/raid1/www/Hosts/bankrupt/TCRAP_Public/050414.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, April 14, 2005, Vol. 8, No. 73
Headlines
A U S T R A L I A
ALWAYS AT CALL: To Declare Final Dividend April 21
ANTOUN ELECTRICAL: Members, Creditors Agree to Wind Up Company
ASTIR PHOTOGRAPHY: To Hold Final Meeting April 15
AUSTRAL COAL: Issues Third Supplementary Bidder's Statement
AUTOMATED OFFICE: To Convene Final Meeting April 15
BARTON CAPITAL: Appoints Liquidator to Wind Up Company
BATHURST STREET: Final Meeting Set April 22
BENSEA PTY: Lays Out Final Meeting Agenda
COASTAL GAS: Members Resolve to Wind Up Company
DP HOLDINGS: Liquidator to Report on Winding Up Manner
DP PROJECTS: Sets April 20 as Date of Final Meeting
FOXTEL: To Be Excluded from Sensis Float
GLOBEX SERVICES: Court Issues Winding Up Order
HENRY WALKER: Disposes of NT Toyota Dealership
HILLS MOTORWAY: Transurban Likely to Secure 100% Stake
KNIGHTS INSOLVENCY: Board Locked in Crisis Talks
MAGELLAN SHIPPING: Sets Final Meeting on April 15
MARINE & RIGGING: Members, Creditors to Meet April 15
MEDIA PARTNERS: Enters Winding Up Process
MILTONBROOK WEST: Members Hire Liquidator to Wind Up Company
NUBLEY TRANSPORT: To Pay Dividend April 21
PRONTO PTY: Lays Out Final Meeting Agenda
SIMYARD PTY: Court Picks Steven Nicols to Act as Liquidator
SPACELINE HOMES: Resolves to Wind Up Company
WIRELESS COMTECH: Final Meeting Slated for April 15
C H I N A & H O N G K O N G
AMERICA ADVERTISING: Enters Winding Up Proceedings
ANKOR SERVICE: Reconvened First Meeting Set April 21
BANK OF CHINA: Becomes Custodian of China Life's Assets
BANK OF CHINA: Mum on Report of RBS Alliance
BANK OF CHINA: Loses CNY645 on Fraudulent Real Estate Loan
CAPITAL ACT: Court Orders Winding Up
IN-CIRCUIT PCB: Winding Up Hearing Slated for April 20
INNOVATIVE SYSTEM: Faces Winding Up Proceedings
KAWAMURA COMPANY: Creditors Meeting Fixed on April 15
MING FUNG: High Court Issues Winding Up Notice
S.ONE CREATIVE: Receives Winding Up Order
SKYTEC TRADING: Court Releases Winding Up Order
I N D O N E S I A
BANK INTERNATIONAL: S&P Gives B- Rating on Subordinated Debt
BANK MANDIRI: AGO Probes Possible Graft of IDR1 Trillion
PERTAMINA: IDR10 Trillion Not Enough to Cover Imports
PERTAMINA: Wants to Buy LNG to Meet Obligations to Asian Buyers
J A P A N
HITACHI LIMITED: Unveils JPY41.8 Bln Gain on Unit Sale
JAPAN AIRLINES: Fitch Affirms Rating at 'BB-'
JAPAN TOBACCO: Unit Wins Russian Back-tax Case
KANEBO LIMITED: Shares Fall After Restating Profits as Losses
MATSUSHITA ELECTRIC: Clarifies Hostile Takeover Report
MITSUBISHI MOTORS: Boosts Malaysian Sales Network
MITSUBISHI MOTORS: To Recall 179,000 Cars
TAKASHIMAYA COMPANY: Returns to Profit in 2004
K O R E A
HYNIX SEMICONDUCTOR: Creditors Discuss Refinancing Plan
M A L A Y S I A
AYER HITAM: Issues Update on Default in Payment
BOUSTEAD HOLDINGS: Unveils Employee Share Option Scheme
GENERAL SOIL: Bourse to Delist Securities on April 27
GULA PERAK: Lists Additional Shares
I-BERHAD: Buys Back 21,100 Shares
KARAMBUNAI CORPORATION: RAM Downgrades Bonds from "C1" to "D"
KEMAYAN CORPORATION: SCBB to Sell Unit's Property
METROPLEX BERHAD: To Pay USD7 Mln to Rothschild
METROPLEX BERHAD: MSEMI Demands USD10 Mln Payment
PADIBERAS NASIONAL: To List More Shares
PAN MALAYSIA: Issues Shares Buy Back Notice
PANTAI HOLDINGS: Repurchases 10,000 Shares
POS MALAYSIA: Granted Listing of Additional Shares
SARAWAK ENTERPRISE: SC Approves Proposed Restructuring Scheme
TALAM CORPORATION: Converts Loan Stocks into New Shares
YCS CORPORATION: Securities Face Delisting
P H I L I P P I N E S
BACNOTAN CONSOLIDATED: Earmarks Php850-Mln for New Ventures
BAYAN TELECOMMUNICATIONS: Pays Php135 Mln to Creditors
LEPANTO CONSOLIDATED: Workers Threaten Strike
MAYNILAD WATER: Creditor Banks to Consider DMCI's Offer
NATIONAL POWER: To Raise US$500 for Funding Needs
PHILIPPINE AIRLINES: Mulls Fuel Surcharge Hike
PHILIPPINE BASKETBALL: Brushes Off Bankruptcy Rumors
PHILIPPINE LONG: Notes Change in Director's Holdings
UNITED PARAGON: Annual Stockholders Meeting Set July 29
S I N G A P O R E
ASTI HOLDINGS: Sets AGM Date on April 28
FLEXTECH HOLDINGS: Posts Notice of AGM
JUYI INVESTMENT: Invites Creditors to Appear at Hearing
MAJU LINES: Requires Creditors to Prove Claims by May 8
RSH LIMITED: Names New Business Development Director
SELCO VESSELS: Proofs of Debt, Claim Due April 22
SWT LOGISTICS: Faces Winding Up Proceedings
VILLA PTE: Served with Winding Up Order
YONGNAM HOLDINGS: AGM Set April 28
T H A I L A N D
NAKORNTHAI STRIP: In Talks with New Investors for Upstream Plant
- - - - - - - -
=================
A U S T R A L I A
=================
ALWAYS AT CALL: To Declare Final Dividend April 21
--------------------------------------------------
A first and final dividend is to be declared on April 21, 2005
for Always At Call Pty Limited (In Liquidation) A.C.N. 084 756
972.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 15th day of March 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
ANTOUN ELECTRICAL: Members, Creditors Agree to Wind Up Company
--------------------------------------------------------------
Notice is hereby given that at Meetings of Members and Creditors
of Antoun Electrical Services Pty Ltd A.C.N. 084 727 533 duly
convened and held on February 25, 2005, the following Special
Resolution was passed:
That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Elliott be appointed Liquidator for the purpose of such winding
up.
Robert Elliott
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
ASTIR PHOTOGRAPHY: To Hold Final Meeting April 15
-------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of Astir Photography Pty Ltd (In Liquidation) A.C.N. 060 934 438
will be held in the Meeting Room, HLB Mann Judd, Chartered
Accountants, 1st Floor, 160 Queen Street, Melbourne on April 15,
2005 at 11:00 a.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 has been disposed of and of hearing any
explanation that may be given by the Liquidators.
Dated this 7th day of March 2005
P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
1st Floor, 160 Queen Street,
Melbourne 3000
AUSTRAL COAL: Issues Third Supplementary Bidder's Statement
-----------------------------------------------------------
This document is a Third Supplementary Bidder's Statement by
Centennial Coal Company Limited (Centennial) to its Bidder's
Statement dated March 9, 2005 (the Original Statement) in
relation to its offer (the Offer) under a takeover bid for all
of the ordinary shares in Austral Coal Limited (Austral).
Centennial has also issued a Supplementary Bidder's Statement
dated March 23, 2005 (the First Supplementary Statement) and a
Second Supplementary Bidder's Statement date April 5, 2005 (the
Second Supplementary Statement). The Original Statement, the
First Supplementary Statement and the Second Supplementary
Statement were lodged with the Australian Securities and
Investments Commission (ASIC) on, respectively, March 9, March
23 and April 5, 2005.
To view the entire document, click on:
http://bankrupt.com/misc/tcrap_australcoal130405.pdf
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
AUTOMATED OFFICE: To Convene Final Meeting April 15
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final General Meeting of The
Automated Office (NSW) Pty Limited (In Liquidation) A.C.N. 002
506 747 will be held at the offices of William Buck, Chartered
Accountants, Level 24, 201 Elizabeth Street, Sydney on April 15,
2005 at 10:00 a.m. for the purpose of having an account laid
attendees showing the manner in which the winding up has been
conducted and the property of the Company disposed of and the
termination of the administration.
Dated this 7th day of March 2005
David G. Young
Liquidator
The Automated Office (NSW) Pty Limited (In Liquidation)
BARTON CAPITAL: Appoints Liquidator to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 2, 2005 it was resolved that Barton Capital Securities
Pty Limited (In Liquidation) A.C.N. 066 231 507 would be wound
up voluntarily and that J. R. Biddle of Level 19, 207 Kent
Street, Sydney be appointed Liquidator for the purpose.
Dated this 2nd day of March 2005
J. R. Biddle
Liquidator
BATHURST STREET: Final Meeting Set April 22
-------------------------------------------
Notice is hereby given that the final meeting of the members of
Bathurst Street Newsagency Pty Limited (In Liquidation) A.C.N.
002 033 043 will be held at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, on April 22, 2005 at 11:00 a.m., for the purpose of laying
before the meeting an account showing how the winding up has
been conducted and the property of the Company has been disposed
and giving any explanation thereof.
Dated this 7th day of March 2005
Schon G. Condon Rfd
Bruce Gleeson
Joint Liquidators
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499
BENSEA PTY: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is given that a meeting of the members and creditors of
Bensea Pty Ltd (In Liquidation) A.C.N. 079 105 570 will be held
at the Conference Room, Worrells, Level 5 15 Queen Street,
Melbourne Vic 3000 on April 22, 2005 at 10:30 a.m.
AGENDA
(1) To receive the final receipts and payments from the
Liquidator;
(2) To receive formal notice of the end of the administration;
(3) Any other business that may be considered with the
foregoing.
Dated this 4th day of March 2005
Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: http://www.worrells.net.au
COASTAL GAS: Members Resolve to Wind Up Company
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Coastal Gas Storage Victoria Pty Ltd (In Liquidation) A.C.N. 084
998 765 held on February 16, 2005 it was resolved that the
Company be wound up as a members' voluntary winding up.
Dated this 4th day of February 2005
Simon Wallace-Smith
Salvatore Algeri
Liquidators
DP HOLDINGS: Liquidator to Report on Winding Up Manner
------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, a general meeting of the members of DP
Holdings Pty Ltd (In Liquidation) A.C.N. 004 654 862 will be
held at the offices of Neil W. Curwood Pty Ltd at Level 5, 456
Lonsdale Street, Melbourne on April 15, 2005 at 12:30 p.m., for
the purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.
Dated this 22nd day of February 2005
Neil Wesley Curwood
Liquidator
DP PROJECTS: Sets April 20 as Date of Final Meeting
---------------------------------------------------
Notice is hereby given pursuant to Sections 509(1) of the
Corporations Act 2001 that a final meeting of the members of DP
Projects Pty Ltd (In Liquidation) A.C.N. 089 656 539 will be
held at the offices of PPB, Level 10, 90 Collins Street,
Melbourne 3000 on April 20, 2005 at 10:30 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 hearing any explanations that may be
given by the liquidator.
Dated this 2nd day of March 2005
Andrew Mclellan
Liquidator
DP Projects Pty Ltd
PPB
Chartered Accountants & Business Reconstruction
Specialists
Level 10, 90 Collins Street,
Melbourne Vic 3000
FOXTEL: To Be Excluded from Sensis Float
----------------------------------------
New Foxtel Chairman Bruce Akhurst said the pay-TV group will not
be part of a planned spin-off of Telstra's media business
Sensis, The Advertiser says.
Mr. Akhurst, who joined Foxtel after the resignation of former
chairman Sam Chisholm, explained any Sensis float would not
include Foxtel since the two groups are "totally different".
Foxtel is an entertainment service, while Sensis is an
advertising business.
Mr. Akhurst said Foxtel could one day be available on Internet
networks, when the broadcast speeds matched pay-TV. As the new
Foxtel chairman, he does not plan any immediate changes.
Foxtel last week allowed pay-TV rival Optus to compete for its
entire customer base for the first time. In return Optus must
upgrade its service to digital and actively seek new
subscribers.
The Optus issue hurt Foxtel financially, but Mr. Akhurst expects
his Company to break even within the next 18 months.
CONTACT:
Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/
GLOBEX SERVICES: Court Issues Winding Up Order
----------------------------------------------
On March 3, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Globex Services Pty Ltd (In
Liquidation) A.C.N. 092 105 158 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
HENRY WALKER: Disposes of NT Toyota Dealership
----------------------------------------------
Henry Walker Eltin Group Ltd has divested one more failed
business, Bridge Autos Pty Ltd., Sydney Morning Herald reports.
Henry Walker's administrators sold Northern Territory Toyota
dealership to listed automotive retail group, AP Eagers Ltd.
The sale, which is expected to secure around 140 jobs at Bridge,
was the fifth in a series of transactions aimed at stabilizing
Henry Walker's operations trough the disposal of its non-core
ventures.
Administrator Scott Kershaw said the Toyota franchise was solid
but was obviously not central to Henry Walker's contracting
activities.
The sale process for Bridge Autos commenced before
administrators from McGrath Nicol and Partners were called in on
January 1.
Recently, Henry Walker sold its contract servicing and civil
engineering unit, Simon Engineering, to construction firm
Abigroup Limited for an undisclosed amount. The sale saved some
1,100 jobs and secured employee entitlements.
Henry Walker was forced into voluntary administration in January
after creditor Glencore Finance AG withdrew a proposed AU$100-
million recapitalization. However, administrators have assured
creditors Henry Walker has very solid core businesses and the
outlook for them is positive.
CONTACT:
Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/
HILLS MOTORWAY: Transurban Likely to Secure 100% Stake
------------------------------------------------------
Tollway operator Transurban Group is likely to successfully
acquire 100 percent of Hills Motorway Group after it included a
cash sweetener to its initial offer, Asia Pulse says.
Transurban yesterday lifted its hostile takeover offer by just
over two percent to win the recommendation from Hills'
independent directors that Hills security holders accept the
bid, which was previously rejected as inadequate. Transurban
added 25 cents in cash to its scrip offer of 1.47 Transurban
securities for each Hills security. The revised offer values
Hills at AU$2.07 billion (US$1.61 billion).
The cash component is conditional upon Transurban achieving a
stake of 80 percent or more of Hills. Transurban already holds
43.39 percent of its takeover target.
If Transurban attains a stake of 80 percent or more in Hills,
investors who accept the offer will get capital gains tax
relief, which is expected to drive acceptances.
Transurban has said that Hills security holders accepting the
new offer would receive a substantial increase in distributions
of up to 90.9 per cent.
Hills security holders who accept the offer will receive a
distribution equivalent to 66 cents to 73.5 cents predominantly
tax-deferred for each Hills security for fiscal 2006. Meanwhile,
those who reject the offer would get a projected distribution
from Hills for the same period of 38.5 cents per security, which
would be taxable.
Hills owns Sydney's M2 motorway. Transurban operates the
CityLink tollway in Melbourne and has a 40 per cent interest in
the yet-to-be-completed Westlink M7 in Sydney.
CONTACT:
Hills Motorway Limited
M2 Toll Plaza Building
1 Tollaust Lane, off Culloden Road
North Ryde NSW 2113
P.O. Box 1852
Macquarie Centre NSW 2113
Phone: (02) 9869 5300
Fax: (02) 9869 5316
Email: j.reilly@hillsmotorway.com.au
KNIGHTS INSOLVENCY: Board Locked in Crisis Talks
------------------------------------------------
The board of besieged Knights Insolvency Administration was
locked in discussions ahead of its consideration of a proposed
recapitalization package, according to the Sydney Morning
Herald.
A formal board meeting was set yesterday to review the troubled
insolvency firm's financial position and board structure in
relation to a recapitalization offer.
Nevertheless, the parties making the offer will want to carry
out due diligence before any formal agreement with the Knights
board. U.S. risk consulting group Kroll Inc. is tipped to be the
party assisting in the recapitalization.
Last month, Knights Insolvency has retained the services of
high-profile turnaround expert Ian Ferrier of rival Ferrier
Hodgson to help resolve its current woes.
The Australian Securities and Investments Commission (ASIC) has
also stepped in and is investigating the Company's surprise AU$3
million half-year loss which was announced in late February.
Knights' woes extend to two of its executive directors, also the
Company's major shareholders, who have been stood down. John
Schmierer has resigned from the Knights board while Adrian
Duncan remains a board member.
Both are subject to the ASIC investigation.
CONTACT:
Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/
MAGELLAN SHIPPING: Sets Final Meeting on April 15
-------------------------------------------------
Notice is given that the final meeting of the members of
Magellan Shipping Pty Limited (In Liquidation) A.C.N. 003 108
405 will be held at the offices of Deloitte Touche Tohmatsu,
Level 3, 225 George Street, Sydney on April 15, 2005 commencing
at 11:00 a.m.
AGENDA
To lay before the meeting an account showing how the winding up
has been conducted and the property of the companies has been
disposed of and giving any explanation of the account.
Dated this 7th day of March 2005
C. R. Campbell
Liquidator
Deloitte Touche Tohmatsu
Level 3, 225 George Street,
Sydney NSW 2000
MARINE & RIGGING: Members, Creditors to Meet April 15
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint annual general meeting and final meeting of
the members and creditors of Marine & Rigging Services Pty Ltd
(In Liquidation) A.C.N. 005 913 477 will be held at the offices
of Horwath Melbourne, Level 5, 114 William Street, Melbourne on
April 15, 2005, at 10:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Joint and Several Liquidator and to consider a resolution for
the early destruction of books and records.
Dated this 2nd day of March 2005
John D. Adams
Liquidator
Horwath Melbourne
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000
MEDIA PARTNERS: Enters Winding Up Process
-----------------------------------------
Notice is hereby given that a general meeting of Media Partners
Australasia Pty Limited A.B.N. 24 088 757 788, held on February
28, 2005, it was resolved that the Company be wound up
voluntarily and that Ian Thomas Stephenson, of Ian Stephenson &
Partners, Chartered Accountants, Level 3 200 Pacific Highway,
Crows Nest 2065, be appointed Liquidator.
Dated this 28th day of February 2005
Ian Thomas Stephenson
Liquidator
Ian Stephenson & Partners
Chartered Accountants
200 Pacific Highway,
Crows Nest NSW 2065
Telephone: (02) 9922 2833
MILTONBROOK WEST: Members Hire Liquidator to Wind Up Company
------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Miltonbrook West End Pty Limited (In Voluntary Liquidation)
A.C.N. 002 682 037 duly convened and held at Level 3, 223 Crown
Street, Wollongong on February 22, 2005 a Special Resolution
that the Company be wound up voluntarily was passed by members
and P. J. Fitzgerald was appointed Liquidator.
Dated this 28th day of February 2005
P. J. Fitzgerald
Liquidator
c/- KPMG
Level 3, 63 Market Street,
Wollongong NSW 2500
NUBLEY TRANSPORT: To Pay Dividend April 21
------------------------------------------
A first and final dividend is to be declared on April 21, 2005
for Nubley Transport Pty Limited (In Liquidation) A.C.N. 003 116
087.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 15th day of March 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
PRONTO PTY: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is given that the final meeting of the members of Pronto
Pty Limited (In Liquidation) A.C.N. 050 242 281 will be held at
the offices of Deloitte Touche Tohmatsu, Level 3, 225 George
Street, Sydney on April 15, 2005 commencing at 11:00 a.m.
AGENDA
To lay before the meeting an account showing how the winding up
has been conducted and the property of the companies has been
disposed of and giving any explanation of the account.
Dated this 7th day of March 2005
C. R. Campbell
Liquidator
Deloitte Touche Tohmatsu
Level 3, 225 George Street,
Sydney NSW 2000
SIMYARD PTY: Court Picks Steven Nicols to Act as Liquidator
-----------------------------------------------------------
On February 24, 2005 and March 1, 2005 respectively, the Supreme
Court of New South Wales, Equity Division, made an order that
Simyard Pty Ltd (In Liquidation) A.C.N. 003 569 668 be wound up
by the Court and appointed Steven Nicols to be Official
Liquidator.
Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000
SPACELINE HOMES: Resolves to Wind Up Company
--------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Spaceline Homes Pty Ltd (In Liquidation) A.C.N.
076 027 266, held on March 3, 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, Mr.
Nicholas Martin of PPB, Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, be appointed Liquidator.
Dated this 4th day of March 2005
Nicholas Martin
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000
WIRELESS COMTECH: Final Meeting Slated for April 15
---------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a final meeting of the members and
creditors of Wireless Comtech Pty Ltd (In Liquidation) A.B.N. 27
400 990 667 will be held at the offices of Lowe Lippmann,
Chartered Accountants, 5 St Kilda Road, St Kilda, Vic, 3182 on
April 15, 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 explanations that may be given by the liquidator.
Dated this 3rd day of March 2005
Gideon Rathner
Liquidator
==============================
C H I N A & H O N G K O N G
==============================
AMERICA ADVERTISING: Enters Winding Up Proceedings
--------------------------------------------------
America Advertising Limited with registered office located at
Room 2007-9, Park-In Commercial Centre, 59 Dundas St. Kln was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
23, 2005.
Date of Presentation of Petition: January 24, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
ANKOR SERVICE: Reconvened First Meeting Set April 21
----------------------------------------------------
Ankor Service Limited with registered office at 7th Floor,
Allied Kajima Building 138 Gloucester Road, Wanchai Hong Kong,
will hold reconvened first meeting of contributories at 11 a.m.
on April 21, 2004.
Dated this 12th day of April 2005.
Kelvin Flynn
Joint and Several Provisional Liquidator
Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited
BANK OF CHINA: Becomes Custodian of China Life's Assets
-------------------------------------------------------
The Bank of China (BOC) was entrusted as the custodian of China
Life Insurance Co., Ltd.'s foreign exchange assets, Asia Pulse
reports.
China Life now mastered the leading insurance foreign exchange
asset of China, which, totaling US$3.48 billion, was raised
through its listing on the New York and Hong Kong stock market
at the end of 2003.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
BANK OF CHINA: Mum on Report of RBS Alliance
--------------------------------------------
The Bank of China (BOC) and Royal Bank of Scotland Group Plc
(RBS) declined to comment on media reports saying RBS is
interested in taking about 20 percent stake in BOC for US$4
billion, Dow Jones Newswires reports.
On Tuesday, the Beijing Youth Daily newspaper cited Bank of
China spokesman Wang Zhaowen denying the reports.
Bank of China is seeking strategic and foreign investors in the
lead up to its planned listing overseas, which could come
sometime this year.
BANK OF CHINA: Loses CNY645 on Fraudulent Real Estate Loan
----------------------------------------------------------
The Bank of China has lost CNY645 million in a mortgage extended
to Beijing Huayunda Real Estate Development Limited, The Epoch
Times reports.
Huayunda had provided fake sales contracts and false proof of
income in its application for a mortgage for the development of
Senhao Apartments.
The fraudulent Huayunda mortgage was exposed during the National
Audit Office's audit of the Bank of China.
The National Audit Office discovered large amounts of fraudulent
mortgages in 2003 when it audited the China Construction Bank.
When the Audit Office randomly chose eight branches in Guangzhou
City, Guangdong Province, and audited their mortgage lending,
the Office discovered more than CNY1 billion of fraudulent
mortgage lending.
CAPITAL ACT: Court Orders Winding Up
------------------------------------
Capital Act Limited with registered office located at Shop No.
13-18, G/F, Avon Park Shopping Arcade, 15 Yat Ming Road,
Fanling, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 23, 2005.
Date of Presentation of Petition: January 21, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
IN-CIRCUIT PCB: Winding Up Hearing Slated for April 20
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of In-
Circuit PCB Company Limited by the High Court of Hong Kong
Special Administrative Region was on January 19, 2005 presented
to the said Court by Wong Ching Cheung of Flat J, 14th Floor,
Block 2, Grandway Garden, Tai Wai, Shatin, New Territories, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on April 20, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
CHAN CHUN TIN & CO
Solicitors for the Petitioner
14th Floor, Rm. 1405, Cheong K. Building
84-86 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 April
19, 2005.
INNOVATIVE SYSTEM: Faces Winding Up Proceedings
-----------------------------------------------
Innovative System Corporation with registered office located at
Rooms 2101 & 2102, 21/F Westlands Centre, 20 Westland Road,
Quarry Bay, 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 23, 2005.
Date of Presentation of Petition: January 19, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
KAWAMURA COMPANY: Creditors Meeting Fixed on April 15
-----------------------------------------------------
Notice is hereby given that the Creditors' Meeting of Kawamura
Company Limited will be held at 3 p.m. on April 15, 2005 at Room
1005, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong, for the following purpose:
To determine whether or not to accept certain accounts
receivable to be bad debt.
Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged with the Liquidator, Mr. Cheng Hong
Cheung's office at Room 1005, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 48 hours
before the meeting or the adjourned meeting.
Dated this 8th day of April 2005.
For and on behalf of
Kawamura Co., Limited
(In Creditors' Voluntary Winding-Up)
Cheng Hong Cheung
Liquidator
MING FUNG: High Court Issues Winding Up Notice
----------------------------------------------
Ming Fund (HK) Garment Trading Limited with registered office
located at Unit No 1801-2, 18th Floor Trendy Centre, 682-684
Castle Peak Road, Kln was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on March 23, 2005.
Date of Presentation of Petition: January 18, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
S.ONE CREATIVE: Receives Winding Up Order
-----------------------------------------
S.One Creative Limited with registered office located at A6,
5/F, Bo Yip Bldg, 62-70 Texaco Road, Tsuen Wan, 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 23, 2005.
Date of Presentation of Petition: January 24, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
SKYTEC TRADING: Court Releases Winding Up Order
-----------------------------------------------
Skytec Trading Limited with registered office located at 4/f,
Sunshine Plaza, No 353 Lockhart Road, Hong Kong was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 23, 2005.
Date of Presentation of Petition: January 26, 2005
Dated this 8th day of April 2005.
ET O'Connell
Official Receiver
=================
I N D O N E S I A
=================
BANK INTERNATIONAL: S&P Gives B- Rating on Subordinated Debt
------------------------------------------------------------
Standard & Poor's Ratings Services on April 13, 2005 assigned
its 'B-' rating to a proposed USD150 million-USD200 million
subordinated notes issue by PT Bank Internasional Indonesia Tbk
(BII; B+/Stable/B) due 2015.
The 'B-' rating assigned to the proposed issue reflects its
subordinate ranking to all BII's senior unsecured debt. The
notes will rank pari passu with all future subordinated debt
issued by the bank. The issuer has a call option to redeem the
notes in whole, but not in part, in 2010. BII may also redeem
the notes at any time, in full but not in part, in the event of
a change in taxation laws in Indonesia or the Cayman Islands, or
in the event of a change in control. The notes are not
guaranteed by the Republic of Indonesia (foreign currency
B+/Positive/B, local currency BB/Positive/B) under the
Government Guarantee Program.
The proposed subordinated notes issue, whose purpose is to
strengthen the bank's capital base, will qualify for Tier-2
capital under Bank Indonesia's existing capital adequacy
regulations.
Any material change to the terms and conditions of the proposed
subordinated note issue could affect the rating on the issue.
Standard & Poor's credit ratings are not recommendations to
purchase, hold, or sell any particular security. In addition, a
rating does not comment on the suitability of an investment for
a particular investor.
CONTACT:
P.T. Bank International Indonesia
Jalan M H Thamrin Kav 22
Tower 2 BII Plaza
Jakarta 10350
Indonesia
Phone: +62 21 230 0888
Fax: +62 21 331 935
Web site: http://www.bii.co.id/
BANK MANDIRI: AGO Probes Possible Graft of IDR1 Trillion
--------------------------------------------------------------
Indonesia's Attorney General's Office (AGO) is investigating
state-owned Bank Mandiri on possible graft of IDR1 trillion in
bad loans, the Jajarta Post reports.
According to Attorney General for Special Crimes Sudhono
Iswahyudi, he found irregularities in loans given by Bank
Mandiri to 28 companies, together with an audit performed by the
Supreme Audit Agency (BPK). He cited several instances where the
bank violated procedures on debt claims taken from toe
Indonesian Bank Restructuring Agency (IBRA) and provided credit
facilities to ineligible companies, which later became bad
loans, incurring huge state losses.
Out of the 28 companies, only four are being investigated at
present namely LMK,CGM, SZP and APM/ATM. Television station PT
Lativi Media Karya is also among the companies, with bad loans
amounting to IDR361 billion.
According to Mr. Sudhono, the AGO has formed teams to
investigate into the matter, and the first thing they would do
is investigate the four companies mentioned above, and question
the banks' board of directors and credit analysts.
Bank Mandiri's level of non-performing loans at 7.49% was much
higher than the 5% ceiling set by Bank Indonesia last year. The
bank had previously refused to inject funds into PT Kertas Kraft
Aceh (KAA), saying that it would be at risk in doing so.
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
PERTAMINA: IDR10 Trillion Not Enough to Cover Imports
-----------------------------------------------------
Minister of Energy and Mineral Resources Purnomo Yusgiantoro
said that PT Pertamina's cash reserves of IDR10 trillion are
enough to import fuel for only 1 month, reports the Jakarta
Post.
The Company has around IDR1.5 trillion in its account, and the
government has reimbursed IDR4.1 trillion in fuel subsidies.
The Company previously announced that it was becoming more
difficult for it to import oil, as some banks refused to accept
its letters of credit due to its IDR9 trillion debt to other
banks. According to Bloomberg News, Middle East oil firms have
refused to supply oil to the Company without the letters of
credit. This raised concerns of a possible fuel shortage.
The government has been making efforts to disburse fuel
subsidies to Pertamina as soon as possible, with rising fuel
prices; the current global oil price is currently at a high of
USD54 per barrel. The government stipulated that the Company
could receive 90 to 95% of fuel subsidies with a monthly
verification letter from the Ministry of France, while the rest
of the amount would be received after the Supreme Audit Agency
(BPK) completes its audit on the Company.
Minister Purnomo has said that the Company has yet to receive
subsidies from January to March, as well as some months from
last year. The Company is set to receive more than IDR23
trillion from the government in fuel subsidies.
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
PERTAMINA: Wants to Buy LNG to Meet Obligations to Asian Buyers
----------------------------------------------------------------
PT Pertamina is having difficulty buying liquefied natural gas
(LNG) abroad to meet its export obligations to buyers in South
Korea, Japan, and Taiwan, reports Asia Pulse.
According to the Company's marketing director Ari Sumarno, the
Company was unable to buy LNG from Oman and Qatar in the Middle
East, but they would continue to try to buy from Qatar, even if
they have refused to sell LNG.
The Company had previously asked for a delay in the shipment of
9 cargoes of LNG to buyers in Japan, South Korea and Taiwan,
since the government reallocated LNG to be used in tsunami-
struck Nanggroe Aceh Darussalam, to meet the gas need of its
fertilizers. This meant that Pertamina would not be able to
deliver its LNG shipment to its Asian buyers.
But the buyers in the three Asian countries refused the request
to delay the LNG shipment, due to a high domestic demand spurred
on by the lengthened winters experienced in those countries.
The Company needs to deliver 1 cargo this month, of the total 9
cargoes to be delivered to buyers. Mr. Sumarno said that he
hopes customers would approve a delay in LNG delivery in the
coming months.
=========
J A P A N
=========
HITACHI LIMITED: Unveils JPY41.8 Bln Gain on Unit Sale
------------------------------------------------------
Hitachi, Ltd. (NYSE:HIT/TSE:6501) announced on Monday that it
plans to post certain extraordinary items on an unconsolidated
basis for fiscal 2004, ended March 31, 2005.
Specifically, Hitachi plans to post an extraordinary gain on the
sale of subsidiary and affiliated Company shares, extraordinary
loss for business restructuring and impairment losses on certain
assets.
1. Extraordinary Gain on the Sale of Subsidiary and Affiliated
Company Shares
Hitachi will record an extraordinary gain of approximately 41.8
billion yen for gains on the sale of subsidiary and affiliated
Company shares on an unconsolidated basis in the year ended
March 31, 2005.
2. Extraordinary Loss for Business Structural Reforms
For the year ended March 31, 2005, Hitachi plans to record an
extraordinary loss of approximately 46.2 billion yen on an
unconsolidated basis relating to business restructuring. This
charge relates mainly to an impairment loss on shares held in
Fujitsu Hitachi Plasma Display Limited ("FHP"), an affiliated
Company involved in plasma display panel operations, and
expenses associated with the implementation of measures such as
business reorganization, realignment and streamlining to
restructure digital media operations in Japan. The impairment
loss on FHP shares is accounted on the basis after Hitachi
undertook FHP's new shares in March 2005 as part of actions to
strengthen the plasma display business.
3. Extraordinary Loss on Impairment of Assets
Hitachi will record an extraordinary loss of approximately 19.8
billion yen for impairment losses. This relates mainly to the
estimated unrecoverable amounts for shared assets that are now
designated for leasing, and assets that Hitachi plans to sell
because it will no longer use them.
About Hitachi
Hitachi, Ltd. (TSE: 6501 / NYSE:HIT), headquartered in Tokyo,
Japan, is a leading global electronics Company, with
approximately 326,000 employees worldwide. Fiscal 2003 (ended
March 31, 2004) consolidated sales totaled 8,632.4 billion yen
($81.4 billion). The Company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the Company's Web site at
http://www.hitachi.com.
This is a Company press release.
CONTACT:
Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Phone: +81-3-5208-9323
Fax: +81-3-4564-2149
E-mail: kantaro.tanii.gx@hitachi.com
JAPAN AIRLINES: Fitch Affirms Rating at 'BB-'
---------------------------------------------
Fitch Ratings has on Tuesday affirmed Japan Airlines Corporation
(JAL)'s Senior Unsecured rating at 'BB-' (BB minus). The Outlook
remains Stable.
The rating reflects the firming trends of the air transportation
business, relatively slow capacity adjustments and substantial
operational leverage. Non-occurrence of external shocks has
supported the Company's strong international operations while
higher domestic passenger yields have indicated a nascent
recovery trend in the domestic market. However, persistently
high jet fuel prices and the still relatively slow pace of
recovery in the air passenger markets have allowed only modest
improvements in JAL's operating and financial performances,
suggesting its need to deliver more effective cost reductions
and capacity adjustments to stabilize its stand-alone credit
profile.
JAL's rating also reflects the benign regulatory environment,
with various government financial aid and support programmes in
place, which have underpinned the Company's liquidity position.
Other positive factors reflected in the rating include the
Japanese airline industry's positive structural features, such
as the limited capacity of the two main Japanese airports
(Haneda and Narita), and the scarcity of staff and resources
available for air transportation operations in Japan.
JAL's credit metrics have improved, as highlighted by the lower
financial leverage (adjusted net debt/Last-twelve-month (LTM)
EBITDAR after adjusting one-off gains) of 8.2x at end-September
2004 (13.1x at end-March 2004). Adjusted net debt-to-total
adjusted capital improved to 78.2% from 86.0% during the same
period. Fitch acknowledges that the Company's financial leverage
is higher than would normally be expected for an issuer in the
'BB' rating range. However, the positive qualitative factors
outlined above, including the supportive regulatory environment,
mitigate any immediate concerns over the Company's financial
profile, supporting the current rating and Stable Outlook.
JAL maintains a reasonable liquidity profile. The Company's
liquid assets, which include cash and marketable securities,
stood at JPY258.3 billion or 12.5% of LTM revenue at end-
September 2004 (JPY144.4bn or 7.5% at end-March 2004). The
difference between liquid asset balances at end-March and end-
September is seasonal and non-material.
JAL's debt maturity profile at end-March 2004 was skewed towards
the long-term, with 42.6% due in more than five years and only
11.6% due within one year. The amount of secured debt was
significant at 45.7% of total debt, although it has a much
longer maturity than the unsecured debt, and the state-owned
financial institutions, Development Bank of Japan and Japan Bank
for International Cooperation, finance a majority of the secured
debt as part of the government's credit support to the airline
sector. Fitch notes that structural subordination could be a key
issue in assessing the rating of unsecured debt if the Company's
credit profile changes substantially from its existing level.
Fitch will monitor carefully changes in the credit profile and
the potential impact of structural subordination on the various
Classes of debt.
JAL is Japan's largest airline, servicing domestic and
international destinations through mainline and regional
carriers. Its operations are equally divided between domestic
and international passenger transportation, which together
account for around 50% of total revenues, followed by
international cargo (approximately 10%).
Contacts: Satoru Aoyama, Tokyo, Tel: +81 3 3288 2691; Danyal
Qazi, CFA, +81 3 3288 2600
Media Relations: Alex Clelland, London, Tel: +44 20 7862 4084.
CONTACT:
Japan Airlines Corporation
Address: 4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
JAPAN TOBACCO: Unit Wins Russian Back-tax Case
----------------------------------------------
Petro, a unit of Japan Tobacco Incorporated, has won a legal
battle in a Moscow appeals court, fighting off a US$79 million
back-tax bill, The Asian Wall Street Journal reports.
"This is a very positive outcome," said Rick Caufield, general
manager of Japan Tobacco International's Russian unit. "It would
be too early to conclude that it's the end of the case but we
believe we will be fully exonerated."
In 2004, JTI was presented with a US$79 million bill for alleged
underpayment of taxes in 2000. The Company said Russian tax
inspectors had simply misunderstood its double-entry bookkeeping
system. Later, an additional US$15 million bill was slapped on
its cigarette factory in St. Petersburg.
JTI took the tax authorities to court and lost twice. But the
Moscow cassation court hearing the case on April 12 referred it
back to the court of appeal for further review. Lawyers for the
Company say it is now highly unlikely that the tax bill will
stand.
CONTACT:
Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com
KANEBO LIMITED: Shares Fall After Restating Profits as Losses
-------------------------------------------------------------
Shares of Kanebo Limited fell 13 percent on Wednesday after
admitting it had overstated profits by USD1.37 billion over four
years to March 2003, according to Reuters. The Company was the
biggest decliner on the MSCI World Index.
In a report submitted to the Tokyo Stock Exchange, the textile
and toiletries maker restated its earlier reported net income of
JPY518 million ($4.82 million) as a net loss of JPY21.9 billion
for the year ended March 2003.
For 2002, it restated profit of JPY70 million as a loss of
JPY26.1 billion. Profit of JPY11.6 billion in 2001, was reversed
to a loss of JPY16.2 billion, and Kanebo changed its 2000
results to a loss of JPY68.6 billion from a profit of JPY3.1
billion.
Kanebo restated its earnings based on the results of an internal
investigation. The Company said it corrected overstated sales
and the value of assets such as inventories, loans and
investment.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MATSUSHITA ELECTRIC: Clarifies Hostile Takeover Report
------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC])
commented on press reports about the Company's plans to adopt
hostile takeover countermeasures subject to approval by its
shareholders in June.
The Company stated that it is continually pursuing initiatives
aimed at enhancing shareholder value, including measures to deal
with offers to acquire the Company, but that it has not formally
decided to adopt any specific measures.
IMMEDIATE RELEASE
Media Contacts: Investor Relations
Contacts:
Mike Kitadeya / Karl Takahashi (Osaka) Ryuichi Tsuruta
(Osaka)
International PR Investor Relations
(Tel: +81-6-6949-2293) (Tel: +81-6-6908-1121)
Panasonic News Bureau (Tokyo) Akihiro Takei (U.S.)
(Tel: +81-3-3542-6205) Panasonic Finance
(America), Inc.
(Tel: +1-212-698-1365)
Jim Reilly (U.S.)
(Tel: +1-201-392-6067) Norio Iino (Europe)
Panasonic Finance
(Europe) plc
Brendon Gore (Europe) (Tel: +44-20-7562-
4400) (Tel: +44-20-8899-2217)
This is a Company press release.
MITSUBISHI MOTORS: Boosts Malaysian Sales Network
-------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
announced that it had concluded the Exclusive Distribution Sales
and Service Agreement with Mitsubishi Motors Malaysia Sdn Bhd
(MMM), a Joint Venture Company between Mitsubishi Corporation
(MC) and Edaran Otomobil Nasional Berhad (EON) established in
March 2005, to enhance sales network in Malaysia.
MMC has been considering rebuilding and enhancing its sales
network in Malaysia, and from Tuesday onwards, all of the
Mitsubishi brand vehicles will be marketed by MMM based on the
newly concluded agreement.
MMC has been marketing SUVs, pickup trucks, vans and other
vehicles in Malaysia where further growth of the automotive
market is strongly predicted under the expanding ASEAN Free
Trade Area. MMC is planning to incorporate new passenger cars in
the lineup through MMM.
*1 : EON was established in 1984 as a distributor of PROTON
which was founded in 1983 by the Heavy Industries Corporation of
Malaysia Bhd., MMC, and MC. Sales in '03 was 72 thousand units
or 23% share in the market (excluding truck and bus).
1. Outline of the new Company
(1) Name of the Company: MITSUBISHI MOTORS MALAYSIA Sdn. Bhd.
(2) Address: Kuala Lumpur, Malaysia
(3) Capital: 60,000,000 Malaysian Ringgit
(4) Shareholders: MC 52%; EON 48%
(5) Establishment: March 2005
(6) Models: MMC passenger vehicles (Colt/Lancer and others) and
MMC commercial vehicles (L200[Storm])
(7) Number of sales outlets: 29
(8) Number of employees: 46
(9) Targeted sales plan: Approx. 6,000 units in 2005
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: To Recall 179,000 Cars
-----------------------------------------
Mitsubishi Motors Corporation announced another recall affecting
179,000 cars for a defect in its air conditioning system, the
Associated Press reports.
The recall is the latest in a spate of recalls for the money-
losing automaker.
The latest recall covers three sedan models, including the
Galant, manufactured from 1996 to 2004. The defect in a wiring
for the air conditioning fan can cause a fire in the glove
compartment.
The Company has been trying to revive its business under a
bailout from the Mitsubishi group of companies, which includes a
bank, trading Company and machinery maker.
TAKASHIMAYA COMPANY: Returns to Profit in 2004
----------------------------------------------
Department store chain Takashimaya Company posted a net profit
of JPY13.95 billion for the year to February 28 versus a loss of
JPY3.61 billion a year earlier, attributed to a sharp reduction
in special restructuring costs, Kyodo News reports.
Per-share net profit came to JPY45.25 against a loss of JPY11.88
in the previous year. Consolidated pretax profit surged 22.6
percent to JPY32.67 billion.
CONTACT:
Takashimaya Company, Ltd.
5-1-5, Namba, Chuo-ku
Osaka 542-8510, Japan
Phone: +81-6-6631-1101
Fax: +81-6-6631-9850
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Creditors Discuss Refinancing Plan
-------------------------------------------------------
Hynix Semiconductor Inc.'s creditors were in talks on April 13
about a refinancing plan worth KRW2 trillion for the Company,
Reuters News reports.
In the refinancing plan, the Company would raise KRW1 trillion
in syndicated loans locally, and the other KRW1 trillion by
issuing unsecured bonds with a 7- to 10-year maturity period
abroad, according to an unnamed source at the Company's main
creditor bank.
Hynix Semiconductor Inc. almost went bankrupt after a
government-forced merger with a local rival in 1999, which
amounted to huge debt for the Company. The firm managed to stay
afloat after several bailouts by creditors, who now own 81% of
the Company.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
===============
M A L A Y S I A
===============
AYER HITAM: Issues Update on Default in Payment
-----------------------------------------------
In accordance with Practice Note 1/2001 of the Bursa Malaysia
Securities Berhad, Ayer Hitam Tin Dredging Malaysia Berhad
(AHTIN) provides an update on its default in payments position
as at March 31, 2005 as shown in Table A.
The Company's total default on the principal sum plus interests
as at March 31, 2005 amounted to MYR40,167,192.00. The defaulted
payments owing to the lenders are in respect of the term loan
and syndicated term loan as per the previous announcement made
on Aug. 27, 2004.
To view Table A, go to:
http://bankrupt.com/misc/tcrap_ayerhitam041305.doc
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920
BOUSTEAD HOLDINGS: Unveils Employee Share Option Scheme
-------------------------------------------------------
Boustead Holdings Berhad's additional 417,000 new ordinary
shares of RM0.50 each issued pursuant to the Company's Employee
Share Option Scheme are granted listing and quotation effective
Thursday, April 14, 2005, 9:00 a.m.
CONTACT:
Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Malaysia
Phone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my
GENERAL SOIL: Bourse to Delist Securities on April 27
-----------------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) and the
Securities Commission have determined that General Soil
Engineering Holdings Berhad does not have an adequate level of
financial condition to warrant continued listing on the Official
List of Bursa Securities; therefore, they have decided to de-
list the Company's securities from the Official List.
The Company's securities will be removed from the Official List
of Bursa Securities on Wednesday, April 27, 2005, 9:00 a.m.
With respect to the securities of the Company which are
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the Company's securities may continue to remain
deposited with the Bursa Depository notwithstanding the de-
listing of the securities of the Company from the Official List
of Bursa Securities. It is not mandatory for the securities of
the Company to be withdrawn from Bursa Depository.
Company shareholders who intend to hold their securities in the
form of physical certificate can withdraw these securities from
their Central Depository System accounts with Bursa Depository,
at anytime after the securities of the Company are de-listed
from the Official List of Bursa Securities by submitting the
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.
Company shareholders can contact any Participating Organization
of Bursa Securities and/or Bursa Depository's helpline at
03-20347711 for information on the withdrawal procedures.
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 Additional Shares
-----------------------------------
Gula Perak Berhad's additional 148,100 new ordinary shares of
RM1.00 each issued pursuant to the Company's conversion of
148,100 irredeemable convertible secured loan stocks 2000/2005
into 148,100 new ordinary shares are granted listing and
quotation effective Thursday, April 14, 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 668
I-BERHAD: Buys Back 21,100 Shares
---------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on April 12, 2005.
Date of buy back: 12/04/2005
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 21,100
Minimum price paid for each share purchased (RM): 0.800
Maximum price paid for each share purchased (RM): 0.800
Total consideration paid (RM): 17,005.04
Number of shares purchased retained in treasury
(units): 21,100
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,430,200
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
KARAMBUNAI CORPORATION: RAM Downgrades Bonds from "C1" to "D"
-------------------------------------------------------------
Rating Agency Malaysia (RAM) downgraded the rating of Karambunai
Corporation Berhad's MYR420 million Redeemable Zero-Coupon
Secured Bonds, from "C1(s)" with a negative rating outlook to
"D", reports the Business Times.
The rating action is premised on a variation to extend the
original repayment date of the bonds, which were due on April
11, 2005.
The rating agency noted that the Company's sole bondholder,
Abrar Discounts Berhad, agreed to the Company's extension of the
maturity date of its bonds to Nov. 30, 2005, to be able to
implement an agreed settlement plan. Under such plan, repayment
of the bonds would be settled through cash and the issuance of
loan stocks to Abrar Discounts Berhad.
KEMAYAN CORPORATION: SCBB to Sell Unit's Property
-------------------------------------------------
Kemayan Corporation Berhad informed Bursa Malaysia Securities
Berhad that its subsidiary, Alrosa Sdn Bhd had received a
Schedule K notice from the Assistant Collector of Land Revenue,
Kota Kinabalu (ACLR) wherein Standard Chartered Bank Malaysia
Berhad (SCBB) has been granted the Order of Sale by ACLR to
dispose off the land held under land title CL015091835 located
at Jalan Tuaran, Kota Kinabalu with a land area of 14,425 acre
(the said Land) by public auction to be held at the office of
ACLR on June 23, 2005, 9:30 a.m.
The said land was charged to SCBB as security for the banking
facilities of MYR10,000,000.00.
CONTACT:
Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax: +60 7 236 5307
METROPLEX BERHAD: To Pay USD7 Mln to Rothschild
-----------------------------------------------
Metroplex Berhad (MB) announced that the Company had on April
11, 2005 received a letter of demand dated April 8, 2005 from
the solicitors of Morgan Stanley Emerging Markets Inc. (MSEMI),
demanding the repayment of USD7,126,960.21 calculated as at
April 8, 2005 pursuant to a USD17,000,000 Term Loan Facility
granted to Legend International Resorts Limited (LIR), a 59.99%
owned subsidiary of MB.
The said demand is made pursuant to:
(i) NM Rothschild and Sons (Singapore) Limited (Rothschild) as
arranger and agent, Societe Generale, Labuan Branch (SocGen
Labuan), Korean French Banking Corporation-SOGEKO (SOGEKO) and
Rothschild as Lenders had on June 14, 1996 entered into a Credit
Agreement with LIR and MB as guarantor, providing LIR a
multicurrency Term Loan Facility of up to USD17,000,000.
(ii) Rothschild as one of the Lenders had agreed to loan a sum
of USD5,000,000 to LIR on terms and conditions set out in the
Credit Agreement and letters dated Sept. 4, 1996 and June 14,
1999.
(iii) Rothschild as agent for the Lenders had on Nov. 2, 1999
demanded from LIR a sum of USD16,600,000 and interest of
USD165,937.26 calculated as at Nov. 2, 1999, to be paid to the
Lenders on or before Nov. 15, 1999 for the payment obligations
under the Credit Agreement.
(iv) By a Sale and Purchase Agreement dated Nov. 8, 2004 between
Rothschild and MSEMI, Rothschild as Lender had sold and/or
otherwise transferred and/or assigned to MSEMI, all of
Rothschild's rights, title and interest in, to and under the
loan granted by Rothschild as Lender to LIR guaranteed by MB
under the Credit Agreement (said assignment).
(v) By a letter and further deed of assignment both dated April
7, 2005, Rothschild and MSEMI had notified LIR and MB on the
said assignment.
The Company instructed its solicitors to reply to the solicitors
of MSEMI to dispute the said demand and that MB intends to
commence legal proceedings against MSEMI for declarations that
the transfer is invalid and for other relief.
CONTACT:
Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911
METROPLEX BERHAD: MSEMI Demands USD10 Mln Payment
-------------------------------------------------
Metroplex Berhad (MB) announced that on April 12, 2005, the
Company received a letter of demand dated April 11, 2005 from
the solicitors of Morgan Stanley Emerging Markets Inc. (MSEMI),
demanding the repayment of an outstanding sum of USD10,729,246
calculated as at April 11, 2005, pursuant to a USD33,000,000
Revolving Credit Facility granted to Legend International
Resorts Limited (LIR), a 59.99% owned subsidiary of MB.
The said demand is made pursuant to:
(i) By a Facility Agreement dated July 22, 1997, Societe
Generale Asia (Singapore) Limited (SocGen Singapore) and various
financial institutions (the Lenders) had granted to LIR the RC
Facility.
(ii) By a Guarantee dated July 22, 1997 (Guarantee), MB agreed
to unconditionally and irrevocably guarantee, as a continuing
obligation, the due and punctual payment of all and such sums
which are or at any time may become payable by LIR pursuant to
the RC Facility.
(iii) SocGen Singapore as agent for the Lenders had on Jan. 3,
2000, demanded from MB the payment of USD26,375,458.93 under the
RC Facility pursuant to the Guarantee calculated as at Dec. 7,
1999.
(iv) By a facsimile dated Nov. 18, 2004, SocGen Singapore had
notified MB that one of the Lenders, Societe Generale, Labuan
Branch (SocGen Labuan)'s participation under the RC Facility and
correspondingly, MB's entire indebtedness to SocGen Labuan was
transferred from SocGen Labuan to MSEMI.
MB instructed its solicitors to reply to the solicitors of MSEMI
to dispute the said demand and that the Company intends to
commence legal proceedings against MSEMI for declarations that
the transfer is invalid and for other relief.
PADIBERAS NASIONAL: To List More Shares
---------------------------------------
Padiberas Nasional Berhas's additional 90,000 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 15, 2005, 9:00 a.m.
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: Issues Shares Buy Back Notice
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of the shares it had bought back
on April 12, 2005.
Date of buy back: 12/04/2005
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): 0.385
Maximum price paid for each share purchased (RM): 0.390
Total consideration paid (RM): 19,452.58
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): 21,525,500
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Corporation Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 6722
Fax: +60 3 2031 1299
PANTAI HOLDINGS: Repurchases 10,000 Shares
------------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on April 12, 2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 12/04/2005
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): 1.000
Maximum price paid for each share purchased (RM): 1.010
Total consideration paid (RM): 10,125.32
Number of shares purchased retained in treasury
(units): 10,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 28,541,800
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/
POS MALAYSIA: Granted Listing of Additional Shares
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 223,000 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 15, 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
SARAWAK ENTERPRISE: SC Approves Proposed Restructuring Scheme
-------------------------------------------------------------
The Securities Commission (SC) and other relevant authorities
have approved the proposed restructuring and rationalization
exercise of Sarawak Enterprise Corporation Berhad (SECB),
reports Bernama News.
The Company now seeks its shareholders' approval for the
exercise, in its Extraordinary General Meeting (EGM) to be held
today, April 14, 2005.
In the proposed restructuring scheme, the Company would acquire
51.6 % stake in its subsidiary Sarawak Electricity Supply
Corporation (SESCo), for MYR1.03 million, from the State
Financial Secretary of Sarawak. With 45 % of the unit already
belonging to SECB, it would now own 96.6% of SESCo, once the
sale is completed. The Company would then engage in a mandatory
general offer to acquire the remaining 3.4% stake in the unit
upon its privatization.
With this exercise, the Company would be able to focus on its
core businesses, and enhance shareholder value through an
increase in earnings, according to Chairman Datuk Mohamad Taha
Ariffin.
SECB and SESCo would then dispose of some of its non-core assets
to the State Financial Secretary of Sarawak. This is in
accordance with the Malaysian government's efforts to
restructure government-linked corporations for the growth of the
country's corporate sector.
CONTACT:
Sarawak Enterprise Corporation Berhad
Lot 2679 Jalan Rock
1st Floor Custodev Tower
93200 Kuching
Sarawak 93673
Malaysia
Phone: +60 82 244 000
Fax: +60 82 248 588
Web site: http://www.enzon.com/
TALAM CORPORATION: Converts Loan Stocks into New Shares
-------------------------------------------------------
Talam Corporation Berhad's additional 1,000,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's
conversion of MYR1,000,000 irredeemable convertible unsecured
loan stocks 2003/2005 into 1,000,000 new ordinary shares are
granted listing and quotation effective Thursday, April 14,
2005, 9:00 a.m.
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439
YCS CORPORATION: Securities Face Delisting
------------------------------------------
YCS Corporation Berhad was notified on Dec. 6, 2004 that its
securities would be removed from the Official List of Bursa
Malaysia Securities Berhad (Bursa Securities).
The Company submitted an appeal against the decision of Bursa
Securities to de-list its securities from the Official List of
Bursa Securities. Given the Appeal, the removal of the Company's
securities was deferred, pending the decision on the Appeal by
Bursa Securities.
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Securities decided that the Appeal be disallowed, and
further decided to de-list the Company's securities from the
Official List of Bursa Securities as the Company does not have
an adequate level of financial condition to warrant continued
listing on the Official List of Bursa Securities.
The Company's securities will be removed from the Official List
of Bursa Securities on Wednesday, April 27, 2005, 9:00 a.m.
With respect to the Company's securities, which are currently
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a Company that has been de-listed to be
withdrawn from Bursa Depository.
Company shareholders who intend to hold their securities in the
form of physical certificates, can withdraw these securities
from their Central Depository System (CDS) accounts maintained
with Bursa Depository at anytime after the Company's securities
have been de-listed from the Official List of Bursa Securities.
This can be effected by the shareholders submitting an
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository. These shareholders
can contact any Participating Organizations of Bursa Securities
and/or Bursa Depository's helpline at 03-20347711 for further
information on the withdrawal procedures.
CONTACT:
YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Phone: +60 3 80242922
Fax: +60 3 80242911
=====================
P H I L I P P I N E S
=====================
BACNOTAN CONSOLIDATED: Earmarks Php850-Mln for New Ventures
-----------------------------------------------------------
In a bid to diversify its portfolio, Bacnotan Consolidated
Industries Inc. (BCII) plans to venture into the medical service
and hotel businesses, The Manila Times reports.
The Company, a unit of the Phinma Group of Companies, is
allocating around Php700 million to Php850 million to finance
its expansion projects.
BCII President Ramon del Rosario Jr. said the firm intends to
invest between Php350 million and Php500 million in a full-
service hospital. BCII would focus on providing inexpensive
hospital service, while bringing in Filipino professionals from
abroad.
The Company is also considering investing in a possible chain of
tourism and business-oriented affordable but high-quality hotels
in key cities throughout the country. BCII intends to locate its
additional Microtel hotels in Boracay, Cabanatuan City, Cagayan
de Oro and Davao.
On top of BCII's recent acquisition of Araullo University in
Nueva Ecija, the Company plans to acquire another four academic
institutions in Visayas and Mindanao for Php250 million.
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
BAYAN TELECOMMUNICATIONS: Pays Php135 Mln to Creditors
------------------------------------------------------
Bayan Telecommunications (Bayantel) has settled its third
quarterly interest payment to creditors last month, according to
Manila Standard.
The Lopez-owned firm paid its creditors Php135 million for the
third time since the Pasig Regional Trial Court approved its
proposed corporate rehabilitation plan in June last year.
BayanTel is scheduled to pay its creditors another P135 million
in June. The payment will include interest payments and a
portion of the principal of the Company's US$325 million debt.
Under the court-approved plan, all creditors will be treated
equally regarding payment terms and past due interest.
Bayantel's secured creditors, including Goldman Sachs, Equitable
PCI Bank, Bank of the Philippine Islands and Land Bank of the
Philippines, account for 52.6 percent of the Company's debt.
Bayantel recorded P5.4 billion in sales last year, short of the
Php5.6- billion target. Its earnings before interest, taxes,
depreciation and amortization stood at Php2.024 billion, 13
percent higher than target. It expects growth of 5 percent to 10
percent in sales with subscriber-base reaching 300,000 by
yearend.
CONTACTS:
Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph
LEPANTO CONSOLIDATED: Workers Threaten Strike
---------------------------------------------
Members of the Lepanto Employees Union (LEU) are preparing to
stage a protest after a deadlock on their agreement with the
management of Lepanto Consolidated Mining Company, Sunstar Daily
reports.
Around 1,700 employees of the mining firm on April 5 filed the
notice to strike before the National Conciliation and Mediation
Board (NCMB) and threaten to conduct an industrial action should
the firm fail to grant their demands.
On April 2, the LEU declared a deadlock on their Collective
Bargaining Agreement with Lepanto Mining after the three-year
CBA expired last year.
The LEU proposed a Php100 daily wage increase that, union
officials said, Lepanto did not grant reportedly because the
Company has been losing for the past two years. The union did
not accept the firm's reason and instead proposed that a
Php3,300 lump sum will be given to employees for the first year
of the CBA and a Php17 daily wage hike for the next two years.
Underground workers are currently receiving an average daily
rate of Php355.
CONTACT:
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
MAYNILAD WATER: Creditor Banks to Consider DMCI's Offer
-------------------------------------------------------
Maynilad Water Services Inc. will seek the approval of creditor
banks before proceeding with the sale of its majority stake to
construction giant DMCI Holdings Inc., The Philippine Daily
Inquirer relates.
Maynilad, along with the Metropolitan Waterworks and Sewerage
System (MWSS), will pursue the move after DMCI Holdings recently
formalized its proposal to acquire 59 percent of the water
concessionaire.
The creditors include state-owned Development Bank of the
Philippines, Equitable PCI Bank, Rizal Commercial Banking Corp.,
and East-West Bank. Other creditors, to which it owes about P10
billion, are Credit Agricole, Indosuez Merchant Bank Asia Ltd.,
Citibank NA, Barclays Bank PLC, and BNP Paribas.
Meanwhile, court-appointed receiver Rosario Bernaldo affirmed
Maynilad's negotiations with DMCI would not affect the utility
firm's pending corporate rehabilitation program. Mr. Bernaldo
added the revival plan is now being finalized and will be
submitted to the Quezon City Regional Trial Court Branch 90 on
April 29.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
NATIONAL POWER: To Raise US$500 for Funding Needs
-------------------------------------------------
National Power Corporation (Napocor) wishes to spawn around
US$500 million to meet its financial requirements this year,
according to Manila Times.
But sources said the actual amount may exceed the initial
target, depending on how much the government reaps through the
sale of the power firms assets.
The government will pursue next month the planned euro-
denominated bond issuance, which has already obtained approval
from the Bangko Sentral or the central bank. The proceeds of the
bond issuance will be used to meet funding obligations and for
liquidity purposes.
According to the Philippine Investor Relations Officer, the
European market has expressed strong interest for the Philippine
government debt papers. In fact, the government is considering
borrowing around some EUR1 billion and is preparing an
international road show for that purpose.
The road show, however, would depend on how soon Congress passes
a bill revising the country's value-added tax scheme.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
PHILIPPINE AIRLINES: Mulls Fuel Surcharge Hike
----------------------------------------------
Beleaguered national flag carrier Philippine Airlines (PAL) is
seeking regulatory approval to increase its surcharge to cover
soaring fuel expenses, Business World says.
PAL is looking to raise fuel surcharge to US$22 from US$14 for
flights to the U.S., Canada and Australia, AU$13 from AU$10 for
flights to the Middle East, and AU$11 from AU$8 for other
destinations.
The carrier also wants to hike its fuel surcharge for flights
within Luzon to Php350 from the current rate of Php200. It also
wants to collect Php470 for flights from Luzon to Visayas, and
Php650 from Luzon to Mindanao. The current fuel surcharge rates
for Visayas and Mindanao are Php300 and Php400, respectively.
PAL also want an extra charge of Php2 for every one kilo of
cargo flying within Luzon to cover increasing fuel costs, and
Php3 for cargo from Luzon to Visayas, and Php4 from Luzon to
Mindanao, or an additional Php1 from existing charges.
PAL sought the fuel surcharge as a temporary relief to help its
offset losses incurred as jet fuel prices continue to rise.
CONTACT:
Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com
PHILIPPINE BASKETBALL: Brushes Off Bankruptcy Rumors
----------------------------------------------------
The Philippine Basketball Association (PBA) has denied
speculation that it is on the verge of bankruptcy, according to
the Philippine Star.
PBA dismissed circulating rumors of its supposed impending
insolvency but admitted its is currently suffering financial
problems due to the dire economic situation in the country.
PBA chairman Buddy Encarnado acknowledged the organization's
woes, saying the league's uncollected earnings from previous
broadcast partners worth Php300 million and its recent
settlement of tax arrears of Php46 million have hurt the
league's operation lately.
But Mr. Encardo said PBA has a fund held in escrow representing
the disputed three percent share of the Games and Amusements
Board from the league's T.V. earnings.
The PBA has uncollected income totaling Php300 million from
previous broadcast partners Vintage Sports, Viva-Vintage and the
NBN4-IBC13 consortium.
CONTACT:
Philippine Basketball Association
3rd Floor Building A Philsports (PSC) Complex
Meralco Avenue Pasig City
Telephone No. 6381815 , 6381816 , 6381817
Fax No. 6347584
Web site: http://www.pba.ph/
PHILIPPINE LONG: Notes Change in Director's Holdings
----------------------------------------------------
Further to Circular for Brokers No. 1581-2005 dated April
5,2005, Philippine Long Distance Telephone Company (TEL)
furnished the Philippine Stock Exchange a copy of the Initial
Statement of Beneficial Ownership of Securities (SEC Form 23-A)
showing the shareholdings of its newly elected independent
director, Mr. Oscar S. Reyes, pursuant to Section 13 of the
Revised Disclosure Rules pertaining to "Disclosure on
Transactions of Directors and Principal Officers in the Issuer's
Securities".
A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE web
site: http://www.pse.com.ph(under Listed Companies).
For your information.
(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure 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
UNITED PARAGON: Annual Stockholders Meeting Set July 29
-------------------------------------------------------
At a Board of Directors Meeting held Tuesday, April 12, 2005,
the BOD of United Paragon Mining Corporation (UPMC) approved the
following:
(1) The holding of UPMC's annual stockholders' meeting for the
year 2005 on July 29,2005 at 10:00 and setting the record date
thereof on May 30,2005 (Information regarding the venue and the
agenda of the meeting will follow later);
(2) The nomination of KPMG, Laya Managhaya & Co., CPAs, as the
Corporation's external auditors for the year 2005, subject to
the approval by the stockholders at the annual stockholders'
meeting;
(3) The implementation of the decrease of the Corporation's
outstanding capital stock by 50% for the purpose of reducing its
current deficit as part of its capital restructuring plan as
previously approved by the Board and the stockholders, through a
50% reduction in the par value (instead of in the number) of
UPMC shares.
CONTACT:
United Paragon Mining Corporation
8/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone: 636-5133 to 34
Fax: 636-4923
E-mail Address: longos@vasia.com
=================
S I N G A P O R E
=================
ASTI HOLDINGS: Sets AGM Date on April 28
----------------------------------------
Notice is hereby given that the Annual General Meeting of Asti
Holdings Limited will be held at 25 Kallang Avenue #06-01
Kallang Basin Industrial Estate Singapore 339416 on Thursday,
April 28, 2005 at 4:30 p.m. for the following purposes:
AS ORDINARY BUSINESS
(1) To receive and adopt the Directors' Report and the Audited
Accounts of the Company for the year ended December 31, 2004
together with the Auditors' Report thereon. (Resolution 1)
(2) To declare a special dividend of Singapore 0.8 cent per
share tax-exempt and Singapore 0.16 cent less tax for the year
ended December 31, 2004. (2003: Nil) (Resolution 2)
(3) To re-elect the following Directors retiring pursuant to
Articles 103 and 107 of the Company's Articles of Association:
Dato' Michael Loh (Retiring under Article 103) (Resolution 3)
Mr. Au Sai Chuen (Retiring under Article 103) (Resolution 4)
Mr. Chng Weng Wah (Retiring under Article 103) (Resolution 5)
Mr. Haji Tajul Urus Bin Haji Mat Zain (Retiring under Article
107) (Resolution 6)
Mr. Haji Tajul Urus Bin Haji Mat Zain will, upon re-election as
Director of the Company, remain a member of the Audit Committee
and will be considered independent for the purposes of Rule
704(8) of the Listing Manual of the Singapore Exchange
Securities Trading Limited.
(4) To approve the payment of Directors' fees of S$135,199 for
the year ended December 31, 2004. (2003: S$96,250). (Resolution
7)
(5) To re-appoint Messrs Ernst & Young as the Company's Auditors
and to authorize the Directors to fix their remuneration.
(Resolution 8)
(6) To transact any other ordinary business which may properly
be transacted at an Annual General Meeting.
Click to view a full copy of the notice
http://bankrupt.com/misc/ASTI_Notice_of_AGM041305.pdf
CONTACT:
Asti Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 65365355
Fax: 65 65361360
Web site: http://www.astigp.com
FLEXTECH HOLDINGS: Posts Notice of AGM
--------------------------------------
Notice is hereby given that the Annual General Meeting of
Flextech Holdins Limited will be held at 1 Kallang Sector #06-01
on Thursday, April 28, 2005 at 2:00 p.m. for the following
purposes:
As Ordinary Business
(1) To receive and adopt the Director's Report and the Audited
Accounts of the Company for the year ended 2004 together with
the Auditor's Report thereon. (Resolution 1)
(2) To re-elect the following Directors retiring pursuant to
Articles 103 and 107 of the Company's Articles of Association:
Mr. Michael Loh (Retiring under Article 103) (Resolution 2)
Mr. Onn Sin Ching (Retiring under Article 103) (Resolution 3)
Mr. Zubir Bin Harun (Retiring under Article 103) (Resolution 4)
Mr. Steven Shen Hing (Retiring under Article 107)(Resolution 5)
Mr. Zubir Bin Harun will, upon re-election as Director of the
Company, remain a member of the Audit Committee and will be
considered independent for the purposes of Rule 704(8) of
Listing Manual of the Singapore Exchange Securities Trading
Limited.
(3) To approve the payment of Director's fees of SG$141,150 for
the year ended December 31, 2004 (2003: SG$100,734) (Resolution
6)
(4) To re-appoint Messrs Ernst & Young as the Company's auditors
and to authorize the Directors to fix their remuneration.
(Resolution 7)
(5) To transact any other ordinary business which may properly
be transacted at an Annual General Meeting.
To view a full copy of the Notice, click
http://bankrupt.com/misc/FlextechHoldingsNotice_of_2005_AGM.pdf
CONTACT:
Flextech Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 62129629
Fax: 65 62129630
Web site: http://www.flextechholdings.com.sg
JUYI INVESTMENT: Invites Creditors to Appear at Hearing
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Juyi Investment (S) Pte Ltd by the High Court was on March 31,
2005 presented by Bank Of China Limited (formerly known as Bank
of China) (RC No. F00753/W), a bank incorporated in The People's
Republic of China and having a place of business at 4 Battery
Road, Bank of China Building, Singapore 049908, a creditor.
The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on April 22, 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 themselves or their 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 4 Battery Road, Bank of China
Building, Singapore 049908.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/5114).
Dated this 4th day of April 2005.
Messrs Rajah & Tann
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of April 21, 2005 (the working day before the day
appointed for the hearing of the Petition).
MAJU LINES: Requires Creditors to Prove Claims by May 8
-------------------------------------------------------
Notice is hereby given that the Creditors of Maju Lines Pte Ltd
(In Members' Voluntary Winding-Up), which is being wound up
voluntarily, are required on or before May 8, 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 8th day of April 2005.
Steven Tan Chee Chuan
and
Douglas Tan Kay Yeow
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538
RSH LIMITED: Names New Business Development Director
----------------------------------------------------
RSH Limited advised the Singapore Stock Exchange the appointment
of Andrew Patrick Hart as Director of Business Development.
The appointment is executive. Mr. Hart's is responsible for the
Group's business development activities.
Working experience and occupation(s) during the past 10 years:
Hocking Stuart Pty Ltd
General Manager of Administration and Finance
January 1995 to September 2000
Westco Jeans Pty Ltd
Chief Financial Officer/Chief Operating Officer
October 2000 to April 2005
Submitted by:
Tan Chong Beng
Company Secretary
April 12, 2005
CONTACT:
RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327
SELCO VESSELS: Proofs of Debt, Claim Due April 22
-------------------------------------------------
Selco Vessels Pte Ltd (In Compulsory Liquidation) of 8 Cross
Street #11-00 PWC Building Singapore 048424, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:
Court: High Court of Singapore
Number of Matter: Companies Winding Up No. 124 of 1986
Last Day for Receiving Proofs: 22nd April 2005
Name and Address of Liquidator:
Ramasamy Subramaniam Iyer
Goh Thien Phong
c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424
Dated this 8th day of April 2005.
SWT LOGISTICS: Faces Winding Up Proceedings
-------------------------------------------
In the matter of SWT Logistics Pte Ltd. a winding up order was
made on April 1, 2005.
Name and address of Liquidator:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated this 5th day of April 2005
Messrs Harry Elias Partnership
Solicitors for the Petitioners
VILLA PTE: Served with Winding Up Order
---------------------------------------
In the matter of Villa (S) Pte Ltd. a winding up order was made
on April 1, 2005.
Names and address of Liquidators:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
Shook Lin & Bok
Solicitors for the Petitioner
YONGNAM HOLDINGS: AGM Set April 28
----------------------------------
Notice is hereby given that the Annual General Meeting of
Yongnam Holdings Limited will be held at 51 Tuas South Street 5,
Singapore 637644 on Thursday, April 28, 2005 at 4:00 p.m. to
transact the following business:
ORDINARY BUSINESS
(1) To receive and consider the Audited Accounts of the Company
for the financial year ended 31 December 2004 and the Reports of
the Directors and Auditors thereon. (Resolution 1)
(2) To approve the Directors' fees of S$50,000.00 for the
financial year ended December 31, 2004. (Year 2003: S$65,500.00)
(Resolution 2)
(3) To re-elect the following Directors retiring in accordance
with the Company's Articles of Association:
(a) Mr. Tan Tin Nam (retiring under Article 104) (Resolution 3)
(b) Mr. Siau Sun King (retiring under Article 104) (Resolution
4)
(4) To re-appoint Messrs Ernst & Young as Auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution 5)
SPECIAL BUSINESS
(5) To consider and, if thought fit, pass the following ordinary
resolution with or without modifications:
Authority to allot and issue shares
(a) "That, pursuant to Section 161 of the Companies Act, Chapter
50 and the listing rules of the Singapore Exchange Securities
Trading Limited, approval be and is hereby given to the
Directors of the Company at any time to such persons and upon
such terms and for such purposes as the Directors may in their
absolute discretion deem fit, to:
(i) Issue shares and convertible securities in the capital of
the Company whether by way of rights or otherwise;
(ii) Make or grant offers, agreements or options that might or
would require shares to be issued or other transferable rights
to subscribe for or purchase shares (collectively referred as
Instruments) including but not limited to the creation and issue
of warrants, debentures or other instruments convertible into
shares;
(iii) Issue additional Instruments arising from adjustments made
to the number of Instruments previously issued in the event of
rights, bonus or capitalization issues; and
(b) (Notwithstanding the authority conferred by the shareholders
may have ceased to be in force) Issue shares in pursuance of any
Instrument made or granted by the Directors while the authority
was in force, provided always that
(i) The aggregate number of shares to be issued pursuant to this
resolution (including shares to be issued in pursuance of
Instruments made or granted pursuant to this resolution) does
not exceed 50% of the Company's issued share capital, of which
the aggregate number of shares (including shares to be issued in
pursuance of Instruments made or granted pursuant to this
resolution) to be issued other than on a pro rata basis to
shareholders of the Company does not exceed 20% of the issued
share capital of the Company, and for the purpose of this
resolution, the issued share capital shall be the Company's
issued share capital at the time this resolution is passed,
after adjusting for;
(a) New shares arising from the conversion or exercise of
convertible securities, or
(b) New shares arising from exercising share options or vesting
of share awards outstanding or subsisting at the time this
resolution is passed provided the options or awards were granted
in compliance with Part VIII of Chapter 8 of the Listing Manual
of the Singapore Exchange Securities Trading Limited, and
(c) Any subsequent consolidation or subdivision of the Company's
shares, and
(ii) Such authority shall, unless revoked or varied by the
Company at a general meeting, continue in force until the
conclusion of the next Annual General Meeting or the date by
which the next Annual General Meeting of the Company is required
by law to be held, whichever is the earlier." (Resolution 6)
(See Explanatory Note 1)
(6) Authority to grant options and to issue shares under the
Yongnam Employee Share Option Scheme
"That authority be and is hereby given to the Directors of the
Company to offer and grant options from time to time in
accordance with the provisions of the Yongnam Employee Share
Option Scheme, and pursuant to Section 161 of the Companies Act,
Chapter 50, to allot and issue from time to time such number of
shares in the capital of the Company as may be required to be
issued pursuant to the exercise of options granted under the
Scheme, provided that the aggregate number of shares to be
issued pursuant to the Scheme shall not exceed 15 percent of the
issued share capital of the Company from time to time, as
determined in accordance with the provisions of the Scheme."
(Resolution 7) (See Explanatory Note 2)
OTHER BUSINESS
(7) To transact any other business that may be properly
transacted at an Annual General Meeting of the Company.
Dated this 13th day of April 2005
By Order of the Board
Choong Mee Fong
Company Secretary
NOTES:
(1) A member of the Company entitled to attend and vote at the
Meeting is entitled to appoint a proxy and vote in his stead.
(2) A proxy need not be a member of the Company.
(3) If the appointer is a corporation, the proxy must be
executed under seal or the hand of its duly authorised officer
or attorney.
(4) The instrument appointing a proxy must be deposited at the
registered office of the Company at 51 Tuas South Street 5,
Singapore 637644 not later than 48 hours before the time
appointed for the Meeting.
EXPLANATORY NOTES:
(1) The Ordinary Resolution in item no. 5 is to authorize the
Directors of the Company from the date of the above Meeting
until the next Annual General Meeting to issue shares and
convertible securities in the Company up to an amount not
exceeding in aggregate 50% of the issued share capital of the
Company of which the total number of shares and convertible
securities issued other than on a pro-rata basis to existing
shareholders shall not exceed 20% of the issued share capital of
the Company for such purposes as they consider would be in the
interests of the Company.
Rule 806(3) of the Listing Manual of the Singapore Exchange
Securities Trading Limited currently provides that the
percentage of issued share capital is based on the Company's
share capital at the time the mandate is passed after adjusting
for:
(a) New shares arising from the conversion of convertible
securities or employee share options on issue when the mandate
is passed; and
(b) Any subsequent consolidation or subdivision of shares.
This authority will, unless revoked or varied at a general
meeting, expire at the next Annual General Meeting of the
Company.
(2) The Ordinary Resolution in item no. 6 above, if passed, will
empower the Directors of the Company to offer and grant options
under the Yongnam Employee Share Option Scheme and to allot and
issue shares pursuant to the exercise of such options under the
Yongnam Employee Share Option Scheme.
The aggregate nominal amount of new Shares over which the
Company may grant Options on any date, when added to the nominal
amount of new Shares issued and issuable in respect of
(a) All options granted under the Scheme, and
(b) All awards granted under any other share option, share
incentive, performance share or restricted share plan
implemented by the Company and for the time being in force,
shall not exceed (15) per cent of the issued share capital of
the Company on the day preceding that date.
CONTACT:
Yongnam Holdings Limited
51 Tuas South Street 5
Singapore 637644
Telephone: 65 67581511
Fax: 65 67580753
Web site: http://www.yongnam.com.sg
===============
T H A I L A N D
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NAKORNTHAI STRIP: In Talks with New Investors for Upstream Plant
----------------------------------------------------------------
Nakornthai Strip Mill Public Company Limited is negotiating with
foreign partners to jointly invest in its US$300 million
upstream-steel plant, Dow Jones reports citing Thai language-
daily Krungthep Turakij.
Aside from the US$60 million investment in the long-delayed
plant, Nakornthai still needs an additional US$240 million, the
Company's Executive Chairman Sawasdi Horungruang said.
According to Mr. Sawasdi, the plant will be handled by a new
Company and is expected to produce raw materials for Nakornthai.
The plant will have an annual capacity of 1.5 million metric
tons.
Should the creditors allow the Company to exit its debt-
restructuring process, Nakornthai plans to issue bonds worth
AU$200 million to refinance its existing debts.
CONTACT:
Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828
*********
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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Copyright 2005. All rights reserved. ISSN: 1520-9482.
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