/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050802.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 Tuesday, August 2, 2005, Vol. 8, No. 151 Headlines A U S T R A L I A AIR NEW ZEALAND: Remaining State-owned, Though Part May Be Sold ALISCO PTY: Members Opt for Voluntary Liquidation AMP LIMITED: Exits Joint Venture Operation in India B.&M. BUILDING: Creditors, Members to Convene in Final Meeting COLEMATT PTY: To Distribute Dividend to Creditors C.R. STACKHOUSE: Liquidator to Explain Wind Up Manner DOUG CLARK: Appoints Official Liquidator GLENRAE PTY: Placed Under Voluntary Liquidation GOLDEN CHEF: Liquidation Puts 300 Jobs at Risk HADOWAND PTY: Stephen Preen Named Liquidator HARCLAY NOMINEES: Members, Creditors to Hear Liquidator's Report HERITAGE FINE: Investors Offer Liquidator Payment by the Bottle HIH INSURANCE: Class Action Wavers as Lawyer Reaps AU$1-Mln Fees JANE COOPER: Schedules Final Meeting August 8 MOTOKOV AUSTRALIA: Liquidator to Explain Wind Up to Members MURRAROGAN PTY: Begins Winding Up Proceedings NEWCASTLE TOWN: Creditors to Hear Winding Up Report OCEANVIEW CONFERENCE: Liquidator Details Final Meeting Agenda PENDULUM DAIRY: Creditors Pass Winding Up Resolution PETROCON PTY: Creditors Ratify Liquidator's Appointment PFS BUSINESS: ASIC Shuts Down Self-managed Adviser PRO-COM INTERIORS: Creditors Wind Up Company PROVEST CAPITAL: Former Financial Adviser Permanently Banned QANTAS AIRWAYS: Flags More Cost Cuts QANTAS AIRWAYS: Mobile Phone Policy Goes International QUADENT PTY: Members Decide to Close Operations TRESATE PTY: Enters Liquidation ULR MOTORS: Final Members Meeting Fixed August 9 WELLMART AUSTRALIA: Creditors Set to Receive Interim Dividend * ASIC Bans Director of Failed Pharmaceutical Companies C H I N A & H O N G K O N G ARTS TAISEI: Winding Up Hearing Slated for August 30 CHINA INTERNATIONAL: Court to Hear Wind-up Petition August 25 CHINA SOUTHERN: Teams Up With PRC, AVIS CHINA SOUTHERN: Morgan Stanley Ups Rating to Equalweight CHINA SOUTHERN SECURITIES: Jianyin to Acquire 74 Outlets DELTA LOGISTICS: Winding Up Process Initiated FAIR HALL: Receives Winding Up Order LAW'S CONTAINER: Court to Hear Wind-up Petition August 24 MAJOR SALES: Court Releases Winding Up Order SHAANXI NORTHWEST: Deloitte Auditors Quit Job PCCW LIMITED: Updates Composite Offer Deal SEMICONDUCTOR MANUFACTURING: Posts Third Quarterly Loss TOPOWER MARBLE: Receives Order to End Ops V&T INVESTMENTS: Sets Creditors, Contributories Meeting WOW FACTOR: Begins Liquidation Proceedings YAMAMOTO AV: Enters Liquidation ZHU KUAN: Creditors Accept HK$3 Bln Settlement Offer I N D O N E S I A BANK MANDIRI: NPLS Rise in First Half of 2005 PERTAMINA: Negotiates With Sinopec for Oil Search SEMEN GRESIK: Posts 74% Increase in Net Profit J A P A N HITACHI LIMITED: Unveils Executive, Management Changes KANEBO LIMITED: Creates Big Slush Funds KYUSHU INDUSTRIAL: IRCJ to Dispose Of Entire Equity MITSUBISHI MOTORS: To Boost Operations in India MITSUBISHI MOTORS: Sues 7 Former Execs Over Car Defect Coverups NIPPON SHINPAN: METI OKs Changes in Restructuring Plan UFJ CARD: Restructuring Scheme Gets Go Signal K O R E A CITIBANK KOREA: Fitch Ups Individual Rating to B/C DAEWOO SHIPBUILDING: Wins US$1.20Mln Contract from Qatari KOOKMIN BANK: Issues Report on CD Embezzlement KOOKMIN BANK: Releases Unaudited First Half Earnings Result M A L A Y S I A ANCOM BERHAD: Buys Back Ordinary Shares DATUK KERAMAT: Stock Trading Halted Until Submission of AAA2004 DATUK KERAMAT: Court Rejects Application for Extension of Time DUOPHARMA BIOTECH: Issues Additional Shares for Listing FABER GROUP: Bourse to List, Quote Additional Shares GEORGE TOWN: Application for Extension of Time Denied GEORGE TOWN: Fails to Submit Reports on Time HABIB CORPORATION: Inks Share Subscription Agreement with Scomi JIN LIN: Seeks More Time to Submit Report KEMAYAN CORPORATION: Disposes Of Properties KIG GLASS: Asked To Pay US$1,441,250.49 to UOB Shenzen MAGNUM CORPORATION: Granted New Shares Listing, Quotation PARK MAY: Applies for Extension of Scheme Implementation PROMTO BERHAD: Court Grants Extension of 90 Days for TRO QUALITY CONCRETE: Unveils Acquisition, Disposal of Securities TENAGA NASIONAL: Issues 3,312,100 New Shares for Listing P H I L I P P I N E S COLLEGE ASSURANCE: SEC Eyes Three to Head Takeover DMCI HOLDINGS: Jumps on Hopes it Will Snag More Contracts MAYNILAD WATER: Benpres Turns Over Shares to Receiver NATIONAL BANK: Books Six-Fold Growth in First Half NATIONAL BANK: Renato Castillo Joins Team NATIONAL BANK: Four U.S. Funds Show Interest in Stake Sale NATIONAL BANK: Metrobank Not Keen on Acquiring Stake NATIONAL POWER: PSALM Sets Calaca Power Plant Bidding for Sept. NATIONAL TRANSMISSION: DoE Says Sale Still on Track PHILIPPINE TELEGRAPH: Postpones Annual Stockholders' Meeting UNIWIDE HOLDINGS: Denies Puregold's Acquisition of 10 Outlets S I N G A P O R E AIROCEAN GROUP: Reelects Executive, Non-executive Directors BORED PILING: Creditor Seeks to Wind Up Company CHARTERED SEMICONDUCTOR: Sells Bonds for SGD1.07 Bln ELITE MANAGEMENT: Distributes Dividend to Creditors ENG WAH: Disposes of Stake Air-Conditioning Firm PAN PACIFIC PUBLICATIONS: Enters Voluntary Liquidation VA-SINGAPORE PTE: Creditors Required to Submit Debt Claims T H A I L A N D HANTEX: Fails to Submit FS on Time THAI ENGINE: Court OKs Resolution Passed at Meeting BOND PRICING: For the Week 1 August to 5 August 2005 - - - - - - - - ================= A U S T R A L I A ================= AIR NEW ZEALAND: Remaining State-owned, Though Part May Be Sold --------------------------------------------------------------- Regardless of who wins the country's general election, Air New Zealand will remain state-owned, Dow Jones Newswires reports. The national flag carrier is over 80-percent owned by the state after the current Labour-led government bailed out the airline in 2001 for NZ$885 million. The airline is now in the best financial position it has been for years, and with polls indicating the country's Sept. 17 general election will be too close to call, both the ruling Labour party and opposition National party have said they will keep a majority stake in the airline. However, lawmakers from both major parties will consider selling a stake to another airline. Singapore Airlines and Australia's Qantas Airways Ltd. have previously signified their intention to take sizable stakes in Air New Zealand, with mixed fortunes. Singapore Airlines owned a 25-percent stake in the company until the government's 2001 bailout diluted its holding, which it has since sold. But prior to the government's rescue package, Singapore Airlines had signaled an interest in raising its Air New Zealand stake, a move the Labour-led government is accused by opposition parties of scuppering due to its concerns about high levels of foreign ownership. Labour later supported an attempt by Qantas to take a 23-percent stake in Air New Zealand, which would have lowered the government's shareholding, but the deal was halted by the New Zealand Commerce Commission on anticompetitive grounds. Air New Zealand was one of several state-owned companies sold to private investors in the late 1980's as the country's then- Labour government controversially embarked on major economic reforms. CONTACT: Air New Zealand Limited Air New Zealand Airpoints Service Centre Private Bag 4755 Christchurch New Zealand Phone: +64 (0)9 488 8777 Fax: +64 (0)9 488 8787 E-mail: enquiry@computershare.co.nz Web site: http://www.airnz.co.nz/ ALISCO PTY: Members Opt for Voluntary Liquidation ------------------------------------------------- At a general meeting of the members of Alisco Pty Limited held on June 22, 2005, a special resolution that the Company be wound up voluntarily was passed. Stepehn G. Longley David L. McEvoy Liquidators Freshwater Place, 2 Southbank Boulevard Melbourne Vic 3001 AMP LIMITED: Exits Joint Venture Operation in India --------------------------------------------------- AMP Limited on Monday announced the sale of its joint venture life insurance business in India, AMP Sanmar, to Reliance Life Insurance Company, a subsidiary of Reliance Capital Limited. AMP Life has a 26 per cent stake in the joint venture business with the balance held by Indian partner Sanmar. Reliance Capital is an Indian financial services company with interests in asset management and mutual funds, stockbroking, insurance and related activities. The transaction is subject to regulatory approvals from Indian authorities. AMP announced on 6 June 2005 that it was exploring options for restructuring the ownership of AMP Sanmar. Following an extensive review, a sale to a local buyer was determined to be the best option. AMP Chief Executive Officer Andrew Mohl said the divestment of its interest in the Indian joint venture operation reflected a desire to focus on the company's core wealth management businesses in Australia and New Zealand. "AMP has been clear that its primary focus is on driving shareholder value through its core operations in Australia and New Zealand," Mr. Mohl said. "Our presence in Asia will be purely around our asset management business, AMP Capital Investors, which is already active in the region in targeted asset classes and countries. This approach more readily leverages our capabilities and is significantly less capital intensive than the Indian life insurance business." The Chennai-based AMP Sanmar began operations in January 2002. AMP Sanmar has approximately 900 staff and 9000 agents The transaction will have no material effect on AMP's financial accounts. CONTACT: AMP Limited Level 24, 33 Alfred St. Sydney 2000, Australia Phone: +61-2-9257-5000 Fax: +61-2-8275-0199 Web site: http://www.amp.com.au B.&M. BUILDING: Creditors, Members to Convene in Final Meeting -------------------------------------------------------------- Notice is hereby given that a final meeting of creditors and members of B.&M. Building & Carpentry Pty Limited will be held at the office of the Liquidator on Aug. 11, 2005, 11:00 a.m. for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the Company disposed of, and hearing any explanations that may be given by the Liquidator. Proxies to be used at the meeting must be lodged with the Liquidator. Dated this 17th day of June 2005 Anthony R. Cant Liquidator 2nd Floor, 106 Hardware Street Melbourne 3000 COLEMATT PTY: To Distribute Dividend to Creditors ------------------------------------------------- Colematt Pty Limited is set to declare a first and final dividend on Aug. 16, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 10th day of June 2005 Robert Moodie Liquidator c/o Rodgers Reidy Chartered Accountants Level 8, 333 George Street, Sydney NSW 2000 C.R. STACKHOUSE: Liquidator to Explain Wind Up Manner ----------------------------------------------------- Notice is given, pursuant to Section 509 of the Corporations Act, 2001 that a meeting of the members of C.R. Stackhouse Pty Limited will be held on Aug. 8, 2005, 9:00 a.m. at the offices of Jones Condon, Chartered Accountants, 77 Station Street, Malvern Vic 3144, to lay an account before them showing the manner in which the winding up was conducted and the property of the Company disposed of, and to hear any explanations that may be given by the Liquidator. Dated this 23rd day of June 2005 David H. Scott Liquidator Jones Condon Chartered Accountants 77 Station Street Malvern Vic 3144 DOUG CLARK: Appoints Official Liquidator ---------------------------------------- Notice is hereby given that at a general meeting of members of Doug Clark Motors Pty Limited held on June 23, 2005, it was resolved that the Company be wound up voluntarily, and that Kenneth M. Whittingham of BDO Chartered Accountants & Advisers, 2 Market Street, Sydney be appointed Liquidator. Dated this 23rd day of June 2005 Kenneth M. Whittingham Liquidator BDO Chartered Accountants & Advisers Level 19, 2 Market Street Sydney NSW 2000 GLENRAE PTY: Placed Under Voluntary Liquidation ----------------------------------------------- Notice is hereby given that at a general meeting of Glenrae Pty Limited duly convened and held on June 22, 2005, the following special resolution was passed: That the company be wound up as a members' voluntary liquidation, and that the Company's assets may be distributed in whole or in part to the members in specie, should the liquidator so desire. Dated this 24th day of June 2005 Brian V. Cotton Liquidator 6 Gerald Avenue Roseville NSW 2069 GOLDEN CHEF: Liquidation Puts 300 Jobs at Risk ---------------------------------------------- The Supreme Court has ordered that catering firm Golden Chef be put under liquidation and that a liquidator be appointed, The Advertiser reports. Court-appointed liquidator Maris Rudeks said there is the distinct possibility 300 jobs will be lost in South Australia and the interstate. But managing director Pantelis Charitopoulos denied the liquidation, saying one of Golden Chef's subsidiary companies, which handled purchasing, had had some problems with a creditor, but all would be ironed out. A source said the company had tried to negotiate a deal with creditors, involving it paying its debts, plus 20 per cent, to pay off older amount owed. Mr. Charitopoulos said last year the company was in talks to set up businesses in Asia and aimed to triple annual turnover to AU$90 million by June this year. Liquidator Rudaks says job losses are a distinct possibility but Golden Chef's owners say it is business as usual for the time being. CONTACT: Golden Chef 203-205 Hanson Road Athol Park South Australia 5012 Phone: 1300 881 588/ 08 8348 1700 Fax: 08 8445 6488 Web site: http://www.goldenchef.com.au/ HADOWAND PTY: Stephen Preen Named Liquidator -------------------------------------------- Notice is hereby given that at a general meeting of members of Hadowand Pty Limited held on June 27, 2005 it was resolved that the Company would be wound up voluntarily, and that Stephen Keith Preen of Level 19, 207 Kent Street, Sydney NSW 2000 be appointed Liquidator for such purpose. Dated this 28th day of June 2005 Stephen K. Preen Liquidator Level 19, 207 Kent Street Sydney NSW 2000 HARCLAY NOMINEES: Members, Creditors to Hear Liquidator's Report ---------------------------------------------------------------- Notice is hereby given that a final meeting of members and creditors of Harclay Nominees Pty Limited will be held on Aug. 9, 2005, 9:30 a.m. at the offices of Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road, Hawthorn East, to lay an account before them showing the manner in which the winding up was conducted and the property of the Company disposed of, and to hear any explanations that may be given by the Liquidators. Dated this 21st day of June 2005 Robyn Erskine Peter Goodin Joint & Several Liquidators Brooke Bird & Co. Chartered Accountants 471 Riversdale Road, Hawthorn East 3123 Phone: (03) 9882 6666 HERITAGE FINE: Investors Offer Liquidator Payment by the Bottle --------------------------------------------------------------- Heritage Fine Wines Pty Ltd liquidator Nicholas Crouch said investors want to pay about AU$2.20 a bottle to cover the costs of his mop-up operation, says The Australian Associated Press. At meetings in Melbourne and Sydney last week, Mr. Crouch told investors that to have any hope of getting back their wine they would have to spend more money to enable him to fully investigate the company's activities. Left with few options, investors backed Mr. Crouch's proposal to recover liquidation costs and expenses by levying a fee of about AU$2.20 a bottle. "Mr. Crouch told the meeting that he remained optimistic that, subject to funding, most of the wine should be able to be reconciled to individual investors," Crouch Insolvency said in a statement. Mr. Crouch was appointed receiver and manager in May following concerns of a substantial shortfall between the records of wine purchased by investors and bottles held in the company's warehouses. About 3,000 investors are believed to have spent in over AU$68 million on 1.5 million bottles of wine to be stored by the company on their behalf - but there is a shortfall of about 250,000 bottles. Investors also resolved to support a proposal that the receiver should undertake investigations into certain aspects of the company's failure and conduct. CONTACT: Nicholas Crouch Liquidator Crouch Insolvency Chartered Accountants Level 5, 82 Elizabeth Street, Sydney NSW 2000 Phone: 02 9221 0266 Fax: 02 9221 0566 E-mail: admin@crouch.net.au HIH INSURANCE: Class Action Wavers as Lawyer Reaps AU$1-Mln Fees ---------------------------------------------------------------- A case run by a solicitor representing 3000 small victims of the collapse of HIH Insurance is perceived to be "in trouble", according to The Australian. The class action run solely by Sydney-based lawyer Bruce Dennis is said to be in grave difficulty, as the New South Wales (NSW) legal watchdog pushes for greater regulation on the conduct of class actions. Mr. Dennis, who has so far collected AU1 million in fees, is in dire straits since the cases he has been handling have been subject of a complaint to Legal Services Commissioner Steve Mark. Mr. Dennis is running four class actions on behalf of 4500 shareholders from collapsed companies HIH, One.Tel, Sons of Gwalia and ION Limited. Mr. Mark questioned the practice of Mr. Dennis, who is asking that claimants pay an upfront fee of AU$550 each to cover "lodging, the proof of, and managing" claims. Mr. Dennis has also instructed a marketing company to contact potential claimants via share registers, a move that Mr. Mark called "unacceptable". Mr. Dennis last week defended the use of the share register to recruit clients. "I believe we can contact people in relation to the holding of their shares, with permission of the company,'' he said. "But in cases where the legal position is in doubt, we have stopped sending letters out." Legal sources told The Australian they believed the HIH case was in deep trouble. Of central concern is the apparent difficulty with the way the case was pleaded. Successive statements of claim left the door open for defendants to make successful strikeout applications, leaving former HIH director Ray Williams now standing as the sole defendant. When the case was first launched, Mr Dennis listed 13 named defendants, including Rodney Adler. The HIH class action, which is vigorously defended, has not gone smoothly. The legal basis of the action has been heavily criticized by Federal Court judge Brian Tamberlin, who found "substantial and pervasive" deficiencies in the case that would "warrant the striking out of the entire Application and Statement of Claim". But Mr.Dennis stressed the initial problems with pleadings had now been sorted out and he remained optimistic of winning the case. At least one complaint against Mr. Dennis has been lodged with the Legal Services Commissioner but no disciplinary action has been taken. JANE COOPER: Schedules Final Meeting August 8 --------------------------------------------- Notice is hereby given that a final meeting of members and creditors of Jane Cooper Clothing Pty Limited will be held on Aug. 8, 2005, 9:30 a.m. at the offices of Brooke Bird & Co., Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123 to view the report on the how the winding up was conducted and the Company property was disposed of, and to hear any of the Liquidator's explanations. Dated this 21st day of June 2005 Robyn Erskine Peter Goodin Joint & Several Liquidators Brooke Bird & Co. Chartered Accountants 471 Riversdale Road, Hawthorn East 3123 Phone: (03) 9882 6666 MOTOKOV AUSTRALIA: Liquidator to Explain Wind Up to Members ----------------------------------------------------------- Notice is given that the final meeting of the members of Motokov Australia Pty Limited will be held on Aug. 9, 2005, 10:30 a.m. at the offices of Deloitte Touche Tohmatsu, Level 14, 180 Lonsdale Street, Melbourne, for the following purpose: AGENDA: To lay before the meeting an account showing how the winding up was conducted and the property of the Company disposed of, and to give any explanation of the account. Dated this 27th day of June 2005 Simon A. Wallace-Smith Andrew W. Beck Liquidators Motokov Australia Pty Limited MURRAROGAN PTY: Begins Winding Up Proceedings --------------------------------------------- Notice is hereby given that at a meeting of Shareholders of Murrarogan Pty Limited A.C.N. duly convened and held on June 21, 2005, it was resolved that the Company be wound up voluntarily and that Mr. Grantham Charles Beeston and Mr. Marco Carlei of Moore Stephens HF, Chartered Accountants, 14th Floor, 607 Bourke Street, Melbourne, be appointed Joint and Several Liquidators for the winding up. Dated this 28th day of June 2005 Grantham C. Beeston Marco Carlei Joint Liquidators Moore Stephens HF Chartered Accountants 14th Floor, 607 Bourke Street Melbourne Vic 3000 NEWCASTLE TOWN: Creditors to Hear Winding Up Report --------------------------------------------------- Notice is given pursuant to Section 509 of the Corporation Act 2001, that a general meeting of the creditors of Newcastle Town & Country Steelcrafted Homes Pty Limited will be held on Aug. 12, 2005, 10:00 a.m. at the offices of PricewaterhouseCoopers, Level 10, 201 Sussex Street, Sydney NSW 2000 to have an account laid before them showing how the winding up was conducted and the Company property was disposed of, and to hear any explanations that may be given by the Liquidator. Dated this 24th day of June 2005 G. W. HALL Liquidator PricewaterhouseCoopers Level 10, 201 Sussex Street Sydney NSW 2000 OCEANVIEW CONFERENCE: Liquidator Details Final Meeting Agenda ------------------------------------------------------------- Notice is hereby given that a final combined meeting of the members and creditors of Oceanview Conference Center Pty Limited will be held on Aug. 8, 2005, 11:00 a.m. at the offices of Knights Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt Street, Townsville. AGENDA: (1) To receive an account made by the Liquidator showing how the winding up was 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 22nd day of June 2005 D. J. Offermans Liquidator C/o Knights Insolvency Administration Level 7, Suncorp Plaza 61-73 Sturt Street Townsville Qld 4810 PENDULUM DAIRY: Creditors Pass Winding Up Resolution ---------------------------------------------------- Notice is hereby given that at a meeting of creditors of Pendulum Dairy Gates Pty Limited held on June 21, 2005, it was resolved that the company be wound up, and pursuant to Section 446A(4) of the Corporations Act 2001, George Georges and John Ross Lindholm of Ferrier Hodgson, Level 29, 600 Bourke Street, Melbourne, Victoria were appointed joint and several Liquidators. Dated this 24th day of June 2005 George Georges John R. Lindholm Liquidators Ferrier Hodgson Level 29, 600 Bourke Street Melbourne Vic 3000 PETROCON PTY: Creditors Ratify Liquidator's Appointment ------------------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Petrocon Pty Limited held on June 20, 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, Robert Molesworth Hobill Cole of Cole Downey & Co., Chartered Accountants, Unit 2, 6 Moorabool Street, Geelong Vic 3220 be appointed Liquidator. Dated this 21st day of June 2005 Robert M. H. Cole Liquidator Cole Downey & Co. Chartered Accountants Unit 2, 6 Moorabool Street Geelong Vic 3220 PFS BUSINESS: ASIC Shuts Down Self-managed Adviser -------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has on Monday obtained interim orders in the Supreme Court of Victoria restraining Mr. Shaun Oliver White, and nine related companies, from carrying on a business relating to superannuation. ASIC also obtained orders appointing a provisional liquidator to PFS Business Development Group Pty Ltd and eight other companies. His Honour Justice Philip Mandie ordered that Mr. Gess Rambaldi and Mr. Andrew Yeo, of Pitcher Partners, be appointed jointly and severally as the provisional liquidator of the companies. ASIC successfully applied for orders restraining each of the following parties (the PFS Group) from carrying on a financial services business without holding an Australian Financial Services Licence (AFSL) or from carrying on a business related to superannuation interests (without holding an AFSL): PFS Business Development Group Pty Ltd PFS Construction Consulting Group Pty Ltd PFS Construction Consulting Group (Ashridge Lane A) Pty Ltd PFS Construction Consulting Group (Ashridge Lane B) Pty Ltd PFS Construction Consulting Group (Ashridge Lane C) Pty Ltd Kaluski White & Associates (Black Gully Road) Limited Meridian Event Management Pty Ltd Nycam Werd Pty Ltd Kaluski White & Associates Pty Ltd (In Administration) Shaun Oliver White Nicole White Damian Tolson ASIC has alleged, amongst other things, that the PFS Group misled investors and acted unconscionably, leading investors to roll over approximately AU$800,000 of existing superannuation funds into self-managed superannuation funds (SMSFs) that the PFS Group established for them, while also leading investors to invest a further AU$700,000 into joint venture investments with the PFS Group. ASIC is continuing to investigate how the funds invested with the PFS Group have been used. ASIC's application to have a provisional liquidator appointed to two other related companies, PFS Wholesale Mortgage Corporation Pty Ltd and Shaun White Pty Ltd, was adjourned until 19 August 2005. Mr. Rambaldi and Mr. Yeo will provide their report as provisional liquidators to the court on 9 September 2005. "ASIC's allegations in this proceeding emphasize the serious issues that face consumers who are considering transferring their superannuation to a self-managed superannuation fund, commonly referred to as a 'SMSF' or 'DIY Fund'," Ms Jan Redfern, ASIC's Executive Director of Enforcement said. "The introduction of super choice means that more consumers can now make decisions to establish their own superannuation fund. I would remind consumers considering setting up a self-managed superannuation fund to check that their adviser is the holder of an Australian Financial Services license. "A licensed adviser must consider whether the amount of a person's superannuation savings is sufficient to justify the costs involved to establish and maintain a self-managed superannuation fund," Ms Redfern said. This action arose out of ASIC's superannuation switching campaign which was developed to ensure advisers fulfill their obligations in relation to providing advice concerning a client's existing super fund and any new fund that might be recommended. The obligations of financial advisers and trustees of SMSFs are set out in Meeting Your Obligations, a booklet recently published by the ASIC and the ATO. It also details the approach ASIC and the ATO will take to ensure people comply with their obligations. PRO-COM INTERIORS: Creditors Wind Up Company -------------------------------------------- Notice is hereby given that at a meeting of creditors of Pro-Com Interiors Pty Limited held on June 21, 2005, it was resolved that the Company be wound up, and Daniel I. Cvitanovic of Ferrier Hodgson, Level 1, 121-123 Crown Street, Wollongong was appointed Liquidator for such purpose. Dated this 21st day of June 2005 Daniel I. Cvitanovic Liquidator Ferrier Hodgson Level 1, 121-123 Crown Street Wollongong NSW 2500 PROVEST CAPITAL: Former Financial Adviser Permanently Banned ------------------------------------------------------------ The Australian Securities and Investments Commission (ASIC) has permanently banned Mr. Rick Alan O'Toole, formerly of Newstead in Queensland, from providing financial services. Mr. O'Toole, an accountant and registered auditor, had personally, or through his company, Provest Capital Pty Ltd (Provest), been operating a financial services business in New South Wales between 8 August 2003 and 5 January 2004. ASIC found that Mr. O'Toole had changed a client's address without permission, enabling him to obtain AU$55,761.52 of a client's funds by deception, and dishonestly dealt with a loan of AU$400,000 from the client. Upon discovery of the deceptive conduct, the money was repaid and following legal action, the loan was also repaid. ASIC concluded that Mr. O'Toole had engaged in conduct relating to a client which was misleading and deceptive, engaged in dishonest conduct, and had made representations that his conduct was authorized and on behalf of another person. Furthermore, ASIC found Mr. O'Toole was carrying on a financial services business without holding an Australian Financial Services license or acting as a representative of a licensee. ASIC banned Mr. O'Toole after finding that there is reason to believe he would not comply with financial services laws in the future. In arriving at its decision, ASIC also took account of the fact that Mr. O'Toole has been an undischarged bankrupt since 11 January 2005. "ASIC will take action to ensure that participants in the financial services industry act honestly and with integrity when dealing with clients," ASIC's Deputy Executive Director of Enforcement, Mr. Allen Turton said. "It is vital that consumers are aware of their rights in relation to the financial services industry, and information is available on ASIC's website at www.fido.gov.au or by calling 1300 300 630," Mr. Turton added. Mr. O'Toole has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision. QANTAS AIRWAYS: Flags More Cost Cuts ------------------------------------ Qantas celebrated an important milestone in its history last weekend, with 31 July the 10th anniversary of its listing as a public company. The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said that in a constantly evolving and highly competitive environment, the Qantas Group had achieved a great deal since 1995. "As well as dealing with the huge cultural, financial and operational change associated with the transition from a Government-owned company to a fully privatized business, Qantas has weathered one of the most turbulent periods in aviation in the years since privatization - particularly the last five years," Mr. Dixon said. "With the support of its staff, Qantas has managed the challenges better than most to ensure that the company is currently in a reasonably strong position. "Over the past 10 years, we have delivered good returns to our shareholders, employed large numbers of Australians and provided domestic and international aviation services that are generally regarded as being among the world's best." Mr. Dixon said that since privatization in 1995, Qantas had: (1) Grown staff numbers by almost 30 per cent - from 30,000 in 1995 to more than 38,400 staff today - the vast majority of them in Australia; (2) More than doubled the number of passengers carried each year, from 16 million in 1995 to more than 32 million in 2005; (3) Increased the number of flights it operates from 1,900 flights a week (including 250 international services) to more than 5,000 a week (including 600 international services); (4) Expanded its network significantly, from 86 destinations in 26 countries, including 48 in Australia, in 1995 to 145 destinations in 40 countries, including 62 in Australia operated by four Qantas Group airlines today; and (5) Grown its fleet by 47 per cent, from 136 aircraft in 1995 to 200 in 2005. Key financial statistics for the 10 years include: (1) Total shareholder return since the float (including dividend reinvestment) of more than 340 per cent (based on an issue price at float of $1.90); (2) Total dividends paid to shareholders to date of $2.15 per share (prior to final dividend payment for the current year); and (3) Projected revenue growth of 77 per cent from $7.2 billion in 1995 to over $12.5 billion in 2005. He said other highlights for the Group over the 10 years included: (1) Qantas' role as a founding member of oneworld in 1998; (2) The announcement of the airline's 10-year, multi-billion dollar fleet plan in 2000, which included the purchase of new aircraft types such as the revolutionary Airbus A380; (3) The launch of the QantasLink brand in 2001, followed by the purchase of Impulse; (4) The launch of Australian Airlines in 2002; (5) The introduction of the airline's new International Business Class, including the award-winning sleeper seat Skybed, in 2003; and (6) The launch of the Group's very successful low cost domestic carrier Jetstar, which commenced operations in 2004. "All Qantas' achievements will ultimately mean little if the Group does not continue to address a wide range of challenges," Mr. Dixon said. "Chief among these is the continuing escalation in oil prices that show no sign of falling to sustainable levels," Mr. Dixon said. "This has the real potential to cancel out the cost savings we have achieved across the business through our Sustainable Future program. "Our aim is to find and deliver further cost and efficiency benefits to ensure we are able to generate strong profits, continue to provide adequate returns for our investors, invest further in aircraft and product and continue to employ Australians." CONTACT: Qantas Airways Limited Qantas Centre, Level 9, Building A, 203 Coward Street, Mascot, NSW, Australia, 2020 Head Office Telephone: (02) 9691 3636 Head Office Fax: (02) 9691 3339 Web site: http://www.qantas.com QANTAS AIRWAYS: Mobile Phone Policy Goes International ------------------------------------------------------ Qantas has extended its policy on the use of mobile phones to include all of the airline's international services, New Zealand domestic operations and Australian Airlines services from Monday, August 1, 2005. Under the policy, which was introduced for Australian domestic services in June 2005, mobile phones can be used once an aircraft has landed and vacated the runway. An announcement by cabin crew shortly after landing informs customers when they can use their mobile phones. Qantas Executive General Manager John Borghetti said Qantas was pleased to be able to extend the policy to international services. "We have had positive feedback from our Australian domestic customers - in particular business travellers, who have welcomed the ability to access messages and use their phones for calls at an earlier stage of arrival," Mr Borghetti said. Under the new policy, 'flight mode' capable mobile phones and personal digital assistants (such as Blackberrys and Palm Pilots) can be used from the time the seat belt sign has been extinguished after take-off until the aircraft has begun its descent. However, 'flight mode' must be activated prior to turning the device off. Mr. Borghetti said customers could continue to use mobile phones on aerobridges at departure and arrival. "It is important to note, however, that most electronic equipment must still remain switched off during both take-off and landing," he said. Portable electronic equipment such as laptop computers, personal music and electronic games devices may be used when the aircraft seat belt sign is extinguished after take-off and until the top of descent. The new arrangements meet the standards set by the Civil Aviation Safety Authority in Australia and New Zealand's Civil Aviation Authority. QUADENT PTY: Members Decide to Close Operations ----------------------------------------------- Notice is hereby given that at an extraordinary general meeting of members of Quadent Pty Limited held on June 21, 2005, it was resolved that the Company be wound up voluntarily, and at a meeting of creditors held that day, it was resolved that Richard Herbert Judson of Judson & Co., Chartered Accountants, Level 1, 10 Park Road, Cheltenham be appointed liquidator. Dated this 21st day of June 2005 Richard H. Judson Liquidator Judson & Co. Chartered Accountants Suite 4, Level 1, 10 Park Road, Cheltenham, Vic 3192 Phone: 9585 4155 TRESATE PTY: Enters Liquidation ------------------------------- Notice is hereby given that pursuant to section 509 of the Corporations Act 2001, the final meeting of members of Tresate Pty Limited will be held on Aug. 9, 2005, 10:00 a.m. at the offices of Kellaway Cridland Pty Ltd, Chartered Accountants, 48 Hunter Street, Sydney, to lay before the meeting the Liquidator's final accounts and report and giving any explanation thereof. Dated this 28th day of June 2005 Peter L. Kellaway Liquidator Chartered Accountant Level 4, 48 Hunter Street Sydney NSW 2000 ULR MOTORS: Final Members Meeting Fixed August 9 ------------------------------------------------ Notice is given that the final meeting of the members of ULR Motors Employee Share Plan Pty Limited will be held on Aug. 9, 2005, 2:30 p.m. at the offices of Deloitte Touche Tohmatsu, Level 14, 180 Lonsdale Street, Melbourne. AGENDA: To lay an account before the meeting, showing how the winding up was conducted and the property of the Company was disposed of, and to give any explanation of the account. Dated this 27th day of June 2005 Salvatore Algeri Simon Wallace-Smith Liquidators Deloitte Touche Tohmatsu Level 14, 180 Lonsdale Street Melbourne WELLMART AUSTRALIA: Creditors Set to Receive Interim Dividend ------------------------------------------------------------- Wellmart Australia Pty Limited will declare a first interim dividend on Aug. 10, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 22nd day of June 2005 Adam Shepard Liquidator Star Dean-Willcocks Level 1, 32 Martin Place Sydney NSW 2000 * ASIC Bans Director of Failed Pharmaceutical Companies ------------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has banned Mr. Detlef Friedrichs, of Adelaide, from managing corporations for three years. ASIC banned Mr. Friedrichs following an investigation into his involvement in three failed pharmaceutical companies, Friedprop Pty Ltd, Derma Plus Pty Ltd and Synopharn International Pty Limited. Friedprop, Derma Plus and Synopharn International were wound up after the liquidators reported the companies would be unable to pay creditors more than 50 cents in the dollar. In total, the failed companies left debts totaling nearly $1 million. Another of Mr. Friedrich's companies, Derma Pharmaceuticals Pty Ltd, is also currently in liquidation with a reported deficiency of $273,000. Derma Pharmaceuticals is not part of this disqualification action. ASIC found that Mr. Friedrichs had breached provisions of the Corporations Act 2001 concerning the requirement to keep adequate financial records and the requirement to provide assistance to a liquidator, including the provision of information relating to the financial circumstances of a failed company. In banning Mr. Friedrich, ASIC also took into account his conviction on 2 September 2003, in the Adelaide Magistrates Court, for continuing to act as officer of a company while it was being wound up. "Directors who do not carry out their duties properly pose a threat to consumers and the wider business community. ASIC will not hesitate to take banning action against directors who intentionally or negligently fail to fulfill their responsibilities," ASIC's Director of National Assessment and Action, Mr. Adrian Borchok said. Mr. Friedrichs has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. ============================== C H I N A & H O N G K O N G ============================== ARTS TAISEI: Winding Up Hearing Slated for August 30 ---------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Arts Taisei Denki Limited by the High Court of Hong Kong Special Administrative Region was on June 5, 2005 presented to the said Court by Draka Cables (Hong Kong) Limited whose registered office is situate at 6th Floor, MRL Warehouse, Phase 11, Berth One, Kwai Chung Container Terminal, Kwai Chung, New Territories, Hong Kong. The said Petition is to be heard before the Court at 9:30 a.m. on August 31, 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. FAN WONG & TSO Solicitors for the Petitioner Room 2102, 21st Floor, Tower 11 Lippo Centre, 89 Queensway 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 August 30, 2005. CHINA INTERNATIONAL: Court to Hear Wind-up Petition August 25 ------------------------------------------------------------- China International Business Development hereby gives notice that the application by the Official Receiver and Provisional Liquidator will be heard before Master S. Kwang of the High Court for consideration of the resolutions and determinations (if any) of the first meeting of creditors and the first meeting of contributories held on May 12, 2005, deciding the differences (if any), and making such order of appointments as the court may think fit. Date and Time of Hearing: August 25, 2005 at 10 a.m. Place of hearing: High Court Building, No. 38 Queensway, Hong Kong Any creditor or contributory of the Company is entitled to attend and be heard at the above hearing. Dated this 29th day of July 2005 E.T. O'CONNELL Official Receiver & Provisional Liquidator CHINA SOUTHERN: Teams Up With PRC, AVIS --------------------------------------- China Southern Airlines, the largest airline in The People's Republic of China, has teamed up with AVIS for an exciting new FFP promotion. In a press release, China Southern Airlines' Sky Pearl Club members can earn all-new benefits with AVIS, www.avischina.com, including 400 kilometers credit (per qualified rental) at any of 5,000 AVIS locations throughout more than 170 countries around the world. AVIS will periodically provide special programs which may include special rates, free car class upgrade, discounts, free day rentals or extra bonus credits. Sky Pearl Club members will be informed of available promotional offers directly from AVIS and via China Southern's web site and Sky Pearl Club Newsletters. Rentals on successive days count for a single kilometers credit. Different rentals on successive days from the same AVIS location will count for a single kilometers credit. And rentals in conjunction with a frequent flyer car rental award, wholesale tour packages, airport transfers, chauffeur drive rates, staff rates and travel industry discounts or insurance/dealer replacement are not eligible for kilometers credit. For additional information, please contact AVIS Worldwide Reservations, toll free, at 800-820-5818 or book online at www.avischina.com (available in both Chinese and English). Please provide your Sky Pearl Club membership number when making your AVIS reservation. Keep copies of all vehicle rental bills for possible mileage retro claim and contact AVIS within six months after the rental at 800-820-5818. Avis Rent A Car System, Inc. and its subsidiaries operate the world's second largest general-use car rental brand, providing business and leisure customers with a wide range of services at nearly 1,900 locations in the United States, Canada, Australia, New Zealand and the Latin American / Caribbean region. Avis is one of the world's top brands for customer loyalty, ranking as the number one car rental company in the 2005 Brand Keys? Customer Loyalty Index. The company is part of Cendant Car Rental Group, a wholly owned subsidiary of Cendant Corporation (NYSE: CD), a diversified global provider of business and consumer services primarily within the real estate and travel sectors. For more information visit www.avis.com or www.cendant.com/media. Avis Europe is a leading car rental company in Europe, Africa, the Middle East and Asia, serving customers through a network of some 3100 locations in 108 countries. The largest airline in The People's Republic of China for the past 26 years, China Southern Airlines - www.cs-air.com/en - connects more than 80 cities around the globe.Major business and vacation destinations served in China include: Beijing, Chengdu, Guangzhou, Guilin, Hong Kong, Kunming, Shanghai, Shenzhen and Wuhan and as well as international service, including: Amsterdam, Bangkok, Fukuoka, Hanoi, Ho Chi Minh City, Islamabad, Kuala Lumpur, Jakarta, Los Angeles, Manila, Melbourne, Moscow, Osaka, Paris, Penang, Phnom Penh, Seoul, Singapore, Sydney and Tokyo. For China Southern Airlines reservations and information, please contact your local travel agent. This is a Company press release. CONTACT: Mr. Jeff Ruffolo Manager Public Relations Office 1 -909 -734 -6141 Cellular 1-949-278-6440 Fax 1 -909 -734 -6144 E-Mail: RuffoloPR@aol.com Web site: www.cs-air.com/en CHINA SOUTHERN: Morgan Stanley Ups Rating to Equalweight -------------------------------------------------------- Morgan Stanley has upgraded China Southern Airlines (ZNH) to equalweight from underweight, saying a new domestic passenger fuel surcharge and a stronger yuan exchange rate will benefit the airline, according to Dow Jones. The investment house said the introduction of the domestic passenger fuel surcharge is "a major positive for the Chinese airline industry, as this can help to protect earnings from future oil price shocks." CONTACT: China Southern Airlines Company Limited Unit B1, 9/F, United Ctr 95 Queensway, Hong Kong Phone: 28610288 Web site: http://www.cs-air.com CHINA SOUTHERN SECURITIES: Jianyin to Acquire 74 Outlets -------------------------------------------------------- China Jianyin Investment Ltd said it would sign agreement on August 1 to take over 74 outlets and investment bank business of debt-ridden China Southern Securities anytime this month, Infocast News reports. Jianyin will then set up a new securities firm while Southern Securities will no longer exist. The China Securities Regulatory Commission and the Shenzhen municipal government seized control of China Southern Securities in 2004 because of the alleged misuse of customer funds and manipulated stocks. DELTA LOGISTICS: Winding Up Process Initiated --------------------------------------------- Delta Logistics (Holdings) Limited whose place of business is located at Flat D, 29th Floor, Kenyon Court, 50 Bonham Road, 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 20, 2005. Date of Presentation: April 30, 2005 Dated this 29nd day of July 2005 ET O'Connell Official Receiver FAIR HALL: Receives Winding Up Order ------------------------------------ Fair Hall Limited whose place of business is located at Flat 6- 7, 3/F, Chanway Shopping Centre, 11-17 Shatin Centre Street, 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 13, 2005. Date of Presentation: May 18, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver LAW'S CONTAINER: Court to Hear Wind-up Petition August 24 --------------------------------------------------------- Notice is hereby given that a petition for the winding-up of Law's Container Service Company Limited by the High Court of Hong Kong was on June 27, 2005, presented to the said Court by Chiu Yue Ming of Room G, 46/F, Block 2, Vianni Cove, 33 Tin Kwai Road, Tin Shui Wai, New Territories. The said petition is to be heard before the Court at 9:30 a.m. on August 24, 2005. Any creditor or contributory of the said Company desirous to support or oppose the making of an Order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Betty Chan for Director of Legal Aid 34/F, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person or firm or his or their solicitor (if any), and must be served, or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of August 23, 2005. MAJOR SALES: Court Releases Winding Up Order -------------------------------------------- Major Sales Enterprise Limited whose place of business is located at 215 Decca Industrial Centre, 12 Kut Shing Street, Chaiwan, 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 13, 2005. Date of Presentation: May 18, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver SHAANXI NORTHWEST: Deloitte Auditors Quit Job --------------------------------------------- The board of directors of Shaanxi Northwest New Technology Industry Company Limited announced that by a letter dated July 26, 2005, Messrs. Deloitte Touche Tohmatsu has tendered its resignation as auditors of the Company. The reasons for Deloitte's resignation as mentioned in the Letter are: (i) the Company has kept delaying the announcement of its results for the year ended December 31m 2004 as set out in the announcements of the Company dated March 23, 2005 and June 29, 2005; (ii) the Company has failed to pay the deposit of 50% of the agreed audit fee; and (iii) in any event Deloitte has been informed that the Company is not willing to allow Deloitte to commence audit work until certain on going litigation is finalized. The Board realizes that the on going litigation as referred to in the Letter is the legal proceedings in relation the monetary disputes between the shareholders of the Company, namely Shaanxi Northwest Industry (Group) Limited and Shaanxi Jing Dian Investment Company Limited, details of which have been disclosed in the announcements dated May 18, 2004, December 24, 2004 and April 21, 2005 respectively. Deloitte have confirmed in the Letter that save as the aforesaid reasons, there were no circumstances connected with their resignation which they considered should be brought to the attention of the shareholders and The Company wishes to state that Deloitte's resignation is consequent on the interruptions arising from the freezing of the bank account of the Company as disclosed in the announcement dated May 13, 2005. Save as disclosed herein, the Board considered that there are no circumstances in respect of the change of auditors which it considers should be brought to the attention of the shareholders of the Company. The Company proposes to appoint CCIF CPA Limited as the new auditors of the Company to fill the casual vacancy following Deloitte's resignation and will make a further announcement upon the appointment of CCIF CPA Limited. Suspension of Trading At the request of the Company, trading in its H shares has been suspended with effect from 9:30 a.m. on 31 March 2005 pending the release of an announcement in relation to the audited results of the Company for the year ended 31 December 2004. The directors of the Company confirm that he/she has not dealt in any shares of the Company since February 28, 2005 and has undertaken not to do so until the audited results of the Company for the year ended December 31, 2004 are published. By order of the Board Shaanxi Northwest New Technology Industry Company Limited* Wang Cong Chairman Xi'an, the PRC, 29 July 2005 CONTACT: Shaanxi Northwest New Technology Industry Company Limited Suite 1002, Aon China Building 29 Queen's Road Central, Hong Kong Phone: 86-29-8375006 Fax: 86-29-8375297 Web site: http://www.faith-chem.com PCCW LIMITED: Updates Composite Offer Deal ------------------------------------------ Reference is made to the joint announcements of PCCW Limited and SUNDAY dated June 22, 2005 and July 7, 2005, and the composite offer document dated July 8, 2005 (Composite Offer Document). Unless otherwise defined herein, capitalized terms and expressions shall have the same meanings as used in the Composite Offer Document. LEVEL OF ACCEPTANCES As at 4:00 p.m. on July 29, 2005, being the latest time for receiving acceptances under the Offer, the Offeror had received valid acceptances in respect of 515,013,960 Shares under the Offer, representing approximately 42.92% of the Shares under the Offer and approximately 17.22% of the issued share capital of SUNDAY. Valid acceptances in respect of 26,954,103 Outstanding Share Options under the Offer had also been received, representing approximately 97.96% of the Outstanding Share Options granted under the Share Option Scheme. Prior to the Offer, the Offeror beneficially owned 1,790,134,000 Shares, representing approximately 59.87% of the issued share capital of SUNDAY. In addition, persons presumed under the Takeovers Code to be acting in concert with the Offeror beneficially owned an aggregate of 24,981,000 Shares, representing approximately 0.83% of the issued share capital of SUNDAY. The acceptances under the Offer referred to above include those 24,981,000 Shares previously held by persons presumed under the Takeovers Code to be acting in concert with the Offeror, which Shares have been tendered under the Offer and acquired by the Offeror. Taking into account the valid acceptances tendered under the Offer, the Offeror is interested in 2,305,147,960 Shares, representing approximately 77.10% of the issued share capital of SUNDAY as at the date of this announcement. EXTENSION OF OFFER PERIOD In order to allow Shareholders and Option Holders who may wish to accept the Offer further time to do so, the time for accepting the Offer has been extended and the Offer will remain open for acceptance until further notice. A further announcement will be made at least 14 days before the Offer is closed. All the other terms of the Offer as set out in the Composite Offer Document and in the white form of acceptance and transfer for the Offer Shares and the yellow form of acceptance and cancellation for the Outstanding Share Options remain unchanged and apply to the extended Offer. NO INCREASE IN OFFER PRICE The Offer Price for the Offer Shares and the Outstanding Share Options remains unchanged at HK$0.65 per Offer Share and HK$0.001 per Outstanding Share Option respectively. COMPULSORY ACQUISITION AND PRIVATISATION OF SUNDAY If the level of acceptances of the Offer reaches the prescribed level (being not less than 90% of the Shares affected by the Offer) as required by Section 88 of the Companies Law and Rule 2.11 of the Takeovers Code permits a compulsory acquisition, the Offeror intends to proceed with the privatization of SUNDAY and the withdrawal of the listing of the Shares from the Stock Exchange pursuant to Rule 6.15 of the Listing Rules. By Order of the Board PCCW Limited Hubert Chak Company Secretary By Order of the Board SUNDAY Communications Limited Raymond Wai Man Mak Company Secretary Hong Kong, 29th July, 2005 SEMICONDUCTOR MANUFACTURING: Posts Third Quarterly Loss ------------------------------------------------------- Semiconductor Manufacturing International Corporation, one of the leading semiconductor foundries in the world, announced its consolidated results of operations for the three months ended June 30, 2005. Sales increased 12.3 percent in the second quarter of 2005 to US$279.5 million from US$248.8 million in the prior quarter. The Company reported an increase in capacity to 139,025 8-inch equivalent wafers per month and a utilization rate of 87 percent in the second quarter of 2005. Net loss increased to US$40.4 million in the second quarter of 2005 compared to a loss of US$30.0 million in the first quarter of 2005. "The second quarter of 2005 marked what we believe to be the trough of this current semiconductor cycle," said Dr. Richard Chang, President and Chief Executive Officer of SMIC. "During this period, our financial performance was consistent with our expectations. Despite the general weakness in the semiconductor industry as a whole in particular the foundry sector, we continued to increase our revenues during the second quarter of 2005. Based on the demand forecasts provided by our customers, we believe that the second half of 2005 will be a period of financial growth and improvement and have increased our projected capital expenditure budget to $1.1 billion for 2005. "With the semiconductor industry gearing up for a rebound in the second half of the year, we have secured an additional $600 million in financing which we believe, together with our expected cash flow from operations will be sufficient to cover our funding requirements for 2005 and into 2006. "During the quarter we added 20 new customers, over half of which came from Mainland China. We are pleased to see continuous progress from our customers in China. On the technology front, our first customer products at 90nm are currently under qualification and remain on-schedule. Further along the technology roadmap, we are now developing our 65nm technology process flow in our 300mm fabs. "(On Monday the Company announced two separate projects). The first relates to a partnership, which SMIC has formed with Saifun Semiconductors, Ltd. to license Saifun's NROM1 technology for the production of flash memory-based products. Our new flash-memory strategy will enable us to meet the increasing demand for flash-based products in the consumer electronics and telecommunication sectors. "The second project relates to the wafer reclamation project in Shanghai to produce solar power modules. "The company will start facility installation in the third quarter and anticipate equipment move-in during the fourth quarter. "In addition to our core foundry business, we will continue to look for ways to increase shareholder value and maximize our position as the leading foundry in China." About SMIC SMIC (NYSE: SMI, SEHK: 0981.HK) is one of the leading semiconductor foundries in the world, providing integrated circuit (IC) manufacturing at 0.35-micron to 0.11-micron and finer line technologies to customers worldwide. Established in 2000, SMIC has four 8-inch wafer fabrication facilities in volume production in Shanghai and Tianjin. In the first quarter of 2005, SMIC commenced commercial production at its 12-inch wafer fabrication facility in Beijing. SMIC also maintains customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. As part of its dedication towards providing high-quality services, SMIC strives to comply with or exceed international standards and has achieved ISO9001, ISO/TS16949, OHSAS18001, TL9000 and ISO14001 certifications. For additional information, please visit http://www.smics.com. By order of the Board Semiconductor Manufacturing International Corporation Richard R. Chang Chief Executive Officer Shanghai, PRC July 29, 2005 CONTACT: Semiconductor Manufacturing Internatioanal Corporation 18 Zhangjiang Road, Pudong New Area Shanghai 201203, PRC Phone: 86-21-5080-2000 Fax: 86-21-5080-2868 Web site: http://www.smics.com TOPOWER MARBLE: Receives Order to End Ops ----------------------------------------- Topower Marble Works Company Limited whose place of business is located at Room 913, Tower B Hunghom Commercial Centre, 37 Matu Wai Road, Hung Hom, 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 20, 2005. Date of Presentation: May 4, 2005 Dated this 29nd day of July 2005 ET O'Connell Official Receiver V&T INVESTMENTS: Sets Creditors, Contributories Meeting ------------------------------------------------------- Notice is hereby given that the meetings of creditors and contributories of V&T Investments Limited will be held at the official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on August 11, 2005 at the following times: (1) Meeting of Creditors: 3 p.m. (2) Meeting of Contributories: 3s:30 p.m. Dated this 29th day of July 2005 E T O'CONNELL Official Receiver & Provisional Liquidator WOW FACTOR: Begins Liquidation Proceedings ------------------------------------------ Wow Factor Design Limited whose place of business is located at 2nd Floor, California Place, 25 D Aguilar Street, Central, Hong Kong was issued a winding up order notice by the High Court of the Hong Kong Special Administrative Region Court of First Instance on July 20, 2005. Date of Presentation: May 4, 2005 Dated this 29nd day of July 2005 ET O'Connell Official Receiver YAMAMOTO AV: Enters Liquidation ------------------------------- Yamamoto AV Limited whose place of business is located at G/F, 64 Sai Yeung Choi Street South, Mongkok, Kowllon 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 20, 2005 Dated this 22nd day of July 2005 Lee Mei Yee May Acting Official Receiver ZHU KUAN: Creditors Accept HK$3 Bln Settlement Offer ---------------------------------------------------- Creditors of bankrupt Zhu Kuan Group has accepted a HK$3 billion settlement offer from the Zhuhai government in a deal that returns almost 40 percent of the HK$8 billion owed, The Standard reports. Bank of China and Deutsche Bank were among the largest creditors, which also included Standard Chartered Bank, Societe Generale and Bank of America. Zhu Kuan failed to make payments on outstanding loans in 1999. The banks have been locked in a bitter battle with both the firm and the government to get their money back ever since. Zhu Kuan changed its name to Jiuzhou Development in December and manages a tourist resort, theme park and port facilities in the special economic zone across the border from Macau. ================= I N D O N E S I A ================= BANK MANDIRI: NPLS Rise in First Half of 2005 --------------------------------------------- State-owned Bank Mandiri is set to report more bad loans for the first six months of the year as its new management tries to clean its records, reports Dow Jones. After being the subject of a lending scam involving the lending of up to IDR1 trillion to ineligible companies, the bank had reported an increase in its non-performing loans to 17.38%. Non- performing loans amounted to 10.3% of the bank's total loans, two times more than the 5% ceiling set by Indonesia's central bank. According to new Bank Mandiri CEO Agus Martowardojo, it is very likely that the bank's NPL ratio may increase further before finally going down. This may come as a shock to investors who expected that the bank's loan problems were fully accounted for, following an increase in its NPL ratio last March. An ongoing review of the bank' s commercial and corporate loans has shown that 31% of its loans were non-performing. A special team is being created within the bank to deal with the problem of the bad loans, but may take up to three years to fully resolve such problem. Since the bank's current capital adequacy ratio is 26% (more than three times the required 8% ratio), it doesn't have to raise more capital. But it might reduce its total asset base in order to improve its financial ratio, added Mr. Martowardojo. 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 PERTAMINA: Negotiates With Sinopec for Oil Search ------------------------------------------------- State oil and gas firm PT Pertamina is currently in talks with China Petrochemical Corporation (Sinopec) for the right to explore for oil and gas in exchange for investing in a proposed refinery to be built in east Java, The Standard reports. According to a Sinopec source, Pertamina needs capital to build refineries, and Sinopec wants to join in oil exploration projects in Indonesia, so a relationship would benefit both firms, but obviously if Sinopec is not able to get production - sharing contracts in the state's gas blocks, it wouldn't also invest in such projects. The Chinese firm said that it wants a guarantee in exchange for its investment in the Company's project. Pertamina recently signed an agreement with Sinopec on the proposed building of the Company's 10th oil refinery in Tuban, East Java, on Indonesian president Susilo Bambamg Yudhoyono's recent visit to China last month. However, the firm is uncertain whether Sinopec or its Hong-Kong arm China Petroleum & Chemical Corporation (SNP), would make the investment. CONTACT: PT Pertamina Tbk Jalan Merdeka, Timur No. 1 A Jakarta 10110 Indonesia Phone: (62)(21) 3815111 Fax: 3846865/ 3843882 Web site: http://www.pertamina.com SEMEN GRESIK: Posts 74% Increase in Net Profit ---------------------------------------------- State cement manufacturer PT Semen Gresik Tbk reported an impressive 74% increase in net profit for the first six months of 2005, reports Reuters News. The Company's total net profit for January to June 2005 was IDR321.2 billion, compared to a IDR184.2 billion net profit in the same period last year. Revenues also increased by 16% from IDR2.82 trillion in 2004 to IDR3.27 trillion in 2005. The increase in net profit may be due to rising demand for cement, as the Company said that Indonesia used 2.76 million tons of cement in June alone, as compared to a consumption of 2.59 million tons last year. Analysts had expected demand to increase by 5% to 10% this year. The state-owned firm, which can produce up to 16 million tons of cement annually, was able to produce 15.6 million tons last year, amounting to half of the total national cement output. PT Semen Gresik is 51% owned by the government, 25.5% owned by Cemex SA, while the remaining stake is owned by the public. CONTACT: PT Semen Gresik (Persero) Terbuka Jalan Veteran Gresik 61122 Indonesia Phone: +62 31 398 1731-2/1745 Fax: +62 31 398 3209/3972 2264 ========= J A P A N ========= HITACHI LIMITED: Unveils Executive, Management Changes ------------------------------------------------------ Hitachi, Ltd. announced the management changes in accordance with the determination made by the Board of Directors meeting held on July 28 and by the authorized executive officer. The appointment is scheduled for August 1, 2005. 1. New Executive Officer Gaku Suzuki, Vice President and Executive Officer, President & Chief Executive Officer of Industrial Systems Group, General Manager of Transportation Systems Division; currently General Manager of Transportation Systems Division, Industrial Systems Group 2. Management Change Shigeharu Mano, Vice President and Executive Officer, President & Chief Executive Officer of Power Systems Group, President and Director of Babcock-Hitachi K.K.; currently Vice President and Executive Officer, President & Chief Executive Officer of Power Systems Group Kazuhiro Mori, Vice President and Executive Officer, in charge of Hitachi group companies management assistance, President and Director of Hitachi Displays, Ltd.; currently Vice President and Executive Officer, President & Chief Executive Officer of Industrial Systems Group 3. Others Fumiaki Yonai, President and Director of IPS Alpha Technology, Ltd., Director of Hitachi Displays, Ltd.; currently President and Director of Hitachi Displays, Ltd., President and Director of IPS Alpha Technology, Ltd. Hayato Ogawa, Adviser, Babcock-Hitachi K.K.; currently President and Director of Babcock-Hitachi K.K., Executive Vice President of Power Systems Group of Hitachi, Ltd. About Hitachi Hitachi, Ltd., (NYSE:HIT/TSE:6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 347,000 employees worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales totaled 9,027.0 billion yen ($84.4 billion). The company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's Website at http://www.hitachi.com. CONTACT: Hitachi Limited 6-6 Marunouchi 1-Chome Chiyoda-Ku 100-8280, Tokyo 101-8010 Japan Phone: +81 3 3258 1111 Fax: +81 3 3258 5480 KANEBO LIMITED: Creates Big Slush Funds --------------------------------------- Kanebo Ltd used the pretext of buying back cosmetics products that were being sold at heavily discounted prices to raise money for slush funds, Japan Times relates. Meanwhile, prosecutors arrested former Kanebo President Takashi Hoashi and two other former executives of the company Friday on suspicion of submitting falsified financial statements to authorities. CONTACT: Kanebo Limited Fukuoka, Sapporo 3-20-20 Kaigan Minato Tokyo 108-8080 Japan Web site: http://www.kanebo.co.jp/english/Index.htm KYUSHU INDUSTRIAL: IRCJ to Dispose Of Entire Equity --------------------------------------------------- The Industrial Revitalization Corporation of Japan has resolved to sell the equity it holds in Kyushu Industrial Transportation Co., Ltd. (Kyushu Transportation). 1. Background On August 28, 2003 the IRCJ approved an application for assistance by Kyushu Transportation under Article 22, Clause 3 of the Industrial Revitalization Corporation Act of 2003. On November 27 of the same year the IRCJ reached agreement on the purchase of Kyushu Transportation's debt under Article 25, Clause 1 of the same act, and in February 2004 a capital decrease and subsequent recapitalization was implemented. Since then, the IRCJ has been supporting the target company in a number of ways. A certain amount of progress has been made toward revitalization, enabling the IRCJ to begin preparations for the sale of its equity. Following a decision to sell equity held in Kyushu Transportation, an agreement was completed with H.I.S. Kyushu Industrial Transportation Investment Partnership (H.I.S.- H.S. Kyushu), the recipient company jointly set up by H.I.S. Co., Ltd. and H.S. Securities Co., Ltd. IRCJ will complete the sale of equity by the end of September 2005 through accepting a takeover bid for H.I.S.-H.S. Kyushu 2. Capital amounts, etc. The IRCJ, through a capital injection of �350 million and a partial debt-equity swap (amounting to around JPY350 million), currently holds ordinary shares amounting to 67.03% of voting rights in Kyushu Transportation. Following this sale, the IRCJ will retain no shares in Kyushu Transportation. 3. Comment from the State Ministers in charge of the Industrial Revitalization Corporation of Japan None expressed. Note on comments from ministers: The IRCJ is a quasi- governmental organization. As such the IRCJ is required to obtain comments from the government ministers in charge of the IRCJ about decisions to assist or engage in other initiatives relating to private sector companies. For more information, please contact Corporate Planning Department The Industrial Revitalization Corporation of Japan Tel: 03-6212-6437 About the IRCJ The IRCJ was established jointly by the public and private sector on April 16, 2003, with the aim of providing revitalization assistance beneficial to both the industrial and the financial sectors in Japan. It targets assistance at companies that have sound business fundamentals but are unable to thrive because of excessive debt levels or other factors. The IRCJ has approximately 200 employees and is based in Tokyo. For more information please visit www.ircj.co.jp. MITSUBISHI MOTORS: To Boost Operations in India ----------------------------------------------- Mitsubishi Motors Corporation will expand its operations in India jointly with Hindustan Motors Ltd, Hindu Business Line reports. Hindustan Motors now makes Mitsubishi's Lancer sedan and assembles the Pajero sports utility vehicle, at its plant on the outskirts of Chennai. The report said that Hindustan Motors would start manufacturing another model in the Lancer range in January 2006. Hindustan Motors would also add other Mitsubishi models such as Pajero, Outlander and Grandis to its line up of imported built-up models. All these models would be sold through Hindustan Motors' sales network. CONTACT: Mitsubishi Motors Corporation 2-16-4 Konan, Minato-ku Tokyo, 108-8410, Japan Phone: +81-3-6719-2111 Fax: +81-3-6719-0014 Web site: http://www.mitsubishi-motors.co.jp MITSUBISHI MOTORS: Sues 7 Former Execs Over Car Defect Coverups --------------------------------------------------------------- Mitsubishi Motors Corporation on Friday filed a lawsuit with the Tokyo District Court seeking US$10 million in damages from its former Chairman, Hirokazu Nakamura, and six other former executives over defect and recall cover-ups, Kyodo News reports. The carmaker claims the seven were responsible for the problems as they failed to deal with them appropriately as corporate executives. NIPPON SHINPAN: METI OKs Changes in Restructuring Plan ------------------------------------------------------ Changes to the business restructuring plan submitted to the Ministry of Economy Trade and Industry (METI) by Nippon Shinpan Co., Ltd., originally approved on March 15, 2004, were examined pursuant to Article 4, Paragraph 1 of the Law on Special Measures for Industrial Revitalization, and found to fulfill the requirements. Changes were consequently approved by METI on July 29, 2005. CONTACT: Nippon Shinpan Co. Ltd. Address: 33-5, 3-chome, Hongo, Bunkyo-ku Tokyo 113-8411, Japan Phone: +81-3-3811-3111 Fax: +81-3-3817-8775 UFJ CARD: Restructuring Scheme Gets Go Signal --------------------------------------------- The business restructuring plans submitted by UFJ Card Co., Ltd. and Minami Nippon Shinpan Co., Ltd. were evaluated pursuant to Article 3, Paragraph 6 of the Law on Special Measures for Industrial Revitalization, and found to fulfill the requirements of Article 2, Paragraph 2.1 concerning business restructuring, and of Article 2, Paragraph 2.2 concerning business innovation. The plans were consequently approved by the Ministry of Economy Trade and Industry on July 29, 2005. CONTACT: Ministry of Economy, Trade and Industry (METI) 3-1 Kasumigaseki 1-Chome Chiyoda-ku, Tokyo Phone: 81-3-3501-1511 Email: webmail@meti.go.jp Web site: http://www.meti.go.jp/english/index.html ========= K O R E A ========= CITIBANK KOREA: Fitch Ups Individual Rating to B/C -------------------------------------------------- Fitch Ratings has upgraded Citibank Korea Inc.'s (CBK) Individual rating to 'B/C' from 'C'. At the same time, the agency has affirmed the bank's other ratings at Long-term 'A+' with Stable Outlook, Short-term 'F1' and Support '1'. CBK's upper tier 2 subordinated debt is upgraded to 'A' from 'A- ' (A minus) in line with Fitch's general notching policy while its lower tier 2 subordinated debt is affirmed at 'A'. The upgrade of CBK's Individual rating reflects its improved capital position as well as robust operating performance in 2004 and the first quarter of 2005. Following Citigroup's successful public tender offer for the former KorAm Bank in May 2004, Citibank Korea Inc., the merged entity of the former KorAm and Citibank's Seoul operations, was officially established on November 1 2004, and renamed Citibank Korea Inc. At end-2004, retail loans accounted for over 50% of its loan book. Its asset quality measures are now amongst the best in the domestic industry. CBK's non-performing loan ratio (substandard and below loans) was 1.4% at end-2004, down from 1.60% a year earlier. In 2004, the bank posted KRW247.7 billion of net income with a return on equity (ROE) of 11.49% and return on assets (ROA) of 0.52%. This is up from the KRW46.2bn (2.86% ROE and 0.12% ROA) reported by KorAm Bank in 2003 when credit card provisioning and SK Network-related credit cost constrained its bottom line. In H12005, the bank recorded KRW134.4bn net income (with an annualised 20.8% ROE and 0.80% ROA) compared with KRW118.4bn for KorAm Bank in the H12004. Capital has been maintained at an adequate level. Thanks to retained earnings and the transfer of the KorAm Bank's assets and liabilities, the bank's Tier 1 capital ratio improved to 9.52% at end-March 2005 from 6.63% at end-2003. The total capital adequacy ratio stood at 12.44% at end-March 2005. 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 DAEWOO SHIPBUILDING: Wins US$1.20Mln Contract from Qatari --------------------------------------------------------- Daewoo Shipbuilding & Marine Engineering Co. acquired a contract from a Qatari gas producer to build five large liquefied natural gas (LNG) tankers valued at US$1.20 billion, relates Yonhap News. The five LNG tankers have a capacity of up to 210,100 cubic meters of LNG. "So far this year we have clinched orders for 32 ships and marine plants worth $4.99 billion, which accounted for 83 percent of this year's target," a Daewoo Shipbuilding official said. Since last year, Daewoo Shipbuilding has acquired nine out of 20 large LNG tankers for Qatar Liquefied Natural Gas II. Qatar LNG which is a venture between Exxon Mobil Corp. and state-run Qatar Petroleum, will issue orders for 52 LNG tankers in total by early 2007. Aside from the Qatar order, Daewoo Shipbuilding also won a $192 million order to build two very large gas carriers from a Greek shipping company. CONTACT: Daewoo Shipbuilding and Marine Engineering South Korea Phone: 82 2 2129 0263 Web: http://www.daewooshipbuilding.com KOOKMIN BANK: Issues Report on CD Embezzlement ---------------------------------------------- On July 27, 2005, the Korea Exchange (KRX) requested Kookmin Bank to confirm reports relating to the embezzlement of certificates of deposit (CDs) by one of its employees. Pursuant to this request, Kookmin Bank announced as follows: The Embezzlement of Certificates of Deposit by an Employee of Kookmin Bank - Date on which the incident is acknowledged: July 26, 2005 - Total embezzled amount: KRW25 billion Kookmin Bank believes that one of its employees replaced lawful CDs with forged CDs in its vault and circulated the lawful CDs amounting to KRW25 billion in the private bond market. Kookmin Bank filed charges against the suspect at the South Regional Prosecutors' Office in Korea. - Forged Certificates of Deposit without Actual Cash Deposits - Date on which the incident is acknowledged: July 26, 2005 - Total amount of forged CDs: KRW40 billion Forged CDs amounting to KRW40 billion deposited in Kookmin Bank's safety box. Kookmin Bank is in the process of investigating the origination of the forgeries. If Kookmin Bank discovers any further material information with respect to the forged CDs, we will disclose such information with the relevant authorities. CONTACT: Kookmin Bank 9-1 Namdaemoonro 2-ga Chung-gu, Seoul 100-092 Korea (South) Telephone: +82 2 317 2114 Fax: +82 2 776 5637 KOOKMIN BANK: Releases Unaudited First Half Earnings Result ----------------------------------------------------------- Kookmin Bank disclosed at an earnings conference its operating results for the first half of 2005. The company's auditors have not fully reviewed the figures presented in the table; therefore they are subject to change in the due course of review process. Accounting policy with respect to the gain or loss on the sale of loans was changed in 2004. However, in these figures, the company did not reflect the policy change in order to ease the reader's comparative analysis. Financial Highlights (1.1) Balance sheet figures (in trillions of Won) As of the date indicated June 30, 2005 December 31, 2004* % Change (YTD) Total Assets 181.0 179.8 0.7 Loans in Won 119.7 122.7 2.4 Total Liabilities 170.0 170.6 0.4 Deposits in Won 128.2 129.1 0.7 Total Stockholders' Equity 11.0 9.2 19.6 (1.2) Operating results (in billions of Won) For the six months period ended 2005 2004* % Change (YoY) Operating Income 1,242.5 245.7 405.7 Non-operating Income 95.1 109.6 13.2 Net Income 909.9 240.8 277.9 (2) Asset Quality (in billions of Won) As of the date indicated June 30, 2005 December 31, 2004 % Change (YTD) Total Loans for NPL Management 134,687.0 136,317.8 1.2 Substandard & Below Loans 3,391.2 3,595.2 5.7 Allowance for Loan Losses 3,191.7 3,150.1 1.3 Substandard & Below Ratio 2.52% 2.64% 0.12%p Coverage Ratio 94.1% 87.6% 6.5%p Delinquency Ratio 2.52% 2.67% 0.15%p * Adjusted figures in the financial statements of 2004 according to the changed accounting policy with respect to wholly owned beneficiary certificates (WOBCs). =============== M A L A Y S I A =============== ANCOM BERHAD: Buys Back Ordinary Shares --------------------------------------- Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice of its shares buy back on July 26, 2005 with the following details: Date of buy back: 26/07/2005 Description of shares purchased: Ordinary shares of MYR1.00 each Total number of shares purchased (units): 128,200 Minimum price paid for each share purchased (MYR): 0.685 Maximum price paid for each share purchased (MYR): 0.710 Total consideration paid (MYR): Number of shares purchased retained in treasury (units): 128,200 Number of shares purchased which are proposed to be cancelled (units): Cumulative net outstanding treasury shares as at to-date (units): 11,853,000 Adjusted issued capital after cancellation (no. of shares) (units): CONTACT: Ancom Berhad Level 14, Uptown 1 No. 1 Jalan SS21/58 Damansara Uptown 47400 Petaling Jaya Selangor Telephone: 03-77252888 Fax: 03-77257791 Web site: http://www.ancom.com.my DATUK KERAMAT: Stock Trading Halted Until Submission of AAA2004 --------------------------------------------------------------- Datuk Keramat Holdings Berhad issued the following announcements to Bursa Malaysia Securities Berhad: (1) The Company has yet to submit the AAA2004 as at todate. (2) The Company is not able to submit the AAA2004 on or before the expiry of the 3 months period from April 30, 2005 i.e. July 31, 2005. (3) The trading in the securities of the Company will be suspended on the market day following the expiry of 3 months from April 30, 2005 i.e. August 1, 2005 and shall only be uplifted on the market day following the submission of the outstanding AAA2004. (4) The reason for the above is that the Company is still in the midst of working on the proposed restructuring scheme as announced earlier to the Exchange. CONTACT: Datuk Keramat Holdings Berhad 16B 3rd Floor Jalan 14/20 Section 14 46100 Petaling Jaya Malaysia Phone: 03-79588166 Fax: 03-79566766 DATUK KERAMAT: Court Rejects Application for Extension of Time -------------------------------------------------------------- Datuk Keramat Holdings Berhad advised Bursa Malaysia Securities Berhad that its application to the Kuala Lumpur High Court for an extension of time to the Restraining Order given to the Company on March 9, 2005 was not granted by the Court. The Company is in the process of making an appeal to the Court of Appeal. Announcement will be made to the Exchange upon the appeal is made. DUOPHARMA BIOTECH: Issues Additional Shares for Listing ------------------------------------------------------- Duopharma Biotech Bhd advised that its additional 707,000 new ordinary shares of MYR0.50 each issued pursuant to the Employees' Share Option Scheme (Scheme) will be granted listing and quotation with effect from 9:00 a.m., Thursday, July 28, 2005. FABER GROUP: Bourse to List, Quote Additional Shares ---------------------------------------------------- Faber Group Berhad advised that its additional 188,000 new ordinary shares of MYR1.00 each arising from the conversion of MYR376,000 Nominal Value of 2000/2005 Irredeemable Convertible Unsecured Loan Stocks into 188,000 New Ordinary Shares will be granted listing and quotation with effect from 9:00 a.m., Thursday, 28 July 2005. CONTACT: Faber Group Berhad 20th Floor Menara 2 Faber Towers, Jalan Desa Bahagia Taman Desa, Off Jalan Klang Lama 58100 Kuala Lumpur Telephone: 03-76282888 Fax: 03-76282828 GEORGE TOWN: Application for Extension of Time Denied ----------------------------------------------------- George Town Holdings Berhad disclosed that its application to the Kuala Lumpur High Court for an extension of time to the Restraining Order given to the Company on March 9, 2005 was not granted by the Court. The Company is in the process of making an appeal to the Court of Appeals. Announcement will be made to the Exchange upon the appeal is made. CONTACT: George Town Holdings Berhad Jalan 14/20 Section 14 46100 Petaling Jaya, Selangor Darul Ehsan 50300 Malaysia Telephone: +60 3 7958 8166 Fax: +60 3 7957 8471 GEORGE TOWN: Fails to Submit Reports on Time -------------------------------------------- George Town Holdings Berhad issued to Bursa Malaysia Securities Berhad an announcement pursuant to the annual audited accounts together with the auditors' and directors' reports for the financial year ended December 31, 2004 (AAA2004). (1) The Company has yet to submit the AAA2004 as at todate. (2) The Company is not able to submit the AAA2004 on or before the expiry of the 3 months period from April 30, 2005 i.e. July 31, 2005. (3) The trading in the securities of the Company will be suspended on the market day following the expiry of 3 months from April 30, 2005 i.e. August 1, 2005 and shall only be uplifted on the market day following the submission of the outstanding AAA2004. (4) The reason for the above is that the Company is still in the midst of working on the proposed restructuring scheme as announced earlier to the Exchange. HABIB CORPORATION: Inks Share Subscription Agreement with Scomi --------------------------------------------------------------- Habib Corporation Berhad (HCB) issued to Bursa Malaysia Securities Berhad an update on: (I) Proposed Acquisitions; (II) Fund Raising Proposals; (III) Proposed Authorized Share Capital Increase; and (IV) Proposed Amendments to the Memorandum and Articles of Association of HCB. (Collectively known as the proposals) The company refers to its announcements dated February 14, 2005, April 6, 2005 and July 25, 2005 in relation to the Proposals. All abbreviations and definitions used in this announcement shall be the same as those used in the abovementioned announcements unless otherwise specified. Letter of Variation Commerce International Merchant Bankers Berhad, on behalf of HCB, advised that HCB and Scomi Group Bhd (SCOMI), being parties of the share subscription agreement dated February 14, 2005 (Share Subscription Agreement), had on July 26, 2005 executed a letter of variation as a supplement to the Share Subscription Agreement (Letter of Variation). Pursuant to the Letter of Variation, HCB and SCOMI agreed that the Approval Date (as defined under Clause 1.1 of the Share Subscription Agreement) shall be the date falling eight (8) months from the date of the Share Subscription Agreement, i.e. from February 14, 2005 to October 14, 2005. Except as supplemented and varied by the Letter of Variation, the Share Subscription Agreement shall continue in full force and effect in all other respects and be binding on HCB and SCOMI. This announcement is dated 27 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 JIN LIN: Seeks More Time to Submit Report ----------------------------------------- Avenue Securities Sdn Bhd, on behalf of Jin Lin Wood Industries Berhad (Jin Lin), informed Bursa Malaysia Securities Berhad that, on July 20, 2005, the Company through its solicitors, filed an application for an extension of time in relation to the Restraining Order under Section 176(10) of the Companies Act 1965. The outcome of the Court's decision will be announced in due course. This announcement is dated 26 July 2005. CONTACT: Jin Lin Wood Industries Bhd. Phone: 60 3 2710 5555 Fax: 60 3 2710 3108 E-mail: jlwood@po.jaring.my KEMAYAN CORPORATION: Disposes Of Properties ------------------------------------------- Kemayan Corporation Berhad (KCB) advised Bursa Malaysia Securities Berhad on the proposed disposal of Menara Kemayan - A 15-Storey Commercial Office Building and an Annexe 2-Storey Podium Block With A Basement Level Carpark Held Under Geran 10010 Lot 238 Section 43, Town & District of Kuala Lumpur, Negeri Wilayah Persekutuan and bearing address No. 160, Jalan Ampang, 50450 Kuala Lumpur (Property) (Proposed Disposal of Property). (1) Introduction Public Merchant Bank Berhad (PMBB), on behalf of the Board of Directors of KCB advised that it had entered into a Sale and Purchase Agreement (SPA) on July 21, 2005, the SPA of which was received by PMBB on July 22, 2005, with Waterfront Assets Sdn Bhd (the Purchaser or WASB) for the Proposed Disposal of Property, for a total cash consideration of MYR34 million (Purchase Price). (2) Details of the Proposed Disposal (2.1) Information on the Property The Property, which is also known as Menara Kemayan is located on a freehold land with a provisional land area of approximately 23,013 square feet and a net built-up and lettable area of 85,208 square feet. KCB acquired the Property in year 1985 with an original cost of investment of MYR44.08 million. The age of the Property is approximately 20 years and based on KCB's unaudited accounts as at May 31, 2005, the Property's recorded Net Book Value (NBV) stood at MYR28 million. The Property is presently charged to a consortium of financial lenders whose outstanding debts are secured debts amounting to approximately MYR169.58 million as at May 31, 2001 (Consortium Financial Lenders). This is in relation to a Guarantee Facility Agreement, under which the Consortium Financial Lenders had agreed to guarantee the payment obligations of KCB in respect of MYR184.95 million bonds, which was issued on February 28, 1996, in accordance with the trust deed dated February 13, 1996. Currently, the Property is being occupied by 24 tenants or 98 percent occupancy rate, generating rental income of approximately MYR2.12 million per annum. (2.2) Information on the Purchaser WASB was incorporated in Malaysia on September 7, 1991 as a private limited company under the Companies Act, 1965. To date, WASB has an authorized share capital of MYR5,000,000 divided into 5,000,000 ordinary shares of MYR1.00 each and its issued and paid-up share capital is 100,000 divided into 100,000 ordinary shares of MYR1.00 each. WASB's principal activity is investment holding. (3) Salient Terms of the SPA (3.1) Liabilities assumed by the Purchaser The Property including the fixtures and fittings installed by the Company will be sold to the Purchaser on an "as is where is" basis, and free from all claims, charges, liens, encumbrances and equities with vacant possession but subject to the tenancies and the conditions and restrictions in interest (if any) affecting the document of title of the Property. (3.2) Basis of the Purchase Price The Purchase Price of MYR34 million was arrived at on a willing buyer-willing seller basis after taking into consideration the valuation of market value of MYR28 million as appraised by Messrs. Jones Lang Wooton, being the appointed independent valuer, based on observed market prices of similar properties as indicated by Messrs. Jones Lang Wooton, in its valuation report dated September 29, 2003. (3.3) Terms of payment The agreed terms of payment are as follows: (3.3.1) Upon acceptance of the offer by the Purchaser on July 1, 2005, a sum equivalent to 2 percent of the Purchase Price constituting the earnest money amounting to MYR680,000 shall be paid to Messrs. KH Tan & Chua (the Stakeholder). (3.3.2) Upon execution of a sale and purchase agreement, a sum equivalent to an additional 8 percent of the Purchase Price amounting to MYR2,720,000 shall be paid to the Stakeholder. (3.3.3) Within 7 days from effective date, being the date of receipt by the Purchaser's solicitors of a copy of all approvals under the conditions precedent or written confirmation of the Purchaser's solicitors that all approvals under the conditions precedent have been obtained or waived by mutual consent of the parties involved, the Purchaser shall pay the balance of 90 percent of the Purchase Price (the Balance Purchase Price) equivalent to MYR30,600,000 to the Consortium Financial Lenders' solicitors toward settlement of the redemption sum. Subject to the delivery of vacant possession of the Property to the Purchaser, the Stakeholder shall apply the Purchase Price in the following manner and priority: (a) Firstly, to release the relevant part of the Purchase Price to the Chargee, being Affin Discount Berhad or the Consortium Financial Lenders' solicitors towards settlement of the redemption sum (i.e. 96 percent of the Purchase Price); and (b) Secondly, upon receipt of written notification by the Purchaser's solicitors that the memorandum of transfer and all other relevant documents have been presented for registration at the appropriate Land Office/Registry or upon the completion date, whichever is earlier, to utilize the balance Purchase Price (i.e. 4 percent) towards settlement of the expenses to be incurred for completion of the transaction, including the transfer by KCB of the deposits paid by the existing tenants of MYR456,650 to the Purchaser. In the event the Purchaser fails to pay the Balance Purchase Price within the time stipulated in 3.3.3, the Company shall grant an extension of 1 month PROVIDED ALWAYS that the Purchaser shall pay to the Company an agreed interest of 5 percent per annum on the outstanding balance of the Balance Purchase Price to be calculated on a daily basis for the actual number of days of extension and such interest shall not be construed as liquidated damages. (3.4) Real Property Gains Tax (3.4.1) KCB warrants that no real property gains tax is payable in respect of the Proposed Disposal of Property because the acquisition price of the Property is higher than the Purchase Price and the parties agree that the Stakeholder is not required to retain any sum out of the Purchase Price as retain sum because the Purchase Price shall be utilized towards settlement of the redemption sum and expenses to be incurred for completion of the transaction. (3.4.2) In the event there shall be any tax assessed by the Director General of Inland Revenue, KCB shall pay tax assessed to the Stakeholder within 14 days of notification by the Stakeholder or the Purchaser's solicitors. (4) Rationale for the Proposed Disposal of Property The Proposed Disposal of Property will provide the Consortium Financial Lenders with part recoverability of the debts owing to them by the KCB Group. This is in addition to the new ordinary shares of MYR1.00 each in Jawira Holding Berhad (Jawira Shares) and the Irredeemable Convertible Unsecured Loan Stocks (ICULS) to be issued to them under the proposed debt settlement, which formed part of the Proposed Restructuring Scheme undertaken by KCB. (5) Effects of the Proposed Disposal of Property (5.1) Issued and paid-up share capital and shareholding of substantial shareholders The Proposed Disposal of Property will be settled via cash and thus it will not have any effect on the issued and paid-up share capital and shareholdings of the substantial shareholders of KCB. (5.2) Earnings KCB is expected to realize a capital gain of approximately MYR6,000,000 (before deductions of any expenses to be incurred to complete the transaction) from the Proposed Disposal of Property for the financial year ending May 31, 2006. The total sale proceeds will be used as part settlement of debts owing to the Consortium Financial Lenders amounting to MYR169.58 million as at 31 May 2001. In addition, as the proceeds from the Proposed Disposal of Property will be used to redeem the amount owing to the Consortium Financial Lenders, this will further reduce the interest costs. (5.3) Net Tangible Assets (NTA) The Proposed Disposal of Property is not expected to have any material effects on the proforma NTA of KCB for the financial year ending May 31, 2006. (6) Approvals Required The Proposed Disposal of Property is subject to the following: (i) Foreign Investment Committee's approval, to be obtained by the Purchaser; (ii) The Consortium Financial Lenders' consent to the disposition of the Property for the redemption of MYR32.66 million, being part settlement to the Consortium Financial Lenders under the Proposed Restructuring Scheme, to be obtained by KCB; (iii) The Chargee's approval, to be obtained by KCB; (iv) The High Court of Malaysia's approval to the disposition of the Property under Section 176 of the Companies Act, 1965, to be obtained by KCB; (v) The Securities Commission's approval or waiver, if required, to be obtained by KCB; (vi) The approval of the shareholders of KCB; and (vii) Any other approval from relevant authorities (if required). The above approvals must be satisfied within 3 months from the date of the SPA, with an automatic extension of another 3 months or such other extended period as may be mutually agreed in writing, by the parties involved: (7) Directors' and Major Shareholders' Interests None of the Directors and/or major shareholders of KCB or persons connected to them have any interest in the Proposed Disposal of Property. (8) Directors' Recommendation The Board of Directors of KCB, having considered all aspects of the Proposed Disposal of Property believes that the Proposed Disposal of Property is in the best interest of the Company. (9) Estimated Timeframe for Completion The Proposed Disposal of Property is expected to be completed by the fourth quarter of 2005. (10) Departure from the Securities Commission's Policies and Guidelines on Issue/Offer of Securities (SC Guidelines) There is no departure from the SC Guidelines in respect of the Proposed Disposal of Property. (11) Documents Available for Inspection The SPA and the valuation report by Messrs. Jones Lang Wooton dated 29 September 2003 are available for inspection at KCB's office at 10th Floor, Menara Kemayan, 160 Jalan Ampang, 50450, Kuala Lumpur. 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 KIG GLASS: Asked To Pay US$1,441,250.49 to UOB Shenzen ------------------------------------------------------ KIG Glass Industrial Berhad (KIG) issued to Bursa Malaysia Securities Berhad an update on the high court of the Republic of Singapore Suit No.S217/2005/J United Overseas Bank Ltd (Shenzen Branch) being the Successors-in-Title of Overseas Union Bank Limited V. KIG Glass Industrial Berhad and Anor. The Board of Directors of KIG advised that a Judgment was entered at the High Court of the Republic of Singapore on July 20, 2005, favoring United Overseas Bank Ltd (Shenzen Branch) (UOB Shenzen) against KIG and another defendant. KIG has been named as the 1st defendant in the aforesaid suit. Background UOB Shenzen had by a Credit Facility Agreement dated May 12, 1994 and a Supplemental Agreement dated February 19, 1997 (collectively referred to as the Agreement) and facility letters dated January 31, 2001, August 5, 2002 and May 16, 2003 (collectively referred to as the Facility Letters) granted to KIG's subsidiary in China,Zibo Jiali Glass Industry Co. Ltd (Zibo Jiali) a term loan (the TL Facility). Both KIG and the 2nd defendant gave a corporate guarantee for the aforesaid TL Facility. Zibo Jiali subsequently defaulted in payment of principal and interest of TL Facility. Judgment KIG having entered appearance on July 20, 2005, in the High Court of the Republic of Singapore and the Court having under the Order 14, Rule 3, ordered that judgment as hereafter provided be entered for the Plaintiffs against KIG (1st Defendants). It was adjudged that KIG pays the Plaintiffs: (a) The balance sum of USD1,441,250.49 as at January 31, 2005; (b) Interest on the principal sum at the rate of 7.50 percent above Singapore Inter Bank Offered Rate (SIBOR) compounded monthly from February 1, 2005 (inclisive) until the date of full payment; and (c) Costs at SGD8,800.00 CONTACT: KIG Glass Industrial Berhad PLO 340 Jalan Perak 4 81707 Pasir Gudang, Johor Darul Ta'zim 80400 Malaysia Telephone: +60 7 251 5282 Fax: +60 7 251 5278 MAGNUM CORPORATION: Granted New Shares Listing, Quotation --------------------------------------------------------- Magnum Corporation Berhad advised that its additional 30,000 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., Thursday, July 28, 2005. CONTACT: Magnum Corporation Berhad No 8 Jalan Munshi Abdullah 50100 Kuala Lumpur, 50100 Malaysia Telephone: +60 3 2698 8033 Fax: +60 3 2698 9885 PARK MAY: Applies for Extension of Scheme Implementation -------------------------------------------------------- As an affected listed issuer under PN4, Park May Berhad (Park May) is required to, amongst others, regularize its financial condition within the timeframe stipulated by the authorities in approving the Company's plan to regularize its financial condition (Proposed Restructuring Scheme) and announce its compliance or failure to comply with a particular obligation, as and when such obligation becomes due. On July 13, 2005, the Company had announced that an application was submitted to the Securities Commission (SC) on July 8, 2005 for an extension of time of three (3) months from July 27, 2005 until October 26, 2005 for the Company to implement and complete the Proposed Restructuring Scheme as the SC's approval which was obtained via its letter dated July 27, 2004 will expired. As at the date of this announcement however, the application is still pending the SC's decision. In this respect, AmMerchant Bank Berhad (a member of AmInvestment Group), on behalf of the Company, announced that in the event the Company's application is not approved by the SC, the Bursa Malaysia Securities Berhad (Bursa Securities) may regard the Company as a listed issuer whose financial condition does not warrant continued trading and/or listing pursuant to Paragraph 8.1 of PN4. Accordingly, the Bursa Securities may commence the delisting procedures against Park May. The Company endeavors to obtain the SC's approval on the said application and will keep shareholders informed of any developments. The announcement is dated 26 July 2005. CONTACT: Park May Berhad Lot 18115 Batu 5 Jalan Kelang Lama 58100 Kuala Lumpur Telephone: 0379827060 Fax: 03-76254987 Web site: http://www.parmayberhad.com PROMTO BERHAD: Court Grants Extension of 90 Days for TRO -------------------------------------------------------- The Board of Directors of Promto Berhad informed Bursa Malaysia Securities Berhad that the Company has been granted an extension for a further period of 90 days effective from July 26, 2005 to October 24, 2005 for the Restraining Order (RO) pursuant to Section 176(10) of the Companies Act, 1965. The Company does not expect the RO to have any material effect on the financial and operational matters of the Company. This announcement is dated 26 July 2005. CONTACT: Promto Berhad Lot 13A-2, Level 13A Menara Milenium Jalan Damanlela Damansara Heights 50490 Kuala Lumpur Telephone: 03-271 02332 Fax: 03-271 02662 Web site: http://www.promto.com QUALITY CONCRETE: Unveils Acquisition, Disposal of Securities ------------------------------------------------------------- The Board of Directors advised Bursa Malaysia Securities Berhad that Quality Concrete Holdings Berhad has entered into the following disposals and acquisitions of quoted securities on various dates as per Appendix I: (1) Please refer to Appendix I for particulars of quoted shares acquired or disposed off for the past 12 months. Click to view a full copy of Appendix I http://bankrupt.com/misc/QualityConcrete080205.pdf (2) Aggregate value of consideration for transactions on July 26, 2005: MYR163,717 This value represents the aggregate of actual purchases. (3) Effect of the transactions on Company: NTA per share as at January 31, 2005 MYR2.2850 NTA per share after the transactions MYR2.2815 The Company has on July 26, 2005: (1) Acquired 100,000 ordinary shares of MYR1.00 each in AFFIN. The Board will continue to monitor market conditions on Bursa Malaysia and will make appropriate disclosures from time to time in compliance with Bursa Malaysia Listing Requirements. TENAGA NASIONAL: Issues 3,312,100 New Shares for Listing -------------------------------------------------------- Tenaga Nasional Bhd advised that its additional 3,312,100 new ordinary shares of MYR1.00 each issued pursuant to the Employee Share Option Scheme (Scheme) will be granted listing and quotation with effect from 9:00 a.m., Thursday, July 28, 2005. CONTACT: Tenaga Nasional Berhad 129 Jalan Bangsar 59200 Kuala Lumpur, 59200 Malaysia Telephone: +60 3 2296 5566 /+60 3 2283 3686 ===================== P H I L I P P I N E S ===================== COLLEGE ASSURANCE: SEC Eyes Three to Head Takeover -------------------------------------------------- The corporate watchdog is planning to install three high-ranking individuals as heads of the management committee that will take over ailing College Assurance Plans Philippines Inc. (CAP), The Manila Standard says. The Securities and Exchange Commission (SEC) is working to get the three to commit to joining the CAP management committee. They are former Finance secretary and former head of the Philippine Stock Exchange Ernest Leung, former SEC commissioner and former chairman of Petron Corp. Monico Jacob and University of Asia and the Pacific dean of school of economics Bernardo Villegas. The SEC is preparing to take over CAP, should the pre-need firm fail to answer by this week the seven alleged violations it committed as detailed in the show cause order issued by the SEC on July 22. An informed source said that an entry of an investor would not be enough to stop the SEC from taking CAP under its control since the additional capital will be reflected in the Company's capitalization and not in its illiquid trust fund, which is the main problem of the Company. SEC data show that CAP's trust fund is now down to Php4.7 billion comprising mainly of assets and not enough to cover Php17 billion worth of liabilities posted as of end 2003. According to the source, CAP could prevent the management takeover if the pre-need provider filed for corporate rehabilitation with the courts. But the court, the source said, is unlikely to agree to rehabilitate CAP since it is not a going concern. Meanwhile, the SEC would not be responsible for the financial problems of CAP once it decided to take over its management. A CAP official earlier said planholders will be forced to go to the SEC and the management committee for their tuition payments once the commission decides to install a management committee. 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 DMCI HOLDINGS: Jumps on Hopes it Will Snag More Contracts --------------------------------------------------------- DMCI Holdings Inc was sharply higher mid-session Monday following a report that the company expects to win half of the Php8 billion pesos worth of construction project it is bidding for this year, according to BusinessWorld. DMCI was up 0.15 pesos or 5.45 percent at 2.90 on 2.3 million shares. The Philippine Daily Inquirer reported that DMCI was bidding for the construction of a Php6-billion hospital, the Php1.2-billion Subic-Clark-Tarlac expressway project and several residential property ventures. In the first quarter to March, DMCI's net profit jumped to Php2.2 billion from Php57 million in the same period last year, largely because of earnings from the sale of a portion of its stake in unit Semirara Mining Corp, the country's largest coal producer. CONTACT: DMCI Holdings Incorporated 3/F, Dacon Building 2281 Chino Roces Ave. Ext. Makati City 1231 Telephone: 888-3000 Fax: 816-7362 E-mail Address: dmcihi@dmcinet.com Web site: http://www.dmchi.com MAYNILAD WATER: Benpres Turns Over Shares to Receiver ----------------------------------------------------- Maynilad Water Services Inc.'s rehabilitation has finally commenced after Benpres Holdings Corp turned over to a court- appointed receiver all its shares and proxies in the cash- strapped water utility firm, reports The Philippine Daily Inquirer. Benpres last week said it was ready to let go of Maynilad after the eater distributor paid a total of Php2.41 billion in principal interest. In June, a local court approved Maynilad's rehabilitation plan, which entails Benpres's exit from the financially troubled water distributor. Benpres had a 60-percent controlling stake in Maynilad, with its French partner, Suez Lyonnaise, owning the remaining 40 percent. The government, through the Metropolitan Waterworks and Sewerage System (MWSS), will initially retake control of Maynilad. But the regulator is likely to offer the Maynilad concession to other private groups eventually. Benpres has said it expects to return to profitability and cut its debt this year after it writes off its investment in Maynilad, which has Php10-billion in debts. CONTACT: Maynilad Water Services Inc. G/F MWSI Building, Katipunan Road MWSS Compound, Balara Quezon City Philippines NATIONAL BANK: Books Six-Fold Growth in First Half -------------------------------------------------- The Philippine National Bank (PNB) sustained its strong profitability momentum and ended the first half of 2005 with a net income of Php315 million, already approximating 2004's full- year bottomline of Php353 million. The figure is more than a six-fold growth over first semester 2004 net income of Php40 million and double the Bank's net profit of Php151 million in the first quarter of this year. The significant rise in net income was made on the back of a robust growth in interest income, which advanced by over 25% to Php5.125 billion by the end of the first semester. The figure reflects the Bank's successes in converting its bad loans to performing status and improving yields and mix in investment securities. Interest expense, meanwhile, was kept down effectively by the growth in CASA deposits. As a result, net interest income rose to Php2.213 billion, up by 91% from Php1.158 billion in the same period last year. Focused management of the Bank's fee structures expanded fee- based income to Php2.774 billion, 22% higher than the Php2.272 billion recorded in the first six months of last year. Complementing this was the single-digit rise in other operating expenses that resulted from the continuing effort to keep a tight watch on administrative and overhead expenses. The gains for the period thus allowed the Bank to put up a stronger shield for probable losses. By the end of the first six months of this year, the Bank was able to afford a thicker Php1.052 billion cover for probable losses, up from Php100 million provided for the first half of 2004. Looking at PNB's balance sheet accounts further confirm a continued strengthening of the Bank's financial performance. As of the end of the first semester this year, Total Resources grew to Php221.6 billion from end-June 2004 figure of Php216.0 billion. Customers' continued patronage and trust translated to a continued inflow of new deposits, pulling PNB's aggregate deposits up to Php166.1 billion, 5% higher than the previous year's Php158.2 billion. Focused restructuring and work-out activities as well as the SPV option enabled the Bank to substantially reduce non-performing loans (NPLs) which dropped to Php25.5 billion, from Php37.6 billion at the end of 2004 and Php47.4 billion in end-June 2004. NPL ratio therefore showed a significant improvement, from 45.6% in June 2004 to 39% as of end-2004 and 23.6% by the end of the first semester of 2005. All in all, PNB's financial performance in the first half of 2005 only affirmed that the Bank is well on its way to achieving its P604 million net income goal for 2005. It likewise underpins the resolve of the Bank's Board of Directors and Management not to let up on the gains so far realized under the Bank's 5-year rehabilitation program, which is now on Year 3. In fact, the Bank's successes in terms of quantitative performance measures have been complemented by awards it has been reaping recently for its various initiatives. In the first BSP Stakeholders Awards held last July 8, the Bangko Sentral ng Pilipinas named PNB Commercial Bank of the Year with the Highest Reported OFW Remittances affirming the Bank's market leadership in the highly competitive remittance business. For the second straight year, PNB was voted a Gold Superbrand by international publication Reader's Digest, confirming that PNB is among the most trusted and popular banking brands in the country. Finally, the Bank's low maintenance Budget Checking Account was chosen as the "Best Checking Account" in the country by the Philippine Marketing Excellence Awards Institute, composed of leading marketing and consumer executives in the country. The joint sale of the government's and the Lucio Tan Group's 67% stake in PNB, expected to be completed by mid-September 2005, is seen as a catalyst for a further strengthening of the Bank's franchise and operational competitiveness. PNB will remain to be a government depository bank until May 2007. At the Bank's Stockholders' Meeting last May 24, Director Florencia G. Tarriela was elected new Chair of the Board, Omar Byron Mier as Vice Chair and President & CEO, Vicente Perez, Jr., former Energy Secretary, Virgilio Angelo, President & CEO of TIDCORP and former OWWA Administrator, and Eric Recto, former Finance Undersecretary, as new DIrectors. Former PNB President Feliciano Miranda, Jr. was elected back to the Board. Re-elected Directors were Domingo Chua, Lucio C. Tan, Ricardo M. Tan, Macario Te, and Washington Sycip. 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: Renato Castillo Joins Team ----------------------------------------- The Philippine National Bank (PNB) advised that during the Executive Session of the Board of Directors Friday, July 29, 2005, the Board approved and confirmed the hiring of Mr. Renato A. Castillo as Head of Remedial Management Group and Chief Credit Officer with the rank of First Senior Vice President effective upon assumption of his duties. RENATO J. FERNANDEZ Corporate Secretary Direct Lines: 536-0540 Fax: 536-0530 Trunk Lines: 526-3131 to 70/891-6040 to 70 Locals: 4032;4033 NATIONAL BANK: Four U.S. Funds Show Interest in Stake Sale ---------------------------------------------------------- The Philippine National Bank (PNB)'s 67-percent stake auction on August 12 has attracted the attention of four U.S.-based fund managers, according to The Manila Standard. But due to a confidentiality clause, PNB declined to identify the American fund managers. The finance department said at least 10 groups had expressed interest in the PNB auction but the number could decline during the auction proper if some parties decided to join forces. Union Bank of the Philippines (UBP), the country's 13th largest in terms of assets, has expressed interest in the PNB bidding. But thee Ayala-controlled Bank of the Philippine Islands (BPI), which earlier said its investment house BPI Capital was looking at PNB, backed out from the bidding after it signed a deal to acquire Prudential Bank. The government and taipan Lucio Tan own 44.98 percent each of PNB, the country's sixth largest bank in terms of assets. The 67 percent block is currently held in escrow by JP Morgan Chase. The government stands to earn Php8 billion from the bidding even if the auction fails. Tan's acceptance of the floor price of Php43 per share, under the joint sale agreement signed in 2002, obliges him to buy government's shares in the event of a failed bidding. Government sources are hopeful that bids for the block would fetch more than the Php43 per share floor price because of the bank's good performance. NATIONAL BANK: Metrobank Not Keen on Acquiring Stake ---------------------------------------------------- The Metropolitan Trust & Bank Co., the country's largest bank, is not interested in acquiring the semiprivate Philippine National Bank (PNB), BusinessWorld reports, citing a top Metrobank official. The official, who requested anonymity, said that the bank has no plans of buying a stake in PNB, even in light of the move of second largest lender Bank of the Philippine Islands (BPI) to acquire Prudential Bank. BPI's move to buy Prudential Bank is expected to build up the Ayala bank's assets to Php438 billion, only Php23 billion short of dislodging Metrobank as the biggest bank. A study by CLSA Asia-Pacific Markets said Metrobank may be looking at PNB and the Yuchengcos' Rizal Commercial Banking Corp (RCBC). A BusinessWorld source in the Metrobank group said the bank is not in an acquisition mode because it is set on unloading its bad assets, placed at around Php60 billion. He added that there are still other banks that could be acquired if PNB or RCBC will no longer be available when Metrobank is again on the lookout for possible acquisitions. NATIONAL POWER: PSALM Sets Calaca Power Plant Bidding for Sept. --------------------------------------------------------------- After canceling a scheduled sale in June, the national government has fixed the tender of National Power Corporation's (Napocor) Calaca power facility next month, Dow Jones Newswires relates. The Power Sector Assets and Liabilities Management Corp. (PSALM) identified at least four local and foreign group are keen on participating in the bidding being planned for last week of September. Last month, the June 28 bidding for the 600-megawatt coal-fired power plant was cancelled after two of three potential bidders backed out in the absence of a guaranteed market for energy to be generated by the facility. The government is still negotiating with the country's largest power distributor, Manila Electric Co. (MERB.PH), which controls around 70% of the electricity market in Luzon, to purchase the energy that will be generated by Calaca. But it has already signed a contract with small power distributors Visayan Electric Co., Davao Light and Power Co., and Cagayan de Oro Power and Light Co., who will buy Calaca's energy. PSALM vice president Froilan Tampinco said First Gen Luzon Power Corp, the only one that submitted final bid documents during the June 28 original bidding, will again bid for Calaca in September. One of the two buyers that backed out during the June 28 bidding, Japan's Mitsui & Co. Ltd and Filipino-Malaysian firm Phil-Mal Petroenergy Corp., is also poised to bid, Mr. Tampico said. CONTACT: National Power Corporation Quezon Ave., East Triangle, Diliman Quezon City, Metro Manila, Philippines Phone: +63-2921-3541 Fax: +63-2921-2468 Web site: http://www.napocor.gov.ph/ NATIONAL TRANSMISSION: DoE Says Sale Still on Track --------------------------------------------------- The Department of Energy (DoE) has assured that the privatization of the National Transmission Corp. (TransCo) is right on schedule, The Manila Standard has learned. The privatization of TransCo's operation and management concession is slated for the least quarter of this year. Energy Secretary Raphael Lotilla said the Power Sector Assets and Liabilities Management Corp. (Psalm), which is tasked to handle TransCo's privatization, is preparing its "virtual room" for investors. The virtual room will provide investors with information needed for due diligence processes. According to Sec. Lotilla, TransCo's privatization will generate US$2 to US$2.5 billion in proceeds for the national government. The concession agreement for the operation of TransCo will be for a 25-year period and renewable for another 25 years depending on its performance conditions. TransCo went through two failed biddings last year. In June, only one party -- Singapore -- Power participated in the bidding. The second bidding was held in August. It was also declared a failure with only the same party submitting an Expression of Interest CONTACT: National Transmission Corporation Power Center BIR Road, cor. Quezon Avenue Diliman, Quezon City Telephone: (02) 9812100 Web site: https://www.transco.ph PHILIPPINE TELEGRAPH: Postpones Annual Stockholders' Meeting ------------------------------------------------------------ Per Resolution of the Board during its Regular Meeting held on July 29, 2005, the Annual Stockholders' meeting of Philippine Telegraph and Telephone Corporation (PT&T) scheduled on September 30, 2005 for Fiscal Year ending 2004 has been reset to 6 January 2006. Further, the Annual Stockholders' meeting for Fiscal Year ending 2005 scheduled on 28 October 2005 has likewise postponed to 28 April 2006. The Resolution of the Board is hereby quoted as follows: RESOLUTION "Resolved, that the Annual Stockholders' meeting of the company, scheduled on 30 September 2005 be, as it is hereby, postponed to 6 January 2006, pending finalization of the company's audited Financial Statements for Fiscal Year ending 2004." "Resolved further, that the Annual Stockholders' meeting for Fiscal Year ending 2005 scheduled on 28 October 2005 be as it is hereby likewise postponed to 28 April 2006." CONTACT: Philippine Telegraph & Telephone Corporation 106 Carlos Palanca Jr St Legaspi Village Spirit Of Communication Centre Building Makati City 1229 Philippines Phone: +63 2 818 0511 Fax: +63 2 8180511 UNIWIDE HOLDINGS: Denies Puregold's Acquisition of 10 Outlets ------------------------------------------------------------- Uniwide Holdings Inc. advised that there is no truth to the report in Monday's issue of the Philippine Daily Inquirer - Cocktales Section that Puregold's owner Lucio Co. has acquired all 10 stores of Uniwide. The said report can be attributed perhaps to the just concluded assets-sale between Bargains Specialists Inc. (BSI) and Puregold. BSI operates the Uniwide Warehouse Club in San Pedro, laguna under franchise or license with Uniwide Holdings Inc. (UHI). With the decision of BSI's owner to sell its San Pedro store to Puregold, it necessarily follows that the franchise agreement between BSI and UHI will have to be terminated. About Uniwide Holdings Uniwide Holdings, Inc.'s (UW) roots can be traced back when Mr. Jimmy Gow established a small textile trading firm in 1975, which immediately expanded to RTW, accessories, houseware, appliances and groceries. In 1983 the company opened its first supermarket and became a full-pledged corporation under the name Uniwide Sales, Inc. Following its expansion through the opening of new branches, Mr. Gow opened its first department store in 1985. In between this year and 1993, two more department stores were opened. In 1988, the company's first Warehouse Club was introduced and it grew to a total of seven outlets. Each of the Warehouse Club and Department stores is individually incorporated. It was on September 15, 1994 when the Company incorporated Uniwide Holdings, Inc. (UHI) to be the central franchiser of the system of operating Warehouse Clubs and Department Stores under the Uniwide Sales tradename and to consolidate the real estate interests of the Gow Family. It started commercial operation on July 1, 1995 and went public on August 19, 1996 as a holding firm. Among others, UHI is engaged in the business of investment by way of acquisition, transfer, exchange or disposal of real or personal property, whether tangible or intangible. UW does not engage in retail activities itself, but provides support services to franchisees in the areas of inventory management, merchandising, marketing, advertising and training. It also engages in two kinds of real estate operations. The first is the acquisition, development, holding and leasing of land and buildings used to house Warehouse Clubs, Department Stores and Family Stores. The second is property development principally involving the acquisition, horizontal development and sale of land for residential communities and commercial lots adjacent to Warehouse Clubs, and the development of shopping malls anchored by Warehouse Clubs. The principal sources of operating revenues for the Company are (I) franchise income, (ii) rental income and (iii) income from the sale of residential and commercial lots. CONTACT: Uniwide Holdings, Inc. Upper Ground Floor Pearl Plaza Bldg. 0165 Quirino Avenue, Brgy. Tambo Paranaque City Telephone Number: (632)-851-12-58 ================= S I N G A P O R E ================= AIROCEAN GROUP: Reelects Executive, Non-executive Directors ----------------------------------------------------------- Airocean Group Limited announced that all proposed resolutions were duly passed at the Company's Annual General Meeting (AGM) held on July 29, 2005. Company executive director Chong Keng Ban was reelected at the AGM, while non-executive director Ong Chow Hong was also reelected during the meeting; he is stilla member of the Company's Nominating Committee and Remuneration Committee, and is chairman of the Audit Committee. By Order of the Board Seow Han Chiang Winston Joint Company Secretary 29 July 2005 CONTACT: Airocean Group Limited 80 Robinson Road #08-01/02 Singapore 068898 Phone: 65 62255111 Fax: 65 62243594 Web site: http://www.airocean.com.sg BORED PILING: Creditor Seeks to Wind Up Company ----------------------------------------------- Notice is hereby given that creditor Lim Sing Piling Pte Limited filed a winding up petition against Bored Piling Pte Limited on July 19, 2005. The said Petition is to be heard before the Singapore High Court on Aug. 12, 2005, 10:00 a.m. Any creditor or contributory of the Company desiring to support or oppose the making of an Order on the said Petition may appear at the time of hearing by themselves or their Counsel for that purpose. A copy of the Petition will be furnished to the creditor or contributory of the Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioners' address is No. 61 Kaki Bukit Avenue 1, #02-40 Shun Li Industrial Park, Singapore 417943. The Petitioners' solicitors are Messrs. Rabi Ahmad & Co. of 32 Wallich Street, #03-59 Wallich Building, Singapore 078880. Dated this 28th day of July 2005 Messrs Rabi Ahmad & Co. 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 the above-named Messrs Rabi Ahmad & Co., 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, 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. 11, 2005 (one day before the day appointed for the hearing of the Petition). CHARTERED SEMICONDUCTOR: Sells Bonds for SGD1.07 Bln ---------------------------------------------------- Aiming high, microchip maker Chartered Semiconductor Manufacturing Limited sold SGD1.07 billion in five- and ten-year bonds, Dow Jones reports. The proceeds from the bond sale will go to the repurchase of 2.5% notes worth SGD954.08 million, maturing in April 2006. The redemption amount of the convertible notes is worth 1.1 billion, including the yield to maturity. The Company is also set to raise SGD350.1 million in a convertible preference shares issue, and another SGD64.71 million in a bond amortization through Goldman Sachs. According to its Chief Financial Officer George Thomas, this would lengthen the Company's debt maturity profile when interest rates are low, and allow it to refinance a smaller part of its debt with equity. With the larger-than-expected bond sale, Chartered Semiconductor will be able to buy back the notes all at one time; it had expected to raise SGD746.6 million from the bond sale, but strong interest enabled the Company to increase its bond price and size. CONTACT: Chartered Semiconductor Manufacturing Ltd 60 Woodlands Industrial Park D Street 2 Singapore 738406 Phone: 65 63622838 Fax: 65 63622938 Web site: http://www.charteredsemi.com ELITE MANAGEMENT: Distributes Dividend to Creditors --------------------------------------------------- Elite Management Services Pte Limited, formerly of 51 Anson Road, #13-55 Anson Center, Singapore 079904, posted a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Name of Company: Elite Management Services Pte Limited Court: Singapore High Court Number of Matter: Companies Winding Up No. 403 of 1999 Amount Per Centum: 36.58%. When Payable: July 21, 2005 Name & address of Liquidators: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Dated: July 29, 2005 Karen Loh Assistant Official Receiver ENG WAH: Disposes of Stake Air-Conditioning Firm ------------------------------------------------ Eng Wah Organization Limited announced that the Company, together with director Goh Eng Wah and subsidiary Kin Wah Pte Limited, has sold its entire shareholding in Daikin Air- Conditioning (Singapore) Pte Limited (DSP) to majority shareholder Daikin Industries Limited. The Company disposed of its entire 20.63% stake in DSP, together with Mr. Goh Eng Wah who sold off his 2.25% stake, and subsidiary Kin Wah Limited sold off its 18.38% stake in the firm. The disposal is in relation to two suits filed in the Singapore High Court against DSP by the Company and its subsidiary, and Mr. Goh Eng Wah. To view the Company's report on the disposal, go to: http://bankrupt.com/misc/tcrap_engwah080205.pdf PAN PACIFIC PUBLICATIONS: Enters Voluntary Liquidation ------------------------------------------------------ SNP Corporation Limited announces that its unit, Pan Pacific Pte Limited, placed subsidiary Pan Pacific Publications (Singapore) Pte Limited under members' voluntary liquidation on July 28, 2005. Pan Pacific Publications Pte Limited was incorporated in Singapore on March 27, 1993, and has been dormant since Jan. 1, 2001. The Company's winding up will not affect the Company's net tangible assets and earnings per share. CONTACT: Pan Pacific Publications (Singapore) Pte Limited C/o SNP Panpac Pte Ltd 97 Ubi Avenue 4 Singapore 408754 Phone: (65) 6741 2500 Fax: (65) 6745 4129 VA-SINGAPORE PTE: Creditors Required to Submit Debt Claims ---------------------------------------------------------- Notice is hereby given that the creditors of VA-Singapore Pte Limited, which is being wound up voluntarily, are required on or before Aug. 29, 2005 to send in their names and addresses and the particulars of their debts or claims, and the names and addresses of their solicitors (if any), to the liquidators, c/o 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365, and if so required are to come in and prove their debts or claims as shall be specified or in default will be excluded from the benefits of any distribution made before such proof. Date: July 29, 2005 Kon Yin Tong Wong Kian Kok Aw Eng Hai Joint Liquidators C/o 47 Hill Street #05-01 Chinese Chamber of Commerce & Industry Building Singapore 179365 =============== T H A I L A N D =============== HANTEX: Fails to Submit FS on Time ---------------------------------- With reference to Hantex Public Co. Ltd's previous information regarding the submission of the Financial Statement of January 2005 within July 29, 2005, the company informed the Stock Exchange of Thailand (SET) that it was unable to submit the Financial Statement on the said date. The company is currently working on the Financial Statement in order to submit it as soon as possible. Please acknowledge Yours sincerely, Monchai Pongstabadee Director CONTACT: Hantex Public Company Limited Ocean Tower 1, Floor 4, 170/9-10 Rajadapisek Road, Khlong Toei Bangkok Telephone: 0-2261-2814-20, 0-2261-2824-26 Fax: 0-2261-2822 THAI ENGINE: Court OKs Resolution Passed at Meeting --------------------------------------------------- Thai Engine Manufacturing Public Co. Ltd. informed the Stock Exchange of Thailand (SET) that the Official Receiver arranged a creditors meeting on June 27 to consider and approve the appointment of a new Plan Administrator. The creditors approved the appointment of the company as plan administrator. Thus, on July 7 the Court has ordered and approved the resolution of the creditors meeting. Please be informed accordingly. Your sincerely, Thai Engine Manufacturing Public Company Limited Mr. Theerasak Kanjanasakchai Chairman & Plan Administrator BOND PRICING: For the Week 1 August to 5 August 2005 ---------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Advantage Group Ltd 10.000% 4/15/06 1 Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 9 Arrow Energy NL 10.000% 3/31/08 1 Babcock & Brown Pty Ltd 8.500% 12/31/49 8 Becton Property Group 9.500% 6/30/10 1 BIL Finance Ltd 8.000% 10/15/07 9 BIL Finance Ltd 8.750% 10/15/05 9 BIL Finance Ltd 9.250% 10/15/06 8 Capital Properties NZ Ltd 8.500% 4/15/07 8 Capital Properties NZ Ltd 8.500% 4/15/09 8 CBH Resources 9.500% 12/16/09 1 Chrome Corporation Ltd 10.000% 2/28/08 1 Djerriwarrh Investments Ltd 6.500% 9/30/09 4 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.550% 3/15/11 8 Fletcher Building Ltd 7.800% 3/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 8 Fletcher Building Ltd 8.300% 10/31/06 8 Fletcher Building Ltd 8.600% 3/15/08 8 Fletcher Building Ltd 8.750% 3/15/06 8 Fletcher Building Ltd 8.850% 3/15/10 7 Fernz Corp Ltd 8.560% 10/15/06 8 Futuris Corporation Ltd 7.000% 12/31/07 2 GPS Online Ltd 10.000% 6/30/06 1 Gympie Gold Ltd 8.500% 9/30/07 1 Hy-Fi Securities Ltd 7.000% 8/15/08 7 Hy-Fi Securities Ltd 8.750% 8/15/08 10 Hudson Timber Products Ltd 7.000% 12/31/10 1 Hutchison Telecoms Australia 5.500% 7/12/07 1 Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8 Infrastructure & Utilities NZ Ltd 8.500% 11/15/15 8 Kagara Zinc Ltd 9.750% 5/06/07 1 Nuplex Industries Ltd 9.300% 9/15/07 8 Pacific Print Group Ltd 10.250% 10/15/09 11 Primelife Corporation 9.500% 12/08/06 1 Primelife Corporation 10.000% 1/31/08 1 Riversdale Mining Ltd 8.000% 12/31/05 1 Salomon SB Australia 4.250% 2/01/09 8 Sapphire Securities Ltd 7.410% 9/20/35 7 Sherlock Bay Nickel 12.000% 9/01/07 1 Silver Chef Ltd 10.000% 8/31/08 1 Software of Excellence 7.000% 8/09/07 1 Strathfield Group 11.000% 12/31/05 1 Sunshine Gas Company Ltd 12.000% 9/30/06 1 Sydney Gas Company 12.000% 4/01/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 9/15/07 7 TrustPower Ltd 8.300% 12/15/08 7 TrustPower Ltd 8.500% 9/15/12 8 TrustPower Ltd 8.500% 3/15/14 8 Urbus Properties Ltd 9.250% 3/10/07 1 Vision Systems Ltd 9.000% 12/15/08 2 KOREA ----- Korea Electric 7.950% 4/01/96 49 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Artwright Holdings Bhd 5.500% 3/06/07 1 Asian Pac Holdings Bhd 4.000% 12/22/05 1 Berjaya Group Bhd 5.000% 10/17/09 1 Berjaya Land Bhd 5.000% 12/30/09 1 Berjaya Sports Toto Bhd 8.000% 8/04/12 4 Camerlin Group Bhd 5.500% 7/15/07 1 Crescendo Corporation Bhd 3.000% 8/25/07 1 Crest Builder Holdings Bhd 7.000% 2/24/06 1 Dataprep Holdings Bhd 4.000% 8/05/05 1 Dataprep Holdings Bhd 4.000% 8/06/07 1 Denko Industrial Corporation Bhd 5.000% 3/15/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 EG Industries Bhd 5.000% 6/16/10 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 1 Furqan Business Organization 2.000% 12/19/05 1 Gadang Holdings Bhd 2.000% 12/24/08 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 4/23/08 1 Hong Leong Industries Bhd 4.000% 6/28/07 1 Huat Lai Resources Bhd 5.000% 3/28/10 1 I-Berhad 5.000% 4/30/07 1 Insas Bhd 8.000% 4/19/09 1 Integrax Bhd 3.000% 12/24/05 1 Kamdar Group Bhd 3.000 11/09/09 1 Killinghall Bhd 5.000% 4/13/09 1 Konsortium Lebuhraya 4.000% 1/15/18 75 Konsortium Lebuhraya 4.000% 1/15/19 71 Konsortium Lebuhraya 4.000% 7/15/19 70 Konsortium Lebuhraya 4.000% 1/15/20 69 Konsortium Lebuhraya 4.000% 7/15/20 68 Konsortium Lebuhraya 4.000% 1/15/21 67 Konsortium Lebuhraya 4.000% 7/15/21 66 Konsortium Lebuhraya 4.000% 1/14/22 64 Konsortium Lebuhraya 4.000% 7/15/22 63 Kosmo Technology Industrial Bhd 2.000% 6/23/08 1 Kretam Holdings Bhd 1.000% 8/10/10 1 Kumpulan Jetson 5.000% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 1/06/07 3 Lion Diversified Holdings Bhd 2.000% 6/01/09 1 Media Prima Bhd 2.000% 7/18/08 1 Mithril Bhd 3.000% 4/05/12 1 Mithril Bhd 8.000% 4/05/09 1 Mutiara Goodyear Development Bhd 2.500% 1/15/07 1 Naim Indah Corporation Bhd 0.500% 8/24/06 1 Nam Fatt Corporation Bhd 2.000% 6/24/11 1 Pantai Holdings Bhd 5.000% 3/28/07 1 Pantai Holdings Bhd 5.000% 7/31/07 1 Patimas Computers Bhd 6.000% 2/19/06 1 Poh Kong Holdings Bhd 3.000% 1/20/07 1 Prinsiptek Corporation Bhd 2.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 2.652% 6/30/07 75 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 2/15/09 1 Southern Steel 5.500% 7/31/08 1 Tanah Emas Corporation Bhd 2.000% 12/09/06 1 Talam Corporation Bhd 7.000% 4/19/06 1 Tap Resources Bhd 2.000% 6/29/06 1 Tenaga Nasional Bhd 3.050% 5/10/09 1 Time Engineering Bhd 2.000% 12/25/05 1 VTI Vintage Bhd 4.000% 8/22/06 1 WCT Land Bhd 3.000% 8/02/09 1 Wah Seong Corp 3.000% 5/21/12 3 SINGAPORE --------- Sengkang Mall 8.000% 11/20/12 1 Structural System Singapore 11.000% 6/30/07 1 Tampines Assets Ltd 5.625% 12/07/06 1 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito and Erica Fernando, Editors. Copyright 2005. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***