BBB' from 'BBB-' (see list below).
The ratings actions reflect improving profitability and
strengthened financial profiles of the companies owing to debt
reduction.
The companies' financial profiles have benefited from cost-
reduction efforts, particularly in electronic device divisions.
Increased demand for power plant infrastructure in China and the
rest of Asia are expected to buoy sales for heavy electronics,
even as domestic demand slows.
Debt reductions and efficiency efforts have improved operating
margins in many sectors, and further increases are expected.
Capital investments among the companies are expected to remain
within operating income over the next few years, which should
lead to improvements in their debt ratios and credit quality.
The rating on the long-term senior debt issued by Fujitsu and
Oki is one notch higher than their long- term issuer ratings,
reflecting the assumption that bondholders would incur no losses
from any default, as their creditor banks would forgive the
companies' debt.
The rating on Mitsubishi Electric reflects its improving
profitability and a prudent financial policy, which may lead to
further debt reduction.
Sound overseas and domestic demand for its key industrial
mechatronics is expected to sustain the Company's overall
profitability.
The rating on Toshiba reflects prospects for continued
improvements in profitability, due to increased earnings from
its electric device business and turnarounds in other divisions.
Concerns remain, however, over its electric device business,
which is vulnerable to market fluctuations given its heavy
reliance on NAND flash memory, although demand is expected to
continue for the foreseeable future.
Earnings and cash flow at Fujitsu is improving and the Company
is expected to maintain its conservative capital investment
policy. Increases in cash flow from the software service
business were a key factor improving the Company's credit
quality. The division experienced a decrease in revenue year-on-
year following the disposal of unprofitable projects in
September 2004, but overall project management has improved.
Oki has strengthened its profitability through structural
reforms and concentration on niche businesses. The Company
intends to focus more on information and telecommunication
systems, semiconductors, and printers.
Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings
Search.
Ratings Revised To From
Fujitsu Ltd. BBB-/Stable/-- BB+/Stable/--
Senior unsecured debt BBB BBB-
Mitsubishi Electric Corp. BBB+/Stable/A-2 BBB/Stable/A-2
Senior unsecured debt BBB+ BBB
Oki Electric Industry Co. Ltd. BB-/Stable/-- B+/Stable/--
Senior unsecured debt BB BB-
Toshiba Corp. BBB/Stable/A-2 BBB-/Stable/A-3
Senior unsecured debt BBB BBB-
=========
K O R E A
=========
DAEWOO HEAVY: Korean Air Eyes Stake
-----------------------------------
Korean Air Co. is considering buying a stake in Korea Aerospace
Industries Ltd. (KAI) from Daewoo Heavy Industries & Machinery
Co., Dow Jones reports, citing a Korean Air spokesman.
Korean Air has reportedly been planning to take control of KAI,
but plans are still in the initial stages.
Korean Air is eyeing the stake to expand its aircraft
manufacturing business, according to a Company spokesman, adding
that the Company plans to buy additional shares in KAI from
other shareholders.
Korean Air Chairman Cho Yang-Ho said the Company plans to talk
with Doosan Heavy Industries & Construction Co., which has 51%
stake in Daewoo Heavy, to buy a stake in KAI.
In late 2003, Korean Air and Daewoo Heavy signed a memorandum of
understanding on the sale of a KAI stake, but discussions over
the deal failed due to price differences.
At the time, Daewoo Heavy said Korean Air had proposed a price
tag of between KRW102 billion and KRW129.8 billion for the
25,960,000 shares in the fighter manufacturer.
KAI makes jet fighters, military helicopters and satellite
systems.
CONTACT:
Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: http://www.dhiltd.co.kr/eng/index.asp
HANARO TELECOM: To Set Price Guidance on Bond Issue
---------------------------------------------------
Hanaro Telecom Incorporated is seen pricing its dollar-
denominated bond issue at 315 basis points over London InterBank
Offered Rate, Reuters News reports. The South Korean Company has
yet to set official price guidance on the offering.
The Company, owned by American International Group (AIG.N) and
private equity firm Newbridge Capital, said last week it planned
to issue US$500 million in seven-year bonds to fund the purchase
of a bankrupt broadband firm.
The deal will be the first international bond offering from a
South Korean issuer this year. South Korean borrowers have been
the most active in Asia outside of Japan.
CONTACT:
Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
LG CARD: LG Chem to Pay US$24.6 Million for Shares
--------------------------------------------------
LG Chem Ltd., South Korea's biggest chemicals maker, said it would buy
US$24.6 million worth of shares in LG Card
Co. as part of a bailout package for the country's top card
issuer, according to Reuters.
Creditors and parent firm LG Group agreed in December to each
put up KRW500 billion to help the troubled card firm stay
afloat.
LG Card escaped bankruptcy after a $4.5 billion bailout
early last year. However, it needed further cash injection to avoid
delisting.
Creditors own 99.3 % of LG Card after the earlier bailout, but
hold LG Group partly responsible for losses run up after a
consumer credit bubble burst.
LG Chem would buy 4.38 million common shares in LG Card to
convert part of the debt owed by the card firm into equity, the
Company said in a public notice to the Korea Stock Exchange.
The chemicals firm said it would roll over the remaining KRW74.6
billion of LG Card's debt until December 2005.
LG CARD: To Receive KRW75.8 Bln from Kookmin Bank
-------------------------------------------------
Kookmin Bank, South Korea's largest lender, said on Jan. 20 it
would contribute KRW75.8 billion for the planned bailout of LG
Card Co. Ltd., Asia Pulse says.
Kookmin's board of directors had approved the capital injection
into ailing LG Card, the bank said in a filing to the stock
exchange.
Shinhan Financial Group and Hana Bank have said they would also
contribute KRW48.3 billion and KRW29 billion, respectively, to
help LG Card.
South Korea's consumer credit market was badly shaken when a
credit boom went sour in late 2002, hitting credit card firms
and local banks' card businesses hard. LG Card, which escaped
bankruptcy early in 2004 after a $4.5 billion bailout, needed
more cash to avoid delisting.
LG Card plans to sell new shares worth KRW1.39 trillion next
week, in order to issue shares to the contributors of the
bailout package as well as individual investors.
===============
M A L A Y S I A
===============
GOLDEN FRONTIER: Posts Notice of Shares Buy Back
------------------------------------------------
Golden Frontier Berhad disclosed details of its shares buy back
on Jan. 20, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 20/01/2005
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 1,000
Minimum price paid for each share purchased (RM): 0.670
Maximum price paid for each share purchased (RM): 0.700
Total consideration paid (RM): 710.28
Number of shares purchased retained in treasury (units): 1,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,278,000
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
This announcement is dated Jan. 20, 2005.
HAP SENG: Unit Details Sale, Purchase Agreement
-----------------------------------------------
Pursuant to paragraph 10.08 of the Listing Requirements of the
Bursa Malaysia, Hap Seng Consolidated Berhad (HSCB) announced
that its wholly owned subsidiary, Hap Seng Realty Sdn Bhd (HSRI
or the Purchaser) has on even date entered into a conditional
Sale & Purchase Agreement (SPA) to acquire the entire issued and
paid-up capital of Tg. Batu Recreation Complex Sdn Bhd (161795-
U) from Hap Seng Properties Sdn Bhd (HSP or the Vendor) for a
cash purchase price of Ringgit Malaysia One only RM1.00).
1. Description of the Purchaser
HSR is a wholly owned subsidiary of Hap Seng Land Sdn Bhd
(354071-T) (HSL), which in turn is a wholly owned subsidiary of
HSCB. HSR has an authorized share capital of RM500,000.00
divided into 250 ordinary shares of RM2,000.00 each of which 250
ordinary shares have been issued and fully paid-up. It is a
Company incorporated in Malaysia on Oct. 19, 1972 and is
principally involved in property investments.
2. Particulars and financial information of the asset to be
acquired
The proposed asset to be acquired by HSR comprises 250,000
ordinary shares of RM1.00 each representing the entire issued
and paid-up share capital in Tg. Batu Recreation Complex Sdn
Bhd. (TBRC).
TBRC was incorporated in Malaysia on June 4, 1987. The
authorized share capital of TBRC is RM1,000,000.00 comprising
1,000,000 ordinary shares of RM1.00 each of which 250,000
ordinary shares of RM1.00 each are issued and fully paid-up.
TBRC is principally involved in providing recreational
facilities and services.
The current directors of TBRC are Mdm Sim Siew Meng and Mr Lo Ah
Kiong @ Lo Ket Kiong. None of the directors of TBRC currently
holds shares in TBRC.
As per the latest audited accounts of TBRC for the financial
year ended Jan. 31, 2004, TBRC has a Net Tangible Asset (NTA)
per share and an earnings per share (EPS) of RM (0.81) and RM
0.08 respectively, based on its NTA and profit after tax of RM
(203,714) and RM 21,111 respectively.
3. The aggregate value of the consideration, basis of arriving
at the consideration and the payment terms
3.1 Purchase Consideration and the basis for arriving at the
consideration
The purchase consideration of RM1.00 (the Purchase Price) was
arrived at on a willing buyer-willing seller basis.
3.2 Timing of Payment
The Purchaser shall pay the Purchase Price upon execution of the
said SPA.
4. Effect of the transaction on the earnings per share, net
tangible assets per share, share capital and substantial
shareholders' shareholding of HSCB
4.1 Share capital
The Proposed Acquisition will not have any effect on the share
capital of and the substantial shareholdings in the Company.
4.2 Net Tangible Asset (NTA) and Earnings Per Share (EPS)
The Proposed Acquisition will not have any material effect on
the NTA and EPS of the Company.
5. In the case of an acquisition:
5.1 the source of funding and details of the Vendor
Payment of the Purchase Price shall be paid in cash from
internally generated funds.
HSP is a wholly owned subsidiary of Hap Seng Sdn Bhd (24645-K)
(HS) which in turn is a wholly owned subsidiary of Gek Poh
(Holdings) Sdn Bhd (GPH). It is a Company incorporated in
Malaysia on Nov. 25, 1974. The authorized share capital of HSP
is RM30,000,000.00 comprising 30,000,000 ordinary shares of
RM1.00 each of which 20,000,000 ordinary shares of RM1.00 each
are issued and fully paid-up. HSP's principal activities are
that of holding of properties for the purpose of long-term
investment and deriving rental income.
5.2 liabilities to be assumed by the Company arising from the
Proposed Acquisition
There would be no liabilities to be assumed by the Company
arising from the Proposed Acquisition.
5.3 the original cost of investment to the Vendor and the date
of such investment:
HSP held its investment in TBRC since Sept. 5, 1998. The
original cost of investment in TBRC was approximately RM1.00.
6. Whether the transaction is subject to the approval of
shareholders and the relevant government authorities
The Proposed Acquisition is subject to the approval being
obtained from the relevant government authorities, if any.
7. Whether the directors and/or major shareholders and/or
persons connected with a director or major shareholder have any
interest, direct or indirect, in the transaction and the nature
and extent of their interest
The Vendor is currently a wholly owned subsidiary of HS, which
in turn is a wholly owned subsidiary of GPH. GPH is a major
shareholder holding 50.25% shareholding comprising 219,784,891
ordinary shares of RM1.00 each in Malaysian Mosaics Berhad
(5371-V) (MMB) which in turn holds 52.88% shareholding in HSCB
as at Jan. 14, 2005.
Tan Sri Datuk Seri Panglima Lau Gek Poh was the former director
and Chairman of MMB who resigned from the Board of MMB with
effect from Aug. 4, 2004. He was a deemed major shareholder in
HSCB by virtue of his substantial shareholdings in GPH. He
ceased to be a substantial shareholder of GPH on May 26, 2004.
Datuk Seri Panglima Lau Cho Kun @ Lau Yu Chak was a former
director of MMB who resigned from the Board of MMB effective
Aug. 4, 2004. He is a deemed major shareholder in HSCB by virtue
of his substantial shareholdings in GPH.
8. The rationale for the Proposed Acquisition
The Proposed Acquisition will enable HSR to continue with the
provision of recreational facilities and services to resident or
tenants of the Group's properties in the vicinity as well as the
Group's employees in East Malaysia.
9. The salient features of the said SPA and the valuation
reports, if any, and the time and place where such documents may
be inspected
The Proposed Acquisition is conditional upon approvals being
obtained from the relevant government authorities, if
applicable.
The said SPA is available for inspection at the registered
office of HSCB during normal office hours for a period of two
weeks commencing on the date of this announcement.
10. The date on which the terms of the transaction were agreed
upon
The said SPA was executed on even date.
11. Statement from the Board of Directors
The Board of Directors is of the opinion that the Proposed
Acquisition is in the best interest of the Company and the
Group.
12. Departure from Commission's Policies and Guidelines on
Issue/Offer of Securities
The Proposed Acquisition does not in any way depart from the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities.
CONTACT:
Hap Seng Consolidated Berhad
No 1A Jalan 205
Petaling Jaya, Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 7783 9888
Fax: +60 3 7781 6305
HONG LEONG: Clarifies Article on Disposal of Units
--------------------------------------------------
Hong Leong Industries Berhad issued a clarification with
reference to an article in The Malay Mail on Jan. 17, 2005
entitled "Hong Leong May Divest 2 Units."
The Company advised that it is constantly reviewing its
investments, including its investments in Malaysian Newsprint
Industries Sdn Bhd and MPI Polyester Industries Sdn Bhd, to
enhance shareholders' value. The Company will make the
appropriate announcement to Bursa Securities, where required, in
accordance with its Listing Requirements.
Query Letter content:
We refer to the above news article appearing in The Malay Mail,
MailMoney section, page 23, on Monday, Jan. 17, 2005, a copy is
enclosed for your reference.
In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as follows:
"...Hong Leong has earmarked its 33.7 per cent unit Malaysian
Newsprint Industries (MNI) Sdn Bhd and MPI Polyester Industries
Sdn Bhd for sale."
"...Hong Leong is looking to sell MNI for as much as RM300
million, while MPI Polyester which has about RM20 million in
shareholders funds, could be sold for less than RM50 million. "
In accordance with the Securities Exchange's Corporate
Disclosure Policy, you are requested to furnish the Securities
Exchange with an announcement for public release confirming or
denying the above reported article and in particular the
underlined sentences after due and diligent enquiry with all the
directors, major shareholders and all such other persons
reasonably familiar with the matters about which the disclosure
is to be made in this respect. In the event you deny the above
sentences or any other part of the above reported article, you
are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the
above sentences or any other part of the above reported article,
you are required to set forth facts sufficient to support the
same.
Please furnish the Securities Exchange with your reply within
one (1) market day from the date hereof.
Yours faithfully
HENG TECK HENG
Senior Manager
Issues & Listing, Group Regulations
HTH/MZM
Copy to: Securities Commission (via fax)
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
This announcement is dated Jan. 20, 2005.
KUMPULAN HARTANAH: Complies with Public Spread Requirement
----------------------------------------------------------
With reference to the announcement on July 7, 2004 in relation
to the extension of time until Jan. 21, 2005 for Kumpulan
Hartanah Selangor Berhad (KHSB) to meet the 25% Public
Shareholding Spread Requirement, the Company announced that it
has complied with the 25% Public Shareholding Spread Requirement
as at Jan. 14, 2005.
A letter dated Jan. 20, 2005 confirming the above has been sent
to Bursa Malaysia Securities Berhad.
CONTACT:
Kumpulan Hartanah Selangor Bhd
Lot 1A, Level 1A, Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 03-55223888
Fax: 03-55105188
This announcement is dated Jan. 20, 2005.
MTD CAPITAL: Releases Shares Buy Back Notice
--------------------------------------------
MTD Capital Berhad released to the Bursa Malaysia Securities
Berhad details of its shares buy back on Jan. 20, 2005.
Date of buy back: 20/01/2005
Description of shares purchased: Ordinary shares of RM1/ - each
Total number of shares purchased (units): 55,000
Minimum price paid for each share purchased (RM): 2.650
Maximum price paid for each share purchased (RM): 2.670
Total consideration paid (RM): 146,652.00
Number of shares purchased retained in treasury (units): 55,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 9,201,100
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Phone: +60 3 6189 9022
Fax: +60 3 6187 7898
Web site: http://www.mtdcap.com
MTD CAPITAL: Buys Back 68,000 Shares
------------------------------------
MTD Capital Berhad released details of its shares buy back on
Jan. 18, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back from: 18/01/2005
Date of buy back to: 18/01/2005
Total number of shares purchased (units): 68,000
Minimum price paid for each share purchased (RM): 2.600
Maximum price paid for each share purchased (RM): 2.600
Total amount paid for shares purchased (RM): 176,800.00
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units):68,000
Total number of shares retained in treasury (units): 9,097,900
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 20/01/2005
Lodged by : MTD Capital Bhd
MTD CAPITAL: Issues Notice of Shares Buy Back
---------------------------------------------
MTD Capital Berhad announced to the Bursa Malaysia Securities
details of its shares buy back on Jan. 17, 2005.
Date of buy back from: 17/01/2005
Date of buy back to: 17/01/2005
Total number of shares purchased (units): 281,500
Minimum price paid for each share purchased (RM): 2.570
Maximum price paid for each share purchased (RM): 2.630
Total amount paid for shares purchased (RM): 730,211.00
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 281,500
Total number of shares retained in treasury (units): 9,029,900
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 20/01/2005
Lodged by: MTD Capital Bhd
NAM FATT: To List Additional Shares
-----------------------------------
Nam Fatt Corporation Berhad's additional 118,000 new ordinary
shares of RM1.00 each issued pursuant to the aforesaid
Conversion will be granted listing and quotation with effect
from 9.00 a.m., Tuesday, Jan. 25, 2005.
CONTACT:
Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Phone: +60 3342 0766
Fax: +60 3342 7830
PAN MALAYSIA: Repurchases Additional Shares
-------------------------------------------
Pan Malaysia Corporation Berhad released details of its shares
buy back on Jan. 20, 2005 to the Bursa Malaysia Securities
Berhad.
Date of buy back: 20/01/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 4,000,000
Minimum price paid for each share purchased (RM): 0.445
Maximum price paid for each share purchased (RM): 0.465
Total consideration paid (RM): 1,819,648.00
Number of shares purchased retained in treasury (units):
4,000,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 10,850,000
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax: (60) 3244-7789
PANTAI HOLDINGS: Posts Notice of Shares Buy Back
------------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Jan. 20,
2005.
Date of buy back: 20/01/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 33,000
Minimum price paid for each share purchased (RM): 0.910
Maximum price paid for each share purchased (RM): 0.920
Total consideration paid (RM): 30,336.23
Number of shares purchased retained in treasury (units): 33,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 25,410,800
Adjusted issued capital after cancellation
(no. of shares) (units):
POS MALAYSIA: Notes Resale of Treasury Shares
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pos
Malaysia & Sevices Holdings Berhad issued a notice of Resale of
Treasury Shares.
Date of transaction: 20/01/2005
Total number of treasury shares sold (units): 100,000
Total number of treasury shares cancelled (units):
Minimum price paid for each share sold (RM): 2.690
Maximum price paid for each share sold (RM): 2.690
Total amount received for treasury shares sold (RM): 269,000.00
Cumulative net outstanding treasury shares as at to-date
(units): 36,098,000
Adjusted issued capital after cancellation/resale
(no. of shares) (units):
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
SURIA CAPITAL: Unit Enters Into Cooperation Agreement
-----------------------------------------------------
Suria Capital Holdings Berhad (SURIA) announced that, in its
effort to enhance port operations in Sabah, Sabah Ports Sdn.
Bhd. (SPSB), a wholly owned subsidiary of the Company had
entered into a Co-Operation Agreement with Sabah Timber
Industries Association (STIA) on Jan. 20, 2005.
It is a joint effort between SPSB and STIA to streamline
stevedoring activities in relation to timber and timber related
products at midstream throughout Sabah. The areas of Co-
operation are the registration of shipping companies and
shipping agents, registration of stevedoring contractors and
endorsement of Export Declaration Forms. SPSB further hopes that
with this arrangement, the Company will be able to provide
better service to its customers.
Through the Co-operation Agreement, SPSB shall be entitled to a
fee of RM2.00 for every tonne of timber or timber related
product declared in the Export Declaration Form. This is an
addition to the collection of port dues and charges in respect
of loading and unloading of cargoes on and off vessels at
anchorage. STIA shall be entitled the sum of sen Twenty (RM0.20)
only per tonne collected by the Nominated Company on a monthly
basis.
On Sept. 1, 2004 SPSB had taken over the operations and
maintenance of port services and facilities of all the seven (7)
ports in Sabah pursuant to a Privatization Agreement signed with
the State Government and Sabah Ports Authority.
SPSB was represented by its Chairman, YBhg Tan Sri Ibrahim
Menudin and Managing Director, Tuan Hj. Abu Bakar Abas whereas
STIA was represented by its President, YBhg Datuk James Hwong,
Deputy President; Mr. Chua Yeong Perng and 1st Vice President;
Mr. See Yu Siong.
Announcement authorized by:
HJ. ABU BAKAR @ WAHAB HJ. ABAS
Group Managing Director
CONTACT:
Suria Capital Holdings Berhad
Kompleks Karamunsing Km 2.4 Jalan Tuaran
Kota Kinabalu, Sabah, Sabah 88300
Malaysia
Phone: +60 88 256 736
Fax: +60 88 256 410
TT RESOURCES BHD: Opts Not to Extend Warrants Exercise Period
-------------------------------------------------------------
TT Resources Berhad (TTRB) announced that the Company will not
extend the exercise period of its 14,068,806 Warrants 2000/2005
(Warrants A) which will expire at 5.00 p.m. on Friday, Apr. 22,
2005 (Expiry Date).
Accordingly, Warrants A which are not exercised by 5.00 p.m. on
the Expiry Date will lapse and will cease thereafter to be valid
for any purpose.
A notice to the holders of the Warrants A shall be circulated to
all Warrants A holders in due course in accordance with the
provisions in the Deed Poll dated March 27, 2000 (First Deed
Poll) and Supplemental Deed Poll to First Deed Poll dated Sept.
5, 2001 governing the terms and conditions of Warrants A.
This announcement is dated Jan. 20, 2005.
CONTACT:
TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama
47400 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Phone: 03-77268297
Fax: 03-77268076
Web site: http://www.ttrb.com.my
WOO HING: Bursa Malaysia Approves Kamdar Proposals
--------------------------------------------------
With reference to the Information Circular to the shareholders
of Woo Hing Brothers (Malaysia) Berhad (WHB) dated July 8, 2004
and the latest quarterly report made by the Special
Administrator of WHB dated Sept. 30, 2004, the Company announces
the following:
1. Approval from Bursa Malaysia Securities Berhad (Bursa
Securities)
Bursa Securities had, via its letter dated Jan. 13, 2005 (whic)
the Company received on Jan. 19, 2005), granted approvals for
the following:
(a) to shorten the notice period of its books closure date in
relation to the Proposed Share Swap and Proposed Restricted
Offer For Sale from not less than twelve (12) market days to two
(2) clear market days;
(b) to shorten the period between the books closing date and the
closing date for the receipt of applications for the acceptance
of new shares in respect of the Proposed Shares Offer (as
defined in the Information Circular to the shareholders of WHB
dated July 8, 2004), from twenty-two (22) market days to ten
(10) clear market days, subject to the condition that the
provisional allotment letters (PALs) are despatched within two
(2) market days from books closing date; and
(c) an exemption from trading of the PALs in relation to the
Proposed Shares Offer.
2. Revision to the Proposed Placement
As part of the Kamdar Proposals, the Kamdar Group Vendors (as
defined in the Information Circular to the shareholders of WHB
dated July 8, 2004) proposed to undertake a placement of the
following to certain placees to be identified:
(i) UP TO 30,000,000 ordinary shares of RM1.00 each in Kamdar
Group (M) Berhad (KGMB) (Shares Placement); and
(ii) UP TO RM14,800,000 nominal value irredeemable convertible
unsecured loan stocks issued by KGMB (KGMB ICULS) together with
up to 15,000,000 detachable warrants issued by KGMB (KGMB
Warrants) (ICULS and Warrants Placement).
The Kamdar Group Vendors intend to retain the KGMB ICULS and
KGMB Warrants for investment purposes in view of the upside
potential of KGMB Shares. Accordingly, the Kamdar Group Vendors
had decided, not to place out any KGMB ICULS and KGMB Warrants.
The abovementioned revision will not have any effects on the
share capital, consolidated net tangible assets and consolidated
gearing or consolidated earnings of KGMB. The Kamdar Group
Vendors have also undertaken to ensure that the public spread
requirements pursuant to the Listing Requirements of Bursa
Securities in relation to the KGMB ICULS and KGMB Warrants are
met prior to listing on Bursa Securities.
The proceeds from the ICULS and Warrants Placement were
originally intended to be used by the Kamdar Group Vendors to
partially finance the Proposed Cash Payment. However, the
proceeds from the Shares Placement are expected to be sufficient
for the aforementioned purpose.
CONTACT:
Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
Phone: +60 3 2144 1233
Fax: +60 3 2142 2228
This announcement is dated Jan. 20, 2005.
=====================
P H I L I P P I N E S
=====================
ASIAN DIAMOND: Insolvency Looming As Cash Flow Woes Grow
--------------------------------------------------------
Asian Diamond Plans Incorporated is nearing collapse due to the
continued absence of a much-needed capital infusion to sustain
its ailing operations, according to The Philippine Star.
The Securities and Exchange Commission (SEC) is anticipating
that the pre-need firm would fall into liquidation very soon, as
the Company has lost contact with a prospective British
investor.
SEC is preparing to order the liquidation for Asian Diamond, which has been
scouring around for funds to cover obligations to
planholders and meet the agency's stringent capital.
Asian Diamond, which needed around Php50 million to Php100
million to correct its trust fund deficiency, is required by SEC
to continue honoring claims of existing planholders despite
being banned from selling new plans.
Under SEC rules, a pre-need plan firm must have a paid-up
capital of at least Php50 million to be able to sell at least
one type of plan.
To be able to sell two plan types, pre-need firms must have a
paid-up capital of Php75 million and for three-plan types. For
those selling traditional education plans, a Php100 million
paid-up capital must be maintained.
MANILA ELECTRIC: Earmarks Php5.75-Bln Capital Expenditure
---------------------------------------------------------
The Manila Electric Company (Meralco) has allocated Php5.75
billion in capital expenditure (CAPEX) to finance its operations
this year, according to the Philippine Star. The amount is
basically the same figure as last year's.
Meralco finance chief Daniel Tagaza said the debt-laden Company
cannot allot more than the minimum requirement of Php5.75
billion, as Meralco has been plagued with cash flow problems.
Last year, Meralco adjusted its CAPEX to Php5.75 billion
following an order from the Supreme Court to stop the collection
from its customers an additional 12 centavos per kWh, which
should have been reflected in the January 2004 billing
statements of its more than four million customers.
Meanwhile, Meralco successfully signed last month an agreement
with some 30 domestic and foreign commercial banks to repay
maturing loans. The agreement extends Meralco's loans due in
2004-2006 to a term of seven years up to 2011.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
Email Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MANILA ELECTRIC: Grants Power Discounts to 16 Companies
-------------------------------------------------------
A scheme proposed by Manila Electric Company (Meralco) to award
discounts to efficient power users is seen to benefit 16 large
firms composed mainly of semiconductor manufacturers, reports
Business World.
In coordination with the Departments of Energy and of Trade and
Industry and the Philippine Economic Zone Authority, Meralco has
the option to reduce rates to the most efficient industries.
Those entitled to the discount include firms with very large
industrial service or those with two to 10 megawatt-demand and
extra large industrial service or those with 10-MW demand and
above provided that they operate with a load factor of at least
80 percent.
"The discount mechanism attracts customers to be more efficient
in the use of electricity. This serves the system better as it
optimizes existing generating capacity thereby resulting in
overall average system cost downwards," Meralco told the Energy
Regulations Commission (ERC).
MAYNILAD WATER: Banks Release US$120-Mln Bond to MWSS
-----------------------------------------------------
A consortium of banks was expected to release Thursday night the
US$120 million performance bond of Maynilad Water Services, Inc.
to state-backed Metropolitan Waterworks and Sewerage System
(MWSS), according to Business World.
Citicorp International Limited, which heads the consortium that
guaranteed the payment of Maynilad's US$120 million performance
bond, has reportedly written Maynilad to inform that MWSS was
scheduled to get the money just before midnight.
Under the terms of the consortium's water concession agreement
with Maynilad, MWSS can draw the bond if Maynilad fails to
fulfill any of its obligations such as paying concession fees.
Maynilad's unpaid fees have reached a total of more than US$8
billion.
On Dec. 17, MWSS informed Maynilad's 13 banks that it would get
the bond. But under the terms of the bond, Maynilad banks
require a 10-day prior notice to ready a standby letter of
credit, and another three days to pool the funds.
Citicorp, which earlier refused to release the bond unless MWSS
first opens an account with a "U.S. depository bank" to accept
the money, has eventually agreed to deposit the money in the
Citibank account of state-owned Land bank of the Philippines.
The money will then be credited to MWSS's special account with
Landbank.
CONTACT:
Maynilad Water Services Inc.
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines
NATIONAL POWER: ERC Considers Php0.40 Rate Hike
-----------------------------------------------
The Energy Regulatory Commission (ERC) is reviewing a petition
filed by the National Power Corporation (NAPOCOR) to impose a
Php0.40 per kilowatt-hour (kWh) rate increase in March, Today
reports.
In its generation rate adjustment mechanism (GRAM) petition
lodged on Jan. 18, Napocor is seeking to redeem a Php0.40 per
kWh price fluctuation paid to independent power producers (IPPs)
from January to September 2004.
The ERC is expected to hand down on March 4 its decision on the
matter.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Aims to Boost Power Capacity This Year
------------------------------------------------------
The National Power Corporation targets to increase the country's
total installed capacity this year, according to Business World.
The state-run firm is working to install some 600 megawatts in
new capacity this year, after it added 594 MW to the country's
total capacity in 2004.
In a report to Executive Secretary Eduardo R. Ermita, Napocor
President Rogelio M. Murga, said the power firm has programmed
the installation of 599 megawatts in new capacity with the
rehabilitation of the Tiwi and Mak-Ban geothermal power plants,
and the transfer of the Pinamucan diesel power plant in Batangas
to the town of Dingle on Panay Island.
Tiwi's rated capacity is 275-megawatts while Makban's rated
capacity is 410-MW. With the rehabilitation scheduled for
completion by end-2005, the Tiwi-Makban facility will have an
upgraded capacity of 287-MW and 442-MW, respectively.
The Dingle diesel project, meanwhile, is seen to infuse another
110-MW to the Visayas grid by the second quarter.
The debt-laden firm also said it had infused some 594-MW to the
country's total capacity last year through the completion of
four key capacity enhancement projects.
As part of last year's missionary electrification projects,
Napocor had successfully installed a total of 45,850 kilowatts
in new capacity in remote areas served by its Small Power
Utilities Group schemes.
=================
S I N G A P O R E
=================
BULSING PRIVATE: Posts Intended Preferential Dividend Notice
------------------------------------------------------------
Bulsing Private Limited with address of registered office at the
Formerly of 6 Tractor Road Jurong Town Singapore 627967 posted
its intended preferential dividend notice.
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 152 of 1999
Last Day for Receiving Proofs: Jan. 28, 2005
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Kamala Ponnampalam
Assistant Official Receiver
This Singapore Government Gazette notice is dated Jan. 14, 2005.
CHINA AVIATION (S): Delays Submission of Financial Report
---------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited was given an extension
for the submission of its full year ended Dec. 31,
2004 financial Results
The Company announced that pursuant to an application made by
the Company, the Singapore Exchange Securities Trading Limited
has on Jan. 13, 2005 granted the Company an extension of time to
announce its financial results for the full year ended Dec. 31,
2004, subject to the Company announcing its FY2004 Results
before the current suspension on the trading of the Company's
shares is lifted.
The Company had applied for the waiver of Rule 705(2) on the
grounds that (i) trading in the Company's shares is currently
suspended, pending the outcome of a proposed Scheme of
Arrangement which is to be filed in the High Court of Singapore
by Jan. 24, 2005 (Jan. 21, 2005 being a public holiday); and (2)
the Company requires more time to prepare and present the FY2004
Results, as the working files which are required for the
preparation of the Company's FY2004 Results are currently in the
custody of the Commercial Affairs Department.
Adrian Chang
Company Secretary
Jan. 20, 2005
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
CHO YANG: Issues Notice of Preferential Dividend
------------------------------------------------
Cho Yang (S) Pte Ltd. with address of registered office at the
Formerly of 6 Temasek Boulevard Fourth Floor Suntec Tower Four
Singapore 038986 issued its notice of preferential dividend.
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600131 of 2002
Amount Per Centum: Preferential (6.2573%)
First and Final or otherwise: First & Final Dividend
When Payable: Jan. 5, 2005
Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Moey Weng Foo
Assistant Official Receiver
This Singapore Government Gazette notice is dated Jan. 14, 2005.
JACKLIE CONSTRUCTION: Court to Hear Winding Up Petition Jan. 28
---------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Jacklie Construction Pte Ltd by the High Court was, on Jan. 6,
2005 presented by Messrs Kao Lee Aluminium Industrial Pte Ltd,
of 13 Changi South Street 1, Changi South Industrial Estate,
Singapore 486785, a creditor.
The petition will be heard before the Court sitting at Singapore
at 10:00 a.m. on Jan. 28, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The petitioners' address is 13 Changi South Street 1, Changi
South Industrial Estate, Singapore 486785.
The Petitioners' solicitor is Messrs Christopher Bridges of No.
9-A Mosque Street, Singapore 059489.
Messrs Christopher Bridges
Solicitors for the Petitioners
Note: Any person who intends to appear on the hearing of the
petition must serve on or send by post to the above named
solicitors Messrs Christopher Bridges, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person, firm or his or their solicitor
(if any) and must be served, or, if posted, must be sent by post
in sufficient time to reach the above named not later than 12
o'clock noon of Jan. 27, 2005.
This Singapore Government Gazette notice is dated Jan. 20, 2005.
PENTON INTERNATIONAL: EGM Slated for Feb. 11
--------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Penton International Limited will be held at 8 Yung Ho Road,
Singapore 618590, on Feb. 11, 2005 at 3:00 p.m. for the purpose
of considering and, if thought fit, passing with or without
amendment, the resolutions as set out below:
As A Special Resolution
Resolution 1: Capital Reduction and Authorised Share Capital
Restoration That pursuant to Section 73 of the Singapore
Companies Act, Chapter 50, and subject to the confirmation of
the High Court of the Republic of Singapore:
(a) the authorized share capital of the Company be reduced
from SG$18,000,000 divided into 150,000,000 ordinary shares of
S$0.12 each (of which 84,904,030 ordinary shares of SG$0.12 each
have been issued and are fully paid-up, or credited as fully
paid-up) to 150,000,000 ordinary shares of SG$0.005 each (of
which a 84,904,030 ordinary shares of SG$0.005 each have been
issued and are fully paid-up, or credited as fully paid-up), and
such reduction be effected by:
(i) reducing the issued and paid-up capital of the
Company by SG$9,763,964 and applying the same towards writing-
off SG$9,763,964 in accumulated losses standing in the revenue
reserve account in the audited balance sheet of the Company as
at 30 April 2004; and
(ii) reducing the nominal amount of all ordinary
shares, both issued and un-issued, from SG$0.12 to SG$0.005;
(b) the sum standing to the credit of the issued share
account of the Company be cancelled by SG$9,763,964 which
represents capital that has been lost or is un-represented by
available assets;
(c) subject to and forthwith upon the preceding resolutions
taking effect, the authorized share capital of the Company be
restored to its former authorized capital of SG$18,000,000
divided into 3,600,000,000 ordinary shares of SG$0.005 each by
the creation of an additional 3,450,000,000 ordinary shares of
SG$0.005 each;
(d) the Directors and each of them be authorized and
empowered to complete and do and execute all such acts and
things as they or he may consider necessary or expedient to give
effect to this Resolution, with such modifications thereto (if
any) as they or he shall think fit in the interests of the
Company.
As Ordinary Resolutions
Resolution 2:Proposed Disposal of 840,000 Ordinary Shares of
SG$1.00 Each in the Capital of Atech Moulds Manufacturing Pte
Ltd, that approval be and is hereby given for the disposal by
the Company of 840,000 ordinary shares of SG$1.00 each in the
capital of Atech Moulds Manufacturing Pte Ltd to The Earl Payton
Trust and that the Directors and each of them be and are hereby
authorized to complete and do all such acts and things
(including executing all such documents as may be required under
or pursuant to the Proposed Disposal) in connection with the
Proposed Disposal as they or he may consider necessary,
desirable or expedient to give effect to this Resolution as they
or he may deem fit.
Resolution 3: Debt Settlement
That:
(a) the Scheme pursuant to Section 210 of the Companies Act,
Chapter 50, entered into between the Company and participating
creditors on Apr. 12, 2004, sanctioned by the High Court of the
Republic of Singapore on Jul. 29, 2004, in respect of, inter
alia, the conversion of total indebtedness amount owing by the
Company to the Participating Creditors of approximately
S$6,901,118 crystallized as at Apr. 5, 2004, into equity by the
issuance of new ordinary shares of par value SG$0.005 each in
the issued share capital of the Company to the Participating
Creditors and the forgiveness by the Participating Creditors in
respect of the Indebtedness owing by the Company to the
Participating Creditors, be and is hereby approved;
(b) subject to and contingent upon the passing of Resolutions 1
and 2 above and the passing of Resolution 4 below, the Directors
of the Company be and are hereby authorized to allot and issue
up to 580,000,000 Settlement Shares at SG$0.005 per share to the
Participating Creditors (fractions of a share being
disregarded), credited as fully paid-up, pursuant to Scheme of
Arrangement; and
(c) the Directors of the Company and each of them be and is
hereby authorized to complete and to do all acts and things as
they or he may consider necessary or expedient to give effect to
the terms contemplated by the Scheme of Arrangement (including
but not limited to the making of non-material amendments to
the Scheme of Arrangement which shall be subject to the approval
of the Participating Creditors) as they or he shall think fit in
the interests of the Company.
Resolution 4: Whitewash Resolution
That, contingent upon the passing of Resolutions 1, 2 and 3, the
Independent Shareholders of the Company hereby (on a poll taken)
waive their rights to receive a mandatory general offer in
accordance with Rule 14 of the Singapore Code on Take-Over and
Mergers and under Section 139 of the Securities and Futures Act
2001 from Regional Capital Pte Ltd as a result of the allotment
and issue of 480,000,000 Settlement Shares that would represent
an interest of more than 30% of the voting rights in the
Company.
Resolution 5: The Proposed Share Issue Mandate
That authority be and is hereby given to the Directors of the
Company to:
(a) (i) issue shares in the capital of the Company whether by
way of rights, bonus or otherwise; and/or
(ii) make or grant offers, agreements or options that might or
would require share to be issued, including but not limited to
the creation and issue of (as well as adjustments to) warrants,
debentures or other instruments convertible into shares, any
time and upon such terms and conditions and for such purposes
and to such persons as the Directors may in their absolute
discretion deem fit; and
(b) (not withstanding the authority conferred by this Resolution
may have ceased to be in force) issue shares in pursuance of any
Instrument made or granted by the Directors while this
Resolution was in force, provided that:
(1) the aggregate number of shares to be issued pursuant to
this Resolution (including shares to be issued in pursuance of
Instruments made or granted to this Resolution) does not exceed
50 per cent. of the issued share capital of the Company (as
calculated in accordance with sub-paragraph (2) below), of which
the aggregate number of shares to be issued other than on a pro
rata basis to shareholders of the Company (including shares to
be issued in pursuance of Instruments made of granted pursuant
to this Resolution) does not exceed 20 per cent. of the issued
share capital of the Company (as calculated in accordance with
sub-paragraph (2) below);
(2) (subject to such manner of calculation as may be
prescribed by the Singapore Exchange Securities Trading Limited
for the purpose of determining the aggregate number of shares
that may be issued under sub-paragraph (1) above:
(i) the percentage of issued share capital shall be based on the
issued share capital of the Company as at the date of the
passing of this Resolution, after adjusting for:
(a) new shares arising from the issuance of the
Settlement Shares which are outstanding as at the date of the
passing of this Resolution; and
(b) any subsequent consolidation or subdivision of
shares; and
(ii) in relation to an Instrument, the number of shares shall be
taken to be that number as would have been issued had the rights
there in been fully exercised or effected on the date of the
making or granting of the Instrument;
(3) in exercising the authority conferred by this
Resolution, the Company shall comply with the provisions of the
Listing Manual of the SGX-ST for the time being in force (unless
such compliance has been waived by the SGX-ST) and the Articles
of Association for the time being of the Company; and
(4) (unless revoked or varied by the Company in General Meeting)
the authority conferred by this Resolution shall continue in
force until the conclusion of the next Annual General Meeting of
the Company or the date by which the next Annual General Meeting
of the Company is required by law to be held, whichever is the
earlier.
Resolution 6: The Proposed Acquisition of The Marble Quarry
That:
(a) contingent upon the passing of Resolution 1 to Resolution 4,
approval be and is hereby given for the acquisition by the
Company of 75% of the issued and paid-up capital of Pt Anekatama
Bumiserasi which owns the Marble Quarry from the Vendors upon
and subject to the terms of the Marble Quarry S&P Agreement
(each term as defined in the Company's Circular dated Jan. 19,
2005
(b) approval be and is hereby given to any Directors of the
Company, to complete and do all such acts and things including,
without limitation, to execute all such documents and to approve
any amendments, alterations or modifications to any documents as
they may consider desirable, expedite or necessary to give
effect to this Resolution.
By Order Of The Board
The Tje Min
Chairman of the Board
Notes:
(1) A shareholder of the Company (the "Shareholder") entitled to
attend and vote at the above Extraordinary General Meeting is
entitled to appoint one or more proxies to attend and vote in
his stead. A corporate Shareholder is entitled to appoint its
authorized representative or proxy to vote on its behalf. A
proxy need not be a Shareholder of the Company.
(2) To be effective, the instrument appointing a proxy duly
executed must be deposited at the registered office of the
Company at 8 Yung Ho Road, Singapore 618590 not less than 48
hours before the time appointed for holding the Extraordinary
General Meeting.
(3) Where a Shareholder appoints more than one proxy, the
appointments shall be invalid unless he specifies the proportion
of his shareholdings (expressed as a percentage of the whole) to
be represented by each proxy.
(4) The instrument appointing a proxy or proxies must be under
the hand of the appointer or his attorney duly authorized in
writing. Where the instrument appointing a proxy or proxies is
executed by a corporation, it must be executed either under its
common seal or under the hand of its attorney or an officer duly
authorized.
(5) Where an instrument appointing a proxy or proxies is signed
on behalf of the appointor by an attorney, the power of attorney
(or other authority) or a duly certified copy thereof must
(failing previous registration with the Company) be lodged with
the instrument of proxy, failing which the instrument may be
treated as invalid.
(6) A corporation, which is a Shareholder, may authorize by
resolution of its directors or other governing body such person
as it thinks fit to act as its representative at the
Extraordinary General Meeting, in accordance with its Articles
of Association and Section 179 of the Companies Act, Cap. 50.
(7) If you have Shares entered against your name in the
Depository Register (as defined in Section 130A of the Companies
Act, Chapter 50 of Singapore), you should insert that number of
Shares. If you have Shares registered in your name in the
Register of Shareholders, you should insert that number of
Shares. If you have Shares entered against your name in the
Depository Register and Shares registered in your name in the
Register of Shareholders, you should insert the aggregate number
of Shares entered against your name in the Depository Register
and Shares registered in your name in the Register of
Shareholders. If no number is inserted, the Proxy Form will be
deemed to relate to all the Shares held by you.
(8) The Company shall be entitled to reject an instrument of
proxy which is incomplete, improperly completed, illegible or
where the true intentions of the appointor are not ascertainable
from the instructions of the appointor specified on the
instrument of proxy. In addition, in the case of Shares entered
in the Depository Register, the Company may reject an instrument
of proxy if the Shareholder, being the appointor, is not shown
to have Shares entered against his name in the Depository
Register as at 48 hours before the time appointed for holding
the Extraordinary General Meeting, as certified by The Central
Depository (Pte) Limited to the Company.
SHOW THEATRES: Posts Notice of Intended Dividend
------------------------------------------------
Show Theatres Pte Ltd with address of registered office at c/o
The Liquidator's Office posted its notice of intended dividend.
Nature of Matter: Companies Winding Up No. 319 of 2000
Last day for receiving Proofs: 17th February 2005
Name of Liquidator: Mr. Don M Ho, FCPA
Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
#12-02 & 03 Equity Plaza
20 Cecil Street
Singapore 049705
Phone: 65320320 (8 lines)
Fax: 65320331
This Singapore Government Gazette notice is dated Jan. 18, 2005.
===============
T H A I L A N D
===============
KRUNG THAI: Unveils Board of Directors Meeting Results
------------------------------------------------------
Krung Thai Bank PCL (KTB) informed the Stock Exchange of
Thailand the resolutions passed by the Board of Directors at its
meeting No. 1/2548 (641) on January 20, 2005 to appoint a
Director to replace the previous director who intends to retire.
KTB also disclosed the new authorized signatories of the bank.
(1) Appointed Mr. Aswin Kongsiri to be Director to replace
Mr.Chetthavee Charoenpitaks who left the office before
completing his term.
(2) Acknowledged the leave from office of Lt. Suchai Jaovisidha
Director, in accordance with Section 5 (2) of the Standard
Gualifications for Directors and Employees of State Enterprise
Act B.E.2518 (i.e. having more than 65 years of age).
(3) Change the Directors who are authorized signatories
Names and number of Directors authorized to sign on behalf of
the Company are:
- General Mongkon Ampornpisit, Chairman to sign singly
- Mr. Apisak Tantivorawong, President to sign singly
- Mr.Chaiyawat Wibulsawasdi and Mr. Uttama Savanayana to sign
jointly totaling two persons and affixed thereto with the
Company's official seal.
Please be informed accordingly
Yours sincerely,
Krung Thai Bank Public Company Limited
Suchart Dejittirut
(Mr. Suchart Dejittirut)
Vice Secretary to the Board of Directors
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
KRUNG THAI: Corrects Operating Results as of December 31, 2004
--------------------------------------------------------------
Krung Thai bank PCL submitted to the Stock Exchange of Thailand
(SET) the unaudited financial statements for the twelve months
ended December 31, 2004, with the following review:
Unit: Million Baht
2004 2003 Increase %
Net profit before
provisioning 19,481 12,247 7,234 59.07
Provisioning (8,349) (3,542) 4,807 135.71
Net profit 11,132 8,705 2,427 27.88
The net profit before provisioning showed an improvement of
THB7,234m (59%) over the previous year, which can be
attributable to the following:
Improvement in interest and dividend revenue
Unit: Million Baht
2004 2003 Increase %
Interest income 44,596 40,611 3,985 9.81
Dividend income 1,425 167 1,258 753.29
Interest and
dividend income 46,021 40,778 5,243 12.86
Interest income improved as a result of an increase in new loans
to customers of THB114,778m and a corresponding THB156,000m
reduction in SAM (Sukhumvit Asset Management) promissory notes
resulting in a higher revenue return on average assets.
Dividend income increased significantly during the year mainly
as a result of THB876 m received from Vayupak fund.
Improvement in net interest margin
Unit: Million Baht
2004 2003 Increase %
Interest income 44,596 40,611 3,985 9.81
Cost of funds (13,315) (17,220) (3,905) (22.68)
Net interest
margin 31,281 23,391 7,890 33.73
In addition to increase in interest income as mentioned above,
the bank was able to significantly lower its cost of funds
through the shifting of depositors profile from the higher
interest based term deposits to the savings account.
Overall, the total deposit balance as of December 31, 2004
increased by THB3,582m to THB1,009,511m from December 31, 2003.
The combined favorable increase in interest income and reduction
in cost of funds resulted in an increase of THB7,890m in net
interest margin.
Non-Interest Expenses
Unit: Million Baht
2004 2003 Increase %
Non-Interest Expense 22,196 18,158 4,038 22.24
Non-interest expenses increased mainly from Personnel expenses
and Impairment on other assets.
Provisioning for bad debts and doubtful accounts and loss on
debt-restructuring
Unit: Million Baht
2004 2003 Increase %
Provisioning
and write-off 8,349 3,542 4,807 135.71
Krung Thai bank PCL has resolved to increase the loan loss
coverage to be in line with peer banks. Accordingly, an amount
of THB4,500m has been set aside in the fourth quarter of 2004 as
a prudent provision going forward. This amount is in addition to
the THB2,500m provision set aside in the first quarter of 2004
and the total THB1,200m monthly normalized provisions set during
the year.
For 2005, the policy for provision for bad debts and doubtful
accounts has been set at a minimum of THB300m per month.
Sincerely yours,
Krung Thai Bank Public Co., Ltd
Apisak Tantivorawong
President
Accounting Department
Telephone: 02-208-4726-30
NATURAL PARK: SET Suspends Trading of Securities
------------------------------------------------
The Stock Exchange of Thailand (SET) has temporarily ordered the
trading halt of Natural Park Public Company Limited (N-Park)
from the first trading session of January 20, 2005 because SET
received notification from N-Park that there will be no further
investment from the shareholders of City Realty led by Mr. Chali
Sophonpanich.
Moreover N-Park's procedure and policy towards this matter is
still pending receipt.
At present, SET has not received such information. Hence, the
SET posts SP (suspend trading) sign against N-Park's securities
effective from the second trading session of January 20, 2005
onwards.
CONTACT:
Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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