/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050215.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, February 15, 2005, Vol. 8, No. 32 Headlines A U S T R A L I A AUSTRALIAN FOODS: Falls in the Hands of Liquidators AUSTRALIAN TENDER: To Convene Joint Meeting February 21 AUSTRALASIAN TILING: Members, Creditors to Meet February 21 CARBUNCLE PTY: To Declare Dividend February 18 CONTROL SECURITY: Joint Meeting Slated for February 22 COMP-NOVA PTY: To Hear Liquidator's Report During Meeting DEVA BAY: Final Meeting Fixed on February 21 FARBY PTY: Sets Final Meeting February 21 GLENTHORNE CONSTRUCTION: To Hold Joint Meeting February 21 GPC1 PROPRIETORY: Liquidators to Report Final Account Feb. 22 HURDLE PTY: To Declare Partial Dividend March 18 INDREC DEVELOPMENTS: To Hear Liquidator's Report During Meeting INNER WESTERN: To Hold Final Meeting February 18 ION LIMITED: Loses Investor for Engine Plant JAMES HARDIE: Shares Tumble as Net Profit Falls JAMES HARDIE: To Build 10th U.S. Manufacturing Plant JAMES HARDIE: CEO, CFO Set to Stay MINH SANG: Picks Liquidators for Winding Up Purposes MOBILE COMPRESSOR: Dividend to be Declared March 1 PARELLI PTY: Members, Creditors to Meet February 21 QANTAS AIRWAYS: Plans to Set up Airbus Base REDWOOD DATA: Members Meeting Slated for February 28 R.&H. STORE: Members Agree to Wind Up Company SANWAH PTY: Appoints Liquidator for Winding Up Purposes SNODDIS TESMAR: Lays Out Agenda for Final Meeting WALTER CONSTRUCTION: Collapse Sends 500 Workers Out of Job ZULU MANUFACTURING: Enters Winding Up Proceedings C H I N A & H O N G K O N G ENFIELD CONSTRUCTION: Schedules Annual Meeting on February 17 FUJI ELECTRIC: To Buy Back Shares Using Capital INTERACT CONTRACTING: Names Joint and Several Liquidators STYLAND HOLDINGS: Court Dismisses Claim Against Company WING MOU: To Convene Annual Meeting on February 17 I N D O N E S I A BANK MANDIRI: High NPL Level Raises Concerns BANK PERMATA: 2004 Net Profit Up GREAT RIVER: Under Observation, Unable to Pay Debts INDUSTRI KERETA: Posts IDR12.89 Billion Loss in 2004 * Indonesian Banks Get Ratings Upgrades J A P A N DAIEI INCORPORATED: Mulls Sale of 61 Group Firms MITSUBISHI MOTORS: Cuts Costs for JV Plants by 14% MITSUBISHI MOTORS: To Issue Common Stock, Preferred Shares * 153 Companies Choose Debt Forgiveness in 2004 K O R E A HYUNDAI SECURITIES: Returns to Profit in 3Q04 JINRO COMPANY: Eyed by 14 Firms M A L A Y S I A HABIB CORPORATION: Requests Counter Suspension KUALA LUMPUR KEPONG: To Release First Quarter FY04 Report Soon POS MALAYSIA: Requests Suspension of Shares Trading on Feb. 15 P H I L I P P I N E S NATIONAL POWER: Leyte Plant Bags ISO Accreditation NATIONAL POWER: Renews Contract with VECO, DLPC PHILIPPINE LONG: Offers Flat Rate to Spur Landline Business UNIWIDE HOLDINGS: Unveils Special Stockholders' Meeting Results S I N G A P O R E DIGILAND INTERNATIONAL: Obtains Court Approval to Hold Meeting KLW HOLDINGS: Discloses Reason for Director's Resignation LAWSANDYS DEVELOPMENT: Court to Hear Petition on February 25 LAWSANDYS STONES: Winding Up Hearing Set February 25 PARISON SYSTEM: Petition to be Heard February 25 T H A I L A N D EMC: Snags THB60M Building Contract KRUNG THAI: Clarifies Press Reports KRUNG THAI: SET Halts Trading of Securities NATURAL PARK: SET Lifts Trading Halt on Securities BOND PRICING: For the Week 14 February to 18 February 2005 - - - - - - - - ================= A U S T R A L I A ================= AUSTRALIAN FOODS: Falls in the Hands of Liquidators --------------------------------------------------- Australian Foods Company has been forced into liquidation with over AU$7 million in liabilities, reports The Countryman. The South Australian Supreme Court has appointed Sims-Partners as liquidators of the failed grain trader in favor of Australian farming business Dunbar Pastoral, which was reportedly owed AU$40,000. Liquidator Alan Scott, meanwhile, said he had been contacted by AFC director Pavan Shivnani, who has expressed interest in reviving AFC's operations. Actions that resulted in the appointment of liquidators in the South Australian Supreme Court were independent of investigations commissioned by the Australian Securities and Investments Commission and proceedings in the West Australian Supreme Court. The WA Supreme Court was due to hear a petition for the winding- up of Australian Foods Company at the start of this month. But due to unknown circumstances, the hearing was rescheduled for March 3. AUSTRALIAN TENDER: To Convene Joint Meeting February 21 ------------------------------------------------------- Notice is hereby given that a Joint Meeting of Members and Creditors of Australian Tender Services Pty Ltd (In Liquidation) A.C.N. 085 987 293 listed below will be held at the Meeting Room of B. K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne on February 21, 2005 at 11:30 a.m., for the purpose of laying before the meeting an account of the Liquidator's acts and dealings and of the conduct of the winding up. Members and Creditors are advised that the Liquidator's accounts of receipts and payments may be inspected at the offices of B. K. Taylor & Co. 8th Floor, 608 St Kilda Road, Melbourne during business hours. Dated this 7th day of January 2005 Paul Vartelas Liquidator B. K. Taylor & Co 8/608 St Kilda Road, Melbourne Vic 3004 AUSTRALASIAN TILING: Members, Creditors to Meet February 21 ----------------------------------------------------------- Notice is hereby given that a Joint Meeting of Members and Creditors of Australasian Tiling Pty Ltd (In Liquidation) A.C.N. 092 665 300 listed below will be held at the Meeting Room of B. K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne on February 21, 2005 at 10:30 a.m., for the purpose of laying before the meeting an account of the Liquidator's acts and dealings and of the conduct of the winding up. Members and Creditors are advised that the Liquidator's accounts of receipts and payments may be inspected at the offices of B. K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during business hours. Dated this 7th day of January 2005 Paul Vartelas Liquidator B. K. Taylor & Co 8/608 St Kilda Road, Melbourne Vic 3004 CARBUNCLE PTY: To Declare Dividend February 18 ---------------------------------------------- A First and Final dividend is to be declared on February 18, 2005 for Carbuncle Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 071 410 912. Creditors who were not able to formally prove their debt or claims will be excluded from the benefit of the dividend. Dated this 5th day of January 2005 I. D. Jessup Deed Administrator Jessup & Partners Accountants & Business Advisors 3rd Floor, 155-157 Denham Street, Townsville Qld 4810 Telephone: (07) 4772 3515 Facsimile: (07) 4721 4513 CONTROL SECURITY: Joint Meeting Slated for February 22 ------------------------------------------------------ Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint meeting of the members and creditors of Control Security Pty Ltd (In Liquidation) A.C.N. 005 913 100 will be held at the offices of Ferrier Hodgson, Level 29, 600 Bourke Street, Melbourne on February 22, 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 10th day of January 2005 A. L. Brown Liquidator Ferrier Hodgson Level 29, 600 Bourke Street, Melbourne Vic 3000 COMP-NOVA PTY: To Hear Liquidator's Report During Meeting --------------------------------------------------------- Notice is hereby given that the final meeting of the creditors and members of Comp-Nova Pty Ltd (In Liquidation) A.C.N. 080 478 539 will be held at the office of Robert Semmel, registered liquidator, Unit 4, 48 North Road, Brighton Victoria 3186 on Monday, February 21, 2005 at 12:00 noon for the purpose of laying before the meeting an account showing how the winding up has been conducted and how any property of the Company has been disposed of and giving any explanation thereof. Dated this 7th day of January 2005 Robert Semmel Liquidator Unit 4, 48 North Road, Brighton Vic 3186 Telephone: (03) 9596 6899 Facsimile: (03) 9596 7834 DEVA BAY: Final Meeting Fixed on February 21 -------------------------------------------- Notice is hereby given that the final meeting of the creditors and members of Deva Bay Pty. Ltd. (In Liquidation) A.C.N. 091 890 523 will be held at the office of Robert Semmel, registered liquidator, Unit 4, 48 North Road, Brighton Victoria 3186 on Monday, February 21, 2005 at 11:00 a.m. for the purpose of laying before the meeting an account showing how the winding up has been conducted and how any property of the Company has been disposed of and giving any explanation thereof. Dated this 7th day of January 2005 Robert Semmel Liquidator Unit 4, 48 North Road, Brighton Vic 3186 Telephone: (03) 9596 6899 Facsimile: (03) 9596 7834 FARBY PTY: Sets Final Meeting February 21 ----------------------------------------- Notice is hereby given that the final meeting of the creditors and members of Farby Pty. Ltd. (In Liquidation) A.C.N. 061 701 246 will be held at the office of Robert Semmel, registered liquidator, Unit 4, 48 North Road, Brighton Victoria 3186 on Monday, February 21, 2005 at 10:00 a.m. for the purpose of laying before the meeting an account showing how the winding up has been conducted and how any property of the Company has been disposed of and giving any explanation thereof. Dated this 7th day of January 2005 Robert Semmel Liquidator Unit 4, 48 North Road, Brighton Vic 3186 Telephone: (03) 9596 6899 Facsimile: (03) 9596 7834 GLENTHORNE CONSTRUCTION: To Hold Joint Meeting February 21 ---------------------------------------------------------- Notice is hereby given that a Joint Meeting of Members and Creditors of Glenthorne Construction Pty Ltd (In Liquidation) A.C.N. 056 650 170 listed below will be held at the Meeting Room of B. K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne on February 21, 2005 at 11:00 a.m., for the purpose of laying before the meeting an account of the Liquidator's acts and dealings and of the conduct of the winding up. Members and Creditors are advised that the Liquidator's accounts of receipts and payments may be inspected at the offices of B. K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during business hours. Dated this 7th day of January 2005 Paul Vartelas Liquidator B. K. Taylor & Co 8/608 St Kilda Road, Melbourne Vic 3004 GPC1 PROPRIETORY: Liquidators to Report Final Account Feb. 22 ------------------------------------------------------------- Notice is hereby given that pursuant to section 509 of the Corporations Act 2001, the final meeting of members of GPC1 Proprietory Limited (In Liquidation) A.C.N. 004 778 803 will be held at the offices of BID Chartered Accountants of Level 3, IBM Centre, 60 City Road, Southbank on February 22, 2005 at 10 o'clock in the forenoon for the purpose of laying before the meeting the liquidators' final account and report and giving any explanation thereof. Dated this 28th day of December 2004 Robert Ramsay Liquidator Unit 12B, 29 Queens Road, Melbourne Vic 3000 HURDLE PTY: To Declare Partial Dividend March 18 ------------------------------------------------ A partial dividend is to be declared on March 18, 2005 for priority creditors of The Hurdle Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 089 318 132. Creditors who were not able to formally prove their debts or claims will be excluded from the benefit of the dividend. Dated this 7th day of January 2005 A. D'aloia Deed Administrator D'Aloia Handberg Chartered Accountants Level 10, 200 Queen Street, Melbourne Vic 3000 INDREC DEVELOPMENTS: To Hear Liquidator's Report During Meeting --------------------------------------------------------------- Notice is hereby given that pursuant to Section 509 of the Corporations Law, the final meeting of members of Indrec Developments Pty Ltd (In Voluntary Liquidation) A.C.N. 004 383 260 will be held at 2nd Floor, 123 Camberwell Road, Hawthorn East, Victoria, from 1:00 p.m. on February 25, 2005, for the purpose of laying before the meeting the liquidator's final account and report and giving any explanation thereof. Dated this 10th day of January 2005 Robert W. Frankland Liquidator INNER WESTERN: To Hold Final Meeting February 18 ------------------------------------------------ Notice is hereby given that a final meeting of creditors and members of Inner Western Migrant Resource Centre Inc. (In Liquidation) will be held at the offices of Bentleys MRI, Level 7, 114 William Street, Melbourne on February 18, 2005 at 10:30 a.m. for the purpose of laying before the meeting an account of the liquidators' acts and dealings and of the conduct of the winding up. Dated this 10th day of January 2005 B. A. Secatore Liquidator Bentleys MRI 114 William Street, Melbourne Vic 3000 ION LIMITED: Loses Investor for Engine Plant -------------------------------------------- The administrators of collapsed ION Limited have decided to discontinue the completion of an engine-block plant after failing to reach an agreement with potential investors, reports Dow Jones Newswires. ION administrators were forced to close the plant after its failure to convince an unnamed U.S. investor to infuse the AU$100 million lifeline needed to complete the project. ION, the problematic Australian unit of General Motors Corporation, will now be forced to look offshore for a key supplier to its AU$400-million (US$314.5 million) engine project. The failure to complete the Altona project had resulted in seven employee redundancies and the loss of about 100 future jobs. Eight employees at the Altona project had been asked to assist with Ion's operations at Wingfield and Plympton in South Australia. Project costs at the Altona plant, on which construction work was suspended after ION fell into administration, blew out from an initial AU$90 million (US$70.35 million) to AU$160 million. On December 7, Ion Limited called in administrators following the sudden withdrawal of a banking consortium's AU$440 million lending facility. The failed firm has left its banks with about AU$350 million in debt. At AU$135 million, National Australia Bank Ltd. has the biggest exposure, while Westpac Banking Corp. is owed about AU$120 million. The balance is split between Commonwealth Bank of Australia, BNP Paribas SA and Japan's Mizuho Financial Group. Ion, which has plants in Australia, New Zealand and the United States hired about 3,000 people when the administrator was appointed. CONTACT: Ion Limited Level 1 East, Victoria Gardens 678 Victoria Street Richmond VIC 3121 Phone: +61 3 8416 5900 Fax: +61 3 8416 5999 E-mail: info@ionlimited.com Web site: http://www.ionlimited.com.au/ JAMES HARDIE: Shares Tumble as Net Profit Falls ----------------------------------------------- Embattled James Hardie Industries saw its shares plunge sharply after its net profit nose-dived 17 percent due to costs of an inquiry into how it handled asbestos compensation claims, reports Agence France Presse. The scandal-tainted firm said its net profit fell to US$80.6 million in the nine months to December from US$97.6 million in the previous corresponding period. Despite a 21-percent increase in revenue, its earnings for the third quarter alone slid 30 percent year-on-year. According to James Hardie Chief Executive Louis Gries, some US$15.9 million in legal costs related to the inquiry held by the New South Wales state government and other associated matters had adversely affected the firm's bottom-line performance. Mr. Gries also warned that James Hardie would likely still feel the impact of product boycotts for another six to eight months and the Company might have to borrow funds to meet its obligations under the asbestos compensation settlement. CONTACT: James Hardie Industries Website: http://www.jameshardie.com.au/ Greg Baxter Executive Vice President Level 3, 22 Pitt Street Sydney NSW 2000 Telephone: (02) 8274 5305 Fax: (02) 8274 5218 Mobile: 0419 461 368 Steve Ashe Vice President Investor Relations Telephone: (02) 8274 5246 Fax: (02) 8274 5218 Mobile: 0408 164 011 Julie Sheather Vice President Public Affairs Telephone: (02) 8274 5206 Fax: (02) 8274 5218 Mobile: 0409 514 643 All other enquiries to CustomerLink Service Centre on 13 1103. JAMES HARDIE: To Build 10th U.S. Manufacturing Plant ---------------------------------------------------- James Hardie Industries is planning to earmark US$98 million to construct its 10th U.S. fiber cement manufacturing facility, Asia Pulse says. The plant, which is expected to meet growing demand for the Company's products in the U.S., will be built in Pulanski, Virginia. The facility, which is to be the largest of all James Hardie plants, will have an annual production capacity of 600 million standard feet. Construction will commence in March 2005 with the first line expected to be finished in the first quarter of fiscal year 2007. The new plant will increase James Hardies' total annual production design capacity in North America to 3.1 billion standard feet when the first line is completed, and to 3.4 billion standard feet when the second is completed. James Hardie will fund the new plant from free cash flow and debt facilities. JAMES HARDIE: CEO, CFO Set to Stay ---------------------------------- James Hardie Industries' acting chief executive and chief financial officer are to remain in their positions on a permanent basis, says The Australian. The troubled building products manufacturer has appointed Louis Gries as chief executive officer. Russell Chenu is now chief financial officer. Both men took up their roles on an interim basis last year after former chief executive Peter Macdonald and former chief financial officer Peter Shafron stepped down. Mr. Macdonald and Mr. Shafron decided to leave their posts amid a controversy over how the Company handled asbestos compensation and as the Australian corporate regulator started investigating them. MINH SANG: Picks Liquidators for Winding Up Purposes ---------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Minh Sang First Fresh Poultry Pty Ltd (In Liquidation) A.C.N. 088 828 871 held on January 6, 2005, 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, it was resolved that for such purpose, Loke Ching Wong and William Bernard Abeyratne of Harrisons Insolvency, Level 1, 49- 51 Stead Street, South Melbourne be appointed joint and several liquidators. Dated this 6th day of January 2005 Loke Ching Wong Joint and Several Liquidator c/- Harrisons Insolvency Level 1, 49-51 Stead Street, South Melbourne Vic 3205 Telephone: 9696 2885 MOBILE COMPRESSOR: Dividend to be Declared March 1 -------------------------------------------------- A first and final dividend is to be declared on March 1, 2005 for Mobile Compressor Services Australia Pty Ltd (In Liquidation) A.C.N. 072 481 479. Creditors who were not able to formally prove their debts or claims will be excluded from the benefit of the dividend. Dated this 6th day of January 2005 Ann Fordyce Bradley Hellen Joint & Several Liquidators c/- Pilot Partners Level 5, 175 Eagle Street, Brisbane Qld 4000 PARELLI PTY: Members, Creditors to Meet February 21 --------------------------------------------------- Notice is hereby given that a Joint Meeting of Members and Creditors of Parelli Pty Ltd (In Liquidation) formerly trading as Sky-Lite Electrics A.C.N. 006 289 498 listed below will be held at the Meeting Room of B. K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne on February 21, 2005 12:00 p.m., for the purpose of laying before the meeting an account of the Liquidator's acts and dealings and of the conduct of the winding up. Members and Creditors are advised that the Liquidator's accounts of receipts and payments may be inspected at the offices of B. K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during business hours. Dated this 7th day of January 2005 Paul Vartelas Liquidator B. K. Taylor & Co 8/608 St Kilda Road, Melbourne Vic 3004 QANTAS AIRWAYS: Plans to Set up Airbus Base ------------------------------------------- Qantas Airways is set to establish a maintenance base for its new Airbus A320 aircraft in Australia, dispelling fears that the work might be moved offshore, according to The Australian. Qantas' budget unit, Jetstar, is expected to announce that the maintenance work will be handled by Newcastle, which was among a number of options being canvassed by Qantas that included sending the work to New Zealand or awarding it to the former Ansett maintenance facility in Melbourne. Asia was also considered as an offshore possibility. However, New Zealand was favored because of its proximity and the fact that Air New Zealand already operates an A320 heavy maintenance base. The decision to keep the work in Australia comes despite recent warnings by Qantas chief executive Geoff Dixon that Qantas could no longer afford to be an "all-Australian business". Last month, Mr. Dixon declared that he was left with no choice but to source more of its people, services and products overseas in order to cut costs and sustain operations. CONTACT: Qantas Airways Qantas Centre, Level 9, Building A, 203 Coward Street, Mascot, NSW, Australia, 2020 Head Office Telephone: (02) 9691 3636 Head Office Fax: (02) 9691 3339 Web site: http://www.qantas.com REDWOOD DATA: Members Meeting Slated for February 28 ---------------------------------------------------- Notice is given that a general meeting of members of Redwood Data Processing Pty Ltd (In Liquidation) will be held at the offices of AFS & Associates Pty Ltd, Chartered Accountants, 61 Bull Street, Bendigo 3550 on February 28, 2005 at 10:30 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 January 2005 David Hutchings Liquidator AFS & Associates Pty Ltd 61 Bull Street, Bendigo 3550 R.&H. STORE: Members Agree to Wind Up Company --------------------------------------------- Notice is hereby given that by special resolution of R.&H. Store Pty Ltd (In Liquidation) A.C.N. 004 823 296 it was resolved on 3 January 2005 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. The liquidator is at liberty to exercise all of any of the powers referred to in section 477 of the Corporations Law. Dated this 3rd day of January 2005 K. J. Perrin Liquidator c/- Prowse, Perrin & Twomey 20 Lydiard Street South, Ballarat Vic 3350. Telephone: (03) 5331 3711 SANWAH PTY: Appoints Liquidator for Winding Up Purposes ------------------------------------------------------- Notice is hereby given that on January 10, 2005 the following special resolution was passed in respect of Sanwah Pty Ltd (In Liquidation) A.C.N. 070 992 899: That the Company be wound up voluntarily in accordance with the Corporations Act 2001 relating to a Creditors' Voluntary Winding Up and that Mr K.L. Sutherland, Chartered Accountant of 332 St Kilda Road, Melbourne be appointed Liquidator. Dated this 10th day of January 2005 K. L. Sutherland Liquidator Bent & Cougle Chartered Accountants Level 5, 332 St Kilda Road, Melbourne Vic 3004 SNODDIS TESMAR: Lays Out Agenda for Final Meeting ------------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that the final meeting of members of Snoddis Tesmar Limited (In Liquidation) (The Company) A.C.N. 004 239 098 will be held at the offices of KordaMentha, Level 24, 333 Collins Street, Melbourne on February 25, 2005 at 10:00 a.m. AGENDA (1) To receive the Liquidator's final account of acts and dealings and the conduct of the winding up and to hear any explanations thereof. (2) To consider any other matters which may properly be brought before the meeting. Dated this 10th day of January 2005 Mark F. Mentha Liquidator WALTER CONSTRUCTION: Collapse Sends 500 Workers Out of Job ---------------------------------------------------------- Some 500 workers for failed Walter Construction Group officially lost their jobs Friday following the downfall of the building giant, relates the Australian Associated Press. Walter's collapse resulted to about 500 direct employees being retrenched and hundreds of subcontractors unlikely to recoup money owed to them. Construction Forestry Mining and Energy Union (CFMEU) NSW secretary Andrew Ferguson said receiving the redundancies would bring the "crushing reality" of the collapse home to workers. He added that the union would continue to fight for the workers' full entitlements and for money owed to the many subcontractors affected by the collapse. Total employee entitlements amount to more than AU$16 million and administrators have been able to guarantee full entitlements only from the day they took over the Company, February 1, until Friday's retrenchment. Unions believe that workers would receive only about two-thirds of their entitlements. Walter went into administration last week when its German parent Walter Bau AG filed for insolvency over credit problems. The Company, Australia's 18th largest commercial builder, employs about 1,000 people and hundreds of contractors on about 30 construction projects, primarily in NSW and Queensland. ZULU MANUFACTURING: Enters Winding Up Proceedings ------------------------------------------------- Notice is hereby given that on January 10, 2005 the following special resolution was passed in respect of Zulu Manufacturing Company Pty Ltd (In Liquidation) A.B.N. 36 005 856 664: That the Company be wound up voluntarily in accordance with the Corporations Act 2001 relating to a Creditors' Voluntary Winding Up and that Mr. K.L. Sutherland, Chartered Accountant of 332 St Kilda Road, Melbourne be appointed Liquidator. Dated this 10th day of January 2005 K. L. Sutherland Liquidator Bent & Cougle Chartered Accountants Level 5, 332 St Kilda Road, Melbourne Vic 3004 ============================== C H I N A & H O N G K O N G ============================== ENFIELD CONSTRUCTION: Schedules Annual Meeting on February 17 ------------------------------------------------------------- Notice is hereby given that pursuant to Section 247 of the Hong Kong Companies Ordinance, Annual Meetings of Members and Creditors of Enfield Construction Company Limited (In Creditors' Voluntary Liquidation) will be held at 5/F Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on February 17, 2005 at the following times: Annual Meeting of Members at 2:00 p.m. Annual Meeting of Creditors at 3:00 p.m. for the purpose of having laid before the meetings by the Liquidators an account of their acts and dealings and of the conduct of the winding-up during the year ending 16 February 2005. Dated this 8th day of February 2005. Nicholas Timothy Cornforth Hill Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. A general proxy form is included herewith. To be valid, a proxy must be lodged at 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. FUJI ELECTRIC: To Buy Back Shares Using Capital ----------------------------------------------- Notice is hereby given pursuant to Section 49M of the Companies Ordinance that Fuji Electric (Asia) Company Limited: (1) Has approved a payment out of capital for the purpose of acquiring its own shares by purchase. (2) The amount of the permissible capital payment for the shares in question is HK$50, 163,503 and the resolution approving such payment out of capital was passed on 28th January 2005. (3) The directors' statement and auditors' report required by Section 49K of the Companies Ordinance are available for inspection at the Company's registered office at Room 1001, 10/F., West Wing, Tsimshatsui Centre, 66 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. (4) Any creditors of the Company may at any time within the five weeks immediately following 28th January 2005 (date of resolution) apply to the court under Section 49N of the Companies Ordinance for an order prohibiting the payment. Dated this 28th day of January 2005 By Order of the Board Masahiro Honda Director INTERACT CONTRACTING: Names Joint and Several Liquidators --------------------------------------------------------- By order of the High Court of the Hong Kong Special Administrative Region, dated January 20, 2005, Nicholas Timothy Cornforth Hill and Stephen Briscoe of RSM Nelson Wheeler Corporate Advisory Services Limited, 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong have been appointed as Joint and Several Liquidators of Interact Contracting Company Limited (In Compulsory Liquidation) without a committee of inspection. Dated this 4th day of February 2005. Nicholas Timothy Cornforth Hill Stephen Briscoe Joint and Several Liquidators Interact Contracting Company Limited STYLAND HOLDINGS: Court Dismisses Claim Against Company ------------------------------------------------------- Reference is made to the announcements made by Styland Holdings Limited to the Hong Kong Stock Exchange dated September 26, 2003, October 3, 2003 and October 14, 2003 and the note 15(2) to the condensed consolidated financial statements for the six months ended September 30, 2004. On February 1, 2005, the Company received a court order that the claims by Messrs Sun Jinlin and Lin Wen (the Plaintiffs) had been dismissed on the basis that the Plaintiffs failed to place security for costs within the 21 days unless order which was issued on November 8, 2004. As at the date of this announcement, the board of directors of the Company consists of four executive directors, Mr. Johnny Wing Fai Tam, Ms. Yvonne Han Yi Yeung, Ms. Miranda Chi Mei Chan, Mr. Suet Ming Ching and three independent non-executive directors, Mr. David Man San Lim, Mr. Edward Shun Kee Yeung and Mr. Chow Pat Kan. By Order of the Board Styland Holdings Limited Tam Wing Fai, Johnny Managing Director Hong Kong, 8 February 2005 WING MOU: To Convene Annual Meeting on February 17 -------------------------------------------------- Notice is hereby given that pursuant to Section 247 of the Hong Kong Companies Ordinance, Annual Meetings of Members and Creditors of Wing Mou Construction Company Limited (In Creditors' Voluntary Liquidation) will be held at 5/F Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on February 17, 2005 at the following times: Annual Meeting of Members at 2:30 p.m. Annual Meeting of Creditors at 3:30 p.m. for the purpose of having laid before the meetings by the Liquidators an account of their acts and dealings and of the conduct of the winding-up during the year ending 16 February 2005. Dated this 8th day of February 2005. Nicholas Timothy Cornforth Hill Joint and Several Liquidator Note: Creditors or members may vote either in person or by proxy. To be valid, a proxy must be lodged at 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on the day before the meeting or adjourned meeting at which the voting is to be held. ================= I N D O N E S I A ================= BANK MANDIRI: High NPL Level Raises Concerns -------------------------------------------- State Minister for State Enterprises Sugiharto is worried about the high level of non-performing loans (NPL) of Indonesia's Bank Mandiri, following reports of further possible bad loans, reports the Jakarta Post. In its third quarter report, the bank's NPL level remained high at 7.49%, well above the ceiling of 5% set by Bank Indonesia. The bank's fourth quarter report has yet to be released. Sugiharto's remarks come amidst concerns that more of the banks' loans may turn bad, especially its loans to struggling PT Great River Internasional. Mr. Sugiharto said that after finalizing Mandiri's 2004 audited financial statements, the ministry plans to "evaluate" the bank's performance due to its high NPL rate, and to ensure more prudent banking management, which might include replacing the bank's current president director E.C.W. Neloe. Mandiri argued that its purchase of debt from defunct Indonesian Bank Restructuring Agency (IBRA) resulted in its high NPL rate. The bank was one of the most active purchasers of non-performing loans from IBRA. CONTACT: PT Bank Mandiri Jl Jend Gatot Subroto Kav 36-38 Jakarta 12190 Indonesia Phone: +62 21 5299 7777/5296 4023 Web site: http://www.bankmandiri.co.id BANK PERMATA: 2004 Net Profit Up -------------------------------- Bank Permata said it has posted a net profit of IDR622.7 billion last year from IDR558.1 billion in 2003, the Jakarta Post reports. The bank's 2004 net interest earnings rose from IDR1.14 trillion in 2003 to IDR1.55 trillion, as interest on time deposits and savings fell amid declining Bank Indonesia's benchmark interest rates (SBI). The bank's assets now total IDR31.6 trillion. Its capital adequacy ratio (CAR) as of Dec. 2004 reached 11.4%, well above the central bank's minimum requirement of 8%. The publicly listed bank also extended about IDR5.2 trillion in loans last year, mainly to small and medium-scale businesses and retail and consumer sectors. CONTACT: Pt Bank Permata Terbuka Jalan Jend Sudirman Kav 27 Jakarta, 12920 Indonesia Phone: +62 21 523 7899 Fax: +62 21 250 0680 GREAT RIVER: Under Observation, Unable to Pay Debts --------------------------------------------------- Great River Internasional is being closely monitored to see whether it will be able to meet its obligations to numerous creditors - one of which is state-owned Bank Mandiri - amidst the firm's continuing cash flow problems. The Jakarta Stock Exchange suspended Great River shares on Jan. 13, 2005, due to the Company's failure to repay IDR11 billion in maturing interest on IDR300-billion worth of bonds the firm issued in 2003. Great River owes creditor Bank Mandiri a total of IDR250 billion in the form of bonds (IDR50 billion) and loans (IDR200 billion). CONTACT: Pt Great River Internasional Plaza Great River Industries lantai 18 Jl. HR. Rasuna Said, Blok X-2 No. 1, Jakarta 12950 Phone: 021 5262450-51-60-61 Fax: 021 5262462; 5262463; 5262686 E-mail: direksi.gri@greatriver.co.id INDUSTRI KERETA: Posts IDR12.89 Billion Loss in 2004 ---------------------------------------------------- Indonesia's railway factory PT Industri Kereta Api (INKA) reported losses totaling IDR12.89 billion in 2004 mainly because of high idle capacity, reports Asia Pulse. According to Company president Roos Diatmoko, the factory operated at an average of 61% of its installed capacity in 2004 as orders for construction and repairs were low. Mr. Roos said Company sales were valued only at IDR71.69 billion, around 44.7 % of its target. He added that the Company produced only 10 railway cars and components for 225 cars on order from Australia last year. This year, despite an increase in orders and rationalization of personnel, the Company is still predicted to incur a loss of IDR5.54 billion. Aside from high idle capacity, Mr. Roos said the government policy of allowing imports also weakened the Company in market competition. CONTACT: PT Industri Kereti Api Indonesian Railway Industry Jl Yos Sudarso No. 71 Madiun 63122 East Java - Indonesia Phone: 62 351 452271, 452272 Fax: 62 351 4522755 E-mail : sekretariat@inka.web.id * Indonesian Banks Get Ratings Upgrades --------------------------------------- Fitch Ratings has upgraded the ratings of Bank Mandiri, Bank Rakyat and eight other Indonesian lenders, following the Company's upgrade of the country's credit rating last month, the International Herald Tribune reports. The rating agency also increased the individual ratings of Bank Niaga and Bank Permata to D from D/E, it said in a statement, without providing details. Fitch said last month that it had upgraded Indonesia's foreign and local-currency ratings by one step because of government efforts to cut the budget deficit and quicken economic growth. In December, Standard & Poor's lifted the nation's long-term foreign-currency rating one step to B+, which is four levels lower than investment grade, while Moody's Investors Service assigned a ranking of B2, five rungs below investment grade. ========= J A P A N ========= DAIEI INCORPORATED: Mulls Sale of 61 Group Firms ------------------------------------------------ Ailing Daiei Incorporated plans to divest 61 of the 115 Daiei group companies in a bid to speed up its restructuring, reports Kyodo News. In a desperate bid to turn its business around, Daiei seeks to sell off companies including department store chain Jujiya Company, car accessories shop Automaworld Incorporated and steak restaurant chain Volks Incorporated, as well as Shoppers Hirosaki, which operates its outlet in Hirosaki, Aomori Prefecture. The retail giant, which is currently rehabilitating under the support of the state-backed Industrial Revitalization Corporation of Japan (IRCJ), has also considered shutting down 53 of its unprofitable supermarkets as part of its restructuring scheme. Early this month, Daiei warned that it would plunge deeper into the red this year due to massive restructuring charges. The Company forecasts a group net loss of JPY510 billion (US$4.88 billion) for the year through February 28, against last year's JPY18.1 billion profit. Daiei, likewise, trimmed its revenue estimate by 1.6 percent to JPY1.8 trillion and its recurring profit forecast by 83 percent to JPY7 billion. It also plans to skip its dividend for 2004/05, as it would incur special losses from impending store closures. CONTACT: The Daiei Incorporated 4-1-1, Minatojima Nakamachi, Chuo-ku, Kobe, 650-0046 Japan Phone: +81-78-302-5001 Fax: +81-78-302-5572 Web site: http://www.daiei.co.jp MITSUBISHI MOTORS: Cuts Costs for JV Plants by 14% -------------------------------------------------- Mitsubishi Motors Corporation (MMC), Chrysler and Hyundai Motor Corporation opted to slash by 14 percent the construction cost for two joint-venture engine plants in Michigan, Bloomberg says. The three automakers decided to cut by US$100 million the building cost for the two facilities by streamlining the design of the plants. The Global Engine Manufacturing Alliance now expects the factories in Dundee Michigan to cost about US$600 million. The first plant will begin full operations on October 1 and the second will start in September 2006. Both plants will be manned by a total of 500 people. MMC, Chrysler and Hyundai are working together to trim the cost of building as many as 1.8 million four-cylinder engines annually, including 840,000 in Dundee. They, likewise, plan to jointly make 1.8-liter to 2.4-liter engines for small and midsize cars in Michigan and in Japan and South Korea. 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 MITSUBISHI MOTORS: To Issue Common Stock, Preferred Shares ---------------------------------------------------------- Mitsubishi Motors Corporation (MMC) on Monday announced that it resolved during an extraordinary meeting of the board to issue common stock and No. 2 Class G preferred shares. The particulars of the issue are as follows: Common Stock: Amount: JPY105.606 billion Purchasers: Mitsubishi Heavy Industries, Ltd. JPY37.524 billion Mitsubishi Corporation, Ltd. JPY51.346 billion Bank of Tokyo-Mitsubishi JPY16.736 billion Payment: March 10, 2005 No. 2 Class G Preferred Shares Amount: JPY168.393 billion Purchasers: Mitsubishi Heavy Industries, Ltd. JPY12.475 billion Mitsubishi Corporation, Ltd. JPY18.654 billion Bank of Tokyo-Mitsubishi JPY137.264 billion Payment: March 10, 2005 Total financing from this new share issue will amount to JPY274 billion (including a debt-to-equity swap of JPY54 billion). This financing indicates strong support from these three Mitsubishi Group companies and follows in line with the capital reinforcement plan that was outlined in the new "Mitsubishi Motors Revitalization Plan" on January 28, 2005, that mapped out business plan targets to fiscal 2007. With this new capital increase, these three Mitsubishi group companies will increase their combined present holdings to approximately 34% of MMC's outstanding common shares with total issued and outstanding common stock expected to rise to approximately 4 billion shares. The Company will utilize the new financing of JPY220 billion, not including the JPY54 billion debt-to-equity swap by BTM, to lay the foundation of its "Mitsubishi Motors Revitalization Plan" by maximizing investments in research and development and capital equipment. * 153 Companies Choose Debt Forgiveness in 2004 ----------------------------------------------- Options for a recovery scheme by corporations have tremendously increased such as the issuance of shares against debts, division of Company, and mergers of corporations. It is obvious that corporations in a slack or in excessive debt tend to choose "Recovery over Bankruptcy" to avoid legal reorganization. More attention is given to the importance of financial aid such as debt forgiveness, due to active re-constructions by the Industrial Revitalization Corporation and Resolution and Collection Corporation (RCC), in addition to the rise of the Corporation Reconstruction Fund. Although bad debt issues enter in its final phase, it is essential for a corporation's and an industry's recovery to have financial aid with an option of debt forgiveness. Teikoku Databank conducted research on companies that made it through their debt forgiveness option, which include surviving companies and companies which had reorganized, dissolved, or merged after releasing liabilities between 1985 to Sept 30, 2004. All are principally counted at the time of reaching an agreement in debt forgiveness. This is our 11th research effort after the most recent one in May 2004. Research Results There were 1,044 companies with agreements in debt forgiveness, with a record-high of 251 in 2001. In 1994, self-reduction of excess debt hit the limit, which created an upward increase in the number of companies in debt forgiveness. It is now 153 in 2004 (through Sept 30), and increasing. By Pattern: The most common pattern of debt forgiveness is "Parent Company (Non-Bank) to Subsidiary" with 601 cases (57.6%), followed by 165 (15.8%) in "Bank to General Company" and 109 (10.4%) in "Bank to Group Company". In 2004 (through Sept 30), the number of debt forgiveness by "Bank to General Company" is at a record-high of 50 and continues to grow. By Sector: The "Manufacturing" sector with 171 companies (16.4%) exceeded "Non-Bank" with 149 (14.3%), followed by "Wholesale" with 117 (11.2%), "Service" with 111 (10.6%), "Construction" with 92 (8.8%), "Retail" with 86 (8.2%), "Real Estate/Housing" with 85 (8.1%) and "Third Sector" with 19 (1.8%). It has been dominated by the "Non-Bank" sector until 1996. After 1999, it spread to wider sectors including "Construction", "Retail", and "Real Estate/Housing" and a rapid increase is seen in the "Manufacturing" sector in 2004. ========= K O R E A ========= HYUNDAI SECURITIES: Returns to Profit in 3Q04 --------------------------------------------- Hyundai Securities Co. said last week it has returned to profit in the third quarter of 2004 due to cost-cutting measures and an increase in commissions, Asia Pulse reports. In a filing with the Korea Stock Exchange, the Company reported a net profit of KRW10.1 billion in the October-December period of the fiscal year ending March 31, 2005, compared with a loss of KRW11.6 billion won in 2003. The brokerage house recorded an operating income of KRW18.2 billion during the third quarter, and its ordinary income came in at KRW14.8 billion. Hyundai Securities attributed its better-than-expected performance to an increase in brokerage commissions and cost- cutting measures. JINRO COMPANY: Eyed by 14 Firms ------------------------------- Fourteen companies expressed interest Monday in buying soju maker Jinro Company, reports Asia Pulse. The firms presented formal letters of intent for the acquisition to Merrill Lynch & Co., manager of the sale, according to market sources. Proposed bidding companies include Lotte Chilsung Beverage Co., Doosan Corp., Hite Beer, CJ Group, Daesang Co., Muhak Co., and Taihan Wire. Also reportedly interested is liquor Company Allied Domecq, the world's second-biggest liquor maker. Bidders for the Company must submit initial proposals by March 30. Jinro is the highest-value South Korean Company scheduled for sale this year. Some market watchers say the acquisition could cost from KRW1.5 trillion to KRW2.5 trillion, while others expect a cost of up to KRW3 trillion. The Company has been in court receivership since May 2003 but its business performance remains strong, with an operating profit of KRW221.9 billion last year. CONTACT: Jinro Limited 1448-3 Seocho-dong Seocho-gu Jinro Bldg Seoul 137-866 South Korea Phone: +82 2 520 3114; +82 2 520 3453 Web site: http://www.jinro.co.kr/ =============== M A L A Y S I A =============== HABIB CORPORATION: Requests Counter Suspension ---------------------------------------------- Habib Corporation informs that the Company held a press conference on Feb. 14 to announce its proposed acquisitions of foreign assets, which will result in a significant change in the Company's business direction. In relation to this, the Company requested for a further suspension of its counter on Feb. 15, 2005 to allow more time for the dissemination of information with respect to the proposed acquisitions. 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. 14, 2005. KUALA LUMPUR KEPONG: To Release First Quarter FY04 Report Soon -------------------------------------------------------------- Kuala Lumpur Kepong Berhad announced that its 1st Quarter Results (October to December 2004) is scheduled for release on Wednesday, Feb. 23, 2005. POS MALAYSIA: Requests Suspension of Shares Trading on Feb. 15 -------------------------------------------------------------- Pos Malaysia & Services Holdings Berhad (PSH) asked for a suspension of the trading of its shares on Tuesday, Feb. 15, 2005, from 9:00 a.m. to 5:00 p.m. The suspension was requested in view of a material development regarding the business of wholly owned subsidiary, Pos Malaysia Berhad, the national postal operator. To deliver further details of this material development, PSH will hold a press conference on Tuesday, Feb. 15, 2005, 5:00 p.m. The Company cannot release its announcement on Feb. 14, 2005, pending clarification of certain material matters with the relevant authorities. PSH will also issue a press release after the Feb. 15 press conference. CONTACT: Pos Malaysia & Services Holdings Berhad 189 Jalan Tun Razak Kuala Lumpur, 50400 Malaysia Phone: +60 3 2166 2323 Fax: +60 3 2166 2266 This announcement is dated Feb. 14, 2005. ===================== P H I L I P P I N E S ===================== NATIONAL POWER: Leyte Plant Bags ISO Accreditation -------------------------------------------------- National Power Corporation's (Napocor) Leyte Geothermal Power Plant (LGPP) has reaffirmed its status as a world-class power plant after it was conferred the much-coveted ISO (International Organization for Standardization) accreditation, reports The Philippine Star. Napocor was proud to declare that its Leyte facility bagged the ISO 9001:2000 certification for Quality Management, the ISO 14001:1996 for Environmental Management, and the OHSAS (Occupational Health and Safety Assessment Series) 18001:1999. The recognition has given LGPP the distinction of being the first state-owned power plant to obtain the three ISO certifications. The latest ISO certifications were given to LGPP by the Anglo Japanese American Registrars, Inc., a member of the International Certification and Training Group following a two- day audit conducted last January 18-19, 2005. The latest ISO certifications given to LGPP will be valid for three years, subject to the continued satisfactory operation of the plant's quality environmental, safety and health management system. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 NATIONAL POWER: Renews Contract with VECO, DLPC ----------------------------------------------- Three major utilities in the South and a Cebu-based industrial estate recently inked a separate bulk power supply contracts with the National Power Corporation (Napocor), according to Napocor's Power Hotline. The renewal of contracts indicates the business sector's continued confidence in the state-owned power firm's ability to supply reliable and affordable electricity. Those who renewed contracts with NPC are the Visayan Electric Company, Inc. (VECO), Davao Light and Power Company (DLPC), Cotabato Light and Power Company (Colight) and Abotizland Incorporated (also known as Mactan Economic Processing Zone II). By Napocor's estimates, the four customers will have a combined contract level of 191,820,000 kilowatt-hours per month. This will translate to revenues of about Php474 million per month for Napocor, or at least Php21.8 billion for the entire 46-month duration of the contracts. The signing of firm, bulk power supply contracts between Napocor and the four customers comes at a time when Napocor's petition pertaining to Transition Supply Contracts - a major requirement of the Electric Power Industry Reform Act - is still pending before the Energy Regulatory Commission. The move also signals the customers' preference to continue sourcing their power requirements from Napocor despite stiff competition from privately owned independent power producers. "This is an affirmation of the long-lasting partnership between Napocor and these four valued customers, " said Roland S. Quilala, Napocor Senior Vice President for Corporate Services. "We deeply appreciate this gesture, and we hope that the other distribution utilities will be encouraged to follow suit." The four contracts will be valid for almost four years, specifically from February 26, 2005 to December 31, 2008. The four customers will likewise have to sign a separate Transmission Service Agreement with the National Transmission Corporation for power delivery services. VECO services four cities and five towns in Cebu, and gets about 62 percent of its total monthly requirements from Napocor. Over the years, VECO has increased its electricity demand from Napocor, from about 70 megawatts originally to 120 MW in 2002 to 170 MW beginning this year. Similarly, DLPC's demand has increased from 130 MW in 1998 to 205 MW starting this year. Owned by the Aboitiz Group of Companies, DLPC services two cities and three municipalities in Davao, and buys about 20 percent of Napocor's total generation in Mindanao. Also belonging to the Abotiz Group are Colight and Aboitizland, which have an average demand of 19 MW and 17 MW, respectively. Abotizland, located in Lapu Lapu City, ids the only industrial estate in the Visayas that is directly connected to Napocor. PHILIPPINE LONG: Offers Flat Rate to Spur Landline Business ----------------------------------------------------------- Philippine Long Distance Telephone Company (PLDT) has recently introduced a promotional flat rate of Php10 for national direct dialing (NDD) calls and calls to Smart and Talk 'N Text subscribers to encourage usage of the landline and gain new subscribers. Instead of the usual per minute charge pegged at Php5.00 per minute for NDD and Php13.75 per minute for calls to cellular phones, PLDT fixed line subscribers now have to pay only Php10 per call regardless of how long the call takes. PLDT Retail Business Group Head Butch Jimenez said this new pricing scheme follows the Php50 per day scheme that PLDT tested on Christmas Day and New Year's Day. "We expect an increase in new subscribers from these affordable call plans that we have initiated," he said. "The results of our earlier tests proved encouraging, so we are again launching a promo that will make NDD calls and calls to Smart and Talk 'N Text even more affordable." During the last 4 years, PLDT has lost an average of 85,000 subscribers per year primarily due to the popularity of the cellular phone. But with the new rate the Company recently tested, PLDT is on track to reverse that trend and start registering a net gain of subscribers for 2005. Jimenez said reconnection figures also look promising for PLDT. In 2002, only 32 percent of those that were temporarily disconnected requested for reconnection. In 2003, 30 percent connected. In 2004, reconnection rate went up 50 percent, while for 2005, PLDT is targeting a reconnection rate of over 70 percent. "One of our main objectives in the retail business group is to make the landline relevant again to our subscribers, our recent seem to prove we are in the right direction," he said. PLDT's latest offering shows its dominance in terms of subscribers base. It has opened the new rate to over 19 million Smart and Talk 'N text subscribers and nearly 2 million PLDT landline subscribers. Major independent phone companies in the provinces and PLDT subsidiaries and affiliates such as PLDT Clark Telecom Inc., Subic Telecommunications Company Inc. and PLDT-Maratel Inc. are also included. All told, the plan is open to over 21 million subscribers- a base no other phone Company can provide. Recently, PLDT also drove down the price of its narrowband dial- up service, VIBE, to a promotional monthly plan of Php99 per month for more than 99 hours of Internet use per month (peak and off-peak hours). "The subscriber uptake of our new Vibe plan has been overwhelming," said Mr. Jimenez. "If there is one thing that will make a PLDT subscriber keep his landline, it will be access to the Internet. So this strategy allows us to be successful on two fronts -- generating additional revenue and keeping our landline subscribers hooked." About PLDT PLDT is the leading telecommunications provider in the Philippines. Through its three principal business groups - fixed line, wireless and information communications technology - PLDT offers a wide range of telecommunications services across the Philippines' most extensive fiber optic backbone and fixed line, cellular and satellite network. PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American depositary shares are listed on the NEw York Stock Exchange (NYSE:PHI) and the Pacific Exchange. PLDT has one of the largest market capitalization among Philippine listed companies. CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Web site: http://www.pldt.com.ph UNIWIDE HOLDINGS: Unveils Special Stockholders' Meeting Results --------------------------------------------------------------- Please be informed that the Company has just concluded a Special Stockholders' Meeting. This February 11, 2005 Special Stockholders' Meeting was held at the Uniwide Warehouse Club, Novaliches, Quezon City, at 8:00 o'clock in the morning. Stockholders representing at least 67% of the Company's subscribed and outstanding capital stock, were present either in person or by proxy. During the meeting, the following matters were taken up, and duly approved by the stockholders: (1) Approval of the minutes of the 2000 Special Stockholders' Meeting held on September 22, 2000; (2) Approval of the audited financial statements of the Company for the years ending December 31, 2000, December 31, 2001, December 31, 2002 and December 31, 2003; (3) Nominations and election of the following persons as members of the Board of Directors of the Company for the ensuing corporate year: a. Mr. Jimmy N. Gow, b. Ms. Cherrie V. Gow, c. Ms. Carolyne V. Gow-Yap, d. Dr. Primitivo "Primy" D. Chua, e. Atty. Phillip Sigfrid Fortun, and f. Atty. Salvador B. Hababag. (4) Appointment of the auditing firm of SyCip Gorres Velayo & Co. as the Company's External Auditor for the ensuing corporate year. In addition, the Chairman of the Company, Mr. Jimmy N. Gow, presented the Chairman's Report, while the SEC-aapointed Rehabilitation Receiver, Atty. Julio C. Elamparo, presented his Receiver's Report. The Chairman's Report highlighted the developments which occurred after the last stockholders' meeting in 2000, from the withdrawal of Casino Guichard-Perrachon, which was a prospective investor, and new arrangements for the rehabilitation of the Company contained in the Second Amendment to the Rehabilitation Plan, as approved by the Securities and Exchange Commission on December 23, 2002. The Chairman's Report also talked about the Company's financial conditions and results of operations for the period 2000-2004, rehabilitation, and prospects and developments. The Receiver's Report focused on the implementation of the SEC- approves Second Amendment to the Rehabilitation Plan, which centered on the rehabilitation of the core business of the Uniwide Group of Companies and the eventual settlement of its obligations to all creditors. The Receiver's Report mentioned that of the total secured debt, about fifty-seven percent or a total of PHp4.29 billion has been settled, and of the total unsecured debt of Php2.93 billion, eleven percent has been fully settled. The Chairman's Report and the Receiver's Report were noted and approved, respectively, by the stockholders present. In addition, upon motion of a stockholder present, the Second Amendment to the Rehabilitation Plan, as approved by the Securities and Exchange Commission on December 23, 2002, was approved by the stockholders present. Thereafter, the Special Stockholders' Meeting was adjourned. (Signed) MYRACRIS G. GALANG Corporate Information Officer CONTACT: Uniwide Holdings, Inc. Upper Ground Floor Pearl Plaza Bldg. 0165 Quirino Avenue, Brgy. Tambo Paranaque City Telephone Number: (632)-851-12-58 ================= S I N G A P O R E ================= DIGILAND INTERNATIONAL: Obtains Court Approval to Hold Meeting -------------------------------------------------------------- The Board of Directors of Digiland International Limited announced in a disclosure submitted to the Singapore Stock Exchange that it has on February 11, 2005 applied to the High Court of the Republic of Singapore for, and has obtained the approval of the Court for the Company to convene a meeting of its creditors no later than 30 June 2005 for the purposes of approving a Scheme of Arrangement under section 210 of the Companies Act (Cap. 50) (the Scheme). The Court has further ordered that all existing proceedings in any action against the Company as well as all future winding up proceedings against the Company be restrained, except with the permission of the Court. By Order Of The Board Lim Koon Hock Company Secretary Digiland International Limited February 11, 2005 KLW HOLDINGS: Discloses Reason for Director's Resignation --------------------------------------------------------- The Board of Directors of KLW Holdings Ltd advised the Singapore Stock Exchange that Mr. Lau Ping Sum stepped down as an independent director on February 7, 2005 due to health issues. The Board would like to again express its appreciation to Mr. Lau for all his past contributions to the Board. Felicia Ngo Group Accountant LAWSANDYS DEVELOPMENT: Court to Hear Petition on February 25 ------------------------------------------------------------ Notice is hereby given that a Petition for the Winding Up of Lawsandys Development Pte Ltd by the High Court was, on the 3rd day of February 2005 presented by Lawsandys Holdings Pte Ltd, a Contributory, and that the said Petition is directed to be heard before the Court sitting at Singapore at 10:00 a.m. on Friday, February 25, 2005. Any creditor or contributory of the said Lawsandys Development Pte Ltd desiring to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 133 New Bridge Road, #25-03 Chinatown Point, Singapore 059413. The Petitioner's Solicitors is Messrs Jacob Mansur & Pillai of 21 Cantonment Road, Levels 3 and 4, The Court Yard, Singapore 089742. Dated this 8th day of February 2005. Jacob Mansur & Pillai Solicitors for the Petitioner Note: Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the above named Messrs Jacob Mansur & Pillai notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than twelve o'clock noon of the 24th day of February 2005 (the day before the day appointed for the hearing of the Petition). LAWSANDYS STONES: Winding Up Hearing Set February 25 ---------------------------------------------------- Notice is hereby given that a Petition for the Winding Up of Lawsandys Stones Pte Ltd by the High Court was, on February 3, 2005 presented by Lawsandys Holdings Pte Ltd, a Contributory. The said Petition is directed to be heard before the Court sitting at Singapore at 10:00 a.m. on February 25, 2005 and any creditor or contributory of the said Lawsandys Stones Pte Ltd desiring to support or oppose the making of an order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose. A copy of the Petition will be furnished to any creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner's address is 133 New Bridge Road, #25-03 Chinatown Point, Singapore 059413. The Petitioner's Solicitors is Messrs Jacob Mansur & Pillai of 21 Cantonment Road, Levels 3 and 4, The Court Yard, Singapore 089742. Dated this 8th day of February 2005 Jacob Mansur & Pillai Solicitors for the Petitioner Note: Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the above named Messrs Jacob Mansur & Pillai notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the above named not later than twelve o'clock noon on February 25, 2005 (the day before the day appointed for the hearing of the Petition). PARISON SYSTEM: Petition to be Heard February 25 ------------------------------------------------ Notice is hereby given that a Petition for the Winding Up of Parison System Pte. Ltd. by the High Court was on January 28, 2005 presented by Koh Pang Seng (NRIC No. S1369164I) of Block 352 Yishun Ring Road #10-1734, Singapore 760352, a creditor. The said Petition is directed to be heard before the Court sitting at Singapore at 10:00 o'clock in the morning on February 25, 2005 and 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 said Company requiring the copy of the Petition by the undersigned on payment of the regulated charge for the same. The Petitioner's address is Block 352 Yishun Ring Road #10-1734, Singapore 760352. The Petitioner's solicitors are Messrs Tan Seck Sam & Partners of 1 Selegie Road, #06-01 Paradiz Centre, Singapore 188306. Tan Seck Sam & Partners Solicitors for the Petitioners Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to the abovenamed Messrs Tan Seck Sam & Partners of 1 Selegie Road, #06-01 Paradiz Centre, Singapore 188306, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed Messrs Tan Seck Sam & Partners not later than 12.00 o'clock noon of the 24th day of February 2005 (the day before the day appointed for the hearing of the Petition). =============== T H A I L A N D =============== EMC: Snags THB60M Building Contract ----------------------------------- EMC Public Company Limited informed the Stock Exchange of Thailand that the Company has been awarded a new contract for the construction of a three-story miscellaneous building at Thonburi Rajabhat University. The contract value is THB60,000,000 including VAT. Completion date is May 24, 2006. Please be informed accordingly. Yours faithfully, Lt. Gen.Samang Thongpan Director 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 KRUNG THAI: Clarifies Press Reports ----------------------------------- Further to the mass media reports that government authorities have accused Krung Thai Bank's executives and individuals concerned with lending, Krung Thai Bank PCL advised the Stock Exchange of Thailand (SET) that they have not been informed regarding the matter. However, in the event of filing a lawsuit against the executives as reported by the mass media, this will be regarded as personal issue while the Bank is a separate juristic person. Such loan as reported is an existing credit facility for which the Bank has already set aside provisions for possible loan loss, and therefore, has no adverse effect on the Bank's position. In this connection, the Bank has newly revised its credit approval authority and process by having submitted the matter to the Bank of Thailand for its information and consent. All this has made us believe that in approving new loan requests, no similar problem would arise. Please be advised accordingly. Yours sincerely, Krung Thai Bank Public Company Limited Apisak Tantivorawong President CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Website: http://www.ktb.co.th KRUNG THAI: SET Halts Trading of Securities ------------------------------------------- The Stock Exchange of Thailand (SET) has ordered the trading halt of Krung Thai Bank Public Company Limited (KTB) and C.P. Seven Eleven Public Company Limited (CP7-11) with reference to the news that the Bank of Thailand has accused the managements of the listed companies as being the directors of Krung Thai Bank Public Company Limited (KTB) who have breached the Banking Act that might affect trading of the listed companies. Therefore, the SET has temporarily halted trading of the aforesaid listed Companies securities, effective from the first trading session of February 14, 2005 until the Companies have clarified or disclosed this material information to the SET. NATURAL PARK: SET Lifts Trading Halt on Securities -------------------------------------------------- The Stock Exchange of Thailand (SET) has lifted the H (Trading Halt) sign from the securities of Natural Park Public Company Limited (N-PARK) and Finansa Public Company Limited (FNS) effective from 14 February 2005 onwards because the SET received the pending material information which was thoroughly disseminated via ELCID from both companies. Previously, the SET posted the H sign on securities of N-PARK and FNS because the SET received information regarding the resolution of N-PARK's shareholders meeting that N-PARK will dispose of its investment in FNS and Bangkok Metro Public Company limited, and the SET is still waiting for the said information via ELCID. 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 BOND PRICING: For the Week 14 February to 18 February 2005 ---------------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 9 Austral Coal 9.500% 10/1/06 1 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.750% 10/15/05 8 BIL Finance Ltd 9.250% 10/15/06 9 Capital Properties NZ Ltd 8.500% 4/15/05 8 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 8 CBH Resources 9.500% 12/16/09 1 Citigold Corp. 12.000% 3/29/07 1 Consolidated Minerals Ltd 11.250% 3/31/05 3 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 7 Fletcher Building Ltd 8.750% 3/15/06 7 Fletcher Building Ltd 8.850% 3/15/10 8 Fletcher Building Ltd 10.500% 4/30/05 8 Fernz Corp Ltd 8.560% 10/15/06 7 Futuris Corporation Ltd 7.000% 12/31/07 3 Gympie Gold Ltd. 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 8 Hy-Fi Securities Ltd 8.750% 8/15/08 11 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure and Utility 8.500% 9/15/13 8 Nuplex Industries Ltd 9.300% 9/15/07 7 Pacific Print Group Ltd. 10.250% 10/15/09 9 Powerco Ltd 8.150% 9/01/07 8 Prime Life Corp. 9.500% 12/8/06 1 Salomon SB Australia 4.250% 2/01/09 8 Sapphire Securities 9.160% 9/20/35 9 Sapphire Securities 9.250% 12/20/06 9 Sherlock Bay Nickel 12.000% 9/1/07 1 Sky Network Television Ltd 9.300% 10/29/49 8 Software of Excellence 7.000% 8/09/07 2 Strathfield Group 11.000% 12/31/05 1 Structural Systems Ltd 11.000% 6/30/07 1 Sydney Gas Company 12.000% 4/1/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 7 TrustPower Ltd 8.500% 9/15/12 8 TrustPower Ltd 8.500% 3/15/14 8 Urbus Properties Ltd 9.250% 3/10/07 1 Vision Systems Ltd 9.000% 12/15/08 2 Tampines Assets Ltd 5.625% 12/7/06 1 CHINA ----- China Government Bond 2.900% 5/24/32 69 KOREA ----- Korea Electric Power Corporation 7.950% 4/1/96 46 MALAYSIA -------- Asian Pac Holdings Bhd 4.000% 12/22/05 1 Artwright Holdings Bhd 5.500% 3/05/07 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder 5.000% 2/25/06 2 Dataprep Holdings Bhd 4.000% 8/5/05 1 Dataprep Holdings Bhd 4.000% 8/6/07 1 Eden Enterprises (M) Bhd 2.500% 12/2/07 1 Fountain View Development Sdn Bhd 3.500% 11/3/06 5 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Grand Central Enterprises Bhd 5.000% 2/17/05 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 I-Bhd 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Killinghall Bhd 5.000% 4/13/09 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Jetson 5.000% 11/28/12 1 LBS Bina Group Bhd 4.000% 12/31/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/6/07 5 Lion Diversified Holdings Bhd 2.000% 6/1/09 1 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/5/12 1 Mithril Bhd 8.000% 4/5/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corp. 0.500% 8/24/06 1 NAM Fatt Corporation Bhd 2.000% 6/24/11 1 Orlando Holdings Bhd 3.000% 3/16/05 1 OSK Holdings Bhd 3.500% 3/1/05 1 OSK Holdings Bhd 6.000% 3/1/05 1 Patimas Computer Bhd 6.000% 2/19/06 1 Poh Kong Holdings 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/20/16 1 Rashid Hussain Bhd 0.500% 12/23/12 1 Rashid Hussain Bhd 1.500% 6/30/07 75 Rashid Hussain Bhd 3.000% 12/23/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel Bhd 5.500% 7/31/08 2 Tanah Emas Corporation Bhd 2.000% 12/9/06 1 Talam Corporation Bhd 7.000% 7/19/05 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 1 WCT Land Bhd 3.000% 8/02/09 1 Wah Seong Corp 3.000% 5/21/12 3 SINGAPORE --------- CSC Holdings Ltd 6.500% 4/27/05 1 Sengkang Mall 8.000% 11/20/12 1 Tampines Assets Ltd 5.625% 12/7/06 1 Tampines Assets Ltd 6.000% 12/7/06 1 ********* 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 ***