/raid1/www/Hosts/bankrupt/TCRAP_Public/050425.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 25, 2005, Vol. 8, No. 80
Headlines
A U S T R A L I A
91 QUEEN: Winds Up Voluntarily
AUST-CHINA BUSINESS: To Pay Final Dividend May 2
AUSTRAL COAL: Centennial Gains 80% Stake
BEARING POINT: Seeing Light at the End of Tunnel
BILL STEVENS: Names P.D. Crowe as Liquidator
BRIGHTER FUTURE: Faces Winding Up Proceedings
CADCOR AUSTRALIA: To Convene Final Meeting April 27
COUNTRY LINEMARKING: Members Pass Resolution to Wind Up Company
CTJ PRODUCTS: Final Meeting Slated April 26
DOLPHIN DONUTS: Enters Winding Up Process
DOUGMAR PTY: To Hear Liquidator's Report on April 26
FEDERATION FURNITURE: To Undergo Voluntary Liquidation
FREEDOM MORTGAGES: Hires Liquidators from Downie Insolvency
JAMES HARDIE: Former Boss Reaps AU$3-Mln Paper Profit
JB WERE: Braces for Resurrection
KNIGHTS INSOLVENCY: Unveils Management Changes
MALLADUP PTY: Members Pass Winding Up Resolution
M&D INTERIORS: To Pay Dividend April 29
PERIVALE PROPRIETARY: Succumbs to Members' Voluntary Liquidation
PROWESS SYSTEMS: Joint Meeting Set April 26
QANTAS AIRWAYS: Adds More Flights to Queensland
ROYMERLE INVESTMENTS: Members Agree to Wind Up Company
SHEEPSKIN MANUFACTURERS: Lays Out Final Meeting Agenda
SST AUTOMOTIVES: Picks Liquidator from Chartered Accountants
STOKES BUILDINGS: Members Agree to Wind Up Company
TRANBY ENTERPRISES: Members, Creditors to Meet April 26
WALTER CONSTRUCTION: Seven Workers Win Entitlements
* ASIC Bans Directors Involved in Henry Kaye Seminars
C H I N A & H O N G K O N G
BILLION TOP: Court Releases Winding Up Order
CHINA BIOPHARMACEUTICAL: To Undergo Winding Up Process
ECYBERCHINA HOLDINGS: Narrows Net Loss to HKD10 Mln
EKE FUNG: Enters Winding Up Proceedings
FAITH DEE: Winding Up Hearing Fixed May 25
FIRST RATE: High Court Issues Winding Up Order
FORTUNE SUPER: Begins Bankruptcy Proceedings
GREEN HARBOUR: Winding Up Hearing Set May 18
HAO TONG: Winding Up Hearing Set April 27
INDUSTRIAL AND COMMERCIAL: S&P Says Capital Injection Positive
JETCO INDUSTRIES: Receives Winding Up Order
QIOMOS GROUP: Served with Winding Up Notice
RICHCOME SHARK'S: High Court Orders Winding Up
TOPNIC FOREX: Winding Up Hearing Scheduled May 4
I N D O N E S I A
BANK MANDIRI: Prosecutors Grill Top Execs
PERTAMINA: Gov't Aims to Resolve ExxonMobil Row by May 20
J A P A N
FUJITSU LIMITED: Shares Slump the Biggest in 11 Months
HITACHI LIMITED: Turns to Hollywood to Drive Plasma TV Sales
JAPAN AIRLINES: JAL Group Introduces Time Discount Fares
MITSUBISHI MOTORS: Appoints Daniel P. Kuhnert as Senior VP
SHOWA DENKO: Unit to Transfer Businesses
SKYNET ASIA: JAL, ANA Offer Rehab Aid
K O R E A
ASIANA AIRLINES: Rising Fuel Costs Drive 59% Profit Drop
HYNIX SEMICONDUCTOR: Pleads Guilty to Price Fixing
SK NETWORKS: Q1 Net Profit Falls 34.6%
M A L A Y S I A
GENERAL SOIL: Bourse to Delist Securities April 27
LION INDUSTRIES: Notes Additional Shares Listing
PILECON ENGINEERING: To List More Shares Today
POS MALAYSIA: Set to List Extra Shares
TELEKOM MALAYSIA: Unveils Employee Share Option Scheme
TENAGA NASIONAL: To Sell MYR950 Mln of 10-Year Bonds
YCS CORPORATION: Bourse to Remove Securities from Official List
P H I L I P P I N E S
BR SORSOGON: Creditors Must File Claims at Liquidator's Office
FILHOMES SAVINGS: Notifies Creditors to File Claims
MANILA MINING: Notes Beneficial Ownership of Securities
MERCHANTS RURAL: Seeks Emergency Loan from BSP
NATIONAL BANK: Sets Record Date on April 25
NATIONAL POWER: IPPs Look at Php350-Bln Claim
NATIONAL POWER: PSALM to Bid Out 19 Power Plants This Year
NATIONAL POWER: Town Requests Php5 Mln for Reforestation
NATIONAL POWER: Government OKs Php1.0354/kWh Average Rate Hike
S I N G A P O R E
ALLGREEN PROPERTIES: Issues, Allots 41,000 Ordinary Shares
BESTBUILD DEVELOPMENT: Proofs of Debt, Claims Due April 30
CHAMPION BEANFOOD: Court to Hear Winding Up Petition April 29
CHARTERED SEMICONDUCTOR: First Quarter Revenue Down 4.9%
INTRACO LIMITED: Passes Special Business Set Out in AGM Notice
KOH BROTHERS: Answers SGX Query
PAC-AM RESTAURANTS: Members, Creditors to Meet May 24
QB HOUSE: Served with Winding Up Order
WEARNES INTERNATIONAL: WBL Proposes to Privatize Company
WEARNES INTERNATIONAL: Asks Bourse to Lift Trading Halt
T H A I L A N D
KRUNG THAI: Net Profit Plummets 17%
NEW PLUS: Elects New Directors
NFC FERTILIZER: Plans to Boost Non-core Products' Quality
RAYONG BULK: Administrator Will Not Quit Management Duties
THAI PETROCHEMICAL: Final Stock Allotment Set June 2005
- - - - - - - -
=================
A U S T R A L I A
=================
91 QUEEN: Winds Up Voluntarily
------------------------------
Notice is hereby given that at a General Meeting of Members of
91 Queen Street Pty Ltd (In Voluntary Liquidation) duly convened
and held at KPMG, Level 30, Central Plaza One, 345 Queen Street,
Brisbane Qld, 4000 on February 28, 2005 a Special Resolution
that the Company be wound up voluntarily was passed by members
and M. J. Fitzpatrick appointed Liquidator.
Dated this 11th day of March 2005
M. J. Fitzpatrick
Liquidator
c/- KPMG
Level 30, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
AUST-CHINA BUSINESS: To Pay Final Dividend May 2
------------------------------------------------
A final dividend is to be declared on May 2, 2005 for Aust-China
Business Consultants Pty Ltd (In Liquidation) A.C.N. 076 164
362.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 11th day of March 2005
Robert Eugene Murphy
Liquidator
RE Murphy & Co
Level 9, 46 Edward Street,
Brisbane Qld 4000
AUSTRAL COAL: Centennial Gains 80% Stake
----------------------------------------
Further to Centennial's Form 604 lodged Thursday, the Directors
are pleased to announce that Computershare Investor Services has
advised that further acceptances have been received taking
Centennial to 80.0% of Austral Coal Limited.
The 80% level is significant, as a large number of the accepting
Austral Shareholders will now be entitled to "scrip for scrip"
rollover relief in respect of the capital gain on the disposal
of their Austral Shares
Centennial's offer was closed Friday.
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
BEARING POINT: Seeing Light at the End of Tunnel
------------------------------------------------
Consultancy and IT systems integrator Bearing Point Australia
said it is on the road to recovery after a rocky 12 months, The
Australian says.
The local arm of the international firm, formerly known as KPMG
Consulting, has been doing business under the auspices of
interim country leader Sumit Chowdhury since February following
the abrupt departure of chief executive Cameron Morris.
The loss of AU$64.6 million by the Australian subsidiary since
it was sold by KPMG in October 2001, and a slide in revenues
from AU$69.8 million in 2002-03 to AU$52.9 million for 2003-04,
have contributed to tense relations between the Australian arm
and its parent, which is facing a string of investigations,
including a grand jury subpoena relating to federal contracts
dating to 1998.
With units in Thailand and Peru already dissolved, pressure has
been placed on the Australian subsidiary to return to
profitability.
The Company had undergone a number of changes in the past 12
months to turn the business around. A number of unprofitable
service offerings, such as managed services, had been dropped
and the 380 staff had been aligned to specific industries rather
than maintaining a varied portfolio of clients.
Mr. Chowdhury said he is now steering the business on an eight-
month growth plan, which will see staff numbers increase by at
least 15 per cent.
CONTACT:
Bearing Point Australia
115 Grenfell Street
Adelaide, South Australia, 5000
BILL STEVENS: Names P.D. Crowe as Liquidator
--------------------------------------------
Take notice that special resolutions were passed on March 8,
2005 by the members and the creditors of Bill Stevens Plasterers
Pty Ltd A.C.N. 108 512 545, whereby it was resolved that the
Company be wound up and Peter Douglas Crowe be appointed
liquidator.
Dated this 8th day of March 2005
P. D. Crowe
A. K. Graham & Co
Chartered Accountants
PO Box 203, Subiaco WA 6904
Telephone: (08) 9388 9917
Facsimile: (08) 9388 9919
BRIGHTER FUTURE: Faces Winding Up Proceedings
---------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Brighter Future Family Services Pty Ltd (In
Liquidation) A.C.N. 091 337 316 held on February 23, 2005, it
was resolved that the Company be wound up voluntarily and that
Lachlan McIntosh and John Park, of KordaMentha (Qld), Level 1,
307 Queen Street, Brisbane be appointed to act as Liquidators
for the purpose of the winding up.
Dated this 14th day of March 2005
Lachlan Mcintosh
Liquidator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999
CADCOR AUSTRALIA: To Convene Final Meeting April 27
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the creditors and members of Cadcor Australia
Pty Ltd (In Liquidation) A.C.N. 085 873 927 will be held at the
offices of Horwath Jefferson Stevenson, Level 4, 370 Queen
Street, Brisbane at 10:00 a.m. on April 27, 2005 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 7th day of March 2005
Philip G. Jefferson
Liquidator
Horwath Jefferson Stevenson
Chartered Accountants
Level 4, 370 Queen Street,
Brisbane Qld 4000
COUNTRY LINEMARKING: Members Pass Resolution to Wind Up Company
---------------------------------------------------------------
At a meeting of creditors of Country Linemarking (W.A.) Pty Ltd
(In Liquidation) A.C.N. 069 762 081, duly convened and held at
the offices of KordaMentha, Level 11, 37 St Georges Terrace,
Perth on Friday, March 4, 2005 at 10:30 a.m. it was resolved:
That pursuant to Section 439C of the Corporations Act 2001 the
Company be wound up.
Dated this 9th day of March 2005
Oren Zohar
Liquidator for Country Linemarking (W.A.) Pty Ltd
Telephone: (08) 9221 6999
CTJ PRODUCTS: Final Meeting Slated April 26
-------------------------------------------
Notice is given that a final meeting of the creditors and
members of CTJ Products Pty Ltd (In Liquidation) A.C.N. 075 086
912 will be held at KPMG, Level 13, Cairns Corporate Tower, 15
Lake Street, Cairns Queensland 4870 on Tuesday, April 26, 2005
at 4:30 p.m.
The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.
Dated this 8th day of March 2005
G. J. Mier
Liquidator
KPMG
Level 13, Cairns Corporate Tower,
15 Lake Street, Cairns Qld 4870
Telephone: (07) 4046 8888
DOLPHIN DONUTS: Enters Winding Up Process
-----------------------------------------
Notice is hereby given that at a general meeting of members of
Dolphin Donuts Pty Ltd (In Liquidation) A.C.N. 105 846 106 held
on February 25, 2005 it was resolved that the Company be wound
up voluntarily and that for such purpose Terry van der Velde and
David Stimpson of SV Partners, Insolvency Accountants and Risk
Managers, Level 16, 120 Edward Street, Brisbane, Queensland,
4000 be appointed liquidators.
Dated this 2nd day of March 2005
Terry Van Der Velde
David Stimpson
Joint and Several Liquidators
c/- SV Partners
Insolvency Accountants and Risk Managers
Web site: http://www.svp.com.au
DOUGMAR PTY: To Hear Liquidator's Report on April 26
----------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Dougmar Pty. Ltd. (In Liquidation)
A.C.N. 077 326 562 will be held at the offices of Jessup &
Partners, Accountants & Business Advisors, St James Place, Level
3, 155-157 Denham Street, Townsville, Queensland 4810 on
Tuesday, April 26, 2005 at 11.00 a.m.
AGENDA
(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
Company has been disposed of, and to receive any explanation
required thereof.
(2) Any other business which may be lawfully considered with the
foregoing.
Dated this 10th day of March 2005
Ian David Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515
Facsimile: (07) 4721 4513
FEDERATION FURNITURE: To Undergo Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Federation Furniture Australia Pty Ltd (In
Liquidation) A.C.N. 065 905 151 held on the March 11, 2005, it
was resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day pursuant to Section
497, it was resolved that for such purpose, Loke Ching Wong and
William Bernard Abeyratne of Harrisons Insolvency, Level 1, 49-
51 Stead Street, South Melbourne be appointed joint and several
liquidators.
Dated this 11th day of March 2005
Loke Ching Wong
Joint and Several Liquidator
c/- Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: 9696 2885
FREEDOM MORTGAGES: Hires Liquidators from Downie Insolvency
-----------------------------------------------------------
Notice is given that Jason Bettles and Susan Carter, Registered
Liquidators, of Downie Insolvency, Level 6, 50 Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of
Freedom Mortgages Pty Ltd (In Liquidation) A.C.N. 095 255 635 at
a general meeting of the Company's members on March 3, 2005.
Dated this 10th day of March 2005
Jason Bettles
Liquidator
Downie Insolvency
Web site: http://www.downieinsolvency.com.au
JAMES HARDIE: Former Boss Reaps AU$3-Mln Paper Profit
-----------------------------------------------------
James Hardie Industries' former chief executive has collected
his second resignation benefit by completing the conversion of
1.2 million options into shares in the embattled building
products maker, the Sydney Morning Herald says.
In the past six trading days, Peter Mcdonald has paid AU$3.82
million to exercise the options. The new shares were worth
AU$6.76 million, giving him an instant paper profit of AU$2.94
million.
Mr. Mcdonald is expected to reap a third bonus later this year
if James Hardie meets certain performance hurdles.
The windfall brings Mr. Macdonald's total payout to more than
AU$11 million since he resigned at the height of community
condemnation of James Hardie's underfunding of asbestos
compensation, in October.
James Hardie has since signed an agreement to shoulder the
compensation bill regardless of legal liability and shareholders
are due to meet to approve the arrangement in July.
CONTACT:
James Hardie Industries
Website: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other inquiries to CustomerLink Service Centre on 13 1103.
JB WERE: Braces for Resurrection
--------------------------------
Investment bank Goldman Sachs JBWere (GSJBW) is preparing to re-
launch its failed private equity business JB Were Private Equity
Fund, according to The Age.
GSJBW is keen on the revival amid criticism of JBWere, which
lost investors millions of dollars and led to the departure of
its chief, Bernard Stanton.
The new private equity operation is expected to focus on later-
stage investments and pitch for both institutional and retail
investors, using the experience of its parent's multibillion-
dollar holdings in the sector.
It will be run by Clark Perkins, the present chairman of Goldman
Sachs JBWere in New Zealand and a veteran private equity
specialist, who was called in late last year to advise on the
JBWere fund. He is now putting together a new team.
JBWere was recently wound up after the "irretrievable" breakdown
of the financial position in building services group Advanced
Building Technologies caused the fund management to write off a
40 percent stake worth AU$14 million.
CONTACT:
Goldman Sachs JBWere Pty Ltd
Level 16, 101 Collins Street
Melbourne Vic 3000
Phone: 1300 366 790 or (61 3) 9679 1534
E-mail: cst@gsjbw.com
Web site: http://www.gsjbwere.com/
KNIGHTS INSOLVENCY: Unveils Management Changes
----------------------------------------------
Knights Insolvency Administration Limited (Knights) announced
that it has accepted the resignation of John Schmierer as an
executive of Knights. Mr. Schmierer has resigned as a director
of Knights on April 1, 2005.
Mr. Schmierer's resignation is effective immediately. Knights is
presently working with Mr. Schmierer to seek all necessary
approvals to effect his resignation as insolvency administrator
with respect to his current appointments and the appointment of
Knights nominees as replacement insolvency administrators. This
appointment and replacement procedure will generally require
court approval.
Executive Director and National Manager of Insolvency, Dennis
Offermans, national Manager of Forensic and Financial Services,
Geoff Larson, and Chief Operating Officer, Grant Murphy continue
to have responsibility for the day-to-day operations of Knights.
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/
MALLADUP PTY: Members Pass Winding Up Resolution
------------------------------------------------
At a general meeting of the members of Malladup Pty Ltd A.C.N.
008 706 723 duly convened and held at 8 St Georges Terrace Perth
WA, on March 8, 2005, the special resolutions set out below were
duly passed:
That the Company be wound up under the provisions applicable to
a Members' Voluntary Liquidation and that Angela Ann Gaffney be
and is hereby appointed Liquidator of the Company.
That the Liquidator is hereby authorized to distribute in specie
such of the assets as she sees fit and on such conditions as she
deems necessary to any one or more of the members of the
Company.
Dated this 8th day of March 2005
D. B. Stewart
Director
c/- RSM Bird Cameron
1st Floor, 8 St Georges Terrace,
Perth WA 6000
M&D INTERIORS: To Pay Dividend April 29
---------------------------------------
A first dividend is to be declared on Friday, April 29, 2005 for
M&D Interiors Pty Ltd (In Liquidation) formerly of 1/18
Racecourse Road, Pakenham Vic 3810 A.B.N. 75 073 374 384.
Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 11th day of March 2005
H. A. Mackinnon
Joint Liquidator
Bent & Cougle
Chartered Accountants
332 St Kilda Road,
Melbourne Vic 3004
PERIVALE PROPRIETARY: Succumbs to Members' Voluntary Liquidation
----------------------------------------------------------------
It was passed by special resolution on 3 March, 2005 pursuant to
Section 249A of the Corporations Law that, that Perivale
Proprietary Limited (In Liquidation) A.C.N. 009 816 586 be wound
up as a Members' Voluntary Liquidation and that the assets of
the Company may be distributed in whole or in part to the
members in specie should the liquidators so desire.
Dated this 8th day of March 2005
Kim Hanrick
Liquidator
Hanrick Curran
Level 9, 324 Queen Street,
Brisbane Qld 4002
PROWESS SYSTEMS: Joint Meeting Set April 26
-------------------------------------------
Notice is given that a joint meeting of members and creditors of
Prowess Systems Pty Ltd (In Liquidation) A.C.N. 071 345 483 will
be held at the offices of D'Aloia Handberg, Chartered
Accountants, Level 10, 200 Queen Street, Melbourne on April 26,
2005 at 10:00 a.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.
Dated this 10th day of March 2005
A. D'Aloia
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000
QANTAS AIRWAYS: Adds More Flights to Queensland
-----------------------------------------------
Qantas Airways will add a new non-stop Brisbane-Los Angeles
service to its schedule from July 18, taking the number of
Qantas flights on the route to 11 per week - four non-stop and
seven via Auckland.
Qantas Executive General Manager John Borghetti said the
airline's non-stop Brisbane-Los Angeles services, first
introduced in June 2004, had been very popular with both
business and leisure travellers.
"Qantas is the only airline to offer non-stop services on the
route," Mr. Borghetti said.
He said the additional service would enable Qantas to provide a
more balanced spread of departure days for customers traveling
non-stop between Brisbane and the USA.
Mr. Borghetti said with Queensland's popularity as a year round
holiday destination continuing to grow, the airline was
constantly reviewing its schedules to ensure it was meeting
market demand.
"In addition to last week's announcement of an additional 6,600
seats for the Queensland market, we are reintroducing Qantas
Boeing 737 services between Brisbane and Hamilton Island from 1
July," he said.
"Qantas will operate three return flights a week on the
Brisbane-Hamilton Island route, on Tuesdays, Fridays and
Sundays, in addition to Jetstar's daily A320 services.
"The Qantas 737 schedule will allow easy connections for
international visitors arriving in Brisbane from ports such as
Los Angeles and Japan," Mr. Borghetti said.
"Under this new schedule, the Qantas Group will operate more
than 2,600 seats each week into Hamilton Island."
Mr. Borghetti said that the Qantas Group was one of the State's
major employers and a major contributor to tourism.
"We are committed to the further development of our Queensland
business operations, with a new heavy maintenance facility
opening in Brisbane later this year," he said.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
ROYMERLE INVESTMENTS: Members Agree to Wind Up Company
------------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of Roymerle Investments Pty Ltd (In Voluntary
Liquidation) A.C.N. 008 734 183 held on February 27, 2005 it was
resolved that the Company be wound up voluntarily and that Oren
Zohar and Brian McMaster, of KordaMentha, Level 11, 37 St
Georges Terrace, Perth, Western Australia be appointed to act as
Joint and Several Liquidators for the purpose of the winding up.
Dated this 10th day of March 2005
Oren Zohar
Liquidator for Roymerle Investments Pty Ltd
KordaMentha (WA)
Telephone: (08) 9221 6999
SHEEPSKIN MANUFACTURERS: Lays Out Final Meeting Agenda
------------------------------------------------------
Notice is given that a final meeting of the creditors of
Sheepskin Manufacturers Of Australia Pty Ltd (In Liquidation)
A.C.N. 085 586 867 will be held at SimsPartners, Level 6, 12
Pirie Street, Adelaide SA, on May 2, 2005 at 9:00 a.m.
AGENDA
(1) To consider a report from the Joint Liquidator regarding the
conduct of the liquidation, including particulars of asset
realisation and investigation into the affairs of the Company.
(2) Any other business.
Dated this 14th day of March 2005
A. G. Scott
Joint Liquidator
SimsPartners
Level 6, 12 Pirie Street,
Adelaide SA 5000
Telephone: 08 8233 9900
SST AUTOMOTIVES: Picks Liquidator from Chartered Accountants
------------------------------------------------------------
Notice is hereby given that at a general meeting of SST
Automotives Pty Ltd (In Liquidation) A.C.N. 109 515 684 held on
February 24, 2005 it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day
pursuant to Section 497 of the Corporations Act 2001, it was
resolved that for such purpose Ronald Derek Gamble, Chartered
Accountant of 8th Floor, 256 St George's Terrace, Perth be
appointed liquidator.
Dated this 2nd day of March 2005
Ronald D. Gamble
Liquidator
BDO
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: 9360 4200
STOKES BUILDINGS: Members Agree to Wind Up Company
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Stokes Buildings Pty Ltd (In Liquidation)
A.C.N. 004 679 458 held on February 21, 2005 it was resolved
that the Company would be wound up voluntarily and that Andrew
Stewart Reed Hewitt of Grant Thornton be appointed Liquidator
for the purpose of the winding up.
Dated this 9th day of March 2005
A. S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers
Level 35, South Tower,
525 Collins Street,
Melbourne Vic 3000
TRANBY ENTERPRISES: Members, Creditors to Meet April 26
-------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Tranby
Enterprises Pty Ltd (In Liquidation) A.C.N. 069 396 756 will be
held at the offices of Hall Chadwick, Level 40, BankWest Tower,
108 St George's Terrace, Perth WA 6000 on April 26, 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 of
hearing any explanations that may be given by the Joint and
Several Voluntary Liquidators.
Dated this 10th day of March 2005
C. M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000
WALTER CONSTRUCTION: Seven Workers Win Entitlements
---------------------------------------------------
A month after the collapse of Walter Construction, seven workers
at the failed firm's Villawood plant yard will finally receive
their full claims, relates Fairfield Advance.
The workers will be granted AU$400,000 in full entitlements
after the Construction, Forestry, Mining and Energy Union
negotiated with the new owner of the plant yard, Walter Mining.
Comprising four white-collar workers and three blue-collar
workers, they were initially informed in February by
administrators there was no money to pay their entitlements. The
workers were fearful they would be forced to rely on the Federal
Government's General Employee Entitlements and Redundancy Scheme
which, they claimed, would pay less than half what they were
owed.
Walter Construction was placed under voluntary administration
with debt of more than AU$110 million after German parent Walter
Bau filed for insolvency.
* ASIC Bans Directors Involved in Henry Kaye Seminars
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Paul Batho, of Geelong, Victoria and Mr. Leonard
McDowell, of Sydney, from providing any financial services for
two years and 18 months respectively, following an investigation
arising from ASIC's inquiries into property seminars delivered
by Mr. Henry Kaye.
Mr. Batho and Mr. McDowell are both directors of Laton
Management Pty Ltd (Laton Management). Mr. McDowell is also a
director of Laton Corporate Finance Pty Ltd (under external
administration) (Laton Corporate Finance) and Mr. Batho was a
director of Laton Corporate Finance until January 2004.
Mr. Batho and Mr. McDowell were banned after ASIC's
investigation found that they allowed Laton Capital Finance to
carry on a financial services business, being the promotion of
three managed investment schemes, without an Australian
financial services license.
ASIC's investigation also found that Mr. Batho engaged in
misleading or deceptive conduct by treating investors in the
managed investment schemes as wholesale clients, regardless of
the investors experience, financial requirements and personal
circumstances and in some cases, with knowledge of their lack of
financial awareness. ASIC found that Mr. Batho's conduct was
likely to mislead or deceive investors as to their rights and
true status as retail investors.
ASIC also found that Mr. Batho demonstrated a preparedness to
compromise the interests of investors and that he failed to
properly consider the circumstances of investors and the nature
of investments when providing investment advice.
Due to their conduct, ASIC found that Mr. Batho and Mr. McDowell
are not persons who can be relied upon to comply with financial
services laws in the future.
"This decision demonstrates ASIC's preparedness to take
enforcement action against unlicensed promoters of managed
investment schemes," ASIC's Executive Director of Enforcement,
Ms. Jan Redfern said.
"This case serves as a warning to providers of financial
services to carefully consider the application of the retail
client provisions of the Corporations Act 2001. ASIC will
penalize those who circumvent the retail provisions of the Act
by treating investors as wholesale investors in circumstances
where they are not," Ms. Redfern added.
Mr. Batho and Mr. McDowell have the right to lodge an
application for a review of ASIC's decision with the
Administrative Appeals Tribunal.
Background
Both Mr. Batho and Mr. McDowell have had extensive involvement
with Mr. Kaye, by providing services in relation to Mr. Kaye's
property developments and speaking at Mr. Kaye's seminars in
relation to mezzanine finance. The majority of investors in Mr.
Batho and Mr. McDowell's managed investment schemes were clients
who had attended Mr. Kaye's seminars.
ASIC's investigation revealed that Mr. Batho and Mr. McDowell
intended for the schemes to operate as unit trusts, with a
minimum subscription amount of $500,000 per investor. The funds
raised were lent to property developers, subject to security
principally by way of second mortgages.
While Mr. Batho and Mr. McDowell intended that interests in the
schemes only be issued to wholesale investors, ASIC has found
that Mr. Batho and Mr. McDowell were aware, or should have been
aware, that interests in the schemes were in fact issued to
investors properly classified as retail investors.
ASIC's investigation found that investors were encouraged to
form syndicates to raise amounts in excess of $500,00 and
thereby circumvent the protection afforded to them as retail
investors under the Corporations Act 2001.
==============================
C H I N A & H O N G K O N G
==============================
BILLION TOP: Court Releases Winding Up Order
--------------------------------------------
Billion Top International Limited with registered office located
at 5th Floor, No. 88 Lockhard Road, Wanchai, Hong Kong was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on April
6, 2005.
Date of Presentation of Petition: February 2, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
CHINA BIOPHARMACEUTICAL: To Undergo Winding Up Process
------------------------------------------------------
China Biopharmaceutical (Holdings) Company Limited with
registered office located at Room 1120, New Commerce Centre, No
19 On Sum Street, Shatin, New Territories was issued a winding
up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on April 6, 2005.
Date of Presentation of Petition: January 31, 2004.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
ECYBERCHINA HOLDINGS: Narrows Net Loss to HKD10 Mln
---------------------------------------------------
eCyberChina Holdings Limited (0254) disclosed its financial
results for the first half ended December 31, 2004.
Year end date: 30/06/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/07/2004 from 01/07/2003
to 31/12/2005 to 31/12/2004
Note ('Million) ('Million)
Turnover : 2.52 5.39
Profit/(Loss) from Operations : (1.37) (2.86)
Finance cost : (4.44) (3.81)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (5.81) (6.68)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.002) (0.002)
-Diluted (in dollars) : (0.002) (0.002)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (5.81) (6.68)
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
CONTACT:
eCyberChina Holdings Limited
Units 5808, 58th Floor
The Center No.99 Queen's Road
Central Hong Kong
Phone: 25223080
Fax: 25220709
EKE FUNG: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of Eke
Fung Company Limited by the High Court of Hong Kong Special
Administrative Region was on the March 8, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The Petition is to be heard before the Court at 9:30 a.m. on May
11, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and 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.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.
FAITH DEE: Winding Up Hearing Fixed May 25
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Faith Dee Limited by the High Court of Hong Kong Special
Administrative Region was on March 22, 2005, presented to the
said Court by Wing Lung Bank Limited of No. 45 Des Voeux Road
Central, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on May 25, 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.
Fairbairn Catley Low & Kong
Solicitors for the Petitioner
43rd Floor, Gloucester Tower
The Landmark, 11 Pedder Street
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 24, 2005.
FIRST RATE: High Court Issues Winding Up Order
----------------------------------------------
First Rate Transportation Limited with registered office located
at Suite 4516-20, Metroplaza Tower 1, 223 Hing Fong Road, Kwai
Chung, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on April 6, 2005.
Date of Presentation of Petition: February 2, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
FORTUNE SUPER: Begins Bankruptcy Proceedings
--------------------------------------------
Fortune Super Limited with registered office located at Shop
709-712, Level 7, Grand Century Place, 193 Prince Edward Road
West, Kln was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on April 6, 2005.
Date of Presentation of Petition: February 2, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
GREEN HARBOUR: Winding Up Hearing Set May 18
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Green Harbour Limited by the High Court of Hong Kong Special
Administrative Region was on March 15, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on May 18, 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.
Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 17, 2005.
HAO TONG: Winding Up Hearing Set April 27
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of Hao
Tong Trading Limited by the High Court of Hong Kong Special
Administrative Region was on the February 24, 2005 presented to
the said Court by Yeung Hing Lun of Flat 4003, Fuk Yat House,
Yat Tung Estate, Tung Chung, New Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on April 27, 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.
D. S. Cheung & Co.
Solicitors for the Petitioner
Rooms 1910-1913, Hutchison House
10 Harcourt 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 26, 2005.
INDUSTRIAL AND COMMERCIAL: S&P Says Capital Injection Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said on Friday that a recent
US$15 billion capital injection into Industrial and Commercial
Bank of China (ICBC, BB+/Positive/B) represents a further
positive step by the Chinese government to resolve the legacy
problems of the country's banking system.
The injection is likely to form part of a sizeable
recapitalization package for ICBC, which needs to address its
inadequate capitalization and a large shortfall in its loan loss
provisions.
"The action reinforces Standard & Poor's belief that the Chinese
government is likely to provide additional support for ICBC in
the near term," said Standard & Poor's credit analyst Ryan
Tsang.
A statement by the State Council announcing the injection did
not address the shortfall in loan loss provisions directly. At
the end of 2004, ICBC had about Chinese renminbi (RMB) 700
billion in official nonperforming loans and RMB100 billion in
other nonperforming assets. At that time, its loan loss
provisions were estimated at RMB50 billion. It is likely that
the bank will receive some form of relief, either directly or
indirectly from the government, to address the shortfall in its
loan loss provisions.
The statement by the State Council said the capital injection
would bring ICBC's regulatory capital ratio to 6%, two
percentage points short of the minimum requirement of 8%. The
bank plans to issue subordinated debt to bring its regulatory
capital ratio above the minimum requirement.
CONTACT:
Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com
JETCO INDUSTRIES: Receives Winding Up Order
-------------------------------------------
Jetco Industries Limited with registered office located at Flat
A, 11th Floor, Toi Shan Centre, 128 Johnson Road, Wanchai, Hong
Kong was issued a winding up notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on April 6, 2005.
Date of Presentation of Petition: February 2, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
QIOMOS GROUP: Served with Winding Up Notice
-------------------------------------------
Qiomos Group Limited with registered office located at Room
1120, New Commerce Centre, No. 19 on Sum Street, Shatin, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on April 6, 2005.
Date of Presentation of Petition: January 31, 2004.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
RICHCOME SHARK'S: High Court Orders Winding Up
----------------------------------------------
Richcome Shark's Fin Seafood Restaurant Limited with registered
office located at 4/F, Citimall Yuen Long Town Lot No. 464, Kau
Yuk Road, Yuen Long, New Territories was issued a winding up
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on April 6, 2005.
Date of Presentation of Petition: February 2, 2005.
Dated this 15th day of April 2005.
ET O'Connell
Official Receiver
TOPNIC FOREX: Winding Up Hearing Scheduled May 4
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Topnic Forex Limited by the High Court of Hong Kong Special
Administrative Region was on March 2, 2005 presented to the said
Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on May 4, 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.
Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Central, Hong Kong
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 3, 2005.
=================
I N D O N E S I A
=================
BANK MANDIRI: Prosecutors Grill Top Execs
-----------------------------------------
Bank Mandiri's vice president was questioned by prosecutors on
April 21 about a corruption scandal involving a total of IDR12
trillion in bank loans and more than 28 companies, reports the
Jakarta Post.
Mr. I Wayan Pugeg was questioned for the second time as a
witness by the Attorney General's Office (AGO) for over 6 hours,
in the first stage of the investigation into the banks'
"accounting irregularities" by loaning IDR1 trillion to four
companies namely PT Lativi Media Karya, PT Cipta Graha
Nusanatara/Tahta Medan (CGN/TM), PT Siak Zamrud Pusaka and PT
Arutmin. Mr. Pugeg has not been named a suspect in the
investigation.
The questioning of the bank's vice-president could help hasten
the investigation, as reports show that the scandal may involve
other key figures. According to AGO spokesman R.J. Soehandojo,
Mr. Pugeg may likely be linked to the case, but investigators
need to look into the four cases involving the companies
mentioned above.
Aside from Mr. Pugeg, investigators have also questioned three
other bank directors M.Sholeh Tasripan (corporate banking
director), Omar S. Anwar (director of consumer banking), K. Keat
Lee (finance director), and three officials responsible for
giving out the loans to the four companies.
Mr. Frans Hendra Winarta, lawyer to the three PT CGN/TM
suspects, said that his clients have already returned IDR160
billion of the entire IDR165 billion loan extended by Bank
Mandiri, since the IDR5 billion is being used for operational
costs of the Company. He added that the loan was used to
renovate a hotel and build a tower.
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: Gov't Aims to Resolve ExxonMobil Row by May 20
---------------------------------------------------------
The Indonesian government has set May 20, 2005 as the deadline
for state-owned oil and gas firm PT Pertamina and EXXonMobil Oil
to settle talks on the development of a gas field in Cepu,
Central Java, reports Antara News.
According to Pertamina-ExxonMobil team spokesman Rizal
Mallarangeng, Coordinating Minister of Economic Affairs Aburizal
Bakrie has given both companies until May 20 to sign an
agreement on the Cepu block development project. The two
companies restarted negotiations after failure to do so last
year.
According to Mr. Rizal, both companies held a meeting on April
20, as ordered by Indonesian president Susilo Bambang Yudhoyono,
to discuss the agreement. The meeting was attended by Mr.
Bakrie, Energy & Mineral Resources Minister Purnomo Yusgiantoro,
and the presidents and top officials of the two companies. The
technical details of the agreement would be discussed later.
The government is pushing to speed up the agreement process, due
to concerns of the falling oil production level in the country.
Mr. Rizal added that Indonesia needed to attract investors to
finance the development project, to continue oil production and
increase state revenue.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
=========
J A P A N
=========
FUJITSU LIMITED: Shares Slump the Biggest in 11 Months
------------------------------------------------------
Fujitsu Limited shares fell 4.4 percent on Thursday after the
Company reported fourth-quarter profit slid 51 percent from a
charged related to taxes and reorganization, Bloomberg News
reports.
The shares have the biggest drop since May 13, as of 10:23 a.m.
in Tokyo. The stock, trading at its lowest since December 2003,
has lost 8.4 percent this month while the Nikkei 225 Stock
Average has slid 7.2 percent.
Fujitsu is selling its flat-panel display businesses as it
focuses on computer network servers and semiconductors. The
Company two months ago sold its liquid-crystal display unit to
Sharp Corp. and its plasma screen business to Hitachi Ltd. It
plans to raise chip spending by about 80 percent this fiscal
year.
The Company had a one-time loss of JPY128.7 billion (US$1.2
billion) in the year ended March 31, almost two-thirds of which
was related to deferred taxes. Net income was about JPY49.7
billion in the three months ended March 31.
The earnings results are preliminary. The Company is scheduled
to formally report earnings on April 27.
CONTACT:
Fujitsu Limited
Public & Investor Relations
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
HITACHI LIMITED: Turns to Hollywood to Drive Plasma TV Sales
------------------------------------------------------------
Hitachi Limited will partner with Paramount Pictures for a
worldwide promotional campaign surrounding the upcoming motion
picture "War of the Worlds," it was announced today by Kazuhiro
Tachibana, general manager of Hitachi's Consumer Business Group.
The most highly anticipated film of the summer, "War of the
Worlds," directed by Steven Spielberg and starring Tom Cruise,
hits theaters worldwide on June 29.
Hitachi's ambitious promotional campaign, entitled "The Ultimate
Visual Experience," marks the first step of Hitachi's new
marketing strategy incorporating its keyword "Glocal" and will
include global advertising and marketing activities in Japan in
particular, various campaign activities are planned targeting
the summer bonus sales period.
"Our `The Ultimate Visual Experience' campaign is a perfect
match between Spielberg and Cruise's pursuit of the world's best
in film entertainment and Hitachi's commitment to the highest
picture quality through its digital consumer electronic
products," said Kazuhiro Tachibana. "We are thrilled that our
high-quality products will not only be seen in the film, but
will also be leveraged for a global promotion."
"We are proud to have broken new ground by partnering with
Hitachi. This is Hitachi's first foray into the branded
entertainment space with a feature film," said Lisa DiMarzio,
SVP Worldwide Marketing Partnerships, Paramount Pictures.
"Hitachi's global promotion with `War of the Worlds' is a multi-
tiered campaign that spans television, print, and online, and
also includes several innovative consumer activation tactics
that will be unveiled throughout the campaign."
The "War of the Worlds" partnership, led by the Consumer
Business Group established in October 2004, is the first of its
kind for Hitachi. Previously, Hitachi advertising or promotion
activities had been performed individually in each region (North
America, Europe, China, and Asia) and country. Hitachi's
approach to the "War of the Worlds" campaign is based upon a new
marketing strategy using the keyword "Glocal," a coined term
combining "global" and "local," and is designed to improve
Hitachi's consumer products business and strengthen its brand
power on a global scale.
Paramount Pictures distributes the film in North America and UIP
distributes in international markets, including Japan. "The
Ultimate Visual Experience" campaign will launch on May 1, 2005
with a groundbreaking convergence of entertainment and
technology and continue through August 31, 2005.
Hitachi's summer campaign with "War of the Worlds" occurs during
a period lacking any other events with worldwide appeal, such as
the FIFA World Cup or the Olympics, so Hitachi will aggressively
utilize the timeliness of "The Ultimate Visual Experience" to
increase sales of its plasma televisions.
The global partnership with "War of the Worlds" marks a new
period for Hitachi regarding how they approach entertainment and
marketing. Adopting a new method combining "Product Placement,"
whereby Hitachi contributes the Company's products for use in
films, and "Cross Promotion," which supports and advertises the
Company or its products by utilizing product images in films,
Hitachi is aiming to not simply carry out conventional
advertising activities for product exposure, but to provide news
hooks, deliver messages to stakeholders, and improve its Company
image.
Hollywood films are said to be the world's largest contents
business, totaling 1.5 billion in attendance at movie theaters
worldwide per year. In addition to first-run films at theaters,
films are distributed through secondary media, such as satellite
channels, cable channels, DVD, videos, broadband, and in-flight
entertainment. Hitachi thus expects a significant influence on
its sales and brand image from tie-ins with epic films that have
global appeal, such as "War of the Worlds."
This summer, the earth goes to war. From Paramount Pictures and
DreamWorks Pictures comes the motion picture event of the year:
"War of the Worlds," directed by Steven Spielberg and starring
international superstar Tom Cruise. A contemporary retelling of
the H.G. Wells seminal classic, the sci-fi adventure thriller
reveals the extraordinary battle for the future of humankind
through the eyes of one American family fighting to survive it.
Paramount Pictures and DreamWorks Pictures present an Amblin
Entertainment/ Cruise|Wagner Production, a Steven Spielberg
film, "War of the Worlds." Directed by Steven Spielberg from a
screenplay by David Koepp based on the novel by H.G. Wells, the
film is produced by Kathleen Kennedy and Colin Wilson. Paula
Wager is executive producer.
About Hitachi, Ltd.
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.
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: JAL Group Introduces Time Discount Fares
--------------------------------------------------------
Travelers can take advantage of Japan Airlines (JAL) group's
economy class `Time Discount Fares', enabling them to travel at
very low rates between Tokyo and a choice of ten other Japanese
cities during specified weekends in May 2005.
The `Time Discount Fares' are applicable on certain JAL flights
between Tokyo and either Fukuoka, Izumo, Kochi, Matsuyama,
Nagasaki, Oita, Sapporo, Takamatsu, Tokushima, or Yamaguchiube.
Prices for one-way tickets range from JPY8,000-12,000 per
person, varying in cost according to route and time of
departure.
Passengers must purchase their tickets in advance of travel
during the reservation periods outlined below. Payment in full
is required at the time of booking. Reservations can be made
either by telephone on 0120 25 5971 or via the Internet at
www.jal.co.jp/dom/.
Travel Dates Advance Reservation Period
May 7 & May 8, 2005 April 27 & April 29, 2005
May 14 & May 15, 2005 May 4 & May 6, 2005
May 21 & May 22, 2005 May 11 & May 13, 2005
May 28 & May 29, 2005 May 18 & May 20, 2005
Main Fare Rules & Conditions
A minimum of 2 people are required per booking and must travel
on the same route and flights.
A limited number of seats are sold at this fare level and are
therefore subject to availability..
No amendments are possible.
Cancellation charges apply.
Refunds are only possible on unused return round trip tickets.
Fares are suitable for residents of Japan.
For full details including terms and conditions, please visit
www.jal.co.jp/dom/fare/
Japan domestic discounts for overseas visitors
Travelers resident in countries outside Japan who would like
information on suitable domestic discount economy fares, please
visit: www.jal.co.jp/yokosojapan/.
** JAL makes regular advance announcements of special discount
fares **
(Note: JAL Group notified the MLIT on April 20th, 2005 of the
new `Time Discount' fares for May 2005)
May 14th, Sat May 15th, Sun, 2005
May 4th, Wed, May 6th, Fri, 2005
May 21, Sat, May 22, Sun, 2005
May 11, Wed, May 13, (Fri), 2005
May 28, Sat, May 29, Sun, 2005
May 18, Wed, May 20, (Fri), 2005
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
MITSUBISHI MOTORS: Appoints Daniel P. Kuhnert as Senior VP
----------------------------------------------------------
Industry veteran Daniel P. Kuhnert on Thursday joins Mitsubishi
Motors North America, Inc. (MMNA) as senior Vice President of
sales. Kuhnert replaces Michael Tocci, who is relocating to the
east coast to pursue other interests.
In his new position, Mr. Kuhnert will be responsible for U.S.
sales operations, dealer development, distribution, logistics,
fleet and remarketing, reporting to Mr. Dave Schembri, executive
Vice President of Sales and Marketing. Mr. Kuhnert rejoins MMNA
after more than a decade as a dealer principal of two Mitsubishi
dealerships in San Diego County.
"I've had the privilege of working with Dan early in our careers
and I'm excited to work with him again," said Mr. Dave Schembri.
"Dan has the unique experience of working on both the wholesale
and retail sides of this business. His perspective will be
invaluable to the Mitsubishi organization."
Mr. Kuhnert first joined MMNA in 1988 and served as its general
manager for the Western Region until 1992. From 1992 through
2001, Mr. Kuhnert was the owner/operator of Carlsbad Mitsubishi.
During that time, he was named a Mitsubishi "Diamond Chapter of
Excellence Dealer" for three consecutive years, and served on
the Mitsubishi Dealer National Advisory Board.
Most recently, Mr. Kuhnert served as managing partner of the
Poway Auto Group in Poway, California, where he oversaw both
Mitsubishi and Hyundai dealerships.
Prior to his career with Mitsubishi, Mr. Kuhnert held various
sales positions for Volkswagen of America, Inc. He began his
career as a zone manager for Ford Motor Company in Lansing,
Michigan.
Mr. Kuhnert graduated from Michigan State University with a
bachelor's degree in marketing. He earned his master's degree in
business administration from St. Mary's College in Moraga,
California.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.
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
SHOWA DENKO: Unit to Transfer Businesses
----------------------------------------
Showa Denko K.K.'s (SDK) aluminum extrusions manufacturing
subsidiary Showa Alumi Viewtech Co., Ltd. will transfer its
businesses to other SDK subsidiaries by May 1 in preparation for
its dissolution in or around September this year.
Specifically, the marketing of light poles will be transferred
to Shoko Co., Ltd. while the production of them will be taken
over by Showa Denko Aluminum Trading K.K.
Showa Denko Aluminum Trading will also take over Showa Alumi
Viewtech's businesses in fabricated aluminum products (motor
housing, pots for induction heating, etc.) and evaporators. The
urban beautification facilities business will be transferred to
Techno Namiken Inc.
The total amount of sales of these businesses will be
approximately 400 million Yen. The transaction will have only
slight influence on SDK's performance for 2005.
Under the ongoing medium-term consolidated business plan, the
Sprout Project, SDK has been proceeding with the restructuring
of commodity aluminum operations.
Outline of companies
1. Showa Alumi Viewtech Co., Ltd.
Head office: Taito-ku, Tokyo
President: Takuji Fukutome
Establishment: September 1963
Capital: JPY227 million
Employees: 135 (as at December 31, 2004)
Shareholder: Showa Denko K.K. (100%)
2. Showa Denko Aluminum Trading K.K.
Head office: Osaka City, Osaka Pref.
President: Masayoshi Yoneyama
Establishment: November 1950
Capital: JPY249 million
Employees: 57 (as at December 31, 2004)
Shareholder: Showa Denko K.K. (100%)
3. Shoko Co., Ltd.
Head office: Minato-ku, Tokyo
President: Hiroshi Matsubara
Establishment: May 1947
Capital: JPY8,022 million
Employees: 298 (as at December 31, 2004)
Shareholder: Showa Denko K.K. (42%)
4. Techno Namiken Inc.
Head office: Osaka City, Osaka Pref.
President: Kazuhiro Wada
Establishment: May 1925
Capital: JPY145 million
Employees: 135 (as at December 31, 2004)
Shareholder: Showa Denko K.K. (39%)
About Showa Denko K.K.
Showa Denko (SDK)(TSE: 4004; OTC: SHWDF) is a major manufacturer
and marketer of chemical products serving a wide range of fields
ranging from heavy industry to the electronic and computer
industries. SDK makes petrochemicals (ethylene, propylene),
aluminum products (ingots, rods) electronic equipment (hard
disks for computers), and inorganic materials (ceramics,
carbons). The Company has overseas operations and a joint
venture with Netherlands-based Montell and Nippon Petrochemicals
to make and market polypropylenes. In March 2001, SDK merged
with Showa Denko Aluminum Corporation to strengthen the high-
value-added fabricated aluminum products operations, and is
today developing next-generation optical communications-use
wafers.
CONTACT:
Showa Denko K. K.
13-9 Shiba Daimon 1-Chome
Minato-ku 105-8518, Tokyo 105-8518
Japan
Phone: +81 3 5470 3384
Fax: +81 3 3431 6442
SKYNET ASIA: JAL, ANA Offer Rehab Aid
-------------------------------------
Japan Airlines Corporation and All Nippon Airways Company have
submitted aid proposals to the Industrial Revitalization
Corporation to provide operational support as well as financial
assistance to Skynet Asia Airways Company, Kyodo News reports.
According to TCR-AP, the struggling Miyazaki-based airline,
which began flight services between Tokyo and Miyazaki in 2002,
brought its cumulative deficit to about JPY4 billion.
CONTACT:
Skynet Asia Airways co., Ltd. (SNA)
148 Hieda Aza, Oaza Akae
Miyazaki City
Miyazaki Prefecture
Phone: (0985) 55-2200
Fax: (0985) 55-2211
=========
K O R E A
=========
ASIANA AIRLINES: Rising Fuel Costs Drive 59% Profit Drop
--------------------------------------------------------
Asiana Airlines Inc. posted on April 22 a 59% drop in its first
quarter net profit for 2005, as a result of increasing fuel
costs, Yonhap News reports.
In a regulatory filing, the Company reported a net profit of
KRW32 billion for the January-March period, compared to its
KRW78 billion net profit last year. Sales were up 6.6% to
KRW725.7 billion, but operating dropped by half to KRW13.8
billion. The Company's net profit fell 68% percent compared to
last quarter.
This is the effect of the rising fuel costs that the Company has
to cope with, as have other regional airlines worldwide. This
quarter, Company fuel costs increase 33% to KRW45.5 billion from
last year.
But despite the high fuel prices, the Company's profit for the
first quarter was slightly offset by the appreciation of the
South Korean won against the U.S. dollar.
CONTACT:
Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270 South Korea
Phone: +82 2 669 3114
Fax: +82 2 669 3170
HYNIX SEMICONDUCTOR: Pleads Guilty to Price Fixing
--------------------------------------------------
Hynix Semiconductor Inc. plead guilty to a felony charge that it
conspired to fix the price of its memory chips, and will pay a
fine of KRW185.74 billion, Reuters News reports.
According to the U.S. Justice Department, the Company admitted
that it schemed with other companies to fix the prices of its
dynamic random access memory (DRAM) chips that it sold to
companies like Apple Computer, Dell, Hewlett-Packard and IBM,
from April 1999 to June 2002.
The U.S. government filed the charges on April 21 in a San
Francisco district court. The Company has already reached a plea
agreement with the government, which will be duly filed with the
court. The penalty imposed on the Company is the third largest
criminal antitrust fine in U.S. history.
The Company said last month that it has set aside KRW347.33
billion to settle claims filed by clients and fines linked to
the U.S. investigation. The Company has agreed to cooperate
fully in the continuing investigation, and a federal judge must
approve its plea agreement with the U.S. government.
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
SK NETWORKS: Q1 Net Profit Falls 34.6%
--------------------------------------
SK Networks Co. reported that its net profit dropped 34.6% to
KRW77.9 billion in the first quarter this year, Yonhap News
reports.
In a regulatory filing to the South Korea Stock Exchange, the
Company posted its KRW77.9 billion net profit. However,
operating profit went up 20.5% to KRW93.6 billion on sales of
KRW3.58 trillion.
The Company is undergoing a debt-restructuring program after
accounting irregularities amounting to KRW1.55 trillion revealed
in 2003 placed the Company on the edge of bankruptcy. The
Company was then bailed out by creditors through debt-equity
swaps.
Parent SK Group is selling the Company's non-core businesses to
repay creditors for the bailout, and the Company reported a
KRW461 billion net profit for 2004, with revenue of KRW13.61
trillion.
CONTACT:
SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
100-192 South Korea
Phone: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr
===============
M A L A Y S I A
===============
GENERAL SOIL: Bourse to Delist Securities 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
LION INDUSTRIES: Notes Additional Shares Listing
------------------------------------------------
Lion Industries Corporation Berhad's additional 183,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme are granted listing and
quotation on Monday, April 25, 2005, 9:00 a.m.
CONTACT:
Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my
PILECON ENGINEERING: To List More Shares Today
----------------------------------------------
Pilecon Engineering Berhad's additional 2 new ordinary shares of
MYR0.50 each issued pursuant to the Company's Exercise of 2
Warrants 2000-2005 are granted listing and quotation on Monday,
April 25, 2005, 9:00 a.m.
CONTACT:
Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-188
POS MALAYSIA: Set to List Extra Shares
--------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 123,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Tuesday, April 26, 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
TELEKOM MALAYSIA: Unveils Employee Share Option Scheme
------------------------------------------------------
Telekom Malaysia Berhad's additional 19,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Employee Share
Option Scheme will be granted listing and quotation effective
Tuesday, April 26, 2005, 9:00 a.m.
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom
Off Jalan Pantai Baharu
50672 Kuala Lumpur
Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415
Web site: http://www.telekom.com.my
TENAGA NASIONAL: To Sell MYR950 Mln of 10-Year Bonds
----------------------------------------------------
Tenaga Nasional Berhad is planning to sell MYR950.1 million
worth of bonds that would mature in 10 years in efforts to
manage its liabilities, reports Dow Jones.
The Company also plans to buy back its outstanding MYR406.83
million 7.200% notes due on April 29, 2007, and its outstanding
MYRi.9 billion 7.625% notes due on the same date.
Buyers can buy the bonds on the condition that they offer at
least MYR1.14 trillion of the combined aggregate principal
amount of the bonds. Barclays Capital, Commerce International
Merchant Bankers Berhad and Credit Suisse First Boston are
joint-managers for the bonds sale.
CONTACT:
Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Phone: +60 3 2296 5566
Fax: +60 3 2283 3686
YCS CORPORATION: Bourse to Remove Securities from Official List
---------------------------------------------------------------
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. The
Company had on April 19, 2005 filed a second appeal to Bursa
Securities to discontinue the removal of its securities from the
Official List.
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
=====================
BR SORSOGON: Creditors Must File Claims at Liquidator's Office
--------------------------------------------------------------
Pursuant to Monetary Board Resolution (MBR) placing Banco Rural
Sorsogon, Inc. under liquidation, notice is hereby given to all
creditors of these banks, including depositors and those whose
claims are under litigation, to file their claims within six
months from April 7, 2005 either with the Office of the
Liquidator at the PDIC-Ayala Extension Office, SSS Building,
corner Ayala Avenue and V. A. Rufino St. (formerly Herrera St.),
Makati City or at the respective offices of the closed banks.
Claim forms are available, free of charge, at the Office of the
Liquidator. A copy of the complaint should be attached to the
claims under litigation.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
CONTACT:
Banco Rural Sorsogon, Inc.
Rizal St., Sorsogon City
Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone Nos. (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.pdic.gov.ph/
FILHOMES SAVINGS: Notifies Creditors to File Claims
---------------------------------------------------
Pursuant to Monetary Board Resolution (MBR) placing FilHomes
Savings and Loan Bank, Inc. under liquidation, notice is hereby
given to all creditors of the bank, including depositors and
those whose claims are under litigation, to file their claims
within six months from April 7, 2005 either with the Office of
the Liquidator at the PDIC-Ayala Extension Office, SSS Building,
corner Ayala Avenue and V. A. Rufino St. (formerly Herrera St.),
Makati City or at the respective offices of the closed banks.
Claim forms are available, free of charge, at the Office of the
Liquidator. A copy of the complaint should be attached to the
claims under litigation.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
CONTACT:
FilHomes Savings and Loan Bank, Inc.
Liwag Building, Burgos Avenue,
Cabanatuan City
Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone Nos. (632) 841-4000
E-mail us : info@pdic.gov.ph
Web site: http://www.pdic.gov.ph/
MANILA MINING: Notes Beneficial Ownership of Securities
-------------------------------------------------------
Further to Circular of Brokers No. 1795-2005 dated April 18,
2005, Manila Mining Corporation furnished the Philippine Stock
Exchange a copy of the Initial Statement of Beneficial Ownership
of Securities (SEC Form 23-A) of Mr. Patrick K. Yap, a newly
elected director, 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.
CONTACT:
Manila Mining Corporation
20/F, Lepanto Building
8747 Paseo de Roxas
Makati City
Phone: 815-9447 to 50
Fax: 812-0451; 810-5583
E-mail Address: odette.javier@lepantomining.com
MERCHANTS RURAL: Seeks Emergency Loan from BSP
----------------------------------------------
Liquidity problems have forced Merchants Rural Bank of Talavera
(MRBT) of Nueva Ecija to secure an emergency loan from Bangko
Sentral ng Pilipinas (BSP) or the central bank.
MRBT reportedly sought an emergency loan of Php100 million from
BSP two weeks ago. But the central bank granted it only a
quarter of the amount because of insufficient or ineligible
collaterals.
MRBT's financial woes recently came to light when BSP issued a
statement urging the public to differentiate two banks that both
use the name Merchants Bank after one experienced a bank run on
April 13, 2005. BSP pointed out that Merchants Savings and Loan
Association Inc. is different from MRBT, which was having
liquidity problems.
The failed bank had claimed total assets of more than Php400
million and eight branches in Talavera. One of its principal
stockholders is a controversial banker earlier convicted of
estafa charges in connection with another failed bank based in
Bulacan province. The banker, who has been sentenced to a
maximum imprisonment of two years, has appealed the case.
NATIONAL BANK: Sets Record Date on April 25
-------------------------------------------
Further to Circular for Brokers No. 1095-2005 dated March 4,
2005, Philippine National Bank (PNB) furnished the Exchange a
copy of its SEC Form 20-IS (Definitive Information Statement) in
connection with its Annual Stockholders' Meeting, which will be
held on May 24, 2005, at 8:00 a.m. at the Ballroom, Upper Lobby,
Century Park Hotel, 599 Pablo Ocampo Sr. St., Malate, Manila.
As previously announced, "only stockholders of record as of
April 25, 2005 will be entitled to notice of and vote at this
meeting. Registration will begin at 6:00 a.m."
Attached is a copy of the Notice of Annual Stockholders'
Meeting.
A copy of PNB's Definitive Information Statement 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 National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph
NATIONAL POWER: IPPs Look at Php350-Bln Claim
---------------------------------------------
Independent power producers (IPPs) may demand that National
Power Corporation (Napocor) pay then around Php350 billion if
they are not allowed to pass tax on to consumers.
The debt-laden power firm may be forced to shell out the amount
if its IPPs decide to call on a buy-out provision in their
contracts as a result of a proposed no-pass through condition in
proposed Value Added Tax (VAT) bill.
Napocor's 35 IPPs may demand some Php350 billion at least as
payment for their investments and revenues they would have
earned for the contract period. A contract can run for 15-25
years for coal-fired and hydroelectric facilities and 15 years
for diesel-fired power plants.
As a rule of thumb, US$1 million is needed per megawatt to put
up power plants. IPPs account for at least 52 percent of the
grid's capacity and multiplying this to about 12,000 megawatts
of installed capacity would result in roughly US$6.5 billion
(Php350 billion).
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
NATIONAL POWER: PSALM to Bid Out 19 Power Plants This Year
----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
has scheduled the public bidding of National Power Corporation's
(Napocor) 19 power plants all over the country this year in an
effort to hasten the privatization process and pave the way for
the operation of the wholesale electricity market and open
access.
With the operation of the wholesale electricity market mechanism
and open access, large power users can choose and contract
directly to specific power generators by simply paying a
wheeling fee for the use of the transmission and distribution
lines.
PSALM is encouraging interested investors to conduct their
preliminary reviews and obtain a better appreciation of the
power plants to be sold even before the formal start of the sale
process.
By allowing interested parties an early opportunity to conduct a
preliminary review of these assets, PSALM hopes to reduce the
time between individual sales and thereby expedite the
privatization process, said Froilan Tampinco, PSALM vice
president for Asset Management. Scheduled to be placed on the
auction block this year are 19 power plants including five
decommissioned plants. These are:
Coal-fired power plant - 600MW Calaca
Hydroelectric plants - 75MW Ambuklao and 100MW Binga which will
be offered as one package, 12MW Masiway, 100MW Pantabangan,
360MW Magat, 246MW Angat, and 0.8MW Amlan;
Geothermal plants - 275MW Tiwi and 410MW Makban as one package,
150MW Bacman, 192.5MW Palinpinon, and 112.5MW Tongonan;
Bunker Oil-fired 850MW Sucat, 146.5MW diesel-fired Dingle and
the package of 620 MW combined cycle Limay and Bataan thermal
site; and
Decommissioned plants 225 MW Bataan Thermal, 200 MW Manila
Thermal, 54 MW Cebu II, 22.3MW General Santos and 108MW Aplaya.
"We would like to stress that the preliminary asset review
process is not part of any formal sale process. Those who could
not do their preliminary reviews would still be allowed to
submit their bids," Tampinco added.
After submitting their letter of intent to conduct a preliminary
review, the interested parties are required to sign a
confidentiality agreement so they can have access to
confidential information in the data room as well as asset site
visits. Corresponding data room and preliminary site visit fees
are charged by PSALM.
Tampinco said several interested parties have started conducting
their preliminary reviews on certain plants. Tampinco, however,
declined to reveal the identities of the parties as PSALM and
these groups are bound by confidentiality agreements.
NATIONAL POWER: Town Requests Php5 Mln for Reforestation
--------------------------------------------------------
The Municipal Government of Sibulan in Negros Oriental plans to
ask an around Php5 million from the Department of Energy (DOE)
and the National Power Corporation (Napocor) to reforest and
estimated 150 hectares of barren lands, SunStar Daily reports.
The Municipal Council recently authorized Mayor Antonio Renacia
to seek help from the energy department and Napocor to reforest
portions of timberland in Barangays Tubigon, Enrique Villanueva
and Balugo.
Mayor Renacia said the approach is three-pronged-reforestation,
agro forestry, and employment and livelihood opportunities in
the community.
Sibulan hosts one of the remaining old-growth virgin forests in
the province mostly surrounding the twin lakes of Balinsasayao
and Danao. Decades of uncontrolled tree cutting and slash-and-
burn farming destroyed the once dense forest.
NATIONAL POWER: Government OKs Php1.0354/kWh Average Rate Hike
--------------------------------------------------------------
The application by National Power Corporation (Napocor) to
increase power rate by Php1.0354 per kilowatt-hour was granted
approval by the Energy Regulatory Commission (ERC), Dow Jones
Newswires.
The rate hike, which will be final, is expected to help the
cash-strapped power firm to boost its finances.
The ERC last year approved a provisional rate hike of
Php0.9798/kWh, which is lesser than the Php1.8700/kWh increase
sought by Napocor to put it back in the black. The new approval
added Php0.0556/kWh to last year's adjustment.
In December, the government absorbed Php200 billion (US$3.67
billion) of the state firm's Php500 billion debt.
Napocor is an albatross for the government, which has guaranteed
the utility's debts and issued bonds on its behalf for years
because the utility can't issue debt at an affordable price on
its own.
=================
S I N G A P O R E
=================
ALLGREEN PROPERTIES: Issues, Allots 41,000 Ordinary Shares
----------------------------------------------------------
Allgreen Properties Ltd. advised the Singapore Stock Exchange on
the issue and allotment of an aggregate of 41,000 ordinary
shares of S$0.50 each in the capital of the Company, at the
subscription price of S$0.95 each, pursuant to the exercise of
options granted under the Allgreen Share Option Scheme 2002.
These new shares have been listed and quoted on the Singapore
Exchange on April 18, 2005. The new shares issued will rank
pari passu in all respects with the existing shares of the
Company.
Upon the issue of the new shares, the number of issued and paid-
up shares in the capital of the Company is increased to
1,051,741,000 ordinary shares of S$0.50 each.
By Order of the Board
Ms Isoo Tan
Company Secretary
21 April 2005
CONTACT:
Allgreen Properties Ltd
1 Kim Seng Promenade
237994
Singapore
Telephone: +65 6733 2822/ +65 6738 3800
BESTBUILD DEVELOPMENT: Proofs of Debt, Claims Due April 30
----------------------------------------------------------
Notice is hereby given by the Liquidators of Bestbuild
Development Pte Ltd (In Liquidation) that a dividend is intended
to be declared to preferential creditors by the Company.
The creditors of the Company who have not yet proved their debt,
are required on or before April 30, 2005 to submit their proof
of debt form to the undersigned, the liquidator of the Company,
failing which they will be excluded from this dividend.
Dated this 22nd day of April 2005.
Peter Chay Fook Yuen
Liquidator
Bestbuild Development Pte Ltd (In Liquidation)
c/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
CHAMPION BEANFOOD: Court to Hear Winding Up Petition April 29
-------------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Champion Beanfood Manufacturer (S) Pte Ltd by the High Court
was, on April 6, 2005 presented by Sing Ghee Beancurd
Manufacturer (RCB. No. 28333700A) of Block 3015, Bedok North
Street 5 #01-05, Singapore 486350, a creditor.
The Petition is to be heard before the Court sitting on Friday,
at 10:00 a.m. on April 29, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is Block 3015, Bedok North Street 5
#01-05, Singapore 486350.
The Petitioner's solicitors are Messrs Infinitus Law Corporation
of 78 Shenton Way #08-01, Singapore 079120.
Dated this 19th day of April 2005.
Messrs Infinitus Law Corporation
Solicitors for the Petitioners
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,
notice in writing of his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12:00 p.m. on April
28, 2005 (the day before the day appointed for the hearing of
the petition).
CHARTERED SEMICONDUCTOR: First Quarter Revenue Down 4.9%
--------------------------------------------------------
Chartered Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST:
Chartered), one of the world's top dedicated semiconductor
foundries, furnished the Singapore Stock Exchange (SGX) a copy
of the results for its first quarter 2005.
"As the industry continued to work through the excess inventory
coupled with the usual seasonal slowness in the first quarter,
Chartered revenues in first quarter 2005 were down 4.9 percent
and revenues including our share of SMP were down 4.2 percent
from the previous quarter," said George Thomas, senior vice
president & CFO of Chartered.
"The revenue decline was primarily due to weakness in the
communications sector which was partially offset by strength in
the consumer sector. However, we continued to see increased
adoption of our advanced technologies as our leading-edge 0.13-
micron revenues increased 21 percent sequentially and
represented a record 32 percent of our total business base
revenues."
To view a full copy of the results, click
http://bankrupt.com/misc/CharteredSeminconductorFY2005.pdf
CONTACT:
Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com
INTRACO LIMITED: Passes Special Business Set Out in AGM Notice
--------------------------------------------------------------
Pursuant to Rule 704(14) of the Singapore Stock Exchange (SGX)
Listing Manual, Intraco Ltd. informed SGX that at the Annual
General Meeting (AGM) of the Company held on April 21, all the
items of routine and special business as set out in the Notice
of AGM dated April 5, 2005 were put to the Meeting and duly
passed.
By Order of the Board
Lu Ling Ling
Company Secretary
21 April 2005
CONTACT:
Intraco Limited
Jalan Boon Lay
12-00 Bugis Junction Towers
Singapore 619529
Telephone: +65 6337 0011/ +65 6337 7200
Web site: http://www.intraco.com.sg
KOH BROTHERS: Answers SGX Query
-------------------------------
Koh Brothers Group Ltd. refers to the Singapore Stock Exchange's
(SGX) email dated April 19, 2005 and the request for further
information in paragraph 2 of the said email.
The Company is pleased to provide further information in
response to the SGX's queries as follows:
(a) Note 33 Related Party Transactions items (a), (e), (g) and
(h) on page 73 of AR2004 - to provide information as to
(i) The names of the counter parties;
(ii) Whether these are also interested person transactions, and
if so, to disclose names of the interested persons and;
(iii) To reconcile information to table on Interested Persons
Transactions on page 88 of AR2004
Click to view a full copy of the disclosure
http://bankrupt.com/misc/KOHBROTHERS042205.pdf
CONTACT:
Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com
PAC-AM RESTAURANTS: Members, Creditors to Meet May 24
-----------------------------------------------------
Notice is hereby given pursuant to section 308 of the Companies
Act, Cap. 50 that a Final Meeting of the Members and Creditors
of Pac-Am Restaurants (S) Pte Ltd (In Creditors' Voluntary
Winding Up) will be held at 15 Beach Road, #03-10 Beach Centre,
Singapore 189677 on Tuesday, May 24, 2005 at 3:00 p.m. for the
purpose of having an account laid before the Members and
Creditors showing the manner in which the winding up has been
conducted and the property of the Company has been disposed of
and of hearing any explanation that may be given by the
Liquidator, and also of determining by Ordinary Resolution the
manner in which the books, accounts and papers of the Company
and of the Liquidators shall be disposed of.
John Teo Cheng Lok
Foong Daw Ching
Liquidators
c/o 15 Beach Road
#03-10 Beach Centre
Singapore 189677
Dated: 22nd day of April 2005
Note:
Proxies to be used at the meeting must be lodged with the
Company at 15 Beach Road, #03-10 Beach Centre, Singapore 189677
not less than 48 hours before the meeting.
QB HOUSE: Served with Winding Up Order
--------------------------------------
In the matter of QB House Pte Ltd, a winding up order was made
on April 15, 2005.
Name and address of Liquidators:
Messrs Ong Yew Huat and
Seshadri Rajagopalan
care of Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315
Dated this 19th day of April 2005
Wong & Leow LLC
Solicitors for the Petitioner
WEARNES INTERNATIONAL: WBL Proposes to Privatize Company
--------------------------------------------------------
The directors of WBL Corporation Limited (WBL) and Wearnes
International (1994) Limited (WIL) announced in a disclosure to
the Singapore Stock Exchange (SGX) a proposal to privatize WIL
by way of a scheme of arrangement (Scheme) under the Companies
Act and in accordance with the Singapore Code on Takeovers and
Mergers.
This press release should be read in conjunction with the joint
announcement (Announcement) by WBL and WIL dated April 21, 2005.
WBL, together with its directors and wholly owned subsidiaries,
currently own or control a total of 169,207,368 shares
representing approximately 85.64 per cent of the issued share
capital of WIL.
Rationale for Privatization
The rationale for the proposed privatization are:
- WIL has not raised funds through the equity capital market
since 1994 and it does not anticipate that it will need to do so
in the foreseeable future; and
- WIL's trading liquidity has generally been thin with an
average daily trading volume of about 29,684 shares over the 12-
month period prior to April 21, 2005, which represents
approximately 0.02 per cent of WIL's issued share capital.
To view a full copy of the press release, click
http://bankrupt.com/misc/wearnesinternational042205b.pdf
CONTACT:
Wearnes International (1994) Limited
45 Leng Kee Road
159103
Singapore
Telephone: +65 6471 6288
Fax: +65 6472 0009
WEARNES INTERNATIONAL: Asks Bourse to Lift Trading Halt
-------------------------------------------------------
Wearnes International (1994) issued to the Singapore Stock
Exchange (SGX) a request for the lifting of trading halt
effective April 22, 2005 at 9:00 a.m.
Ong Kim Teck
Secretary
April 25, 2005
===============
T H A I L A N D
===============
KRUNG THAI: Net Profit Plummets 17%
-----------------------------------
Krung Thai Bank PCL submitted to the Stock Exchange of Thailand
(SET) its unreviewed financial statements for the first quarter
ended March 31, 2005.
Net profit for the period was THB4,310 million after providing
THB908 million in provisioning and income tax expense of THB766
million, a significant increase from the THB534 million net
profit reported for the fourth quarter ended December 31, 2004.
However, the result was less than the net profit reported for
the first quarter of 2004 of THB5,195 million.
The THB908 million bad debts and doubtful accounts provision
during the period was in line with earlier announcements that
for 2005, the policy for bad debts and doubtful accounts would
be set at a minimum of THB300 million per month.
As Krung Thai Bank will be incurring income tax liability for
2005, income tax expense of THB766 million has been provided for
the period.
Net interest and dividend income of THB9,351 million was
received during the period ended March 31, 2005, an increase of
THB1,089 million over the corresponding quarter of 2004, due
mainly to higher interest yields and lower cost of funds.
Higher dividends from Vayupak Fund were also received. Non-
interest income declined by THB1,566 million from the first
quarter of 2004 to THB1,894 million for the first quarter of
2005 due to the reduction of other income and gain on
investments.
Non-interest expense of THB5,261 million increased by THB466
million, mainly due to the increases in personnel expenses and
other expenses.
Loans to customer (excluding SAM promissory notes) stood at
THB884,956 million at the end of March 2005 which was an
increase of THB29,915 million or 3.50 percent from the end of
December 2004. The promissory notes of THB33,000 million were
redeemed during the quarter, resulting in a balance of THB49,763
million as at March 31, 2005.
Overall, the Bank's result of this quarter is in line with
internal targets for the period.
Sincerely yours,
Krung Thai Bank PCL
Apisak Tantivorawong
President
CONTACT:
Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: http://www.ktb.co.th
NEW PLUS: Elects New Directors
------------------------------
New Plus Knitting Public Company Limited advised the Stock
Exchange of Thailand (SET) that it has organized the 34th annual
general meeting of shareholders on Wednesday, April 20, 2005 at
10:00 a.m. at room New Plus Knitting Public Company Limited 34
Moo 20 Suwintawong Road, Saladeang bangnumpeaw chachoengsao the
meeting unanimously agreed to the following:
(1) The meeting has approved the shareholders' report during the
34th annual general meeting on Monday April 26, 2004.
(2) The meeting has approved the report from the board of
directors.
(3) The meeting has approved the Balance Sheet, Income Statement
for the year ended December 31, 2004.
(4) The meeting has approved not to pay dividend for the year
2004.
(5.1) Approval of the election of new directors to replace the
directors that retired.
The directors being re-appointed are as follows:
(1) Mrs. Songsang Sudhom
(2) Mr. Marut hangamporn
(3) Mrs. On-Uma Funkfon
The directors of New Plus Knitting Public Company Limited for
the year
(1) Mr. Boonpakorn Chokvathana
(2) Mrs. Chamnean Chokvathana
(3) Mrs. Songsang Sudhom
(4) Mr.Kamthorn Punsak-Udomsin
(5) Mr. Marut Changamporn
(6) Mr. Montri Loasethakul
(7) Mrs.Orasa Kruthakool
(8) Mr.Akardej Angsusingha
(9) Miss Warcharee Wattanawikkij
(10) Miss On-Uma Funkfon
To view a full copy of the report, click
http://bankrupt.com/misc/TCRAP_NEWPLUS042205.pdf
CONTACT:
New Plus Knitting Public Company Limited
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao
Telephone: 0-3859-3126
Fax: 0-3859-3125
NFC FERTILIZER: Plans to Boost Non-core Products' Quality
---------------------------------------------------------
NFC Fertilizer Pcl issued to the Stock Exchange of Thailand an
additional report on the progress of its rehabilitation plan for
the past six months.
(1) The Company has modified the business structure and the
marketing plan by emphasizing on the sale of non-core product
and changing the distribution channel from sales personnel
initiating sales to dealers to direct sales to the fertilizer
manufacturers/importer (supply sale) which has boosted the
Company's sales volume.
(2) The Company has changed the organization structure to be in
line with the business plan by dividing into 2 lines--which are
operation and management--for flexibility in management and
budget control. (The detail of the organization restructure has
been stated in the Form 56-1).
(3) In accordance with the change of distribution channel as
described in No. 1 and the organization restructuring in No. 2,
the Company has been able to reduce the cost in terms of selling
and administrative expenses by reducing the man power cost in
terms of employee cost including the decrease of warehouse
rental fee, transportation cost, sale promotion expenses, and
salaries and benefit of sale personnel, etc.
(4) The Company has done a study to reduce cost of manufacturing
by replacing imported raw materials with local supply and self-
production, where the Company realized that by reducing imported
raw material, the Company can cut the cost of manufacturing.
At present, the Company has improved some aspects of its
production process, which enables the Company to produce some
raw material, which is cheaper than the cost incurred for
importing raw material. The Company is further studying to
secure domestic source of raw material.
Such raw material is a by-products from other domestic
production plant which will be able to partly substitute the
current imported raw materials.
(5) The Company has a plan to utilize the Company's resources in
order to create greater advantages. Therefore, the Company has
already signed a service contract and is able to realize revenue
from such services in the first quarter of this year. Besides,
the Company is evaluating opportunities to utilize other assets
as well.
(6) The classification of each manufacturing units as to profit
unit for making additional value of products is not fully
completed.
However, the Company has classified some manufacturing unit as a
profit unit and started to realize additional value from some
non-core products since the first quarter of year 2005.
In addition, the Company is in the process of studying to
upgrade quality of the existing non-core products to higher
quality. This upgrading process will allow the Company to gain
better product value added in the market.
Please be informed accordingly.
Sincerely yours,
NFC Fertilizer Public Co., Ltd.
Mrs. Bongkot Rasmeepaisarn
Vice President
Officer of the Chief Executive Officer
CONTACT:
NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: http://www.nfc.co.th
RAYONG BULK: Administrator Will Not Quit Management Duties
----------------------------------------------------------
CJ Morgan Co. firmly expressed that it would not back off from
managing Rayong Bulk Terminal Co. (RBT), a subsidiary of NFC
Fertilizer Plc, relates Bangkok Post.
CJ Morgan handles the debt-restructuring scheme of RBT. Its
President, Chamni Janchai and is also currently the president
and director of RBT said it would still handle RBT until his
mission for the Company has been completed.
"If I resigned as demanded, I would certainly be to blame for
abandoning my duty and would be blacklisted by the authorities
from being a plan administrator any more," the Bangkok Post
quoted Mr. Chamni as saying.
Mr. Chamni's statement came after Nuttaphob Rattanasuwanthawee,
the largest shareholder of NFC, holding 49 percent requested CJ
Morgan and Mr. Chamni to withdraw from RBT. Mr. Nuttaphob said
that since NFC holds 57% in RBT, it should have the right to
manage RBT.
Mr. Nuttaphob proposed earlier that NFC inject THB600 million
into RBT and takeover the rehabilitation process. But the plan
administrator contested that the proposal must first be approved
by the NFC board. But a shareholder fight within NFC froze the
proposal. That battle ended recently and culminated in Mr
Nuttaphob and his allies managing to secure a controlling
interest.
Mr. Chamni said Wednesday that regardless of the disposition of
RBT's parent, he still had an obligation to rehabilitate the
Company. However, Mr. Chamni said it would give NFC the first
right to manage RBT once the port operator was successfully
approved by the Industrial Estate Authority of Thailand (IEAT)
to transform itself into a public port as requested by the
Company.
RBT's debt currently stands at THB1.7 billion. Almost half of
the money is owed to IEAT in the form of concession fees of
THB237 million and another THB288 million in assessed fines.
THAI PETROCHEMICAL: Final Stock Allotment Set June 2005
-------------------------------------------------------
Thai Petrochemical Industry Pcl is writing in response with the
inquiry of the Stock Exchange of Thailand (SET) concerning the
allocation of TPI's capital stock to the strategic partners.
It is with pleasure to inform you that the Strategic Partner
Selection Committee, chaired by Permanent Secretary of
Ministry of Finance, is responsible for dealing with the
strategic partners as well as the capital stock allotment.
According to the schedule set forth, the deal will be finalized
by the end of June 2005.
The Company shall inform you of the progress of the above-
mentioned matter as soon as we hear from them.
Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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