/raid1/www/Hosts/bankrupt/TCRAP_Public/050620.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, June 20, 2005, Vol. 8, No. 120
Headlines
A U S T R A L I A
AETNA PROPERTIES: Final Meeting Slated for June 27
AMCUS PTY: Receivers, Managers Appointed
AMP LIMITED: Welcoming New Chairman
ANVIL MINING: Plans To Defend Chemaf
AUSTRALIAN BROADCASTING: Needs Funds to Rescue Programs
AZURE (ACT) PTY: To Pay Dividend June 29
BECKENHAM PTY: Members Pass Wind-up Resolution
BLANKEVOORT HOLDINGS: To Hold Final Meeting Today
BUSINESS AUSTRALIA: Creditors Opt to Wind Up Affiliate
CLUB POWER: Hires Official Liquidator
DALLAS FLATS: Lays Out Final Meeting Agenda
FORMEX PTY: To Hold Final Meeting Today
GILHAM INVESTMENTS: Names Bruce Leonard Bailey Liquidator
ION LIMITED: Shareholders May Not Get Additional Retribution
JAMES HARDIE: Secures New Debt Facilities
JOHNHIL PTY: Resolves to Wind Up Company
MAYNE GROUP: To Go Ahead with Demerger
NANSU PTY: Sets June 23 as Final Meeting Date
ROSALIE COURT: To Receive Liquidators' Account on Winding Up
SADIK ENTERPRISES: Court Issues Winding Up Order
SAM'S SEAFOOD: 70 People to Lose Jobs On Wholesale Biz Closure
SECURIX CORPORATION: Disposes of IT Security Business
SONS OF GWALIA: Completes Sale of Non Gold Assets to Minara
SYDNEY ENGLISH: Court Picks Official Liquidator
C H I N A & H O N G K O N G
BANK OF CHINA: Adheres to Strict Accountability Scheme
BANK OF COMMUNICATIONS: IPO Attracts HK$110-Mln Orders
CHINA CONSTRUCTION: Signs Acquisition Deal With Bank of America
CHINA CONSTRUCTION: Releases FY/2004 Financial Results
CHINA CONSTRUCTION: Unveils Shareholders' Meeting Results
GENESIS PARTNERS: Issues Notice to Creditors
JILIN CHEMICAL: Notes Unusual Volume Movement
KING CHOICE: Winding Up Hearing Set July 6
LYDHURST COMPANY: Creditors' Proofs of Claims Due July 10
PROSPER GLORY: Issues Debt Claim Notice
SAMWELL LABELS: Creditors' Meeting Fixed June 28
QPL INTERNATIONAL: Bourse Halts Trading of Shares
SMART FOREST: Winding Up Hearing July 6
I N D O N E S I A
BANK GLOBAL: Angry Depositors Detain BPKP Chair
SEMEN GRESIK: Sees Sales Jump 3.1% On Year
J A P A N
DAIEI INCORPORATED: Spends JPY178 Bln on Revival Plan
FUJI HEAVY: S&P Downgrades Rating to 'BB+'
MATSUSHITA ELECTRIC: Mobile Arm Eyes Bigger Global Share
MITSUBISHI MOTORS: To Manufacture More Cars for Other Automakers
MITSUI & COMPANY: Ex-employees Arrested on Fraud Allegations
SANYO ELECTRIC: Launches New LCD Projector
K O R E A
DAEWOO GROUP: Court Orders Detention for Ex-boss
KOREA EXCHANGE: Fitch Upgrades Rating to 'BBB'
TRIGEM COMPUTER: Receivership Plan Gets Court Nod
M A L A Y S I A
CRIMSON LAND: Ends Quotation of Crimson OA Shares
HONG LEONG: Teams Up with HLCM on Stake Disposal
I-BERHAD: Purchases 9,400 Shares on Buy Back
KUMPULAN EMAS: Reaches Agreement Over Disposal of Interest
KUMPULAN GUTHRIE: Shareholders Approve All AGM Resolutions
METACORP BERHAD: Passes All Resolutions at EGM
NALURI BERHAD: Bourse to List Additional 1,200 Shares
NORTH BORNEO: Releases 1Q Financial Results
NORTH BORNEO: Prepares FS on Break-Up Basis
RHB CAPITAL: Transfers Entire RHB International Interest
SATERAS RESOURCES: To Appeal to Federal Court
SIME DARBY: Enters Alliance with Rengo Company
TA ENTERPRISE: Amends Content of Announcements
TALAM CORPORATION: ICULS Expires July 19
TRANSOCEAN HOLDINGS: Notes Default in Payment Status
WAH SEONG: Unveils Resolutions Passed at AGM
WAH SEONG: Concludes Proposed Kanssen Acquisition
P H I L I P P I N E S
LEPANTO CONSOLIDATED: DOLE Grants Wage Hike to Protesters
NATIONAL POWER: State Sets Terms for Absorbing Debts
NATIONAL TRANSMISSION: Inks Deal with FF Cruz, Geodata
NATIONAL TRANSMISSION: Congress OKs Privatization by Concessions
NATIONAL TRANSMISSION: Government Says Sale is On Schedule
S I N G A P O R E
DATACRAFT ASIA: Wins US$5-Mln Contract from Thai Firm
FIRST ASIA: Creditors Meeting Slated for June 30
HESHE HOLDINGS: Replaces Share Registrar
IRE CORPORATION: Disposes of Dormant Unit
JIN-WEN INVESTMENT: Creditors Should Prove Claims by June 24
LIANG HUAT: Names New Company Secretary
LIWEN HOLDINGS: Creditors Proofs of Debt Due June 22
STARTECH ELECTRONICS: CFO to Assume Different Post
UNI TECHNOLOGY (S): To Pay Dividend Today
VICTORY PARK: Winding Up Hearing Set July 1
T H A I L A N D
THAI HEAT: Details Allocation of Increased Capital
WYNCOAST INDUSTRIAL: Sets Up New Subsidiary
- - - - - - - -
=================
A U S T R A L I A
=================
AETNA PROPERTIES: Final Meeting Slated for June 27
--------------------------------------------------
Notice is given that a final meeting of the members of Aetna
Properties Limited (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street Sydney on June 27, 2005 at 10:00 a.m.
The purpose of the meeting is to receive the account showing how
the winding up has been conducted and the property of the
company has been disposed of, and to receive any explanation of
the account.
Dated this 5th day of May 2005
A. R. M. Macintosh
Liquidator
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9650 2144
AMCUS PTY: Receivers, Managers Appointed
----------------------------------------
Notice is given that on May 2, 2005 pursuant to the powers
contained in registered fixed and floating charge no. 1141168,
Geoffrey Reidy was appointed as Receiver & Manager of Amcus Pty
Ltd (Receiver & Manager Appointed).
Dated this 5th day of May 2005
Geoffrey Reidy
Receiver & Manager
Rodgers & Reidy
Level 8, 333 George Street,
Sydney NSW 2000
AMP LIMITED: Welcoming New Chairman
-----------------------------------
AMP Limited announced that Director Peter Mason will be
appointed Chairman of the Board of Directors effective September
7, 2005.
Current Chairman Peter Willcox announced his intention to retire
as Chairman at the Company's Annual General Meeting on May 19,
2005. Mr. Willcox will stay on as Chairman until September 6,
2005, and will retire as a Director shortly thereafter.
Mr. Willcox joined the Board in September 2002 and was appointed
Chairman in February 2003.
"The business is now stable and performing well and I an
delighted the Directors have quickly agreed on a new Chairman to
lead the Board in its next phase," Mr. Willcox said.
"Peter Mason brings great qualities to the Board and his
professional experience, particularly in the financial services
industry, will stand him in good stead when he takes over later
this year."
Mr. Mason said he was honored to be taking on the role of
Chairman of AMP.
"I joined AMP's Board of Directors in October 2003 to be part of
the turnaround of AMP. While we are disappointed to see Peter
go, we understand his reasons for leaving and we wish him well,"
Mr. Mason said.
The Board expressed its appreciation of Mr. Willcox's strong and
decisive leadership following his appointment as Chairman,
particularly during the demerger process in 2003.
Mr. Willcox said the Board would be seeking an additional Board
member to replace him, but that there was no urgemcy to the
search process.
Current AMP directors are John Astbury, Richard Grellman,
Meredith Hellicar, Peter Mason, Andrew Mohl, Nora Scheinkestel
and Peter Willcox.
CONTACT:
AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au
ANVIL MINING: Plans To Defend Chemaf
------------------------------------
Anvil Mining Limited has been advised that a Company operating
in the Congo Copperbelt, Chemaf sprl has initiated proceedings
in the Tribunal de Grande Instance de Lubumbashi (Court) against
Societe Miniere Kolwezi sprl (SMK), Emiko sprl and Anvil Mining
Congo SARL.
The proceedings allege that Chemaf sprl had acquired 55% of the
shares in SMK pursuant to a sales contract entered into in 2003
with Emiko.
In December 2004, Anvil Mining Limited purchased an 87.5%
interest in Emiko which in turn owns an 80% interest in SMK,
with Gecamines holding the remaining 20%. This is referred to as
the Mutoshi Joint Venture. The purchase of these interests was
concluded during the second half of 2004 with all the necessary
approvals being obtained from Gecamines, SMK, Emiko and the
Minister of Mines.
Anvil believes that the claim is without foundation and disputes
the allegations. The matter is expected to be concluded in the
Lubumbashi Court within a short period of time, following
written submissions from all parties mentioned in the action.
Gecamines has also been requested to make a submission to the
Court.
CONTACT:
Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/
AUSTRALIAN BROADCASTING: Needs Funds to Rescue Programs
-------------------------------------------------------
Ailing Australian Broadcasting Corporation (ABC) said it badly
needs funds for its original programs in order to survive, Asia
Pulse says.
ABC managing director Russell Balding urged the federal
government to break the pattern, which has seen the ABC's past
five budget proposals being trimmed.
Mr. Balding claimed that ABC was "seriously under threat",
saying technology is changing how Australians receive news
entertainment. He said that broadband internet and new mobile
phone-based services taking broadcast media away from
traditional television and radio platforms.
He added that funding to provide original programs is more
important than new technology in ensuring ABC's survival.
At each of the five triennial funding submissions made since the
three-year system was introduced in 1988, the ABC had additional
funding requests refused.
Mr. Balding said the ABC was "willing to work with government"
in its next funding submission, due toward the end of the year.
While he did not go into detail on the upcoming submission, he
indicated it would focus on efficiency compared with commercial
competitors, saying the ABC provided its radio, television and
online services for about two thirds of what the Nine Network
spends on television services.
CONTACT:
Australian Broadcasting Corporation
ABC Ultimo Centre
700 Harris Street
Ultimo 2007;
GPO Box 9994
Sydney NSW 2001;
Phone: (02) 8333 1500
Fax: (02) 8333 5344
Web site: http://abc.net.au
AZURE (ACT) PTY: To Pay Dividend June 29
----------------------------------------
A first and final dividend to priority creditors is to be
declared on June 29, 2005 for Azure (Act) Pty Limited (In
Liquidation).
Priority creditors who were not able to prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 9th day of May 2005
Thomas Javorsky
Liquidator
c/- Jones Condon
Chartered Accountants
Sydney NSW
Telephone: (02) 9251 5222
BECKENHAM PTY: Members Pass Wind-up Resolution
----------------------------------------------
At a General Meeting of Beckenham Pty Limited (In Liquidation),
duly convened and held at 83 Cassia Street, Dee Why on April 28,
2005 the following special resolution was passed:
That the company be wound up voluntarily and that Mr. John
Bernard Docherty of Rhodes Docherty & Co be appointed Liquidator
for the purpose of such windings up and that he also be
empowered to destroy all books and papers of the company after
five (5) years from the date of dissolution of the company.
Dated this 29th day of April 2005
John Bernard Docherty
Liquidator
Rhodes Docherty & Co
Suite 202, 164A Mona Vale Road,
St Ives NSW 2075
BLANKEVOORT HOLDINGS: To Hold Final Meeting Today
-------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of Members of Blankevoort Holdings
Pty Limited (In Voluntary Liquidation) will be held at the
offices of Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000
today, June 20, 2005 at 10:00 a.m. for the purpose of laying
before the meeting the Liquidator's final account and giving any
explanation thereof.
Dated this 9th day of May 2005
P. Ngan
Liquidator
BUSINESS AUSTRALIA: Creditors Opt to Wind Up Affiliate
------------------------------------------------------
Creditors of finance firm Business Australia Capital Mortgage
(BACM), an affiliate of failed Business Australia Corporate
Finance (BACF), voted on June 14 to appoint Armstrong Wily as
liquidators, The Australian reveals.
BACM's liquidation came after the winding up of two BACF-
affiliated firms, Bondedge and BACF Investments.
BACF is under investigation by the Australian Securities and
Investments Commission (ASIC) for operating two unregistered
managed investment schemes, namely the BACF Unit Trust and the
BACF Investment Unit Trust.
The administrator's report says it is not possible to state the
financial position of BACM, but the company had net assets of
AU$6.9 million as at June 1, 2005.
The administrator's report also noted unsecured creditors claims
of AU$4.7 million and claims by the trust's unitholders of
AU$11.2 million, in the form of investor funds lent to borrowers
and recorded on the company balance sheet.
Background
Managed investment schemes with more than 20 members are
required to be registered under section 601EB of the
Corporations Act 2001 (the Act). ASIC may apply to the court to
wind up an unregistered managed investment scheme under section
601EE of the Act.
In its application to the court, ASIC alleged that:
The BACF Unit Trust and the BACF Investment Unit Trust were
unregistered managed investment schemes;
Bondedge Pty Ltd operated the unit trust known as the BACF Unit
Trust and BACF Investments Pty Ltd operated the unit trust known
as the BACF Investment Unit Trust in contravention of the
management scheme provisions of the Act.
CLUB POWER: Hires Official Liquidator
-------------------------------------
Notice is hereby given that at a general meeting of members of
Club Power Benefits Pty Limited, held on May 4, 2005 it was
resolved that the company be wound up voluntarily and that
Kenneth Whittingham of BDO Chartered Accountants & Advisers, 2
Market Street, Sydney be appointed liquidator.
Dated this 5th day of May 2005
Kenneth Whittingham
Liquidator
BDO
Chartered Accountants & Advisers
Level 19, 2 Market Street,
Sydney NSW 2000
DALLAS FLATS: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is given that the final meeting of the members of Dallas
Flats Pty Limited (In Liquidation) comprising the former NRD
Investments Partnership will be held at the offices of Jones
Condon, Chartered Accountants, Level 13, 189 Kent Street, Sydney
2000 on Thursday, June 23, 2005 at 10:45 a.m.
AGENDA
(1) To receive the Liquidators Account showing how the winding
up has been conducted and the property of the company has been
disposed of;
(2) Any other business.
Dated this 9th day of May 2005
Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222
FORMEX PTY: To Hold Final Meeting Today
---------------------------------------
Notice is given that a general meeting of members of Formex Pty
Limited (In Liquidation) will be held simultaneously at the
offices of Messrs Wise Lord & Ferguson, Chartered Accountants,
160 Collins Street, Hobart 7000 today, June 20, 2005 at 10:00
a.m.
The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
Company property disposed of, and for hearing any explanation
that may be given by the Liquidator.
Dated this 9th day of May 2005
R. P. Whitehouse
Liquidator
Wise Lord & Ferguson
Chartered Accountants
1st Floor, 160 Collins Street,
Hobart Tas 7000
Telephone: 03 6223 6155
GILHAM INVESTMENTS: Names Bruce Leonard Bailey Liquidator
---------------------------------------------------------
At a General Meeting of Gilham Investments Pty. Limited (In
Liquidation), duly convened and held at 18 Bishopsgate Avenue,
Newcastle, NSW, 2154 on April 29, 2005 the following Special
Resolution was passed:
That the Company be wound up voluntarily in accordance with the
provisions of Section 491(1) of the Corporations Act 2001 and
that the assets may be distributed in whole or in part to the
members of the company in specie should the liquidator so
desire.
Dated this 5th day of May 2005
Bruce Leonard Bailey
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street, Sydney NSW
ION LIMITED: Shareholders May Not Get Additional Retribution
------------------------------------------------------------
In accordance with Section 104-145 of the Income Tax Assessment
Act 1997, the Deed of Administrators of ION Limited declared
that there is no likelihood that the shareholders in the Company
will receive any further distributions for their shares.
On December 7, ION Limited called in administrators following
the sudden withdrawal of a banking consortium's AU$440 million
lending facility.
The failed car parts manufacturer has left its banks with about
AU$350 million in debt. At AU$135 million, National Australia
Bank Ltd. has the biggest exposure, while Westpac Banking Corp.
is owed about AU$120 million. The balance is split between
Commonwealth Bank of Australia, BNP Paribas SA and Japan's
Mizuho Financial Group.
Ion, which has plants in Australia, New Zealand and the United
States, hired about 3,000 people when the administrator was
appointed.
CONTACT:
Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/
JAMES HARDIE: Secures New Debt Facilities
-----------------------------------------
James Hardie Industries on Friday announced that it has entered
into new unsecured debt facilities totaling US$355 million.
The new debt facilities are revolving U.S. dollar cash advance
facilities involving bilateral agreements with six banks, and
will replace the Company's previous revolving and stand-by
credit facilities of approximately US$286 million.
Each of the new facilities is for an initial term of 364 days.
Upon satisfaction of certain conditions, including shareholder
approval of the Company's proposed voluntary loing-term funding
arrangement for proven asbestos claims against certain former
Australian subsidiary Companies, two-thirds of the aggregate
facilities will convert to a term of 5 years from signing date
and one-third will remain as extendable 364-day facilities. The
facilities are available for general corporate purposes.
The interest rate for each facility is the London Inter-Bank
Offered rate (LIBOR) for US dollar deposits, plus a margin.
James Hardie's CEO, Louis Gries said, "The new debt facilities
provide the Company with increased financial flexibility and
position the Company well for its future initiatives.
"It is both pleasing and an indication of the financial strength
and growth prospects of the Company that we have been able to
obtain these new facilities on similar terms to our previous
facilities, Mr. Gries said.
CONTACT:
James Hardie Industries
Website: http://www.jameshardie.com.au/
Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368
Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011
Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643
All other enquiries to CustomerLink Service Centre on 13 1103.
JOHNHIL PTY: Resolves to Wind Up Company
----------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Johnhil Pty Ltd (In Voluntary Liquidation) duly convened and
held at 35 Victoria Avenue, Middle Cove NSW 2068 on April 29,
2005 the following Special Resolution was passed:
It was resolved that the company be wound up voluntarily in
accordance with the provisions of Section 491(1) of the
Corporations Act and that the assets may be distributed in whole
or part to the members of the company in specie should the
Liquidator so desire.
Dated this 29th day of April 2005
Andrew Denes
Director
MAYNE GROUP: To Go Ahead with Demerger
--------------------------------------
The Board of Mayne Group Limited has decided to proceed with a
demerger involving separate Australian listings of its global
injectable pharmaceutical business and its domestic healthcare
businesses, reveals Egoli News.
The pharmaceuticals and diagnostics firm has decided to split
its core businesses, in order to enable the separate operations
to focus on their core activities and more effectively implement
distinctive strategies.
Reuters reported that Mayne, which has a current market
capitalization of AU$2.9 billion (US$2.2 billion), considered
the demerger as the firm's best opportunity to boost shareholder
value.
The move is aimed to pacify irate shareholders who have been
disappointed by the group's underperformance against its rivals
ever since it acquired F.H. Faulding drug and pharmacy business
in 2001 for AU$2.5 billion.
Demerging means that investors will be able to focus their
investments depending on the characteristics of each business
that best meet their needs.
Upon completion of the demerger process, current Mayne chairman
Peter Wilcox will become chairman of Mayne pharma and Mayne
director Paul McClintock will become chairman of the domestic
healthcare business.
A Mayne spokesman said the recruitment process for chief
executive officers of both businesses was under way.
Mayne was currently assessing the value of each of the entities
to be demerged. The company also had to sort through taxation,
legal and accounting issues as well as the physical separation
of the businesses.
Morgan Stanley and Clayton Utz are the official advisers on the
demerger.
About Mayne Group Limited
Mayne Group Limited is a leading Australian-based healthcare
Company with revenues in excess of AU$4 billion in its 2004
financial year.
Mayne Group is comprised of several lading Australian healthcare
businesses that are well positioned to grow in future years.
Mayne Diagnostice Services operates the second largest pathology
and diagnostic imaging networks in Australia. Mayne Pharmacy
distributes pharmaceutical and over the counter products to
retail pharmacies in better managing their businesses.
Mayne Pharma has grown to be a market leader for generic,
injectable oncology drugs in Western Europe, Canada and
Australia and has established businesses in the United States,
the Middle East and Africa, and Asia. Mayne Pharma's products
are marketed in more than 50 countries across five countries.
This broad geographic sales, marketing and regulatory platform
in generic, injectable medicines is a valuable asset and Mayne
Pharma's emphasis on the cytotoxic oncology (anti-cancer) market
segment benefits from higher barriers to entry and lower
competition than in generic, oral pharmaceuticals.
CONTACT:
Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/
NANSU PTY: Sets June 23 as Final Meeting Date
---------------------------------------------
Notice is given that the final meeting of the members of Nansu
Pty Limited (In Liquidation) comprising the former NRD
Investments Partnership will be held at the offices of Jones
Condon, Chartered Accountants, Level 13, 189 Kent Street, Sydney
2000 on Thursday, June 23, 2005 at 10:45 a.m.
AGENDA
(1) To receive the Liquidators Account showing how the winding
up has been conducted and the property of the company has been
disposed of;
(2) Any other business.
Dated this 9th day of May 2005
Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222
ROSALIE COURT: To Receive Liquidators' Account on Winding Up
------------------------------------------------------------
Notice is given that the final meeting of the members of Rosalie
Court Pty Limited (In Liquidation) comprising the former NRD
Investments Partnership will be held at the offices of Jones
Condon, Chartered Accountants, Level 13, 189 Kent Street, Sydney
2000 on Thursday, June 23, 2005 at 10:45 a.m.
AGENDA
(1) To receive the Liquidators Account showing how the winding
up has been conducted and the property of the company has been
disposed of;
(2) Any other business.
Dated this 9th day of May 2005
Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222
SADIK ENTERPRISES: Court Issues Winding Up Order
------------------------------------------------
On the May 2, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Sadik Enterprises Pty Ltd (In
Liquidation) trading as Sadik Jewellery be wound up by the Court
and appointed Hugh Charles Thomas, BKR Walker Wayland, 8th
Floor, 55 Hunter Street, Sydney NSW 2000 to be Liquidator.
Dated this 5th day of May 2005
SAM'S SEAFOOD: 70 People to Lose Jobs On Wholesale Biz Closure
--------------------------------------------------------------
Around 70 of Sam's Seafood's employees will lose their jobs as
soon as the failed seafood giant closes its wholesale division,
relates Asia Pulse.
Deloitte Partner John Greig said despite best efforts to keep
the Brisbane business in operation some of Sam's people will be
without a job at the end of the month after several interested
buyers failed to secure enough cash to satisfy the receivers.
The business was put up for sale last month, after Sam's Seafood
went into receivership owing creditors a reported AU$20 million
(US$15.34 million). The Company has also warned it would book a
AU$2 million ($US1.53 million) net loss for 2004/05, compared to
AU$2.5 million (US$1.92 million) net profit made the year
before.
The remaining retail and frozen operation businesses are
expected to stay open in the short term until an appropriate
offer is made.
The wholesale division will be closed down at the end of the
month, after the last of the remaining stock is sold.
A stock shortfall at Sam's main operating entity, Sam's Seafood
Hamilton Ltd, had reportedly hindered Mr. Greig's ability
continue to trade or restore the company back to a viable
business.
CONTACT:
Sam's Seafood Holdings Limited
43 Holt St Eagle Farm
Australia
Phone: (07) 3131 4100
Fax: (07) 3268 5231
Web site: http://www.sams.com.au/
SECURIX CORPORATION: Disposes of IT Security Business
-----------------------------------------------------
Securix Corporation Limited (SXC) announced the sale of its IT
security business by its fully owned subsidiary Securix
Australia Pty Ltd to Classic Blue Solutions Pty Ltd for
AU$865,000.
SXC does not anticipate that this sale will have a material
impact on it's consolidated profit and loss due in part to the
write downs of inter-company balances and asset carrying values
already taken up in previous accounting periods.
Whilst still convinced of its longer term potential, SXC came to
the conclusion that it was not able to continue to fund the
turnaround of the Securix Australia business which has been cash
negative and accordingly has taken the decision to divest of the
business in a transaction whereby the key consideration was that
the staff and customers of Securix Australia experience minimal
disruption.
SXC's CEO Chris Teoh said, "While I do not personally think that
the sale price is reflective of the longer term potential of the
business, nonetheless, I think this is a positive outcome for
SXC and the Securix business. Because much of what Securix does
has an impact on the key business processes of our customers, we
did not cause unwarranted disruption to our customers. Any such
disruption could have resulted in claims against the business
and SXC. I believe that Classic Blue will do very well with the
IT security business and take it to the next level of its
growth."
"Securix Australia Pty Ltd, the SXC subsidiary which actually
held the IT security business will be placed into voluntary
administration following the sale. SXC will work with the
administrator to maximize the return to all creditors from the
sale proceeds."
"We are obviously disappointed to divest of a business into
which we have put so much time and resources but the parent
Company, SXC, now has a simpler strategy focused around growing
our Virtualplus business. Virtualplus operates in the unified
messaging and mobile content distribution business. It is
profitable and has been so for over 4 years. The current
estimate of earnings before interest and tax for the 2006
financial year is in excess of AU$1 million. The content
distribution space is hotting up and is a high growth and high
margin business at the current time. With industry analysts
predicting rapid expansion in the 3G, SMS and MMS markets, we
are well placed to take advantage of that growth."
"SXC is in the advanced stages of negotiations with its note
holders to rollover its outstanding notes which fall due this
month. The Board is currently considering its options with
regards to a future capital raising and further announcements on
this issue will be made in due course. The Board is confident
that SXC will be able to meet its obligations as and when they
fall due."
About Securix Corporation Limited (SXC)
SXC is the holding Company of Virtualplus Limited (VPL) and is
listed on the Australian Stock Exchange (ASX Code: SXC).
Virtualplus:
VPL incorporated on Oct. 2, 1996, is a mobile and unified
messaging solutions provider. Delivering robust and scalable SMS
and MMS services to second tier Telco operators and corporate
customers, the Company is also a supplier of Unified Messaging
Systems under its 'Messagepoint' brand. VPL currently services
customers in the U.K., Europe, the U.S., Canada and Asia.
SONS OF GWALIA: Completes Sale of Non Gold Assets to Minara
-----------------------------------------------------------
Sons of Gwalia Limited (Administrators Appointed) announced that
on Thursday, June 16, 2005 the Committee of Creditors approved
the acceptance of a cash offer of US$3 million from Minara
Resources Limited for Sons of Gwalia's interest in the following
Non Gold Project Assets:
(1) Eulaminna Tenements east of Leonora
(2) Coglia Well Nickel - Cobalt Project
(3) Weld Range Platinum Group Minerals JV
(4) Weld Range General Minerals JV
(5) Forrestania/Bounty Nickel Royalty
The sale to Minara is the culmination of several weeks of
negotiations following a wide-ranging and comprehensive sale
process by the Administrators involving a large number of
interested parties. The sale was recommended to creditors by the
Administrators and has been approved by the Committee of
Creditors of Sons of Gwalia.
CONTACT:
Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/
SYDNEY ENGLISH: Court Picks Official Liquidator
-----------------------------------------------
Notice is hereby given that on 2 May 2005 the Supreme Court of
New South Wales ordered the winding up Sydney English College
and R. M. Sutherland was appointed as Official Liquidator of the
company.
Dated this 2nd day of May 2005
R. M. Sutherland
Official Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144
==============================
C H I N A & H O N G K O N G
==============================
BANK OF CHINA: Adheres to Strict Accountability Scheme
------------------------------------------------------
The Bank of China (BOC) will adhere to a stern accountability
system to ensure the effectiveness of its internal control
mechanism, China Daily reports, citing bank spokesman Wang
Zhaowen.
Managers will be held accountable if major criminal cases occur
at their work units, or if they cannot take measures to close
loopholes in their internal control mechanism.
The bank won a US$22.5 billion capital injection from the State
in December 2003. It was chosen by the central government as a
pilot as part of shareholding reforms.
The bank, which reorganized itself into a joint-stock firm last
August, is busy preparing for a final initial public offering
(IPO).
BOC posted an operating profit of CNY57.8 billion (US$7 billion)
in 2004.
CONTACT:
Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com
BANK OF COMMUNICATIONS: IPO Attracts HK$110-Mln Orders
------------------------------------------------------
The initial public offering (IPO) of the Bank of Communications
(BoCom), which closed on Thursday, attracted orders for more
than HK$110 billion, or an over subscription of at least 150
times, The Standard reports.
The bank plans to raise HK$14.9 billion from the sale, and the
heavy demand makes it all but certain the shares will be priced
at the top of the range of HK$1.95 to HK$2.55 apiece.
The strong demand for BoCom can partly be traced to the implicit
seal of approval HSBC Holdings bestowed on the mainland bank
when it paid US$1.75 billion (HK$13.65 billion) for a 19.89
percent stake in 2004.
To maintain its percentage stake, HSBC will pay as much as
HK$2.97 billion to purchase more shares in the IPO. The London-
based bank has an option to increase its stake further, subject
to regulatory approval, after 2008.
The price range values BOC at 1.3 to 1.6 times its estimated
2005 book value, or 11.1 to 14.5 times its profit for this year,
which is forecast to be at least CNY7.87 billion (HK$7.39
billion), almost five times last year's earnings.
CONTACT:
Bank of Communications
20 Pedder Street, Central, Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk
CHINA CONSTRUCTION: Signs Acquisition Deal With Bank of America
---------------------------------------------------------------
China Construction Bank (CCB) and Bank of America on Friday
announced the signing of a definitive agreement for Bank of
America to invest an initial US$3 billion in CCB through a
US$2.5 billion pre-IPO purchase of existing shares from the
largest shareholder China SAFE Investments Ltd. (Huijin) and a
further US$500 million investment at CCB's planned international
IPO.
Bank of America will also have an option to purchase additional
shares in the future to increase its ownership in CCB up to
19.9%. This transaction represents the largest single foreign
investment in a Chinese company to date.
As part of the transaction, CCB and Bank of America have entered
into separate agreements for Bank of America to provide
strategic assistance to CCB in the areas of corporate
governance, risk management, IT, financial management, human
resource management, retail banking (including credit card), and
global treasury services. As part of this strategic assistance
program, Bank of America will provide approximately 50 personnel
to advise CCB in these key areas. Bank of America will also have
a seat on CCB's board of directors.
China Construction Bank is one of the largest commercial banks
in China with total assets of approximately RMB 3,910 billion at
the end of 2004. CCB achieved strong profitability and asset
quality measures in 2004. With the Bank of America partnership,
CCB becomes the first of China's "Big Four" banks to reach an
agreement with a foreign strategic investor, achieving a
significant milestone in its transformation.
Guo Shuqing, Chairman of China Construction Bank, said, "We are
very pleased to have Bank of America, one of the world's
largest, most successful and respected financial institutions,
as our strategic partner. I firmly believe this is a win-win
partnership. The most fundamental and challenging task in
transforming CCB is to establish a culture that is customer
centric and market driven. Our goal is to provide the best
service to our customers. We have much to learn from our partner
in serving customers and creating shareholder value. This is the
core of our comprehensive cooperation."
Chang Zhenming, President of China Construction Bank, added,
"Bank of America is the ideal strategic partner for us. We have
built a leading corporate banking business and a large retail
banking branch network in China. Bank of America has
demonstrated its expertise in managing the largest retail branch
network in the United States and in maximizing product sales
while maintaining a strong asset quality. Their experience and
skills will be very valuable to us in our building an
internationally competitive modern commercial bank."
"This investment is aimed at creating a long-term benefit by
partnering with the best positioned bank in China, one of the
fastest growing economies in the world with 1.3 billion
consumers," said Kenneth D. Lewis, Bank of America chairman and
chief executive officer. "China Construction Bank has undergone
an impressive transformation in the last several years. They
have built a leading franchise in China, and we see value in
combining their local knowledge and distribution with our
product expertise, technology and experience with size and
scale. Under our agreement, we will offer CCB the benefit of our
experience in such areas as governance, risk management, credit
cards, consumer banking and treasury services."
China Construction Bank and Huijin were advised in this
transaction by Morgan Stanley and China International Capital
Corporation.
China Construction Bank
China Construction Bank is the second largest commercial bank in
China (source: The Almanac of China's Finance and Banking 2004
Edition) providing a comprehensive range of commercial banking
products and services primarily to domestic corporate and retail
customers in China.
CCB has 136 million active retail deposit accounts and serves 92
of the top 100 enterprises in China. CCB operates an extensive
national network of approximately 14,500 branches and
approximately 12,500 ATMs and is one of the largest providers of
residential mortgages in China. CCB had approximately 12% share
of total loans and approximately 13% share of total deposits in
China at the end of 2004. As of December 31, 2004, CCB had
approximately RMB 3,910 billion in assets.
Bank of America
Bank of America is one of the world's largest financial
institutions, serving individual consumers, small and middle
market businesses and large corporations with a full range of
banking, investing, asset management and other financial and
risk-management products and services. The company provides
unmatched convenience in the United States, serving 33 million
consumer relationships with more than 5,800 retail banking
offices, more than 16,700 ATMs and award-winning online banking
with more than 13 million active users. Bank of America is the
No. 1 overall Small Business Administration (SBA) lender in the
United States and the No. 1 SBA lender to minority-owned small
businesses. The company serves clients in 150 countries and has
relationships with 98 percent of the U.S. Fortune 500 companies
and 85 percent of the Global Fortune 500. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
CONTACT:
Xiang Chai
Phone: +86-10-6759 7517
China Construction Bank
Web site: http://www.ccb.cn/portal/cn/home/index.html
This is a Company press release.
CHINA CONSTRUCTION: Releases FY/2004 Financial Results
------------------------------------------------------
China Construction Bank Corporation (CCB) has released the first
annual report to the public after its incorporation. The
accounting policies introduced by CCB in the financial
statements of the annual report 2004 and 2003 are based on the
Accounting Standards for Business Enterprises, the Accounting
Regulations for Financial Enterprises issued by the Ministry of
Finance (MOF) (in 2001) and other relevant regulations. KPMG
Huazhen, who has issued a standard and unqualified auditor's
report, has audited the financial statements.
The annual report discloses that in 2004 when CCB recognized the
strategic opportunity to focus on the shareholding restructuring
program in line with the requirement of building up a mechanism
of the modern financial institution, CCB, in response to the
national macro control policy, took great efforts in
strengthening risk management and internal control, improving
asset quality, progressively facilitating system changes and
mechanism transformation, and strengthening scientific
management and administration to reduce non-performing assets,
expand service scope and improve service quality, promote the
advance of technologies and financial innovation and explore the
market. In this way, all business lines of CCB experienced a
rapid development and asset quality and operational efficiency
were further enhanced resulting in record highs in key
performance indicators.
CCB Annual Report 2004 shows that in 2004, CCB realized profit
before tax of RMB 50,216 million, an increase of RMB 12,743
million or 34.0% over the previous year. Of this, the net
interest income was RMB 100,296 million, an increase of RMB
11,349 million over the previous year. Provision for impairment
losses was RMB 8,830 million, an increase of RMB 661 million
over the previous year. And return on asset was 1.30% and return
on capital was 25.40%.
Excluding the impact of income tax exemption received, as part
of the shareholding-restructuring program, return on asset and
return on capital were 0.88% and 17.28% respectively. Based on
effective cost cutting measures, the cost to income ratio was
lowered to 39.17%, a decrease of 1.97 percentage points compared
to the previous year. At the end of 2004, the capital adequacy
ratio was strengthened to 11.29%, and non-performing loan ratio
was lowered to 3.92%. These data indicate that the key
performance indicators of CCB in 2004 have ranked upper middle
position amongst the international 100 large banks.
In 2004, CCB is based on the shareholding restructuring program
throughout the whole bank to speed up the restructuring of the
system and mechanism to ensure the successful completion of
CCB's objective in this period. The capital base, asset quality
and financial condition have been improved dramatically by means
of financial restructuring measures and competent legal
procedures such as dissolving non-performing loans and asset
loss, classifying asset quality and introducing promoters and
shareholders after the national capital injection.
Since the incorporation of China Construction Bank Corporation
in September of 2004, in accordance with competent rules and
regulations, CCB has held Shareholders General Meetings, formed
a Board of Directors and a Board of Supervisors, and appointed
the senior management. CCB also established several Board
Committees, including a Strategy and Nomination Committee, an
Audit Committee, a Risk Management Committee, Compensation and
Evaluation Committee and a Related Party Transactions Committee.
CCB has framed related articles and detailed implementation
procedures in response to the corporate governance structure.
CCB Shareholders General Meeting, Board of Directors, Board of
Supervisors and the senior management have started to conduct
operations effectively. CCB has established a sound and
efficient structure for policymaking, enforcement and oversight,
ensuring that effective checks and balances are in place between
the supervisory levels.
While establishing the modern corporate governance structure,
CCB has remained focus on strengthening the internal control and
risk management. Incorporating modern techniques and measures,
such as standardized credit risk ratings based on geographical
regions, industries and customer types, enhanced the Credit Risk
Rating and Early Warning System. And CCB became the first bank
amongst domestic commercial banks to establish an economic
capital driven risk and reward performance system and further
improve the economic capital budgeting and the performance
assessment and incentive system.
In 2004, CCB deposit business maintained a rapid growth and
loans enjoyed a proper increase. Deposits increased by RMB
295,258 million or 9.2% compared to the previous year. Loans
increased by RMB 229,595 million, an increase of 11.5%, and
mainly went to personal housing, infrastructure construction and
discounting products that have the characteristic of low risks.
While maintaining the leading market positions in core products,
CCB was active in exploiting new market opportunities, such as
developing strategic businesses, including bank cards, foreign
exchange, and electronic banking services with considerable
success. CCB also sustained the rapid growth experienced in our
intermediary services with an increase of 39.0% in terms of net
income of fees over the previous year.
CCB demonstrated its commitment to continuous product innovation
with the launch of a number of new products, such as the pilot
launch of the øHappy Investor' wealth management card and the
bank-wide unified brand for foreign exchange structured deposit
products, Profit from Exchange. CCB became the first domestic
commercial bank to launch an independent custodial banking
system for securities settlement funds as part of our custodial
services.
Meanwhile, the annual report 2004 of CCB nearly meets the
requirement for listed companies with regard to its format and
content. And the level of transparency in the information
disclosure has been improved and increased considerably.
As to the deferring of its disclosure over the annual report
2004, an insider said CCB had received the approval from
competent authorities. 2004 is a special year for CCB that
experienced the separation, the incorporation, the financial
restructuring, external auditing, and changes within the bank in
terms of organizational structure and administration. In
particular CCB engaged in the reform of financial policies and
needed to receive the approval from competent government
authorities. All CCB businesses shall be conducted strictly in
accordance with its Articles of Association and relevant rules
and regulations.
There are some new issues and conditions that have no suit to be
followed by commercial banks and need time to find solutions.
This insider also said, in accordance with competent rules and
regulations, CCB will continue to release its information in
time so that all shareholders interests can be guaranteed.
This is a company press release.
CHINA CONSTRUCTION: Unveils Shareholders' Meeting Results
---------------------------------------------------------
Recently China Construction Bank Corporation held the 2004
shareholders' meeting in Shanghai which was attended by
representatives of its five shareholders including the Central
Huijin Investment Company, China Jianyin Investment Limited,
State Grid, Shanghai Bao Steel (Group) Co., Ltd. and China
Yangtze Power Co., Ltd., all the members of its Board of
Directors (BOD) and Board of Supervisors (BOS), secretary of the
BOD and representatives of the regulatory authorities and
intermediary organizations.
At the meeting participants discussed the work reports of the
BOD and the BOS, passed the 2004 financial statements and profit
distribution plan, the annual report and the 2005 budget plan
and deliberated on the topics including the revision of the
Articles of Association and the appointment of accounting firm
for the year 2005.
At the meeting it is noted that since the establishment of China
Construction Bank Corporation in September last year, the
corporation's BOD, senior management and BOS have faithfully
implemented the central government's arrangement on the
shareholding reform of state-owned commercial banks, carefully
executed the decisions of the shareholders' meeting, accelerated
the institutional reform and transformation, established the new
corporate governance structure composed of the shareholders_
meeting, the BOD, the management and the BOS, formulated the
corporate governance documents based on the Articles of
Association, basically developed the governance structure of
check and balance among the authority body, decision-making
body, operational body and supervisory body and made their due
efforts to speed up the shareholding reform, implement the
development strategies, strengthen risk management, improve
asset quality, stimulate business innovation, improve customer
services and raise business performance.
In 2004, the overall business performance of the corporation was
sound, its asset and liability business grew steadily, asset
quality was improved greatly, profit was increased considerably
and major financial indexes grew continuously, meeting the
requirements of the China Banking Regulatory Commission (CBRC)
on the shareholding reform of CCB and creating values for the
shareholders. The meeting fully recognizes the work of the BOD
and the BOS since their establishment and expresses satisfaction
at the diligence of and faithful fulfillment of duties by the
corporation's management and employees.
At the meeting it was stressed that since the corporate
governance structure is newly established the functions of the
BOD, the senior management and the BOS have yet to be clearly
defined and the coordination, support and supervision mechanisms
to be strengthened. The risk management and internal control
capacities of the corporation need to be reinforced and all of
its business units and employees should further build the
"customer-tailored and market-oriented" operational philosophy
of commercial bank. The organizational structure, service
strategies, product innovation, process design and technological
support of the corporation should be further consolidated in a
bid to better meet the needs of development and cope with the
competition.
The participants make it clear that 2005 is a critical year for
advancing the shareholding reform, trying to launch the IPO and
accelerating the implementation of the new development
strategies and business growth. The meeting requires the BOD,
the senior management and the BOS coordinate closely and work
jointly to realize the annual business objectives and create
sound return for the shareholders as required by the
shareholding reform and development strategies. Efforts should
be made to improve the corporate governance structure, establish
and improve the institutional systems in compliance with the
modern corporate governance, reinforce the risk management and
internal control and set up the accountability and incentive
systems for the senior executives.
In 2005 the risk management will give top priority to continuing
to enhance the asset quality and preventing the operational
risks, and the risk system reform and internal control system
construction will be sped up. With focus on customers and guided
by the market, the product and service innovation will be
accelerated and tangible efforts will be made to raise the
quality of differentiated services, enhance the core
competitiveness, push for the steady implementation of the
operational plan and realize the operational objectives.
Meanwhile, the strategic investors will be introduced, the
information disclosure system will be improved, the investor
relation's management will be enhanced and preparations will be
accelerated to try to realize the objective of IPO by the end of
the year.
Prior to the shareholders' meeting, the first BOD of the
corporation held the 9th meeting and carefully discussed the
revision of the Articles of Association, the appointment of the
accounting firm for 2005 and other topics.
This is a company press release.
GENESIS PARTNERS: Issues Notice to Creditors
--------------------------------------------
Genesis Partners (Asia) Limited hereby gives notice is hereby
given pursuant to Section 49M of the Companies Ordinance that:
(1) The Company has approved a payment out of capital for the
purpose of acquiring its one Preferred Share by redemption.
(2) The amount of the permissible capital payment for the
Share in question is HK$59,038,482.58 and the resolution
approving such payment out of capital was passed on 6 June 2005.
(3) The directors' statement and the auditors' report required
by Section 49K of the Companies Ordinance are available for
inspection at the Company's registered office at Room 4305,
43/F., Tower One, Lippo Centre, 89 Queensway, Hong Kong.
(4) Any creditor of the Company may at any time within the
five weeks immediately following 6 June 2005 (date of
resolution) apply to the court under Section 49N of the
Companies Ordinance for any order prohibiting the payment.
Dated this 6th day of June 2005
Takuya Ichimura
Director
JILIN CHEMICAL: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange has received a message from Jilin Chemical
Industrial Company Limited, reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The Company have noted the recent increases in the trading
volume of the shares of the Company and wish to state that we
are not aware of any reasons for such increase.
The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.
Made by the order of the Board of Jilin Chemical Industrial
Company Limited, the directors of which individually and jointly
accept responsibility for the accuracy of this statement.
(Executive directors Yu Li, Shi Jianxun, Zhang Xingfu; non-
executive directors Xu Fengli, Ni Muhua, Jiang Jixiang, Lan
Yunsheng and independent non-executive directors Lu Yanfeng,
Wang Peirong, Zhou Henglong, Fanny Li)
By order of the Board
Zhang Liyan
Company Secretary
Jilin, the People's Republic of China
June 16, 2005"
CONTACT:
Jilin Chemical Industrial Company Limited
21/F, Entertainment Building
30 Queen's Road, Central
Hong Kong
Phone: 86-432-3903651
Fax: 86-432-3028126
Web site: http://www.jcic.com.cn
KING CHOICE: Winding Up Hearing Set July 6
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
King Choice Holdings Limited by the High Court of Hong Kong was
on May 6, 2005 presented to the said Court by Lau Siu Wai of
Room E, 5/F., Block 6, Liberte, 833 Lai Chi Kok Road, Lai Chi
Kok, Kowloon, Hong Kong.
The said petition is to be heard before the Court at 9:30 a.m.
on July 6, 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 July 5, 2005.
LYDHURST COMPANY: Creditors' Proofs of Claims Due July 10
---------------------------------------------------------
Notice is hereby given that the creditors of Lydhurst Company
Limited, which are being voluntary wound up, are required on or
before July 10, 2005 to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors to the Liquidator of the Company.
If so required by notice in writing from the said Liquidators,
they are to personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.
Dated this 10th day of June 2005
Leung Fung Yee Alice
Liquidator
Jardine House, 5th Floor
1 Connaught Place
Hong Kong
PROSPER GLORY: Issues Debt Claim Notice
---------------------------------------
Notice is hereby given that the creditors of Prosper Glory
Limited, which are being voluntary wound up, are required on or
before July 10, 2005 to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors to the Liquidator of the Company.
If so required by notice in writing from the said Liquidators,
they are to personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.
Dated this 10th day of June 2005
Leung Fung Yee Alice
Liquidator
Jardine House, 5th Floor
1 Connaught Place
Hong Kong
SAMWELL LABELS: Creditors' Meeting Fixed June 28
------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Samwell Labels Company Limited will be held at Room 1101, 11/F.,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on 28 June
2005 at 11:30 a.m. for the purposes mentioned in sections 241,
242, 243, 244 and 255A of the Companies Ordinance.
Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.
Dated 17 June 2005
By Order of the Board of
Samwell Labels Company Limited
Ching Kam Tong
QPL INTERNATIONAL: Bourse Halts Trading of Shares
-------------------------------------------------
At the request of QPL International Holdings Limited, trading in
its securities will be suspended with effect from 9:30 a.m. on
June 17, 2005 pending the release of an announcement relating to
price sensitive information.
QPL International posted a net profit of HK$10 million in the
business year ended April 30, 2004, versus a net loss of HK$477
million a year earlier, Chong Hing Securites reported on its Web
site.
CONTACT:
QPL International Holdings Limited
2/F QPL Industrial Building
138 Texaco Road
Tsuen Wan, New Territories
Hong Kong
Phone: 24065111
Web site: http://www.qpl.com
SMART FOREST: Winding Up Hearing July 6
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
Smart Forest Limited by the High Court of Hong Kong Special
Administrative Region was on May 17, 2005 presented to the said
Court by Cheung Siu Chui of Room 10, 28th Floor, Block E, Tin Ma
Court, Wong Tai Sin, Kowloon, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 6, 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.
George Y. C. Mok & Co
Solicitors for the Petitioner
5th Floor, Yuen Long Trade Centre
99-109 Castle Peak Road
Yuen Long, New Territories
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 July 5, 2005.
=================
I N D O N E S I A
=================
BANK GLOBAL: Angry Depositors Detain BPKP Chair
-----------------------------------------------
State Development Comptroller (BPKP) Chairman Arie Soelendro was
held "hostage" by disgruntled depositors of the now-defunct Bank
Global inside the House of Representatives Thursday, reports The
Jakarta Post.
Enraged by the government's failure to return their money, some
500 former Bank Global depositors refused to let Mr. Arie leave
the meeting room. The group forced Mr. Arie to provide details
of BPKP's ongoing audit of Bank Global.
After being detained for about an hour in the room, Mr. Arie was
rescued from the angry depositors by dozens of House security
officers, who broke down the door of the room before ushering
Mr. Arie away, amid jeers and curses from the enraged
depositors.
The BPKP has been ordered by the government to take an inventory
of Bank Global's assets and depositor funds prior to the
repayment of these funds to eligible recipients.
The depositors claim that Bank Global's woes are the results of
the government's and the central bank's failure to properly
supervise the bank and prevent unscrupulous practices. Instead,
they protected the bank and put the public at risk.
The central bank officially shut down Bank Global on Jan. 13,
due to its dwindling capital and clear evidence of banking
fraud.
Under the existing blanket guarantee scheme, the government
guarantees time deposits and savings in all liquidated banks.
SEMEN GRESIK: Sees Sales Jump 3.1% On Year
------------------------------------------
An increase in domestic sales has driven a 3.1-percent rise in
PT Semen Gresik's cement sales in the first five months of this
year to 6.09 million metric tons, Dow Jones Newswires relates.
The cement manufacturer said its domestic cement sales rose 7.2
percent to 5.45 million tons. Its exports, however, fell 23
percent to 637,973 tons.
The company did not provide an explanation for its improved
performance.
The Indonesian government owns 51 percent of Semen Gresik.
Mexico's Cemex SA de CV (CX) has a 25.53 percent stake.
CONTACT:
PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
=========
J A P A N
=========
DAIEI INCORPORATED: Spends JPY178 Bln on Revival Plan
-----------------------------------------------------
Daiei Incorporated will spend JPY178 billion in an effort to
restore its struggling store operations, The Asahi Shimbun
reports.
The new management team plans to remodel its existing
supermarkets and opening new groceries, entering new lines of
business and building up the company's information system.
Investment to transform 150 general merchandise stores within
two years will come to JPY60 billion, while JPY39.4 billion will
go toward opening 100 food supermarkets within five years.
Daiei will also set aside JPY30 billion for entry into non-
supermarket stores such as delicatessens and drug stores.
CONTACT:
Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
FUJI HEAVY: S&P Downgrades Rating to 'BB+'
------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
credit rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-'
based on diminished prospects for a recovery in profitability
and cash flow over the near term along with intensifying
competition in the global auto industry. The outlook on the
rating is stable.
"Fuji Heavy's profitability and cash flow have weakened over the
past two years largely owing to its disappointing sales
performance, deterioration in model mix, and increasing
competitive pressures," said Standard & Poor's credit analyst
Chizuko Satsukawa.
"Fuji Heavy has a high dependence on a few vehicle models in its
relatively small automotive business, Subaru. This makes the
company's overall profitability highly dependent on the sales
performance of each model, as well as on new product launches,"
Ms. Satsukawa added.
In addition to weak sales overall, Fuji Heavy's profitability
has been negatively affected by erosion in its model mix, given
the greater proportion of lower-margin vehicles.
The prospects for improvement in profitability in the near term
are low as indicated by the company's downward revision of its
sales volume and profit targets in its midterm business plan to
March 2007.
While Fuji Heavy plans to launch a limited number of new models
and to perform major facelifts on its existing models over the
next few years, the aggressive introductions of new models
planned by competitors will pressure its ability to achieve
these targets and improve profitability as planned. To revive
profitability, Fuji Heavy intends to cut costs by coordinating
global purchasing with its 20 percent-owner General Motors Corp.
(BB/Negative/B-1), and restructure its product planning and
sales processes and networks.
Fuji Heavy remains vulnerable to foreign exchange rates because
of its relatively low overseas production and procurement. The
company plans to reduce its exposure to this risk by exporting
vehicles manufactured in the U.S. to Japan and Europe, but it is
uncertain if exports will reach sufficient volumes to constitute
a meaningful natural hedge. Moreover, depending on the sales
performance of a new SUV, production capacity at its vehicle
assembly plant in the U.S. may continue to be underutilized.
Profitability and cash flow are not likely to improve from
recent weak levels in the near term. Fuji Heavy's EBITDA margin
and ratio of funds from operations to total debt are expected to
remain below 10% and 25%, respectively. Despite the erosion, the
company is expected to maintain moderate financial leverage,
with a ratio of total debt to capital of approximately 37%
(calculated according to Standard & Poor's captive finance
methodology), given its relatively low capital investment plans
over the next few years.
The stable outlook is based on the expectation that Fuji Heavy
will be able to stop profitability and cash flow erosion in the
next few years, helped by various cost cutting measures and the
major facelift of the core Legacy model. In addition, the
company's relatively moderate financial leverage provides some
leeway at the revised rating level. If there are delays in
improving cash flow, leading to significantly increased debt
usage and considerable deterioration in cash flow protection
measures, the rating could be lowered further.
CONTACT:
Fuji Heavy Industries Ltd
7-2 Nishi-Shinjuku 1-Chome
Shinjuku-Ku 160-8316, Tokyo 160-8316
JAPAN
Phone: +81 3 3347 2005
Fax: +81 3 3347 2126
MATSUSHITA ELECTRIC: Mobile Arm Eyes Bigger Global Share
--------------------------------------------------------
Matsushita Electric Industrial Co.'s (6752.TO) unit Panasonic
Mobile Communications Ltd. expects its share in the global
handset market to more than triple over the next five years as
it launches its 3G-product line outside of Japan next year,
according to Dow Jones Newswires.
Panasonic Mobile is making efforts to obtain a bigger pie of the
market and aiming for a global market share of 8 percent over
the next five years.
CONTACT:
Panasonic Mobile Communications Co., Ltd.
4-3-1, Tsunashima-Higashi
Kokoku-ku Yokohama 223-8639
Japan
Phone: +81-45-531-1231
Fax:+81-45-542-5105
MITSUBISHI MOTORS: To Manufacture More Cars for Other Automakers
----------------------------------------------------------------
Mitsubishi Motor Corporation (MMC) wants to improve the
utilization rate of its manufacturing capacity by producing more
vehicles for other automakers, AFX News reports.
"The business of producing for other producers is doing well.
Since the beginning of the month, we are making...the Mini Otti
for Nissan. The contract is for 36,000 units per year," MMC
President Osamu Masumo said.
Mitsubishi also has a firm order from Peugeot to make a sporty
all-terrain vehicle, about 30,000 units per year from June 2007.
DaimlerChrysler AG holds 13 percent stake in MMC.
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
MITSUI & COMPANY: Ex-employees Arrested On Fraud Allegations
------------------------------------------------------------
Reference is made to a series of announcements made by Mitsui &
Co., Ltd. regarding the Diesel Particulate Filter (DPF) incident
since November 22, 2004.
Mitsui regrets to report that two former employees of Mitsui and
a former officer of Mitsui's wholly owned subsidiary, PUREarth
Incorporated (PE), have been arrested by the Tokyo Metropolitan
Police Department on suspicion of involvement in fraudulent
sales of DPFs manufactured by PE.
Immediately following discovery of the incident, Mitsui has been
implementing measures to prevent the recurrence of similar
incidents in the future, including a compliance awareness
program among all of its employees. Mitsui is taking the
investigation and facts revealed by the authority very
seriously, and seeks to further reinforce the preventative
measures, which have so far been implemented.
At the same time, Mitsui will continue to do its best to
expedite the replacement and redemption of the DPFs.
Mitsui again expresses its utmost regret to DPF users and all
the parties concerned, including the citizens and the local
community for the occurrence of the incident.
CONTACT:
Mitsui & Co., Ltd.
2-1 Ohtemachi 1-Chome
Chiyoda-Ku 100-0004, Tokyo 100-0004
JAPAN
Phone: +81 3 3285-1111
Fax: +81 3 3285-9819
Investor Relations Division
Telephone: +81-3-3285-7910
Facsimile: +81-3-3285-9819
E-mail: infoTKADZ@mitsui.com
This is a Company press release.
SANYO ELECTRIC: Launches New LCD Projector
------------------------------------------
Sanyo Electric's trio of new projectors -- the PLC-XU70, 73 and
76 -- all equipped with classroom friendly short throw
projection lenses are perfect units for the busy business or
academic presenter.
These sleek, look-alike, three panel LCD projectors have a wide
range of natural color saturation with true XGA (1024 by 768)
pixel resolution and they come with an increasing range of light
outputs. End users can choose the unit that best fits their
situation -- the PLC-XU70 starts with 1500 ANSI lumens; the PLC-
XU73 does the midrange with 2000 ANSI lumens; and the PLC-XU76
hits the top of the line with 2500 ANSI lumens. The light from
these units can either fill a big screen or light up a dark
black board using Sanyo's unique "Blackboard Mode" that
automatically adjusts the image's white balance and gamma
correction to project an intelligible image on just about any
surface, including dark surfaces with low reflection.
Sanyo also knows that busy presenters -- people on the run with
no time to spare -- sometimes need to plug in, project, present
and then unplug the projector just as quickly as they started.
Where other projectors make you wait for a lamp cool-down
period, Sanyo's new PLC-XU70, 73 and 76 do not. When you're
done, you can turn off, unplug and then run to the next meeting
or classroom with one of these ready-to-go, bright projectors
just as fast as you need to -- there is no need to wait -- all
without worrying about affecting the unit's lamp life time.
Along with their high color saturation, high contrast ratio and
great brightness, these three new projectors also come with one
of Sanyo's powerful image processing ICs for smooth, digital 3-2
pull down, progressive scan processing of video signals. The
image processing IC in these three projectors makes entertaining
multimedia presentations a snap by accepting a wide range of
computer input signal sources from VGA to UXGA, as well as video
input sources from composite, S-Video and component (with
optional cable) to 1080i HDTV. In addition, these new
projectors have a switchable, D-sub 15 analog I-O terminal
capable of receiving an additional input or driving an external
monitor or another projector. The MSRP for the PLC-XU70 is
$2,495.00, the PLC-XU73 is $2,995.00 and the PLC-XU76 is
$3,495.00. The projectors are available in August 2005.
About SANYO
Based in Chatsworth, CA, SANYO Fisher Company is a leading
marketer of high-quality multimedia, consumer audio and video,
communications, security video, office automation, air
conditioning and home appliance products. (The Presentation
Technologies Division, through its parent company in Japan, is
one of the world's largest producers of LCD projectors and
digital cameras.) The company is a division of SANYO North
America Corporation, a subsidiary of SANYO Electric Co., Ltd.
(Japan), one of the world's largest electronics manufacturers.
For more information on SANYO's complete line of LCD projectors,
please call 888.495.3452 or visit http://www.sanyo.com.
CONTACT:
Sanyo Electric Co. Ltd.
Address: 5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086
=========
K O R E A
=========
DAEWOO GROUP: Court Orders Detention for Ex-boss
------------------------------------------------
The Seoul Central District Court has issued an order to detain
until July 5 the defamed founder of the failed Daewoo Group to
give prosecutors time to prepare an indictment, reports Agence
France Presse.
The 68-year-old Kim Woo-Choong, who gave himself up to the
authorities Tuesday upon his return to South Korea after six
years of fugitiveness, did not contest the ruling.
Senior judge Kim Jae-Hyup said Mr. Kim is expected to receive
harsh punishment considering the severe damage inflicted on the
national economy and his status and roles in the accounting
fraud case.
Prosecutors alleged Mr. Kim ordered his executives to inflate
the group's assets by KRW27 trillion (US$26.7 billion) between
1997 and 1998. He also allegedly borrowed KRW5.7 trillion from
financial institutions by presenting fraudulent account books
and letters of credit and smuggling one billion dollars
overseas.
Prosecution authorities plan to indict Kim early next month
after further questioning him as to whether he bribed
politicians and government officials to keep his failing group
afloat in the late 1990s.
Mr. Kim is likely to be placed in a detention center in southern
Seoul from where he will be taken daily to the downtown Supreme
Prosecutors' Office for questioning.
KOREA EXCHANGE: Fitch Upgrades Rating to 'BBB'
---------------------------------------------
Fitch Ratings, the international rating agency, has on Friday
upgraded Korea Exchange Bank's ("KEB") Long-term rating to 'BBB'
with a Stable Outlook from 'BBB-' (BBB minus). Fitch has also
upgraded its Individual rating to 'C' from 'C/D' and Short-term
rating to 'F2' from 'F3'.
The agency's ratings on KEB's Lower Tier II subordinated debt
have also been raised by one notch to 'BB+' and 'BBB-' (BBB
minus). At the same time, the agency has also affirmed the
bank's Support rating at '2'.
The ratings upgrade reflects KEB's improved operating
performance, asset quality and capital position in 2004 and 1Q
2005. The ratings have been constrained by KEB's struggle with
the legacy of large bad corporate loans and credit card losses.
In 2004, despite sustained losses (KRW558.9 billion) from its
credit card division, KEB achieved a turnaround of KRW522.1bn in
net income with a 17.8% return on equity ("ROE") and a 0.84%
return on assets ("ROA"), compared to the KRW213.8bn in net
losses in 2003. One-off extraordinary items including the gains
from the sale of its US subsidiary, Pacific Union Bank
(KRW181bn) and the write-back of SK Network's reserves were
significant contributors to the improved profitability.
Excluding these, the underlying operating ROE would have been
7%.
KEB's 1Q05 earning results were better than expected, with the
bank achieving KRW326bn in net income and an annualised ROE of
38%, thanks to a turnaround in its credit card business which
contributed KRW71.8bn in quarterly income, the unit's first
quarterly profits since 1Q2002. The recovery of the KRW54bn in
loans to Dong-Ah Construction that were originally written-off,
also boosted its bottom line. Its NPL ratio improved to 1.70% at
March 2005 from 1.82% at end-04.
Amid lingering concern over the health of the Korean SMEs
lending, Fitch believes KEB is in a relatively better position
than other banks with less exposure to small domestic SMEs,
which have been more negatively affected by sluggish domestic
consumption.
KEB's weaker capital position has been one of major constraints
in its ratings. However, with improved profitability, its
capital ratio is on a rising trend, with a 9.85% CAR and 6.08%
Tier 1 ratio at March 2005, up from 9.47% and 5.51% respectively
at end-2004. In line with its expectation of KRW700bn in net
income in 2005 (a 20% ROE and 1.0% ROA), KEB targets a 10.4% CAR
and 6.5% Tier 1 ratio by end-2005. Although this is a
considerable improvement that supports the rating upgrade, in
Fitch's view, the bank should further improve its capital
position to achieve higher ratings.
Although KEB has not confirmed this, Lone Star, its controlling
shareholder, is likely to start negotiations with potential
buyers in the second half of 2005. However, Fitch does not view
this as a negative factor for the bank's ratings, as its stand-
alone credit profile is improving and would be further
strengthened if it is eventually acquired by an entity that has
a higher rating.
CONTACT:
Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm
TRIGEM COMPUTER: Receivership Plan Gets Court Nod
-------------------------------------------------
Struggling TriGem Computer was finally given the chance to
revive its operations after the court approved its receivership
proposal, The Korea Times reports.
The Suwon District Court authorized Trigem's receivership and
appointed the Company's former president and chief executive
Park Il-hwan as a supervisor.
Trigem, hit by a brutal price war with Taiwanese and Chinese
rivals in the personal computer industry, sought court
receivership on May 18 due to severe cash shortage.
As of the end March, total liabilities at TriGem amounted to
KRW1.17 trillion (US$1.15 billion). In the first quarter ended
March 31, TriGem reported a net loss of KRW2.9 billion on sales
of KRW368 billion, a 26 percent decline from a year earlier.
CONTACT:
TriGem Computer Incorporated
1055 Singil-dong Ansan-SI
Gyeonggi-do, 425-839
South Korea
Phone: +82 31 489 3000
Fax: +82 31 489 3333
===============
M A L A Y S I A
===============
CRIMSON LAND: Ends Quotation of Crimson OA Shares
-------------------------------------------------
Further to Listing Circular No. L/Q of 23794 of 2004, and the
announcement by Alliance Merchant Bank Berhad on behalf of
Crimson Land Berhad on June 15, 2005, the company advised Bursa
Malaysia Securities Berhad that the Crimson-OA shares will cease
to be quoted with effect from 9:00 a.m., Friday, June 17, 2005
and will merge with the existing CRIMSON shares as from that
date.
CONTACT:
Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045
HONG LEONG: Teams Up with HLCM on Stake Disposal
------------------------------------------------
Hong Leong Bank Berhad (HLB) informed Bursa Malaysia Securities
Berhad that it had on June 16, 2005 entered into a Sale and
Purchase Agreement (SPA) with HLCM Capital Sdn Bhd (HLCM
Capital) to dispose of its 100% equity interest in Credit
Corporation (Malaysia) Sdn Bhd (CCM), comprising two (2)
ordinary shares of RM1.00 each, to HLCM Capital for a total cash
consideration of RM5,000 (Sale Consideration).
CCM is currently a dormant company with a paid-up capital of
RM2.00. HLCM Capital is an investment holding company with a
paid-up capital of RM500,000.
The Sale Consideration for the Proposed Disposal was arrived at
based on the unaudited net tangible assets (NTA) of CCM of
RM5,000 as at May 31, 2005.
The audited loss after taxation of CCM for the financial year
ended June 30, 2004 is RM1,425 and the audited NTA of CCM as at
June 30, 2004 is RM244,805.
The Sale Consideration, which will be payable in full upon
obtaining the requisite approval for the Proposed Disposal
(Completion Date), will be utilized as working capital.
The cost of investment of CCM in HLB's books as at 30 June 2004
is RM2.00. There are no liabilities to be assumed by HLCM
Capital arising from the Proposed Disposal. CCM has been dormant
for many years and HLB has no plans for the company.
The CCM shares will be sold free from all liens and other
encumbrances and with all rights attaching thereto together with
all profits, dividends and distributions declared, made or paid
in respect thereof after the Completion Date.
The Proposed Disposal will not have any effect on the share
capital, major shareholders' shareholdings of HLB, earnings and
NTA per share of HLB Group for the financial year ending June
30, 2005.
Hong Leong Company (Malaysia) Berhad is a major shareholder of
HLB and HLCM Capital. YBhg Tan Sri Quek Leng Chan, a Director
and deemed major shareholder of HLB and HLCM Capital, also has
direct interest in the shares of HLB.
Mr. Kwek Leng Hai and Mr. Kwek Leng Seng are Directors of HLB
and have direct interests in the shares of HLB. YBhg Tan Sri
Quek Leng Chan, Mr. Kwek Leng Hai and Mr. Kwek Leng Seng are
brothers. Mr. Kwek Leng Kee, a deemed major shareholder of HLB,
also has direct interest in the shares of HLB. Save as
disclosed, none of the other Directors and major shareholders of
HLB and persons connected with them, has any interest, direct or
indirect, in the Proposed Disposal.
The Proposed Disposal is subject to the approval of the Foreign
Investment Committee. The Proposed Disposal is not subject to
approval of the shareholders of HLB.
The Directors of HLB (except for YBhg Tan Sri Quek Leng Chan,
Mr. Kwek Leng Hai and Mr. Kwek Leng Seng who are deemed
interested in the Proposed Disposal) are of the opinion that the
Proposed Disposal is in the best interest of HLB Group.
The SPA is available for inspection at the Registered Office of
HLB at Level 6, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala
Lumpur during normal business hours from Mondays to Fridays
(except public holidays) for a period of 14 days from the date
of this announcement.
This announcement is dated 16 June 2005.
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
I-BERHAD: Purchases 9,400 Shares on Buy Back
--------------------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back on June 16, 2005 with the following details:
Description of shares purchased: Ordinary shares of RM1.00 each
Total number of shares purchased (units): 9,400
Minimum price paid for each share purchased (RM): 0.795
Maximum price paid for each share purchased (RM): 0.795
Total consideration paid (RM): 7,528.83
Number of shares purchased retained in treasury (units): 9,400
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 2,726,000
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
KUMPULAN EMAS: Reaches Agreement Over Disposal of Interest
----------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad by Kumpulan Emas Berhad on June 2, 2005 and June 9, 2005
on the disposal of equity interest in Salcon Berhad, the Board
of Directors of Kumpulan Emas Berhad announced that the
consideration of the disposals were agreed upon via an off
market arrangement through Hwang-DBS Securities Berhad.
The financial information in respect of the disposals is as
follows:
(1) Net profits attributable to the assets which are the subject
matter of the transaction - RM1,903,000
(2) Net book value of the investment - RM44,494,988
(3) Loss per share - 2.19 sen
No liabilities have been assumed by the purchaser arising from
the disposals apart from the purchase consideration.
The transactions have not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.
CONTACT:
Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan, USJ 1
47600 Subang Jaya
Selangor
Phone: 03-8024 8899
Fax: 03-8024 8998
Web site: http://www.keb.com.my
KUMPULAN GUTHRIE: Shareholders Approve All AGM Resolutions
----------------------------------------------------------
Kumpulan Guthrie Berhad informed Bursa Malaysia Securities
Berhad that the shareholders of the Company, at the Annual
General Meeting (AGM) held Thursday, had unanimously approved
all the resolutions relating to the ordinary and special
business as set out in the notice of AGM dated May 20, 2005.
The Group's principal activities are organized in five main
segments: Plantation and agricultural services which cultivates,
processes and sells palm oil, palm kernel, fresh fruit bunches
and rubber, produces and sells oil palm seeds and seedlings and
agrichemicals; Property development which develops and
constructs residential, commercial and industrial property and
sells land held for development; Manufacturing which
manufactures and sells medium-density fibreboard, rubber gloves,
rubber wood components and concrete blocks and bricks; General
trading which trades furniture, rubber and edible oil
merchanting and healthcare products; and Others which is
involved in investment holding and provision of computer
services, hotel and resort management, golf club operation,
quarry operation and general contracting. General trading
accounted for 37% of 2001 revenues; plantation/agricultural
services, 30%; property development, 26%; manufacturing, 6% and
others, 1%.
CONTACT:
Kumpulan Guthrie Berhad
21 Jalan Gelenggang Damansara Heights
Wisma Guthrie
50490 Kuala Lumpur, Kuala Lumpur 50490
MALAYSIA
Phone: +60 3 2094 1644
Fax: +60 3 2095 7934
Web site: http://www.kumpulanguthrie.com
METACORP BERHAD: Passes All Resolutions at EGM
----------------------------------------------
Metacorp Berhad informed Bursa Malaysia Securities Berhad that
the Ordinary Resolution as set out in the Notice of
Extraordinary General Meeting of Metacorp Berhad dated May 31,
2005 was duly passed at the Extraordinary General Meeting of
Metacorp Berhad held at its Registered Office at No. 26, Jalan
2/6, Dataran Templer, Bandar Baru Selayang, 68100 Batu Caves,
Selangor Darul Ehsan on Thursday, June 16, 2005.
About Metacorp
Metacorp was incorporated in Malaysia on 26 November 1982 under
the Companies Act, 1965, as a private limited company. On 4 July
1991, the Company converted into a public limited company and
changed its name to Metacorp Berhad (Metacorp). Its shares were
listed on the Second Board of The Bursa Malaysia on 18 December
1991. On 20 July 2001, Metacorp transferred its listing from the
Second Board to the Main Board of Bursa Malaysia.
Principally in investment holding, Metacorp's business focus is
on toll operations, property development and the development and
servicing of district cooling and cogeneration systems.
The Group's toll operations are undertaken by its wholly-owned
subsidiary, Metramac Corporation Sdn Bhd, and cover three roads;
Kuala Lumpur's Jalan Pahang, the East-West Link Expressway and
the KL-Seremban Expressway.
Metacorp Properties Sdn Bhd and Metacorp Development Sdn Bhd are
responsible for Metacorp's property development activities,
which comprise a portfolio of residential, commercial and
industrial properties located on approximately 1,873 acres of
land in Ayer Keroh, Melaka.
In the district cooling and co-generation systems, Metacorp is
represented by its subsidiary Seseni Energy Services Sdn Bhd.
CONTACT:
Metacorp Berhad (93570-P)
22 Jalan 2/6, Dataran Templer
Bandar Baru Selayang
68100 Batu Caves, Selangor
Malaysia
Phone: (603 61201118)
Fax : (603 61205558)
Web site: http://www.metacorp.com.my
NALURI BERHAD: Bourse to List Additional 1,200 Shares
-----------------------------------------------------
Naluri Berhad informed to Bursa Malaysia Securities Berhad that
Its additional 1,200 new ordinary shares of RM1.00 each arising
from the Exercise of 1,200 Warrants 1995/2005 into New Ordinary
Shares will be granted listing and quotation with effect from
9:00 a.m., Monday, June 20, 2005.
The Group's principal activities are the provision of property
investment and construction, cargo logistic system, hospitality
management and related services, investment holding and
manufacturing of composite aircraft parts. Its operations are
located in Malaysia and Germany. Investments accounted for 52%
of 2001 revenues; hotel and property business, 38% and aviation
business, 10%.
CONTACT:
Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax: +60 3 2162 0676
NORTH BORNEO: Releases 1Q Financial Results
-------------------------------------------
The North Borneo Corporation Bhd furnished Bursa Malaysia
Securities Berhad with a copy of its unaudited financial results
for the period ended March 31, 2005.
Summary of Key Financial Information
31/03/2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceeding Year
Quarter Corresponding To Date Corresponding
Quarter Period
31/03/2005 31/03/2004 31/03/2005 31/03/2004
RM'000 RM'000 RM'000 RM'000
(1) Revenue
0 0 0 0
(2) Profit/(loss) before tax
-1,327 -1,302 -1,327 -1,302
(3) Profit/(loss) after tax and minority interest
-1,327 -1,302 -1,327 -1,302
(4) Net profit/(loss) for the period
-1,327 -1,302 -1,327 -1,302
(5) Basic earnings/(loss) per shares (sen)
-2.01 -1.97 -2.01 -1.97
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at End of Current Quarter As at Preceding Financial Year End
(7) Net tangible assets per share (RM)
2.3600 2.3400
To view a full copy of the financial results, click
http://bankrupt.com/misc/THENORTHBORNEO.doc
CONTACT:
The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220
NORTH BORNEO: Prepares FS on Break-Up Basis
-------------------------------------------
On May 6, 2005, the Board of Directors of The North Borneo
Corporation Berhad advised Bursa Malaysia Securities Berhad that
it would retract the audited financial statements that had been
submitted to Bursa Malaysia Securities Bhd (Bursa Securities) on
April 29, 2005.
The Company retracted the financial statements on May 10, 2005.
In the announcement dated May 6, 2005, the Board had stated that
the draft financial statements that had been deliberated by the
Board of Directors at its meeting on April 22, 2005 were then
not qualified by the auditors.
The Board wishes to inform that the said auditors' report
carried a "Subject to" opinion and the auditors advised that it
is a qualified opinion on that basis.
The signed auditors' report dated April 22, 2005 and furnished
to the Company on April 28, 2005 carried an adverse opinion.
In light of the adverse opinion, the Board retracted the
financial statements and proceeded to prepare the accounts on a
break-up basis.
The Board now announces that the restated financial statements
have been prepared on the break-up basis, which the Board has
since approved as disclosed in the audited financial statements.
The auditors have since issued an unqualified report on the
reissued financial statements, although their report contains an
"Except for" opinion in respect of the registers of the Company
which have been retained by Securities Commission and are
therefore not kept at a location in accordance with the
requirements of the Companies Act, 1965.
RHB CAPITAL: Transfers Entire RHB International Interest
--------------------------------------------------------
RHB Capital announced to Bursa Malaysia Securities Berhad that
with the transfer of the Company's entire shareholding of 30,000
ordinary shares of RM10.00 each (of which RM5.00 is partially
paid-up) in RHB International Trust (Labuan) Sdn Bhd (RHBITLSB)
to RHB International Trust (L) Ltd (RHBITLL) (hereinafter
called the Share Transfer), in exchange for 19,999 ordinary
shares of USD4.00 each (of which USD2.00 is partially paid-up)
of RHBITLL (hereinafter called the Share Allotment), RHBITLSB
shall cease to be a direct wholly-owned subsidiary of RHB
Capital.
Prior to the Share Transfer, RHBITLSB and RHBITLL, which are
incorporated under the Companies Act, 1965 and Offshore
Companies Act 1990 respectively, are both the direct wholly-
owned subsidiaries of RHB Capital.
With the said Share Transfer, RHBITLSB will become a wholly
owned subsidiary of RHBITLL, which in turn is a wholly owned
subsidiary of RHB Capital.
Subsequent thereto, the nature of business for RHBITLSB will be
that of providing corporate secretarial services, corporate
resident directorship services, custodian services and other
related services.
The Share Transfer and Share Allotment are not expected to have
any material effect on the earnings or net tangible assets of
the RHB Capital Group for the financial year ending December 31,
2005.
None of the directors or substantial shareholders of RHB Capital
or persons connected to them has any interest, direct or
indirect, in the said Share Transfer and Share Allotment
thereto.
This announcement is dated 16 June 2005.
CONTACT:
Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax: +60 3 9280 6507
SATERAS RESOURCES: To Appeal to Federal Court
---------------------------------------------
On June 15, 2005, The Court of Appeal has allowed an application
by one of the parties opposing the Petition to strike out the
appeal filed by Sateras Resources (Malaysia) Berhad against the
decision of the High Court dated January 31, 2005 dismissing the
Company's application for sanction of the Proposed Restructuring
Scheme on a technical ground, without hearing the merits of the
appeal.
The Company has instructed its solicitors to file and pursue on
an urgent basis an appeal to the Federal Court in respect of the
decision of the Court of Appeal.
CONTACT:
Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Telephone: +60 2161 8529
SIME DARBY: Enters Alliance with Rengo Company
----------------------------------------------
The Board of Directors of Sime Darby Berhad announced to Bursa
Malaysia Securities Berhad that Sime Rengo Packaging Singapore
Limited (SRPS), a 66.6%-owned subsidiary of Sime Darby Berhad
has entered into transactions to purchase paper rolls from Rengo
Co. Ltd.
The transactions are necessary for day-to-day operations and
therefore, deemed to be recurrent related party transactions
pursuant to Paragraph 10.09 of the Listing Requirements.
Related Party
Rengo Co. Ltd is a related party by virtue of it being a major
shareholder of SRPS. Rengo Co. Ltd presently holds 801,600
ordinary shares of S$1.00 each, representing 33.4% equity
interest in SRPS.
Details of the Recurrent Related Party Transactions
Transacting Party: SRPS and Rengo Co. Ltd
Nature of Transaction: Purchase of paper rolls
Period of Transaction: July 04 to May 05
Aggregate Value: (RM) 4,571,340.61
SRPS is principally engaged in manufacturing and marketing of
corrugated paper boxes and other paper products while Rengo Co.
Ltd is in the business of manufacturing and marketing of paper
rolls, corrugated paper boxes and other paper products.
Rationale
The Recurrent Related Party Transactions are intended to meet
the business needs of SRPS and are in the normal course of
business and made at arm's length, on the Group's normal
commercial terms which are not more favourable to the Related
Party than those generally available to the public and are not
to the detriment of the other shareholders.
Financial Effects of the Recurrent Related Party Transactions
The Recurrent Related Party Transactions do not have any effect
on the issued and paid up share capital of Sime Darby Berhad or
on the shareholdings of the major shareholders and they do not
have any material effect on the earnings and net tangible assets
of the Sime Darby Berhad Group.
Directors and Major Shareholders' Interest
Save as disclosed above, none of the Directors or major
shareholders or persons connected with them has any interest,
direct or indirect, in the Recurrent Related Party Transactions.
Statement by the Board of Directors
The Board of Directors having taking into consideration all
aspects of the Recurrent Related Party Transactions is of the
opinion that they are in the best interest of the Sime Darby
Berhad Group.
Approvals Required
The Recurrent Related Party Transactions do not require the
approval of the shareholders of Sime Darby Berhad or of any
relevant authorities.
This announcement is dated 16 June 2005
CONTACT:
Sime Darby Berhad
Jalan Raja Laut
21ST FLOOR, WISMA SIME DARBY
50350 Kuala Lumpur 50350
MALAYSIA
Phone: +60 3 2691 4122
Fax: +60 3 2698 7398
Web site: http://www.simenet.com
TA ENTERPRISE: Amends Content of Announcements
----------------------------------------------
TA Enterprise Berhad informed Bursa Malaysia Securities Berhad
that there were typographical errors in the content of the
announcement dated April 19, 2005 and rectified the following
phrases to be in accordance with the High Court's Order granted
to TA Centre Berhad (formerly known as TA Securities Berhad)
(TACB) under Section 64 of the Companies Act 1965:
(1) "To reduce TACB's total issued and paid-up capital of
925,000,000 ordinary shares of RM1 each to 180,000,000
ordinary shares of RM1 each." should be read as:
"To reduce TACB's total issued and paid-up capital of
925,000,000 ordinary shares of RM1 each to 185,000,000 ordinary
shares of RM1 each."
(2) "The excess capital of RM745,000,000 comprising of
745,000,000 ordinary shares of RM1 shall be distributed to the
shareholders of TACB." should be read as:
"The excess capital of RM740,000,000 arising from the above
exercise shall be distributed to the shareholder of TACB."
The errors stated above are regretted.
CONTACT:
Ta Enterprise Berhad
No 22 Jalan P Ramlee
Kuala Lumpur, 50250
MALAYSIA
Phone: +60 3 2072 1277
Fax: +60 3 2031 6608
TALAM CORPORATION: ICULS Expires July 19
----------------------------------------
Notice is hereby given that pursuant to the conditions
stipulated in the Trust Deed dated November 3, 2003 (Trust Deed)
constituting up to RM44,649,336 seven percent nominal value
Irredeemable Convertible Unsecured Loan Stocks 2003/2005 (ICULS
2003/2005) issued by Talam Corp. Berhad, the ICULS 2003/2005
will mature at 5:00 p.m. on Tuesday, July 19, 2005 (Expiry
Date).
As at May 31, 2005, RM28,523,118 nominal value of ICULS
2003/2005 have been converted into fully paid ordinary shares of
RM1.00 each and the amount outstanding ICULS 2003/2005 is
RM16,126,218.
On the Expiry Date, the remaining outstanding ICULS 2003/2005
shall be automatically converted into fully paid ordinary shares
of RM1.00 each of the Company on the basis of RM1.00 nominal
value of ICULS 2003/2005 for every one (1) new ordinary share in
the Company in accordance with the terms of the Trust Deed.
The new Shares arising from the conversion of the ICULS
2003/2005 which have been deposited into the CDS account with
the Bursa Malaysia Depository Sdn. Bhd. (Bursa Depository) shall
be credited directly into the CDS account of the holders of
ICULS 2003/2005 and a notice of allotment stating the number of
Shares credited into the CDS account will be issued to the
holders of ICULS 2003/2005. No physical share certificate will
be issued to these holders of ICULS.
CONTACT:
Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439
TRANSOCEAN HOLDINGS: Notes Default in Payment Status
----------------------------------------------------
Reference made to the General Announcement made by Transocean
Holdings Bhd to Bursa Malaysia Securities Berhad on June 15,
2005 (Reference No. CS-050614-64104) (the earlier announcement)
in relation to the default in repayment of banking facilities by
the Company's 75% owned subsidiary, Transocean Biotec (M) Sdn
Bhd (TBM) to Malayan Banking Berhad (MBB).
The Company wishes to furnish the following additional
information:
(1) Financial and legal implications in respect of the default
in payments
(1.1) TBM has created the following charges in favour of MBB as
securities for the banking facilities granted by MBB to TBM
(a) 1st Legal Fixed Charge Borang 16A, Section 242 Gadaian under
the National Land Code 1965 with Charge Annexure as the
Principal Instrument & 1st Legal Fixed Charge Borang 16A,
Section 242 Gadaian under the National Land Code 1965 with
Charge Annexure as the Subsidiary Instrument, securing a
Term Loan of MYR1 million; and
(b) 2nd Legal Fixed Charge Borang 16A, Section 242 Gadaian under
the National Land Code 1965 with Charge Annexure as the
Principal Instrument & 2nd Legal Fixed Charge Borang 16A,
Section 242 Gadaian under the National Land Code 1965 with
Charge Annexure as the Subsidiary Instrument, securing an
Overdraft Facility of RM1.5 million;
on the following land of TBM :
(i) GM 597, Lot 81 (formerly known as SP 21617, Lot 81),
(ii) GM 598, Lot 82 (formerly known as SP 21618, Lot 82),
(iii) GM 688, Lot 582 (formerly known as SPK 2747, Lot 582), and
(iv) GM 943, Lot 798 (formerly known as SPK 2424, Lot 798)
all located in Mukim Pinang Tunggal, Daerah Kuala Muda,
Kedah (all as Principal Charge); and
(v) H.S. (M) 144, Lot 1635, Mukim 2, Daerah Seberang Perai
Tengah (as Subsidiary Charge)
(Note: this property under item (v) above had been discharged
subsequently.)
(1.2) MBB has indicated in its letter to TBM dated June 1, 2005
that in the event TBM failed to pay them within 14 days from the
date of the said letter, MBB shall commence legal proceedings
against TBM for the recovery of the Total Outstanding Debts.
*Transocean Holdings Berhad June 15 announcement:
Pursuant to Practice Note No. 1/2001 of the Listing Requirement
of Bursa Malaysia Securities Berhad, we hereby announce that our
75% owned subsidiary, Transocean Biotec (M) Sdn Bhd (TBM) has
defaulted in repayment of banking facilities to its lender.
(1) Details of the Default
(1.1) On June 1, 2005, MBB issued a letter to TBM to recall all
its banking facilities granted to TBM and demand TBM for the
repayment of the following entire outstanding amounts owing to
MBB:
(i) Overdraft outstanding of MYR1,877,130.82 calculated as at
May 31, 2005 together with further interest thereon at Base
Lending Rate (BLR) + 1.75% per annum (p.a.) calculated from June
1, 2005 until full settlement(additional interest of 1.00% p.a.
above the prescribed rate of interest will be imposed on the
amount outstanding and unpaid upon demand for repayment).
(ii) Term Loan outstanding of MYR178,746.11 calculated as at May
31, 2005 together with further interest thereon at BLR + 1.75%
p.a. calculated from June 1, 2005 until full settlement. (BLR of
MBB as at June 1, 2005 was 6.00% p.a.) (penalty interest of 1.00
p.a. will be charged on any late payment of interest and/or
installment.)
(1.2) MBB has demanded the Total Outstanding Debts to be paid by
TBM to them within 14 days from the date of the MBB's letter
failing which, MBB shall commence legal proceedings against TBM
for the recovery of the Total Outstanding Debts.
(1.3) TBM had within the Prescribed Period, negotiated with MBB
and requested them for an extension of time for the settlement
of the Total Outstanding Debts by utilizing the balance of the
sale proceeds to be procured from the purchaser in relation to
the disposal of TBM's properties (which are currently being
charged to MBB for the above facilities) as stipulated in a
Sale and Purchase Agreement entered into by TBM on April 14,
2005, the details of which had been announced to the Exchange on
April 14, 2005 (General Announcement Reference No. CS-050414-
49592) (the Disposal).
The said balance of the sale proceeds amounting to
MYR3,333,170.39 is expected to be paid by the purchaser within 6
months from the date of the said Sale & Purchase Agreement with
an agreed extension of time of one month and upon the terms and
conditions thereon.
(1.4) At the lapse of the Prescribed Period, TBM had yet to
settle the Total Outstanding Debts as demanded by MBB.
(2) The reasons for the default in payments
(2.1) As disclosed in the said General Announcement, part of the
balance of the sale proceeds arising from the Disposal had been
earmarked for the settlement of the Total Outstanding Debts to
MBB.
However, as explained in paragraph 1.4 above, the said balance
of the sale proceeds will only be paid to TBM within 6 months
from the date of the Sale and Purchase Agreement. Hence, TBM had
defaulted in the repayment of the banking facilities for the
time being.
(3) The steps taken or proposed to be taken by the Group to
address the default in payments
(3.1) TBM will continue to negotiate with MBB for the said
extension of time for the settlement of the Total Outstanding
Debts. Upon the receipt of the said balance of the sale proceeds
on or before the Payment Date, part of the said balance of the
sale proceeds will be utilized for such settlement.
CONTACT:
Transocean Holdings Berhad
Wisma Transocean
No. 46, Weld Quay 10300
Penang, Malaysia
Phone: 604-2622518 (Hunting Lines)
604-2614843 (Sales and Ocean Ops.)
604-2629870 (Ocean Forwarding)
604-2638120 (Bonded Trucking)
604-2626982 (Accounts & Admin)
E-mail: enquiry@transocean.com.my
Web site: http://www.transocean.com.my
WAH SEONG: Unveils Resolutions Passed at AGM
--------------------------------------------
Wah Seong Corporation Berhad informed Bursa Malaysia Securities
Berhad that at the Fifth Annual General Meeting held Thursday
all the Ordinary Resolutions as follows have been duly approved
by the Shareholders:
Ordinary Resolution 1
To receive and adopt the Financial Statements of the Company and
the Group for the financial year ended December 31, 2004 and the
Reports of the Directors and Auditors thereon.
Ordinary Resolution 2
To re-elect Mr. Giancarlo Maccagno who retires pursuant to
Article 104 of the Company's Articles of Association
Ordinary Resolution 3
To re-elect Tan Sri Dato' Dr Lin See Yan who retires pursuant to
Article 104 of the Company's Articles of Association.
Ordinary Resolution 4
To re-elect Mr. Robert Tan Chung Meng who retires pursuant to
Article 98 of the Company's Articles of Association.
Ordinary Resolution 5
To re-elect Encik Halim Bin Haji Din who retires pursuant to
Article 98 of the Company's Articles of Association.
Ordinary Resolution 6
To approve a final dividend of 3% less 28% income tax for the
financial year ended 31 December 2004.
Ordinary Resolution 7
To approve the payment of Directors' Fees of RM250,000.00 for
the financial year ended 31 December 2004.
Ordinary Resolution 8
To re-appoint Messrs Moores Rowland as Auditors of the Company
for the ensuing year and to authorize the Directors to fix their
remuneration.
Ordinary Resolution 9
To give power to issue shares pursuant to Section 132D,
Companies Act, 1965.
CONTACT:
Wah Seong Corporation Berhad (495846-A)
No. 59-2, The Boulevard,
Mid Valley City,
Lingkaran Syed Putra,
59200 Kuala Lumpur,
Malaysia
Telephone: +603-2288 1212
Fax: +603-2288 1272
E-mail: enquiry@wahseong.com
Web site: http://www.wahseong.com
WAH SEONG: Concludes Proposed Kanssen Acquisition
-------------------------------------------------
On behalf of the Board of Directors of Wah Seong Corporation
Berhad (WSC), Hwang-DBS Securities Berhad announced to Bursa
Malaysia Securities Berhad that the conditions precedent in
relation to the Proposed Kanssen Acquisition are fulfilled and
with effect from June 16, 2005, the Proposed Kanssen Acquisition
is herein completed.
In addition, on even date, PPSC (HK) Limited (PPSCHK) and PPSC
Industrial Holdings Sdn Bhd (PPSCIH) have also entered into the
relevant put/call option deeds with Investright Limited and Good
& Good Limited for the following, respectively:
(i) Proposed put and call option arrangement between PPSCHK,
PPSCIH and Investright Limited, for the option to acquire up to
a maximum of 612,993 Kanssen Shares, representing approximately
21.87% of the total issued and paid-up share capital of Kanssen
at the option price of approximately HK$149.84, which shall be
satisfied in cash; and
(ii) Proposed put and call option arrangement between PPSCHK,
PPSCIH and Good & Good Limited, for the option to acquire
350,364 Kanssen Shares, representing approximately 12.50% of the
total issued and paid-up share capital of Kanssen at the option
price to be determined as per the put/call option deed, which
shall be satisfied in cash.
Details on the salient terms to the put/call option deeds have
been announced on April 12, 2005.
This announcement is dated 16 June 2005.
=====================
P H I L I P P I N E S
=====================
LEPANTO CONSOLIDATED: DOLE Grants Wage Hike to Protesters
---------------------------------------------------------
The Department of Labor and Employment (DOLE) has granted the
striking workers of Lepanto Consolidated Mining Co. a daily wage
increase, in a bid to resolve the miner's labor issues, reports
The Philippine Daily Inquirer.
After a two-week strike at Lepanto's Benguet Mining site, the
DOLE finally approved the worker's petition although the amount
was lower than what the striking staff was demanding.
Labor Secretary Patricia Sto. Tomas granted the workers' daily
wage increases for the period of November 2004 to November 2007
worth Php25, Php27 and Php29 a day for the first, second and
third year, respectively.
The Lepanto Employees Union was demanding Php29 for the first
two years and Php33 in 2006, while the Lepanto Consolidated
Mining Corp. management wanted only Php21, Php26 and Php28 for
the three years.
According to The Manila Times, Lepanto's workers union staged a
strike on June 2 and barricaded the mine portals preventing
crewmembers from working in the mines. This was the second
strike attempt. An earlier strike fizzled out as Sto. Tomas
ordered the union to defer its protest action, pending the
resolution of the case.
Management and union were deadlocked in their negotiations for
their new collective bargaining agreement, leading to the latest
industrial action. The striking workers defied the return-to-
work order issued by DOLE on June 8.
Meanwhile, the government is banking on the revival of the local
mining industry to shore up the Philippine economy for the next
six years. Optimism for the industry came about after the
Supreme Court ruled that foreign firms can take control of local
mining ventures, thus opening the way for increased investments
in the sector.
CONTACT:
Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
NATIONAL POWER: State Sets Terms for Absorbing Debts
----------------------------------------------------
The government has laid out several conditions before it decides
to shoulder National Power Corporation's (Napocor) remaining
debts, The Philippine Star reports.
Budget Secretary Emilia Boncodin said Napocor would have to
prove that it has done everything to unload its saleable assets,
increased its operating efficiency, and reduced its costs.
The government has absorbed close to Php200 billion of Napocor's
debts. However, Ms. Boncodin said the government wants to reduce
the amount of the remaining debts that would have to be
absorbed.
The Department of Finance (DOF) is reviewing the legality of
absorbing more than the Php200 billion prescribed under the
Electric Power Industry Reform Act (EPIRA).
The Department of Energy and the Power Sector Assets and
Liabilities Management Corp. (PSALM) earlier estimated that the
total debts that Napocor could no longer handle and would have
to be absorbed were actually closer to Php500 billion.
The remaining Php300-billion debts are still marked for possible
absorption by the national government but the DBCC (Development
Budget Coordinating Council) urged Napocor to first try and
unload some of its assets as well as improve its operations.
After the increase in its power generation rates, the sale of
its Masinloc plant and the removal of some Php196 billion worth
of debts from its books, Napocor should have ample room to
improve its operations, Ms. Boncodin said.
She said the government would have to ultimately carry some more
of Napocor's debts but wanted to reduce this amount to the
barest minimum, narrowed down to debts that Napocor cannot
handle even after all the steps already taken.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
NATIONAL TRANSMISSION: Inks Deal with FF Cruz, Geodata
------------------------------------------------------
The National Transmission Corp. (Transco) has clinched a
Php33.6-million contract with the joint venture of FF Cruz &
Co., Inc and Geodata Systems Technologies, Inc. to develop an
electronic assets mapping and analysis tool to ensure smooth
operations of transmission assets, BusinessWorld reports.
The system is seen to provide spatial data components such as
the exact location and image of Transco's field assets from
substations to steel towers. This will also cover the 20,000
kilometers of transmission lines nationwide.
Transco President Alan T. Ortiz said this will help its
supervisory control and data acquisition system to view and
analyze faulty transmission lines in virtual reality mode
compared to the present setup where presentations only show a
single line diagram scheme.
Through satellite imagery and aerial photography, conditions of
transmission lines, towers, vegetation, land use,
infrastructure, roads and trails that may affect the electricity
flow can thus be examined.
The analytic capability of the system, meanwhile, will be used
to analyze fault locations, real-time routing, line inspection
and maintenance, right-of-way management, vegetation management,
environmental planning and assets management.
FF Cruz specializes in aerial photography and satellite mapping.
Geodata Systems, meanwhile, is an active provider of similar
systems to many government institutions and private companies.
The project is also in partnership with IBM Philippines and US
firm Power Engineers & Environmental Systems Research Institute.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
NATIONAL TRANSMISSION: Congress OKs Privatization by Concessions
----------------------------------------------------------------
National Transmission Corporation (Transco) will proceed with
its privatization through the grant of concessions, The
Philippine Star reveals.
The Joint Congressional Power Commission (JCPC) has given
Transco the go-ahead to privatize the country's power
transmission highway through various concessions. The lawmakers
have agreed that the national government will retain the
ownership of Transco's assets.
Under Republic Act 9136 or the Electric Power Industry Reform
Act (EPIRA), the sale of the assets of the National Power Corp.
(Napocor), including the transmission assets, should be done
through outright sale.
Transco is a spin-off firm of the Power Sector Assets and
Liabilities Management Corp. (PSALM), which handles the
finances, and privatization of Napocor. All the transmission
assets of Napocor will be transferred to Transco.
The National Government expects to raise a total of US$5 billion
from the sale of the Napocor assets of which about US$2 billion
would be generated from the privatization of Transco.
Transco has already completed the new terms of reference for the
proposed public bidding. The terms of reference is expected to
continue to carry previous terms such as that the winning
concessionaire should have technical and financial capabilities
in running a transmission company. It should also comply with
the 60 percent-40 percent foreign ownership constitutional limit
The latest schedule for the Transco bidding is set on October
this year.
NATIONAL TRANSMISSION: Government Says Sale is On Schedule
----------------------------------------------------------
The National Transmission Corp. (Transco) said it is on track
with its privatization schedule but is awaiting the appointment
of a new president for the agency tasked to privatize the
country's power sector, BusinessWorld says.
Transco believes the privatization will not be postponed but
said the appointment of a new president for the Power Sector
Assets and Liabilities Management Corp. (PSALM) will hasten the
sale of Transco's assets.
The PSALM president post was vacated when Raphael Lotilla was
appointed as the new energy secretary replacing Vince S. Perez
Jr. who resigned in March. PSALM is presently headed by Ma. Luz
Caminero as officer-in-charge.
Transco's privatization was earlier moved to October instead of
July to make the schedule "more realistic".
The firm is now awaiting results of the appraisal of Transco's
assets, a requirement for the privatization, expected to be
finished by July.
Transco earlier signed a contract with the consortium headed by
international consulting firm Sinclair Knight Merz for the
inventory and assessment of Transco's assets. Sinclair is
scheduled to submit its initial valuation report on July 18 this
year and the final report by Aug. 19. Transco is then required
to submit this to regulators on or before Aug. 31.
=================
S I N G A P O R E
=================
DATACRAFT ASIA: Wins US$5-Mln Contract from Thai Firm
-----------------------------------------------------
Datacraft Asia, the region's leading independent IT services
company, has been awarded a US$5 million contract by Thailand's
True Corporation PCL.
The contract covers the design and implementation of a
nationwide Internet Protocol (IP) Multi Protocol Label Switching
(MPLS) network that will deliver new value-added services for
Trues' portfolio of broadband, wireless, cellular and wireline
telephone services.
As Thailand's only fully integrated telecommunications solutions
provider, True is also in the unique position of being able to
enjoy economies of scale by running multiple services across an
integrated backbone network.
Datacraft was awarded the contract because of the strength of
its Professional and Managed services, as well as the rich
functionality of its proposed solution.
"Putting advanced MPLS capabilities at the heart of its network
will help True to accelerate its business by enabling a range of
new value added services over a single infrastructure," said
Somchart Kanha, General Manager of Datacraft Thailand.
"Datacraft is committed to delivering a highly-efficient,
scalable and secure network that will ensure Service Level
Agreements with True's internal and external customers are
guaranteed. Simplified provision and the inherent efficiency of
operating a single infrastructure will enable True to reduce its
costs."
True provides consumers, small and medium enterprises and
corporations in Thailand with the full range of voice, data and
multimedia solutions. It is the largest wire-line service
provider in the Bangkok Metropolitan Area, the largest Broadband
operator in the country and a major player in the wireless,
cellular and Internet markets. It is also a significant
shareholder in UBC, Thailand's dominant pay television operator.
"Across the Group, we already offer a very broad portfolio of
services but they are delivered over disparate networks," said
an Executive of True Corporation PLC. "This project will enable
us to converge our backbone networks on to a single, more
efficient and manageable infrastructure, without impacting
customer access."
"The real payoff, however, will be in the new generation of
value-added service we will be able to provide, particularly
through use of virtual private networks which are highly
efficient over MPLS. We will, for example, be able to offer
business customers voice-over-IP VPN services with centrex-style
provisioning from our data centre. Other managed services - for
video, conferencing, private content distribution, multicasting
and security - as well as anyto-any WAN connectivity, will also
be available."
One of the key benefits of Datacraft's VPN-over-MPLS solution is
its connectionless nature which overcomes the scalability issues
of using conventional, connection-oriented VPN in a meshed
topology. This will enable very large virtual networks to be
implemented with the additional reliability, security and
quality-of-service benefits the MPLS brings.
One of the first beneficiaries of this will be True's
subsidiary, TA Orange. TA Orange, which has attracted more than
US$3.6 million customers since its launch in 2002, is Thailand's
fastest growing cellular network service provider. To ensure
that TA Orange can continue its aggressive expansion, True will
provide a high-availability, high-capacity virtual backbone
network to support nation-wide wireless voice services.
Within the Bangkok Metropolitan Area, where True operates an
access network of more than 2.5 million lines, it will be able
to leverage differentiated class-of-service that comes from MPLS
highly-granular QoS capabilities to offer high-quality TV-over-
ADSL services to it broadband consumer customers.
There is no material impact on this financial year.
To view a full copy of the announcement, click
http://bankrupt.com/misc/DatacraftUSD5mcontractforIPbackbone.pdf
CONTACT:
Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com
FIRST ASIA: Creditors Meeting Slated for June 30
------------------------------------------------
Notice is hereby given pursuant to section 296 of the Companies
Act (Cap. 50), that a meeting of creditors of First Asia
Publishing Pte Ltd will be held at 47 Hill Street, #05-01
Chinese Chamber of Commerce & Industry Building, Singapore
179365 on June 30, 2005 at 11:00 a.m. for the following
purposes:
(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company.
(2) To nominate Liquidators.
(3) To consider the appointment of Committee of Inspection of
the creditors, if necessary.
Dated this 7th June 2005.
Lee Shwu Fang
Director
Note:
(1) Proxies to be used at the meeting must be lodged with the
Company at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 not less than 48 hours
before the time appointed for the holding of the meeting.
(2) Please note that this notice is sent to you without
prejudice to the Company's right to review the nature and
quantum of the debt, if any, owed by the company to you.
HESHE HOLDINGS: Replaces Share Registrar
----------------------------------------
The Board of Directors of Heshe Holdings Limited announced the
following to the Singapore Stock Exchange (SGX):
Change of Share Registrar
Barbinder & Co Pte Ltd has been appointed Share Registrar of the
Company with effect from June 15, 2005.
Change of Place Where Register of Members is kept
The Register of Members of the Company be kept at 8 Cross
Street, #11-00 PWC Building, Singapore 048424 with effect from
15 June 2005.
CONTACT:
Heshe Holdings Limited
8 Cross Street
#11-00 PWC Building
Singapore 048424
Telephone: 65 63724300
Fax: 65 62204327
IRE CORPORATION: Disposes of Dormant Unit
-----------------------------------------
The Board of Directors of IRE Corporation Limited (IRE) advised
the Singapore Stock Exchange on the sale of its entire
investment in its subsidiary, I.R.E. Construction Engineering
Material (Beijing) Co. Ltd. (IRE Beijing) to Chian View
Investment Pte. Ltd., a company incorporated in Singapore under
the terms and conditions stated in the Sale and Purchase
Agreement at a consideration of RMB100,000 (approximately
SG$20,000).
The consideration for the sale was agreed upon after negotiation
on a willing buyer and willing seller basis.
The principal activities of IRE Beijing, before it became
dormant in the second half of year 2003, were those relating to
provision of building renovation services.
The cost of the investment in IRE Beijing was SG$446,110 and as
the company had previously made impairment of loss of
SG$446,110, the sale of IRE Beijing will result in a gain of
approximately SG$20,000 at company level.
The reason for the sale is to stop further losses incurred by
IRE Beijing. The sale proceeds will be used as Company working
capital.
This transaction is not expected to have any material impact on
the net earnings per share or net tangible assets per share of
the company for the financial year ending December 31, 2005.
None of the directors or substantial shareholders of IRE has any
interest, direct or indirect, in the aforesaid transactions save
their shareholdings in the Company.
By Order of the Board
Michael Tay Kwang How
Company Secretary
16 June 2005
CONTACT:
IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg
JIN-WEN INVESTMENT: Creditors Should Prove Claims by June 24
------------------------------------------------------------
Jin-Wen Investment Ltd of Block 150A, Mei Chin Road #02-00
Singapore 140150 posted at the Government Gazette, Electronic
Edition a notice to prove debt or claim for publication with the
following details:
Number of matter: No. 600003 of 2001
Last day for receiving proofs: 24th June 2005
Name and address of judicial manager: Lau Chin Huat
Address:
Block 150A, Mei Chin Road #02-00
Singapore 140150
Lau Chin Huat
Judicial Manager
LIANG HUAT: Names New Company Secretary
---------------------------------------
The Board of Directors of Liang Huat Aluminium Limited is
pleased to announce the appointment of Ms. Liew Meng Ling as
Company Secretary of the Company with effect from June 16, 2005.
By order of the Board
Liang Huat Aluminium Limited
Tan Yong Kee
Group Managing Director
CONTACT:
Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/
LIWEN HOLDINGS: Creditors Proofs of Debt Due June 22
----------------------------------------------------
Take notice that a meeting of creditors of Liwen Holdings Pte
Ltd (In Liquidation) will be held at Ernst & Young, 10 Collyer
Quay, #06-05 Ocean Building, Singapore 049315, at 4:00 p.m. on
June 30, 2005.
AGENDA
(1) To receive the liquidators' report on the progress of the
liquidation.
(2) To approve the payment of Liquidators' fees and costs.
(3) To inform creditors of the current situation and to seek
their opinion on the course of action to be taken by the
Liquidators in relation to the proceeds of sale from, inter
alia, Unit 7A Bedok Close as well as the monies held in the
Project Account established under the provisions of Housing
Developers (Project Account) Rules (Cap. 130).
(4) Any other matters.
Dated this 8th day of June 2005.
Seshadri Rajagopalan
Liquidator
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315
To entitle you to vote at the meeting, your proof of debt must
be lodged with our office not later than 5:00 p.m. on June 22,
2005.
Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged at our office
no later than 5:00 p.m. on June 27, 2005.
STARTECH ELECTRONICS: CFO to Assume Different Post
--------------------------------------------------
The Board of Directors of Startech Electronics Ltd. informed the
Singapore Stock Exchange (SGX) that Mr. Pang Tuck Wing will
relinquish his position as Chief Financial Officer of the
Company and be appointed as Advisor with effect from June 16,
2005.
Submitted by
Foo Soon Soo
Company Secretary
16 June 2005
CONTACT:
Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com
UNI TECHNOLOGY (S): To Pay Dividend Today
-----------------------------------------
Uni Technology (S) Pte Ltd (In Liquidation) formerly of 45A
Circular Road, Singapore 049400 issued a notice of dividend with
the following details:
Court: High Court of the Republic of Singapore
Matter: Companies Winding Up No. 207 of 2000
Amount per centum: 16.3 percentum of all admitted ordinary
claims
Name of liquidators:
Chee Yoh Chuang and
Lim Lee Meng
First and final or otherwise: Final
When payable: 20th June 2005
Where payable:
Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
Dated this 9th day of June 2005.
VICTORY PARK: Winding Up Hearing Set July 1
-------------------------------------------
Notice is hereby given that a Petition for the winding up of
Victory Park Pte Ltd by the High Court was, on May 18, 2005
presented by Lai Kah Bin (Malaysia Passport No. 4559929), of 345
Jalan Manggis, Taman Dato Hormat Rafie, Sungai Way, Petaling
Jaya, Selangor, Malaysia, a creditor of the Company.
The Petition is to be heard before the High Court sitting at
Singapore at 10 o'clock in the forenoon, on July 1, 2005.
Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his Counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.
The Petitioner's address is 345 Jalan Manggis, Taman Dato Hormat
Rafie, Sungai Way, Petaling Jaya, Selangor, Malaysia.
The Petitioner's solicitors are Messrs Harry Elias Partnership
of 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619.
Messrs Harry Elias Partnership
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Harry Elias Partnership of 9 Raffles Place, #12-01 Republic
Plaza, Singapore 048619, notice in writing of his intention to
do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
June 30, 2005.
===============
T H A I L A N D
===============
THAI HEAT: Details Allocation of Increased Capital
--------------------------------------------------
Thai Heat Revival Company Limited, as the rehabilitation plan
administrator of Thai Heat Exchange Public Company Limited,
issued to the Stock Exchange of Thailand additional information
about the allocation of increased capital that will close the
registration book of shareholders on June 23, 2005.
The details are as follows:
Part I
The existing shareholders will be entitled to purchase at the
rate of 1 old share per 1 new share at par value of THB1.00 per
share plus 1 unit of free warrant.
Part II
The existing shareholders may subscribe to purchase excessive
shares over their right. The subscription of the excessive
shares is to be submitted separately. The plan administrator
will allocate the excessive shares pro rata based on the
subscription done in Part II.
In case there are remaining shares, the plan administrator will
allocate by private placement to not exceeding 35 persons or the
existing shareholders.
Please convey this information to investors.
Yours sincerely,
Surin Wanpensakul
Director
CONTACT:
Thai Heat Exchange Pcl
1364 Ramkhamhaeng Road,
Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com
WYNCOAST INDUSTRIAL: Sets Up New Subsidiary
-------------------------------------------
With reference to the Board of Directors' Meeting of Wyncoast
Industrial Park Public Company Limited on May 13, 2005, the
Board passed the resolution to establish a new subsidiary.
The Company had registered the new subsidiary company to the
MOC, with the following details:
(1) Transaction Date: June 2005
(2) Company Name: Wyncoast Services Company Limited
(3) Address:
105 M.3, Bangna-trad Rd, Thakham,
Bangpakong, Chachoengsao 24130
(4) Nature of Business:
Service Provider in Free Zone area
(5) Registered and Paid-up Capital: THB1,000,000 (100,000 shares
at par Baht 10)
(6) WIN's shareholding percentage: 99.99%
(7) Source of Fund: Cash Flow from WIN's Operation
(8) Objective to set up a new subsidiary
To support future related businesses of WIN
(9) Transaction Size: 0.32 % of WIN's total assets.
Please be informed accordingly.
Sincerely yours
Pathrlap Davivongsa
Chief Executive Officer
CONTACT:
Wyncoast Industrial Park Public Company Limited
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao
Telephone: 0-3857-3161-72
Fax: 0-3857-3173-4
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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