/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050211.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 Friday, February 11, 2005, Vol. 8, No. 30 Headlines A U S T R A L I A ADDERTON ADVERTISING: To Convene Final Meeting February 18 AGENCY AUSTRALIA: To Hear Liquidator's Report During Meeting A.H. BRODRIBB: Members, Creditors to Meet February 18 ANDREW PASTORAL: Members Resolve to Wind Up Company ARAC PTY: Accepting Proofs of Debt Until February 18 AS PROMOTIONAL: To Hear Report on Manner of Winding Up B.F. GEISSLER: Creditors Should Prove Claims by February 18 BUILDING GENERAL: Final Meeting Set February 22 CENTURY DOWNEY: Lays Out Agenda of Final Meeting E&A PTY: To Convene Final Meeting February 15 FOYLE ELECTRICS: To Hear Liquidator's Report During Meeting GENIX PTY: Sets February 21 as Date of Final Meeting GRENADIER INVESTMENTS: Names Peter Fletcher as Liquidator HENRY WALKER: Administrators Blame Collapse on Big Coal Deal ITEM3 PTY: To Undergo Winding Up Process MAYNE GROUP: U.S. FDA Warns of Importance of ADE Reporting OLBB PTY: Final Dividend to be Declared February 23 OZ-TEX SOLUTIONS: Appoints Ferrier Hodgson Receiver and Manager PRIMELIFE CORPORATION: Vows to Remedy Error in Notice RETAILX: Suspended by NZX Over Failure to File Report SECOND BYTE: Lays Out Final Meeting Agenda TAILORED INSURANCE: Picks Liquidator for Winding Up Purposes TELDON AUSTRALIA: To Declare Final Dividend February 25 TOWN & COUNTRY: Appoints Liquidator to Wind Up Company WALTER CONSTRUCTION: Bidders Line up for Mining Operations WALTER CONSTRUCTION: Unionists Picket Outside Meeting C H I N A & H O N G K O N G GUARANTY COMPANY: Receives Winding Up Order from Court KONG WAH: Annual Meeting Set February 18 KONG WAH: Court Appoints Managers and Receivers LEE YAN: Creditors Should Prove Debt by February 19 LEUNG LAI: Receiving Proofs of Debt Until February 19 NEW TUNG: Court Issues Winding Up Order OPUS FASHION: Faces Winding Up Proceedings RIGHTIME SHIPPING: Begins Bankruptcy Proceedings SINO PEAK: Receiving Proofs of Claims Until February 23 UNION BEST: Court to Hear Winding Up Petition March 16 I N D O N E S I A TELKOM INDONESIA: Selects Smartner to Mobilize Customers' Email J A P A N FUJITSU LIMITED: Develops New Technology for Mobile Phones HAKKO SANGYO: Enters Bankruptcy MINOBUGORUFUKURABU K.K.: Begins Bankruptcy Proceedings MITSUBISHI FUSO: Reveals 19 Serious Vehicle Flaws * 2004 Bankruptcies Drop for the First Time Since 1994 K O R E A CHOHUNG BANK: To Cut 400 Jobs Through Early Retirement Program M A L A Y S I A AMSTEEL CORPORATION: Completes Disposal of Parkson Retail Group ANTAH HOLDINGS: Issues Status Update on Litigation Involvement BOUSTEAD HOLDINGS: Resumes Trading of Shares CEPATWAWASAN GROUP: Unveils January Production Figures GULA PERAK: Repurchases Additional Shares HABIB CORPORATION: Requests Suspension of Counter on Feb. 8, 14 HABIB CORPORATION: Trading of Shares Suspended HONG LEONG: Notes Listing of Additional Shares JIN LIN: Updates on Restructuring Scheme JIN LIN: Trading of Shares Suspended MMC CORPORATION: Creditors Voluntarily Wind Up Unit NAIM INDAH: Unit Posts Zero Log Production in January PAN MALAYSIA: Issues Update on Material Litigation POS MALAYSIA: Resells 190,000 Treasury Shares PSC INDUSTRIES: May Be Sued For Collapse of Sub-Subsidiary PSC INDUSTRIES: Won't Appeal SC Decision on Restructuring Scheme P H I L I P P I N E S BR LEGASPI: PDIC Takes Over, Starts Payouts MANILA ELECTRIC: Nasecore Raps "Misleading Ad" MANILA ELECTRIC: Delays Refund for Big Factories MANILA ELECTRIC: Not Rushing to Issue New Bonds NATIONAL POWER: ERC to Rule on Rate Hike by End-February NATIONAL POWER: 12% VAT to Raise Rates by Only 44 Cents S I N G A P O R E CHINA AVIATION (S): Faces Third U.S. Class Action Suit INNO-SINO INVESTMENTS: Court to Hear Bankruptcy Petition INNOVATION WORLD-WIDE: Winding Up Hearing Set February 18 POWSEN ELECTRIC: Enters Winding Up Proceedings T H A I L A N D ADVANCE PAINT: Unveils Resolution of Board Meeting EMC: Issues Report on EGM Resolutions * Large Companies With Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= ADDERTON ADVERTISING: To Convene Final Meeting February 18 ---------------------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of Adderton Advertising Pty Limited (In Liquidation) A.C.N. 054 619 493 will be held at the offices of Ferrier Hodgson (Newcastle), Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW 2300 on February 18, 2005 at 10:00 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidators. Dated this 7th day of January 2005 A. E. Lewis J. A. Shaw Liquidators Ferrier Hodgson Chartered Accountants PO Box 840, Newcastle NSW 2300 Telephone: (02) 4908 4444 Facsimile: (02) 4908 4499 AGENCY AUSTRALIA: To Hear Liquidator's Report During Meeting ------------------------------------------------------------ Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members, and creditors of The Agency Australia Pty Limited (In Liquidation) A.C.N. 075 061 184 will be held at the offices of Ferrier Hodgson (Newcastle), Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW 2300 on February 18, 2005 at 10:05 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidators. Dated this 7th day of January 2005 A. E. Lewis J. A. Shaw Liquidators Ferrier Hodgson Chartered Accountants PO Box 840, Newcastle NSW 2300 Telephone: (02) 4908 4444 Facsimile: (02) 4908 4499 A.H. BRODRIBB: Members, Creditors to Meet February 18 ------------------------------------------------------ Notice is hereby given pursuant to section 509 of the Corporations Act that a general meeting of members and creditors of A.H. Brodribb (Holdings) Pty Limited (In Liquidation) A.C.N. 000 292 106 will be held at the offices of Jirsch Sutherland, Chartered Accountants, Level 2, 84 Pitt Street, Sydney NSW on Friday, February 18, 2005 at 10:00 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted, the property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. Dated this 18th day of January 2005 R. M. Sutherland Liquidator ANDREW PASTORAL: Members Resolve to Wind Up Company --------------------------------------------------- At a General Meeting of The Andrew Pastoral Company Proprietary Limited (In Liquidation) A.C.N. 007 692 382, duly convened and held under section 249A of the Corporations Law, the following resolution passed: That the Company be wound up as a Members' Voluntary Liquidation and that the assets of the Company may be distributed in whole or in part to the members in specie should the liquidators so desire. Dated this 12th day of December 2004 David R. Pyke Joint & Several Liquidators Bush & Campbell Pty Ltd Accountants 30 Blake Street, Wagga Wagga NSW 2650 ARAC PTY: Accepting Proofs of Debt Until February 18 ---------------------------------------------------- Take notice that creditors of Arac (NSW) Pty Ltd (In Voluntary Liquidation) A.C.N. 000 379 411, whose debts or claims have not already been admitted are required on or before February 18, 2005 to prove their debts or claims and to establish any title they may have to priority by delivery or posting to the liquidator at Level 3, Suite 301, 304-318 Kingsway, Caringbah NSW 2229 a formal proof of debt or claim in accordance with Form 535 or 536 containing their respective debts or claims. If they do not they will be excluded from: (a) The benefit of any distribution made before the debts or claims are proved or their priority is established; and (b) Objecting to the distribution. Form of Proof may be obtained from me. Dated this 10th day of January 2005 Gary Bruce Holbrook Liquidator PKF Level 3, Suite 301, 304-318 Kingsway, Caringbah NSW 2229 AS PROMOTIONAL: To Hear Report on Manner of Winding Up ------------------------------------------------------ Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members, and creditors of AS Promotional Management Pty Limited (In Liquidation) A.C.N. 063 236 162 will be held at the offices of Ferrier Hodgson (Newcastle), Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW 2300 on February 18, 2005 at 10:10 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. Dated this 7th day of January 2005 A. E. Lewis J. A. Shaw Liquidators Ferrier Hodgson Chartered Accountants PO Box 840, Newcastle NSW 2300 Telephone: (02) 4908 4444 Facsimile: (02) 4908 B.F. GEISSLER: Creditors Should Prove Claims by February 18 ----------------------------------------------------------- Take notice that creditors of B.F. Geissler Holdings Pty Limited (In Voluntary Liquidation) A.C.N. 008 416 180, whose debt or claims have not already been admitted are required on or before February 18, 2005 to prove their debt or claims and to establish any title they may have to priority by delivery or posting to the liquidator at Level 3, Suite 301, 304-318 Kingsway, Caringbah NSW 2229 a formal proof of debt or claim in accordance with Form 535 or 536 containing their respective debts or claims. If they do not they will be excluded from: (a) The benefit of any distribution made before the debts or claims are proved or their priority is established; and (b) Objecting to the distribution. Form of Proof may be obtained from me. Dated this 10th day of January 2005 Gary Bruce Holbrook Liquidator PKF Level 3, Suite 301, 304-318 Kingsway, Caringbah NSW 2229 BUILDING GENERAL: Final Meeting Set February 22 ----------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of the Members and Creditors of Building General Contractors Pty Limited (In Liquidation) A.C.N. 060 922 821 will be held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on Tuesday, February 22, 2005 at 10:30 a.m. AGENDA (1) To receive an account made up by the Liquidator showing how the winding up has been conducted, the property of the Company has been disposed of and to receive any explanation required thereof. (2) To consider any other business brought before the meeting. Dated this 10th day of January 2005 P. Ngan Liquidator CENTURY DOWNEY: Lays Out Agenda of Final Meeting ------------------------------------------------ Notice is hereby given that a final combined meeting of the members and creditors of Century Downey Pty Ltd (In Liquidation) A.C.N. 082 911 439 will be held at the offices of Knights Insolvency Administration, Level 27, The Chifley Tower, 2 Chifley Square, Sydney on February 21, 2005 at 10:00 a.m. AGENDA (1) To receive an account made up by the Liquidator showing how the winding up has been conducted and how the property of the Company has been disposed of, and to receive any explanation required thereof. (2) Any other business which may be lawfully considered with the foregoing. Dated this 5th day of January 2005 Adrian S. Duncan Liquidator Level 27, The Chifley Tower, 2 Chifley Square, Sydney NSW 2000 E&A PTY: To Convene Final Meeting February 15 --------------------------------------------- Notice is given that pursuant to Section 509 of the Corporations Act 2001, the final meeting of members of E&A Pty Limited (In Liquidation) A.C.N. 000 282 048 will be held at the offices of Robert Boulter Partners, Level 2, 25-29 Berry Street, North Sydney on Tuesday, February 15, 2005 at 9:00 a.m. for the purpose of laying before the meeting the liquidator's final account and report and giving any explanation thereof. Dated this 6th day of January 2005 John Duncan Green Liquidator FOYLE ELECTRICS: To Hear Liquidator's Report During Meeting ----------------------------------------------------------- Notice is hereby given that the final meeting of members of Foyle Electrics Pty Limited (In Voluntary Liquidation) A.C.N. 002 780 341 will be held on February 18, 2005 at 93a Young Street, Carrington NSW 2294 at 10:00 a.m. The purpose of the meeting shall be for the presentation of the final liquidator's report on the conduct of the liquidation to members. Lawrence Rundle Accountants & Business Advisers 93a Young Street, Carrington NSW 2294 GENIX PTY: Sets February 21 as Date of Final Meeting ---------------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Act that a general meeting of the Members and Creditors of Genix Pty Limited (In Liquidation) A.C.N. 088 104 787 will be held at the offices of de Vries Tayeh, Corporate Strategy and Insolvency, Level 3, 95 Macquarie Street, Parramatta NSW 2150 on February 21, 2005 at 10:00 a.m. for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. Dated this 6th day of January 2005 Riad Tayeh Joint Liquidator Level 3, 95 Macquarie Street, Parramatta NSW 2150 GRENADIER INVESTMENTS: Names Peter Fletcher as Liquidator --------------------------------------------------------- Notice is hereby given that at a meeting of the members of Grenadier Investments Pty Ltd (In Liquidation) A.C.N. 097 164 200 held on Thursday, December 23, 2004, it was resolved that the Company be wound up voluntarily and Peter Fletcher be appointed liquidator. Dated this 6th day of January 2005 Peter Fletcher Liquidator 14 Meakem Street, Hurstville NSW 2220 HENRY WALKER: Administrators Blame Collapse on Big Coal Deal ------------------------------------------------------------ The administrators of failed Henry Walker Eltin (HWE) blame the firm's AU$570-million collapse on a failure to secure financing for the AU$1.7 billion Bengalon coal mining contract in Indonesia, reports The West Australian. At a creditors meeting held Tuesday, administrator Shaun Fraser explained to HWE creditors that upfront costs in the deal with Kaltim Prima Coal and the fact that HWE won the deal without financing in place had left HWE insolvent on a cash basis despite having AU$620 million worth of assets. Mr. Fraser assured creditors that HWE had some solid core businesses, boosting hopes of reviving the collapsed engineering and mining contracting group. However, the administrators warned creditors that it is too early to estimate the return on debts of AU$570 million, excluding employee entitlements, and what form the restructured HWE group will take. The administrators are likely to apply to a judge to extend the deadline for the next meeting beyond the statutory 28-day period so they can bed down a restructure. The Company called in an administrator after Glencore Finance AG withdrew an AU$100 million recapitalization plan. The Company's shares have been suspended from trading. CONTACT: Henry Walker Eltin Group Limited 33 Paul Street North North Ryde, New South Wales 2113 Australia Phone: +61 02 9887 6400 Fax: +61 02 9805 0945 Web site: http://www.hwe.com.au/ ITEM3 PTY: To Undergo Winding Up Process ---------------------------------------- Notice is hereby given that at a general meeting of the members of Item3 Pty Limited (In Liquidation) A.C.N. 092 796 328 held on December 21, 2004, it was resolved that the Company be wound up voluntarily and that, Martin John Green, Chartered Accountant of GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 be nominated to act as Liquidator for the purpose of the winding up. Dated this 4th day of January 2005 Martin J. Green Liquidator GHK Green Krejci Level 9, 179 Elizabeth Street, Sydney NSW 2000 MAYNE GROUP: U.S. FDA Warns of Importance of ADE Reporting ---------------------------------------------------------- Under United States Food and Drug Administration (USFDA) regulations, pharmaceutical companies are required to follow guidelines that deal with the receipt, documentation, assessment and reporting of adverse drug events (ADEs), or suspected adverse patient reactions to medicines, to the appropriate regulatory authorities within a prescribed period of time. These administrative processes are known in the pharmaceutical industry as pharmacovigilance. Mayne Group Limited advised that its Mayne Pharma business unit on Thursday received a warning letter from the USFDA relating to its pharmacovigilance processes and procedures. The warning letter does not relate to the quality of Mayne Pharma's products, the processes used for manufacturing its products, or the Company's ability to continue to supply the market. Accordingly, Mayne does not believe there will be a material impact to its fiscal 2005 financial results. Mayne takes its quality, its qualifying and compliance responsibilities seriously. Prior to the routine audit by the USFDA at Mayne Pharma's U.S. head office in October and November 2004, Mayne had identified areas for improvement with respect to its procedures for ADE reporting and was in the process of implementing the necessary changes. The USFDA audit confirmed many of the issues previously identified by Mayne Pharma during its internal review. Since the audit, Mayne Pharma has worked closely with the USFDA to resolve the issues that were identified and the USFDA has advised that it considers Mayne Pharma's "proposed corrective actions to be adequate." Accordingly, Mayne does not consider that there will be a material impact to its operating results. In making the improvements to its pharmacovigilance program, Mayne Pharma has increased its resources to support ADE reporting, strengthened the procedures for the identification, reporting and follow-ups of ADEs, and is in the process of implementing an upgraded training program. Mayne Group Limited is listed on the Australian Stock Exchange and has businesses in international specialty pharmaceuticals (the manufacture of injectable and oral pharmaceuticals for distribution to more than 50 countries), diagnostic services (pathology, diagnostic imaging and medical centers), pharmacy, and health-related consumer products. To view a copy of USFDA's warning letter, click on: http://bankrupt.com/misc/TCRAP_MAYNEGROUP021005.pdf CONTACT: Mayne Group Head Office Address: Level 21/390 St Kilda Rd Melbourne 3004 Head Office Phone: +613 9868-0700 Web site: http://www.maynegroup.com/ OLBB PTY: Final Dividend to be Declared February 23 --------------------------------------------------- A first & final dividend to priority and unsecured creditors is to be declared on February 23, 2005 for OLBB Pty Limited (In Liquidation) A.C.N. 002 246 225. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 6th day of January 2005 A. L. Lewis Official Liquidator c/- Ferrier Hodgson Level 17, 2 Market Street, Sydney NSW 2000 OZ-TEX SOLUTIONS: Appoints Ferrier Hodgson Receiver and Manager --------------------------------------------------------------- Notice is given pursuant to Section 427(1B) of the Corporations Act 2001 that Brian Silvia was appointed Receiver and Manager of Oz-Tex Solutions Pty Ltd (Receiver And Manager Appointed) A.C.N. 096 505 369 on January 5, 2005 pursuant to the provisions contained in a registered debenture charge created by the Company in favour of Sahco Pty Ltd A.C.N. 106 341 771. Dated this 6th day of January 2005 Brian Silvia Receiver and Manager Ferrier Hodgson Level 17, 2 Market Street, Sydney NSW 2000 PRIMELIFE CORPORATION: Vows to Remedy Error in Notice ----------------------------------------------------- In response to an announcement made by Aevum limited, Primelife Corporation Limited (Primelife) intends to immediately seek remedial orders from the Court in relation to the notice of variation extending the offer period dated January 31, 2005 (Notice), issued by Primelife. Primelife will seek orders to remedy a technical deficiency in the Notice. This deficiency was first raised by Aevum Limited in its ASX announcement. The orders will be sought to confirm the extension of Primelife's off-market takeover offer for Aevum Limited to 7:00 p.m. on March 9, 2005. George Dixon Company Secretary Primelife Corporation Limited CONTACT: Primelife Corporation Limited Melbourne Victoria, Victoria 3000 Australia Phone: +61 3 9618 5500 Fax: +61 3 9618 5599 Web site: http://www.primelife.com.au/ RETAILX: Suspended by NZX Over Failure to File Report ----------------------------------------------------- The New Zealand Exchange (NZX) on Tuesday suspended struggling RetailX for failing to lodge its half-year report, according to the New Zealand Press. NZX Regulation said RetailX had not filed its half-year report for the period ending September 30, which was due by January 31 and had to be issued within five business days from the deadline to avert suspension. RetailX's woes started when The Building Depot, a nationwide chain of do-it-yourself stores owned by Christchurch businessman Mark Taylor, was placed under receivership in September with more than $8 million in liabilities. The problems spilled over to RetailX, which was controlled by Mr. Taylor and was paid management fees by The Building Depot. Last month an investor, Brett Wilkinson, injected $30,000 into RetailX in a bid to keep the retail management business afloat. But there is speculation the rescue package may be a precursor to a full takeover and a backdoor listing. Creditors have gone to the High Court to get RetailX wound up but the proceedings have been adjourned until February 14. CONTACT: RetailX Limited 15 North Ave., Devonport Auckland, New Zealand Phone: 0800 244 244 SECOND BYTE: Lays Out Final Meeting Agenda ------------------------------------------ Notice is given pursuant to Section 509(2) of the Corporations Act 2001 that a Final Meeting of the Members and Creditors of Second Byte Technology Pty Limited (In Liquidation) A.C.N. 073 332 813 will be held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on Tuesday, February 22, 2005 at 10:15 a.m. AGENDA (1) To receive an account made up by the Liquidator showing how the winding up has been conducted, the property of the Company has been disposed of and to receive any explanation required thereof. (2) To consider any other business brought before the meeting. Dated this 10th day of January 2005 P. Ngan Liquidator TAILORED INSURANCE: Picks Liquidator for Winding Up Purposes ------------------------------------------------------------ Notice is hereby given that at a general meeting of members of Tailored Insurance Brokers Armidale Pty Ltd (In Voluntary Liquidation) A.C.N. 101 234 897 held on December 22, 2004, it was resolve that the Company be wound up voluntarily and that for such purposes Mr. John D Malcolm, ACA and James M Abbo CA, of Malcolm & Associates, 117 Barney Street, Armidale, NSW 2350 be appointed Liquidator. Dated this 5th day of January 2005 J. D. Malcolm J. M. Abbo Liquidators TELDON AUSTRALIA: To Declare Final Dividend February 25 ------------------------------------------------------- A first dividend is to be declared on February 25, 2005 for Teldon Australia Pty Limited (Subject To Deed Of Company Arrangement) A.C.N. 101 667 010. Creditors who were not able to formally prove their debts or claims will be excluded from the benefit of the dividend. Dated this 10th day of January 2005 Kenneth Whittingham Deed Administrator BDO Level 19, 2 Market Street, Sydney Telephone: 9286 5854 TOWN & COUNTRY: Appoints Liquidator to Wind Up Company ------------------------------------------------------ Notice is hereby given that at an extraordinary general meeting of members of Town & Country Security & K9 Hire Pty Limited (In Liquidation) A.C.N. 105 725 022 held on January 7, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Daniel I. Cvitanovic of Ferrier Hodgson, Chartered Accountants, Level 1, 121-123 Crown Street, Wollongong, NSW 2500 be appointed Liquidator. Dated this 7th day of January 2005 Daniel I. Cvitanovic Liquidator Ferrier Hodgson Level 1, 121-123 Crown Street, Wollongong NSW 2500 WALTER CONSTRUCTION: Bidders Line up for Mining Operations ---------------------------------------------------------- Six potential investors are reportedly eyeing the mining operations of collapsed Walter Construction Group, Suddeutsche Zeitung says. Walter Construction's mining activities have reportedly attracted six potential bidders, which include John Holland, indirectly owned by construction group Hochtief; Baulderstone Hornibrook, Australian arm of Bilfinger-Berger group; Clough Ltd., Continental Conveyors, and Roche and McMahon Construction. Walter Construction's insolvency administrators expect to receive bids soon, a source close to the group says. The Company, which mining operations employ around 350 people, expects to post a loss of AU$245 million for 2004. The Company's parent, Walter Bau, filed for insolvency at the start of the month after failing to secure a new EUR1.65 billion credit line from banks, which halted its proposed restructuring plan. Walter Construction and 11 other subsidiaries followed suit days after. Walter Bau, which has around 50 subsidiaries, did not rule out the possibility that more of its units will declare insolvency. CONTACT: WALTER BAU AG Boheimstr. 8 86153 Augsburg Phone: +49 (0)8 21/55 82-00 Fax: +49 (0)8 21/55 82-3 20 Web site: http://www.walter-bau.de JOHN HOLLAND GROUP 70 Trenerry Crescent Abbotsford, Victoria 3067 Phone: 61 3 9934 5209 Fax: 61 3 9934 5275 Web site: http://www.johnholland.com.au BAULDERSTONE HORNIBROOK ENGINEERING PTY. LTD. Level 10, 40 Miller Street, North Sydney, New South Wales 2060 Phone: (02) 9935 7100 Fax: (02) 9935 7080 E-mail: bh@bh.com.au Web site: http://www.bh.com.au CLOUGH LIMITED Level 6, 251 St Georges Terrace Perth, Western Australia 6000 Phone: +618 9281 9281 Fax: +618 9481 6699 E-mail: clough@clough.com.au Web site: http://www.clough.com.au CONTINENTAL CONVEYOR & EQUIPMENT PTY LTD. 10 Somersby Falls Road, Somersby NSW 2250 Australia Phone: (+612) 4340 1488 Fax: (+612) 4340 2695 Web site: http://www.continentalconveyor.com.au WALTER CONSTRUCTION: Unionists Picket Outside Meeting ----------------------------------------------------- Members of a labor union on Tuesday held a demonstration outside a Sydney hotel where creditors of failed Walter Construction met, relates The Australian Associated Press. Members of the Construction Forestry and Mining and Energy Union (CFMEU) were there to back union officials who attended the meeting. The CFMEU officials represented Walter's direct employees and subcontractors, who they say are owed millions of dollars. Around 1,000 workers hired by the failed firm face unemployment after the Company followed its German parent into liquidation last week. The construction and mining firm's workforce is now fighting for entitlements worth an estimated AU$20 million. Walter Construction was forced into voluntary administration Tuesday last week after its German parent, Walter Bau, filed for insolvency when it failed to secure a line of credit from its financiers. Martin Madden and David Winterbottom, from KordaMentha, were appointed as administrators. ============================== C H I N A & H O N G K O N G ============================== GUARANTY COMPANY: Receives Winding Up Order from Court ------------------------------------------------------ Guaranty Company Limited of Unit 4, 6th Floor, Sunray Ind Ctr, 610 Cha Kwo Ling Rd, Yau Tong, KLN received a winding up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on January 26, 2005. The winding up petition was presented December 3, 2004. KONG WAH: Annual Meeting Set February 18 ---------------------------------------- Notice is hereby given that pursuant to Section 247 of the Companies Ordinance (Chapter 32), the Annual Meeting of the Members and Creditors of Kong Wah International Company Limited (In Creditors' Voluntary Liquidation) will be held at 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on February 18, 2005 at 10:00 a.m. for the members. A meeting of the creditors of the Company will follow 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 22nd November 2004. Forms of proxies for both meetings must be lodged at 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong not later than 4:00 p.m. on the day before the meeting or adjourned meeting at which it is to be held. Dated this 4th day of February 2005 Nicholas Timothy Cornforth Hill Joint and Several Liquidator Presented by: RSM Nelson Wheeler Corporate Advisory Services Limited KONG WAH: Court Appoints Managers and Receivers ----------------------------------------------- Cosimo Borrelli (HKID No. P863558(0) and Nicholas Timothy Cornforth Hill (HKID No. K669511(6), both of 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, give notice that they have been appointed as Joint and Several Liquidators of Kong Wah Video Company Limited (In Compulsory Liquidation) by an order of the High Court of the Hong Kong Special Administrative Region Court of First Instance dated February 14, 2005. Dated this 4th day of February 2005 Cosimo Borrelli Joint and Several Liquidators Kong Wah Video Company Limited LEE YAN: Creditors Should Prove Debt by February 19 --------------------------------------------------- Notice is hereby given that dividends are to be declared for Lee Yan Shing. Creditors who have not proved their debts by February 19, 2005 will be excluded from the above dividends. Dated this 4th day of February 2005 E T O'Connell Official Receiver & Trustee LEUNG LAI: Receiving Proofs of Debt Until February 19 ----------------------------------------------------- Notice is hereby given that dividends are to be declared for Leung Lai Ying. Creditors who have not proved their debts by February 19, 2005 will be excluded from the above dividends. Dated this 4th day of February 2005 E T O'Connell Official Receiver & Trustee NEW TUNG: Court Issues Winding Up Order --------------------------------------- New Tung Kong Chicken King Limited of Flat 614, 6/F, Fu Yuet Hse, Fu Cheong Est, Sham Shui Po, KLN received a winding up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on January 26, 2005. The winding up petition was presented December 6, 2004. OPUS FASHION: Faces Winding Up Proceedings ------------------------------------------ Opus Fashion Limited of Room 1907, 19/F, Prosper Commercial Bldg, 9 Yin Chong Street, Mongkok, KLN received a from the High Court of the Hong Kong Special Administrative Region Court of First Instance a winding up order on January 26, 2005. The winding up petition was presented December 3, 2004. RIGHTIME SHIPPING: Begins Bankruptcy Proceedings ------------------------------------------------ Rightime Shipping Limited of Rm 304, 3rd Floor, Bonham Trade Centre, 50 Bonham Strand, Sheung Wan, HK received a winding up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on January 26, 2005. The winding up petition was presented December 3, 2005. SINO PEAK: Receiving Proofs of Claims Until February 23 ------------------------------------------------------- Sino Peak Finance Limited announced in a notice issued to the Government Gazette Electronic Edition that it intends to declare a preferential dividend. Name and Address of Liquidator: The Official Receiver 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong. Last Date for Receiving Proofs: February 23, 2005 Dated this 8th day of February 2005 E T O'Connell Official Receiver & Liquidator UNION BEST: Court to Hear Winding Up Petition March 16 ------------------------------------------------------ Notice is hereby given that a Petition for the Winding up of Union Best Limited by the High Court of Hong Kong Special Administrative Region was on January 13, 2005 presented to the said Court by Goldwin Asia Limited whose registered office is situate at Flat D, 15th Floor, Oscar Court, 232-242 Fa Yuen Street, Mongkok, Kowloon, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on March 16, 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. Messrs. Huen & Partners Solicitors for the Petitioner Units 3309-11, 33rd Floor, West Tower Shun Tak Centre 168-200 Connaught Road Central Sheung Wan Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15th day of March 2005. ================= I N D O N E S I A ================= TELKOM INDONESIA: Selects Smartner to Mobilize Customers' Email --------------------------------------------------------------- PT Telekomunikasi Indonesia, Tbk or Telkom Indonesia (NYSE : TLK; LSE: TKIA; JSX: TLKM), one of the largest providers of telecommunications services in South-East Asia, announced in a press release Monday it has selected Smartner's Always-On Mail to mobilize its customers with email and calendar. Telkom will be hosting the end-to-end service in their Indonesia Internet Data Center (IDC) for Always-On Mail. The new service is branded as Ventus and it is already available for purchase. As part of the agreement, Smartner will also offer its solution to Telkom Indonesia's affiliates, Telkomsel (the main GSM operator in the country) as well as Telkom Indonesia's own CDMA product, Telkom Flexi. Smartner's device-independent solution delivers all the benefits of real-time desktop messaging to the mobile devices with a very comfortable user experience. It automatically pushes Email and Calendar to standard mobile devices instantly mirroring changes to the desktop and vice-versa. In addition, it enables viewing, editing and sending of native attachments. "For the first year in operation, we target to have at least 5000 users both for Microsoft Exchange and Lotus Domino Server environment. And we believe that working together with Smartner and Microsoft as our technology partner can make push email service in Indonesia a major driver of Mobile and Internet- Multimedia business", says Suryatin Setiawan, Director of Telecommunications Services Business at Telkom Indonesia. "Even though there is another push email provider in Indonesia, VENTUS, which has more open platform for devices, can attract more customer to sign up for the service since they don't have to change their existing numbers and devices," he adds at the current soft launch on Jan. 31, 2005, attended by potential corporate customers and the press. Kristiono, CEO of Telkom Indonesia, says, "VENTUS answers the need for converged service between mobile and multimedia- internet. This kind of service can put Telkom Indonesia ahead of the competition in the region and shows the commitment of the Company to meet our customers' expectations for fast growing mobile-multimedia services" Smartner CEO Paul Hedman says, "Smartner is committed to building a strong presence in the Asian market and the partnership with Telkom Indonesia is a very important step towards that commitment. We are very proud to bring together with Telkom Indonesia our award-winning solution to one of the largest markets for smart phones in South-East Asia. Always-on Mail keeps people connected to email and calendar data through their preferred mobile device very cost efficiently. We strongly believe this is the solution Indonesian customers need right now." Smartner Always-On Mail extends access to email and calendar to smartphones and connected PDAs with real-time push technology. For enterprise customers, Smartner Always-on Mail Enterprise Edition tightly integrates with Microsoft Exchange and IBM Lotus Domino and works with existing enterprise systems to enable secure mobile access to e-mail and calendar. For individual users, Smartner Always-On Mail Internet Edition enables access to ISP email accounts from the users' preferred mobile device and without complicated procedures. About Telkom Indonesia Perusahaan Perseroan (Persero) P.T. Telekomunikasi Indonesia Tbk. (TELKOM), a majority state-owned Company, is the principal provider of fixed-line services in Indonesia. TELKOM's objective is to become the leading full service and network provider in Indonesia through the provision of a wide range of information and communications (InfoCom) services. Telkom provides local and domestic, international direct telecommunications services, including fixed-wireline services, mobile, view (pay TV and cable TV), internet service and multimedia, and other corporate services both directly and through its subsidiaries. Currently, Telkom holds a majority ownership in PT Telekomunikasi Selular (Telkomsel, 65.0%), PT Dayamitra Telekomunikasi (Dayamitra, 90.32%), PT Indonusa Telemedia (Indonusa, 57.5%), PT Infomedia Nusantara (Infomedia, 51.0%), PT Graha Sarana Duta (GSD, 99.99%), PT Pramindo Ikat Nusantara (Pramindo, 100.0%), PT Multimedia Nusantara (Metra, 100%), PT AriaWest International (AriaWest, 100%), PT Napsindo Primatel Internasional (Napsindo, 60%) and PT Pro Infokom Indonesia (PII, 51%). Telkom also holds ownership in other association companies. About Smartner Smartner delivers solutions that mobilize your desktop. A European market leader, Smartner offers an open standards solution for always-on mobile email to large, middle size and small enterprises as well as individual users. Over 120, 000 customers in several hundred enterprises now rely on Smartner's mobile solutions to increase their productivity and customer responsiveness. Our goal is to further expand the range and possibility of mobile communications across the globe with intelligent and user-friendly solutions. Smartner has licensed its solutions to a number of service providers and device manufacturers including DNA, eLPDT, E-Plus, Ericsson, Fujitsu, Manx Telecom, Nokia, O2, Radiolinja, Sony Ericsson, Starhub, Telefonica Mobile of Spain, Telkom Flexi, Telkom Indonesia, Telkomsel, Vodafone Italy, Vodafone Ireland and MTC Vodafone among others. For details, see: www.smartner.com. CONTACT: P.T. Telekomunikasi Indonesia (Persero) Jalan Japati No 1 Bandung 40133 Indonesia Phone: +62 22 452 1108 Fax: +62 22 452 1408 Web site: http://www.telkom.co.id/ ========= J A P A N ========= FUJITSU LIMITED: Develops New Technology for Mobile Phones ---------------------------------------------------------- Fujitsu Limited announced the development of a low-power analog to-digital (AD) converter that employs a delta-sigma(*1) modulator for mobile phones that are capable of receiving digital terrestrial television and radio broadcasts(*2). The new delta-sigma modulator-based AD converter can reduce power consumption levels of tuners embedded in mobile phones to 30 milliwatts (mW), approximately one-sixth to one-third the power drain of current levels, thereby enabling prolonged viewing of terrestrial digital broadcasting on mobile phones by significantly lessening the power consumption of mobile phone batteries. In addition, the integration of the new AD converter with OFDM demodulator (*3) onto a single chip is expected to facilitate the development of mobile phones that are more compact than currently available. Fujitsu will present details of this new AD converter and its acCompanying technologies at the 2005 IEEE International Solid- State Circuit Conference which started on February 6 in San Francisco. Research for these developments has been supported by the National Institute for Information and Communications Technology (NICT), an incorporated administrative agency of the Japanese government. Background Digital terrestrial television broadcasting began in Japan in December 2003, and broadcasts for mobile phone reception ("1- segment broadcasts") are scheduled to start at the end of 2005. Digitization of terrestrial radio broadcasting, for which test broadcasting began in Japan October 2003, is also expected to begin in the near future. Technological Challenges In order to view or listen to digital terrestrial television or radio broadcasts on mobile phones for prolonged periods of time, the tuners and OFDM demodulators of the phone must be able to operate with low power consumption, to allow extended battery operation. The components of a tuner that demand the most power are the analog channel-selection filter and the high-frequency RF (radio frequency) amplifier. By replacing the analog filter with a low-power digital channel-selection filter and incorporating part of the high-frequency amplifier's variable- gain function (*4) into the AD converter, it is possible to significantly lower the power demand for the tuner. However, replacing the analog filter with a digital filter requires a very precise converter. In addition, in order for the AD converter to incorporate the variable-gain function, it must have an amplifier circuit, which leads to increased power consumption within the AD converter. Newly Developed Technology Fujitsu has succeeded in developing a low-power delta-sigma AD converter which enables prolonged viewing of digital terrestrial broadcasts on mobile phones. The converter was designed using Fujitsu's 0.11 micrometer CMOS technology. Key features of the new delta-sigma AD converter are as follows: 1. Wide dynamic range (*5) achieved with delta-sigma modulators Fujitsu's new converter and technology represent the world's first use of a delta-sigma AD converter for digital terrestrial broadcasts. Delta-sigma modulators provide a wide dynamic range and heighten the precision of the converter. 2. Power reduction achieved with a variable scale A delta-sigma AD converter with variable scale was developed, enabling the converter to have a variable-gain function without increasing its power consumption. 3. New phase-compensation circuit reduces power demands In delta-sigma AD converters, phase-compensation (*6) is necessary to maintain stable operation. Fujitsu developed a new phase-compensation method utilizing capacitors and resistors, and succeeded in reducing the number of amplifiers in the converter by half, thereby achieving lower power consumption. Results Fujitsu achieved low power consumption of just 3.5mW during 1.2V operation with the new delta-sigma AD converter. This makes it possible to reduce the power consumption of tuners being developed for terrestrial digital broadcasting with consumption levels of 100 to 200mW, to 30mW, enabling such broadcasting to be viewed over prolonged periods of time. In addition, by integrating this AD converter and an OFDM demodulator into a single chip, it is anticipated that mobile phones can become further compact. Future Developments Fujitsu intends to commercialize within a year a compact, low- power tuner incorporating its new delta-sigma AD converter. Glossary *1. Delta-sigma An analog-to-digital conversion technique that is known as a method that enables the development of high-precision AD converters by employing high-speed sampling and loop structures. This method is widely used for sound-based AD converters. *2. Digital terrestrial television and radio broadcasts Refers to the Japanese terrestrial broadcasting standards, ISDB- T for television, and ISDB-TSB for radio. *3. OFDM demodulator A demodulator that uses orthogonal frequency-division multiplexing (OFDM) conversion frequencies. This type of demodulator is used for digital terrestrial television and radio broadcasting. *4. Variable-gain function A function that enables an amplifier's gain (degree of amplification) to be varied. In order to be able to receive a weak signal, it is necessary to amplify the signal into a strong one by using an amplifier. However, if an amplifier�fs gain is fixed at a set level, it amplifies even strong incoming signals and thereby overwhelms a receiver�fs processing capacity. Thus, it is essential to vary gain accordingly with the strength of incoming signals. *5. Dynamic range The ratio between the maximum and minimum values of a usable signal. *6. Phase-compensation In negative-feedback loop systems such as for delta-sigma modulators, a large phase lag of the loop causes instability to the system because the lag makes the feedback positive. To stabilize the system, phase lag must be reduced and controlled by means of phase-compensation. All Company and product names mentioned herein are trademarks or registered trademarks of their respective companies. About Fujitsu Limited Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace- setting technologies, highly reliable computing and communications platforms, and a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu Limited reported consolidated revenues of JPY4.7 trillion (US$45 billion) for the fiscal year ended March 31, 2004. 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/ HAKKO SANGYO: Enters Bankruptcy ------------------------------- Hakko Sangyo K.K. has entered bankruptcy with total liabilities of US$85.71 million, says Teikoku Databank America. The firm, which is engaged in enameled ironware manufacturing, is based in Kitakyushu-shi, Fukuoka 802-0001. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. MINOBUGORUFUKURABU K.K.: Begins Bankruptcy Proceedings ------------------------------------------------------ Golf course operator Minobugorufukurabu K.K. has begun bankruptcy proceedings with total liabilities of US$203.81 million, according to Teikoku Databank America. The firm is based in Minamikoma-gun, Yamanashi 409-2522. For more information visit http://www.teikoku.com/or contact office@teikoku.com or +1-212-421-9805. MITSUBISHI FUSO: Reveals 19 Serious Vehicle Flaws ------------------------------------------------- Mitsubishi Fuso Truck & Bus Corporation has revealed that at least 19 of the 44 defects reported after 1987 were extremely dangerous ones, says the Yomiuri Shimbun. The embattled truck maker included the 19 cases in an announcement of 41 new cases disclosed last week. According to Fuso, the flaws occurred on 50 ton-class purpose trucks used to pull trailers. Most of the 19 defects were reportedly caused by lack of lubricant and other manufacturing glitches, but the Company failed to recall the trucks sooner, believing that the problems with the new trucks would lessen over time. The Company said it was currently rushing to produce axle parts to repair the defects and would recall affected trucks at the end of next month. 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 * 2004 Bankruptcies Drop for the First Time Since 1994 ------------------------------------------------------ The number of individual and corporate bankruptcies lodged with Japanese courts fell by more than 31,500 from 2003 to about 219,000 in 2004, marking its first decline in 10 years, according to Kyodo News. Data from the Supreme Court showed that the drop stemmed from a sharp decline in individual bankruptcies, which account for the bulk of the total. Of the 219,000 cases last year, about 211,000 were individual bankruptcies, according to the preliminary figure. The remaining 8,000 cases were bankruptcies by companies and other organizations. The number of bankruptcy cases had risen every year from about 42,000 in 1994 to about 251,000, a record high, in 2003. ========= K O R E A ========= CHOHUNG BANK: To Cut 400 Jobs Through Early Retirement Program -------------------------------------------------------------- Chohung Bank is set to slash some 400 jobs through an early retirement program, Yonhap News reports. The bank's move comes as it plans to merge with Shinhan Bank, the flagship subsidiary of Shinhan Financial Group, in September. According to banking sources, the bank's management is negotiating with the labor union on the issue of early retirement. Union leader Yoon Tae-Su said that management shouldn't decide who will retire early, and that the proposed retirement program should be geared to those employees who want to quit. Opposing any layoffs, the labor union hinted it may accept a voluntary retirement program for employees aged 45 or older. Chohung, which has a current workforce of about 6,200, booked a net profit of KRW260 billion in 2004, and is aiming for a bottom line of around KRW600 billion this year. CONTACT: Chohung Bank South Korea Web site: http://www.chohungbank.co.kr/ E-mail: zpwcho2@chohungbank.co.kr =============== M A L A Y S I A =============== AMSTEEL CORPORATION: Completes Disposal of Parkson Retail Group --------------------------------------------------------------- Amsteel Corporation Berhad refers to the announcements made on March 19, 25, 26, 2004, April 15, 2004, June 1 & June 30, 2004 in relation to the disposal of Parkson Retail Group. Amsteel Corporation Berhad announced that on Feb. 4, 2005, the parties to the agreement for the Disposal of Parkson Retail Group had mutually agreed that the Company (as nominee for the Amsteel Group Vendors and Lion Asia Investment Pte Ltd) shall refund to Lion Diversified Holdings Berhad (LDHB) the following: 1. RM6,959,000 being the excess amount paid by LDHB for the Disposal of Parkson Retail Group arising from the excess in the computation of inter-Company balances as at the completion date of the Parkson SPA (Refund Amount); and 2. interest at the rate of 1% per annum above the base lending rate of Malayan Banking Berhad on yearly rest prevailing on June 1, 2004, payable on the Refund Amount calculated from June 1, 2004 until the date of full repayment of the Refund Amount (Interest Payable). The total sum of RM7,293,985.29, comprising the Refund Amount and RM334,985.29 being the Interest Payable, was refunded by the Company to LDHB on Feb. 7, 2005. Unless otherwise stated, defined terms used in this announcement shall carry the same meanings as defined in the previous announcements. CONTACT: Amsteel Corporation Berhad 165 Jalan Ampang Kuala Lumpur, 50450 Malaysia Phone: +60 3 2162 2155/2161 3166 Fax: +60 3 2162 3448 ANTAH HOLDINGS: Issues Status Update on Litigation Involvement -------------------------------------------------------------- The Board of Directors of Antah Holdings Berhad made the following updates on the status of the Company's involvement in litigation for the period from Jan. 11, 2005 to Feb. 7, 2005. 1. Financial Institutions Following the announcement on Jan. 11, 2005, there are no material developments to the claims by the financial institutions against the Company. 2. Non-Financial Institution Following the announcement on Jan. 11, 2005, there are no material developments to the claims by the non-financial institutions against the Company. 3. Corporate Guarantee The status in respect of the claims made by the following corporate guarantee which have been provided by the Company: No. Case No. Status 1. Kuala Lumpur High Court Suit No. - March 18, 2005 D2-22-653-2003 /Mention Bank Pertanian Malaysia -vs- (i) Pacific Asia Fishing Sdn. Bhd. (ii) Antah Holdings Berhad There are no material developments to the other claims against companies where corporate guarantees have been provided by the Company. CONTACT: Antah Holdings Berhad Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights 50490 Kuala Lumpur, Malaysia Phone: 03-20849000 Fax: 03-20949940 BOUSTEAD HOLDINGS: Resumes Trading of Shares -------------------------------------------- Further to Listing's Circular No. L/Q 29377 of 2005, trading in Boustead Holdings Berhad's shares has resumed effective Monday, Feb. 7, 2005, 9:00 a.m. Please refer to the Company announcement dated Feb. 4, 2005. CONTACT: Boustead Holdings Berhad 18th Floor, Menara Boustead, 69 Jalan Raja Chulan, 50200 Kuala Lumpur Malaysia Phone: 03-2141 9044 Fax: 03-21430075 Web site: http://www.boustead.com.my CEPATWAWASAN GROUP: Unveils January Production Figures ------------------------------------------------------ The Board of Directors of Cepatwawasan Group Berhad announced that the production figures of the Group for January 2005 are as follows: FFB - 9,348.54 MT Crude Palm Oil - 5,987.394 MT Palm Kernel - 1,606.874 MT CONTACT: Cepatwawasan Group Berhad Lot 39-40, Block C Taman Indah Jaya Shophouses Mile 4, North Road P O Box 1562 90717 Sandakan Sabah, Malaysia Phone: 089-271775/ 089-221569 Fax: 089-220881 GULA PERAK: Repurchases Additional Shares ----------------------------------------- Gula Perak Berhad's additional 5,000 new ordinary shares of RM1.00 each issued pursuant to the Conversion of 5,000 irredeemable convertible secured loan stocks 2000/2005 into 5,000 new ordinary shares will be granted listing and quotation effective Tuesday, Feb. 15, 2005, 9:00 a.m. CONTACT: Gula Perak Berhad Level 7, Dynasty Hotel Kuala Lumpur 218, Jln Ipoh, 51200 Kuala Lumpur Phone: 03-4044 2828 Fax: 03-4044 6688 HABIB CORPORATION: Requests Suspension of Counter on Feb. 8, 14 --------------------------------------------------------------- Habib Corporation Berhad on Feb. 7, 2005 requested for the suspension of its counter on Feb. 8, 2005 and Feb. 14, 2005 (2 market days). The Company is negotiating to acquire foreign assets which will result in a significant change in business direction of the Company and the introduction of a new dominant shareholder. A detailed announcement of the aforesaid proposed acquisitions and other material transactions by the Company will be made on Monday, Feb. 14, 2005. CONTACT: Habib Corporation Berhad Lot 106 Lorong Memanda 2, Ampang Point, 68000 Ampang, Selangor, Malaysia Phone: 03-42527777 Fax: 03-42527484 This announcement is dated Feb. 7, 2005. HABIB CORPORATION: Trading of Shares Suspended ---------------------------------------------- At the request of Habib Corporation Berhad, trading in its shares was suspended effective Monday, Feb. 7, 2005, 9:00 a.m., pending an announcement. HONG LEONG: Notes Listing of Additional Shares ---------------------------------------------- Hong Leong Industries Berhad's additional 441,000 new ordinary shares of RM0.50 each arising from the Conversion of RM2,734,200 nominal value of 4% 5-year irredeemable convertible unsecured loan stocks will be granted listing and quotation effective Tuesday, Feb. 15, 9:00 a.m. 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 JIN LIN: Updates on Restructuring Scheme ---------------------------------------- Further to the announcements made on Feb. 9, 2004 and June 29, 2004, Jin Lin Wood Industries Berhad (JLWIB) announced that, on Feb. 4, 2005, the Company entered into a supplemental restructuring agreement with Seo Aik Leong in respect of the Proposed Restructuring Scheme. On even date, Gefung Holdings Berhad (Gefung) has also entered into the following: (a) A supplemental sale and purchase agreement with Seo Aik Leong and Siw Seng Chiw @ Seo Seng Chew in respect of the Proposed SBG Acquisition (Supplemental SPA-SBG); (b) A supplemental sale and purchase agreement with Seo Aik Leong in respect of the Proposed SGMG Acquisition (Supplemental SPA-SGMG); and (c) A supplemental sale and purchase agreement with Hillitake Timber Sdn Bhd (HTSB) in respect of the Proposed Disposal (Supplemental SPA-Disposal). The Supplemental Agreement, Supplemental SPA-SBG, Supplemental SPA-SGMG and Supplemental SPA-Disposal are in relation to extending the time period for a further period of nine (9) months expiring on Nov. 9, 2005 to fulfill all conditions precedent of the said agreements. CONTACT: Jin Lin Wood Industries Berhad 177, 2nd Floorn Taman Sri Dagang P O Box 3181 97013 Bintulu, Sarawak Malaysia Phone: 086-334661/335570 Fax: 086-330866/334808 This announcement is dated Feb. 7, 2005. JIN LIN: Trading of Shares Suspended ------------------------------------ Jin Lin Wood Industries Berhad announced that the Company's shares were suspended effective Monday, Feb. 7, 2005, 9:00 a.m. until further notice. Please refer to the Company announcement dated Feb. 4, 2005. MMC CORPORATION: Creditors Voluntarily Wind Up Unit --------------------------------------------------- MMC Corporation Berhad (MMC) announced that the shareholders of MMC-LDAH Concrete Sdn Bhd (MMC-LDAH) had at an Extraordinary General Meeting held on Feb. 8, 2005 passed a Special Resolution to wind up MMC-LDAH by way of Creditors' Voluntary Winding-up and has appointed Mr. Sathiea Seelean a/l Manickam (I.C. No: 641019-10-6869) of Messrs. Anuarul Azizan Chew & Co as the Liquidator of MMC-LDAH. MMC-LDAH was incorporated on Jan. 6, 1989 and is 100% owned by MMC Engineering Services Sdn Bhd, a 99.99% subsidiary of MMC. MMC-LDAH has an issued and paid-up capital of RM2.00 and has ceased operations since 1998. MMC-LDAH was established to manufacture concrete mixes and related products for Wilayah Persekutuan Labuan market. The Creditors' Voluntary Winding-up of MMC-LDAH will have no material impact on the earnings or net tangible assets of the MMC Group for the current financial year. The Creditors' Voluntary Winding-up is part of MMC Group's rationalization efforts as there is no future plan to activate MMC-LDAH. CONTACT: MMC Corporation Berhad 10th Floor, Block B, HP Towers No. 12, Jalan Gelenggang Damansara Heights, 50490 Kuala Lumpur, Malaysia Phone: +603 2092 5588 Fax: +603 2093 9917 This announcement is dated Feb. 8, 2005. NAIM INDAH: Unit Posts Zero Log Production in January ----------------------------------------------------- In accordance with Paragraph 9.29 of the Bursa Malaysia Securities Berhad listing requirements, the Board of Directors of Naim Indah Corporation Berhad announces that its wholly owned subsidiary Jernih Makmur Sdn Bhd (which owns a Timber Concession located at Hutan Simpanan Lebir, Mukim of Relai, District of Chiku, Jajahan Gua Musang, Kelantan Darul Naim) was not able to extract any round timber logs due to the East Coast Monsoon Season. Thus, there were no log productions for the month of January 2005. CONTACT: Naim Indah Corporation Berhad Jalan Kampar Off Jalan Tun Razak 50400 Kuala Lumpur Malaysia Phone: +60 3 4043 9411 PAN MALAYSIA: Issues Update on Material Litigation -------------------------------------------------- Pan Malaysia Holdings Berhad refers to the announcement on Dec. 9, 2004 concerning the suit filed on May 17, 1996 in the High Court of Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a wholly- owned subsidiary of Malayan United Industries Berhad (MUI), against the Company and all its then existing directors for breach of directors' duties in conducting the affairs of the Company during the period involved with the takeover offer by MUI through LDSB in respect of the Company. The suit also seeks to declare, inter-alia, that various options granted by the Company under the Company's Executive Share Option Scheme are void. The Company informs Bursa Securities that the matter has now been fixed for further case management on March 29, 2005. CONTACT: Pan Malaysia Industries Berhad 14/F MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur Malaysia Phone: (60) 3244-1470 Fax: (60) 3244-7789 POS MALAYSIA: Resells 190,000 Treasury Shares --------------------------------------------- In a disclosure to the Bursa Malaysia Securities Berhad, Pos Malaysia & Services Holdings Berhad issued a notice of resale and cancellation of treasury shares on Feb. 7, 2005. Date of transaction: 07/02/2005 Total number of treasury shares sold (units): 190,000 Total number of treasury shares cancelled (units): Minimum price paid for each share sold (RM): 2.700 Maximum price paid for each share sold (RM): 2.700 Total amount received for treasury shares sold (RM): 513,000.00 Cumulative net outstanding treasury shares as at to-date (units): 33,828,000 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 PSC INDUSTRIES: May Be Sued For Collapse of Sub-Subsidiary ---------------------------------------------------------- PSC Industries faces potential litigation from the AU$10 million collapse and closure of former ferry offshoot Wave Master International, reports West Australian News. Wave Master administrator Brian McMaster recommended in a report to creditors on Feb. 8 that they liquidated Wave Master, enabling him to investigate the PSC group's dealings with the Australian offshoot and pursue potential recovery actions against the Company, which might be the only way for unsecured creditors and employees to get any return on debts exceeding AU$10 million. Mr. McMaster's report outlined the problematic financial state of Wave Master for more than a year before its directors called in administrators on November 4, just six days after Penang Shipbuilding sold ownership of the ferry Company to Singapore- based JR Marine Systems Pte Ltd. The Company owes AU$1.3 million to secured creditor National Australia Bank, about AU$528,000 to the Australian Taxation Office and more than AU$1 million to its laid off employees - including about AU$315,003 in wages, AU$231,500 in superannuation and more than AU$200,000 in leave entitlements. Its directors have listed more than AU$6 million in assets, but this included intellectual property for the closed aluminum ferry operation and an incomplete vessel whose valuation Mr McMaster would not release and which was subject to a legal dispute. Mr. McMaster told creditors that further investigation was necessary to establish whether other offences under the Corporations Act were committed, including directors failing to act with a reasonable degree of care and diligence, failing to act in good faith, failure to appoint a director living in Australia and a series of offenses relating to the keeping and lodging of Company records. There was a strong argument the Company was insolvent from at least March 2004 and, if that were the case, directors could be liable for up to AU$4 million in debts. A creditors' meeting is set in Perth, Australia for Feb. 15. CONTACT: PSC Industries Berhad Jalan Bukit Nanas Kuala Lumpur, 50250 Malaysia Phone: +60 3 201 6516 Fax: +60 3 232 6214 PSC INDUSTRIES: Won't Appeal SC Decision on Restructuring Scheme ---------------------------------------------------------------- PSC Industries (PSCI) refers to the announcement dated Jan. 12, 2005, in relation to the Revised Proposals wherein the Company had announced that the Securities Commission (SC) had via its letter dated Jan. 10, 2005 (received on Jan. 11, 2005) rejected the Company's application for an extension of the deadline to complete the Revised Proposals from Dec. 31, 2004 up June 30, 2005. PSC Industries (PSCI) announced that its Board of Directors had on Feb. 7, 2005 resolved not to appeal to the SC to reconsider its decision to reject the Application at this stage, as the Company will await for the outcome of the dispute between Affin Bank Berhad (ABB) and Business Focus Capital Sdn Bhd (BF Capital) in relation to the debt purchase agreement by BF Capital from ABB, which forms part of the Revised Proposals. This announcement is dated Feb. 7, 2005. ===================== P H I L I P P I N E S ===================== BR LEGASPI: PDIC Takes Over, Starts Payouts ------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) started the payout operations last January 20 in two more rural banks in the Bicol Region, Banco Rural Legaspi, Inc. (BR Legaspi) and Banco Sorsogon. Payout commenced three working days after PDIC simultaneously took over the banks last January 14. The MB ordered the closures last January 13. Banco Rural Legaspi, established in 1956, has estimated total insured deposit liabilities of P210.6 million consisting of 6,675 insured deposit accounts. It is a five-unit rural bank with head office in Legaspi City and branches in Daet, Camarines Norte; Pili, Camarines Sur; Tabaco, Albay; and Naga City. PDIC will accept insurance claims at the premises of the closed bank's head office and branches until February 8, with the exception of Pili branch that will accept insurance claims onsite only until January 27. After these dates, claims may be filed in person or by mail at the PDIC office up to January 13, 2007. Established in 1959, Banco Sorsogon is a four-unit rural bank with head office in Sorsogon City and branches in Gubat and Bulan, Sorsogon; and Daraga, Albay. It has estimated deposit insured liabilities amounting to P193.8 million consisting of 7,764 insured deposit accounts. The PDIC team will service claims at the premises of the head office and Gubat branch until February 8; and at the Bulan and Daraga branches until February 2. After these dates, claims may be filed in person or by mail at the PDIC office up to January 13, 2007. The PDIC announced that after said dates of onsite payout, claims from depositors of said banks may either be filed personally or through mail; or followed up at the PDIC claims office located at the SSS Building, Ayala Avenue corner V.A. Rufino St., Makati City. CONTACTS: Banco Rural Legaspi Rizal St., Legaspi City, Albay Phone: (052) 480-7567 Banco Sorsogon Rizal St., City of Sorsogon, Sorsogon Phone: (056) 211-2182 / 1759 MANILA ELECTRIC: Nasecore Raps "Misleading Ad" ---------------------------------------------- The National Association of Electricity Consumers for Reforms (Nasecore) has accused Manila Electric Company (Meralco) of "spreading lies" after the utility firm placed a paid advertisement despite a Court of Appeals ruling to stop the imposition of unbundled rates, The Manila Times says. Nasecore, a nongovernmental organization, claimed Meralco issued a "misleading ad" regarding the re-inclusion of the controversial power purchased adjustment (PPA) in consumers' monthly bills. In the paid ad, Meralco warned that on top of the PPA, subsidy of lifeline consumers would be removed and consumers using 100 kilowatt-hours or less would have to pay more. The ad also stated these consumers may be requested to return to Meralco some Php2,000, which they supposedly saved from the lifeline subsidy. To date, around four million Meralco consumers are still paying the PPA. Nasecore President Pete L. Ilagan explained that PPA was scratched from the monthly unbundled electric bill because the Energy Regulatory Commission (ERC) decided to include it in the generation and transmission charges. The consumer group pointed out that Meralco's old bundled rate structure was more beneficial to consumers because it included those consuming 300 kilowatts-an-hour or less. Thus, households with consumption of 300 kilowatts-an-hour enjoy subsidized rates for the first 50 kilowatts-an-hour of total consumption. In the new unbundled rate structure, the lifeline subsidy applies only to those consuming 100 kilowatts-an-hour or less. Cost of power under the existing structure has also increased. But Meralco Vice President Ivanna G. de la Pena denied the veracity of Nasecore's claims, saying that returning to bundled rates will "take away" the lifeline rates for consumers. CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Phone: 16220 (TL); 633-4553 (Corp. Sec.) Fax: (0632) 631-5572 E-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph MANILA ELECTRIC: Delays Refund for Big Factories ------------------------------------------------ The Manila Electric Company (Meralco) warned their big customers on the possibility of delayed payments on their refund for overbillings from 1994 to 2003, Business World reports. Meralco saw the need to postpone the entire phase four of the refund process after the Bureau of Internal Revenue (BIR) designated the Company as a withholding tax agent. Meralco, which was set to refund its industrial and commercial customers last month, has already sought the Energy Regulatory Commission's (ERC) permission for the refund delay. The power utility firm said it would still discuss with the BIR the mechanics for withholding tax refunds due to big customers, as well as its responsibilities as a withholding tax agent. Meralco is the largest electricity distribution utility in the country. The Supreme Court had ruled its income tax was not part of operational costs that could be charged to customers. The court thus ordered it to refund its customers an estimated Php30 billion in overcharges collected from February 1994 to May 2003. Residential customers have been refunded. MANILA ELECTRIC: Not Rushing to Issue New Bonds ----------------------------------------------- The Manila Electric Company (Meralco) is not planning to issue new bonds in the international market in the future even after its long-term debt rating was upgraded from "CC" to "B-" by Standard & Poor's Ratings Services (S&P), The Philippine Daily Inquirer relates. Despite the improvement in the Company's rating from S&P, Meralco said it will still opt to wait if there is a need for a bond issuance. Meralco treasurer Rafael Andrada said the utility firm still has a lot of issues to settle, such as the recent Court of Appeals decision against its tariff increase approved by the Energy Regulatory Commission (ERC). But Mr. Andrada stressed that the Company is glad with the credit rating, which is an indication that Meralco is moving forward with its restructuring and loan refinancing. S&P said the rating outlook for Meralco, however, remains negative owing to the Company's challenging environment, which could significantly weaken cash flow and result in a liquidity crunch. But S&P noted that despite Meralco's improved liquidity, its financial profile remains "very weak" owing to its huge debt, refund obligations as well as its unfunded pension liabilities. NATIONAL POWER: ERC to Rule on Rate Hike by End-February -------------------------------------------------------- The Energy Regulatory Commission (ERC) is expected to hand down a final decision by the end of this month on a Php1.87-per- kilowatt-hour hike in generation rates sought by National Power Corp. (Napocor), according to the Business World. ERC Chairman Rodolfo B. Albano affirmed the commission is speeding up the process on the much-awaited ruling, saying ERC is just waiting for the opposition to comment and present their evidence. Mr. Albano said he is expecting a ruling as early as next week should the parties cooperate. He declined to say whether the regulatory body is inclined to grant Napocor its final authority to increase rates or just half of the proposed rates, noting its ruling will depend on the evidence presented. In a joint petition with its successor-firm Power Sector Assets and Liabilities Management Corp. (PSALM), Napocor initially sought to increase Luzon's rates to Php4.56 per kWh, to Php4.59 for Visayas and to Php3.13 for Mindanao. In September, the ERC granted Napocor 98 centavos per kilowatt- hour (Kwh) or more than half of the proposed adjustment. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 NATIONAL POWER: 12% VAT to Raise Rates by Only 44 Cents ------------------------------------------------------- National Power Corporation (Napocor) clarified that a 12% value- added tax (VAT) on power producers and distributors will likely raise power rates by only 44 centavos per kilowatt-hour, and not 70 centavos per kWh as previously stated, the Philippine Star reports. According to Napocor Senior Vice President Roland S. Quilala, Napocor's computations showed that a 12% VAT on electricity producers and suppliers alike will have a tariff impact of 44.54 centavos per kWh. On the other hand, a 10 % VAT will most likely result in a power rate adjustment of 36.36 centavos per kWh. Mr. Quilala said Napocor simulated the effect of the VAT on power rates if it were imposed on power suppliers alone or on generation companies alone, explaining that if the proposed VAT would be applied to generation companies only, the corresponding VAT would be higher at 40.24 centavos per kWh than if it were to be imposed on suppliers, which would result to an adjustment of 36 centavos per kWh. Meanwhile, a 10 % VAT on suppliers alone would have the lowest impact on electricity tariffs at 29.86 centavos per kWh, while a 10 % VAT on gencos alone would mean an adjustment of 33.38 centavos per kWh. Last week, Philippine Independent Power Producers Association (PIPPA) president Ernesto Pantangco said the impact on power rates of this legislative measure could range about 30 to 70 centavos per kWh, and would be passed on to consumers. ================= S I N G A P O R E ================= CHINA AVIATION (S): Faces Third U.S. Class Action Suit ------------------------------------------------------ Investors of China Aviation Oil (Singapore) Corporation (CAO) have filed a third class-action suit against the ailing jet-fuel trader in the United States, The Straits Times reports. The latest action, which is being mounted by Philadelphia-based law firm Schiffrin & Barroway, alleged that CAO had failed to disclose materials with "adverse facts known to defendants, or recklessly disregarded them". Similar lawsuits were also filed in January by New York-based law firm Murray, Frank & Sailer and California-based Lerach Coughlin Stoia Geller Rudman & Robbins. Aside from the class-action suits, CAO is also bombarded with other legal action as it attempts to avert bankruptcy and stay afloat with a rescue plan. Hong Kong-based investment firm Satya Capital has filed a claim against CAO and its China-based parent China Aviation Oil Holding Co. over an aborted deal by CAO to buy Satya's stake in Singapore Petroleum Co. It is demanding at least US$47 million in damages, with further damages to be assessed. Creditor Sumitomo Mitsui Banking Corp also opted for legal action when it filed a suit last week against CAO, ousted chief executive Chen Jiulin and CAO's parent, seeking the return of US$26.1 million. CONTACT: China Aviation Oil (S) Corp. Phone: (65)6334 8979 Fax: (65)6333 5283 Web site: http://www.caosco.com/ INNO-SINO INVESTMENTS: Court to Hear Bankruptcy Petition -------------------------------------------------------- Notice is hereby given that a Petition for the Winding Up of Inno-Sino Investments Pte Ltd Formerly known as Fineview Development & Investment Pte Ltd by the High Court was on January 26, 2005 presented by Bank Of China Limited (formerly known as Bank of China) (RC No. F00753/W), a bank incorporated in The People's Republic of China and having a place of business at 4 Battery Road, Bank of China Building, Singapore 049908, a creditor. The Petition is to be heard before the Court sitting at Singapore at 10:00 o'clock in the forenoon on the 18th day of February 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 themselves or their Counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 4 Battery Road, Bank of China Building, Singapore 049908. The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908 (Ref. RCH/tlc/104854/4403). Dated this 28th day of January 2005 Messrs Rajah & Tann Solicitors for the Petitioner Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the Petitioner's solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitors (if any) and must be served, or, if posted must be sent by post in sufficient time to reach the Petitioner's solicitors not later than twelve o'clock noon of February 17, 2005 (the working day before the day appointed for the hearing of the Petition). INNOVATION WORLD-WIDE: Winding Up Hearing Set February 18 --------------------------------------------------------- Notice is hereby given that a Petition for the Winding Up of Innovation World-Wide Trader Pte Ltd by the High Court was on January 26, 2005 presented by Bank Of China Limited (formerly known as Bank of China) (RC No. F00753/W), a bank incorporated in The People's Republic of China and having a place of business at 4 Battery Road, Bank of China Building, Singapore 049908, a creditor. The Petition is to be heard before the Court sitting at Singapore at 10:00 o'clock in the forenoon on February 18, 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 themselves or their Counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 4 Battery Road, Bank of China Building, Singapore 049908. The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908 (Ref. RCH/tlc/104854/4402). Dated this 28th day of January 2005 Messrs RAJAH & TANN Solicitors for the Petitioner Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the Petitioner's solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitors (if any) and must be served, or, if posted must be sent by post in sufficient time to reach the Petitioner's solicitors not later than twelve o'clock noon of February 17, 2005 (the working day before the day appointed for the hearing of the Petition). POWSEN ELECTRIC: Enters Winding Up Proceedings ---------------------------------------------- Powsen Electric (S) Pte Ltd announced in a notice issued to the Government Gazette Electronic Edition that it has received a winding up order made on January 28, 2005. Name and address of Liquidator: The Official Receiver of 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 Drew & Napier Llc Solicitors for the Petitioner (ROC No. 200102509E) Note: (a) All creditors of the above named Company should file their proof of debt with the Liquidator who will be administering all affairs of the Company. (b) All debts due to the above named Company should be forwarded to the Liquidator. =============== T H A I L A N D =============== ADVANCE PAINT: Unveils Resolution of Board Meeting -------------------------------------------------- Advance Paint & Chemical (Thailand) Public Company Limited notified the Stock Exchange of Thailand (SET) on the resolutions of the Board of Directors Meeting No.1/2005, held on February 9, 2005 at 11:00 a.m. to 2:00 p.m. with the following important matters: (1) Adoption of the Minutes of the Board of Directors Meeting No.4/2004. (2) Unanimous approval for submission to the Shareholders Meeting to consider for adoption and approval of the Financial Statement for fiscal year ended December 31st, 2004. (3) Unanimous approval for submission to the Shareholders Meeting to consider appointing the auditors of the Company for the fiscal year 2005. The Company is now changing the systems to be advised later after conclusion. (4) Unanimous approval for submission to the Shareholders Meeting to consider appointing Mr. Pricha Punnakitikashem and Mr. Dusit Nontanakorn as new Company directors due to retire by rotation in this occasion. (5) Unanimous approval for submission to the Shareholders Meeting to consider no dividend payment of the fiscal year 2004. (6) Unanimous approval to set the date of the Ordinary Shareholders General Meeting No 1/2005 to be held on March 29, 2005 at 9:00 a.m. at the Conference room of the Company, Bangpa- In Industrial Estate, 344 Moo 2,Klongjik, Bangpa-In District, Ayuthaya with the following agenda: (i) To adopt the Minutes of Extraordinary Shareholders Meeting No.1/2004 (ii) To acknowledge and approve the business performance and Company Annual report from the Board of Directors of the fiscal year 2004. (iii) To adopt and approve the audited balance sheet and profit and loss statement for the fiscal year ended December 31, 2004. (iv) To consider and approve no dividend payment of the fiscal year 2004. (v) To consider and appoint new directors to replace those who retired by rotation. (vi) To consider and appoint Auditors for the fiscal year 2005 and fix the remuneration. (vii) Other business (if any). (viii) Unanimous approval to fix the closing date for share registration from March 8, 2005 at 12:00 p.m. until the Ordinary Shareholders General Meeting No.1/2004 will adjourn whereupon the Shareholders whose names appeared in the Share Registration book during the closing period will be entitled to attend the Ordinary Shareholders General Meeting No.1/2005. Please be informed accordingly and please disseminate the information to the Member Companies and interested investors in support of their decision on any investment in the securities of the Company. Sincerely Yours, Mrs.Narumol Punnakitikashem Director CONTACT: Advance Paint & Chemical (Thailand) Pcl 344 Moo 2, Bang Pa-In Industrial Estate, Bang Pa-In Ayutthya Telephone: 0-3522-1140, 0-2541-5374-8 Fax: 0-3526-1871 EMC: Issues Report on EGM Resolutions ------------------------------------- EMC Public Company Limited announced in a disclosure to the Stock Exchange of Thailand (SET) that the Extraordinary General Meeting of Shareholders No. 1/2005 of the Company held on February 9, 2005 has resolved that: (1) (a) the contemplated issue program of 50,000,000 warrants to the Company's staff under the approved rehabilitation plan of the Company must be cancelled after the rehabilitation procedures were revoked by the Company on March 8, 2004 while the above warrants have not yet been issued and offered, and; (b) The contemplated issue program of 50,000,000 warrants to the Company's directors and/or staff under the ESOP scheme must be approved by more than three-quarter votes of all shareholders present and eligible to vote without no objection by any shareholders holding in aggregate more than 5 percent of the total votes of all shareholders present and eligible to vote. That the warrants in excess of 5 percent of the total number of warrants must be allotted to Mr. Komol Wongpornpenpap under the ESOP scheme with the approval of more than three-quarter votes of all shareholders present and eligible to vote without no objection by any shareholders holding in aggregate more than 5 percent of the total votes of all shareholders present and eligible to vote. To view a full copy of the resolution, click http://bankrupt.com/misc/TCRAP_EMCPUBLIC021005.pdf CONTACT: EMC Public Company Limited Rasa Tower, Floor 22, 555 Phaholyothin Road, Chatu Chak Bangkok Telephone: 0-2937-0333 Fax: 0-2937-0329 Web site: http://www.emc-group.co.th * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------ CHINA & HONG KONG ----------------- Guangdong Sunrise-B 200030 (-177.22) 45.09 Guangdong Sunrise-A 000030 (-177.22) 45.09 Hainan DadongH-B 200613 (-5.15) 18.72 Shenzhen China Bicycles-B Co., Ltd. 200017 (-203.9) 52.16 Sunrise Co., Ltd. 4830 (-100.79) 130.2 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (-50.67) 393.92 PT Smart Tbk SMAR (-30.07) 430.99 JAPAN ----- Fujitsu Comp Ltd 6719 (-46.88) 316.07 MALAYSIA -------- Kemayan Corp Bhd KOP (-393.11) 67.55 Panglobal Bhd PGL (-50.36) 189.92 Sri Hartamas Bhd SHB (-129.51) 14.98 YCS Corporation Bhd YCS 28.34 160.27 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-400.56) 115.91 SINGAPORE --------- Pacific Century Regional PAC -176.29 1050.46 Informatics Holdings Ltd INFO 26.82 62.92 THAILAND -------- Asia Hotel PCL ASIA (-26.62) 96.21 Asia Hotel PCL ASIA/F (-26.62) 96.21 Bangkok Rubber PCL BRC (-41.29) 80.14 Bangkok Rubber PCL BRC/F (-41.29) 80.14 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 National Fertilizer PCL NFC (-91.34) 293.84 National Fertilizer PCL NFC/F (-91.34) 293.84 Siam Agro-Industry Pineapple And Others PCL SAICO (-14.84) 13.32 Siam Agro-Industry Pineapple And Others PCL SAIC0/F (-14.84) 13.32 Thai Wah Public Company Limited-F TWC (-47.01) 158.87 Thai Wah Public Company Limited-F TWC/F (-47.01) 158.87 Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25 Tuntex (Thailand) PCL TUNTEX/F (-50.94) 398.25 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Faith Marie Bacatan, Reiza Dejito, Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***