/raid1/www/Hosts/bankrupt/TCRAP_Public/050624.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
Friday, June 24, 2005, Vol. 8, No. 124
Headlines
A U S T R A L I A
21ST CENTURY: Court Halts McIntyre Seminars
BIG SPRINGS: Members Pass Wind-up Resolution
BUSINESS EXPRESS: Unlicensed Adviser to Face Criminal Charge
COASTLINE TOWING: Court Issues Winding Up Order
COMDEK: Lawyers Urge Firm to Reveal Cash Flow
DESC ONLINE: Final Meeting Slated for June 27
DEVORO PTY: Members Pass Resolution to Wind Up Company
EL MACLEOD: Hires Official Liquidators
EM-ES PETROLEUM: To Consider Liquidator's Final Wind-up Report
EVANS & TATE: Denies Worsening of Debt Burden
EXCELRAY AUSTRALIA: Winds Up Voluntarily
FELTEX CARPETS: Reviewing Ops After Profit Downgrades
HARRIS SCARFE: Eyes Options for Expansions
HUME AUTO: Court Names Mark Roufeil Liquidator
GREEN GRO: Members, Creditors to Meet June 27
GWENLEIGH PTY: To Declare Final Dividend June 30
JUICE STATION: Squeezes Last Drops
JUN JJANG: Court Picks Gavin Thomas & Partners Liquidator
LEACH TRANSPORT: To Pay Dividend to Priority Creditors
LOADRITE WEIGHING: Placed in Voluntary Liquidation
MERSEYSIDE TRANSPORT: Faces Winding Up Proceedings
QANTAS AIRWAYS: Denies Profit Downgrade Reports
SBCPL PTY: Liquidator to Explain Winding Up Account
SIXTEEN FITZROY: Appoints Official Liquidator
SOUSA PROPERTY: To Declare Dividend July 15
TORO TILING: To Undergo Winding Up Process
WEIDNER & BEASLEY: Hires KPMG Liquidator
WILTON PASTORAL: Members Opt to Wind Up Company
C H I N A & H O N G K O N G
ADVANCED MEDICAL: Court Issues Winding Up Order
BANK OF CHINA: May Hold IPO Early 2006
BANK OF COMMUNICATIONS: Moody's Affirms Ratings After IPO
BANK OF COMMUNICATIONS: To Expand Retail Banking Business
BANK OF COMMUNICATIONS: Shares Rise in Trading Debut
DESIGN CHALLENGERS: Enters Winding Up Proceedings
EAST NOBLE HOLDINGS: Court Releases Winding Up Notice
EVER GLAD: Winding Up Hearing Set July 27
JIUZHOU HONGKONG: Sets Winding Up Hearing July 27
MOULIN GLOBAL: Court Schedules Liquidation Hearing June 23
PCCW LIMITED: Acquires 1.79 Bln Shares in Sunday
PERFECT CORPORATION: Receives Winding Up Order
TEXGAR LIMITED: Wind-up Petition Hearing Fixed July 27
I N D O N E S I A
PERTAMINA: Requests Airlines to Pay VAT by June 30
PERTAMINA: Settles Long-Standing Dispute with ExxonMobil
TELEKOMUNIKASI INDONESIA: Shares Drop Unlikely to Affect Gov't
J A P A N
HITACHI LIMITED: C0-develops Technologies with Renesas
JAPAN AIRLINES: Violations Prompt 24-Hour Safety Checks
JAPAN TOBACCO: Court Junks Suit by Former Smokers
KANEBO LIMITED: Steel Partners Denies Media Reports
MITSUBISHI MOTORS: President Details Revival Plans
PIONEER CORPORATION: H&A Files Amended Complaint in Class Suit
SEIYU LIMITED: To Use Wal-Mart's Inventory Management Systems
K O R E A
HYNIX SEMICONDUCTOR: Sets 9.75% Indicative Yield on Bond
KOREA TECHNOLOGY: Government Throws KRW500-Bln Lifeline
THRUNET COMPANY: Court Authorizes Exit from Receivership
M A L A Y S I A
CHG INDUSTRIES: MITI Approves Restructuring Proposals
I-BERHAD: Repurchases More Shares
K.P. KENINGAU: Still Seeking to Restructure Debts
KUMPULAN EMAS: Disposes of Interest in Emas Pacific
KUMPULAN EMAS: Notes Increase in Net Loss
KUMPULAN EMAS: To Unload Entire Equity in Salcon Berhad
MANGIUM INDUSTRIES: Unit Defaults in Payments to Banks
POS MALAYSIA: To List Extra Shares Next Week
P H I L I P P I N E S
BAYAN TELECOMMUNICATIONS: Completes Broadband Upgrade
COLLEGE ASSURANCE: Senate Nixes Changes in ARL
LIFETIME PLANS: SEC Hails Court Order to Reunite with Pacific
MANILA ELECTRIC: To Start Final Phase of Php30-Bln Refund July
NATIONAL POWER: Customers Wary of Signing Supply Deals
NATIONAL TRANSMISSION: SOCOTECO II Pays Php258 Mln for Assets
PHILIPPINE POSTAL: Project Compliance Sought Before Endorsement
PRYCE CORPORATION: Director Desists Nomination
PRYCE CORPORATION: Unveils ASM Results
S I N G A P O R E
CHINA AVIATION (S): 3 Execs Granted Time to Prepare for Trial
CITIRAYA INDUSTRIES: Four Employees Charged with Bribe
DATACRAFT ASIA: Korea's KT Corp. Avails of Services
D'ORIGINAL SATAY: Court to Hear Winding Up Petition July 1
GREATRONIC LIMITED: Shareholder Inks Exclusivity Agreement
MANAGEMENT CORPORATION: Proofs of Claim Due July 18
MCL LAND: Unit Enters into Voluntary Liquidation
SNP CORPORATION: Unit Placed in Voluntary Winding Up
T H A I L A N D
RAYONG BULK: Rehabilitation Proposal Gets Court Nod
THAI HEAT: TSD Grants New Share Certificate Issuance
THAI WAH: Still Negotiating with Creditors' Committee
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
21ST CENTURY: Court Halts McIntyre Seminars
-------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
successfully brought legal proceedings against a wealth creation
promoter operating nationally.
21st Century Academy Pty Ltd (21st Century Academy) and Mr.
Jamie McIntyre have been ordered by the Federal Court of
Australia to stop or change the way they arrange, promote and
hold live seminars in Australia.
In making final orders the Federal Court declared that 21st
Century Academy had contravened the Corporations Act 2001 (the
Act) in that it had carried on a financial services business
without holding an Australian financial services license (AFSL).
The Executive Director of Enforcement at ASIC, Ms. Jan Redfern
said the Federal Court's action should remind consumers that it
is important to check the credentials of people providing
financial advice.
"The law seeks to protect consumers from unqualified people who
often provide misleading advice about their expertise and
skills, repeatedly making far-fetched promises and guaranteeing
personal wealth. For their own sake, consumers should be wary of
such promises and always ensure they obtain financial advice
from licensed professionals," Ms. Redfern said.
The Court found that 21st Century Academy had provided financial
product advice, by arranging, promoting and holding live
seminars in Australia to members of the public at which Mr.
McIntyre spoke about certain strategies involving shares and
derivatives. Furthermore, the Court found 21st Century Academy
had breached this provision by publishing and promoting a book
entitled 'What I didn't learn at school but wish I had'. This
book contained financial product advice with respect to
securities and derivatives.
In relation to Mr. McIntyre, the Court declared that he was
knowingly concerned in the contraventions of the Act committed
by 21st Century Academy. The Court also declared that Mr.
McIntyre had contravened the Act in that he had provided
financial product advice, on behalf of 21st Century Academy,
without being authorized to do so by the holder of an AFSL.
ASIC alleged that 21st Century Academy and Mr. Jamie McIntyre
had acted in contravention of the Act from 11 March 2002 to 31
December 2004.
As a consequence, the Court granted injunctions to restrain 21st
Century Academy and Mr. McIntyre from:
(1) Arranging, promoting and holding live seminars in Australia
at which advice or recommendations are given in connection with
securities and derivatives (including blue-chip shares and
exchange traded options) unless that advice is given by the
holder of an AFSL or by the authorized representative of an AFSL
holder, covering the provision of such advice;
(2) Printing, publishing and distributing written material that
promotes and advertises live seminars at which advice or
recommendations are given in connection with securities and
derivatives, unless that advice is given by the holder of an
AFSL, or the authorized representative of an AFSL holder,
covering the provision of that advice; and
(3) Printing, publishing and distributing the book 'What I
Didn't Learn At School But Wish I Had' (in the form as reprinted
in March 2004).
Additionally, the Court ordered 21st Century Academy and Mr.
McIntyre to pay ASIC's costs.
"Entities associated with Mr McIntyre and 21st Century Academy
hold live seminars outside Australia, and in the past these
seminars have been conducted in New Zealand and Fiji. While
these seminars may be advertised in Australia, consumers should
note that they fall outside ASIC's jurisdiction," Ms. Redfern
warned.
Background
21st Century Academy promotes, advertises and conducts a
business of holding wealth creation seminars. These seminars,
and related materials, purport to teach people "how to excel in
the 21st century and make money while you sleep". Mr. McIntyre
is described as 'the founder and head facilitator of the
Academy, .a self-made millionaire and an inspiration to
thousands'.
ASIC secured interlocutory undertakings from 21st Century
Academy and Mr. McIntyre on 5 April 2005 to restrain this
conduct, pending the Court's final decision.
CONTACT:
New Zealand Office Office
Level 20, ASB Bank Centre
135 Albert Street
Auckland
NEW ZEALAND
Phone: 9 358 7334
Fax: 9 358 7340
Australian Head Office Office
Level 1 Suite 11,
The Cooloola Centre
97 Poinciana Avenue
TEWANTIN QLD 4565
AUSTRALIA
Phone: 07 5455 4800
Fax: 07 5455 6644
Web site: http://www.21stcenturyacademy.com/
BIG SPRINGS: Members Pass Wind-up Resolution
--------------------------------------------
At a general meeting of the members of Big Springs (Canberra)
Pty Limited (In Liquidation) duly convened and held at 103-105
Northbourne Avenue, Turner ACT 2612, on May 2, 2005 the special
resolution set out below was duly passed:
That the Company be wound up voluntarily.
Dated this 2nd day of May 2005
Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988
BUSINESS EXPRESS: Unlicensed Adviser to Face Criminal Charge
------------------------------------------------------------
An unlicensed financial adviser has appeared in the Downing
Centre Local Court in Sydney following an investigation by the
Australian Securities and Investments Commission (ASIC). Mr.
Donald Maxwell will face one charge of carrying on a financial
services business without an Australian financial services
license.
Under the Corporations Act 2001, individuals are prohibited from
carrying out a financial services business without holding an
Australian financial services license. The offence carries a
pecuniary penalty, or imprisonment for up to two years, or both.
ASIC alleges that Mr. Maxwell, of Busby in New South Wales,
operated a financial services business, Business Express Success
Techniques Pty Limited, which provided financial advice about
investment opportunities. At the time of conducting the
business, Mr. Maxwell did not hold a financial services license.
It is alleged that in 2003 Mr. Maxwell raised approximately
AU$1.1million from three elderly investors from Sydney and
Newcastle, in relation to property developments in and around
Sydney. In 2004, the property development companies, Central
Development Group Pty Ltd and Oceanwalk Projects Pty Ltd, were
subsequently placed into liquidation and investors were unable
to recover their funds.
The Commonwealth Director of Public Prosecutions is prosecuting
the charges.
COASTLINE TOWING: Court Issues Winding Up Order
-----------------------------------------------
On May 10, 2005 the Supreme Court made Orders that Coastline
Towing & Salvage Pty Limited (In Liquidation) be wound up and
appointed Mark Roufeil to be Official Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
COMDEK: Lawyers Urge Firm to Reveal Cash Flow
---------------------------------------------
A court action is currently underway in Perth by creditors of
beleaguered telco technology firm Comdek, according to The West
Australian.
Veteran insolvency lawyer on Tuesday urged the Supreme Court to
deal with the winding up application against Comdek next week.
Mr. Christensen claimed Comdek deliberately hid information
about the firm's March quarterly cash flow statement, which
shows it has a negative cash flow of only AU$383,000.
He drew parallels between the Company's handling of the issue
and the collapses of entities during the 1908s where listed
firms would deal with one creditor after another, hoping they
would go away.
His client, 154 Collins Street, is the third successive creditor
to launch action against Comdek, after Todaytech Distribution
and Medquest.
Todaytech withdrew liquidation proceedings two weeks ago after
clinching a settlement agreement with Comdek, which paved the
way for creditor Medquest Pty Ltd, to take over the litigation.
Master Craig Sanderson refused to bring the case forward from
July 5 but warned Comdek it should prepare itself to deal
promptly with 154 Collins Street's application to replace
Medquest and to rebut an assumption in the winding-up process
that it was insolvent.
CONTACT:
Comdek Limited
673 Murray St
West Perth, 6005
Western Australia
Phone: +61 8 9214-5200
Fax: +61 8 9214-5201
E-mail: info@comdek.net.au
Web site: http://www.comdek.com.au
DESC ONLINE: Final Meeting Slated for June 27
---------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of DESC Online Pty Limited (In Liquidation) will be
held at the office of Ferrier Hodgson, Chartered Accountants,
Level 1, 121-123 Crown Street, Wollongong, New South Wales on
June 27, 2005 at 11:00 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;
(ii) To consider any other matter properly brought before the
meeting.
Dated this 24th day of May 2005
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
DEVORO PTY: Members Pass Resolution to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a duly convened general meeting
of the members of Devoro Pty Ltd (In Members' Voluntary
Liquidation) held at 158 Molesworth Street, Lismore, NSW, on May
13, 2005 the following resolutions were passed:
SPECIAL RESOLUTION
That the Company be wound up voluntarily.
ORDINARY RESOLUTION
That Mr. Graham J. Smith, Chartered Accountant of Wappett &
Partners, 158 Molesworth Street, Lismore, NSW, be appointed
Liquidator of the Company.
Dated this 13th day of May 2005
G. Smith
Liquidator
Wappett & Partners
Chartered Accountants
158 Molesworth Street,
Lismore NSW 2480
Telephone: (02) 6621 2581
Facsimile: (02) 6621 9740
EL MACLEOD: Hires Official Liquidators
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of El Macleod Pty Limited (In Liquidation) held on
May 6, 2005 it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day
it was resolved that for such purpose, Mr. Paul William Gidley
and Mr. Stewart William Free of Lawler Partners, Chartered
Accountants, 763 Hunter Street, Newcastle West NSW 2302 be
appointed Joint and Several Liquidators.
Dated this 24th day of May 2005
S. W. Free
Joint and Several Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302
EM-ES PETROLEUM: To Consider Liquidator's Final Wind-up Report
--------------------------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of EM-ES Petroleum Pty Limited (In Liquidation) will
be held at the office of Ferrier Hodgson, Chartered Accountants,
Level 1, 121-123 Crown Street, Wollongong, New South Wales on
June 27, 2005 at 10:00 a.m.
The purpose of the meeting is to:
(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up; and
(ii) To consider any other matter properly brought before the
meeting.
Dated this 24th day of May 2005
Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500
EVANS & TATE: Denies Worsening of Debt Burden
---------------------------------------------
Besieged winemaker Evans & Tate has dismissed rumors its debt
burden was worrying its bankers, The Advertiser reveals.
Evans & Tate chairman and shareholder Franklin Tate explained
the ANZ, the firm's bank for 90 years, was comfortable with debt
levels. He said there was no reason for the bank to syndicate
the debt with other institutions.
Mr. Tate was responding to speculations that corporate advisory
firm KordaMentha had been called in to assess Company.
KordaMentha, meanwhile, would not confirm or deny its
involvement.
Mr. Tate admitted Evans & Tate's debt was high, but insisted
neither the debt level nor the current wine glut would stop the
Company from meeting its full-year earnings forecasts. He,
however, gave assurance that the firm was on track to raise its
full-year revenue by 15 percent to more than AU$90 million.
The wine maker was carrying total liabilities of AU$127.5
million of which AU$102.5 million was interest-bearing debt.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
EXCELRAY AUSTRALIA: Winds Up Voluntarily
----------------------------------------
Notice is hereby given that at a general meeting of members of
Excelray Australia Pty Limited (In Liquidation), held on May 9,
2005 it was resolved that the Company be wound up voluntarily
and that Schon Condon and Bruce Gleeson, of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, be appointed Joint and Several Liquidators for the purposes
of such winding up.
Dated this 10th day of May 2005
Schon G. Condon RFD
Joint Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499
FELTEX CARPETS: Reviewing Ops After Profit Downgrades
-----------------------------------------------------
Feltex Carpets Limited has downgraded its profit guidance for
the second time and warned it would shut down some operations to
address "unsatisfactory" performance, according to Dow Jones
Newswires.
As a result of the downgrade, after-tax profit would fall to
between NZ$11.5 million and NZ$12 million ($10.6-$11.07 million)
in the 2005 year. This was lower than its early April profit
guidance, which put the bottom line at NZ$15-NZ$16 million, and
saw the firm's shares retreat from NZ$1.50.
The embattled carpet maker has also decided to conduct a
thorough review of all its operations following signs of
weakness in the Australian and New Zealand markets.
Feltex is reviewing the cost structures and location of its
plants, as well as its overall production capacity. The review
started in April, which could involve closing some of the
Company's operations as a last resort.
ABN Amro adviser Matt Willis said the market is losing
confidence in the Feltex's ability to recover from its recent
woes since the problems not only stem from a difficult trading
environment but internal Company issues, as well.
Feltex Chairman Tim Saunders said the board is unhappy with the
Company's performance, and is taking a number of corrective
measures, including the departure of chief executive Magill, who
would leave the Company as a result of Feltex's financial
position.
Feltex has a diversified carpet-making base, with six sites in
New Zealand and four in Australia.
CONTACT:
Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/
HARRIS SCARFE: Eyes Options for Expansions
------------------------------------------
Harris Scarfe is looking to launch a share market float by 2007
in a bid to expand its operations, The Advertiser says.
The Company's managing director Robert Atkins said the Adelaide-
based discount department store chain had successfully self-
financed its October, 2004 acquisition of 12 Allens stores in
regional New South Wales and the ACT.
Since being bought out of receivership four years ago, the
original group of 23 stores in South Australia, Victoria and
Tasmania had been subject to stringent cost cutting.
It now was a "very saleable business" which had recently
refinanced its core business and raised a $70 million facility
to expand its credit card service, Mr. Atkins said.
He said the Company could look to raise money through an initial
public offering, depending on share market conditions, in 18
months.
The veteran retailer was last listed on the stock exchange in
1995, when the Trescowthick family, held more than 40 percent of
the shares on issue. Since the arrival of the new owners, led by
former Kmart executive Mr. Atkins and other venture capitalists,
the cost structure of the group has been a large focus.
Capital reinvestment has included the AU$10 million revamp of
its flagship SA store in Rundle Mall and AU$5 million investment
in point-of-sale software. This contributed to a AU$1.8- million
loss in the 12 months to August 1, 2004 and will contribute to a
smaller underlying loss in 2004-05.
Mr. Atkins declared Harris Scarfe margins and sales were
improving in the first six months of 2004-05.
CONTACT:
Harris Scarfe Australia Pty Ltd
GPO Box 452
Adelaide SA 5000
Phone: (08) 8150 5888
Fax: (08) 8150 5666
Web site: http://www.harrisscarfe.com.au/
HUME AUTO: Court Names Mark Roufeil Liquidator
----------------------------------------------
On May 10, 2005 the Supreme Court made Orders that Hume Auto
Heaven Pty Limited (In Liquidation) be wound up and appointed
Mark Roufeil to be Official Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
GREEN GRO: Members, Creditors to Meet June 27
---------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Green
Gro Pty Limited (In Liquidation) will be held at the offices of
Ferrier Hodgson, Level 17, 2 Market Street, Sydney NSW 2000 on
Monday, June 27, 2005 at 10:00 a.m., for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and of hearing any explanations that may be given by
the Liquidator.
Proxies to be used at this meeting must be lodged with the
undersigned no later than 4:00 p.m. on Friday, June 24, 2005.
Dated this 16th day of May 2005
Brian Silvia
Liquidator
Ferrier Hodgson
GPO Box 4114,
Sydney NSW 2001
GWENLEIGH PTY: To Declare Final Dividend June 30
------------------------------------------------
A first and final dividend is to be declared on June 30, 2005
for Gwenleigh Pty Ltd (In Liquidation).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 16th day of May 2005
Page Kird & Jennings
Level 2, Garland House,
52 Kings Park Road,
West Perth WA 6005
JUICE STATION: Squeezes Last Drops
----------------------------------
Victoria-based Juice Station has entered administration with
debts of between AU$1 million and AU$2 million, The Courier Mail
reveals.
The Company, which sells juice from 20 stores including premises
in Queensland and Victoria, appointed administrator Stuart Ariff
Insolvency two weeks ago.
The first creditors' meeting was held last week and disclosed
the group owed the largest debt to its bank and also owed money
to suppliers of its bottles and fruit.
Stuart Ariff associate Chris Horn is optimistic a deal could be
struck with franchisees, landlords and all creditors to keep the
Company from falling apart.
Mr. Horn said that while Juice Station's problems were
predominantly internal, some of its stores had succumbed to
pressure from the blossoming juice market.
Eight-year old Juice Station sells pre-squeezed, bottled juice
from 17 franchised stores and three Company-owned outlets.
The next creditors' meeting was due in two weeks.
CONTACT:
Juice Station
43 Commercial Drive
Thomastown Victoria
3074 Australia
Phone: +61 3 9464 3033
Fax: +61 3 9464 3633
E-mail: supportoffice@juicestation.com.au
Web site: http://www.juicestation.com.au/
JUN JJANG: Court Picks Gavin Thomas & Partners Liquidator
---------------------------------------------------------
On May 10, 2005 the Supreme Court made Orders that Jun Jjang Pty
Limited (In Liquidation) be wound up and appointed Mark Roufeil
to be Official Liquidator.
Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney
LEACH TRANSPORT: To Pay Dividend to Priority Creditors
------------------------------------------------------
A first and final priority dividend is to be declared on
Wednesday, July 6, 2005 for Leach Transport Services Pty Ltd (In
Liquidation).
Priority creditors who were not able to prove their debts or
claims will be excluded from the benefit of a priority dividend.
Dated this 11th day of May 2005
Peter J. Lanthois
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street,
Adelaide SA 5000
LOADRITE WEIGHING: Placed in Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a meeting of members of Loadrite
Weighing Systems Pty Ltd (In Liquidation) held on May 9, 2005
the following special and ordinary resolutions respectively were
passed:
That the Company be wound up as a members voluntary liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the Liquidator so
desire and that Nicholas Craig Malanos be appointed Liquidator
of the Company.
Dated this 13th day of May 2005
Ian James Purchas
Liquidator
Star Dean-Willcocks
GPO Box 3969,
Sydney NSW 2001
Telephone: (02) 9223 2944
MERSEYSIDE TRANSPORT: Faces Winding Up Proceedings
--------------------------------------------------
On May 12, 2005 the Supreme Court of New South Wales made an
Order that Merseyside Transport Pty Limited (In Liquidation) be
wound up by the Court and appointed Maxwell William Prentice to
be Liquidator.
Dated this 13th day of May 2005
Maxwell William Prentice
c/- PPB
Chartered Accountants & Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310
QANTAS AIRWAYS: Denies Profit Downgrade Reports
-----------------------------------------------
Qantas Airways said a report it could soon issue a profit
downgrade is incorrect, Dow Jones Newswire reports.
The airline issued a statement saying an article in The Sydney
Morning Herald newspaper was wrong and Qantas would meet current
profit expectations for 2004-05.
The newspaper article said Qantas "could issue a profit
downgrade as early as Friday" and said the airline was laying
off permanent staff to cut costs.
In a statement to the Australian Stock Exchange, Qantas chief
executive Geoff Dixon said Qantas would "meet the current market
expectations for the 04-05 financial year".
Mr. Dixon also said Qantas's chief financial officer would make
an announcement and brief analysis today on the impact of
adopting international accounting standards.
CONTACT:
Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com
SBCPL PTY: Liquidator to Explain Winding Up Account
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of SBCPL Pty Limited (In Creditors' Voluntary Liquidation)
formerly Small Business Clinic Pty Limited will be held at the
office of Woodgate & Co., Level 14, 25 Bligh Street, Sydney, New
South Wales on Friday, July 1, 2005 at 11:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanations that may be
given by the Liquidator.
Dated this 24th day of May 2005
G. G. Woodgate
Liquidator
Woodgate & Co
Telephone: (02) 9233 6088
Facsimile: (02) 9233 1616
SIXTEEN FITZROY: Appoints Official Liquidator
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Sixteen Fitzroy Street Pty Ltd (In Voluntary Liquidation) held
on May 11, 2005 it was resolved that the Company be wound up
voluntarily and that for such purpose Russell Graeme Peake,
Chartered Accountant of Jenkins Peake & Co, 1st Floor, Lexen
Building, 200 Malop Street, Geelong, 3220, be appointed
Liquidator.
Dated this 13th day of May 2005
Russell Peake
Liquidator
Jenkins Peake & Co
Chartered Accountants
PO Box 1570, Geelong 3220
Telephone: (03) 5223 1000
Facsimile: (03) 5221 4938
SOUSA PROPERTY: To Declare Dividend July 15
-------------------------------------------
A dividend is to be declared on July 15, 2005 in respect of
Sousa Property Developers Pty Limited (In Liquidation).
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 24th day of May 2005
John Morgan
Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000
Telephone: 9240 9702
Web site: http://www.pkf.com.au
TORO TILING: To Undergo Winding Up Process
------------------------------------------
Notice is hereby given that at a meeting of Toro Tiling
Solutions Pty. Limited (In Liquidation) held on May 10, 2005 the
following Special Resolution was passed:
That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Moodie be appointed Liquidator for the purpose of such winding
up.
Robert Moodie
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000
WEIDNER & BEASLEY: Hires KPMG Liquidator
----------------------------------------
Notice is hereby given that at a General Meeting of Members of
Weidner & Beasley Pty Ltd (In Voluntary Liquidation) duly
convened and held at 1 Park Lane, Albury NSW 2640 on May 6, 2005
a Special Resolution that the Company be wound up voluntarily
was passed by members and Noel R. Willis was appointed
Liquidator.
Dated this 13th day of May 2005
Noel R. Willis
Liquidator
c/- KPMG
KPMG Centre,
491 Smollett Street,
Albury NSW 2640
WILTON PASTORAL: Members Opt to Wind Up Company
-----------------------------------------------
At a General Meeting of Wilton Pastoral Pty Ltd (In
Liquidation), duly convened and held at 1st Floor, 18 Perouse
Road, Randwick NSW 2031 on May 10, 2005 the following Special
Resolution passed:
That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.
Dated this 12th day of May 2005
R. T. Furse
Liquidator
Chartered Accountant
1st Floor, 18 Perouse Road,
Randwick NSW 2031
==============================
C H I N A & H O N G K O N G
==============================
ADVANCED MEDICAL: Court Issues Winding Up Order
-----------------------------------------------
Advanced Medical China Limited, whose place of business is
located at Suite 703, Ocean Centre, Harbour City, 5 Canton Road,
Tsimshatsui, Kolon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 8, 2005.
Date of Presentation: April 9, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
BANK OF CHINA: May Hold IPO Early 2006
--------------------------------------
The Bank of China (BoC) is expected to launch an initial public
offering (IPO) by early next year, aiming to sell a 20 percent
stake, The Standard reports, citing BoC President Li Lihui.
The bank was looking at four stock exchanges - Hong Kong, New
York, London and China - and would pick one or two of them for
the listing, Mr. Li Lihui told reporters on the sidelines of a
seminar in the South Korean capital.
The bank aims to sell over a 10 percent stake to a single
strategic investor and sell other stakes to a number of other
investors.
The Financial Times reported on Monday that the Swiss bank UBS
AG was in talks to acquire a stake in BoC as it seeks to expand
its investment banking operations in the world's fastest-growing
major economy.
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: Moody's Affirms Ratings After IPO
---------------------------------------------------------
Moody's Investors Service affirmed Bank of Communications'
(BoCom) D bank financial strength rating (BFSR), Baa2 foreign
currency long-term deposit rating, and P-3 foreign currency
short-term deposit rating. The outlook for the ratings is
stable.
The affirmation was prompted by BoCom's initial public offering
(IPO) of its common stock on the Hong Kong Stock Exchange, and
which will be completed on June 23, 2005. The IPO is expected to
raise HKD14.6 billion (US$1.88 billion) or more in new common
equity, or 13 percent of BoCom's post-IPO capital base. The IPO
will further raise BoCom's total capital ratio, which was 9.72
percent at end-2004.
Further post-IPO, BoCom is expected to continue restructuring in
corporate governance, risk management and internal control, as
well as gradually improving its financial performances. As a
public Company, it will be subject to public scrutiny.
Therefore, it is expected to improve its disclosure and
transparency standards, which should positively impact
operations. However, due to China's evolving legal regime, the
influence of minority shareholders is still developing.
BoCom's D BFSR reflects its franchise value as the fifth largest
commercial bank in China. Most of its operations are
strategically located in the country's more affluent urban areas
on the east coast. In the past few years, the bank has grown
rapidly, riding the fast economic development in its catchment
areas. Furthermore, the organizational and operational
restructuring efforts that it has embarked on since 2002,
although a long-term task, will lead to eventual improvements in
operations.
In addition, HSBC's global banking expertise will help it
gradually improve its operations and financial fundamentals.
However, Moody's notes that meaningful progress is likely to
prove a long-term proposition, as it would require considerable
time for international best practices to become
institutionalized within such a sizeable institution.
BoCom's D BFSR also reflects its relatively weak stand-alone
financial performance as compared to international standards.
Although its asset quality has significantly improved, external
forces have largely driven the progress. In addition, Moody's
notes that the bank recently experienced a significant increase
in special-mentioned loans, which comprise an exceptionally high
portion of its loans portfolio. Such loans may turn into NPLs if
the economy slows significantly.
The strong growth on China's east coast in the past few years
may be accompanied by some form of overheating, particularly in
the real estate markets in various coastal cities in which the
bank operates. Therefore, BoCom's newly revamped financial
position remains very vulnerable to economic downturns and the
potential impact such developments may have on asset quality in
the near future.
Furthermore, the bank is challenged by China's increasingly
liberalized banking environment. It faces increased competition
from the large reformed state-owned banks and other rapidly
growing shareholding banks. Competition with foreign banks will
intensify after China fully opens its banking sector in December
2006 under its WTO commitments. Foreign banks are expected to
expand more rapidly in the coastal areas and in high-end
corporate and retail businesses. To improve its long-term
competitiveness, BoCom needs to develop its own market niche and
differentiate itself from other Chinese banks.
For any positive rating actions to emerge, Moody's will continue
to look for sustainable improvements in BoCom's stand-alone
financial performances, and which would be underpinned by
improved corporate governance and risk management.
BoCom's Baa2 deposit rating incorporates an element of systemic
support, which was demonstrated through the government's active
involvement in its financial restructuring in 2004. However,
Moody's believes such support may diminish in the long run as
the government reduces its ownership level and further
liberalizes the banking sector.
Bank of Communications is headquartered in Shanghai and had
total assets of RMB1,145 billion (US$138.5 billion) at end-2004.
Ratings affirmed for BOCOM include:
D Bank Financial Strength
Baa2 long-term foreign currency bank deposit
P-3 foreign currency short-term deposit
Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
Hong Kong
Leo Wah
Asst Vice President - Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
BANK OF COMMUNICATIONS: To Expand Retail Banking Business
---------------------------------------------------------
An expansion of the retail banking business of the Bank of
Communications (BoCom) will be its future development strategy,
Infocast News reports, citing BoComm Chairman Jiang Chaoliang.
As for A share issue, Mr. Jiang replied that it depends on the
condition of the capital market.
Mr. Chaoliang added that in becoming the first mainland Chinese
commercial bank listing in Hong Kong, BoComm's solid governance
standard and high-quality assets are confirmed. In future the
Shanghai-based bank will strengthen its management and risk
control.
CONTACT:
Bank of Communications
20 Pedder Street, Central,
Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk
BANK OF COMMUNICATIONS: Shares Rise in Trading Debut
----------------------------------------------------
The Bank of Communications Ltd. (BoCom) made a solid debut on
Thursday in early trading on Hong Kong's stock market, becoming
the first Chinese bank to list its shares outside the mainland,
reports the Associated Press.
BoCom's shares were up 14 percent at the mid-session break at
HK$2.85 (US36 cents) their initial public offering price of
HK$2.50. The stock reached a high of HK$2.90 in the morning, up
16 percent from its IPO price.
"Most of the trading this morning is being done around the 15
percent premium to the offer price and the offer price was at
the high end of the range,'' said Howard Gorges, director of
South China Holdings. "So today's performance is very good and I
think up to best expectations.''
DESIGN CHALLENGERS: Enters Winding Up Proceedings
-------------------------------------------------
Design Challengers (Hong Kong) Limited, whose place of business
is located at Room 1801, 18/F, No. 99 Hennessy Road, Wanchai,
Hong Kong was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on June 8, 2005.
Date of Presentation: April 8, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
EAST NOBLE HOLDINGS: Court Releases Winding Up Notice
-----------------------------------------------------
East Noble Holdings Limited, whose place of business is located
at 8A, Man Lok Commercial Building, 89-93 Bonham Strand East,
Central Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 8, 2005.
Date of Presentation: April 7, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
EVER GLAD: Winding Up Hearing Set July 27
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ever Glad International Limited by the High Court of Hong Kong
Special Administrative Region was on the 2nd day of June 2005
present to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of July 26, 2005.
JIUZHOU HONGKONG: Sets Winding Up Hearing July 27
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Jiuzhou HongKong Trading Limited by the High Court of Hong Kong
Special Administrative Region was on the 2nd day of June 2005
present to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005.
Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of July 26, 2005.
MOULIN GLOBAL: Court Schedules Liquidation Hearing June 23
----------------------------------------------------------
The Hong Kong High Court was scheduled to hear a petition for
the liquidation of Moulin Global Eyecare Holdings Ltd. on June
23, The Standard reports.
The court hearing was triggered by a filing Tuesday by its
creditor Hongkong & Shanghai Banking Corporation (HSBC). HSBC
took that drastic step after lenders grew alarmed at evidence of
the Company's rapidly weakening financial state.
Moulin disclosed earlier this week that 16 of the Company's
creditors are seeking repayment of a total of HK$946 million
(US$121.7 million).
Earlier this week, in a filing with the Hong Kong stock
exchange, the Company admitted that it had only HK$15 million in
working capital - not the HK$90 million it claimed to have on
hand just a few weeks back due to an error caused by double
counting.
CONTACTS:
Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon, H.K.
Phone: 27073800
Fax: 21487272
Web site: http://www.moulin.com.hk
PCCW LIMITED: Acquires 1.79 Bln Shares in Sunday
------------------------------------------------
The respective board of directors of PCCW Limited and Sunday
Communications Limited announces that the completion of the
First Agreement and the Second Agreement took place on June 22,
2005. Following completion of the First Agreement and the Second
Agreement, the Offeror and persons acting in concert with it now
beneficially own 1,790,134,000 SUNDAY Shares, representing
approximately 59.87% of the issued share capital of SUNDAY as at
the date of this announcement.
In a disclosure to the Hong Kong Stock Exchange, Citigroup
Global Markets Asia Limited (a subsidiary of Citibank Inc.), on
behalf of PCCW Mobile Holding No. 2 Limited (the Offeror), a
wholly owned unit of PCCW, will make a mandatory unconditional
cash offer in compliance with Rule 26 of the Takeovers Code for
all the SUNDAY Shares not already owned or agreed to be acquired
by the Offeror and persons acting in concert with it, at an
offer price of HK$0.65 per SUNDAY Share. The Offeror will also
make an appropriate offer or proposal to the holders of SUNDAY's
outstanding share options, as required by Rule 13.1 of the
Takeovers Code.
The board of directors of SUNDAY is also pleased to announce
that ING Bank N.V. has been appointed as the independent
financial advisor to the independent board committee of SUNDAY
to be established in respect of the Offer.
The Executive has agreed to extend the date for dispatch of the
Offer Document to July 8, 2005, which is a date falling after
the expiry of the period of two weeks following completion of
the Agreements during which, as described in the PCCW
Announcement, the TA retains the legal right to initiate an
investigation under section 7P(1) of the Telecommunications
Ordinance. Accordingly, the Offer Document is expected to be
dispatched to shareholders of SUNDAY July 8, 2005 or the
Executive may agree such later date as.
Application has been made to the Stock Exchange to extend the
date for dispatch of PCCW's discloseable transaction circular
under the Listing Rules, to the same date. In the event such
application is granted, PCCW's discloseable transaction circular
to be issued to its shareholders pursuant to the Listing Rules
is expected to be dispatched to shareholders of PCCW on July 8,
2005 or such later date as may be agreed by the Stock
Exchange.
CONTACT:
PCCW Limited
979 King's Road
39th Flr HK Telecom Tower TaiKoo Place
Quarry Bay
Hong Kong
Phone: +852 2888 2888
Fax: +852 2877 8877
Web site: http://www.pccw.com
PERFECT CORPORATION: Receives Winding Up Order
----------------------------------------------
Perfect Corporation Limited, whose place of business is located
at Flat B, 1/F Wing Hin Factory Building, 31-33 Ng Fong Street,
San Po Kong, Kolon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 8, 2005.
Date of Presentation: April 8, 2005.
Dated this 17th day of June 2005
ET O'Connell
Official Receiver
TEXGAR LIMITED: Wind-up Petition Hearing Fixed July 27
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Texgar (Holdings) Limited by the High Court of Hong Kong Special
Administrative Region was on June 2, 2005 presented to the said
Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005. Any creditor or contributory of the said
Company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.
Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of July 26, 2005.
=================
I N D O N E S I A
=================
PERTAMINA: Requests Airlines to Pay VAT by June 30
--------------------------------------------------
State oil and gas firm PT Pertamina gave airline companies until
June 30 to pay the 10% value added tax (VAT) on aviation turbine
fuel (avtur), or it would not supply the gas anymore, reports
Asia Pulse.
The Company was forced to give a deadline as airline firms
refused to pay the tax, saying that the tax is not imposed on
aviation fuel under international agreements. But according to
the Finance minister, domestic and international airlines must
pay VAT on avtur that they buy from Pertamina, according to
Indonesian law.
Transport Minister Hatta Rajasa said that Pertamina's refusal to
supply aviation gas to airline firms if they don't pay the VAT
would have negative effects, as the domestic airlines would
become less competitive if they had to pay the VAT.
At the same time, he also doesn't condone the finance minister's
decision to require airlines to pay the tax, saying that it
would be against Pertamina's best interests as the airlines
would simply buy avtur in other nearby countries to avoid paying
the VAT.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERTAMINA: Settles Long-Standing Dispute with ExxonMobil
--------------------------------------------------------
The dispute between state oil and gas firm PT Pertamina and U.S.
energy firm ExxonMobil Inc. has been settled with an agreement
reached by ExxonMobil and the Indonesian government, Antara News
reports.
In the agreement, ExxonMobil would receive 13.5% of the profit
earned from a gas block in Cepu (at the lowest level of oil
prices), which belongs to Pertamina but is under contract to the
foreign firm. The firm would receive around 6.7% of the profits
with oil prices at the highest level, according to government
negotiation team spokesman Rizal Mallarangeng.
Indonesia had previously asked for IDR3.9 trillion in return for
extending ExxonMobil's contract beyond 2010, but the agreement
depends on the development of oil prices. But if oil prices were
to drop, there would be a safety net for investors.
The equity at the gas block in Cepu would be divided among
Pertamina (45%), ExxonMobil (45%) and the local administration
(10%).
If oil prices are high (above USD45 per barrel), then an 85-15%
profit sharing scheme would be adpopted, and ExxonMobil would
get 45% of the 15% equivalent, which amounts to 6.7% of the
profits. If oil prices were to drop, a 70:30% profit sharing
scheme would be adopted, and ExxonMobil would get 45% of the
30%, equivalent to 13.5% of the profits.
The deal, aptly named the "Comprehensive Settlement Agreement,"
is set to wrap up within two weeks.
TELEKOMUNIKASI INDONESIA: Shares Drop Unlikely to Affect Gov't
--------------------------------------------------------------
The Indonesian government is not placing too much importance on
the decline in the shares of state telecommunications firm PT
Telekomunikasi Indonesia (Telkom), reports the Jakarta Post.
According to Vice President Jusuf Kalla, the decline in the
Company's shares is normal, as it usually happens when a
publicly listed firm is being investigated for corruption, which
may be disconcerting to investors.
Shares in Telkom have fallen 6.5% in the past two days since the
announcement of the probe into the firm, from IDR5,350 on June
20, 2005 to IDR5,100 on June 21 and then on June 23, when the
Company's shares dropped to IDR5,00 per share.
A special government anti-corruption team has started an initial
investigation into Telkom due to indications of corrupt
practices being committed by the firm's top management.
Several top officials, including Telkom president director
Kristiono , may be up for dismissal or replacement, if found to
have been involved in corrupt practices.
The Company is to be reorganized in its annual shareholders'
meeting today, June 24, 2005.
CONTACT:
P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/
=========
J A P A N
=========
HITACHI LIMITED: C0-develops Technologies with Renesas
------------------------------------------------------
Renesas Technology Corp. and Hitachi, Ltd. announced that they
have co-developed two high-speed programming technologies for
AG-AND (Assist Gate-AND) flash memory*1 devices, high-speed data
storage built with multilevel*2 cell technology.
Details of these new technologies are presented at the 2005
Symposia on VLSI Technology and Circuits, an international
conference on LSI devices and circuits that opened in Kyoto,
Japan on June 14, 2005.
The new developments comprise (1) a memory cell operation
technology that boosts the efficiency of hot electron injection
by a factor of 20 during programming and (2) a multilevel, high-
speed programming circuit technology that reduces the overhead
associated with multilevel programming. The circuit technology
has been applied to Renesas' 4-Gigabit AG-AND flash memories
(90-nanometer process technology), which are now in volume
production.
Both of the newly developed technologies offer potential as
basic techniques for achieving high-speed, multilevel storage in
AG-AND flash memories of the 90 nm generation onward.
High-density flash memory is rapidly permeating our lives as
data storage memory, used in devices such as digital cameras,
mobile phones, and silicon audio players, as well as USB memory.
Next-generation flash memory cards that store high-quality
moving picture data in a small, lightweight form will require
significantly higher density and faster programming speeds to
handle data downloads efficiently.
In response to these needs, Renesas developed jointly with
Hitachi a first-generation AG-AND flash memory in 2001. That
device offered a smaller cell area together with the industry's
fastest multilevel programming speed of 10 MB/s for 1-Gigabit
products that use a 130-nanometer process. In 2003, the
companies also developed a memory cell technology for second-
generation AG-AND flash memory devices. This technology achieves
a 10 MB/s programming speed and significantly reduces the memory
cell area for 4-Gigabit products that use a 90 nm process.
While the use of hot electron injection programming*3 in AG-AND
flash memory enabled a fast programming speed at a low voltage,
the efficiency of hot electron injection needed to be improved
to realize a fast programming speed of 10 MB/s in a 4-Gigabit
part. A speed problem also occurred as the process rule reaches
100 nm or less.
To cope with this challenge, Renesas Technology and Hitachi have
jointly developed a new memory cell operation technology and
circuit technology enabling faster programming of multilevel AG-
AND flash memories.
The features of these newly developed technologies are
summarized below.
(1) Memory cell operation technology increases the efficiency of
the hot electron injection programming method
The previous 0 V source voltage used in memory cell programming
has been made negative, strengthening the field in both the
vertical and horizontal channel directions, and improving the
hot electron generation rate and electron attraction rate into
the floating gate. As a result, the electron injection speed has
been increased by a factor of 20 compared with the previous use
of a 0 V source voltage.
(2) High-speed programming circuit technology resolves the
multilevel programming overhead problem
This circuit technology*4, representing an improvement of the
original constant-charge-injection programming technology*5 used
in 1-Gigabit products, performs programming by switching the bit
line capacitance used in electron injection according to the
levels within the multilevel technology. This reduces the
overhead associated with programming of the highest level, and
provides fast, uniform programming.
Verification tests of the new memory cell operation technology
(1) above were made using a 90 nm process test device. Results
showed that the hot electron injection time needed for an actual
programming operation was reduced from 2 microseconds to less
than 100 nanoseconds. Also, the high-speed programming circuit
technology (2) above was applied to Renesas' 4-Gigabit AG-AND
flash memory products. Test data revealed that the programming
operation overhead decreased by 10% compared with the
conventional technology.
Notes:
(1) AG-AND flash memory: An original memory cell structure
employing a field isolation method comprising alternating assist
gates (AGs) that prevent inter-cell interference and floating
gates. Programming can be implemented by hot electron injection
using a small channel current, and the cell area can be made
smaller than with the conventional shallow-groove isolation
method in which cells are isolated by forming grooves.
(2) Multilevel cell technology: A technology suitable for high-
density flash memory, effective in reducing chip size, whereby
four or more values, such as 00, 01, 10, and 11, can be held as
opposed to the usual two values, 0 and 1, of ordinary memory.
When four values are used, one cell does the work of two
ordinary cells.
(3) Hot electron injection programming: A programming method
whereby high-energy "hot" electrons accelerated by a channel
electric field are injected into a floating gate. The memory
cell programming time (electron injection time) is 10 æs or
less, an order of magnitude faster than with the conventional
tunnel programming method.
(4) With the conventional constant-charge-injection programming
technology, all levels in the multilevel arrangement are
programmed using the local bit line capacitance. With the new
circuit technology, highest-level programming is performed by
switching to the global bit line, and mid-level programming by
switching to the conventional local bit line.
(5) Constant-charge-injection programming technology: A
programming technology that achieves fast and uniform
programming characteristics by causing only a fixed charge
amount stored beforehand in the bit line capacitance to flow in
hot electron injection programming.
CONTACT:
Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Phone: +81-3-5208-9323
Fax: +81-3-4564-2149
This is a Company press release.
JAPAN AIRLINES: Violations Prompt 24-Hour Safety Checks
-------------------------------------------------------
The Civil Aviation Bureau of Japan will launch a system that
would permit airline inspections to be conducted 24 hours a day
in response to several safety violations by Japan Airlines
(JAL), the Financial Times reports.
The system could be loosely modeled on the U.S. Federal Aviation
Administration, which has personnel based at each airline's
premises to carry out on-the-spot-inspections.
The transport ministry has also asked JAL to set up an
independent panel to counsel the airline on safety issues, which
the carrier is considering.
JAL has been under severe scrutiny by local media after a string
of operational gaffes and safety breaches that in March prompted
the ministry to issue it with a business improvement order.
Last week, the landing gear tires blew out after the wheel rims
and the gear separated from each other as it came for a landing
at Tokyo's Haneda Airport and on May 8 an international flight
was diverted to Sapporo in the north following a loss of cabin
pressure.
For the year ended in March, JAL said its net profit totaled
JPY30.1 billion (USD$284.9 million) on sales of JPY2.13 trillion
(USD$20.2 billion). It logged a group net loss of JPY88.62
billion (USD$839.1 million) in the year-earlier period.
CONTACT:
Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
JAPAN TOBACCO: Court Junks Suit by Former Smokers
-------------------------------------------------
The Tokyo High Court on Wednesday dismissed a suit filed by
former smokers, who were each demanding JPY10 million in
compensation from Japan Tobacco Inc. and the government for
illnesses they said were caused by smoking, AFP reports.
Rejecting the appeal, Presiding Judge Toshinobu Akiyama did not
acknowledge a causal link between the diseases and smoking,
saying it cannot be said at this time that such a link has been
fully established
The six former smokers suffered from lung cancer, larynx cancer
or emphysema after smoking for between 33 and 55 years.
The defendants are expected to bring the case to the Supreme
Court.
CONTACT:
Yukiko Seto
Associate General Manager
Media and Investor Relations
Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo 105-8422 Japan
Phone: +81-3-5572-4292
KANEBO LIMITED: Steel Partners Denies Media Reports
---------------------------------------------------
U.S. investment fund Steel Partners denied media reports that it
and the so-called Murakami Fund had jointly become a major
shareholder of Kanebo Limited, Japan Times reports.
The Yomiuri Shimbun reported last week that investment fund
operated by bureaucrat-turned-fund manager Yoshiaki Murakami and
U.S. fund Steel Partners held nearly 50 percent of the
outstanding shares in Kanebo.
The food, pharmaceutical and household products maker has been
undergoing rehabilitation since May last year under the auspices
of the state turnaround body Industrial Revitalization
Corporation of Japan (IRCJ).
It was delisted on June 13 from the Tokyo Stock Exchange for
overstating its earnings for years.
CONTACT:
Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm
MITSUBISHI MOTORS: President Details Revival Plans
--------------------------------------------------
Mitsubishi Motors Corporation President Osamu Masuko announced
at its shareholder's meeting on Thursday that his Company will
be able to get back on its feet by implementing its
rehabilitation plans, Dow Jones Newswires reports.
Under overhaul plans that include capital injections from
Mitsubishi group firms, the ailing carmaker aims to return to
profitability by March 2007 and seeks to increase its profit
about fivefold to JPY41 billion in the following fiscal year.
A shareholder asked the president at the meeting whether the
profit targets set under the reform plans are mere goals or
something that the management team would accept responsibility
for by taking such actions as leaving their positions if the
targets fail to be met.
Masuko said only that his management team believes that they can
hit those targets.
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
PIONEER CORPORATION: H&A Files Amended Complaint in Class Suit
--------------------------------------------------------------
Handal & Associates (H&A) has filed an amendment to its national
class action lawsuit against the 4C Patent Group (formerly known
as the 3C DVD Patent Group) consisting of Sony Corporation
(NYSE:SNE - News), Philips Electronics (NYSE:PHG - News), LG
Electronics of South Korea, and Pioneer Corporation (NYSE:PIO -
News), in the United States District Court for the Southern
District of California.
The amended complaint has been expanded from seven to nine
causes of action and is far more specific in its allegations of
unlawful conduct by the 4C Patent Group. The latest causes
include violations of the Sherman Act for acts in restraint of
trade as well as the unlawful collection of mandatory royalties
for expired or invalid patents.
The amended complaint highlights the alleged nefarious dealings
of the defendants in their quest to monopolize the DVD player
business. The defendants have used the power of their patents to
control the creation of DVD standards so that it would be
virtually impossible for competing standards to emerge.
The plaintiffs also lay out how Philips used its market power to
force IC manufacturers, Optical Pick Up manufacturers, and DVD
player manufacturers as well as importers and distributors to
enter into restrictive one-sided contracts.
"Not only are the defendants hurting consumers, they are also
hurting the electronics industry as a whole," said Anton Handal,
Plaintiffs' lead counsel. "Technological advances in the DVD
player market have come to a virtual standstill as a result of
the defendants' dominance over the industry. They have so far
been successful in keeping competing standards, like EVD, from
finding a foothold. The defendants' practices are not only
against the laws of the United States, they shock all notions of
fairness."
The lawsuit was filed after the 4C Group refused to issue a
license to Plaintiff Wuxi Multimedia, and the legal battle
scored significant gains upon Orient Power (Wuxi) Digital
Technology Ltd. joining the suit. The 4C Group estimates damages
to be in the several hundreds of millions of dollars and the
Plaintiffs will request the Court to order a tripling of damages
upon a finding of malicious conduct.
To view the full complaint on this current class action lawsuit,
please visit www.handal-litigation.com
About Handal & Associates
Handal & Associates has over 95 years combined experience
representing domestic and international clients including
several large and multinational corporations. The Firm
specializes in global transactions and commercial as well as
class action litigation and advises on various intellectual
property matters. Its headquarters are located in San Diego,
California.
Contact:
To learn more about the Firm or
the 4C Group litigation, contact:
Anas A. Akel
(619) 544-6400
Email Contact
SEIYU LIMITED: To Use Wal-Mart's Inventory Management Systems
-------------------------------------------------------------
Seiyu Limited plans to use the inventory and distribution
management system of its U.S. parent Wal-Mart Stores Inc. in
September, reports the Nihon Keizai Shimbun.
The systems will initially be introduced at 150 stores in the
Tokyo metropolitan area, automating orders for 5,000 to 6,000
items, the business daily said. The systems handle automatic
restocking and supply chain management.
Wal-Mart owns a controlling 37.31 percent stake in Seiyu as of
March.
Seiyu runs 400-plus stores, including supermarkets and
department stores. Merchandise includes food, apparel, and
household goods (some under the Martha Stewart Everyday brand or
SEIYU's own brands).
CONTACT:
Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: Sets 9.75% Indicative Yield on Bond
--------------------------------------------------------
South Korean chipmaker Hynix Semiconductor Inc. set a 9.75%
indicative yield for the fixed-rate tranche of a two part bond
worth KRW758 trillion, Reuters News reports.
The fixed-rate tranche is expected to mature within 7-10 years.
According to market sources, the Company has yet to set an
indicative yield for its floating rate tranche, which is
expected to mature in 7 years and has a two-year call option.
The bond deal is being managed by Citigroup, Deutsche Bank,
Merrill Lynch and UBS.
Hynix Semiconductor was granted a KRW1.5 trillion debt-
refinancing package by creditors last April 21 in order to
graduate from a creditor-led debt workout program 20 months
ahead of schedule.
CONTACT:
Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com
KOREA TECHNOLOGY: Government Throws KRW500-Bln Lifeline
-------------------------------------------------------
The South Korean government will try to help ailing loan
guarantee agency Korea Technology Credit Guarantee Fund (KOTEC)
recover by way of injecting capital into the fund, reports Asia
Pulse.
Aside from injecting around KRW500 billion into KOTEC before
year-end, the Finance & Economy Ministry would also apply
further differentiated commission rates on loan guarantees and
reinforce supervision of the agency.
The Board of Audit & Inspection had reported that KOTEC spent
KRW805 billion in paying off defaulted loans of small and medium
businesses (SMEs) from 2001 to May 2005.
The agency's losses increased mainly due to the fund's payment
guarantees for primary collateralized bond obligations (P-CBOs)
introduced by the government to help SMEs avoid bankruptcy.
At present, KOTEC has provided payment guarantees for KRW2.21
trillion worth of P-CBOs.
CONTACT:
Korea Techonology Credit Guarantee Fund Agency
13-13 Youido-dong, Yongdungop-gu
Seoul 150-010 South Korea
Phone: +82 2 789 9375/+82 2 789 9431
Fax: +82 2 789 9494
Email: kotec@kibo.co.kr
Web site: http://www.kotec.or.kr
THRUNET COMPANY: Court Authorizes Exit from Receivership
--------------------------------------------------------
A local bankruptcy court has allowed broadband operator Thrunet
Company Limited to graduate from court receivership, Yonhap News
reports.
The Internet operator has been in court receivership since 2003,
but has signed an acquisition contract with bidder Hanarotelecom
Inc., and is expected to stabilize operations after the
takeover.
Hanarotelecom Inc. inked a contract in February this year to buy
Thrunet Co. for KRW471.3 billion. The Company has decided to
appoint Hanaro senior vice president Kwon Soon-yeop as interim
chief executive officer, but the appointment is pending the
approval of Hanaro's board of directors.
Mr. Kwon, who will act as Thrunet CEO until the end of the year,
when the takeover is scheduled to end, said that they will try
to hasten a consolidation between Hanarotelecom and Thrunet, in
light of the Company's exit from court receivership. This will
enable both companies to become more competitive.
CONTACT:
Thrunet Co. Ltd.
1337-20 Seocho-2dong, Seochu-ku
Seoul 137-751, South Korea
Phone: +82-2-3488-8114
Fax: +82-2-3488-8770
===============
M A L A Y S I A
===============
CHG INDUSTRIES: MITI Approves Restructuring Proposals
-----------------------------------------------------
CHG Industries Berhad refers to the proposals in its proposed
corporate and debt restructuring scheme, as attached.
The Company announced that the Ministry of International Trade &
Industry (MITI) approves the Company's proposals, subject to the
following conditions:
(i) The approval of the Securities Commission (SC) in relation
to the guidelines on acquisition, mergers and takeovers by local
and foreigners.
(ii) The equity conditions of SFPSB, Cheng Hin Timber Sdn Bhd
and CHG Plywood Sdn Bhd to be revised as follows:
"At least 70% of the shares in the companies be held by
Malaysian citizens and at least 30% be held by Bumiputera
shareholders."
(iii) SFPSB is required to discuss with the MITI on the
compliance with the equity conditions imposed in its
manufacturing license(s) within 3 years from the date of this
approval.
(iv) CHG Plywood Sdn Bhd and Cheng Hin Timber Sdn Bhd are
required to discuss with Malaysian Industrial Development
Authority (MIDA) regarding the disposal of the said companies to
a third party(ies).
(v) The Company is required to attach this revision to the
original conditions imposed on its manufacturing license(s) for
future reference.
(vi) The Company is required to inform the MITI upon completion
of the Proposals.
Notwithstanding the above, the Proposals are further subject to
approvals being obtained from the following:
(i) The SC, for the Proposals and the listing of and quotation
for the Sinar Tiasa Shares and Sinar Tiasa ICPS to be issued
pursuant to the Proposals and the new Sinar Tiasa Shares to be
issued pursuant to the conversion of the Sinar Tiasa ICPS on the
Official List of Bursa Malaysia Securities Berhad (Bursa
Securities);
(ii) Bursa Securities, for the following:
(a) the admission to the Official List of Bursa Securities, the
listing of and quotation for the Sinar Tiasa Shares and Sinar
Tiasa ICPS to be issued pursuant to the Proposals on the
Official List of Bursa Securities;
(b) the listing of and quotation for the new Sinar Tiasa Shares
to be issued pursuant to the conversion of the Sinar Tiasa ICPS
on the Official List of Bursa Securities; and
(c) the Proposed Transfer of Listing Status;
(iii) The SC, on behalf of the FIC for the Proposals;
(iv) The FI Creditors and Non-FI Creditors pursuant to Section
176 of the Companies Act, 1965 for the Proposed Debt
Restructuring of CHG at the Court Convened Meeting(s) to be held
at a later date;
(v) Shareholders of CHG for the Proposals at an extraordinary
general meeting and at the Court Convened Meeting to be held;
(vi) The order of the High Court of Malaya sanctioning the
Proposals which will be implemented by CHG by way of a members'
and creditors' scheme of arrangement under 176 of the Companies
Act, 1965; and
(vii) Any other relevant authorities and/or parties, if
applicable.
To view a copy of CHG proposals, go to:
http://bankrupt.com/misc/tcrap_chgindustries062305.doc
CONTACT:
CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor
Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax: +60 3 907 66215
I-BERHAD: Repurchases More Shares
---------------------------------
I-Berhad disclosed the details of shares it had bought back on
June 22, 2005 to the Bursa Malaysia Securities Berhad.
Date Announced: 22/06/2005
Date of buy back: 22/06/2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 30,000
Minimum price paid for each share purchased (MYR): 0.800
Maximum price paid for each share purchased (MYR): 0.800
Total consideration paid (MYR): 24,177.60
Number of shares purchased retained in treasury
(units): 30,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 2,816,900
Adjusted issued capital after cancellation
(no. of shares) (units):
CONTACT:
I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
K.P. KENINGAU: Still Seeking to Restructure Debts
-------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, K.P. Keningau Berhad
announces that the Company has yet to execute a restructuring
agreement with Gabungan Cendawan Sdn Berhad (GCSB).
Notwithstanding the above, the Company is trying to determine
the next best course of action, in relation to its proposed
restructuring scheme.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax: 03-7784 1988
KUMPULAN EMAS: Disposes of Interest in Emas Pacific
---------------------------------------------------
Kumpulan Emas Berhad (KEB) announced that on June 9, 2005, the
Company entered into a share sale agreement with Purewise
Investments Limited (PIL) for the disposal of the entire
interest in Emas Pacific Limited (EPL), a wholly owned
subsidiary of KEB for a consideration of USD790,000 (MYR3
million).
The sale consideration of USD790,000 (equivalent to RM3,002,000
at the exchange rate of RM3.80 = USD1.00) is payable in cash. A
deposit sum of 10% of the sale consideration is payable upon
execution of the Agreement, 40% and the balance 50% within three
and twelve months respectively from the date of the Agreement.
The sale consideration is arrived at on a willing buyer wiling
seller basis.
The Company is selling EPL as its operations are not expected to
contribute to the Company's earnings, based on past poor
performance and bleak future operations. KEB has to dispose of
the Company in order to prevent further losses.
The disposal of EPL will result in a MYR6 million loss for the
Company, as well as a MYR15 million loss arising from debts
written off.
All relevant documents relating to the Disposal are available
for inspection during normal office hours from 9:00 a.m. to 5:00
pm. at the Company's Registered Office.
CONTACT:
Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan USJ 1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 603-80248899
Fax: 603-80248998
Email: (investor relations) maria@keb.com.my
(business opportunities) nfwong@keb.com.my
Web site: http://www.keb.com.my
KUMPULAN EMAS: Notes Increase in Net Loss
-----------------------------------------
Kumpulan Emas Berhad released its unaudited report for the
financial period ended Jan. 31, 2005.
The Company has been suffering net losses for the past two
quarters.
SUMMARY OF KEY FINANCIAL INFORMATION
31/01/2005
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
31/12/2004 31/12/2003 31/12/2004 31/12/2003
1 Revenue
11,744 5,616 26,762 16,792
2 Profit/(loss) before tax
-3,013 -381 -6,753 2,599
3 Profit/(loss) after tax and minority interest
-2,833 -466 -7,793 1,304
4 Net profit/(loss) for the period
-2,833 -466 -7,793 1,304
5 Basic earnings/(loss) per shares (sen)
-0.45 -0.10 -1.27 0.28
6 Dividend per share (sen)
0.00 0.00 0.00 0.00
AS AT END OF AS AT PRECEDING
CURRENT QUARTER FINANCIAL YEAR END
7 Net tangible assets per share (RM)
0.7602 0.7496
For further details on the report, go to:
http://bankrupt.com/misc/tcrap_kumpulanemas062305.xls
KUMPULAN EMAS: To Unload Entire Equity in Salcon Berhad
--------------------------------------------------------
Kumpulan Emas Berhad (KEB) announced that on June 9, 2005, the
Company had further placed out through Hwang-DBS Securities
Berhad, 19.78% equity interest in Salcon Berhad comprising
38,134,334 ordinary shares of MYR0.50 each, for a total cash
consideration of MYR20,592,540.
KEB is disposing of its shares in Salcon Berhad in order to
generate funds to be used for the repayment of loans. The
Company's original investment in Salcon Berhad is MYR14,351,650
and the investment was held since 1983. The disposal is expected
to result in a loss of MYR6,267,179.
The disposal will not affect the Company's issued and paid-up
share capital, and will not affect its net tangible assets; the
disposal is also not subject to shareholder approval.
Following the above disposal, KEB's equity interest in Salcon
Berhad will be diluted from 23.09% to 3.31%, and the Company
will not be a shareholder of Salcon Berhad anymore. Furthermore,
Salcon Berhad shall cease to be an associate of the Company.
MANGIUM INDUSTRIES: Unit Defaults in Payments to Banks
------------------------------------------------------
Pursuant to Practice Note 1/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Mangium Industries
Berhad (MIB) announced that its wholly owned subsidiary, Mangium
Sawmill Sdn Berhad (MSSB), has defaulted in its repayments on
unsecured credit facilities granted by Standard Chartered Bank
Malaysia Berhad (SCB) and Southern Bank Berhad (SBB).
A) REASON FOR DEFAULT IN PAYMENTS
Due to the unfavorable timber market and reduced prices of
timber products after the 1997 Asian financial crisis, many of
the Company's buyers defaulted on their outstanding payments to
the Company, despite management efforts to collect payment.
Thus, the Company's cash flow was not enough to pay the
principal obligations and interest to lenders on the due date.
B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS
Both SCB and SBB had agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by Mangium Industries Berhad on
Dec. 22, 2003.
C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS
The estimated total outstanding amount as at May 31, 2005, in
relation to the defaulted payments, is MYR11,341,944.20.
Since MIB is the guarantor for these loans, it is liable for the
full amount and any further interest and financial cost levied
there or until the settlement of these debts.
D) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE
The facilities listed above represent the borrowings of MIB's
wholly owned subsidiary, MSSB, and as a result of their default,
the remaining facilities granted by other lenders to MSSB are
all technically in default by virtue of the "Cross Default"
clauses in the Letter of Offers.
However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.
To view the details of the Company's default in payments, click
on:
http://bankrupt.com/misc/tcrap_mangiumindustries062305.doc
CONTACT:
Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah, Malaysia
Phone: 6088-315000
Fax: 6088-312213
POS MALAYSIA: To List Extra Shares Next Week
--------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 184,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Monday, June 27, 2005, 9:00 a.m.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax: +60 3 2166 2266
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMMUNICATIONS: Completes Broadband Upgrade
-----------------------------------------------------
Bayan Telecommunications (BayanTel) has completed its metro-
broadband optical network meant to deliver very high-speed
connectivity to corporate customers, The Manila Standard
reports.
The broadband network provides the Company the capability to
deliver high bandwidth services in an easy and cost-efficient
manner.
BayanTel vice president for product development Joevel Rivera
said the enhanced network addresses the new business-critical
applications used by corporate enterprises that demand higher
bandwidth and better resiliency.
Mr. Rivera pointed out that BayanTel customers needed not pay
extra for the enhanced network service. He explained that
BayanTel's approach is to allow customers the freedom to develop
and deploy applications without worrying about limitations on
connectivity and budget.
He added that the network can also support bandwidth demand,
providing users the flexibility to upgrade their connectivity
whenever it is required
The network is currently deployed in more than a dozen buildings
in Makati, Ortigas, and Eastwood Park. As demand for more
bandwidth increases, BayanTel will continue to deploy this
infrastructure in more buildings throughout the business
districts within and outside Metro Manila.
CONTACT:
Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph
COLLEGE ASSURANCE: Senate Nixes Changes in ARL
----------------------------------------------
A Philippine senator has warned that College Assurance Plan's
(CAP) request to change the formula used to compute the
actuarial reserve liabilities (ARL) of pre-need firms will be
susceptible to "political pressure", Business World reports.
In a response to moves to review the formula, Sen. Sergio R.
Osmena said tinkering with the formula will be used to
artificially bloat the value of assets and artificially limit
liabilities.
He said the accounting formula used in determining ARL are
"tried and tested," and while pre-need firms know that
accounting is a conservative regime, "it's better to be
conservative".
CAP has requested SEC to study the computation of the ARL, which
it claimed has inflated its liabilities and undervalued its
assets.
During Monday's hearing on the Senate committee on trade and
commerce on pre-need consumer protection, Philippine Federation
of Pre-Need Plan Companies President Juan Miguel Vazquez and
Pacific Plans, Inc. President Ernesto Garcia said they agreed
with the application of SEC circulars, which specify how ARLs
should be computed, except the latter contested the industry
should have been given a five-year transition period to adopt
such rules.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
LIFETIME PLANS: SEC Hails Court Order to Reunite with Pacific
-------------------------------------------------------------
The Securities and Exchange Commission (SEC) commended the
Makati Regional Trial Court for directing Lifetime Plans Inc. to
be folded back into Yuchengco Group affiliate Pacific Plans
Inc., BusinessWorld says.
The corporate watchdog welcomes the court decision, saying the
ruling supports its plan to dismiss Pacific Plans rehabilitation
for lack of merit.
SEC earlier explained to the Court that Pacific Plan's petition
for rehabilitation lacks merit as the pre-need firm claims that
it is not insolvent but illiquid. The pre-need firm's claim
means that it is capable of servicing its contractual
obligations to its planholders, contrary to its petition to
allow it to hold payments until it recovers its financial
health.
Before the school year began early this month, thousands of
Pacific and Lifetime planholders were complaining against the
delay in the release of tuition support, which was blamed by
Pacific to the SEC's cancellation of the certificate of
incorporation of Lifetime.
Last month, the corporate regulator revoked Lifetime's
certificate of incorporation due to failure to comply with SEC
requirements to secure its legitimacy as a firm spun off from
Pacific Plans. The SEC earlier said Lifetime is non-existent
since its assets are now held by its former parent.
MANILA ELECTRIC: To Start Final Phase of Php30-Bln Refund July
--------------------------------------------------------------
The cash-strapped Manila Electric Company (Meralco) may finally
start implementing the last phase of its Php30-billion refund
program next month, relates The Philippine Daily Inquirer.
After several months of delay, customers who are part of the
first tranche of the last phase of the refund scheme may get
their money through the credit-to-bill option or the post-dated
check option. Those who opted for the credit-to-bill option
would see their rebates reflected in their July bills, while
those who chose the post-dated check option would be able to get
their checks by September.
Customers entitled to rebates, however, would have to submit all
documentary requirements before their refunds could be
processed.
However, before Meralco could actually start giving rebates
under Phase 4 of the refund scheme, the distribution utility
would still have to wait for the Bureau of Internal Revenue's
issuance of a revenue memorandum order (RMO) detailing how the
firm should withhold creditable income taxes from the refunds.
Earlier, the BIR issued an order for Meralco to withhold a 25-
percent creditable income tax on Phase 4 customers with active
accounts and 32 percent on clients with terminated accounts.
Despite the general order, the power utility firm still had to
wait for the RMO as this would contain the specifics of the tax-
withholding process. TYe BIR is expected to issued the final RMO
this month.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL POWER: Customers Wary of Signing Supply Deals
------------------------------------------------------
Customers of National Power Corporation (Napocor) are hesitant
to sign transition supply contracts with the government,
BusinessWorld reports.
Distribution utilities and electric cooperatives do not see the
significance of the contracts since they will remain customers
of the power generation assets even if these will be transferred
to private hands.
This is a problem for the Power Sector Assets and Liabilities
Management Corp. (PSALM), a government agency that handles the
privatization of Napocor's assets. PSALM acknowledged the
customers' hesitance would even make it harder to sell power
firm's assets.
PSALM Vice-President Froilan A. Tampinco said "the major
consideration for private investors, as far as feedback from
those who decided to withdraw [from bidding] is the absence of a
transition supply contract. They felt that they could not get
their own creditors to agree on supporting their investment if
there were no firm supply contracts together with the assets".
The supply deals were meant to make the government's assets more
attractive because these will ensure that private firms will
have customers once they take over.
Mr. Tampico admitted that some firms have also questioned the
relevance of the supply contracts. He said there are security
deposits or bonds that can be collected once parties involved in
the contract revoke their rights under the contract.
Some sources also see the supply deals as non-issues, since the
new owners of the power assets have no other options but to sell
to Napocor's cuctomers. The clients have also no other
alternative but to buy from them.
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: SOCOTECO II Pays Php258 Mln for Assets
-------------------------------------------------------------
National Transmission Corporation's (Transco) sale of its
Cotabato assets to the South Cotabato II Electric Cooperative
(SOCOTECO II) has generated an additional Php257.54 million for
the loss-making state Company, according to BusinessWorld.
Transco's latest transaction is the largest so far since it
started privatizing its assets in 2004.
The acquisition by SOCOTECO II was done through the lease-
purchase financing scheme that offers the country's 119 electric
cooperatives an additional option in their bid to acquire the
assets.
According to Transco President Alan T. Ortiz, the sale requires
a downpayment of 20 percent of the total purchase price or
Php51.51 million payable upon approval of their sale contract by
the Energy Regulatory Commission.
The balance will be paid over 20 years, consistent with the
financing package drawn up by the spinoff transmission to be
offered to qualified electric cooperatives who are interested in
acquiring its sub-transmission assets within their respective
franchise areas.
The cooperative said it will be able to raise the Php257.54
million through loans from the Development Bank of the
Philippines (DBP).
SOCOTECO II, which distributes electricity to the South
Cotabato, Sarangani and General Santos areas in Mindanao, was
able to acquire seven subtransmission lines - Klinan-Siguel,
Klinan-Dolephil, Klinan-Sari, Sari-Glan, General Santos City
Airport, Klinan-Maasim and Maasim-Kiamba, all rated 69 kilovolts
- within its franchise area. These involve 1,679 structures and
a combined length of 215.18 kilometers.
To date, Transco already sold 15 sub-transmission assets and has
already raked in proceeds amounting to Php763.36 million for a
total of 567.91 CKm lines.
CONTACT:
National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph
PHILIPPINE POSTAL: Project Compliance Sought Before Endorsement
---------------------------------------------------------------
The Philippine Postal Corp. (PhilPost) is required to comply
with certain procedures before its build-operate-transfer (BOT)
project could be endorsed for approval, Today News says.
The Php3.4-billion BOT project, called Improving PPC's Financial
and Operational State through Information Communication
Technology (ICT) and E-Commerce Opportunity, should obtain
certification from the Department of Finance that it is deficit-
neutral. The project should also get the endorsement of the
National Computer Center.
The Japanese information technology Company, ROA Systems Co.
Ltd., will handle the seven-year comprehensive modernization
program for state-owned PhilPost.
ROA Systems will install public calling stations using Voice
over Internet Protocol (VoIP), and introduce a "hybrid mail"
system allowing the agency to consolidate all data coming from
credit-card firms and government utilities.
In return, ROA Systems will get a share of the revenue from
transactions made during the seven-year period.
PhilPost's modernization program is in line with a presidential
directive encouraging the greater use of ICT in enhancing
transparency and productivity in government under the 2004-10
Medium-Term Philippine Development Plan.
The upgrade will also help boost PhilPost's revenues, decrease
fraud, and increase revenues.
CONTACT:
Philippine Postal Corporation
Liwasang Bonifacio
Manila NCR
Phone: +63 (2) 527 83 27 To 30
Web site: http://www.philpost.gov.ph/
PRYCE CORPORATION: Director Desists Nomination
----------------------------------------------
Incumbent Director Rafael P. Escano who was again nominated as
director for 2005 of Pryce Corporation signified on June 22,
2005 his intent to desist from pursuing such nomination
considering that he cannot be present in most of the board
meetings since he is based in Mindanao.
In his stead, Pryce nominated Nilo S. Ezequiel. The nomination
pf Mr. Ezequiel was approved on the same day by the Nomination
Committee after due consideration.
About the Company
Pryce Corporation (PPC), formerly Pryce Properties Corporation,
was incorporated as a property holding and real estate
development Company. It operates primarily in Mindanao,
particularly in cities like Cagayan de Oro, Davao and Iligan for
its real estate development projects. The Company's real estate
undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.
In the past, property development was the Company's principal
business. However, in 1997, LPG and industrial gases became the
dominant business. Thus, the Company changed its name and its
primary purpose from that of a property company to a
manufacturing company.
PPC, thru its subsidiary Pryce Gases, Inc. manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and nitrogen
CONTACT:
Pryce Corporation
17/F, Pryce Center
1179 Chino Roces Ave.
Cor. Bagtikan St., Makati City
Phone: 899-4401
Fax: 899-6865
E-mail Address: pryce@info.com.ph
PRYCE CORPORATION: Unveils ASM Results
--------------------------------------
In the June 22, 2005 annual stockholders' meeting of Pryce
Corporation and the subsequent organizational meeting, the
following significant events transpired:
A. Nomination and Election of Board of Directors
The following persons were nominated and subsequently elected to
the Board of Directors of the Company, to wit:
(1) Salvador P. Escano - Chairman
(2) Fernando L. Trinidad - Director
(3) Nilo S. Ezequiel - Director
(4) Antonio P. Escano - Director
(5) Efren A. Palma - Director
(6) Simeon S. Umandal - Director and Corporate Secretary
(7) Roland Joey R. de Lara - Independent Director
B. Re-appointment of the Members of the Board Committees
Pursuant to the Company's Manual on Corporate Governance, the
following members of the board committees were also re-
appointed, to wit:
1. BOARD AUDIT COMMITTEE
(1) Efren A. Palma - Chairman
(2) Antonio P. Escano - Member
(3) Roland Joey R. de Lara - Member (Independent Director)
2. BOARD NOMINATION AND ELECTION COMMITTEE
(1) Salvador P. Escano - Chairman
(2) Efren A. Palma - Member
(3) Roland Joey R. de Lara - Member (Independent Director)
3. BOARD RENUMERATION COMMITTEE
(1) Fernando L. Trinidad - Chairman
(2) Slavador P. Escano - Member
(3) Roland Joey R. de Lara - Member (Independent)
C. Election of Officers
Aside from the President and the Chief Financial Officer posts:
the new posts of Chief Executive Officer (CEO) and Chief
Operating Officer (COO); and the officer in charge of the
Company's Southern Mindanao Operations, the other officers were
re-elected to their existing capacities, thus:
(1) Salvador P. Escano - Chief Executive Officer (CEO)
(2) Nilo S. Ezequiel - President/ Cheif Operating Officer
(COO)
(3) Fernando L. Trinidad - EVP, Admin. & Corp. Restructuring
(4) Efren A. Palma - SVP, Hotel Operations
(5) Benjamin P. Escano - SVP - Northern Mindanao Operations
(6) Jose Ma. L. Escano - SVP - Southern Mindanao Operations
(7) Simeon S. Umandal - FVP - Corporate Secretary
(8) Josephine del Callar - VP-Finance
Other Events
A. Certfification by Corporate Secretary of Existence of Quorum.
The Corporate Secretary confirmed the existence of a quorum to
warrant the holding of the 2005 Annual Stockholders' Meeting of
the Company.
B. Approval of Minutes of previous Year's Annual Stockholders'
Meeting.
The minutes of the previous year's annual stockholders' meeting
was approved.
C. Message from the President.
The President reiterated the results of the operations of the
Company as contained in pages 19 to 20 of the Definitive
Information Statement.
D. Approval of Financial Reports.
The Company's 2004 Annual Report was approved.
E. Ratification of Management Acts.
The management acts as contained in the definitive information
statement were also approved.
F. Election of External Auditor.
The accounting firm of Diaz Murillo Dalupan and Company was
elected as the Company's external auditor.
=================
S I N G A P O R E
=================
CHINA AVIATION (S): 3 Execs Granted Time to Prepare for Trial
-------------------------------------------------------------
Three more China Aviation Oil (Singapore) Corp. Ltd. officials
were given an extension to prepare for their cases, reports Dow
Jones.
The Singapore Court granted a three-week reprieve to three
directors, Jia Changbin, Li Yongji and Gu Yanfei.
The three directors are facing charges that include making
misleading statements, that are linked to risky oil trades that
pushed Beijing's top jet fuel supplier to the brink of
bankruptcy.
Lawyer Steven Chong, who represents Ms. Gu said the directors
are free to travel outside the country but has to be back by
July 12, in time for the pretrial conference scheduled on July
14.
CONTACT:
China Aviation Oil (S) Corp.
Phone: (65) 6334 8979
Fax: (65) 6333 5283
Web site: http://www.caosco.com/
CITIRAYA INDUSTRIES: Four Employees Charged with Bribe
------------------------------------------------------
The probe on corruption at Citiraya Industries Ltd. resulted to
the arrest of four men, relates Dow Jones, citing The Straits
Times.
The four junior employees allegedly took bribes of SG$2 million
from Citiraya. The four employees are:
Johnny Seow Teck Keng, who was a senior planner with Advanced
Micro Devices Singapore is said to have taken the bulk of the
bribe among the four employees. Mr. Seow Teck Keng is facing 63
counts of accepting SG$1.7 million from Citiraya's CEO and
Assistant General Manager.
Mr. Seow's bail is set at SG$2 million. He is claiming trial
and is seeking legal counsel.
Francis Wong Chin Farn, who worked as a sales executive at ST
Microelectronics is charged with seven counts of accepting
SG$160,000 from Citiraya.
Bobby Teh Ah Bah, a retired policeman, who worked as a senior
warehouse assistant at 3M Singapore, was slapped with 16 charges
for accepting SG$32,000.
Johnny Chang Kar Yang who worked as a manager at Seagate
Technology International faced two counts of accepting funds
amounting to SG$63,000.
All cases will come for further mention on July 7.
The employees were said to have conspired with top Citiraya
executives and sold microprocessor chips on the black market
instead of recycling the chips.
CONTACT:
Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Telephone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com
DATACRAFT ASIA: Korea's KT Corp. Avails of Services
---------------------------------------------------
Datacraft Asia Ltd. the region's leading independent IT services
Company, has been awarded a one-year Managed Services contract
by KT Corp, Korea's largest broadband Internet service provider,
to keep its Asymmetric Digital Subscriber Line (ADSL) network
operating at optimal levels round-the-clock.
The Uptime maintenance services contract underlines the strong
position Datacraft has built in Korea as the acknowledged expert
in technical problem resolution for large-scale IP networks. KT
turned to Datacraft because of its proven expertise in managing
the performance of Nortel Shasta 5000 Broadband Service Node
(BSN) systems.
The 136 Shastas operated by KT are the platform through which it
delivers service to more than 3 million customers with Point-to-
Point Protocol (PPP)-over-ATM broadband lines. "Our Uptime
service is a total IT support package that includes
troubleshooting and resolution service for mission-critical
systems," said Young Jong Hur, General Manager, Datacraft Korea.
"We've been working with KT to maximize the performance of its
Nortel Shasta equipment and will be providing pro-active online
monitoring and support to ensure that its broadband customers
enjoy excellent quality of service. KT has to operate 24 hours a
day, 365 days a year, and so do we."
With more than 6 million broadband customers, KT runs one of the
world's largest broadband Internet service networks. The sheer
scale of its network operations mean mission-critical equipment
is pushed hard by customers' aggregate demand for bandwidth.
"Datacraft has done a great job of enhancing our investment in
Nortel's Shasta BSN equipment," said Sung-Phil Kang, Manager of
KT's Network Management & Support Center.
"We have been able to raise our service levels whilst bringing
more PPP-over-ATM lines into service. This helps ensure that KT
continues to lead the industry and sets the benchmark against
which other operators are measured."
Working in conjunction with KT's network engineering staff,
Datacraft engineers have streamlined service provisioning on the
Shasta BSN systems and have devised a methodology for
implementing software upgrades while minimizing impact on
customer service.
They have also optimized loading across all 136 Shasta systems
to maximize throughput and uptime while improving performance of
KT's ADSL lines. The contract has no material impact on this
financial year.
About Datacraft
"Best Asian Systems Integrator" for fifth consecutive year -
Telecom Asia Datacraft is the leading independent IT services
and solutions company in Asia Pacific. The Company helps clients
plan, build and support their IT infrastructures.
Datacraft combines an expertise in networking, security,
operating environments, storage and contact center technologies,
with advanced skills in consulting, integration and managed
services, to craft IT solutions for businesses.
A member of the Dimension Data Group, Datacraft is listed on the
main board of the Singapore Exchange and is a component company
of the Straits Times Index. Headquartered in Singapore,
Datacraft spans more than 50 major offices and has over 1,200
employees across 13 Asia Pacific markets.
More information can be found at http://www.datacraft-asia.com
For further information contact:
Media Contacts Datacraft Asia Esther Quah, Head, Corporate
Communications & Brand Management,
Telephone: 6322 6688
E-mail: esther.quah@datacraft-asia.com
BeeKee Lim
Specialist
Corporate Communications & Brand Management,
Telephone: 6322 6605
E-mail: bee-kee.lim@datacraft-asia.com
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
D'ORIGINAL SATAY: Court to Hear Winding Up Petition July 1
----------------------------------------------------------
Notice is hereby given that a petition for the Winding Up of
D'Original Satay Club Pte Ltd by the High Court was, on May 31,
2005, presented by Precious Land Pte Ltd of 3 Fullerton Road,
Singapore 049275, Creditor.
The said Petition is to be heard before the Court sitting at the
High Court at 10:00 o'clock in the forenoon, on Friday, July 1,
2005.
Any creditor or contributory of the said Company desiring 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.
The Petitioner's address is at 3 Fullerton Road, Singapore
049275.
The Petitioner's Solicitors are Messrs KhattarWong of No. 80
Raffles Place, #25-01 UOB Plaza 1, Singapore 048624.
Dated this 10th day of June 2005.
Khattarwong
Petitioner's Solicitors
Note:
Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed
Khattarwong, the Petitioner's Solicitors, notice in writing of
his intention to do so.
The notice must state the name and address of the persons, or,
if a firm, the name and address of the firm, and must be signed
by the person or firm, or his or their solicitor (if any) and
must be served, or, if posted, must be sent by post in
sufficient time to reach the abovenamed not later than twelve
o'clock noon of June 30, 2005 (the day before the day appointed
for the hearing of the Petition).
GREATRONIC LIMITED: Shareholder Inks Exclusivity Agreement
----------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that it has been informed by one of its beneficial substantial
shareholders, Greatlink Electronics Co Ltd (Vendor) that it has
entered into an exclusivity agreement with Mr. James Hong Gee
Ho, to enter into negotiations for the sale of the Vendor's
entire 64,944,490 ordinary shares of SG$0.05 each in the Company
to Mr. James Hong Gee Ho.
The exclusivity agreement will expire after the close of working
hours on June 24, 2005.
The Company has not been informed of the price at which the
sale/purchase is likely to be transacted at, or any other terms
or conditions.
The Company will make further announcements once it is in
receipt of further information.
By order of the Board
Greatronic Limited
22 June 2005
CONTACT:
Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/
MANAGEMENT CORPORATION: Proofs of Claim Due July 18
---------------------------------------------------
Notice is hereby given that the creditors of The Management
Corporation Strata Title Plan No. 1359 corporation which is
being wound up voluntarily are required on or before July 18,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said management corporation.
If so required by notice in writing by the said liquidator are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 17th day of June 2005.
Lai Seng Kwoon
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
MCL LAND: Unit Enters into Voluntary Liquidation
------------------------------------------------
MCL Land announced that it has appointed liquidators and
commenced members' voluntary liquidation for Baytex Investments
Pte Ltd, a dormant wholly owned subsidiary.
MCL Land, a leading property group with experience in building
homes and offices in Singapore and Malaysia.
The Group has an extensive portfolio of prime residential and
commercial properties and is active in the development of
residential property for sale.
MCL Land is a subsidiary of Jardine Cycle & Carriage Limited and
a member of the Jardine Matheson Group.
CONTACT:
MCL Land Limited (formerly: Malayan Credit Ltd)
78 Shenton Way #33-00
Singapore 079120
Telephone: 65 62218111
Fax: 65 62253383
Web site: http://www.mclland.com.sg/
SNP CORPORATION: Unit Placed in Voluntary Winding Up
----------------------------------------------------
SNP Corporation Ltd informed the Singapore Stock Exchange (SGX)
that its wholly owned subsidiary SNP Retail Pte Ltd has been
placed under members' voluntary winding up on June 21, 2005.
SNP Retail Pte Ltd was incorporated in Singapore on March 3,
1976.
The said winding-up will not have any material impact on the net
tangible assets per share and earnings per share of the Group.
CONTACT:
SNP Corporation Ltd
1 Kim Seng Promenade #18-01
Great World City East Tower
Singapore 237994
Telephone: (65) 68269600
Fax: (65) 68203341
Web site: http://www.snpcorp.com
===============
T H A I L A N D
===============
RAYONG BULK: Rehabilitation Proposal Gets Court Nod
---------------------------------------------------
NFC Fertilizer Public Company Limited (NFC) informed the Stock
Exchange of Thailand (SET) that on June 22, 2005 the Central
Bankruptcy Court rendered an approval to the Business
Rehabilitation Plan of its subsidiary, Rayong Bulk Terminal Co.
Ltd. and appointed National Advisory Co. Ltd. to be the plan
administrator of Rayong Bulk Terminal Co. Ltd.
Therefore, from June 22, 2005 onwards, all of the rights, power
and duties will be vested to the Plan Administrator.
The Company therefore informs the SET of the above for
acknowledgment and dissemination to the public and other
investors.
Sincerely yours,
NFC Fertilizer Public Company Limited
Mrs. Bongkot Rasmeepaisarn
Vice President
Office of the Chief Executive Officer
CONTACT:
Rayong Bulk Terminal Company Limited (RBT)
No.11, I-7 Road, Map Ta Phut Industrial Estate,
Muang District
Rayong 21150,Thailand
Telephone: 66(0) 3868-7241
Fax: 66(0) 3868-7243
E-mail: service@portrbt.com
THAI HEAT: TSD Grants New Share Certificate Issuance
----------------------------------------------------
Thai Heat Exchange Public Company Limited (THECO) provided the
Stock Exchange of Thailand with the following information
regarding the renewal of share certificates.
As Thai Heat Exchange Public Company Limited registered the
paid-up capital decrease by decreasing the par value from
THB10.00 to THB1.00 with the Ministry of Commerce on June 15,
2005, Thailand Securities Depository Co., Ltd. (TSD), as the
security registrar of Thai Heat, have already issued new share
certificates dated June 16, 2005 without change of share
numbers.
TSD notified the SET that shareholders could request to renew
the share certificates beginning June 27, 2005 onwards to the
following address:
Renewal of share certificates
Thailand Securities Depository Co., Ltd.
62 The Stock Exchange of Thailand Building, 4th Floor
Rajadapisek Road, Klongtoey, Bangkok 10110 Thailand
Any additional enquiries, please contact
TSD Call Center 0-2229-2888
E-mail: contact.tsd@set.or.th
Web site: http://www.tsd.co.th
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
THAI WAH: Still Negotiating with Creditors' Committee
-----------------------------------------------------
Thai Wah Public Company Limited refers to its letter to the
Stock Exchange of Thailand (SET) dated April 21, 2005.
With regards to the strategies to return the Company to positive
equity, Thai Wah advised that it is still discussing with the
Creditors Committee in relation to the plan amendment proposed
by the Class B directors of the Plan Administrator. The Company
expects to conclude the matter with the Creditors Committee by
July 2005.
Please be informed accordingly.
Yours faithfully,
Ian Pascoe
Class B Director of Thai Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL
CONTACT:
Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: http://www.thaiwah.com
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Guangdong Sunrise-A 000030 (-182.94) 35.98
Hainan Dadong-A 000613 (-6.63) 17.81
Hainan Dadong-B 200613 (-6.63) 17.81
Heilongjiang Black Dragon 600187 (-29.45) 153.92
Co. Ltd.
Informatics Holdings Ltd INFO 26.82 62.92
Shenzhen China Bicycles-A
Co., Ltd. 000017 (-206.09) 50.08
Sichuan Topsoft Investment 000583 (-45.54) 228.05
INDONESIA
---------
PT Smart Tbk SMAR (-37.55) 427.98
Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72
MALAYSIA
--------
Kemayan Corp Bhd KOP (-393.11) 67.55
Panglobal Bhd PGL (-50.36) 189.92
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-159.78) 280.22
Benpres Holdings Corp. BPCP 35.72 850.58
SINGAPORE
---------
Pacific Century Regional PAC -145.53 1289.71
THAILAND
--------
Asia Hotel PCL ASIA (-30.12) 101.17
Asia Hotel PCL ASIA/F (-30.12) 101.17
Bangkok Rubber PCL BRC (-57.12) 78.77
Bangkok Rubber PCL BRC/F (-57.12) 78.77
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Circuit Elect PCL CIRKIT (-25.89) 61.3
Circuit Elect PCL CIRKIT/F (-25.89) 61.3
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
National Fertilizer PCL NFC 70.66 142.61
National Fertilizer PCL NFC/F 70.66 142.61
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.71) 13.38
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.71) 13.38
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
*********
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 S. Bacatan,
Reiza Dejito, and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***