/raid1/www/Hosts/bankrupt/TCRAP_Public/050330.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
Wednesday, March 30, 2005, Vol. 8, No. 62
Headlines
A U S T R A L I A
ALL TIME: Fixes Final Meeting on April 4
ANDREW FOLEY: To Hear Account on Manner of Winding Up
ARKONNE CONSTRUCTIONS: To Convene Final Meeting April 5
AVISUN ELECTRONICS: Faces Winding Up Proceedings
CRYERCOM PTY: Members, Creditors to Meet April 1
DODIN MANAGEMENT: To Hold Final Meeting April 1
EMSOFT AUSTRALIA: Court Issues Winding Up Order
EMSOFTCORP PTY: Court Names Steven Nicols as Liquidator
GMR NO. 2: To Hold Final Meeting April 1
HANLEEN PTY: Members Agree to Wind Up Company
HIH INSURANCE: Former Director Admits Errors of Judgment
ION LIMITED: Delays Creditors Meeting to Give Way to Asset Bids
JAMES HARDIE: Reviews Status in Context of Baryulgil Mine
JAPHINE PTY: Final Members Meeting Slated for April 1
J.H. EXPRESS: Court Names Mark Roufeil as Liquidator
MAROUBRA JUNCTION: Names John Morgan as Liquidator
QANTAS AIRWAYS: Faces Malaysian Threat
R.F. HALLORAN: Final Meeting Set April 13
SANTOS LIMITED: Indonesia Calls for Speedy Oil Exploration
SONS OF GWALIA: Headed for a Court Tussle with IMF
SUPER NETWORKS: Winding Up Process Ends
SUPER TEMPS: Completes Winding Up Process
TRAVANNAH PTY: Court Picks Mark Roufeil as Liquidator
VENUE RISK: To Hear Liquidator's Account at Meeting
WILLIAM D SMITH: Appoints Liquidator to Wind Up Company
WIRE PTY: Resolves to Wind Up Company
C H I N A & H O N G K O N G
CHUN YIU: To Exit Bankruptcy on July 9
CO-WINNER ENTERPRISE: 2004 Net Loss Widens to HKD14 Mln
DAN FORM: Unit Enters Liquidation Proceedings
FAR EAST: Notes Changes in Address, Directorships
FAR EAST: Adjourns Winding Up Hearing to June 27
HONG KONG PHARMACEUTICAL: Posts Notice of Address Change
HUA YUN: Court Issues Winding Up Notice
KIN LING: To Emerge from Bankruptcy on July 18
KWOK MAN: To Be Discharged from Bankruptcy on July 18
PAOL CONSTRUCTION: Exits Bankruptcy Proceedings
PROSPER COMPUTER: Release from Bankruptcy Set July 11
SING LEE: Net Loss Balloons to RMB2.3 Mln
STOCKMARTNET HOLDINGS: 2004 Net Loss Shrinks to HKD10.7 Mln
STRONG OFFER: Winding Up Hearing Set April 8
SYNERGY FINANCE: Receives Winding Up Notice from Court
SYNERGY PROPERTY: To Undergo Winding Up Process
I N D O N E S I A
BANK MANDIRI: Quake Shakes Shares Trading
J A P A N
DAIICHI MUTUAL: Pays JPY10 Bln Compensation to Gibraltar
FUJITSU LIMITED: Unit Wins JPY100 Bln Order from U.K. Ministry
JAPAN AIRLINES: Aviation Chief Inspects Offices
KEIYO CO.: JCR Places BBB- Rating Under Credit Monitor
KUBOTA CORPORATION: S&P Raises Rating to BBB+
MITSUBISHI MOTORS: Names Jerry Berwanger to Lead U.S. Facility
MITSUBISHI MOTORS: Unveils Sales, Exports for February 2005
SEIBU RAILWAY: Mulls Sale of 85 Facilities
SEVEN INDUSTRIES: JCR Affirms BBB- Rating
SNOW BRAND: Moody's Reviews B2 Ratings for Possible Upgrade
K O R E A
ROTEM COMPANY: To Pursue Further Restructuring, Downsizing
SAMSUNG LIFE: Talks to Sell 17.5% Stake Fall Through
M A L A Y S I A
ANTAH HOLDINGS: Securities Trading Still Suspended
GENERAL SOIL: Proposes Full Settlement With Indah Water
GULA PERAK: Lists New Ordinary Shares Today
I-BERHAD: Buys Back 10,000 Shares
KILANG PAPAN: Posts Q4/FY04 Results
MALAYSIAN BULK: Sells Carrier Ship for MYR73 Mln
NAIM INDAH: Converts 45,100 Loan Stocks into New Shares
PADIBERAS NASIONAL: Petition Hearing Moved to July 17
PAN MALAYSIA: Repurchases Additional Shares
PANTAI HOLDINGS: Buys Back 31,000 Ordinary Shares
PARK MAY: Listed Status Soon to be Replaced by KTB
POS MALAYSIA: Set to List Extra Shares on April 1
WCT ENGINEERING: Granted Listing of Additional Shares
P H I L I P P I N E S
BACNOTAN CONSOLIDATED: Notes Unusual Price Movement
DMCI HOLDINGS: Has Not Taken Legal Actions Against Government
MANILA ELECTRIC: Steps Up Energy Conservation Campaign
MANILA ELECTRIC: Outstanding Debt Shrinks to Php101.2 Bln
MANILA ELECTRIC: To Determine Persons Entitled to Vote at ASM
NATIONAL BANK: Tycoon Gives Government Time to Seek Other Buyers
NATIONAL POWER: New Boss Vows to Stick with EPIRA
NEGROS NAVIGATION: Secures US$2.38-Mln Loan from Metro Pacific
PHILIPPINE LONG: 15,590 Common Shares Set for Listing Today
PRIMETOWN PROPERTY: Issues Rehabilitation Scheme Update
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Distributes Copy of Proxy Statement
CHINA AVIATION (S): To Release PwC Report this Week
GOLDPINE MARINE: Invites Creditors to Appear at Hearing
LAWSANDYS DEVELOPMENT: Requires Creditors to File Proofs of Debt
LAWSANDYS STONES: Creditors Should File Proofs of Debt
MARCOBILT DEVELOPERS: Proofs of Debt, Claim Due April 25
NATUNA RESOURCES: Enters Winding Up Process
RSH LIMITED: Members Pass Resolution at EGM
T H A I L A N D
ADVANCE PAINTS: Postpones Shareholders' Meeting
EMC: Clinches New Construction Contract
MANAGER MEDIA: Details Progress of Operations
NFC FERTILIZER: Begins Recruitment Process for New Directors
PAE THAILAND: Loss Results in No Dividend Payment
- - - - - - - -
=================
A U S T R A L I A
=================
ALL TIME: Fixes Final Meeting on April 4
----------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of All Time Plumbing Sydney Pty Ltd (In Liquidation)
A.C.N. 065 657 285 will be held at the offices of Jirsch
Sutherland Chartered Accountants, Level 2, 84 Pitt Street,
Sydney NSW 2000 on April 4, 2005 at 10:00 a.m. for the purpose
of having an account laid before the members and creditors
showing the manner in which the winding up has been conducted,
the property of the Company disposed, and the hearing of any
explanations that may be given by Liquidator.
Dated this 1st day of March 2005
Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
ANDREW FOLEY: To Hear Account on Manner of Winding Up
-----------------------------------------------------
Notice is given that the final meeting of the members and
creditors of Andrew Foley Electrical Pty Limited (In
Liquidation) A.C.N. 003 881 365 will be held at the offices of
Gavin Thomas & Partners, Level 9, 31 Market Street, Sydney on
April 5, 2005 at 10:00 a.m. to receive the Liquidator's final
account showing how the winding up has been conducted and the
property of the Company has been disposed of.
Mark Roufeil
Liquidator
ARKONNE CONSTRUCTIONS: To Convene Final Meeting April 5
-------------------------------------------------------
Notice is given that the final meeting of the members of Arkonne
Constructions Pty Limited (In Liquidation) A.C.N. 001 110 363
will be held at the offices of Gavin Thomas & Partners, Level 9,
31 Market Street, Sydney on April 5, 2005 at 10:30 a.m. to
receive the Liquidator's final account showing how the winding
up has been conducted and the property of the Company has been
disposed of.
Mark Roufeil
Liquidator
AVISUN ELECTRONICS: Faces Winding Up Proceedings
------------------------------------------------
On February 8, 2005 the Supreme Court of New South Wales made an
Order that Avisun Electronics Pty Limited (In Liquidation)
A.C.N. 050 540 077 be wound up by the Court and appointed
Stephen James Parbery to be Liquidator.
Dated this 8th day of February 2005
Stephen James Parbery
c/- PPB
Chartered Accountants & Business Reconstruction Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310
CRYERCOM PTY: Members, Creditors to Meet April 1
------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Cryercom Pty Limited (In Liquidation) A.C.N. 081
827 545 will be held at the offices of Jirsch Sutherland
Chartered Accountants, Level 2, 84 Pitt Street, Sydney NSW 2000
on April 1, 2005 at 10:30 a.m. for the purpose of having an
account laid before the members and creditors showing them the
manner in which the winding up has been conducted, the property
of the Company disposed, and the hearing of any explanations
that may be given by Liquidator.
Dated this 1st day of March 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
DODIN MANAGEMENT: To Hold Final Meeting April 1
-----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Dodin
Management Pty Ltd (In Liquidation) A.C.N. 071 716 133 will be
held at the offices of Lawler Partners, 763 Hunter Street,
Newcastle West NSW 2302 on April 1, 2005, at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanations that may be
given by the Liquidator.
Dated this 16th day of February 2005
R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle NSW 2302
EMSOFT AUSTRALIA: Court Issues Winding Up Order
-----------------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made an order that Emsoft Australia Pty Ltd (In
Liquidation) A.C.N. 094 151 265 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
EMSOFTCORP PTY: Court Names Steven Nicols as Liquidator
-------------------------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made an order that Emsoftcorp Pty Ltd (In
Liquidation) A.C.N. 074 335 774 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
GMR NO. 2: To Hold Final Meeting April 1
----------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of GMR (No. 2) Pty Limited (In Liquidation) A.C.N. 001 533 660
will be held at the offices of Jirsch Sutherland, Chartered
Accountants, Level 2, 84 Pitt Street, Sydney NSW on Friday,
April 1, 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, the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.
Dated this 1st day of March 2005
R. M. Sutherland
Liquidator
HANLEEN PTY: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Hanleen Pty Ltd (In Liquidation) A.C.N. 064 403 989 held on
February 11, 2005, it was resolved that the Company be wound up
voluntarily and that for such purposes Joseph Sleiman, Certified
Practising Accountant of Sleiman & Co, Level 8, 65 York Street
Sydney, be appointed liquidator.
Dated this 15th day of February 2005
Joseph Sleiman
Liquidator
HIH INSURANCE: Former Director Admits Errors of Judgment
--------------------------------------------------------
The former director of failed HIH Insurance told a court he made
"stupid errors of judgment" in lying to HIH top executive Ray
Williams in an attempt to secure AU$2 million in funds for a
struggling Company, reports the Sydney Morning Herald.
Rodney Adler appeared in the NSW Supreme Court yesterday to give
evidence of the first day of his three-day sentence hearing.
Last month, Mr. Adler pleaded guilty to four charges for making
false statements and failing in his duties as a director. Each
of the four charges carries a jail term of up to five year.
Mr. Adler admitted before the court he had lied to Mr. Williams
when he said he would invest AU$500,000 Business Thinking
Systems (BTS), in which he and HIH had an interest.
He sought AU$2 million from HIH in October 2000 to prop up the
struggling business and told Mr. Williams he had invested
AU$500,000 of his own money.
"In a broad sense it was stupid errors of judgment. But if one
were to be pushed, it would be to cut corners in order to
achieve a result, that result being the survival of BTS," Mr.
Adler said.
ION LIMITED: Delays Creditors Meeting to Give Way to Asset Bids
---------------------------------------------------------------
ION Limited's administrators have again postponed a creditors
meeting to give potential buyers more time to review the
Company's assets, The Australian says.
The administrators moved the second creditors meeting,
originally scheduled on January 10, to May 6 after the Federal
Court approved a four-week extension in the administration
period.
Administrator Colin Nicol said the extension was not a sign of
problems in moving the assets. He added the outcome of the sale
process is expected by mid-April.
Administrator Colin Nicol said interested parties were
conducting due diligence on all of Ion's saleable assets.
In January, ION's lucrative fuel services division was sold for
AU$144 million. An unfinished engine-block plant in the
Melbourne suburb of Altona would be sold separately as an empty
factory site.
Mr. Nicol does not expect the proceeds of the asset sales to
cover all of ION's debt, but he is certain all employee
entitlements will be paid.
ION fell into administration in December 2004 after a consortium
of banks, owed AU$400 million by the Company, found a AU$380
million hole in the Company's financial forecasts.
CONTACT:
ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/
JAMES HARDIE: Reviews Status in Context of Baryulgil Mine
---------------------------------------------------------
As announced on 21 December 2004, James Hardie, the NSW
Government, the Australian Council of Trade Unions (ACTU),
Unions NSW and asbestos support groups have signed a non-binding
Heads of Agreement for James Hardie to provide long-term funding
to a Special Purpose Fund for use in meeting asbestos-related
personal injury and death claims against former James Hardie
group subsidiaries Amaca Pty Ltd, Amaba Pty Ltd and ABN60 Pty
Ltd.
In the absence of clarity on the liability position of Marlew
Mining Pty Ltd (formerly Asbestos Mines Pty Ltd), Amaca Pty Ltd
and ABN60 Pty Ltd, James Hardie is reviewing their status in the
context of the Baryulgil mine and the proposed Special Purpose
Fund and the principles agreed to and set out in the Heads of
Agreement. In the meantime, the current position and some
relevant history is set out below.
Between 1940 and 1944, Asbestos Mines Pty Ltd was owned by
Wunderlich Ltd, a Company not related to the James Hardie group.
Between 1944 and 1953, a former James Hardie subsidiary (now
Amaca Pty Ltd) owned an interest in Asbestos Mines Pty
Ltd via a joint venture with Wunderlich Ltd. From 1954 until
1976, Asbestos Mines Pty Ltd was a wholly owned subsidiary of
James Hardie Industries Ltd (now ABN60 Pty Ltd). In
1976, Asbestos Mines Pty Ltd (later renamed Marlew Mining Pty
Ltd) was sold to Woodsreef Mines Ltd, since renamed Mineral
Commodities Ltd (a Company listed on the Australian Stock
Exchange).
Any proven asbestos related personal injury and death claims
from members of the Baryulgil community against the Medical
Research and Compensation Foundation subsidiaries Amaca Pty Ltd
or Amaba Pty Ltd, or against the former James Hardie entity
ABN60 Pty Ltd are the responsibility of those entities and would
fall within the scope of the funding arrangements anticipated in
the Heads of Agreement.
James Hardie does not have any involvement in decisions
regarding the defense, conduct or settlement (if applicable) of
those claims, or of any claims against Marlew Mining Pty
Ltd.
We understand that the workforce of the Baryulgil asbestos mine
was never more than 40 people at any one time and that through
the early 1940s to the closure of the mine in 1979 the total
workforce was approximately 350 people. Some of these employees
only worked in the mine for a period of days. The population of
the Baryulgil township oscillated between around 100 and 200
people.
James Hardie and the NSW Government are continuing to work
towards settling the terms of a binding agreement setting out
the detailed arrangements to implement the principles agreed to
in the Heads of Agreement signed on 21 December 2004.
CONTACT:
James Hardie Industries
Website: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other inquiries to CustomerLink Service Centre on 13 1103.
JAPHINE PTY: Final Members Meeting Slated for April 1
-----------------------------------------------------
Notice is hereby given that a final meeting of Members of
Japhine Pty Ltd (In Liquidation) A.C.N. 000 771 728 will be held
at the offices of Truman & Co, 6th Floor, 7 Help Street,
Chatswood, on April 1, 2005 at 10:00 a.m. for the purpose of
laying before the meeting the liquidator's final account and
report and giving any explanation thereof.
Dated this 18th day of February 2005
R. B. Cox
Liquidator
J.H. EXPRESS: Court Names Mark Roufeil as Liquidator
----------------------------------------------------
On February 15, 2005 the Supreme Court made Orders that J.H.
Express Construction Pty Limited (In Liquidation) A.C.N. 094 553
992 be wound up and appointed Mark Roufeil to be Official
Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
MAROUBRA JUNCTION: Names John Morgan as Liquidator
--------------------------------------------------
Notice is hereby given that it was resolved by special
resolution on February 14, 2005 that Maroubra Junction
Properties Pty Limited (In Liquidation) A.C.N. 000 437 963 be
wound up voluntarily and that for such purpose, Mr. John Morgan
of PKF Chartered Accountants, Level 10, 1 Margaret Street,
Sydney, be appointed Liquidator.
Dated this 14th day of February 2005
John Morgan
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000
QANTAS AIRWAYS: Faces Malaysian Threat
--------------------------------------
Embattled Qantas Airways is facing another competition in the
Australia to London kangaroo route, according to The Advertiser.
Malaysia Airlines is reportedly set to take on Qantas in the
lucrative route, spending AU$238.8 million upgrading its first
class cabins. The carrier is refurbishing 17 Boeing 747-400 and
17 Boeing 777-200 aircraft for its long-haul flights in a bid to
capture a greater market share of the global high-end traveler
market.
Malaysia Airlines expects to snatch market share away from
Qantas, as it reportedly has superior product in both first and
business classes than its Australian rival.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
R.F. HALLORAN: Final Meeting Set April 13
-----------------------------------------
Notice is hereby given that a Final Meeting of Members of R.F.
Halloran Pty Limited (In Voluntary Liquidation) A.C.N. 000 204
348 will be held at the office of Adams Kenneally White Pty Ltd,
85 Johnston Street, Wagga Wagga, 2650 on Wednesday, April 13,
2005 at 2:00 p.m.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.
Dated this 17th day of February 2005
Michael J. Wakeling
Liquidator
85 Johnston Street,
Wagga Wagga NSW 2650
SANTOS LIMITED: Indonesia Calls for Speedy Oil Exploration
----------------------------------------------------------
Indonesia is urging Santos Limited to accelerate oil and gas
exploration in the Jeruk field in East Java province, Reuters
reports.
The Indonesian Ministry of Mines and Energy wants Santos to
speed up its exploration because the Jeruk field, which has the
potential to produce 150,000 barrels per day of crude oil, is
expected to boost Indonesia's oil production.
Santos operates and has a 50 percent interest in the Jeruk
field, which lies offshore from the Sampang Production Sharing
Contract (PSC) in East Java. The other stakeholder is PT Medco
Sampang.
Indonesia expects to raise crude oil production by around 25
percent to 1.182 million barrels per day (bpd) by 2008.
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SONS OF GWALIA: Headed for a Court Tussle with IMF
--------------------------------------------------
The administrator of Sons of Gwalia is likely to face litigation
funder IMF (Australia) in court over claims the collapsed miner
failed to keep the market fully informed of its hedging
commitments and reserves position, The Courier Mail reports.
IMF will reportedly seek a declaration that a recent ruling by
the Federal Court limiting the right of shareholders to recover
damages does not apply to Gwalia's case.
IMF Managing Director Hugh McLernon insisted that investors who
bought Gwalia shares in the Company after January 1, 2001 should
be treated as unsecured creditors. This would rank them
alongside other unsecured creditors, who have claims totaling
more than $900 million, but would also enable them to pursue
directors for the balance of their loss, and to retain their
shares if the Company is recapitalized.
IMF has agreed to represent Gwalia shareholders who bought stock
between January 1, 2003, and August 29, 2004 when the miner
appointed a voluntary administrator.
Gwalia called in administrators seven months ago when an
internal review identified a massive shortfall in reserves that
left the Company unable to meet extensive forward sales
contracts.
Gwalia's administrator, Ferrier Hodgson, has been seeking buyers
for the Company's world-class tantalum operations but now
appears to have returned to its original option of restructuring
the business. The gold division, which sparked the group's
plunge into administration, has been sold to St. Barbara Mines.
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/
SUPER NETWORKS: Winding Up Process Ends
---------------------------------------
Take note that the affairs of Super Networks Pty Limited (In
Liquidation) A.C.N. 081 073 323 are now fully wound up and
pursuant to Section 509(1) of the Corporations Act 2001, a final
meeting of the Company and its creditors will be held at the
offices of PPB, 15th Floor, 25 Bligh Street, Sydney on Friday,
April 1, 2005 at 10:30 a.m.
AGENDA
The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.
Dated this 15th day of February 2005
S. J. Parbery
Liquidator
Proxies and proof of debt forms for the meeting should be lodged
at the offices PPB, Chartered Accountants, Level 15, 25 Bligh
Street, Sydney by 4.00 p.m. on 31 March 2005.
SUPER TEMPS: Completes Winding Up Process
-----------------------------------------
Take note that the affairs of Super Temps Pty Limited (In
Liquidation) A.C.N. 073 792 168 are now fully wound up and
pursuant to Section 509(1) of the Corporations Act 2001, a final
meeting of the Company and its creditors will be held at the
offices of PPB, 15th Floor, 25 Bligh Street, Sydney on Friday,
April 1, 2005 at 11:00 a.m.
AGENDA
The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.
Dated this 15th day of February 2005
S. J. Parbery
Liquidator
Proxies and proof of debt forms for the meeting should be lodged
at the offices PPB, Chartered Accountants, Level 15, 25 Bligh
Street, Sydney by 4:00 p.m. on March 31, 2005.
TRAVANNAH PTY: Court Picks Mark Roufeil as Liquidator
-----------------------------------------------------
On February 15, 2005 the Supreme Court made Orders that
Travannah Pty Limited (In Liquidation) A.C.N. 082 141 795 be
wound up and appointed Mark Roufeil to be Official Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
VENUE RISK: To Hear Liquidator's Account at Meeting
---------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members of Venue Risk Consulting Pty
Limited (In Liquidation) A.C.N. 099 278 752 will be held at the
office of the Liquidator, c/- Moore Stephens PMN, Chartered
Accountants, Level 6, 460 Church Street, North Parramatta NSW on
Monday, April 4, 2005 commencing at 10:00 a.m. for the purpose
of having accounts laid before the meeting showing the manner in
which the winding up was conducted and the property of the
Company disposed of, and of hearing any explanations that may be
given by the Liquidator and also of determining the manner in
which the books, accounts and documents of the Company and of
the Liquidator thereof shall be disposed of.
Dated this 1st day of March 2005
R. J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150
WILLIAM D SMITH: Appoints Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a general meeting of members of
William D Smith (Haulage) Pty Limited (In Liquidation)
A.C.N. 000 126 992 held on February 22, 2005, it was resolved
that the Company be wound up voluntarily and that for such
purpose R. M. Sutherland was appointed Liquidator of the
Company.
Dated this 22nd day of February 2005
R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
WIRE PTY: Resolves to Wind Up Company
-------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Wire Pty Limited (In Liquidation) A.C.N. 081 754
636 held on February 11, 2005 it was resolved that the Company
be wound up voluntarily and at a meeting of creditors held on
the same day it was resolved that for such purpose, Christopher
Wykes of Level 7, 1 Margaret Street, Sydney NSW 2000 be
appointed Liquidator.
Dated this 17th day of February 2005
C. Wykes
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
CHUN YIU: To Exit Bankruptcy on July 9
--------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Hiu Yuk Chu trading as
Chun Yiu Container Transportation Company (the bankrupt), will
be discharged from bankruptcy on July 9, 2005, in the absence of
any objections from their trustee in bankruptcy or creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
Lee Mei Yee May
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/
CO-WINNER ENTERPRISE: 2004 Net Loss Widens to HKD14 Mln
-------------------------------------------------------
Co-winner Enterprise Limited (8108) disclosed its financial
results from the period ended December 31, 2004.
Year-end date: 31/12/2004
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 : 2,287 1,020
Profit/(Loss) from Operations: (14,273) (8,332)
Finance cost : (3) N/A
Share of Profit/(Loss) of Associates: N/A (480)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (14,023) (9,840)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.25) (HKD 0.24)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (14,023) (9,840)
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)
For and on behalf of
Co-winner Enterprise Limited
Name: Ms. Lee Wai Yee
Title: Secretary
Remarks:
1. BASIS OF PREPARATION
The Hong Kong Institute of Certified Public accountants (HKICPA)
has issued a number of new and revised Hong Kong Financial
Reporting Standards and Hong Kong Accounting Standards
(collectively referred to as the new HKFRS) which are effective
for accounting periods commencing on or after 1 January 2005.
The Group has not early adopted these new HKFRSs in the
financial statements for the year ended 31 December 2004. The
new HKFRSs may result in changes in the future as to how the
Group's financial performance and financial position are
prepared and presented.
The financial statements have been prepared in accordance with
Hong Kong Financial Reporting Standards (which also include
Statements of Standard Accounting Practice and Interpretations)
issued by HKICPA, accounting principles generally accepted in
Hong Kong and the disclosure requirements of the Hong Kong
Companies Ordinance and applicable disclosure provisions of The
Rules Governing the Listing of Securities on the Growth
Enterprise Market of The Stock Exchange of Hong Kong Limited
(the GEM Listing Rules)
The measurement basis used in the preparation of the financial
statements is historical cost.
At the balance sheet date, the Group's current liabilities
exceeded its current assets by approximately HK$6,951,000.
Notwithstanding the above results, the financial statements have
been prepared on a going concern basis, the validity of which is
dependent upon the success of the Group's future operations, its
ability to generate adequate cash flows in order to meet its
obligations as and when they fall due such that the Group can
meet its future working capital and financing requirement and
the continuing financial support from its shareholder.
Subsequent to 31 December 2004, the Company raised approximately
HK$3,500,000 from open offer as additional working capital
of the Group. Furthermore, a shareholder of the Company,
Favourite Success Trading Limited, has agreed to undertake the
trade and other payables amounting to approximately
HK$3,880,000. The directors are confident that the Group's
future operations will be improved and will be able to generate
sufficient cash flows in order to meet its obligations as and
when they fall due over the next twelve months.
Accordingly, the directors are satisfied that it is appropriate
to the financial statements on a going concern basis.
2. DIVIDENDS
No dividends have been paid or declared by the Company for the
year ended 31 December 2004 (2003:HK$Nil)
3. LOSS PER SHARE
The calculation of the basis loss per share is based on the
Group's net loss for the year of approximately HK$14,023,000
(2003: net loss of HK$9,840,000) and the weighted average of
approximately 55,613,000 ordinary shares (2003: 41,330,500
ordinary shares) in issue during the year after adjusting for
the effects of the share consolidation on 10 January 2005. The
basic loss per share for 2003 had been adjusted accordingly.
Diluted loss per share for the years ended 31 December 2004 and
2003 have not been shown as the share options outstanding during
the years had an anti-dilutive effect on the basic loss per
share for the years.
CONTACT:
Co-winner Enterprise Limited
Suite 902, 9th Floor
Beautiful Group Tower
74 - 77 Connaught Road Central
Hong Kong
DAN FORM: Unit Enters Liquidation Proceedings
---------------------------------------------
Dan Form Holdings Company Limited (0271) announced that the
Second Intermediate People's Court of Beijing Municipality (the
PRC Court) has accepted its application to liquidate Beijing Dan
Yao Property Co Ltd (Dan Yao), a major subsidiary of the
Company, on March 10, 2005. Dan Yao is a sino-foreign joint
venture Company established in the PRC whose registered capital
is held as to 85% by the Company.
The Company made the application for Liquidation. As disclosed
in the Company's 2003 Annual Report, due to no fault of Dan Yao,
Dan Yao was unable to obtain the property title certificate for
Dan Yao Building for a long time. This has resulted in legal
proceedings issued against Dan Yao for breach of contract as a
result of the failure in completing the relevant property title
certificates for the pre-sold property units in a timely manner.
At the same time, most of the completed property units could not
be sold as a result of the long term inability to obtain the
relevant property title certificate, and the bank loans and
project sums were unable to be paid in time.
As a result of this, the Company has made advances to Dan Yao in
the aggregate sum (including accrued interest) of approximately
HK$61,420,000. The Company has written to consult the relevant
parties on this matter on many occasions, with a view that the
above abnormal circumstances could be improved gradually with
the lapse of time.
Although the relevant department in charge in Beijing has
investigated into this matter and has subsequently issued the
property title certificate, certain creditors have, by reason of
the loss of Dan Yao in the legal proceedings, applied for
preservation of most of the assets of Dan Yao to secure their
debts. To protect the legal and proper interest of the Group in
Dan Yao, and to enable that the interest of all creditors of Dan
Yao can be dealt with fairly, openly and in accordance with law
and that Dan Yao could operate in a normal manner, the Company
has no alternative but to apply to the PRC Court for the
Liquidation of Dan Yao on December 23, 2004. Since the
acceptance of the application by the PRC Court on March 10,
2005, Dan Yao has ceased paying its debts in accordance with PRC
law.
According to the advice of the Company's PRC legal advisers, if
the PRC Court eventually decides that Dan Yao should be
liquidated, the assets of Dan Yao will be sold through tender
and the proceeds obtained will be used to repay the debts of Dan
Yao in the following order in accordance with the relevant PRC
law:
(1) expenses of the Liquidation;
(2) wages owed to employees and insurance fees;
(3) taxation payments due;
(4) project sums due;
(5) bank loans with secured interest; and
(6) land premium due.
A reasonable estimate of the total amount of the above sums is
approximately RMB109,230,000 (approximately HK$103,047,000)
(excluding tax refund). The remaining proceeds will be
distributed to all the creditors of Dan Yao, including the
Company, on a pro-rata basis in accordance with the amount of
their debts.
According to the audited accounts of Dan Yao for the year ended
31st December 2003 (as audited by (Beijing Huasong Certified
Public Accountants) which were prepared in accordance with PRC
accounting principles and not adjusted according to Hong Kong
Generally Accepted Accounting Principles), the carrying value of
the total assets of Dan Yao as at the same date is
RMB266,420,000 (approximately HK$251,340,000), the total
liabilities are RMB173,440,000 (approximately HK$163,622,000)
and the shareholders' funds are RMB92,980,000 (approximately
HK$87,717,000).
According to the audited accounts of Dan Yao as at September 30,
2004 (as audited by (Beijing Huajing Certified Public
Accountants Ltd. Corp.) which were prepared in accordance with
PRC accounting principles and not adjusted according to Hong
Kong Generally Accepted Accounting Principles) and after
adjustments including taking into account the effect of a forced
sale of the assets on Liquidation, the actual total assets of
Dan Yao as at the same date are RMB159,930,000 (approximately
HK$150,877,000), the total liabilities are RMB161,310,000
(approximately HK$152,179,000) and the capital deficiency is
RMB1,370,000 (approximately HK$1,293,000).
According to the latest judgments of the court in respect of the
legal proceedings over the title of Dan Yao Building, up to and
including 20th March 2005, the liabilities of Dan Yao are
increased by RMB106,580,000 (approximately HK$100,547,000) and
the assets based on carrying value are increased by
RMB63,660,000 (approximately HK$60,057,000).
As the Company has made full provision for the Group's
investment in and advances to Dan Yao in the audited accounts of
the Group for the year ended December 31, 2003, the Directors
therefore consider that, irrespective of whether Dan Yao is
liquidated or not and irrespective of whether the Company is
able to obtain repayment for its advances to Dan Yao or not, the
application for Liquidation will not have financial impact on
the Group.
The Company will make further announcement if there is progress
on the application for Liquidation.
By Order of the Board
Dai Xiaoming
Chairman and Chief executive
Hong Kong, 24th March 2005
CONTACT:
Dan Form Holdings Company Limited
25 Harbour Road
Wanchai, Hong Kong
FAR EAST: Notes Changes in Address, Directorships
-------------------------------------------------
Far East Pharmaceutical Technology Company Limited (399)
(Provisional Liquidators Appointed) refer to the Chinese version
of its announcement dated March 17, 2005 relating to the Changes
in Directorships, Secretary and Principal Place of Business of
Far East Pharmaceutical Technology Company Limited (Provisional
Liquidators Appointed) where, due to a typing error, the date of
the change of principal place of business of the Company in Hong
Kong was incorrectly typed as October 8, 2004. The correct date
of the change of principal place of business of the Company in
Hong Kong should be September 22, 2004.
Please note that this announcement is only released on the AMS/3
Trading Terminal and the website of The Stock Exchange of Hong
Kong Limited and has not been published in the newspapers as
required by the Listing Rules due to the liquidity problem of
the Company.
As at the date of this announcement, the Board of Directors of
the Company consists of two independent non-executive directors,
namely Mr. Chiu Koon Shou, Victor, and Mr. Lo Wah Wai, Lowell.
For and on behalf of
Far East Pharmaceutical Technology Company Limited
(Provisional Liquidators Appointed)
Darach E. Haughey
Joint and Several Provisional Liquidator
Hong Kong, 18 March 2005.
For a copy of the March 17, 2005 announcement go to
http://bankrupt.com/misc/tcrap_fareast032905.pdf
CONTACT:
Far East Pharmaceutical Technology Company Limited
The Gateway Tsim Sha Tsui
Kowloon, Kowloon
Hong Kong
FAR EAST: Adjourns Winding Up Hearing to June 27
------------------------------------------------
Far East Pharmaceutical Technology Company Limited (Provisional
Liquidators Appointed) announced that:
(1) On September 15, 2004 a petition to wind up the Company was
presented by Standard Chartered Bank (Hong Kong) Limited in the
High Court of Hong Kong.
(2) Messrs. Lai Kar Yan Derek and Darach E. Haughey of Deloitte
Touche Tohmatsu were appointed joint and several provisional
liquidators of the Company by the High Court of Hong Kong on
September 22, 2004.
(3) On October 25, 2004 the hearing of the winding-up petition
against the Company was adjourned to 28 February 2005 on which
day the adjourned hearing of the winding-up petition was further
adjourned to June 27, 2005.
Trading in the shares of the Company has been suspended since 17
June 2004 and will remain suspended until further notice.
Far East Pharmaceutical Technology Company Limited (Provisional
Liquidators Appointed) announces that:
(1) A petition to wind up the Company was presented by Standard
Chartered Bank (Hong Kong) Limited (the Petitioner) on September
15, 2004 as the Company could not meet demands made against the
Company for the repayment of outstanding principal and unpaid
interest in relation to the Syndicated Bank Loan, totaling
US$57,764,588.23 as at September 9, 2004, referred to in the
Company's announcement dated September 20, 2004.
(2) Messrs Lai Kar Yan Derek and Darach E. Haughey of Deloitte
Touche Tohmatsu were appointed joint and several provisional
liquidators of the Company pursuant to an order dated 22
September 2004 made by the Honourable Madam Justice Kwan (the
Court Order).
The Provisional Liquidators are empowered, inter alia, to take
possession of the property of the Company and its subsidiaries,
to consider and if thought to be in the interests of creditors
and shareholders of the Company, to draft, with a view to
implementing, a scheme of arrangement to be entered into between
the Company and its creditors and to do all things necessary to
facilitate such actions.
(3) The hearing on October 25, 2004 of the winding-up petition
presented against the Company by Standard Chartered Bank (Hong
Kong) Limited was ordered by the High Court of Hong Kong to be
adjourned to February 28, 2005.
The adjourned hearing of the winding-up petition against the
Company held on 28 February 2005 was ordered by the High Court
of Hong Kong to be further adjourned to June 27, 2005.
The Company will keep the public informed by making further
announcements as appropriate.
Please note that this announcement is only released on the AMS/3
Trading Terminal and the website of The Stock Exchange of Hong
Kong Limited and has not been published in the newspapers as
required by the Listing Rules due to the liquidity problem of
the Company. As at the date of this announcement, the Board of
Directors of the Company consists of two independent non-
executive directors, namely Mr. Chiu Koon Shou, Victor, and Mr.
Lo Wah Wai, Lowell.
Trading in the shares of the Company has been suspended since
June 17, 2004 and will remain suspended until further notice.
For and on behalf of
Far East Pharmaceutical Technology Company Limited
(Provisional Liquidators Appointed)
Darach E. Haughey
Joint and Several Provisional Liquidator
Hong Kong, 17 March 2005.
HONG KONG PHARMACEUTICAL: Posts Notice of Address Change
--------------------------------------------------------
The provisional liquidators of Hong Kong Pharmaceutical Holdings
Limited (Provisional Liquidators Appointed) announced that the
head office and principal place of business of the Company in
Hong Kong has been changed to 7th Floor, Allied Kajima Building,
138 Gloucester Road, Hong Kong with effect from March 18, 2005.
As at the date of this announcement, the board of Directors of
the Company comprises five executive Directors, namely, Mr. Sun
Hiu Lu, Ms. Huang Shuyun, Mr. Chu Kwan, Mr. Zhao Dake and Mr.
Zhang Ke, Winston, and three independent non-executive
Directors, namely, Mr. Ng Wing Hang, Dr. Melvin Wong and Mr. Chu
Yu Lin, David.
For and on behalf of
Hong Kong Pharmaceutical Holdings Limited
(Provisional Liquidators Appointed)
Kelvin Flynn
Cosimo Borrelli
Joint and Several Provisional Liquidators
Hong Kong, 22 March 2005
HUA YUN: Court Issues Winding Up Notice
---------------------------------------
Hua Yun Da Group Limited with registered office located at Rm
1102, Shun Tak Center West Tower, 1680200 Connaught Road
Central, 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 11, 2005.
Date of Presentation of Petition: September 7, 2004.
Dated this 24th day of March 2005.
Lee Miei Yee May
Acting Official Receiver
KIN LING: To Emerge from Bankruptcy on July 18
----------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Lo Kin Fat trading as
Kin Ling Transportation Company (the bankrupt), will be
discharged from its bankruptcy on July 18, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.
The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Tel: 2867 2448
Fax: 3105 1814
Internet: http://www.info.gov.hk/oro/
KWOK MAN: To Be Discharged from Bankruptcy on July 18
-----------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Kwok Man formerly
trading as Luen Wah Transportation Company (the bankrupt), will
be discharged from its bankruptcy on July 18, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/
PAOL CONSTRUCTION: Exits Bankruptcy Proceedings
-----------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Cheung Chiu trading as
Paol Construction Company (the bankrupt), will be discharged
from its bankruptcy on July 30, 2005, in the absence of any
objections from their trustee in bankruptcy or creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/
PROSPER COMPUTER: Release from Bankruptcy Set July 11
-----------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Li Chi Ho trading as
Prosper Computer Technology Company (the bankrupt), will be
discharged from its bankruptcy on July 11, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.
The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:
(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;
(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;
(iii) That the bankrupt has failed to co-operate in the
administration of its estate;
(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;
(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;
(vi) That the bankrupt has continued to trade after knowing to
be insolvent;
(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);
(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.
LEE MEI YEE MAY
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/
SING LEE: Net Loss Balloons to RMB2.3 Mln
-----------------------------------------
Sing Lee Software (Group) Limited (8076) announced its financial
results from the period ended December 31, 2004.
Year-end date: 31/12/2004
Currency: RMB
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
RMB'000 RMB'000
Turnover : 40,303 37,848
Profit/(Loss) from Operations: (2,124) (31,362)
Finance cost : (222) (305)
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: (2,346) (31,667)
% Change Over the Last Period: N/A
EPS / (LPS)
Basic (in dollar): (RMB 0.0039) (RMB 0.0525)
Diluted (in dollar): N/A N/A
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit (Loss) after ETD Items : (2,346) (31,667)
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)
For and on behalf of
Sing Lee Software (Group) Limited
Name: Hung Yung Lai
Title: Director
Remarks:
1. Basis of preparation
The acCompanying financial statements have been prepared in
accordance with International Financial Reporting Standards
(IFRS) issued by the International Accounting Standards Board,
the disclosure requirements of the Hong Kong Companies Ordinance
and the Rules Governing the Listing of Securities on the GEM.
Except as otherwise stated, the acCompanying financial
statements are prepared under the historical cost convention.
Owing to the fact that the Group principally operates in the PRC
and its business activities are principally transacted in
Renminbi (RMB), the financial statements are prepared in RMB.
2. Turnover
2004 2003
RMB RMB
('000) ('000)
Sale of software 9,619 18,396
Sale of hardware 17,062 15,622
Maintenance income 13,622 3,830
40,303 37,848
3. Taxation
2004 2003
RMB RMB
('000) ('000)
PRC enterprise income tax(c) - -
(a) Overseas income tax
The Company is incorporate in Bermuda and is exempt from
taxation in Bermuda until 28 March 2016. The Company's
subsidiary established in BVI is incorporated under the
International Business Companies Acts of the BVI and,
accordingly, is exempt from payment of BVI income taxes.
(b) Hong Kong profits tax
No Hong Kong profits tax was provided, as the Group had no
assessable profit arising in or derived from Hong Kong.
(c) PRC enterprise income tax
As foreign investment enterprise that incorporated in the
Advanced Technology Industry Development Area in Hangzhou City
and Zhuhai are entitled to full exemption from income tax for
two years with effect from its first profitable year after
offsetting prior year's losses and a 50% reduction in income tax
for the following three years.
Foreign investment enterprises are also exempted from income tax
in years with financial loss.
4. Dividend
Subsequent to 31 December 2004, the directors of the Company do
not recommend the payment of a final dividend.
CONTACT:
Sing Lee Software (Group) Limited
32/F., Morrison Plaza
5-9A Morrison Hill Road
Wanchai, Hong Kong
STOCKMARTNET HOLDINGS: 2004 Net Loss Shrinks to HKD10.7 Mln
-----------------------------------------------------------
Stockmartnet Holdings Ltd. (8123) announced its financial
results from the period ended December 31, 2004.
Year-end date: 31/12/2004
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 : 6,737 5,320
Profit/(Loss) from Operations: (10,758) (16,964)
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: (10,758) (16,964)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0141) (HKD 0.0222)
Diluted (in dollar): (HKD 0.0141) (HKD 0.0222)
Extraordinary (ETD) Gain/(Loss): N/A N/A
Profit (Loss) after ETD Items : (10,758) (16,964)
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)
For and on behalf of
Stockmartnet Holdings Ltd.
Name: So Kin Wing
Title: Director & Chief Financial Officer
The calculation of the basic loss per share for the year ended
December 31, 2004 is based on the net loss of the Group of
approximately HK$10,758,000 (2003:loss of approximately
HK$16,964,000) and 764,886,000 ordinary shares
(2003:764,886,000) in issue during the year.
The computation of diluted loss per share has not assumed the
exercise of options outstanding during the year because their
exercise would reduce loss per share.
CONTACT:
Stockmartnet Holdings Ltd.
Rooms 2501-03, 25th Floor
Wing On Centre
111 Connaught Road Central
Hong Kong
STRONG OFFER: Winding Up Hearing Set April 8
--------------------------------------------
Notice is hereby given that pursuant to Rule 114(3) of the
Companies (Winding-Up) Rules, a meeting of the creditors of
Strong Offer Investment Limited (In Creditors' Voluntary
Liquidation) will be held at 12/F., Bel Trade Commercial
Building, 1-3 Burrows Street, Wanchai, Hong Kong on April 8,
2005 at 10:00 a.m. for the purpose of appointing a liquidator to
fill the vacancy of the office of a liquidator.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at 12/F., Bel Trade
Commercial Building, 1-3 Burrows Street, Wanchai, Hong Kong not
later than 4:00 p.m. on the day before the meeting.
Dated this 24th day of March 2004.
For and on behalf of
Okachi Investments (HK) Co. Ltd.
Naruhito Yagasaki
Director
(A creditor of the Company)
SYNERGY FINANCE: Receives Winding Up Notice from Court
------------------------------------------------------
Synergy Finance Limited with registered office located at RM
1903-6, 19/F, Hing Yip Commercial Centre, 272-284 Des Voeux Road
Central, 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 14, 2005.
Date of Presentation of Petition: November 24, 2004.
Dated this 24th day of March 2005.
Lee Miei Yee May
Acting Official Receiver
SYNERGY PROPERTY: To Undergo Winding Up Process
-----------------------------------------------
Synergy Property Development Company Limited with registered
office located at RM 1903-6, 19/F, Hing Yip Commercial Center,
272-284 Des Voeux Road Central, 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 14, 2005.
Date of Presentation of Petition: November 24, 2004.
Dated this 24th day of March 2005.
Lee Miei Yee May
Acting Official Receiver
=================
I N D O N E S I A
=================
BANK MANDIRI: Quake Shakes Shares Trading
-----------------------------------------
Indonesian shares were lower at midday on March 29, 2005, due to
concerns that the central bank may raise interest rates to
protect the rupiah, reports Dow Jones.
Shares in Bank Mandiri fell 2.4 % to IDR1,650/share. The recent
earthquake that struck the nation led to the negative reaction
in the stock market.
According to dealers, investors are still selling bank stocks
because of fears that increased interest rates would adversely
affect the bank's performance. The market was expected to close
lower.
CONTACT:
PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id
=========
J A P A N
=========
DAIICHI MUTUAL: Pays JPY10 Bln Compensation to Gibraltar
--------------------------------------------------------
Failed Daiichi Mutual Fire & Marine Insurance Co. has decided to
pay JPY10 billion in compensation to Gibraltar Life Insurance
Co., Kyodo News reports.
The payment is part of an out-of-court settlement of a dispute
on capital funds Gibraltar held in Daiichi.
Daiichi Mutual failed to provide Gibraltar Life with proper
financial information when the two firms were negotiating for a
tie-up, though the mutual insurance firm had almost collapsed at
that time.
Gibraltar Life was formerly known as Kyoei Life Insurance Co.
CONTACTS:
The Daiichi Mutual Fire & Marine Insurance Co.
5-1, Nibancho, Chiyoda-Ku,
Tokyo 102-0084
Phone: 03-3239-0011.
Fax: 03-5999-0375.
Telex: 26554
The Gibraltar Life Insurance Co., Ltd.
Prudential Tower 2-13-10
Nagata-cho, Chiyoda-ku
Tokyo 100-8953
FUJITSU LIMITED: Unit Wins JPY100 Bln Order from U.K. Ministry
--------------------------------------------------------------
Fujitsu Services, a wholly owned British information services
unit of Fujitsu Limited, received a systems order from the
Britain's Ministry of Defense worth JPY100 billion, the Nihon
Keizai Shimbun reports.
Fujitsu Services has started a major rationalization of its
information systems and integrating its various proprietary
systems for better efficiency.
Phase one of the project involve contracts worth 2.3 billion
Sterling. The contract will last more than 10 years.
CONTACT:
Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211
Japan
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/
JAPAN AIRLINES: Aviation Chief Inspects Offices
-----------------------------------------------
Japan's Land, Infrastructure and Transport Ministry visited the
headquarters of Japan Airlines (JAL) on Monday to see if the
airline was enforcing safety measures, the Asahi Shimbun
reports.
The dispatch of an 11-member special inspection squad headed by
Civil Aviation Bureau (CAB) Director General Teiji Iwasaki,
began their inspection of the JAL group at Haneda Airport in
Tokyo and related locations, checking whether departments
responsible for aircraft operation, maintenance and cabin
services were abiding by safety regulations.
The Civil Aviation Bureau will continue the assessment until the
end of April and has demanded that the airline by mid-May submit
a report on specific measures it has applied to prevent further
problems.
In mid-March, the ministry ordered JAL to improve its safety
measures following a series of safety violations starting in
January.
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
KEIYO CO.: JCR Places BBB- Rating Under Credit Monitor
------------------------------------------------------
Japan Credit Rating Agency (JCR) has placed the ratings on the
long-term debts of Keiyo Co. Ltd. (BBB-) under Credit Monitor.
Issue Amount(bn) Issue Date Due Date Coupon
JPY bonds no.1 Y7 June 23, 2003 June 23, 2006 1.09%
RATIONALE:
Keiyo announced on March 28, 2005 the downward revision of the
earnings forecasts for fiscal 2004 ending February 28, 2005 due
to lower-than-expected sales and more-than-expected cost for
store closure.
The Company would incur a pretax loss before extraordinary items
of JPY300 million and a net loss of JPY3,290 million. The
earlier forecasts were a pretax profit before extraordinary
items of JPY230 million and a net loss of JPY690 million. Keiyo
would also write down the long-lived fixed assets for the fiscal
year.
The loss from the write-downs will amount to JPY13.5 billion.
The earnings power of the home center business of Keiyo has been
lowering. It is uncertain whether or not Keiyo can regain the
cash flow generation capability it enjoyed in the past.
Impairment of capital due to the loss arising from the write-
downs is larger than JCR's estimate. JCR placed the ratings for
Keiyo under Credit Monitor to examine carefully impact of the
loss on the financial structure and future earnings trend of
Keiyo to be reflected on the ratings.
KUBOTA CORPORATION: S&P Raises Rating to BBB+
---------------------------------------------
Standard & Poor's Ratings Services on Tuesday raised its long-
term rating on Kubota Corp. to 'BBB+' from 'BBB', reflecting a
substantial decrease in the risk of asset devaluation and profit
deterioration, supported by the improved condition of its
capital structure.
The outlook on the rating is stable.
"Kubota is Japan's largest farm machinery maker and enjoys high
recognition globally," said Standard & Poor's credit analyst
Junko Miyakawa.
"The Company's mainstay internal combustion equipment business
generates steady profits, thanks to its diversified global
revenue base, which offsets weak growth prospects in the
Japanese market."
In the last three fiscal years, Kubota recorded about 40
billion of losses while restructuring its less profitable
businesses, which entailed selling off real estate and golf
courses and reducing its housing material business. As a result,
asset devaluation risk has subsided and Kubota's profit-
generating capabilities have improved. In addition, the Company
wrote off JPY53 billion of unfunded pension liabilities in
fiscal 2003 and transferred a substantial portion of its
postretirement obligations and assets to the government in
fiscal 2004. These liabilities had stood at JPY197.1 billion in
March 2003, and their reduction-along with lowered pension
expenses going forward-have improved the Company's cost
structure.
Kubota maintains stable profitability and cash flow generation,
mainly in its internal combustion equipment business, while its
capital expenditures have decreased. As a result, the Company
has made progress in debt reduction by applying free cash flow
to repayments. Its outstanding debt balance is expected to drop
to about JPY300 billion at the end of March 2005, a decrease of
almost 20% from the total five years prior.
Standard & Poor's estimates Kubota's debt-to-capital ratio will
be reduced to 38% at the end of March 2005 from 45% five years
earlier. Even if unfunded pension liabilities, which the Company
estimates to be JPY94.1 billion, are included, the ratio should
increase to about 44%. While Kubota's efforts to enhance sales
financing for farming machinery may lead to an increase in total
debt, Standard & Poor's believes the Company's balance sheet is
unlikely to deteriorate significantly given its sound asset
quality.
Ratings List:
To From
Corporate credit rating BBB+/Stable/-- BBB/Stable/--
CONTACT:
Kubota Corporation
2-47, Shikitsuhigashi 1-Chome
Naniwa-Ku, Osaka 556-8601
Japan
Phone: +81 6 6648-2111
Fax: +81 6 6648-3862
MITSUBISHI MOTORS: Names Jerry Berwanger to Lead U.S. Facility
--------------------------------------------------------------
Mitsubishi Motors North America (MMNA) on Monday has named Jerry
Berwanger as its Executive Vice President and Chief Operating
Officer, Manufacturing Division, promoting him to run the
Company's lone North American assembly plant located in Normal,
Illinois.
Mr. Berwanger, who most recently was Senior Vice President of
Quality and Operations at the facility, takes over leadership of
the plant from Rich Gilligan, who in January was appointed
President and CEO of MMNA.
Mr. Berwanger, 56, is a 33-year automotive industry veteran.
Gilligan hired him in March 1999 as MMNA Manufacturing Vice
President of Quality after 27 years with Ford Motor Company,
where he held various positions at the automaker's plants in
Kansas City and Chicago. He was promoted to Senior Vice
President of Quality for MMNA in 2003, adding responsibility for
all Manufacturing Operations in 2004. He will report directly to
Gilligan.
"Jerry's leadership in Quality has been a linchpin in MMNA's
rise to award-winning performance in the J.D. Power IQS
rankings," said Gilligan. "He's a real 'people-person,' and the
perfect choice to lead Manufacturing's contributions toward
MMNA's return to profitability."
"I'm excited to lead the team in Normal at this challenging time
for our Company," said Berwanger. "We have a critical role to
play in Mitsubishi's global revitalization, and I join our
entire workforce in embracing that challenge, beginning with our
production launch next month of the all-new Eclipse."
The 2006 Eclipse, which is expected to be in dealer showrooms by
Memorial Day, ahead of an official sales launch in June, shocks
the senses with an eye-catching bold design and dynamic
performance enhancements that take the nameplate's legendary
status among import sport enthusiasts to new heights. Mitsubishi
has integrated refined power, futuristic styling and dynamic
handling in the fourth-generation Eclipse to appeal to both
upscale, affluent consumers and younger drivers who exhibit a
passion for driving and life every day.
The new Eclipse is featured on the cover of Motor Trend
magazine's March issue as one of the "Hot Drives Worth Waiting
For."
As part of Mitsubishi Motors "Best-Backed Car" program, all new
2006 Eclipse models are backed by a comprehensive new vehicle
limited warranty that covers the vehicle from bumper-to-bumper
for five-years/60,000 miles. In addition, the powertrain is
covered by a 10-year/100,000-mile limited warranty, while body
panels have a seven-year/100,000-mile anti-corrosion/perforation
limited warranty.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 580 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit www.media.mitsubishicars.com.
CONTACT:
Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Dan Irvin, 309-888-8205
MITSUBISHI MOTORS: Unveils Sales, Exports for February 2005
-----------------------------------------------------------
Mitsubishi Motors Corporation, in a press release, announced its
production, domestic sales and export results for February 2005.
Total global production was 109,073 units, a decline of 13.8
percent from February 2004. Domestically, 54,135 units were
produced in the month, 19.3 percent less than the same period
last year.
Sales in Japan were 21,388 units, 70.1 percent compared to the
previous year, a figure that exceeds the targeted goal of 70
percent of last year's sales for the month. Although total sales
for passenger cars were 14,209 units, 63.4 percent of last
year's volume, total commercial vehicle sales remained
relatively stable, reaching 7,179 units, or 88.5 percent year-
on-year.
Overseas production for the month was 54,938 units, or 92.5
percent of the amount manufactured last year. European
production boosted to 6,692 units, an 87.2 percent increase from
the previous year, while Asian production remained steady at
37,688, or 96.3 percent of last year's figure for February.
Production in North America reduced by 41.2 percent to 7,082
units.
Total exports from Japan slightly reduced by 1.1 percent to
28,788 units. Exports to Europe resulted in 8,621 units, a year-
on-year decrease of 18.3 percent. Exports to Asia were down by
60.5 percent, for a total of 2,165 units, while exports to North
America more than doubled, reaching 6,899 units, or 229.6
percent compared to the year before.
For more information, go to
http://bankrupt.com/misc/tcrap_mitsubishi032905.doc
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
SEIBU RAILWAY: Mulls Sale of 85 Facilities
------------------------------------------
Seibu Railway Co. is considering either selling or closing its
hotels and resort facilities to reduce debt, Kyodo News reports.
The move would affect nearly half of the group's 170 facilities,
including Tokyo Prince Hotel Park Tower scheduled to open in
April 2005 and a number of hotels and resort facilities in and
outside Japan.
The Company's board, headed by Ken Moroi, an adviser to Taiheiyo
Cement Corporation, calls for selling JPY200 billion worth of
the group assets as part of the rehabilitation scheme.
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/
SEVEN INDUSTRIES: JCR Affirms BBB- Rating
-----------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB- rating on
the long-term debts of Seven Industries Co. Limited.
RATIONALE
Seven Industries is Japan's leading manufacturer of laminated
materials. It became a consolidated subsidiary of Sumitomo Corp.
in March 2004. Seven Industries has been restructuring the
operations, inviting a person from Sumitomo Corp. as the top
management.
While the effects of restructuring have yet to be realized,
performance deteriorated due to stagnant demand. Seven
Industries plans to improve the earnings power through increase
in efficiency, the improvement will be slow. It plans to limit
the capital expenditures to depreciation. Therefore, the
financial structure will remain unchanged. Sumitomo's
involvement in the management of Seven Industries will have
positive impact on the materials procurement, sales and
fundraising of Seven Industries.
CONTACT:
Seven Industries CO., Ltd.
5-27 Nishiki 3-Chome
Naka-Ku Nagoya, Aichi 460-0008 505-0041
Japan
Phone: +81 52 968 1077
Fax: +81 52 968 1076
SNOW BRAND: Moody's Reviews B2 Ratings for Possible Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the B2 senior unsecured
debt ratings of Snow Brand Milk Products Co., Ltd. under review
for possible upgrade. The rating action reflects the Company's
constantly recovering operating performance and financial
profile.
Moody's notes that Snow Brand has continuously achieved its
targets under its reconstruction plan. The Company recorded net
profit in fiscal 2003, ended March 31, 2004, for the first time
in five years, and remained profitable in the first half of
fiscal 2004. Moody's expects Snow Brand to record an improved
performance for the overall fiscal year, supported by its solid
position in butter, margarine and cheese markets.
In its review, Moody's will assess Snow Brand's strategy to
further strengthen its competitiveness and earnings stability
under its reconstruction plan, backed by its main banks.
Snow Brand Milk Products Co., Ltd., headquartered in Tokyo, is a
leading dairy Company in Japan.
CONTACT:
Snow Brand Milk Products Co. Ltd.
13 Naebo-Cho
Higashi-Ku, Sapporo 065-0043
Hokkaido 160-0003
Japan
Phone: +81 3 3226 2114
Fax: +81 3 3226 2150
=========
K O R E A
=========
ROTEM COMPANY: To Pursue Further Restructuring, Downsizing
----------------------------------------------------------
Rotem Company plans to include early retirement schemes and
selling some assets in its restructuring program, reports Asia
Pulse.
The Company has found difficulty in meeting annual production of
1,200 cars, as they have received orders for 500 cars only this
year.
According to analysts, an overlarge workforce and excess
production is hindering the Company from experiencing profit.
The Company posted a KRW53 billion net loss for 2004, despite
having reduced its workforce by 500 employees in October and a
10% pay cut. The Company denies reports of plans to sell/close a
plant in Uiwang, to the south of Seoul.
CONTACT:
Rotem Company
#837-36 Yeoksam-Dong, Gangnam-Gu,
Seoul, 135-080, South Korea
Phone: 82-2-2112-8114
Fax: 82-2-2112-9870
Web site: http://www.rotem.co.kr
SAMSUNG LIFE: Talks to Sell 17.5% Stake Fall Through
----------------------------------------------------
One of the shareholders of Samsung Life Insurance Co. said that
talks to sell 17.5% stake in the Company ended due to
disagreements on the sale terms, reports the Asian Wall Street
Journal.
Creditors of now-defunct Samsung Motors were negotiating with
preferred bidder for the stake sale, U.S.-based Newbridge
Capital, with Warburg Pincus LLC and partners as the secondary
bidder.
According to creditor Seoul Guarantee Insurance Co., it seemed
that they couldn't agree on the sale terms with the bidders.
Samsung Life has valued the 3,500,000 shares to be worth KRW800
billion.
CONTACT:
Samsung life Insurance Co., Ltd.
Samsung Life Insurance Bldg.
150, Taepyungro 2-ga, Jung-gu
Seoul, 100-716, South Korea
Phone: +82-2-1588-3114
Fax: +82-2-751-8021
Web site: http://www.samsunglife.com
===============
M A L A Y S I A
===============
ANTAH HOLDINGS: Securities Trading Still Suspended
--------------------------------------------------
With regard to the announcement on March 25, 2005 with reference
no: CS-050325-2513F, Antah Holdings Berhad announced the
following:
Pursuant to the Policy relating to the delay in the submission
of Financial Statements dated Aug. 27, 2004, trading of Company
securities would be suspended on the market day three (3) months
from Dec. 31, 2004, which is on April 1, 2005, due to non-
issuance of the Annual Report for the financial year ended June
30, 2004.
However, trading of the Company's securities was already
suspended on Feb. 2, 2005, because of failure to submit its
Annual Audited Accounts for the financial year ended June 30,
2004, to the Bursa Malaysia Securities Berhad (Bursa
Securities); therefore trading will continue to be suspended,
and will be uplifted on the market day following submission of
the Company's Audited Annual Accounts & Annual Report 2004.
CONTACT:
Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax: 03-20949940
GENERAL SOIL: Proposes Full Settlement With Indah Water
-------------------------------------------------------
General Soil Engineering Holdings Berhad refers to its
announcement dated March 21, 2005, in a relation to a winding up
petition, pursuant to section 218 of the Companies Act, 1965
served on the Company by Indah Water Konsurtium Snd on Jan. 11,
2005.
On 25 March 2005, the Kuala Lumpur High Court granted an Order
In Terms for the winding up petition.
The Company has now proposed full settlement with Indah Water,
on the condition that Indah Water would allow the Company to
apply for a permanent stay of the Winding Up order made 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
GULA PERAK: Lists New Ordinary Shares Today
-------------------------------------------
Gula Perak Berhad's additional 161,000 new ordinary shares of
RM1.00 each issued pursuant to the Company's Conversion of
161,000 irredeemable convertible secured loan stocks 2000/2005
into 161,000 new ordinary shares are granted listing and
quotation effective today, Wednesday, March 30, 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
I-BERHAD: Buys Back 10,000 Shares
---------------------------------
I-Berhad revealed the details of its shares buy back on March
28, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 28/03/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 10,000
Minimum price paid for each share purchased (RM): 0.800
Maximum price paid for each share purchased (RM): 0.800
Total consideration paid (RM): 8,059.20
Number of shares purchased retained in treasury
(units): 10,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,205,300
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
KILANG PAPAN: Posts Q4/FY04 Results
-----------------------------------
Kilang Papan Seribu Daya Berhad released its unaudited
report for the financial period ended Jan. 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/01/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
258 704 2,513 2,724
2 Profit/(loss) before tax
-4,639 -18,756 -19,222 -49,564
3 Profit/(loss) after tax and minority interest
-4,639 -18,756 -19,222 -49,564
4 Net profit/(loss) for the period
-4,639 -18,756 -19,222 -49,564
5 Basic earnings/(loss) per shares (sen)
-23.20 -93.80 -96.20 -247.90
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
-9.8100 -8.8500
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_kilangpapan1032905.xls
http://bankrupt.com/misc/tcrap_kilangpapan2032905.rtf
CONTACT:
Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax: +60 88 423 287
MALAYSIAN BULK: Sells Carrier Ship for MYR73 Mln
------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) said that on March 23,
2005, its wholly owned subsidiary, Amatklasik Sdn Bhd, agreed to
sell its 39,110 dwt Handymax bulk carrier (MV Alam Sentosa) for
approximately MYR72.6 million, reports Dow Jones.
The sale is set to be complete in April 2005, when the vessel is
delivered to the buyer, and the sale would yield a MYR45.4
million capital gain for the Company.
The disposal is the third one this year. Previously, the Company
had sold two similar vessels in February, and a Panamax vessel
in January. The Company did not explain the motive for the sale
of the ship.
CONTACT:
Malaysian Bulk Carriers Berhad
Level 17 and 18
PJ Tower Jalan Persiaran Barat Off Jalan Timur
46050 Petaling Jaya
Malaysia
Phone: 03-79661688
Fax: 03-79661628
NAIM INDAH: Converts 45,100 Loan Stocks into New Shares
-------------------------------------------------------
Naim Indah Corporation Berhad's additional 45,100 new ordinary
shares of MYR0.20 each issued pursuant to the Company's
conversiob of 45,100 irredeemable convertible unsecured loan
stocks 2003/2006 into 45,100 new ordinary shares will be granted
listing and quotation effective Friday, April 1, 2005, 9:00 a.m.
CONTACT:
Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411
PADIBERAS NASIONAL: Petition Hearing Moved to July 17
-----------------------------------------------------
This announcement is in relation to the petition against
Padiberas Nasional Berhad's by Konsortium Pemborong Beras Melayu
Sdn Berhad.
Further to the announcements made on Dec. 10, 2004 and Jan. 6,
2005, Padiberas Nasional Berhad announced that the hearing date
for the Company's striking out application pursuant to The
Petition, which was fixed on March 23, 2005, was postponed to
July 17, 2005. Further developments will be announced
accordingly.
CONTACT:
Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/
PAN MALAYSIA: Repurchases Additional Shares
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of shares
it bought back on March 28, 2005 to the Bursa Malaysia
Securities Berhad.
Date of buy back: 28/03/2005
Description of shares purchased: Ordinary shares of RM0.50 each
Total number of shares purchased (units): 50,000
Minimum price paid for each share purchased (RM): 0.380
Maximum price paid for each share purchased (RM): 0.390
Total consideration paid (RM): 19,327.79
Number of shares purchased retained in treasury
(units): 50,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 20,865,500
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: Buys Back 31,000 Ordinary Shares
-------------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad details of it s shares buy back on March 28,
2005.
Date of buy back: 28/03/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 31,000
Minimum price paid for each share purchased (RM): 0.980
Maximum price paid for each share purchased (RM): 0.995
Total consideration paid (RM): 30,808.23
Number of shares purchased retained in treasury
(units): 31,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 28,353,800
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/
PARK MAY: Listed Status Soon to be Replaced by KTB
--------------------------------------------------
As part of a restructuring scheme, Park May Berhad's listed
status will be replaced by Konsortium Transnasional Bhd (KTB), a
Company set up by Kumpulan Kenderaan Malaysia Bhd (KKMB),
sometime in June, the Business Times reports.
Chief executive Datuk Nadzmi Mohd Salleh of controlling Nadicorp
Holdings Sdn Berhad said that they are waiting for the move to
be approved by the Securities Commission (SC). Nadicorp controls
KKMB, which has a 19% stake in Park May Berhad.
Once the restructuring scheme is complete, KTB will replace the
Company's listed status and will also become the investment
holding firm of the Company. RM3.78 million nominal value
irredeemable convertible loan stocks would also be converted
into 1.99 million new Park May shares as part of the scheme.
CONTACT:
Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax: +60 3 7625 4987
POS MALAYSIA: Set to List Extra Shares on April 1
-------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 123,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Friday, April 1, 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
WCT ENGINEERING: Granted Listing of Additional Shares
-----------------------------------------------------
WCT Engineering Berhad announced that in relation to the
Company's exercise of 1,097,220 warrants 2000-2005, the
Company's additional 1,097,220 new ordinary shares priced at
MYR1.00 each issued will be granted listing and quotation
effective Thursday, March 31, 2005, 9:00 a.m.
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266
=====================
P H I L I P P I N E S
=====================
BACNOTAN CONSOLIDATED: Notes Unusual Price Movement
---------------------------------------------------
Bacnotan Consolidated Industries Inc. wrote in reply to a letter
from the Philippine Stock Exchange dated March 28, 2005
inquiring about the unusual price movement of the share price of
the Company from Php24.75 to Php15.00 per share.
Other than the effect of the Php9.00 cash dividend declared by
the Company with ex-cash date March 28, 2005, the Company is not
aware of any information relating to the unusual movement of the
share price.
JUAN J. DIAZ
Corporate Secretary
CONTACT:
Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456
DMCI HOLDINGS: Has Not Taken Legal Actions Against Government
-------------------------------------------------------------
DMCI Holdings issued this disclosure in reference to the news
article entitled "DMCI moves to recover P300M from BCDA"
published in the March 28, 2005 issue of BusinessWorld (Internet
Edition).
The article reported that:
"Publicly-listed construction Company DM Consunji Inc. (DMCI)
may sue the government to recover its P300-million deposit for
its participation in the North Luzon Railways (Northrail)
project. The deposit was made in 1996 when DMCI was picked as
the government's strategic partner for the project. But the
Company has been trying to recover it since 2000, when it
finally decided to abandon the project because the government
failed to live up to its end of the deal.
"A DMCI executive also said a lawsuit was just one of many
options to recover the money. `The best option is to go to
court. But so far, we have not exercised that [option] yet.
Another option is to talk to them for an amicable settlement,'
the executive said.
"He added DMCI was negotiating with state-run Bases Conversion
Development Authority (BCDA), Northrail's proponent, for the
return of the P300 million.
"'We have not yet been informed of the results of [their last]
board meeting,' when they took up the matter, the executive
said."
DMCI Holdings, Inc. in its letter to the Exchange dated March
29, 2005, disclosed that:
"We would like to inform you that the Company through its
subsidiary DMCI Project Developers, Inc. (PDI) has been
negotiating with the Bases Conversion Development Authority
(BCDA) for the return of its subscription deposit of Php 300
million. Furthermore, the Company has not taken any legal
actions yet."
For your information.
(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
CONTACT:
DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone: 888-3000
Fax: 816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com
MANILA ELECTRIC: Steps Up Energy Conservation Campaign
------------------------------------------------------
The Manila Electric Company (Meralco) advises power consumers to
use electricity wisely especially during the summer season when
power consumption doubles, according to Asia Pulse.
Meralco Vice President for Corporate Communications Elpi Cuna
said that simple but often neglected energy saving tips are a
big help in lowering use of electricity, mostly in households.
Some appliances known to use a lot of electricity during summer
include air-conditioners, refrigerators, freezers, electric
fans, water pumps and entertainment appliances.
Meanwhile, the soaring prices of oil in the global market has
prompted the government to adopt a four-day workweek scheme from
April to May as part of its energy-conservation efforts.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
MANILA ELECTRIC: Outstanding Debt Shrinks to Php101.2 Bln
---------------------------------------------------------
Manila Electric Company (Meralco) has reduced its amount of
outstanding debt as of Nov. 30, 2004 to Php101.2 billion,
according to The Manila Times.
The Lopez-owned power utility firm disclosed that it has inked
an agreement last year with its domestic and foreign commercial
banks to pay some US$228 million in maturing loans due in the
next two years.
Last year, Meralco pursued a comprehensive liability management
plan to address its schedule debt obligations and other
financial requirements. It engaged existing lenders in its bank-
refinancing program that provides a more balanced debt maturity
profile for the Company.
The Bank of the Philippine Island Capital Corp. and Citibank
N.A. Manila/Citigroup Global Markets Asia Ltd. are among those
lenders, which acted as joint arrangers for the refinancing
facility. A total of 30 foreign and domestic banks participated
in the refinancing.
MANILA ELECTRIC: To Determine Persons Entitled to Vote at ASM
-------------------------------------------------------------
At the regular meeting of the Board of Directors of Manila
Electric Company (Meralco) held Monday, March 28, 2005, the
Board has fixed April 11, 2005 instead of February 28, 2005, as
the record date for the determination of stockholders entitled
to notice and vote at the Annual Stockholders Meeting of Meralco
to be held on Tuesday, June 28, 2005, starting at 9:00 a.m., at
the Meralco Theatre, Lopez Building, Ortigas Avenue, Pasig City.
NATIONAL BANK: Tycoon Gives Government Time to Seek Other Buyers
----------------------------------------------------------------
Business tycoon Lucio Tan has agreed to give the government more
time to look for a buyer of its 45 percent stake in the
Philippine National Bank (PNB), Business World reports.
Both the government and Mr. Tan reportedly decided to postpone a
warrant, which expires in November, to at least one year or
until May 5, 2007. Contrary to earlier reports, Mr. Tan has
agreed not to immediately exercise the warrant under his 2002
shareholder deal with the government.
The warrant gives Mr. Tan the right to acquire the government's
45-percent stake in PNB at its floor price. If the Mr. Tan will
be successful in bidding for the planned block sale, He will
again become the majority shareholder in the semi-private bank.
The PNB board has already drafted a resolution for the one-year
extension of the warrant, which will still require the approval
of the Securities and Exchange Commission (SEC) and the
Philippine Stock Exchange (PSE).
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: New Boss Vows to Stick with EPIRA
-------------------------------------------------
The incoming president of the National Power Corporation
(Napocor) has promised to adhere to the implementation of the
Electric Power Industry Reform Act (EPIRA), especially in the
restructuring the power sector and privatization of Napocor's
assets, says The Philippine Star.
During his formal turnover ceremony held Monday, Cyril del
Callar said he will strive to find solutions to Napocor's huge
debt problem in order to help in the recovery of the Philippine
economy. He also acknowledged the fact the Napocor's debt has
the greatest impact on the country's widening budget deficit.
Mr. del Callar stressed the need to restore pride and morale in
the institution and its employees amid the continuing
reorganization in the Company. He also pointed out the need to
adhere to relevant cost-cutting measures, which will promote and
generate revenues.
Reforms, he noted, would be beneficial to personal,
institutional and most important, national interests.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
NEGROS NAVIGATION: Secures US$2.38-Mln Loan from Metro Pacific
--------------------------------------------------------------
Negros Navigation Company (Nenaco) has secured a US$2.38-million
(Php130 million) loan from Metro Pacific Corporation, Asia Pulse
reveals.
The amount, which will be taken from the proceeds of First
Pacific's sale of a 5 percent stake in Metro Pacific, will be
used to fund Nenaco's capital expenditure projects including the
completion of the drydocking facilities.
The Php130-million loan will be added to some Php124 million
loan earlier extended by Metro Pacific to Nenaco.
Nenaco was recently granted approval by the Manila Regional
Trial Court to implement its rehabilitation plan.
CONTACT:
Negros Navigation Company. Inc.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588
Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph
PHILIPPINE LONG: 15,590 Common Shares Set for Listing Today
-----------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.
In this connection, please be advised that a total of 15,590
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.
In view thereof, the listing of the 15,590 common shares is set
for Wednesday, March 30, 2005. This brings the number of common
shares listed under the ESOP to a total of 431,672 common
shares.
The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.
For your information.
(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
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
PRIMETOWN PROPERTY: Issues Rehabilitation Scheme Update
-------------------------------------------------------
This in reference to Circular for Brokers No. 946-2005 date
February 23, 2005, pertaining to the approval by the Regional
trial Court of Makati City Branch 138 of the Rehabilitation Plan
of Primetown Property Group Inc. (PMT).
Pursuant to the Implementing Guidelines on Companies under
Corporate Rehabilitation, the Company submitted the attached
comprehensive corporate disclosure with regard to the above
matter.
However, as previously advised, the trading of the Company's
shares shall remain suspended pending resolution on the
Company's non-payment of the corresponding basic and daily fines
incurred for delayed submission of its Annual Report, using SEC
Form 17-A, for the year ended December 31, 2003 and its
Quarterly Report, using SEC Form 17-Q, for the quarter ended
March 31, 2004.
The Exchange shall inform the Trading Participants and the
investing public of further developments on the matter.
For your information.
(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department
Noted By:
JURISITA M. QUINTOS
Senior Vice President
COMPREHENSIVE CORPORATE DISCLOSURE
In reference to the PSE's letter date march 9, 2005, Primetown
Property Group advised the following:
(1) Effects of the rehabilitation plan on the capital structure
of the Company:
Before Court Approval After Court Approval
of Rehabilitation of Rehabilitation
Plan Plan
No. of Shares Peso No. of Shares Peso
Value Value
Authorized Capital Stock 1,000,000,000 1,000,000,000
Issued & Outstanding Shares
Issued Shares 865,824,000 865,824,000
Outstanding Shares 865,824,000 865,824,000
Treasury Shares - -
Listed Shares 865,824,000 865,824,000
Par Value Php1 Php1
(2) Movement/s in total stockholders equity account:
Before Court Approval After Court Approval
of Rehabilitation of Rehabilitation
Plan Plan
No. of Shares Peso No. of Shares Peso
Value Value
Authorized Capital Stock 1,000,000,000 1,000,000,000
Issued & Outstanding Shares 865,824,000 865,824,000
Additional Paid-in Capital 908,798 908,798
Deficit 2,446,439,000 as of Dec.31,2003
Total Stockholder's Equity 409,597,000 as of Dec.31,2003
Note: The Financial Statements as of Dec. 31, 2004 is still due
for submission on or before April 15, 2005.
(3) Estimated timetable for the implementation and completion of
the Rehabilitation Plan:
The implementation and completion of the Rehabilitation Plan is
projected to be accomplished within a period of seven years.
(4) Any other information, which may be relevant to the
Company's Rehabilitation Plan.
With respect to other information on the Rehabilitation Plan of
PPGI, please refer to the Order issued by Judge Sixto Marella,
Jr. of the Regional Trial Court Branch 138, Malati City which
was had earlier submitted to the Exchange.
CONTACT:
Primetown Property Group, Inc.
28/F, Century Citadel Inn Makati
5007 P. Burgos St., Makati City
Phone: 751-1957 to 58
Fax: 890-8310/8328
E-mail: primetown2000@hotmail.com
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Distributes Copy of Proxy Statement
------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. disclosed in U.S.
Securities and Exchange Commission filing that on or about March
28, 2005 in Singapore, the Company began distribution of the
Company's Proxy Statement and annual report for the year ended
December 31, 2004 for the annual shareholders' meeting to be
held on April 28, 2005.
The Company's annual report consists of:
(a) The Company's letter to its shareholders:
(b) The abridged Management Discussion and Analysis and the
Financial Statements for the year ended December 31, 2002, 2003
and 2004; and
(c) The Company's supplementary information for the year ended
December 31, 2004.
The Company's complete Management Discussion and Analysis and
the Financial Statements were included in the Form 20-F which
the Company filed with the United States and Exchange Commission
on March 7, 2005. Copies of the Company's Proxy Statement,
letter to shareholders and supplementary information are
attached as Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3
respectively.
To view a full copy of the U.S. SEC filing, click
http://bankrupt.com/misc/CharteredSemiconductor032905.pdf
CONTACT:
Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com
CHINA AVIATION (S): To Release PwC Report this Week
---------------------------------------------------
China Aviation Oil (Singapore) will release this week the
PricewaterhouseCoopers (PwC) report on the trading scandal that
emerged last November, Channel News Asia relates.
PwC is making an inquiry on how CAO could lose more than S$900
million from trading oil derivatives. It is also looking at
whether all trading losses have been properly accounted for
based on generally accepted accounting principles.
The auditing firm will also review why CAO failed to disclose
its trading losses promptly to the market, why its internal
financial controls didn't work and who's ultimately responsible.
The complexity of the probe prolonged the investigations that
made PwC release the findings on a later date.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
GOLDPINE MARINE: Invites Creditors to Appear at Hearing
-------------------------------------------------------
Notice is hereby given that a petition for Winding Up of
Goldpine Marine & Engineering (S) Pte Ltd (Formerly known as
Bode Transmission (F.E.) Pte Ltd) by the High Court was, on
September 6, 2004 presented by Floysystem Engineering Pte Ltd a
Company incorporated in the Republic of Singapore and having its
registered place situate at Blk 3005, Ubi Avenue 3 #03-60,
Singapore 408861, a creditor.
The petition is to be heard before the court sitting at Friday
at 10 o'clock in the forenoon on April 8, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is Blk 3005, Ubi Avenue 3 #03-60,
Singapore 408861.
The Petitioner's solicitors are Messrs Sankar Ow & Partners of
150 Cecil Street #15-02, Singapore 069543.
Messrs Sankar Ow & Partners
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 Messrs Sankar Ow & Partners,
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, 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 12 o'clock noon of April 7,
2005 (the day before the day appointed for the hearing of the
petition).
LAWSANDYS DEVELOPMENT: Requires Creditors to File Proofs of Debt
----------------------------------------------------------------
In the matter of Lawsandys Development Pte Ltd a winding up
order was made on March 11, 2005.
Name and address of Liquidator:
Tan Suah Pin
Sp Tan & Co
133 New Bridge Road #25-03/08
Singapore 059413
Jacob Mansur & Pillai
Solicitor for Lawsandys Holdings Pte Ltd (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.
LAWSANDYS STONES: Creditors Should File Proofs of Debt
------------------------------------------------------
In the matter of Lawsandys Stones Pte Ltd a winding up order was
made on March 11, 2005.
Name and address of Liquidator:
Tan Suah Pin
SP Tan & Co
133 New Bridge Road #25-03/08
Singapore 059413.
Jacob Mansur & Pillai
Solicitor for Lawsandys Holdings Pte Ltd (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.
MARCOBILT DEVELOPERS: Proofs of Debt, Claim Due April 25
--------------------------------------------------------
Notice is hereby given that the Creditors of Marcobilt
Developers Pte Ltd, which is being wound up voluntarily, are
required on April 25, 2005 to send in their names and addresses
and the particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to the undersigned, the
Joint Liquidators of the said Company.
If so required by notice in writing from the said Joint
Liquidators or by their Solicitors or personally to come in and
prove their said debts 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 24th day of March 2005.
Steven Tan Chee Chuan
and
Douglas Tan Kay Yeow
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538
NATUNA RESOURCES: Enters Winding Up Process
-------------------------------------------
In the matter of Natuna Resources Pte. Ltd., a winding up order
was made on March 18, 2005.
Name and Address of Liquidator:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
Dated the 18th day of March 2005
Messrs Ruth Chia & Co.
Solicitors for the Petitioner
58 Tras Street #02-01
Singapore 078997
Telephone: 62209650
RSH LIMITED: Members Pass Resolution at EGM
-------------------------------------------
The Board of Directors of RSH Limited advised the Singapore
Stock Exchange (SGX) that the following resolutions put to the
Extraordinary General Meeting of the Company held on March 28,
2005 were duly passed:
Resolution 1: Ordinary Resolution
Proposed Call Option Acquisition
That subject to and contingent upon the passing of Ordinary
Resolution 2 and Ordinary Resolution 3:
(a) Approval be and is hereby given for the acquisition (Call
Option Acquisition) by the Company of 1,264,669 Ordinary A
Shares of A$1.00 each and 2,438,733 A Class Shares of A$1.00
each in the capital of Westco Jeans Pty Ltd (Westco)
representing 45.50% of the issued ordinary share capital of
Westco and 45.50% of the issued preference share capital of
Westco, respectively, pursuant to the exercise of the call
option by the Company under the put and call option agreement
dated 30 November 2001 between the Company as grantee and Advent
IBIS Holding SPRL (SPRL) as grantor (Option Agreement), in
consideration for the allotment and issue of 766,000 new
ordinary shares of S$0.10 each in the capital of the Company
(Shares) subject to, and in accordance with, the terms and
conditions of the Option Agreement; and
(b) The Directors and any of them be and are hereby authorized
to complete and do all such acts and things (including executing
all such documents as may be required under or pursuant to the
Option Agreement) as they or he may consider necessary,
desirable or expedient to give effect to the Option Agreement,
the Call Option Acquisition and/or this Resolution 1 as they or
he may deem fit.
Resolution 2: Ordinary Resolution
Proposed Put Option Acquisition
That subject to and contingent upon the passing of Ordinary
Resolution 1 and Ordinary Resolution 3:
(a) Approval be and is hereby given for the acquisition (Put
Option Acquisition) by the Company of 3,067,830 Ordinary A
Shares of A$1.00 each and 11,732,101 A Shares of A$1.00 each in
the capital of Westco representing 48.28% of the issued ordinary
share capital of Westco and 49.48% of the issued preference
share capital of Westco, respectively, pursuant to the exercise
of the put option by SPRL under the Option Agreement, in
consideration for the allotment and issue of 15,029,000 new
Shares subject to, and in accordance with, the terms and
conditions of the Option Agreement; and
(b) The Directors and any of them be and are hereby authorized
to complete and do all such acts and things (including executing
all such documents as may be required under or pursuant to the
Option Agreement) as they or he may consider necessary,
desirable or expedient to give effect to the Option Agreement,
the Put Option Acquisition and/or this Resolution 2 as they or
he may deem fit.
Resolution 3: Ordinary Resolution
Proposed Debt-Equity Swap
That subject to and contingent upon the passing of Ordinary
Resolution 1 and Ordinary Resolution 2:
(a) Approval be and is hereby given for the acquisition by the
Company of 5,000,000 Ordinary A Shares of A$1.00 each in the
capital of Westco, in consideration for the discharge of
A$5,000,000 out of the A$7,591,000 inter-Company debt, including
interest, owed by Westco to the Company and RSH Holdings Pte Ltd
(RSH Holdings), subject to, and in accordance with, the terms
and conditions of the performance based entitlement agreement
dated 5 January 2005 between RSH Holdings, Westco, Australia and
New Zealand Banking Group Limited and Sandeep Kalra (Performance
Based Entitlement Agreement); and
(b) The Directors and any of them be and are hereby authorised
to complete and do all such acts and things (including executing
all such documents as may be required under or pursuant to the
Performance Based Entitlement Agreement) as they or he may
consider necessary, desirable or expedient to give effect to the
Performance Based Entitlement Agreement, the Debt-Equity Swap
and/or this Resolution 3 as they or he may deem fit.
By Order of the Board
CONTACT:
RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327
===============
T H A I L A N D
===============
ADVANCE PAINTS: Postpones Shareholders' Meeting
-----------------------------------------------
The Board of Directors of Advance Paints & Chemical (Thailand)
Public Company Limited advised the Stock Exchange of Thailand
(SET) that it has resolved to postpone the Ordinary General
Meeting of Shareholders No.1/2005 dated March 29, 2005 at 9:00
a.m. due to the number of shares held by shareholders and their
proxy presented at the meeting did not constitute a quorum as
required by both Act of Listed Company and the APC's Articles of
Association (The number of shares presented were 16,001,876
shares of 7.19 % of registered shares capital).
The Board of directors then resolved to arrange the new date,
time and place of Ordinary General Meeting No.1/2005 on April 8,
2005 at 9:00 a.m. at the Conference Room of the Company, Bangpa-
In Industrial Estate 344 Moo2, Klongjik, Bangpa-In District,
Ayudthaya with the same following agenda:
Agenda 1
To adopt the Minutes of Extraordinary General Meeting of
Shareholders of the Company No.1/2004
Opinion of the Board: The Shareholder's meeting is hereby
advised to approve said minutes.
Agenda 2
To consider and approve the performance results of the Board of
Directors for the fiscal year 2004 and the Annual Report
Opinion of the Board: The Shareholders meeting hereby advised
to approve the performance results of the Board of Directors for
the fiscal year 2004 and the Annual Report.
Agenda 3
To adopt and approve the Balance Sheet and Profit and Loss
Accounts of the Company for the fiscal year ended December 31,
2004.
Opinion of the Board: The Shareholders meeting is hereby advised
to adopt and approve the Balance Sheet and Profit and Loss
accounts of the Company for the fiscal year ended December 31,
2004 which have been audited by the Auditor.
Agenda 4
To approve non-payment of dividends for the performance results
of the fiscal year 2004
Opinion of the Board: The Shareholders meeting is hereby advised
to approve a non-payment of dividends to the Shareholders for
the performance results of fiscal year 2004.
Agenda 5
To consider and elect the directors in place of those retiring
by rotation.
Opinion of the Board: The Shareholders meeting to consider
appointing Mr. Pricha Punnakitikashem and Mr.Dusit Nontanakorn,
as new Company directors due to rotation in this occasion.
Agenda 6
To consider and appoint Auditors for the fiscal year 2005 and to
fix the remuneration.
Opinion of the Board: The Shareholders meeting is hereby advised
to appoint Mr.Atipong Atipongsakun certified public accountant
registration number 3500 or Mr. Pravit Viwantananut certified
public accountant registration number 4917,the auditors of ANS
Audit & Company, be appointed as the auditors of the Company for
the fiscal year 2005 and to fix the remuneration of not more
than THB300,000 per annum.
Agenda 7
To consider other matters (if any)
The Company would inform that the closing date of shareholder's
register book used remain the same date as the last information
which is March 8, 2005.
Yours Sincerely,
Mr.Pricha Punnakitikashem
Chairman
CONTACT:
Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871
EMC: Clinches New Construction Contract
---------------------------------------
EMC Public Company Limited informed the Stock Exchange of
Thailand (SET) that it has been awarded a new contract for
construction of a four-storey auditorium and canteen building
with 3 elevators at Bansomdej Chaopraya Rajabhat University.
Total contract value is THB79,000,000 including VAT. Date of
Completion is scheduled July 17, 2006.
Please be informed accordingly.
Yours faithfully,
Lt.Gen. Samang Thongpan
Director
CONTACT:
EMC Public Company Limited
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0333
Fax: 0-2937-0329
Web site: http://www.emc-group.co.th
MANAGER MEDIA: Details Progress of Operations
---------------------------------------------
Manager Media Group (Public) Co., Ltd. issued a summary of the
progress of operations report according to the Revised
Registration Plan continuous to the summary of the Stock
Exchange of Thailand's report on October 15, 2004 until present.
The Company has already reported the progress to the Security
Stock Exchange of Thailand from time to time as:
9 November 2004 Increasing of Capital (53-4) amount
595,718,162 shares Report.
10 November 2004 Closing registration book for the right to
allocate warrant for buying shares II (WARRANT
II) to the same holder report.
19 November 2004 Extending period to creditors for the right
from convertible bond to ordinary share
report.
14 December 2004 Registered and Increasing of capital to
support debt conversion with increasing of
capital CD1, CD2 and WARRANT I, WARRANT II
report.
15 December 2004 The final right of warrant for buying shares
II (WARRANT II) to the same holder report.
27 December 2004 Ordinary share and convertible bond selling of
Financial creditors and ordinary share selling
of Trade creditors according to the Revision
Reorganization Plan report.
7 January 2005 Convertible bond selling of Trade creditors
according to the Revision Reorganization Plan
report.
7 January 2005 Closing registration book for second reduction
of capital report.
1 February 2005 Second reduction of capital report
7-8 February 2005 Ordinary share selling of warrant right to buy
shares I & II (WARRANT I & II) report.
11 February 2005 Increasing of capital (53-4) about 260,000,000
shares report.
28 February 2005 Securities Trading report at first sold and
balanced.
14 March 2005 Securities Trading report at second sold and
balanced.
25 March 2005 Increasing of paid capital of warrant right to
buy shares I, II (WARRANT I, II) report.
Please be informed accordingly.
Yours sincereiy,
Ms.Saowaluck Teeranujunyong
Plan Adminstrator
CONTACT:
Manager Media Group Public Company Limited
102/1 Phra Athit Road,
Chanasongkhram, Phra Nakhon, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Web site: http://www.manager.co.th
NFC FERTILIZER: Begins Recruitment Process for New Directors
------------------------------------------------------------
The NFC Fertilizer Public Company Limited informed the Stock
Exchange of Thailand (SET) that:
(1) Mr.Wichai Thongtang the Company's Director and Chairman
(2) Mr.Chavalit Saleepol the Company's Director and Chairman of
the Audit Committee
(3) Mr.Direk Chatpimonkul the Company's Director
(4) Mr.Uthai skulkroo the Company's Director
has resigned from directorship effective March 28, 2005.
The Board of Directors will go through recruitment process and
will appoint the replacement for the directors.
To be informed accordingly.
Sincerely yours,
NFC Fertilizer Public Company Limited
Mrs. Bongkot Rasmeepaisarn
Vice President
Office of the Chief Executive Officer
CONTACT:
NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Website: http://www.nfc.co.th
PAE THAILAND: Loss Results in No Dividend Payment
-------------------------------------------------
The Board of Directors of PAE (Thailand) Plc. held its second
Board of Directors (BOD) meeting this year on March 25, 2005 at
the Company meeting room. The meeting started at 1:45 p.m.
The Company unveiled to the Stock Exchange of Thailand (SET) the
highlights of the meeting:
(1) The Chairman reported that there were 3 board members who
would resign after the annual shareholders meeting.
They are Khun Kosol Chantikul, Khun Hatasakdi Na Pombejra and
Khun Suchart Suphayak.
(2) BOD agreed to change the date of the annual shareholders
meeting, which was previously set on April 19, 2005 to Monday,
April 25, 2005 instead. The place is at Royal Princess Hotel,
located on Sri Nakarin road and start at 4:00 p.m. The agendas
are as follows:
(2.1) Review and propose to accept the minutes of shareholder
meeting for the first time in year 2004 to the 2005 annual
shareholder meeting.
(2.2) Review and propose to accept the Company's performance in
2004 and the Company's annual report in the shareholder meeting.
(2.3) Review the audited Financial report as at 31 December
2004.
(2.4) Propose in the meeting that PAE would not be able to pay
dividend to the shareholders due to an accumulated loss in year
2004.
(2.5) BOD agreed that the shareholder would vote to appoint new
BOD to replace the old board members in the April 25 meeting and
also review the meeting allowance in year 2005. In year 2004,
the Company paid the allowance as following schedule:
The chairman of the Board THB10,000 per meeting other board
directors THB5,000 per meeting. The Chairman of Audit Committee
received THB6,000 per meeting and other members of committee
THB3,000 per meeting.
(2.6) Review and propose the new auditor of the whole PAE group
in the shareholder meeting.
The proposed audit firm is S.K. Accountant Services Co. Ltd.
The fee is THB1,260,000 per annum. The certified auditors are
Khun Somchai Kurujitkosol CPA 3277, Khun Amphol Chamnonwat CPA
4663, Khun Wanya Putrasatien CPA 4387.
(3) BOD set the closing date of share book for the shareholders
meeting the closing date is 11 April 2005 at 12:00pm till the
meeting will be finished.
Sincerely Yours,
Soradej Choothesa
Director of Finance & Accounting
CONTACT:
PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
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