/raid1/www/Hosts/bankrupt/TCRAP_Public/050311.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, March 11, 2005, Vol. 8, No. 50
Headlines
A U S T R A L I A
ABP MILLING: To Pay Creditors Dividend on April 16
ADABRI PTY: Members Agree to Wind Up Company
ADVANCE RECRUITMENTS: Completes Winding Up Process
ADVANCED UNDERPINNING: General Meeting Set March 14
ALANU PTY: Names Joint Liquidator
ALLIED CARPET: WA Court Dismisses Appeal by Former Secretary
ANDAMOUNT CONSTRUCTIONS: To Convene Final Meeting March 16
AUDET PTY: Court Issues Winding Up Order
BERESFORD NOMINEES: Members to Meet March 23
BUSINESS INFORMATION: Fixes March 30 as Date of Final Meeting
CHRISTIAN RUSSELL: Members, Creditors to Attend to Duties
COMPLETE SCAFFOLDING: Final Meeting Slated for March 17
DR.SM PTY: To Receive Liquidators' Report on March 16
FIVE OCEAN: To Declare Final Dividend April 7
GOODMAN & SEACH: Liquidator to Explain Manner of Winding Up
KAMIN PTY: Resolves to Wind Up Company
KOSON PTY: Court Appoints Liquidator
LACHLAN INDUSTRIES: To Undergo Voluntary Winding Up
NATIONAL AUSTRALIA: Goes Live with SunGard's Adaptiv
NOMAD INVESTMENTS: Final Meeting Set March 15
OFFSET ALPINE: ASIC Notes Federal Court Judgment
PRIMELIFE CORPORATION: Not Entitled to Buy Aevum's Shares
QENOS: Seven Teams Vie for Business
SANTOS LIMITED: Appoints New Investor Relations Executive
SENATOR SECURITY: Appoints Ferrier Hodgson Liquidator
WINSHAW INVESTMENTS: Court Issues Winding Up Order
C H I N A & H O N G K O N G
ART WEALTH: Faces Winding Up Proceedings
BS LIMITED: Receiving Proofs of Debt Until April 4
CENTRAL NOMINEES: Proofs of Debt, Claim Due March 23
CHINA GAS: Director Mulls Sale of Half of 17.38 Stake
JCPMUSIC.COM: Court Issues Winding Up Order
MORE SHINE: Court to Hear Petition March 16
SCANDINAVIA LIMITED: Court Schedules Hearing April 13
UNITED CHINA: Issues Update on Placing Agreement
V-KINGDOM INTERNATIONAL: Winding Up Hearing Set April 13
I N D O N E S I A
BANK MANDIRI: Eyes 20% Stake in Tunas Financindo
J A P A N
ITOHAM FOODS: R&I Assigns BBB+ Prelim for Shelf Reg Scheme
JAPAN AIRLINES: Seeks to Cut Workforce
MITSUBISHI MOTORS: Gets Paid for Common Stock, Preferred Shares
MITSUBISHI MOTORS: US$760-Mln Deal Ends Row with DaimlerChrysler
SOJITZ HOLDINGS: Unit Incurs Losses on Commodities Transactions
SOJITZ HOLDINGS: S&P Says Losses Do Not Affect Ratings
K O R E A
LG CARD: Posts First Profit in Two Years
SK NETWORKS: May Exit Debt Workout Program by 2006
M A L A Y S I A
ACTACORP HOLDINGS: Court to Hear Appeal on March 28
CHG INDUSTRIES: Court Approves RO Extension
CYGAL BERHAD: SC Approves Proposed Takeover Waiver
HONG LEONG: To Hold EGM on March 16
KEMAYAN CORPORATION: Unit Named Defendant in Suit
MECHMAR CORPORATION: Seeks Suspension in Shares Trading
METROPLEX BERHAD: Unit Acquires Land from ESB
PAN MALAYSIA: Issues Notice of Shares Buy Back
PANTAI HOLDINGS: Buys Back 78,000 Shares
TRU-TECH HOLDINGS: Scheme Creditors to Meet March 18
YIKON CORPORATION: Unaware of Unusual Market Activity
P H I L I P P I N E S
ASIAN DIAMOND: Fails to Avert Liquidation
CEBU PLAZA: MetroPac, Metrobank in JV Talks
DIGITAL TELECOMMUNICATIONS: Forecasts Wider Net Loss in 2004
MANILA ELECTRIC: To Adopt ERC's New Rate-setting Scheme
MAYNILAD WATER: Court Extends Deadline for Rehab Plan Submission
NATIONAL POWER: Government to Complete Privatization by June
NATIONAL POWER: JBIC Poised to Approve Loan Transfer
VICTORIAS MILLING: Annual Stockholders Meeting Set April 1
S I N G A P O R E
ACCORD CUSTOMER: SingPost Clarifies Proposed Investment
CHINA AVIATION (S): To Oppose Creditor's Move in Court
CHINA AVIATION (S): SMBC Asks Court to Continue Case
EMR RESOURCES: Proofs of Debt, Claims Due April 9
GREATRONIC LIMITED: AC Files Formal Complaint with CAD
HABASCA INVESTMENT: Winding Up Hearing Fixed on April 1
MEASUREX ENGINEERING: Lays Out Agenda of Creditor's Meeting
MENTOR DESIGN: Accepting Proofs of Debt, Claims Until April 7
MULTIWAVE INNOVATION: Issues Notice of Preferential Dividend
T H A I L A N D
CENTRAL PAPER: To Act as Plan Administrator of Own Rehab
DATAMAT: Trading of Securities Still Suspended
JASMINE INTERNATIONAL: Plan Administrator Changes Directors
KRUNG THAI: Probe Results to be Unveiled March 17
THAI PETROCHEMICAL: Court Rejects Bid for New Mediation Talk
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
ABP MILLING: To Pay Creditors Dividend on April 16
--------------------------------------------------
A first and final priority creditor dividend is to be declared
on April 16, 2005 for ABP Milling Industries Pty Limited (In
Liquidation) A.C.N. 096 776 206.
Creditors who were not able to formally prove their debts or
claims will be excluded from the benefit of the dividend.
Dated this 15th day of February 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: 02 9233 2111
Facsimile: 02 9233 2144
ADABRI PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Adabri Pty Limited (In Liquidation) formerly
trading as Autobarn Emerton A.C.N. 097 803 515 held on February
3, 2005, it was resolved that the Company be wound up
voluntarily.
At a meeting of creditors held on the same day it was resolved
that for such purpose, Peter Paul Krejci of GHK Green Krejci,
Level 9, 179 Elizabeth Street, Sydney NSW 2000 be appointed
Liquidator.
Dated this 3rd day of February 2005
Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000
ADVANCE RECRUITMENTS: Completes Winding Up Process
--------------------------------------------------
Take note that the affairs of Advance Recruitments Pty Limited
(In Liquidation) A.C.N. 061 675 581 are now fully wound up and
pursuant to Section 509(1) of the Corporations Act 2001, a final
meeting of the Company and its creditors will be held at the
offices of PPB, 15th Floor, 25 Bligh Street, Sydney on Tuesday,
March 15, 2005 at 11:00 a.m.
AGENDA
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 2nd day of February 2005
S. J. Parbery
A. L. Smith
Liquidators
Proxy forms for the meeting should be lodged at the offices of
PPB, Level 15, 25 Bligh Street, Sydney by 4:00 p.m. on March 14,
2005.
ADVANCED UNDERPINNING: General Meeting Set March 14
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of Advanced Underpinning Pty Ltd (In Liquidation)
A.C.N. 081 998 487 will be held at the offices of de Vries
Tayeh, Level 3, 95 Macquarie Street, Parramatta NSW 2150 on
March 14, 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
Liquidator.
Dated this 1st day of February 2005
Antony De Vries
Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150
ALANU PTY: Names Joint Liquidator
---------------------------------
At an extraordinary General Meeting of Alanu Pty Ltd (In
Liquidation) A.C.N. 001 711 477 convened and held at LCI
Partners, 239 Church Street, Parramatta, NSW on January 31,
2005, Riad Tayeh was appointed Joint & Several Liquidator with
Mr. Antony de Vries.
Dated this 31st day of January 2005
Riad Tayeh
Joint Liquidator
de Vries Tayeh
c/- Level 3, 95 Macquarie Street,
Parramatta NSW 2150
ALLIED CARPET: WA Court Dismisses Appeal by Former Secretary
------------------------------------------------------------
The Western Australian Court of Criminal Appeal has dismissed an
appeal by Mr. Stewart Milne, a former company secretary and
financial controller of Allied Carpet Industries Pty Ltd
(Allied).
The appeal followed an investigation by the Australian
Securities and Investments Commission (ASIC), and subsequent
conviction of Mr. Milne in May 2004 of fraudulently obtaining an
overdraft facility of $176,000 from the National Australia Bank
(NAB). The District Court of Western Australia imposed a 16-
month jail sentence which was fully suspended for two years.
ASIC alleged that Mr. Milne assisted a director of Allied, Mr.
Michael Frank Simich to obtain an overdraft facility of $176,000
in June 2000. It was alleged the overdraft was obtained by
providing false financial information to the NAB, which the bank
relied upon to grant the overdraft. The funds were used to
maintain Allied's capital, as well as paying interest to
Allied's investors, as part of an illegal investment scheme
operated by Mr. Simich.
ASIC did not allege that Mr. Milne was knowingly concerned in
the fraudulent investment scheme.
The charges were prosecuted by the Commonwealth Director of
Public Prosecutions.
Background
Allied was in the business of supplying and laying carpet in
various areas of Western Australia.
Mr. Simich obtained investors from across Perth through his
company Allied by promising high returns over short periods on
investments in non-existent carpet jobs.
The scheme was a ponzi-style investment scheme, which used new
investors' funds to repay earlier investors.
On 28 June 2002, Mr. Simich pleaded guilty to 50 charges of
fraudulently obtaining funds from investors and seven charges of
stealing funds obtained from investors, relating to a total of
$2,774,000.
Mr. Simich also pleaded guilty to two charges of fraudulently
obtaining a temporary overdraft facility of $150,000 and a
permanent facility of $176,000 from the NAB for Allied.
On 24 July 2002, Mr. Simich received a head sentence of 11 years
for his part in the promotion and operation of the ponzi-style
investment scheme and the fraudulent activity relating to NAB.
Mr. Simich's sentence was later reduced to six years.
On 31 October 2000, the Supreme Court of Western Australia
placed Allied into provisional liquidation. The company
subsequently went into full liquidation on 6 December 2000.
ANDAMOUNT CONSTRUCTIONS: To Convene Final Meeting March 16
----------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Andamount Constructions Pty Limited (In Liquidation) A.C.N.
003 695 798 will be held at the offices of Jirsch Sutherland on
Wednesday, March 16, 2005 at 2:00 p.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted, the property of the company
disposed of, the hearing of any explanations that may be given
by Liquidator.
Dated this 15th day of February 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
AUDET PTY: Court Issues Winding Up Order
----------------------------------------
On February 3, 2005, the Supreme Court of New South Wales made
an Order that Audet Pty Ltd (In Liquidation) be wound up by the
Court and appointed A. R. Nicholls to be Liquidator.
A. R. Nicholls
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 6, 459 Peel Street,
(PO Box 271),
Tamworth NSW 2340
BERESFORD NOMINEES: Members to Meet March 23
--------------------------------------------
Notice is given that a final meeting of members of Beresford
Nominees Pty Ltd (In Voluntary Liquidation) A.C.N. 000 841 190
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
BUSINESS INFORMATION: Fixes March 30 as Date of Final Meeting
-------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Business Information Research Pty Limited (In Liquidation)
A.C.N. 050 958 471 will be held at the offices of Grant
Thornton, Level 17, 383 Kent Street, Sydney NSW 2000, on
Wednesday, March 30, 2005, at 11:00 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
company disposed of and of hearing any explanations that may be
given by the Liquidator.
Dated this 4th day of February 2005
P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000
CHRISTIAN RUSSELL: Members, Creditors to Attend to Duties
---------------------------------------------------------
A final meeting of members and creditors of Christian Russell
Pty Ltd (In Liquidation) trading as Muffin Break Campbelltown
A.C.N. 079 474 758 will be held at the offices of Crouch
Insolvency, Level 5, 82 Elizabeth Street, Sydney NSW on March
17, 2005 at 11:30 a.m. for the purpose of attending to statutory
duties.
Dated this 15th day of February 2005
Nicholas Crouch
Liquidator
COMPLETE SCAFFOLDING: Final Meeting Slated for March 17
-------------------------------------------------------
A final meeting of members and creditors of Complete Scaffolding
& Rigging Pty Ltd (In Liquidation) formerly trading as Killarney
Vale Red Prawn A.C.N. 066 815 263 will be held at the offices of
Crouch Insolvency, Level 5, 82 Elizabeth Street, Sydney NSW on
March 17, 2005 at 11:00 a.m. for the purpose of attending to
statutory duties.
Dated this 15th day of February 2005
Nicholas Crouch
Liquidator
DR.SM PTY: To Receive Liquidators' Report on March 16
-----------------------------------------------------
Notice is given that a final meeting of the members and
creditors of DR.SM Pty Limited (In Liquidation) A.C.N. 097 452
401 will be held at Rodgers Reidy, Level 8, 333 George Street,
Sydney on Wednesday, March 16, 2005 at 10:00 a.m.
The purpose of the meeting is:
(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.
Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
FIVE OCEAN: To Declare Final Dividend April 7
---------------------------------------------
A first and final dividend is to be declared on April 7, 2005
for Five Ocean Engineering Co Pty Limited (In Liquidation)
A.C.N. 001 541 180.
Employees who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 7th day of February 2005
Danny Vrkic
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: (02) 4225 2545
Facsimile: (02) 4225 2546
GOODMAN & SEACH: Liquidator to Explain Manner of Winding Up
-----------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Goodman &
Seach Pty Limited (In Liquidation) A.C.N. 079 307 298 will be
held at the offices of Paul and Brett Services 286 Conadilly
Street, Gunnedah on March 14, 2005, at 10:00 a.m. for the
purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.
Dated this 4th day of February 2005
Joanne Kelly
Liquidator
Paul & Brett Services Proprietary
286 Conadilly Street, Gunnedah NSW 2380
KAMIN PTY: Resolves to Wind Up Company
--------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Kamin Pty Limited (In Liquidation) A.C.N. 001 192
212 held on January 31, 2005 it was resolved by special
resolution that the company be wound up in a members' voluntary
winding up and Deryk Andrew was appointed Liquidator.
Dated this 31st day of January 2005
Deryk Andrew
Liquidator
KOSON PTY: Court Appoints Liquidator
------------------------------------
On February 1, 2005, the Supreme Court of New South Wales made
an Order that Koson Pty Limited (In Liquidation) A.C.N. 093 667
915 be wound up by the Court and appointed the undersigned to be
Liquidator.
Dated this 2nd day of February 2005
Maxwell William Prentice
c/- PPB
Chartered Accountants & Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310
LACHLAN INDUSTRIES: To Undergo Voluntary Winding Up
---------------------------------------------------
Notice is hereby given that at a meeting of creditors of Lachlan
Industries Pty Limited A.C.N. 001 183 928, held on January 31,
2005, it was resolved that the company be wound up voluntarily
and that for such purpose Deryk Andrew of Bentleys MRI Sydney,
Business Recovery & Insolvency Partnership, Level 8, Barrack
House 16-20 Barrack Street, Sydney, NSW, be appointed
Liquidator.
Dated this 31st day of January 2005
Deryk Andrew
Liquidator
NATIONAL AUSTRALIA: Goes Live with SunGard's Adaptiv
----------------------------------------------------
National Australia Bank (NAB) has implemented SunGard Trading
and Risk Systems' Adaptiv system to manage global credit limits
across its operations.
SunGard says NAB is able to centrally store credit information
using Adaptiv, helping risk personnel to monitor global
exposures against limits and manage exceptions on a real-time
basis.
The bank will also use Adaptiv to improve its violation
management and workflow as well as control of credit policies.
David Kerr, head of strategic development, credit risk
management, NAB, says: "Adaptiv has provided us with an
integrated framework to monitor our global limits in real time
and respond to trade-related activity. Adaptiv helps us to
satisfy within seconds traders' requests for pre-deal limit
checking and to send warnings and credit line availability
levels back to the traders in real time. This means we can now
proactively manage our global credit risks."
NAB is hosting Adaptiv centrally, with SunGard providing remote
management facility services to monitor the system and provide
access across the bank's global sites.
SunGard has been identified as a key vendor partner by NAB,
which is looking to assert tighter control over IT risk
management following the rogue trading scandal in the bank's
markets division last year. The Australian bank already uses
SunGard for credit derivatives management. Additionally, it uses
SunGard's Mint for SwiftNet connectivity, Compass for
superannuation processing, intelliMatch for reconciliations and
intelliStor for the storage and retrieval of reports.
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/
NOMAD INVESTMENTS: Final Meeting Set March 15
---------------------------------------------
Notice is hereby given that the final meeting of the members of
Nomad Investments Pty Limited (In Liquidation) A.C.N. 000 954
683 will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on
March 15, 2005 at 11:00 a.m., for the purpose of laying before
the meeting an account showing how the winding up has been
conducted and the property of the company has been disposed and
giving any explanation thereof.
Dated this 7th day of February 2005
Schon G. Condon Rfd
Bruce Gleeson
Joint Liquidators
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
OFFSET ALPINE: ASIC Notes Federal Court Judgment
------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), has noted the judgment of the
Federal Court of Australia in the proceedings brought by Sydney
businessman Mr. Trevor Kennedy relating to the validity of
ASIC's investigation into Offset Alpine Printing Group Ltd.
The Full Court dismissed Mr. Kennedy's application and found
that the transitional provisions in the Corporations Act 2001
were valid and that liability could extend to offences alleged
to have occurred in 1995.
As the proceeding relates to an ongoing investigation into
Offset Alpine Printing Group Ltd, ASIC will not comment further
at this time
The full text of the judgment is available at
www.fedcourt.gov.au.
PRIMELIFE CORPORATION: Not Entitled to Buy Aevum's Shares
---------------------------------------------------------
Primelife Corporation Limited (PLF) gives notice of the
following information as referred to in ASX Listing Rule 3.3:
(1) as at 7:00 p.m. on March 9, 2005, the close of the offer
period under PLF's offer dated January 7, 2005 for all the
shares in Aevum Limited (Offer), PLF and its associates had a
relevant interest in 0.17% of the ordinary shares of Aevum
Limited, being the securities in the bid class under the Offer;
and
(2) PLF is not entitled to compulsorily acquire the remaining
ordinary shares in Aevum Limited.
Dated March 10, 2005.
Gregor Dixon
Company Secretary
CONTACT:
Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/
QENOS: Seven Teams Vie for Business
-----------------------------------
Seven teams have been shortlisted to bid for Qenos Pty Ltd,
which is valued at around AU$400 million (US$315 million),
Reuters reports.
The cash-strapped plastic manufacturer was recently put up for
sale by its joint venture owners, Exxon Mobil Corp and Orica
Limited.
Bids are due around the end of April, with the sellers looking
to close the deal at the end of May.
Exxon Mobil and Orica decided to eventually quit the business
after it suffered a three-year slump amid low polyethylene
prices and inefficient operations.
Qenos, which was set up in 1999 when Orica and Exxon Mobil
combined their two plants in Melbourne and Sydney with 900
workers, restructured its AU$250 million debt last September
with some AU$15 million in financial aid from its owners.
CONTACT:
Qenos Pty Ltd
ABN 62 054 196 771
Cnr Kororoit Creek Road & Maidstone Street
Altona Victoria 3018
Australia
General Enquiries:
Phone: 61 3 9258 7333
Fax: 61 3 9258 7451
Postal:
Private Mail Bag 3
Altona Victoria 3018
Australia
E-mail: enquiry@qenos.com
Web site: http://www.qenos.com/
SANTOS LIMITED: Appoints New Investor Relations Executive
---------------------------------------------------------
Former Merrill Lynch investment banker, Mr. Andrew Seaton, has
joined Santos Limited as its new Group Executive, Investor
Relations.
In this role, Mr. Seaton will be responsible for managing
Santos' relationships with the broader investment community, to
ensure that the Company's strategies, value drivers and results
are understood by investors.
Mr. Seaton has over eight years experience in the financial
markets including six years in investment banking with Merrill
Lynch in Melbourne and New York, with a focus on corporate
finance and mergers and acquisitions advisory in the natural
resources sector.
Prior to joining Merrill Lynch, he worked for over ten years in
engineering and project management in the oil and gas sector,
gaining experience across a broad range of projects for
companies including Santos, Woodside, BP, Shell and Esso.
His most recent position was Client Director, Corporate Banking
with National Australia Bank, with responsibility for
relationship management across resources and building materials
clients in southern Australia.
Mr. Seaton has an Honours Degree in Chemical Engineering from
the University of Adelaide, and a Graduate Diploma in Business
Administration from the University of South Australia.
"It is pleasing to secure someone of Mr. Seaton's calibre for
this important position, especially given this unique finance
and engineering background," Santos' Managing Director, Mr. John
Ellice-Flint, said.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SENATOR SECURITY: Appoints Ferrier Hodgson Liquidator
-----------------------------------------------------
Notice is hereby given that at a meeting of creditors of Senator
Security Services Pty Ltd (In Liquidation) A.C.N. 077 666 196
convened pursuant to Section 439A of the Corporations Act 2001
held on February 1, 2005, it was resolved that the Company be
wound up.
Pursuant to Section 446A of the Corporations Act 2001, John
Melluish of Ferrier Hodgson, Level 17, 2 Market Street, Sydney,
NSW was appointed Liquidator on that date.
Dated this 1st day of February 2005
John Melluish
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000
WINSHAW INVESTMENTS: Court Issues Winding Up Order
--------------------------------------------------
On January 31, 2005, the Supreme Court of New South Wales made
an Order that Winshaw Investments Australia Pty Limited (In
Liquidation) A.C.N. 095 551 054 be wound up by the Court and
appointed Maxwell William Prentice to be Liquidator.
Dated this 1st day of February 2005
Maxwell William Prentice
c/- PPB
Chartered Accountants and Business
Reconstruction Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310
==============================
C H I N A & H O N G K O N G
==============================
ART WEALTH: Faces Winding Up Proceedings
----------------------------------------
A winding up petition was presented to Art Wealth Enterprises
Limited of RM 2005, Hip Kwan Commercial Centre, No 38 Pitt St
Mongkok, KLN 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 December 16, 2004.
Dated this 25th day of February 2005
E T O'Connell
Official Receiver
BS LIMITED: Receiving Proofs of Debt Until April 4
--------------------------------------------------
Notice is hereby given that the Creditors of BS Limited (In
Members' Voluntary Liquidation) are required on or before April
4, 2005 at noon to send their names, addresses and descriptions,
full particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the undersigned,
the Liquidators of the said Company.
If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 4th day of March 2005
Kan Tim Hei
Fok Pui Ling Linda
Joint and Several Liquidators
16/F., Standard Chartered Bank Building
4-4A Des Voeux Road Central
Hong Kong
CENTRAL NOMINEES: Proofs of Debt, Claim Due March 23
----------------------------------------------------
Notice is hereby given that the Creditors of Central Nominees
Limited (In Members' Voluntary Liquidation) are required on or
before 5:00 p.m. on March 24, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned, Miss Tang Wei Yee of 9th Floor,
Centre Mark II, 305-313 Queen's Road Central, Hong Kong.
If so required by notice in writing from the said liquidators,
they are to prove their debt or claims at such time and place as
shall be specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 4th day of March 2005
Tang Wei Yee
Liquidator
CHINA GAS: Director Mulls Sale of Half of 17.38 Stake
-----------------------------------------------------
The Board of China Gas Holdings Limited was notified by Mr. Liu
Minghui, a substantial shareholder (as defined under the Listing
Rules) and the managing director of the Company who, and the
parties acting in concert with him, as at the date of the
announcement made to the Singapore Stock Exchange (SGX), is
interested in 385,000,000 Shares, representing approximately
17.38% of the entire issued share capital of the Company as at
the date of this announcement, that he has entered into the
Agreement to sell the Sale Shares in five tranches to Hai Xia.
The Sale Shares represent approximately 8.58% of the entire
issued share capital of the Company as at the date of this
announcement. Immediately after the Completion, Hai Xia and the
parties acting in concert with it will hold 340,000,003 Shares,
representing approximately 15.35% of the entire issued share
capital of the Company whereas Mr. Liu and the parties acting in
concert with him will be interested in 195,000,000 Shares,
representing approximately 8.80% of the entire issued share
capital of the Company.
To view in full details the sale and purchase agreement, click
http://bankrupt.com/misc/CHINAGAS031005.pdf
JCPMUSIC.COM: Court Issues Winding Up Order
-------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court Of First Instance issued a winding up order for
JCPMusic.Com (Hong Kong) Limited of Unit 1002, 10th Floor,
Professional Bldg, 19-23 Tung Lo Wan Rd, Causeway Bay, HK on
February 16, 2005.
The winding up petition was presented December 16, 2004.
Dated this 25th day of February 2005
E T O'Connell
Official Receiver
MORE SHINE: Court to Hear Petition March 16
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
More Shine Management Consultant Limited by the High Court of
Hong Kong Special Administrative Region was on January 13, 2005
presented to the said Court by the Commissioner of Inland
Revenue of Revenue Tower, 5 Gloucester Road, Wan Chai, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on March 16, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Chu Ying Hung
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway
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
15, 2005.
SCANDINAVIA LIMITED: Court Schedules Hearing April 13
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Scandinavia (Holdings) Limited by the High Court of Hong Kong
Special Administrative Region was on February 3, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited 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 a.m.
on April 13 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.
W. I. Cheung & Co.
Solicitors for the Petitioner
Room 2505-10, Wing On House
71 Des Voeux Road Central
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the 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 April
12, 2005.
UNITED CHINA: Issues Update on Placing Agreement
------------------------------------------------
On March 9, 2005, United China International Holdings Limited
entered into the Placing Agreement with Chung Nam Securities
Limited (Placing Agent) and CU Corporate Finance Limited
(Financial Adviser) after arm's length negotiation in relation
to the Placing up to 274,000,000 Placing Shares at the Placing
Price of HK$0.168 per share on a best effort basis by the
Placing Agent.
Number of Placing Shares
Up to 274,000,000 Placing Shares are to be placed, representing
approximately 18.13 percent of the existing issued share capital
of the company of 1,511,322,252 Shares and approximately 15.35
percent of the issued share capital of the Company as enlarged
by the Placing Shares, if fully placed. The placing Agent will
place the Placing Shares on a best effort basis. The Placing
Shares will be issued under the General Mandate and will rank
equally with the existing Shares.
To view a full copy of the agreement, click
http://bankrupt.com/misc/CHINAUNITED031005.pdf
V-KINGDOM INTERNATIONAL: Winding Up Hearing Set April 13
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of V-
Kingdom International Limited by the High Court of Hong Kong
Special Administrative Region was on February 3, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited 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 a.m.
on April 13, 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. T.H. Koo & Associates
Solicitors for the Petitioner
Room A2, 15th Floor
United Centre
No. 95 Queensway
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 April
12, 2005.
=================
I N D O N E S I A
=================
BANK MANDIRI: Eyes 20% Stake in Tunas Financindo
------------------------------------------------
Bank Mandiri is still negotiating with PT Tunas Financindo to
buy 20% stake in the company, but there is no fixed schedule as
of yet, reports Indoexchange News.
PT Tunas Financindo's majority stakeholder PT Tunas Riden
president director Miranti Andyana said that both companies are
still in the midst of negotiations, and that Bank Mandiri may
acquire less than 20% of Tunas' shares. He said that both
companies are still uncertain as to when the acquisition plan
can be completed.
Bank Mandiri wants to acquire the stake through a bond swap in
order to advance expansion of its consumer loans.
PT Tuans Financindo is scheduled to issue IDR500 billion in
bonds in May, the proceeds of which will go to financing the
company's loans totalling IDR1.8 trillion, higher than 2004's
loans worth IDR1.2 trillion.
Other underwriters interested in the bonds issue are AAA
Securities, HSBC Securities, Indo Premier Securities, Kresna
Graha Securities, Standard Chartered Indonesia Securities and
Trimegah Sekuritas.
CONTACT:
PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id
=========
J A P A N
=========
ITOHAM FOODS: R&I Assigns BBB+ Prelim for Shelf Reg Scheme
----------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following preliminary rating on Itoham Foods Inc.
Long-term Debt
Preliminary Rating for the Shelf Registration scheme
R&I RATING: BBB+
RATIONALE:
Japan's second largest table meat processor, Itoham Foods Inc.
has strengths in gift sets of high quality ham and sausages. Due
to the effects of the discovery of the first BSE (Bovine
Spongiform Encephalitis) cow infection in Japan in 2001, Itoham
suffered a net deficit for the year ending March 2002.
However, creditworthiness is now recovering following
initiatives to cut costs by concentrating its production plants
and reducing personnel costs. Stepping up cost corrective
measures has resulted in stronger resilience to a worsening of
the operational environment.
However, a maturing of the market and a contraction of the gift
market make it difficult to anticipate a return to the level of
former earnings. In addition to these factors, raw material
supply risk is also increasing as measures halting imports of
U.S. beef remain in place even now in the wake of a BSE
outbreak.
On the financial side, there has been progress in the reduction
of debt and financial composition is favorable. Consolidated
debt fell from JPY30.2 billion at the end of March 2002 to 11.3
billion yen for the year ended March 2004. The consolidated
equity capital ratio rose from 51% to 54% during the same
period.
R&I RATINGS:
ISSUER: Itoham Foods Inc.
Long-term Debt
Preliminary Rating for the Shelf Registration scheme
ISSUE: Bonds to be Rated: Corporate Bonds
Issue Amount(mln): JPY30,000 (Shelf Amount)
Issue Period: Two years from Mar 15, 2005
R&I RATING: BBB+
Formal ratings will be assigned to individual bonds issued under
the scheme on confirmation of the issuing contract, the purpose
for which the funds will be used, the operational environment,
and the content of the issuing contract.
Senior Long-term Credit Rating: BBB+
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:
Itoham Foods Inc
4-27, Takahata-Cho
Nishinomiya 663-8586, Hyogo 663-8586
JAPAN
Phone: +81 798 66 1231
Fax: +81 798 64 1140
Web site: http://www.itoham.co.jp/
JAPAN AIRLINES: Seeks to Cut Workforce
--------------------------------------
Japan Airlines (JAL) announced a new business plan which
featured job cuts and the appointment of a new chief executive
officer, Agence France Presse relates.
Under its new scheme, the airline will lay off around 5,900
workers in three years, a revision from its previous target of
4,500 job losses by March 2007.
The company, on the other hand, said president Toshiyuki
Shinmachi will be installed as the new chief executive officer,
replacing Chairman Isao Kaneko.
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
MITSUBISHI MOTORS: Gets Paid for Common Stock, Preferred Shares
---------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on February 14
that it would issue new common stock and preferred shares
through third party allocation. This capital enhancement
arrangement was included in the "Mitsubishi Motors
Revitalization Plan" which outlines the company's new business
plan through 2007.
On March 10, MMC announced that a total payment of approximately
JPY274 billion has been received for the issuance of common
stock and No. 2 Class G preferred shares. The details of the
issuances are as follows:
(1) Common Stock
Amount: JPY105.606 billion
Purchasers: Mitsubishi Heavy Industries, Ltd. JPY37.524 billion
Mitsubishi Corporation, Ltd. JPY51.346 billion
Bank of Tokyo-Mitsubishi JPY16.736 billion
(2) No. 2 Class G Preferred Shares
Amount: JPY168.393 billion
Purchasers: Mitsubishi Heavy Industries, Ltd. JPY12.475 billion
Mitsubishi Corporation, Ltd. JPY18.654 billion
Bank of Tokyo-Mitsubishi JPY137.264
billion
Please see the attached appendix for further details regarding
share allocation.
Appendix
Receiving party Mitsubishi Heavy Industries, Ltd.
Number of shares Common stock: 360,812,000 shares
No. 2 Class G preferred shares: 12,475 shares
Total payment (in yen) Common stock: 37,524,448,000
No. 2 Class G preferred shares: 12,475 million
Receiving party Mitsubishi Corporation, Ltd.
Number of shares Common stock: 493,711,000
No. 2 Class G preferred shares: 18,654 shares
Total payment (in yen) Common stock: 51,345,944,000
No. 2 Class G preferred shares: 18,654 million
Receiving party Bank of Tokyo-Mitsubishi
Number of shares Common stock:160,923,000 shares
No. 2 Class G preferred shares:137,264 shares
Total payment (in yen) Common stock: 16,735,992,000
No. 2 Class G preferred shares:137,264 million
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: US$760-Mln Deal Ends Row with DaimlerChrysler
----------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has agreed to pay around
JPY80 billion ((US$762 million) to DaimlerChrysler in
compensation package for a dispute arising from the sale of
MMC's truck making arm to the German carmaker, Financial Times
says.
The deal will see MMC transferring its 20 percent stake in
Mitsubishi Fuso Truck and Bus Corporation to DaimlerChrysler and
offering it a cash settlement of JPY20-30 billion.
DaimlerChrysler paid some JPY140 million to MMC in 2004 for a
percent stake in Fuso before the Japanese company was engulfed
in a series of defect cover-up scandals.
The German-American company informed MMC last June of its
intention to demand compensation based on a clause in the stock
transfer agreement.
SOJITZ HOLDINGS: Unit Incurs Losses on Commodities Transactions
---------------------------------------------------------------
Losses on commodities transactions by the Energy & Mineral
Resources Division of Sojitz Corporation, a subsidiary of Sojitz
Holdings Corporation, have come to light. At this point in time,
losses on revaluation at market price are thought to be
approximately JPY16.0 billion.
Judging from what we have discovered to this time, it appears
possible that the division responsible violated important
company risk management regulations when executing the
transactions. Sojitz Holdings will immediately form an incident
investigation committee, to be chaired by an independent
attorney, and which will have a mandate to determine the facts
of this matter at the earliest possible date.
The Sojitz Group's New Business Plan stresses the enhancing and
strengthening of risk management. In line with this fundamental
policy, Sojitz Holdings will immediately undertake a review and
revamping of risk management structures throughout the entire
Sojitz Group.
Sojitz Holdings will determine the actual extent of the loss as
quickly as possible, and will write off the entire amount within
the current fiscal year. This loss will have an impact on
consolidated performance for the fiscal year ending March 31,
2005.
Final figures will be released as soon as they are known.
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
SOJITZ HOLDINGS: S&P Says Losses Do Not Affect Ratings
------------------------------------------------------
Standard & Poor's Ratings Services on Thursday affirmed its BB-
long-term issuer and BB+ long-term debt ratings on Sojitz
Holding's unit Sojitz Corp., reflecting the limited impact on
the company's credit quality from extraordinary losses on
commodities transactions. The outlook on the long-term rating
remains stable.
Sojitz Holdings Corp. (NR) announced on March 9, 2005, that it
would post an extraordinary loss likely to be about JPY16
billion from commodities transactions by the energy and mineral
resources division of its subsidiary, Sojitz Corp. The size of
the loss will ultimately be determined after closing the
position, and may change depending on market condition at that
time.
However, the extraordinary loss is unlikely to lead to a
significant increase in Sojitz Holdings' total expected net
consolidated loss of JPY380 billion for fiscal 2004 (ending
March 31, 2005).
Sojitz is currently introducing a new risk management system,
but this has yet to be fully implemented. Consequently, the
level of risk management at Sojitz remains weaker than at other
general trading companies in Japan.
Establishing and efficiently managing more sophisticated risk
management and compliance systems remains a key factor for the
rating on the company.
Ratings List
Corporate credit rating BB-/Stable/--
Senior unsecured debt BB+
=========
K O R E A
=========
LG CARD: Posts First Profit in Two Years
----------------------------------------
LG Card said that it finally reported a net profit for the first
time since 2002, reports Agence France-Presse.
The credit card firm posted KRW325.8 billion in net profit for
the fourth quarter of 2004, compared with a net loss of KRW91.4
billion the previous year.
The profit reduced the Company's 2004 net loss to KRW81.6
billion from KRW5.6 trillion, with operating loss falling from
KRW5.3 trillion to KRW841.7 billion.
According to LG Card spokesman Kim Byung-chul, the Company
garnered their first net profit in two years by "extending
tighter lending requirements to customers" in its debt
restructuring process, and they expect profitability to continue
improving after the Company's capital reduction.
LG Card had previously agreed to a capital reduction that would
cut its capital from KRW3.44 trillion to KRW626.8 billion, and
shares were also reduced from 689.53 million to 125.36 million.
After a KRW5.5 trillion bailout by creditors last year, LG
Card's profit reserves are expected to exceed its debt, and the
Company is now up for sale in order for creditors to repay
creditors.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
SK NETWORKS: May Exit Debt Workout Program by 2006
--------------------------------------------------
With improving business performance, SK Networks Co. expects to
graduate from its debt workout program as soon as early next
year, reports Yonhap News.
According to creditors, the Company is still controlled by
creditors, but can get back to normal if business performance
continues to improve.
SK Networks Co. is undergoing a debt-restructuring program after
accounting irregularities amounting to KRW1.55 trillion revealed
in 2003 placed the Company on the edge of bankruptcy. The
company was then bailed out by creditors through debt-equity
swaps.
Parent SK Group is selling the Company's non-core businesses to
repay creditors for the bailout, and the Company reported a
KRW461 billion net profit for 2004, with a revenue of KRW13.61
trillion.
CONTACT:
SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
100-192 South Korea
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr
===============
M A L A Y S I A
===============
ACTACORP HOLDINGS: Court to Hear Appeal on March 28
---------------------------------------------------
The hearing for the appeal of Actacorp Holdings Berhad on the
decision of the Kuala Lumpur High Court in the suit filed
against the Company by Nagase (Malaysia) Sdn Berhad for a claim
of RM150,341.50 is set on Monday, March 28, 2005.
CONTACT:
Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Phone: +60 3 9282 1388
Fax: +60 3 9284 713
CHG INDUSTRIES: Court Approves RO Extension
-------------------------------------------
Further to the announcements dated Oct. 18, 2004, Dec. 14, 2004,
and March 3, 2005, in respect of the Company's application for
extension of the Restraining Order (RO), CHG Industries Berhad
announced that the Kuala Lumpur High Court had on March 9, 2005,
allowed the extension of the Restraining Order pursuant to
Section 176(10) of the Companies Act, 1965 for a further period
of ninety (90) days from Jan. 29, 2005, to April 28, 2005.
The Restraining Order to cover Bursa Malaysia Securities Berhad
(Bursa Securities) is also extended for a further period of
ninety (90) days from Jan. 29, 2005, or until the date that the
Securities Commission (SC) communicates its decision to the
Company in respect of the submission made to the SC (as
announced on Dec. 30, 2004), whichever is earlier. Both Bursa
Securities and the Company are at liberty to apply to the Court
for such further orders and/or relief as the parties, as the
case may be, deem fit and/or just.
In addition, the Kuala Lumpur High Court has fixed April 26,
2005, as a mention date to update the Court on any progress that
may have any bearing on the subsistence of the Restraining Order
granted on March 9, 2005, in regard to whether or not the SC has
communicated its decision to the Company in respect of the
submission.
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax: +60 3 907 66215
CYGAL BERHAD: SC Approves Proposed Takeover Waiver
--------------------------------------------------
Cygal Berhad announced that the Securities Commission (SC) has
on March 8, 2005, approved the proposed waiver pursuant to
Practice Note 2.9.3 (Exemption if rescue operation) for Cygal
Holdings Sdn Berhad (CHSB) and persons-acting-in-concert with it
from a mandatory take-over offer obligation to acquire the
remaining ordinary shares in Active Accord Sdn Bhd.
The persons-acting-in-concert with CHSB are Tuan Syed Zain Al-
Kudcy Bin Dato' Syed Mahmood, Dato' Seow Yong Chin, Dato' Bujang
Bin Buyong @ Jislen Bin Bagong, Lau Ing Keh, A. Malik Bin Munadi
and Rohizir Bin Abdul Rashid. Active Accord Sdn Bhd is the
company taking over the listing status of Cygal in a proposed
restructuring scheme approved by the SC on Dec. 11, 2002.
The Proposed Waiver is required in order to implement the
proposed renounceable rights issue, with a minimum subscription
of 15,000,000 rights shares together with 15,000,000 free
warrants, which was approved by the SC on March 7, 2005.
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
HONG LEONG: To Hold EGM on March 16
-----------------------------------
Hong Leong Industries Berhad (HLI) announced that an
Extraordinary General Meeting (EGM) of the Company will be held
at the Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak,
50450 Kuala Lumpur on Wednesday, March 16, 2005, 11:30 a.m., to
consider and if thought fit, pass with or without modifications,
the ordinary resolution as set out in the notice of EGM as
attached.
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
KEMAYAN CORPORATION: Unit Named Defendant in Suit
-------------------------------------------------
Kemayan Corporation Berhad (KCB) informed the Bursa Malaysia
Securities Berhad that its solicitors had on March 3, 2005,
received on behalf of its subsidiary, Kemayan Resources Sdn Bhd
(KRSB), a Summons In Chambers from Ms. Loh Mei Chan and thirty
six (36) others (the Purchasers) in respect of an application to
the Kuala Lumpur High Court for leave of court to commence
action against KRSB on the ground that they are the Purchasers
of the three story shop office lot at 1388 Rasah Kemayan Golf &
Country Township project.
The hearing is fixed on April 19, 2005.
CONTACT:
Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax: +60 7 236 5307
MECHMAR CORPORATION: Seeks Suspension in Shares Trading
-------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced that it
requested for a suspension in trading of the Company's ordinary
shares on the Main Board of Bursa Malaysia Securities Berhad
(Bursa Securities) effective from Thursday, March 10, 2005, to
March 14, 2005.
The request for suspension is made under subparagraph 3.1(a) of
Practice Note No. 2/2001 on Requests for Suspension of the
Listing Requirements of Bursa Securities as the Company will
make a material announcement on the proposed disposal of an
overseas subsidiary.
CONTACT:
Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax: +60 5569 1316
METROPLEX BERHAD: Unit Acquires Land from ESB
---------------------------------------------
Metroplex Berhad (MB) announced that its wholly owned
subsidiary, Metroplex Development Sdn Bhd (MDSB) has on March 8,
2005 entered into a Sale and Purchase Agreement (SPA) with
Pappos Development Sdn Bhd (PDSB) and Ekabina Sdn Bhd (ESB), an
indirect subsidiary of MB, to acquire eighteen (18) pieces of
partial lots of land totaling 620.3 square meters [6,676.90
square feet] forming part of the master land held under H.S(D)
40097 for P.T. No. 20214, Mukim of Ampang, District of Ulu
Langat, Selangor for a cash consideration of RM133,538.00
(Transaction).
The particulars of the Partial Lots are detailed in Appendix A
attached.
1.0 DETAILS OF THE TRANSACTION
1.1 Information on MDSB
MDSB is a private limited company incorporated on Dec. 29, 1976
under the Companies Act, 1965 with a present authorized share
capital of RM500,000,000 comprising 500,000,000 ordinary shares
of RM1.00 each and an issued and paid-up capital of RM4,500,000
comprising 4,500,000 ordinary shares of RM1.00 each. The
principal activity of MDSB is property development. MDSB is a
wholly owned subsidiary of MB.
1.2 Information on ESB
ESB is a private limited company incorporated on 1 October 1985
under the Companies Act, 1965 with a present authorized share
capital of RM250,000 comprising 250,000 ordinary shares of
RM1.00 each and an issued and paid-up capital of RM250,000
comprising 250,000 ordinary shares of RM1.00 each. The principal
activity of ESB is property development. ESB is a 75% owned
subsidiary of Urustanah Sdn Bhd (USB) which in turn is a wholly-
owned subsidiary of MB.
The other shareholder of ESB is PDSB which holds 25% equity
interest.
1.3 Information on PDSB
PDSB is a private limited company incorporated on 6 August 1981
under the Companies Act, 1965 with a present authorized share
capital of RM200,000 comprising 200,000 ordinary shares of
RM1.00 each and an issued and paid-up capital of RM100,000
comprising 100,000 ordinary shares of RM1.00 each.
The principal activity of PDSB is property development. The
shareholders of PDSB are Encik Abdul Aziz Bin Mohd Sharif
holding 99,999 shares and Encik Md Yusof Bin Jauhari holding 1
share.
1.4 Salient Terms of the SPA
The salient terms of the SPA are as follows:
i) PDSB is the registered and beneficial owner of the said
Partial Lots.
ii) Individual document of title to the said Partial Lots have
not been issued by the relevant authorities.
iii) PDSB has by virtue of a Joint Venture Agreement dated 9
August 1986 made between PDSB, USB and ESB, granted its consent
to ESB's sale of the Partial Lots comprised in the said Land.
iv) MDSB shall acquire the Partial Lots free from all
encumbrances with vacant possession but subject to any
conditions express or implied affecting the title and subject to
the category of land use contained in the document of title when
issued.
v) The purchase consideration for the Partial Lots will be fully
settled by MDSB in cash in the following manner:
a) 10% of the purchase consideration upon signing of the SPA.
b) balance of the 90% of the purchase consideration by the
Completion Date or Extended Completion Date.
2.0 RATIONALE
The acquisition of the said Partial Lots by MDSB from ESB is
part of the internal rationalization of the Group's operation.
The acquisition is at a price and term not more favorable to the
related party than those generally available to the public.
3.0 EFFECTS
3.1 Earnings and net tangible assets
The transaction will not have any material effect on the
earnings per share and net tangible assets of MB Group for the
financial year ending Jan. 31, 2005.
3.2 Share capital and substantial shareholdings
The transaction will not have any effect on the share capital
and substantial shareholdings of MB as the consideration is
wholly in cash.
4.0 APPROVALS REQUIRED
The transaction is deemed to be a related party transaction but
is not subject to approvals from the shareholders of the Company
or any other regulatory authorities.
5.0 INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS
CONNECTED TO THEM
5.1 Madam Lim Siew Kim (LSK), a Director and major shareholder
of MB, is also an indirect major shareholder of ESB held through
MB.
5.2 Mr Chan Teik Huat (CTH), a Director and major shareholder of
MB, is also a Director of ESB and MDSB. CTH is also an indirect
major shareholder of ESB held through MB and the spouse of LSK.
5.3 Accordingly, LSK and CTH have abstained from Board
deliberations and voting on the resolution pertaining to the
transaction.
Save as disclosed above, none of the other Directors or major
shareholders of MB or persons connected to them have any
interest, direct or indirect, in the transaction.
To view the appendix, go to:
http://bankrupt.com/misc/tcrap_metroplex031005.doc
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911
PAN MALAYSIA: Issues Notice of Shares Buy Back
----------------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on March 9, 2005 to the Bursa Malaysia Securities
Berhad.
Date of buy back: 09/03/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 80,000
Minimum price paid for each share purchased (RM): 0.375
Maximum price paid for each share purchased (RM): 0.400
Total consideration paid (RM): 30,782.57
Number of shares purchased retained in treasury
(units): 80,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 19,400,000
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax: (60) 3244-7789
PANTAI HOLDINGS: Buys Back 78,000 Shares
----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 9,
2005.
Date of buy back: 09/03/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 78,000
Minimum price paid for each share purchased (RM): 1.000
Maximum price paid for each share purchased (RM): 1.030
Total consideration paid (RM): 79,143.40
Number of shares purchased retained in treasury
(units): 78,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 27,945,200
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
TRU-TECH HOLDINGS: Scheme Creditors to Meet March 18
----------------------------------------------------
Tru-Tech Holdings Berhad had on Feb. 23, 2005, issued a notice
to convene the meetings of scheme creditors on March 18, 2005
pursuant to the provisions of Section 176 of the Companies Act,
1965 (Act) for the purpose of considering the Proposed Scheme of
Arrangement with Creditors and if thought fit to approve the
same with or without modification(s).
An Explanatory Statement, together with the aforesaid
notice, was dispatched and issued to scheme creditors pursuant
to Section 177(1) of the Act on even date.
CONTACT:
Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax: (60) 3 7861 7972
YIKON CORPORATION: Unaware of Unusual Market Activity
-----------------------------------------------------
Yikon Corporation Berhad refers to Bursa Malaysia Securities
Berhad's letter dated March 9, 2005, pertaining to the unusual
market activity.
In accordance with paragraph 9.11 of Bursa Securities Listing
Requirements on Corporate Disclosure Policy in response to
unusual market activity, Yikon Corporation Berhad announced that
after having made due enquiries and to the best of their
knowledge, the Company is not aware of any material development
in the Company's business and affairs that has not been
previously disclosed to Bursa Securities nor any reason that
would account for the recent increase in price and trading
volume in the Company's shares.
Yours faithfully,
Chin Kok On
Managing Director
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 today via Bursa
Link.
Yours faithfully
FUNG RU HUEY
Sector Head, Listing Compliance
Group Regulations
=====================
P H I L I P P I N E S
=====================
ASIAN DIAMOND: Fails to Avert Liquidation
-----------------------------------------
The Securities and Exchange Commission (SEC) has approved the
liquidation of stricken pre-need firm Asian Diamond, The Manila
Times reports.
The liquidation order came after Asian Diamond failed to find an
investor that was wiling to infuse the company with fresh
capital.
In an en banc resolution, the SEC decided that the pre-need
firm's assets would have to be distributed among its 4,000 plan
holders.
Asian Diamond sold pension, education and life plans until 2003
when SEC suspended its selling license after discovering a
Php16-million deficiency in its trust fund.
Besides Asian Diamond, about six other pre-need firms are
saddled with financial difficulties and are believed to be
actively looking for new investors to bail them out.
CONTACT:
Asian Diamond Plans Incorporated
G L T Building 4301,
Lucena City, QUEZON
CEBU PLAZA: MetroPac, Metrobank in JV Talks
-------------------------------------------
Metro Pacific Corporation (MetroPac) and Metropolitan Bank and
Trust Corporation (Metrobank) are considering a possible tie-up
to reopen the Cebu Plaza Hotel, Business World reveals.
The two companies are reportedly conducting preliminary
negotiations for a joint venture aimed at re-operating Cebu
Plaza Hotel within the year. But the final outcome of the talks
is up to the hotel's owner Metrobank.
Metro Pacific Corporation Chairman Manuel V. Pangilinan said his
company was interested in the hotel because of the booming
tourism industry in Cebu.
Mr. Pangilinan also disclosed plans to develop the property into
a serviced apartment and medical facility for foreign retirees
if Cebu Plaza would not be reopened as a hotel.
Cebu Plaza halted its operations two years ago after its
previous owner, Pathfinder Holdings Phils. Inc., failed to
settle its loans with Metrobank. The facility was turned over to
Metrobank under a dacion en pago or payment-in-kind arrangement.
Pathfinder Holdings had sued Cebu Plaza for non-payment of its
dollar-denominated loan, which was initially equivalent to
Php300 million (US$5.5 million).
DIGITAL TELECOMMUNICATIONS: Forecasts Wider Net Loss in 2004
------------------------------------------------------------
Digital Telecommunications Philippines Incorporated (Digitel)
expects its 2004 net loss to balloon from Php1.2 billion in
2003, relates Dow Jones Newswires.
The embattled telecommunications firm started its mobile phone
operations in March 2003. As the newcomer in the lucrative
segment of the Philippine telecommunications industry, Digitel
had to spend heavily for its network expansion and marketing to
get a share of the market that is now dominated by rivals Smart
Communications Inc. and Globe Telecom Inc.
In February, Digitel said it plans to spend US$200 million this
year to expand the network of its mobile phone service Sun
Cellular.
CONTACT:
Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
PHILIPPINES
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/
MANILA ELECTRIC: To Adopt ERC's New Rate-setting Scheme
-------------------------------------------------------
Manila Electric Company (Meralco) said it will implement a new
methodology approved by the Energy Regulatory Commission (ERC),
according to Business World.
The Lopez-controlled power utility firm will adopt a new formula
in computing electricity rates trough a performance-based rate-
setting scheme. Under the new method, electricity prices will be
based on a utility's efficiency and no longer on the value of
its assets or total investment.
With the Distribution Wheeling Rates Guidelines (DWRG),
utilities like Meralco can choose not to use the Return on Rate
Base (RORB) methodology. The shift is permanent.
The ERC last month approved the guidelines for the new rate-
setting mechanism. The RORB methodology allows a distribution
utility to set rates or charges for regulated activities to
recover costs plus a reasonable rate of RORB while the DWRG is a
performance-based rate-setting approach that employs incentives
to induce cost cutting that is expected to result in lower
electricity rates in the long term.
The shift to performance-based pricing is expected to compel
utilities to be efficient, since their profits will depend on
their efficiency gains.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MAYNILAD WATER: Court Extends Deadline for Rehab Plan Submission
----------------------------------------------------------------
Maynilad Water Services Incorporated was given another 60 days
to submit its final rehabilitation plan, Business World reports.
The recent extension given by the Quezon City Regional Trial
Court will delay Maynilad's corporate rehabilitation until June
this year.
The court was supposed to decide on the debt-laden water firm's
amended plan, which incorporated the recommendations of court-
appointed receiver Rosario S. Bernaldo, on Feb. 28. But Maynilad
reportedly asked for more time to sort out issues concerning the
revised plan.
Ms. Bernaldo said the delay has not affected the water firm's
operations but she stressed the need for immediate
rehabilitation.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL POWER: Government to Complete Privatization by June
------------------------------------------------------------
The Energy Department expects National Power Corporation's
(Napocor) privatization to be substantially complete by June
this year, Dow Jones Newswires reports.
The privatization schedule sets the sale of the concession to
operate Napocor's power transmission assets in June.
Energy Secretary Vincent Perez said the program also envisages
the sale of around 50 percent of Napocor's electricity
generation capacity in June and 70 percent of capacity by the
end of 2005.
At the end of 2004, Napocor has sold six power plants that
together comprise 11 percent of the state utility's power
generation capacity of 7,000 megawatts. The sale has generated
US$567 million, the bulk of which was generated by the sale of
the 600-megawatt Masinloc coal-fired power plant.
Napocor's privatization is expected to generate around US$5
billion, which will be used to reduce the debt of the state
utility that are government guaranteed. The government assumed
in December US$4 billion of close to US$10 billion in Napocor
debt to help the privatization generate interest.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NATIONAL POWER: JBIC Poised to Approve Loan Transfer
----------------------------------------------------
The Japan Bank for International Cooperation (JBIC) is ready to
formally authorize the transfer of National Power Corporation's
(Napocor) debt to the Power Sector Assets and Liabilities
management Corporation (PSALM), reports Today News.
JBIC has decided to grant the consent, as the Philippine
government has been submitting the requirements needed for the
transfer.
Once the technical issues and needed documentation are
completed, JBIC will start documentation. After which, it would
have to check on the priority projects to be supported by the
Japanese government.
JBIC expressed its willingness to support PSALM's reform
programs for Napocor. However, JBIC is still wary on the
government's capability to sustain the project's operation and
maintenance, as well as its sustainability in terms of
environment conservation.
JBIC and the World Bank have already given their consent on the
transfer of the assets of Napocor successfully sold last year to
the winning bidders.
VICTORIAS MILLING: Annual Stockholders Meeting Set April 1
----------------------------------------------------------
Notice is hereby given that the Annual Stockholders' Meeting of
Victorias Milling Company Incorporated (VMC) will beheld on
Friday, April 1, 2005, at 9 o'clock in the morning, at The
Metropolitan Club Inc., Estrella corner Amapola Streets,
Guadalupe Viejo, Makati City.
The Agenda will be as follows:
(1) Call to Order.
(2) Certification of Notice to Stockholders and Presence of
Quorum.
(3) Presentation of the Annual Report.
(4) Ratification of Acts and Proceedings of the Board of
Directors and its Corporate Officers.
(5) Amendment of the Articles of Incorporation.
(6) Adoption of New By-Laws.
(7) Appointment of External Auditors.
(8) Election of Members of the Board of Directors.
(9) Other Matters.
(10) Adjournment.
Minutes of the last Regular Stockholders' Meeting and
resolutions of the Board of Directors from May 1, 2004 will be
available for examination during office hours at the VMC Makati
Office located at No. 9126 Sultana corner Honradez Streets,
Barangay Olympia, Makati City.
All members who will not, are unable to, or do not expect to
attend the meeting in person may, at their option, designate
their authorized representatives by means of a PROXY which
should be submitted to Ms. Denia D. Austria at the VMC Makati
Office, No. 9126 Sultana corner Honradez Streets, Barangay
Olympia, Makati City, to Atty. Eva A. Vicencio-Rodriguez at
VICMICO Compound, Victorias City, Negros Oriental, or to
Fidelity Stock Transfers, Inc. at 3-A Vernida I Condominium, 120
Amorsolo Street, Legaspi Village, Makati City for validation not
later than 5:00 o'clock in the afternoon of Tuesday, march 22,
2005.
Only stockholders of record as of the close of business hours on
Monday, March 7, 2005 shall be entitled to vote at this meeting.
For your convenience in registering your attendance, please
present any form of identification, such as driver's license,
passport, voter's I.D., Social Security member card or
Taxpayer's Identification Number Card. Your duly designated
proxy is required to present a copy of the duly executed proxy
form. Registration will start at 7:00 a.m. and will close at
8:30 a.m.
Please be guided accordingly.
Very truly yours,
SANTIAGO T. GABIONZA, JR.
Corporate Secretary
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: SingPost Clarifies Proposed Investment
-------------------------------------------------------
The Board of Directors of Singapore Post Limited refers to the
announcements made to the Singapore Stock Exchange (SGX) dated
March 7 and 8, 2005 (collectively, the Investment Announcements)
relating to the proposed investment by SingPost in Accord
Customer Care Solutions Limited (ACCS).
Clarification on Rationale
SingPost is constantly looking to enhance its core business of
Mail, Logistics and Retail for growth. The Company's strategy
includes leveraging on its existing network to provide more
products and services, and expanding beyond the Singapore
domestic market. SingPost believes that the proposed investment
is in line with this strategy.
The areas of potential strategic fit between SingPost and the
ACCS Group include the following:
(a) SingPost currently has an extensive retail network of 62
post offices which receive more than 20 million customer visits
a year. SingPost is currently using its post office counters as
a channel for consumers to drop-off and pick-up their electrical
and electronic equipment for repair. Counter services can be
expanded to include the drop-off and pick-up of mobile phones
for after-sales service.
(b) We believe that SingPost's postal and express delivery
network in Singapore can provide a complementary platform for
providing reliable reverse logistics in collecting and
delivering the mobile phones from and to the customers' door-
step.
(c) The combination of SingPost's and the ACCS Group's retail
and distribution network in Singapore also offers opportunities
for cross-selling of products and services.
(d) The ACCS Group has also established a network with over 250
locations in more than 150 cities and towns in the Asia Pacific
region. SingPost could potentially tap on this network and their
distribution capabilities in these markets to enhance the
strength of its courier, logistics and other service offerings.
Based on the above, SingPost believes that the collaboration
with ACCS will be a win-win situation for both companies.
SingPost has 3 months to undertake a detailed due diligence
exercise on ACCS over the business, affairs, operations, assets,
financial condition and records of ACCS before the Company
decides whether to subscribe for Tranche B Shares. With more
information on the operations of ACCS, SingPost will be in a
better position to formulate a viable business plan for working
with ACCS, and to decide whether to proceed with the
subscription of Tranche B Shares.
Given that SingPost has an option to increase substantially its
investment in ACCS, SingPost would not want the underlying
business of ACCS to be adversely affected, particularly by the
potential loss of customers.
SingPost will have the right to have representation on ACCS'
board of directors. In the event that there are areas where
controls and governance can be improved, SingPost will assist
ACCS in strengthening these areas.
The Company hopes that ACCS' customers will be reassured that
SingPost can bring significant value to ACCS and will see the
strength in the potential partnership between SingPost and ACCS.
SingPost's Dividend Policy
SingPost remains committed to its dividend policy announced in
November 2004: that SingPost will pay out the higher of 80% -
90% of net profit or total annual net payment of 4.2 cents per
share (S$80 million). The Company is adopting a prudent approach
in considering this potential Investment. In deciding whether to
subscribe for Tranche B Shares, SingPost will ensure that the
Company remains able to meet its dividend commitments while
examining the potential to increase dividends and enhance
shareholder returns over the long term.
Directors' Interests
As set out in the Investment Announcements, save for Mr. Lim Ho
Kee's interest in 1,200,000 ACCS Shares, Mr. Tan Yam Pin's
deemed interest in 150,000 ACCS Shares and Mr. Tommie Goh's
direct interest in 5,000,000 ACCS Shares and deemed substantial
interest in ACCS by virtue of his interest in 2G Capital Pte
Ltd, a substantial shareholder of ACCS, (collectively the
Relevant Directors) none of the Directors or substantial
shareholders of SingPost has any direct or indirect interest in
the Investment Agreement.
The Relevant Directors have, in respect of their interests in
ACCS, declared their interests to the Board of Directors of
SingPost (Board) prior to the signing of the Investment
Agreement and also disclosed their interests publicly. The Board
has acknowledged and considered their declarations. For good
corporate governance, the Relevant Directors have abstained and
will abstain from voting on the Investment Agreement and all
decisions pertaining to the right to subscribe for Tranche B
Shares at the Board meetings convened or to be convened to
approve the same.
All negotiations with ACCS have included full participation from
the management of SingPost and DBS Bank Ltd, as financial
adviser to the Company, with Mr. Lim facilitating the
discussions between the Company and ACCS.
By virtue of his direct and deemed substantial interests in
ACCS, Mr. Tommie Goh has requested to be recused from
participating in the entire negotiation and decision-making
process relating to the transaction.
For avoidance of doubt, none of the Relevant Directors voted on
the decision to enter into the Investment Agreement or subscribe
for Tranche A Shares.
By Order of the Board of Directors
Singapore Post Limited
March 9, 2005
CONTACT:
Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com
CHINA AVIATION (S): To Oppose Creditor's Move in Court
------------------------------------------------------
China Aviation Oil (Singapore) Corp. (CAO) vowed to counter a
court petition filed by a creditor to place it under judicial
management, relates the Financial Times. CAO was certain that
the petition, if approved would lead to its liquidation.
The creditor SK Energy sought for a court approval on its
petition to replace CAO's directors and produce a new debt-
restructuring plan for CAO, which is currently at the center of
an oil derivative trading scandal.
According to CAO Holdings, CAO's Beijing-based parent, judicial
management would jeopardize CAO's debt restructuring plans. CAO
also said the creditor's move would lead to a very low recovery
for creditors relative to its restructuring, while shareholders
will recover nothing in liquidation.
The parent firm also pointed out that court intervention would
force it to withdraw its financial support for the Singapore
unit. It proposed US$100 million immediately to CAO's nearly
100 creditors if they approved its debt-restructuring plan at a
meeting scheduled for June 10. An eight-year period would be
allocated to conduct the repayment of the remaining debt from
CAO's earnings.
The nature of CAO as a trading company would enable it to sell
assets and raise funds for the debt repayment. CAO claimed that
majority of creditors supported the restructuring plan.
The outcome of SK Energy's petition would be unveiled at a
hearing on April 1 at the Singapore High Court.
CONTACT:
China Aviation Oil (S) Corporation
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
CHINA AVIATION (S): SMBC Asks Court to Continue Case
----------------------------------------------------
Sumitomo Mitsui Banking Corp. (SMBC) pressed for the continuance
of its suit against China Aviation Oil (Singapore) Corp. (CAO),
Channel NewsAsia reports.
SMBC wants the case to proceed in order to resolve the issue
with the troubled CAO as soon as possible. The case was put on
hold following a petition filed by SK Corporation asking for the
company to be placed under judicial management.
SMBC is seeking to recover more than US$13 million from CAO.
However, CAO dismissed the claims as misconceived and says it
has no basis.
CAO has filed its defense with the Court.
Five other big creditors have formed a steering committee to
negotiate a better deal with CAO and its parent.
EMR RESOURCES: Proofs of Debt, Claims Due April 9
-------------------------------------------------
Notice is hereby given that the Creditors of EMR Resources Pte
Ltd (In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before April 9, 2005, 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 undersigned, the Liquidator of the Company.
If so required by notice in writing from the said Liquidator,
they are to come in by their solicitors or personally and prove
their 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 9th day of March 2005
Chia Soo Hien
Patrick Tay Kim Chuan
Liquidators
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808
GREATRONIC LIMITED: AC Files Formal Complaint with CAD
------------------------------------------------------
The Audit Committee (AC) of Greatronic Limited disclosed to the
Singapore Stock Exchange that it has Wednesday lodged a formal
police report with the Commercial Affairs Department (CAD) on
the suspected fraudulent conduct on the Company, based on
information that the AC has already announced.
Separately, the AC announced that it has also written to the
Chairman of the Company, Mr. Huang Ming Lang at Max Huang,
asking him to come to Singapore for urgent consultations.
The Audit Committee
Greatronic Limited
9 March 2005
CONTACT:
Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
HABASCA INVESTMENT: Winding Up Hearing Fixed on April 1
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Habasca Investment Pte Ltd by the High Court was on March 4,
2005 presented by Yan Palace Restaurant Holdings Pte Ltd of
Block 531 Upper Cross Street, #04-38 Hong Lim Complex, Singapore
050531, Creditors.
The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10.00 a.m. on April 1,
2005.
Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the said Petition
may appear at the time of hearing by himself or his Solicitor
for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
The Petitioners' address is Block 531 Upper Cross Street, #04-38
Hong Lim Complex, Singapore 050531.
The Petitioners' Solicitors are Messrs David Siow Chua & Tan
LLC, No. 133 New Bridge Road, #11-03 Chinatown Point, Singapore
059413.
David Siow Chua & Tan
Solicitors for the Petitioners
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
David Siow Chua & Tan LLC of No. 133 New Bridge Road, #11-03
Chinatown Point, Singapore 059413, notice in writing of his
intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than twelve o'clock noon
of March 31, 2005 (the day before the day appointed for the
hearing of the Petition).
MEASUREX ENGINEERING: Lays Out Agenda of Creditor's Meeting
-----------------------------------------------------------
Take notice that a meeting of the creditors of Measurex
Engineering Pte Ltd will be held at 10 Collyer Quay, #06-05
Ocean Building, Singapore 049315, on April 5, 2005 at 3:00 p.m.
AGENDA
(1) To receive the liquidators' report.
(2) To approve the payment of the proposed third and final
distribution.
(3) Any other matters.
Proxies to be used at the meeting must be lodged not later than
4:00 p.m. on April 1, 2005.
Dated this 7th day of March 2005
Ong Yew Huat
Liquidator
Address: c/o Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315
MENTOR DESIGN: Accepting Proofs of Debt, Claims Until April 7
-------------------------------------------------------------
Notice is hereby given that the creditors of Mentor Design
Systems Pte Ltd (In Members' Voluntary Liquidation) are required
on or before April 7, 2005 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 undersigned, the
Liquidator of the said Company.
If so required by notice in writing from the said Liquidator,
they are to come in by their solicitors or personally and prove
their 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 7th day of March 2005
Seshadri Rajagopalan
Liquidator
c/o 10 Collyer Quay
#21-00 Ocean Building
Singapore 049315
MULTIWAVE INNOVATION: Issues Notice of Preferential Dividend
------------------------------------------------------------
Multiwave Innovation Pte Ltd. formerly of 23 Tai Seng Drive
IPC Buillding, 4th Floor Singapore 535224 posted a notice of
preferential dividend to the Government Gazette, Electronic
Edition with the following details:
Court: Supreme Court, Singapore.
Number of Matter: Companies Winding Up No. 600118 of 2001.
Amount Per Centum: 46%.
First and Final or otherwise: First & Final Preferential
Dividend.
When Payable: February 24, 2005
Where Payable:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Kamala Ponnampalam
Assistant Official Receiver
===============
T H A I L A N D
===============
CENTRAL PAPER: To Act as Plan Administrator of Own Rehab
--------------------------------------------------------
With reference to the approval of the Central Bankruptcy Court
on the debt restructuring plan of Central Paper Industry Public
Company Limited, the company advised the Stock Exchange of
Thailand that the company will act as the plan administrator for
its restructuring.
Yours Sincerely
Mr.Parkpoom Sitthiprasert
Rehabilitative Plan Administrator of
Central Paper Industry Public Company Limited
CONTACT:
Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9
DATAMAT: Trading of Securities Still Suspended
----------------------------------------------
Previously, Datamat Public Company Limited (DTM) submitted to
the Stock Exchange of Thailand (SET) its audited, consolidated
yearly financial statements ending 2004 on March 1, 2005 at 8:18
p.m.
Its shareholders' equity of the audited yearly consolidated
financial statements ending 2004 compared with that of ending
2003 shows recessive shareholders' equity from THB15.69 Million
to (THB67.59) million. The SET, therefore posts an SP sign on
DTM's securities March 2, 2005 onwards.
On March 2, 2005 at 7:59 p.m., DTM submitted the new version of
its audited, consolidated yearly financial statements ending
2004.
DTM's financial status as shown in the new version of financial
statements was significantly different from the original one.
Its shareholders' equity changed from negative, (THB67.59)
million, to positive, THB1.25 million.
Therefore, the SET has requested DTM to clarify the revision
of its equity. DTM submitted its explanation and disseminated
it through SETSMART on March 9, 2005.
The SET and the SEC has been in the process of evaluating
DTM's financial status, they concluded that it would likely
affect the company's status in REHABCO sector.
The SET has still posted SP sign on DTM's securities until
information is clear.
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
JASMINE INTERNATIONAL: Plan Administrator Changes Directors
-----------------------------------------------------------
Chaengwatana Planner Company Limited as the Plan Administrator
of Jasmine International Public Company Limited informed the
Stock Exchange of Thailand (SET) on the resolutions of the Board
of Director's meeting of the Plan Administrator No. 2/2005 held
on March 9, 2005.
The meeting resolved to:
(1) Acknowledge the resignation of Ms.Jongluck Thongnim from
director of Chaengwatana Planner Company Limited, effective
March 7, 2005 onwards.
(2) Appoint Mrs.Pindao Rojanakul to be director of Chaengwatana
Planner Company Limited instead of Ms.Jongluck Thongnim.
Please also find the following name and signature of the
authorized person who can report any information of the Company
to the Stock Exchange of Thailand replacing Ms.Jongluck
Thongnim.
Mrs. Pindao Rojanakul
Director of Chaengwatana Planner
Company Limited
Please be informed accordingly.
Yours sincerely,
Mr.Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited
CONTACT:
Jasmine International Public Company Limited
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi
Telephone: 0-2502-3000-7
Fax: 0-2502-3150-2
Web site: http://www.jasmine.co.th
KRUNG THAI: Probe Results to be Unveiled March 17
-------------------------------------------------
The results over the probe of eight Krung Thai Bank Pcl loan-
department officers is due to be delivered at the bank's board
of directors meeting on March 17, according to The Nation.
The findings would then be forwarded to the central bank after
Krung Thai's directors had considered it, Chairman Mongkon
Ampornpisit confirmed.
Earlier, around 21 persons and companies including past and
present executives and directors of the bank were filed with
criminal charges by the central bank over 14 doubtful loans
worth THB46 billion.
Police are still currently investigating the charge and will
send a report on the investigations conducted over the doubtful
loans. A report would then be submitted to the Anti-Money
Laundering Office and the National Counter Corruption Committee.
The source said the bank's probe assumed that employees
implicated in the scandal were honest and that their loan
approvals complied with executive-board resolutions.
"The bank's committee took into account the circumstances at
that time, including lending competition among banks and the
criteria of loan extensions," the source added.
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
THAI PETROCHEMICAL: Court Rejects Bid for New Mediation Talk
------------------------------------------------------------
The Central Bankruptcy Court on Wednesday turned down the
request of Prachai Leophairatana to re-open mediation talks with
Thai Petrochemical Industry Public Company Limited's (TPI)
planners over the restructuring plan, Bangkok Post reports.
According to Judge Kamol Teeravetponkul, a new mediation talk is
possible only if both sides reached an agreement. Both parties
could agree upon an out-of-court settlement, and that in any
case, Mr. Prachai would have to submit within 20 days any new
offers to the ministry-appointed plan administrator.
Mr. Kamol suggested that Mr. Prachai should seek for the
government's approval to allow him to repurchase shares once
TPI's rehabilitation was completed.
Earlier, the Finance Ministry and the plan administrator team
rejected Mr. Prachai's proposal to buy TPI's shares for $2.7
billion equivalent to the amount owed by the petrochemical
company.
Under the current plan, 60% of the new TPI shares would be
offered at three baht per share to PTT, the Government Pension
Fund and the Government Savings Bank. Funds raised on the new
share issuance would be used to repay existing debt.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Guangdong Sunrise-B 200030 (-177.22) 45.09
Guangdong Sunrise-A 000030 (-177.22) 45.09
Hainan DadongH-B 200613 (-5.15) 18.72
Shenzhen China Bicycles-B
Co., Ltd. 200017 (-203.9) 52.16
Sunrise Co., Ltd. 4830 (-100.79) 130.2
INDONESIA
---------
Barito Pacific Timber Tbk Pt BRPT (-50.67) 393.92
PT Smart Tbk SMAR (-30.07) 430.99
JAPAN
-----
Fujitsu Comp Ltd 6719 (-46.88) 316.07
MALAYSIA
--------
Kemayan Corp Bhd KOP (-393.11) 67.55
Panglobal Bhd PGL (-50.36) 189.92
YCS Corporation Bhd YCS 28.34 160.27
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-400.56) 115.91
SINGAPORE
---------
Pacific Century Regional PAC -176.29 1050.46
Informatics Holdings Ltd INFO 26.82 62.92
THAILAND
--------
Asia Hotel PCL ASIA (-26.62) 96.21
Asia Hotel PCL ASIA/F (-26.62) 96.21
Bangkok Rubber PCL BRC (-41.29) 80.14
Bangkok Rubber PCL BRC/F (-41.29) 80.14
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
National Fertilizer PCL NFC (-91.34) 293.84
National Fertilizer PCL NFC/F (-91.34) 293.84
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.84) 13.32
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.84) 13.32
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
Tuntex (Thailand) PCL TUNTEX (-50.94) 398.25
Tuntex (Thailand) PCL TUNTEX/F (-50.94) 398.25
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Faith Marie Bacatan, Reiza Dejito and Erica Fernando,
Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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