/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050602.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, June 2, 2005, Vol. 8, No. 108 Headlines A U S T R A L I A ABLEDIME PTY: To Declare Dividend June 16 ALICE RIVER: Members Agree to Wind Up Company ALMADACO PTY: Final Meeting Slated for June 3 AUTO XTREME: Members, Creditors to Meet June 3 CITYROCK HOLDINGS: To Declare Dividend July 1 EVANS & ANNING: Fixes Final Meeting June 10 GREENDALE OLIVE: Appoints Official Liquidator HACKWORTHY PTY: Final Meeting Set June 3 JAMES MCLARTY: Winds Up Voluntarily KEMERTON SCAFFOLDING: Lays Out Final Meeting Agenda KWINI HOLDINGS: Picks Liquidator from Ferrier Hodgson LOCHWALL PTY: Falls Into Member's Voluntary Liquidation MG ROVER AUSTRALIA: Goes Under Receivership MOTOR GROUP: National Public Auction Kicks Off June 13 MULTIPLEX: Stock Plummets on Wembley Woes MUSES LIMITED: Placed in Voluntary Administration NAIRN INVESTMENTS: Hires Liquidator to Wind Up Company NATIONAL AUSTRALIA: Rumored to be in Pre-season Talks with AFL OZECOM LIMITED: Hudson Securities to Defend AU$4.8-Mln Claim PEET & CO: Lays Out Agenda of Final Meeting PENNY ENTERPRISES: To Convene Final Meeting June 7 PIBER CONTRACTORS: Liquidator to Report Manner of Winding Up POWERTEL LIMITED: Back on Track, Dividend Payout Still Vague PROTELO PTY: To Hold Final Meeting June 3 QANTAS AIRWAYS: New Jet Delivery Hits Snag RANGERMAN PTY: Creditors Should Prove Claims by June 6 SANTOS LIMITED: To Delist from NZ Bourse SANTOS LIMITED: Inks Indonesian Gas Sales Deal for Maleo WABEL HOLDINGS: Liquidator to Lay Account on Winding Up WILSON'S TRANSPORT: To Pay Dividend to Unsecured Creditors C H I N A & H O N G K O N G BANK OF CHINA: Books US$2.5-Bln Profit in 2004 BANK OF CHINA: Talks With Suitors Going Well BEAT STREET: Court Releases Winding Up Order CHINA CONSTRUCTION: Updates Real Estate Loan Structure CHINESE FORTUNE: Issues Debt Claim Notice GOLD MOUNT: Receives Winding Up Notice HAPPINESS LIMITED: To Undergo Winding Up Process INDUSTRIAL AND COMMERCIAL: Inks Loan Agreement With Huarong MASS POND: Court Orders Winding Up MOBILE TELECOM: Net Loss Narrows to HKD3.98 Mln MUJYAKI HOLDING: Winding Up Hearing Set June 22 REIGNTEX LIMITED: Court to Hear Winding Up Petition June 29 YUEN WA: Begins Winding Up Process I N D O N E S I A BANK MANDIRI: S&P Says Higher NPLs Will Not Affect Ratings J A P A N DAIEI INCORPORATED: To Close Five Unprofitable Stores JAPAN AIRLINES: Northern Marianas Appeals for Continued Service JAPAN AIRLINES: Expands Code Sharing Operations KOBE STEEL: S&P Upgrades Rating on Improving Financial Profile MITSUBISHI MOTORS: Shares Up 6.7% on Domestic Gains MITSUBISHI MOTORS: Widens Net Loss to JPY474.8 Bln SEIBU RAILWAY: Seven Directors To Resign SEIYU LIMITED: Sun Hung Kai Buys Hong Kong Unit * Real Estate Businesses Suffer from a Slump in Business K O R E A PAN OCEAN: Hopes to Raise KRW400 Bln from Singapore IPO M A L A Y S I A ANTAH HOLDINGS: Posts Wider Losses in 2004 BELL & ORDER: Notes Slight Rise in Net Loss BUKIT KATIL: In Restructuring Talks with Potential Investors CONSOLIDATED FARMS: Granted RO to Complete Restructure I-BERHAD: Swings Back to Black METROPLEX BERHAD: Auditors Issue Financial Report Qualification MYCOM BERHAD: To Complete Rehab by Sept. 30 OLYMPIA INDUSTRIES: Restructuring Nears End PANGLOBAL BERHAD: Still Regularizing Financial Condition PANGLOBAL BERHAD: Notes High Increase in Net Loss PICA CORPORATION: Quarterly Net Loss Falls SATERAS RESOURCES: Net Loss Shrinks to MYR2.6 Mln SETEGAP BERHAD: Widens Net Loss to MYR6.4 Mln P H I L I P P I N E S DIGITAL TELECOMMUNICATIONS: Confirms US$200-Mln Outlay for 2006 LIFETIME PLANS: Must Service Claims Despite Dissolution MANILA ELECTRIC: Files New Rate Hike Petition MANILA ELECTRIC: Delays Last Phase of Two-tranche Refund MARIWASA MANUFACTURING: Clarifies The Manila Times Report NATIONAL TRANSMISSION: Inks Evaluation Pact with Sinclair Knight PHILIPPINE LONG: Boss Buys More Shares PHILIPPINE LONG: Wants Majority Stake in GMA PHILIPPINE LONG: Lists Additional Shares S I N G A P O R E ALLGREEN PROPERTIES: Issues, Allots 31,000 Ordinary Shares CHARTERED SEMICONDUCTOR: Names New BOD Member MANON MANI: Members Meeting Slated for June 27 MESSER SINGAPORE: To Hold Final Meeting June 27 OVERSEA-CHINESE: Dormant Subsidiary Placed in Liquidation OVERSEA-CHINESE: Liquidates Idle Unit T H A I L A N D THAI PETROCHEMICAL: PTT Snags Stake for THB20,270Mln - - - - - - - - ================= A U S T R A L I A ================= ABLEDIME PTY: To Declare Dividend June 16 ----------------------------------------- A first and final dividend is to be declared on June 16, 2005 for Abledime Pty Ltd (Subject To Deed Of Company Arrangement) formerly trading as Noosaville Garden Centre A.C.N. 010 872 983. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 19th day of April 2005 J. W. Cunningham J. R. Park Joint & Several Deed Administrators Ramsay Clout Chartered Accountants Level 1, 37 The Esplanade, Maroochydore Qld 4558 Telephone: (07) 5479 6411 Facsimile: (07) 5479 6350 ALICE RIVER: Members Agree to Wind Up Company --------------------------------------------- At a general meeting of the members of Alice River Pastoral Co Pty Ltd A.C.N. 009 953 379 held at 51 Sturt Street, Townsville, Qld on April 6, 2005 a special resolution that the Company be wound up was voluntarily passed. R. R. Peterson Liquidator PricewaterhouseCoopers 51 Sturt Street, Townsville Qld 4810 ALMADACO PTY: Final Meeting Slated for June 3 --------------------------------------------- Notice is given that a final meeting of members of Almadaco Pty Ltd (In Voluntary Liquidation) A.C.N. 010 510 746 will be held at Level 13, 15 Lake Street, Cairns, on June 3, 2005 at 10:00 a.m. Type of Meeting: Members in a Winding up. Details of Meeting: The purpose of the meeting is to receive the Liquidator's account showing how the winding up has been conducted and the property of the Company has been disposed of, and to receive any explanation of the account. Accounts have been compiled in accordance with section 539(1) and are available for inspection at Level 13, 15 Lake Street, Cairns during normal business hours. Dated this 21st day of April 2005 Gerry Mier Liquidator KPMG Level 13, Cairns Corporate Tower, 15 Lake Street, Cairns Qld 4870 Telephone: 07 4046 8888 AUTO XTREME: Members, Creditors to Meet June 3 ---------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act 2001 that a final meeting of the members and creditors of Auto Xtreme Pty Ltd (In Liquidation) A.C.N. 082 174 721 will be held at the office of Pearce & Heers, Level 8, 410 Queen Street, Brisbane on Friday, June 3, 2005 at 10:00 a.m. for the purpose of: (1) Receiving an account from the Liquidator showing how the winding up has been conducted and the property of the Company disposed of; and (2) Receiving an explanation of the account. Dated this 21st day of April 2005 Mark Pearce Liquidator Pearce & Heers Insolvency Accountants Telephone: (07) 3221 0055 Facsimile: (07) 3221 8885 CITYROCK HOLDINGS: To Declare Dividend July 1 --------------------------------------------- A first and final dividend is to be declared on July 1, 2005 in respect of Cityrock Holdings Pty Ltd (In Liquidation) A.C.N. 088 866 102. Creditors who were not able to prove their debt or claims will be excluded from the benefit of the dividend. Dated this 21st day of April 2005 Richard Cacho Joint and Several Liquidator Knights Insolvency Administration Level 12, London House, 216 St Georges Terrace, Perth WA 6001 EVANS & ANNING: Fixes Final Meeting June 10 ------------------------------------------- Notice is given pursuant to Section 509(1) of the Corporations Act that a final meeting of the members of Evans & Anning Pty Ltd (In Voluntary Liquidation) A.C.N. 010 235 800 will be held in the meeting room of SimsPartners, Level 11, 145 Eagle Street, Brisbane, Queensland, on June 10, 2005 at 9:00 a.m. (1) To receive an account made up by the Liquidator showing how the winding up has been conducted, the property of the Company has been disposed of, and to receive any explanation required thereof. (2) Any other business. Dated this 21st day of April 2005 Maree Henry RAY RICHARDS Joint and Several Liquidators SimsPartners Level 11, 145 Eagle Street, Brisbane Qld 4000 Telephone: (07) 3831 2700 GREENDALE OLIVE: Appoints Official Liquidator --------------------------------------------- Notice is hereby given that at an Extraordinary General Meeting of members of Greendale Olive Products Pty Ltd A.C.N. 008 706 572 held on March 31, 2005 it was resolved that the Company be wound up voluntarily and that for such purpose, Gary John Anderson of Level 1, 12 Prowse Street, West Perth WA 6005 Western Australia, be appointed Liquidator. Dated this 22nd day of April 2005 Gary Anderson Liquidator PO Box 1661, West Perth WA 6872 Telephone: (08) 9486 7822 Facsimile: (08) 9226 4250 E-mail: garya@iinet.net.au HACKWORTHY PTY: Final Meeting Set June 3 ---------------------------------------- Notice is given that the final meeting of members of Hackworthy Pty Ltd (In Liquidation) A.C.N. 000 579 206 will be held at Level 6, 10 Market Street, Brisbane Qld, 4000 on June 3, 2005 at 10:00 a.m. for the purposes of laying before the meeting the liquidators' final account and report and giving any explanation thereof. Dated this 21st day of April 2005 Alwyn Peffer Joint Liquidator Alwyn Peffer & Company Pty Ltd Level 6, 10 Market Street, Brisbane Qld 4000 JAMES MCLARTY: Winds Up Voluntarily ----------------------------------- Notice is hereby given that at an Extraordinary General Meeting of members of James Mclarty Holdings Pty Ltd A.C.N. 008 711 537 held on March 31, 2005 it was resolved that the Company be wound up voluntarily and that for such purpose, Gary John Anderson of Level 1, 12 Prowse Street, West Perth WA 6005 Western Australia, be appointed Liquidator. Dated this 22nd day of April 2005 Gary Anderson Liquidator PO Box 1661, West Perth WA 6872 Telephone: (08) 9486 7822 Facsimile: (08) 9226 4250 E-mail: garya@iinet.net.au KEMERTON SCAFFOLDING: Lays Out Final Meeting Agenda --------------------------------------------------- Notice is given that pursuant to Section 509 of the Corporations Act, a Final Meeting of members and creditors of Kemerton Scaffolding Company Pty Ltd (In Liquidation) A.C.N. 087 601 161 will be held at the offices of Jones Condon, Chartered Accountants, Colmel House, 241 Stirling Street, Perth on Friday June 3, 2005 at 11:00 a.m. AGENDA (1) To lay before the meeting the Liquidator's Account showing how the winding up has been conducted and how the property of the Company has been disposed of, and giving any explanations thereof. (2) To review and approve, if required, the Liquidator's remuneration. (3) To resolve any other matters as may arise during the course of the meeting. Dated this 22nd day of April 2005 P.M. Melsom Joint Liquidator Jones Condon Chartered Accountants Colmel House, 241 Stirling Street, Perth WA 6000 KWINI HOLDINGS: Picks Liquidator from Ferrier Hodgson ----------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Kwini Holdings Pty Ltd (In Liquidation) formerly trading as Kwini Store A.C.N. 079 165 941 held on April 18, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day it was resolved that for such purpose, Martin Jones and Andrew Saker of Ferrier Hodgson, Chartered Accountants, Level 26, 108 St Georges Terrace, Perth WA 6000 be appointed Joint and Several Liquidators. Dated this 21st day of April 2005 Martin Jones Joint and Several Liquidator of Kwini Holdings Pty Ltd Ferrier Hodgson Chartered Accountants Level 26, 108 St Georges Terrace, Perth WA 6000 LOCHWALL PTY: Falls Into Member's Voluntary Liquidation ------------------------------------------------------- At a General Meeting of Lochwall Pty Ltd (In Liquidation) A.C.N. 009 853 472, duly convened and held at the registered office of the Company on April 22, 2005, the following Special Resolution passed: That the Company be wound up as a Member's Voluntary Liquidation and that the assets of the Company may be distributed in whole or in part to the members in specie should the liquidators so desire. Dated this 22nd day of May 2005 Barry J. Tognola Liquidator WHK - TCM Smith 22 Walker Street, Townsville Qld 4810 MG ROVER AUSTRALIA: Goes Under Receivership ------------------------------------------- MG Rover Australia has followed its British parent into receivership, according to the Herald Sun. The local MG Rover distributor has appointed Bonhams and Goodman to auction around 185 mostly brand new vehicles at a national public auction to be conducted in five cities simultaneously on June 13. Former MG Rover Australia managing director Michel De Vriendt said the firm has to close down after it found out the U.K. Motor Group will be unable to supply vehicles. MG Rover closed its doors in the U.K. last month, and soon after the local distributor, Motor Group Australia, appointed administrators. A central auction will be based out of Fox Studios in Sydney but interstate bidders will be invited to view cars and attend the premises on auction night at locations in their nearest capital city, including Bruces Auctions in Adelaide and Leonard Joel in Melbourne and at other locations to be announced. Buyers will be able to bid live in real time from their various locations and by the Internet or by telephone. The inventory will include the iconic MG TF convertible sports cars, the Rover 75 Connoisseur and the amazing MG ZT 260 V8 saloon and all other current models. A major Australian bank has an interest in the motor vehicles. CONTACT: MG Rover Australia 3 Kings Cross Road Rushcutters Bay NSW 2010 Phone: 1800 720 001 Fax: +612 9326 9077 E-mail: info@mgroveraustralia.com.au Web site: http://www.rovercars.com.au MOTOR GROUP: National Public Auction Kicks Off June 13 ------------------------------------------------------ Motor Group Australia, the national distributor of MG Rover, will put 185 vehicles on the block this month as its creditors try to recoup some of the losses incurred when the British parent collapsed in April. It will be an auction the likes of which hasn't been since 1975, when the then-owners of the beleaguered car maker, British Leyland Motor Corp, closed its Australian operations. This time around, Bonhams & Goodman will hold a public sale simultaneously across five cities, auctioning $12 million worth of MGs and Rovers from the lots of Motor Group, now in voluntary administration. "This is the largest motor vehicle insolvency auction in Australian history," the auction house's chief executive, Tim Goodman, said Mr. Goodman estimated sales would total between $5 million and $8 million. St. George Bank, a secured creditor, would like a result at the top end of that range, as it has $7.2 million outstanding to the distributor. Aiming to ease a major concern of prospective buyers, Mr. Goodman said cars sold at auction would have one-, two- or three-year warranties. "We have been able to negotiate with a couple of groups so they will provide the warranty from the day the car is bought, he said. "I think they will provide a reasonable service to purchasers." Peter Marsden, partner at RSM Bird Cameron Partners, who was appointed with David Kerr as voluntary administrators of Motor Group Australia, said the provision of warranties would give some comfort and some certainty to prospective buyers. Mr. Goodman was optimistic. "I know there is plenty of cash out there. I'm seeing clients with lots of money. I don't think there is a cash problem. It will depend on the perception of the Australian public of the brands." The auction house expected to draw in a new breed of buyers. "We are expecting people with young families or who are single . . . younger people who would usually not be able to afford an MG," Mr. Goodman said. He also expected people who usually bought BMWs or a top-of-the-range Holden who would be interested in snapping up a bargain, many of them 30- to 40-year-old men. A marketing campaign will be conducted in Singapore and Indonesia. The auction house will also try to entice drivers from New Zealand, where MGs have traditionally been a popular choice in a country with hills and lots of winding roads. David Miles, president of the MG Car Club of Queensland, said he expected a number of club members might buy at the auction. "I think a lot of people who are genuine MG enthusiasts will be wanting to grab something as a last chance," he said. Mr. Miles counts himself among one of the prospective bidders, always keen to add to his own MG collection. MULTIPLEX: Stock Plummets on Wembley Woes ----------------------------------------- Embattled construction giant Multiplex Group has lost 21 percent of its market value after it announced huge losses on its Wembley Stadium project in U.K., Dow Jones Newswires reports. Multiplex securities fell by as much as 30 percent Tuesday, with more than 200 million changing hands, following its confirmation of Wembley problems that had been the subject of speculation for several weeks. The Sydney-based firm has recently cut its net profit guidance for the fiscal year ending June 30 by 28 percent to AU$170 million, mostly because of cost overruns on Wembley. The firm also needs to make a pre-tax provision of AU$59 million on the 90,000-seat stadium, in addition to a personal indemnity of AU$50 million pledged by its founder, the Roberts family. 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/ MUSES LIMITED: Placed in Voluntary Administration ------------------------------------------------- Music retailer The Muses Limited went under voluntary administration with debts of AU$3.1 million, according to the Australian Associated Press. Muses director Mark Raphael said the decision to place the Company in voluntary administration followed a comprehensive appraisal of current trading. Mr. Raphael said the group was left with no alternative after looking at alternative options of maintaining the current business in such a highly competitive environment. Administrator Chris Powell says the business will be sold and will be advertised in the national press this week. Muses was formed in 1968 by the Raphael family and employs 37 people in five stores throughout Adelaide. NAIRN INVESTMENTS: Hires Liquidator to Wind Up Company ------------------------------------------------------ Notice is given pursuant to Section 509 of the Corporations Act 2001 that a joint final meeting of the members and creditors of Nairn Investments Pty Ltd (In Voluntary Liquidation) A.C.N. 009 679 994 will be held at the offices of Nickless Miller Pty Ltd, 1st Floor 261-267 High Street Ashburton, Vic, on June 10, 2005 at 10:00 a.m., for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. Dated this 19th day of April 2005 Glenn Anthony Miller Liquidator Nickless Miller Pty Ltd 1st Floor, 261-267 High Street, Ashburton Vic 3147 NATIONAL AUSTRALIA: Rumored to be in Pre-season Talks with AFL -------------------------------------------------------------- National Australia Bank (NAB) is reportedly in talks with the Australian Football League (AFL) to take over sponsorship of the pre-season competition, The Advertiser relates. Wizard Homes Loans has sponsored the pre-season league for the past four years for what is understood to be at a cost of about AU$1 million a season. It took over the naming rights after the collapse of Ansett. AFL chief executive Andrew Demetriou said the Wizard sponsorship had ended this year but would neither confirm nor deny NAB was in the running to take over. 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/ OZECOM LIMITED: Hudson Securities to Defend AU$4.8-Mln Claim ------------------------------------------------------------ Hudson Securities Corporation Ltd (HSC) announced that its subsidiary Company Hudson Securities Pty Ltd was served a summons as a secondary defendant filed by Ozecom Ltd (in liquidation) and Andrew Hugh Jenner Wily in the Supreme Court of New South Wales (NSW). The primary defendant is Hudson Investment Group Ltd (HIG), the former parent Company of HSC. A director of HIG, Vincent Tan is also named as a co-defendant. The dispute arose from an agreement dated May 26, 1999 between HIG and Ozecom Ltd relating to the management and underwriting of the prospective float of Ozecom Ltd on the official list of the Australian Stock Exchange (ASX). The claim seeks the amount of an alleged shortfall under the underwriting agreement of AU$4.618 million and in addition or alternatively, damages for alleged breaches of contract, negligence and misrepresentation. HSC and HSP were controlled by HIG until April 1, 2003. Notwithstanding, HSP does not accept the validity of the claim and has referred the matter to its solicitors. PEET & CO: Lays Out Agenda of Final Meeting ------------------------------------------- Notice is given pursuant to Section 509 of the Corporations Act that a final meeting of the members of Peet & Co Atwell Land Syndicate Limited (In Liquidation) (The Company) A.C.N. 087 039 923 will be held at the Sandalwood & Sheoak Rooms, Holiday Inn, 778 Hay Street, Perth on Friday, June 3, 2005 at 10:00 a.m. AGENDA (1) To receive the Liquidator's final account of acts and dealings and the conduct of the winding up and to hear any explanations thereof. (2) To consider any other matters which may properly be brought before the meeting. Dated this 21st day of April 2005 Brian Mcmaster Liquidator Peet & Co Atwell Land Syndicate Limited (In Liquidation) PENNY ENTERPRISES: To Convene Final Meeting June 7 -------------------------------------------------- Notice is given that a final meeting of creditors and members of Penny Enterprises Pty Ltd (In Liquidation) formerly trading as Skids Sun Wear A.C.N. 002 305 964 will be held at the offices of KordaMentha, Level 11, 37 St George's Terrace, Perth on Tuesday, June 7, 2005 at 3:30 p.m. AGENDA (1) To receive the account made out by the Liquidator pursuant to Section 509(1) of the Corporations Act 2001 and any explanation of the account. (2) Any other business that may properly be conducted. Dated this 22nd day of April 2005 Oren Zohar Liquidator for Penny Enterprises Pty Ltd KordaMentha Telephone: (08) 9221 6999 PIBER CONTRACTORS: Liquidator to Report Manner of Winding Up ------------------------------------------------------------ Notice is given pursuant to Section 509(2) of the Corporations Act, that a creditors meeting of Piber Contractors Pty Ltd (In Liquidation) A.C.N. 007 920 505 will be held at the offices of Messrs Ernst & Young, Chartered Accountants, Level 21, 91 King William Street, Adelaide, South Australia on Friday, June 3, 2005 at 11:30 a.m. The purpose of the meeting is to lay accounts before it, showing the manner in which the winding up has been conducted and the property of the Company disposed of, and for hearing any explanation that may be given by the Liquidator. Dated this 26th day of April 2005 Anthony Stevens Smith Liquidator Piber Contractors Pty Ltd (in liquidation) Ernst & Young Chartered Accountants Level 21, 91 King William Street, Adelaide SA 5000 POWERTEL LIMITED: Back on Track, Dividend Payout Still Vague ------------------------------------------------------------ Powertel Limited announced it was on track to meet its earnings and revenue estimates but kept mum on dividend payment, Sydney Morning Herald reveals. The telecom forecast both revenue and earnings before interest, tax, depreciation and amortization (EBITDA) to grow strongly in the first half of the fiscal year. PowerTel is targeting calendar 2005 first half EBITDA growth of between 23 and 44 percent to between AU$12.1 million and AU$14.1 million, compared to the same period last year. Revenue is expected to increase by 21 to 25 percent to between AU$92.3 million and AU$95.3 million. Last year, the Company suffered a net loss of AU$22.1 million, which is AU$12.6 million more than its 2003 losses. Chairman Richard Griffin declined to say when the Company would make a bottom line profit or pay a dividend. CONTACT: Powertel Limited 55 Clarence Street Level 11 Sydney, New South Wales 2000 AUSTRALIA Phone: +61 2 8264 3888 Fax: +61 2 8264 3777 Web site: http://www.powertel.com.au PROTELO PTY: To Hold Final Meeting June 3 ----------------------------------------- Notice is given that a final meeting of the members and creditors of Protelo Pty Ltd (In Liquidation) A.C.N. 092 921 867 will be held at the offices of Deloitte Touche Tohmatsu, Level 14 Woodside Building, 240 St George's Terrace, Perth, WA, 6000 on Friday, June 3, 2005 at 10:00 a.m. AGENDA (1) To receive an account by the Liquidator of the manner in which the winding up has been conducted and hearing any explanations thereof. (2) To approve the early destruction of the books and records of the Company by the Liquidator. (3) To consider and approve the remuneration of the Liquidator. (4) Any other business. Dated this 26th day of April 2005 D. J. Coates Liquidator c/- Deloitte Touche Tohmatsu GPO Box A46, Perth WA 6837 Telephone: (08) 9365 7000 Facsimile: (08) 9365 7001 QANTAS AIRWAYS: New Jet Delivery Hits Snag ------------------------------------------ Delivery of Qantas Airways' A380 double-decker will be delayed for at least six months due to problems at aircraft manufacturer Airbus, The Australian says. The national flag carrier expressed its disappointment since the damages the carrier's plans to secure pre-eminence on lucrative routes. The airline plans to seek compensation from Airbus. Qantas was scheduled to get the first of 12 A380 jets in October 2006, but now it won't arrive until April 2007. "We are developing contingency plans to ensure there is no impact on our schedules or available capacity during the six- month delay," the airline said. CONTACT: Qantas Airways Qantas Centre, Level 9, Building A, 203 Coward Street, Mascot, NSW, Australia, 2020 Head Office Telephone: (02) 9691 3636 Head Office Fax: (02) 9691 3339 Web site: http://www.qantas.com RANGERMAN PTY: Creditors Should Prove Claims by June 6 ------------------------------------------------------ A first and final dividend to preferential (employee) creditors is to be declared on June 23, 2005 in respect of Rangerman Pty Ltd (In Liquidation) formerly trading as Rangerman Mechanical A.C.N. 085 455 358. Creditors whose debts or claims have not already been admitted are required on or before June 6, 2005 to formally prove their debts or claims. In default, they will be excluded from the benefit of the dividend. Dated this 22nd day of April 2005 K. E. Judge Liquidator Judge Constable 67 Burswood Road, Burswood WA 6100 Telephone: 08 9470 4100 SANTOS LIMITED: To Delist from NZ Bourse ---------------------------------------- Santos Limited announced that it is delisting from the New Zealand Stock Exchange from the close of trading (New Zealand time) on June 30, 2005. This will result in the cessation of Santos' securities on that exchange. Existing New Zealand shareholders will not be detrimentally impacted by the change. All shares will continue to be traded on the Australian Stock Exchange (ASX) and shareholders can follow the Company's performance through the ASX web site (http://www.asx.com.au)and the Santos web site (http://www.santos.com). All New Zealand shareholders will continue to receive annual reports and all future information that Santos sends to Australian shareholders. They can also subscribe to receive Company announcements via e-mail through the Santos web site. Santos will be notifying each New Zealand shareholder in writing of the delisting and the wide range of options available to them to continue to follow the Company's performance and to trade their shares. CONTACT: Santos Limited Ground Floor, Santos House, 91 King William Street, Adelaide, S.A. 5000 Web site: http://www.santos.com.au/ SANTOS LIMITED: Inks Indonesian Gas Sales Deal for Maleo -------------------------------------------------------- Santos Limited announced the signing of a long-term contract for the sale of gas from its 75% owned Maleo field in Indonesia to PT Perusahaan Gas Negara (PGN). Santos (Madura Offshore) Pty Ltd, a wholly-owned Santos subsidiary and operator of the Madura Offshore PSC, has contracted to sell the entire reserves of the Maleo field generating revenue (based on the proven and probable or 2P reserves) in excess of US$550 million (A$700 million) over the 8 to 12 year field life. The joint venture expects to start work shortly on the production facilities with a development capital budget of approximately US$75 million (A$100 million). The Gas Sales Agreement (GSA) is subject to conditions which are expected to be fulfilled within approximately 30 days and gas production is expected to commence in the second half of 2006. Santos' Managing Director, Mr. John Ellice-Flint said, "The signing of the GSA marks another milestone in the development of the Maleo field. The project is being advanced in a rapid timeframe, thanks in part to the recent Indonesian regulatory changes to reduce diesel subsidies and encourage greater use of gas. "Importantly for our overall growth plans, it also represents another step in our international diversification and gas commercialization strategy," he said. The gross Maleo 2P reserves of about 240 billion cubic feet will be produced using a leased Mobile Offshore Production Unit and an 8 kilometre spur line to the under-utilized East Java Gas Pipeline that supplies Surabaya. Under the GSA, the joint venture will supply gas at a plateau rate of up to 110 million standard cubic feet per day. Plateau production is expected to last for at least six years. The GSA follows the Heads of Agreement signed in January 2004 and subsequent negotiations to finalize issues related to credit risk. The Maleo gas field is located in the Madura Offshore Production Sharing Contract (PSC) and was discovered in June 2002. It is located in 58 meters of water in the Madura Strait, 140 kilometres east of the city of Surabaya in the East Java region of Indonesia. Santos farmed into the Madura Offshore PSC following the Oyong gas and oil discovery made in the adjoining Sampang PSC in August 2001. Participants in the Madura Offshore PSC are: Santos (Madura Offshore) Pty Ltd (Operator) - 75% PC Madura Ltd - 25% PC Madura Ltd is a wholly owned subsidiary of Petronas Carigali Sdn Bhd. Petronas Carigali is the state-owned Malaysian petroleum exploration and production Company with interests worldwide. PGN is Indonesia's leading natural gas utility, with a significant gas distribution business in East Java. Formally entirely state-owned, PGN completed a successful partial privatization, whereby the Indonesian Government divested 30% of its interest in the Company to public shareholders. The public shares in the Company are listed on the Jakarta Stock Exchange. WABEL HOLDINGS: Liquidator to Lay Account on Winding Up ------------------------------------------------------- Notice is hereby given that the final meeting of the members of Wabel Holdings Pty Ltd (In Liquidation) A.C.N. 008 790 930 will be held at the offices of Bentleys MRI Perth Pty Ltd, 1st Floor, 10 Kings Park Road, West Perth on June 6, 2005 at 10:00 a.m. AGENDA To lay before the meeting an account showing the manner in which the winding up has been conducted and the property of the Company has been disposed of and giving any explanation of the account. Dated this 18th day of April 2005 F. F. Wabel Liquidator 57 Hensman Street, South Perth WA 6151 WILSON'S TRANSPORT: To Pay Dividend to Unsecured Creditors ---------------------------------------------------------- A first and final dividend to preferred unsecured creditors is to be declared on June 21, 2005 for Wilson's Transport (Sa) Pty Limited (Subject To Deed Of Company Arrangement) formerly trading as Wilson's Refrigerated Transport A.C.N. 105 065 316. Creditors who were not able to prove their debt or claims will be excluded from the benefit of the dividend. Dated this 20th day of April 2005 P. I. Macks Deed Administrator PPB Chartered Accountants 10th Floor, 26 Flinders Street, Adelaide SA 5000 Telephone: 8211 7800 ============================== C H I N A & H O N G K O N G ============================== BANK OF CHINA: Books US$2.5-Bln Profit in 2004 ---------------------------------------------- The Bank of China (BOC) reaped a net profit of CNY20.9 billion (US$2.5 Bln) in fiscal 2004, as it increased its share of the consumer lending market to 15.5 percent, The Star Online reports. The bank did not immediately give a comparative profit figure for 2003. The bank received a US$22.5 billion bailout from the government in December 2003 to help slash its bad loan ratio, is reorganizing itself for a stock sale. Selling shares will strengthen the Chinese bank and help it compete with overseas lenders, including Citigroup Inc and HSBC Holdings Plc, when the country is obliged to allow them to conduct local currency business with its 1.3 billion citizens. Bank of China is still in talks to sell stakes in itself to European, American and Asian lenders, bank spokesman Wang Zhaowen said. He declined to name the banks BOC was in talks with. 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 CHINA: Talks With Suitors Going Well -------------------------------------------- The Bank of China (BOC.UL) reveal that talks with potential investors from the United States, Asia and Europe were going well, according to Reuters, citing bank spokesman Wang Zhaowen. UBS, J.P. Morgan and Deutsche Bank have all been tipped as potential investors to help turn BOC, one of China's Big Four sprawling, scandal-prone state-run banks, into a lender run along sound commercial lines. The bank's total assets reached CNY4.27 trillion (US$514.5 billion) at the end of last year, an increase of 7.3 percent from the end of 2003. BEAT STREET: Court Releases Winding Up Order -------------------------------------------- Beat Street Asia Limited with registered office located at 6/F, Flat 150, Ming Yang Mansion, 146-152 Queen's Road East, 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 16, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers CHINA CONSTRUCTION: Updates Real Estate Loan Structure ------------------------------------------------------ China Construction Bank has adjusted the structure of real estate loans, giving priority to residential building, Xinhua News reports. The bank did this according to the nation's economic macro- control and the current situations of real estate market. CCB lent CNY12.43 billion (US$1.5 billion) to real estate companies in the first quarter of this year, the largest number among the loans of all the industries. By the end of March, loans to residential houses projects reached CNY114.26 billion (US$13.8 billion), accounting to 71 percent of the total loans in real estate. This year, the Company will grant more loans to real estate markets with a relatively advanced management, and grant less to the overheated areas. CONTACT: China Construction Bank 25 Finance St. Beijing, 100032, China Phone: +86-10-6759-7114 Fax: +86-10-6360-3194 Web site: http://www.ccb.cn/portal/cn/home/index.html CHINESE FORTUNE: Issues Debt Claim Notice ----------------------------------------- Notice is hereby given that the creditors of Chinese Fortune Investment Company Limited (In Creditors' Voluntary Liquidation), which is being Voluntarily wound up, are required on or before June 17, 2005, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors, if any, to the Joint and Several Liquidators of the said Company at Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong. If so required in writing from the said Liquidator, they are to come in by their solicitors or personally and prove the said debts or claims at such time and place as shall be specified in such notice. In default thereof they will be excluded from the benefit of any distribution made before such debts are proved. Dated this 27th day of May 2005 Kennic Lai Hang Lui Leung Mun Yee Ruby Joint and Several Liquidators GOLD MOUNT: Receives Winding Up Notice -------------------------------------- Gold Mount Trading Limited with registered office located at 17/F C.M.A. Building, 64 Connaught 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 18, 2005. Date of Presentation of Petition: March 16, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers HAPPINESS LIMITED: To Undergo Winding Up Process ------------------------------------------------ Happiness Limited with registered office located at Shop 51, 52, & G/F, Glorious Garden, 45 Lung Mun Road, Tuen Mun, New Territories was issued a winding up notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on May 18, 2005. Date of Presentation of Petition: March 16, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers INDUSTRIAL AND COMMERCIAL: Inks Loan Agreement With Huarong ----------------------------------------------------------- The Industrial and Commercial Bank of China (ICBC) have signed an agreement with China Huarong Asset Management Company to transfer some of its bad loans, China Daily reports. The CNY246 billion (US$29.6 billion) of bad loans, classified as "losses", are being transferred to Huarong, but the process may take three to four months, an official with Huarong said. ICBC received a US$15 billion capital injection from the government in April as it prepares for an initial public offering, and is currently undergoing a joint stock restructuring. The bank reportedly plans to sell the remainder of its CNY700 billion (US$84 billion) of non-performing loans in a public auction later this month. CONTACT: Industrial and Commercial Bank of China (Asia) Limited ICBC Tower, 3 Garden Road Central, Hong Kong Phone: 25343333 Fax: 28051166 Web site: http://www.icbcasia.com MASS POND: Court Orders Winding Up ---------------------------------- Mass Pond Limited with registered office located at Flat G, 13/F, Tower 15 (Yee Wan Court), South Horizons No. 15, South Horizon Drive, 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 16, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers MOBILE TELECOM: Net Loss Narrows to HKD3.98 Mln ----------------------------------------------- Mobile Telecom Network (Holdings) Limited (8266) booked a net loss of HK$3.98 million for the fiscal year ended March 31, 2005 versus a net loss of HK$8.544 million a year earlier, Infocast News reports. The LPS was $0.009. No final dividend was declared. CONTACT: Mobile Telecom Network (Holdings) Limited Room 3401, China Resources Building 26 Harbour Road, Wanchai, HK Phone: 2845-8288 Fax: 2845-6288 Web site: http://www.mtelnet.com MUJYAKI HOLDING: Winding Up Hearing Set June 22 ----------------------------------------------- Notice is hereby given that a Petition for the Winding up of Mujyaki Holding Limited by the High Court of Hong Kong was on April 25, 2005 presented to the said Court by Lam Siu Hung of Room 1007, Wah Tai House, Wah Fu (II) Estate, Aberdeen, Hong Kong. The said petition is to be heard before the Court at 9:30 a.m. on June 22, 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 21, 2005. REIGNTEX LIMITED: Court to Hear Winding Up Petition June 29 ----------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Reigntex Limited by the High Court of Hong Kong Special Administrative Region was on April 28, 2005 presented to the said Court by Yagi & Company (Hong Kong) Limited whose registered office is situate at Unit 1101-1102, 11/F., Railway Plaza, No. 39 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on June 29, 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. Hampton, Winter and Glynn Solicitors for the Petitioner 20th Floor, Printing House 6 Duddell Street Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of June 28, 2005. YUEN WA: Begins Winding Up Process ---------------------------------- Yuen Wa Engineering Co. Limited with registered office located at Room A, 7/F, Ka Yin Building, 384-388 Lockhart 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 16, 2005 Dated this 27th day of May 2005. ET O'Connell Official Receivers ================= I N D O N E S I A ================= BANK MANDIRI: S&P Says Higher NPLs Will Not Affect Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services said on May 31, 2005 that PT Bank Mandiri (Persero)'s (foreign currency B+/Positive/B; local currency BB-/Stable/B) increased regulatory gross non-performing loans (NPLs) in its first-quarter 2005 results is not expected to have an immediate impact on the ratings on the bank. The reported increase in NPLs remains within the tolerance of its rating category and this is expected to be a one-off adjustment in accordance with the central bank's revised asset quality guidelines. For the first quarter of 2005, Bank Mandiri reported an increase in its regulatory gross NPL ratio to 17.8%, from 8.4% in the previous corresponding quarter. This sharp rise in gross NPLs is mainly attributed to certain qualitative factors, together with its status of collectibility, as determined by Bank Indonesia (the central bank). A large proportion of the loans downgraded to NPL status in first-quarter 2005 remained current in interest payments (65.5% of the total loans downgraded) or were less than 30 days overdue (25.1% of total). Notwithstanding the hike in NPLs, the bank's capitalization remained satisfactory, as denoted by its ratio of adjusted common equity to adjusted assets of 9.11% at March 2005. Given that this classification is based on Bank Indonesia's revised asset quality regulations that were issued in January 2005, Standard & Poor's expects the rise in Bank Mandiri's regulatory NPLs to be a one-time incident. Standard & Poor's will monitor the impact of the central bank's revised asset quality regulations on the overall loan quality of the Indonesian banking system. The impact remains uncertain at this point in time, as banks have until mid-2005 to comply. As part of the revised regulations, all banks would need to adopt the lowest classification category that is assigned by any one bank for debtors with exposures to several banks. Bank Indonesia also has a directive on classification guidance based on qualitative factors, on which it has the final say in the classification of an asset. 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 ========= J A P A N ========= DAIEI INCORPORATED: To Close Five Unprofitable Stores ----------------------------------------------------- Daiei Incorporated plans to shut down five losing stores after it failed to find buyers for them, just-food.com reports. The five unprofitable stores, two of which are in Osaka and one each in Nara, Hyogo and Nagasaki prefectures, are located in outdated buildings. The ailing supermarket chain operator is undergoing a massive restructuring scheme under the guidance of the Industrial Revitalization Corporation of Japan (IRCJ). CONTACT: Daiei Inc. 4-1-1, Minatojima Nakamachi Chuo-ku, Kobe 650-0046, Japan Phone: +81-78-302-5001 Fax: +81-3-3433-9226 JAPAN AIRLINES: Northern Marianas Appeals for Continued Service --------------------------------------------------------------- Northern Marianas Governor Juan Babauta was in Tokyo on Wednesday in an effort to convince Japan Airlines not to cancel its service to the territory, ABC Radio Australia reports. The carrier informally announced it would suspend flights in the Marianas route due to "low profitability" made worse by skyrocketing prices of aviation fuel. But JAL accounts for 45 percent of Japanese tourists visiting the islands. The committee says many tour companies have no bookings for JAL beyond the start of October. CONTACT: Japan Airlines Corporation 4-11, Higashi-shinagawa 2-chome Shinagawa-ku, Tokyo 140-8605, Japan Phone: +81-3-5769-6097 Fax: +81-3-5460-5929 JAPAN AIRLINES: Expands Code Sharing Operations ----------------------------------------------- Japan Airlines (JAL) and partner China Eastern Airlines Corporation Ltd. will increase code-sharing operations between Japan and China from July 1st 2005. The current operation will expand to 10 routes and 95 flights per week. Now JAL and China Eastern Airlines (MU) operate 8 routes and 76 flights per week. With this expansion, JAL will continue to be the airline offering the largest network between Japan and China. At present, JAL serves 13 cities in China on 29 routes with a total of 235 flights per week including code shares. From July 1st, 2005 the network will increase to 30 routes and 247 flights a week. >From July 1st the two airlines will launch code share flights on two new routes: a daily service between Narita and Dalian operated by Japan Airlines, and a twice-weekly flight between Komatsu and Shanghai operated by China Eastern Airlines. Sales of these new code share flights will start on June 10th .The number of flights will also increase on three existing code share routes: the Sapporo - Shanghai route will increase from two flights per week to three; the Nagoya - Shanghai route from seven flights per week to 14; and the Narita - Qingdao from five flights per week to seven. JAL and China Eastern have been code share partners since September 2002. Currently, the arrangement includes code share flights between Shanghai and Tokyo, Osaka, Nagoya and Sapporo; flights between Osaka and Qingdao; and Osaka and Kunming. JAL and China Eastern also operate three weekly cargo freighter code share flights between Tokyo and Shanghai. Additionally, under the name JAL China Express, JAL currently offers daily flight connection services from Beijing to nine destinations within Japan: Chengdu, Chongqing, Xian in cooperation with Hainan Airlines (HU); and Changchun, Harbin, Shenyang, Urumuqi, Wuhan, Zhengzhou in cooperation with China Southern Airlines (CZ). As already announced earlier this year, the connection service between Beijing - Chengdu operated by Hainan Airlines from June 15, 2005 will become JAL's first ever domestic China code share flight. Tickets for this new code share will go on sale from June 1st. This is a Company press release. KOBE STEEL: S&P Upgrades Rating on Improving Financial Profile -------------------------------------------------------------- Standard & Poor's Ratings Services has raised its long-term credit ratings on Kobe Steel Ltd. and Sumitomo Metal Industries Ltd. by two notches to 'BB' from 'B+', reflecting substantial improvements in the companies' financial profiles, as well as expectations for continued growth in profits and cash flows. At the same time, the ratings on both companies' senior unsecured debt were raised to 'BB+' from 'BB'. The outlooks on the long- term credit ratings are stable. "Both Kobe Steel and Sumitomo Metal made progress in restructuring and have enhanced their competitive strengths respectively, backing expectations for continued increases in profits and cash flows," said Standard & Poor's credit analyst Makiko Yoshimura. Ms. Yoshimura added: "The companies also achieved substantial improvements in their financial profiles through aggressive debt reductions amid an upswing in the business environment, which was characterized by robust demand and increased prices. Despite uncertainties over sustained demand for steel and favorable steel prices, the companies' credit qualities are not likely to weaken even if the business environment deteriorates, as the companies are expected to continue to enhance profitability, improve the stability of cash flow generation, and reduce total debt." Kobe Steel benefits from a strong customer base in Japan and abroad. Despite the small size of its steel business, a high proportion of products customized to meet the specific needs of its major customers underpins the stability of the Company's profitability. The Company's revenue sources have been enhanced by the expansion in the line-up of unique, high-performance products, such as high-tension steel for automobiles. The weak profitability of the non-steel businesses has been improving gradually in line with Kobe Steel's restructuring efforts. The Company's financial profile is also improving. Kobe Steel is expected to achieve its debt reduction target six months sooner than initially planned. The ratio of funds from operations (FFO) to total debt rose to 25% as of March 2005 from 7.1% three years earlier. Standard & Poor's expects Kobe Steel to be able to maintain the ratio of FFO to total debt at this level through the medium to long term. Additionally, the ratio of debt to total capital (including debt, minority interests, and equity) also improved materially to 66%. Sumitomo Metal is expected to further improve its profitability, backed by its strength in seamless steel pipes, particularly high-end pipes, and prime customer bases in Japan and abroad. The Company's efforts to restructure its production system and enhance its relationships with automakers and other major customers will also contribute to further improving the profitability of its steel business. Although Sumitomo Metal is expected to continue investing capital to enhance its production facilities for automotive sheet steel and to renovate its blast furnaces, the capital investments are not likely to have a marked impact on the Company's financial profile. As a result of aggressive debt reductions, Sumitomo Metal's financial profile has improved materially. As of March 2005, the Company's ratio of FFO to total debt improved to 27.6%, while the ratio of total debt to capital improved to 63%. As such, Standard & Poor's expects that these trends in improvement will continue. Standard & Poor's ratings on the outstanding senior debt issued by both Kobe Steel and Sumitomo Metal are one notch higher than the issuer credit ratings on the companies, reflecting the assumption that bondholders would incur no losses from any default, as creditor banks would forgive the companies' debt. Ratings List To From Kobe Steel Ltd. Corporate credit rating BB/Stable/-- B+/Stable/-- Senior unsecured debt BB+ BB Sumitomo Metal Industries Ltd. Corporate credit rating BB/Stable/-- B+/Stable/-- Senior unsecured debt BB+ BB CONTACT: Kobe Steel, Ltd. 9-12 Kita-Shinagawa 5-chome Shinagawa-ku, Tokyo, JAPAN Phone: +81-3-5739-6010 Web site: www.kobelco.co.jp MITSUBISHI MOTORS: Shares Up 6.7% on Domestic Gains --------------------------------------------------- Shares of Mitsubishi Motors Corporation jumped as much as 6.7 percent on Wednesday after domestic sales rose for the first time since December 2003, Bloomberg reports. Mitsubishi Motors shares gained as much as JPY9 to JPY144 to their highest in two months, as of 10:44 a.m. in Tokyo. Vehicle sales including mini vehicles rose 0.5 percent to about 14,800 units in May from the same month a year ago. The carmaker has been trying to restore customer confidence by offering free checkups to owners of Mitsubishi vehicles after a spate of recalls last year damaged its image. The sales figures for Japan's 12 automakers will be released on July 2 in Tokyo. CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo, 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0014 Web site: http://www.mitsubishi-motors.co.jp MITSUBISHI MOTORS: Widens Net Loss to JPY474.8 Bln -------------------------------------------------- Mitsubishi Motors Corporation said its group net loss jumped 120 percent from a year earlier to JPY474.8 billion (4.4 billion dollars) in the past year, Cayman Net News reports. The Company's net loss more than doubled after a defect cover-up scandal hit global sales and boosted recall and restructuring costs. "We plan to revive our vehicle sales by launching new models," Mitsubishi President Osamu Masuko told reporters. The carmaker will add five models to its European lineup in the current year, targeting the fast-growing Russian market, while seeking to rejuvenate sales in the key North American market with the new Eclipse sedan and Raider pickup. SEIBU RAILWAY: Seven Directors To Resign ---------------------------------------- Four managing directors and three directors of Seibu Railway Co. will resign next month in the wake of last year's scandal over the issuance of false financial statements, Kyodo News reports. Shareholders at their regular general meeting on June 28 would endorse the management changes, which also include the appointment of a new director and the promotion of three directors to the position of managing director. CONTACT: Seibu Railway Co Ltd 11-1 Kusunokidai 1-Chome Tokorozawa 359-8520, Saitama 359-8520 Japan Phone: +81 42 926 2081 Fax: +81 42 926 2237 Web site: http://www.seibu-group.co.jp/ SEIYU LIMITED: Sun Hung Kai Buys Hong Kong Unit ----------------------------------------------- Sun Hung Kai Properties Limited has acquired 100 percent stake in Seiyu (Shatin) Co. Limited, the Hong Kong department store operations of Japan's Seiyu Limited, AFX News reports. The Company declined to disclose the amount of the deal but said the department store's operations are profitable. Sun Hung acquired the Japanese department store after learning of its owner's interest to sell its Hong Kong operations. The purchase was also prompted by Sun Hung Kai Properties' strategy of maintaining a well-balance tenant mix and quality services at its New Town Plaza complex. CONTACT: Seiyu Ltd. 1-1 Akabane 2-Chome Sunshine 60 Building Kita-Ku 115-0045, Tokyo 170-6071 Japan Phone: +81 3 3598 7639 Fax: +81 3 3598 7763 Web site: http://www.seiyu.co.jp/ * Real Estate Businesses Suffer from a Slump in Business -------------------------------------------------------- Teikoku Databank conducted research and analysis on 441 companies dealing with real estate/regional development out of 1,724 third sector companies with clear a business description across the country based on their fiscal 2003 account settlements (April 2003 to March 2004). This is our 37th research undertaking on the third sector. RESEARCH RESULTS Out of 423 companies (excluding ones without clear financial status), the number of companies with unstable management in the third sector, combining those expressing "Excess Debt" and "Concern for Excess Debt", was 199, accounting for 47.0 percent of the total. Based on the 'ratio of annual sales to debt amount", an extremely high debt ratio is noticeable in the real estate/regional development industry. 92 companies reported "debt amount is 2-5 times more than annual sales", ranked the top (30.1%), while 49 companies reported "debt amount is 5-10 times more than annual sales" (16.0%), signifying that "excess debt" greatly pressures the corporate business. By area: The most bankruptcies were filed in "Kinki" (95 cases, 21.5%), followed by "Kanto" (83 cases, 18.8%) and "Chubu" (53 cases, 12.0%). It was because the large number of the third sector companies dealing with leasing buildings was in big cities such as Osaka and Tokyo. More than 60% of companies expressed "Stable Management" in "Hokkaido" and "Kanto" while the least number of companies expressing "Stable Management" was in "Kyushu" (44.7%). Based on 420 companies announcing their profit & loss statements, 276 companies reported "Surplus in Two Consecutive Terms", accounting for 65.7%. Among those, 195 companies expressed "Stable Management" (70.7%) while 15 companies expressed "Excess Debt" (5.4%). On the other hand, out of 70 companies reporting "Deficit in Two Consecutive Terms", only 6 companies expressed "Stable Management", indicating the sprit between winners and losers. As to major financial institutions of 293 companies, "government-affiliated" was ranked the top (99 companies, 33.8%), followed by "regional banks/second-tiered regional banks" (80 companies, 27.3%). CONTACT: Teikoku Databank America, Inc. 747 Third Avenue 25th Floor, New York, NY 10017 USA Web site: http://www.teikoku.com ========= K O R E A ========= PAN OCEAN: Hopes to Raise KRW400 Bln from Singapore IPO ------------------------------------------------------- Shipping firm STX Pan Ocean Co. Ltd. plans to hold an initial public offering (IPO) in Singapore to raise KRW404 billion in order to buy new ships, reports Reuters News. STX will be the first South Korean firm to list itself on the Singaporean Exchange. It chose to list in Singapore to attract more foreign investors, said a source close to the deal. STX will hold the IPO in Singapore in order to raise funds to buy new ships, according to a preliminary prospectus that was filed earlier this week. The IPO will consist of new and vendor shares, and premarketing will start in June. No other details are available on the deal, which will be managed by Goldman Sachs. The Company currently owns 57 vessels and operates 200 chartered vessels. STX Pan Ocean went into court receivership in 1993 after failing to fulfill its debt obligations to other shipping firms, but graduated from a debt workout program last November, when STX Corporation bought the firm for KRW450 billion. CONTACT: Pan Ocean Shipping Co. Ltd. 51-1, Namchang-Dong, Jung-Ku, Seoul 100-778, Korea =============== M A L A Y S I A =============== ANTAH HOLDINGS: Posts Wider Losses in 2004 ------------------------------------------ Antah 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 41,517 33,252 118,910 99,463 2 Profit/(loss) before tax -7,209 1,860 -22,784 4,594 3 Profit/(loss) after tax and minority interest -7,609 8,848 -23,430 4,474 4 Net profit/(loss) for the period -7,609 8,848 -23,430 4,474 5 Basic earnings/(loss) per shares (sen) -2.24 0.55 -6.90 1.32 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) 0.5500 0.6100 A full copy of the report is attached: http://bankrupt.com/misc/tcrap_antah1060205.xls http://bankrupt.com/misc/tcrap_antah2060205.doc Notes: (a) The Gross Interest Income for the current year quarter ended March 31, 2005 should be nil. (b) The Gross Interest Expense for the individual current year quarter ended March 31, 2005 should be MYR5,224,000. (c) The Gross Income Expense for the cumulative current year quarter ended March 31, 2005 should be MYR14,958,000. CONTACT: Antah Holdings Berhad Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights 50490 Kuala Lumpur, Malaysia Phone: 03-20849000 Fax: 03-20949940 BELL & ORDER: Notes Slight Rise in Net Loss ------------------------------------------- Bell & Order 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 268 2,283 268 2,283 2 Profit/(loss) before tax -869 -690 -869 -690 3 Profit/(loss) after tax and minority interest -869 -690 -869 -690 4 Net profit/(loss) for the period -869 -690 -869 -690 5 Basic earnings/(loss) per shares (sen) -4.53 -3.60 -4.53 -3.60 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) -1.6700 -1.6200 This announcement supersedes the earlier announcement made on 31 May 2005. Corrections have been made on the following: 1) Current year Operating Expenses for Individual Quarter and Cumulative Period. 2) Current year Finance Costs for Individual Quarter and Cumulative Period. 3) Notes B3, B9 and B11. For further details on the report, go to: http://bankrupt.com/misc/tcrap_bell&order1060205.xls http://bankrupt.com/misc/tcrap_bell&order2060205.doc CONTACT: Bell & Order Berhad 28 & 30 Jalan Pjs 11/14 Bandar Sunway Petaling Jaya 46150 Malaysia Phone: 03 - 56336966 Fax: 03 - 56345081 BUKIT KATIL: In Restructuring Talks with Potential Investors ------------------------------------------------------------ Bukit Katil Resources Berhad announced that in relation to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, the Company is still formulating a debt- restructuring plan to regularize its financial condition. The Company is currently in talks with potential investors to inject funds into the firm. Once the restructuring plan is finalized and agreed upon by both parties, the plan's details will be released in due course. 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 CONSOLIDATED FARMS: Granted RO to Complete Restructure ------------------------------------------------------ Consolidated Farms Berhad announced that on May 31, 2005, the Kuala Lumpur High Court granted an extension of a restraining order (RO) to the Company and its subsidiaries, for a further period of 90 days from May 31, 2005 to Aug. 29, 2005, in order to facilitate the Company's restructuring exercise. The Company will announce any further developments to its restructuring scheme in due course. CONTACT: Consolidated Farms Berhad 24-1 Jalan 24/70A, Desa Sri Hartamas, 50480 Kuala Lumpur Phone: 03-23001199 Fax: 03-23002299 I-BERHAD: Swings Back to Black ------------------------------ I-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 15,492 15,208 15,492 15,208 2 Profit/(loss) before tax 1,672 -603 1,672 -603 3 Profit/(loss) after tax and minority interest 1,655 -596 1,655 -596 4 Net profit/(loss) for the period 1,655 -596 1,655 -596 5 Basic earnings/(loss) per shares (sen) 1.44 -1.36 1.44 -1.36 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) 1.7600 1.7400 For a full copy of the report, click on: http://bankrupt.com/misc/tcrap_iberhad060205.xls CONTACT: I-Berhad 3, Jalan Astaka U8/84 Section U8, Bukit Jelutong 40150 Shah Alam Selangor, Malaysia Phone: 03-7845 4511 Fax: 03-7845 4514 Web site: http://www.i-digital.com METROPLEX BERHAD: Auditors Issue Financial Report Qualification --------------------------------------------------------------- Metroplex Berhad announced that in relation to the Company's financial statements for the year ended Jan. 31, 2005, external auditors Meesrs P.C. Chan & Partners issued a qualification of the statements. The audit qualification made by the auditors as at May 31, 2005, was due to the following matters: "The management of the Company together with their advisers are presently working on the proposed restructuring exercise as disclosed in Note 30 to the financial statements, which is conditional upon the approval of amongst others, the shareholders, lenders and regulatory authorities. The outcome of the proposed restructuring exercise could result in adjustments to certain balances and to the classification of assets and liabilities in the financial statements of the Group and the Company, the final outcome of which is uncertain as at the date of this report. As announced to Bursa Malaysia Securities Berhad on May 13, 2005, the Company and some subsidiaries had defaulted on principal and interest servicing obligations totaling approximately MYR1,671,964,909 as at April 30, 2005, in respect of various loan facilities from various financial institutions. We consider this amount to be material and an approved Scheme of Arrangement is necessary in resolving the borrowing defaults." CONTACT: Metroplex Berhad 1st Floor Wisma Equity 150 Jalan Ampang 50450 Kuala Lumpur, Malaysia Phone: 03-2618911 MYCOM BERHAD: To Complete Rehab by Sept. 30 ------------------------------------------- Mycom Berhad announced that in relation to the Company's proposed restructuring scheme, the Company has prepared a proposed timeline to complete the implementation of such scheme. Barring any unexpected circumstances, the Company expects to complete the implementation of the scheme by Sept. 30, 2005, the deadline set by the Securities Commission (SC) in its letter dated April 6, 2005. The Company will submit a copy of the timeline together with the letter of opinion to the SC. Attached below is the Company's proposed timeline: http://bankrupt.com/misc/tcrap_mycom060205.doc CONTACT: Mycom Berhad Level 23, Menara Olympia Jalan Raja Chulan Kuala Lumpur, 50250 Malaysia Phone: +60 3 2072 3993 Fax: +60 3 2072 3996 OLYMPIA INDUSTRIES: Restructuring Nears End ------------------------------------------- Olympia Industries Berhad announced that in relation to the Company's proposed restructuring scheme, the Company has prepared a proposed timeline to complete the implementation of such scheme. Barring any unexpected circumstances, the Company expects to complete the implementation of the scheme by Sept. 30, 2005, the deadline set by the Securities Commission (SC) in its letter dated April 6, 2005. The Company will submit a copy of the timeline together with the letter of opinion to the SC. Attached below is the Company's proposed timeline: http://bankrupt.com/misc/tcrap_olympia060205.doc CONTACT: Olympia Industries Berhad No 8 Jalan Raja Chulan Kuala Lumpur, 50200 Malaysia Phone: +60 3 2070 0033 Fax: +60 3 2070 0011 PANGLOBAL BERHAD: Still Regularizing Financial Condition -------------------------------------------------------- Panglobal Berhad announced that in relation to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad Listing Requirements, there are no further developments to the Company's plan to regularize its financial condition since its last monthly announcement dated May 3, 2005. CONTACT: Panglobal Berhad 8 Lorong P Ramlee Kuala Lumpur, 50250 Malaysia Phone: +60 3 2031 9199 Fax: +60 3 2032 3977 PANGLOBAL BERHAD: Notes High Increase in Net Loss ------------------------------------------------- Panglobal 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 69,459 56,797 69,459 56,797 2 Profit/(loss) before tax -27,759 -12,932 -27,759 -12,932 3 Profit/(loss) after tax and minority interest -27,958 -13,232 -27,958 -13,232 4 Net profit/(loss) for the period -27,958 -13,232 -27,958 -13,232 5 Basic earnings/(loss) per shares (sen) -19.95 -9.44 -19.95 -9.44 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) -1.8300 -1.6300 A full copy of the report is attached: http://bankrupt.com/misc/tcrap_panglobal1060205.xls http://bankrupt.com/misc/tcrap_panglobal2060205.doc PICA CORPORATION: Quarterly Net Loss Falls ------------------------------------------ Pica (M) Corporation Berhad released its unaudited report for the financial period ended March 31, 2005. SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2005 INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR QUARTER CORRESPONDING TO DATE CORRESPONDING QUARTER PERIOD 31/12/2004 31/12/2003 31/12/2004 31/12/2003 1 Revenue 279 1,087 279 1,087 2 Profit/(loss) before tax -2,711 -3,613 -2,711 -3,613 3 Profit/(loss) after tax and minority interest -2,711 -3,613 -2,711 -3,613 4 Net profit/(loss) for the period -2,711 -3,613 -2,711 -3,613 5 Basic earnings/(loss) per shares (sen) -2.51 -3.34 -2.51 -3.34 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) -1.7400 -1.7200 For further details on the report, click on: http://bankrupt.com/misc/tcrap_pica060205.xls CONTACT: Pica (M) Corporation Berhad No 3 Jalan Kia Peng Kuala Lumpur, 50450 Malaysia Phone: +60 3 2161 8800 Fax: +60 3 2161 1714 SATERAS RESOURCES: Net Loss Shrinks to MYR2.6 Mln ------------------------------------------------- Sateras Resources 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 965 762 3,120 3,554 2 Profit/(loss) before tax -2,642 -7,077 -10,190 -17,740 3 Profit/(loss) after tax and minority interest -2,642 -7,082 -10,190 -17,745 4 Net profit/(loss) for the period -2,642 -7,082 -10,190 -17,745 5 Basic earnings/(loss) per shares (sen) -1.32 -3.53 -5.07 -8.84 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) -0.0449 -0.6570 For further details on the report, go to: http://bankrupt.com/misc/tcrap_sateras1060205.xls http://bankrupt.com/misc/tcrap_sateras2060205.doc CONTACT: Sateras Resources (Malaysia) Berhad 19 Jalan Pinang Kuala Lumpur, Kuala Lumpur 50450 Malaysia Phone: +60 2162 5288 Telephone: +60 2161 8529 SETEGAP BERHAD: Widens Net Loss to MYR6.4 Mln --------------------------------------------- Setegap 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 13,304 26,296 13,304 29,296 2 Profit/(loss) before tax -4,355 -1,500 -4,355 -1,500 3 Profit/(loss) after tax and minority interest -6,387 -2,941 -6,387 -2,941 4 Net profit/(loss) for the period -6,387 -2,941 -6,387 -2,941 5 Basic earnings/(loss) per shares (sen) -12.85 -5.92 -12.85 -5.92 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) -0.9800 -0.8400 To view a full copy of the report, click on: http://bankrupt.com/misc/tcrap_setegap1060205.xls http://bankrupt.com/misc/tcrap_setegap2060205.doc CONTACT: Setegap Berhad 72B&C, Jalan SS22/25 Damansara Jaya 47400 Petaling Jaya Malaysia Phone: 03-77297009 Fax: 03-77271555 Web site: http://www.setegap.com.my ===================== P H I L I P P I N E S ===================== DIGITAL TELECOMMUNICATIONS: Confirms US$200-Mln Outlay for 2006 --------------------------------------------------------------- Digital Telecommunications Philippines Inc. issued this announcement in reference to the news article entitled "Digitel sets US$200-M outlay for 2006" published in the May 31, 2005 issue of BusinessWorld. The article reported that: "The wireless brand of Gokongwei-controlled Digital Telecommunications, Inc. (Digitel) will earmark about $200 million in capital expenditure next year to accommodate 10 million subscribers by end-2006. The 2006 budget for capital expenses will top off the US$200 million that Digitel allotted for network capacity expansion of Sun Cellular this year. Charles A. Lim, Sun's business unit head, said the 2006 budget for capital expenses will be sourced either through foreign- denominated credits, bank financing, or financial leasing." Digital Telecommunications Philippines, Inc. (DGTL), in its letter to the Exchange dated May 31, 2005, stated that: "We would like to confirm the following information contained on the above-mentioned news article, to wit: (1) Sun Cellular, the wireless brand of Gokongwei-controlled Digital Telecommunications Phils. Inc. (DIGITEL) will earmark about US$200 million in capital expenditure next year to accommodate 10 million subscribers by end-2006. (2) The 2006 budget for capital expenses will top off the US$200 million that DIGITEL allotted for network capacity expansion of Sun Cellular this year. (3) The 2006 budget for capital expenses will be sourced either through foreign denominated credits, bank financing, or financial leasing." For your information. (Original Signed) MA. PAMELA D. QUIZON Head, Disclosure Department 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/ LIFETIME PLANS: Must Service Claims Despite Dissolution ------------------------------------------------------- The corporate watchdog has ordered the now-defunct Lifetime Plans Inc. to continue paying claims from its trust fund, relates The Philippine Daily Inquirer. The Securities and Exchange Commission (SEC), which recently cancelled Lifetime's certificate of incorporation, asked the pre-need firm to still make disbursements despite the revocation order. Lifetime was forced to shut its doors and transfer its plan holders back to ailing sister firm, Pacific Plans, after SEC decided to cancel its registration certificate for failure to comply with requirements. The Company, which has more than 400,000 plan holders, has asked SEC to reconsider its revocation order, saying it was a drastic move that could adversely affect its sales agents and plan holders. Lifetime sells fixed-value educational, memorial and pension plans. MANILA ELECTRIC: Files New Rate Hike Petition --------------------------------------------- The Manila Electric Company has applied to increase its tariffs by an average Php0.1476 per kilowatt-hour (kWh), according to The Philippine Daily Inquirer. The new petition lodged with the Energy Regulatory Commission (ERC) replaces the previous application it withdrew recently. The proposed rate adjustment is Php0.012 higher than the 0.1358 per kWh increase the electricity distributor was seeking through a previous petition filed with the ERC in October 2003. Meralco reportedly withdrew the earlier rate hike petition because it was computed based on its return on rate base (RORB), a measure of profitability. In its new petition, Meralco said the proposed rate hike will allow it to improve its RORB to be able to finance projects. Meralco, whose actual RORB stood below the 15.5 percent allowed by ERC, said its inability to attain a reasonable RORB and generate the corresponding level of revenues have adversely affected its capability to fund required capital projects. The utility' firm's actual RORB for 2004 stood at 11.96 percent, or 8.13 percent after income tax. Last month, Meralco said it incurred a net loss of Php1.71 billion in the first quarter of this year from a net profit of Php344.4 million in the year-ago period as it continued to provision for probable losses arising from a stalled rate increase. CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Phone: 16220 (TL); 633-4553 (Corp. Sec.) Fax: (0632) 631-5572 E-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph MANILA ELECTRIC: Delays Last Phase of Two-tranche Refund -------------------------------------------------------- Manila Electric Company (Meralco) opted to push back to July and October the last phase of the Php30-billion court-ordered refund to big corporate customers, says The Philippine Daily Inquirer. Phase 4a, which should have begun in January, would begin in July, and Phase 4b would start in October instead of July. The deferment, which was prompted by sluggish electricity sales in the first five months of the year, will give Meralco some relief in terms of cash flow. But the utility will have to complete Phase 4a of the refund in 18 months as prescribed by the Energy Regulatory Commission (ERC), 18 months shorter than the Company's proposed 36-month time frame. This means that while the power distributor could complete Phase 4a in 18 months, its implementation has to be pushed back by half a year. MARIWASA MANUFACTURING: Clarifies The Manila Times Report --------------------------------------------------------- Mariwasa Manufacturing Inc. issued this announcement in reference to the news article entitled "Mariwasa to sell property to DMCI" published in the May 30, 2005 issue of The Manila Times. The article reported that: "MARIWASA Manufacturing Inc. may sell one of its properties to DMCI Holdings Inc. to pay some of its debt. Mariwasa's long-term debt stood at Php3.34 billion in 2004 from P1.83 billion in 2003. Ferdinand Edwin Co Seteng, Mariwasa executive vice president told reporters that DMCI made an offer to forge a joint venture agreement to utilize Mariwasa's property in Pasig City." Mariwasa Manufacturing, Inc. (MMI), in its letter to the Exchange dated May 30, 2005, stated that: "We would like to clarify that Mariwasa's long-term debt amounted to Php1.909 billion and Php1.946 billion in 2003 and 2004, respectively. The reported Php3.34 billion is Mariwasa's total current liabilities in 2004, which increased from Php1.83 billion in 2003, due to the reclassification made by our auditors of our long-term debt to current liabilities. Also, we would like to confirm that Mariwasa intends to sell its property in Pasig to reduce its debt but DMCI's offer of a joint venture agreement to utilize Mariwasa's property is just one of the several proposals we are considering. We have yet to make this information public because... final negotiations have yet to take off." For your information. (Original Signed) JURISITA M. QUINTOS Senior Vice President 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 TRANSMISSION: Inks Evaluation Pact with Sinclair Knight ---------------------------------------------------------------- National Transmission Corporation (Transco) has tapped a consortium headed by Sinclair Knight Merz to appraise its assets, according to Dow Jones Newswires. Transco confirmed Wednesday that it has clinched a Php50.25- million contract with the international consulting group. Sinclair Knight Merz, along with Cuervo Appraisers Inc. and PricewaterhouseCoopers Financial Advisors Inc., will recommend a suitable evaluation methodology for accounting and regulatory purposes and as basis for the transfer of the Transco assets to be privatized. Transco holds the transmission assets of state power firm National Power Corporation (Napocor), which is scheduled for privatization. The transaction marks the first evaluation that Transco has undertaken since it started operating Napocor's transmission network in June 2001. The final Asset Evaluation Report that is to be submitted to Transco on August 19 will be used to determine Transco's annual revenue requirements, maximum allowable revenue and the effective transmission service charges. The evaluation will also be used for accounting, divestment and privatization purposes. Meanwhile, the Energy Regulatory Commission (ERC) has ordered Transco to submit a report on or before August 31. CONTACT: National Transmission Corporation Power Center BIR Road, cor. Quezon Avenue Diliman, Quezon City Telephone: (02) 9812100 Web site: https://www.transco.ph PHILIPPINE LONG: Boss Buys More Shares -------------------------------------- The Chairman of Philippine Long Distance Telephone Company (PLDT) has beefed up its stake in the Company, Dow Jones Newswires reports. Chairman Manuel Pangilinan has acquired 2,000 shares of the Company for Php1,480 each. The latest share purchase raised Mr. Pangilinan's stake in PLDT to 97,358 shares, less than 0.1 percent of the Company's outstanding shares. 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: Wants Majority Stake in GMA -------------------------------------------- Philippine Long Distance Telephone Company (PLDT) said it will settle for a minority position in GMA Network but wants reassurance that it will be allowed to eventually take a majority ownership of the firm, The Philippine Star reports. PLDT recently revived its bid to acquire a stake in GMA Network, more than four years after it pulled out of an agreement to acquire a majority stake in the broadcast firm. PLDT Group chairman Manuel Pangilinan and president Napoleoon Nazareno reportedly met with MA chairman and president Felipe Gozon to discuss the acquisition scheme but no specific offer was made. Mr. Gozon is believed to remain non-committal, and instead asked Mr. Pangilinan and Mr. Nazareno to give the owners of GMA an offer which would be "much higher than the current valuation of Php30 billion". PHILIPPINE LONG: Lists Additional Shares ---------------------------------------- The 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 1,000 common shares have been availed of and fully paid by the optionees under the Company's ESOP. In view thereof, the listing of the 1,000 common shares is set for Wednesday, June 1, 2005. This brings the number of common shares listed under the ESOP to a total of 455,004 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 ================= ALLGREEN PROPERTIES: Issues, Allots 31,000 Ordinary Shares ---------------------------------------------------------- Allgreen Properties Ltd. informed the Singapore Stock Exchange on the issue and allotment of an aggregate of 31,000 ordinary shares of SG$0.50 each in the capital of the Company, at the subscription price of SG$0.95 each, pursuant to the exercise of options granted under the Allgreen Share Option Scheme 2002. These new shares have been listed and quoted on the Singapore Exchange on May 12, 2005. The new shares issued will rank pari passu in all respects with the existing shares of the Company. Upon the issue of the above shares, the number of issued and paid-up shares in the capital of the Company is increased to 1,051,819,000 ordinary shares of SG$0.50 each. By Order of the Board Ms Isoo Tan Company Secretary 26 May 2005 CONTACT: Allgreen Properties Limited Kim Seng Promenade #05-02 Great World City Singapore 237994 Telephone: 65 67332822 Fax: 65 67383800 Web site: http://www.allgreen.com.sg CHARTERED SEMICONDUCTOR: Names New BOD Member --------------------------------------------- Chartered Semiconductor Manufacturing, one of the world's top dedicated foundries, announced that semiconductor industry veteran Pasquale Pistorio, Honorary Chairman of STMicroelectronics (ST), has joined Chartered's board of directors. Mr. Pistorio brings to Chartered more than 38 years of industry leadership experience. He is known for his business acumen; his contributions to Europe's microelectronics industry; and his strong advocacy of environmental protection and corporate social responsibility. Among his numerous accolades, Mr. Pistorio received the "Lifetime Achievement Award" from Reed Electronics Group in 2003; was named first place in the "Top 25 Movers and Shakers" ranking by Time magazine in 2002, and was voted among the top 50 "Stars of Europe" by Business Week magazine. Mr. Pistorio's greatest achievement was the integration of SGS Group with Thomson Semiconducteurs in 1987 to form SGS-THOMSON Microelectronics, which was renamed STMicroelectronics in 1998. He served as ST's president and CEO from 1998 until his retirement in March 2005, during which the Company grew to become one of the world's top semiconductor companies. He holds a degree in electronics from the Polytechnic of Turin, Italy. "We're honored to welcome Mr. Pistorio, a highly respected and widely accomplished business leader, to the Chartered board," said James Norling, chairman of Chartered's board. "His hands-on leadership experience in shaping corporate strategies for growth and his strong industry relationships will be valuable to Chartered as the Company steers toward long-term sustainable growth and profitability." "Chartered has entered an exciting phase of growth where it is demonstrating continuing good progress executing to its leading- edge strategies and transitioning into 300-millimeter manufacturing," said Mr. Pistorio. "I am pleased to be part of a very progressive global Company, which is at the forefront of partnering with the industry to overcome increasingly complex technical and business challenges." 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 MANON MANI: Members Meeting Slated for June 27 ---------------------------------------------- Notice is hereby given pursuant to section 308 (2) of the Companies Act, Cap. 50, that a Final Meeting of the Members of Manon Mani K. Pillay Holdings Pte Ltd (In Members' Voluntary Liquidation) will be held at 3 Mount Elizabeth, #03-04/05 Mount Elizabeth Centre, Singapore 228510 on June 27, 2005 at 1:00 p.m. for the purposes as stated in section 308 of the Companies Act, Cap. 50. Dated this 27th day of May 2005. Madam Chia Lay Beng Liquidator Note: A member entitled to attend and vote at the General Meeting is entitled to appoint a Proxy to attend and vote on his behalf and such Proxy need not be a member of the Company. The Form of Proxy must be deposited at the Liquidators' Office not less than 48 hours before the time appointed for holding the Meeting or adjourned Meeting. MESSER SINGAPORE: To Hold Final Meeting June 27 ----------------------------------------------- Notice is hereby given pursuant to section 308 (2) of the Companies Act, Cap. 50, that a Final Meeting of Messer Singapore Pte Ltd (In Member's Voluntary Liquidation) will be held at 1 Scotts Road, #21-07/08/09 Shaw Centre, Singapore 228208 on June 27, 2005 at 10:00 a.m. for the purposes as stated in section 308 of the Companies Act, Cap. 50. Dated this 27th day of May 2005. Madam Chia Lay Beng Liquidator Note: A member entitled to attend and vote at the General Meeting is entitled to appoint a Proxy to attend and vote on his behalf and such Proxy need not be a member of the Company. The Form of Proxy must be deposited at the Liquidator's Office not less than 48 hours before the time appointed for holding the Meeting or adjourned Meeting. OVERSEA-CHINESE: Dormant Subsidiary Placed in Liquidation --------------------------------------------------------- Oversea-Chinese Banking Corporation Limited (OCBC Bank) informed the Singapore Stock Exchange (SGX) that Keppel Factors Pte Ltd (in Members' Voluntary Liquidation), a dormant subsidiary of OCBC Bank, was dissolved on May 31, 2005. Keppel Factors Pte Ltd ceased to be a subsidiary of OCBC Bank with effect from May 31, 2005. CONTACT: Oversea-Chinese Banking Corporation Limited 65 Chulia Street #29-02/04 OCBC Centre Singapore 049513 Telephone: 65 63187222 Fax: 65 65337955 Web site: http://www.ocbc.com OVERSEA-CHINESE: Liquidates Idle Unit ------------------------------------- Oversea-Chinese Banking Corporation Limited (OCBC Bank) advised the Singapore Stock Exchange (SGX) that Focal Nominees Pte. Ltd. (in Members' Voluntary Liquidation), a dormant subsidiary of OCBC Bank, is dissolved on May 31, 2005. Focal Nominees Pte. Ltd. ceased to be a subsidiary of OCBC Bank with effect from May 31, 2005. =============== T H A I L A N D =============== THAI PETROCHEMICAL: PTT Snags Stake for THB20,270Mln ---------------------------------------------------- PTT informed the Stock Exchange of Thailand (SET) that, on June 1, 2005 PTT, Government Pension Fund (GPF), Government Saving Bank (GSB) and Vayupak Mutual Fund One (VMF-1) together with other institutions have reached agreement and signed Share Purchase Agreement (SPA) with Thai Petrochemical Industry Pcl (TPI), as issuer, and Bangkok Bank Public Co., Ltd. (BBL), in its capacity as selling shareholders, in the transaction of 17,550 million shares of TPI representing 90 percent of total outstanding shares of the Company upon the successful closing of the transaction at THB3.30 per share. Under the SPA, PTT will acquire a 31.5 percent ownership interest in TPI through the purchase of 6,142.5 million shares of TPI, equivalent to approximately THB20,270 million. Moreover, GPF, GSB and VMF-1, agreed to purchase 10 percent interest in TPI each, have jointly signed a shareholders agreement with PTT to support PTT in management of TPI and subsidiaries in the future. PTT and the co-investors who will own a total shareholding of 61.5 percent in TPI upon the successful closing of the transaction are also committed to holding shares for a minimum period of 24 months to register their intention and commitment to a long-term investment in TPI. According to the Rehabilitation Plan of TPI and subsidiaries, closing or the share transaction must be no later than November 4, 2005. All of the proceeds from the transaction, approximately THB57,915 million at THB3.30 per share, will be entirely used by TPI to repay the principal debts under the financial debt restructuring scheme. Please be informed accordingly. Yours sincerely, Pichai Chunhavajira Senior Executive Vice President Corporate Finance and Accounting For a detailed information on the Share Purchase Agreement, click http://bankrupt.com/misc/TPISharePurchaseAgreement.pdf CONTACT: Thai Petrochemical Industry Pcl TPI Tower, Floor 8, 26/56 New Jun Road, Thungmahamek, Sathon Bangkok Telephone: 0-2678-5000, 0-2678-5100 Fax: 0-2678-5001-5 Web site: http://www.tpigroup.co.th ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***