/raid1/www/Hosts/bankrupt/TCRAP_Public/050411.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 11, 2005, Vol. 8, No. 70
Headlines
A U S T R A L I A
AUSTRAL COAL: Centennial Grabs Controlling Stake
BILLANDY PTY: Names Angela Ann Gaffney as Liquidator
CARFORD CORPORATION: Dividend Payment Set April 12
CAIRNS PENINSULA: To Undergo Voluntary Winding Up
FOXTEL: Shares Pay-TV Customer Base with Optus
HARRIS SCARFE: Liquidators Want to Recoup US$2 Mln from Debtors
IDEAL LEASING: Liquidator to Report Manner of Winding Up
KOOJARRA GRAZING: Lays Out Final Meeting Agenda
LANGTREE DEVELOPMENTS: To Convene Final Meeting April 14
MASTER ACCOUNTANTS: To Pay Creditors Dividend April 14
MILAMUNDA PTY: To Declare Final Dividend Today
MILEURA PASTORAL: Resolves to Wind Up Company
MIKAN PTY: Lays Out Agenda of Final Meeting
NATIONAL EXPRESS: Big Creditor Reclaims Lost Profit
ONE.TEL LIMITED: Ex-execs to Foot Legal Bills
PAVING SERVICES: Creditors Meeting Slated for April 21
QANTAS AIRWAYS: Hikes Fuel Surcharge
QANTAS AIRWAYS: Court Upholds Bart Doff's Conviction, Sentence
RALLINGS PRINTERY: Finalizes Winding Up Process
SALEM REFRIGERATION: To Hear Liquidator's Report at Meeting
SANTOS LIMITED: Casino Gas Project Wins Production License
SCHEFFERVILLE IRON: Names Simon R. Coad as Liquidator
SOUTHERN CROSS: General Meeting Set April 12
TOTAL CORPORATION: Creditors Decide to Wind Up Company
TRANSPORT PTY: To Declare Dividend Today
TREDEN LABEL: Completes Winding Up Process
VIK ENGINEERING: Members, Creditors to Meet April 27
WOOLMITT PTY: Members Final Meeting Slated for April 15
C H I N A & H O N G K O N G
CHOI YEE: Enters Winding Up Proceedings
CHUNG WAH: Winding Up Hearing Set for May 11
GADGET TOWN: Court Releases Winding Up Notice
GOLD-FACE HOLDINGS: Details Restructuring Scheme
HONG KONG HON: Receives Winding Up Notice
HONG KONG ORIGINAL: To Undergo Winding Up Process
MORE SHINE: Enters Winding Up Proceedings
NEW WORLD: Winding Up Hearing Slated for May 18
VERTEX COMMUNICATIONS: Notes Unusual Volume Movement
VERTEX COMMUNICATIONS: Non-Executive Director Resigns
I N D O N E S I A
BARITO PACIFIC: Issues Bonds to Pay Debt to Commerzebank
PERTAMINA: To Ink MOU with PGN, Government on Gas Supply
J A P A N
FUKUOKAKAEN SHOKURYOHAMBAI K.R.: Files for Bankruptcy
MITSUBISHI FUSO: Bosch to Supply Engine Emission Parts
MITSUBISHI MOTORS: Russian Sales Skyrocket
MITSUBISHI MOTORS: New Zealand Sells Auckland Dealerships
SANYO ELECTRIC: Toshimasa Iue Steps In as New President
SEIYU LIMITED: Wal-Mart Leaves Stake Purchase Plan Hanging
SEIYU LIMITED: Puts Up Distribution Center in Tokyo
TOSHIBA CORPORATION: To Boost Operating Profit This Year
TOSHIBA CORPORATION: California Court Resets Post Trial Hearing
TOSHIBA CORPORATION: Sets Up Environmental Vision 2010
K O R E A
JINRO LIMITED: Preferred Bidder to Seal Takeover Deal
M A L A Y S I A
FABER GROUP: Set to List Additional Shares
GOLDEN FRONTIER: Posts Shares Buy Back Notice
LION INDUSTRIES: Lists 443,000 New Ordinary Shares
MAXIS COMMUNICATIONS: Unveils Employee Share Option Scheme
NAM FATT: To Be Granted Listing of Extra Shares
PAN PACIFIC: To Pay MYR11-Mln Claim of Public Bank
PAN PACIFIC: Sees No Change in Default Status
TENAGA NASIONAL: Moody's Affirms Stable "Baa2" Rating
P H I L I P P I N E S
BENPRES HOLDINGS: Sets Record Date for Shareholders on April 22
GARWOOD PARK: Succumbs Into Voluntary Insolvency
MANILA ELECTRIC: Plunges Deeper Into Red This Year
MUSIC SEMICONDUCTORS: Postpones Stockholders Meeting to July 15
NATIONAL BANK: Releases Revised Corporate Governance Manual
NATIONAL BANK: On Government's Priority List for Privatization
PHILIPPINE NICKEL: Chinese Firm Mulls US$1-Bln Investment
S I N G A P O R E
CHINA AVIATION (S): Court Reschedules Hearing May 20
STARTECH ELECTRONICS: AGM Slated for April 27
UNI TECHNOLOGY: To Update Status of Liquidation at Meeting
VERIZON GLOBAL: Requires Creditors to Prove Claims, Debts
VENTURE INVESTMENT: Final Meeting Set May 3
WAMC PTE: Creditors' Proofs of Debts, Claims Due May 3
WAN SOON: Faces Winding Up Proceedings
WIRELESS COMMUNICATIONS: Resolves to Wind Up Company
T H A I L A N D
THAI PETROCHEMICAL: Due Diligence Results to Dictate Share Price
THAI PETROCHEMICAL: Completes Capital Reduction Procedures
WYNCOAST INDUSTRIAL: Cuts Par Value of Shares
- - - - - - - -
=================
A U S T R A L I A
=================
AUSTRAL COAL: Centennial Grabs Controlling Stake
------------------------------------------------
Centennial Coal has won its battle for control of Austral Coal,
reports the Sydney Morning Herald.
Despite some last minute jitters when rival Glencore
International took a 12 percent stake in Austral, Centennial
moved to acquire a total of 62 percent stake in its takeover
target.
Austral shareholder reportedly rushed to accept Centennial's
all-scrip offer, which will entitle them to Centennial's 6
cents-a-share interim dividend. The offer remains open until
April 22.
Glencore surprised the market last week when it bought a 5-
percent stake in Austral and had equity swap agreements for
another 7.4 percent. It also disclosed a plan to launch its own
cash takeover for Austral.
The chairmen of Centennial and Austral are expected to meet this
week to work out a smooth transition and changes to the board
were expected announced by the end of the week.
Centennial personnel have visited Austral's Tahmoor colliery,
about 70 kilometers south west of Sydney, regularly during the
takeover and would establish a presence at the mine by the
middle of this week.
Austral's Sydney head office functions would be absorbed into
Centennial's head office.
CONTACT:
Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au
BILLANDY PTY: Names Angela Ann Gaffney as Liquidator
----------------------------------------------------
At a general meeting of the members of Billandy Pty Ltd A.C.N.
008 701 077 duly convened and held at Popes Hill South Road
Mukinbudin WA, on March 2, 2005, the special resolutions set out
below were duly passed:
That the Company be wound up under the provisions applicable to
a Members' Voluntary Liquidation and that Angela Ann Gaffney be
and is hereby appointed Liquidator of the Company.
That the Liquidator is hereby authorized to distribute in specie
such of the assets as she sees fit and on such conditions as she
deems necessary to any one or more of the members of the
Company.
Dated this 2nd day of March 2005
F. R. Jones
Director
c/- RSM Bird Cameron
1st Floor, 8 St Georges Terrace,
Perth WA 6000
CARFORD CORPORATION: Dividend Payment Set April 12
--------------------------------------------------
A first and final dividend is to be declared on April 12, 2005
for Carford Corporation Pty Ltd (Subject To Deed Of Company
Arrangement) trading as Oriental Caf‚ A.C.N. 050 432 141.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 3rd day of March 2005
Bradley Hellen
Ann Fordyce
For and on behalf of joint & several Deed
Administrators
Pilot Partners
Chartered Accountants
Level 5, 175 Eagle Street, Brisbane Qld 4000
CAIRNS PENINSULA: To Undergo Voluntary Winding Up
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Cairns Peninsula Hotel Pty Ltd (In Liquidation) A.C.N. 011 073
528 duly convened and held at Level 4, 29 Elkhorn Avenue,
Surfers Paradise Qld 4217 on March 7, 2005, a special resolution
was passed that the Company be wound up voluntarily and an
ordinary resolution was passed that Heidi Maree Bullock be
appointed liquidator for the purpose of such winding up.
Dated this 7th day of March 2005
Heidi M. Bullock
Liquidator
Level 4, 29 Elkhorn Avenue,
Surfers Paradise Qld 4217
FOXTEL: Shares Pay-TV Customer Base with Optus
----------------------------------------------
Optus will finally be able to resell Foxtel's Digital pay-TV
service to customers beyond the range of its own cable, The
Advertiser relates.
Pay television operator Foxtel has given rival Optus the right
to compete for its entire customer base after signing a deal
that ensures Optus upgrades its pay-TV service to digital
signals.
After months of trying to resolve the issue, Foxtel's board
agreed to changes to the companies' content-sharing deal, which
are expected to beef up Foxtel's pay-TV customer network.
The agreement will help boost Foxtel's wholesale digital
customer numbers as it tries to recover AU$600 million it spent
converting its service from analogue to digital last year.
CONTACT:
Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/
HARRIS SCARFE: Liquidators Want to Recoup US$2 Mln from Debtors
---------------------------------------------------------------
The liquidators of failed Harris Scarfe are seeking to recover
money paid to debtors before the retailer collapsed, The
Australian says.
Lindsay Maxstead and Michael Dwyer have lodged a petition in the
District Court, demanding about 24 large firms to pay back
AU$2,161,242.96 that was allegedly obtained "unfairly".
The liquidators claimed the debtors were not entitled to the
money because Harris Scarfe was insolvent at the time.
Companies whom the liquidators alleged "failed, neglected or
refused" their demands include Lego Australia, Twentieth Century
Fox Home Entertainment, Electronic Arts and Running Bare
Australia. But the debtors have retaliated, saying the retailer
never traded within usual business trading terms and "was a slow
payer".
Harris Scarfe was sold to a private concern in November 2001.
CONTACT:
Harris Scarfe Holdings Limited
81 Rundle Mall
Adelaide, Southern Australia 5000
Australia
Phone: +61 8 8203 4444
Fax: +61 8 8223
IDEAL LEASING: Liquidator to Report Manner of Winding Up
--------------------------------------------------------
Notice is given that a final meeting of members of Ideal Leasing
Services Australia Pty Ltd (In Voluntary Liquidation) A.C.N. 066
558 325 will be held concurrently at Level 32, 345 Queen Street,
Brisbane Qld 4000, on April 15, 2005 at 10:30 a.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.
Dated this 2nd day of March 2005
P. A. Hennessy
Liquidator
KPMG
c/- Level 32, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3333 9838
KOOJARRA GRAZING: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given that a final meeting of members of Koojarra
Grazing Pty Ltd (In Liquidation) A.C.N. 008 761 135 will be held
at the offices of Grant Thornton, Chartered Accountants, Level
6, 256 St George's Terrace, Perth, WA 6000 on Tuesday, April 20,
2005 at 10:00 a.m.
AGENDA
(1) To lay before the meeting the liquidator's account showing
how the winding up has been conducted.
(2) To fix the liquidator's remuneration.
(3) General business.
Dated this 2nd day of March 2005
Mervyn J. Kitay
Liquidator
Grant Thornton
Chartered Accountants
Level 6, 256 St George's Terrace,
Perth WA 6001
Telephone: (08) 9481 1448
Facsimile: (08) 9481 0152
LANGTREE DEVELOPMENTS: To Convene Final Meeting April 14
--------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a final meeting of the Members and
Creditors of Langtree Developments Pty Ltd (In Liquidation)
A.C.N. 004 929 864 will be held at the home of Mr. Charles
Watson, 79th Fifth Street Nicholls Point, Mildura, on April 14,
2005 at 9:30 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 Company disposed of and of hearing
any explanations that may be given by the liquidator.
Dated this 23rd day of February 2005
C. H. Watson
Liquidator
c/- Pendleburys
Level 3, 416 Collins Street,
Melbourne 3000
MASTER ACCOUNTANTS: To Pay Creditors Dividend April 14
------------------------------------------------------
A first and final dividend is to be declared on April 14, 2005
for Master Accountants Group Pty Ltd (In Liquidation) A.C.N. 062
229 994.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 3rd day of March 2005
Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street, Brisbane Qld 4000
MILAMUNDA PTY: To Declare Final Dividend Today
----------------------------------------------
A first and final dividend is to be declared today, April 11,
2005 for Milamunda Pty Ltd (In Liquidation) A.C.N. 069 396 907.
This first and final dividend will be paid pursuant to the Order
to Approve the Pooling Deed granted by the Supreme Court of
Western Australia on December 9, 2004.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 3rd day of March 2005
Mervyn J. Kitay
Official Liquidator
Grant Thornton
Level 6, 256 St George's Terrace,
Perth WA 6000
MILEURA PASTORAL: Resolves to Wind Up Company
---------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of the Company held on February 25, 2005, it was
resolved that Mileura Pastoral Company Pty Ltd (In Liquidation)
(The Company) be wound up voluntarily and that Oren Zohar and
Brian McMaster, of KordaMentha, Level 11, 37 St Georges Terrace
be appointed to act as Liquidators for the purpose of the
winding up.
Dated this 4th day of March 2005
Oren Zohar
Liquidator for Mileura Pastoral Company Pty Ltd
MIKAN PTY: Lays Out Agenda of Final Meeting
-------------------------------------------
Notice is given that the final meeting of the members of Mikan
Pty Ltd (In Liquidation) A.C.N. 009 854 951 will be held at the
offices of Deloitte Touche Tohmatsu, Level 26, 123 Eagle Street,
Brisbane Qld 4000 on April 15, 2005 at 9:00 a.m.
AGENDA:
To lay before the meeting an account showing how the winding up
has been conducted and the property of the Company has been
disposed of and giving any explanation of the account.
Dated this 7th day of March 2005
J. L. Greig
G. P. Doran
Liquidators
c/- Deloitte Touche Tohmatsu
Level 26, 123 Eagle Street,
Brisbane Qld 4000
NATIONAL EXPRESS: Big Creditor Reclaims Lost Profit
---------------------------------------------------
Creditors owed huge amounts from the collapse of Melbourne's
National Express transport network in 2002 may have to face
delayed payouts, according to The Age.
The threat to National Express payouts came after the Federal
Court of Australia ruled that Thiess Infraco, one of transport
firm's biggest creditors, could claim for the loss of future
profits.
Thiess Infraco has submitted claims for AU$A20 million of lost
profit, along with AU$A7 million for unpaid work conducted
before National Express's public transport system in
Victoria was placed into administration.
The exact amount Thiess Infraco will receive under the court
ruling is unclear, but it will reduce the amount available to
other creditors and could potentially prompt another large
National Express creditor to proceed with court action to
retrieve AU$A26 million of lost profit.
National Express administrator, Simon Wallace-Smith, is
assessing the impact of the court ruling.
ONE.TEL LIMITED: Ex-execs to Foot Legal Bills
---------------------------------------------
A bid by former One.Tel Limited directors Jodee Rich and Mark
Silbermann to pass on their legal expenses to insurer CGU was
recently shelved by the High Court, The Age says.
The two former executives earlier sought to have insurer CGU
meet the costs of the legal battles connected with the downfall
of telecommunications firm One.Tel. But the High Court on
Thursday overturned the decision that granted the pair a right
of appeal and ordered them to pay CGU's costs.
CGU said it was not liable to pay defense costs because the
Directors and Officer Liability Insurance Policy had been
rendered void by "wrongful acts".
One.Tel collapsed four years ago with debt of more than AU$600
million. The Australian Securities and Investments Commission is
seeking AU$92 million over the One.Tel collapse from Mr. Rich
and Mr. Silbermann, as well as former One.Tel chairman John
Greaves. ASIC alleges the trio breached their duties as
directors.
CONTACT:
One.tel Limited
9 CASTLEREAGH STREET
LEVEL 28
SYDNEY, NSW 2000
AUSTRALIA
Phone: +61 2 97778111
Fax: +61 2 97778199
Web site: http://www.onetel.com.au/
PAVING SERVICES: Creditors Meeting Slated for April 21
------------------------------------------------------
Notice is hereby given pursuant to section 473 of the
Corporations Act that a meeting of the creditors of Paving
Services Pty Ltd (In Liquidation) A.C.N. 080 982 485 will be
held at the offices of Taylor Woodings, Chartered Accountants,
Level 6, 30 The Esplanade, Perth, WA 6000 on Thursday, April 21,
2005 at 9:30 a.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanation that may be given by the liquidator.
Dated this 4th day of March 2005
I. C. Francis
Official Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade,
Perth WA 6000
Telephone: (08) 9321 8533
Facsimile: (08) 9321 8544
QANTAS AIRWAYS: Hikes Fuel Surcharge
------------------------------------
Qantas Airways said that it would increase its fuel surcharge
because of the continued escalation in the price of crude oil
and jet fuel.
(1) For domestic travel in Australia and New Zealand the
surcharge will increase by AU$8, from AU$12 to AU$20 (includes
GST) per sector;
(2) For trans-Tasman travel the surcharge will increase by
AU$11, from AU$29 to AU$40 per sector;
(3) For other international travel (including Australian
Airlines) the surcharge will increase by AU$31, from AU$29 to
AU$60 per sector; and
(4) Jetstar will increase its surcharge from AU$10 to AU$19
(incl GST) per sector.
The surcharges will be effective on tickets issued on or after
Wednesday, April 20, 2005.
The Chief Executive Officer of Qantas, Geoff Dixon, said fuel
was always a significant cost to an airline.
"The price of both oil and jet fuel are at historic highs and
remain extremely volatile," Mr. Dixon said.
"Based on current prices, the Qantas Group will spend
approximately AU$1 billion more on fuel in 2005/06 compared to
the current financial year. The increased surcharge, together
with the existing surcharges and our hedging activities will,
taking into account the effects on demand, fall short by
approximately AU$400 million.
Consequently, in an environment of historically low airfares, we
are looking very closely at all aspects of our business to find
ways in which we can achieve further efficiencies."
Note: The surcharge applies to each flight/sector shown on a
ticket or itinerary.
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
QANTAS AIRWAYS: Court Upholds Bart Doff's Conviction, Sentence
--------------------------------------------------------------
The NSW Court of Criminal Appeal on Friday upheld the conviction
and sentence of Mr. Robert (Bart) Doff on one count of insider
trading in the shares of Qantas Airways Limited (Qantas) on
April 24, 2001.
On 11 February 2005, Mr. Doff, a Sydney real estate agent, was
convicted and sentenced to 350 hours community service, fined
AU$30,000 and ordered to pay a pecuniary penalty of
AU$37,255.25, following and investigation by the Australian
Securities and Investments Commission (ASIC). Mr. Doff appealed
against his conviction and the Commonwealth Director of Public
Prosecutions appealed the sentence imposed on Mr. Doff.
'The conviction upheld by the Court today should act as a
warning to those who might be tempted to use confidential
information to gain a personal profit', ASIC's Executive
Director of Enforcement, Ms. Jan Redfern said.
The charge was brought by ASIC and prosecuted by the
Commonwealth Director of Public Prosecutions.
RALLINGS PRINTERY: Finalizes Winding Up Process
-----------------------------------------------
Take note that the affairs of Rallings Printery Pty Ltd (In
Voluntary Liquidation) A.C.N. 009 721 546 are now finalized, and
pursuant to Section 509(1) of the Corporations Act 2001, the
final meetings of members of the Company will be held at the
offices of Lucas & Currie Chartered Accountants, Level 8, 100
Edward Street, Brisbane, Queensland, on Monday, April 18, 2005
at 10:00 a.m.
The purpose of the meetings is to table an account indicating
how the winding up has been conducted and the property of the
Companies disposed of and giving explanations thereof.
Dated this 7th day of March 2005
P. A. Lucas
I. A. Currie
Liquidators
SALEM REFRIGERATION: To Hear Liquidator's Report at Meeting
-----------------------------------------------------------
Notice is given that final meetings of members and creditors of
Salem Refrigeration Transport Pty Ltd (In Liquidation) A.C.N.
088 704 125 will be held at the offices of CJL Partners Pty Ltd,
Level 3, 180 Flinders Lane, Melbourne, 3000 at 3:00 p.m. and
3:30 p.m. respectively on Friday, April 15, 2005.
AGENDA
To lay before the meetings a final account of the Liquidators'
acts and dealings and of the conduct of the winding up.
Dated this 7th day of March 2005
Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773
SANTOS LIMITED: Casino Gas Project Wins Production License
----------------------------------------------------------
Santos Limited, on behalf of the VIC/P44 joint venture,
announced that the AU$200 million Casino development, offshore
southern Australia, has been awarded a production license by the
Victorian Government.
The VIC/L24 production license, awarded by the Department of
Primary Industries, Victoria clears a major regulatory hurdle
and will help to ensure that production commences on schedule in
the first quarter 2006.
During the first quarter 2005, the project has advanced rapidly
to be 36 percent complete as at the end of March having begun
drilling a pilot hole for the directional shore-crossing and
completed the onshore pipeline installation.
Preparations have also commenced for development drilling
operations with the Casino 4 and Casino 5 wells currently
scheduled to start drilling at the end of April.
The entire gas reserves from the Casino field have been sold
under contract to TXU who will process the gas at their Iona
processing plant. All remaining conditions precedent for the Gas
Sales Agreement with TXU have been satisfied or waived.
The finalization of this innovative gas sales contract has
enabled accelerated exploration drilling activity with an option
being exercised for the drilling of the Henry 1 well,
immediately northwest of the Casino gas filed. The Casino joint
venture is also exploring options to drill the adjacent
prospects immediately after Henry 1 well.
"The award of a production license is an important milestone as
it helps ensure the development remains on schedule," said
Santos' Managing Director, Mr. John Ellice-Flint.
"Together with the meaningful progress made during the first
quarter of 2005, means the development is on track to meet
expected initial production in the first quarter of 2006."
Participants in VIC/P44 and VIC/L24 are:
Snaors Limited (Operator) 50.0%
Peedamullah Petroleum Pty Ltd
(wholly owned subsidiary of AWE) 25.0%
Mittwell Energy Resources Pty Ltd
(wholly owned subsidiary of Mitsui) 25.0%
CONTACT:
Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/
SCHEFFERVILLE IRON: Names Simon R. Coad as Liquidator
-----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Schefferville Iron & Minerals Limited A.C.N. 098 441 144 duly
convened and held on February 25, 2005, a special resolution was
passed that the Company be wound up voluntarily and an ordinary
resolution was passed that Simon Roger Coad be appointed
Liquidator.
Dated this 25th day of February 2005
Simon R. Coad
Level 2, 45 Stirling Highway,
Nedlands WA 6009
SOUTHERN CROSS: General Meeting Set April 12
--------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a general meeting of the Members and
Creditors of Southern Cross Distributors Pty Ltd (In
Liquidation) A.C.N. 094 072 330 will be held at the offices of
Bentleys MRI Chartered Accountants, Level 26, 10 Eagle Street,
Brisbane on April 12, 2005 at 10:00 a.m., for the purposes of
having any account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidator and also of determining the manner in
which the books, accounts and documents of the Company and the
Liquidator thereof shall be disposed of.
Dated this 4th day of March 2005
William John Fletcher
Liquidator
c/- Bentleys MRI
Chartered Accountants
Level 26, AMP Place, 10 Eagle Street,
Brisbane Qld
Telephone: (07) 3222 9777
TOTAL CORPORATION: Creditors Decide to Wind Up Company
------------------------------------------------------
At a meeting of creditors of Total Corporation Pty Ltd (In
Liquidation) A.C.N. 086 253 358, duly convened and held at the
offices of KordaMentha, Level 11, 37 St Georges Terrace, Perth
on Monday, February 28, 2005 at 10:00 a.m., it was resolved:
That pursuant to Section 439C(c) of the Corporations Act 2001
the Company be wound up.
Dated this 2nd day of March 2005
Brian Mcmaster
Liquidator for Total Corporation Pty Ltd
Telephone: (08) 9221 6999
TRANSPORT PTY: To Declare Dividend Today
----------------------------------------
A second and final dividend is to be declared today, April 11,
2005 for Transport Pty Ltd (In Liquidation) A.C.N. 086 678 980.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 4th day of March 2005
Mark A. Conlan
Official Liquidator
RSM Bird Cameron Partners
Chartered Accountants
8 St Georges Terrace,
Perth WA 6000
Telephone: (08) 9261 9100
Facsimile: (08) 9261 9340
TREDEN LABEL: Completes Winding Up Process
------------------------------------------
Take note that the affairs of Treden Label Manufacturers Pty Ltd
(In Voluntary Liquidation) A.C.N. 009 892 826 are now finalized,
and pursuant to Section 509(1) of the Corporations Act 2001, the
final meetings of members of the Company will be held at the
offices of Lucas & Currie Chartered Accountants, Level 8, 100
Edward Street, Brisbane, Queensland, on Monday, April 18, 2005
at 10:30 a.m.
The purpose of the meetings is to table an account indicating
how the winding up has been conducted and the property of the
Companies disposed of and giving explanations thereof.
Dated this 7th day of March 2005
P. A. Lucas
I. A. Currie
Liquidators
VIK ENGINEERING: Members, Creditors to Meet April 27
----------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, the final combined meeting of the members and creditors of
VIK Engineering & Construction Pty Ltd (In Liquidation) A.C.N.
062 460 995 will be held at the offices of Horwath Jefferson
Stevenson, Level 4, 370 Queen Street, Brisbane Qld 4000, on
Wednesday, April 27, 2005, at 11:00 a.m. for the purposes of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidators.
Dated this 7th day of March 2005
Philip G. Jefferson
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000
WOOLMITT PTY: Members Final Meeting Slated for April 15
-------------------------------------------------------
Notice is given that a Final Meeting of the Members of Woolmitt
Pty Ltd will be held on Friday, April 15, 2005, at the offices
of Freer Parker & Associates, at 40 Sturt Street, Adelaide, SA
at 10:00 a.m.
Dated this 3rd day of March 2005
Richard George Freer
Liquidator
Freer Parker & Associates
40 Sturt Street, Adelaide SA 5000
Telephone: (08) 8211 7177,
Facsimile: (08) 8212 6177
==============================
C H I N A & H O N G K O N G
==============================
CHOI YEE: Enters Winding Up Proceedings
---------------------------------------
Choi Yee (H.K.) Limited with registered office located at G/F,
Shop No 327, Rhythm Garden, Kln was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on March 16, 2005.
Date of Presentation of Petition: January 12, 2005.
Dated this 1st day of April 2005.
ET O'Connell
Official Receiver
CHUNG WAH: Winding Up Hearing Set for May 11
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chung Wah Air-Conditioning & Electrical Co., Limited by the High
Court of Hong Kong was on March 9, 2005 presented to the said
Court by Tam Kwok Pui of Room 832, Nam Yat House, Nam Shan
Estate, Tai Hang Tung, Kowloon, Hong Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on May 11, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.
GADGET TOWN: Court Releases Winding Up Notice
---------------------------------------------
Gadget Town Limited with registered office located at G/F, No
226 Yu Chau St, Shamshuipo, Kln was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on March 16, 2005.
Date of Presentation of Petition: January 12, 2005.
Dated this 1st day of April 2005.
ET O'Connell
Official Receiver
GOLD-FACE HOLDINGS: Details Restructuring Scheme
------------------------------------------------
Gold-Face Holdings Limited announced that Gold-Face Finance,
Gold-Face Investment, Gold-Face Enterprises and Chun Po have
entered into the Restructuring Agreement with Upbest Finance on
January 21, 2005 (as varied and supplemented by the supplemental
agreement dated March 8, 2005) in relation to:
(i) the disposal of Gold-Face Finance, a wholly-owned subsidiary
of the Company, at HK$4.00; and
(ii) the subscription of 28,000,000 new shares in Gold-Face
Finance by Upbest Finance at HK$28,000,000.
The Hong Kong Stock Exchange announced that the Restructuring
Agreement is conditional upon, amongst others, the Scheme being
effective.
Gold-Face Finance was granted the leave to convene a meeting of
creditors to consider and approve the Scheme on March 10, s2005.
As a result, the hearing of the winding-up petition in HCCW 870
of 2004 was adjourned to May 17, 2005. The disposal of Gold-Face
Finance constitutes a discloseable transaction of the Company
under Chapter 14 of the Listing Rules.
Disposal of the Property
The Company further announced that Wonder Fit has entered into
the Sale and Purchase Agreement with the Purchaser for the
disposal of the Property at HK$100,300,000. The disposal
constitutes a discloseable transaction of the Company under
Chapter 14 of the Listing Rules.
A circular containing details of the Restructuring Agreement and
the Sale and Purchase Agreement will be dispatched to the
Shareholders as soon as practicable.
At the request of the Company, trading in the Company's shares
was suspended from 9:30 a.m. on May 19, 2003 and will remain
suspended until further notice.
A. DISPOSAL OF GOLD-FACE FINANCE THE RESTRUCTURING AGREEMENT
Date:
January 21, 2005 (as varied and supplemented by a supplemental
agreement dated March 8, 2005)
Parties:
Purchaser/Subscriber: Upbest Finance
To the best of the Directors' knowledge and belief, having made
all reasonable enquiry, Upbest Finance and its ultimate
beneficial owners are parties independent of and not connected
with the directors, chief executive or substantial shareholders
of the Company, its subsidiaries and their respective associates
as defined in the Listing Rules).
Vendors: Gold-Face Investment, Gold-Face Enterprises and Chun Po
Issuer: Gold-Face Finance
Subject Matters:
Subject to the fulfillment and/or waiver (as the case may be) of
the conditions precedent as set out in the Restructuring
Agreement:
(i) the Vendors agreed to transfer, and Upbest Finance agreed to
acquire, the entire issued share capital of Gold-Face Finance at
HK$4.00; and
(ii) Upbest Finance agreed to subscribe, and Gold-Face Finance
agreed to issue and allot to Upbest Finance, 28,000,000 new
Shares at HK$28,000,000.
In considering the restructuring proposal, the Board has taken
into account the prevailing economic and market conditions and
in view of the financial position of Gold-Face Finance, a major
restructuring of Gold-Face Finance is necessary if a winding up
of Gold-Face Finance is to be avoided. The consideration was
arrived at after arm's length negotiations between the parties.
The total consideration will be satisfied by way of cash
payment.
The Company will cease to have any interest in Gold-Face Finance
after the disposal.
Conditions Precedent
Completion of the Restructuring Agreement will be conditional
upon, amongst other things, the following conditions:
(i) the granting of an approval of the Scheme by a majority
representing three-fourths in value of the creditors of Gold-
Face Finance;
(ii) the granting of an order by the court sanctioning the
Scheme;
(iii) the dismissal or withdrawal of all outstanding litigation
and winding-up petitions against Gold-Face Finance; and
(iv) Gold-Face Finance having satisfied all requirements of the
Stock Exchange regarding the transactions contemplated under the
Restructuring Agreement and the Scheme (if applicable). In the
event that the conditions are not fulfilled or waived (other
than condition (iv)) by Upbest Finance (as the case may be) on
or before 30 April 2005, the Restructuring Agreement (or such
other date as may be agreed) will terminate with immediate
effect and none of the parties will have any claim against the
other for compensation.
THE SCHEME
Two judgments were entered against Gold-Face Finance on 9 June
2004 in favour of a creditor claiming the repayment of
HK$50,644,791 and HK$21,402,800 together with interest and legal
costs. Subsequently, Gold-Face Finance received statutory
demands from the said creditor demanding repayment. On 6 August
2004, Gold-Face Finance was served with a winding-up petition in
the High Court of Hong Kong taken out by that creditor in
HCCW 870 of 2004 in respect of the said claims.
Gold-Face Finance was granted the leave to convene a meeting of
creditors to consider and approve the Scheme on 10 March 2005.
As a result, the hearing of the winding-up petition in HCCW 870
of 2004 was adjourned to 17 May 2005.
In board terms, the Scheme would, if implemented, result in the
full discharge of the debts owed to the creditors and the
creditors will be bared from taking any actions against Gold-
Face Finance in respect of the debts. Once the Scheme becomes
effective, it will bind Gold-Face Finance and all the creditors
irrespective of whether they voted for or against the Scheme.
Gold-Face Investment and Gold-Face Enterprises are unsecured
creditors of Gold-Face Finance.
INFORMATION ON GOLD-FACE FINANCE
Gold-Face Finance was incorporated in Hong Kong on 10 October
1991.
Gold-Face Finance is one of the major subsidiaries of the
Company principally engaged in the provision of personal loans
and second mortgage loans. However, Gold-Face Finance has been
operating at a loss since 1999 and the majority of Gold-Face
Finance's assets are loans receivable and most of them are non-
performing.
Taking into account the deficit position of approximately HK$260
million of Gold-Face Finance as at 15 March 2005, the Company
recorded (on a consolidated basis) a loss of HK$1 million from
the disposal of Gold-Face Finance.
REASON FOR ENTERING INTO THE RESTRUCTURING
AGREEMENT
Gold-Face Finance has been operating at a loss since 1999. For
the year ended 31 March 2003, Gold-Face Finance recorded a loss
of approximately HK$202 million. As at 31 March 2003, the net
liabilities of Gold-Face Finance were approximately HK$220
million. In view of the financial position of Gold-Face Finance,
the Board is of the view that it would be in the interests of
the Company to dispose of Gold-Face Finance. It is estimated
that Gold-Face Investment and Gold-Face Enterprises, which are
two wholly-owned subsidiaries of the Company, as the unsecured
creditors of Gold-Face Finance of approximately HK$253 million,
will participate in the Scheme and receive approximately HK$17
million under the Scheme.
The subscription of shares in Gold-Face Finance by Upbest
Finance, as part of the restructuring proposal will provide
Gold-Face Finance with the necessary working capital and
financial resources to revitalise its business operations and to
compromise and discharge its indebtedness. The Scheme, if
implemented, would enable Gold-Face Finance to be in a net
tangible asset position of HK$ 28 million compared with its
deficit position of approximately HK$260 million as at March 15,
2005.
The Board considers that the Restructuring Agreement is on
normal commercial terms and that such terms are fair and
reasonable and in the interests of the Company and the
Shareholders as a whole.
B. DISPOSAL OF THE PROPERTY THE SALE AND PURCHASE AGREEMENT
Date: March 9, 2005
Parties
Vendor: Wonder Fit; and Purchaser: The Purchaser.
To the best of the Directors' knowledge and belief, having made
all reasonable enquiry, the Purchaser and its ultimate
beneficial owners are parties independent of and not connected
with the directors, chief executive or substantial shareholders
of the Company, its subsidiaries and their respective associates
(as defined in the Listing Rules).
Subject matter of the Sale and Purchase Agreement Pursuant to
the Sale and Purchase Agreement, Wonder Fit agreed to sell and
the Purchaser agreed to purchase the Property. Consideration
The consideration of HK$100,300,000 shall be paid by the
Purchaser to Wonder Fit in cash in the following manner:
(a) HK$1,000,000, representing approximately 1% of the purchase
price, has been paid by the Purchaser upon signing of the Sale
and Purchase Agreement as an initial deposit;
(b) HK$9,030,000, representing approximately 9% of the purchase
price, will be paid by the Purchaser upon signing of the formal
sale and purchase agreement as a further deposit; and
(c) HK$90,270,000, representing the balance of the purchase
price, will be paid by the Purchaser upon completion.
The purchase price of HK$100,300,000 is arrived at after arm's
length negotiations between Wonder Fit and the Purchaser with
reference to recent open market price of similar properties
quoted by the estate agents. The Board considers that the terms
of the Sale and Purchase Agreement are fair and reasonable and
in the interests of the Group and the Shareholders as a whole.
Completion
Completion will take place on or before April 9, 2005.
VALUE OF THE PROPERTY
The Property is vacant and its value as shown in the Company's
latest audited accounts for the financial year ended 31 March
2003 is HK$129,418,781. The Company recorded a loss of
HK$29,118,781 from the disposal.
INFORMATION OF THE PURCHASER
Capital Chance Limited is a Company incorporated in Hong Kong
with limited liabilities.
REASONS FOR ENTERING INTO THE SALE AND PURCHASE AGREEMENT
Wonder Fit was in a consolidated net liability position of
approximately HK$16 million as at 31 March 2003. The Group has
been operating at a loss for each of 2003 and 2004. For the year
ended 31 March 2004, Wonder Fit and its subsidiary recorded a
consolidated loss of approximately HK$84 million. In view of the
financial position of Group, the Board is of the view that it
would be in the interests of the Company to dispose of the
Property. The proceeds from the disposal will provide the
Company with financial resources to revitalize its business
operations.
GENERAL
The Company is principally involved in property development and
investment, operation of a power plant and money lending
business.
The disposals of Gold-Face Finance and the Property constitute
discloseable transactions for the Company under Chapter 14 of
the Listing Rules. A circular containing, amongst other things,
further details of the Restructuring Agreement and the Sale and
Purchase Agreement will be dispatched to the Shareholders as
soon as practicable.
At the request of the Company, trading in the Company's shares
was suspended from 9:30 a.m. on 19 May 2003 and will remain
suspended until further notice.
Upbest Finance Company Limited, a Company incorporated in Hong
Kong with limited liability and a wholly-owned subsidiary of
Upbest Group Upbest Group Limited, a Company incorporated in the
Cayman Islands with limited liability, the shares of which are
listed on the Hong Kong Stock Exchange. Wonder Fit Company
Limited, a Company incorporated in Hong Kong with limited
liability and an 80% subsidiary of the Company.
CONTACT:
GOLD-FACE HOLDINGS LIMITED
Unit B, 4/F Hung Cheung Industrial Centre
(Phase 1) 12 Tsing Yeung Circuit Tuen Mun
New Territories
Hong Kong
Phone: 23171228
Fax: 23751770
HONG KONG HON: Receives Winding Up Notice
-----------------------------------------
Hong Kong Hon Po Food Factory Limited with registered office
located at Units E&F, G/F, Ph II, Kingsway Industrial Bldg, Nos
173-175, Wo Yi Hop Road, Kwai Chung, New Territories was issued
a winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 16, 2005.
Date of Presentation of Petition: January 13, 2005.
Dated this 1st day of April 2005.
ET O'Connell
Official Receiver
HONG KONG ORIGINAL: To Undergo Winding Up Process
-------------------------------------------------
Hong Kong Original Industry Co. Limited with registered office
located at Unit 1603, The Metropolis Tower, 10 Metropolis Drive,
The Metropolis, Hung Hom, Kln was issued a winding up notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on March 16, 2005.
Date of Presentation of Petition: January 12, 2005.
Dated this 1st day of April 2005.
ET O'Connell
Official Receiver
MORE SHINE: Enters Winding Up Proceedings
-----------------------------------------
More Shine Management Consultant Limited with registered office
situated at Rm 7, 1st Floor, Po On Court, 1-15 Po On Rod, Shan
Shui Po, Kln was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on March 16, 2005.
Date of Presentation of Petition: January 13, 2005.
Dated this 1st day of April 2005.
ET O'Connell
Official Receiver
NEW WORLD: Winding Up Hearing Slated for May 18
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of New
World Electronics Company Limited by the High Court of Hong Kong
Special Administrative Region was on March 14, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on May 18, 2005 and any creditor or contributory of
the said Company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 Des Voeux Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 17, 2005.
VERTEX COMMUNICATIONS: Notes Unusual Volume Movement
----------------------------------------------------
Vertex Communications & Technology Group Limited have noted
recent price fluctuation and increase in trading volume of the
sales of the Company and wish to state that it is not aware of
any reasons for such unusual movements.
The Company also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Chapter 19 and 20 of the Rules
Governing the Listing of Securities on the Growth Enterprise
Market of the Stock Exchange (the "GKEM Listing Rules"), neither
is the Board aware of any matter discloseable under the general
obligation imposed by Rule 17.10 of the GEM listing Rules, which
is or may be a price-sensitive nature, save and except what have
been disclosed in two announcements of Vertex Communications &
Technology Group Limited, one dated 29 March 2005 in relation to
the formation of joint venture and the other dated 30 March 2005
in relation to the price sensitive information, and the results
announcement of the Company dated 30 March 2005 for the
financial year ended 31 December 2004.
The Company also noted the recent newspaper articles in relation
to the discussion between the Company and MTR Corporation
Limited (MTR) and Deutsche Bank and would like to clarify that
the Company has not been engaged in any forms of discussion and
negotiation with MTR on the possible renting of power grid or
any other form of cooperation for electricity with MTR on the
possible renting of power grid or any other form of cooperation
for electricity supply and the Company has not been engaged in
any forms of discussion and negotiation with Deutsche Bank in
relation to the placing of the Company's shares. As at the date
of this announcement, there is no binding arrangement on any
business plan or any plan to engage in any funding exercise in
relation to the Company's investment in the joint venture.
In the mean time, investors should take great care when dealing
in the Company shares.
Made by the order of the Board of the Company, the directors of
which collectively and individually accept responsibility for
the accuracy of this announcement.
By order of the Board
Vertex Communications & Technology Group Limited
Poon Shu Yan Joseph
Chief Executive Officer
Hong Kong, April 7, 2005.
CONTACT:
Vertex Communications & Technology Group Limited
Room 2703, China Merchants Tower
Shun Tak Centre
168-200 Connaught Road Central
Hong Kong
VERTEX COMMUNICATIONS: Non-Executive Director Resigns
-----------------------------------------------------
The Board of Directors of Vertex Communications & Technology
Group Limited announces that due to personal reasons, Dr. Lee
Peng Fei Allen resigned as a Non-executive Director of the
Company with effect from April 1, 2005. Dr. Lee has confirmed
that he has no disagreement with the Board and there is no
matter relating to his resignation that needs to be brought to
the attention of the shareholders of the Company.
The Board would like to thank Dr. Lee for his valuable
contribution to the Company during his tenure of office.
By Order of the Board
Vertex Communications & Technology Group Limited
Poon Shu Yan Joseph
Chief Executive Officer
Hong Kong, 1 April 2005.
=================
I N D O N E S I A
=================
BARITO PACIFIC: Issues Bonds to Pay Debt to Commerzebank
--------------------------------------------------------
As part of a debt-restructuring program approved by its
creditors, PT Barito Pacific Timber issued IDR2.05 trillion in
exchangeable bonds to Commerzebank International Trust
(Singapore) Ltd., Asia Pulse reports.
Company president Johannes Djalimin said that the Company issued
the bonds in March, in exchange of a debt owed to the bank. The
Company signed an agreement allowing Commerzebank to convert the
bonds, which have 39.55 % stake in Company subsidiary PT Musi
Hutan Persada (MHP), and 40% stake in PT Tanjungenim Lestari
Pulp & Paper (TEL).
Once the restructuring program is completed, the Company will
relinquish control of its two subsidiaries to Commerzebank Ltd.
CONTACT:
PT Barito Pacific Timber
Jl Let jend S Parman Kav 62-63
Tower B Lt 6 - 11
Jakarta 11410, Indonesia
Phone: +62 21 530 6711
Fax: +62 21 530 6680
Web site: http://www.ebarito.com/
PERTAMINA: To Ink MOU with PGN, Government on Gas Supply
--------------------------------------------------------
PT Pertamina will sign a memorandum of understanding (MOU) with
the Jakarta municipal government and gas distributor PT PGN, to
supply compressed natural gas (CNG) to public transportation
vehicles in Jakarta, reports the Jakarta Post.
According to Jakarta Deputy Governor Fauzi Bowo, Jakarta will
begin implementing a bylaw, which requires all public vehicles
to use CNG, in December, when the city's CNG-powered buses will
start operations. The bylaw was passed in an effort to reduce
air pollution in the city.
Mr. Fauzi said that the city administration decided to develop
pipe networks to connect the main gas networks of PT PGN to
other CNG stations. Since no funds were allocated for the
project, the administration has invited interested private
companies who want to put up the pipe networks to be able to
serve 200 CNG-powered buses. The city would gradually implement
the bylaw, added Mr. Fauzi, once the gas networks are in place.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
=========
J A P A N
=========
FUKUOKAKAEN SHOKURYOHAMBAI K.R.: Files for Bankruptcy
-----------------------------------------------------
Fukuokakaen Shokuryohambai K.R. has begun bankruptcy proceedings
with total liabilities of US$39.81 million, says Teikoku
Databank America.
The wheat wholesale trader is located in Mii-gun, Fukuoka
830-1113.
For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.
MITSUBISHI FUSO: Bosch to Supply Engine Emission Parts
------------------------------------------------------
Bosch Automotive Systems Corporation will sell components to
Mitsubishi Fuso Truck & Bus Corporation for reducing emissions
by diesel engines, Bloomberg News reports.
Bosch's components for the so-called SCR system, which lessens
nitrogen oxide emissions by spraying urea into diesel engines,
would be fitted in Fuso's trucks. Bosch President Stefan Stocker
declined to say when the supplies would begin or give a value of
the contract.
The SCR system is already installed in the Nissan Quon trucks,
released in November by Japan's fourth-largest truck maker
Nissan Diesel Motor Co., Mr. Stocker said.
CONTACTS:
Bosch Automotive Systems Corporation
6-7,Shibuya 3-chome
Shibuya-Ku 150-8360, Tokyo 150-8360
Japan
+81 3 3400 1551
+81 3 5485 3111
Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: Russian Sales Skyrocket
------------------------------------------
Mitsubishi Motors sold 11,924 cars in Russia in January to March
2005, up from 4,676 cars in the same period of 2004, Just-Auto
News reports, citing Prime Tass Business News Agency.
The best-selling models in the first quarter were the Lancer,
with 7,106 cars sold, and the Colt (1,154).
This year the Japanese automaker plans to set up dealerships in
80 Russian cities with populations of more than 300,000 people,
according to Rolf Holding General Manager Dmitry Rotkin.
Mitsubishis sold on the Russian market include the Lancer and
Colt cars, the Space Star minivan, the Pajero SUV and Outlander
crossover.
Last year, Mitsubishi Motors sold 30,097 cars in Russia, up
70.3% year on year.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
MITSUBISHI MOTORS: New Zealand Sells Auckland Dealerships
---------------------------------------------------------
Mitsubishi Motors New Zealand Limited has confirmed the sale of
four Kirk Motors dealerships to independent operators.
Managing director John Leighton said that the Newmarket and
North Shore dealerships had been sold to Landseer Motor Group,
which is headed by Andrew Simms, who already operates the
successful Mitsubishi dealership in Christchurch and has
interests in Dunedin too.
The change of ownership takes effect on 1 July.
Auckland Motors Ltd will take control of the Waitemata and
Manurewa branches of Kirk Motors on 1 May. They already operate
a successful outlet on the Great North Road.
"Mitsubishi Motors will continue to own the sites," Mr Leighton
said, "but retailing is not our core business. We will continue
to focus of marketing and distribution of vehicles.
"We also intend to sell the Kirk Motors branches in Wellington
and the Hutt Valley in the future," he said.
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
This a Company press release.
SANYO ELECTRIC: Toshimasa Iue Steps In as New President
-------------------------------------------------------
Sanyo Electric Co. (6764.TO) has appointed Vice President
Toshimasa Iue as its new President, replacing Yukinori Kuwano,
who will step down to take responsibility for a record net loss
in the past business year, according to Reuters.
The electronics maker also said it has selected Mr. Tomoyo
Nonaka, a journalist and external Director, as its Chief
Executive and Chairman.
These personnel changes come as the consumer electronics maker
faces declining demand for products such as digital cameras. The
Company's operations were also hurt by damage to a subsidiary
firm's plant in a major earthquake in Niigata Prefecture,
central Japan, in October.
The Company expects to incur a group net loss of JPY121 billion
for the fiscal year ended March 31.
CONTACT:
Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
SEIYU LIMITED: Wal-Mart Leaves Stake Purchase Plan Hanging
----------------------------------------------------------
Wal-Mart Stores Inc., which currently has a 37.3 percent holding
in Seiyu Limited, had not decided whether to raise its stake in
the Company, Reuters reports.
Wal-Mart will also consider another investment opportunity after
the failure of its bid for ailing Japanese retailer Daiei Inc.
"I do think Seiyu is our primary focus ... but if opportunities
present themselves, we are always going to consider the
opportunities," Senior Vice President and Chief Operating
Officer for Wal-Mart's Japanese operations, told reporters in
Tokyo after the opening of Seiyu's 405th store.
The retail industry in Japan has been struggling to grow due to
a saturated market and persistent weakness in consumer spending,
forcing some foreign entrants to exit the market.
CONTACT:
Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/
SEIYU LIMITED: Puts Up Distribution Center in Tokyo
---------------------------------------------------
Seiyu Limited plans to spend about JPY10 billion (US$92.1
million) to set up a distribution center in Fuchu, Tokyo,
according to Asia Pulse.
Construction will start next year at a 50,000-sq.-meter plot in
Fuchu, with operations scheduled to start in 2008.
The center will serve stores in the western Tokyo metropolitan
area and will feature distribution infrastructure enabling
products.
TOSHIBA CORPORATION: To Boost Operating Profit This Year
--------------------------------------------------------
Japanese electronics makers Toshiba Corporation, NEC Corporation
and Mitsubishi Electric Corporation will see their profits rise
in the current business year, the Nihon Keizai newspaper
reported on Friday.
Toshiba expects to post a group operating profit of JPY165
billion ($1.52 billion) in the year to March 2006 due to an
improved profitability in its PC division, the paper said.
NEC Corporation will record double-digit profit growth thanks to
improved profitability in its mobile phone division.
Mitsubishi Electric expects an its operating profit of 130
billion yen due to shrinking losses in its mobile phone business
and improved profitability in its components division.
CONTACT:
Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096
TOSHIBA CORPORATION: California Court Resets Post Trial Hearing
---------------------------------------------------------------
Lexar Media, Inc. (Nasdaq:LEXR), a leading marketer and
manufacturer of high-performance digital media and accessories,
announced on Thursday that the Court has re-scheduled the April
13, 2005 post-trial hearing to May 16, 2005.
At that hearing, the Court will consider Lexar's claim for
unfair competition which is based on California Business and
Professions Code Section 17200 and follows recent jury verdicts
finding Toshiba Corporation (JP:6502) and Toshiba America
Electronic Components, Inc. (PNK:TOSBF.PK) liable for $465.4
million in damages for breach of fiduciary duty and theft of
trade secrets.
Lexar will also ask the Court for an injunction of Toshiba
products that have been found to incorporate Lexar's trade
secrets, including Toshiba's large and small block NAND flash
chips, as well as Toshiba's CompactFlash, Secure Digital and xD
Picture Card products and any other products that contain the
same functionality covered by Lexar's trade secrets.
Toshiba also has indicated that it will file several motions for
consideration by the Court. Lexar expects that the Court will
rule on all of the anticipated post-trial motions after the May
16, 2005 hearing.
About Lexar Media, Inc.
Lexar is a leading marketer and manufacturer of flash memory
cards, USB flash drives, card readers and ATA controller
technology for the digital photography, consumer electronics,
industrial and communications markets. The Company holds over 80
issued or allowed controller and system patents, and licenses
its technology to companies including Olympus, Samsung
Electronics, SanDisk and Sony. For more information, please call
800-789-9418 or visit www.lexar.com.
Lexar and the Lexar logo are trademarks of Lexar Media, Inc. All
other brand or product names are trademarks or registered
trademarks of their respective holders.
CONTACTS:
Lexar Media, Inc.
47421 Bayside Parkway
Fremont, California
94538 U.S.A.
Phone: +1 510 413-1200
Fax: +1 510 440-3499
Web site: http://www.digitalfilm.com/
Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096
TOSHIBA CORPORATION: Sets Up Environmental Vision 2010
------------------------------------------------------
Toshiba Corporation has established Environmental Vision 2010,
with the aim of improving the eco-efficiency of products
throughout their life cycles, Environment Times reports.
In addition to the eco-efficiency indicator for products, which
was introduced in 2004, Toshiba has set an eco-efficiency
indicator for the entire business process encompassing product
development, manufacturing and recovery after the end of use.
The target is to double Toshiba Group's overall eco-efficiency
encompassing products and business processes by fiscal 2010
compared with that in fiscal 2000.
Toshiba has also established the Fourth Voluntary Environmental
Action Plan, a plan covering the period from fiscal 2005 to
fiscal 2010 for achieving the target of Environmental Vision
2010. The voluntary plan calls for a 25% reduction ratio of
energy-originated CO2 emission per nominal production volume
compared with fiscal 1990.
INITIATIVES BACKGROUND
In fiscal 2004 Toshiba introduced an eco-efficiency concept, in
which the value of a product and the product's environmental
impact are related, and started activities to assess and improve
eco-efficiency based on the factor, comparing the eco-efficiency
of a product in the year subject to assessment to the eco-
efficiency of a product in the benchmark year.
In fiscal 2004 Toshiba launched Factor T, an action program in
which factors are applied to create environmentally conscious
products with the objective of systematically improving product
eco-efficiency. In Environmental Vision 2010, the scope of
Factor T has been expanded from products to cover the entire
business process.
In Environmental Vision 2010, from the perspective of life cycle
assessment (LCA), overall eco-efficiency is calculated based on
product eco-efficiency and business eco-efficiency, taking the
ratio of the environmental impact during each phase, such as
manufacturing and usage, into account. Toshiba aims to improve
product eco-efficiency 2.2 times and business process eco-
efficiency 1.2 times, thereby doubling overall eco-efficiency by
fiscal 2010 compared with fiscal 2000.
METHODOLOGY
The "eco-efficiency" of a product is based on the relationship
between the product's environmental impact and value. The "eco-
efficiency" is calculated by dividing the value of the product
by its environmental impact. The smaller the environmental
impact and the higher the value of the product, the greater is
the eco-efficiency.
The "factor" is calculated by dividing the eco-efficiency of a
product subject to assessment by the eco-efficiency of the
benchmark product. The higher the eco-efficiency of the product,
the larger the factor is.
In the life cycle of a product, the product's environmental
impact is thought to be higher during usage than during
manufacturing. For calculating overall eco-efficiency, product
eco-efficiency, business process eco-efficiency and their
relative importance are taken into account.
More information on the Toshiba Group Environmental Vision 2010
can be found at:
http://www.toshiba.co.jp/env/en/management/vision.htm
More information on the 4th Voluntary Environmental Action Plan
can be found at:
http://www.toshiba.co.jp/env/en/management/plan4.htm
=========
K O R E A
=========
JINRO LIMITED: Preferred Bidder to Seal Takeover Deal
-----------------------------------------------------
Hite Brewery Co., the preferred bidder in the takeover sale of
soju maker Jinro Limited, is scheduled to sign a memorandum of
understanding (MOU) to acquire the Company next week, Asia Pulse
reports.
After signing the MOU, Hite is scheduled to launch due diligence
on the Company, which has a 55% share of the soju market. Hite
was set to deposit a KRW70 billion guarantee for the takeover on
April 8.
The consortium led by Hite Brewery also needs the approval of
South Korea's Fair Trade Commission (FTC) on the takeover. FTC
Chairman Kang Chul-kyu previously said that they will determine
if the acquisition will not result in unfair competition, as
Hite Brewery commands 58% of the local beer market.
Jinro Limted, which has been in court receivership since May
2003, recorded KRW221.9 billion in operating profit last year,
and continues to enjoy strong business performance. If the
takeover should push through, Hite Brewery would strengthen its
position in the liquor market.
CONTACT:
Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax: +82 2 520 3453
Web site: http://www.jinro.co.kr/
===============
M A L A Y S I A
===============
FABER GROUP: Set to List Additional Shares
------------------------------------------
Faber Group Berhad's additional 90,500 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of MYR181,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 90,500 new ordinary shares will be granted
listing and quotation effective Tuesday, April 12, 2005, 9:00
a.m.
CONTACT:
Faber Group Berhad
20th Floor, Menara 2 Faber Towers,
Jalan Desa Bahagia, Taman Desa
Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax: 03-76282828
GOLDEN FRONTIER: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on April 7, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 07/04/2005
Description of shares purchased: Ordinary Shares of RM1.00 Each
Total number of shares purchased (units): 6,000
Minimum price paid for each share purchased (RM): 0.595
Maximum price paid for each share purchased (RM): 0.600
Total consideration paid (RM): 3,616.98
Number of shares purchased retained in treasury
(units): 6,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,443,100
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
LION INDUSTRIES: Lists 443,000 New Ordinary Shares
--------------------------------------------------
Lion Industries Corporation Berhad's additional 443,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Tuesday, April 12, 2005, 9:00 a.m.
CONTACT:
Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
MAXIS COMMUNICATIONS: Unveils Employee Share Option Scheme
----------------------------------------------------------
Maxis Communications Berhad's additional 113,000 new ordinary
shares of MYR0.10 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Tuesday, April 12, 2005, 9:00 a.m.
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
NAM FATT: To Be Granted Listing of Extra Shares
-----------------------------------------------
Nam Fatt Corporation Berhad's additional 3,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's
Conversion of MYR3,000 irredeemable convertible unsecured loan
stocks 2003/2011 into 3,000 new ordinary shares will be granted
listing and quotation effective Tuesday, April 12, 2005, 9:00
a.m.
CONTACT:
Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Phone: +60 3342 0766
Fax: +60 3342 7830
PAN PACIFIC: To Pay MYR11-Mln Claim of Public Bank
--------------------------------------------------
Pan Pacific Asia Berhad announced that pursuant to Section 218
of the Companies Act, 1965, the Company on April 6, 2005
received a notice dated March 21, 2005 to pay a claim to Public
Bank Berhad.
Public Bank Berhad obtained a judgment from the Kuala Lumpur
High Court for a claim of MYR10,996,002.05, with interest at the
rate of 3.5% above the banks' BLR, calculated daily from Nov. 1,
2000 till the date of full settlement together with costs.
Pan Pacific Asia Berhad has filed an appeal with the Court on
the matter, and a hearing date is yet to be scheduled. The
Company is seeking legal advice on the matter.
CONTACT:
Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax: 03-77271622
PAN PACIFIC: Sees No Change in Default Status
---------------------------------------------
In accordance with Practice Note No. 1/2001 of the Bursa
Malaysia Securities Berhad Listing Requirements, Pan Pacific
Asia Berhad announces that there are no material changes in the
default status of the Company and its subsidiaries as at March
31, 2005.
To view the details of the Company's default status in payment,
go to:
http://bankrupt.com/misc/tcrap_panpicific040805.xls
TENAGA NASIONAL: Moody's Affirms Stable "Baa2" Rating
-----------------------------------------------------
Moody's Investors Service has affirmed Tenaga Nasional Berhad's
Baa2 rating following its announcement of a cash tender offer
for its outstanding 7.200% notes due 2007 and 7.625% notes due
2007. The affirmation reflects Moody's expectation that the
liability management exercise will extend the Company's debt
maturity profile and reduce refinancing risk. The rating outlook
is stable.
Participation in the cash tender offer will be pursuant to Rule
144A and Regulation S for US and non-US residents. A separate
offer will be made to Malaysian-resident holders. Both offers
will be based on the same terms. The Company is planning a new
bond issue to partially fund this exercise.
The Company's Baa2 rating continues to reflect its status as
Malaysia's dominant provider of electricity generation and its
monopoly over transmission and distribution in Peninsular
Malaysia. The rating also recognizes the continued stability of
the regulatory environment, as well as the Company's improved
operating performance, driven by continued growth in electricity
demand and tight cost control measures.
Moody's expects the government's majority ownership in Tenaga
Nasional Berhad to continue. The Company's strategic importance
and close relationship with the government enhance its credit
profile, such that the rating is higher than what it would be on
a stand-alone basis.
However, the rating is tempered by the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004. The
capacity payments under such PPAs are akin to fixed-charge
obligations and can only be recovered if electricity is
dispatched. As a result, Moody's has sensitized the Company's
debt coverage ratios for such payments. The large PPA exposure
is partially mitigated by the projected robust growth in
electricity demand as well as the Company's dominant position in
Malaysia's electricity industry.
CONTACT:
Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Phone: +60 3 2296 5566
Fax: +60 3 2283 3686
=====================
P H I L I P P I N E S
=====================
BENPRES HOLDINGS: Sets Record Date for Shareholders on April 22
---------------------------------------------------------------
Benpres Holdings Corporation advised that the board of directors
has set April 22, 2005 as the record date for the determination
of stockholders who are entitled to attend and to vote at the
annual stockholders meeting which is scheduled on June 9, 2005.
CONTACT:
Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No: 633-3368
Fax No: 634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site: http://www.benpres-holdings.com
GARWOOD PARK: Succumbs Into Voluntary Insolvency
------------------------------------------------
Garwood Park Hotel Corporation has been declared insolvent by
the Regional Trial Court, according to Cebu Daily News.
RTC Branch 11 acting presiding Judge Silvestre Maamo, Jr. on
April 5 released a bankruptcy order for Garwood Park after the
firm complied with the requirements for voluntary insolvency.
The ruling frees Garwood from its obligation to pay some Php3.5
million in debts.
Meanwhile, the dismissed hotel workers said they may be forced
to withdraw the case they filed against hotel owner Corazon
Garwood for illegal dismissal. The workers filed illegal
dismissal charges before the National Labor Relations
Commission, seeking around Php18,000 each in back pays and
entitlements.
Judge Maamo set a creditors meeting on May 12 to choose an
assignee of the properties of the hotel. The court also ordered
its sheriff to temporarily take all possession of all hotel
properties.
CONTACT:
Garwood Park Hotel
Fuente Osmena, Cebu City 6000
PO Box 236, Philippines
MANILA ELECTRIC: Plunges Deeper Into Red This Year
--------------------------------------------------
After reporting hefty losses in 2004, Manila Electric Co.
(Meralco) warned that red ink was likely to continue this year,
Agence France Presse reports.
Meralco tallied a Php2.61-billion (US$47.8 million) net loss in
calendar 2004 due mainly to provisions it made for possible
losses should the Supreme Court rule against its decision to
raise electricity tariffs.
Meralco president Jesus Francisco believes the loss will
continue this year despite the utility firm's expected sales
growth this year.
Meralco had hiked electricity rates by 17 centavos per kilowatt-
hour from June 2003, through the segregation of rates charged to
customers, some of which had previously enjoyed cross-subsidies
from the fees of other users.
But the lower courts halted the increase, and Meralco has
appealed the case to the Supreme Court.
To view Meralco's 2004 Financial Results, click on:
http://bankrupt.com/misc/tcrap_meralco040805.pdf
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
MUSIC SEMICONDUCTORS: Postpones Stockholders Meeting to July 15
---------------------------------------------------------------
In compliance with the continuing disclosure requirements of the
Philippine Stock Exchange, Music Semiconductors reported that at
the special meeting of the Board of Directors of the Company
held Friday, April 8, 2005, the Board of Directors resolved to
postpone the annual stockholders' meeting of the Company, which
under the By-Laws thereof should be held on the second Friday of
may of each year or on May 13, 2005 to July 15, 2005.
The Company has fixed May 16, 2005 as the record date for the
purpose of determining the stockholders entitled to notice of
and to vote at the said annual meeting of the stockholders.
GRACE G. DELA CRUZ
Corporate Information Officer
CONTACT:
MUSIC SEMICONDUCTORS CORPORATION
110 Excellence Ave. cor. Accuracy Drive, SEPZ 1
Carmeiray Industrial Park, Canlubang
Laguna, Philippines 4028
Phone: (049) 5491480 (NDD)
63-49 5191480 (Int'l)
Fax: (049) 5491024 (NDD)
63-49 5491024 (Int'l)
NATIONAL BANK: Releases Revised Corporate Governance Manual
-----------------------------------------------------------
Philippine National Bank (PNB) furnished the Philippine Stock
Exchange a copy of its Revised Manual on Corporate Governance,
which was approved by its Board of Directors on January 28,
2005.
A copy of the said document shall be made available for
reference at the PSE Center library.
For your information.
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President
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 BANK: On Government's Priority List for Privatization
--------------------------------------------------------------
The government vows to complete the privatization of three "big
items" this year, including the Philippine National Bank, the
Philippine National Oil Co. (PNOC)-Exploration Corp. and PNOC-
Energy Development Corp., Today News relates.
Department of Finance (DOF) Undersecretary for privatization
Gabriel Singson confirmed the government will focus on the sale
of the three state-run firms to support the state's widening
deficit.
Proceeds from the sale, along with amount to be generated from
new tax measures and other asset sales, is expected to buffer
the government's finances in case of external risks.
The finance department, however, has yet to set the target
amount from privatization this year.
The government in 2004 posted a budget deficit of Php186.1
billion, representing 3.9 percent of the country's economic
output.
PHILIPPINE NICKEL: Chinese Firm Mulls US$1-Bln Investment
---------------------------------------------------------
A multi-billion Chinese mining firm is tipped to infuse more
than US$1 billion into the revival of Philippine Nickel
Corporation's (PHILNICO) mining project, Asia Pulse says.
Chi Juan Non Ferrous Metals Corporation decided to operate the
Nonoc nickel mining in Surigao del Norte after seeing the site's
huge potential for nickel deposit and the growing demand for raw
material to feed China's booming steel industry.
The Chinese firm is looking to operate an estimated 144 million
tons of nickel deposit found in Nonoc Island.
With this, President Gloria Macapagal-Arroyo earlier directed
Environment and Natural Resources Secretary Michael Defensor to
develop loan restructuring scheme with the Department of Finance
for the US$320 million sell out program of the PHILNICO to
Chinese mining conglomerate.
PHILNICO declared bankruptcy in 1986, which resulted to the
shutdown of its operations due to drop of nickel prices in the
world market.
=================
S I N G A P O R E
=================
CHINA AVIATION (S): Court Reschedules Hearing May 20
----------------------------------------------------
Lawyers of China Aviation Oil (Singapore) Corp. (CAO) told the
Singapore High Court that the Company intends to submit a better
debt repayment scheme by mid-May, Dow Jones reports.
Following the proposal, High Court Judge Kan Ting Chiu
rescheduled the hearing on SK Energy's judicial management
petition against CAO tentatively on May 20. The hearing has
already been moved once, from April 1 to April 8. The
postponement would give creditors of CAO more time to study the
proposed deal.
CAO would have wanted the hearing rescheduled after its June 10
creditor's meeting, when its original scheme of arrangement will
be voted on.
Aside from SK Energy, CAO is also facing a lawsuit filed by
Japan's Sumitomo Mitsui Financial Group and Satya Capital, which
is comprised of Indonesian investors.
CAO suffered US$550 million losses in oil trading derivatives.
The Company sought court protection and offered its creditors a
repayment of 41.5 US cents on the dollar in a restructuring plan
in January.
However, creditors criticized the scheme, which ignited SK
Energy to file a judicial management petition against CAO. It
however said that the petition would result in the firm being
wound up, which could unravel the restructuring plan.
Click to view a full copy of progress report on restructuring
http://bankrupt.com/misc/CAORestructuringProgressReport.pdf
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
STARTECH ELECTRONICS: AGM Slated for April 27
---------------------------------------------
Notice is hereby given that the Sixth Annual General Meeting of
Startech Electronics Ltd. will be held at Jurong Country Club, 9
Science Centre Road, Singapore 609078 on Wednesday, April 27,
2005 at 4:00 p.m. to transact the following business:
ORDINARY BUSINESS
(1) To receive and consider the Audited Accounts for the
financial year ended December 31, 2004 and the Reports of the
Directors and Auditors thereon. (Resolution 1)
(2) To approve the Director's fee of SG$120,000 for the
financial year ended December 31, 2004. (Resolution 2)
(3) To re-elect the following Directors who are retiring in
accordance with the Company's Articles of Association:
(a) Mr. Gordon Fones (Retiring pursuant to Article 103)
(Resolution 3)
(b) Mr. Chan Fook Meng (Retiring pursuant to Article 103)
(Resolution 4)
(4) To re-appoint Messrs BDO International as Auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution 5)
To view a full copy of the notice, click
http://bankrupt.com/misc/startechelectronics040805.pdf
CONTACT:
Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com
UNI TECHNOLOGY: To Update Status of Liquidation at Meeting
----------------------------------------------------------
Take notice that a meeting of creditors of Uni Technology (S)
Pte Ltd (In Liquidation) will be held at 18 Cross Street, #08-01
Marsh & McLennan Centre (China Square Central), Singapore 048423
on April 19, 2005 (Tuesday) at 4:00 p.m.
AGENDA
(1) To provide an update on the status of the liquidation;
(2) To approve the fees of the liquidators;
(3) To approve the declaration of a final dividend; and
(4) Any other business.
Dated this 1st day of April 2005.
Chee Yoh Chuang
Lim Lee Meng
Liquidators
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
VERIZON GLOBAL: Requires Creditors to Prove Claims, Debts
---------------------------------------------------------
Notice is hereby given that the creditors of Verizon Global
Solutions Singapore Pte. Ltd. (In Members' Voluntary
Liquidation) which is being wound up voluntarily, are required
on or before April 30, 2005 to send 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
Liquidator of the said Company.
If so required by notice in writing from the said Liquidator,
they are to come in by their solicitors or personally and prove
their said debts or claims at such time and place as shall be
specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 31st day of March 2005.
Ms Mazlita Binti Mohamad Ali
Liquidator
c/o 4 Battery Road
#15-01 Bank of China Building
Singapore 049908
VENTURE INVESTMENT: Final Meeting Set May 3
-------------------------------------------
Notice is hereby given pursuant to section 308 of the Companies
Act, Cap. 50, that a Final Meeting of the Members of Venture
Investment (Singapore) II Ltd (In Members' Voluntary
Liquidation) will be held at 138 Cecil Street, #15-00 Cecil
Court, Singapore 069538 on May 3, 2005 at 10:00 a.m. for the
purpose of laying before the Meeting an account showing how the
winding up has been conducted, and the property of the Company
disposed of and of hearing any explanation that may be given by
the Liquidator, and also of determining by resolution the manner
in which the books, accounts and documents of the Company and of
the Liquidator shall be disposed of.
Dated this 25th day of March 2005.
Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
Note:
Pursuant to section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.
WAMC PTE: Creditors' Proofs of Debts, Claims Due May 3
------------------------------------------------------
Notice is hereby given that the creditors of WAMC Pte. Ltd. (In
Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before May 3, 2005 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidators of the said Company.
If so required by notice in writing by the said liquidators are,
by their solicitors or personally, to come in and prove their
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 1st day of April 2005.
Neo Ban Chuan
Yeap Lam Kheng
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
WAN SOON: Faces Winding Up Proceedings
--------------------------------------
In the matter of Wan Soon Construction Pte Ltd (In Judicial
Management) a winding up order was made on March 21, 2005.
Name and address of Liquidators:
Mr. Peter Chay Fook Yuen and
Mr. Roger Tay Puay Cheng
c/o Messrs KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
Messrs Rajah & Tann
Solicitors for the Petitioners
WIRELESS COMMUNICATIONS: Resolves to Wind Up Company
----------------------------------------------------
At an Extraordinary General Meeting of Wireless Communications
International Pte Ltd duly convened and held at 221 Henderson
Road, #08-01 Henderson Building, Singapore 159557 on March 21,
2005, the following resolutions set out below were duly passed:
SPECIAL RESOLUTIONS:
Resolved
(a) That the Company be wound up voluntarily pursuant to Section
290 (1) (b) of the Companies Act, Cap. 50, and that Messrs
Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil
Street, #15-00 Cecil Court, Singapore 069538, be and are hereby
appointed as Joint Liquidators for the purpose of such winding-
up;
(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests; and
(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by Section 272
(1) (b), (c), (d) and
(e) of the Singapore Companies Act, Cap. 50.
ORDINARY RESOLUTION:
Resolved-
That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up of the
Company on their normal scale of fees and that the Liquidators,
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation thereto.
Dated this 28th day of March 2005.
Esther Tan Suan Kheng
Company Secretary
===============
T H A I L A N D
===============
THAI PETROCHEMICAL: Due Diligence Results to Dictate Share Price
----------------------------------------------------------------
The due diligence examination of Thai Petrochemical Industry Pcl
(TPI) has been completed, but results have yet to be released,
relates The Nation, citing Finance Minister Somkid Jatusripitak.
The accomplishment of the due diligence is expected to open the
door for a deal between the Company and state-owned
organizations led by PTT Plc, which proposed the purchase of a
30 percent stake of TPI.
The price of TPI new shares will depend on the results of the
due diligence. The Finance Ministry is expecting a price of
THB5. While the Vayupak Fund I has said it is looking to buy a
stake in TPI at less than THB5 a share.
The Central Bankruptcy Court's order to end the mediation
between TPI founder Prachai Leophairatana and the Finance
Ministry resulted in allocation of new shares to strategic
partners.
At the end of last year, TPI's planner agreed to allocate new
shares to strategic partners, including PTT Plc, the Government
Housing Bank and the Government Pension Fund.
The plan for the transfer of shares was delayed after Mr.
Prachai petitioned the Central Bankruptcy Court for the right to
buy new shares in TPI.
TPI is burdened with US$2.95 billion in debts, and has been
under restructuring for the past seven years.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
THAI PETROCHEMICAL: Completes Capital Reduction Procedures
----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI)
informed the Stock Exchange of Thailand (SET) that it has
completed the legal process required for decreasing the
Company's registered and paid-up capital, by reducing the par
value from THB10 to THB1 without any changes in the number of
shares.
As a result of actions taken, there will be a subsequent
decrease in the Company's registered and paid-up capital in the
trading system effective April 12, 2005 onwards.
WYNCOAST INDUSTRIAL: Cuts Par Value of Shares
---------------------------------------------
Wyncoast Industrial Park Public Co. Ltd. (WIN) informed the
Stock Exchange of Thailand (SET) that it has completed the legal
process required for decreasing the Company's registered and
paid-up capital by reducing the par value from THB10 to THB1
without any changes in the number of shares.
As a result of actions taken, there will be a subsequent
decrease in the Company's registered and paid-up capital in the
trading system effective April 12, 2005 onwards.
CONTACT:
Wyncoast Industrial Park Public Company Limited
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao
Telephone: 0-3857-3161-72
Fax: 0-3857-3173-4
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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