/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050728.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, July 28, 2005, Vol. 8, No. 148 Headlines A U S T R A L I A AMALGAMATED LEASING: Falls Into Voluntary Liquidation AUSTRALIAN MARITIME: Pushes for 'Exclusive' Fremantle License BRUNN ENGINEERING: Members Decide to Wind Up BUILDING SURVEYORS: Members, Creditors to Convene August 4 DRAGONPAUL PTY: Sole Member Initiates Wind-up EMPEROR MINES: To Consider Approval of Loan Agreement Provisions HARMAN INVESTMENTS: Appoints Official Liquidator J TRIMARCHI: Liquidator to Detail Wind-up at Final Meeting KARL SULEMAN: Former Director Committed for Trial KAY'S A: Members Agree to Quit Operations LET'S TRAVEL: Roderick Sutherland Named Liquidator LKT PROPERTIES: Set to Distribute Dividend to Creditors MARNOE PROPERTIES: Members Schedule Final Meeting August 1 M1 MIDDLE: Begins Winding Up Proceedings PADTRANS PTY: Members Resolve to Liquidate Company PALADIN INFORMATION: Supreme Court Orders Wind-up PALUSZAK HAULAGE: Wind-up process Initiated PARMALAT AUSTRALIA: Performs Well in First Half PRIMELIFE CORPORATION: ASIC Freezes Proceeds of Assets Sale RA CARIDI: Liquidator Authorized to Distribute Assets R&J TRANSPORT: Court Releases Wind-up Order SANTOS LIMITED: Delivers Record AU$1.02 Bln First Half Revenue SHADOWFIELDS PTY: Manger Steps Aside SIRIUS RETAIL: Intends to Pay Dividend to Creditors THORLEY'S TRANSPORT: Liquidator to Explain Wind Up Manner TR CARTY: To Undergo Voluntary Liquidation C H I N A & H O N G K O N G ASIA PACIFIC: Court Orders Winding Up BESTWAY INTERNATIONAL: To Offset Part of Accumulated Losses BESTWAY INTERNATIONAL: FY05 Net Loss Widens to HK$27.1 Mln BRILLIANT TECHNOLOGY: Court Orders Closure BULLETS EXPRESS: Winding Up Process Initiated CELESTIAL SECURITIES: Receives Court Order to Shut Down DRANSFIELD HOLDINGS: Issues Notice of Creditors' Meeting FU MING: Receives Wind-up Order HAPPY BRIGHT: Winding Up Hearing Slated for September 14 HUNG HING: Receives Bankruptcy Order KAR LUNG: Begins Liquidation Proceedings ORIENT POWER: Notes Unusual Volume Movement PCCW LIMITED: Launches New Financial Channel SOUTH LIGHT: Creditors Meeting Fixed August 22 I N D O N E S I A BANK MANDIRI: AGO to Seize Key Graft Suspect's Assets BANK PERMATA: Tax Payments Cut 23.6% on Net Profit PERUSAHAAN LISTRIK: Growing Demand May Drive Power Shortage J A P A N FUJITSU LIMITED: Revises 1H/FY05 Financial Results Forecast JAPAN TOBACCO: To Realign Domestic Leaf Tobacco Division MATSUSHITA ELECTRIC: Unit Shares Up 1.75% on Wednesday MITSUBISHI MOTORS: Launches Low Indoor VOC in Mini Vehicles RESONA HOLDINGS: 1Q/FY05 Profit Falls 12% on Lending Slump SANYO ELECTRIC: Incurs JPY26.2-Bln Quarterly Loss SOFTBANK CORPORATION: Sells Shares in Advanced Media K O R E A ASIANA AIRLINES: Eyes Cuts in International Flights This Week ASIANA AIRLINES: Unveils Amended Flight Schedules CITIBANK KOREA: Exim Demands Payment for Daewoo Corp's Debt DOOSAN GROUP: Seoul Prosecutors Office Launches Probe HYNIX SEMICONDUCTOR: Investigation on DRAM Duties Extended M A L A Y S I A ANCOM BERHAD: Purchases 469,400 Shares on Buy Back AYER HITAM: Unit Served with Winding Up Order DUOPHARMA BIOTECH: Bourse Suspends Trading of Shares DUOPHARMA BIOTECH: Shareholders Enter into SPA with Tekan Maju DUOPHARMA BIOTECH: Bourse to List Additional Shares HABIB CORPORATION: Clarifies Various Items Stated in Circular KEMAYAN CORPORATION: Gets More Time to Fulfill Set of Conditions MAGNUM CORPORATION: Unlikely to Fulfill Conditions of Agreement MAXIS COMMUNICATIONS: Issues Additional Shares for Listing METROPLEX BERHAD: Hearing to Appoint Liquidator Adjourned SARAWAK ENTERPRISE: Bourse Extends Time to Complete Acquisition SARAWAK ENTERPRISE: New Shares Listed on Bourse SRIWANI HOLDINGS: Petitioner Files Appeal TANJONG PUBLIC: Passes All AGM Resolutions TRU-TECH HOLDINGS: Undertakes Supplemental MA P H I L I P P I N E S ABS-CBN BROADCASTING: PLDT Mulls Acquisition COLLEGE ASSURANCE: May Face Charges for Breaking Pre-need Rules MANILA ELECTRIC: Seeks Withholding Tax Guidelines for Refund MANILA ELECTRIC: Rakes in Profit in Q2 MANILA ELECTRIC: ERC Order Hikes Refund Budget by Php1.1 Bln MAYNILAD WATER: Manila Water Eyes 30% Stake MAYNILAD WATER: Directors to Quit in MWSS Favor NATIONAL BANK: Unaware of Identities of Potential Investors NATIONAL BANK: Awaits SEC Advisory on Tender Rule Exemption NATIONAL POWER: ADB Likely to OK Transfer of Debts to PSALM S I N G A P O R E D'ORIGINAL SATAY: Court Orders Liquidation FIKE SOUTHEAST: Receiving Proofs of Debt Until August 10 HESHE HOLDINGS: Unit Sells Shares in Heshe-Kabil LIANG HUAT: Replies to SGX Queries on Annual Results MYRIAD FORTE: Creditor Files Winding Up Petition PDC CORP: Bares Names of Creditors Not Participants in Scheme UNITED FIBER: Sets Hands on Kiani Kertas Pulp Mill T H A I L A N D PICNIC CORPORATION: EGM Slated Next Month SUN TECH: Offers New Shares in Capital Restructuring - - - - - - - - ================= A U S T R A L I A ================= AMALGAMATED LEASING: Falls Into Voluntary Liquidation ----------------------------------------------------- At the general meeting of Amalgamated Leasing Pty Limited duly convened and held on June 17, 2005, the following Special Resolution was passed: That the Company be wound up as a Members' Voluntary Liquidation, and that its assets may be distributed in whole or in part to the members in specie, should the Liquidator so desire. Dated this 16th day of May 2005 A. D. HILL Liquidator A. D. Hill & Co Chartered Accountants Level 13, 84 Pitt Street Sydney NSW 2000 AUSTRALIAN MARITIME: Pushes for 'Exclusive' Fremantle License ------------------------------------------------------------- Struggling tug boat operator Australian Maritime Services (AMS) is working to become the "exclusive tug boat operator in the nation's fourth largest container port, Sydney Morning Herald reports. AMS, Adsteam Marine's domestic towage rival, plans to lodge a submission to the Port of Fremantle in Western Australia to operate tug services there after Adsteam's contract expires on May 31 next year. AMS, which has already secured around one-third of the Sydney, Melbourne and Brisbane tug markets since it started operations in 2001, is reportedly seeking an "exclusive" license to operate the entire towage services in Fremantle. But analysts doubt the firm's capacity to continue operating, let alone planning to expand. They believe a move to Fremantle could generate more losses for AMS, which is reportedly incurring up to AU$10 million losses annually. However, the executive director of AMS's 55 percent shareholder Hong Kong United Dockyards (HUD), Alan Loynd, said the tug boat company was performing well. HUD is co-owned by Hutchison Whampoa-Swire. Meanhile, the Port of Fremantle is yet to decide if the tender will be "exclusive or non-exclusive". Submissions close on August 11. JPMorgan analyst Michael Willoughby downplayed AMS's chances of securing the Fremantle contract. He said that the major obstacle for AMS securing the deal could be the hefty AU$10-million redundancy bill it could face. CONTACT: Australian Maritime Services Paul Bundy Australian Maritime Services Pier 31 South Wharf Lorimer Street Port Melbourne VIC 3207 Postal address PO Box 268 World Trade Centre VIC 3005 Phone: +61 3 9645 3688 Fax: +61 3 9645 2311 E-mail: info@ams2000.com.au Web site: www.ams2000.com.au BRUNN ENGINEERING: Members Decide to Wind Up -------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Brunn Engineering Pty Limited held on June 15, 2005, it was resolved that the Company be wound up voluntarily and that for such purpose, Christopher Michael Williamson and Kimberley Andrew Strickland of SimsPartners, Level 12, 40 St George's Terrace, Perth WA 6000 be appointed Joint and Several Voluntary Liquidators. The Liquidators' appointment was later ratified at a meeting of creditors held on the same day. Dated this 17th day of June 2005 C. M. Williamson Liquidator SimsPartners Level 12, 40 St George's Terrace Perth WA 6000 BUILDING SURVEYORS: Members, Creditors to Convene August 4 ---------------------------------------------------------- Notice is given, pursuant to Section 509 of the Corporations Act, that a final meeting of the members and the creditors of Building Surveyors & Allied Professionals Accreditation Board Inc. will be held on Aug. 4, 2005, 2:30 p.m. at the offices of KordaMentha (SA & NT), Level 4, 70 Pirie Street, Adelaide, South Australia. AGENDA (1) To receive the Liquidator's final account of acts and dealings and the conduct of the winding up and to hear any explanations thereof. (2) To consider any other matters which may properly be brought before the meeting. Dated this 16th day of June 2005 Peter J. Lanthois Liquidator DRAGONPAUL PTY: Sole Member Initiates Wind-up --------------------------------------------- On June 17, 2005 a special resolution was passed by the sole member of Dragonpaul Pty Limited, that the Company be wound up voluntarily as a creditors' voluntary winding up. Dated this 17th day of June 2005 Robert A. Feguson Liquidator Fergusons Chartered Accountants Level 8, 115 Grenfell Street Adelaide SA 5000 EMPEROR MINES: To Consider Approval of Loan Agreement Provisions ---------------------------------------------------------------- A General Meeting of Emperor Mines Limited ACN 007 508 787 (Company) will be held at 11:00 a.m on Monday, August 29, 2005 at the Menzies Hotel, 14 Carrington Street, Sydney, New South Wales. The business to be considered at the General Meeting is set out below. This Notice of Meeting should be read in conjunction with the accompanying Explanatory Memorandum, which contains information in relation to each of the following resolutions. A Proxy Form also accompanies this Notice of Meeting. BUSINESS Resolution - Approval of the debt to equity conversion rights in the Convertible Loan Agreement with DRD (Isle of Man) Limited To consider and, if thought fit, to pass the following ordinary resolution: "That, for the purposes of Rule 10.11 of the Listing Rules of Australian Stock Exchange Limited and all other purposes, the Company hereby approves and authorizes the provisions of the Loan Agreement that permit loan advances of up to AU$10 million made by DRD (Isle of Man) Limited to the Company and such further amounts that have become due and payable by the Company to DRD (Isle of Man_ Limited (including interest) pursuant to that Loan Agreement to be convertible into fully paid ordinary shares issued in the capital of the Company on the terms and conditions set out in the Loan Agreement." VOTING EXCLUSION STATEMENT The Company will disregard any votes cast on the Resolution by DRD (Isle of Man) Limited and any associates of DRD (Isle of Man) Limited. However, the Company need not disregard a vote if: (a) It is cast by a person as proxy for a person who is entitled to vote in accordance with the directions on the proxy form; or (b) It is cast by the person chairing the meeting as proxy for a person who is entitled to vote in accordance with the direction on the proxy form to vote as the proxy decides. To view the Explanatory Statement for the Meeting, click on: http://bankrupt.com/misc/TCRAP_emperormines072705.pdf CONTACT: Emperor Mines Limited Suite 303, Level 3 50 Margaret Street, Sydney NSW 2000 Australia Phone: +61 2 9299 7422 Fax: +61 2 9299 7433 E-mail: emperor@emperor.com.au Web site: http://emperor.com.au HARMAN INVESTMENTS: Appoints Official Liquidator ------------------------------------------------ Notice is hereby given that at Extraordinary General Meetings of Harman Investments Pty Limited held on June 15, 2005, it was resolved that the Company be wound up voluntarily, and that Wayne Benton of PPB, Chartered Accountants, Level 10, 90 Collins Street, Melbourne, Victoria, 3000 be appointed as Liquidator for such purpose. Dated this 16th day of June 2005 Wayne Benton Liquidator PPB Chartered Accountants Level 10, 90 Collins Street Melbourne Vic 3000 J TRIMARCHI: Liquidator to Detail Wind-up at Final Meeting ---------------------------------------------------------- Notice is given pursuant to Section 509(2) of the Corporations Act 2001, that a Final Meeting of the Members and Creditors of J Trimarchi Pty Limited will be held on Aug. 5, 2005, 10:45 a.m. at Ngan & Co., Level 5, 49 Market Street, Sydney NSW 2000 for the following purposes: AGENDA (1) To receive an account made up by the Liquidator showing how the winding up has been conducted and the property of the Company disposed of, and to receive any explanation required thereof. (2) To consider any other business brought before the meeting. Dated this 24th day of June 2005 P. Ngan Liquidator Ngan & Co. Level 5, 49 Market Street Sydney NSW 2000 KARL SULEMAN: Former Director Committed for Trial ------------------------------------------------- Mr. Karl Suleman on Tuesday appeared in the Downing Centre Local Court, Sydney, and was committed to stand trial on 26 charges under the Crimes Act 1900 (NSW) following an investigation by the Australian Securities and Investments Commission (ASIC). Mr. Suleman, a former director of Karl Suleman Enterprises Pty Limited (KSE) and the Froggy group of companies, was committed on 15 counts of making false statements. The false statements relate to allegations that Mr. Suleman induced 15 investors to enter into agreements and invest AU$3.185 million in KSE's supermarket trolley collection business. It is alleged that the revenue generated by KSE's supermarket trolley collection business was never sufficient to fund the promised returns to investors. Mr. Suleman was also committed on 11 counts of using false documents, which induced one investor to invest AU$1 million in KSE and its supermarket trolley collection business. The alleged offences occurred between April 2000 and July 2001. KSE was placed into voluntary administration on 12 November 2001, soon after ASIC commenced proceedings before the New South Wales Supreme Court to close down an unregistered managed investment scheme operated by the company. KSE and several related companies within the Froggy Group have since been placed into liquidation. On 22 July 2002, Mr. Suleman was ordered by the NSW Supreme Court to pay $17.4 million in damages to KSE. On 30 July 2002, Mr. Suleman was declared bankrupt. On 15 April 2004, Mr. Suleman was sentenced in the NSW District Court, Downing Centre, to 21 months jail, with a non-parole of 12 months, in relation to four fraud charges brought by ASIC. These charges resulted from an ASIC investigation into KSE and other businesses in the Froggy group of companies, and concerned the provision of a false bank statement and making false statements to finance brokers with the intention of obtaining finance. Mr. Suleman was released from prison in March 2005. The current matter will reappear before the District Court, Sydney, on 12 August 2005. Mr. Suleman's bail has been continued. The Commonwealth Director of Public Prosecutions is prosecuting the matter. Background Mr. Suleman was involved in the business of trolley collection services for supermarkets located between Cairns and Adelaide, from at least 1993. The supermarkets paid Mr. Suleman an agreed fee, out of which he paid infrastructure costs and sub- contractors to do the work of collecting the trolleys. Mr. Suleman was the sole director of KSE which was incorporated in December 1999 to be the corporate management vehicle for Mr Suleman's expanding trolley collection business. From December 1999 until November 2001, investments were sought from the public in the trolley collection business. These investments took the form of a contract entitled "Financial Investment Agreements", entered into between an investor and KSE. On 12 November 2001, Mr. Neil Cussen and Mr. Paul Weston were appointed joint administrators of KSE, and on 7 December 2001 they were appointed the joint liquidators. Messrs Cussen and Weston concluded that the revenue generated by the trolley collection business was never sufficient to fund the returns promised to, and paid to, investors pursuant to the agreements, and that repayments to existing investors were paid out of new investor funds under a pyramid style scheme. KAY'S A: Members Agree to Quit Operations ----------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Kay's A Lady Pty Limited held on June 15, 2005, it was resolved that the Company be wound up voluntarily and that for such purpose, Kimberley Andrew Strickland and Christopher Michael Williamson of SimsPartners, Chartered Accountants and Business Advisors, Level 12, 40 St George's Terrace, Perth WA 6000 be appointed Joint and Several Voluntary Liquidators. Creditors later confirmed the liquidators' appointment at a meeting of creditors held later that day. Dated this 17th day of June 2005 Kimberly A. Strickland Christopher M. Williamson Liquidators SimsPartners Level 12, 40 St George's Terrace Perth WA 6000 LET'S TRAVEL: Roderick Sutherland Named Liquidator -------------------------------------------------- Notice is hereby given that at a creditors' meeting of Let's Travel Australia Pty Limited held on June 17, 2005, it was resolved that the Company be wound up voluntarily and that for such purpose, Roderick Mackay Sutherland of Jirsch Sutherland Chartered Accountants was appointed Liquidator. Dated this 20th day of June 2005 Roderick M. Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street Sydney NSW 2000 Phone: (02) 9233 2111 Fax: (02) 9233 2144 LKT PROPERTIES: Set to Distribute Dividend to Creditors ------------------------------------------------------- LKT Properties Pty Limited is set to declare a dividend on Aug. 1, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 21st day of June 2005 Daniel Civil Liquidator Rodgers Reidy Level 8, 333 George Street Sydney NSW 2000 MARNOE PROPERTIES: Members Schedule Final Meeting August 1 ---------------------------------------------------------- Notice is given that a meeting of the members of Marnoe Properties Pty Limited will be held on Aug. 1, 2005, 9:00 a.m. at the offices of Jones Condon, Ground Floor, 77 Station Street, Malvern Vic 3144, to have an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and of hearing any explanations that may be given by the Liquidator. Dated this 20th day of June 2005 David H. Scott Liquidator Jones Condon Chartered Accountants Ground Floor, 77 Station Street Malvern Vic 3144 M1 MIDDLE: Begins Winding Up Proceedings ---------------------------------------- Notice is hereby given that at a general meeting of the members of M1 Middle Crescent Pty Limited held on June 15, 2005, it was resolved that the Company be wound up voluntarily and that John Ross Lindholm of Ferrier Hodgson, Level 29, 600 Bourke Street, Melbourne, Victoria be nominated to act as Liquidator for the winding up. Dated this 16th day of June 2005 J. R. Lindholm Liquidator Ferrier Hodgson Level 29, 600 Bourke Street Melbourne Vic 3000 PADTRANS PTY: Members Resolve to Liquidate Company -------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Padtrans Pty Limited held on June 17, 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, Leonard A. Milner of Venn Milner & Co., Suite 1, 43 Railway Road, Blackburn Vic 3130 be appointed Liquidator. Dated this 17th day of June 2005 Leonard A. Milner Liquidator Venn Milner & Co. Suite 1, 43 Railway Road Blackburn Vic 3130 PALADIN INFORMATION: Supreme Court Orders Wind-up ------------------------------------------------- On June 9, 2005, the Supreme Court of New South Wales, Equity Division ordered that Paladin Information Pty Ltd be wound up by the Court, and appointed Steven Nicols to be Liquidator. Steven Nicols Level 2, 350 Kent Street Sydney NSW 2000 PALUSZAK HAULAGE: Wind-up process Initiated ------------------------------------------- Notice is now given that at a meeting of members and creditors of Paluszak Haulage Pty Limited convened and held on June 15, 2005, creditors resolved that the company be wound up and appointed R A. Sutcliffe to be Liquidator for such purpose. Dated this 15th day of June 2005 R. A. Sutcliffe Liquidator Ground Floor, 192-198 High Street Northcote Victoria 3070 Phone: (03) 9482 6277 PARMALAT AUSTRALIA: Performs Well in First Half ----------------------------------------------- Parmalat Australia's revenues for the first six months of 2005 grew to EUR193.3 million, up from EUR182.6 million in 2004. EBITDA were also up, rising both in absolute terms (from EUR13.8 million to EUR15.0 million) and as a percentage of revenues (from 7.6% to 7.7%). In June 2005, net revenues totaled EUR32.6 million and EBITDA increased to EUR2.5 million (EUR2.1 million in June 2004). Higher unit sales (especially pasteurized milk and yogurt) and a shift in the sales mix contributed to these improved results. At the same time, the launch of new streamlining projects (closure of two production facilities, exit from unprofitable product areas and markets and divestiture of non-strategic assets, such as a Coca-Cola bottling franchise) offset the negative impact of the higher prices paid for milk and packaging materials during the first half of 2005. There was no significant difference between the average exchange rates for the first six months of 2005 and 2004. To view the Parmalat group's first half results, click on: http://bankrupt.com/misc/Parmalat(1h2005).pdf. CONTACT: Parmalat Australia Ltd South Brisbane, Queensland, Australia PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PRIMELIFE CORPORATION: ASIC Freezes Proceeds of Assets Sale ----------------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has obtained interim injunctions to protect investors' funds in two investment schemes related to retirement villages and aged care facilities associated with Primelife Corporation Limited (Primelife). The retirement villages and aged care facilities are based in Victoria. ASIC commenced legal proceedings in the Federal Court in September 2004 seeking orders for the winding up of these unregistered managed investment schemes. ASIC alleges that the scheme managers of the Victoria Gardens Property Syndicate (Victoria Gardens Syndication Pty Ltd (VGS)) and Glendale RV Syndication Scheme (Glendale RV Syndication Pty Ltd (GRS)) have dealt with, or sought to deal and/or dissipate assets of the relevant investment schemes, in circumstances where ASIC had not been satisfied that all investors had been consulted in relation to such dealings. Further, ASIC had recently received complaints of improper dealings from investors in respect of the schemes. On 20 July 2005, Mr. Justice Goldberg of the Federal Court of Australia made orders, which were not opposed by VGS or GRS, restraining: (1) VGS from disbursing or otherwise disposing of over $2 million in proceeds from a sale of scheme property until further order of the Court or the hearing and determination of ASIC's claim; and (2) GRS from taking any further step in relation to effecting the sale of the scheme property situated at Glendale Court, Werribee and from disbursing or otherwise disposing of the deposit of $1million paid to GRS in respect of the sale of the property, until after the further hearing of ASIC's application on 2 August 2005. ASIC has not been satisfied that all investors in the Victoria Gardens Property Syndicate and the Glendale RV Syndication Scheme are aware of, or have agreed to, the relevant dealings in relevant scheme property. ASIC brought applications after failing to receive adequate explanations from VGS and/or GRS. ASIC also acted on the basis of recent complaints from investors in the schemes relating to the actions of VGS and GRS. "ASIC has acted to ensure that investors in such schemes are given the opportunity to properly consider any transaction that concerns their investment, particularly when proceedings are on foot for the winding up of the schemes," ASIC's Executive Director Enforcement, Ms. Jan Redfern said. "The operators of managed investment schemes must ensure that schemes are registered with ASIC, and run in accordance with the requirements of the Corporations Act. In an effort to protect the interests of investors, ASIC will take action when these requirements are not fulfilled," Ms. Redfern said. Ms. Redfern reiterated that ASIC's proceedings should not cause any disruption to the residents of the retirement villages and aged care facilities operated by Primelife. Background On 23 September 2004, ASIC filed 37 proceedings in the Federal Court of Australia seeking, amongst other things, orders that an investigating accountant be appointed over each of the schemes to report to the Federal Court and enabling proper disclosure of the position of each of the schemes to be made to the investors. ASIC has also applied for the schemes to be wound up. ASIC filed two further proceedings in the Federal Court of Australia seeking similar relief on 22 June 2005. ASIC alleges that the schemes are not registered, as required under the Corporations Act 2001 (the Act). ASIC brought the Federal Court proceedings against Primelife and a number of other defendants including parties who, ASIC alleges, have been involved in promoting and managing the schemes to a large number of investors since 1997. ASIC entered into terms of settlement with Primelife Corporation Limited (Primelife) in the proceedings on 1 April 2005 (See ASIC Media Release 05-80). While ASIC has entered into terms of settlement with Primelife, most of the proceedings remain on foot against the other defendants. In those proceedings in which ASIC has entered terms of settlement with the non-Primelife defendants, Mr Justice Goldberg of the Federal Court of Australia made declarations and orders by consent on 1 June 2005, which included: (1) The schemes defined in the orders are managed investment schemes which were and are required to be registered under the Corporations Law and the Act but were not registered; (2) The schemes be wound up pursuant to the Act; (3) Pursuant to the Act, Mr. Andrew James McLellan be appointed as independent accountant (the Independent Accountant) to inquire into and report to the Court as to the affairs of the Schemes. In relation to the particular schemes which are the subject of His Honor's orders: (1) Mr. McLellan is due to provide his report to the Court shortly; (2) Upon receiving the report from Mr. McLellan, ASIC will forward a copy of it to investors. Investors and parties to the proceedings will then have an opportunity to provide proposals for the form the winding up may take to the Court and ASIC. Investors will be provided with a copy of any such proposal in accordance with the Court's orders and then have the opportunity to make comment on such proposals prior to the proceedings returning for final hearing before the Court. Those hearings are due to occur later this year. CONTACT: Primelife Corporation Limited Melbourne Victoria, Victoria 3000 Australia Phone: +61 3 9618 5500 Fax: +61 3 9618 5599 Web site: http://www.primelife.com.au/ RA CARIDI: Liquidator Authorized to Distribute Assets ----------------------------------------------------- At a general meeting of the members of RA Caridi Pty Limited duly convened and held on June 17, 2005, the following special resolutions were passed: 1) That the Company be wound up under the provisions applicable to a Members' Voluntary Liquidation and that Angela Ann Gaffney be and is hereby appointed Liquidator for the winding up. 2) That the Liquidator is hereby authorized to distribute in specie such of the assets as she sees fit and on such conditions as she deems necessary to any one or more of the members of the company. Dated this 17th day of June 2005 P. M. CARIDI Director c/o RSM Bird Cameron 1st Floor, 8 St Georges Terrace Perth WA 6000 R&J TRANSPORT: Court Releases Wind-up Order ------------------------------------------- Notice is hereby given that on June 16, 2005, the Supreme Court of New South Wales, Equity Division, appointed Ozem Kassem as Official Liquidator of R&J Transport Pty Limited. Ozem Kassem Liquidator Bentleys MRI Sydney Business Recovery & Insolvency Partnership PO Box Q1165, QVB Post Office Sydney NSW 1230 Phone: (02) 8221 8433 Fax: (02) 8221 8422 SANTOS LIMITED: Delivers Record AU$1.02 Bln First Half Revenue -------------------------------------------------------------- Record second quarter sales revenue reported Wednesday by Santos Limited has driven the Australian oil and gas group's first half revenue above AU$1 billion for the first time. Total sales revenue for the three months to June 30, 2005 was a record AU$553 million - a 19% increase on AU$466 million in the first quarter and up 66% on AU$334 million in the second quarter of 2004. The second quarter result has taken Santos' revenue to AU$1.02 billion for the opening six months of the current calendar year, up 73% on the previous corresponding period, eclipsing the Company's previous highest first half revenue of AU$751 million achieved in 2001. The higher revenue reflected increased production and sales volumes, combined with continuing higher oil and gas prices. Total production for the second quarter of 13.8 million barrels of oil equivalent (mmboe) was 10% above the strong first quarter result and 19% above the previous corresponding period. Sales volumes were up to 15.1 mmboe from 13.6 mmboe in the first quarter, taking sales volumes for the opening half of 2005 to 28.7 mmboe from 22.0 mmboe in the previous corresponding period The average realised gas price for the quarter increased by 11% to $3.61 per gigajoule (GJ) from $3.25 per GJ in the same period of 2004, and the average realized oil price of AU$70.20 (US$54.06) per barrel was 18% higher than AU$59.70 (US$43.97) in the first quarter. "The latest quarter has continued a buoyant start to 2005 for Santos and its expanding group operations," Santos' Managing Director, Mr John Ellice-Flint, said today. "As well as our increased production, the Company's higher sales volumes have been achieved in a period of stronger prices for most products," he said. Mr Ellice-Flint said the improved production was largely due to the successful early start-up of production from the Mutineer- Exeter development, in the Carnarvon Basin offshore Western Australia. "The 24% stronger first half production of 26.3 mmboe has us on track to achieve our previously stated guidance of approximately 54 mmboe for the full year compared with 47 mmboe in 2004," he said. Santos has also previously forecast a further 10% increase in production for the 2006 calendar year. Other significant developments during the second quarter included: (1) $200 million Casino gas development awarded production license by Victorian Government. Project on target to commence production in the first quarter of 2006; (2) Positive development drilling results on the Casino field; (3) Development go-ahead for the first Santos operated Indonesian development - the Oyong oil and gas field; (4) The signing of the gas sales agreement for the entire gas reserves from the Maleo field in Indonesia, which is expected to generate revenue of more than A$700 million over the life of the field; (5) Securing a 10-year contract to supply gas to the $340 million Braemar Power Project in Queensland; (6) Drilling of successful development wells on the John Brookes gas field, offshore WA; and (7) Application submitted by the Kipper joint venture for a production licence over the field, offshore eastern Victoria, to commence production in 2009. Since 30 June 2005, Santos has announced its intention to acquire US listed Tipperary Corporation Inc and Tipperary Oil and Gas Australia Pty Ltd, including an approximate 75% working interest in the Fairview coal seam methane field in central Queensland. This transaction, valued at approximately US$466 million (AU$612 million), remains subject to Tipperary Corporation shareholder approval, which is expected early in the fourth quarter of 2005. The Company also earlier this month announced a further expansion of its oil and gas exploration in the Sorell Basin, offshore Tasmania, and outlined plans to sell its interest in the undeveloped Golden Beach gas field, offshore Victoria. CONTACT: Santos Limited Ground Floor, Santos House, 91 King William Street, Adelaide, S.A. 5000 Web site: http://www.santos.com.au/ SHADOWFIELDS PTY: Manger Steps Aside ------------------------------------ Notice is hereby given that Brian Raymond Silvia, Receiver and Manager of the property of Shadowfields Pry Limited, which is in liquidation, ceased to act as such on June 20, 2005. Dated this 20th day of June 2005 Brian R. Silvia Ferrier Hodgson GPO Box 4114, Sydney NSW 2001 Phone: 9286 9999 Fax: 9286 9888 SIRIUS RETAIL: Intends to Pay Dividend to Creditors --------------------------------------------------- A first and final dividend is to be declared on Aug. 12, 2005 for Sirius Retail Television Pty Limited. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Neil Singleton Liquidator SimsPartners Chartered Accountants Level 24, Australia Square 264 George Street, Sydney NSW 2000 THORLEY'S TRANSPORT: Liquidator to Explain Wind Up Manner --------------------------------------------------------- Notice is hereby given that a final combined meeting of the members and creditors of Thorley's Transport NQ Pty Limited will be held on Aug. 16, 2005, 11:00 a.m. at the offices of Knights Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt Street, Townsville Qld 4810. AGENDA (1) To receive an account made up by the Liquidator showing how the winding up has been conducted and how the property of the company was disposed of, and to receive any explanation required thereof. (2) Any other business which may be lawfully considered with the foregoing. Dated this 16th day of June 2005 D. J. Offermans Liquidator Knights Insolvency Administration Level 7, Suncorp Plaza 61-73 Sturt Street, Townsville Old 4810 TR CARTY: To Undergo Voluntary Liquidation ------------------------------------------ Notice is hereby given that at a general meeting of members of TR Carty Pty Limited held on June 17, 2005, it was resolved that the Company be wound up voluntarily and that for such purpose, Russell Graeme Peake and Geoffrey Charles Ridgeway, Chartered Accountants and Registered Liquidators of Jenkins Peake & Co., 1st Floor, Lexen Building, 200 Malop Street, Geelong 3220, be appointed Joint and Several Liquidators. Dated this 20th day of June 2005 Russell G. Peake Geoffrey C. Ridgeway Liquidator Jenkins Peake & Co. PO Box 1570, Geelong 3220 Phone: (03) 5223 1000 Fax: (03) 5221 4938 ============================== C H I N A & H O N G K O N G ============================== ASIA PACIFIC: Court Orders Winding Up ------------------------------------- Asia Pacific International Investment Holdings Limited whose place of business is located at Rooms 2703-2706, 27th Floor, Office Tower Convention Plaza, No 1 Harbour 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 July 6, 2005. Date of Presentation: May 9, 2s005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver BESTWAY INTERNATIONAL: To Offset Part of Accumulated Losses ----------------------------------------------------------- The Board of Directors of Bestway International Holdings Limited intends to put forward to the Shareholders a proposal for approval to reduce the entire amount standing to the credit of the share premium account of the Company on the Effective Date pursuant to Section 46 of the Companies Act and bye-law 6 of the Bye-laws of the Company. In a disclosure to the Hong Kong Stock Exchange, it is proposed that, subject to fulfillment of the conditions as set out below, the entire amount standing to the credit of the share premium account of the Company on the Effective Date so reduced will be utilized in accordance with the Bye-laws and all applicable laws to offset part of the Accumulated Losses as at the Effective Date. As at the Latest Practicable Date, the unaudited amount standing to the credit of the share premium account of the Company was estimated to stand at approximately HK$254,100,000. According to the audited financial statements of the Company as at 31st March 2005, the amount standing to the credit of the share premium account of the Company was HK$186,340,000 and the Accumulated Losses were HK$397,101,000. Reasons for the Share Premium Reduction The unaudited amount standing to the credit of the share premium account of the Company as at the Latest Practicable Date was estimated to stand at approximately HK$254,100,000 and the Accumulated Losses as at 31st March 2005 were HK$397,101,000. The Company is not permitted to declare or pay dividends to the Shareholders while it is not solvent, meaning that there are reasonable grounds for believing that the Company is or would after the payment be unable to pay its liabilities as they become due or the realizable value of the Company's assets would thereby be less than the aggregate of its liabilities and its issued share capital and share premium account. The Directors propose that, subject to the fulfillment of conditions set out below, the entire amount standing to the credit of the share premium account of the Company as at the Effective Date be reduced with the credit arising there from being directly applied to offset part of the Accumulated Losses as at the Effective Date. The Board considers that the reduction of the Accumulated Losses will give the Company more flexibility to declare dividends to the Shareholders at an earliest opportunity in the future as and when the Board considers appropriate. The Board believes that the Share Premium Reduction is beneficial to the Company and its Shareholders as a whole. Effects of the Share Premium Reduction Save for the expenses to be incurred in relation to the Share Premium Reduction, the Board considers that the implementation of the Share Premium Reduction will not, in itself, alter the underlying assets, business operations, management or financial position of the Company or the proportionate interests of the Shareholders in the underlying assets of the Company. The Board considers that the Share Premium Reduction is in the interests of the Company and the Shareholders as a whole. Conditions of the Share Premium Reduction The Share Premium Reduction is conditional upon: 1. The passing of a special resolution to approve the Share Premium Reduction at the SGM; 2. Compliance with Section 46(2) of the Companies Act, including publication of a notice of the Share Premium Reduction in an appointed newspaper in Bermuda on a date not more than thirty days and not less than fifteen days before the effective Date and that there are no reasonable grounds for believing that the Company is, and after the Share Premium Reduction would be, unable to pay its liabilities as they become due. GENERAL A circular containing, among other things, details of the Share Premium Reduction, together with a notice convening the SGM, will be despatched to the Shareholders as soon as practicable. As at the date of this announcement, the Board comprises of 5 executive directors, namely, Mr. Tang Kuan Chien (Chairman), Mr. Chang Bin Lin, Mr. Tang Wei Lun, Mr. Yang Ting and Mr. Cheung Ming Leung Denver and 3 independent non-executive directors, namely, Mr. Hung Shean-I, Mr. Wong Nai Ping and Mr. Au Kwok Yee Benjamin. By Order of the Board Bestway International Holdings Limited Tang Kuan Chien Chairman Hong Kong, 25th July 2005 CONTACT: Bestway International Holdings Limited 18/F, Tesbury Centre 28 Queen's Road East Wanchai, Hong Kong Phone: 28151199 Fax: 28541076 BESTWAY INTERNATIONAL: FY05 Net Loss Widens to HK$27.1 Mln ---------------------------------------------------------- Bestway International Holdings Limited (718) announced its financial results ended March 31, 2005. Year-end date: 31/03/2005 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2004 from 01/04/2003 to 31/03/2005 to 31/03/2004 Note (`000) (`000) Turnover : 331,795 283,601 Profit/(Loss) from Operations : (19,742) (711) Finance cost : (7,877) (8,726) Share of Profit/(Loss) of Associates : 0 0 Share of Profit/(Loss) of Jointly Controlled Entities : 483 78 Profit/(Loss) after Tax & MI : (27,131) (6,962) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0081) (0.0024) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : 0 0 Profit/(Loss) after ETD Items : (27,131) (6,962) Final Dividend : NIL NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 06/09/2005 to 12/09/2005 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A The calculation of the basic loss per share is based on the net loss from ordinary activities attributable to shareholders for the year of HK$27,131,000 (2004: HK$6,962,000), and the weighted average of 3,363,419,178 (2004: 2,851,200,000) ordinary shares in issue during the year. Diluted loss per share amounts for the years ended March 31, 2005 and 2004 have not been disclosed, as the convertible bonds outstanding during the years had an anti-dilutive effect on the basic loss per share for the years. BRILLIANT TECHNOLOGY: Court Orders Closure ------------------------------------------ Brilliant Technology Hong Kong Limited whose place of business is located at Room 538, 5th Floor, Fung King Industrial Building, 24-28 Lam Tin Street, Kwai Chung, New Territories was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on July 13, 2005. Date of Presentation: May 10, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver BULLETS EXPRESS: Winding Up Process Initiated --------------------------------------------- Bullets Express International Company Limited whose place of business is located at Shop H, G/F, Hunghom Gardens, 3 Tsing Chau Street, Kowloon was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on July 6, 2005. Date of Presentation: May 9, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver CELESTIAL SECURITIES: Receives Court Order to Shut Down ------------------------------------------------------- Celestial (International) Securities & Investment Limited whose place of business is located at 21st Floor, The Centre, 99 Queens Road Central, Hong Kongs was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on July 13, 2005. Date of Presentation: April 25, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver DRANSFIELD HOLDINGS: Issues Notice of Creditors' Meeting -------------------------------------------------------- Notice is hereby given that pursuant to Section 241 of the Hong Kong Companies Ordinance, a meeting of the creditors of Dransfield Holdings Limited will be held at 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong at 11:30 a.m. on Thursday, 4 August 2005 for the purposes of considering matters in relation to Sections 241, 242, 243, 244, 255A and 283 of the Companies Ordinance. Creditors may vote either in person or by proxy. Proxies must be lodged at 5/F Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong not later than 4:00 p.m. on 3 August 2005. Dated this 26th day of July 2005 Yu Gui Xiang Director Dransfield Holdings Limited FU MING: Receives Wind-up Order ------------------------------- Fu Ming Management Company Limited whose place of business is located at G/F, No. 18B on Lok Mun Street, On Lok Tsuen, Fanling, New Territories was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on July 6, 2005. Date of Presentation: May 9, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver HAPPY BRIGHT: Winding Up Hearing Slated for September 14 -------------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Happy Bright Industrial Limited the High Court of Hong Kong Special Administrative Region was on July 7, 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 September 14, 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. OR, NG & CHAN Solicitors for the Petitioner 15th Floor, The Bank of East Asia Buiding No. 10 Des Voeux Road Central 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 September 13, 2005. HUNG HING: Receives Bankruptcy Order ------------------------------------ Notice is hereby given that the Bankruptcy Order against Chan Hung Fong trading as Hung Hing Restaurant was made on July 13, 2005. All debts due to the estate should be paid to the official receiver. Dated this 22nd day of July 2005. Lee Mei Yee May Acting Official Receiver KAR LUNG: Begins Liquidation Proceedings ---------------------------------------- Kar Lung Industrial Company Limited whose place of business is located at Flat 3, 9th Floor, Block A, Veristrong Industrial Centre, 34-36 Au Pui Wan Street, Fotan, Shatin, New Territories was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on July 6, 2005. Date of Presentation: May 6, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver ORIENT POWER: Notes Unusual Volume Movement ------------------------------------------- The Stock Exchange of Hong Kong has received a message from Orient Power Holdings Limited, which is reproduced as follows: "This statement is made at the request of The Stock Exchange of Hong Kong Limited. The Company has noted an increase in the trading volume of the shares of the Company on July 27 and wishes to state that it is not aware of any reasons for such increase. The Company also confirm that save as disclosed in the announcement of the Company dated July 25, 2005, there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23, neither is the board aware of any matter discloseable under the general obligation imposed by rule 13.09, which is or may be of a price- sensitive nature. As at the date of this announcement, the directors of the Company comprise Messrs. Poon Ka Hung, Wu Lai Ping and Lin Hoo Fun as executive directors; Mr. Leung Chun Pong, Ms. Jennifer Cheung Mei Ha and Mr. Edward Fung Chi Kong as non-executive directors; and Messrs. Joseph Chan Wing Tai, Tay Chee Hung and Tang Tin Ying as independent non-executive directors. Made by the order of the board of the Company the directors of which individually and jointly accept responsibility for the accuracy of this statement. By order of the Board Jennifer Cheung Mei Ha Company Secretary Hong Kong, 26th July, 2005" PCCW LIMITED: Launches New Financial Channel -------------------------------------------- PCCW Limited will launch a financial channel focusing on financial, stock, foreign exchange and property market news, Infocast News reports. The amount of the project was not disclosed, but so assured that the launching of the new channel will not delay the break-even schedule for the company's NOW broadband TV operation. The Company said it would recruit a former management member of South China Group's magazine operation to assist in the founding of the financial channel. 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 SOUTH LIGHT: Creditors Meeting Fixed August 22 ---------------------------------------------- Notice is hereby given that the Creditors of South Light Limited (In Members' Voluntary Liquidation), which is being voluntarily wound up, are required on or before 4:00 p.m. on Monday, August 22, 2005 to send their names, addresses and descriptions, full particulars of their debts or claims, as well as the names and addresses of their solicitors (if any) to Mr. Chui Che Hung, Henry, Liquidator of the said Company. If so required by notice in writing from the said liquidators to prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution before such debts are proved. Dated this 22nd day of July 2005 CHUI CHE HUNG, HENRY Liquidator Room 1903, New World Tower 18 Queen's Road, Central Hong Kong ================= I N D O N E S I A ================= BANK MANDIRI: AGO to Seize Key Graft Suspect's Assets ----------------------------------------------------- A key suspect in an alleged graft case at Bank Mandiri will not get his hands on his personal assets and bank accounts for some time, The Jakarta Post learned. Prosecutors at the Attorney General's Office (AGO) are now ready to freeze the assets of former Bank Mandiri president director E.C.W. Neloe. They are currently collecting data on Mr. Neloe's assets and accounts. Deputy Attorney General for Special Crimes Hendarman Supandji confirmed the AGO has confiscated Mr. Neloe's local bank accounts, and is set to seize his overseas accounts, as well. Mr. Neloe was earlier arrested along with vice president I Wayan Pugeg and director of corporate banking M. Sholeh Tasripan for their alleged role in a lending scam that caused losses to the bank of IDR12 trillion (US$1.22 billion). CONTACT: PT Bank Mandiri Jl Jend Gatot Subroto Kav 36-38 Jakarta 12190 Indonesia Phone: +62 21 5299 7777/5296 4023 Web site: http://www.bankmandiri.co.id BANK PERMATA: Tax Payments Cut 23.6% on Net Profit -------------------------------------------------- PT Bank Permata saw its first half earnings fall by 23.60 percent to IDR218.80 billion due to tax provisions deferred from previous loss-making years, AFX News reveals. The bank's net interest income in the first half, however, rose to IDR1.50 trillion, up from the previous IDR1.40 trillion. Outstanding loans grew by 56 percent year-on-year to IDR18.8 trillion. Due to healthy profitability level backed by good asset quality and control over third-party fund costs, Bank Permata's net interest income climbed to IDR847.66 billion against IDR765.77 billion. Non-interest income, meanwhile, rose by 38 pct year-on-year to IDR211.9 billion, brought about by improvements in its fee-based income. Bank Permata expects further growth in its fee-based income, citing access to the international network of its parent firms Standard Chartered Bank and PT Astra International after last year's acquisition. Standard Chartered and Astra each own a 31.55 pct stake in the bank. The bank's first-half net profit before tax rose to IDR319.31 billion from IDR300.41 billion. But due to inclusion of taxes that have become effective this year, thye bank's tax burden hit IDR100.50 billion from IDR14.08 billion, resulting in the lower net profit of IDR218.80 billion. Previously, the taxes were not charged under a tax-loss carry- forward policy from the five banks, prior to their merger into Bank Permata in 2002. Bank Permata's end of June capital adequacy ratio stood at 11.7 percent from 12.3 percent a year earlier, while its loan-to- deposit ratio rose to 78.1 percent from 48.7 percent. CONTACT: Pt Bank Permata Terbuka Jalan Jend Sudirman Kav 27 Jakarta, 12920 Indonesia Phone: +62 21 523 7899 Fax: +62 21 250 0680 PERUSAHAAN LISTRIK: Growing Demand May Drive Power Shortage ----------------------------------------------------------- PT Perusahaan Listrik Negara (PLN) has warned of another power outage amid increasing demand during the dry season, The Jakarta Post reports. The state-owned electricity firm fears that declining rainfall may affect the capacities of hydropower plants, which contribute around 10 percent of the total grid's capacity. PLN President Director Eddie Widiono is concerned that the power supply may not be able to meet demand in the Java-Bali grid at peak times should the energy-saving drive fail. Data from the company shows the ideal minimum reserve capacity should be at the level of 1,290 MW. At present, the power reserves in peak time stand at about 600 MW. Although the Java-Bali grid has a total installed capacity of 19,615 MW, the usable capacity hovers at around 15,500 MW, as power plants have to be shut down in turns for maintenance. Although a reserve of 120 MW does not necessarily mean blackouts in densely populated islands, PLN will have to make sure that all other plants, fueled by diesel, coal, gas, and other sources, run smoothly. A failure in even one of the bigger plants would be likely to cause blackouts in some areas. CONTACT: PT Perusahaan Listrik Negara (Persero) Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru Jakarta, 12160, Indonesia Phone: 62 21 725 1234 Fax: 62 21 722 1330 Web site: http://www.pln.co.id ========= J A P A N ========= FUJITSU LIMITED: Revises 1H/FY05 Financial Results Forecast ----------------------------------------------------------- Fujitsu Limited announced on July 27 that it has revised its forecast consolidated and unconsolidated financial results for the first half of fiscal 2005 (the period from April 1 to September 30, 2005) from its previous forecast announced on April 27, 2005. Details are as follows. 1) Revised First-Half FY 2005 Consolidated Financial Results Forecast (For fiscal half-year period from April 1, 2005 to September 30, 2005) (Billion yen) Net Sales Operating Income Net Income (Loss) (Loss) Previous Forecast (A) 2,200.0 15.0 (30.0) Revised Forecast (B) 2,200.0 30.0 (15.0) Increase or Decrease (B-A) -- 15.0 15.0 Percentage of Increase or Decrease -- 100.0% 50.0% FY 2004 First-Half Results (For half year ended September 30, 2004) 2,220.0 33.2 (8.1) 2) Revised First-Half FY 2005 Unconsolidated Financial Results Forecast (For fiscal half-year period from April 1, 2005 to September 30, 2005) (Billion yen) Net Sales Operating Income Net Income (Loss) (Loss) Previous Forecast (A) 1,265.0 (25.0) (5.0) Revised Forecast (B) 1,265.0 (20.0) 15.0 Increase or Decrease (B-A) -- 5.0 20.0 Percentage of Increase or Decrease -- 20.0% 400.0% FY 2004 First-Half Results (For half year ended September 30, 2004) 1,295.7 (23.6) (12.1) 3) Explanation of Revisions to Financial Results Forecast First-Half FY 2005 Consolidated Earnings Forecast The recovery in IT spending in Japan has been patchy at best, and such investment has yet to regain its former strength. Nevertheless, in light of increasing demand for mobile phone- related equipment in Japan and optical transmission systems in North America, as well as steady growth in demand for hard disk drives and efficiency gains from reductions in costs and expenses, Fujitsu has decided to increase its consolidated operating income forecast for the first half of fiscal 2005 by 15.0 billion yen. As a result of the projected improvement in operating income, along with an expected upturn in other income (expenses) owing to foreign currency transaction gains arising from the weaker yen and a gain on settlement of litigation relating to hard disk drives, the company now forecasts a narrowing of its projected first-half net loss by 15.0 billion yen. Regarding fiscal 2005 full-year earnings projections, in addition to an anticipated delay in the recovery of the semiconductor market, there are a number of major uncertainties with respect to the IT market in the second half. Accordingly, Fujitsu is leaving its initial full-year earnings forecast unchanged. First-Half FY 2005 Unconsolidated Earnings Forecast For similar reasons to those cited above for consolidated performance, Fujitsu is revising upwards its forecast for unconsolidated operating income for the first half. Likewise, due to projected improvement in operating income, an expected upturn in other income (expenses) owing to foreign currency transaction gains arising from the weaker yen, a projected increase in dividends from subsidiaries, and the gain on settlement of litigation relating to hard disk drives, the company has raised its net income forecast. [For Reference] Status of First-Quarter FY 2005 Consolidated Financial Results (Billion yen) Latest Forecast 1Q FY 2004 Increase April Forecast Net Sales 1,026.3 1,008.1 18.1 1.010.0 Operating Income (Loss) 14.8 (4.3) 19.1 (10.0) Net Income (Loss) 2.4 (11.8) 14.3 (30.0) First-quarter FY 2005 financial results will be announced on July 28, 2005. About Fujitsu Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace- setting device technologies, highly reliable computing and communications products, and a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of JPY4.7 trillion (US$44.5 billion) for the fiscal year ended March 31, 2005. CONTACT: Fujitsu Limited Shiodome City Center 1-5-2 Higashi-Shimbashi Minato-ku, Tokyo Japan, 105-7123 Phone: +81 (0) 3-6252-2176 Fax: +81 (0) 3-6252-2783 Web site: http://www.fujitsu.com This is a company press release. JAPAN TOBACCO: To Realign Domestic Leaf Tobacco Division -------------------------------------------------------- Japan Tobacco Inc. announced that the company plans to realign its domestic leaf tobacco division as one measure for improving cost competitiveness and optimizing the JT organization. This realignment is in response to the tough market conditions in the domestic tobacco business and the changing environment in domestic leaf tobacco cultivation, including the decline of acreage and number of growers, as a result of the company proposal that asked if growers would volunteer to terminate their tobacco cultivation last year. JT reviewed the present structure of the six Regional Leaf Tobacco Headquarters, which are responsible for procuring leaf tobacco in each region, four Regional Leaf Tobacco Offices and one Local Leaf Tobacco Office, which are branch offices of the Regional Leaf Tobacco Headquarters. All four Regional Leaf Tobacco Offices and the one Local Leaf Tobacco Office will be closed while the six Regional Leaf Tobacco Headquarters will be maintained. In addition, the Sukagawa and Kumamoto leaf processing factories, which are located on the same site as the Regional Leaf Tobacco Headquarters, will be integrated into the Naka-Nihon Regional Leaf Tobacco Headquarters and the Kyushu Regional Leaf Tobacco Headquarters, respectively. Moreover, a total of 33 Leaf Tobacco Procurement Stations and five Leaf Tobacco Procurement Centers, which are facilities that JT uses to purchase leaf tobacco from domestic tobacco growers were also reviewed. The closure of 16 Leaf Tobacco Procurement Stations at the end of March 2006 was already announced, but JT decided to close four additional Leaf Tobacco Procurement Stations at the same time. Thus, under the new structure, the company will use 13 Stations and five Leaf Tobacco Procurement Centers to purchase leaf tobacco from domestic growers. Along with the above measures, the Leaf Tobacco Research Center in Oyama, which carries out research and development on leaf tobacco will integrate two Leaf Tobacco Technology Centers in Morioka and Kagoshima, which have been researching and developing the technologies relating to the variety-specific characteristics of leaf tobacco. The new structure will take effect in April 2006. 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 This is a company press release. MATSUSHITA ELECTRIC: Unit Shares Up 1.75% on Wednesday ------------------------------------------------------ Matsushita Electric Co. (M) Berhad shares surged 1.75 percent on Wednesday to RM11.60 on solid fundamentals and good management among other factors, The Star Online reports. The company is expected to return to the black in 2006 with a profit of RM 59 million. The report added that over the years, the company had been generous with its dividend payout and the trend was likely to continue. CONTACT: Matsushita Electric Industrial Co. Ltd. (Panasonic) 1006, Oaza Kadoma Kadoma-shi, Osaka 571-8501 Japan Phone: +81 6 6908 - 1121 Fax: +81 6 6908 2351 MITSUBISHI MOTORS: Launches Low Indoor VOC in Mini Vehicles ----------------------------------------------------------- Mitsubishi Motors Corporation will reduce the levels of volatile organic compound (VOC) concentrations in vehicles by combining several measures to improve vehicle interior environments, Japan Corporate News reports. Specifically, the carmaker has set targets below the guideline targets for 13 compounds set by the Ministry of Health, Labor and Welfare. As an initial step, Mitsubishi will introduce a new mini vehicle, I, in the spring of 2006. The company will be 1.3 years ahead of what is stipulated by the guidelines for indoor VOC concentrations formulated by the Japan Automobile Manufacturers Association. 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 RESONA HOLDINGS: 1Q/FY05 Profit Falls 12% on Lending Slump ---------------------------------------------------------- Resona Holdings Inc. said profit fell 12 percent in its first quarter results ending in March 2006 because of a slump in lending, Bloomberg News reports. Net income in the three months ended June 30 dropped to JPY122.7 billion ($1.1 billion), or 10.78 yen a share, from 139.3 billion yen, or 12.24 yen a share, a year earlier, the Osaka-based bank said in a statement on Wednesday. For a copy of the Company press release, go to http://bankrupt.com/misc/tcrap_resona072705.pdf CONTACT: Resona Holdings, Inc. Address: 2-1, Bingomachi 2-chome, Chuo-ku Osaka 540-8608, Japan Phone: +81-6-6271-1221 Fax: +81-6-6268-1337 SANYO ELECTRIC: Incurs JPY26.2-Bln Quarterly Loss ------------------------------------------------- Sanyo Electric Co. announced a third straight quarterly loss in the fiscal first quarter as demand for digital cameras and semiconductors slumped, Bloomberg News relates. The company posted a net loss of JPY26.2 billion (US$232 million) for the three months ended June 30, versus a net income of JPY2.33 billion a year earlier. It left its full-year forecast unchanged. Sales fell to JPY569 billion from JPY622.4 billion. The company had an operating loss of JPY9.4 billion from a JPY13.6 billion in operating profit a year ago. CONTACT: Sanyo Electric Co. Ltd. 5-5 Keihan-Hondori, 2-chome Moriguchi, Osaka 570-8677, Japan Phone: +81-6-6991-1181 Fax: +81-6-6991-2086 SOFTBANK CORPORATION: Sells Shares in Advanced Media ---------------------------------------------------- Softbank Corporation announced that Softbank BB Corporation (our wholly-owned subsidiary, head office: Minato-ku, Tokyo, representative: Masayoshi Son) sold its all shares held in Advanced Media, Inc. 1. Outline of sale (1) Shares for sale: 2,700 shares held in Advanced Media, Inc. (2) Sale price: Approximately 2.8 billion yen 2. Effect on consolidated financial results Gain on sale of investment securities would be recognized approximately 2.8 billion yen on a consolidated basis in the 2nd quarter for the fiscal year ending March 31, 2006. CONTACT: Softbank Corporation 24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo 103-8501, JAPAN Phone: 81-3-5642-8000 Web site: http://www.softbank.co.jp/english/index.html ========= K O R E A ========= ASIANA AIRLINES: Eyes Cuts in International Flights This Week ------------------------------------------------------------- The international passenger flights of Asiana Airlines Inc. would most likely experience rough roads ahead if the strike will not come to a halt, reports The Korea Herald. Asiana is expecting that anytime this week the international flight will be having problems with its operations. The company predicts that all Sydney, Australia route will be cancelled for the time being, and cuts on flights to Los Angeles would follow suit. Asiana also mulls a reduction in the number of short-haul international flights during the strike. International flight accounts for more than 60 percent of Asiana's business. A prolonged strike would cause severe disruptions and would entail a major impact on the carriers business. "The union should return to work and begin earnest negotiations with us, taking into account the huge damage the walkout is inflicting on the public and the national economy," Asiana said. The ruling Uri Party has asked for the government's intervention to put a stop to the strike. The government said that it would impose a binding arbitration if the walkout is protracted, but labor and management should try solving the matter themselves first. No deadline for intervention action was mentioned. Since last Friday, negotiations between Asiana and the pilots' union have been cancelled. Asiana management said it will only resume talks with the pilots on the condition that the pilots drop demands related to managerial and personnel policies. CONTACT: Asiana Airlines Incorporated 47 Osoe-Dong Kangseo-Gu 157-270 Korea (South) Telephone: +82 2 669 3114 Fax: +82 2 669 3170 ASIANA AIRLINES: Unveils Amended Flight Schedules ------------------------------------------------- Asiana Airlines Inc. unveiled in its company website a list of flight schedules for July 28. Asiana Airlines sincerely regrets any inconvenience to its customers caused by the pilot strike. The following are the flight schedule for July 28: Domestic Flights The following 18 flights departing from/arriving to Jeju have been cancelled: - Gimpo-Jeju way/ 7 flights - OZ8901 - OZ8917 - OZ8925 - OZ8943 - OZ8953 - OZ8959 - OZ8963 - Jeju-Gimpo one way /7 flight - OZ8968 - OZ8902 - OZ8924 - OZ8948 - OZ8950 - OZ8958 - OZ8964 - Busan-Jeju one way/ 2 fights - OZ8105 - OZ8109 - Jeju- Busan one way/ 2 flights - OZ8104 and OZ8110 are canceled. - The following 2 flights excluding Jeju routes will go forward with normal operations: - Inchoen-Busan one way/ 1flight(OZ8531) - Busan-Incheon one way/ 1 flight(OZ8532) All other domestic flights are canceled. International Flights (7 flights of our 112 flights will be cancelled.) - Flights departing to Sydney(OZ601), L.A(OZ204), Delhi(OZ767), Guilin(OZ325) are canceled. - Flights departing from Sydney(OZ602), Guilin(OZ326), Takamatsu(OZ165) are canceled. All other international flights will operate on schedule. Union pilots that are not participating in the strike, non-union pilots, and foreign pilots are doing their best to operate as many flights as possible, but please acknowledge that some domestic flights will have to be cancelled due to the lack of pilots. In spite of the pilot strike, mostly normal operation is expected for all Jeju and international services. CITIBANK KOREA: Exim Demands Payment for Daewoo Corp's Debt ----------------------------------------------------------- The Export-Import (Exim) Bank of Korea is asking Citibank Korea Inc. to pay Daewoo Corp's debt, according to The Korea Times. Exim filed a lawsuit against Citibank Korea claiming $60 million in damages. Exim said that Citibank as Daewoo Corp's guarantor pledged a written guarantee to pay the latter's debt in case it becomes insolvent. The case dates back to 1996, when the state-run policy bank issued loans amounting to $290 million to Daewoo Corp. to relocate automobile production facilities to India. The court asked Citibank Korea (formerly Koram Bank) in August of 2004 to issue documents promising to pay Exim Bank instead of Daewoo. As Citibank refused the court's order, Exim seek for the courts mandate last April to let Citibank Korea pay its dues. "It seems that Citibank resisted the payment as there is a possibility that bank employees who signed the contract (in 1996) will have full responsibility," an Exim Bank official said. Other banks who stands as guarantor are SC First Bank (then Korea First Bank) and Kwangju Bank with debt guarantee pledges of $20 million and $100 million, respectively. Exim Bank also filed similar lawsuits against the commercial banks. CONTACT: Citigroup PAO Office Citibank Korea Inc. 39, Da-Dong, Chung-gu Seoul, Korea 100-180 Telephone: 82-2-3455-2114 Fax: 82-2-3455-2966 Media Matters Sun-Oh Park Telephone: 82-2-3455-2340 Administrative Matters Kun-Sang Kim Telephone: 82-2-3705-0609 DOOSAN GROUP: Seoul Prosecutors Office Launches Probe ----------------------------------------------------- A probe into Doosan Group has commenced Tuesday on alleged accounting fraud and slush funds, reveals The Korea Herald. The Seoul Prosecutors Office launched the probe and prompted a freeze on business plans at Doosan. The office will start to check the credibility of the accusations made by former chairman Park Yong-oh. Mr. Park will most likely be called in for questioning. Mr. Park filed the accusation right after his younger brother, Yong-sung, took over the chairmanship. However, his dismissal is pending shareholder approval in September. He accused Yong-sung and Yong-man of corporate misconduct worth more that KRW100 billion. Doosan plans to skip the chairman nominee's official succession ceremony, which was slated for August. "The group chairman status is not regulated by law. Although there will be no inauguration ceremony, Park Yong-sung is already the acting chairman of the group and is playing the role of representing the board of directors," said a Doosan official. Mr. Yong-sung on Friday said his older brother's allegations stemmed from a power struggle, not a family feud. Mr. Yong-oh wanted one of Doosan's units to be separated and given to him when he stepped down as group chairman, but that the conglomerate had denied his request. Doosan Group wants to become a global business. It aims to increase its shares of overseas sales to 70 percent by 2008. For more information, click http://bankrupt.com/misc/DoosanGroupPR071905.pdf CONTACT: Doosan Corporation 13 Munrae-dong 6-ga, Youngdungpo-gu Seoul, Seoul 150-096 Korea (South) Phone: +82 2 3398 1121 Fax: +82 2 3398 1135 Web site: http://www.doosancorp.co.kr/ HYNIX SEMICONDUCTOR: Investigation on DRAM Duties Extended ---------------------------------------------------------- The Ministry of Economy, Trade and Industry advised in a press release that the extension of an investigation on imposition of countervailing duties (CVD) on DRAM semiconductors made by Hynix Semiconductor Inc. has been extended for six months in order to adequately examine evidence that been additionally submitted by the interested parties. The completion of the investigation was originally set on August 3, 2005. The interested parties have been notified of this decision. CONTACT: Hynix Semiconductor Inc. (HIS) 891 Daechi-dong, Kangnam-gu, Seoul, Korea Telephone: 82-2-3459-3470 Fax: 82-2-3459-5987/8 Web site: http://www.hynix.com =============== M A L A Y S I A =============== ANCOM BERHAD: Purchases 469,400 Shares on Buy Back -------------------------------------------------- Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice of shares buy back with the following details: Date of buy back from: July 8, 2005 Date of buy back to: July 18, 2005 Total number of shares purchased (units): 469,400 Minimum price paid for each share purchased (RM): 0.670 Maximum price paid for each share purchased (RM): 0.800 Total amount paid for shares purchased (RM): 357,866.45 The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad Number of shares purchased retained in treasury (units): 469,400 Total number of shares retained in treasury (units): 11,383,500 Number of shares purchased which were cancelled (units): 0 Total issued capital as diminished: Date lodged with registrar of companies: July 21, 2005 Lodged by: PFA Corporate Services S/B Level 14, Uptown 1, D'sara Uptown 47400 PJ CONTACT: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 Website: http://www.ancom.com.my AYER HITAM: Unit Served with Winding Up Order --------------------------------------------- The Board of Directors of Ayer Hitam Tin Dredging Malaysia Berhad advised Bursa Malaysia Securities Berhad that a winding- up petition has been served on Pembinaan AHT Sdn Bhd (PAHT) on July 19, 2005 at its registered office in Kuala Lumpur. The details are as follows: (1) Date of Petition Served The winding up petition was presented at the High Court of Malaya at Kuala Lumpur on July 4, 2005 and the Petition was served on PAHT on July 19, 2005 by Messrs Lim & Yeoh for Kwong Ngai Cheung & Ho Yoke Shih @ Ho Yoke Har (the Petitioners) vide Companies Winding-Up No. D5-28-481-2005. The hearing date of the Petition has been fixed on October 4, 2005. (2) Particulars of Claim The Petitioners have claimed for the sum of RM65,452.84 being money due and owing as at December 16, 2004 pursuant to the Judgment dated May 17, 2004 obtained against PAHT vide Kuala Lumpur Sessions Court Summons No. 1-52-9045-2002 which consists of the principal sum of MYR53,598.91, interest on MYR53,598.91 at the rate of 8% per annum calculated from June 26, 2002 until the date of full settlement and costs of MYR1,234.00. (3) The details of Default The claim by the Petitioners is for the debt due from PAHT to the Petitioners for the claim on late delivery of vacant possession and common facilities of two (2) units of properties - shop and office, Taman Juara Jaya (Merchant Square), Balakong pursuant to Sale and Purchase Agreements dated October 31, 1996 signed between PAHT and the Petitioners. The debt arose due to insufficient fund available in PAHT. The Petitioners had demanded the outstanding debt to be paid immediately. (4) The total cost of investment in PAHT by AHTIN The total cost of investment of AHTIN's investment in PAHT is MYR5,803,751.83. (5) The financial and operational impact on the Group There is no material financial impact on the Group as the amount had already been provided for in the accounts of PAHT. However, on the operational side, there will be an interruption on PAHT's future development in Balakong in the event that the winding up petition succeeds. (6) The expected losses, if any The expected losses, if any, would be the corresponding legal costs. (7) Steps taken or proposed to be taken by PAHT PAHT has instructed its solicitors to resist the winding up petition. This announcement is dated 21 July 2005. CONTACT: Ayer Hitam Tin Dredging Malaysia Berhad 8 Jalan Raja Chulan 50200 Kuala Lumpur, 50200 Malaysia Telephone: +60 3 2031 9633 Phone: +60 3 2031 6920 DUOPHARMA BIOTECH: Bourse Suspends Trading of Shares ---------------------------------------------------- Duopharma Biotech Bhd advised Bursa Malaysia Securities Berhad that trading of its shares has been suspended with effect from 9:00 a.m., Thursday, July 21, 2005. Trading in the shares will resume with effect from 9:00 a.m., Friday, July 22, 2005. Your attention is drawn to the announcement made by Chemical Company of Malaysia Berhad on July 20, 2005. DUOPHARMA BIOTECH: Shareholders Enter into SPA with Tekan Maju -------------------------------------------------------------- Duopharma Biotech Berhad (DBB) issued to Bursa Malaysia Securities Berhad an update on the proposed disposal by Chia Ting Poh @ Cheah Ting Poh and Ang Bee Lian, the major shareholders of the company, of their equity interest in DBB to Tekan Maju Sdn Bhd (TMSB), a wholly owned subsidiary of Chemical Company Of Malaysia Berhad (CCM). DBB advised the bourse that it had on July 21, 2005 received a notification from its major shareholders, Mr. Chia Ting Poh @ Cheah Ting Poh and Mdm Ang Bee Lian that they had on July 20, 2005 entered into a sale and purchase agreement with TMSB to dispose of a total of 47,934,390 ordinary shares of MYR0.50 each in DBB (representing approximately 36 percent equity interest in DBB as at the date of the announcement) to TMSB. Please refer to the announcement released by Avenue Securities Sdn Bhd on behalf of CCM on July 20, 2005 in relation thereto. DUOPHARMA BIOTECH: Bourse to List Additional Shares --------------------------------------------------- Duopharma Biotech Bhd advised that its additional 293,500 new ordinary shares of MYR0.50 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation with effect from 9:00 a.m., Monday, July 25, 2005. HABIB CORPORATION: Clarifies Various Items Stated in Circular ------------------------------------------------------------- Habib Corporation Berhad (HCB) issued to Bursa Malaysia Securities Berhad an update on the following proposals: (I) Proposed Acquisitions; (II) Proposed Restricted Issue; (III) Proposed Rights Issue; (IV) Proposed Placement; and (V) Proposed RCCPS Issue (collectively known as the proposals) The company refers to the announcements dated February 14, 2005, April 6, 2005, June 24, 2005, June 29, 2005 and July 8, 2005 respectively, in relation to the Proposals, the circular to shareholders dated June 30, 2005 and the conditional sale and purchase agreement and the conditional subscription agreement, both dated February 14, 2005. We refer particularly to Section 19.1 (Inter-Conditionality) of the abovementioned circular which states that "The Proposed Acquisitions, Proposed Rights Issue, Proposed Restricted Issue, Proposed Placement and Proposed RCCPS Issue are inter- conditional with each other." Commerce International Merchant Bankers Berhad, on behalf of HCB, clarified, in relation to the aforementioned statement of the circular, that: (a) Completion of the Proposed Acquisitions is, amongst others, conditional upon relevant approvals being obtained for, and completion of, the Fund Raising Proposals (which comprises the Proposed Rights Issue, Proposed Restricted Issue, Proposed Placement and Proposed RCCPS Issue); (b) Completion of each of the Proposed Rights Issue, Proposed Restricted Issue, Proposed Placement and Proposed RCCPS Issue is, amongst others, conditional upon relevant regulatory approvals being obtained for each of such Fund Raising Proposal; and (c) The Proposed Rights Issue, Proposed Restricted Issue, Proposed Placement and Proposed RCCPS may, but will not necessarily be, implemented simultaneously. This announcement is dated 21 July 2005. CONTACT: Habib Corporation Berhad 1st Floor, Bangunan Habib Corporation, Lot 106, Lorong Mamanda 2, Ampang Point, 68000 Ampang, Selangor Malaysia Telephone: (60) 3 452 7777 Fax: (60) 3 452 2143 KEMAYAN CORPORATION: Gets More Time to Fulfill Set of Conditions ---------------------------------------------------------------- Public Merchant Bank Berhad (PMBB), on behalf of Kemayan Corp. Berhad (KCB), advised the following to Bursa Malaysia Securities Berhad: (i) The vendors of Satujaya Sdn Bhd (Satujaya) had, via their letter to Jawira Holdings Berhad (Jawira) dated June 30, 2005, which was received by PMBB on July 20, 2005, agreed to extend the period for the fulfillment of the conditions precedent as set out in the conditional sale and purchase agreement between Jawira and the vendors of Satujaya dated October 21, 2002, as amended by supplemental agreements dated November 14, 2002, July 2, 2003 and January 21, 2004, in respect of the Proposed Acquisition of Satujaya, to November 30, 2005; (ii) The shareholders of Major Entrepreneur Sdn Bhd (MESB) had, via their letters to Jawira dated July 14, 2004, which was received by PMBB on July 20, 2005, agreed to extend the period for the fulfilment of the conditions precedent as set out in the conditional subscription agreement between Jawira, MESB and the shareholders of MESB dated October 21, 2002, as amended by supplemental agreement dated April 12, 2004, in respect of the Proposed Subscription in MESB to October 13, 2005. (iii) The continuing vendors of Amber Resources Sdn Bhd (Amber) had, via their letter to Jawira dated July 8, 2005, which was received by PMBB on July 20, 2005, agreed to extend the period for the fulfillment of the conditions precedent as set out in the conditional sale and purchase agreement between Jawira and the continuing vendors of Amber dated October 31, 2002, as amended by the supplemental agreements dated August 25, 2003, June 22, 2004 and December 27, 2004, in respect of the Proposed Acquisition of Amber, to September 5, 2005; and (iv) The vendors of CDM Sdn Bhd (CDM) had, via their letter to Jawira dated July 8, 2005, which was received by PMBB on July 20, 2005, agreed to extend the period for the fulfillment of the conditions precedent as set out in the conditional sale and purchase agreement between Jawira and the vendors of CDM dated October 31, 2002, as amended by the supplemental agreements dated August 25, 2003, June 22, 2004 and December 27, 2004, in respect of the Proposed Acquisition of CDM, to September 5, 2005. The extension of period as agreed by the vendors of Amber and CDM above, are subject to the following conditions: (i) The vendors reserve the absolute right to discretionary terminate the conditional sale and purchase agreements prior to the expiry of the extension period if they are not satisfied with the progress of the Proposed Restructuring Scheme of KCB; (ii) The vendors also reserve the absolute right to terminate the conditional sale and purchase agreements based on any reason whatsoever which they deem at their discretion to be detrimental to the completion of the disposal of their shares; and (iii) The vendors are advised in writing immediately upon the occurrence of the following events: (a) Approval of the Scheme Creditors at the Court Convened meetings or its outcome; and (b) Upon filing of the application to the High Court of Malaya for sanction for the scheme of arrangements under the Proposed Restructuring Scheme of KCB. Further developments in relation to the Proposed Restructuring Scheme will be made to the Exchange in due course. This announcement is dated 21 July 2005. CONTACT: Kemayan Corporation Berhad Jalan Mewah Ria 2/1 Tawan Bukit Mewah 81200 Johor Bahru, Johor Darul Takzim 80200 Malaysia Telephone: +60 7 238 9888 Fax: +60 7 236 5307 MAGNUM CORPORATION: Unlikely to Fulfill Conditions of Agreement --------------------------------------------------------------- Magnum Corp. Berhad issued to Bursa Malaysia Securities Berhad an update on the: (I) Proposed Disposal of 51.54 percent Equity Interest in Magnum International Holdings Limited; and (II) Settlement of Inter-Company Loans Extended to MIHL Magnum refers to its announcement made on April 11, 2005 with regard to the proposed disposal of the entire 51.54 percent equity shareholding in Magnum International Holdings Limited (MIHL) held by the Magnum Corporation Berhad (Magnum) Group to Unichina Enterprises Limited (Unichina) (Proposed MIHL Disposal) and the proposed settlement of all outstanding inter-company loans extended by the Magnum Group to MIHL (Proposed Loan Settlement). The sale and purchase agreement dated April 8, 2005 entered into with Unichina in respect of the Proposed MIHL Disposal (S&P Agreement) contained a number of conditions precedent which had to be satisfied by July 31, 2005, including the approval by independent MIHL shareholders for matters relating to the Proposed Loan Settlement. Upon the completion of the Proposed MIHL Disposal, MIHL will cease to be a subsidiary of Magnum. In relation to the above, the Board of Directors (Board) of Magnum disclosed that a Special General Meeting (SGM) of MIHL was held on June 24, 2005 to consider a number of resolutions, including resolutions relating to the Proposed Loan Settlement (SGM Resolutions). MIHL has published an announcement dated July 20, 2005 in Hong Kong stating inter alia that the SGM Resolutions tabled at the SGM held on June 24, 2005 were not passed by independent shareholders of MIHL. Arising from the outcome of the SGM of MIHL held on June 24, 2005, the Magnum Board announced that the conditions precedent in the S&P Agreement are unlikely to be fulfilled by July 31, 2005 and accordingly, the completion of the Proposed MIHL Disposal and the Proposed Loan Settlement cannot take effect. This announcement is dated 21 July 2005. CONTACT: Magnum Corporation Berhad No 8 Jalan Munshi Abdullah 50100 Kuala Lumpur, 50100 Malaysia Telephone: +60 3 2698 8033/ +60 3 2698 9885 MAXIS COMMUNICATIONS: Issues Additional Shares for Listing ---------------------------------------------------------- Maxis Communications Berhad advised that its additional 1,579,000 new ordinary shares of MYR0.10 each issued pursuant to the Employee Share Option Scheme will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Tuesday, July 26, 2005. CONTACT: Maxis Communications Bhd Level 18, Menara Maxis Kuala Lumpur City Centre Off Jalan Ampang 50088 Kuala Lumpur Malaysia Phone: 03-23307000 Fax: 03-2330059 METROPLEX BERHAD: Hearing to Appoint Liquidator Adjourned --------------------------------------------------------- Metroplex Berhad (MB) refer to its announcements dated April 28, 2005, May 10, 2005 and June 27, 2005 on the winding-up petition served on MB by Morgan Stanley Emerging Markets, Inc. (MSEMI). The Company informed the bourse that the hearing of MSEMI's application for the appointment of a provisional liquidator is adjourned to August 3, 2005. This announcement is dated 21 July 2005. CONTACT: Metroplex Berhad Level 10, Grand Seasons Avenue, No. 72, Jalan Pahang, 53000 Kuala Lumpur. Telephone: 03-2931828, 03-4431828 Fax: 03-2912798 SARAWAK ENTERPRISE: Bourse Extends Time to Complete Acquisition --------------------------------------------------------------- The Board of Directors of Sarawak Enterprise Corporation Berhad (SECB) wishes to announce that: (i) Pursuant to the completion of the acquisition by SECB of 257,852,000 ordinary shares of MYR1.00 each in Sarawak Electricity Supply Corporation (SESCo) (Acquisition of SESCo) on June 30, 2005, based on records as at that date, the public shareholding spread of the Company is 18.86 percent with 14,755 public shareholders holding more than 100 ordinary shares of MYR1.00 each; (ii) Bursa Securities, via its letter dated July 20, 2005 granted the Company an extension of time of six (6) months from the date of completion of the Acquisition of SESCo ie. from June 30, 2005 until December 30, 2005 to comply with the 25 percent public shareholding spread requirement; (iii) The Company is looking into various options to address the shortfall including the assistance of its major shareholder other than the State Financial Secretary Sarawak (SFS), a body corporate incorporated under the State Financial Secretary (Incorporation) Ordinance of Sarawak and wholly-owned by the State Government of Sarawak, to dispose / place out its shareholdings in SECB to public investors. The Economic Planning Unit, in approving the disposal by the SFS of the 257,852,000 shares in SESCo had, inter alia, imposed an equity condition whereby the State Government of Sarawak must increase its shareholdings in SECB to not less than 70 percent before or on December 31, 2006; and (iv) Based on the various options being considered, the Company shall endeavour to achieve compliance with the 25 percent public shareholding spread by December 30, 2005. Dated this 21st day of July 2005 CONTACT: Sarawak Enterprise Corporation Berhad Lot 2679 Jalan Rock 93200 Kuching, Sarawak 93673 Malaysia Telephone: +60 82 244 000 Fax: +60 82 248 588 SARAWAK ENTERPRISE: New Shares Listed on Bourse ----------------------------------------------- Sarawak Enterprise Corp. Berhad advised Bursa Malaysia Securities Berhad that its additional 348,255,474 new ordinary shares of MYR1.00 each issued pursuant to the acquisition of 257,852,000 ordinary shares of MYR1.00. Each share represents approximately 51.6 percent of its issued and paid-up share capital in Sarawak Electricity Supply Corporation (SESCO) from the State Financial Secretary Sarawak for a purchase consideration of MYR1,032.0 million satisfied by the issuance of 348,255,474 new ordinary shares of MYR1.00 each at an issue price of MYR1.37 per share and 554,890,000 new 5- year 5% Redeemable Convertible Preference Shares (RCPS) of MYR0.10 each at an issue price of MYR1.00 per RCPS [Acquisition] will be granted listing and quotation with effect from 9:00 a.m., Monday, 25 July 2005. SRIWANI HOLDINGS: Petitioner Files Appeal ----------------------------------------- Sriwani Holdings Berhad (Sriwani) refers to the previous announcements made to Bursa Malaysia Securities Berhad in particular the announcement dated June 17, 2005 in relation to Petition No. D2-26-88-2004 filed by Adenan bin Ismail against Sriwani and others (Petition). The Company disclosed that Adenan bin Ismail had on July 15, 2005 filed an appeal to the Court of Appeal against the High Court decision of June 17, 2005. This announcement is dated 21 July 2005. TANJONG PUBLIC: Passes All AGM Resolutions ------------------------------------------ The Board of Directors of Tanjong Public Limited Company (Tanjong) advised Bursa Malaysia Securities Berhad that all resolutions including the Special Resolution as set out in the Notice of the 78th Annual General Meeting (AGM) of the Company dated June 27, 2005 and tabled at the said meeting were duly passed. CONTACT: Tanjong Public Limited Co. Principal Office in Malaysia Level 30, Menara Maxis Kuala Lumpur City Centre 50088 Kuala Lumpur Telephone: 03-23813388 Fax: 03-23813399 TRU-TECH HOLDINGS: Undertakes Supplemental MA --------------------------------------------- Tru-Tech Holdings Berhad (Tru-Tech) issued to Bursa Malaysia Securities Berhad an update on the following proposals: - Proposed Capital Reconstruction; - Proposed Scheme of Arrangement with Creditors; - Proposed Acquisition; - Proposed JVA Settlement; - Proposed Exemption; - Proposed Listing Transfer; - Proposed Disposal; - Proposed Offer For Sale; and - Proposed Placement (collectively, the Proposed Restructuring Scheme) Unless otherwise indicated, specified or defined in this Announcement, the definitions contained in the Company's announcement dated November 10, 2004 shall apply throughout this Announcement) The company refers to the announcement made on November 10, 2004. Avenue Securities Sdn Bhd (Avenue), on behalf of Tru-Tech announced that the Company had on July 21, 2005, entered into a supplemental master agreement (Supplemental MA) with Yap Sing Lee, Yap Seng Maw and Yap Sheng Poo (Vendors) and Renewed Group Sdn Bhd (RGSB) to effect the revision of certain terms of the original Proposed Restructuring Scheme. The Supplemental MA has been undertaken to revise the sequence of the Proposed Restructuring Scheme whereby Tru-Tech, the Vendors and RGSB agreed inter alia, that the completion of the Proposed Acquisition shall take place prior to the implementation of the Proposed Capital Reconstruction. With the revision, the Vendors intend to apply to the SC for the Proposed Exemption under Practice Note 2.9.6 of the Code instead of Practice Note 2.9.3 of the Code in the original Proposed Restructuring Scheme. The effects of the revision on the issued and paid up share capital, NTA and gearing and substantial shareholdings of Tru- Tech and RGSB are set out in Table 1, 2 and 3 respectively. This announcement is dated 21 July 2005. FILES FOR UPLOAD CONTACT: Tru-tech Holdings Berhad Lot 45, Batu 12 Jalan Johor Bahru - Kota Tinggi Mukim Plentong 81800 Ulu Tiram Johor Telephone: 07-8615220 Fax: 07-8616371 ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: PLDT Mulls Acquisition -------------------------------------------- ABS-CBN Broadcasting Corporation has received an offer from Philippine Long Distance Telephone Co. (PLDT) to acquire a stake in the embattled broadcast network, The Philippine Star reveals. PLDT has been considering new investments, with its landline business now recovering and debts down to more manageable levels. But ABS-CBN wants does not intend to let the giant telco in. The Star was told that PLDT boss Manuel V. Pangilinan wants a majority stake in the network but the Lopezes are not about to give up control on the Company. The Lopez group said it can turn around ABS-CBN this year, and that an infusion of funds from outside sources is not necessary. The network posted hefty losses in the first quarter of the financial year. CONTACT: ABS-CBN Broadcasting Corp Mother Ignacia St Corner Sgt Quezon City 1100 Philippines Phone: 2 924 4101 Fax: 2 921 5888 Web site: http://www.abs-cbnnews.com/ COLLEGE ASSURANCE: May Face Charges for Breaking Pre-need Rules --------------------------------------------------------------- The Securities and Exchange Commission is likely to impose administrative and criminal charges against College Assurance Plans Philippines Inc. (CAP, this on top of its financial woes. The Philippine Star learned that the troubled pre-need firm may face criminal and administrative charges for violation of pre- need rules and the Revised Penal Code. The SEC will conduct a comprehensive audit into the books and records of CAP to determine the pre-need firm's compliance with securities rules. CAP has been given until Monday next week to explain why no sanctions should be imposed against it for its failure to comply with rules governing the pre-need industry, including the infusion of fresh capital to reduce its trust fund deficit which currently stands at over Php17 billion. SEC records showed that CAP's trust fund stood at only P4.7 billion as of end-March this year. CAP was also found to have been remiss in filing reportorial requirements with the SEC. Earlier, the regulator approved a proposal for a management takeover of CAP following a careful review of the terminal reports prepared by the SEC oversight committee. The creation of the management committee (mancom) was necessary to prevent further erosion of the pre-need firm's assets, which are mostly made up of real estate properties. The mancom will be tasked with drafting a settlement plan that would allocate the remaining funds of the company not only among planholders with maturing obligations but also of those planholders availing of payments in the future. However, CAP earlier assured planholders it would not default in its obligations and that it remains committed to delivering services promised to investors, saying it expects to receive fresh equity infusions from European-based fund manager International Global Capital Holdings and a local financial services group. 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 MANILA ELECTRIC: Seeks Withholding Tax Guidelines for Refund ------------------------------------------------------------ Manila Electric Company (Meralco) is asking the Bureau of Internal Revenue (BIR) to issue a revenue memorandum order (RMO) that would serve as the company's guide on withholding taxes for customers under its Phase IV refund scheme, The Philippine Star reports. Meralco's Refund Management Task Force head Leonardo Mabale said the company wants to incorporate the RMO guidelines in the refund process as soon as possible so it can start releasing letters to its customers in August for Phase IV-A and in September for Phase IV-B. Meralco is scheduled to pay a total of P5.5 billion under Phase IV of its P30-billion refund program. Customers are allowed to choose which refund option they would prefer, whether through post-dated checks or credit-to-future bills with cash option. Depending on their choice, customers will then be asked to submit the documents required. One of these is the BIR Certificate of Registration, which indicates the customer's tax identification number (TIN)). Mr. Mabale said it is important that all the documents submitted are in order to avoid delays in the release of the refund. Since the average refund amount of customers under Phase IV is much bigger than those under Phases I to III, Meralco should ensure that the refund will be given to the person or entity entitled to it. Meralco, which recently posted a Php2.7-billion net loss, intends to implement the final phase of its P30-billion refund program for its customers by next 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 MANILA ELECTRIC: Rakes in Profit in Q2 -------------------------------------- Manila Electric Company (Meralco) has booked Php1.78 billion (US$31.7 million) profits in the second quarter, up 66 percent from a year ago, on strong sales, according to The Manila Times. The beleaguered power utility firm reversed its Php1.71 billion net loss in the first quarter, when it was forced to set aside provisions after a court stopped it from raising its rates. The firm's net income in the second quarter was up from Php1.07 billion in the same period last year. The firm had a net loss of Php2.6 billion in 2004. Meralco, which supplies power to four million homes and businesses in Manila and surrounding areas, said in a statement its operating revenues grew nearly 30 percent to Php46.6 billion. It attributed the increase in revenues to the 1.4 percent growth in the volume of power sold to 6,529 gigawatt hours, following a slight contraction in the first quarter of 2005. The company said it also set aside provisions of Php1.65 billion in the second quarter to prepare for possible legal obstacles to raising its rates. It set aside provisions of P9.8 billion in 2004 and P1.4 billion in the first quarter. In June, MERALCO sought an average 2.1 percent rate increase from the energy regulator, a bigger rise than the one rejected by the Court of Appeals in January. The firm proposed a rate hike of 14.76 centavos per kilowatt hour, 1.2 centavos more than the 13.58 centavos it applied for in October 2003. The Energy Regulatory Commission (ERC) earlier granted Meralco provisional approval to increase its rate by an average of Php0.12 per kilowatt hour effective January 2004. The implementation, however, was blocked by the Court. The court eventually annulled the commission's provisional approval after receiving complaints from consumer groups, who said regulators had not consulted them before authorizing the rate rise, Meralco's first since 1994. MANILA ELECTRIC: ERC Order Hikes Refund Budget by Php1.1 Bln ------------------------------------------------------------ A new order from the Energy Regulatory Commission (ERC) will force Manila Electric Co. (Meralco) to allot an additional Php1.1 billion for the first tranche of the last phase of its Php30-billion refund program, The Philippine Daily Inquirer says. Meralco said that provision in the ERC's Phase 4 refund order that the power retailer include all government agencies in the refund program raised refund outlays to Php3.3 billion from Php2.2 billion. Meralco refund management task force head Leonardo Mabale earlier said the company had initially expressed concern on the impact of that provision, as the company's computations were based on having some government accounts classified under Phase 4B of the refund program and not Phase 4A. However, although it had put all government accounts under Phase 4A, which effectively accelerates the refund timeframe for some of them by a few years, Meralco said it would not appeal the order. MAYNILAD WATER: Manila Water Eyes 30% Stake ------------------------------------------- Manila Water Co. has signified its interest in acquiring a 30- percent interest in cash-strapped Maynilad Water Services Inc., according to BusinessWorld. Ayala-led Manila Water said it wants its participation in Maynilad to be separate from Manila Water operations. East water concessionaire Manila Water announced it has already undertaken a due diligence process and is looking to acquire the west water concessionaire at a six-month period. Manila Water's latest plan is aimed at enhancing revenue and shareholder value. The water firm said it wants to contribute operating efficiency improvements to the struggling Maynilad. CONTACT: Maynilad Water Services Inc. G/F MWSI Building, Katipunan Road MWSS Compound, Balara Quezon City Philippines MAYNILAD WATER: Directors to Quit in MWSS Favor ----------------------------------------------- Five directors of ailing water utility firm Maynilad Water Services Inc. are set to step down, as Benpres Holdings prepares to turn over the water firm to the government, BusinessWorld reports. In line with Maynilad's court-approved rehabilitation plan, Maynilad board members are asked to resign to be replaced by an interim board selected by the government. Metropolitan Waterworks and Sewerage System (MWSS) deputy administrator Macra Cruz said the resignations were expected this week, although their actual schedule would depend on court- appointed receiver Rosario Bernaldo. Lawyer Helena Calo of Maynilad confirmed that directors Oscar Lopez, Steve Psinakis, Angel Ong, Eugenio Lopez III, and Jorge Lichauco would all quit in favor of government nominees once told to do so by MWSS. But the court receiver added that Benpres, initially, would just nominate proxies on behalf of MWSS. She noted that MWSS-nominated directors could sit on the Maynilad board only if the Securities and Exchange Commission would approve the water firm's rehabilitation plan, which could be in September. Ms. Bernaldo added that under the debt and capital restructuring program of Maynilad, Benpres would nominate proxies until the new majority shareholder stepped in. NATIONAL BANK: Unaware of Identities of Potential Investors ----------------------------------------------------------- The Philippine National Bank (PNB) issued this announcement in reference to the news article entitled "Foreign firms eye PNB" published in the July 22, issue of the BusinessWorld (Internet Edition). The article reported in part that: "At least three foreign financial institutions led by Newbridge Capital Inc. are bidding for the controlling stake in semiprivate Philippine National Bank (PNB), sources said. Asude from Newbridge, sources said that BA Marathon, State Bank of India, Union Bank of the Philippines and Philamlife's Philam Savings Bank were among the 10 foreign and local investors that have pre-qualified for the bid. "Cristina Orbeta, executive vice-president of the Philippine Deposit Insurance Corp. (PDIC) and chairman of the technical committee, said some of the prospective bidders have discussed the possibility of forming a consortium that will then participate in the bidding. "Four investor groups have already began their due diligence on PNB, Mr. Teves said." PNB, in its letter dated July 26, 2005, advised the Exchange that: "That we have no official information concerning the identities of the local and foreign financial investors who have indicated an interest in bidding for the 67% equity holdings of the Government/Philippine Deposit Insurance Corporation (PDIC) and the Lucio Tan Group (LTG) in PNB. Likewise, we are not privy to any information as to who pre-qualified for the bidding and who are forming consortium/consortia to participate in the bidding, which are within the purview of the Joint Technical Committee of the Department of Finance (DOF) and the PDIC. "There have been groups who have begun their due diligence in PNB but they are known in confidence by ING Bank B.V. which is managing the due diligence process." For your information. CONTACT: Philippine National Bank Pres Diosdado P Macapagal Boulevard PNB Financial Center Pasay 1300 Philippines Phone: +63 2 891 6040 Fax: +63 2 551 5187 Web site: http://www.pnb.com.ph/ NATIONAL BANK: Awaits SEC Advisory on Tender Rule Exemption ----------------------------------------------------------- Philippine National Bank (PNB) issued this announcement in reference to the news article entitled "SEC exempts sale of 67% stake in PNB from tender offer rule" published in the July 26, 2005 issue of The Philippine Star (Internet Edition). The article reported in part that: "The Securities and Exchange Commission (SEC) has agreed to exempt the public bidding for the government and tobacco beer magnate Lucio Tan's joint 67-percent stake in Philippine National bank from the mandatory tender offer rule. "The 67-percent stake comprises the government's entire shareholdings and a portion of tobacco and beer magnate Lucio Tan's stake in PNB. The government and Tan each own 45 percent of PNB while 10 percent of PNB is publicly listed. "A SEC official said the commission agreed to the seller's request since the proposed transaction falls under exempt transactions considering that the shares to be offered are held by the government." PNB, in its letter dated July 26, 2005 advised the Exchange that: "As of this date, we have not received any official communicating/ruling from the Securities and Exchange Commission exempting the sale of the 67% equity holding of the Government/Philippine Deposit Insurance Corporation (PDIC) and the Lucio Tan Group (LTG) in PNB from the tender offer rule." For your information. NATIONAL POWER: ADB Likely to OK Transfer of Debts to PSALM ----------------------------------------------------------- The Asian Development Bank is expected to approve the transfer of National Power Corporation's (Napocor) debts to the Power Sector Assets and Liabilities Management Corp. (PSALM) in the next two weeks, according to The Philippine Star. In accordance with the Electric Power Industry Reform Act, Napocor creditors such as the World Bank (WB) and the Japan Bank for International Cooperation (JBIC) have absorbed some of the power firm's debts. The debt absorption is a precondition for giving their consent to the sale and transfer of Napocor assets. PSALM earlier proposed that the National Government absorb the Napocor debts and repay these following the original payment schedule. The creditors likewise required PSALM to then transfer some of Napocor's Php200-billion debts to the National Government before giving their consent on the transfer of the power firm's assets to PSALM. Energy Secretary Raphael Lotilla said the government is confident of the creditors' commitment and is anticipating a positive response from the ADB in the next few weeks. The ADB earlier pledged it could extend a partial credit guarantee for Napocor's future borrowings. The amount of the credit guarantee has yet to be finalized, but Sec. Lotilla said ADB expressed its willingness to guarantee a maximum amount. 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/ ================= S I N G A P O R E ================= D'ORIGINAL SATAY: Court Orders Liquidation ------------------------------------------ In the matter of D'Original Satay Club Pte Limited, the Singapore High Court issued a winding up order on the Company on July 15, 2005, with the following details: Name and address of Liquidator: Official Receiver The URA Centre (East Wing) 45 Maxwell Road #05-11 & #06-11 Singapore 069118 Messrs KHATTARWONG Solicitors for the Petitioner FIKE SOUTHEAST: Receiving Proofs of Debt Until August 10 -------------------------------------------------------- Fike Southeast Asia Pte Limited, formerly of 30 Loyang Way #07-07 Loyang Industrial Estate, Singapore 508769, posted a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Name of Company: Fike Southeast Asia Pte Limited Court: Singapore High Court Number of Matter: Companies Winding Up No. 43 of 2002/X Last day of receiving proofs: Aug. 10, 2005 Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng Address of liquidators: c/o Chio Lim & Associates 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 Dated this 25th day of July 2005 Chee Yoh Chuang Lim Lee Meng Liquidators HESHE HOLDINGS: Unit Sells Shares in Heshe-Kabil ------------------------------------------------ The Board of Directors of Heshe Holdings Limited (the Company) announced that the Company's subsidiary, Hinterland Property Development Pte Ltd (Hinterland), has July 26, 2005 entered into an agreement (the Agreement) with inter alia, Inter-Premium Corporation Pte Ltd (Inter-Premium) for the sale of 500,000 ordinary shares (the Shares) in the issued share capital of Heshe-Kabil Industrial Developments Pte Ltd (Heshe-Kabil) by Hinterland to Inter-Premium. The Shares represent a 50% interest in the issued share capital of Heshe-Kabil. Inter-Premium is the holder of the remaining 50% interest in the issued share capital of Heshe-Kabil. Heshe-Kabil is engaged in the business of real estate developers in Indonesia and has developed, constructed and marketed industrial properties located at Kabil Industrial Estate, Batam Island, Indonesia on behalf of PT Kabil Indonesia Estate. The sale price for the Shares is S$340,688.00 in cash which is based on the net tangible assets of Heshe-Kabil represented by the Shares as reflected in the accounts of Heshe-Kabil as at 31 December 2004. Payment of the sale price was paid to Hinterland today. As part of the terms of the agreement between the parties, Inter-Premium will procure that Heshe-Kabil will repay the sum of S$2,759,312.00 being part of the shareholder's loans previously granted by Hinterland to Heshe-Kabil. The loan will be repaid by Heshe-Kabil by way of 14 monthly installments commencing Tuesday. The net tangible asset value of the Shares as at 31 December 2004 was S$340,688.00. No formal valuation has been performed on the Shares. Based on the book value of the Shares in the accounts of Hinterland as at 31 December 2004, there will be a loss of S$7,274.00 to Hinterland arising from the disposal of the Shares. Based on the latest announced consolidated accounts of the Company as at 31 December 2004, the net loss attributable to the Shares is S$2,000.00 for the 6-month period ending 31 December 2004. The directors of Hinterland intend to use the proceeds from the sale of the Shares and the repayment of the shareholder's loan as working capital for Hinterland. A copy of the entire release is made available at: http://bankrupt.com/misc/TCRAP_HESHE072705.pdf CONTACT: Heshe Holdings Limited 78 Shenton Way 079120 SINGAPORE Phone: +65 6372 4300 Fax: +65 6220 4327 LIANG HUAT: Replies to SGX Queries on Annual Results ---------------------------------------------------- Liang Huat Aluminium Limited refers to the Annual Report for the Year ended 31 December 2004 that was circulated to members. Further to the release of the said report, queries as set out below, were received from the Exchange regarding the same. The responses of the Company in relation to the respective queries are as follow: 1. Rule 713(1) of the Listing Manual stipulates that an issuer must disclose in its annual report the date of appointment of the audit partner in charge of auditing the issuer and its group of companies. Please provide the required information. The audit partner in charge of the audit, Mr Wong Kian Kok of Foo Kon Tan Grant Thornton, Certified Public Accountants, was appointed on 30 April 2004. 2. We noted several discrepancies between the audited financial statements (balance sheet, income statement and cash flow statement) and the unaudited financial statements in the Company's announcement of 30 April 2005. Please provide explanations for the variances with breakdowns for each item. The variance between the unaudited income statement released on 30 April 2005 and the audited income statement are mainly in the cost of sales, operating income and other items which contributed to the increase net loss by $3.54 million from $96.19 million in the unaudited income statement released on 30 April 2005 to $99.73 million in the audited income statement. The differences that arose were due largely to: a) the de-consolidation of results of subsidiaries, namely Lian Huat Metal Pte Ltd and Liang Huat Metal (Hong Kong) Limited ("Subsidiaries") that are in liquidation and the writing off of inter-company debts due to the Company from these Subsidiaries (amounting to approximately $6.55 million); and b) re-classifications and stocks written off (amounting to approximately $0.95 million); offset by: a) a write-back of the provision for contract work-in- progress (amounting to $3.99 million) As a result, the differences in the balance sheet and cashflow statement as per the audited financial statements compared with unaudited financial statements provided in the 30 April 2005 announcement reflect the corresponding changes made in the income statement. CONTACT: Liang Huat Aluminium Limited Blk 8 #07-05 Liang Huat Industrial Complex 51 Benoi Road Singapore 629908 Phone: 65 68622228 Fax: 65 68624962 Web site: http://www.lianghuatgroup.com.sg/ MYRIAD FORTE: Creditor Files Winding Up Petition ------------------------------------------------ Notice is hereby given that creditor Nan Guan Construction Pte Limited filed a winding up petition against Myriad Forte Projects Pte Limited at the Singapore High Court on July 8, 2005. The said Petition is to be heard before the Court sitting at Singapore on Aug. 5, 2005, 10:00 a.m. Any creditor or contributory of the said company desiring to support or oppose the 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 Petitioners' address is 24A Kandahar Street, Singapore 198887. The Petitioners' solicitors are UniLegal LLC, 22 Malacca Street, #03-01 Royal Brothers Building, Singapore 048980. UNILEGAL LLC Solicitors for the Petitioners Note: Any person who intends to appear at the hearing of the Petition must serve on or send by post to solicitors UniLegal LLC, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the solicitors not later than 12:00 p.m. of Aug. 4, 2005. PDC CORP: Bares Names of Creditors Not Participants in Scheme ------------------------------------------------------------- The Directors of PDC Corp Ltd (the Company) clarified that the following creditors who have in recent weeks served legal notices to the Company, are not participants of the Company's Scheme of Arrangement (Scheme). The Scheme was disclosed in the Company's announcements on MASNET and SGXNET on 8 October 2004, 21 October 2004, 15 December 2004 and 20 January 2005. The following creditors are not participants of the Company's Scheme: Lau Yen Eng Hock Heng Seng Contractor Pte Ltd Malayan Banking Berhad Oversea-Chinese Banking Corporation Limited As disclosed earlier, the participating creditors of the Company's Scheme were the unsecured creditors of the Company's subsidiary Hong Lai Huat Construction Pte Ltd (HLHC) and their claims were verified by the Judicial Manager of HLHC prior to a creditors' meeting on 15 December 2004. UNITED FIBER: Sets Hands on Kiani Kertas Pulp Mill -------------------------------------------------- United Fiber System Ltd (UFS or the Company) announced that it will be managing the operations of PT Kiani Kertas (KK), which owns a pulp mill located at East Kalimantan in Indonesia, via an acquisition of PT Succsani Smart Works (SSW). SSW is a special purpose vehicle that entered into an Operational Management Agreement (OMA) on 25 July 2005 to manage the operations of KK. UFS had earlier announced the execution of a Letter of Intent with Kingsclere Finance Limited (Kingsclere) on 29 June 2005 to buy a majority stake in KK (KK Acquisition). Whilst the due diligence for the KK Acquisition is ongoing, the OMA will allow UFS to effectively operate and manage the pulp mill to generate immediate returns prior to the completion of the KK Acquisition. SSW will manage the operations of KK and receive the proceeds from the sale of the pulp product. SSW will provide funding in the form of working capital and be responsible for all the production costs of the mill until the completion of the proposed acquisition of KK by Kingsclere. Based on a technical opinion from Sandwell Engineering Inc. of Canada, an independent pulp industry consultant, SSW expects the pulp mill to operate at a capacity of above 60% on a monthly basis. If for any reason, this minimum threshold is not achieved, or if operations are suspended due to a major shutdown, SSW has the right to suspend payment of the monthly overheads of the pulp mill. To manage the operations of the pulp mill, UFS will deploy a team comprising industry professionals with extensive regional and international experience. The pulp mill has ready suppliers of raw materials and UFS will engage a world leading pulp trader to guarantee the purchase of the entire finished product. Mr Kishore Dass, UFS' Chief Executive Officer, said: "All the elements are there to guarantee success. By operating Kiani Kertas, we will immediately generate strong revenues to boost our financial performance for the second half of this year. We plan to produce at least 30,000 tonnes of pulp per month and the current market price for bleached hardwood kraft pulp is around US$ 500 per tonne. It simply makes good business sense!" KK is a modern pulp mill that has been in commercial operation since November 1999. It has the capacity to produce 525,000 tonnes of high quality bleached hardwood kraft pulp per annum or approximately 43,750 tonnes per month. The pulp mill is fully integrated with infrastructure and facilities including a 126 MW co-generation power-plant, a bleaching chemical plant, a water and effluent treatment plant, an air strip, a deep water harbour and a township which can accommodate up to 800 employees. "The Kiani Kertas acquisition, when completed, fits nicely into our overall strategy of becoming a leading global market pulp producer. The construction of our Wood Chip Mill is scheduled for commercial production by first quarter of 2006 and our Greenfield Pulp Mill is expected to be completed by the end of 2007." Mr Dass added. The Board of Directors of UFS is of the view that barring any unforeseen circumstances, the OMA will have a positive impact on the Company's financial performance for the second half of financial year ending 31 December 2005. CONTACT: United Fiber System Limited 103 Defu Lane 10 Poh Lian Building 1 Singapore 539223 Phone: 65 62846006 Fax: 65 62840074 Web site: http://www.ufs.com.sg =============== T H A I L A N D =============== PICNIC CORPORATION: EGM Slated Next Month ----------------------------------------- Picnic Corp. Public Co. Ltd. informed the Stock Exchange of Thailand (SET) on the resolutions of the board of directors meeting on July 27, 2005 at 4:00 p.m. (1) Resolved to amend agenda 6 of the October 2005 board of directors' meeting regarding allotment of the following ordinary shares: Allot the ordinary shares of 1,485,000,000 shares as follow (1) Allot the ordinary shares of 1,477,673,297 shares to the existing shareholders at the ratio of 1 existing common shares to 1 newly issued share at THB1.50 per share. (2) Reserve the ordinary shares of 7,326,703 shares for the conversion ratio adjustment of Picnic warrant no. 1 (PICNI-W1) as stated in the terms and conditions of the warrant issuance. Moreover, empower the board of director or the delegate or the managing director to determine the details and other conditions related to the issuance and the offering of the above increasing common shares such as price, subscription and payment periods etc., sign all relevant documents including taking any necessary and suitable actions relating to the issuance and offering increasing shares, listing the shares to the SET and providing information, documents to the SEC, the SET, the ministry of commerce and all other related authorities. In case that there are shares left from the allocation, the board of directors is authorized to allot the shares left to the existing shareholders who show their intension to subscribe the shares over their rights by means of Pro Rata Basis. In case that there are any shares left from the allocation as stipulated in the previous paragraph, the shares left will be offered in a single or multiple time by mean of private placement as defined in the Security and Exchange Commission Notice no. Kor Jor. 12/2543 regarding the application and permission to offer the newly issued shares and/or offer the shares left to the company's lenders in the form of debt-equity swap in which the process will comply with the related laws and regulations. The board of directors or delegate has the authority to determine the details and other conditions relating to the issuance of common shares such as price, subscription periods etc. and sign any related documents. In case that the offering price is lower than market price as defined in the Security and Exchange Commission Notice mentioned above, the company will comply with related rules and regulations stated in such notice. All other agenda in the board of directors' meeting no.10/2005 other than the agenda no. 6 remain unchanged. The Company informed that the EGM 2/2005 will be held at the Ballroom of the Landmark Bangkok, 7th floor, 138 Sukhumvit Road, Bangkok 10110, Thailand at 2:00 p.m. of August 15, 2005. Please be informed accordingly Sincerely yours, Mr. Nirun Fukanjananon Assistant Managing Director CONTACT: Picnic Corporation Public Company Limited 805 Srinakarin Road, Suan Luang Bangkok Telephone: 0-2721-3600-59 Fax: 0-2721-3571 Web site: http://www.picniccorp.com SUN TECH: Offers New Shares in Capital Restructuring ---------------------------------------------------- The Central Bankruptcy Court issued an order approving the application for amendment of the business reorganization plan (Amended Plan) of Suntech Group Public Company Limited (Company) on July 13, 2005. Srisongkram Planner Company Limited as the plan Administrator of the Company, (Plan Administrator) informed the Stock Exchange of Thailand (SET) that, currently, the Company is implementing the Amended Plan in the part of the capital restructuring by offering 165,000,000 new shares at the par value of THB10 per share for sale to the existing shareholders. To ensure that the implementation is in accordance with the Amended Plan, the Plan Administrator has to close the share register to determine the right to subscribe to the new shares offered to the existing shareholders of the Company from August 4, 2005 at noon onwards. And for the date on which shareholders register is closed for the subscription for warrants, ratio 2 shares to 1 unit at 0.01 baht each will be noticed after the right offering approved by the Securities and Exchange Commission. Please be informed accordingly. Sincerely yours, Srisongkram Planner Company Limited as Plan Administrator for Suntech Group Public Company Limited Mr. Sawasdi Horrungruang / Mr. Chaiyaphon Horrungruang CONTACT: Sun Tech Group Public Company Limited U.M. Tower, Floor 17, 9 Ramkhamhaeng Road, Suan Luang, Bangkok Telephone: 0-2719-9743 Fax: 0-2719-9744 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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