/raid1/www/Hosts/bankrupt/TCRAP_Public/050321.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, March 21, 2005, Vol. 8, No. 56
Headlines
A U S T R A L I A
AUSTEEL PTY: To Declare First Dividend March 30
BRIGHTER FUTURE: Liquidation Rescues Firm from Prosecution
CHEMEQ LIMITED: Responds to ASX Queries
CORALIE HOLDINGS: Passes Resolution to Wind Up Voluntarily
ELLISON WOODS: To Hold General Meeting March 22
ETABLERE PTY: Completes Winding Up Process
EXOTIC TIMBERS: To Declare Final Dividend April 7
FRANKLIN HARBOUR: Proofs of Debt, Claim Due March 22
GROGAN AND COMPANY: Court Issues Winding Up Order
HANFRI PTY: To Undergo Voluntary Liquidation
HIH INSURANCE: APRA Disqualifies Former Company Secretary
JOHN WALLACE: Lays Out Final Meeting Agenda
KA MANDERS: Final Meeting Slated for March 22
LEIGH PROPERTY: To Hear Liquidator's Account on Winding Up
LILYVIEW PTY: Liquidator to Explain Winding Up Manner
MAREG PTY: Members Pass Resolution to Wind Up Company
MERLUNA CATTLE: Final Meeting Set March 24
MULTIPLEX: Pursues U.K. Deals
NEW HORIZON: Begins Winding Up Proceedings
NOREGRETS AUSTRALIA: Hires Chartered Accountants Liquidator
NORTH QUEENSLAND: Members, Creditors to Meet March 31
NRD PTY: Resolves to Wind Up Company
PDH INVESTMENTS: Members to Meet March 22
SHERWOOD VALE: Lays Out Final Meeting Agenda
SONS OF GWALIA: St. Barbara to Cover AU$38-Mln Clean-up Cost
C H I N A & H O N G K O N G
CAPITAL PUBLICATIONS: Posts HK$3.3M Net Loss in 2004
CARRY WEALTH: Net Loss Widens to HKD40.9 Mln
CHINA MEDICAL: Releases Results for Period Ended January 31
EVER WEALTH: Unveils Appointment of Liquidators
FOREFRONT INTERNATIONAL: Appoints Joint Liquidators
FOREFRONT MOTORS: Court Hearing Set For March 31
HENDERSON CHINA: 1H04 Net Loss Narrows To HK$12.87
KEPTRADE ENGINEERING: Issues Notice To Creditors
LONGFLOW INDUSTRIAL: Proofs of Debt, Claims Due April 11
LONGFLOW TEXTILES: Requires Creditors to Prove Debt, Claims
ORIENTAL LEGEND: Receives Winding Up Notice
SAI CHEONG: Court Commences Winding Up Proceedings
TUNGDA INNOVATIVE: Police Arrest Executives
WANG SHUN: Enters Bankruptcy Proceedings
WING KEI: Commences Bankruptcy Proceedings
WIN-UP INDUSTRIAL: Court Issues Winding Up Petition Notice
I N D O N E S I A
GARUDA INDONESIA: President Axed
GARUDA INDONESIA: New Management to Focus on Restructuring
PERTAMINA: Goldman Sachs Defends Role in Tanker Sale
J A P A N
JAPAN AIRLINES: Unveils Top Management Changes
JAPAN AIRLINES: Unveils Medium Term Corporate Plan For 2005-2007
RESONA HOLDINGS: Units To Sell IT-Related Assets To NTT Data
SEIBU RAILWAY: Eyes Selling JPY200B In Assets
TAMANO CONSULTANTS: IRCJ Reaches Debt Purchase Deal
* WL Ross, Sumitomo Mitsui Create US$300Mln Financing Program
K O R E A
SAMYANG FOODS: Must Exit Court Protection to Avoid Delisting
M A L A Y S I A
CONSOLIDATED FARMS: Receives Notice to Pay by Taurus Berhad
CONSOLIDATED FARMS: Unit Served with Notice to Pay Debt
FABER GROUP: Converts Loan Stocks into Ordinary Shares
GENERAL SOIL: Hearing for Unit's Winding Up Set on March 25
GOLDEN FRONTIER: Issues Notice of Shares Buy Back
GULA PERAK: To List Additional Shares
PAN MALAYSIA: Buys Back 140,400 Shares
PANTAI HOLDINGS: Repurchases 71,800 Shares
POS MALAYSIA: Unveils Employee Share Option Scheme
SERSOL TECHNOLOGIES: Cannot Account for Shares' Trading Volume
SETEGAP BERHAD: Court Grants RO to Facilitate Restructuring
TRU-TECH HOLDINGS: Sees No Further Development to Default Status
TT RESOURCES: Issues Warrants Expiry Notice to Holders
P H I L I P P I N E S
CENTRAL AZUCARERA: Suspends Operations Due to Illegal Strike
GARWOOD PARK: Shuts Down Operations
MANILA ELECTRIC: Lauds Government's Anti-Theft Campaign
NATIONAL BANK: Lucio Tan Approves Joint Stake Sale
NATIONAL POWER: Central Bank Calls for Speedy Privatization
PHILIPPINE LONG: Mulls Mobile Service in Singapore, U.S.
S I N G A P O R E
CHINA AVIATION (S): Court Fixes Date of Hearing April 1
DATACRAFT ASIA: Issues, Allots 139,000 Ordinary Shares
NG HUAT: Faces Winding Up Proceedings
SING KOON: Issues Notice of Dividend
SYSTRON POWER: Court to Hear Winding Up Petition April 1
THYSSEN HUNNEBECK: Proofs of Debt, Claims Due April 11
UNITED OVERSEAS: Dissolves Dormant Bahamas Unit
WEE POH: Procures Subscription for All Placement Shares
T H A I L A N D
ASIA HOTEL: Details Resolutions Passed at Meeting
BANGKOK RANCH: Cancels 2005 AGM, Omits Dividends
COMPASS EAST: SET Posts SP Sign on Securities
HANTEX: SET Transfers Securities to Rehabco Sector
K.C. PROPERTY: Gives Added Info On Board Resolutions
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTEEL PTY: To Declare First Dividend March 30
-----------------------------------------------
A first dividend is to be declared on March 30, 2005 for Austeel
Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 058 430
032.
Creditors who were not able to formally prove their debt or
claims are excluded from the benefit of the dividend.
Dated this 12th day of February 2005
Lachlan Mcintosh
Deed Administrator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 49
BRIGHTER FUTURE: Liquidation Rescues Firm from Prosecution
----------------------------------------------------------
Brighter Future Family Services Pty Ltd escaped prosecution
after recently going into voluntary liquidation, according to
the Herald Sun.
The Frankston Magistrate's Court has junked criminal proceedings
against Brighter Future after the Department of Human Services
(DHS) dropped charges against the childcare center because of
the business' liquidation three weeks ago.
DHS decided to withdraw the criminal suit, saying it would just
be a waste of taxpayer money to continue fighting the childcare
center operator.
Brighter Future, which once held licenses for 33 Melbourne
childcare centers, was accused of leaving a toddler inside after
closing time on February 9 last year.
The firm was charged with one count of providing inadequate
supervision, and one of failing to accurately maintain
attendance records. According to the Human Services department,
the charges carried a total maximum fine of AU$5800 and
conviction.
CHEMEQ LIMITED: Responds to ASX Queries
---------------------------------------
Chemeq Limited responded to the Australian Stock Exchange's
(ASX) questions as follows:
The Company is not aware of any information that has not been
announced and which might reasonably be regarded as an
explanation for recent trading in the securities of the Company.
The Company also confirms that it is in compliance with the
listing rules and, in particular, Listing Rule 3.1.
Adam Deane
Company Secretary
CONTACT:
Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/
CORALIE HOLDINGS: Passes Resolution to Wind Up Voluntarily
----------------------------------------------------------
At a general meeting of the Members of Coralie Holdings Pty Ltd
(In Members' Voluntary Liquidation) A.C.N. 009 013 585 duly
convened and held at the offices of PPB, Level 1, 5 Mill Street,
Perth WA on February 4, 2005 at 10:00 a.m., the Special
Resolutions set out below were duly passed:
Special Resolutions
(i) That the Company be wound up voluntarily. The resolution was
unanimously carried.
(ii) That the Liquidators shall distribute in cash or in specie
the assets of the Company to the Shareholders in accordance with
the Articles of Association.
The resolution was unanimously carried.
Mr. Clifford Stuart Rocke and Mr. Jeffrey Laurence Herbert of
PPB, Level 1, 5 Mill Street, Perth were appointed as Joint and
Several Liquidators.
Dated this 7th day of February 2005
John Bell
Director
ELLISON WOODS: To Hold General Meeting March 22
-----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of members of
Ellison Woods Pty Ltd (In Voluntary Liquidation) A.C.N. 083 202
635 will be held at the offices of mhm - a personal approach to
business, Level 1, 121 Greenhill Road, Unley, South Australia on
March 22, 2005 at 10:30 a.m., for the purpose of having an
account laid before it showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanation that may be given by the
Liquidator.
Dated this 14th day of February 2005
M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road, Unley SA 5061
ETABLERE PTY: Completes Winding Up Process
------------------------------------------
Take notice that by Order of the Supreme Court of South
Australia dated February 8, 2005, Ian Russell Lock of Level 8,
26 Flinders Street, Adelaide, the liquidator of Etablere Pty Ltd
(In Liquidation) A.C.N. 052 418 710, was granted a liquidator's
release and the Company was dissolved as at the date of this
Order.
Dated this 9th day of February 2005
Ian Russell Lock
Partner
Sheahan Lock Partners
Level 8, 26 Flinders Street,
Adelaide SA 5000
EXOTIC TIMBERS: To Declare Final Dividend April 7
-------------------------------------------------
A first and final dividend is to be declared on April 7, 2005
for Exotic Timbers of Australia Ltd (In Liquidation) A.C.N. 082
211 274.
Creditors who were not able to formally prove their debt or
claims are excluded from the benefit of the dividend.
Dated this 14th day of February 2005
G. D. Finch
Liquidator
KPMG
18 Smith Street, Darwin NT 0800
FRANKLIN HARBOUR: Proofs of Debt, Claim Due March 22
----------------------------------------------------
A dividend is to be declared on March 23, 2005 for Franklin
Harbour Fish Farms Pty Limited (In Liquidation) A.C.N. 096 925
674.
Creditors whose debt or claims have not already been admitted
are required on or before March 22, 2005 to formally prove their
debt or claims. If they do not, they will be excluded from the
benefit of the dividend.
Dated this 9th day of February 2005
Hugh Martin
Liquidator
GROGAN AND COMPANY: Court Issues Winding Up Order
-------------------------------------------------
Notice is hereby given that on February 7, 2005 the Supreme
Court of New South Wales ordered the winding up of Grogan And
Company Pty Limited (In Liquidation) A.C.N. 058 673 475 and R.
M. Sutherland was appointed as Official Liquidator of the
Company.
Dated this 7th day of February 2005
R. M. Sutherland
Official Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
HANFRI PTY: To Undergo Voluntary Liquidation
--------------------------------------------
At a general meeting of Hanfri Pty Ltd (In Liquidation) A.C.N.
008 743 235, duly convened and held at 15 Seymour Avenue,
Dianella on February 9, 2005, the following Special Resolution
was passed:
That the Company be wound up as a members' voluntary liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidator so
desire.
Dated this 9th day of February 2005
Charles Kur
Liquidator
Chartered Accountant
19A Avery Avenue, Dianella WA 6059
Telephone: (08) 9275 4404
HIH INSURANCE: APRA Disqualifies Former Company Secretary
---------------------------------------------------------
The Australian Prudential Regulation Authority (APRA) has
announced the disqualification of Mr. Frederick Lo from being or
acting as a director or senior manager of a general insurer
under the Insurance Act 1973.
Mr. Lo was Company Secretary of HIH Insurance Limited (HIH)
between November 1991 and March 2001 and HIH Underwriting and
Agency Services Pty Limited (HUAS) between November 1998 and
March 2001.
APRA found that Mr. Lo did not exercise due care and diligence
in his role at HIH by:
(1) Signing documentation in relation to a 1999 reinsurance
transaction with Hannover Re which represented aspects of the
transaction as having been approved at a meeting of the HUAS
Board that had never taken place;
(2) Failing to alert the HIH Board or its committees that Chief
Financial Officer, Mr. Dominic Fodera, had obtained an
unconditional line of credit from Hannover Re in 1999 for an HIH
subsidiary without approval;
(3) Executing a number of documents in 2000 relating to the
issue of preference shares in HIH to FAI Insurance Limited (FAI)
to support FAI's loan arrangements, while knowing those
documents to be false and backdated; and
(4) Failing in 1998 and 1999 to account to APRA for charges
given by HIH to support its Lloyd's operations in the United
Kingdom, thereby allowing ineligible assets to be incorrectly
counted for statutory solvency purposes APRA's Deputy Chairman,
Mr. Ross Jones, said that senior insurance executives had to be
scrupulous in their stewardship of policyholder interests.
"APRA will not tolerate senior executives in the general
insurance industry who fail to meet its fitness and propriety
tests," he said.
JOHN WALLACE: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is hereby given that the final meeting of creditors and
members of John Wallace Nominees Pty Ltd (In Liquidation) A.C.N.
070 348 659 will be held at the offices of KordaMentha (SA &
NT), Level 4, 70 Pirie Street, Adelaide SA on Tuesday, March 22,
2005 at 2:30 p.m.
AGENDA
(1) To receive the Liquidator's final account of his acts and
dealings and of the conduct of the winding up and to hear any
explanations thereof.
(2) To approve the destruction of the Company's books and
records six months after the dissolution of the Company.
(3) To consider any other matters which may be properly brought
before the meeting.
Dated this 11th day of February 2005
Christopher R. Powell
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street,
Adelaide SA 5000
KA MANDERS: Final Meeting Slated for March 22
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of KA Manders & Co Pty Limited (In Liquidation) A.C.N.
085 438 688 will be held in the offices of PPB, Chartered
Accountants, 10th Floor, 26 Flinders Street, Adelaide in the
State of South Australia, on March 22, 2005 at 10:00 a.m.
AGENDA
(1) To receive the Liquidator's account showing how the winding
up has been conducted and the property of the Company disposed
of and explanations thereof in pursuance of section 509 of the
Corporations Act 2001.
Dated this 9th day of February 2005
P. I. Macks
Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800
LEIGH PROPERTY: To Hear Liquidator's Account on Winding Up
----------------------------------------------------------
Notice is hereby given that the final meeting of members of
Leigh Property Management Pty Ltd (In Members' Voluntary
Liquidation) A.C.N. 008 631 472 will be held at the offices of
Deloitte, 190 Flinders Street, Adelaide, South Australia on
Wednesday, March 30, 2005 at 10:00 a.m. for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and the property of the Company disposed of
and to give an explanation thereof.
Dated this 11th day of February 2005
D. D. Whitbread
Liquidator
c/- Deloitte
190 Flinders Street,
Adelaide SA 5000
LILYVIEW PTY: Liquidator to Explain Winding Up Manner
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Lilyview Pty Ltd (In Liquidation) A.C.N. 086 031 101 will be
held at the offices of Hall Chadwick, Level 10, BankWest Tower,
108 St George's Terrace, Perth WA 6000 on March 22, 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 Joint and
Several Voluntary Liquidators.
Dated this 11th day of February 2005
C. M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower, 108 St George's
Terrace, Perth WA 6000
MAREG PTY: Members Pass Resolution to Wind Up Company
-----------------------------------------------------
At a General Meeting of Mareg Pty Ltd (In Voluntary Liquidation)
A.C.N. 007 729 044 held on February 11, 2005 at Level 3, 27
Leigh Street Adelaide, in the State of South Australia, the
following Special Resolution was duly passed:
That the Company be wound up voluntarily, and that Richard James
Wishart, Chartered Accountant of Level 3, 27 Leigh Street,
Adelaide be appointed Liquidator for the purpose of such winding
up.
After the satisfaction of all creditors' claims, costs of
winding up and Liquidator's fees, to sanction the distribution
of the assets of the Company, by the Liquidator, in specie as
between the members and further, that such values and specific
modes of distribution to be all as determined by the Liquidator
whose decision shall be final and binding.
Dated this 11th day of February 2005
Ann Alison Shannahan
Director
MERLUNA CATTLE: Final Meeting Set March 24
------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Merluna Cattle Station Pty Ltd (In Liquidation)
A.C.N. 010 044 416 will be held at Lucas & Currie, Chartered
Accountants, Level 8, ING Building, 100 Edward Street, Brisbane,
Qld, 4000 on Thursday, March 24, 2005 at 10:00 a.m.
Dated this 15th day of February 2005
P. A. Lucas
I. A. Currie
Liquidators
Lucas & Currie
Chartered Accountants
Level 8, ING Building, 100 Edward Street, Brisbane
Qld 4000
MULTIPLEX: Pursues U.K. Deals
-----------------------------
Multiplex has widened its global exposure, as it has been
recently chasing a number large property development contracts
in the U.K. market, reports the Sydney Morning Herald.
Multiplex confirmed it was tendering for the proposed GBP350
million London Bridge Tower and the group was said to be edging
closer to frontrunner status. Being recently named preferred
bidder for the GBP340 million Greater Peterborough Health
Investment Plan Private Finance Initiative project should help
Multiplex's future tenders.
But Australian investors remain concerned Multiplex risked
offering high prices just to win the tenders. The concerns
center on rising U.K. construction costs and whether there is
adequate in-house management expertise to deal with such large
contracts.
Multiplex recently revealed first-hand experience of cost
overruns with its troubled Wembley Stadium project.
CONTACT:
Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au
NEW HORIZON: Begins Winding Up Proceedings
------------------------------------------
At an Extraordinary General Meeting of members of New Horizon
Country Homes Pty Ltd A.C.N. 077 201 659 duly convened and held
in the boardroom of Anthony Matthews & Associates, Ground Floor,
91 Hutt Street, Adelaide in the State of South Australia on
Tuesday, February 8, 2005 the special resolution setout below
was duly passed:
SPECIAL RESOLUTION
That the Company be wound up voluntarily and that Anthony
Christopher Matthews, of Ground Floor, 91 Hutt Street, Adelaide
in the State of South Australia, Chartered Accountant, be
appointed Liquidator for the purpose of such winding up.
Dated this 8th day of February 2005
Briony Lynne Rogers
Chairperson
NOREGRETS AUSTRALIA: Hires Chartered Accountants Liquidator
-----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Noregrets Australia Pty Ltd (In Liquidation) A.C.N. 063 629
934, held on February 10, 2005, it was resolved that the Company
be wound up voluntarily and that Clifford Stuart Rocke and Simon
Andrew Read of PPB, Chartered Accountants, Level 1, 5 Mill
Street, Perth, Western Australia, 6000 be appointed as Joint &
Several Liquidators.
Dated this 10th day of February 2005
Cliff Rocke
Liquidator
PPB
Chartered Accountants
Level 1, 5 Mill Street, Perth WA 6000
NORTH QUEENSLAND: Members, Creditors to Meet March 31
-----------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of North Queensland Aboriginal and Torres
Strait Islander Corporation For Child Care (In Liquidation)
A.B.N. 46 419 320 286 will be held at the offices of Knights
Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville Qld 4814 on March 31, 2005 at 10:00 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
Company has been disposed of, and to receive any explanation
required thereof.
(2) Any other business which may be lawfully considered with the
foregoing.
Dated this 14th day of February 2005
D. J. Offermans
Liquidator
c/- Knights Insolvency Administration
Level 7 Suncorp Plaza, 61-73 Sturt Street,
Townsville Qld 4810
NRD PTY: Resolves to Wind Up Company
------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of NRD Pty Ltd (In Liquidation) A.C.N. 077 209 020, held on
February 10, 2005, it was resolved that the Company be wound up
voluntarily and that Clifford Stuart Rocke and Simon Andrew Read
of PPB, Chartered Accountants, Level 1, 5 Mill Street, Perth,
Western Australia, 6000 be appointed as Joint & Several
Liquidators.
Dated this 10th day of February 2005
Cliff Rocke
Liquidator
PPB
Chartered Accountants
Level 1, 5 Mill Street, Perth WA 6000
PDH INVESTMENTS: Members to Meet March 22
-----------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of members of PDH
Investments Pty Ltd (In Voluntary Liquidation) A.C.N. 007 614
753 will be held at the offices of mhm - a personal approach to
business, Level 1, 121 Greenhill Road, Unley, South Australia on
March 22, 2005 at 10:00 a.m., for the purpose of having an
account laid before it showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanation that may be given by the
Liquidator.
Dated this 14th day of February 2005
M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road, Unley SA 5061
SHERWOOD VALE: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given that a meeting of the members of Sherwood Vale
Pty Ltd (In Liquidation) will be held at Level 19, QV1 Building,
250 St George's Terrace, Perth, WA, 6000 on March 22, 2005 at
10:00 a.m.
AGENDA
(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
Company has been disposed of, and to give any explanations as
required;
(ii) Any other business as required.
Dated this 11th day of February 2005
G. F. Totterdell
PricewaterhouseCoopers
Level 19, QV1, 250 St George's Terrace,
Perth WA 6000
SONS OF GWALIA: St. Barbara to Cover AU$38-Mln Clean-up Cost
------------------------------------------------------------
St. Barbara is expected to cover Sons of Gwalia's AU$38-million
environmental liabilities if it completes the acquisition of the
failed miner's ailing West Australian gold business, reports The
West Australian.
St. Barbara has earlier confirmed it was negotiating to purchase
Gwalia's gold operations "on an exclusive basis, subject to
conditions" with administrators Ferrier Hodgson and sale adviser
Macqaurie Bank.
Although St. Barbara has not entered into any final transaction
yet, it is hoping to complete the deal this week.
It is not yet known how much St. Barbara has offered to acquire
the gold assets, though it is understood to be arranging a debt
facility to complete the deal and fund its obligations.
Gwalia was forced to call in administrators after a massive
shortfall was discovered in its gold reserves, especially at its
main Marvel Loch mine.
CONTACT:
Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/
=============================
C H I N A & H O N G K O N G
==============================
CAPITAL PUBLICATIONS: Posts HK$3.3M Net Loss in 2004
----------------------------------------------------
Capital Publications Limited (8155) disclosed to the Hong Kong
Stock Exchange (HKSE) its results announcement for the period
ended December 31, 2004.
Currency: HKD
Auditors' Report: Unqualified
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
$'000 $'000
Turnover : 15,711 9,653
Profit/(Loss) from Operations : (3,391) (3,439)
Finance cost : N/A N/A
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (3,391)
(3,439)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0067) (HKD
0.0068)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (3,391) (3,439)
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days
inclusive)
The calculation of the basic loss per share for the year is
based on the loss of approximately HK$3,391,000 (2003:
HK$3,439,000) and on the number of 506,498,344
(2003: 506,498,344) shares in issue.
No diluted loss per share has been presented because the
exercise of the Company's share options will reduce loss per
share for both years.
For and on behalf of Capital Publications Limited
Name: Mr. Chan Chi Keung
Title: Company Secretary
CARRY WEALTH: Net Loss Widens to HKD40.9 Mln
--------------------------------------------
Carry Wealth Holdings Limited (00643) on March 17, 2005
announced its financial result for the period ended December 31,
2004.
Currency: HKD
Auditors' Report: Unqualified
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
$'000 $'000
Turnover : 905,248
1,021,076
Profit/(Loss) from Operations : (43,336) (19,672)
Finance cost : (3,011) (2,233)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : (40,908) (23,520)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.114) (0.065)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : (40,908) (23,520)
Final Dividend : NIL 1 cent
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 25/04/2005 to 27/04/2005
bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
The calculation of loss per share is based on the Group's loss
attributable to shareholders of HK$40,908,000 (2003: loss of
HK$23,520,000) and the weighted average number of 360,034,000
(2003: 360,034,000) ordinary shares in issue during the year.
No diluted loss per share is calculated for the year ended
December 31, 2004 and December 31, 2003 since the exercise price
of the Company's outstanding share options were higher than the
average fair value per share of the Company during the year.
CONTACT:
Carry Wealth Holdings Limited
Address: 23rd Floor, No. 9 Wing Hong Street, Cheung Sha Wan,
Kowloon, Hong Kong Tel: (852) 2310 8180
Fax: (852) 2959 1263
E-mail: info@carrywealth.com
CHINA MEDICAL: Releases Results for Period Ended January 31
-----------------------------------------------------------
China Medical Science Limited (08120) disclosed to the Hong Kong
Stock Exchange (HKSE) its results announcement for the period
ended January 31, 2005.
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/08/2004 from 01/08/2003
to 31/01/2005 to 31/01/2004
$'000 $'000
Turnover : 83,653 95,676
Profit/(Loss) from Operations : (21,684) 1,797
Finance cost : (9,119) (8,150)
Share of Profit/(Loss) of
Associates : 1,914 592
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (27,208) (6,232)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.0544) (0.0125)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (27,208) (6,232)
2nd Quarter Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
2nd Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
China Medical Science Limited
Name: Kwan Kai Cheong
Title: Executive Director
Remarks:
1. Basis of presentation
The principal accounting policies adopted in preparing the
unaudited consolidated results conform with the Statements of
Standard Accounting Practice (the SSAPs) and Interpretations
issued by the Hong Kong Institute of Certified Public
Accountants (HKICPA), the disclosure requirements of Hong Kong
Companies Ordinance and the Rules Governing the Listing of
Securities on the Growth Enterprise Market of The Stock
Exchange of Hong Kong Limited (GEM Listing Rules).
The principal accounting policies adopted in preparing the
unaudited consolidated results are consistent with those used in
the annual financial statements for the year ended 31 July 2004
of the Group.
2. Turnover
The Group's turnover represents the net invoiced value of goods
sold, after allowances for returns and trade discounts.
3. Discontinuing operations
During the period under review, the Group decided to focus its
operations on the development, production, sales and
distribution of a range of biotechnology and pharmaceutical
products, principally infusion and injection medicine for human
and domestic animals consumption. Seechan Investments Limited,
an indirectly wholly owned subsidiary of the Company, has
entered into the Equity Interest Transfer Agreement with Sichuan
Taishan Real Estate Development Co., Ltd on 24 December 2004,
for the disposal of a 91% equity interest in each of Chengdu Mt.
Green and Sichuan Future for a cash consideration of RMB1.00.
Upon completion of the disposal of Chengdu Mt. Green and
Sichuan Future, the Group will discontinue its development,
production, sales and distribution of a series of aluminium-
plastic caps for use in the packaging of biotechnology and
pharmaceutical products. The estimated loss on disposal of the
business of Chengdu Mt. Green and Sichuan Future was
approximately HK$19,479,000. There was no tax arising from the
disposal.
4. Tax expense
No provision for Hong Kong profits tax has been made, as the
Group had no assessable profits arising in Hong Kong for the six
months ended 31 January 2005 (2004: Nil). Taxes on profits
assessable elsewhere have been calculated at the rates of tax
prevailing in the countries in which the Group operates, based
on existing legislation, interpretations and practices in
respect thereof.
The deferred tax credit of approximately HK$1,000 and
approximately HK$2,000 recognized for the three months and six
months ended 31 January 2005 respectively (three months and six
months ended 31 January 2004: approximately HK$4,000 and
approximately HK$8,000 respectively) represents the movement for
temporary difference arising from the acquisition of
subsidiaries.
5. Loss per share
The calculation of basic loss per share for the three months and
six months ended 31 January 2005 was based on the unaudited net
loss attributable to shareholders of approximately HK$22,361,000
and approximately HK$27,208,000 respectively (three months and
six months ended 31 January 2004: approximately HK$4,576,000
and approximately HK$6,232,000 respectively) and the weighted
average number of 500,000,000 for the three months and six
months ended 31 January 2005 (three months and six months ended
31 January 2004: 500,000,000) ordinary shares in issue during
the period.
No diluted loss per share are presented for the three months and
six months ended 31 January 2005 and the three months and six
months ended 31 January 2004 respectively as the convertible
note outstanding during the period and the potential ordinary
share issuable under the Company's share option scheme had an
anti-dilutive effect on the basic loss per share for the period.
6. Dividend
The Directors do not recommend the payment of any interim
dividend for the six months ended 31 January 2005. (2004: Nil)
CONTACT:
China Medical Science Limited
20 Pedder Street
Central,
HONG KONG
EVER WEALTH: Unveils Appointment of Liquidators
-----------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated February 1, 2005, Kelvin Edward
Flynn and Cosimo Borrelli of RSM Nelson Wheeler Corporate
Advisory Services Limited, 7th Floor, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong have been appointed as
Joint and Several Liquidators of Ever Wealth Management Limited
(In Compulsory Liquidation) with a committee of inspection.
Dated this 4th day of March 2005.
Kelvin Edward Flynn
Cosimo Borrelli
Joint and Several Liquidators
Ever Wealth Management Limited
FOREFRONT INTERNATIONAL: Appoints Joint Liquidators
---------------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated the 7th day of February 2005,
Kelvin Edward Flynn and Cosimo Borrelli of RSM Nelson Wheeler
Corporate Advisory Services Limited, 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed as Joint and Several Liquidators of Forefront
International Limited (In Compulsory Liquidation) with a
committee of inspection.
Dated this 4th day of March 2005.
Kelvin Edward Flynn
Cosimo Borrelli
Joint and Several Liquidators
Forefront International Limited
FOREFRONT MOTORS: Court Hearing Set For March 31
------------------------------------------------
Take notice that pursuant to a direction given by Master S.
Kwang of the High Court a hearing has been fixed on March 31,
2005 at 9:30 a.m. at the High Court, High Court Building, 38
Queensway, Hong Kong for the High Court to consider the
application made by the Provisional Liquidator pursuant to
Section 194 of the Companies Ordinance for the appointment of
Kelvin Edward Flynn and Cosimo Borrelli as Joint and Several
Liquidators of Forefront Motors (Hong Kong) Limited (In
Compulsory Liquidation).
Copies of the Provisional Liquidator's reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidator at the address below.
Dated this 25th day of February 2005.
Kelvin Edward Flynn
Provisional Liquidator
RSM Nelson Wheeler Corporate Advisory Services Limited
7/F Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Tel: (852) 2598 5123
Fax: (852) 2598 0060
HENDERSON CHINA: 1H04 Net Loss Narrows To HK$12.87
--------------------------------------------------
Henderson China Holdings Limited (00246) disclosed to the Hong
Kong Stock Exchange (HKSE) its results announcement for the
period ended December 31, 2005.
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/07/2004 from 01/07/2003
to 31/12/2005 to 31/12/2003
$'000 $'000
Turnover 1 : 34,667,000
52,320,000
Profit/(Loss) from Operations 2 : (13,335,000)
(18,273,000)
Finance cost : (1,477,000)
(6,705,000)
Share of Profit/(Loss) of
Associates : 6,683,000
(6,932,000)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (12,087,000)
(31,724,000)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) 3 : (0.02) (0.06)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (12,087,000)
(31,724,000)
Interim Dividend : $0.03 $0.03
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 18/04/2005 to
20/04/2005 bdi.
Payable Date : 21/04/2005
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Note 1
The Group's turnover for the six months ended 31st December,
2004 amounted to approximately HK$34.7 million and the analysis
by business segments is as follows:
Group's Turnover
For the six months ended 31st
December
2004 2003
HK$'000 HK$'000
Property development 6,429 19,378
Property investment 21,484 21,832
Finance 2,175 4,091
Management and sales commissions
4,579 7,019
------------------------
34,667 52,320
Note 2
Profit/(Loss) from Operations
Loss from Operations is stated after interest income and other
income, but before finance costs, share of profits and losses of
associates and jointly controlled entities, taxation and
minority interests.
Note 3
Loss per share
The calculation of loss per share is based on the loss
attributable to shareholders of HK$12,087,000 (2003:
HK$31,724,000) and on 497,776,205 ordinary shares (2003:
496,776,205 ordinary shares) in issue during the period. There
was no potential dilution of loss per share for both periods.
CONTACT:
Henderson China Holdings Limited
183 Electric Road
North Point,
HONG KONG
+852 2863 8100
+852 2520 6217
KEPTRADE ENGINEERING: Issues Notice To Creditors
------------------------------------------------
Notice is hereby given that creditors of Keptrade Engineering
Supplies Private Limited (In Members' Voluntary Liquidation),
which is being voluntarily wound up, are requested on or before
5 p.m. on April 15, 2005 to send in their names and addresses
and particulars of their debts or claims and the names and
addresses of their Solicitors (if any) to the undersigned.
The Joint and Several Liquidator of the Company, and further, if
so required by notice in writing from the said Liquidator, to
come in and prove their debts or claims as aforesaid personally
or by their Solicitors or representatives at such time and place
as shall be specified in such notice or in default thereof, such
creditors will be excluded from the benefit of any distribution
of available funds.
Dated this 15th day of March 2005
Li Pak Ki
Joint & Several Liquidator
26th Floor, Citicorp Centre
18 Whitfield Road
Causeway Bay
Hong Kong
LONGFLOW INDUSTRIAL: Proofs of Debt, Claims Due April 11
--------------------------------------------------------
Notice is hereby given that the Creditors of Longflow Industrial
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before 11 April, 2005
to send in their names, addresses and particulars of their debts
or claims to the Liquidator of the Company.
If they do not, they will be deemed to waive all of such debts
or claims and the Liquidator will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 23 day of February, 2005
MAN Kwok Leung
Liquidator
Unit 701, 7/F.,
The Sun's Group Centre,
200 Gloucester Road,
Hong Kong
LONGFLOW TEXTILES: Requires Creditors to Prove Debt, Claims
-----------------------------------------------------------
Notice is hereby given that the Creditors of Longflow Textiles
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before 11 April, 2005
to send in their names, addresses and particulars of their debts
or claims to the Liquidator of the Company.
If they do not, they will be deemed to waive all of such debts
or claims and the Liquidator will be entitled seven days after
the above date to distribute the funds available or any part
thereof to the Members.
Dated this 23rd day of February, 2005
MAN Kwok Leung
Liquidator
Unit 701, 7/F.,
The Sun's Group Centre,
200 Gloucester Road,
Hong Kong
ORIENTAL LEGEND: Receives Winding Up Notice
-------------------------------------------
Oriental Legend Limited with registered office located at 3/F,
Joyce Bldg, 38 Wong Chuk Hang Road, Hong Kong was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 2, 2005.
Date of Presentation of Petition: December 31, 2004.
Dated this 11th day of March 2005.
ET O'Connell
Official Receiver
SAI CHEONG: Court Commences Winding Up Proceedings
--------------------------------------------------
Sai Cheong Magazines Limited, with registered office located at
Flat 1, 2/F, Festigood Centre, 8 Lok Yip Rd, Fanling, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on March 2, 2005.
Date of Presentation of Petition: December 31, 2004.
Dated this 11th day of March 2005.
ET O'Connell
Official Receiver
TUNGDA INNOVATIVE: Police Arrest Executives
-------------------------------------------
The Board of Directors of Tungda Innovative Lighting Holdings
Limited (8229) announces that on March 9, 2005, officers of the
Commercial Crime Bureau (CCB) of the Hong Kong Police Force
executed a warrant for search and seizure against the premises
of the Company.
The search warrant is related to an investigation of a suspected
offense, namely, false accounting, contrary to section 19 of the
Theft Ordinance, Cap. 210 of the Laws of Hong Kong. Mr. Chu
Chien Tung, the Chairman, Mr. Chu Sen Hei and Mr. Chu Chick kei,
executive Directors of the Company have also informed the
Company that they were arrested as part of the CCB's
investigation and have since been released on police bail.
The police have not charged them. During the above search, the
officers of the police in relation to the investigation seized
certain accounting records, computer equipment and documents in
the possession of the Group and the executive Directors.
As stated in the Company's announcement dated 8 July 2004, the
Securities and Futures Commission has commenced an inquiry
relating to the affairs of the Company under section 179 of the
Securities and Futures Ordinance and that the inquiry is
ongoing.
At the request of the Company, trading in the shares of the
Company was suspended with effect from 9.30 a.m. on July 29,
2004. Trading in the shares of the Company will remain suspended
until further notice.
The Company will keep the public informed by making further
announcements as appropriate.
By order of the Board,
Wong Yiu Hung
Company Secretary
Hong Kong, 16 March 20905
Executive Directors
Mr. Chu Chien Tung
Mr. Chu Chick Kei
Mr. Chu Sen Hei
Non-Executive Director:
Dr. Fung Shiu Lun, Anthony
Independent Non-executive Directors:
Mr. Zhu Lei Bo
Mr. Hong Yong Hwan
Mr. Wong Tik Tung
CONTACT:
Tungda Innovative Lighting Holdings
39 Gloucester Road Wanchai
HONG KONG
Phone: +852 2592 3888
Web site: http://www.tungdalighting.com
WANG SHUN: Enters Bankruptcy Proceedings
----------------------------------------
Notice is hereby given that Bankruptcy Orders against Wang Shun
Engineering Co. were made on March 2, 2005.
All debts due to the estates should be paid to the undersigned.
Dated this 11th day of March 2005.
ET O'CONNELL
Official Receiver
WING KEI: Commences Bankruptcy Proceedings
------------------------------------------
Notice is hereby given that Bankruptcy Orders against Wing Kei
Aluminium Engineering Co. were made on March 2, 2005.
All debts due to the estates should be paid to the undersigned.
Dated this 11th day of March 2005.
ET O'CONNELL
Official Receiver
WIN-UP INDUSTRIAL: Court Issues Winding Up Petition Notice
----------------------------------------------------------
Win-Up Industrial Co. Limited, with registered office located at
Flat 6, 11/F, Laurels Industrial Centre, San Po Kong, Kln was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
2, 2005.
Date of Presentation of Petition: December 29, 2004.
Dated this 11th day of March 2005.
ET O'Connell
Official Receiver
=================
I N D O N E S I A
=================
GARUDA INDONESIA: President Axed
--------------------------------
The Indonesian government has removed Indra Setiawan as
president of troubled flag carrier Garuda Indonesia, reports
Reuters.
IPT Bank Danamon Vice President Director Emirsyah Satar was
appointed as his replacement. Incidentally, Mr. Satar was the
airline's finance director before joining Bank Danamon.
According to State Enterprise Minister Sugiharto, the change in
management is badly needed for the revitalization of the firm,
which has been beset with financial problems and a scandal
surrounding the death of a prominent Indonesian human rights
activist on a Garuda flight to Amsterdam.
Mr. Sugiharto, however, said that his decision to make the
replacement was not connected to the incident.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com
GARUDA INDONESIA: New Management to Focus on Restructuring
----------------------------------------------------------
Garuda Indonesia's new management said it will train its
energies on the restructuring of its debt and operations, Asia
Pulse reports.
According to new airline head Emirsyah Satar, the firm has to
restructure its US$838 million debt in order to lessen the
pressures of repayment. Mr. Satar said he will need at least two
weeks to review the Company's present situation before arriving
at a long-term restructuring plan.
Garuda Indonesia pays an annual debt installment of IDR984.5
billion to IDR1.03 trillion to the Export Credit Agency, with
allowances for changes in the interest rate.
PERTAMINA: Goldman Sachs Defends Role in Tanker Sale
----------------------------------------------------
Goldman Sachs plans to file on March 24 an objection to a ruling
by the Business Competition Supervisory Commission (KPPU) which
found the global investment firm guilty of colluding with state
oil and gas firm PT Pertamina and other companies in a
controversial tanker sale last year, reports The Jakarta Post.
According to the KPPU ruling, Goldman colluded with Pertamina,
winning bidder Frontline ltd. and its agent, PT Equinox, in the
sale of two tankers, eventually leading to potential revenue
losses to the state. The ruling was based on alleged
irregularities in awarding the bid to Frontline despite the
supposedly higher offer submitted by Indian Company Essar.
Arief Sidarto, Goldman's chief operating officer for Southeast
Asia, said they did not break regulations in awarding the
contract to Frontline. He acknowledged that Essar indeed
initially offered the highest bid at US$183.5 million, that
Frontline's bid came in at US178 million.
However, Essar failed to fulfill a Pertamina requirement of
paying a 20% down payment upon signing the agreement, even with
the deadline extended for two days. During the extension,
Frontline came up with a higher bid of US$184 million, and
agreed to comply with the requirement.
Pertamina was ordered by the KPPU to explain the case to its
shareholders, while both Goldman Sachs and Frontline Ltd. were
ordered to pay penalties and fines to Pertamina shareholders and
the government.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
=========
J A P A N
=========
JAPAN AIRLINES: Unveils Top Management Changes
----------------------------------------------
To take responsibility for a series of incidents that have drawn
reprimands from the Japanese Ministry of Land, Infrastructure
and Transport, the Japanese aviation regulators, Japan Airlines
Corporation announced on Thursday a reshuffle of top management
positions. These moves supercede top management changes
announced on March 10.
Mr. Toshiyuki Shinmachi, currently President of Japan Airlines
Corporation, the JAL Group holding Company, will now take over
the presidency of Japan Airlines International and Japan
Airlines Domestic from April 1, 2005 in addition to his existing
post.
On March 10, Mr. Shinmachi was designated JAL Group C.E.O.,
subject to the approval of the general meeting of stockholders
in June. This move will be brought forward to April 1, 2005.
Mr. Isao Kaneko, JAL Group Chairman and C.E.O. will assume the
post of Chairman of the executive committee from April 1, 2005,
stepping down as JAL Group Chairman and C.E.O. He will also
resign as Chairman of JAL International.
Mr. Kaneko became President of Japan Airlines in June 1998 and
in October 2002 was appointed C.E.O. of Japan Airlines System
Corporation, the JAL Group holding Company established to
supervise the integration of Japan Airlines and Japan Air
Systems. After the integration of the two airlines was completed
in April 2004, Mr. Kaneko became C.E.O. and chairman of the
newly created JAL Group, and concurrently Chairman of two new
airlines, Japan Airlines International and Japan Airlines
Domestic.
Mr. Katsuo Haneda, now President of Japan Airlines
International, will become Executive Vice President of the three
main JAL Group companies from April 1, 2005. These are JAL
Corporation, JAL International and JAL Domestic.
The current President of JAL Domestic, Mitsuo Komatsubara, will
remain on the board as a Senior Vice President and will retire
in June.
Other changes are the demotion of Mr. Takenori Matsumoto,
representative Director and Senior Managing Director in the
three JAL companies, to Managing Director. Mr. Hidekazu
Nishizuka, Executive Vice President of Japan Airlines
Corporation and JAL International moves down to Senior Managing
Director.
The four cases were:
Use of inappropriate parts in a 747 freighter landing gear
Violation of ATC instructions at Incheon Airport, Korea (JL 954
March 11)
Operating a flight with disarmed emergency slides (JAL 1021
March 16)
Violation of ATC instructions at Shin Chitose Airport, Japan
(JAL 1036 January 16)
This is a Company press release.
CONTACT:
Japan Airlines Corporation
Address: 4-11, Higashi-shinagawa 2-chome, Shinagawa-ku
Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
JAPAN AIRLINES: Unveils Medium Term Corporate Plan For 2005-2007
----------------------------------------------------------------
Japan Airlines Corporation (JAL) announced its medium term
corporate plan for the three financial years' period from April
1, 2005 through to March 31, 2008.
In fiscal year 2004, to make up for increased fuel costs JAL
implemented contingency measures to increase revenue by 47
billion yen, but JAL expects that severe business conditions
will continue into fiscal year 2005 because of continuing high
fuel costs.
However amid this difficult environment the JAL Group will build
a business structure that can produce profits in any
environment, through reforms of business structure and to build
a strong corporate constitution that ranks with the airlines of
Asia and is capable of growth.
The three major areas of structural reforms are as follows:
1) INTERNATIONAL PASSENGER BUSINESS RESTRUCTURING
International passenger business will concentrate in high profit
and high growth routes and will suspend low profits route so as
to build a more profit-focused network and we hope to increase
cost competitiveness by expanding the role of our low-cost
subsidiary JALways and on concentrating on reducing both the
number of aircraft types and the number of cabin configurations.
2) NETWORK REFORM
The future focus will be directed at developing growth markets,
notably in Asia and China.
3) COST STRUCTURE REFORM
Cost structure reforms include the integration of the group
holding Company JAL Corporation, JAL International and JAL
Domestic into one Company. These three companies were formed to
facilitate the integration of Japan Airlines and Japan Air
System, which was completed in April 2004.
Other cost cutting measures include a review of staffing
requirements, with the reduction of 1,400 ground-based jobs by
the end of FY2007 in addition to 4,500 jobs being eliminated by
the end of FY2006 that were already announced last year in the
previous mid-term plan. By March 31 2008, the total number of
ground jobs will be 5,900 lower than in April 2002. This
reduction will be managed by suspending new hiring, not
replacing retiring staff and by natural reduction.
JAL also plans an increase in outsourcing, including moving more
activities overseas, notably maintenance. JAL will also review
all contracts outside the group. The group plans to reduce the
number of board members and eliminate directors' retirement
bonuses. Additional measures include the reduction of common
costs and the further promotion of e-business in the business
process, with the target of an improvement in cost reduction of
75 billion yen by the end of FY2007. (March 31, 2008) and in the
longer term of 100 billion or more annually.
The JAL Group will aim for simplification in various ways
including adopting a slimmer group management structure through
integration. A key word in developing a more effective business
process is simplification, which will be achieved by expanding
the use of Information Technology (IT) internally and
externally.
The objectives of the new medium term plan are:
FY2005: Net income of 10 billion yen or more
FY2006: Return international passenger business to profitability
FY2007: Consolidated operating profit of 100 billion yen.
This is a Company press release.
RESONA HOLDINGS: Units To Sell IT-Related Assets To NTT Data
------------------------------------------------------------
Resona Holdings, Inc. (Resona HD, President: Kenji Kawada)
hereby gives notice that it decided to sell the IT assets of its
subsidiaries, Resona Bank, Ltd. and Saitama Resona Bank, Ltd. to
their IT system outsourcer. Details were announced as follows.
1. Reason for the disposal
In order to enhance the efficiency of IT systems management,
Resona HD has decided to sell and concentrate the IT assets of
its subsidiaries to their IT system outsourcer.
2. Items to be sold
(1) Resona Bank
Type Sale Price Book Value
Software JPY1.1 bln JPY3.0 bln
Hardware JPY0.2 bln JPY0.5 bln
Total JPY1.3 bln JPY3.5 bln
(2) Saitama Resona Bank
Type Sale Price Book Value
Hardware JPY1.4 bln JPY3.0 bn
Total JPY1.4 bln JPY3.0 bln
3. Outline of the purchaser
NTT Data Corporation
(1) Representative President and CEO: Tomokazu Hamaguchi
(2) Address 3-3 Toyosu 3-chome, Koto-ku, Tokyo
(3) Line of business Electrical communication
Development and maintenance of data communication systems, sale
or leasing of such systems, etc.
4. Date of transfer: March 31, 2005
5. Impact on the forecasted earnings
The expected loss arising from the sale of aforementioned IT
assets will be disposed of in the current fiscal year. However,
the previous earnings forecasts for the fiscal year ending March
2005, which was announced on November 25, 2004, remain the same.
This is a Company press release.
CONTACT:
Resona Holdings, Inc.
Address: 2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
SEIBU RAILWAY: Eyes Selling JPY200B In Assets
---------------------------------------------
Seibu Railway Company plans to sell JPY200 billion in assets and
raise the same amount within the next three years, the Nihon
Keizai Shimbun reported on Friday.
The report said the management reform committee's latest
proposal calls for the sale of nine facilities, including the
Yokohama Prince Hotel.
CONTACT:
Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/
TAMANO CONSULTANTS: IRCJ Reaches Debt Purchase Deal
---------------------------------------------------
Following its approval on December 24, 2004 of an application
for assistance by Tamano Consultants Co., Ltd. under Article 22,
Clause 3 of the Industrial Revitalization Corporation Act of
2003, the Industrial Revitalization Corporation of Japan (IRCJ)
on February 14, 2005, under Article 25, Clause 1 of the same
act, reached an agreement with financial institutions on the
purchase of debt owed by Tamano Consultants.
Note: This agreement on the purchase of debt means that
agreement has been reached between the necessary financial
institutions and the IRCJ in respect of either a) sale of debt
by the financial institutions concerned to the IRCJ at market
price or b) financial support by the financial institutions
concerned (for example debt forgiveness while continuing to hold
the balance of debt, debt equity swaps, etc.). Any decision by
the IRCJ to purchase the debt of companies it has approved for
assistance is only made at a point when it is evident that the
revitalization plan of the business concerned can be progressed
as planned.
1. Name(s) of Company concerned
Tamano Consultants Co., Ltd.
Tamano Toshi Kaihatsu Co., Ltd.
2. Amount of debt to be purchased
(Million yen)
Principal value of total debt 22,402 (A)
Principal value of debt to be 4,027 (B)
purchased as per note a) above
Principal value of debt 18,375
for which financial support to be provided
by financial institutions as per note b) above (A-B)
Note:
1. The actual amount of debt purchased may change between this
announcement and completion of the purchase.
3. Amount of financial assistance
Debt forgiveness: 12,670 million yen
Note:
1. Due to a higher proceeds than expected from asset disposals,
the total has decreased 348 million yen.
4. Schedule
Debt forgiveness will be implemented in March 2005.
5. Comment from the state ministers in charge of the Industrial
Revitalization
Corporation of Japan
None expressed.
Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the government ministers in charge of the IRCJ.
6. Treatment of trade and other creditors
The agreement on the purchase of debt as outlined above is an
agreement between relevant financial institutions and the IRCJ;
there will continue to be no effect on the claims of trade and
other creditors.
For more information, please contact:
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437
The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp.
* WL Ross, Sumitomo Mitsui Create US$300Mln Financing Program
-------------------------------------------------------------
Sumitomo Mitsui Banking Corporation (SMBC) and WL Ross & Co. LLC
(WLR) on March 17, 2005 set up a program to invest up to US$300
million in secured debtor-in-possession financings to companies
reorganizing under Chapter 11 of the U.S. Bankruptcy Code. WL
Ross & Co. LLC will be responsible for managing the program's
portfolio.
SMBC and WLR expect the program to produce synergies between the
two firms that will further expand their DIP finance business in
the competitive U.S. market.
WLR is a leader in distressed investments globally, having
sponsored more than $2.5 billion of such investments since its
inception in 2000. Its successful commitments to steel, textiles
and coal are well known. SMBC is one of the leading financial
institutions in Japan. Its U.S. branches are located in New
York, Los Angeles and San Francisco.
Masayuki Oku, Deputy President and Head of International Banking
Unit of SMBC said, "Building upon our already substantial
experience in DIP finance in the U.S., we look forward to
expanding the business through this exciting new relationship
with WL Ross & Co. LLC. Its unparalleled expertise and network
of contacts make WL Ross & Co. LLC the ideal partner for SMBC in
this business."
Wilbur L. Ross Jr., Chairman of WLR commented, "We are delighted
to have been selected by such a prestigious financial group to
manage this pioneering effort. For many years we have had
mutually profitable relationships with SMBC and its Daiwa
Securities SMBC affiliate."
For information, please contact:
William Haney
General Counsel
Americas Division Sumitomo Mitsui Banking Corporation
+1(212) 224-4417
Takashi Morita
Public Relations Department
Sumitomo Mitsui Banking Corporation
+011-81-3-5512-2679
Wilbur L. Ross Jr.
Chairman & CEO
WL Ross & Co. LLC
+1(212) 826-2111
SOURCE: WL Ross & Co. LLC
CONTACT: Wilbur L. Ross Jr.,
Chairman & CEO of WL Ross & Co. LLC,
+1-212-826-2111; or
William Haney,
General Counsel,
Americas Division of Sumitomo Mitsui Banking Corporation,
+1-212-224-4417; or
Takashi Morita,
Public Relations Department of Sumitomo Mitsui Banking
Corporation,
+011-81-3-5512-2679
=========
K O R E A
=========
SAMYANG FOODS: Must Exit Court Protection to Avoid Delisting
------------------------------------------------------------
Samyang Foods Co. may be delisted unless it emerges from court
protection by the end of March, reports Asia Pulse.
The Korea Stock Exchange said on March 17 that Samyang, South
Korea's second-largest manufacturer of instant noodles, failed
to satisfy the listing standard at the end of 2004 due to debts
that lowered its capital. The Exchange said that unless the
Company is granted an exemption from court protection by March
31, it will be delisted.
The Company entered into court protection in 1998 due to
financial difficulties, and applied for graduation on Feb. 25
due to stable management; the court is scheduled to decide on
the matter at the end of this month.
The Company reduced 98.5% or KRW330.2 billion of its debt
through aggressive restructuring and maintaining good operating
profits for the past six years. Last year's sales increased
20.7% to KRW274.5 billion, while operating profit rose 14.6% to
KRW21 billion.
CONTACT:
Samyang Foods Co., Ltd.
Fax: 82-2-9196180
E-mail: pr@samyangfood.co.kr
Web site: http://www.samyangfood.co.kr
===============
M A L A Y S I A
===============
CONSOLIDATED FARMS: Receives Notice to Pay by Taurus Berhad
-----------------------------------------------------------
Consolidated Farms Berhad announces that the Company received a
Notice dated March 16, 2005, pursuant to Section 218 of the
Companies Act, 1965.
The Notice was issued by Messrs Sidhu & Associates on behalf of
Taurus Marketing Sdn. Bhd. (Taurus) demanding payment for a sum
of RM56,750.65 being the outstanding sum due and owing to Taurus
in respect of goods sold and delivered to the Company. Pursuant
to the Notice, in the event Consolidated Farms Berhad fails
and/or refuses to make payment for the debt within twenty-one
(21) days from the date of service of the Notice, the Company
shall be deemed to be unable to pay its debts within the meaning
of Section 218 of the Companies Act, 1965 and winding-up
proceedings shall thereafter be instituted against it.
The Company had on March 4, 2005 been granted an extension of
the restraining and stay order (RO) for a period of ninety (90)
days effective from March 4, 2005, to June 1, 2005 by the Kuala
Lumpur High Court pursuant to Section 176(10) of the Companies
Act, 1965.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Phone: 03-23001199
Fax: 03-23002299
CONSOLIDATED FARMS: Unit Served with Notice to Pay Debt
-------------------------------------------------------
Consolidated Farms Berhad announces wholly owned subsidiary
Consolidated Feedmill Sdn Berhad (CFSB) received a notice
pursuant to Section 218 of the Companies Act, 1965, dated March
16, 2005.
The Notice was issued by Messrs Sidhu & Associates on behalf of
Taurus Marketing Sdn. Berhad, demanding payment for a sum of
RM203,850.00 being the outstanding sum due and owing to Taurus
in respect of goods sold and delivered to CFSB. Pursuant to the
Notice, in the event CFSB fails and/or refuses to make payment
for the aforesaid debt within twenty-one (21) days from the date
of service of the Notice, CFSB shall be deemed to be unable to
pay its debts within the meaning of Section 218 of the Companies
Act, 1965 and winding-up proceedings shall thereafter be
instituted against the Company.
The Kuala Lumpur High Court on March 4, 2005 granted the Company
an extension of the restraining and stay order (RO) for a period
of ninety (90) days effective from March 4, 2005 to June 1,
2005, pursuant to Section 176(10) of the Companies Act, 1965.
FABER GROUP: Converts Loan Stocks into Ordinary Shares
------------------------------------------------------
Faber Group Berhad's additional 38,500 new ordinary shares of
RM1.00 each arising from the Company's Conversion of RM77,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 38,500 new ordinary shares are granted listing
and quotation effective Monday, March 21, 2005, 9:00 a.m.
CONTACT:
Faber Group Berhad
20th Floor, Menara 2 Faber Towers,
Jalan Desa Bahagia, Taman Desa
Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax: 03-76282828
GENERAL SOIL: Hearing for Unit's Winding Up Set on March 25
-----------------------------------------------------------
General Soil Engineering Holdings Berhad announces that its
wholly owned subsidiary, General Soil Engineering Sdn Bhd
(GSESB) was served a winding up petition by Indah Water
Konsortium Sdn Berhad on Jan. 11, 2005.
Indah Water has claimed for a sum of RM56,453.10 being the
judgment sum dated Nov. 30, 2004, obtained in the Kuala Lumpur
Session Court, the interest on judgment sum at the rate of 8%
p.a. and costs.
1. Circumstances leading to the winding up petition:
Indah Water claimed for a sum of RM100,300.41 being the judgment
sum dated Aug. 27, 2002, obtained in the Kuala Lumpur Session
Court, the interest on judgment sum at the rate of 8% p.a. and
costs.
GSESB has been blamed for damaging a public sewer line at Jalan
Jati, Off Jalan Imbi, Kuala Lumpur. On June 28, 2001, Indah
Water took the matter to Kuala Lumpur Session Court to recover
the repair cost of RM85,093.45. On Aug. 27, 2002, the judgment
by the session court was in favor of Indah Water.
A notice pursuant to section 218 of the Companies Act, 1965 was
served by Indah Water to GSESB on June 27, 2003. Subsequently,
Indah Water came to settlement agreement with GSESB to repay the
amount over 10 Installments. Due to financial constrain of the
Company, GSESB was unable to fulfill the remaining 6
installments.
2. Cost of the investment in GSESB:
Based on the unaudited accounts of the Company as at Sept. 30,
2003, the total investment cost in GSESB is RM14.3 million.
However, full provision of the diminution in value of the
investment has been made in the accounts of the Company.
3. The financial and operational impact of the winding up
proceedings:
The Group's finance and operations will be severely affected by
the winding up proceedings.
Based on the unaudited accounts of the Company as at Dec. 30,
2003, the total investment cost in GSESB is RM14.3 million.
However, full provision of the diminution in value of the
investment has been made in the accounts of the Company.
6. Proposed steps to be taken by the Company:
i) The Board will take steps to oppose the winding up petition.
ii) The Board will start discussions with Indah Water
representatives and hope to settle the matter amicably.
The hearing date of the winding-up petition has been fixed on
March 25, 2005.
CONTACT:
General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Malaysia
Phone: 03-2698 9888
Fax: 03-2693 8580/670
GOLDEN FRONTIER: Issues Notice of Shares Buy Back
-------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on March
17, 2005.
Date of buy back: 17/03/2005
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 5,000
Minimum price paid for each share purchased (RM): 0.630
Maximum price paid for each share purchased (RM): 0.630
Total consideration paid (RM): 3,164.10
Number of shares purchased retained in treasury
(units): 5,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,369,800
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
GULA PERAK: To List Additional Shares
-------------------------------------
Gula Perak Berhad's additional 448,500 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of 456,500
irredeemable convertible secured loan stocks 2000/2005 into
448,500 new ordinary shares will be granted listing and
quotation effective Tuesday, March 22, 2005, 9:00 a.m.
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax: 03-4044 6688
PAN MALAYSIA: Buys Back 140,400 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed details of shares it
bought back on March 17, 2005, to the Bursa Malaysia Securities
Berhad.
Date of buy back: 17/03/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 140,400
Minimum price paid for each share purchased (RM): 0.375
Maximum price paid for each share purchased (RM): 0.385
Total consideration paid (RM): 53,792.67
Number of shares purchased retained in treasury
(units): 140,400
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 20,255,500
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: Repurchases 71,800 Shares
------------------------------------------
Pantai Holdings Berhad revealed to the Bursa Malaysia Securities
Berhad details of its shares buy back on March 17, 2005.
Date of buy back: 17/03/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 71,800
Minimum price paid for each share purchased (RM): 0.990
Maximum price paid for each share purchased (RM): 1.000
Total consideration paid (RM) : 71,840.16
Number of shares purchased retained in treasury
(units): 71,800
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 28,225,600
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/
POS MALAYSIA: Unveils Employee Share Option Scheme
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 218,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Tuesday, March 22, 2005, 9:00 a.m.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
SERSOL TECHNOLOGIES: Cannot Account for Shares' Trading Volume
--------------------------------------------------------------
Sersol Technologies Berhad refers to the Bursa Securities
Malaysia Berhad's (Bursa Securities') query letter dated March
17, 2005, on unusual market activity in the high trading volume
of the Company's shares.
The Company's Board of Directors confirms that to the best of
their knowledge, they are not aware of any of the following that
have contributed to the unusual market activity:
1. Material development or changes in our group's business and
affairs not previously disclosed
2. Material changes in the major shareholders except as
disclosed in recent announcement
3. Any other reasons to account for the unusual market action.
SETEGAP BERHAD: Court Grants RO to Facilitate Restructuring
-----------------------------------------------------------
Setegap Berhad announces that a Restraining Order (RO) was
granted by the Kuala Lumpur High Court on March 17, 2005
pursuant to Section 176(10) of the Companies Act 1965, to the
Company and its subsidiaries:
1) Tekun Bina Sdn Bhd
2) Sg Tech Sdn Bhd
3) General Plus Infraworks Sdn Bhd
The Restraining Order is valid for 3 months effective from March
17, 2004 and will facilitate the implementation of the a debt
restructuring scheme of which an interim announcement was made
on Sept. 10, 2004. The Company will announce further details on
the scheme in due course.
CONTACT:
Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my
TRU-TECH HOLDINGS: Sees No Further Development to Default Status
----------------------------------------------------------------
Further to the announcement dated Feb. 17, 2005 in relation to
the default status of coupon payment on RM55,000,000 nominal
amount of Redeemable Unsecured Loan Stocks (RULS), and the
default of a monthly deposit of RM1,500,000 into the Company's
sinking fund account, Tru-Tech Holdings Berhad announces that
there has been no material development in respect of the Default
pursuant to Practice Note 1/2001.
The Company was unable to make the monthly deposit of
RM1,500,000 due on March 17, 2005 for the purposes of redemption
of the RULS, due to its current tight cash flow position. The
financial and legal implications to the Company in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated Oct. 17, 2003.
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
TT RESOURCES: Issues Warrants Expiry Notice to Holders
------------------------------------------------------
The Company refers to its announcement dated Jan. 20, 2005, in
relation to the expiry of its Warrants 2000/2005 expiry of
exercise rights on Friday, April 22, 2005, 5:00 p.m.
In accordance with the provisions of the Deed Poll dated March
27, 2000 and Supplemental Deed Poll to First Deed Poll dated
Sept. 5, 2001 governing the terms and conditions of Warrants
2000/2005, TT Resources Berhad announces that the notice to the
holders of Warrants 2000/2005 to be dated March 18, 2005 in
relation thereto will be dispatched to all holders of Warrants
2000/2005 on said date. The said notice was published in The
Star on Friday, March 18, 2005.
CONTACT:
TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama 47400
Petaling Jaya, Selangor
Darul Ehsan, Malaysia
Phone: 03-77268297
Fax: 03-77268076
Web site: http://www.ttrb.com.my
=====================
P H I L I P P I N E S
=====================
CENTRAL AZUCARERA: Suspends Operations Due to Illegal Strike
------------------------------------------------------------
Central Azucarera de Tarlac (CAT) has decided to suspend
operations due to the illegal strike staged at its factory since
November last year.
During a Company meeting held March 17, 2005, the Board of
Directors of CAT resolved to temporarily halt operations at its
milling facility because the strikers are still refusing to
return to work. Striking employees also continue to obstruct
access to and egress from the premises of the Central,
preventing non-striking staff from reporting for work.
As a result, CAT's operations have been completely paralyzed
since the onset of the illegal strike and has exacerbated the
already debilitating financial condition of the Company.
CONTACT:
Central Azucarera de Tarlac
Phone: (63)818 3911
Fax: (63)817 9309
GARWOOD PARK: Shuts Down Operations
-----------------------------------
Garwood Park Hotel Inc. (GPHI) has ceased operations last week,
causing the loss of more than a hundred jobs, Sun Star Daily
reports.
The Cebu City-based hotel closed Monday after the Visayan
Electric Company Incorporated (VECO) cut electricity to the
establishment due to unpaid bills. The hotel's 15 telephone
lines had also been reduced because of pending bills with the
Philippine Long Distance Company (PLDT). Only the Casino
Filipino slot machine arcade of the Philippine Amusement and
Gaming Corp. (Pagcor), which has its own power supply, remains
operating at the second floor.
The sudden closure of the hotel puts in question the future of
its more than 100 workers, who have already filed a complaint
for illegal dismissal before the National Conciliation and
Mediation Board-Regional Arbitration Board, according to a
report by local newspaper The Freeman.
Under the law, the management of a Company is mandated to give
at least a 30-day notice to its employees prior to the closure
of its establishment. Garwood management, however, remained
tight-lipped about the exact reasons for the closure.
Most of Garwood's employees, who were employees of its
predecessor, Park Place Hotel, invested some 50 percent of their
separation pay from Park Place in GPHI. They also complained
they have not received their dividends or share of the income of
Garwood since it started operating.
CONTACT:
Garwood Park Hotel
Fuente Osme¤a, Cebu City 6000
PO Box 236, Philippines
MANILA ELECTRIC: Lauds Government's Anti-Theft Campaign
-------------------------------------------------------
The Manila Electric Company (Meralco) said it appreciates the
government's support of the power utility firm's efforts to trim
its system losses, reports The Philippine Star.
Meralco lauded the government's campaign to prevent power theft
aimed to ensure a continuous and sustained campaign against
electricity pilferage.
Government agencies have recently signed a memorandum of
agreement (MOA) to assume bigger roles in assisting electric
utilities in the apprehension of power thieves and to prioritize
and diligently implement the provisions of Republic Act 7832 or
the Anti-Electric Pilferage Act of 1994.
Pursuant to RA 7832, the Philippine National Police has been
assisting in the apprehension of illegal users of electricity.
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
NATIONAL BANK: Lucio Tan Approves Joint Stake Sale
--------------------------------------------------
Business tycoon Lucio Tan has agreed to the government's
proposal to jointly sell up to two-thirds of a combined 90
percent stake in Philippine National Bank (PNB), Business World
says.
The government is looking to sell its stake in the semi-private
bank together with Mr. Tan's in a bid to command higher price
offers from interested buyers.
Mr. Tan is reportedly interested in joining the tender, but he
has not confirmed his participation yet. If he does, Mr. Tan
will emerge as PNB's controlling shareholder with a 70 percent
stake.
The government is expected to rake around Php9 billion to Php15
billion from the sale, which will cover a 67 percent majority in
the bank.
Proceeds of the sale will be used to pay the Bangko Sentral ng
Pilipinas (BSP) and Philippine Deposit Insurance Corp. (PDIC)
for the Php25-billion emergency loan it extended to PNB for its
rehabilitation.
CONTACT:
Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/
NATIONAL POWER: Central Bank Calls for Speedy Privatization
-----------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) is urging the government
to accelerate the privatization of state-run National Power
Corporation (Napocor), according to Business World.
The central bank is pressing the government on the need to
privatize the power firm since Napocor's huge losses have
contributed to a major portion of the state budget deficit.
The delay in Napocor's privatization has been attributed to
creditors such as the Asian Development Bank, Japan Bank for
International Corporation and the World Bank, who refused to
authorize the transfer of Napocor's assets to the Company tasked
to privatize the firm.
In addition to Napocor's woes is Meralco's failure to settle
around Php20 billion in power supply payments, and the inability
of electric cooperatives to pay some Php60 billion in total
dues.
The state-owned power firm had an estimated Php600 billion in
liabilities as of last year, up from only Php200 billion in
2001.
Napocor expects its losses to widen further since its
application to raise power rates by 97 centavos is still
awaiting approval from the Energy regulatory Commission (ERC).
The ERC has said it may rule on Napocor's rate increase petition
by next month pending the submission of the final sets of
evidence from both the government and opponents of the
generation rate hike.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
PHILIPPINE LONG: Mulls Mobile Service in Singapore, U.S.
--------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) plans to team
up with Singapore and United States carriers to launch a mobile
phone service in these countries later this year, The Philippine
Star reports.
PLDT and unit Smart Communications Incorporated are in talks
with Singapore carriers Mobile One and StarHub and several U.S.
carriers for a partnership that would allow PLDT to operate a
mobile virtual network operation in those countries.
PLDT refused to name the U.S. carriers as the talks are still
ongoing.
PLDT launched a mobile service in Hong Kong in September, in
partnership with CSL.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
=================
S I N G A P O R E
=================
CHINA AVIATION (S): Court Fixes Date of Hearing April 1
-------------------------------------------------------
China Aviation Oil (S) Corp. Ltd. disclosed to the Singapore
Stock Exchange (SGX) that the hearing for the Judicial
Management Petition filed by SK Energy Asia Pte Ltd to the
Singapore High Court is fixed April 1, 2005 at 10:00 a.m.
CONTACT:
China Aviation Oil (Singapore) Corporation Ltd
8 Temasek Boulevard #31-02
Suntec Tower Three
Singapore 038988
Telephone: 65 63348979
Fax: 65 63335283
Web site: http://www.caosco.com
DATACRAFT ASIA: Issues, Allots 139,000 Ordinary Shares
------------------------------------------------------
On March 17, 2005, Datacraft Asia Ltd issued and allotted
139,000 Ordinary shares (New Shares) at a price of US$0.725 each
to a director and certain employees of the Company and its
subsidiaries upon the exercise of options pursuant to the
Datacraft Asia Share Option Scheme.
The New Shares will rank pari passu in all respects with the
existing shares of the Company in issue.
Application is being made to the Singapore Exchange Securities
Trading Limited for the listing and quotation of the New Shares.
Following the issue of the New Shares, the number of issued and
paid-up ordinary shares of the Company is increased to
467,268,683 ordinary shares of S$0.10 each.
Chew Puay Hoon
Assistant Company Secretary
17 March 2005
CONTACT:
Datacraft Asia Limited
6 Shenton Way #24-11
DBS Building Tower 2
Singapore 068809
Telephone: 65 63237988
Fax: 65 63237933
Web site: http://www.datacraft-asia.com
NG HUAT: Faces Winding Up Proceedings
-------------------------------------
In the matter of Ng Huat Foundations Pte Ltd. a winding up order
was made on February 25, 2005.
Name and address of Liquidator:
Official Receiver, Singapore at
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
Messrs Khattarwong
Solicitors for the Petitioner
Note:
(a) All creditors of the abovenamed Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.
(b) All debts due to the abovenamed Company should be forwarded
to the liquidator.
SING KOON: Issues Notice of Dividend
------------------------------------
Sing Koon Seng Shipbuilding & Engineering Pte Ltd. formerly of
Colombo Court #05-25 Singapore 0617 posted to the Government
Gazette, Electronic Edition a notice of intended 2nd
preferential dividend.
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 192 of 1992
Last Day for Receiving Proofs: 28th March 2005
Name & Address of Liquidator:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: 11th March 2005
Beverly Wee
Assistant Official Receiver
SYSTRON POWER: Court to Hear Winding Up Petition April 1
--------------------------------------------------------
Notice is hereby given that an amended petition for the winding
up of Systron Power Systems Pte Ltd by the High Court was, on
March 10, 2005, presented by Singapore Warehouse Company
(Private) Ltd. (RC No. 196900505G).
The amended petition is to be heard before the Court sitting at
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 petition may
appear at the time of hearing by himself or his counsel for that
purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
The Petitioner is a Company incorporated in Singapore and having
its registered office at 38 South Bridge Road, Singapore 058672.
The Petitioner's solicitors are Messrs Allen & Gledhill of One
Marina Boulevard #28-00, Singapore 018989.
Dated the 11th day of March 2005
Allen & Gledhill
Solicitors for the Petitioner
Note:
Any person who intends to appear on the hearing of the petition
must serve on or send by post to the abovenamed Allen &
Gledhill, Solicitors for the Petitioner, 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 the 31st day of March 2005 (the day before the day appointed
for the hearing of the Petition).
THYSSEN HUNNEBECK: Proofs of Debt, Claims Due April 11
------------------------------------------------------
Notice is hereby given that the creditors of Thyssen Hunnebeck
Singapore Pte Ltd (In Members' Voluntary Liquidation), which is
being wound up voluntarily are required on or before April 11,
2005 to send in their names and addresses and 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 by the said liquidator are,
by their solicitors or personally, to come in and prove their
debt or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.
Dated this 11th day of March 2005
Hamish Alexander Christie
Liquidator
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
UNITED OVERSEAS: Dissolves Dormant Bahamas Unit
-----------------------------------------------
The Board of Directors of United Overseas Land Limited advised
the Singapore Stock Exchange (SGX) that Secure Property
Management Limited, a dormant subsidiary incorporated in the
Commonwealth of the Bahamas, has been dissolved pursuant to
members' voluntary liquidation proceedings commenced earlier.
Foo Thiam Fong Wellington
Company Secretary
17 March 2005
CONTACT:
United Overseas Land Limited
101 Thomson Road #33-00
United Square
Singapore 307591
Telephone: 65 62550233
Fax: 65 62529822
WEE POH: Procures Subscription for All Placement Shares
-------------------------------------------------------
Further to the announcements made by Wee Poh Holdings Ltd. to
the Singapore Stock Exchange on March 16, 2005, the Company
announced that pursuant to the Placement Agreement, the
Placement Agent has procured subscription for all 123,000,000
Placement Shares at the issue price of S$0.0075 each.
The Placement Shares represent 5.0 percent of the issued share
capital of the Company as at the date of this Announcement.
The completion of the Placement in respect of the 123,000,000
Placement Shares remain conditional upon, inter alia, the
approval for the listing and quotation of the 123,000,000
Placement Shares on the SGX-SESDAQ being obtained from SGX-ST.
CONTACT:
Wee Poh Holdings Limited
105 Cecil Street #03-03/04
The Octagon
Singapore 069534
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg
===============
T H A I L A N D
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ASIA HOTEL: Details Resolutions Passed at Meeting
-------------------------------------------------
Asia Hotel Public Company Limited has informed the Stock
Exchange of Thailand that at its board of directors meeting
no.3/2548(#3/2005) held on 17 March 2005, the following
resolutions were passed:
(1) That the Company will omit dividend payment for the
operation from 1 January 2004 to 31 December 2004 because the
Company posted a net loss for the year 2004.
(2) That an ordinary general meeting of shareholders no.43
should be held on 28 April 2005 at 3.00 p.m. at King Petch Room,
Asia Hotel, 296 Phayathai Road, Ratchatevi, Bangkok. The agenda
for the meeting will be as follows:
2.1 Certify the minutes of the AGM no. 42
2.2 Certify the Company's annual report and the board of
directors' report for the year 2004
2.3 Approve the balance sheets, statements of income, statements
of changes in shareholders' equity, statements of cash flow for
the year 2004 and the auditor's report of the Company and its
subsidiaries
2.4 Consider not to allocate net profit for legal reserves and
dividend omissions for the year 2004's operating results
2.5 Appoint directors to succeed those completing their terms
2.6 Approve directors' remuneration fees
2.7 Appoint an auditor and fix the auditing fee for the year
2005
2.8 Consider other issues (if any)
(3) That the date for closing the Company share register for the
right to attend the meeting will be on 7 April 2005 at 12.00
p.m. until the meeting has been duly convened.
Mr. Kumpol Techaruvichit
Chairman and Managing Director
CONTACT:
Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Website: www.asiahotel.co.th
BANGKOK RANCH: Cancels 2005 AGM, Omits Dividends
------------------------------------------------
Bangkok Ranch Planner Limited, in its capacity as Plan
Administrator of Bangkok Ranch Public Company Limited (BR),
advised the Stock Exchange of Thailand that the Annual General
Meeting (AGM) of BR shareholders for the year 2005 will be
cancelled and the dividend payment will be omitted.
The Plan Administrators, however, said they will distribute the
2004 annual report to all shareholders.
Since August 17, 2000, BR has been in the business
reorganization process. All duties and responsibilities to
manage BR has been vested to Bangkok Ranch Planner Ltd., the
Plan Administrator as appointed by the Bankruptcy Court.
CONTACT:
BANGKOK RANCH PUBLIC COMPANY LIMITED
18/1 MOO 12, LANGWATBANGPLEEYAINAI ROAD,
BANG PLEE Samut Prakarn
Telephone: 0-2337-3280-3, 0-2752-0401-3
Fax: 0-2337-3293, 0-2337-3295
COMPASS EAST: SET Posts SP Sign on Securities
---------------------------------------------
Compass East Industry (Thailand) Public Company Limited (CEI)
has submitted to the SET its reviewed financial statements for
the period ending 31 January 2005. As the Company's auditor was
unable to reach any conclusion on the financial statements, it
can be considered that the numbers, which represent the
Company's financial status and operating outcome as presented in
its financial statements, failed to adequately and/or properly
reflect the actual position of the Company.
Due to these discrepancies, the Securities and Exchange
Commission (SEC) is considering requiring that the Company amend
its financial statements on the issues raised by its auditor.
Therefore, the SET has posted an "SP" (Suspension) sign to
suspend trading on the securities of CEI effective from the
morning session of 18 March 2005 to enable shareholders and
general investors to have sufficient time to scrutinize an
auditor's report on the audit of its financial statements.
The SET will permit resumption of trading of CEI and post an
"NP" (Notice Pending) sign effective from the morning session of
21 March 2005 until the Company has the opportunity to submit
its amended financial statements or the SEC concludes that it
will not be necessary to amend its financial statements.
CONTACT:
Compass East Industry
E-mail: info@ceifan.com
Web site: http://www.ceifan.com/
HANTEX: SET Transfers Securities to Rehabco Sector
--------------------------------------------------
The Stock Exchange of Thailand (SET) subjected Hantex Public
Company Limited (HTX) to be listed under the category "Companies
Under Rehabilitation (REHABCO)" of the exchange due to a
negative shareholders' equity on its financial statements for
the period ended December 31, 2004.
The SET has established procedures and guidelines for a listed
Company to be transferred to the category named Companies Under
Rehabilitation (REHABCO) by considering the listed Company's
financial statements showing negative shareholders' equity on
its balance sheet.
However, it should be noted that any unrealized losses that
occurred as a result of the 1997 change in the exchange rate
system can be used to adjust its shareholders' equity.
In addition, in case the auditor has issued a qualified opinion,
or a disclaimer, or an adverse opinion on the financial
statements, the SET may consider the financial condition of the
listed Company by including the adjusted condition from the
auditor's report. If Company shareholders' equity is less than
zero, the SET will transfer the listed Company to the REHABCO
category.
The Company's shareholders' equities are now negative, based
upon its audited annual financial statements ending 31 December
2004. Therefore, as required by the Rule Governing Delisting of
Securities (1999):
(1) As noted above, the SET announces that HTX must bring its
condition up to standard in order to be reinstated, and hereby
suspends its securities effective from 18 March 2005.
(2) The SET will transfer its securities to REHABCO sector on 21
March 2005 and temporarily post an SP(suspension) sign for 30
days from the date of announcement to 18 April 2005 to suspend
further trading. This is to give the HTX' management time to
make prudent decisions that benefit all parties concerned.
(3) HTX must inform the SET by 18 April 2005 whether it will:
(a) proceed with its rehabilitation plans under the Bankruptcy
Act
(b) ask for voluntary delisting, or
(c) try other options which will benefit all stakeholders
involved. HTX must also provide the SET with a schedule for
implementing its decisions.
4. After it disseminates the Company's decision, the SET will
allow trading of HTX's securities under the REHABCO category
from 19 April 2005 to 18 May 2005. This is to allow all
shareholders to trade the securities before further suspension
while the firm implements its rehabilitation plans.
5. The SET will post "SP" (suspension) signs to prohibit the
trading of HTX from 19 May 2005 until the problems have been
solved.
The SET requests that all shareholders and general investors
study the firm's complete set of financial statements and follow
up the progress of its rehabilitation through the SET
information system.
CONTACT:
Hantex Public Co., Ltd.
170/9-10 4th Fl. Ocean Tower I Bldg.,
Rachadapisek Rd., Klongtoey,
Bangkok 10110 Thailand
Phone: 022612814-20,2612824-6
Fax: 022612822
K.C. PROPERTY: Gives Added Info On Board Resolutions
----------------------------------------------------
K.C.Property Public Company Limited advised the Stock Exchange
of Thailand on March 17 that it would like to give additional
information regarding the Board of Directors' Resolutions
No.3/2005 dated March 15,2005 as follows:
(1) Resolution No.3 approved the search for a new director to
replace one of the directors who will be retired at the Annual
General Meeting No.1/2005. The Meeting assigned the Managing
Director to search for a replacement. The Managing Director has
proposed Mr.Sumate Lerttantisoonthorn to be Independent Director
and Audit Committee member, replacing the position and term of
Mr.Panja Senadisai who resigned as Director of the Company
effective on March 15,2005 due to heavy workload.
In addition, Directors Mr. Tanakrit Ngamachariyakul, Miss
Kwanchit Udomsuknirundorn, Mrs. Eakmanee Kuljarunchai, who will
be retired as their terms come due, will be reappointed for
another term. The agenda requires approval in the upcoming
Annual General Meeting of Shareholders.
(2) Approved the revision of section 2 article 5 of the
Company's Articles of Association as follows:
Existing Article No.5: "The Company's share certificate is a
name bearing type and each certificate must have at least one
Director signed or printed on it.
Under the Regulations of the Securities and the Stock Exchange,
Directors may assign the share registrar to sign or print their
names on their behalf. And in case the Company assigns the Stock
Exchange of Thailand as its share registrar, the registration
process must be made under the directions of the share
registrar.
To be replaced with New Article No.5: "The Company's share
certificate is a name bearing type and each certificate must
have at least one Director signed or printed on it.
Under the Regulations of the Securities and the Stock Exchange,
Directors may assign the share registrar to sign or print their
names on their behalf. And in case the Company assigns Thailand
Securities Depository Company Limited as its share registrar,
the registration process must be made under the directions of
the share registrar.
The revision requires approval in the upcoming Annual General
Meeting of Shareholders.
(3) Approved additional agenda regarding the Company's Articles
of Association for the Annual General Meeting of Shareholders to
be held on April 26, 2005 at 10.00 a.m. at Radisson Hotel on
Rama 9 Road to be as follows:
Agenda 1 To confirm the minutes of the Extraordinary
Shareholders'Meeting No.1/2005.
Agenda 2 To acknowledge the business performance of the year
ended 2004.
Agenda 3 To consider the Balance Sheet and Profit and Loss
Statements as of December 31, 2004.
Agenda 4 To consider appropriation of profit and dividend
payment for the year 2004.
Agenda 5 To consider the revision of the Company's Articles of
Association on Section 2 Article No.5.
Agenda 6 To consider the appointment of directors replacing the
director who resigned and those directors who are due to be
retired.
Agenda 7 To consider remuneration of the directors.
Agenda 8 To consider the appointment of auditor and the
remuneration for the year 2005.
Agenda 9 To consider other matters (if any)
Please be informed accordingly.
Yours sincerely,
Mr. Somchai Vanavit
Deputy Managing Director
CONTACT:
K.C. Property Public Company Limited
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok
Telephone: 0-2373-7788
Fax: 0-2373-4965
*********
S U B S C R I P T I O N I N F O R M A T I O N
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