/raid1/www/Hosts/bankrupt/TCRAP_Public/050310.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, March 10, 2005, Vol. 8, No. 49
Headlines
A U S T R A L I A
A.C.N. 068 484 953: Completes Winding Up Process
AUSTRALIA GROWN: Final Meeting Set Today
AUSTRALIAN GAS: Launches Green Living at No Added Cost
BORNOVA PTY: Creditors to Meet March 23
CARCOSA PTY: To Hear Liquidator's Account on Winding Up
CHEMEQ LIMITED: Company Secretary to Step Down
DOUBLE SHOT: Creditors Given Until March 22 to Prove Claims
GOODWORK BUILDING: Final Meeting Slated for March 15
GRASSWORKS PTY: Final Meeting Scheduled Fixed March 15
HAMPDEN HOTEL: Receiving Proofs of Claims Until March 15
HOTSHOTS MANAGEMENT: Members Agree to Wind Up Company
HURLARAN PTY: Members Pass Winding Up Resolution
JAPANESE TEPPIN-YAKI: To Declare Final Dividend March 16
KAATEN COLLINS: Liquidator to Report Manner of Winding Up
MITSUBISHI AUSTRALIA: Recalls Aging Lancer Wagons
MOURNEHIS PAINTING: Members Resolve to Wind Up Company
MULTIPLEX: Chairman Willing to Underwrite Wembley Losses
MULTIPLEX: Aims to Expand Business with Recent Acquisition
NATIONAL AUSTRALIA: Credit Corp Joins Debt Recovery Panel
NATIONAL AUSTRALIA: Urges Banks to Close Retirement Savings Gap
NEXUS DATA: To Convene Final Meeting March 23
NORTH SHORE: Members Meeting Slated for March 16
PRAEN PTY: To Wind Up Voluntarily
PRO-SEAL CONCRETE: Members Agree to Wind Up Company
STRATHFIELD MARKET: Sets March 15 as Date of Final Meeting
SUTTON & PEREY: Enters Winding Up Proceedings
SYSKILL AUSTRALIA: Members, Creditors to Meet March 16
C H I N A & H O N G K O N G
401 HOLDINGS: Company Chairman Resigns
CHAK KEE: Faces Winding Up Proceedings
DEL PRADO: Winding Up Hearing Slated for March 23
DRAGONSON TRADING: Court to Hear Winding Up Petition April 20
FORTUNE WEAL: Served with Winding Up Petition
G.K. CORPORATE: Receives Winding Up Order
MINSK WORLD: Declared Bankrupt at Creditor's Request
PROFIT SOUTH: Court Presents Winding Up Petition
YANOVA LIMITED: Winding Up Hearing Set March 30
I N D O N E S I A
BARITO PACIFIC: Asked to Explain Debt Restructuring Plan
GARUDA INDONESIA: Looking to Raise Ticket Prices by 5%
J A P A N
JAPAN AIRLINES: Schimmachi to Replace Kaneko as CEO
MITSUI MINING: Japan Group Tipped to Win Rehab Tender
SOJITZ HOLDINGS: R&I Affirms "b" Rating
SUMITOMO CONSTRUCTION: To Seek Over JPY100-Bln in Aid from Banks
UFJ HOLDINGS: Banking Unit Offers Aid to Vietnamese Exporters
* S&P Raises Bond Ratings on Nine Companies
K O R E A
CHOHUNG BANK: Fitch Upgrades Rating from D to C/D
HYNIX SEMICONDUCTOR: Creditors Have Not Decided on Stake Sale
KOREA EXCHANGE: Fitch Revises Outlook from Stable to Positive
SSANGYONG MOTOR: Seeks 12.2% Increase in Domestic Sales
M A L A Y S I A
BOUSTEAD HOLDINGS: Unveils Employee Share Option Scheme
CYGAL BERHAD: SC Rejects Waiver; OKs Rights Issue
GOLDEN FRONTIER: Posts Shares Buy Back Notice
I-BERHAD: Repurchases 34,900 Shares
LION CORPORATION: Granted Additional Shares Listing
MAXIS COMMUNICATIONS: To List More Shares March 11
METROPLEX BERHAD: Court Sets Hearing Date for Stay of Execution
PANGLOBAL BERHAD: Unit Discloses February Production Figures
PAN MALAYSIA: Buys Back 100,000 Shares
POS MALAYSIA: Resells 267,400 Treasury Shares
SETRON BERHAD: Unaware of Unusual Market Activity
TELEKOM MALAYSIA: Notes Additional Shares Listing
T.H. HIN: Unaware of High Trading volume, High Price of Shares
YCS CORPORATION: Still Regularizing Financial Condition
P H I L I P P I N E S
DMCI HOLDINGS: To Market DMCI Homes Abroad
NATIONAL POWER: To Supply Power to Camarines Hydroelectric Plant
NATIONAL POWER: Government Set to Award Reinsurance Contract
PHILIPPINE LONG: Fidelity Takes Stake for US$64 Mln
PHILIPPINE LONG: Prepares to Strike Back at Rival
S I N G A P O R E
DATACRAFT ASIA: Issues 285,000 New Shares
IPCO INTERNATIONAL: EGM Set April 5
KOH BROTHERS: Appoints New Joint Company Secretary
ORIENTAL METAL: Final Meeting Slated for April 4
SAM SURFACE-TREAT: Proofs of Debt Due Within 30 Days
SOLECTRON GLOBAL: Creditors Required to Prove Debt, Claims
TEAMSPHERE LIMITED: Completes Acquisition of Asia Paragon
WEE POH: Enters Into Two Debt Restructuring Agreements
WEE POH: Releases Half-year Financial Statement
T H A I L A N D
BANGKOK STEEL: Releases Audited Financial Statement
BANGKOK STEEL: Clarifies Auditor's Disclaimer on FS
DATAMAT: Board Rectifies Financial Statement
KRUNG THAI: Details Subordinated Debenture Payment
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 068 484 953: Completes Winding Up Process
------------------------------------------------
Take note that the affairs of A.C.N. 068 484 953 Pty Limited (In
Liquidation) are now fully wound up.
Pursuant to Section 509(1) of the Corporations Act, a meeting of
the Company and its creditors will be held at the offices Burton
Glenn Allen on Wednesday, March 23, 2005 at 10:00 a.m.
The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.
Dated this 4th day of February 2005
Peter G. Burton
Brian H. Allen
Joint Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089
Telephone: (02) 9904 4644
Facsimile: (02) 9904 9644
AUSTRALIA GROWN: Final Meeting Set Today
----------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Australia Grown Exotic Flowers & Foliage Pty Ltd (In
Liquidation) A.C.N. 074 469 140 be held as follows:
Place: Level 1, 483 Riley Street, Surry Hills, NSW 2010
Time: 10:00 a.m.
Date: March 10, 2005
BUSINESS
The purpose of this meeting is to consider the following
resolution(s):
(1) To receive and adopt the report of the liquidator's act and
dealings during the conduct of the winding up.
(2) To receive and adopt Australian Securities and Investments
Commission Form 524 Accounts and Statement by a Liquidator.
(3) To transact any other business which may properly be brought
forward at the meeting.
Dated this 3rd day of February 2005
Brett John Watson Miller
Liquidator
AUSTRALIAN GAS: Launches Green Living at No Added Cost
------------------------------------------------------
The Australian Gas Light Company (AGL) has launched a new green
energy option at no added cost for customers as part of a push
to increase the popularity and take up of green energy
nationally.
With the introduction of AGL Green Living, consumers who are on
the regulated electricity tariff will pay no more to have a
proportion of their household electricity sourced from a
renewable product.
AGL Green Living is sourced entirely from renewable energy and a
proportion of the product is government accredited Green Power
(5% accredited Green Power and 95% from other renewable
sources).
AGL Green Living is the newest product in AGL's suite of green
energy options available to customers, which also includes AGL
Green Energy, AGL Green Choice and AGL Green Balance.
AGL Managing Director, Greg Martin said the company recognized
that customers wanted to make a difference to the environment,
but couldn't always afford to pay more for environmentally
friendly energy.
"Australians have embraced many environmentally-friendly actions
such as recycling, saving water and reusable green bags, now AGL
is giving people a chance to turn to renewable energy at no
added cost," Mr. Martin said.
The launch of this new product coincides with AGL's leading role
in a new Green Power consumer awareness campaign launched
Wednesday by the Victorian Government.
The Green Power campaign will encourage Victorians to purchase
their electricity from clean, renewable energy sources.
"It now costs no more than the regulated electricity rates in
your area to source your electricity from a renewable product,"
Mr. Martin said.
For every customer that chooses AGL Green Living the company
will match the entire household electricity consumption from
renewable sources.
Mr. Martin added that AGL Green Living is a simple way to do
away with household greenhouse gas emissions which arise from
energy use.
"AGL Green Living provides our customers with the chance to make
a difference to the environment at no added cost - switching to
green has never been easier," Mr. Martin concluded.
In AGL's inaugural Sustainability Report released in October
2004, the company outlined environmental principles and detailed
strategies to help reduce the intensity of greenhouse emissions
that arise from its energy business and customer's energy
consumption.
As part of its strategy to reduce greenhouse gas emissions AGL
has committed to doubling the number of customers using green
energy products.
For more information on AGL Green Choice products including AGL
Green Living please call 131 245 or visit
www.agl.com.au/greenchoice.
CONTACT:
Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/
BORNOVA PTY: Creditors to Meet March 23
---------------------------------------
Take note that the affairs of Bornova Pty Limited (In
Liquidation) A.C.N. 003 865 987 are now fully wound up and
pursuant to Section 509(1) of the Corporations Act, a meeting of
the Company and its creditors will be held at the offices Burton
Glenn Allen on Wednesday, March 23, 2005 at 11:00 a.m.
The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.
Dated this 4th day of February 2005
Peter G. Burton
Brian H. Allen
Joint Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 12, 57 Grosvenor Street,
Neutral Bay NSW 2089
Telephone: (02) 9904 4644
Facsimile: (02) 9904 9644
CARCOSA PTY: To Hear Liquidator's Account on Winding Up
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final General Meeting of Carcosa
Pty Limited (In Liquidation) A.C.N. 001 084 055 will be held at
the offices of William Buck, Chartered Accountants, Level 23,
201 Elizabeth Street, Sydney on March 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 the termination of the
administration.
Dated this 4th day of February 2005
Anthony W. Elkerton
Liquidator
Carcosa Pty Limited (In Liquidation)
CHEMEQ LIMITED: Company Secretary to Step Down
----------------------------------------------
Chemeq Limited announced that Mr. Adam Deane had advised the
Company that he intends to step down as Company Secretary of
Chemeq effective April 1, 2005.
Chemeq Chairman and CEO Dr. Graham Melrose said that Mr. Deane
was leaving to pursue an alternative career path.
"The Board and I would like to thank Adam for his dedication as
Company Secretary and wish him the best for the future," he
said.
"We also appreciate that Adam has offered to stay on until after
the General Meeting of Shareholders scheduled for March 23,
2005."
Chemeq will announce plans regarding Mr. Deane's successor later
in March.
About Chemeq
Chemeq is an emerging veterinary drug producer, which has
developed a unique product, Chemeq polymeric antimicrobial for
the prevention and control of intestinal bacterial diseases in
feedstock animals such as pigs and poultry.
The Company's manufacturing facility in Western Australia was
completed in August 2004 and is currently undergoing
commissioning and optimization.
Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of Perth, Western
Australia.
To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South Africa, New
Zealand and Malaysia.
Chemeq has signed an AU$1.5 million sales order for its CHEMEQ
polymeric antimicrobial with an agent in South Africa in August
2004.
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/
DOUBLE SHOT: Creditors Given Until March 22 to Prove Claims
-----------------------------------------------------------
A first and final distribution is to be declared on March 22,
2005 for The Double Shot Company Pty Limited (In Liquidation)
A.C.N. 083 904 867.
Creditors whose debt or claims have not already been admitted
are required on or before March 22, 2005 formally to prove their
debts or claims.
If they do not, they will be excluded from the benefit of the
dividend.
Dated this 1st day of February 2005
Brian H. Allen
Peter G. Burton
Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089
GOODWORK BUILDING: Final Meeting Slated for March 15
----------------------------------------------------
Notice is hereby given that a final meeting of the Members and
Creditors of Goodwork Building Services Pty Limited (In
Liquidation) A.C.N. 060 642 239 will be held at Hall Chadwick
Level 29, 31 Market Street, Sydney NSW 2000 on March 15, 2005 at
10:00 a.m.
The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.
Dated this 2nd day of February 2005
Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
GRASSWORKS PTY: Final Meeting Scheduled Fixed March 15
------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Grassworks Pty Ltd (In Liquidation) A.C.N. 073 988
164 will be held at Bruce Mulvaney & Co, 1st Floor, 613
Canterbury Road, Surrey Hills on Tuesday, March 15, 2005 at
10:00 a.m. for the purpose of having an account laid before them
showing how the winding up has been conducted and the property
of the company disposed of and to hear any explanations that may
be given by the Liquidator.
Dated this 4th day of February 2005
B. N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
Telephone: (03) 9896 9000
Facsimile: (03) 9896 9001
HAMPDEN HOTEL: Receiving Proofs of Claims Until March 15
--------------------------------------------------------
Take notice that creditors of Hampden Hotel Proprietory Limited
(In Liquidation) A.C.N. 000 067 701, whose debt or claims have
not already been admitted, are required on or before March 15,
2005 to prove their debt or claims and to establish any title
they may have to priority by delivering or sending through the
post to me at my address a formal proof of debt or claim in
accordance with Form 535 or 536 containing their respective
debts or claims.
In default, they will be excluded from the benefit of any
distribution made before their debt or claims are proved or
their priority is established and from objecting to
distribution.
Form of proof may be obtained from this office.
Dated this 1st day of February 2005
Frank Butkovich
Liquidator
Level 4, 47 Neridah Street,
Chatswood NSW 2067
HOTSHOTS MANAGEMENT: Members Agree to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hotshots Management Pty Limited (In Liquidation) A.C.N. 066 479
472 duly convened and held at Frasers Insolvency Advisory on
January 21, 2005 at 10:00 a.m. a Special Resolution that the
Company be wound up voluntarily was passed by members and the
undersigned was appointed Liquidator.
The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.
Dated this 4th day of February 2005
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street, Sydney NSW 2000
HURLARAN PTY: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hurlaran Pty Limited (In Members Voluntary Liquidation) A.C.N.
003 162 847 duly convened and held at 7 Narabang Way, Belrose
NSW 2085 on Wednesday, January 19, 2005 at 9:00 a.m., a Special
Resolution was passed that the Company be wound up voluntarily
and Peter Ngan was appointed Liquidator.
Dated this 4th day of February 2005
P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000
JAPANESE TEPPIN-YAKI: To Declare Final Dividend March 16
--------------------------------------------------------
An Interim Dividend is to be declared on March 16, 2005 for
Japanese Teppin-Yaki Pty Limited (In Liquidation) formerly
called Okori Teppan-Yaki Restaurant Pty Limited A.C.N. 058 440
109.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 4th day of February 2005
Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499
KAATEN COLLINS: Liquidator to Report Manner of Winding Up
---------------------------------------------------------
Steven Coffey of 65 Hill Street Roseville, the liquidator of
Kaaten Collins Pty Limited, gave notice that a final general
meeting of the company is to be held at 65 Hill Street Roseville
on March 16, 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 the property of the company has been disposed
of and giving any explanation of the account.
Dated this 15th day of February 2005
Steven Coffey
Liquidator
MITSUBISHI AUSTRALIA: Recalls Aging Lancer Wagons
-------------------------------------------------
Mitsubishi Motors Australia said it recalled some 1400 Lancer
Wagons, some up to 13 years old, says The Australian.
The move was made after the company checked all vehicles
produced in the past 25 years to identify any potential
problems.
The Lancers involved in the latest recall were manufactured
between June 1992 and August 1993.
The ailing carmaker said it would replace the gas lifting struts
on the tailgate because the attaching points could become worn
allowing the struts to dislodge and the tailgate to drop when
fully open.
The recall of the ageing cars reflected the changed corporate
culture at the embattled Japanese car maker which had been
suffering from dwindling sales due to a spate of defect cover-
ups and recalls.
CONTACT:
Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au
MOURNEHIS PAINTING: Members Resolve to Wind Up Company
------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Mournehis Painting Pty Ltd (In Liquidation) A.C.N. 068 600
877 duly convened and held on February 1, 2005, the following
Special Resolution was passed:
That the company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.
Dated this 1st day of February 2005
Geoffrey McDonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
MULTIPLEX: Chairman Willing to Underwrite Wembley Losses
--------------------------------------------------------
The founding chairman of ailing Multiplex Group said he was
prepared to indemnify the group against losses on its AU$1.2
billion (US$950 million) Wembley project more than three weeks
before the offer was taken up, Asia Pulse reports.
According to a deed of undertaking executed by the Roberts
family and Multiplex, the board refused to accept the offer when
it was made on Feb. 2 but agreed to reconsider it if it was
thought to be in the company's best interests.
The board accepted the offer on Feb. 28, four days after
Multiplex announced the redevelopment of the Wembley stadium in
London would break even rather than turn a profit.
The Roberts family, which jolds 39 percent in Multiplex, opted
to compensate the Company for up to AU$50 million for any loss
on the Wembley project.
To view the Deed on Undertaking lodged with the Australian Stock
Exchange, click on:
http://bankrupt.com/misc/tcrap_multiplex030905.pdf
CONTACT:
Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au
MULTIPLEX: Aims to Expand Business with Recent Acquisition
----------------------------------------------------------
Multiplex Group advised it has entered into an unconditional
purchase agreement with the Am Trust Group to purchase a
portfolio of commercial property assets in New Zealand.
The assets, purchased for NZ$216 million, have been
independently valued at NZ$237.6 million and will be offered to
the Multiplex New Zealand Property Fund (the NZ Fund) for
syndication at NZ$223 million.
Prior to offering the AM Trust property assets to the NZ Fund,
the existing portfolio of assets in the NZ Fund have been
independently revalued at NZ$309 million, an increase of NZ$15
million (5.1%) on thier original purchase price of NZ$294
million. Settlement is expected to occur in late May 2005.
The NZ Fund recently closed its first capital raising having
successfully raised AU$114.3 million of equity funds.
The acquisition of the assets by the NZ Fund will be funded by a
mixture of debt and equity with an approximate split of 65% debt
and 35% equity. The Product Disclosure Statement for the
expanded NZ Fund is expected to be issued in mid April 2005. The
transaction will provide an increased yield to NZ Fund investors
from 9.0% to circa 9.25% per annum.
Mr. Ian O'Toole, Managing Director of Multiplex Capital, today
said "We are pleased to be able to offer the Am Trust property
assets to the NZ Fund and to further build on what is an
outstanding portfolio of diversified New Zealand property
assets.
Combined with the revaluation uplift on the existing assets and
the discount of purchase price to valuation for the Am Trust
assets, together with a projected increase in distribution rate
to NZ Fund investors, strong mix of tenants, long unexpired
lease term across the combined portfolio of circa seven years
and attractive level of tax-advantaged income, we believe the
expanded NZ Fund will prove to be popular with both existing and
new investors in the NZ Fund.
This increase in funds under management significantly increases
the profile of the Multiplex Capital division and also secures
access to a well regarded New Zealand based asset and property
management team."
The acquisition of the Am Trust property assets will increase
the Multiplex Capital division's external funds under management
from $2.1 billion to $2.3 billion and will deliver increased
recurring management fees of approximately NZ$1.7 million and a
net investment fee of approximately NZ$7 million.
NATIONAL AUSTRALIA: Credit Corp Joins Debt Recovery Panel
---------------------------------------------------------
Credit Corp announced that it has been appointed to the panel of
four agents for recovery of consumer debt for the National
Australia Bank.
The contract is for the collection of debt arising from defaults
on credit cards, personal loans, mortgages and transaction
accounts.
The contract is the first to be administered under a new web
based technology, providing both the Bank and its agents real
time access to account holder information and advanced account
management functions.
Managing Director Simon Calleia stated: "we are excited to be
partnering with The National in what is a first for the
Australian receivables industry. We believe the system will
provide excellent transparency for both parties, improve
workflow management and communications processes and create
efficiencies across the recovery lifecycle whilst also enabling
a strong benchmarking process across the panel membership. This
progressive contract will contribute to the continued growth in
our agency business and is consistent with our stated objective
of partnering with large clients with whom we share common
business goals and cultural aspirations".
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
NATIONAL AUSTRALIA: Urges Banks to Close Retirement Savings Gap
---------------------------------------------------------------
The financial services industry has to do more to close
Australia's "retirement savings gap", according to Ahmed Fahour,
National Australia Bank's CEO Australia.
Speaking at the Melbourne Financial Services Symposium
Wednesday, Mr. Fahour said banks needed to step up to the
challenge and be part of the wealth creation chain.
"Our population is getting older and the level of savings in the
short-term is insufficient," Mr. Fahour said.
"The complexity of taxation arrangements, the myriad of product
offers and the amount of recent change in the financial planning
industry all contribute to a level of confusion around savings.
"We have to overcome the uniquely Australian `she'll be right
mate' attitude when faced with savings and investment choices.
In truth - it may not.
"Australians' lack of interest in saving for retirement is
matched by an unwillingness to protect the investments they
make.
"Changing this scenario requires continued focus from the
government on the value of financial advice and a better
understanding of customer concerns by the industry to ensure
continual improvement.
"To date, banks have struggled to seamlessly connect basic
banking products and more sophisticated financial tools," Mr.
Fahour said.
Integration of the National's banking operation and the MLC
wealth management business is well under way, under Mr. Fahour's
leadership.
"At the National, we are re-engineering processes, reducing
complexity and making it easier for customers to do business
with us and to help our staff deliver truly integrated financial
services," he said.
"Our branch network is the envy of most other financial
institutions and we will be refocusing on branches as a point of
contact for financial planning advice.
"Our aim at the National is to rebuild a level of trust with our
customers. We will give them a level of confidence that they
can come to our branches and that we can deal with their more
complex financial needs."
Mr. Fahour referred to important government initiatives
including the 50 per cent increase in co-contribution measures
for lower income earners. He applauded the 33% reduction in
superannuation surcharge over the last four years adding that
it, if removed outright, would create an enormous savings
vehicle.
Mr. Fahour also said the introduction of Superannuation Choice
legislation will directly encourage Australians to take a more
active interest in their retirement income.
"Compulsory superannuation, when it was introduced, was a bold
step and has given Australia a unique place in the funds
management world," Mr Fahour said. "But it will not alone
deliver the lifestyle that we all look forward to in retirement.
"Choice is probably the biggest single trigger event that will
lead to people needing advice so far. Choice is good: Choice
with quality advice is fantastic."
NEXUS DATA: To Convene Final Meeting March 23
---------------------------------------------
Notice is given that a final meeting of members of Nexus Data
Services Pty Limited (In Voluntary Liquidation) A.C.N. 061 413
698 will be held at Level 9, 10 Shelley Street, Sydney on March
23, 2005 at 10:00 a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.
Dated this 7th day of February 2005
M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: 02 9338 2666
NORTH SHORE: Members Meeting Slated for March 16
------------------------------------------------
Notice is given that a final meeting of members of North Shore
Medical Centre Ltd (In Voluntary Liquidation) A.C.N. 000 224 233
will be held at Level 9, 10 Shelley Street, Sydney NSW, on March
16, 2005 at 10:00 a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.
Dated this 3rd day of February 2005
M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: 9338 2666,
Web site: http://www.mcgrathnicol.com.au
PRAEN PTY: To Wind Up Voluntarily
---------------------------------
At an Extraordinary General Meeting of Praen Pty Limited (In
Liquidation) A.C.N. 003 260 900, held on February 1, 2005, the
company's members resolved to wind up the company voluntarily
and to appoint John Gibbons and Keiran Hutchison of Ernst &
Young, 680 George Street, Sydney NSW 2000 as Liquidators of the
company.
Dated this 1st day of February 2005
John Gibbons
Keiran Hutchison
Liquidators
Praen Pty Limited (In Liquidation)
Ernst & Young
680 George Street, Sydney NSW 2000
Telephone: (02) 9248 5555
PRO-SEAL CONCRETE: Members Agree to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Pro-Seal Concrete Sealing Pty Ltd (In Liquidation) A.C.N. 090
580 279 held on February 3, 2005, it was duly resolved that the
company be wound up voluntarily and that William Paul Cotter and
Adrian Stewart Duncan of Knights Insolvency Administration,
Level 3, United Overseas Bank Building, 32 Martin Place, Sydney
be and are appointed Joint & Several Liquidators for the
purposes of such winding up.
Dated this 3rd day of February 2005
Mark Dryden
Director
STRATHFIELD MARKET: Sets March 15 as Date of Final Meeting
----------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Strathfield Market Leaders R.E. (Real Estate) Pty Limited (In
Liquidation) A.C.N. 001 651 332 will be held at the offices of
Jones Condon Chartered Accountants, Level 1, 34 Charles Street,
Parramatta NSW, on March 15, 2005 at 10:30 a.m., for the purpose
of laying before the meeting an account showing how the winding
up has been conducted and the property of the company has been
disposed and giving any explanation thereof.
Dated this 4th day of February 2005
Schon G. Condon Rfd
Bruce Gleeson
Joint Liquidators
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
SUTTON & PEREY: Enters Winding Up Proceedings
---------------------------------------------
At a General Meeting of Sutton & Perey Proprietary Limited (In
Liquidation) A.C.N. 001 501 864, duly convened and held under
Section 249A of the Corporations Law, the following special
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 1st day of February 2005
David R. Pyke
Joint & Several Liquidators
Bush & Campbell Pty Ltd
Accountants
30 Blake Street, Wagga Wagga NSW 2650
SYSKILL AUSTRALIA: Members, Creditors to Meet March 16
------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Syskill Australia Pty Limited (In Liquidation) A.C.N. 052 263
564 will be held at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000 on Wednesday, March 16, 2005 at 11:00 a.m.
The purpose of the meeting is to lay before the members and
creditors an account for 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.
Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, March 15, 2005.
Dated this 2nd day of February 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889
==============================
C H I N A & H O N G K O N G
==============================
401 HOLDINGS: Company Chairman Resigns
--------------------------------------
In a disclosure made to the Hong Kong Stock Exchange, 401
Holdings Limited announced that Mr. Wong Chong Kwong, Derek has
resigned as the Chairman and an executive director of the
company effective March 3, 2005 due to personal reasons.
Mr. Wong has confirmed that there is no matter relation to his
resignation that needs to be brought to the attention of the
shareholders of the company.
As at the date of this announcement, Mr. Wong has interest in
approximately 17.15 percent of the total issued share capital of
the company.
Trading in the shares of the company was suspended at the
request of the company effective March 28, 2005 and will remain
suspended until further notice.
For on and behalf of
401 Holdings Limited
(Provisional Liquidators Appointed)
Cosimo Borrelli
Fan Wai Kuen
Joint and Several Provisional Liquidators
Hong Kong, March 8, 2005
CONTACT:
401 Holdings Limited
Shun Tak Centre, 200 Connaught Road
Central, Hong Kong
Telephone: +852 2363 8301
Fax: +852 2363 8192
CHAK KEE: Faces Winding Up Proceedings
--------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court Of First Instance issued a winding up order to Chak Kee
Manufacturing Company Limited Of Units B & C, 13/F, Lung Shing
Ind Bldg, 142-148 Texaco Rd, Tsuen Wan, NT on February 16, 2005.
The winding up petition was presented 13th December 2004.
Dated this 25th day of February 2005
E T O'Connell
Official Receiver
DEL PRADO: Winding Up Hearing Slated for March 23
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Del
Prado Asia Limited Formerly known as Top Synergy Limited by the
High Court of Hong Kong Special Administrative Region was on
January 18, 2005 presented to the said Court by Kerry Freight
(Hong Kong) Limited whose registered office is situated at 13th
Floor, Cityplaza, 3, 14 Taikoo Wan Road, Taikoo Shing, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 am on
March 23, 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.
Raymond Chan, Kenneth Yuen & Co.
Solicitors for the Petitioner
1001-3, San Toi Building
137-139 Connaught Road Central
Central, Hong Kong
Tel: 2514-2382
Fax: 2810-0297
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
22nd day of March 2005.
DRAGONSON TRADING: Court to Hear Winding Up Petition April 20
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dragonson Trading Limited by the High Court of Hong Kong Special
Administrative Region was on February 23, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 am on
April 20, 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.
Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
19th day of April 2005.
FORTUNE WEAL: Served with Winding Up Petition
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fortune Weal Enterprises Limited by the High Court of Hong Kong
Special Administrative Region was on January 31, 2005 presented
to the said Court by Messrs Raymond Chan, Kenneth Yuen & Co. on
behalf of the petitioner, Eastpoint Property Management Limited
whose registered office is situated at 25th Floor, Devon House,
Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong.
The said Petition is to be heard before the Court at 9:30 am on
March 30, 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.
Raymond Chan, Kenneth Yuen & Co.
Solicitors for the Petitioner
1001-3, San Toi Building
137-139 Connaught Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, 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
abovenamed not later than six o'clock in the afternoon of March
29, 2005.
G.K. CORPORATE: Receives Winding Up Order
-----------------------------------------
G.K. Corporate Fashion (HK) Limited Of Rm 1106-7, 11/F, New
Kowloon Plaza, 38 Tai Kok Tsui Rd, KLN received a winding up
order from the High Court of the Hong Kong Special
Administrative Region Court Of First Instance on February 16,
2005.
The winding up petition was presented 13th December 2004.
Dated this 25th day of February 2005
E T O'Connell
Official Receiver
MINSK WORLD: Declared Bankrupt at Creditor's Request
----------------------------------------------------
Minsk World Industries Co. Ltd was declared bankrupt at the
request of one of its creditors, Construction Bank of China
Shenzhen Branch, Asia Pulse reports.
The Company, which was built on the basis of a retired aircraft
carrier of the former Soviet Union, received the Ruling on Feb.
28 from the Intermediate People's Court of Shenzhen in south
China's Guangdong Province.
The Court disclosed that MInsk World had CNY867 million
(US$104.46 million) in total debt, including CNY477 million in
loans owed to several Chinese financial organizations, and total
assets worth only CNY675 million (US$81.33 million). Debt
mounted rapidly with the Minsk-based Company as it had to pay a
large sum of interest on heavy loans.
The Court declared the Company bankrupt on grounds that it
failed to apply for conciliation after after it discovered it
could not pay off its matured debt.
Minsk World Industries Co. Ltd., registered with Shenzhen City
Administration for Industry and Commerce in December 1998, was
established by Delong International Strategy Investment Co. Ltd.
and an individual investor at a cost of CNY280 million (US$33.7
million), with Delong taking up 89.9 percent stake.
PROFIT SOUTH: Court Presents Winding Up Petition
------------------------------------------------
A winding up petition was presented to Profit South Industrial
Limited Of Shop Nos 1 & 2, G/F, Belvedere Gdn Shopping Centre,
Belvedere Gdn, Ph 2, Tsuen Wan, NT on February 16, 2005 by the
High Court of the Hong Kong Special Administrative Region Court
Of First Instance.
The winding up petition was presented on 13th December 2004.
Dated this 25th day of February 2005
E T O'Connell
Official Receiver
YANOVA LIMITED: Winding Up Hearing Set March 30
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of the
Yanova Limited by the High Court of Hong Kong Special
Administrative Region was on January 27, 2005 presented to the
said Court by Toys Collection Limited whose registered office is
situated at Room 212, 2nd Floor, New East Ocean Centre, 9
Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 am on
March 30, 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 abovenamed, 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
abovenamed not later than six o'clock in the afternoon of March
29, 2005.
=================
I N D O N E S I A
=================
BARITO PACIFIC: Asked to Explain Debt Restructuring Plan
--------------------------------------------------------
In its debt-restructuring plan, PT Barito Pacific will dispose
of two subsidiaries, and thus necessitates explanation of such
action to the Jakarta Stock Exchange (JSX), Indoexchange News
reports.
The Company signed an agreement with Singapore-based Commerzbank
International Trust Ltd., to issue exchangeable bonds in June
30, 2006, which bondholders can later exchange for 40 % stake in
Company subsidiary PT Tanjungenim Lestari Pulp & Paper, and
39.55 % stake in another subsidiary, PT Musi Hutan Persada.
On March 31, 2005, Barito Pacific will receive IDR46.9 billion
in cash for the two units, and its IDR210.886.058 debt will be
repaid, but bondholders can exchange bonds by paying a certain
amount to the Company.
JSX Head of Real Sectors Listing Division Yose Rizal is seeking
for an explanation of the Company's disposal of the two units,
as the loss of the units would greatly affect the Company's
revenues, even if it will be compensated for such disposal.
CONTACT:
PT Barito Pacific Timber
Jl Let jend S Parman Kav 62-63
Tower B Lt 6 - 11
Jakarta 11410, Indonesia
Phone: +62 21 530 6711
Fax: +62 21 530 6680
Web site: http://www.ebarito.com/
GARUDA INDONESIA: Looking to Raise Ticket Prices by 5%
------------------------------------------------------
PT Garuda Indonesia is thinking of increasing its ticket price
by 5%-10% for its domestic flights to adjust to the latest oil
price hikes, reports Asia Pulse.
According to company president Indra Setiawan, Garuda Indonesia
will incur a net loss for 2005 if it won't raise its prices,
since the 29% increase in the price of fuel will also increase
costs by 7.5%.
Mr. Setiawan added that despite attempts to increase efficiency,
the Company is expected to reach a net profit below IDR200
billion for this year, and losses were also expected for last
year, although there is still no available data for the
airline's performance in the last quarter of 2004.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com
=========
J A P A N
=========
JAPAN AIRLINES: Schimmachi to Replace Kaneko as CEO
---------------------------------------------------
Japan Airlines Corporation plans to appoint President Toshiyuki
Shimmachi as the next chief executive officer for the JAL group,
replacing Chairman Isao Kaneko, Kyodo News reports.
The plan is expected to be approved by JAL's board of directors
meeting today, and will take effect in late June.
Mr. Shimmachi joined JAL in 1965 and has acted as the holding
firm's president since last June.
Mr. Kaneko will remain as chairman of the holding company, but
will hand over the group's CEO post to Mr. Shimmachi to
rejuvenate the management.
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome, Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp
MITSUI MINING: Japan Group Tipped to Win Rehab Tender
-----------------------------------------------------
A Japanese consortium led by Nippon Steel Corporation is likely
to win the bid for rebuilding Mitsui Mining Company, according
to The Japan Times.
The state-backed Industrial Revitalization Corporation of Japan
(IRCG), which is reportedly inclined to choose the Nippon Steel-
led group, will formalize the selection later this month after
determining the price for which it will sell a stake in ailing
Mitsui Mining.
The IRCJ reportedly intends to pick the Japanese consortium
because Mitsui Mining needs long-term support for its revival,
while an investment fund tends to seek a quick return.
The consortium, which includes trading house Sumitomo Corp. and
Daiwa Securities SMBC Principal Investments Co., competed for
the bailout role with U.S. investment fund WL Ross & Co. in the
tender the IRCJ closed Friday.
The IRCJ in October 2003 decided to bail out Mitsui Mining after
it sank into the mire with massive debt incurred in fiscal 2002
ended March 31, 2003.
CONTACT:
Mitsui Mining Co.
3-3-3, Toyosu, Koto-ku
Tokyo 135-6007, Japan
Phone: +81-3-5560-1311
Fax: +81-3-5560-1994
SOJITZ HOLDINGS: R&I Affirms "b" Rating
---------------------------------------
Rating and Investment Information, Inc. (R&I), has affirmed the
following rating on Sojitz Corp., the core unit of Sojitz
Holdings Corporation.
Domestic Commercial Paper Programme
R&I RATING: b (Affirmed)
RATIONALE:
The change to commercial paper programme this time matches
demand for funds with the promotion of a reduction in debt.
Alternative liquidity, including cash equivalent and bank
overdraft limit, has been secured for the reduced issue limit
for the commercial paper programme.
R&I RATINGS:
ISSUER: Sojitz Corp.
ISSUE: Domestic Commercial Paper Programme
Issue Limit: JPY300,000 million
(lowered from JPY500,000 million)
R&I RATING: b (Affirmed)
Senior Long-term Credit Rating: B+
An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.
A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.
CONTACT:
Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com
SUMITOMO CONSTRUCTION: To Seek Over JPY100-Bln in Aid from Banks
----------------------------------------------------------------
Struggling Sumitomo Mitsui Construction Co. is calling on
creditor banks to extend more than JPY100 billion (US$948.9
million) in financial support, according to Jiji Press.
The embattled general contractor will seek support from major
lenders Sumitomo Mitsui Banking, Sumitomo Trust and Banking Co.
and Chuo Mitsui Trust and banking Co. The financial assistance
will be extended chiefly through debt-equity swaps.
With the monetary assistance, Sumitomo Mitsui Construction will
spin off its core condominium and civil engineering businesses
to create a new company while leaving real estate and other
stagnant operations at the existing firm.
The company is moving to speed up its restructuring by scaling
down its overall operations and the separation of the real
estate division beset with huge latent losses.
Sumitomo Mitsui Construction was established through the merger
of Mitsui Construction Co. and Sumitomo Construction Co. in
April 2003, but it fell into negative net worth in the fiscal
first half ended Sept. 30 of that year. It was able to eliminate
the negative net worth by issuing preferred shares to its three
main lenders through a debt-for-equity deal, which boosted its
capital by about JPY80 billion.
But the company had JPY366.7 billion in interest-bearing debts
as of the end of last September. In addition, it needs to log
massive losses on impaired properties.
CONTACT:
Sumitomo Mitsui Construction Company Limited
36-5 Nihonbashi-Kakigaracho 1-Chome
Chuo-Ku 103-0014, Tokyo 100-0004
JAPAN
Phone: +81 3 5614 9832
Fax: +81 3 5614 9810
Web site: http://www.mcc.co.jp/
UFJ HOLDINGS: Banking Unit Offers Aid to Vietnamese Exporters
-------------------------------------------------------------
UFJ Bank, the banking unit of UFJ Holdings Incorporated, will
launch its factoring service for exporters later this month,
Asia Pulse says.
The service will enable the bank to grant credits to exporters
by buying their receivables without the need for letters of
credit or bills of exchange. This will help exporters avoid
risks such as default in payments.
UFJ Bank opened its branch in Ho Chi Minh City, China last
August and has quickly attracted corporate customers.
CONTACT:
UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp
* S&P Raises Bond Ratings on Nine Companies
-------------------------------------------
Standard & Poor's Ratings Services (S&P) on Wednesday raised its
long-term debt ratings to 'BBB' from 'BBB-' on the senior
unsecured bonds of Itochu Corp., JFE Steel Corp., JFE Holdings
Inc., Nippon Steel Corp., Nippon Oil Corp., Mitsubishi Chemical
Corp., Oji Paper Co. Ltd., and Nagoya Railroad Co. Ltd. (see
list below).
At the same time, Standard & Poor's raised its long-term debt
rating on the senior unsecured bonds of Marubeni Corp. to 'BBB-'
from 'BB+'. All corporate credit ratings on the nine companies
were affirmed.
These actions follow Standard & Poor's ongoing review of
Japanese banks' practice of extending loan waivers, including
debt-for-equity swaps, as part of its credit analysis of
Japanese corporate bonds as stated in September 2003 when
Standard & Poor's first announced its bond "uplift" rating
policy.
Under this policy Standard & Poor's rates Japanese corporate
bonds higher than the corresponding issuer ratings in cases
where there is a material probability that any default by the
issuer would take the form of a loan waiver (see report: "Rating
Implications of Loan Waivers for Japanese Corporates", published
Sept. 23, 2003).
Since the announcement of this policy in 2003, loan waivers have
become an increasingly common practice and are now more accepted
as a way for Japanese banks to handle financially troubled
industrial corporate borrowers.
The ratio of loan waivers to the total number of defaults by
Japanese corporates listed on the first section of the Tokyo
stock exchange increased from 27% in fiscal 2001 to 71% in
fiscal 2003 and is likely to have risen further in this fiscal
year.
The practice of granting loanwaivers is unlikely to change in
the short- to medium-term. There has been no visible criticism
of the practice either from bank shareholders, regulators,
media, or the public, emboldening bank management in waiving
loans. In several recent cases, Japanese banks have even
provided financial assistance to the same borrower twice, as in
the cases of Mitsubishi Motors and Sojitz.
Standard & Poor's still believes that the loan waiver practice
may change over time in Japan. However, this change may take
longer than previously expected.
In general, the higher the issuer rating, the longer the time to
any potential default, and thus the more difficult to predict
what form such a default might take. Therefore, Standard &
Poor's incorporates the probability of loan waiver primarily
into its bond ratings on issuers with relatively low ratings,
and in fact until recently only for issuers rated 'BB+' or
below.
Loan waivers appear likely to remain common for longer than
Standard & Poor's originally expected and therefore Standard &
Poor's has expanded its approach slightly, in particular to
cover some bonds of issuers with ratings in the lower end of the
'BBB' category.
The Industrial Rehabilitation Corp. will stop purchasing loans
to troubled corporates in March 2005 but Standard & Poor's does
not expect this will significantly raise the probability that
any default by Japanese corporates will take the form of
bankruptcies. Loan waivers have been granted both within and
outside the IRC scheme. A key reason for Japanese banks to
prefer private restructuring compared with bankruptcy has been
the strong negative image of bankruptcies in Japan, which will
not disappear even if the IRC scales down its activities.
Ratings List
To From
Itochu Corp.
Corporate credit rating BBB-/Negative/A-3
Senior unsecured bonds BBB BBB-
JFE Steel Corp.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds BBB BBB-
JFE Holdings Inc.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds (Gtd: JFE Steel Corp.)
BBB BBB-
Nippon Steel Corp.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds BBB BBB-
Nippon Oil Corp.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds BBB BBB-
Mitsubishi Chemical Corp.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds BBB BBB-
Oji Paper Co. Ltd.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds BBB BBB-
Nagoya Railroad Co. Ltd.
Corporate credit rating BBB-/Stable/--
Senior unsecured bonds BBB BBB-
Marubeni Corp.
Corporate credit rating BB/Positive/--
Senior unsecured bonds BBB- BB+
=========
K O R E A
=========
CHOHUNG BANK: Fitch Upgrades Rating from D to C/D
-------------------------------------------------
Fitch Ratings, the international rating agency, has on March 4,
2005, revised Korea-based Chohung Bank's (CHB) Long-term rating
Outlook to Positive from Stable and upgraded its Individual
rating to 'C/D' from 'D'. At the same time, the agency also
affirmed the bank's other ratings at Long-term 'BBB', Short-term
'F3' and Support '2'.
The rating action follows the release of the bank's preliminary
2004 results, which showed significant improvement in
profitability and asset quality. It also considers CHB's
upcoming merger with Shinhan Bank in the second half of 2006 as
well as the ongoing integration progress between two banks.
In 2004, CHB maintained a conservative loans-growth policy and
improved its asset quality, resulting in a significant fall in
its non-performing loan (NPL) ratio to 1.93% at end-2004 from
4.82% a year earlier. The bank had a KRW1.05 trillion of loan
loss reserve with 126.4% coverage ratio at end-2004. The
improvement in its asset quality was attributable to the bank's
KRW1.4trn of write-off in 2004 (KRW1.77trn in 2003), The bank,
in particular, showed remarkable improvement in its credit card
receivables and unsecured retail loan assets.
Despite its book cleaning efforts, CHB posted KRW265.2 billion
of net income with a 11.66% return on equity and 0.43% return on
assets for 2004, thanks to reduced provision charges and some
one-off items including the write-back of SK Network reserves.
The bank's bottom line also benefited from increasing non-
interest revenues, including FX gains and bank assurance revenue
(KRW50.2bn in 2004). Provision charges (KRW1.05trn in 2004)
still eroded most (76%) of its pre-provision profits, but much
reduced from the 160% seen in 2003.
Fitch views Shinhan Financial Group's (SFG) efforts to overhaul
CHB's risk management system to the level of Shinhan Bank as a
significant contributor to CHB's improved results in 2004.
However, there remain some challenges, notably, in improving
CHB's operating efficiency and capital adequacy.
CHB's cost/income ratio stood at 41.5% in 2004 compared with
36.7% of Shinhan Bank. CHB's capital adequacy ration (CAR) and
tier 1 ratio were 9.6% and 5.1% at end-2004 2004, a significant
improvement from the 8.87% and 4.47% recorded a year earlier but
still lower than Shinhan's 11.6% and 7.2% (both banks' capital
ratio at end-2004 are preliminary and subject to the result of
their audit). The combined banks' CAR and tier 1 ratio are
estimated to be 10.8% and 6.3%, respectively, at end-2004. The
bank's improved asset quality is likely to lead to a further
improvement in underlying profitability for 2005, although there
is a sector-wide concern over SME lending quality.
CONTACT:
Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr
HYNIX SEMICONDUCTOR: Creditors Have Not Decided on Stake Sale
-------------------------------------------------------------
Hynix Semiconductor Inc. said that it has not made a decision on
a possible stake sale, after its shares were affected by
speculation that creditors would sell their stake, Reuters News
reports.
An unnamed official at one of the Company's creditor banks said
that Hynix creditors were looking for ways to reduce their
shares as the Company has been posting solid results, but that
nothing had been discussed among them. The company's creditors
made no comment on the report.
According to online news provider MoneyToday, creditors were
thinking of issuing depositary receipts in Hynix this year to
reduce their combined stake by 24.4 %, or 108 million shares.
The report also said that creditors were also planning to sell
57 % stake and managing control of the company to a strategic
investor.
Creditors should not sell Hynix shares until after recent
bailouts in 2006, but investors expect that they may want to
sell earlier to take advantage of the high price of shares.
Hynix shares have gone up 20 % this year, compared to 12 % gain
in the wider market.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
KOREA EXCHANGE: Fitch Revises Outlook from Stable to Positive
-------------------------------------------------------------
International rating agency Fitch Ratings on March 4, 2005,
revised Korea Exchange Bank's (KEB) Long-term rating Outlook to
Positive from Stable and upgraded its Individual rating to 'C/D'
from 'D'. The agency also affirmed the bank's other ratings at
Long-term 'BBB-' (BBB minus), Short-term 'F3' and Support '2'.
The new Outlook and the upgrade follow the release of the bank's
preliminary 2004 results, which showed its improved operating
performance, asset quality and capital position. The bank's
ratings have been constrained by its struggle with the legacy of
large corporate bad loans and credit card losses. In 2004,
despite continuing losses (KRW558.9 billion) from its credit
card division, the bank's bottom line achieved a turnaround to
KRW522.1 billion in net income with a 17.8% return on equity
(ROE) and 0.84% return on asset, compared to KRW213.8 billion in
net losses in the previous year.
Some one-off items, including the gains of the sale of its US
subsidiary, Pacific Union Bank (KRW181bn) and the write-back of
SK Network reserves, were significant contributors to the
improved profitability. Excluding these, the underlying
operating ROE would have been 10%. The credit card division
continued to post losses in 2004 due to book cleaning efforts.
Its card assets amounted to KRW2.9 trillion at end-2004,
considerably lower than the KRW5.7trn recorded at end-2003.
Notably, KEB now adopts a strict policy towards re-aged loan
applications, resulting in a modest KRW238bn of re-aged loans
balance at end-2004 compared to KRW1.7trn a year earlier.
Accordingly, the bank's overall non-performing loan (NPL -
substandard and below credits) ratio fell further to 1.82% at
end-2004 from 2.59% a year earlier with a 108.8% coverage ratio.
Amid lingering concern over the health of the Korean SMEs
lending, Fitch believes KEB is in a relatively better position
than other banks, as it has less exposure to the small,
domestically oriented SMEs that have been more negatively
affected by the sluggish domestic consumption.
Despite the KRW1.08trn of new capital injected by Lone Star,
which was mostly offset by the disastrous losses from credit
cards, the bank's capital position has been weaker than its
peers', 9.2% at September 2004. In line with the improved bottom
line, KEB expects a 9.47% capital adequacy ratio and 5.51% Tier
1 ratio at end-2004. In 2005, thanks to its booking cleaning
efforts since 2000, the bank is likely to post better underlying
profitability: KEB targets KRW700bn of net income with a 20% ROE
and 1.0% ROA.
Although the bank has not confirmed this, Lone Star, its
controlling shareholder, is likely to start negotiations with
potential buyers in the second half of 2005. However, Fitch does
not view this as a negative to the bank's ratings, as the bank's
stand-alone credit profile is improving and would be further
strengthened were it to be acquired by a more highly rated
entity.
CONTACT:
Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm
SSANGYONG MOTOR: Seeks 12.2% Increase in Domestic Sales
-------------------------------------------------------
Ssangyong Motor Co. said it aims to increase domestic sales by
12.2% to 110,000 units this year, Asia Pulse reports.
The Company is planning to add around 90 outlets nationwide in
2005 to help meet the targeted increase in sales. The Company
also plans to unveils its latest model, a small-sized SUV (code
name: C-100) within the year.
Chinese Shanghai Automotive Industry Corporation bought a 48.9 %
stake in Ssangyong Motor in January for KRW500.5 billion.
Ssangyong was earlier reported to target sales of 170,000 units
locally and abroad for 2005.
CONTACT:
Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
South Korea
Phone: +82 31 610 1114
Fax: +82 31 610 3739
===============
M A L A Y S I A
===============
BOUSTEAD HOLDINGS: Unveils Employee Share Option Scheme
-------------------------------------------------------
Boustead Holdings Berhad's additional 91,000 new ordinary shares
of RM0.50 each issued pursuant to the Company's Employee Share
Option Scheme will be granted listing and quotation effective
Friday, March 11, 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
CYGAL BERHAD: SC Rejects Waiver; OKs Rights Issue
-------------------------------------------------
Cygal Berhad refers to the announcements on June 21, 2004, and
Sept. 15, 2004, in relation to the applications to the
Securities Commission (SC) for, inter-alia, the following:
(i) Waiver from compliance with one of the conditions imposed by
the SC in its letter dated Dec. 11, 2002. In the said letter,
the Company needs to raise funds through equity issuance to
raise at least RM10 million for its working capital as part of
the proposals under the Company's proposed restructuring scheme
approved by the SC;
(ii) To implement the proposed renounceable rights issue with a
minimum subscription of 15,000,000 rights shares together with
15,000,000 free warrants; and
(iii) An extension of time to Sept. 30, 2005, for the Company to
implement the Proposals.
Cygal Berhad announced that the SC has on March 7, 2005:
(i) Declined the Proposed Waiver.
The decision was made after taking into consideration the
justifications furnished by Cygal, projected cash flow position
of the Company after the implementation of its proposed
restructuring scheme, and the effects on the financial position
and cash flow of Cygal in the event of a delay in the
completion/launching of the existing property development
projects or construction contracts carried out by the Company;
(ii) Approved the Proposed Minimum Subscription; and
(iii) Approved the Proposed Extension.
The Company is now deliberating on the decision of the SC in
relation to item 2(i) above. The Company will announce the
deliberation results in due course.
CONTACT:
Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Malaysia
Phone: 03-7983 9099
Fax: 03-7981 7629
This announcement is dated March 8, 2005.
GOLDEN FRONTIER: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed details of its shares buy back
on March 8, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 08/03/2005
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 8,000
Minimum price paid for each share purchased (RM): 0.635
Maximum price paid for each share purchased (RM): 0.650
Total consideration paid (RM): 5,183.93
Number of shares purchased retained in treasury
(units): 8,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,355,800
Adjusted issued capital after cancellation
(no. of shares) (units) :
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
I-BERHAD: Repurchases 34,900 Shares
-----------------------------------
I-Berhad disclosed details of its shares buy back on March 8,
2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 08/03/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 34,900
Minimum price paid for each share purchased (RM): 0.833
Maximum price paid for each share purchased (RM): 0.833
Total consideration paid (RM): 29,298.30
Number of shares purchased retained in treasury
(units): 34,900
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,025,600
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
LION CORPORATION: Granted Additional Shares Listing
---------------------------------------------------
Lion Corporation Berhad's additional 98,000 new ordinary shares
of RM1.00 each issued pursuant to the Company's Executive Share
Option Scheme will be granted listing and quotation effective
Friday, March 11, 2005, 9:00 a.m.
CONTACT:
Lion Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
MAXIS COMMUNICATIONS: To List More Shares March 11
--------------------------------------------------
Maxis Communications Berhad's additional 108,000 new ordinary
shares of RM0.10 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Friday, March 11, 2005, 9:00 a.m.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
METROPLEX BERHAD: Court Sets Hearing Date for Stay of Execution
---------------------------------------------------------------
Further to the announcement dated Feb. 15, 2005, on the Notice
of Demand pursuant to Section 218 of the Companies Act 1965 by
OCBC, Metroplex Berhad announced that the hearing date for the
application for a stay of execution of the Judgment has been
fixed on March 11, 2005, with the decision to be made on March
15, 2005.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911
This announcement is dated March 8, 2005.
PANGLOBAL BERHAD: Unit Discloses February Production Figures
------------------------------------------------------------
PanGlobal Berhad announced that the production volume of coal of
its wholly owned subsidiary, Global Minerals (Sarawak) Sdn
Berhad for the month of February 2005 was 34,414.00mt.
CONTACT:
Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977
PAN MALAYSIA: Buys Back 100,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 8,
2005.
Date of buy back: 08/03/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 100,000
Minimum price paid for each share purchased (RM): 0.370
Maximum price paid for each share purchased (RM): 0.390
Total consideration paid (RM): 38,166.48
Number of shares purchased retained in treasury
(units): 100,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 19,320,000
Adjusted issued capital after cancellation
(no. of shares) (units) : 0
CONTACT:
Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax: (60) 3244-7789
POS MALAYSIA: Resells 267,400 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 March 8, 2005.
Date of transaction: 08/03/2005
Total number of treasury shares sold (units): 267,400
Total number of treasury shares cancelled (units):
Minimum price paid for each share sold (RM): 3.020
Maximum price paid for each share sold (RM): 3.060
Total amount received for treasury shares sold
(RM): 811,532.26
Cumulative net outstanding treasury shares as at to-date
(units): 31,447,600
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
SETRON BERHAD: Unaware of Unusual Market Activity
-------------------------------------------------
Setron (Malaysia) Berhad refers to Bursa Malaysia Securities
Berhad (Bursa Securities)'s letter dated March 8, 2005, and
immediately wrote to inform the Bursa Securities that after a
due enquiry, the Company is unaware of any circumstances for the
cause of the unusual market activity in the Company's
securities.
Query Letter content:
We draw your attention to the sharp increase in price and high
trading volume in your Company's shares recently.
In accordance with the Corporate Disclosure Policy on Response
To Unusual Market Activity pursuant to paragraph 9.11 of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities LR), you are requested to furnish Bursa Securities
with an announcement for public release after a due enquiry
seeking the cause of the unusual market activity in the
Company's securities. When considering your response and when
making the required announcement, your attention is particularly
drawn to the continuing disclosure requirements set out in
Chapter 9 of the Bursa Securities LR.
The announcement is to reach Bursa Securities by March 8, 2005,
via Bursa Link.
Yours faithfully
FUNG RU HUEY
Sector Head, Listing Compliance
Group Regulations
CONTACT:
Setron (Malaysia) Berhad
2D-3 Jalan SS6/6 Kelana Jaya
Petaling Jaya, 47301
Malaysia
Phone: +60 3 201 6516
Fax: +60 3 232 6214
TELEKOM MALAYSIA: Notes Additional Shares Listing
-------------------------------------------------
Telekom Malaysia Berhad's additional 131,000 new ordinary shares
of RM1.00 each issued pursuant to the Company's Employee Share
Option Scheme are granted listing and quotation effective
Thursday, March 10, 2005, 9:00 a.m.
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom
Off Jalan Pantai Baharu
50672 Kuala Lumpur
Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415
Web site: http://www.telekom.com.my
T.H. HIN: Unaware of High Trading volume, High Price of Shares
--------------------------------------------------------------
T.H. HIN Corporation Berhad refers to the Bursa Malaysia
Securities Berhad (Bursa Securities)'s letter dated March 8,
2005, in respect of the unusual market activity of the Company's
shares. In compliance with Paragraph 9.11 of Bursa Securities
Listing Requirements on the Corporate Disclosure Policy in
Response to Unusual Market Activity, the Company announces that,
after having made due enquiries and to the best of its
knowledge, it is not aware of:
1. any undisclosed material development in the Company's
business; or
2. any other reasons to account for the unusual market activity.
Query Letter content:
We draw your attention to the sharp increase in price and high
trading volume in your Company's shares recently.
In accordance with the Corporate Disclosure Policy on Response
To Unusual Market Activity pursuant to paragraph 9.11 of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities LR), you are requested to furnish Bursa Securities
with an announcement for public release after a due enquiry
seeking the cause of the unusual market activity in the
Company's securities. When considering your response and when
making the required announcement, your attention is particularly
drawn to the continuing disclosure requirements set out in
Chapter 9 of the Bursa Securities LR.
The announcement is to reach Bursa Securities by March 8, 2005,
via Bursa Link.
Yours faithfully
FUNG RU HUEY
Sector Head, Listing Compliance
Group Regulations
CONTACT:
T.H. HIN Corporation Berhad
Plot 100(i) , Mukim 1
Tingkat Perusahaan 2A
13600 Perai
Penang, Malaysia
Phone: 604-3993064
Fax: 604-3993086
E-mail: Enquiries@thhin.com
This announcement is dated March 8, 2005.
YCS CORPORATION: Still Regularizing Financial Condition
-------------------------------------------------------
Further to the announcement on Feb. 4, 2005 on Practice Note
4/2001, YCS Corporation Berhad announced that it is still
addressing its financial condition.
Any changes will be announced accordingly to the Bursa Malaysia
Securities Berhad.
CONTACT:
YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Phone: +60 3 80242922
Fax: +60 3 80242911
=====================
P H I L I P P I N E S
=====================
DMCI HOLDINGS: To Market DMCI Homes Abroad
------------------------------------------
In a bid to expand its market and tap overseas Filipino workers
(OFWs), DMCI Holdings Incorporated plans to open DMCI Homes
offices abroad, according to Business World.
DMCI Holdings Inc. President Isidro A. Consunji said that DMCI
Homes would open offices in cities with many Filipino nurses and
workers such as London, Milan, Dubai, and New York.
Mr. Consunji noted there was a big market for residences in
these places as a big portion of money that OFWs remit to their
families were used for mortgage payment.
DMCI Homes has tapped Equitable PCI Bank to accept payments for
purchases made by OFWs.
The move to expand operations of DMCI Homes is part of the
Company's plan to list at the Philippine Stock Exchange in three
years' time.
CONTACT:
DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone: 888-3000
Fax: 816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com
DMCI Homes Marketing Office
4/F DACON Building
2281 Don Chino Roces Ave.
Makati City, Philippines
Phone: (632) 888-3333
Fax: (632) 893-9699
E-mail: dmcisales@dmcinet.com
Web site: http://www.dmcihomes.com
NATIONAL POWER: To Supply Power to Camarines Hydroelectric Plant
----------------------------------------------------------------
Debt-laden National Power Corporation (Napocor) has agreed to
supply power to a hydroelectric plant in Camarines Sur, Business
World relates.
The state-run power firm recently signed a five-year contract
with People's Energy Services Incorporated (PESI) to supply
power to the Barit hydroelectric power facility. Under the deal,
Napocor must provide feedback power for the station service
requirements of the 1.8-megawat plant.
Barit, which was previously owned by Napocor, was sold in June
for US$480,000 to lawyer Ramon I. Constancio, who established
PESI to operate and maintain the plant.
PESI decided to buy electricity from the state-owned power firm
after signing an energy supply agreement with the Camarines Sur
I Electric Cooperative.
The Barit mini-hydro facility was one of the first power plants
that were privatized by the Power Sector Assets and Liabilities
Maintenance Corp. (PSALM) since March last year. PSALM, the
government firm tasked by law to sell Napocor's assets, formally
turned over the Barit plant to its new owner last January 24.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: Government Set to Award Reinsurance Contract
------------------------------------------------------------
The government is set to grant the reinsurance contract for
state-controlled National Power Corporation (Napocor), according
to The Philippine Star.
The 2005-2006 reinsurance contract was reportedly bid out in
December, right before the Dec.26 tsunami disaster that pitched
up insurance premiums.
The government is expected to save at least US$5 million for the
new contract, as the best bid for the contract was priced at
US$9.4 million, way below the US$14.7 million contract awarded
in 2003-2004.
The new contract, which would cover industrial insurance as well
as sabotage and terrorism insurance, had previously been handled
by the Government Service Insurance System (GSIS) but the source
declined to disclose the identity of the winning bidder until
the contract has been finalized.
PHILIPPINE LONG: Fidelity Takes Stake for US$64 Mln
---------------------------------------------------
Fidelity Investments recently bought 5.13 percent of the
outstanding shares of Philippine Long Distance Telephone Company
(PLDT) for US$64 million, The Philippine Daily Inquirer reports.
Fidelity said its wholly owned units FMR Corp. and Fidelity
International Ltd. purchased a combination of PLDT common shares
and American Depositary Receipts listed in New York.
The two units also told the Philippine Stock exchange that they
were open to further investments in PLDT in the future. But they
made clear that they don't intend to take over control of the
company.
Fidelity, PLDT's long-term investors, said both units may
purchase additional shares in PLDT in the future depending on
market conditions.
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
PHILIPPINE LONG: Prepares to Strike Back at Rival
-------------------------------------------------
The Philippine Long Distance Telephone Company (PLDT) on Monday
revealed an "innovative" response to the unlimited call/text
scheme that rival Touch Mobile launched Tuesday, reports Today
News.
The move is aimed at protecting the PLDT group's 19.2 million
cellular subscribers and more than two million fixed-line
subscribers.
PLDT's legal head Rogelio Quevedo said the group, which also
includes Smart Communications and Pilipino Telephone, will
pattern a similar offering with PLDT's Telebabad promo. The
scheme entitles PLDT consumers unlimited calls from PLDT to
Smart or Piltel "Talk 'N Text" at a Php10 flat rate.
"Smart and Piltel will only respond to its competitors. Touch
Mobile is our competitor. We will launch in two to three days
after Touch Mobile has launched theirs. We have to respond in
our own innovative way," Mr. Quevedo said.
Following the lead of Sun Cellular's 24/7 Call and Text
unlimited pricing scheme, Touch Mobile, the cellular unit of
Innove Communications Inc., on Tuesday started offering
unlimited call and text services for Php300 a month and five
days of unlimited text messaging for Php50.
=================
S I N G A P O R E
=================
DATACRAFT ASIA: Issues 285,000 New Shares
-----------------------------------------
Datacraft Asia Ltd advised the Singapore Stock Exchange that on
March 8, 2005 it has issued and allotted 285,000 Ordinary shares
(New Shares) at a price of US$0.725 each to certain employees
and a director of the Company and its subsidiaries upon the
exercise of options pursuant to the Datacraft Asia Share Option
Scheme.
The New Shares will rank pari passu in all respects with the
existing shares of the Company in issue.
Application is being made to the Singapore Exchange Securities
Trading Limited for the listing and quotation of the New Shares.
Following the issue of the New Shares, the number of issued and
paid-up ordinary shares of the Company is increased to
467,129,683 ordinary shares of S$0.10 each.
Chew Puay Hoon
Assistant Company Secretary
March 8, 2005
CONTACT:
Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com
IPCO INTERNATIONAL: EGM Set April 5
-----------------------------------
Notice is hereby given that an Extraordinary General Meeting of
IPCO International Limited will be held at 24 Pandan Road,
Singapore 609275 on April 5, 2005 at 10:00 a.m. for the purpose
of considering and, if thought fit, passing with or without
modifications the following resolutions:
AS ORDINARY RESOLUTION
Resolution 1: The Proposed Divestment
That approval be and is hereby given for the Proposed Divestment
by the Company of 3,000,002 ordinary shares of S$1.00 each in
the issued share capital of Insitu Envirotech Pte Ltd, which
includes its wholly-owned subsidiaries, IPCO Insituform
(S.E.Asia) Pte Ltd, Insitu Envirotech (HK) Ltd and IEL
Envirotech (M) Sdn Bhd, to IJM Construction Sdn Bhd (Purchaser)
for a sum of S$4,830,000; and
The Directors be and are hereby authorized to do all such acts
and things as they may consider necessary, desirable or
expedient to give effect to the Proposed Divestment and/or the
transactions contemplated under the Sale Agreement and this
Resolution, including without limitation to the foregoing, to
negotiate, sign, execute and deliver all documents, approve any
amendments, alteration or modification to any document and affix
the Common Seal of the Company to any such documents, if
required.
AS SPECIAL RESOLUTION
Resolution 2: The Proposed Capital Reduction Exercise
That pursuant to Article 10 of the Company's Articles of
Association and subject to the provisions of Section 73 of the
Companies Act, Cap. 50 and to the confirmation by the High
Court, approval be and is hereby given for the Directors to
carry out the following actions to effect the Proposed Capital
Reduction Exercise:
(A) The capital of the Company be reduced from S$300,000,000
divided into 1,500,000,000 ordinary shares of S$0.20 each, of
which 825,781,612 ordinary shares of S$0.20 each have been
issued and paid-up, or credited as fully paid-up, to
S$75,000,000 divided into 1,500,000,000 ordinary shares of
S$0.05 each, of which 825,781,612 ordinary shares of S$0.05 each
will be issued and paid-up, or credited as fully paid-up, and
that such reduction be effected by:
(i) Canceling the paid-up share capital of the Company to the
extent of S$0.15 on each of the 825,781,612 ordinary shares
which have been issued and fully paid-up or credited as fully
paid-up;
(ii) Reducing the nominal amount of all ordinary shares, both
issued and unissued, from S$0.20 to S$0.05 each;
(iii) Where required, the Directors be authorized to issue new
share certificates reflecting the new par value of S$0.05 per
share to replace any existing share certificates of par value
S$0.20 per share and that the Common Seal of the Company be
affixed onto such new share certificates in accordance with the
Articles of Association of the Company; and that forthwith upon
the reduction of the capital of the Company as aforesaid
(Capital Reduction) taking effect:
(a) An amount equal to S$121,906,031, being part of the credit
arising from the Capital Reduction, will be applied to write off
all of the accumulated losses of the Company as at 30 April
2004;
(b) There shall be credited to a new reserve account to be
designated as the Capital Reduction Reserve, in the books of the
Company for the balance of S$1,961,210 being the credit arising
from the Capital Reduction. The Capital Reduction Reserve shall
not be treated or used by the Company as a distributable reserve
for dividend purposes save in connection with a capitalization
of reserve in accordance with Article 132 of the Article of
Association of the Company and the Companies Act; and
(c) The authorized capital of the Company be restored to its
former capital of S$300,000,000 by the creation of an additional
4,500,000,000 new ordinary shares of S$0.05 each.
(B) The first sentence of Clause 5 of the Memorandum of
Association of the Company be deleted and that the following be
substituted thereof:
"The share capital of the Company is S$300,000,000 divided into
6,000,000,000 ordinary shares of S$0.05 each."
(C) The Articles of Association of the Company be amended by
deleting Article 3 thereof in its entirety and replacing it with
the following:
"The authorized capital of the Company is S$300,000,000 divided
into 6,000,000,000 ordinary shares of S$0.05 each."
(D) Approval be and is hereby given to the Directors to take
such steps and exercise such discretion in connection with all
or any of the above matters, with full power to assent to any
condition, modification, variation and/or amendment as may be
required by the relevant authorities, as the Directors may in
their absolute discretion deem fit, advisable, necessary or
expedient to give effect to this Resolution and the Capital
Reduction.
By Order of the Board
Mary Judith De Souza
Tan Soo Khoon Raymond
Seah Hai Yang
Company Secretaries
Singapore, 9 March 2005
NOTES:
(1) A member of the Company entitled to attend and vote at the
Meeting is entitled to appoint a proxy to attend and vote on his
behalf. A proxy need not be a member of the Company.
(2) The instrument appointing a proxy must be deposited at the
registered office of the Company at 24 Pandan Road Singapore
609275 not less than 48 hours before the time of the Meeting.
CONTACT:
IPCO INTERNATIONAL LIMITED
7 Temasek Boulevard 038987
SINGAPORE
Telephone: +65 2642711
Fax: +65 2642091/2641469
Web site: http://www.ipco.com.sg/
KOH BROTHERS: Appoints New Joint Company Secretary
--------------------------------------------------
The Board of Directors of Koh Brothers Group Limited advised to
the Singapore Stock Exchange (SGX) the appointment of Ms. Ethel
Low Puey Lee as Joint Company Secretary effective March 8, 2005.
Ms. Ethel is also the Chief Financial Controller of the Group.
Ms. Lee Suyin will remain as Secretary of the Company.
Lee Suyin
Company Secretary
March 8, 2005
CONTACT:
Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com
ORIENTAL METAL: Final Meeting Slated for April 4
------------------------------------------------
Notice is hereby given that the Final Meeting of Oriental Metal
Products Private Limited (In Members' Voluntary Winding Up) will
be held at 10 Jalan Besar, #10-03 Sim Lim Tower, Singapore
208787 on April 4, 2005 at 9:30 a.m. for the purposes set out in
sections 308 and 320 (3) of the Companies Act, Chapter 50.
Akber Ali S/O Thajudeen, CPA
Liquidator
Telephone: 6392 0021
March 4, 2005
SAM SURFACE-TREAT: Proofs of Debt Due Within 30 Days
----------------------------------------------------
Notice is hereby given that the creditors of Sam Surface-Treat
Pte Ltd (In Members' Voluntary Liquidation) are required within
thirty days thereof to send in their names and addresses and the
particulars of their debt or claims and the names and addresses
of their solicitors (if any) to the Liquidator of the said
Company c/o 2 Mistri Road, #12-01 HMC Building, Singapore
079624.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors and prove
the said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Dated this 4th day of March 2005
Teh Kwang Hwee
Liquidator
SOLECTRON GLOBAL: Creditors Required to Prove Debt, Claims
----------------------------------------------------------
Notice is hereby given that the creditors of Solectron Global
Singapore Pte Ltd (In Members' Voluntary Liquidation) are
required within thirty days thereof to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
Liquidator of the said Company c/o 2 Mistri Road, #12-01 HMC
Building, Singapore 079624.
If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors and prove
the said debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 4th day of March 2005
Teh Kwang Hwee
Liquidator
TEAMSPHERE LIMITED: Completes Acquisition of Asia Paragon
---------------------------------------------------------
Teamsphere Limited announced to the Singapore Stock Exchange
(SGX) Wednesday, the completion of its acquisition of the entire
issued and paid up capital of Asia Paragon International Limited
(Asia Paragon) from Best Decade Holdings Limited (Best Decade).
The acquisition of Asia Paragon will inject Delong Steel
Limited, an integrated steel mill manufacturing steel billet and
mid-width hot rolled steel strip and coils for both domestic
consumption and export, into Teamsphere Limited. Thereafter,
with immediate effect, the name of Teamsphere Limited will also
be changed to Delong Holdings Limited to better reflect the new
core business of the Group.
In conjunction with the completion of the acquisition, the
private placement of 234,150,000 new ordinary shares of S$0.05
each allotted and issued at a placement price of S$0.09 each was
also completed, Wednesday. Some of the placees include
institutional funds and a public listed company from Hong Kong.
This placement raised a total of $20,391,295 of which
$15,000,000 will be used to retire bank borrowings and the
balance of up to $5,391,295 to support the working capital needs
of Delong Steel Limited.
To reflect the change in the organization, the composition of
the board will now be changed to the following:
Mr. Ding Liguo Executive Chairman
Mr. Guo Sanxiang Executive Director
Mr. Poh Kiat Non-executive Director
Miss Zhao Jing Non-executive Director
Mr. Lim Cher Lin Independent Director
Mr. Bai Baohua Independent Director
Mr. Song Qing Independent Director
Commenting on the completion of the transactions, Mr. Ding
Liguo, the Executive Chairman of Delong Holdings said: "We would
like to thank the Singapore Exchange for their assistance and
all our new shareholders for the vote of confidence in Delong
Holdings. Moving forward, we are committed to bring the Group to
scale new heights as we continue to expand our operations both
domestically and globally."
For more information, click
http://bankrupt.com/misc/TeamsphereLimited030905B.pdf
CONTACT:
Teamsphere Limited
100 Cecil Street,
#15-02 The Globe,
Singapore 069532
Telephone: +65 6325 1730
Fax: +65 6227 1708
E-mail: admin@teamsphere.com.sg
WEE POH: Enters Into Two Debt Restructuring Agreements
------------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited advised the
Singapore Stock Exchange (SGX) that it has on 17 February 2005,
entered into the following two debt restructuring agreements:
(1) one restructuring agreement entered into between the
Company, Wee Poh Construction Co (Pte) Ltd (WPC), United
Overseas Bank Limited, Malayan Banking Berhad and Oversea-
Chinese Banking Corporation Limited (WPC Restructuring
Agreement); and
(2) one restructuring agreement entered into between the Company
and United Overseas Bank Limited (WPP Restructuring Agreement).
WPC RESTRUCTURING AGREEMENT
(a) Issue of Shares by the Company At the time of the signing of
the WPC Restructuring Agreement on 17 February 2005, WPC owed
certain banks (namely Malayan Banking Berhad, United Overseas
Bank Limited and Oversea-Chinese Banking Corporation Limited) an
amount of S$5,255,113.99 pursuant to facilities granted which
are secured by mortgages over properties of WPC as well as
guarantees granted by the Company.
The properties have all been sold but for the property situated
at 213 Upper Thomson Road which has been sold but is still
pending completion. An amount of S$2,500,000 from the aggregate
proceeds from the sale of 213 Upper Thomson Road will be used to
pay Malayan Banking Berhad, United Overseas Bank Limited and
Oversea-Chinese Banking Corporation Limited, leaving an
unsecured balance of S$2,755,113.99 owing by WPC to these banks
(Balance Total Outstanding Amount).
Under the WPC Restructuring Agreement, the Company shall
purchase all rights, which these banks have against WPC in
respect of the Balance Total Outstanding Amount. The Company
shall issue an aggregate 275,511,399 shares of par value $0.005
each in the capital of the Company (Shares) to United Overseas
Bank Limited, Malayan Banking Berhad and Oversea-Chinese Banking
Corporation Limited at an issue price of S$0.01 each (WPC Debt
Restructuring Shares).
The WPC Debt Restructuring Shares, when issued, would represent
approximately 11.3% of the issue and paid-up share capital of
the Company as at the date of this Announcement and will rank
pari passu in all respects with the Shares existing on their
date of issue except that they will not be entitled to any
rights, dividends or distributions the record date of which
falls before the date of issue of such WPC Debt Restructuring
Shares.
For more information, click
http://bankrupt.com/misc/WeePohRestructuring8Mar05.pdf
CONTACT:
Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg
WEE POH: Releases Half-year Financial Statement
-----------------------------------------------
Wee Poh Holdings Limited furnished the Singapore Stock Exchange
(SGX) a copy of its Half Year Financial Statement and Dividend
announcement for the period ended December 31, 2004.
The company did not declare any dividend for the current
financial period.
To view a full copy of the financial result, click
http://bankrupt.com/misc/WeePoh31_Dec04_080305.pdf
===============
T H A I L A N D
===============
BANGKOK STEEL: Releases Audited Financial Statement
---------------------------------------------------
Bangkok Steel Industry Public Company Limited submitted to the
Stock Exchange of Thailand (SET) a summary of its audited yearly
financial statement for the period ended December 31, 2004.
(In thousands) Ending 31 December
For year Year
2004 2003
Net profit (loss) (298,344) (537,691)
EPS (baht) (1.86) (3.36)
Auditors Opinion: Disclaimer of Opinion with an emphasis of
matters
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
Economic Intellect Co. Ltd.
Plan Administrator
C.J. Morgan Co. Ltd.
Plan Administrator
To view a full copy of the financial statement, click
http://bankrupt.com/misc/BangkokSteel1.doc
http://bankrupt.com/misc/BangkokSteel2.xls
http://bankrupt.com/misc/BangkokSteel3.doc
CONTACT:
Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th
BANGKOK STEEL: Clarifies Auditor's Disclaimer on FS
---------------------------------------------------
Economic Intellect Co., Ltd. and C.J. Morgan Co., Ltd. on behalf
of the co-plan administrator of Bangkok Steel Industry Plc., as
appointed by the Central Bankruptcy Court on February 7, 2005,
Advised the Stock Exchange of Thailand (SET) that it has solved
the problem through the rehabilitation process with the consent
of the Central Bankruptcy Court on February 7, 2005.
The plan administrators would like to submit the audited
financial statement of 2005 and summarize the significant items
in the financial statement as follows:
Unit: Million baht
Consolidated F/S The separate F/S
2004 2003 2004 2003
Revenues 13,298 10,643 9,597 8,817
Cost of sales 11,775 9,941 8,357 7,511
Selling and Admin.
Expense 495 376 306 235
Profit (Loss) (8,860) (538) (298) (538)
Earnings (Loss)
per share (72.79) (4.42) (1.86) (3.36)
The operating result of the separate company had net loss that
decreased from that of the prior year for 44.61% while the
income increased 8.85%.
But when considering the operating result of the subsidiaries,
it appeared that the consolidated financial statement had net
loss which is higher than that of the prior year for 1,547% owed
to the realization of capital deficiency of subsidiaries in
financial statement for THB8,562 million. Those subsidiaries
are Tokyo Supermarket Co., Ltd., Sainamtip Property Co., Ltd.
and Treemit Marketing Co., Ltd.
The following are the progress of the rehabilitation plan of BSI
in the past period:
December 22, 2004: The Creditors' Meeting approved the
rehabilitation plan with the special resolution.
February 7, 2005: The court gave consent for the rehabilitation
plan and appointed the plan administrator.
Hence, the plan administrator will commence to proceed with the
rehabilitation plan rapidly and will periodically inform you
for further progress of the plan.
Please be advised accordingly
Yours sincerely,
Economic Intellect Co., Ltd.
C. J. Morgan Co., Ltd.
Plan Administrators
DATAMAT: Board Rectifies Financial Statement
--------------------------------------------
Datamat Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Board of Directors' Meeting No. 2/2005
held on March 7, 2005 had resolved:
(1) To rectify the Company's Annual Financial Statement and
Consolidated Financial Statement ended December 31, 2004 as
amended. Such financial statements have already been audited,
which the Company disclosed to the Stock Exchange of Thailand
and the Stock Exchange of Control Office. The company also
submitted the attachment of the explanatory letter to amend the
financial statements for year 2004 dated on March 2, 2005.
(2) The Meeting has resolved to approve the execution of loan
and factoring agreements between the Company and SMEs Bank in
the credit line of THB40,000,000, which such credit line should
be the working capital for Automated Spectrum Management System:
ASMS Project under the agreement between the Company and the
Post Telegraph Department.
In addition, such credit line had the suretyship whereby Mr.
Vinai Phongsathon and Mr. Bhana Swasdibutara were the guarantors
therein.
(3) The Meeting acknowledged the resignation of directorship of
Mr. Kusol Sangkananta, the Director and Secretary of the Board,
was effective on March 9, 2005.
Please be informed accordingly
Yours Sincerely,
Bhana Swasdibutara
Managing Director
Authorized Signatory for the Information Disclosure
CONTACT:
Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Web site: http://www.datamat.co.th
KRUNG THAI: Details Subordinated Debenture Payment
--------------------------------------------------
Krung Thai Bank Public Company Limited informed the Stock
Exchange of Thailand (SET) on the details for interest payment
of Subordinated Debenture of Krung Thai Bank Public Company
Limited No. 1/2547 (KTB14OA), which will be paid on April 22,
2005 with the following details:
Subordinated Debenture of Krung Thai Bank Public Company Limited
No. 1/2547 due B.E.2557 (KTB14OA) with total issue amount of
THB10,000,000,000. The 1st interest payment will be paid on
April 22, 2005 with the interest rate of 5.15% per annum
(interest period from October 22, 2004 to April 21, 2005 which
is 182 days of interest calculations). Interest Payment is
THB25.679452 per unit.
Furthermore, the closing date of the registration for interest
payment of Subordinated Debenture of Krung Thai Bank Public
Company Limited No. 1/2547 will be 12:00 p.m. of April 8, 2005.
For your information,
Suwit Udomsab
Senior Executive Vice President
International Business and Financial Markets Group
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: http://www.ktb.co.th
*********
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.
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