/raid1/www/Hosts/bankrupt/TCRAP_Public/050526.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, May 26, 2005, Vol. 8, No. 103
Headlines
A U S T R A L I A
A.C.N. 090 070 465: To Declare Dividend June 7
ANISE PTY: Lays Out Final Meeting Agenda
CABOOLTURE COMMERCIAL: Final Meeting Slated for June 2
CARRAMAR TRANSPORT: Winds Up Voluntarily
DORMVILLE PTY: Members, Creditors to Meet May 27
FUNGHI PTY: Creditors Confirm Appointment of Liquidator
HAZELMERE HOLDINGS: Members Pass Winding Up Resolution
HENRY WALKER: Creditors Wait Longer for Administrators' Report
INTERNATIONAL WINE: Close to Clinching Final Deal
MILEURA PASTORAL: To Pay Dividend May 31
MULTIPLEX: Fitch Assigns Ratings to CMBS Series 2005-1 Notes
MULTIPLEX: Fitch Assigns Ratings to CMBS Series 2005-2 Notes
NATIONAL AUSTRALIA: MS Upgrades Rating to 'Equal Weight'
NU-TONE MAINTENANCE: To Declare Dividend June 15
OZOG PTY: Appoints Official Liquidator
PB (QLD): Taps Liquidators from Downie Insolvency
POLYMER CORPORATION: Dividend Declaration Set June 17
PRESTIGE ACCEPTANCE: To Hear Report on Winding Up
QUEENSLAND TREE: To Declare Dividend June 13
RESPAC PTY: Members Meeting Fixed May 27
SAM'S SEAFOOD: Calls in Administrators
SAM'S SEAFOOD: Shell Likely to Help Another Company List on ASX
SILVERBIRD NOMINEES: To Pay First, Final Dividend May 31
STARGLOSS PTY: To Declare Dividend June 23
T.J. CLAYTON: Picks Liquidator from Hall Chadwick
VILLAGE ROADSHOW: Keeps Film Scandal Out of Public Eye
VISIONS MODELLING: Succumbs to Voluntary Liquidation
WIN HOLDINGS: Enters Winding Up Process
C H I N A & H O N G K O N G
BANK OF CHINA: Serves as Underwriter in Bond Issue
BESTEEL INDUSTRIES: Winding Up Hearing Slated for June 15
CHUNG WAH: Enters Winding Up Proceedings
JADE KIND: Receives Winding Up Notice
MULTI-MILLION LIMITED: Court Releases Winding Up Order
QANSTAR LIMITED: Begins Winding Up Process
STAR CRUISES: Swings to HKD4.4 Profit
STAR CRUISES: Updates Shipbuilding Contract
STAR CRUISES: Clarifies IPO, Acquisition Report
STAR CRUISES: Unveils May 24 AGM Results
WORLD WIDE: Court Orders Winding Up
I N D O N E S I A
BANK MANDIRI: Proposing Merger with Bank Negara
PERTAMINA: Court Overturns KPPU Ruling on Collusion
J A P A N
DAIEI INCORPORATED: Books JPY511.2 Bln Net Loss
JAPAN AIRLINES: Quits Leisure Destinations
KANEBO LIMITED: Faces OSE Delisting Over Accounting Scam
MITSUBISHI MOTORS: Unveils April 2005 Production Results
MITSUBISHI MOTORS: Hopes Eclipse Will Rev Up Sales
MITSUBISHI MOTORS: Morgan Stanley Maintains "Underweight" Rating
SANYO ELECTRIC: May Sell Credit Unit to Raise Funds
SANYO ELECTRIC: Revises FY/2004 Financial Result
SEIBU RAILWAY: Appoints New President, Chairman
UFJ HOLDINGS: May Team Up With Nomura
* Widening Credit Quality Gap Hits Japanese Airlines
K O R E A
HYNIX SEMICONDUCTOR: Stabilizing Ops May Become Challenging
JINRO LIMITED: Hite Brewery Formalizes Takeover Deal
M A L A Y S I A
ARTWRIGHT HOLDINGS: Disposes of Entire Stake in Unit
AYER HITAM: Net Loss Widens
GULA PERAK: Sells Off 32% Stake to Balqis
HONG LEONG: Unit's Shareholders Approve Wind-Up
I-BERHAD: Buys Back 8,500 Shares
K.P. KENINGAU: Awaits Bourse Decision on Extension
KUMPULAN BELTON: Updates Default Status Report
PAN MALAYSIA: Granted Additional Shares Listing
PANTAI HOLDINGS: Repurchases Extra Shares
POS MALAYSIA: To List New Shares Next Week
SILVERSTONE CORPORATION: Bounces Back to Black
P H I L I P P I N E S
CAMP JOHN: In Default Since 1998, Says BCDA
COLLEGE ASSURANCE: To Report Lower Deficit Using IAS 39
COLLEGE ASSURANCE: Cleared to Receive Php1-Bln Equity Infusion
DMCI HOLDINGS: Annual Stockholders' Meeting Fixed June 27
IONICS EMS: Inks MOA on Acquisition of Laguna Land Rights
KALIBO RURAL BANK: PDIC Issues Notice to All Creditors
MANILA ELECTRIC: To Collect Taxes for BIR
NATIONAL POWER: Rate Adjustment to Pare Losses
NATIONAL TRANSMISSION: Seeks Protection of Transmission Lines
RB PASSI: Awaits Termination of Liquidation Proceedings
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Seals License Deal with Samsung
CHINA AVIATION (S): Creditors Meeting Slated for June 8
EMTEC CONSUMER: Creditors Must Prove Claims by June 20
FERRETI GROUP: Proofs of Claim Due June 20
MYCOBIOTECH LTD: Court to Hear Winding Up Hearing July 1
WEE POH: Updates Acquisition, Realization of Assets
T H A I L A N D
DAIDOMON GROUP: To Undergo Business Rehabilitation
DAIDOMON GROUP: Unveils Resolutions Passed at BOD Meeting
NATURAL PARK: Calls Off Pacific Assets' Financial Aide
THAI ENGINE: Court Approves Resignation of Plan Administrator
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 090 070 465: To Declare Dividend June 7
----------------------------------------------
A first and final dividend is to be declared on June 7, 2005 for
A.C.N. 090 070 465 Pty Ltd (In Liquidation) formerly known as
Oasis Petroleum (WA) Pty Ltd.
Creditors who failed to prove their debt or claims will be
excluded from the benefit of the dividend.
Dated this 26th day of April 2005
Garry Trevor
Joint and Several Liquidator of A.C.N. 090 070 465
Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000
ANISE PTY: Lays Out Final Meeting Agenda
----------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Anise Pty Ltd A.C.N. 102 618 691 is to be held at the
office of Messrs SV Partners, Level 16, 120 Edward Street,
Brisbane in the State of Queensland on May 31, 2005 at 11:30
a.m.
AGENDA
(1) Receive an account by the liquidators.
(2) To consider and if thought fit pass the following
resolution: that the books and records of the Company be
destroyed.
(3) General business.
Dated this 15th day of April 2005
Terry Van Der Velde
David Stimpson
Liquidators
CABOOLTURE COMMERCIAL: Final Meeting Slated for June 2
------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Caboolture Commercial Motor Bodies Pty Ltd A.C.N. 010
530 186 is to be held at the office of Messrs SV Partners, Level
16, 120 Edward Street, Brisbane, in the State of Queensland on
June 2, 2005 at 11:00 a.m.
AGENDA
(1) Receive an account by the liquidators.
(2) To consider and if thought fit pass the following
resolution: that the books and records of the Company be
destroyed.
(3) General business.
Dated this 18th day of April 2005
Terry Van Der Velde
David Stimpson
Liquidators
CARRAMAR TRANSPORT: Winds Up Voluntarily
----------------------------------------
Notice is hereby given that at a General Meeting of Members of
Carramar Transport Pty Ltd (In Liquidation) A.C.N. 092 784 471
duly convened and held at Level 6, 161 Collins Street, Melbourne
on 15 April 2005, a Special Resolution that the Company be wound
up voluntarily was passed by members and Andrew Reginald Yeo and
Gess Michael Rambaldi were appointed Joint & Several
Liquidators.
Dated this 18th day of April 2005
A. R. Yeo
Joint & Several Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000
DORMVILLE PTY: Members, Creditors to Meet May 27
------------------------------------------------
Notice is given that a meeting of members and creditors of
Dormville Pty Ltd (In Liquidation) formerly trading as The Shed
Newsagents Supplies A.C.N. 010 358 773 will be held at the
office of Lucas & Currie, Chartered Accountants, Level 8, ING
Building, 100 Edward Street, Brisbane, Qld 4000 on May 27, 2005
at 11:00 a.m.
AGENDA
(a) To receive an account by the Liquidator showing how the
winding up has been conducted and the property of the Company
been disposed of, and to receive any explanations;
(b) To receive a final report by the Liquidator, and
(c) Any other business.
Dated this 13th day of April 2005
P. A. Lucas
I. A. Currie
Liquidators
FUNGHI PTY: Creditors Confirm Appointment of Liquidator
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Funghi Pty Ltd (In Liquidation) A.C.N. 009 094 213 held on April
5, 2005, it was resolved that the Company be wound up under the
provisions applicable to a Creditors' Voluntary Liquidation and
that Glenn Douglas Trinick of Newman Partners, Unit A2, Attadale
Business Centre, 550 Canning Highway, Attadale, WA 6156 be
appointed as Liquidator.
The appointment of the Liquidator was confirmed at a meeting of
creditors held on the same day.
Dated this 14th day of April 2005
Glenn Trinick
Liquidator
Newman Partners
Unit A2, Attadale Business Centre,
550 Canning Highway, Attadale WA 6156
Telephone: (08) 9317 4448,
Facsimile: (08) 9317 4449
HAZELMERE HOLDINGS: Members Pass Winding Up Resolution
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hazelmere Holdings Pty Ltd (In Voluntary Liquidation) A.C.N. 009
698 837 duly convened and held at Unit 8, 64 Samford Road,
Indooroopilly, Qld on April 11, 2005 a Special Resolution that
the Company be wound up voluntarily was passed by members and M.
J. Fitzpatrick was appointed Liquidator.
Dated this 12th day of April 2005
M. J. Fitzpatrick
Liquidator
c/- KPMG
Level 30, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
HENRY WALKER: Creditors Wait Longer for Administrators' Report
--------------------------------------------------------------
The court has granted administrators of failed Henry Walker
Walker Eltin more time before releasing a report to creditors
about the firm's future, ABC Finance News reports.
The second creditors meeting was scheduled Monday but
administrators McGrathNicol have won another extension from the
Federal Court of Australia.
The administrators are now required to report to creditors by
July 5, and are likely to hold meetings around the country on
July 8.
Henry Walker Eltin, the first Northern Territory-owned Company
to be publicly-listed, was forced into voluntary administration
in January after creditor Glencore Finance AG withdrew a
proposed AU$100-million recapitalization.
CONTACT:
Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/
INTERNATIONAL WINE: Close to Clinching Final Deal
-------------------------------------------------
Berren Asset Management, manager of the troubled International
Wine Investment Fund, is seeking to establish a better
redemption package for investors who wish to cash in their
investment, according to The Advertiser.
A meeting of wine fund unitholders on Friday rejected proposals
to appoint MFS L&L Management to replace Berren as responsible
entity for the wine fund.
Unitholders also proposed to set up an AU$50 million fund which
would accept redemptions at a 12.5 percent discount to the net
tangible asset backing per unit.
While the formal proposal to establish an AU$50 million
redemption fund was rejected, an informal motion to establish a
favorable redemption fund was carried.
Berren said it would announce details of the fund next week.
Meanwhile, the fund's board had approved talks with
institutional investors in relation to a capital raising to fund
further investment.
CONTACT:
International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm
MILEURA PASTORAL: To Pay Dividend May 31
----------------------------------------
A dividend is to be declared on May 31, 2005 for Mileura
Pastoral Company Pty Ltd (The Company) (In Liquidation) A.C.N.
008 669 958.
Creditors who failed to prove their debt or claims will be
excluded from the benefit of the dividend.
Dated this 12th day of April 2005
Brian Mcmaster
Liquidator
Mileura Pastoral Company Pty Ltd
KordaMentha
Level 11, 37 St Georges Terrace,
Perth WA 6000
MULTIPLEX: Fitch Assigns Ratings to CMBS Series 2005-1 Notes
------------------------------------------------------------
Fitch Ratings, the international rating agency, has on Friday
assigned final ratings to Multiplex MPT CMBS Issuer Ltd's
commercial mortgage-backed securities CMBS Series 2005-1 notes
carrying a final maturity date of November 2009 as follows:
AUD343.0 million Class A: `AAA'
AUD61.0m Class B: `AA'
AUD54m Class C: `A'
AUD51m Class D: `BBB', and
AUD28m Class E: `BBB-' (BBB minus)
Total issuance for this CMBS Series 2005-1 is AUD537.0m.
Separately, Fitch has also assigned final ratings to Multiplex
MPT CMBS Issuer Ltd's CMBS Series 2005-2 (see announcement on
www.fitchratings.com) for a total amount of AUD463m. Issuance
for both series of notes totals AUD1.0 billion.
The sponsor of this transaction is the Multiplex Property Trust
("MPT") part of the Multiplex Group, listed on the Australian
stock exchange. MPT is accessing the capital markets for the
first time and will use the proceeds to refinance existing bank
debt facilities and for general working capital purposes.
The notes are supported by a collateral property pool comprising
eight high quality commercial properties located in Australian
cities. The portfolio contains 245,344sqm of net lettable area
and benefits from a high level of diversification of tenants and
lease maturities.
The `AAA' rating assigned to the Class A notes is based on:
- the quality of the underlying property collateral;
- the geographic diversification within the collateral pool;
- the well diversified tenant mix;
- the weighted average unexpired lease term of approximately 4.9
years;
- the interest rate hedging policy and interest rate hedges
provided by ANZ Banking Group Limited (ANZ)(rated `AA-'(AA
minus)/`F1+') and The Royal Bank of Scotland (rated `AA+'/
`F1+');
- debt-sizing at Fitch interest rate stresses;
- the overcollateralisation provided by a conservative loan-to-
value ration (LVR);
- the liquidity facility provided by ANZ;
- the quality of the transaction manager and the property
managers; and
- a sound legal structure.
The ratings assigned to other subordinate Classes of notes are
based on all the strengths supporting the Class A notes;
however, the advance rates and LVRs vary for each Class of
notes.
The new issue report will be shortly available on Fitch's web
site www.fitchratings.com.au and www.fitchratings.com.
CONTACT:
Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au/
MULTIPLEX: Fitch Assigns Ratings to CMBS Series 2005-2 Notes
------------------------------------------------------------
Fitch Ratings, the international rating agency, has on Friday
assigned final ratings to Multiplex MPT CMBS Issuer Ltd's
commercial mortgage-backed securities CMBS Series 2005-2 notes
carrying a final maturity date of November 2011 as follows:
AUD298.0 million Class A: `AAA'
AUD53.0m Class B: `AA'
AUD39m Class C: `A'
AUD52m Class D: `BBB', and
AUD21m Class E: `BBB-' (BBB minus)
Total issuance for this CMBS Series 2005-2 is AUD463.0m.
Separately, Fitch has also assigned final ratings to Multiplex
MPT CMBS Issuer Ltd's CMBS Series 2005-1 (see announcement on
www.fitchratings.com) for a total amount of AUD537m. Issuance
for both series of notes totals AUD1.0 billion.
The sponsor of this transaction is the Multiplex Property Trust
("MPT") part of the Multiplex Group, listed on the Australian
stock exchange. MPT is accessing the capital markets for the
first time and will use the proceeds to refinance existing bank
debt facilities and for general working capital purposes.
The notes are supported by a collateral property pool comprised
of nine high quality commercial and retail properties located in
Australian cities. The portfolio contains 196,450sqm of net
lettable area and benefits from a high level of diversification
of tenants and lease maturities.
The `AAA' rating assigned to the Class A notes is based on:
- the quality of the underlying property collateral;
- the geographic diversification within the collateral pool;
- the well diversified tenant mix;
- the interest rate hedging policy and interest rate hedges
provided by ANZ Banking Group Limited (ANZ)(rated `AA-'(AA
minus)/`F1+') and The Royal Bank of Scotland (rated
`AA+'/`F1+');
- debt-sizing at Fitch interest rate stresses ;
- the overcollateralization provided by a conservative loan-to-
value ratio (LVR);
- the liquidity facility provided by ANZ;
- the quality of the transaction manager and the property
managers; and
- a sound legal structure.
The ratings assigned to other subordinate Classes of notes are
based on all the strengths supporting the Class A notes;
however, the advance rates and LVRs vary for each Class of
notes.
The full new issue report will be shortly available on Fitch's
web site www.fitchratings.com.au and www.fitchratings.com.
Contact: David Carroll, Sydney Tel: +61 2 8256 0333; Ernest
Biasi +61 2 8256 0300
NATIONAL AUSTRALIA: MS Upgrades Rating to 'Equal Weight'
--------------------------------------------------------
National Australia Bank (NAB) has been upgraded to "equal
weight" by analysts at Morgan Stanley, according to
newsratings.com.
The analysts have also raised their estimates for the Australian
bank with a target price of AU$30.59.
In a research note published Friday last week, the analysts
mentioned that the Company posted its H05 earnings ahead of the
estimates and the guidance.
NAB'S earnings in the near term are expected to be boosted by
cost cuts, the analysts said.
The EPS estimates for 2005 and 2006 have been raised by 6.1
percent to AU$2.17 and by 3.6 percent to AU$2.46, respectively.
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/
NU-TONE MAINTENANCE: To Declare Dividend June 15
------------------------------------------------
A second and final dividend is to be declared on or before June
15, 2005 for Nu-Tone Maintenance Pty Ltd (In Liquidation) A.C.N.
094 532 322.
Creditors who failed to prove their debt or claims will be
excluded from the benefit of the dividend.
Dated this 15th day of April 2005
Mark Pearce
Liquidator
Pearce & Heers
Insolvency Accountants
Level 8, 410 Queen Street,
Brisbane Qld 4000
OZOG PTY: Appoints Official Liquidator
--------------------------------------
At a general meeting of the members of Ozog Pty Ltd (In
Liquidation) A.C.N. 002 681 987 duly convened and held at 21
Boundary Road, Kelburn, Wellington, New Zealand, on April 8,
2005 the special resolution set out below was duly passed.
That the Company be wound up voluntarily pursuant to Section
491(1) of the Corporations Act and Mr. Ross Vile be appointed
liquidator for the purpose of such winding up.
Dated this 8th day of April 2005
R. Vile
Liquidator
R. Vile
Chartered Accountant
21st Floor, 300 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3228 4000
PB (QLD): Taps Liquidators from Downie Insolvency
-------------------------------------------------
Notice is given that Jason Bettles and Susan Carter, Registered
Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of PB
(Qld) Pty Ltd.
At a general meeting of PB (Qld) Pty Ltd's (In Liquidation)
A.C.N. 010 896 849 members on April 8, 2005.
Dated this 14th day of April 2005
Jason Bettles
Liquidator
Downie Insolvency
Web site: http://www.downieinsolvency.com.au
POLYMER CORPORATION: Dividend Declaration Set June 17
-----------------------------------------------------
A first and final dividend is to be declared on June 17, 2005
for Polymer Corporation (Aust) Pty Ltd (Subject To Deed Of
Company Arrangement) A.C.N. 010 364 155.
Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.
Dated this 18th day of April 2005
Lachlan Mcintosh
Deed Administrator
KordaMentha (Qld)
22 Market Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999
PRESTIGE ACCEPTANCE: To Hear Report on Winding Up
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that meetings of the members and/or joint meetings of the
members and creditors of Prestige Acceptance Pty Ltd (In
Liquidation) A.C.N. 064 293 278 will be held at the offices of
Cole Downey & Co, Level 1, 22 William Street, Melbourne Vic, on
May 27, 2005 at 11:00 a.m., for the purpose of having accounts
laid before them showing the manner in which the windings up
have been conducted and the properties of the companies disposed
of and of hearing any explanations that may be given by the
Liquidator.
Dated this 19th day of April 2005
J. P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000
QUEENSLAND TREE: To Declare Dividend June 13
--------------------------------------------
A first and final dividend is to be declared on June 13, 2005
for Queensland Tree Seeds Pty Ltd (In Liquidation) A.C.N. 010
613 395.
Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.
Dated this 18th day of April 2005
Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000
RESPAC PTY: Members Meeting Fixed May 27
----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that meeting of the members and/or joint meetings of the
members and creditors of Respac Pty Ltd (In Liquidation) A.C.N.
006 954 801 will be held at the offices of Cole Downey & Co,
Level 1, 22 William Street, Melbourne Vic, on May 27, 2005 at
9:30 a.m., for the purpose of having accounts laid before them
showing the manner in which the windings up have been conducted
and the properties of the companies disposed of and of hearing
any explanations that may be given by the Liquidator.
Dated this 19th day of April 2005
J. P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000
SAM'S SEAFOOD: Calls in Administrators
--------------------------------------
Embattled Sam's Seafood Holdings Limited has finally fell into
voluntary administration after its major financial backers
called in receivers earlier this month, The Age reveals.
The board of the Queensland-based seafood king had appointed
Andrew Fielding and Juile Williams of PPB Chartered Accountants
as official administrators.
The move follows the appointment of Deloitte Touche Tohmatsu as
receivers and managers by Sam's principal financier, Rabo Bank,
after the seafood processor and retailer was unable to repay its
debts on time.
Sam's secondary financier, ANZ Bank, has appointed McGrath Nicol
and Partners as receivers and managers.
The ailing firm has been offered for sale after it went into
receivership due to its inability to pay debt. Deloitte had
earlier been appointed as the receiver over the subsidiaries and
is trying to sell operations including retail-wholesale outlets
in Brisbane and Gladstone.
Deloitte's John Greig has revealed there was an apparent
"overstatement" in the carrying value of stock such as fish and
prawns at subsidiary Sam's Seafood Hamilton.
CONTACT:
Sam's Seafood Holdings Limited
43 Holt St Eagle Farm
Australia
Phone: (07) 3131 4100
Fax: (07) 3268 5231
Web site: http://www.sams.com.au/
SAM'S SEAFOOD: Shell Likely to Help Another Company List on ASX
---------------------------------------------------------------
The voluntary administrators of Sam's Seafood are considering
using Sam's Seafood's shell to help a different Company get a
stock exchange listing, The Courier mail says.
Newly appointed administrator Andrew Fielding said one option
was to refloat the Company as a backdoor listing, a move that is
sometimes a cheaper option for another organization which is
looking to list on the Australian Stock Exchange (ASX).
However, Mr. Fielding admitted it was too early to say how much
money, if any, existing shareholders would get from their frozen
stock.
Sam's Seafood, which sold goods ranging from chips to reef fish,
was placed in receivership earlier this month with debts of more
than AU$20 million.
SILVERBIRD NOMINEES: To Pay First, Final Dividend May 31
--------------------------------------------------------
A first and final preferential dividend is to be declared on May
31, 2005 for Silverbird Nominees Pty Ltd (Subject To Deed Of
Company Arrangement) trading as C Restaurant A.C.N. 094 727 910.
Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.
Dated this 11th day of April 2005
K. A. Strickland
Deed Administrator
Hall Chadwick
Level 40, BankWest Tower, 108 St George's
Terrace, Perth WA 6000
STARGLOSS PTY: To Declare Dividend June 23
------------------------------------------
A final dividend is to be declared on June 23, 2005 for
Stargloss Pty Ltd (Subject To A Deed Of Company Arrangement)
A.C.N. 011 050 141.
Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.
Dated this 13th day of April 2005
Andrew Fielding
Julie Williams
Deed Administrators
PPB
Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road,
Toowong Qld 4066
Telephone: (07) 3371 7244
Facsimile: (07) 3371 7311
T.J. CLAYTON: Picks Liquidator from Hall Chadwick
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of T.J. Clayton Pty Ltd (In Liquidation) A.C.N. 008 758 263 held
on April 12, 2005, it was resolved that the Company be wound up
voluntarily and that, Kimberley Andrew Strickland and
Christopher Michael Williamson of Hall Chadwick, Level 40,
BankWest Tower, 108 St George's Terrace, Perth WA 6000 be
appointed to act as Joint and Several Voluntary Liquidators for
the purpose of the winding up.
Dated this 12th day of April 2005
K. A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's Terrace,
Perth WA 6000
VILLAGE ROADSHOW: Keeps Film Scandal Out of Public Eye
------------------------------------------------------
Village Roadshow demanded that discussion of its plans for its
controversial film production division be held in a closed
court, The Australian reports.
Village is facing an AU$70 million lawsuit by former executive
Peter Ziegler. The amount will serve as compensation for his
role in setting up US$900 million (AU$1.192 billion) in
financing for Village Roadshow Pictures (VRP).
Analysts wanted to know details of the performance of VRP, which
ill not provide any profit results until a package of 40 films
has been produced and all possible revenue sources, including
free-to-air TV, have been exploited - a process that could take
years.
They expected Village Chairman Robert Kirby would reveal some of
the workings of the VRP "black box" when he gave evidence in the
Victorian Supreme Court in Melbourne Monday.
But Mark Dreyfus, appearing for Mr. Ziegler, had just begun to
question Mr. Kirby about Village's previous plans for a possible
public listing of VRP, and Mr. Kirby's intentions for his own
stakeholding in the Company, when lawyers for Village asked for
the rest of the hearing to be held in camera.
Mr. Kirby, who owns about 65 percent of VRP together with his
family, earlier told the court he could not recall details of
meetings with Mr. Ziegler to discuss his remuneration, but did
remember crossing out a written proposition from Mr. Ziegler
that he be given a 10-year, AU$10 million interest-free loan
with which to buy Village preference shares.
CONTACT:
Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
VISIONS MODELLING: Succumbs to Voluntary Liquidation
----------------------------------------------------
Notice is given pursuant to Sections 508 & 509 of the
Corporations Act 2001 that a joint meeting of the members and
creditors of Visions Modelling Casting And Promotions Pty Ltd
(In Liquidation) (The Company) A.C.N. 007 062 839 will be held
at the offices of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Victoria on May 31, 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 19th day of April 2005
A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000
WIN HOLDINGS: Enters Winding Up Process
---------------------------------------
Notice is hereby given that at a general meeting of WIN Holdings
Pty Ltd (In Liquidation) A.C.N. 068 247 709 held on April 8,
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 12th day of April 2005
Ronald D. Gamble
Liquidator
BDO
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: 9360 4200
==============================
C H I N A & H O N G K O N G
==============================
BANK OF CHINA: Serves as Underwriter in Bond Issue
--------------------------------------------------
Air China Ltd. (0753.HK) plans to issue CNY2 billion of short-
term bonds and has selected Bank of China (BCH.YY) as its main
underwriter, Dow Jones reports.
The People's Bank of China (PBOC) announced the approval for
mainland enterprises to issue short-term bonds with maximum
terms of 365 days. The new measure aims at lessen the companies'
reliance on bank borrowings.
Beijing bailed out Bank of China in 2003, leading the way for
them to raise money in overseas capital markets.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
BESTEEL INDUSTRIES: Winding Up Hearing Slated for June 15
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Besteel Industries Limited by the High Court of Hong Kong
Special Administrative Region was on April 15, 2005 presented to
the said Court by Moltex Baby Hygiene GmbH of Industriegebiet
Mayener Tal, Robert-Bosch-StraBe 8, D-56727 Mayen, Rheinland-
Pfalz, Germany.
The said Petition is to be heard before the Court at 9:30 a.m.
on June 15, 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.
Allens Arthur Robinson
Solicitors for the Petitioner
49th Floor, One Exchange Square
8 Connaught Place
Central, Hong Kong
Phone: 2840 1202
Fax: 2840 0686
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 June 14, 2005.
CHUNG WAH: Enters Winding Up Proceedings
----------------------------------------
Chung Wah Air-Conditioning & Electrical Co. Limited with
registered office located at Flat B, 10/F PH 1, Hang Fung
Industries Building, 2G Hok Yuen Street, Hung Hom, Kolon was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on May 11,
2005.
Date of Presentation of Petition: March 9, 2005.
Dated this 20th day of May 2005.
ET O'Connell
Official Receiver
JADE KIND: Receives Winding Up Notice
-------------------------------------
Jade Kind International Investment Limited with registered
office located at Flat D, 4th Floor, Block 14, Beacon Heights,
No. 14 Lung Ping Road, Kolon was issued a winding up notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on May 11, 2005.
Date of Presentation of Petition: March 8, 2005.
Dated this 20th day of May 2005.
ET O'Connell
Official Receiver
MULTI-MILLION LIMITED: Court Releases Winding Up Order
------------------------------------------------------
Multi-Million Limited with registered office located at 5th
Floor, No 94 Lee Fung Building, 88-96 Argyle St, Mongkok, Kolon
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
May 11, 2005.
Date of Presentation of Petition: March 9, 2005.
Dated this 20th day of May 2005.
ET O'Connell
Official Receiver
QANSTAR LIMITED: Begins Winding Up Process
------------------------------------------
Qanstar Limited with registered office located at Shop Nos 7-23
and 28-34, G/F Melody Gdn, Wu Chui Road, Tuen Mun, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 11, 2005.
Date of Presentation of Petition: March 9, 2005.
Dated this 20th day of May 2005.
ET O'Connell
Official Receiver
STAR CRUISES: Swings to HKD4.4 Profit
-------------------------------------
Star Cruises Limited (678) announced its first quarter results
ending in March 31, 2005.
Year-end date: 31/12/2005
Currency: USD
Auditors' Report: N/A
Interim/Quarterly report reviewed by: Both Audit Committee and
Auditors
(Unaudited) (Unaudited)
Current Last
Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/3/2004
Note (000) (000)
Turnover : 404,483 390,747
Profit/(Loss) from Operations : 30,003 18,467
Finance cost : (31,761) (22,087)
Share of Profit/(Loss) of
Associates 3 : (151) N/A
Share of Profit/(Loss) of
Jointly Controlled Entities 4 : (27) N/A
Profit/(Loss) after Tax & MI : 4,403 (9,180)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0008 (0.0017)
-Diluted (in dollars) : 0.0008 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 4,403 (9,180)
1st Quarter Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
1st Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Basis of presentation of results
The unaudited accounts of the Group have been prepared in
accordance with accounting principles generally accepted in Hong
Kong and comply with accounting standards issued by the Hong
Kong Institute of Certified Public Accountants (HKICPA) and
Appendix 16 of the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the Listing Rules). The
accounting policies and methods of computation used in the
preparation of these accounts are consistent with those used in
the annual accounts for the year ended 31 December 2004.
The HKICPA has issued a number of new and revised Hong Kong
Financial Reporting Standards and Hong Kong Accounting Standards
(new HKFRSs), which are effective for accounting periods
beginning on or after 1 January 2005. As at 1 January 2005, the
Group adopted these new HKFRSs, which are relevant to its
operations. The adoption of these new HKFRSs did not have any
significant impact on its results of operations and financial
position, except for the adoption of HKFRS 2, HKFRS 3, HKAS 38,
HKAS 17, HKAS 32 and HKAS 39. Please refer the results
announcement for more details.
(2) Basis of calculation for basic earnings per share and
diluted earnings per share Basic earnings per share is computed
by dividing net profit by the weighted average number of
ordinary shares outstanding during each period.
Fully diluted earnings per share is computed by dividing net
profit by the weighted average number of ordinary shares,
potential ordinary shares and other potential dilutive
securities outstanding during each period.
* Diluted loss per share for the three months ended 31 March
2004 is not shown, as the diluted loss per share is less than
the basic loss per share.
(3) For the three months ended March 31, 2005, the Group
recorded its share of loss of an associated Company of
US$151,000 from the date of acquisition in mid-December 2004 to
31 December 2004, resulting in a three-month lag going forward.
(4) The US$27,000 share of loss of a jointly controlled entity
is included in other non-operating expenses in the unaudited
consolidated profit and loss account for the three months ended
March 31, 2005.
CONTACT:
Star Cruises Limited
Suite 1501, Ocean Centre
5 Canton Road, Tsimshatsui
Kowloon, Hong Kong
Phone: 23782000
Fax: 23143809
Web site: http://www.starcruises.com
STAR CRUISES: Updates Shipbuilding Contract
-------------------------------------------
Reference is made to an announcement made by Star Cruises
Limited dated May 3, 2005 and published on May 4, 2005 in
respect of a major transaction relating to the entering into of
the Shipbuilding Contract for the construction of the Vessel
(the First Announcement). Terms defined in the First
Announcement have the same meanings in this announcement unless
otherwise specified.
The Company is required under Rule 14.38 of the Listing Rules to
arrange for the publication of a Shareholders' circular (the
Circular) to the Shareholders within 21 days after publication
of the First Announcement, i.e. on or before May 25, 2005.
The Company is required under Rule 14.66(2) of the Listing Rules
to make disclosures in the Circular in respect of, among other
things, indebtedness and sufficiency of working capital. The
Company's auditors will also need to issue a letter to the Stock
Exchange confirming that the statement as to the sufficiency of
working capital has been made by the Directors after due and
careful enquiry and the persons or institutions providing
finance to the Company have confirmed in writing that such
facilities exist under Rule 14.66(4) of the Listing Rules.
In order to prepare the indebtedness statement, the auditors of
the Company need to obtain confirmation from various banks in
over 20 countries. It is expected to take a considerable amount
of time to collect all the responses from the banks.
Furthermore, in order for the Directors to make statements in
the Circular regarding, among other things, the sufficiency of
working capital of the Group, management reports and working
capital forecasts will need to be prepared. As some of the
Company's subsidiaries operate in the United States of America
and their financial statements are prepared in the U.S., more
time is required by the Company to compile and for the auditors
to review the consolidated financial information of the Group.
The Company is also in the process of finalizing its Group
quarterly report for the three months ended March 31, 2005 (the
First Quarterly Report). The Company expects that the first
Quarterly Report will be available around mid-June 2005 and
would like to include the First Quarterly Report in the
Circular. The Company has, and will have to, put substantial
time and resources into preparing and finalizing the First
Quarterly Report and thereafter the Company will require
additional time for the preparation of the management reports
and working capital forecasts for the purpose of the making
disclosures in the Circular regarding, among other things, the
sufficiency of working capital of the Group.
On the basis of the above, the Company has applied to the Stock
Exchange for an eight-week extension of time for publication and
despatch of the Circular to its Shareholders. The Company
expects to despatch the Circular to its Shareholders on or
before July 20, 2005.
By order of the Board,
Louisa Tam Suet Lin
Company Secretary
Hong Kong, May 24, 2005
STAR CRUISES: Clarifies IPO, Acquisition Report
-----------------------------------------------
The Board of Directors of Star Cruises Limited (689) noted
certain newspaper articles on April 28, 2005 reporting that (a)
a subsidiary of the Company proposes to list its shares in the
United States with a plan to raise approximately US$250 million
by the end of 2005 and (b) there are plans to inject certain
gaming businesses into the Company making the Company a gaming
business platform for the Genting Group (Genting Berhad and its
subsidiaries).
Genting Berhad is a substantial shareholder of the Company
holding approximately 36.33 percent of the Company's issued
share capital indirectly.
The Board would like to clarify as follows:
1. The Company is exploring and considering the possibility of
an initial public offering of the shares of its wholly owned
subsidiary, NCL Corporation Ltd. (NCL) in the United States.
However, no decision has been made at this point in time as to
whether to proceed.
2. The Company has no plans for the acquisition of gaming
business from the Genting Group.
By Order of the Board
Louisa Tam Suet Lin
Company Secretary
Hong Kong April 28, 2005.
STAR CRUISES: Unveils May 24 AGM Results
----------------------------------------
Reference is made to the circular of Star Cruises Limited (678)
to the Shareholders dated April 29, 2005 regarding, among other
things, the approvals of the Letter Agreement and the Service
Contract (as amended by the Letter Agreement). Terms used in
this announcement shall have the same meanings as those defined
in the Circular unless otherwise specified.
Voting Results of the Annual General Meeting
The Board announced that all resolutions were duly passed at the
Annual General Meeting. The resolutions nos. 5(A) and 5 (B)
(together, the Resolutions) as set out in the Notice in respect
of the approvals of the Letter Agreement and the Service
Contract (as amended by the Letter Agreement) were duly passed
by the Independent Shareholders by way of poll at the Annual
General Meeting while other resolutions as set out in the Notice
were duly passed by the Shareholders at the Annual General
Meeting by show of hands.
As at the date of the Annual General Meeting, the total number
of issued Shares of the Company was 5,296,359,039 Shares of
which 5,296,023,594 Shares entitled the holders thereof as
Independent Shareholders to attend and vote for or against the
Resolutions at the Annual General Meeting. No Shareholder was
only entitled to vote against any of the Resolutions at the
Annual General Meeting.
For more information, go to
http://bankrupt.com/misc/tcrap_starcruises052405.pdf
By Order of the Board
Louisa Tam Suet Lin
Company Secretary
Hong Kong, May 24, 2005.
WORLD WIDE: Court Orders Winding Up
-----------------------------------
World Wide Express Transports Co. Limited with registered office
located at 1/F, 30 Fanling Lau Village, Fanling, New Territories
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
May 11, 2005.
Date of Presentation of Petition: March 9, 2005.
Dated this 20th day of May 2005.
ET O'Connell
Official Receiver
=================
I N D O N E S I A
=================
BANK MANDIRI: Proposing Merger with Bank Negara
-----------------------------------------------
State bank PT Bank Mandiri is looking to merge with PT Bank
Negara Indonesia (BNI) in order to create a stronger and
healthier bank, reports Dow Jones.
Bank Mandiri proposed the merger to the government, in a bid to
create a bank that could offer major infrastructure projects. If
the merger pushes through, the new bank will have combined
assets worth IDR358 trillion, and IDR40.5 trillion equity
capital.
Aside from incurring high equity capital and significant assets,
the merger would also strengthen Bank Mandiri.
But a BNI spokesman said that she was not currently aware of any
proposal to merge the two banks.
At present, the government controls 69.54 stake in Bank Mandiri,
and 99.12% stake in Bank Negara.
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: Court Overturns KPPU Ruling on Collusion
---------------------------------------------------
In the case of state-owned Pertamina's colluding with Goldman
Sachs and Frontline Ltd. in the sale of two tankers last year, a
local district court overturned Indonesia's Business Competition
Supervision Commission (KPPU)'s ruling that found the three
firms guilty, Dow Jones reports.
Central Jakarta's district court judge Cicut Setiarso said that
he overturned the KPPU's verdict on Goldman Sachs Group Inc.,
which was issued last March 3, 2005, for lack of proof on the
accusation against the firm. Likewise, he also overturned the
KPPU's ruling on the other two firms.
On March 3, 2005, the KPPU fined Goldman Sachs IDR19.71 billion
plus additional compensation of IDR60 billion for conspiring
with Pertamina and bidder Frontline Ltd. in the sale of
Pertamina's two tankers last year, which led to huge state
losses.
KPPU lawyer David Tobing said that the government agency would
file an appeal within two weeks.
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
=========
DAIEI INCORPORATED: Books JPY511.2 Bln Net Loss
-----------------------------------------------
Supermarket chain operator Daiei Incorporated posted a net loss
of JPY511.2 billion for the year to February 2005 on
restructuring costs and asset value write-downs as well as a
decline in sales, AFX News reports.
Daiei, which is restructuring under the auspices of the
Industrial Revitalization Corp of Japan (IRCJ), booked special
losses of JPY581.1 billion, as it is closing unprofitable
stores.
CONTACT:
Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
JAPAN AIRLINES: Quits Leisure Destinations
------------------------------------------
Japan Airlines Corporation will cut services on routes to and
from vacation spots due to their low profitability, the Nihon
Keizai Shimbun reports.
In October, the carrier will stop daily flights from Narita
International Airport and Kansai International Airport to
Saipan, and from Chubu International Airport to Guam.
The airline will also reduce flights from Kansai International
to Honolulu, cutting the daily number from two to one.
Of the four international routes to and from Fukuoka, the
Company will stop the Honolulu, Seoul and Hong Kong routes.
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
KANEBO LIMITED: Faces OSE Delisting Over Accounting Scam
--------------------------------------------------------
The Osaka Securities Exchange will delist Kanebo Limited on June
13 for systematically falsifying financial statements, Kyodo
News reports.
The decision was made after the Tokyo Stock Exchange's decision
May 12 to delist Kanebo also on June 13 for its accounting fraud
that had continued for the five years through March 2004.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MITSUBISHI MOTORS: Unveils April 2005 Production Results
--------------------------------------------------------
Mitsubishi Motors Corporation on May 25 announced production,
domestic sales and export results for April 2005.
Total global production was 100,846 units, a decline of 13.1
percent from April 2004. Domestically, 43,617 units were
produced in the month, 15.4 percent less than the same period
last year.
Sales in Japan were 13,928 units, 85.5 percent compared to the
previous year. Although total sales for passenger cars were
8,444 units, 80.8 percent of last year's volume, total
commercial vehicle sales remained relatively stable, reaching
5,484 units, or 93.9 percent year-on-year.
Overseas production for the month decreased to 57,229 units, or
88.8 percent of the amount manufactured last year. European
production remained stable at 5,701 units, or 98.5 percent of
the previous year. Production in Asia also stayed flat at 43,133
units, or 100.6 percent of last year's figure for April.
Production in North America fell 60.9 percent to 4,363 units.
Total exports from Japan slightly declined by 2.1 percent to
27,625 units. Exports to Europe boosted to 9,549 units, or 133.6
percent year-on-year. Exports to Asia were down by 51.6 percent,
for a total of 3,776 units, while exports to North America
declined to 2,626 units, or 56.1 percent compared to the year
before.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp
This is a Company press release.
MITSUBISHI MOTORS: Hopes Eclipse Will Rev Up Sales
--------------------------------------------------
Mitsubishi Motors Corporation has high hopes that the launching
of its redesigned "Eclipse" coupe will help recover its brand,
aiming to increase sales of the coupe by 50 percent from a year
earlier, The Wall Street Journal reports.
The carmaker expects sales of the new Eclipse to reach about
30,000 vehicles in its first year on the market.
Sales of the coupe totaled slightly more than 19,000 vehicles in
2004, down significantly from the model's peak sales of more
than 50,000 a few years ago.
The redesigned Eclipse, whose four-cylinder base model is priced
at $19,493, hit U.S. dealer showrooms earlier this month. The
Company also plans to sell a more expensive V6 version of the
coupe.
MITSUBISHI MOTORS: Morgan Stanley Maintains "Underweight" Rating
----------------------------------------------------------------
Analysts at Morgan Stanley maintain their "underweight" rating
on Mitsubishi Motors Corporation (7211.TSE). The target price is
set to JPY65, Newratings.com reports.
Mitsubishi incurred net losses of JPY474.8 billion in fiscal
2004 due to sluggish sales and high rebuilding costs.
The carmaker has issued its fiscal 2005 guidance in-line with
the Company's medium-term plans, the analysts say. The Company's
outstanding shares as of end-March were 4.25 billion, which
exhibits a JPY2.77 billion year-on-year increase, Morgan Stanley
adds.
SANYO ELECTRIC: May Sell Credit Unit to Raise Funds
---------------------------------------------------
Sanyo Electric Co. may sell its credit unit Sanyo Electric Co.
to generate the funds they need for restructuring, The Star
Online reports, citing Mana Nakazora, Vice-President of Credit
research at JP Morgan Securities.
The loss-making electronics manufacturer is fixing its
operations after posting a group net loss of JPY137.14 billion
(US$1.27 billion) for the year ended March 31, hit by earthquake
damage to a semiconductor factory and sluggish sales of digital
cameras and mobile phones.
Sanyo Electric generates healthy cash flow but adds about JPY340
billion in debt to Sanyo's balance sheet.
CONTACT:
Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
SANYO ELECTRIC: Revises FY/2004 Financial Result
------------------------------------------------
Sanyo Electric Co. has revised its earnings report for fiscal
2004 to a greater net loss due to its auditor's advice for a
deeper cut in deferred tax assets, Kyodo News reports.
In its revised report, the Company booked a consolidated net
loss of JPY171.54 billion, compared with a loss of JPY137.14
billion reported on April 27.
The largest-ever net loss reflects a loss of JPY42.3 billion
stemming from last October's devastating earthquake in Niigata
Prefecture that damaged Sanyo's local semiconductor plant.
SEIBU RAILWAY: Appoints New President, Chairman
-----------------------------------------------
Two top executives took office at Seibu Railway Co. on Tuesday
to lead its turnaround, despite opposition from some
shareholders to the proposed course of rehabilitation, The Asahi
Shimbun reports.
Mr. Takashi Goto, a former deputy president of Mizuho Corporate
Bank, and Mr. Naoki Hirano, a former transport ministry
bureaucrat, became President and Chairman, respectively, at a
board of directors meeting.
Seibu shareholders grilled the management over how to turn
around the Company, which was delisted from the Tokyo Stock
Exchange in December for falsifying financial statements.
Vice President Masao Ishibashi, who served as acting President,
apologized for the loss of public trust caused by the Company's
delisting.
Seibu's reform plan has not been established, but its new
management will adopt the reform committee's recommendations as
the basis and use other proposals.
CONTACT:
Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/
UFJ HOLDINGS: May Team Up With Nomura
-------------------------------------
Nomura Holdings Inc. plans to tie up with trust units of
Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc.,
reports the Yomiuri Newspaper.
The report said Nomura's core unit, Nomura Securities, will act
as an agent for the will-related trust services of Mitsubishi
Trust and Banking Corporation and UFJ Trust Bank Limited
starting in June.
A Mitsubishi spokesman said the bank has been considering
possible alliances with securities firms, including Nomura, but
nothing has been decided.
CONTACT:
UFJ Holdings Inc.
5-6, Fushimimachi 3-chome
Chuo-ku, Osaka-shi
Osaka, Japan
Phone: +81-6-6228-7111
Fax: +81-3- 3212-5870
* Widening Credit Quality Gap Hits Japanese Airlines
----------------------------------------------------
Fitch Ratings has commented that the difference between the
credit quality of the two Japanese airlines - Japan Airlines
(JAL) and All Nippon Airways (ANA) - has become increasingly
evident, as ANA's demonstrated ability to cope with the rapid
changes in air passenger markets and escalating fuel prices in
recent years have led to a faster operational and financial
recovery than at JAL.
On April 12, 2005, Fitch upgraded ANA to `BB' from `BB- (BB
minus)' and affirmed JAL at `BB- (BB minus)'. ANA's upgrade
reflects its successful capacity adjustments against a
background of changing demand in both international and domestic
passenger markets and its conservative financial strategies,
including full fuel hedging, both of which have helped improve
its operating and financial performances. Meanwhile, JAL, having
focused on the post-merger business consolidation, while trying
to leverage the broad operating base as Japan's largest airline,
has been hesitant at reducing its capacity, resulting in its
relatively lower operational efficiency and lagged recovery.
The Japanese airline industry has experienced dramatic changes
since the 11 September crisis. These changes include: (1) a
decline in international passenger traffic owing to a series of
external shocks (September 2001 to Q1 FYE04 (fiscal year ending
March 2004)); (2) intense domestic competition accentuated by
the merger of JAL and Japan Air System in October 2002, followed
by a fare discount war between JAL and ANA (October 2002 to Q1
FYE04); (3) less rivalry between JAL and ANA in the domestic
passenger market, as ANA withdrew from the price war and pursued
a strategy of reducing its capacity (Q1 FYE04 to the present);
and (4) the recovery in passenger demand, especially in the
international market (Q2 FYE04 to the present).
Annual air traffic data of all the Japanese airline operators,
gathered by the Ministry of Land, Infrastructure and Transport,
present a more detailed picture of these changes. In 2004
international passenger volumes (i.e. revenue passenger
kilometer (RPK)) were at 85.9% and capacities (i.e. available
seat kilometer (ASK)) were at 91.2% of the levels seen at the
pre-crisis peak of 2000; RPK recent low was 75.2% and ASK was
86.1% in 2003.
The data also show a faster recovery in RPK (annual growth of
14.3%) than ASK (5.9%) in 2004, reflecting the recovery in the
US and European routes and increasing passenger volumes on the
Asian routes. However, the total decline in RPK has been larger
than ASK, indicating that the industry's overcapacity has been
exacerbated by the crisis.
In the domestic passenger market, in 2004 RPK was at 102.5% and
ASK at 102.9% of the levels seen in 2000, reflecting a stable
and competitive market. Although less rivalry between JAL and
ANA has helped lift their domestic passenger yields in the last
two years, the data indicate insignificant changes in either
passenger volumes or the airlines' capacities, suggesting that
the market remains competitive.
Escalating fuel prices presents considerable risk for the two
airlines. As jet fuel costs account for roughly 15% of the air
transportation business's operating costs (the second-largest
operating cost component, after staff expenditure), a 10% rise
in jet fuel prices are likely to cause a 1.5% increase in
operating costs (assuming no fuel hedging and other operating
cost components remaining stable). Since January 2005, Singapore
Kerosene, a benchmark jet fuel price in Asia, rose by 58.8% to a
peak of USD75.65 per barrel on 5 April; meanwhile, the yen
(JPY)/US dollar (USD) exchange rate has been moving within a
narrow range of between 104 and 108, no longer offsetting the
higher fuel price in yen terms. Moreover, the recovery in
international passenger volumes is likely to increase fuel
consumption in the future. These two factors together could have
put significant downward pressure on the airlines' earnings if
effective hedging strategies had not been put in place.
The two airlines have said that increased fares and fuel
surcharges, as well as a recovery in passenger demand, will
boost revenues, partly offsetting increased fuel costs. However,
Fitch believes that fuel prices and passenger volumes will
continue to dictate the airlines' earnings, leading to greater
uncertainty over future performance.
The agency is also concerned that despite the less rivalry in
the domestic market, the industry remain highly competitive,
making it more difficult for the airlines to pass the increased
costs onto passengers. The agency believes that timely capacity
adjustments and conservative fuel hedging are key to stabilizing
the airlines' credit profiles, especially as safety control
management is the top priority for any public transportation
businesses, including airlines, while cost controls are
secondary concerns, making it more difficult to reduce costs.
Making a comparison between the two Japanese airlines, ANA has
been stepping-up its efforts in yield management and fleet
assignments to achieve higher operational flexibility and
efficiency, while its past efforts to reduce capacity have
helped to stabilize its operating performance. Moreover, in view
of past fluctuations in fuel prices and the current
uncertainties, the Company is being extremely prudent in
adopting a full hedging policy. Barring any further unforeseen
crises, these efforts are likely to maintain the improved
stability in the Company's credit quality.
In contrast, JAL has been more exposed to higher jet fuel prices
owing to its higher dependence on international operations,
which require more fuel and a more selective hedging strategy.
Although JAL has recently announced a new strategy focusing on
streamlining its operations and improving operational
efficiency, the benefits of these efforts will take some time to
materialize. Moreover, historically, the Company has hedged only
50% of its expected annual fuel consumption, and has been
experiencing rising fuel costs.
These two factors suggest that JAL has more room to improve its
credit profile by accelerating its efforts to reduce its
capacity and adopt a more conservative financial strategy to
control and stabilize costs.
Fitch notes that the difference between the two airlines' credit
qualities is increasingly evident in their operating
performances and credit metrics. The agency is of opinion that
in view of the level of competition in the market and
uncertainties over the business environment, this gap is
unlikely to be closed in the short term by a single Company's
efforts.
CONTACT:
Fitch Ratings
Satoru Aoyama,
Eldon House, 2 Eldon Street
London EC2M 7UA
Tokyo
Phone: +81 3 3288 2691
Web site: +44 20 7417 4222
Web site: www.fitchratings.com
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Stabilizing Ops May Become Challenging
-----------------------------------------------------------
Hynix Semiconductor will find it harder to normalize its
operations with the freezing of the global debt market after a
huge loss suffered by automaker General Motors, reports Chosun
News.
General Motors' bond ratings were cut when the firm reported
over USD1 billion in losses.
Hynix creditors were planning to issue KRW750.4 billion in bonds
in order for the Company to terminate its debt workout program
earlier than its initial 2007 schedule.
But with the recent drop in General Motors' ratings, the Company
is now considering to reschedule its overseas bond issue. Some
creditors have proposed that the Company obtain more funds in
the local market through syndicated loans, if the global market
situation continues.
According to the Company and main creditor Korea Exchange Bank
(KEB), there are no plans yet to change its strategy of issuing
bonds overseas, as it will graduate from its debt workout
program only if it obtains KRW1 trillion.
The Company is planning to secure KRW1.5 trillion to pay its
debts and graduate from its debt workout program in two ways:
KRW750.4 billion would come from an overseas bond issue, while
the rest would be obtained through syndicated loans.
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
JINRO LIMITED: Hite Brewery Formalizes Takeover Deal
----------------------------------------------------
Preferred bidder Hite Brwery Co. is set to sign a formal
contract to acquire troubled soju maker Jinro Co. Ltd. next
week, the Korea Times reports.
But it will take two months before Korea's antitrust watchdog,
the Fair Trade Commission (FTC) can approve Hite's takeover of
the firm, to determine whether the acquisition would create a
monopoly in the local liquor industry or not. The FTC has not
finished collecting the necessary material to give out a
decision.
According to Hite Brewery, the firm planned to formalize the
contract after the FTC's review is completed, but it has decided
to sign a contract now, as the review is taking a long time.
An FTC official said that the review of the acquisition was
complicated, as the commission wants to cover every aspect of
the takeover. This has led to speculation that the FTC will use
up the maximum period (four months) allowed by law to review an
acquisition, before announcing a decision.
CONTACT:
Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax: +82 2 520 3453
Web site: http://www.jinro.co.kr/
===============
M A L A Y S I A
===============
ARTWRIGHT HOLDINGS: Disposes of Entire Stake in Unit
----------------------------------------------------
Artwright Holdings Berhad will sell its entire stake in
Steelcase Artwright Manufacturing Sdn Berhad (SAM) to SteelCase
Incorporated, Business Times reports.
The Company, which holds 25% stake in Sam, acquired the shares
in 2002 for MYR16.63 million, will now sell the stake to
Steelcase Incorporated, which owns the remaining 75%, for
MYR17.067 million.
The disposal would allow the Company to settle its debt to
Steelcase Inc., which consists of a principal amount of MYR41.44
billion, plus outstanding interest, if any. It is also in
relation to the Company's compliance with the Securities
Commission (SC)'s policies to continue trading in Bursa Malaysia
Securities Berhad. The SC had required the Company to fully
comply with its guidelines in 2002.
The Company expects to complete the disposal by the end of
October this year.
CONTACT:
Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia
AYER HITAM: Net Loss Widens
---------------------------
Ayer Hitam Tin Dredging Malaysia Berhad released its unaudited
report for the financial period ended March 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
1,304 2,872 8,578 6,178
2 Profit/(loss) before tax
-1,135 -793 -8,388 -2,497
3 Profit/(loss) after tax and minority interest
-1,220 -808 -8,496 -2,544
4 Net profit/(loss) for the period
-1,220 -808 -8,496 -2,544
5 Basic earnings/(loss) per shares (sen)
-1.80 -1.19 -12.54 -3.75
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.0281 0.1535
For further details on the report, go to:
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920
GULA PERAK: Sells Off 32% Stake to Balqis
-----------------------------------------
Gula Perak Berhad is set to sell a controlling 32% stake to
Balqis Investments Ltd., reports Business Times.
On May 24, 2005, the Company's managing director Tan Sri Lim
Cheng Pow accepted a conditional offer made by Balqis president
Azizul Rahman Yunus to buy the stake at 80 sen per share.
The offer was made on the condition that no general offer would
be implicated, and that an adequate due diligence report of the
Company be carried out.
Bursa Malaysia Securities Berhad labeled Gula Perak loan stocks,
shares and warrants as designated securities. The Company's
shares were suspended from trading on May 23, 2005, and resumed
on May 24, 2005 at a low price of 65 sen per share.
CONTACT:
Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax: 03-4044 668
HONG LEONG: Unit's Shareholders Approve Wind-Up
-----------------------------------------------
Hong Leong Industries Berhad announced that the Company's
proposal to wind up its subsidiary, Guolene Packaging Industries
Berhad (GPIB), was approved by GPIB shareholders in its
Extraordinary General Meeting held on May 24, 2005.
The Company appointed Mr. Ling Kam Koong of Messrs Ling Kam
Koong & Co. as the liquidator for the wind-up.
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
I-BERHAD: Buys Back 8,500 Shares
--------------------------------
I-Berhad disclosed the details of its shares buy back on May 24,
2005 to the Bursa Malaysia Securities Berhad.
Date of buy back: 24/05/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 8,500
Minimum price paid for each share purchased (MYR): 0.800
Maximum price paid for each share purchased (MYR): 0.800
Total consideration paid (MYR): 6,850.52
Number of shares purchased retained in treasury
(units): 8,500
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 1,889,700
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
K.P. KENINGAU: Awaits Bourse Decision on Extension
--------------------------------------------------
K.P. Keningau Berhad announced that in relation to Practice Note
4/2001 of the Bursa Malaysia Securities Berhad (Bursa
Securities) Listing Requirements, the Company submitted an
application for extension to make a requisite announcement to
Bursa Securities on May 20, 2005.
The requisite announcement would contain the Company's
regularization plan.
The Company is currently awaiting the decision of Bursa
Securities.
On behalf of the Board of Directors of KPK, Southern Investment
Bank Berhad wishes to announce that the Company had on 20 May
2005, submitted an application for extension of time to Bursa
Malaysia Securities Berhad (Bursa Securities) to make a
Requisite Announcement on the Company's regularisation plan
pursuant to PN4 of the Listing Requirements.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax: 03-7784 1988
KUMPULAN BELTON: Updates Default Status Report
----------------------------------------------
Kumpulan Belton Berhad announced that the Company has updated
its default status in payment and litigation involvement from
April 28, 2005 to May 24, 2005.
To view a full copy of the report, go to:
http://bankrupt.com/misc/tcrap_kumpulanbelton052505.doc
CONTACT:
Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput,
Perak Darul Ridzuan 48000
Malaysia
Phone: +60 3 6257 2233
Fax: +60 3 6257 8989
PAN MALAYSIA: Granted Additional Shares Listing
-----------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 24,
2005.
Date of buy back: 24/05/2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 3,200,000
Minimum price paid for each share purchased (MYR): 0.460
Maximum price paid for each share purchased (MYR): 0.470
Total consideration paid (RM): 1,494,930.30
Number of shares purchased retained in treasury
(units): 3,200,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 55,484,500
Adjusted issued capital after cancellation
(no. of shares) (units): 0
CONTACT:
Pan Malaysia Corporation Berhad
Jalan P Ramlee, Kuala Lumpur
50250 Malaysia
Phone: +60 3 2031 6722
Fax: +60 3 2031 1299
PANTAI HOLDINGS: Repurchases Extra Shares
-----------------------------------------
Pantai Holdings Berhad disclosed the details of the shares it
had bought back on May 24, 2005 to the Bursa Malaysia Securities
Berhad.
Date of buy back: 24/05/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 93,500
Minimum price paid for each share purchased (MYR): 0.990
Maximum price paid for each share purchased (MYR): 1.000
Total consideration paid (MYR): 93,834.83
Number of shares purchased retained in treasury
(units): 93,500
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 29,647,800
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala LumpurMalaysia
Phone: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/
POS MALAYSIA: To List New Shares Next Week
------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 98,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Monday, May 30, 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
SILVERSTONE CORPORATION: Bounces Back to Black
----------------------------------------------
Silverstone Corporation Berhad released its unaudited report for
the financial period ended March 31, 2005.
SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
115,259 141,672 325,106 420,814
2 Profit/(loss) before tax
1,908 -30,903 -10,519 -86,597
3 Profit/(loss) after tax and minority interest
6,254 -31,195 -6,592 -88,133
4 Net profit/(loss) for the period
6,254 -31,195 -6,592 -88,133
5 Basic earnings/(loss) per shares (sen)
1.85 -9.21 -1.95 -26.03
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.4100 0.4400
To view a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_silverstone1052505.xls
http://bankrupt.com/misc/tcrap_silverstone2052505.doc
CONTACT:
Silverstone Corporation Berhad
165 Jalan Ampang
Kuala Lumpur
Selangor Darul Ehsan 50450
Malaysia
Phone: +60 3 2162 2155
Fax: +60 3 2162 3448
=====================
P H I L I P P I N E S
=====================
CAMP JOHN: In Default Since 1998, Says BCDA
-------------------------------------------
The Bases Conversion and Development Authority (BCDA) claimed
that Camp John Hay Development Corp. (CJHDevCo) has been running
arrears on its rental payments since 1998, relates The
Philippine Star.
BCDA's statement is contrary to CJHDevCo's claims that it has
only been in default after a Supreme Court ruling on tax
incentives was issued this year.
CJHDevCo reportedly entered into a Memoranda of Agreement (MOA)
twice with the government precisely to address its arrears. But
it made only partial payments in 2000 and 2003 for its 1999
rentals, but the government never received any payments after
that.
BCDA said as early as 1998, CJH DevCo already requested for the
deferment of its second annual lease rental due on Dec. 31 of
that year.
CJHDevCo then explained it was unable to meet the scheduled
obligation due to the Asian economic crisis, the El Nino and the
La Nina phenomena.
CJHDevCo made another request for the deferment of the lease
payments in January and March of 2002 citing as excuses the
economic crisis, the alleged poor state of local and
international tourism and the recession of the real estate
market. But BCDA brushed off JHDevCo's excuses and sought to
find acceptable terms of settlement.
BCDA, however, felt there was no real solution to the huge
arrears so it called for the termination of the lease agreement
with the developer in February 2003.
CDA said the takeover in 2003 was staved off as CJH DevCo was
able to submit an improved settlement offer, which the agency
found acceptable.
Meanwhile, CJHDevCo gave its assurance last week that it will
settle all of its outstanding rental arrears with the
government.
CONTACT:
Camp John Hay Dev. Corp.
Marketing Department
Loakan Road, Baguio City
Philippines 2600
Phone: (6374)442-7902 to 08
Fax: (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/
COLLEGE ASSURANCE: To Report Lower Deficit Using IAS 39
-------------------------------------------------------
Beleaguered College Assurance Plan Philippines Inc. (CAP)
believes that the use of the controversial International
Accounting Standards (IAS 39) on its financial report would
reflect a healthier condition of the pre-need firm, Yehey News
reports.
CAP is keen on using the system, while the rest of the pre-need
firm thinks IAS 39 would be damaging to the industry.
CAP director Robert John Sobrepena said a financial report
prepared under the IAS 39 would see a lower trust fund deficit
for the Company. CAP's trust fund shortfall now stands at Php17
billion.
Meanwhile, other pre-need companies oppose the adoption of the
IAS 39 since it will just bloat their liabilities.
The Accounting Standard Council approved the use of the IAS 39
last year. The implementation starts this year. Other
industries, such as banks and mutual fund companies have also
sought for the deferment of the use of IAS 39.
If most pre-need companies find the IAS 39 detrimental, CAP
blamed its huge liabilities and widening trust deficit on the
use of the Actuarial Reserve Liability (ARL) computation.
CAP, which earlier asked the Securities and Exchange Commission
(SEC) to review the ARL, claimed the use of the ARL has inflated
its liabilities and undervalued its assets.
CAP's ARL now stands at Php25.7 billion against its trust fund
amounting to only Php8.5 billion. This places CAP with a trust
fund deficiency of Php17.2 billion putting into question its
ability to service its future obligations.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
COLLEGE ASSURANCE: Cleared to Receive Php1-Bln Equity Infusion
--------------------------------------------------------------
College Assurance Plan Philippines Inc. (CAP) is now ready to
receive Php1-billion in fresh capital from a European fund
manager after the corporate regulator approved CAP's asset
safekeeping receipt (ASKR) confirmation, The Philippine Star
says.
The ASKR, issued by the Philippine Veterans Bank, was a
precondition for a planned fund injection by the International
Global Capital Holdings (IGCH) AG.
But the approval was subject to certain conditions, among which
is the completion of the equity infusion within 15 days from
receipt of the approval. CAP, however, has reportedly asked the
SEC for a 30-day period to complete the equity infusion.
The Securities and Exchange Commission (SEC) also directed CAP
to deposit IGCH's equity investment directly in its trust fund.
The investment can be withdrawn, distributed or used only to pay
the claims of CAP planholders.
CAP's failure to comply with the conditions shall result in the
withdrawal of the SEC's approval.
DMCI HOLDINGS: Annual Stockholders' Meeting Fixed June 27
---------------------------------------------------------
In a special meeting held Tuesday, the Board of Directors of
DMCI Holdings Inc. fixed the date of the annual stockholders
meeting on July 27, 2005 (Wednesday) at 9 o'clock in the morning
to be held at the Fairways Function Room, Manila Golf and
Country Club, Forbes Park, Makati City.
Correspondingly, the Board fixed the Record date on June 17,
2005 (Friday) for purposes of determining the stockholders
entitled to notice of and vote at the said meeting.
CONTACT:
DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone: 888-3000
Fax: 816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com
IONICS EMS: Inks MOA on Acquisition of Laguna Land Rights
---------------------------------------------------------
Ionics EMS, Inc. (EMS) on Wednesday announced the signing of a
Memorandum of Agreement between EMS; its sister Company, Ionics
Properties, Inc. (IPI); a U.S. Company and its Philippine
subsidiary whereby IPI agreed to acquire the leasehold and land
rights over a manufacturing facility located in an export zone
in Carmelray II, Calamba City, Laguna, Philippines and EMS
agreed to acquire the manufacturing equipment located thereon,
subject to the fulfillment of certain conditions, including the
approval of the Philippine Export Zone Authority.
Upon completion of the acquisition, EMS plans to lease the
production facility from IPI and to manufacture radio frequency
and other electronic products for its customers at said facility
CONTACT:
Ionics-EMS Inc.
11/F, DTC Place Building
2322 Pasong Tamo Extension, Makati City
Phone: 889-8578 to 80
Fax: 889-8582/84
E-mail Address: judyqua@attglobal.net
Web site: http://www.IONICS-EMS.com
KALIBO RURAL BANK: PDIC Issues Notice to All Creditors
------------------------------------------------------
Please take notice that on May 27, 2005 at 9:00 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Kalibo Rural
Bank (Aklan), Inc. will be submitted to the Liquidation Court
(RTC 6th Judicial Region, Branch 6, Kalibo, Aklan, Sp. Proc. No.
5965) for approval.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
MANILA ELECTRIC: To Collect Taxes for BIR
-----------------------------------------
Manila Electric Company (Meralco) committed to withhold taxes
for the Bureau of Internal Revenue (BIR) for taxes arising from
the refund of overcharges to Meralco's corporate customers,
reports The Philippine Daily Inquirer.
Meralco is expected to refund around Php18.67 billion to its
commercial and industrial clients following a Supreme Court
ruling directing the power utility firm to return to its
customers amounts by which they have been overcharged since
1994.
The tax bureau has earlier released a revenue regulation
requiring Meralco to withhold a 25 percent tax on refunds due to
corporate customers with active accounts. Refunds for customers
in the same class with inactive accounts would also be subjected
to a 32 percent tax.
Meralco vowed it will not delay the remittance of the BIR taxes
yet to be withheld.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL POWER: Rate Adjustment to Pare Losses
----------------------------------------------
The Php1.03 per kilowatt hour (kwh) total rate adjustment
granted to the National Power Corporation (Napocor) is expected
to trim the power firm's losses to Php40 billion, as against the
initial Php82.8-billion estimate, The Manila Bulletin says.
The Power Sector Assets and Liabilities Management Corporation
(PSALM) earlier projected that the first batch of adjustment of
Php0.98 per kwh will cut Napocor's losses to Php106.1 billion
vis-…-vis forecasts of Php114.2 billion for year 2004.
For this year, the projected loss was actually set at Php48.5
billion. But PSALM has noted that the additional increase of
Php0.0556 per kwh on Napocor's generation charge granted last
April (and due for implementation in June billing cycle) will
generate some Php9.728 billion revenues for the state-run power
firm.
PSALM has reported that aside from the rate adjustments,
Napocor's losses would be further trimmed down due to reduction
in interest expense that accounts for the expected additional
revenues.
The other cost mitigating measures adopted by the Company delves
on manpower reduction which made NPC to realize savings of
around Php752 million.
It was reported that the power firm has trimmed down its work
force from more than 8,000 in 2001 to only 3,800 in 2003 to
create a leaner and mean organization. PSALM Officials have also
hinted on further streamlining in its operations.
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 TRANSMISSION: Seeks Protection of Transmission Lines
-------------------------------------------------------------
The National Transmission Corporation (Transco) is tapping the
Philippine National Police and the Armed Forces of the
Philippines to protect its power lines in Southern Mindanao,
according to SunStar Daily.
Transco is on the alert to secure its transmission lines to
ensure a steady supply of power direct to the consumers,
although there's no threat to topple the power lines.
Transco is maintaining around 4,000 kilometers of transmission
lines in Southern Mindanao. A 69 KV line costs about Php1-
million per kilometer while a 138 KV line is approximately
valued at Php2-million a kilometer.
The state-run firm is optimistic the expensive transmission
lines especially in the remote mountainous parts will be
properly safeguarded with the assistance of the military and the
police.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
RB PASSI: Awaits Termination of Liquidation Proceedings
-------------------------------------------------------
Please take notice that on June 10, 2005 at 8:30 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Rural Bank of
Passi (Iloilo), Inc. will be submitted to the Liquidation Court
(RTC Iloilo City, Branch 23, Sp. Proc. No. 4054) for approval.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Seals License Deal with Samsung
--------------------------------------------------------
IBM, Chartered Semiconductor Manufacturing and Samsung
Electronics Co. Ltd, announced Tuesday that Samsung has licensed
the 90-nanometer (nm) common design enablement technology
utilized by IBM and Chartered.
As a result of this license agreement, Samsung, IBM and
Chartered can make available common foundry design kits and
tests chips as well as work with design enablement parties to
provide future third-party solutions, initially for the 90nm
baseline and low-power CMOS logic processes.
The announcement builds on Samsung's licensing rights to the
jointly developed 90nm process platform, with the goal of
expanding customers' flexibility to source designs among the
manufacturing facilities of Samsung, IBM and Chartered.
Samsung also collaborates with IBM, Chartered and Infineon for
the development of 65nm process technologies.
"The synergy created from the joint technology process
development program at 65nm has increased our confidence in the
common platform. The 90nm design enablement platform complements
the leading-edge production capacity available at Samsung and
increases sourcing flexibility for customers. We firmly believe
the common platform to be a truly attractive manufacturing model
for the Nano-Age," said KP Suh, Executive Vice President of
System LSI Technology Development at Samsung Electronics.
"The arrangement that we have with IBM and Chartered to provide
mutual design enablement and increase compatibility among our
fabs will be a great benefit to our internal users and external
customers."
"As an electronics leader, Samsung adds valuable system-level
understanding and expertise to the common platform that should
benefit our customers, both in terms of the underlying process
as well as the overall open enablement solutions we offer," said
Steve Longoria, vice president, Semiconductor Technology
Platform for IBM.
"We are pleased to have Samsung involved at multiple levels of
this collaboration and look forward to providing increased open
and collaborative solutions to the marketplace through our
common 90nm enablement platform."
"The transition to 90nm and 300-millimeter manufacturing has
drawn the industry to deeper and broader levels of
collaboration," said Kevin Meyer, vice president of worldwide
marketing at Chartered.
"As a global leader in digital convergence products and leading
semiconductor manufacturer, Samsung's participation at 90nm is
an endorsement of the common platform approach. We look forward
to leveraging their breadth of experience and expertise to
jointly provide customers with even greater levels of sourcing
flexibility and more robust design enablement solutions."
To view a full copy of the press release, click
CONTACT:
Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com
CHINA AVIATION (S): Creditors Meeting Slated for June 8
-------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd advised the
Singapore Stock Exchange (SGX) that after months of intensive
work, it has finally filed its proposed Revised Scheme of
Arrangement (Revised Scheme) in the High Court of Singapore
Tuesday.
Further, the Company has called for a Meeting of the Creditors
of the Company to be held at The Suntec Singapore International
Convention & Exhibition Centre, Level 2, Meeting Room 208-209, 1
Raffles Boulevard Suntec City, Singapore 039593 on June 8, 2005
at 3:00 p.m. for the purpose of considering and, if thought fit,
approving the Revised Scheme proposed to be made pursuant to
Section 210 of the Companies Act, Chapter 50 between (i) the
Company and (ii) its Creditors.
The said Meeting is convened pursuant to the Order of the High
Court dated December 10, 2004 made in Originating Summons No.
1539 of 2004/W.
The Scheme of Arrangement, the Explanatory Statement, and the
Proxy Forms, required to be furnished pursuant to Section 211 of
the Companies Act, Chapter 50 are incorporated in the printed
document (the Scheme Document). Copies of the Scheme Document
have been sent by courier to the Creditors.
In the event that the copies of the Scheme Document are not
received within three (3) working days of the advertisement of
this Notice, any person entitled to attend the said Meeting can
also obtain copies of the Scheme Document from the office of
China Aviation Oil (Singapore) Corporation Ltd at 8 Temasek
Boulevard #31-02 Suntec Tower Three, Singapore 038988 at any
time between 9:00 a.m. and 5:00 p.m., from Monday to Friday
(excluding Public Holidays) prior to the day appointed for the
said Meeting.
Persons who wish to obtain such Scheme Document are requested to
call Mr. Justin Lim at (65) 6334 8979 before attending at the
said office of the Company.
The Revised Scheme will be subject to the approval by a majority
in number representing three-fourths in value of the Creditors
present and voting either in person or by proxy at the Meeting
and the approval of the Court.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
EMTEC CONSUMER: Creditors Must Prove Claims by June 20
------------------------------------------------------
Notice is hereby given that the creditors of Emtec Consumer
Media Asia Pacific Pte Ltd (In Creditors' Voluntary Liquidation)
which is being wound up voluntarily, are required on or before
June 20, 2005 to send in their names and addresses and the
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undermentioned Liquidator at
Ernst & Young c/o 10 Collyer Quay, #21-01 Ocean Building,
Singapore 049315.
If so required by notice, they are to come in and prove their
debts or claims as shall be specified. In default, they will be
excluded from the benefit of any distribution made before such
proof.
Dated this 20th day of May 2005.
Seshadri Rajagopalan
Liquidator
FERRETI GROUP: Proofs of Claim Due June 20
------------------------------------------
Notice is hereby given that the creditors of Ferreti Group
Luxury Yachts Asia Pacific Pte Ltd (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before June 20, 2005 to submit
particulars of their debts or claims and any security held by
them to the liquidator.
This should be done by delivering or sending through the post to
me at my address a formal Proof of Debt in accordance with Form
77 containing their respective debts or claims.
In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.
Dated this 20th day of May 2005.
Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
MYCOBIOTECH LTD: Court to Hear Winding Up Hearing July 1
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Mycobiotech Ltd (formerly known as Everbloom Biotechnology (Pte)
Ltd) (otherwise known as Tan Mushroom Laboratories (Pte)
Limited) by the High Court was on May 11, 2005 presented by Yeo
Yek Leong (NRIC NO. S1177022/C), of 22 Parkstone Road, Singapore
437669, a creditor.
The Petition is to be heard before the Court sitting at 10
o'clock in the forenoon, on July 1, 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 22 Parkstone Road, Singapore 437669.
The Petitioner's solicitors are Messrs Piah Tan & Partners of
101 Upper Cross Street, #06-12 People's Park Centre, Singapore
058357.
Piah Tan & Partners
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to Messrs Piah Tan & Partners
notice in writing of his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the abovenamed not later than twelve o'clock noon of
June 30, 2005.
WEE POH: Updates Acquisition, Realization of Assets
---------------------------------------------------
Further to the announcements made on September 27, 2004, April
25, 2005 and May 20, 2005, the Directors of Wee Poh Holdings
Limited (the Company) are pleased to announce that pursuant to
the S&P Agreement as varied and amended by the First
Supplemental Agreement and the Second Supplemental Agreement,
the Company had made an application to the SGX-ST for, inter
alia, approval for the Acquisition and the listing and quotation
of the Consideration Shares on the SGX-SESDAQ on May 24, 2005.
Completion of the Acquisition and the issuance and allotment of
the Consideration Shares remains conditional upon, inter alia,
the approval for the listing and quotation of the Consideration
Shares on the SGX-SESDAQ being obtained from the SGX-ST.
Deloitte & Touche Corporate Finance Pte Ltd is the financial
adviser to the Company in connection with the Acquisition.
It should be noted that the Acquisition is subject to certain
conditions precedent being fulfilled or satisfied including the
approval, consent and/or waiver of various authorities in
Singapore such as the SGX-ST, the SIC and any other applicable
laws and regulations whether of Singapore, Hong Kong, the PRC or
elsewhere.
Such approvals, consents and/or waivers are beyond the control
of the parties and there is no assurance that all such
approvals, consents and or waivers will be granted by the
relevant authorities or that all other conditions precedent will
be fulfilled or satisfied.
Accordingly, holders of securities in the Company and investors
are advised by the Directors to exercise caution in their
dealings in the securities of the Company as the Acquisition may
or may not materialize.
Further announcements will be made by the Company as and when
appropriate.
By Order of the Board
CONTACT:
Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg
===============
T H A I L A N D
===============
DAIDOMON GROUP: To Undergo Business Rehabilitation
--------------------------------------------------
According to the Stock Exchange of Thailand (SET)'s
announcement, the securities of Daidomon Group Public Company
Limited (DAIDO) are subject to rehabilitation.
The SET has posted SP (Suspension) sign to prohibit securities
trading of DAIDO since April 21, 2005 and also transferred the
securities of DAIDO to REHABCO sector since April 22, 2005.
The SET also required DAIDO to report to the SET by May 20, 2005
its decision whether DAIDO will proceed with its rehabilitation
plan to propose to the Company 's shareholders, or under the
Bankruptcy Act, or ask for a voluntary delisting or try other
options, which will benefit all stakeholders involved.
The SET will then allow trading of DAIDO's securities for 30
working days before the SET will prohibit the trading of DAIDO's
securities until DAIDO will be excluded from being delisted.
(Details of the SET announcement is disseminated via SETSMART on
April 21, 2005.)
DAIDO has already notified its decision to the SET that DAIDO
will enter into the business rehabilitation. DAIDO is discussing
with a financial advisor to determine the period of
rehabilitation proceedings of DAIDO business. (Details are in
the SETSMART on May 24, 2005).
However, DAIDO has not submitted its 1st quarterly financial
statement. (Details is in the SETSMART on May 17, 2005) The SET,
therefore, continues posting an SP sign on DAIDO's securities
until DAIDO is able to submit such financial statements
completely as specified by the SET regulations.
CONTACT:
Daidomon Group Public Company Limited
144 Soi Thong-Lo, Sukhumvit 55,
North Klongton, Wattana Bangkok
Telephone: 0-2381-5529-31,0-2381-6876-9
Fax: 0-2381-1931
Web site: http://www.daidomon.co.th
DAIDOMON GROUP: Unveils Resolutions Passed at BOD Meeting
---------------------------------------------------------
Daidomon Group Public Company Limited advised the Stock Exchange
of Thailand (SET) that the Board of Directors' meeting number
2/2005 held on May 20, 2005 from 4:00 p.m. to 6:00 p.m.
considered and resolved that:
(1) Acknowledged 2 members resigning from the Company's Board of
Directors as follows;
(1.1) Mr. Chishiro Fukuda
(1.2) Miss Warangtad Pasurapak
(2) To propose shareholder at the annual ordinary meeting of
shareholder for the year 2005 to consider not paying dividend
for the operation of the year 2004;
(3) Acknowledged that the Company is currently contacting an
auditor for the year 2005;
(4) To propose to the shareholders at the annual ordinary
meeting of the shareholder for the year 2005 to consider and
determine remuneration for directors, retired directors, and
newly appointed directors;
(4.1) There are 3 directors retired by term who are Mr. Amnat
Wongsuwan, Mr. Natthapira Saiseu and Mr. Taradol Tayangkanonda.
In addition, the Board of Directors has a resolution to select
the 3-retired directors to be re-appointed as directors for
another term;
(4.2) Remuneration for the Company's directors is THB3000 per
meeting;
(5) Sets June 17, 2005 as a closing date of register book for
determining rights in the annual ordinary meeting of shareholder
for the year 2005, and set the date of annually ordinary meeting
of shareholder for the year 2005 will be held on July 8, 2005.
The agenda of the annual ordinary meeting of shareholder for the
year 2005 are as follows:
Agenda 1
To consider and certify the minute of the annual ordinary
meeting of shareholder for the year 2004;
Agenda 2
To consider and approve balance sheet for the year-end December
31, 2004 which is audited by authorized auditor;
Agenda 3
To consider not paying dividend for the operation of the year
2004;
Agenda 4
To consider remuneration for directors, retired directors, and
to consider appointment of new directors;
Agenda 5
To consider an appointment of auditors and determine the
remuneration for the year 2005;
Agenda 6
Other matters.
(6) To approve a solution for the business operation of the
Company by entering into the business rehabilitation. At
present, the Company is discussing with a financial advisor to
determine the approximated period of rehabilitation proceedings
of the Company business.
The Company therefore will inform the outcome of the discussion
accordingly.
With kind regards,
Mr. Chanin Yensudchai
Chief Executive Officer
NATURAL PARK: Calls Off Pacific Assets' Financial Aide
------------------------------------------------------
The Board of Directors of Pacific Assets Public Company Limited
at its meeting No. 8/2005 held on May 24, 2005 at 5:00 p.m.
resolved to acknowledge that Natural Park Public Company Limited
(N-Park) expressed their intention to cancel the financial
assistance at the total amount of THB20 million to be provided
by Pacific Assets Public Company Limited (details in our letter
dated May 20, 2005) with the reason that there is no need for
such fund for the time being.
For the loan amount of THB60 million previously provided to N-
Park, N-Park will make repayment within August 31, 2005. The
Company received interest payment from such loan on a monthly
basis at the approximate rate of THB290,000. Including principal
amount and 9 months interest, the transaction size is less than
3 percent of Net Tangible Asset of the Company as of September
30, 2004.
Please be informed accordingly,
Sincerely yours,
Pacific Assets Public Company Limited
Mrs. Janinthorn Wongse-Thongdee
Senior Manager- Corporate Communications
CONTACT:
Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815
THAI ENGINE: Court Approves Resignation of Plan Administrator
-------------------------------------------------------------
Thai Engine Manufacturing Public Company Limited informed the
Stock Exchange of Thailand (SET) that Asian International
Planner Limited filed a petition to the Court to approve the
resignation from the position of Co-Plan Administrator of the
Company on April 29, 2005.
The Court ordered an approval of the resignation and appointed
Thai Engine Manufacturing Public Company Limited to act as an
interim Plan Administrator.
The Official Receiver will arrange a creditors meeting to
consider and approve a new Plan Administrator on June 27, 2005
and the Court will appoint the new Plan Administrator on July 7,
2005.
Please be informed accordingly.
Yours sincerely,
Thai Engine Manufacturing Public Company Limited
Mr. Theerasak Kanjanasakchai
Chairman & Plan Administrator
CONTACT:
Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com
*********
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
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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