/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050601.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, June 1, 2005, Vol. 8, No. 107 Headlines A U S T R A L I A ALL NATIONS: Court Issues Winding Up Order AOTEAROA BUILDING: Members Agree to Wind Up Company AUSTRAL COAL: Unveils Resolutions Passed at AGM AUSTRAL COAL: Centennial Extends Takeover to June 10 BAYEBB PTY: Members, Creditors to Meet June 2 COTTON PICKER: Final Meeting Set Today D.T. SECURITY: Served with Winding Up Order F.T.W. & CO.: Members Resolve to Wind Up Company HOSKINS PROPERTY: To Declare Dividend June 2 INFORMATION SOLUTION: Dividend Declaration Fixed June 10 INTERNATIONAL WINE: Berren Announces Redemption Fund Plans MEDINA MARITIME: Taps Ernst & Young Liquidators MELWOOD & ASSOCIATES: To Convene Final Meeting June 7 MILLER'S RETAIL: Pursuing Strategic Review MRI HOLDINGS: Rejects Calls for Liquidation MULTIPLEX: Cuts Profit Forecast on Wembley Loss Blowout MULTIPLEX: Rules Out Break Up Plan MUTSUMI PTY: Court Names Steven Nicols Liquidator MOND CONSTRUCTIONS: To Undergo Winding Up Process NATIONAL AUSTRALIA: Issues HK$600M Notes Due 2010 Via HSBC NORTH QUEENSLAND: Appoints Official Liquidator NORTHWEST TRANSFER: Winds Up Voluntarily PETROTECH MARKETING: Schedules Dividend Payment RAINVALLEE PTY: Holds Joint Meeting Today STIRLING MARINE: Members Place Company in Liquidation THIRD MILLENNIUM: To Declare Dividend June 21 THORLEY & SONS: Final Meeting Slated June 2 VICTORIAN TUBERCULOSIS: To Declare Dividend June 8 WAVERLEY WOOLLEN: Mills Up for Sale C H I N A & H O N G K O N G BANK OF CHINA: Plans 2006 IPO BANK OF COMMUNICATIONS: HSBC Aims to Keep 19.9% Stake BRILLIANT INDUSTRIAL: Court Issues Winding Up Notice CHINA CONCEPT: Begins Winding Up Process EASY WATCH: Appoints Joint Liquidators E-LIFE INTERNATIONAL: Changes Name to China Best Group HO ON: Court Issues Winding Up Notice NAM FONG: High Court Adjourns Winding Up Hearing to June 6 NATIONWIDE TREASURE: Winding Up Hearing Slated June 8 NEW WORLD: Court Releases Winding Up Order PRICERITE GROUP: Plans Eight Mainland Outlets TIN WAH: Receives Winding Up Notice WENDA TRADING: Winding Up Hearing Fixed June 15 ZHU KUAN: Appoints Joint Liquidators * China's Four Major Commercial Banks Posts CNY64.74 Bln Profit I N D O N E S I A BANK MANDIRI: Mulls Credit Extension to SMEs BANK MANDIRI: Posts 70% Drop in Q1 Net Profit PERTAMINA: May Fail to Supply Unleaded Gasoline Nationwide J A P A N DAIEI INCORPORATED: 188 Employees Apply for Retirement HITACHI LIMITED: To Strengthen Plasma Display Business KANEBO LIMITED: Books FY/2004 JPY314.97-Bln Profit MATSUSHITA ELECTRIC: Launches New VCSEL Laser MEIJI YASUDA: Reemploys Two Former Executives MITSUBISHI FUSO: Names New President, CEO ODAKYU ELECTRIC: Four Execs to Resign Over Stock Scam K O R E A SAMSUNG CARD: Averts Sanction for Breaking Rules M A L A Y S I A BUKIT KATIL: Provides Default Status Update CHG INDUSTRIES: Sets AGM Schedule Next Month CYGAL BERHAD: Discloses Financial Results KIG GLASS: Net Loss Falls Slightly LANKHORST BERHAD: Granted RO to Allow Restructuring NALURI BERHAD: To Hold AGM on June 23 OMEGA HOLDINGS: Net Loss Drops to MYR145 Mln PICA CORPORATION: Court Fixes Hearing Dates PILECON ENGINEERING: Sees No Change in Default Status TRU-TECH HOLDINGS: Reveals Drop in Quarterly Net Loss UNITED CHEMICAL: Net Loss Balloons P H I L I P P I N E S ABS-CBN BROADCASTING: Eyes Early Retirement Deal to Pare Losses ATLAS CONSOLIDATED: Unit Files Listing Application at PSE CAMP JOHN: BCDA Eyes New Operator for Resort DIGITAL TELECOMMUNICATIONS: To Tap Internal Funds for Expansion DIGITAL TELECOMMUNICATIONS: Cries Foul Over New Text Tax Bill GLOBE TELECOM: Globe Telecom's Outlook Revised To Stable MARIWASA MANUFACTURING: Keen on Pasig Property Development NATIONAL POWER: Off-peak Scheme Saves Big Customers Php164 Mln PHILIPPINE LONG: Fitch Revises Outlook to Stable PHILIPPINE LONG: Chief Expects Lower Earnings Growth This Year PHILIPPINE LONG: Lists Extra Shares S I N G A P O R E ACCORD CUSTOMER: Shares Plummet After PwC Report ASIA-PACIFIC PORT: Lays Out Creditors' Meeting Agenda BRETHREN CONTRACT: Receiving Proofs of Claim Until June 10 CHARTERED SEMICONDUCTOR: Names New Senior Vice President CHINA AVIATION (S): Faces Investigation After Collapse HUA KOK: Completes Strategic Subscription of Shares SK KOGYO: Creditors Given Until July 8 to Prove Claims TAN CHENG: Proofs of Debt, Claim Due June 27 TRI-M TECHNOLOGIES (S): Net Loss Widens to SG$3.87Mln T H A I L A N D KRUNG THAI: ING to Streamline Management, Organization Structure TANAYONG: Debt Restructure Gets Court Nod - - - - - - - - ================= A U S T R A L I A ================= ALL NATIONS: Court Issues Winding Up Order ------------------------------------------ On April 15, 2005 the Supreme Court of New South Wales, Equity Division, made an order that the All Nations Fruit Market Pty Ltd (In Liquidation) A.C.N. 097 965 538 be wound up by the Court and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street, Sydney NSW 2000 AOTEAROA BUILDING: Members Agree to Wind Up Company --------------------------------------------------- Notice is hereby given that, at a general meeting of members of Aotearoa Building & Consultants Pty Limited (In Liquidation) A.C.N. 069 796 130 held on April 13, 2005 it was resolved that the Company be wound up voluntarily and that for such purpose Roderick Mackay Sutherland, of Jirsch Sutherland Chartered Accountants be appointed Liquidator. A meeting of creditors held later that day confirmed this appointment. Dated this 15th day of April 2005 Roderick Mackay Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street, Sydney NSW 2000 Telephone: (02) 9233 2111 Facsimile: (02) 9233 2144 AUSTRAL COAL: Unveils Resolutions Passed at AGM ----------------------------------------------- The Directors of Austral Coal Limited advised that the following resolutions were passed at the Company's Annual General Meeting held Tuesday, May 31, 2005. Resolutions: Reports (1) To receive and adopt the Financial Reports thereon. Directors (2) To re-elect Dr. Paul Moy as a Director of the Company, originally appointed to fill a casual vacancy. (3) To re-elect Mr. Robert Cameron as a Director of the Company, originally appointed to fill a casual vacancy. (4) To re-elect Mr. Robert Dougall as a Director of the Company, originally appointed to fill a casual vacancy. (5) To re-elect Mr. Roger Knight as a Director of the Company, originally appointed to fill a causal vacancy. (6) To re-elect Mr. David Moult as a Director of the Company, originally appointed to fill a causal vacancy. Special Business (subject to an ordinary resolution of Shareholders) (7) To confirm the appointment of Deloitte Touche Tohmatsu as the new auditors of the Company. (8) Refreshment of the 15% Placement Rule Pursuant to Rule 7.4 of the Listing Rules of the Australian Stock Exchange Limited (ASX). CONTACT: Austral Coal Limited ACN 069 071 816 Level 18, 25 Bligh Street Sydney NSW 2000 Australia Telephone: 61+02+8256-4700 Facsimile: 61+02+9235-0997 E-mail: info@austcoal.com.au Web site: http://www.austcoal.com.au AUSTRAL COAL: Centennial Extends Takeover to June 10 ---------------------------------------------------- For the purpose of ASX Listing Rule 3.2, Centennial Coal Company Limited (Centennial) advised of the following in relation to its off-market takeover bid (Bid) for all the ordinary shares in Austral Coal Limited (Austral); (a) The offer period in respect of the offers under the Bid contained in its bidder's statement dated March 9, 2005 (as supplemented) (Offers) has been further extended to 7:30 p.m. (Sydney time) on Friday, June 10, 2005; (b) At the time of making the first of the Offers under the Bid, being March 21, 2005, Centennial and its associates had a relevant interest in 9.6% of the ordinary shares in Austral; and (c) At the date of the extension of the Offers, being May 30, 2005, Centennial and its associates have a relevant interest in 85.19% of the ordinary shares in Austral. BAYEBB PTY: Members, Creditors to Meet June 2 --------------------------------------------- Notice is hereby given that a final meeting of members and creditors of Bayebb Pty Ltd (In Liquidation) A.C.N. 003 913 479 will be held at the office of Nicholls & Co, Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on Thursday, June 2, 2005, at 11:00 a.m. for the purpose of receiving the Liquidator's account showing how the winding up has been conducted and the property of the Company disposed of and hearing any explanation which may be given by the Liquidator. Dated this 15th day of April 2005 A. R. Nicholls Liquidator Nicholls & Co Suite 6, 459 Peel Street, Tamworth NSW 2340 COTTON PICKER: Final Meeting Set Today -------------------------------------- Notice is hereby given that a final meeting of members and creditors of Cotton Picker Repair Services Pty Ltd (In Liquidation) A.C.N. 000 709 642 will be held at the office of Nicholls & Co., Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, today, June 1, 2005, at 11:00 a.m. for the purpose of receiving the Liquidator's account showing how the winding up has been conducted and the property of the Company disposed of and hearing any explanation which may be given by the Liquidator. Dated this 13th day of April 2005 A. R. Nicholls Liquidator Nicholls & Co Suite 6, 459 Peel Street, Tamworth NSW 2340 D.T. SECURITY: Served with Winding Up Order ------------------------------------------- Take notice that by an Order of the Supreme Court of New South Wales, Equity Division, made on April 7, 2005 Deryk Andrew was appointed Official Liquidator of D.T. Security Services Pty Ltd (In Liquidation) A.C.N. 094 187 014. Deryk Andrew Official Liquidator Bentley MRI Sydney Business Recovery & Insolvency Partnership, PO Box Q1165, QVB Post Office Sydney NSW 1230 F.T.W. & CO.: Members Resolve to Wind Up Company ------------------------------------------------ Notice is hereby given that at a General Meeting of F.T.W. & Co. Pty Limited (In Liquidation) A.C.N. 000 610 640 held on April 5, 2005 it was resolved that the Company be wound up voluntarily as a Members' Voluntary Winding up and that for such a purpose, Mark Willock be appointed liquidator. Dated this 5th day of April 2005 Mark Willock Liquidator HOSKINS PROPERTY: To Declare Dividend June 2 -------------------------------------------- Notice is hereby given that a first and final dividend is to be declared on June 2, 2005 in respect of Hoskins Property Holdings Pty Limited (In Liquidation) A.C.N. 001 180 212. Creditors who were not able to prove their debt and claims will be excluded from the benefit of the dividend. Dated this 15th day of April 2005 S. H. M. De Hauteclocque Liquidator c/- HLB Mann Judd Level 19, 207 Kent Street, Sydney NSW 2000 INFORMATION SOLUTION: Dividend Declaration Fixed June 10 -------------------------------------------------------- A first dividend to priority creditors is to be declared on June 10, 2005 for Information Solution Works Pty Ltd (In Liquidation) A.C.N. 074 036 810. Priority 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 Paul Cook Liquidator Level 4, 18 Elizabeth Street, Hobart Tas 7000 Telephone: 03 6223 2555 Facsimile: 03 6223 2556 E-mail: info@pjc.com.au INTERNATIONAL WINE: Berren Announces Redemption Fund Plans ---------------------------------------------------------- Unitholders in the listed International Wine Investment Fund are being provided with the opportunity to redeem their holdings at a 5% discount to the Fund's net tangible asset backing (NTA) as at May 31, 2005. The Berren Board said it was expected that the Wine Fund would continue as an investment vehicle in the global wine industry, on the completion of a successful redemption plan. As announced last week, Berren has commenced a review or its management and Board structure and after the implementation of the Redemption Fund will appoint individuals with wine industry and funds management experience to complement the existing team. Announcing details of the proposed Redemption Fund Tuesday, Berren Asset Management Limited - the Wine Fund's Responsible Entity - said its Board of Directors had determined to proceed with the redemption plan following discussions with major Unitholders in the Wine Fund. Details of the proposed Redemption Fund are: (1) The Redemption Fund would be priced at a 5% discount to NTA calculated as at May 31, 2005. The Directors believe this discount level would be approximately equivalent to the level of returns likely to be generated if the Fund was to be wound up; (2) The Fund's listed investments, including trading stock, would be valued at the on-market price for the investments as at May 31, 2005, and the Fund's unlisted investments would not be revalued; (3) As it is expected that the Wine Fund will continue, the NTA will be determined without deduction for realization costs or tax on notional realization gains; (4) The Redemption Fund will be limited to a maximum of 40 million units of the 63.4 million Units currently on issue; (5) The NTA calculation would be subject to specific assurance procedures to be performed by the Wine Fund's auditor. An Explanatory Memorandum explaining the terms of the Redemption Fund and providing all relevant information, including details of Berren's future intentions for the Wine Fund, will be dispatched on Monday, June 6, 2005. The Explanatory Memorandum will assist Unitholders with their decision to either participate in the Redemption Fund or remain as continuing investors in the Fund. Unitholders will be able to apply to participate in the Redemption Fund for some or all of their units. The Redemption Fund will open for acceptances on June 9, 2005 and close 21 days later on June 29, 2005, with cheques being dispatched to participating Unitholders on June 30, 2005. At the request of a number of major Unitholders, Berren gave consideration to deferring the establishment of a Redemption Fund until early in the 2005-2006 Financial Year. However, the complexities of such a deferral from taxation, earnings, distribution and valuation perspective, due in part to new International Financial Reporting Standards required to be adopted in the new financial year, outweighed any potential benefits. In the event acceptances exceed 40 million units, the Redemption Fund will be suspended and Berren will immediately take steps to wind-up the Wine Fund on an orderly basis. The principal reasons for undertaking to wind up the fund in these circumstances are to avoid the scale-back of acceptances and in recognition that at this reduced size the purposes of the Wine Fund will be compromised due to a lack of diversity in investments and insufficient scale yo afford dedicated investment expertise. Accordingly, Unitholders wishing to exit at a premium to historical market values should be able to do so either by way of the Redemption Fund or, if it is oversubscribed, by orderly liquidation. In these circumstances, the Board of Berren believes that the Redemption Fund will offer a certain exit path at an attractive discount to NTA for those Unitholders who wish to exit the Fund. Conversely, for those Unitholders who wish to continue to invest in the global wine industry and take advantage of the opportunities available from its continuing rationalization, while also benefiting from being able to defer any capital gains tax liability associated with redeeming their units, an opportunity remains for them to participate in a Fund of sufficient critical mass and with a portfolio of investments that should continue to provide above-average returns. The Wine Fund's assets as at April 30, 2005 totaled AU$223 million, comprising AU$77 million cash in the bank, AU$110 million approximately in listed investments and AU$32 million in unlisted investments. 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 MEDINA MARITIME: Taps Ernst & Young Liquidators ----------------------------------------------- At an Extraordinary General Meeting of Medina Maritime Services Pty Limited A.C.N. 000 186 309 (In Liquidation) Members' Voluntary, held on April 18, 2005 the Company's members resolved to wind up the Company voluntarily and to appoint Keiran Hutchison and John Gibbons of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as Liquidators of the Company. Dated this 18th day of April 2005 Keiran Hutchison John Gibbons Liquidators Ernst & Young MELWOOD & ASSOCIATES: To Convene Final Meeting June 7 ----------------------------------------------------- Notice is hereby given that pursuant to Section 509 of the Corporations Law the Final Meeting of Melwood & Associates Pty Ltd (In Liquidation) A.C.N. 095 794 184 will be held at 65 Culloden Road, Marsfield, NSW on June 7, 2005 at 10:00 a.m. for the purpose of laying before the meeting the liquidator's final account and report and giving any explanation thereof. Dated this 21st day of April 2005 John Chi Keung Lee Liquidator 65 Culloden Road, Marsfield NSW MILLER'S RETAIL: Pursuing Strategic Review ------------------------------------------ Miller's Retail said it continues to make progress on its strategic review and expects to announce the result in two weeks, Dow Jones Newswires reports. The troubled discount retailer made the statement as a response to a share price query from the Australian Stock Exchange. Miller's said it is currently reviewing restructuring and divestment opportunities, particularly in the Discount Variety Division. Miller's said in late April that while its apparel businesses were operating to plan, its discount variety stores including Go-Lo and Crazy Clarks were under pressure. The Company also repeated its statement from late April that business improvement initiatives that were previously expected to contribute to an improved second half performance from the previous second half wouldn't flow through in this time period. Last month, Miller's said it expects to complete the review as soon as possible and announce the results before the end of May. CONTACT: Miller's Retail Ltd 151-163 Wyndham Street Alexandria, New South Wales 2015 Australia Phone: +61 2 9310 2233 Fax: +61 2 9310 2255 Web site: http://www.millersretail.com.au/ MRI HOLDINGS: Rejects Calls for Liquidation ------------------------------------------- Listed investment firm MRI Holdings has dismissed calls to liquidate and return some AU$20 million to shareholders, according to The West Australian. The Chinese-controlled firm insisted it will find an investment for its surplus cash, saying a wind up would only be considered if all else fails. MRI's predicament began when major shareholder Havencape Pty Ltd criticized the group for its lack of corporate direction and its ill-fated investment in an orchard and fruit packing business. Representing Havencape, Jackson McDonald lawyer Stephen Doyle said winding up MRI would be in the best interests of shareholders. Mr. Doyle noted only one investment has been made in the past six years, despite the recovery of financial markets. Executive director Ian Burton told the meeting he had put several proposals to the board, including a partial return to shareholders and a selective buy-back. MRI has been suspended since July last year because more than half of the Company's assets is held in cash, which is a breach of the listing regulations. MRI Holdings Limited is engaged primarily in investment. It operates predominantly in Hong Kong. CONTACT: MRI Holdings Limited 45 Stirling Highway 2nd Floor Nedlands, Western Australia 6009 AUSTRALIA Phone: +61 8 9389 8799 Fax: +61 8 9389 8327 MULTIPLEX: Cuts Profit Forecast on Wembley Loss Blowout ------------------------------------------------------- Multiplex trimmed by 28 percent its full-year profit guidance due to a cost blowout at its U.K. stadium project, the Australian Associated Press says. The troubled construction giant expects its Wembley project losses to reach GBP45 million (AU$109 million). The figure is more than double the AU$50-million indemnity extended by the firm's founder, the Roberts family. Multiplex advised the Australian Stock Exchange of its revised profit forecast of AU$170 million in the year to July, from its early profit guidance of AU$235 million. It said it would take an AU$59-million to cover cost overruns at the Wembley project. The Wembley project has been plagued with contractual disputes and speculation over whether it will be finished on time. The project has also been hit by rising costs associated with steel and jobs like painting and tiling. 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: Rules Out Break Up Plan ---------------------------------- Property developer Multiplex insisted Monday it will not break up the trust from the development company, according to Reuters. Chief Executive Andrew Roberts said the integrated property model has been working for the group, saying the Company's Wembley problems were a one-off. "Wembley, overshadowing all of our results, really is a one-off in terms of its impact on the group," Mr. Roberts said. Monday's announcement is just the latest but the biggest blow for Multiplex, which in February announced writedowns totaling AU$68.3 million dollars to the AU$1.2-billion dollar redevelopment of Wembley Stadium and its West India Quay project in the same city. MUTSUMI PTY: Court Names Steven Nicols Liquidator ------------------------------------------------- On April 15, 2005 the Supreme Court of New South Wales, Equity Division, made an order that Mutsumi Pty Ltd (In Liquidation) A.C.N. 051 765 783 be wound up by the Court and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street, Sydney NSW 2000 MOND CONSTRUCTIONS: To Undergo Winding Up Process ------------------------------------------------- On April 15, 2005 the Supreme Court of New South Wales, Equity Division, made an order that Mond Constructions Pty Ltd (In Liquidation) A.C.N. 104 424 268 be wound up by the Court and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street, Sydney NSW 2000 NATIONAL AUSTRALIA: Issues HK$600M Notes Due 2010 Via HSBC ---------------------------------------------------------- National Australia Bank Ltd. (NAB) is offering HK$600 million of fixed-rate notes due 2010, lead manager HSBC said Monday. Terms for the issue are as follows: Amount: HK$600 million Maturity: June 10, 2010 Coupon: 3.89% Coupon Frequency: Annual Issue Price: At par Redemption: At par Payment date: June 10, 2005 Denominations: HK$500,000 Listing: None 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/ NORTH QUEENSLAND: Appoints Official Liquidator ---------------------------------------------- At an Extraordinary General Meeting of North Queensland Marine Towage Pty Limited A.C.N. 009 674 088 (In Liquidation) Members' Voluntary, held on April 18, 2005 the Company's members resolved to wind up the companies voluntarily and to appoint Keiran Hutchison and John Gibbons of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as Liquidators of the companies. Dated this 18th day of April 2005 Keiran Hutchison John Gibbons Liquidators Ernst & Young NORTHWEST TRANSFER: Winds Up Voluntarily ---------------------------------------- At an Extraordinary General Meeting of Northwest Transfer Services Pty Limited A.C.N. 094 052 338 (In Liquidation) Members' Voluntary, held on April 18, 2005 the Company's members resolved to wind up the Company voluntarily and to appoint Keiran Hutchison and John Gibbons of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as Liquidators of the Company. Dated this 18th day of April 2005 Keiran Hutchison John Gibbons Liquidators Ernst & Young PETROTECH MARKETING: Schedules Dividend Payment ----------------------------------------------- A dividend is to be declared on June 19, 2005 for Petrotech Marketing Pty Ltd (In Liquidation) A.C.N. 002 784 483. 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 T. J. Schmierer Official Liquidator Level 3, United Overseas Bank Building, 32 Martin Place, Sydney NSW 2000 RAINVALLEE PTY: Holds Joint Meeting Today ----------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act that a joint meeting of the members and creditors of Rainvallee Pty Limited (In Liquidation) A.C.N. 101 796 114 will be held at the offices of Lawler Partners, 763 Hunter Street, Newcastle West NSW 2302 today, June 1, 2005 at 11:30 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and hearing any explanations that may be given by the Liquidator. Dated this 26th day of April 2005 R. G. Tolcher Liquidator Lawler Partners Chartered Accountants 763 Hunter Street, Newcastle West NSW 2302 STIRLING MARINE: Members Place Company in Liquidation ----------------------------------------------------- At an Extraordinary General Meeting of Stirling Marine Constructions Pty Limited A.C.N. 009 136 056 (In Liquidation) Members' Voluntary, held on April 18, 2005 the Company's members resolved to wind up the Company voluntarily and to appoint Keiran Hutchison and John Gibbons of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as Liquidators of the Company. Dated this 18th day of April 2005 Keiran Hutchison John Gibbons Liquidators Ernst & Young Level 37, 680 George Street, Sydney NSW 2000 Telephone: (02) 9248 5555 THIRD MILLENNIUM: To Declare Dividend June 21 --------------------------------------------- A first and final dividend is to be declared on June 21, 2005 for Third Millennium Clothing Company Pty Limited (Subject To Deed Of Company Arrangement) A.C.N. 051 989 309. Creditors who were not able to prove their debt or claims will be excluded from the benefit of the dividend. Dated this 26th day of April 2005 Robert Moodie Deed Administrator c/- Rodgers Reidy Chartered Accountants Level 8, 333 George Street, Sydney NSW 2000 THORLEY & SONS: Final Meeting Slated June 2 ------------------------------------------- Notice is hereby given pursuant to Section 509 of the Corporations Law, that the final meeting of the Members of Thorley & Sons Pty Ltd (In Liquidation) A.C.N. 000 460 186 will be held at 109 Jessie Street Armidale New South Wales on June 2, 2005 for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanation that may be given by the liquidator. Dated this 22nd day of April 2005 A. J. Gilbey Liquidator c/- Cameron Kirk Rose Chartered Accountants 109 Jessie Street, Armidale NSW 2350 VICTORIAN TUBERCULOSIS: To Declare Dividend June 8 -------------------------------------------------- A first and final dividend is to be declared on June 8, 2005 for Victorian Tuberculosis And Lung Association A.C.N. 004 275 334 In Liquidation. 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 Richard Judson Liquidator Members Voluntarys Pty Ltd 1st Floor, 10 Park Road, Cheltenham 3192 WAVERLEY WOOLLEN: Mills Up for Sale ----------------------------------- The 130-year-old Waverley Woollen Mills entered administration last week, with total debt of AU$3 million, according to Mercury News. The move comes just two weeks after the veteran travel rug and blanket manufacturer appointed administrators Steven Hernyk and Dick Shoobridge of Deloitte Touche Tohmatsu. Receivers McGrath Nichol and Partners will advertise the business for sale as a going concern in interstate newspapers this week. Waverley Woollen Mills, intermittently profitable except in recent years, went into receivership despite a meeting of creditors convened by administrators two weeks ago. CONTACT: Waverley Woollen Mills PO Box 31 Launceston Tasmania, Australia, 7250 By Phone/Fax in Australia: Phone: 03 6339 1106 Facsimile: 03 6339 3537 By Phone/Fax Internationally: Phone: +61 3 6339 1106 Facsimile: +61 3 6339 3537 Web site: http://www.waverleyknittingyarn.com.au/ ============================== C H I N A & H O N G K O N G ============================== BANK OF CHINA: Plans 2006 IPO ----------------------------- The Bank of China (BOC) will sell stakes worth $10 billion to potential investors by the end of this year and will launch its initial public offering in 2006, MarketWatch reports, citing Bank of China Executive Assistant President Zhu Xingiang. On plans for an initial public offering, Mr. Zhu said, "An IPO this year is unlikely to happen, but we expect it to take place next year." The report quoted Mr. Zhu as saying the bank would not shed "a large number" of employees after selling the stakes. 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 BANK OF COMMUNICATIONS: HSBC Aims to Keep 19.9% Stake ----------------------------------------------------- HSBC Holdings Plc hopes to maintain its 19.9-percent stake in the Bank of Communications (BoComm) after the Shanghai-based lender goes public in Hong Kong, Infocast News reports, citing HSBC Chairman Vincent Cheng. BoComm plans to increase up to US$2 billion by listing in Hong Kong as early as next month. CONTACT: Bank of Communications 20 Pedder Street, Central, Hong Kong E-mail: enquiry@bankcomm.com.hk Web site: http://www.bankcomm.com.hk/ BRILLIANT INDUSTRIAL: Court Issues Winding Up Notice ---------------------------------------------------- Brilliant Industrial Limited with registered office located at Room 1006, 10/F, World-wide House, 19 Des Voeux Road, Central Hong Kong was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 17, 2005. Date of Presentation of Petition: March 14, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers CHINA CONCEPT: Begins Winding Up Process ---------------------------------------- China Concept Trading Limited with registered office located at 17/F, Yam Tze Commercial Building, 23 Thomson Road, Wanchai, Hong Kong was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 18, 2005. Date of Presentation of Petition: March 14, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers EASY WATCH: Appoints Joint Liquidators -------------------------------------- Mr. Chan Mo Po and Ms. Chua Suk Lin, Ivy, both of Suites 2205- 06, Island Place, Tower, 510 Kings Road, North Point, Hong Kong, have been appointed as the Joint and Several Liquidators of Easy Watch Products Manufactory Company Limited (In by orders of the High Court of the Hong Kong Special Administrative Region Court of First Instance. Dated this 27th day of May, 2005. Chan Mo Po Chua Suk Lin, Ivy Joint and Several Liquidators E-LIFE INTERNATIONAL: Changes Name to China Best Group ------------------------------------------------------ Reference is made to the announcement of China Best Group Holding Limited dated February 3, 2005 and the circular of the Company dated April 8, 2005. The special resolution regarding the change of the name of the Company from "E-Life International Limited" to "China Best Group Holdings Limited", was passed by the Shareholders at the SGM held on May 4, 2005 as announced by the Company on May 5, 2005. The new name of the Company was entered into the register by the Register of the Companies in Bermuda (the Registrar) on May 4, 2005 and the Company received the Certificate of Incorporation on Change of Name dated May 10, 2005 issued by the Registrar on May 13, 2005. The Company has carried out the necessary filing procedures with the Registrar of Companies of Hong Kong and the Certificate of Registration of Change of Name of Oversea Company dated May 28, 205 was received by the Company on May 30, 2005. With effect from June 2, 2005: (i) the shares of the Company will be traded under the new name; (ii) the English stock short name of the Company will be changed from "E-Life International" to "China Best". The stock code of the Company will remain unchanged at "370". By order of the Board China Best Group Holding Limited Wang Jian Hua Chairman CONTACT: E-Life International Limited 3412-13, Convention Plaza Office Tower 1 Harbour Road Wanchai, Hong Kong Phone: 23640201 Fax: 27642967 HO ON: Court Issues Winding Up Notice ------------------------------------- Ho On Machinery Engineering Limited with registered office located at Room 2514, Ho Kong Commercial Centre, 6-12 Fa Yuen Street, 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 18, 2005. Date of Presentation of Petition: March 14, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers NAM FONG: High Court Adjourns Winding Up Hearing to June 6 ---------------------------------------------------------- Reference is made to the announcement dated May 17, 2005 of Nam Fong International Holdings Limited regarding a winding-up petition by Nanyang Commercial Bank, Limited (NCB. In the hearing on May 30, 2005, the High Court adjourned the hearing of the Petition to June 6, 2005 to grant seven days' leave to the Company for negotiating a settlement proposal with NCB. The negotiation of settlement is ongoing but the relevant terms and conditions have not been reached by both parties. Further announcement will be made as and when appropriate. Investors should exercise extreme caution when dealing in the shares of the Company. Trading in the shares of the Company on The Stock Exchange of Hong Kong Limited (the Stock Exchange) was suspended from 10:45 a.m. on February 7, 2005 at the request of the Company to the Stock Exchange pending for the release of the announcement in relation to the winding-up petition against the Company by NCB. Trading in the shares of the Company on the Stock Exchange will remain suspended pending the demonstration by the Company to the satisfaction of the Stock Exchange that, among others, the continuing listing of the shares of the Company is warranted. Further announcement will be made as and when appropriate. By Order of the Board Tong Shi Jun Chairman Hong Kong, May 30, 2005 CONTACT: Nam Fong International Holdings Limited 16/F, Dah Sing Financial Centre 108 Gloucester Road Wanchai, Hong Kong Phone: 25062322 Fax: 25061013 NATIONWIDE TREASURE: Winding Up Hearing Slated June 8 ----------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Nationwide Treasure (HK) Limited by the High Court of Hong Kong Special Administrative Region was on March 17, 2005 presented to the said Court by Lung Ka Cheung of Flat 6C, Block 26, Baguio Villa, 555 Victoria Road, Pokfulam, Hong Kong. The said Petition is directed to be heard before the Court at 9:30 am on the 8th day of June 2005 and any creditor or contributory of the said Company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. K. C. HO & FONG Solicitors for the Petitioner 18th Floor, Henley Building 5 Queen's Road Central Central, Hong Kong (Ref: CH/HH/37234/04) 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 the June 7, 2005. NEW WORLD: Court Releases Winding Up Order ------------------------------------------ New World Electronics Company Limited with registered office located at Flat 12, 13 & 14 35th Floor, New City Centre, 2 Lei Yue Mun Road, Kwun Tong, Kolon was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 18, 2005. Date of Presentation of Petition: March 14, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers PRICERITE GROUP: Plans Eight Mainland Outlets --------------------------------------------- Furniture retailer Pricerite Group plans to open four mid- to high-end outlets each in Beijing and Shanghai next year after it unveiled a venture with an Australian firm, The Standard reports. The Company is recruiting new staff and looking for suitable location for the eight new stores. Chairman Bankee Kwan expects the new outlets to open in 2006. Pricerite plans to raise HK$108 million by selling convertible bonds to Sydney-based AustChina Information Technology to fund a venture with the Australian firm. Under the agreement, AustChina will provide funds for developing retail business in mainland of up to A$100 million (HK$592 million), while Pricerite will be responsible for the administration and operation. Pricerite's overseas retail business is expected to book profits in the fourth quarter this year or early next year. CONTACT: Pricerite Group Limited 21/F The Center 99 Queen's Road Central Hong Kong Phone: 27911996 Fax: 27911849 Web site: http://www.pricerite.com.hk TIN WAH: Receives Winding Up Notice ----------------------------------- Tin Wah Printing Company Limited with registered office located at 2/F, Flat B, 114 King Fuk Street, Chiat King Industrial Building, San Po Kong, Kolon was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 18, 2005. Date of Presentation of Petition: March 14, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers WENDA TRADING: Winding Up Hearing Fixed June 15 ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of Wenda Trading International Limited by the High Court of Hong Kong was on April 13, 2005 presented to the said Court by Khan Shah Zaman of Unit Q, 7/F., Yan On Mansion, 357 Ngau Tau Kok Road, Kwun Tong, Kowloon, Hong Kong. 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. (Betty Chan) For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of June 14, 2005. ZHU KUAN: Appoints Joint Liquidators ------------------------------------ Mr. Cosimo Borrelli and Mr. Kelvin Edward Flynn, both of RSM Nelson Wheeler Corporate Advisory Services Limited, 7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, have been appointed as the Joint and Several Liquidators of Zhu Kuan (Hong Kong) Company Limited by orders of the High Court of the Hong Kong Special Administrative Region Court of First Instance. Dated this 27th day of May 2005. Cosimo Borrelli Kelvin Edward Flynn Joint and Several Liquidators Zhu Kuan Group Company Limited Zhu Kuan (Hong Kong) Company Limited * China's Four Major Commercial Banks Posts CNY64.74 Bln Profit --------------------------------------------------------------- China's four major state-owned commercial banks posted combined profits of CNY64.74 billion in 2004, versus a loss of 3.16 billion a year earlier, AFX News reports, citing the China Banking Regulatory Commission (CBRC). The agency said all four banks namely the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank saw their profitability improve in 2004. Jointly-held commercial banks, however, posted combined losses of CNY9.67 billion last year due to provisions set by the Bank of Communications to fund its restructuring. The country's rural credit lenders, including rural commercial banks and rural credit cooperatives, saw a combined profit for the first time ever of CNY10.46 billion. ================= I N D O N E S I A ================= BANK MANDIRI: Mulls Credit Extension to SMEs -------------------------------------------- State-owned PT Bank Mandiri plans to extend credit of up to IDR4.5 trillion to small and medium businesses (SMEs) this year, despite reports of possible bad loans, reports the Jakarta Post. According to the bank's SME director Sasmita, the bank's credit expansion is geared towards strengthening the bank's position in the small business sector and boosting the real economy. In order to prepare for the expansion, the bank set up a special division to handle the SMES, with the cooperation of micro banks located throughout the country. Of the bank's total lending portfolio of more than IDR95 trillion, around 34% (32 trillion) are outstanding loans to SMEs. The bank forecasted that its outstanding loans for small and medium businesses would reach IDR125 trillion in 2010. Bank Mandiri extends credit below IDR100 million for micro businesses, from IDR100 million to IDR2 billion for small businesses, IDR2 billion to IDR5 billion for commercial businesses, and above IDR5 billion credit to medium enterprises. 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 BANK MANDIRI: Posts 70% Drop in Q1 Net Profit --------------------------------------------- PT Bank Mandiri recorded a 70% drop in its first quarter net profit, due to higher provisions for loan losses, and reduced net interest income, Dow Jones reports. The bank's net profit from January to March was IDR519 billion, compared to last year's IDR1.74 trillion net profit for the same period. According to the bank's Vice President I Wayan Agus Mertayasa, the bank had to increase its loan loss provisions due to an adjustment in its non-performing loans and collateral asset quality, based on regulations by the central bank, Bank Indonesia. Bank Mandiri's net interest income also fell 8.1%, from IDR2.58 trillion in 2004 to IDR2.37 trillion this year. Since the bank's non-performing loans had more than doubled from last year's IDR6.42 trillion to IDR17.77 trillion this year, the bank had to raise its loan loss provisions accordingly to IDR763 billion, from IDR243 billion last year. The bank's assets increased, however, at IDR249.37 trillion, whereas in the same period last year its assets were pegged at IDR239.38 trillion. PERTAMINA: May Fail to Supply Unleaded Gasoline Nationwide ---------------------------------------------------------- State firm PT Pertamina will not be able to support the government's campaign to use unleaded gasoline, as it cannot supply the entire nation with the fuel, reports the Jakarta Post. According to the Company's marketing director Ari Soemarno, the Company is limited in funds, operations and procurement of unleaded gasoline, that it simply cannot supply enough of the fuel for the entire nation, although the Company is ready to cooperate with the government's help. The Company would need up to US$5 trillion in government subsidies to meet the program's target of supplying unleaded gasoline for all Indonesia, given the current world price of US$58 to US$59 per barrel of oil. The program was started in 2003 by then president Megawati Soekarnoputri. But Pertamina had difficulties in modifying its refineries to increase production of unleaded gasoline. Therefore, the fuel is available only in certain areas, which account for 25% of the national demand for unleaded gasoline. Company spokesman Muhammad Harun said that at existing capacity, Pertamina would be able to supply unleaded gasoline to other areas in the next few months. 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: 188 Employees Apply for Retirement ------------------------------------------------------ Daiei Incorporated plans to shut down five money-losing stores in Western Japan as part of its restructuring scheme, Dow Jones reports. The ailing retailer also said in a statement that a total of 188 management-level employees have applied for the Company's early retirement program. There is no change to its earnings estimates for this fiscal year through February 2006, Daiei said. CONTACT: Daiei Inc. 4-1-1, Minatojima Nakamachi Chuo-ku, Kobe 650-0046, Japan Phone: +81-78-302-5001 Fax: +81-3-3433-9226 HITACHI LIMITED: To Strengthen Plasma Display Business ------------------------------------------------------ Hitachi Ltd. announced plans to ramp up production capacity at the Miyazaki Works of Fujitsu Hitachi Plasma Display Limited (FHP) as part of measures to strengthen the plasma display (PDP) business. The new, augmented plans call for the investment of approximately JPY85.0 billion in a third plant at the Miyazaki Works. At the same time, a line using state-of-the-art technology will be built to raise plasma display panel production efficiency to a world-class level. Specific plans are for the third plant alone to be capable of producing 100,000 units per month by the second half of fiscal 2006, with monthly capacity to increase to 200,000 units by the end of fiscal 2008, the year ended March 31, 2009. Together with the monthly output of 100,000 units at the Miyazaki Works' second plant, this will give FHP total monthly capacity of 200,000 units in the second half of fiscal 2006, and 300,000 units by the end of March 2009. To strengthen the PDP business, Hitachi in spring this year purchased part of Fujitsu's equity in FHP to make FHP a consolidated subsidiary, and also acquired PDP module patents at the same time. Looking ahead, Hitachi and FHP will implement a more unified business strategy with the goals of expanding the PDP business in Japan by pushing the Wooo brand to the fore, and expanding the plasma display business overseas under the HITACHI brand. Furthermore, FHP plans to increase the supply of panels using the ALIS*1) method to Japanese and overseas manufacturers as well as raise the profile of both Hitachi and FHP in the market as a whole, extending from panels to TVs. FHP first announced in March 2004 that it would construct a third plant at its Miyazaki Works. The plan at that time was to invest a total of 75.0 billion yen and start construction early in 2005 with the goal of starting the volume production of 50,000 units per month early in 2006, giving FHP the ability to supply a maximum of 150,000 units per month in fiscal 2007. However, to develop the PDP business further amid rapid change in the operating environment, including a sharp drop in PDP prices, FHP decided it was necessary to construct a more efficient production line that could preserve its competitiveness into the future. While keeping a close eye on innovation in production equipment, FHP reexamined the process for constructing the third plant, facilities and other matters and set the latter half of 2006 as the timeframe for the commencement of operations. Now, the current forecast points to greater demand in the PDP market. Furthermore, Hitachi believes that demand for Hi-Vision panels with outstanding picture quality will increase further as digital broadcasting comes of age in 2006. The decision has, therefore, been made to augment the original plan by having the third plant produce 100,000 units per month from the outset of volume production and 200,000 units per month when operations are in full swing. As a result of the plans being upgraded, the total investment will be 85.0 billion yen. Hitachi and FHP will work to implement a more unified business strategy moving forward. As a leading manufacturer of plasma TVs, Hitachi is determined to further increase its presence in the market by responding to the shift toward digital broadcasting around the world with TVs featuring larger screens and higher definition. For its part, as a specialist PDP manufacturer, FHP aims to be a driving force in the world market by supplying to a great number of leading manufacturers large, high-definition panels that match the needs of finished product manufacturers better than ever before. Furthermore, based on a wide-ranging strategic partnership with Matsushita Electric Industrial Co., Ltd. announced in February 2005, Hitachi aims to expand the PDP market and achieve greater efficiency in its operations, as well as raise its global presence through actions like a tie-up with Paramount Pictures for promoting the blockbuster movie "War of the Worlds". The overriding goal is to cement a leading position in the market. About Fujitsu Hitachi Plasma Display Limited President: Yoshiyuki Imoto Headquarters: Kawasaki City, Kanagawa Prefecture, Japan Established: April 1999 Businesses: Development, production and marketing of plasma display panels Employees: Approximately 1,100 (as of March 2005) Capital: 54 billion yen (80.1% Hitachi, Ltd.;19.9% Fujitsu Limited) About Hitachi, Ltd. Hitachi, Ltd., (NYSE: HIT/ TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics Company with approximately 347,000 employees worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales totaled 9,027.0 billion yen ($84.4 billion). The Company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the Company's website at http://www.hitachi.com. CONTACT: Hitachi, Ltd. Kantaro Tanii Public Relations Corporate Communications Division Phone: +81-3-5208-9323 Fax: +81-3-4564-2149 This is a Company press release. KANEBO LIMITED: Books FY/2004 JPY314.97-Bln Profit -------------------------------------------------- Kanebo Limited posted a net profit of JPY314.97 billion in the fiscal 2004, versus the previous year's loss of JPY142.09 billion, Kyodo News reports. The pretax balance remained in the red with a loss of JPY9.56 billion, compared with the previous year's loss of JPY28.77 billion. Its operating balance returned to the black at JPY1.62 billion in profit on sales of JPY268.50 billion, down 41.1 percent from the previous year. The group's per-share net profit came to JPY4,071.56 against a loss of JPY277.59 in the preceding year. Under a revival plan approved by the state-backed corporate bailout agency, the Company cut its excessive interest-bearing debts by JPY543 billion to JPY57.9 billion while withdrawing from unprofitable operations to enhance profitability. The Tokyo Stock Exchange and Osaka Securities Exchange will delist Kanebo on June 13 after the Company admitted it systematically continued to falsify financial statements for five years through March 2004. MATSUSHITA ELECTRIC: Launches New VCSEL Laser --------------------------------------------- Panasonic, the leading brand by which Matsushita Electric Industrial Co., Ltd. (TSE: 6752)(U.S: MC) is generally known, announced the development of the 850 nm AlGaAs/GaAs VCSEL (Vertical Cavity Surface Emitting Laser) capable of high speed 12.5 Gbps modulation at low operating current of 8 mA. This laser will be used for a low-cost optical communication such as plastic fiber communication and spatial light transmission. For high-speed operation, it is essential to reduce the parasitic capacitance in the laser. The developed VCSEL has our original planarized structure using BCB (benzocyclobutene) resin with low dielectric constant formed around the light emitting post structure. This structure hugely reduces the parasitic capacitance to less than one third of the conventional value from 0.7 pF to 0.2 pF. This has doubled the modulation bandwidth previously limited by the parasitic capacitance, realizing the world's highest data transmission rate of 12.5Gbps with 12 GHz relaxation oscillation frequency. In addition, the optimization of the device structure employing current confinement by selective oxidation has realized a low threshold current of 1 mA, a high slope efficiency of 1.1 W/A that is almost three times higher than the conventional value. This has resulted in a low operating current of 8mA for 12.5Gbps modulation. Panasonic aims to begin shipping the two types of surface emitting lasers (2.5 Gbps and 12.5 Gbps) in early 2006. Applications for forty domestic and nine international patents have been filed. These research and development results have been presented at Conference on Lasers and Electro-Optics (CLEO) 2005, held in Baltimore, U.S. from May 22 to 27, 2005. About Matsushita Electric Industrial Co., Ltd. Best known by its Panasonic brand name, Matsushita Electric Industrial Co., Ltd. is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the Company recorded consolidated net sales of US$81.44 billion for the year ended March 31, 2005. The Company's shares are listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext Amsterdam and Frankfurt stock exchanges. For more information on the Company and the Panasonic brand, visit the Company's website at http://panasonic.co.jp/global/index.html Contact: MEDIA CONTACTS: E-mail: semiconpress@scd.mei.co.jp MEIJI YASUDA: Reemploys Two Former Executives --------------------------------------------- Meiji Yasuda Life Insurance Co. has rehired two former staff members who resigned at the end of March to take blame for the Company's illegal policy sales, Kyodo News reports. The reemployment of Mr. Shigeru Hirata, a former senior managing director in charge of the firm's insurance money payout division, and Mr. Kazutomo Ueyama, a former director in charge of legal affairs, was revealed in a question-and-answer session of the life insurer's press conference to announce its fiscal 2004 earnings results. The Company marked a 5.7 percent decline after the Financial Services Agency ordered the insurer to suspend part of its policy sales operations for two weeks in February due to illegal and fraudulent practices. CONTACT: Meiji Yasuda Life Insurance Company 1-9-1 Nishi-Shinjuku, Shinjuku-ku Tokyo 169-8701, Japan Phone: +81-3-3342-7111 Fax: +81-3-3215-8123 MITSUBISHI FUSO: Names New President, CEO ----------------------------------------- Mitsubishi Fuso Truck & Bus Corporation (MFTBC), one of the leading commercial vehicle manufacturers in Asia, announced the planned appointment of a new President & CEO. Mr. Harald Boelstler, currently Vice President Mercedes-Benz Passenger Car Procurement, will succeed the current President & CEO of MFTBC, Mr. Wilfried Porth. The appointment becomes effective upon the approval of MFTBC's regular shareholders meeting on June 27, 2005. Mr. Porth will return to DaimlerChrysler later this year to take on a new function at the same level in Europe after assisting in the transition to the new management in Japan. In a further step in this planned change of top management at MFTBC, the current MFTBC Chairman Michio Hori will retire from his post after almost 40 years of service with various Mitsubishi group companies. The new Chairman will be Keisuke Egashira, currently Chairman of the Japan Automobile Importers Association (JAIA) and Director at DaimlerChrysler Japan Co., Ltd. The top management move comes at the culmination of a thorough clean-up process of past quality issues. Since March 2004, MFTBC has rigorously dealt with former quality issues and successively implemented the necessary procedures and countermeasures. The appointment of a new CEO marks the deliberate shift into the second phase of the fundamental restructuring of Mitsubishi Fuso in Japan and its further integration into the DaimlerChrysler group. DaimlerChrysler Board of Management member responsible for the Commercial Vehicle Division Andreas Renschler commented: "This top management change is fully supported by our Mitsubishi Group partners. DaimlerChrysler has step-by-step enlarged its long-term commitment to Mitsubishi Fuso. I would like to thank Wilfried Porth for his extraordinary accomplishments over the last 30 months. Thanks to all the initiatives taken and by being an integral part of the largest commercial vehicle manufacturer in the world, MFTBC today is better positioned than ever to move ahead on its course of renewal and compete at the forefront of the Asian and global commercial vehicle market. The integration process includes the adoption of DaimlerChrysler's leading quality standards for trucks and busses." In a letter to all employees, Mr. Porth explained the background of this top management change: "We are concluding the clean-up of past quality issues and have laid the foundation for a new corporate culture for Fuso. Phase II will see the permanent renewal of our Company. It will be marked by a lasting restoration of trust in Fuso and a return to its successful business in Japan supported by a further integration of our Company into DaimlerChrysler's commercial vehicle operations." Mr. Porth joined MFTBC from DaimlerChrysler AG in January 2003 as President & CEO. In March 2004, MFTBC became a fully consolidated subsidiary of DaimlerChrysler when the Company raised its shares to 65%. As a consequence of a compensation agreement with Mitsubishi Motors Corporation (MMC) in March 2005, DaimlerChrysler received a further 20% of shares formerly owned by MMC. The remaining 15% continue to be owned by various Mitsubishi Group companies. During his tenure, Mr. Porth led the integration of Mitsubishi Fuso into the global commercial vehicles operations of DaimlerChrysler, affecting all stages of the value chain including areas such as R&D, procurement, production, marketing & sales and finance. On June 18, 2003, Mitsubishi Fuso had announced three key business objectives in the areas of material costs, investment and overseas sales for the period until March 2006 and respectively March 2008. Already after two years, Mitsubishi Fuso is ahead of its targets except for material cost reductions due to the recent increase of raw material prices. Overseas sales increased from 86,900 units in FY 2002 to 118,200 (+ 36%) units in FY 2004, thereby clearly exceeding the original target of a 20% increase after two instead of the planned five years. CONTACT: Mitsubishi Fuso Truck and Bus Corporation 2-16-4, Kounan,Minato-ku,Tokyo 108-8285, Japan Global Communication Phone: +81-3-6719-4889 Fax: +81-3-6719-0111 Web site: http://www.mitsubishi-fuso.com ODAKYU ELECTRIC: Four Execs to Resign Over Stock Scam ----------------------------------------------------- Four top executives at Odakyu Electric Railway Co. will resign next month as a result of the failure by group firms to correct false financial statements on the identities of their shareholders, Kyodo News reports. The report said Chairman Kunio Toshimitsu and President Toshiyuki Matsuda will officially resign on June 10. The Presidents of Odakyu Real Estate Co. and Odakyu Construction Co., Mr. Kazunori Toyama and Mr. Michikatsu Ishihara, will also step aside. The Odakyu group discovered last October that it had underreported its own shareholdings by disguising some shares in the group firms as those held by individuals, such as group directors and employees. CONTACT: Odakyu Electric Railway Co., Limited 1-8-3, Nishi-Shinjuku, Shinjuku-ku Tokyo 106-8309, Japan Phone: +81-3-3349-2526 Fax: +81-3-3346-2447 ========= K O R E A ========= SAMSUNG CARD: Averts Sanction for Breaking Rules ------------------------------------------------ Korea's antitrust watchdog was criticized for not calling to attention troubled firm Samsung Card Co., which violated antitrust rules, the Korea Times reports. Last year, the Financial Supervisory Service (FSS) showed that Samsung Card violated antitrust rules when it acquired stakes in other firms without FSS approval. The law required that a financial firm must obtain approval before buying more than 5% share in a non-financial Company. Samsung Card bought more than 5% stake in amusement park Samsung Everland without FSS approval, in order to secure its units' management rights by circulating cardholders' money. But the FSS and the Financial Supervisory Commission (FSC) did not sanction the Company for buying the stake. FSS and FSC officials are saying that they don't have the power to demand that Samsung Card dispose of its stake in Samsung Everland. According to activist group the People's Solidarity for Participatory Democracy (PSPD), there is legal basis for the FSC and FSS to discipline the firm, citing that since May 2004 when the FSC ordered Samsung Card to submit an internal plan to sell off its stake in Samsung Everland. The Company has not done anything to dispose of the stake. Added to that, the FSC is pushing to revise a law that restricts the ratio of financial firms' shareholding in non-financial firms. Economists and some politicians are criticizing this move by the FSC. =============== M A L A Y S I A =============== BUKIT KATIL: Provides Default Status Update ------------------------------------------- Bukit Katil Resources Berhad announced that in relation to Practice Note 1,2001 of the Bursa Malaysia Securities Berhad Listing Requirements, the Company made the following updates on its various loan facilities: Bumiputra-Commerce Bank Berhad: On July 16, 2004, the Learned Senior Assistant Registrar allowed the bank's application to enter summary judgment against the Company. The Company filed a Notice of Appeal against the said decision; no hearing date has been set. OCBC Bank (Malaysia) Berhad OCBC Bank (Malaysia) Berhad obtained an order for sale on Nov. 14, 2003, on Omega Bricks Sdn Bhd's land held under Grant Reg No. 31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri Perak. The Application for Execution of Order for Sale is fixed for hearing on Sept. 19, 2005. OCBC Bank (Malaysia) Berhad also obtained a winding-up petition on Oct. 6, 2003, which was served on the Company on Nov. 14, 2003. On Sept 8, 2004, the High Court allowed the Bank's application for the winding-up petition. The Company has already filed a Notice of Appeal to the Court of Appeal against the court's decision, and a stay of execution of the winding-up order was filed on Oct. 5, 2004. The application was later dismissed on May 10, 2005, and the Company seeks to file a motion of stay at the Court of Appeal. Alliance Merchant Bank Berhad At present, no date has been set to hear the Bank's application for summary judgment. Perbadanan Kemajuan Negeri Pahang The Company is a defendant in a suit initiated by Perbadanan Kemajuan Negeri Pahang for breach of a Call Option Contract. On April 19, 2004, the High Court granted a final judgment for MYR14 million against the Company, plus interest until the full settlement date. The Company is filing a Notice of Appeal to the Court of Appeal. The Company is creating a debt-restructuring proposal to settle the above liabilities. Attached are the details of the Company's defaults: http://bankrupt.com/misc/tcrap_bukitkatil053105.doc CONTACT: Bukit Katil Resources Berhad Damasara Town Centre Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights Kuala Lumpur, 50490 Malaysia Phone: +60 3 2095 7077 Fax: +60 3 2094 9940 CHG INDUSTRIES: Sets AGM Schedule Next Month -------------------------------------------- CHG Industries Berhad announced that the Company will hold its 15th Annual General Meeting (AGM) on June 22, 2005, 9:00 a.m., at Function Room 2 & 3, Level 4, Dynasty Hotel, 218 Jalan Ipoh, 51200 Kuala Lumpur. CHG Industries Berhad wishes to inform that the Fifteenth (15th) Annual General Meeting ('AGM') of the Company will be held at Function Room 2 & 3, Level 4, Dynasty Hotel, 218, Jalan Ipoh, 51200 Kuala Lumpur on Wednesday, 22 June 2005 at 9.00 a.m. The Company's May 31 AGM Notice is attached herewith: http://bankrupt.com/misc/tcrap_chgindustries053105.pdf CONTACT: CHG Industries Berhad 8th Mile Jalan Cheras Cheras, Selangor Darul Ehsan 43200 Malaysia Phone: +60 3 907 58811 Fax: +60 3 907 66215 CYGAL BERHAD: Discloses Financial Results ----------------------------------------- Cygal 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 18,410 24,264 18,410 24,264 2 Profit/(loss) before tax -5,681 -5,885 -5,681 -5,885 3 Profit/(loss) after tax and minority interest -5,802 -5,964 -5,802 -5,964 4 Net profit/(loss) for the period -5,802 -5,964 -5,802 -5,964 5 Basic earnings/(loss) per shares (sen) -12.14 -12.48 -12.14 -12.48 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) -5.0546 -4.9336 For further details, go to: http://bankrupt.com/misc/tcrap_cygal053105.xls CONTACT: Cygal Berhad Lot 4.21, 4th Floor, Plaza Prima 4 1/2 Miles, Jalan Klang Lama 58200 Kuala Lumpur Malaysia Phone: 03-7983 9099 Fax: 03-7981 7629 KIG GLASS: Net Loss Falls Slightly ---------------------------------- KIG Glass Industrial 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 16,678 22,341 16,678 22,341 2 Profit/(loss) before tax -7,101 -7,523 -7,101 -7,523 3 Profit/(loss) after tax and minority interest -6,318 -7,042 -6,318 -7,042 4 Net profit/(loss) for the period -6,318 -7,042 -6,318 -7,042 5 Basic earnings/(loss) per shares (sen) -3.88 -4.32 -3.88 -4.32 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) 0.1469 0.1857 To view a full copy of the report, click on: http://bankrupt.com/misc/tcrap_kigglass1053105.xls http://bankrupt.com/misc/tcrap_kigglass2053105.doc CONTACT: KIG Glass Industrial Berhad Suite 5.3A, Level 5, Menara Pelangi No. 2, Jalan Kuning, Taman Pelangi 80400 Johor Bahru, Johor Malaysia Phone: 07-3341750 Fax: 07-3318617 LANKHORST BERHAD: Granted RO to Allow Restructuring --------------------------------------------------- Lankhorst Berhad announced that in relation to the Company's proposed restructuring scheme, the Kuala Lumpur High Court granted a restraining order on May 30, 2005 to the Company and the following subsidiaries: 1. Lankhorst Pancabumi Contractors Sdn. Bhd. 2. Cardon (M) Sdn. Bhd. 3. Lankhorst Hartanah Sdn. Bhd. 4. Lankhorst M&E Sdn. Bhd. 5. Port Dickson Sepang Quarry Sdn. Bhd. 6. Lankhorst Track Construction Sdn. Bhd. 7. Rampai Budi-Jaya Sdn. Bhd. 8. Tradepro Sdn. Bhd. The Restraining Order would facilitate the Company's corporate restructuring exercise, and is valid for three months from May 30, 2005. Other details on the Company's restructuring exercise will be announced in due course. CONTACT: Lankhorst Berhad 5th Floor, Bangunan Umno Selangor Persiaran Perbandaran , Section14 40000 Shah Alam Selangor, Malaysia Phone: 03-50313030 Fax: 03-50313036 NALURI BERHAD: To Hold AGM on June 23 ------------------------------------- Naluri Berhad announced that the Company will hold its 23rd Annual General Meeting (AGM) on June 23, 2005, 10:00 a.m., a Ballrooms 1 & 2, Level 2, of the Hotel Nikko Kuala Lumpur, 165 Jalan Ampang, 50450 Kuala Lumpur. Details of the notice, which was published on May 31, 2005, are attached herewith: http://bankrupt.com/misc/tcrap_naluri053105.doc CONTACT: Naluri Berhad 161B Jalan Ampang Kuala Lumpur, 50450 Malaysia Phone: +60 3 2162 0878 Fax: +60 3 2162 0676 OMEGA HOLDINGS: Net Loss Drops to MYR145 Mln -------------------------------------------- Omega Holdings 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 0 4 0 561 2 Profit/(loss) before tax -145 -575 -615 -755 3 Profit/(loss) after tax and minority interest -145 -576 -620 -756 4 Net profit/(loss) for the period -145 -576 -620 -756 5 Basic earnings/(loss) per shares (sen) -0.05 -0.19 -0.21 -0.25 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) -0.0090 -0.0066 For further details on the report, go to: http://bankrupt.com/misc/tcrap_omegaholdings1053105.xls http://bankrupt.com/misc/tcrap_omegaholdings2053105.doc CONTACT: Omega Holdings Berhad Jalan Semantan Damansara Heights 50490 Kuala Lumpur, Selangor Darul Ehsan 46050 Malaysia Phone: +60 3 2713 2160 Fax: +60 3 2713 2170 PICA CORPORATION: Court Fixes Hearing Dates ------------------------------------------- Pica (M) Corporation Berhad announced that in relation to Practice Note 1/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, the Company announced the following: 1. MYR60 Million Guaranteed Revolving Underwriting Facility The Company announced that the Court has fixed a hearing date for the Plaintiff's summary judgment application on June 24, 2005. Apart from the above, the legal proceeding is still pending in court. 2. MYR5 Million Revolving Credit Facility & MYR7 Million Short Term Loan The Company announced that the Plaintiff's summary judgment application has been fixed for hearing on June 7, 2005. Apart from the above, the legal proceeding is still pending in court. 3. MYR50 Million Term Loan Facility The Company announced that the Plaintiff's summary judgment application has been fixed for further hearing on June 9, 2005. Apart from the above, the legal proceeding is still pending in court. 4. MYR4 million Revolving Credit Facility & MYR7 million Overdraft Facility The Company announced that the Plaintiff's summary judgment application has been fixed for hearing on June 27, 2005. Apart from the above, the legal proceeding is still pending in court. 5. Approximately MYR3 million Credit Facility The Company announced that the Plaintiff's summary judgment application was dismissed on Jan. 25, 2005. The Plaintiff appealed against the dismissal and the Court fixed a decision date for the appeal on June 24, 2005. Apart from the above, the legal proceeding is still pending in court. CONTACT: Pica (M) Corporation Berhad No 3 Jalan Kia Peng Kuala Lumpur, 50450 Malaysia Phone: +60 3 2161 8800 Fax: +60 3 2161 1714 PILECON ENGINEERING: Sees No Change in Default Status ----------------------------------------------------- Pilecon Engineering Berhad announced that in relation to Practice Note 1,2001 of the Bursa Malaysia Securities Berhad Listing Requirements, there are no material changes to the Company's default status since its last monthly announcement dated April 29, 2005. The Company also announces that the Securities Commission had on May 13, 2005 approved the Company's revised scheme of arrangement under Section 32(5) of the Securities Commission Act 1933, subject to the terms & conditions indicated in the letter. CONTACT: Pilecon Engineering Berhad No. 2, Jalan U1/26 Seksyen U1, Hicom-Glenmarie Industrial Park, Shah Alam, Selangor Darul Ehsan 40000 Malaysia Phone: (603) 704-188 TRU-TECH HOLDINGS: Reveals Drop in Quarterly Net Loss ----------------------------------------------------- Tru-Tech Holdings 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 4,817 51,383 4,817 51,383 2 Profit/(loss) before tax -1,723 -2,895 -1,723 -2,895 3 Profit/(loss) after tax and minority interest -1,652 -2,896 -1,652 -2,896 4 Net profit/(loss) for the period -1,652 -2,896 -1,652 -2,896 5 Basic earnings/(loss) per shares (sen) -3.83 -6.72 -3.83 -6.72 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) -1.5200 -1.4700 To view a full copy of the report, click on: http://bankrupt.com/misc/tcrap_trutech053105.XLS CONTACT: Tru-Tech Holdings Berhad Lot 45, Batu 12, Jalan Johor Bahru Kota Tinggi, Mukim Plentong, 81800 Ulu Tiram, Johor Malaysia Phone: (60) 3 7861 5220 Fax: (60) 3 7861 7972 UNITED CHEMICAL: Net Loss Balloons ---------------------------------- United Chemical Industries 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 0 0 0 0 2 Profit/(loss) before tax -1,754 -1,058 -1,754 -1,058 3 Profit/(loss) after tax and minority interest -1,754 -1,058 -1,754 -1,058 4 Net profit/(loss) for the period -1,754 -1,058 -1,754 -1,058 5 Basic earnings/(loss) per shares (sen) -9.48 -5.72 -9.48 -5.72 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) -3.5300 -3.1800 A full copy of the report is attached: http://bankrupt.com/misc/tcrap_unitedchem1053005.XLS http://bankrupt.com/misc/tcrap_unitedchem2053005.doc CONTACT: United Chemical Industries Berhad 10th Floor, Wisma MCA Jalan Ampang 50450 Kuala Lumpur, WP Malaysia Phone: 603-2619055 Fax: 603-2610502 ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Eyes Early Retirement Deal to Pare Losses --------------------------------------------------------------- Loss-making ABS-CBN Broadcasting Corp. has mapped out schemes to curb its expenses, according to The Manila Times. The network told shareholders it plans to offer early-retirement for its employees and avoid exclusive contracts with talents, in a bid to trim down costs. ABS-CBN Chairman Eugenio Lopez III admitted the Company is facing a possible reduction of its revenues from advertisers, which would prompt the network to apply cost-cutting measures that would necessitate early-retirement packages to interested employees. "The economy is definitely slowing down. It's going to be a difficult year this year," Mr. Lopez said. ABS-CBN is dead set on recovering its losses in 2004 and regaining the top spot in Philippine television, after it suffered a 25 percent decline in its net income for 2004. CONTACT: ABS-CBN Broadcasting Corp Mother Ignacia St Corner Sgt Quezon City 1100 Philippines Phone: 2 924 4101 Fax: 2 921 5888 ATLAS CONSOLIDATED: Unit Files Listing Application at PSE --------------------------------------------------------- A subsidiary of publicly listed Atlas Consolidated Mining Corporation is seeking to go public, according to Today News. Carmen Copper Corp. has filed a listing application with the Philippine Stock Exchange. The PSE board is set to make a formal approval of Carmen's public-listing application in its next meeting. The PSE is mulling a waiver of its profitability requirements for mining companies planning to go public. Under PSE rules, a Company must first show proof of profitability for a minimum of three years before it can list at the local bourse. Carmen was included in Atlas' structural plan, under which the firm will evolve to become a holding Company with six subsidiaries hosting the copper operations, nickel exploration, properties and real estate. CONTACT: Atlas Consolidated Mining and Development Corporation 7/F, Quad Alpha Centrum 125 Pioneer St., Mandaluyong City Phone No: 635-2387/4495 Fax No: 633-3759; 634-2312 E-mail Address: acmdcmla@info.com.ph Auditor: SyCip, Gorres, Velayo & Company Transfer Agent: Stock Transfer Service, Inc. CAMP JOHN: BCDA Eyes New Operator for Resort -------------------------------------------- The Bases Conversion and Development Authority (BCDA) would want a private sector to operate Camp John Hay, reports The Manila Bulletin. The BCDA said the government does not intend to run Camp John Hay but will look for a new developer to operate the facility. BCDA subsidiary John Hay Management Corporation spokesperson Lyssa Pagano-Calde said, "It appears inevitable that a new private operator may have to come in since there seems to be no resolution in sight concerning the huge debt problem of the current private operator." "A number of potential operators with world-class capabilities and experience in operating similar tourism facilities have already expressed interest in handling the operations of Camp John Hay." Ms. Pagano-Calde added. Several local and foreign investors have signified their serious interest in operating John Hay. The Fil-Estate group backed Camp John Hay Management Corporation (CJHDevco) won the lease agreement to operate the facility but has incurred some Php2.2 billion in arrears of which Php1.2 billion is due and demandable. The unpaid obligations has affected the bid of the Baguio City Council to rehabilitate its water works since some Php300 million in the city government's share in John Hay rentals are trapped in the huge arrears. CJHDevco officially acknowledged some Php489.2 million in arrears for 2001, and another Php438.4 million in arrears for 2002 in a memorandum of agreement inked with BCDA in 2003. The debt is estimated at Php2.3 billion at the end of April this year. 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/ DIGITAL TELECOMMUNICATIONS: To Tap Internal Funds for Expansion --------------------------------------------------------------- Digital Telecommunications Philippines Inc. (Digitel) is looking to invest a hefty amount to boost its cellular phone network next year, Today News reports. The Company, which operates the Sun Cellular brand, is completing a US$200-million expansion and will spend another US$200 million to beef up its capacity from the current 6 million subscribers to 10 million by the end of 2006. Digitel is planning to finance its expansion program using internal funds and borrowings. Charles Lim, head of Digitel's mobile services, said that Sun Cellular should be "cash positive" by the middle of next year in terms of earnings before interest, taxes, depreciation and amortization (Ebitda). By 2007, we expect to be Ebitda positive and to start posting profits by 2008," Mr. Lim added. CONTACT: Digital Telecommunications Phils Inc 110 E Rodriguez Jr Ave Bagumbayan 1110 Quezon City 1110 Philippines Phones: +63 2 633 0000 Fax: +63 2 635 6142 Web site: http://www.digitelone.com/ DIGITAL TELECOMMUNICATIONS: Cries Foul Over New Text Tax Bill ------------------------------------------------------------- Digital Telecommunications Philippines Inc. (Digitel) is opposed to a proposal in Congress, requiring mobile operators to pay Php0.50 tax for every short messaging service (SMS) sent through their networks, BusinessWorld relates. Digitel claimed the plan could hamper the expansion of cellular firms since the additional tax payments would drain their capital expenditures. The Company also said the move in Congress may also obstruct plans of mobile operators to extend operators in rural areas, where operators often incur losses in the first few years of operations. Pangasinan Rep. Mark O. Conjuangco last week filed a bill that sought to order mobile pay a 50-centavo tax for every SMS sent by subscribers on top of the existing income and value-added taxes. The bill prohibits cellular phone companies from passing the tax to consumers through higher rates for their services and value-added offerings. There are about 35 million cellular phone subscribers in the Philippines or roughly 43 percent of the population, making the market an easy target for tax collection. Cellular subscribers send seven to 10 SMS daily. GLOBE TELECOM: Globe Telecom's Outlook Revised To Stable -------------------------------------------------------- Fitch Ratings, the international rating agency, has revised the Outlook on the Long-term foreign currency rating of the Philippines' Globe Telecom Inc. (Globe) to Stable from Negative. At the same time, Fitch has affirmed Globe's Long-term foreign currency rating and that of the Company's outstanding senior notes at 'BB'. Fitch has also affirmed Globe's Long-term local currency rating at 'BB+' and retained the Stable Outlook on this rating. The rating actions reflect Fitch's recent decision to revise its Outlook on the Republic of the Philippines' 'BB' Long-term foreign currency rating to Stable from Negative. CONTACT: Globe Telecom Incorporated Pioneer Corner Madison Streets 2/F Globe Telecom Plaza Mandaluyong, MANILA 1552 PHILIPPINES Phone: +63 2 730 2000 Fax: +63 2 739 2000 Web site: http://www.globe.com.ph MARIWASA MANUFACTURING: Keen on Pasig Property Development ---------------------------------------------------------- Tiles and ceramics maker Mariwasa Manufacturing Inc. is still entertaining proposals for the development of its Pasig property, according to BusinessWorld. Company director and executive vice president Ferdinand Edwin Co Seteng confirmed Mariwasa is wiling to divide the Pasig property if it receives an attractive bid. He also disclosed the firm has received a joint-venture proposal from DMCI Holdings Inc. Mariwasa is working to complete its loan restructuring negotiations initiated in 2004 before the end of this quarter. Its total liabilities stood at Php3.6 billion as of last year. In its 2004 annual report, the firm said it has not been able to fully comply with the quarterly principal and interest payments and financial ratios as required by creditor banks. Chairman and President Edison Co Seteng said the debt restructure is critical for the Company to invest and grow profitably. In view of the continuing losses of the parent Company, the board of directors approved a motion to permanently cease operations at its six-hectare Pasig plant in June 2001. All manufacturing operations were transferred in Sto. Tomas, Batangas through wholly owned subsidiary Mariwasa Siam Ceramics, Inc. Although the Pasig plant was shut down, the firm is still active in marketing and selling ceramic tiles. CONTACT: Mariwasa Manufacturing Inc. C. Raymundo Avenue Barrio Rosario, Pasig City Phone: 628-1986 to 89; 628-3871 to 80 Fax: 625-1985/3991; 628-3991; 628-1983 to 85 E-mail Address: hotline@mariwasa.com Web site: http://www.mariwasa.com NATIONAL POWER: Off-peak Scheme Saves Big Customers Php164 Mln -------------------------------------------------------------- National Power Corporation's (Napocor) Time-Of-Use (TOU) scheme allowed 29 of the power firm's bulk-power customers to save over Php164 million in their electricity bills, says The Philippine Star. Documents submitted by Napocor to the Energy Regulatory Commission (ERC) showed that the huge saving were realized for the billing period covering November 2004 through April 2005. In April alone, savings as a result of the TOU system reached Php25.85 million. Napocor's TOU program is a billing system which encourages end- users to maximize their power usage during "off-peak" hours, when power rates are at their cheapest. The state-owned power firm began offering the TOU rates on November last year to incite directly-connected customers to shift their electricity consumption from peak to off-peak hours, and thus improve Napocor's system load factor. Among those who were able to realize the biggest savings from the TOU billing scheme in April were: the Visayan Electric Co. Inc. (Php8.63 million); TIPCO Estates Corp. (Php5.32 million); Northern Cement Corp. (Php2.94 million); Continental Operating Corp. (Php2.44 million); and Taiheiyo Cement Phils. Inc. (Php2.09 million). 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/ PHILIPPINE LONG: Fitch Revises Outlook to Stable ------------------------------------------------ Fitch Ratings, the international rating agency, has today revised the Outlook on Philippine Long Distance Telephone Company's (PLDT) Long-term foreign currency rating to Stable from Negative. At the same time, Fitch has affirmed PLDT's Long-term foreign currency rating, global bonds and senior notes at 'BB' and its convertible preferred stock at 'B+'. PLDT's Long-term local currency rating has also been affirmed at 'BB+' and the Stable Outlook on this rating remains in place. The rating actions reflect Fitch's decision to revise its Outlook on the Republic of the Philippines' 'BB' Long-term foreign currency rating to Stable from Negative. CONTACT: Philippine Long Distance Telephone Co. Ramon Cojuangco Building Makati Avenue, Makati City Telephone Numbers: 814-3552; 888-0188 Fax Number: 813-2292 Web site: http://www.pldt.com.ph PHILIPPINE LONG: Chief Expects Lower Earnings Growth This Year -------------------------------------------------------------- Slowing subscriber growth and sluggish consumer spending is expected to lower the earnings growth of Philippine Long Distance Telephone Company (PLDT) in 2005, Reuters reports. "Profit should continue to grow, but in percentage terms, this is definitely lower than in previous years," PLDT chairman Manuel Pangilinan told reporters. Reuters Estimates data revealed that PLDT is seen posting a net profit of Php28.2 billion (US$517.9 million) for calendar year 2005. This is almost flat a net income of Php28 billion in 2004. Earlier this month, the firm posted a 65 percent increase in first-quarter profit to Php9.4 billion (US$174 million), beating analysts' expectations, as a stronger peso helped it weather the impact of tough domestic competition. Stripping out the foreign exchange gains, the Company said its adjusted net income was Php7 billion in the quarter. PHILIPPINE LONG: Lists Extra Shares ----------------------------------- The Philippine Stock Exchange approved on June 14, 2000, the application submitted by Philippine Long Distance Telephone Company (the Company) to list additional 1,289,745 common shares, with a par value of Php5.00 per share, to cover the Executive Stock Option Plan (ESOP) of the Company, at an exercise price of Php814.00 per share. In this connection, please be advised that a total of 500 common shares have been availed of and fully paid by the optionee under the Company's ESOP. In view thereof, the listing of the 500 common shares was set Monday, May 30, 2005. This brings the number of common shares listed under the ESOP to a total of 454,004 common shares. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. (Original Signed) CLAUDINE E. CRUZ OIC, Listings Department Noted by: (Original Signed) JURISITA M. QUINTOS Senior Vice President ================= S I N G A P O R E ================= ACCORD CUSTOMER: Shares Plummet After PwC Report ------------------------------------------------ Troubled firm Accord Customer Care Solutions (ACCS) suffered a near 52-weak low in its shares following a PricewaterhouseCoopers report (PwC) regarding a SG$54 million overstatement in 2004 revenue, relates Channel News Asia. Following the announcement, UOB Kay Hian dropped its coverage and changed its rating to a "Sell". OCBC Securities also dropped its coverage on the Company while CLSA Asia Pacific currently does not have a rating on ACCS. Other few brokerages have also downgraded the stock. In March 2003, ACCS' IPO price was 18 cents compared to the recent price of 13 cents, resulting in a 23.5 percent loss in share price. In a report dispatched earlier by the Company, it said that the recent accounting irregularities have raised concerns over the profitability of the Company's mobile phone business. ACCS insisted it has a sufficient working capital to meet its present requirements and to carry on as a going concern. CONTACT: Accord Customer Care Solutions Limited 20 Toh Guan Road #07-00 Accord Distri Centre Singapore 608839 Telephone: 65 64102600 Fax: 65 64102610 Web site: http://www.accordccs.com ASIA-PACIFIC PORT: Lays Out Creditors' Meeting Agenda ----------------------------------------------------- Take notice that a meeting of creditors in Asia-Pacific Port Pte Ltd will be held at 8 Cross Street #12-00 PWC Building, Singapore 048424 on June 3, 2005 at 10:00 a.m. AGENDA (1) To obtain approval to provide mandate to the Liquidators to accept any offer for the whole of the issued ordinary shares and issued convertible redeemable preference shares fully paid up in the capital of MIPS SEA (S) Pte Ltd (formerly known as Myanmar Integrated Port Services Pte Ltd), a substantial investment of the Company, for US$2 million and above. (2) To appoint Committee of Inspection. (3) Any other matters. Dated this 27th day of May 2005. Ramasamy Subramaniam Iyer Joint Liquidator for Asia-Pacific Port Pte Ltd c/o 8 Cross Street #17-00 PWC Building Singapore 048424 Forms of general and special proxies are enclosed herewith. Proxies to be used at the meeting must be deposited at 8 Cross Street, #17-00 PWC Building, Singapore 048424, not less than forty-eight (48) hours before the time appointed for holding the above meeting. BRETHREN CONTRACT: Receiving Proofs of Claim Until June 10 ---------------------------------------------------------- Brethren Contract Services Pte Ltd. formerly of 10 Anson Road, #13-16 International Plaza, Singapore 079903 posted at the Government Gazette, Electronic Edition a notice of intended dividend with the following details. Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 239 of 1995 Last Day for Receiving Proofs: 10th June 2005 Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 27th May 2005 Sunari Bin Kateni Assistant Official Receiver CHARTERED SEMICONDUCTOR: Names New Senior Vice President -------------------------------------------------------- Chartered Semiconductor Manufacturing, one of the world's top dedicated semiconductor foundries, announced to the Singapore Stock Exchange (SGX) the appointment of Dr. Liang Choo "LC" Hsia as senior vice president of technology development. Dr. Hsia joined Chartered in 2000 as vice president for advanced module development and has been leading Chartered's joint development efforts with IBM at 90 nanometer (nm) as well as 65nm development with IBM, Infineon and Samsung. In his new role, Dr. Hsia will report directly to the president & CEO and oversee Chartered's technology development organization and direct Chartered's efforts toward technology leadership in the foundry industry. "Dr. Hsia's appointment to this critical role recognizes the commitment he has demonstrated and his leadership role in the joint technology development efforts, supporting the acceleration of our technology development and furthering our position as a top-tier foundry," said Chia Song Hwee, president and CEO of Chartered. Dr. Hsia draws on a strong background in semiconductor technology with nearly 25 years of experience. He joined Chartered after serving for three years as director of technology development of United Microelectronics Corporation in Taiwan. Prior to that, he spent over a decade with IBM as an advisory scientist in various divisions. Dr. Hsia, who received his Ph.D. in physics from Ohio State University, has been awarded 25 US patents with 16 more pending, and his work has been featured in more than 80 technical publications. Dr. Shi-Chung "SC" Sun, who was previously holding this position, has decided to leave the Company to pursue other interests. "We thank Dr. Sun for his contributions to Chartered and wish him all success in future endeavors," concluded Chia. About Chartered Chartered Semiconductor Manufacturing (Nasdaq: CHRT, SGX-ST: CHARTERED), one of the world's top dedicated semiconductor foundries, offers leading-edge technologies down to 90 nanometer (nm), enabling today's system-on-chip designs. The Company further serves the needs of customers through its collaborative, joint development approach on a technology roadmap that extends to 45nm. Chartered's strategy is based on open and comprehensive design enablement solutions, manufacturing enhancement methodologies, and a commitment to flexible sourcing. In Singapore, the Company operates a 300mm fabrication facility and four 200mm facilities. Information about Chartered can be found at http://www.charteredsemi.com. 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): Faces Investigation After Collapse ------------------------------------------------------ Chinese regulators contemplate of conducting a probe into the downfall of China Aviation Oil (S) Corp. (CAO), Channel News Asia reports. The collapse is said to be the second trading scandal to hit Singapore since the fall of Barings Bank in 1995. Chinese state-owned Assets Supervision and Administration Commission aims to identify the officials behind the CAO scandal. Monitoring of overseas Chinese firms will also be intensified. CAO has been proposing a revised debt-repayment plan in which it will pay creditors 53.9 cents for every dollar of debt. According to the regulators, the new debt repayment plan by CAO Singapore was the best it could offer and will not consider a further revision. CAO's collapse was attributed to losses of SG$1 billion on derivatives trading. CONTACT: China Aviation Oil (S) Corp. Phone: (65)6334 8979 Fax: (65)6333 5283 Web site: http://www.caosco.com/ HUA KOK: Completes Strategic Subscription of Shares --------------------------------------------------- The Board of Directors of Hua Kok International Ltd advised the Singapore Stock Exchange (SGX) that the Strategic Subscription was completed on May 31, 2005 pursuant to which 1,440,484,323 shares in the capital of the Company (the Strategic Shares) were allotted and issued to Prosperity at a price of S$0.0042 per Strategic Share. Pursuant to the completion of the Strategic Subscription, the existing issued share capital of the Company has increased from 617,350,424 ordinary shares of S$0.001 each in the capital of the Company (the Shares) to 2,057,834,747 Shares. The listing and quotation of the Strategic Shares on the Official List of the Singapore Exchange Securities Trading Limited (SGX-ST) is expected to take place on June 1, 2005. On April 22, 2005, the Company had announced that the SGX-ST had granted approval in-principle on April 22, 2005 for the listing and quotation of, inter alia, the Strategic Shares, subject to the submission of an undertaking from the Company (the Undertaking) that it will make periodic announcements on the utilisation of the Strategic Subscription proceeds as and when the Strategic Subscription proceeds are materially disbursed, will provide a status report on the use of the Strategic Subscription proceeds in its Annual Report, and will comply with the continuing public float requirements under the Listing Manual of the SGX-ST. The Company has since submitted the Undertaking to the SGX-ST. Submitted by David Phua Puay Heng Group Financial Controller 31 May 2005 CONTACT: Hua Kok International Ltd 32 Sungei Kadut Way Hua Kok Industrial Building Singapore 728787 Telephone: 65 63625667 Fax: 65 63685593 Web site: http://www.huakok.com.sg SK KOGYO: Creditors Given Until July 8 to Prove Claims ------------------------------------------------------ Notice is hereby given that the creditors of SK Kogyo Singapore Pte. Ltd. (In Liquidation), which is being wound up voluntarily, are required on or before July 8, 2005 to send in their names and addresses and the particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the Liquidator at 300 Beach Road, #38-05 The Concourse, Singapore 199555. If so required by notice in writing from the said Liquidator, are by their solicitors or personally, to come in and prove their said debts or claims at such time and place as shall be specified in such notice. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Heng Lee Seng Liquidator 27th May 2005 TAN CHENG: Proofs of Debt, Claim Due June 27 -------------------------------------------- Notice is hereby given that the creditors of Tan Cheng Moh Electric Co. (Pte) Ltd (In Voluntary Liquidation) which is being voluntarily wound up are required on or before June 27, 2005 to send in their names and addresses with particulars of their debts and claims and the names and addresses of their solicitors (if any) to the undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1 Coleman Street, #06-10 The Adelphi, Singapore 179803. If so required by notice in writing from the said Liquidator, are by their solicitors or personally to come in and prove their debts and claims at such time and place as shall be specified in such notice. In default thereof, they will be excluded from the benefit of any distribution made before such debts and claims are proved. Wee Hui Pheng Liquidator Singapore 25th May 2005 TRI-M TECHNOLOGIES (S): Net Loss Widens to SG$3.87Mln ----------------------------------------------------- Tri-M Technologies (S) Limited furnished the Singapore Stock Exchange (SGX) a copy of its full year financial statement for the period ended March 31, 2005. Year March 31, 2005 (in millions of SG$ unless stated) 2005 2004 Operating profit/(loss) (3.87) vs (0.59) Exceptional items (0.21) vs (0.09) Pre-tax profit/(loss) (5.27) vs (1.35) Net profit/(loss) (5.66) vs (0.23) Group shr (cents) (8.25) vs (0.33) Turnover 59.81 vs 73.03 Dividend (pct) nil vs nil The exceptional items comprise of retrenchment costs from the exercise of restructuring and consolidating its Singapore and Philippines operations. To view a full copy of the financial statement, click http://bankrupt.com/misc/TRI-M-SGXAnnouncementFY05.pdf CONTRACT: Tri-M Technologies (Singapore) Limited 25 Kallang Avenue #07-01/06 Kallang Basin Industrial Estate Singapore 339416 Telephone: 65 62939293 Fax: 65 62297656 Web site: http://www.tri-m.com.sg =============== T H A I L A N D =============== KRUNG THAI: ING to Streamline Management, Organization Structure ---------------------------------------------------------------- Krung Thai Bank (KTB) has mandated ING Wholesale Banking's ING Advisory to assist in the reorganization of its management and the organization structure. The project includes providing KTB's management with advice to implement changes, which will help the bank meets its future financial and strategic goals efficiently. ING Advisory has been specifically requested to support the optimization of the organization's structure according to international best practice, while adhering to pertinent regulatory requirements. The recommended organization structure will provide the bank with clear guidance on the principal responsibilities and reporting lines that will support an improved management function. The advice will also focus on individual business units and outline their composition, roles and reporting structures. The project will take be undertaken over a three month period. ING Advisory will also submit a migration plan to management to implement the suggested changes according to a pre-defined timetable. The consultancy services ING Advisory will provide intend in particular to concentrate on the sales, product management and risk management areas of the bank. KTB provides a full range of financial services through its head office in Bangkok and its extensive branch network. Currently, the Bank operates through 618 domestic and seven foreign branches and sub-branches, with approximately 15,000 employees. The bank was originally established in 1966 through the merger between Agricultural Bank Limited and Provincial Bank Limited. The Financial Institutions' Development Fund is the majority shareholder. ING Advisory is an integral part of ING Financial Institutions, ING's main point of contact with financial institutions clients. The division undertakes financial sector (bank, insurance, pension fund) advisory and restructuring projects including so- called "twinning" projects and interim management assignments for terms of up to three years with a strong focus on the hands- on implementation of restructuring assignments. ING Advisory has developed a core group of specialist advisers with proven international experience and skills in the financial services industry, and capable of providing a tailor-made service. Its clients include private commercial banks and insurance companies, sovereign governments and international financial institutions, including the World Bank, and the European Union. ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries. With a diverse workforce of over 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. ING Wholesale Banking is the investment and commercial banking division of ING Group and in Asia focuses on providing high- value-added products and services to its clients, including structured finance, debt capital markets, mergers and acquisitions advisory and syndicated loans, supported by its anchor products in lending, cash management and treasury. ING Advisory, previous known as the Institutional & Government Advisory group, is an independent advisory unit of ING Group. Founded in 1989, it specializes in bank advisory services, pension and insurance-related advisory work, and debt advisory services for its clients. To date, ING Advisory has successfully completed nearly 100 projects in more than 40 countries spanning Asia, Africa, Europe and South America. For more information, please visit http://www.ingadvisory.com. CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Website: http://www.ktb.co.th TANAYONG: Debt Restructure Gets Court Nod ----------------------------------------- The Central Bankruptcy Court has approved the THB62 billion debt -restructuring of ailing property firm Tanayong Public Company Limited, according to The Nation. The approval prompted an interest from potential partners to take a 70 percent stake in Tanayong. The Company is currently wrapping up a deal with the said investors. Should the deal materialize, new funds and expertise would be injected into the Company to support long-term operations. Keeree Kanjanapas, Tanayong's chief executive said the debt- restructuring would end in five years if things would go as planned. The debt-restructuring plan calls for the Company to pay back its debt in varying degrees, which means some creditors will have to write off a higher percentage of debt than others. Creditors with loans backed by collateral will be repaid nearly 100 per cent of what they are owed. On the other hand, creditors with loans not backed by collateral will receive about 10 per cent. Other debts will be repaid within five years. Tanayong will speed up transferring its 30 percent stake in Bangkok Mass Transit System Co Ltd (BTS) after its debt restructuring. The transfer, which could clear additional debts will be made to two creditors - one of which is Credit Suisse First Boston. Tanayong is also planning to focus on all kinds of property development, including hotels right after the completion of its debt-restructuring. CONTACT: Tanayong Public Company Limited 100-100/1 Moo 4, Km.14,Bangna-Trat Road, Bang Plee, Samut Prakarn Telephone: 0-2273-8511-15 Fax: 0-2273-8516-17 Web site: http://www.tanayong.co.th ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. 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