/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/050829.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, August 29, 2005, Vol. 8, No. 170 Headlines A U S T R A L I A A.C.N. 004 527 995: Liquidator Set to Distribute Company Assets ADVANTAGE BLUE: Creditors Struggle to Recoup Money AJ GLASS: Members, Creditors Review Wind Up Report BAROSSA RURAL: Sole Member Resolves to Wind Up Firm BEGA MILK: Liquidator to Detail Wind Up Manner DAINNY DESIGN: Creditors Opt for Voluntary Liquidation D&K STAIT: Liquidator to Explains Winding Up to Members EG GREEN: Graziers Demand Probe Into Potential Collapse FRANTON PTY: Members to Receive Liquidator's Report Sept. 5 GM HOLDEN: Moves to Protect Future in Australia HARROGATE PTY: Placed Under Voluntary Liquidation KARAVELAS ENTERPRISES: Creditors OK Liquidator's Appointment LLERENA PTY: Schedules Final Meeting Sept. 5 MANCHI PTY: Court Appoints Liquidator MAYNE GROUP: Result Lends Support to Demerger MURRAY RIVER: Court Finds Edwards Allowed Insolvent Trading MUSTARA HOLDINGS: To Declare First, Final Dividend PAT BRICKLAYING: Members Agree to Wind Up Company PRODUCTION GROWTH: Members, Creditors to Discuss Wind Up QANTAS AIRWAYS: Budget Offshoot Eyes Long-haul Destinations SAMKIRST NO.10: Enters Liquidation SANTOS LIMITED: Awards Contract to Develop Info System to ISS SHEPPARTON ASDIC: Inability to Pay Debt Leads to Wind Up SLATTERY MANAGEMENT: Court Orders Liquidation SSR PTY: To Distribute Priority Dividend to Creditors SUSTAINABLE ADVANTAGE: Shuts Down Business WINSYSTEMS GROUP: Members, Creditors to Receive Wind Up Report * Property Developer Contests Charges After Big Collapse C H I N A & H O N G K O N G BANK OF CHINA: Taps Goldman Sachs to Arrange IPO CHINA CONSTRUCTION: Trims NPLs, Eyes IPO CHINA SOUTHERN: Launches Double FFP Mileage Program CHINA SOUTHERN: 1H05 Net Loss May Hit CNY253 Mln CHINA UNICOM: Posts 1H05 RMB610-Mln CDMA Loss LANEX INVESTMENTS: Issues Debt Claim Notice LINHUA SUPERMARKET: Matthews Ups Stake to 5.1% MAE HOLDINGS: FY05 Net Loss Narrows to HK$39.8 Mln MASTER CASTLE: Winding Up Hearing Fixed September 7 NEW CHINESE: SFC Settles Disciplinary Action With Ip Hon-man PCCW LIMITED: Unit Enters Acquisition Deal PONTEL LIMITED: Creditors Asked to Prove Debts by September 26 SHANGHAI LAND: Former Manager Denies ICAC Fraud Charges STAR CRUISES: S&P Affirms 'BB' Rating I N D O N E S I A KIANI KERTAS: JPMorgan Goes Solo in Bid to Acquire Firm PERTAMINA: Singapore Court Rejects U.S. Firm's Claim to Assets J A P A N MITSUBISHI MOTORS: Releases New Triton Pickup Truck in Thailand MITSUBISHI MOTORS: Unveil Sales, Export Figures for July 2005 SEIBU RAILWAY: Falls Into Negative Net Worth SEIYU LIMITED: To Join Wal-Mart in January UFJ HOLDINGS: Cancels Listing in London * Teikoku Unveils 49 Bankrupt Healthcare Providers in 2004 K O R E A ASIANA AIRLINES: Independent Body to Arbitrate Dispute DAEWOO GROUP: Ex-President's Activities Scrutinized in Probe M A L A Y S I A AKTIF LIFESTYLE: Names New Auditor ANTAH HOLDING: Court Strikes Off Wind Up Petition on Unit BUKIT KATIL: Issues Update on Defaulted Loans DATUK KERAMAT: Appeals Court Decision to Wind Up Business DATUK KERAMAT: Remains Suspended Over Failure to Submit FS GEORGE TOWN: Unable to Submit Financial Report HARVEST COURT: Books MYR434 in 2Q Net Profits HONG LEONG: Completes Proposed Disposal INTAN UTILITIES: Issues Update on Payment Default JOHN MASTER: 2Q Net Loss Reaches MYR570,000 KEMAYAN CORPORATION: Court OKs Auction of Units' Properties KPS CONSORTIUM: Allowed to Seek 2nd Opinion on Due Diligence KUMPULAN GUTHRIE: Bourse to List, Quote New Shares MAGNUM CORPORATION: New Shares Set for Listing, Quotation MEDIA PRIMA: Bourse Grants Listing of New Shares PADIBERAS NASIONAL: Adds New Shares for Listing PAN MALAYSIA: Buys Back New Ordinary Shares P H I L I P P I N E S APEX MINING: Unveils Financial Results Ending June 30, 2005 APEX MINING: Signs SPA with Crew Gold, Mapula Creek MANILA ELECTRIC: Senator Urges Gov't to Sell Shares NATIONAL BANK: 186-Mln Shares Sold in Blocks at Php43.77 Apiece NATIONAL POWER: Sells US$100 Mln in 6-year FRNs NATIONAL POWER: Fitch Assigns Final Rating Guaranteed Notes NATIONAL TRANSMISSION: Gets US$850-Mln Budget for Five Years PACIFIC PLANS: Still at Loggerheads After Talks Bog Down PHILIPPINE AIRLINES: Names Two Young Execs to Board PHILIPPINE AIRLINES: Global Expansion Underway TPG CORPORATION: In Talks with Investor Groups VICTORIAS MILLING: Board Director Quits Post S I N G A P O R E ASIA COACH: To Pay Dividend to Creditors CFM HOLDINGS: Net Loss Increases to IDR5 Billion HAI XIANG: Schedules Creditors' Meeting Next Month JSD CONSTRUCTION: Creditors to Convene on Sept. 5 L.C. DEVELOPMENTS: Net Loss Cut in Half RANCHODDAS PURSHOTTAM: Court Orders Liquidation YEW HOCK: Liquidator to Detail Wind Up Manner T H A I L A N D ABICO HOLDINGS: Confident in Restructuring's Success KRUNG THAI: To Establish New Subsidiary PICNIC CORPORATION: SET Seeks Clarification on Debt Swap Plan - - - - - - - - ================= A U S T R A L I A ================= A.C.N. 004 527 995: Liquidator Set to Distribute Company Assets --------------------------------------------------------------- At a General Meeting of A.C.N. 004 527 995 Pty Limited duly convened and held on July 18, 2005, the following Special Resolution was passed: That the company be wound up as a Members' Voluntary Liquidation, and that its assets may be distributed in whole or in part to the members in specie, should the liquidators so desire. Dated this 18th day of July 2005 Glenn Martin Robinson Liquidator 346 Carrington Street Adelaide SA 5000 ADVANTAGE BLUE: Creditors Struggle to Recoup Money --------------------------- --------------------- Creditors of Advantage Blue Feeds (ABF) face an uphill battle to recover their investment, according to ABC News Online. The Bridgewater stock feed mill, went into receivership two weeks ago, owing tens of thousands of dollars to 190 creditors. The firm reportedly owes millions of dollars to its parent company and the bank as well as grain suppliers and transporters. Receiver manager Barry Taylor said there has been a lot of interest from potential buyers but there are no guarantees for unsecured creditors. "There are debts in the related company Creasy Grain that need to be satisfied and depending on the outcome there, (it) will have an impact on the likelihood of the unsecured creditors of ABF receiving any distribution," he said. AJ GLASS: Members, Creditors Review Wind Up Report -------------------------------------------------- Notice is given that a final meeting of the members and creditors of AJ Glass & Aluminum Pty Limited will be held on Sept. 5, 2005, 10:00 a.m. at 581 Princes Highway, Rockdale NSW. The purpose of the meeting is to: (a) Lay before the meeting an account showing the manner of the winding up and disposal of Company property, and for the Liquidator to give an explanation of the account; and (b) Consider any other matters, which may be properly brought before the meeting. Dated this 25th day of July 2005 Grahame Hill Liquidator Hill's Insolvency Services Pty Limited 581 Princes Highway Rockdale NSW 2216 Phone: (02) 9599 7945 Fax: (02) 9599 7946 E-mail: grahame@hillsinsolvency.com.au BAROSSA RURAL: Sole Member Resolves to Wind Up Firm --------------------------------------------------- On July 19, 2005, the sole member of Barossa Rural Properties Pty Limited passed a special resolution to voluntarily wind up the Company. Dated this 19th day of July 2005 Robert A. Ferguson Liquidator c/o Fergusons Chartered Accountants Level 8, 115 Grenfell Street Adelaide SA 5000 BEGA MILK: Liquidator to Detail Wind Up Manner ---------------------------------------------- Notice is hereby given that the final meeting of the members of Bega Milk Supply Pty Limited will be held on Sept. 5, 2005, 10:00 a.m. at 36 Glebe Street, Bega, NSW 2550 to lay before the meeting the liquidator's final account and report, and to give any explanation thereof. Dated this 20th day of July 2005 Arnold Leo Kuechler Liquidator C/o 36 Glebe Street Bega NSW 2550 DAINNY DESIGN: Creditors Opt for Voluntary Liquidation ------------------------------------------------------ Notice is hereby given that on July 19, 2005, the following special resolution was passed in respect of Dainny Design: That the Company be wound up voluntarily, relating to a Creditors' Voluntary Winding Up, and that B.J. Marchesi, Chartered Accountant of 332 St. Kilda Road, Melbourne be appointed Liquidator for such winding up. Dated this 19th day of July 2005 B. J. Marchesi Liquidator Bent & Cougle Chartered Accountants Level 5, 332 St Kilda Road Melbourne Vic 3004 D&K STAIT: Liquidator to Explains Winding Up to Members ------------------------------------------------------- Notice is hereby given that a final meeting of Members of D&K Stait (Holdings) Pty Limited will be held on Sept. 5, 2005, 10:00 a.m. at the office of PKF, Suite 301, Level 3, 304-318 Kingsway, Caringbah NSW to present the liquidator's Final Account and Report, and to give any explanation thereof. Dated this 12 July 2005 Gary Holbrook Liquidator PKF Suite 301, Level 3 304-318 Kingsway Caringbah NSW EG GREEN: Graziers Demand Probe Into Potential Collapse ------------------------------------------------------- West Australian beef producers are calling for an investigation into the likely downfall of the State's largest beef producer and exporter, EG Green and Sons, The West Australian says. The farmers made the call for fear they may be forgotten if EG Green's financial woes are not sorted out quickly. They are also concerned that the firm's focus remains on reopening its Harvey Abattoir and getting around 600 employees back to work. Premier Geoff Gallop contradicted his Agriculture Minister Kim Chance over whether his Government would withdraw support for a rescue bid for the abattoir if workplace agreements were introduced to the site. Mr. Chance is said to have made it clear to those negotiating the abattoir's long-term future that Government support would end if there was a move to Federal- based AWAs. When asked if Mr. Chance's reported comments reflected Government policy, the Premier said "No". Meanwhile, South-West farmer Gary Buller said may questions had to be answered before the industry could trust the 86-year-old company again. Farmers wanted to know how Eastern States companies could make a profit after buying stock in WA and transporting it to South Australia for slaughter while EG Green and Sons, which enjoyed a virtual monopoly in WA, slid into debt exceeding AU$44 million. Industry working group and Pastoralist and Graziers Association spokesman Tim D'Arcy said he had heard of two producers being owed up to AU$2 million and many others being hundreds of thousand of dollars out of pocket. WA Lot Feeders Association president Matt Thompson said he had heard similar stories and was worried some producers would be forced into bankruptcy if they were not paid in full soon. But most were reluctant to speak out, fearing it would harm their chances of recovering the money and remaining viable in the industry. Meanwhile, Ferrier Hodson administrator Martin Jones it would be too early to discuss the likelihood of creditors recovering funds or the long-term commercial future of the company, including potential buyers. CONTACT: EG Green and Sons Hamilton Hill Office 16 Emplacement Crescent Hamilton Hill WA 6163 Phone: 08 9433 2000 Fax: 08 9433 2122 Freecall: 1800 017 345 E-mail: sales@harveybeef.com.au FRANTON PTY: Members to Receive Liquidator's Report Sept. 5 ----------------------------------------------------------- Notice is hereby given that a final meeting of the Members of Franton Pty Limited will be held on Sept. 5, 2005, 10:00 a.m. at the office of PKF Chartered Accountants, Level 10, 1 Margaret Street, Sydney for the following purposes: AGENDA To lay before the Meeting the Liquidator's Account, showing how the winding up was conducted and the Company property disposed of, and to give any explanation thereof. Proxies intended for use at the Meeting should be lodged at the Liquidator's office not later than 4:00 p.m. of Sept. 4, 2005 (one business day prior to the meeting). Dated this 22nd day of July 2005 John Lord Liquidator PKF Chartered Accountants Level 10, 1 Margaret Street Sydney NSW 2000 GM HOLDEN: Moves to Protect Future in Australia ----------------------------------------------- GM Holden Ltd will reduce its South Australian operations by 1400 positions by mid-2006 in order to protect its future in Australia. The company is responding to global business conditions, increasing competition from imported brands and changes to local and export projections for coming years. Daily production will be gradually revised from its current level of 800 cars to about 620 cars, equivalent to its 2003 rate prior to the introduction of the third shift. GM Holden Chairman and Managing Director, Denny Mooney, today said the decision was incredibly difficult but the right one to ensure GM Holden remained Australia's biggest carmaker. "We need to act because the local and export markets are changing and the third shift is no longer wholly sustainable," Mr Mooney said. "We have to make changes but it's very difficult because people and their families are involved." Employees in each shift were advised of the decision late last night and early today, and were asked to consider voluntary separation packages. All employee entitlements were defined and protected under the 2004 enterprise bargaining agreement. Mr. Mooney said the company would do everything it could to help employees and would seek to work with the Federal and State Governments, unions, suppliers and other major SA firms. He said many factors in the broader business environment and fiercely competitive automotive environment had contributed to the decision to reduce local manufacturing operations. "Changes in commodity prices, exchange rates, car market trends, import tariffs falling to 10 per cent and local supplier collapses have all changed the way we need to operate," he said. "Our exports are facing severe challenges in coming years while the strong Australian dollar makes it easier for importers and harder for exporters. "The Aussie dollar has increased from below 50 US cents to almost 80 US cents since 2002. At the same time, the dollar has strengthened against the yen, from less than 60 yen to more than 80 yen, and similarly against the Korean won. Mr. Mooney said GM Holden operated one of the world's most flexible manufacturing facilities, but it now has too much capacity for its current production forecast. "In Australia, more than 50 brands are available to buyers and only four made locally. Seven out of 10 cars sold in this country are now imported," he said. "This is placing enormous pressure on Australian carmakers to be competitive on quality, technology and price." Mr. Mooney added GM Holden was one of Australia's largest private sector investors, having committed more than $1.8 billion to its operations in the past three years alone. "GM Holden has invested a lot in Adelaide and will continue to do so provided we can make changes to remain absolutely competitive," he said. GM Holden Executive Director - Manufacturing, Rod Keane, said voluntary separation packages would be offered to employees across all three shifts at Elizabeth. "We will provide a range of benefits for employees choosing to leave, including access to financial and outplacement support, as well as counseling if required," he said. Mr Keane said a significant proportion of the third shift would be wound down by December 2005, accounting for 1000 positions. The workforce would be reduced by a further 400 positions by mid-2006. "From a production sense, the 620 cars a day will be produced at a line rate of 76 seconds which is roughly equivalent to the rate prior to third shift being introduced," Mr Keane said. GM Holden is Australia's oldest automotive company, having grown from a saddlery business established in Adelaide in 1856. It will next year celebrate its 150th anniversary as a company in Australia. GM HOlden is the Australian arm of troubled U.S.-based automaker General Motors Corporation (GM). CONTACT: GM Holden Limited 241 Salmon Street Port Melbourne Victoria 3207 Telephone: 03 9647 1111 Facsimile: 03 9647 2550 Web site: http://www.holden.com.au HARROGATE PTY: Placed Under Voluntary Liquidation ------------------------------------------------- Notice is hereby given that at a general meeting of the members of Harrogate Pty Limited held on July 19, 2005, it was resolved that the Company be wound up voluntarily, and that Martin David Lewis, Chartered Accountant of Ferrier Hodgson, Level 6, 81 Flinders Street, Adelaide be appointed Liquidator for such purpose. Dated this 19th day of July 2005 Martin D. Lewis Liquidator Ferrier Hodgson Level 6, 81 Flinders Street Adelaide SA 5000 KARAVELAS ENTERPRISES: Creditors OK Liquidator's Appointment ------------------------------------------------------------ Notice is hereby given that at an extraordinary general meeting of members of Karavelas Enterprises Pty Limited held on July 18, 2005, it was resolved that the Company be wound up voluntarily and at a meeting of creditors held on the same day, it was resolved that Peter P. Krejci of GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 be appointed Liquidator for the winding up. Dated this 18th day of July 2005 Peter P. Krejci Liquidator GHK Green Krejci Level 9, 179 Elizabeth Street Sydney NSW 2000 LLERENA PTY: Schedules Final Meeting Sept. 5 -------------------------------------------- Notice is hereby given that a final meeting of members and creditors of Llerena Pty Limited will be held on Sept. 5, 2005, 11:00 a.m. at Suite 67, Level 14/88 Pitt Street, Sydney NSW 2000. The purpose of the meeting is to present to the Company's members and creditors an account on the manner of the winding up and disposal of Company property, and to hear any explanations that may be given by the Liquidator. Proxies to be used at the meeting must be lodged with the Liquidator no later than 4:00 p.m. of Sept. 2, 2005. Dated this 25th day of July 2005 Murray Godfrey Liquidator RMG Partners Suite 67, Level 14/88 Pitt Street Sydney NSW 2000 Phone: (02) 9231 0889 MANCHI PTY: Court Appoints Liquidator ------------------------------------- On July 21, the Supreme Court of New South Wales, Equity Division issued an order appointing Ozem Kassem to be Liquidator for the winding up of Manchi Pty Limited. Ozem Kassem Official Liquidator Bentleys MRI Sydney Business Recovery & Insolvency Partnership PO Box Q1165, QVB Post Office Sydney NSW 1230 Phone: (02) 8221 8433 Fax: (02) 8221 8422 MAYNE GROUP: Result Lends Support to Demerger --------------------------------------------- Mayne Group has promised a clearer outlook for its business divisions when documents supporting its planned demerger are released as early as next month, The Australian has learned. Shares softened last week after the health-care company warned that sales growth from its global pharmaceutical division, Mayne Pharma, would likely slow during the coming year. The company also predicted steady sales but flat earnings from the continuing operations of the domestic businesses. Mayne reported that bottom-line profit had slid about 15 percent to AU$80.45 million during the June year, reflecting the discontinued contribution from the hospitals division. Revenue from ordinary activities was down 22 per cent to $3.9 billion for the same reason. Profit from the continuing business was $92.3 million, however, up 10 per cent on the year before. Strong results from both Mayne Pharma and the domestic businesses, particularly pathology and consumer health products, supported the company's decision to split operations into two stand-alone entities. Mayne Pharma reported revenue growth of 36 per cent to $655 million, exceeding the company's expectations. The division's contribution to group earnings rose to 43 per cent, up from 40 per cent the year before. However, Mayne's decision to exclude from its forecasts those products subject to patent disputes means that its previously stated target of 15 to 20 percent annual sales growth could fall short this year. The expanded guidance would be provided when the scheme of arrangement documents were released to the market soon. The documents must be released by September 30 if Mayne hopes to complete the demerger by December 31. An extraordinary meeting will be called so shareholders can vote on the split. Mayne shares have soared about 40 per cent since the company announced in May its decision to demerge the businesses. CONTACT: Mayne Group Level 21/390 St Kilda Rd Melbourne 3004 Phone: +613 9868-0700 Web site: http://www.maynegroup.com/ MURRAY RIVER: Court Finds Edwards Allowed Insolvent Trading ----------------------------------------------------------- On 24 August 2005, the Supreme Court of New South Wales handed down its judgment in relation to the Australian Securities and Investments Commission's proceedings against Mr. Malcolm Edwards, a former director of Murray River Limited (In Liquidation) (Murray River). Justice Barrett found that Mr. Edwards contravened the insolvent trading provisions of the Corporations Act by allowing Colin Joss & Co Pty Limited (CJC), a construction company located in Albury, to complete work for Murray River, knowing that Murray River was insolvent. While Justice Barrett found there was no formal contract for the work carried out between Murray River and CJC, Justice Barrett decided that Murray River was indebted to CJC for the work completed for amounts totaling in excess of AU$3.5 million, on a quantum meruit basis*. "Company directors who are aware that the company is insolvent are obliged to prevent it from incurring further debts. This case demonstrates that a debt can be incurred by a company even if there is no formal contract in place where work is carried out on the basis that it will generate a right to be paid," ASIC Deputy Executive Director of Enforcement, Mr. Mark Steward said. "Company directors have a fundamental responsibility under the law to ensure that companies can pay their debts as and when they fall due. ASIC will act to ensure that anyone who fails to meet this important obligation is brought before the Courts," Mr. Steward said. There will be a separate hearing as to whether Mr. Edwards should, as a result of his contraventions of the Corporations Act, be disqualified from managing corporations. The matter is to return to Court on 1 September 2005 for directions. Background Murray River was set up to facilitate a joint venture between the Mulwala and District Services Club Limited and Essington Asia Pacific Pty Ltd. The aim of the joint venture was to construct a resort in Mulwala, New South Wales. Construction commenced in February 1999 and ceased in June 1999. Murray River went into liquidation on 14 November 2000, with debts in excess of $7.5million. In October 2003, ASIC commenced proceedings against Mr. Edwards and Mr. Leonard Jones, two of the former directors of Murray River. ASIC sought declarations that both Mr. Jones and Mr. Edwards, as directors of Murray River, had contravened the insolvent trading provisions of the Act. ASIC also sought orders that Mr. Edwards and Mr. Jones be disqualified from managing corporations. In December 2004, Mr. Jones provided undertakings to the Supreme Court of New South Wales not to manage a corporation for a period of five years. As a result of the undertakings, ASIC discontinued its proceeding against Mr. Jones. *Generally for a debt to exist there needs to be a contract. In this case the Court found there was no contract. ASIC submitted that if there were no debts arising out of a contract, there were debts arising as a result of the quantum meruit principle. The quantum meruit principle is invoked where, as in this case, a person performs work for another in accordance with the terms of a contract that each person contemplates entering but ultimately is not entered. In these circumstances, the person performing the work is entitled to reasonable reward for work actually done. MUSTARA HOLDINGS: To Declare First, Final Dividend -------------------------------------------------- Mustara Holdings Pty Limited will declare a first and final dividend on Sept. 1, 2005. Creditors who were not able to prove their debts or claims will be excluded from the benefit of the dividend. Dated this 12th day of July 2005 R. M. Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street Sydney NSW 2000 Phone: (02) 9233 2111 Fax: (02) 9233 2144 PAT BRICKLAYING: Members Agree to Wind Up Company ------------------------------------------------- Notice is hereby given that at a general meeting of members of Pat Bricklaying Pty Limited held on July 19, 2005, it was resolved that the Company be wound up voluntarily, and that Schon Condon and Bruce Gleeson of Jones Condon Chartered Accountants, Level 1, 34 Charles Street Parramatta NSW, be appointed Joint and Several Liquidators for such winding up. Dated this 19th day of July 2005 Schon G. Condon Bruce Gleeson Joint Liquidators c/o Jones Condon Chartered Accountants Phone: (02) 9893 9499 PRODUCTION GROWTH: Members, Creditors to Discuss Wind Up -------------------------------------------------------- Notice is given that a final meeting of the members and creditors of Production Growth Management Services Pty Limited will be held on Sept. 5, 2005, 11:30 a.m. at Parker Advisory, Level 5, 49 Market Street, Sydney NSW 2000. AGENDA: (1) To receive the Liquidator's account showing how the winding up was conducted and the property of the Company disposed of, and to receive any explanation required thereof. (2) To consider any other business brought before the meeting. Dated this 21st day of July 2005 G. J. Parker Liquidator C/o Parker Advisory Level 5, 49 Market Street Sydney NSW 2000 QANTAS AIRWAYS: Budget Offshoot Eyes Long-haul Destinations ----------------------------------------------------------- Qantas Airways is reportedly looking to split its two main business, as part of efforts to cut costs across the board, Asia Pulse says. Part of the long-term plan is the expanded operations of Qantas' low-cost offshoot, Jetstar Asia. Jetstar plans sot fly to Asia, and possibly Europe and North America. The move comes just days after Qantas said Jetstar would some day be "just as important as the main line" airline. It is thought Jetstar will fly to areas deemed barely profitable by Qantas and which are dominated by economy-class passengers, such as Bali, Honolulu and even Rome, a route Qantas abandoned in 2003, The Sydney Morning Herald said. Jetstar's ascendancy is seen as a key plank in Qantas's plans to cut AU$3 billion (US$2.25 billion) in costs by 2008. Qantas's chief financial officer Peter Gregg told the paper Jetstar was likely to fly to the smaller destinations in countries Qantas already served. Qantas has yet to comment on the report. 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 SAMKIRST NO.10: Enters Liquidation ----------------------------------- Notice is hereby given that on July 18, 2005, the following special resolution was passed in respect of Samkirst No.10 Pty Limited: That the Company be wound up voluntarily relating to a Creditors' Voluntary Winding Up, and that B.J. Marchesi, Chartered Accountant of 332 St. Kilda Road, Melbourne be appointed Liquidator for the winding up. Dated this 18th day of July 2005 B. J. Marchesi Liquidator Bent & Cougle Chartered Accountants Level 5, 332 St. Kilda Road Melbourne Vic 3004 SANTOS LIMITED: Awards Contract to Develop Info System to ISS ------------------------------------------------------------- ISS announced that Santos Limited, one of Australia's largest oil and gas companies, has awarded a contract to develop a GIS- based Information Management System that will provide Santos with an integration solution capable of providing access to information across the Company through a single web portal interface. "This is an important E&P (Exploration & Production) information technology project for Santos and our information management strategy as we grow our business. We chose ISS as our partner as we are confident that they have the expertise and experience to deliver a state-of-the-art solution for us, as they have done with our Production and Operations Management system," said Rob Heath, Manager of Geoscience Support with Santos. This technology solution is intended to help create a collaborative working environment for Santos's exploration and production. "This contract is a good example of how ISS can work closely with a client to develop solutions that fulfill their business requirements and provide additional benefit to the pioneering company through enhancements suggested by other companies over time," said Shane Attwell, Managing Director of ISS. "It also brings ISS into a new realm of data integration, with GIS technology offering opportunities to extend our data management expertise out of the Operational world into other business disciplines, not least sub-surface data management." ISS are brining together expertise in process and technology deployment with experience in geoscience data integration to provide a unique information management framework, based upon commercial GIS technology. The system will have the capacity to benefit any combination of underlying database sources, as it is developed independent of specific vendor databases, but using technologies that support industry-specific database integration. Santos is a major Independent Australia oil and gas exploration and production company with interests and operations in onshore and offshore Australia as well as in the United States, Indonesia, Papua New Guinea and Egypt. CONTACT: Santos Limited Ground Floor, Santos House, 91 King William Street, Adelaide, S.A. 5000 Web site: http://www.santos.com.au/ SHEPPARTON ASDIC: Inability to Pay Debt Leads to Wind Up -------------------------------------------------------- Notice is hereby given that at an Extraordinary General Meeting of Shepparton Asdic Security Pty Limited held on July 19, 2005 the following Special Resolution was duly passed: That as the Company's directors think that it will not be able to pay its debts within twelve months, the Company be placed under a creditors' voluntary winding up. Chris Chamberlain of Nicholls & Co. Chartered Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW was appointed Liquidator of the Company for such purpose. Dated this 21st day of July 2005 Chris Chamberlain Liquidator Suite 103, 1st Floor Wollundry Chambers Johnston Street, Wagga Wagga NSW 2650 SLATTERY MANAGEMENT: Court Orders Liquidation --------------------------------------------- On July 19, 2005, the Supreme Court of New South Wales, Equity Division ordered the winding up of Slattery Management Pty Limited, and appointed R. J. Porter to be Liquidator for such wind up. R. J. Porter Liquidator Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta NSW 2150 SSR PTY: To Distribute Priority Dividend to Creditors ----------------------------------------------------- SSR (NSW) Pty Limited will declare a priority dividend on Aug. 31, 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 July 2005 Philip G. Jefferson Liquidator c/o Horwath BRI Brisbane Level 4, 370 Queen Street Brisbane Qld 4000 SUSTAINABLE ADVANTAGE: Shuts Down Business ------------------------------------------ Notice is hereby given that at a general meeting of Sustainable Advantage Pty Limited held on July 18, 2005 the following special resolution was passed: That the Company be wound up voluntarily, by reason of its deficiency in assets to meet its liabilities. G. G. Woodgate Liquidator c/o Woodgate & Co. Phone: 9233 6088 WINSYSTEMS GROUP: Members, Creditors to Receive Wind Up Report -------------------------------------------------------------- Notice is given that a final meeting of the members and creditors of Winsystems Group Pty Limited will be held on Sept. 5, 2005, 11:00 a.m. at Parker Advisory, Level 5, 49 Market Street, Sydney NSW 2000. AGENDA: (1) To receive the Liquidator's account showing the manner of the winding up and disposal of Company property, and to receive any explanation required thereof. (2) To consider any other business brought before the meeting. Dated this 21st day of July 2005 G. J. Parker Liquidator C/o Parker Advisory Level 5, 49 Market Street Sydney NSW 2000 * Property Developer Contests Charges After Big Collapse -------------------------------------------------------- Mr. John Gerard Sage, of Brighton East in Victoria, has appeared in the Melbourne Magistrates Court to face 20 charges brought by the Australian Securities and Investments Commission (ASIC). ASIC alleges that Mr. Sage provided false and misleading statements to potential investors when offering shares in a property development. The charges relate to misleading statements made verbally, and misleading investment brochures given to prospective investors, in relation to the Pacific Tower development in Hawthorn, Victoria and the Pacific Heights development in Heidelberg, Victoria. Mr. Sage also faces charges relating to failure to provide investors in the Pacific Tower and Pacific Heights co-developer scheme with the required disclosure documentation prior to investors entering into the schemes. ASIC further alleges that Mr. Sage dishonestly used his position as a director to gain an advantage for himself, or another, in relation to selling off company property while his group of companies were under the control of external administrators. The shortfall to creditors and investors of the Merchant Pacific Group, currently in liquidation, is likely to exceed $14 million. The alleged breaches of the Corporations Act occurred between March 1999 and June 2002. Mr. Sage, the sole director of Merchant Pacific Developments Pty Ltd and Pacific Heights Developments Pty Ltd, was responsible for the management and promotion of the building developments. At the time, Mr. Sage was also an authorized representative and financial adviser for another of his companies, Merchant Pacific Investment Services Pty Ltd and promoted his investment projects using this client base. Mr. Sage is contesting the committal and the matter has been adjourned for a four-day hearing starting on 13 February 2006. Mr. Sage was not required to enter a plea. The Commonwealth Director of Public Prosecutions is prosecuting the matter. ============================== C H I N A & H O N G K O N G ============================== BANK OF CHINA: Taps Goldman Sachs to Arrange IPO ------------------------------------------------ Goldman Sachs Group Inc. was hired to prepare for an initial public offering (IPO) for the Bank of China, Bloomberg reports. Goldman, the world's leading stock underwriter, will work with PricewaterhouseCoopers LLP, Bank of China's auditor, to arrange an IPO to raise at least $5 billion as early as the first quarter of 2006. Bank of China last week agreed to sell a 10 percent stake to Royal Bank of Scotland Plc, Merrill Lynch & Co. and a foundation set up by Hong Kong billionaire Li Ka-shing for $3.1 billion. CONTACT: Bank of China 1 Fuxingmen Nei Dajie Beijing, 100818, China Phone: +86-10-6659-6688 Fax: +86-10-6601-4024 Web site: http://www.bank-of-china.com CHINA CONSTRUCTION: Trims NPLs, Eyes IPO ---------------------------------------- China Construction Bank (CCB) trimmed its bad debt burden in the first half as if pursued a Hong Kong share listing by the end of this year, China Securities Journal reports. The bank aims to list by November to raise an estimated US$5 billion-US$10 billion, improved its non-performing loan ratio to 3.8 percent by the end of June from 3.92 percent at the end of last year. It has yet to report first-half results. In its drive to transform itself into a commercial entity, the bank wiped a mountain of sour loans off its books and improved on its capital adequacy with the aid of a US$22.5 billion government bailout it won in late 2003. CHINA SOUTHERN: Launches Double FFP Mileage Program --------------------------------------------------- China Southern Airlines, with the largest and most technically advanced airline fleet in The People's Republic of China, is partnering with its hometown FFP Marriott Hotel partner, The China Hotel, A Marriott Hotel, with a new double FFP mileage program. In celebration of the China Hotel's Roof Restaurant and Bar and Four Season's Top 100 Restaurants in Guangzhou ranking, China Hotel, A Marriott Hotel will be offering a double delight to all Sky Pearl Club members. From September 1st to December 31, 2005, all Sky Pearl Club members staying at China Hotel, A Marriott Hotel will enjoy double mileage points. "Be sure not to miss out on our award-winning cuisine and the opportunity to fly even higher with China Southern Airlines," said Mr. Rauf Malik, General Manager. For additional information on this special FFP offer and reservations, please call The China Hotel, A Marriott Hotel at (8620) 8666-6106 or e-mail reservation@chinahotelgz.com. Marriott International, Inc. (NYSE:MAR) is a leading lodging company with more than 2,600 lodging properties in the United States and 65 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, Renaissance, Bulgari, The Ritz-Carlton, Courtyard, Residence Inn, SpringHill Suites, TownePlace Suites, and Fairfield Inn brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. Marriott is also in the synthetic fuel business. The company is headquartered in Washington, D.C. It is ranked as the lodging industry's most admired company and one of the best places to work by Fortune magazine. In fiscal year 2004, Marriott International reported sales from continuing operations of $10 billion, and the company had approximately 133,000 employees at year-end 2004. For more information or reservations, please visit our web site at www.marriott.com. 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, 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. CONTACT: China Southern Airlines 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: http://www.cs-air.com/en CHINA SOUTHERN: 1H05 Net Loss May Hit CNY253 Mln ------------------------------------------------ JPMorgan Chase & Co. expects China Southern Airlines to post CNY253 million net loss in the first half of this year, versus a net profit of CNY357 million a year earlier, Dow Jones reports. Even with decent revenue growth, company expenses are expected to spiral out of control, especially on fuel. Regulated ticket pricing in China leaves management with little room to streamline business. CHINA UNICOM: Posts 1H05 RMB610-Mln CDMA Loss --------------------------------------------- China Unicom Limited Executive Director and CFO Tong Jilu said on the analyst meeting that the group's CDMA business saw a loss of RMB610 million in the first half this year, Infocast News reports. CDMA is short for Code-Division Multiple Access, a digital cellular technology that uses spread-spectrum techniques. The group's results announcement suggests that the operating loss for the CDMA segment has shrunk from the end-2004 RMB584 million to RMB458 million. The Group is the only provider of integrated telecommunications services in China, offering a wide range of telecommunication services, such as GSM cellular, international and domestic long- distance, data, Internet and paging services. CONTACT: China Unicom Limited 75/F, The Center 99 Queen's Road Central Hong Kong Phone: 21262018 Fax: 21262016 Web site: http://www.chinaunicom.com.hk LANEX INVESTMENTS: Issues Debt Claim Notice ------------------------------------------- Notice is hereby given that the creditors of Lanex Investments Limited, which is being wound up voluntarily is required on or before September 26, 2005 to send in their names, addresses and full particulars of their debts or claims and the names and addresses of their solicitors, if any, to the liquidator. If so required by notice in writing from the Liquidator, of the Company, either by themselves or by their solicitors, to come in and prove their debts or claims at such time and place as shall be specified in such notice. In default thereof, they will be deemed to have waived all or any of such debts or claims and the Liquidator of the Company shall be entitled seven days after the above date to distribute the assets in specie and funds available or any part thereof to the members. Dated this 26th day of August 2005 TAM TAK KUEN Liquidator 34th Floor, The Lee Gardens 33 Hysan Avenue, Causeway Bay Hong Kong LINHUA SUPERMARKET: Matthews Ups Stake to 5.1% ---------------------------------------------- Matthews International Capital Management has raised its stake in Linhua Supermarket Holdings (0980) to 5.10 percent from 4.96 percent by purchasing 287,000 shares on August 24, according to Infocast News. The Group is leading retail chain operator in the PRC. It operates hypermarkets, supermarkets and convenience stores, a majority of which are operating under Centurmart hypermarkets, Lianhua supermarkets and Lianhua Quik Convenience stores. As of December 31, 2004, the company has current assets of HK$2.08 million while its current liabilities stood at HK$2.63 million, according to Chong Hing Securities Ltd. CONTACT: Linhua Supermarket Holdings Co. Ltd. 26th to 27th Floors Harcourt Building 39 Gloucester Road Wanchai, Hong Kong Phone: 86-21-63937700 Fax: 86-21-63931318 Web site: http://www.lhok.com.cn MAE HOLDINGS: FY05 Net Loss Narrows to HK$39.8 Mln -------------------------------------------------- MAE Holdings Limited posted a net loss of HK$39.75 million for the fiscal year ended April 30, versus a net loss of HK$42.82 million a year earlier, according to Infocast News. Loss per share (LPS) was $0.2101. No final dividend was declared. The Group is engaged in the manufacture and sale of electrical adaptors, transformers and related accessories, plastic moulds and electrical products. CONTACT: Mae Holdings Limited Rms E2 & E8, 15/F, Block E Wah Lok Ind., Center 31-35 Shan Mei Street, Fotan, New Territories Hong Kong Phone: 31253125 Fax: 26948854 Web site: http://www.mae.com.hk MASTER CASTLE: Winding Up Hearing Fixed September 7 --------------------------------------------------- Notice is hereby given that a Petition for the Winding up of Master Castle Limited by the High Court of Hong Kong Special Administrative Region was on July 6, 2005 presented to the said Court by Lanard Toys Limited whose registered office is situated at 6th Floor, Energy Plaza, 92 Granville Road, Tsimshatsui, Kowloon, Hong Kong. The said Petition is to be heard before the Court at 9:30 am on September 7, 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. ADRIAN YEUNG & CHENG Solicitors for the Petitioner Suite 2308, 23rd Floor, Cosco Tower No. 183 Queen's Road Central Central, Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the abovenamed, notice in writing of his intention to do so. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the abovenamed not later than six o'clock in the afternoon of September 6, 2005. NEW CHINESE: SFC Settles Disciplinary Action With Ip Hon-man ------------------------------------------------------------ The Securities and Futures Commission (SFC) said it has reprimanded Mr. Ip Hon-man, a licensed representative of UOB Kay Hian (Hong Kong) Limited and UOB Kay Hian Futures (Hong Kong) Limited, for accepting orders from third parties without proper authorizations and account opening failings. Mr. Ip agreed to pay $100,000 to the SFC in settling the SFC's disciplinary action against him. The SFC accepted the payment in lieu of a proposed three-month suspension. The SFC considered the settlement to be in the public interest and will pay the sum to government revenue. The action stemmed from a market manipulation investigation into the trading of New Chinese Medicine Holding Limited (8085) shares from August to September 2002. At the relevant time, Mr. Ip was an account executive of Luk Fook Securities Limited and handled the accounts of four Luk Fook clients who traded in New Chinese Medicine shares. Ip allowed third parties, whose full names he did not know, to place orders through the four client accounts without obtaining written authorizations from the clients. He also recklessly represented that he had witnessed the signing of the account opening documents by two clients when in fact he had not. The SFC concluded that Mr. Ip had been guilty of misconduct and his fitness and properness had been called into question. As explained in the financial statements of New Chinese Medicine, it sustained a net loss of HK$3.4 million for the year ended March 31. The Group also had net current liabilities of HK$5,216,661 as at the balance sheet date. CONTACT: New Chinese Medicine Holdings Limited 1/F, Wing Fai Shopping Arcade 52 Wing Kwong Street Hunghom, Kowloon, HK Phone: 23634633 Fax: 27248993 Web site: http://www.newchinesemedic.com PCCW LIMITED: Unit Enters Acquisition Deal ------------------------------------------ PCCW Limited announced that PCCW IMS China, an indirect wholly- owned subsidiary of the Company, entered into the Framework Agreement with China Netcom and CNCBB on August 25, 2005 whereby PCCW IMS China will acquire from the China Netcom Group 50 percent of the registered capital of CNCBB, subject to the completion of the CNCBB Reorganization and in accordance with the terms of the Framework Agreement as more particularly described in this announcement. THE FRAMEWORK AGREEMENT Major terms and conditions of the Framework Agreement are as follows: Date: August 25, 2005 Parties: China Netcom (as vendor) PCCW IMS China (as purchaser) CNCBB (as the target company) Assets involved: 50% of the registered capital of CNCBB after the completion of the CNCBB Reorganization Consideration: The consideration will be approximately RMB318,000,000 (approximately HK$305,770,000), subject to the approval by the State-owned Assets Supervision and Administration Commission of the PRC of the valuation of CNCBB (after completion of the CNCBB Reorganization) to be prepared by an independent valuer. The consideration was arrived at after arm's length negotiation between the parties having regard to net asset values of CNCBB Hangzhou and CNCBB Ningbo and the potential of the broadband services market in the PRC. Conditions Precedent: Obligations under the Framework Agreement are subject to, amongst other things, the fulfillment of the following major conditions precedent: (i) the agreement by other independent third parties to acquire the remaining, other than the 50% interests to be acquired by PCCW IMS China, 50% equity interests of CNCBB from China Netcom Group on or before September 15, 2005; (ii) the resolution to the satisfaction of PCCW IMS China of CNCBB Hangzhou and CNCBB Ningbo matters involving the CNCBB Reorganization (including trademarks and non-competition) on or before September 15, 2005; (iii) the confirmation that there is no legal impediment for China Netcom in respect of the CNCBB Reorganization on or before September 15, 2005; (iv) the execution of all legally binding agreements in respect of the CNCBB Reorganization on or before September 22, 2005; (v) the provision of a legal opinion from CNCBB's PRC legal advisors that the CNCBB Reorganization complies with the relevant PRC laws and regulations and that CNCBB Hangzhou and CNCBB Ningbo can carry out their businesses in accordance with the business scope specified in their existing business licenses and value added telecommunications licenses on or before September 22, 2005; and (vi) the completion of due diligence on CNCBB to the satisfaction of PCCW IMS China on or before September 22, 2005 and notification of the same by PCCW IMS China to China Netcom on or before October 8, 2005. In the event any of the conditions precedent has not been satisfied (and/or waived) on or before the respective specified dates (or such later dates as may be agreed by the parties), the Framework Agreement shall be terminated and the parties shall not have any claims against each other. Undertakings by China Netcom: Subject to the relevant PRC laws and regulations, upon PCCW IMS China becoming a holder of 50% of the registered capital of CNCBB, China Netcom shall: (i) appoint CNCBB Hangzhou and CNCBB Ningbo as exclusive agent of the local branches of China Netcom in Hangzhou and Ningbo respectively of all services of such local branches (excluding mobile services) for a period of 2 years, such exclusive right does not prohibit any direct sale by such local branches; (ii) provide the exclusive use by CNCBB of 5 numbering sets under the 116 value-added services number of China Netcom, as agent of China Netcom on a national basis; and (iii) lease to CNCBB of network resources, computer rooms, lease lines, Internet data centre and the connections to internet exchange and international bandwidth at the most favorable rate having regard to the local prevailing rate. Other terms: China Netcom and CNCBB shall terminate the joint venture contracts between China Netcom and the other 5 minority shareholders of CNCBB before the CNCBB Reorganization. CNCBB As at the date of this announcement, China Netcom is interested in approximately 81.6% of the registered capital of CNCBB. As a part of the CNCBB Reorganization, the China Netcom Group intends to acquire from the minority shareholders of CNCBB all of the remaining registered capital of CNCBB. CNCBB is engaged in broadband access, value-added services and reselling for all the China Netcom Group's voice services. The registered capital of CNCBB amounted to approximately RMB921,500,000 (approximately HK$886,000,000). Upon completion of the CNCBB Reorganization (which is expected to be completed at around end of 2005), CNCBB will become a wholly owned subsidiary of a designated subsidiary of China Netcom and will be holding the following major assets: (i) 51% of CNCBB Hangzhou which is engaged in Internet access information services in Hangzhou, the PRC; and (ii) 54.48% of CNCBB Ningbo, which is engaged in Internet access information services in Ningbo, the PRC. REASONS AND BENEFITS OF THE TRANSACTION CNCBB is a broadband service provider in the PRC. Established in 2001 by China Netcom, CNCBB's major business activities are broadband access, value-added services and reselling the China Netcom Group's voice services. The directors of the Company consider that the investment by PCCW IMS China in CNCBB will create synergy for the broadband business of the Group and will enable the Group to explore opportunities and to expand beyond Hong Kong for its broadband services and other value-added services in the PRC through its investment in CNCBB. Having considered the terms and conditions of the Framework Agreement and the benefits of the transaction to the Company, the directors (including the independent non-executive directors) of the Company believe that the terms of the transaction contemplated under the Framework Agreement are fair and reasonable and in the interests of the shareholders of the Company as a whole. REQUIREMENTS OF THE LISTING RULES CNC BVI, an indirect wholly owned subsidiary of China Netcom, is a substantial shareholder and connected person (as defined in the Listing Rules) of the Company. Accordingly, the China Netcom Group and CNCBB are therefore connected persons of the Company under the Listing Rules. The transaction therefore constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules. As the relevant percentage ratios (as defined in the Listing Rules) for the transaction contemplated by the Framework Agreement exceed 0.1% but are less than 2.5%, the transaction is only subject to the reporting and announcement requirements set out in Rules 14A.45 to 14A.47 of the Listing Rules and is exempt from the independent shareholders' approval requirements under Rule 14A.32 of the Listing Rules. Details of the transaction will be included in the next published annual report of the Company. By the Order of the Board PCCW Limited Hubert Chak Company Secretary Hong Kong, August 25, 2005 PONTEL LIMITED: Creditors Asked to Prove Debts by September 26 -------------------------------------------------------------- Notice is hereby given that the Creditors of Pontel Limited, whose debts or claims have not already been admitted, are required on or before September 26, 2005 to prove by affidavit their debts or claims by sending their names, addresses and descriptions and full particulars of their debts or claims in accordance with Form 63A of the Companies (Winding-up) Rules, and the names and addresses of their Solicitors to the undersigned Liquidators. If so required by notice in writing from the said Liquidators, they are to personally or by their solicitors or duly authorized representative, to come and prove their said debts or claims and to establish any title they may have to priority at such time and place as shall be specified in such notice. In default of complying with this Notice, such creditors will be excluded from the benefit of any distribution made before such debts or claims are proved and/or from objecting to any distribution made before such priorities are established. Dated this 26th day of August 2005 Natalia K M Seng Joint and Several Liquidator 28/F, Bank of East Asia Harbour View Centre, 56 Gloucester Roard, Wanchai, Hong Kong SHANGHAI LAND: Former Manager Denies ICAC Fraud Charges ------------------------------------------------------- Ms. Sandy Mo, the former general manager of Shanghai Land Holdings (0067), on Thursday pleaded not guilty to fraud and other charges, The Standard reports. The Independent Commission Against Corruption is accusing Ms. Mo of treading on civil liberties. Ms. Mo is the wife of Chau Ching-ngai, the Company's former Chairman and once one of China's richest property tycoons. Mr. Chau is serving a three-year jail sentence in the mainland on a range of counts including fraud. The court hearing is scheduled to run until September 22. CONTACT: Shanghai Land Holdings Limited 18/F., Two International Finance Centre 8 Finance Street, Central, Hong Kong Phone: 22326767 Fax: 22326700 Web site: http://www.shanghailand.com STAR CRUISES: S&P Affirms 'BB' Rating ------------------------------------- Standard & Poor's Ratings Services said Friday it affirmed its 'BB' corporate credit ratings on Star Cruises Ltd., a cruise company headquartered in Hong Kong, and its subsidiary, NCL Corp. Ltd. The outlooks on both companies are stable. "The affirmation on the ratings reflects the Star Cruises group's established market position in the Asian cruise market, and strategic importance to its parent, Malaysia-based Genting Bhd.," said Standard & Poor's credit analyst Nancy Koh. "Nevertheless, the ratings are constrained by the relatively small size of the Star Cruises group, its less competitive and profitable fleet, intense industry competition, and the group's volatile profitability and very aggressive capital structure." The rating on NCL Corp. Ltd. is closely tied to the creditworthiness of its parent, Star Cruises, given the importance of NCL as the North American arm of the group, the strong influence of Star Cruises on NCL's business operations and financial policies, and the expectation of continued support from Star Cruises. The rating on Star Cruises is constrained by its weaker market position and small size relative to its two main competitors, Carnival Corp. (A-/Positive/A-2) and Royal Caribbean Cruises Ltd. (RCL; BB+/Positive/--). As a result, Star Cruises lacks the critical mass and scale benefits enjoyed by its larger peers. A key challenge for the group is to strengthen its position in North America without letting its relatively older fleet with fewer facilities damage its brand equity. The group has a very aggressive capital structure and volatile profitability-operating margins of 17%-22% in the past four years reflect its weaker competitive position and vulnerability to geopolitical and economic factors. Operating cash flows have been insufficient to cover capital expenditure, resulting in heavy reliance on debt to fund its growth. In addition, the emergence of Singapore's two integrated resorts could threaten Star Cruises' position in the Asian cruise market, as a large portion of its revenue comes from gaming activities on board its cruise ships. Nevertheless, this concern could be mitigated if Star Cruises (jointly with Genting Bhd.) wins a bid for the proposed resorts. As with the other cruise operators, Star Cruises is exposed to the sensitivity of the travel and leisure industry to economic cycles and geopolitical risks. These weaknesses are, however, offset by the group's established 63% share in the Asian cruise market. The company should be able to sustain its position in the region due to its well-known "Star Cruises" brand. Ownership by Malaysia-based Genting Bhd. (BBB+/Stable/--) and ultimate shareholder, Tan Sri Lim Goh Tong and his family, which together control more than 50% of Star Cruises, also supports the group's credit strength. The stable outlooks on NCL and Star Cruises reflect the expectations of moderate industry growth, and continued support from Genting and the Lim family given the Star Cruises group's importance in the Genting group's core leisure and hospitality business. In addition, the stable outlook on Star Cruises reflects the expectation that Star Cruises will continue to maintain a financial profile that supports the existing ratings level, even as it strives to improve its market position through its fleet renewal program. Standard & Poor's believes that there is strong incentive for Star Cruises and Genting to be competitive in their joint bid for one of the two Singapore integrated resorts. Nevertheless, should Star Cruises substantially increase its gearing level and weaken its cash flow protection measures to pursue ambitious acquisitive or expansion growth, the rating could be subject to downward pressure. ================= I N D O N E S I A ================= KIANI KERTAS: JPMorgan Goes Solo in Bid to Acquire Firm ------------------------------------------------------- Financial services firm JPMorgan Chase & Co. has announced that it is withdrawing from a consortium bidding to acquire troubled Indonesian pulp & paper firm PT Kiani Kertas, and may bid for the paper firm separately, reports the Financial Times. The Company was going to be sold to a consortium of JPMorgan and local investment firm Kingsclere Finance for USD700 million (IDR7.23 trillion). The consortium was set to pay USD200 million (IDR2.07 trillion) in cash for the Company, and would acquire USD500 million (IDR5.17 trillion) of its debt. Once the deal would be concluded, JPMorgan would retain a 20% stake in Kiani Kertas, while 80% would be sold to Singaporean firm United Fiber System Limited (UFS). But due to disagreements on certain issues, JPMorgan decided to withdraw from the deal, which endangered the potential 80% stake sale of the Company to UFS, which had already signed an agreement to inject funds into the Company and resume its operations. JPMorgan's withdrawal from the consortium is also expected to weaken Kiani Kertas' efforts to restructure a hefty IDR1.7 trillion owed to Indonesia's Bank Mandiri. CONTACT: PT Kiani Kertas Bidakara Building, 9th Floor Jl. Gatot Subroto Kav. 71-73 Jakarta, 12870 Indonesia Phone : +62(021)8379-3211 Fax: +62(21)8379-3215 Web site: http://www.kiani.com PERTAMINA: Singapore Court Rejects U.S. Firm's Claim to Assets -------------------------------------------------------------- In an update to an ongoing legal battle between state oil and gas firm PT Pertamina and U.S.-based firm Kahara Bodas Company (KBC), a Singapore appeal court rejected KBC's claim to the Company assets, the Jakarta Post reports. After the government ended a contract on a geothermal project in Kahara Bodas, East Java, of which KBC was an independent producer, the U.S. firm filed a lawsuit against the Company in an international arbitration court, for breach of contract. The international court ruled in favor of KBC in 2000, ordering Pertamina to pay USD261 million (IDR2.71 trillion) in compensation to KBC. A U.S. court later uplehd the ruling, and this time ordered the Company to pay USD291 million (IDR3.02 trillion), which has since risen to over USD300 million (IDR3.11 trillion) due to interest. In 2002, a U.S. district court froze USD285 million (IDR2.96 trillion) of Pertamina's assets that were depoisted in U.S. banks, upon the Company's refusal to pay the compensation. The recent ruling, together with a previous ruling that favored Pertamina last March, will allow the Company to challenge court orders to freeze assets that were requested by KBC, according to Company spokesman Mochmad Harun. The government, on the other hand, is still open to the possibility of an out-of-court settlement with KBC. 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 ========= J A P A N ========= MITSUBISHI MOTORS: Releases New Triton Pickup Truck in Thailand --------------------------------------------------------------- Mitsubishi Motors Corporation has announced the release on the Thailand market of the new 'Triton' 1-ton pickup truck. Replacing the current Strada after a full redesign, the new Triton pickup is assembled at Mitsubishi Motors local facility in Laem Chabang, Thailand. Following the Thai launch, the company plans to start shipping this pickup model to other countries and regions, and thus, it is expected to play a major role in terms of the Company's global market strategy and of achieving the Mitsubishi Motors Revitalization Plan. Triton has been developed as a global strategic model to the following three key concepts: 1. To fully satisfy user needs in terms of pickup economy, durability and reliability; 2. To offer levels of quality that further raises and consolidates the standing of the Mitsubishi Motors brand on a global scale; 3. To accommodate the needs of a broad customer base not limited to commercial use. The major features that distinguish the new Triton pickup are: An original and stylish exterior/interior design that adds a sporty dash to pickup toughness; packaging that provides a best- in-class roomy interior living space; and suspension and interior appointments that realize sedan levels of comfort and ride. These elements serve both to highlight the originality and advanced qualities Triton brings to the pickup segment and also to eliminate the commonly held image of a pickup being a vehicle design purely for commercial use. As such, these characteristics are expected to make a major contribution in expanding the customer base for Mitsubishi brand pickup trucks. Triton models are powered by a newly-developed common rail direct injection diesel engine that delivers high outputs while returning low consumption, clean emissions and quiet operation. Other customer-winning features include a new body with top- rating crashworthiness in the class and a Dakar Rally-honed four-wheel drive system that delivers outstanding all-surface performance. The attractive design and go-anywhere component specification puts the Triton next-generation pickup ahead of the market in all aspects of performance. 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 This is a company press release. MITSUBISHI MOTORS: Unveil Sales, Export Figures for July 2005 ------------------------------------------------------------- Mitsubishi Motors Corporation on Friday announced global production, as well as domestic sales and export results for July 2005. Total global production was 122,830 units, a decline of 5.9 percent from July 2004. Domestically, 63,916 units were produced in the month, 19.9 percent more than the same period last year. Total Sales in Japan came to 20,367 units, or a 28.4 percent increase of the previous period's figure. Domestic sales have now increased year-on-year for three consecutive months. Total sales for passenger cars were 13,298 units, 137.4 percent of last year's volume, while commercial vehicle sales also increased steadily, reaching 7,069 units, or 114.3 percent year- on-year. Overseas production for the month decreased to 58,914 units, a 23.7 percent decrease from the amount manufactured last year. European production dropped to 4,483 units, a drop of 63.6 percent on the previous year. Production in Asia declined to 41,844 units, 81.6 percent of last year's figure for July, while production in North America also fell 24.6 percent to 7,757 units. Total exports from Japan dropped by 10.8 percent to 31,755 units. Exports to Europe reached 12,097 units, or 118.5 percent year-on-year. Exports to Asia were down by 50.9 percent, for a total of 3,670 units, while exports to North America increased to 5,030 units, or 120.5 percent compared to the year before. This is a company press release. SEIBU RAILWAY: Falls Into Negative Net Worth -------------------------------------------- Seibu Railway Co. sustained a loss of JPY31.6 billion in the three months through June and liabilities were in excess of its assets by JPY4.1 billion, Kyodo News reports. The railway and resort facilities operator, now under rehabilitation, attributed the negative net worth to about JPY50 billion in valuation losses that it booked under the asset impairment accounting rule. CONTACT: Seibu Railway Co Ltd 11-1 Kusunokidai 1-Chome Tokorozawa 359-8520, Saitama 359-8520 Japan Phone: +81 42 926 2081 Fax: +81 42 926 2237 SEIYU LIMITED: To Join Wal-Mart in January ------------------------------------------ Wal-Mart Stores Inc. will likely raise its stake to more than 50 percent in affiliate Seiyu Limited to make it a subsidiary in January, according to Nikkei Financial Daily, citing Seiyu CEO Noriyuki Watanabe. A Seiyu spokesman confirmed the comments, but added that the move was subject to approval by Wal-Mart's board. "We are currently negotiating the capital increase method and a timeline," quoted Watanabe as saying in an interview. "If all goes as planned, Seiyu will become Wal-Mart's Japanese unit in January." CONTACT: Seiyu Ltd. 1-1 Akabane 2-Chome Sunshine 60 Building Kita-Ku 115-0045, Tokyo 170-6071 Japan Phone: +81 3 3598 7639 Fax: +81 3 3598 7763 UFJ HOLDINGS: Cancels Listing in London --------------------------------------- UFJ Holdings, Inc. has requested the cancellation of the secondary listing of its shares of common stock from the Official List of the U.K. Listing Authority prior to the proposed merger with Mitsubishi Tokyo Financial Group, Inc. (MTFG) to be effective on October 1, 2005. In accordance with the U.K. Listing Authority's Listing Rules, the Company is required to give at least 20 business days' notice of the cancellation taking effect. It is intended that MTFG, as the surviving entity, would continue to have its primary listing on Tokyo Stock Exchange and secondary listing on London Stock Exchange after the consolidation. PROPOSED TIMETABLE CLOSED OF BUSINESS Monday, 26 September 2005: Cancellation of the Company's secondary Listing of shares of common stock on London Tuesday, 27 September 2005: Cancellation of the Company's listing of shares of common stock on Tokyo, Osaka and Nagoya Saturday, 1 October 2005: The merger effective For further information please contact: Shiro Ikushima Senior Manager, Group Planning Department Telephone: +81 3 3212 5462 Facsimile: +81 3 3212 5869 This is a company press release. * Teikoku Unveils 49 Bankrupt Healthcare Providers in 2004 ---------------------------------------------------------- The national healthcare expenditure has grown by over 30 percent in the recent decade and it is expected to increase further due to the future progress of an aging society. On the other hand, the number of bankruptcies filed by healthcare providers continues to remain high. Teikoku Databank conducted research and analysis on the bankruptcy trend on healthcare providers (hospitals, clinics, and dental clinics) from 1987 to 2004 (on a yearly bases) (* Hospitals are facilities with 20 or more beds. Clinics are facilities with less than 20 beds.) The number of bankruptcies of nationwide healthcare providers from 1987 to 2004 (April 1, 1987 - March 31, 2005) was 628. There were 49 cases in 2004, setting the worst record since 1987. In particular, a high level of bankruptcies has been filed since 1999 (every year except year 2001 reported more than 40 cases of failure). Looking back before 1999, the number of bankruptcies was high during 1992 - 1994, right after the burst of the bubble economy. Facility Type: The number of bankruptcies of "hospitals" was 140 (22.3% of total). That of "clinics" was 220 (35.0%) and "dental clinics" was 268 (42.7%). Type of Bankruptcies: Since 2002, "insolvency" has surpassed the "voluntary reorganization", which was the most common cause in the past. "Insolvencies" accounted for 53.1% in 2004, setting the highest ratio since 1987. During 1987-2004, "voluntary reorganization" was the highest (396 cases, 63.1%), followed by "insolvency" (160 cases, 25.5%)" and "The Civil Rehabilitation Law" (39 cases, 6.2%). 208 healthcare providers filed for bankruptcy after April 2000 when the "Civil Rehabilitation Law" was enforced. Among them, 39 cases were filed under the "Civil Rehabilitation Law" (18.8% of total). Liabilities by Year: The highest level of liabilities were recorded in "1993" (JPY54,854 million), followed by the year of "1991" (JPY43,887 million) and "1992" (JPY36,436 million). Large-sized liabilities were seen during the bubble period. The average amount of liabilities per case were JPY443.63 million in 2004 when the number of bankruptcies was the highest, compared to JPY1,482.54 million in 1993 when the amount of liabilities was the highest. The amount of liabilities per case is tending to decrease. The increase of the number of bankruptcies filed by healthcare providers in recent years may be resulting from patients' serious attitude towards evaluating and selecting the ideal clinic based on the society's trend of aging and low birthrate, while the number of facilities such as clinics and dental clinics increases. CONTACT: Teikoku Databank America, Inc. 747 Third Avenue, 25th Floor New York, NY 10017 Phone: 1-212-421-9805 Fax: 1-212-421-9806 Web site: http://www.teikoku.com ========= K O R E A ========= ASIANA AIRLINES: Independent Body to Arbitrate Dispute ------------------------------------------------------ The unionized pilots of Asiana Airlines Inc. rejected the government's mediation plan, revealed Associated Press. As a result the government referred the dispute to an independent committee for arbitration. The pilots agreed to some of the Labor Ministry's plan such as the issue of overall flying hours, Pilot and union spokesman Lee Hack-ju said. But the retirement age issue remains unresolved. Mr. Lee said the pilots are angry that the airline penalized them a deduction of two months salary even though the strike just lasted for 25 days. The Labor Ministry referred the issue to the National Labor Relations Commission after pilots refused to accept the government's mediation plan, said ministry official Park Jong- sun. The commission is an independent body that has the power to dictate solutions to strikes when other means fail. Earlier this month, the government exercised its special powers to put an end to the strike, for it has affected the economy and concerns about flight safety. Related industries such as travel agencies also suffered from the strike. The overall losses generated from the strike amounted to an estimate of KRW440 billion (US$430 million). CONTACT: Asiana Airlines Incorporated 47 Osoe-Dong Kangseo-Gu 157-270 Korea (South) Telephone: +82 2 669 3114 / +82 2 669 3170 DAEWOO GROUP: Ex-President's Activities Scrutinized in Probe ------------------------------------------------------------ The Central Investigations Unit of the Supreme Prosecutor's Office questioned Kim Woo-jung, ex-president of Daewoo Group in a probe to find out whether Mr. Kim tried to channel over KRW10 billion through Cho Poong-un, an expatriate businessman in the U.S., to then president Kim Dae-jung, The Dong-A Ilbo said. Also a measure to charge Daewoo Group's former president with embezzlement is currently being studied. The probe wants to prove that Mr. Kim could be charged with embezzlement for delivering $44.3 million (about KRW45 billion) to KMC International in Hong Kong, of which Mr. Cho was an executive in June 1999. The Prosecutor's Office confirmed that Kim Woo-jung delivered funds from BFC, Daewoo's overseas financial organization, to KMC before KMC bought shares in Daewoo Information Communications. According to Kim Woo-jung, the money in question had been borrowed from Mr. Cho and kept at BFC before Mr. Kim paid back Mr. Cho. However, the Prosecutor's Office said Mr. Kim has yet to prove his explanation. But according to Kim Dae-jung's aide Choi Kyung-hwan, "Former President Kim never received illicit funds. Some people sent in lobbying money even after the political funds law was revised and enacted on November 14, 1997, but the money were all sent back." =============== M A L A Y S I A =============== AKTIF LIFESTYLE: Names New Auditor ---------------------------------- Aktif Lifestyle Corporation Berhad (Aktif) issued to Bursa Malaysia Securities Berhad details on the: (1) Resolutions passed at 11th Annual General Meeting (11th AGM) (2) Change of Auditors The Board of Directors of Aktif informed the exchange that at its 11th AGM, the shareholders of Aktif have approved all the ordinary resolutions as set out in the Notice of 11th AGM dated August 2, 2005. The board also disclosed that the shareholders of the Company at the said meeting have approved the resolution to appoint Messrs Deloitte KassimChan as Auditors of the Company in place of the retiring auditors, Messrs Ernst & Young, to hold office until the conclusion of the next Annual General Meeting at a remuneration to be determined by the Directors. This announcement is dated 25 August 2005. CONTACT: Aktif Lifestyle Corporation Berhad Level 10, Grand Seasons Avenue, No. 72, Jalan Pahang, 53000 Kuala Lumpur Malaysia Phone: (60) 3 2693 1828 Fax: (60) 3 2691 2798 ANTAH HOLDING: Court Strikes Off Wind Up Petition on Unit --------------------------------------------------------- Antah Holdings Berhad (Antah) furnished Bursa Malaysia Securities Berhad an update on the winding-up petition against Kaseh Lebuhraya Sdn. Bhd. (Kaseh), a wholly owned subsidiary of Antah Holdings Berhad. Further to the Company's announcements on July 6, 2005 and July 12, 2005, the Company informed the exchange that it has been advised by Kaseh's Solicitors that the Winding up petition has been struck off by the Court, with liberty to file afresh. This announcement is dated 25 August 2005. CONTACT: Antah Holdings Berhad 9577 Jalan SS16/1 Subang Jaya 47500 Petaling Jaya Selangor Telephone: 03-5632 8668 Fax: 03-5635 1234 BUKIT KATIL: Issues Update on Defaulted Loans --------------------------------------------- The Board of Directors of Bukit Katil Resources Berhad (BKatil) issued to Bursa Malaysia Securities Berhad an update on the following loan facilities. Bumiputra Commerce Bank Berhad The application by the bank to enter summary judgment against the company was allowed by the Learned Senior Assistant Registrar on July 16, 2004. The company has filed a Notice of Appeal against the said decision to the Judge in Chamber. No date has been set for hearing. OCBC Bank (Malaysia) Berhad OCBC Bank (Malaysia) Berhad has obtained an order for sale on November 14, 2003 on Omega Bricks Sdn Bhd's land held under Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri Perak. Application for Execution of Order for Sale has been fixed for hearing on September 19, 2005. OCBC Bank (Malaysia) Berhad has also obtained a winding-up petition under Section 218(2) of the Companies Act, 1965 on October 6, 2003 and was served on the company on November 14, 2003. The High Court on 8th September allowed the bank's application for the winding-up petition. The Company has already filed a Notice of Appeal to the Court of Appeal against the decision of the High Court. A stay of execution of the winding-up order was filed on October 5, 2004. The High Court dismissed the company's application for stay on May 10, 2005. The company has filed a motion of stay at the Court of Appeal. Alliance Merchant Bank Berhad No date has been set to consider the Bank's application for summary judgement. Perbadanan Kemajuan Negeri Pahang The company is a defendant in suit being initiated by Perbadanan Kemajuan Negeri Pahang for breach of a Call Option Contract. On April 19, 2004, a final judgment was granted by the High Court for MYR14.0 million against the company, inclusive of interest until the date of full settlement. The court dismissed the company's appeal against the said judgment on November 18, 2004. The Company is in the midst of filing a Notice of Appeal to the Court of Appeal. The company is currently in the process of formulating a debt- restructuring proposal for all the above liabilities. The Board of Directors of BKatil would like to further provide an update on the details of all facilities currently in default in compliance with Section 3.1 of Practice Note 1/2001. To view a table of borrowings in default, click http://bankrupt.com/misc/BukitKatilResourcesBerhad082605.pdf CONTACT: Bukit Katil Resources Berhad Damasara Town Centre Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights Kuala Lumpur, 50490 Malaysia Phone: +60 3 2095 7077 Fax: +60 3 2094 9940 DATUK KERAMAT: Appeals Court Decision to Wind Up Business --------------------------------------------------------- Datuk Keramat Holdings Berhad issued to Bursa Malaysia Securities Berhad status on the winding up petition served by Ambank Berhad. The company refers to its announcement made to the Exchange on January 15, 2004 in respect of the winding up petition served against the Company by Ambank Berhad. The Company advised that it had applied to strike out the winding up petition and stay of winding-up petition. The Court had on August 23, 2005 dismissed the application to strike out the petition and proceeded to wind up the Company. The Company has filed a notice of appeal at the High Court on August 23, 2005. The Company contending that the winding up of the Company is null and void and shall be challenging the winding up. 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: Remains Suspended Over Failure to Submit FS ---------------------------------------------------------- Datuk Keramat Holdings Berhad issued to Bursa Malaysia Securities Berhad an update on the interim financial report for the first Financial Quarter ended March 31, 2005. The company refers to its announcement made on June 6, 2005 in respect of the above subject matter. The company advised the following to the exchange: (1) The Company has yet to submit the 1st QTR 2005 as at to date. (2.) The Company is not able to submit the 1st QTR 2005 on or before the expiry of the 3 months period from May 31, 2005 i.e. August 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 May 31, 2005 i.e. September 1, 2005 and shall only be uplifted on the market day following the submission of the outstanding 1st QTR 2005. However, the trading in the securities of the Company has been suspended since August 1, 2005 following the non submission of the Annual Audited Accounts together with the Auditors' and Directors' Reports for the financial year ended December 31, 2004 (AAA2004). (4) The reason for the delay is that the Company is still in the midst of working on the proposed restructuring scheme as announced earlier to the Exchange. GEORGE TOWN: Unable to Submit Financial Report ---------------------------------------------- George Town Holdings Berhad furnished Bursa Malaysia Securities Berhad an explanation on its failure to submit interim financial report for the first financial quarter ended March 31, 2005. The company refers to its announcement made on June 6, 2005 in respect of the above subject matter. The company advised the following: (1) The Company has yet to submit the 1st QTR 2005 as at todate. (2) The Company is not able to submit the 1st QTR 2005 on or before the expiry of the 3 months period from May 31, 2005 i.e. August 31, 2005. (3) The trading in the securities of the Company will be suspended on the market day following the expiry 3 months from May 31, 2005 i.e. September 1, 2005 and shall only be uplifted on the market day following the submission of the outstanding 1st QTR 2005. However, the trading in the securities of the Company has been suspended since August 1, 2005 following the non-submission of the Annual Audited Accounts together with the Auditors' and Directors' Reports for the financial year ended December 31, 2004 (AAA2004). (4) The reason for the delay is that the Company is still in the midst of working on the proposed restructuring scheme as announced earlier to the Exchange. 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 HARVEST COURT: Books MYR434 in 2Q Net Profits --------------------------------------------- Harvest Court Industries Bhd furnished Bursa Malaysia Securities Berhad a copy of its unaudited second quarter report for the period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceeding Year Quarter Corresponding to Date Corresponding Quarter Period 30/06/2005 30/06/2004 30/06/2005 30/06/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 6,589 15,326 14,965 21,099 (2) Profit/(loss) before tax -345 -1,112 -1,220 -1,471 (3) Profit/(loss) after tax and minority interest -434 -1,112 -1,310 -1,471 (4) Net profit/(loss) for the period -434 -1,112 -1,310 -1,471 (5) Basic earnings/(loss) per shares (sen) -1.92 -5.16 -5.83 -6.83 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 As at End of As at Preceding Current Quarter Financial Year End (7) Net tangible assets per share (MYR) 0.3000 0.3500 Click to view a full copy of the financial results http://bankrupt.com/misc/HarvestCourt082605.xls CONTACT: Harvest Court Industries Sdn Bhd 111, Pusat Perniagaan NBC Jalan Menu 41050 Klang Selangor Telephone: +603-3165 2218/345/1150 Fax Number: +603-3168 1336/345 /1151 HONG LEONG: Completes Proposed Disposal --------------------------------------- Hong Leong Bank Berhad furnished Bursa Malaysia Securities Berhad an update on the proposed disposal by Hong Leong Bank Berhad of its entire equity interest in Credit Corporation (Malaysia) Sdn Bhd to HLCM Capital Sdn Bhd for a total cash consideration of MYR5,000 (Proposed Disposal). Further to Hong Leong Bank Berhad's (HLB) announcement dated June 16, 2005, HLB informed the Exchange that the approval of the Foreign Investment Committee for the Proposed Disposal has been obtained. The Proposed Disposal was completed. This announcement is dated 25 August 2005. CONTACT: Hong Leong Industries Berhad Level 9, Wisma Hong Leong 18, Jalan Perak 50450 Kuala Lumpur Malaysia Phone: 03-2164 2631 Fax: 03-2164 2514 Web site: http://www.hongleong.com INTAN UTILITIES: Issues Update on Payment Default ------------------------------------------------- Intan Utilities Berhad issued an update on default in payment under Practice Note 1/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad. Further to the announcement dated July 27, 2005 and pursuant to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and Practice Note No. 1/2001, the Board of Directors disclosed that the summary of the borrowings in default and the steps taken to address the defaults by IDS Electronics Sdn. Bhd. and IDS Technology Sdn Bhd, 70 percent effectively owned subsidiaries of Intan Utilities Berhad, details of which are as per attached. To view a list of loans defaulted, click http://bankrupt.com/misc/IntanUtilitiesBerhad082605.xls CONTACT: Intan Utilities Berhad 11th Floor Menara Berjaya, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur Telephone: 03-2935 8888 Fax: 03-29358043 Web site: http://www3.jaring.my/intan JOHN MASTER: 2Q Net Loss Reaches MYR570,000 ------------------------------------------- John Master Industries Berhad furnished Bursa Malaysia Securities Berhad its unaudited first quarter report for the period ended June 30, 2005. Summary of Key Financial Information June 30, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceeding Year Quarter Corresponding to Date Corresponding Quarter Period 30/06/2005 30/06/2004 30/06/2005 30/06/2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 10,700 9,952 10,700 9,952 (2) Profit/(loss) before tax -509 -879 -509 -879 (3) Profit/(loss) after tax and minority interest -570 -895 -570 -895 (4) Net profit/(loss) for the period -570 -895 -570 -895 (5) Basic earnings/(loss) per shares (sen) -0.78 -1.23 -0.78 -1.23 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 As at End As at Preceding of Current Quarter Financial Year End (7) Net tangible assets per share (MYR) 1.4809 1.4887 To view a full copy of the quarterly report, click http://bankrupt.com/misc/JohnMasterIndustries082605.xls http://bankrupt.com/misc/JohnMaster082605.doc CONTACT: John Master Industries Berhad No 1 Jalan Industri PBP13 Taman Industri Pusat Bandar Puchong 47100 Puchong, Selangor Darul Ehsan 56100 Malaysia Telephone: +60 3 5891 3500 Fax: +60 3 5891 3511 KEMAYAN CORPORATION: Court OKs Auction of Units' Properties ----------------------------------------------------------- Further to the announcement dated December 16, 2004, the Board of Directors of Kemayan Corporation Berhad informed Bursa Malaysia Securities Berhad that upon the application of BI Credit & Leasing Berhad (BICL) to enforce the charge against its subsidiary, Kemayan Resources Sdn Bhd, the Seremban High Court had on August 22, 2005 granted an Order for Sale to BICL to dispose of all the following lands held under Mukim Rasah, District of Seremban, Negeri Sembilan by public auction to be fixed on February 23, 2006: (1) H.S. (D) 95417 for P.T. No. 8264; (2) H.S. (D) 95561 for P.T. No. 8408; (3) H.S. (D) 95888 for P.T. No. 8735; (4) H.S. (D) 95925 for P.T. No. 8772; (5) H.S. (D) 96790 for P.T. No. 9637; (6) H.S. (D) 96791 for P.T. No. 9638; (7) H.S. (D) 97549 for P.T. No. 10396; and (8) H.S. (D) 97550 for P.T. No. 10397 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 KPS CONSORTIUM: Allowed to Seek 2nd Opinion on Due Diligence ------------------------------------------------------------ KPS Consortium Berhad (KPSCB) unveiled to Bursa Malaysia Securities Berhad details of its Restructuring Scheme. Reference is made to the approval from the Securities Commission (SC) via its letters dated June 4, 2002 and August 15, 2002, on the restructuring scheme of KPSCB (formerly known as Hai Ming Holdings Berhad [HMHB]), which was subject to certain conditions, in particular, the following: (a) The Directors of Yap Swee Thiam & Sons Industries Sdn Bhd (YSTSB) are required to renegotiate the terms of the agreement in relation to the usage of the Malay Reserve Land known as GM412, Lot 46082, Mukim Batu, Daerah Gombak (Lot 46082), to ensure that the said agreement is deemed a rental agreement and not a lease agreement (which is to be confirmed by the due diligence solicitors) prior to the implementation of the acquisition of the entire equity interests in Koh Poh Seng Plywood Co. (M) Sdn Bhd, YSTSB and Akateak Sdn Bhd. The SC recognizes the opinion of the Kamar Penasihat Undang- undang Negeri Selangor (State Legal Adviser Selangor), where, should there be a breach of terms or conditions of the rental agreement of a Malay Reserve Land, the rights of the tenant may be claimed on an individual basis from the landlord. In the event the above cannot be obtained, YSTSB is required to relocate its factory operations to a non Malay Reserve Industrial Land where all the relevant approvals have been obtained, no later than September 30, 2002, which was subsequently extended to December 31, 2003 (as approved by the SC via its letter dated August 15, 2002); (b) The vendors of YSTSB are required to indemnify KPSCB for all losses or damages incurred by YSTSB resulting from any action taken by any parties or relevant authorities pertaining to issues concerning the certificate of fitness (CF) and the Malay Reserve Land; and (c) The vendors of YSTSB together with the directors of KPSCB are required to use their best endeavor to obtain the CF for the factory and administrative building of YSTSB as soon as possible. Further, Public Merchant Bank Berhad (PMBB), on behalf of the Board of YSTSB, a wholly owned subsidiary of KPSCB, had sought the approval of the SC for the following: (i) To appeal against the decision of the SC wherein, the SC had requested for an opinion from the due diligence solicitors that the agreement for the rental of Lot 46082 is deemed a rental agreement and not a lease agreement and to allow YSTSB to obtain a second opinion from a reputable legal firm for this matter; and (ii) In the meantime, subject to the decision of the SC on item (i) above, the Board of YSTSB would like to seek an extension of time for YSTSB to relocate its administrative office and factory operations to a new premise, i.e. to a non Malay Reserve Industrial Land with all the relevant approvals in the event the revised terms of the tenancy agreement for Lot 46082 do not satisfactorily fulfill the SC conditions. Following thereto, PMBB, on behalf of KPSCB, advised that the SC had, via its letter dated August 22, 2005, received on August 23, 2005, approved item (i) above based on the legal opinion provided by Messrs Azman Davidson & Co. However, in relation to item (ii) above, the SC takes cognizance that the factory of YSTSB located at Lot 46082 had been destroyed by fire on January 2, 2005, as announced by KPSCB on January 3, 2005. In connection thereto, the SC had informed that should YSTSB decide to rebuild its factory on Lot 46082, YSTSB is required to ensure that the CF for all its buildings are obtained first before commencing its operations. As set out in the condition imposed by the SC, the vendors of YSTSB are required to protect KPSCB from any losses or damages incurred by YSTSB arising from any action taken by any parties or the relevant authorities pertaining to issues concerning the CF and the Malay Reserve Land. KUMPULAN GUTHRIE: Bourse to List, Quote New Shares -------------------------------------------------- Kumpulan Guthrie Berhad advised that its additional 46,200 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Monday, August 29, 2005. CONTACT: Kumpulan Guthrie Berhad 21 Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur, Kuala Lumpur 50490 Malaysia Telephone: +60 3 2094 1644 Fax: +60 3 2095 7934 MAGNUM CORPORATION: New Shares Set for Listing, Quotation --------------------------------------------------------- Magnum Corporation Berhad advised that its additional 102,000 new ordinary shares of MYR0.50 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation by Bursa Malaysia Securities Berhad with effect from 9:00 a.m., Monday, August 29, 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 MEDIA PRIMA: Bourse Grants Listing of New Shares ------------------------------------------------ Media Prima Berhad advised that its additional 1,686,800 new ordinary shares of MYR1.00 each arising from the conversion of 2,530,200 Irredeemable Convertible Unsecured Loan Stocks 2003/2008 into 1,686,800 New Ordinary Shares will be granted listing and quotation with effect from 9:00 a.m., Monday, August 29, 2005. CONTACT: Media Prima Berhad Sri Pentas, No. 3 Persiaran Bandar Utama, Bandar Utama, 47800 Petaling Selangor Phone: 03-77266333 Fax: 03-77280787 Web site: http://www.mediaprima.com.my/index.asp PADIBERAS NASIONAL: Adds New Shares for Listing ----------------------------------------------- Padiberas Nasional Berhad advised that its additional 406,000 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme will be granted listing and quotation with effect from 9:00 a.m., Monday, August 29, 2005. CONTACT: Padiberas Nasional Berhad Level 19, CP Tower, No. 11, Section 16/11, Jalan Damansara, Petaling Jaya Selangor 46350 Malaysia Telephone: 03-76604545 Fax: 03-76604646 PAN MALAYSIA: Buys Back New Ordinary Shares ------------------------------------------- Pan Malaysia Corp. Berhad posted at Bursa Malaysia Securities Berhad a notice on its shares buy back on August 25, 2005 with the following details: Description of shares purchased: Ordinary shares of MYR0.50 each Total number of shares purchased (units): 1,075,000 Minimum price paid for each share purchased (MYR): 0.495 Maximum price paid for each share purchased (MYR): 0.505 Total consideration paid (MYR): 540,071.59 Number of shares purchased retained in treasury (units): 1,075,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 46,988,000 Adjusted issued capital after cancellation (no. of shares) (units): 0 CONTACT: Pan Malaysia Holdings Berhad Jalan P Ramlee Kuala Lumpur, 50250 Malaysia Telephone: +60 3 2031 6722 Fax: +60 3 2031 1299 ===================== P H I L I P P I N E S ===================== APEX MINING: Unveils Financial Results Ending June 30, 2005 ----------------------------------------------------------- Apex Mining Company Inc. released its Unaudited Interim Financial Statements for the period ended June 30, 2005. The Company said it incurred net losses of Php19.3 during the year ended December 31, 2004. As of August 12, 2005, the Company has accumulated deficits of Php998.3 million while current liabilities exceed current assets by Php121.2. For the first quarter of 2005, the Company posted a net loss of Php5.09 million. Total assets as of the quarter ending March 1,2005 amounted to Php169,562,759. A decrease of Php1,128,936 as compared with the year end balance as of December 31, 2004 which is Php173,830,224. Liabilities rose by Php832,314 this quarter due to advances from related parties. As of second quarter of 2005, the Company incurred a net loss of Php8.8 million. Total assets decreased by Php8,407,969 as compared with the year end balance as of December 31, 2004 which amounts to Php173,830,224. Liabilities ascended by Php422,734 as of second half of the year. For the first quarter of 2005, the Company collected rental income of Php3 million and Php2.7 million both from Viclode Mining Corporation and Goldridge Mining Corporation. However, as of the first quarter of 2005, Goldridge still owes the COmpany Php4.2 million. With Viclode, the Company has collected the amount of payments if various payables and expenses of the Company advanced by Viclode. For this second quarter of 2005, collection from Viclode Mining Corporation and Goldridge Mining Corporation amounted Php5,399,667 representing rental and royalty income. The Company do not have majority-owned subsidiaries. Volatility in Peso-dollar Exchange Rate - From a general strengthening in the early part of 2002, the peso began to steadily depreciate for the rest of the year due to various factors, namely fiscal deficit overhang, security concerns following bombing incidents, U.S.-Iraq wildcard, and renewed weakening of regional currencies. The peso breached Php53 in mid-October, plunging to a 14-month low, as a reaction to the bombing in Indonesia which was considered the worst terrorist attack since the September 11 in the U.S. The attack resulted in renewed weakening of regional currencies. Subsequent bombings in Zamboanga and Metro Manila and persistent threats to security have kept the peso weak. These have been aggravated by concerns over the government's fiscal deficit that reached Php212.7 billion in 2002, significantly higher than the original target of Php130 billion. Current Economic Crisis in the Philippines - This predicament led to skepticism in an industry already arising with years of decline. However, notwithstanding the prevailing political and social issues and taking into consideration urgent economic situations, the mining industry may yet be a viable development option in improving the quality of life of Filipinos. Management, however, is deeply convinced that the mine which in many times prove to be one of the Philippines' major gold mines, has not been forsaken of its potential. Management is also confident that it will fascinate investors given the better economic climate. To add the fact that the Company's claims are free from disputes and are located in areas where there is peace and order. With these facts, Apex will ensure that the mine exploration and development are accelerated to make possible the maintenance of a long-term reserve inventory as a key to sustained operations. The Company is a party to various lawsuits for or against it. Management believes that these have no significant effect on the financial statements. In addition, the Company has not accrued the interest and surcharges on various unsettled liabilities to statutory and non-statutory creditors being claimed through courts to out of courts. No estimate of interest and surcharges could be made at this time pending negotiations and final determination of amounts due. Management will recognize such surcharges and penalties once actual liabilities have been determined. Some portions of the area covered by the Company's existing claim and renewal applications for Mineral production Sharing Agreement (MPSA) have been overlapped by the Financial & Technical Assistance Agreement (FTAA) application of another mining company and is the subject of a case under the Regional Panel of Arbitrators to determine the mining claims over the contested areas. The regional Panel of Arbitrators order segregating the areas free of conflict has been appealed by the other mining Company. The case is pending resolution by the Mines Adjudication Board. The company has no off-balance sheet transactions arrangements obligations and other relationships of the Company with unconsolidated entities or other persons created during the 3rd quarter of 2004. The Company doesn't know any trends, demand, commitments, events or uncertainties that will have a material impact on the Country's liquidity. CONTACT: Apex Mining Company Inc. 6/F Manila Bank Building 6772 Ayala Avenue, Makati City 1226 Telephone: 810-0882; 892-6504 Fax: 810-0887 APEX MINING: Signs SPA with Crew Gold, Mapula Creek --------------------------------------------------- Apex Mining Company Inc., in its SEC Form 17-C dated August 24, 2005, informed the Exchange that: "Crew Gold Corporation and its affiliate Mapula Creek Gold Corp. have signed on August 24, 2005, a Share Purchase Agreement with various stockholders of Apex Mining Co., Inc. involving 72.87% of the issued and outstanding capital stock of the Company. Closing shall be subject to compliance with tender offer rules pursuant to the Securities Regulation Code and certain conditions precedent as set forth in the Shares Purchase Agreement." In view thereof, the Exchange issued a temporary trading halt on APX's shares effective August 25, 2005, pending disclosure by the Company of the details and the terms and conditions of the above-mentioned transaction. MANILA ELECTRIC: Senator Urges Gov't to Sell Shares --------------------------------------------------- A Philippine senator suggested that the government should offload its shares in beleaguered Manila Electric Company (Meralco), Malaya News reports. Sen. Miriam Defensor-Santiago urged the government to sell its interest in Meralco instead of privatizing the PNOC-Energy Development Corp. to raise funds to address the looming oil and energy crisis. The senator thinks it may be a wrong time to divest PNOC-EDC, with oil and energy prices at an all-time high and oil supply tensions due to the political instability in Iraq. The government owns 20 to 25 percent of the total shareholdings of Meralco, which would bring in billions of pesos in much needed revenues. Sen. Joker Arroyo backed Sen. Santiago's call, saying that it would be unwise to sell PNOC-EDC when it is an "earning" company. He said PNOC-EDC has been generating between hp15 billion to Php20 billion annually the past 10 years. PNOC-EDC is tasked with the development of indigenous energy sources. CONTACT: Manila Electric Co. Lopez Building Ortigas Avenue, Pasig City Phone: 16220 (TL); 633-4553 (Corp. Sec.) Fax: (0632) 631-5572 E-mail Address: corcom@meralco.com.ph Web site: http://www.meralco.com.ph NATIONAL BANK: 186-Mln Shares Sold in Blocks at Php43.77 Apiece --------------------------------------------------------------- Around 186 million shares of Philippine National Bank (PNB) were sold in three blocks Friday at Php43.77 each, according to The Philippine Daily Inquirer. The sold shares account for half of the 372 million shares put up for auction August 12, where Lucio Tan emerged as the winning bidder. Mr. Tan has exercised his right to match the highest bid and was able to raise his interest in PNB to 78 percent from 45 percent, having purchased a 33.5-percent stake from the government, which is now left with a measly 11 percent PNB stake. The government expects to raise some Php8.14 billion from the transaction, of which Php6.16 billion will go to the Philippine Deposit Insurance Corp as payment for a loan it extended to PNB in 2002. The government will get the balance of Php1.98 billion. 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 POWER: Sells US$100 Mln in 6-year FRNs ----------------------------------------------- Debt-stricken power firm National Power Corporation (Napocor) has sold an additional US$100 million in six-year floating rate notes (FRNs), completing its foreign borrowing requirement for the year, The Philippine Daily Inquirer reports. The state-guaranteed debt issue followed the power firm's sale of US$300 million of similar six-year notes a week ago. Napocor president Cyril del Callar confirmed the firm borrowed another US$100 million by reopening a six-year facility. The notes would pay a quarterly coupon based on the three-month U.S. dollar London Interbank Offered Rate plus 425 basis points. It was Napocor's second unsecured dollar-denominated debt issue since 2002. The Power Sector Assets and Liabilities Management Corp (PSALM), the agency tasked to handle Napocor's privatization, earlier said proceeds of the bond issue would be used to repay Napocor's maturing obligations and fund its general requirements for the year. 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 POWER: Fitch Assigns Final Rating Guaranteed Notes ----------------------------------------------------------- Fitch Ratings, the international rating agency, has assigned a final rating of 'BB' to the USD300 million floating-rate notes (the Notes) issued by National Power Corporation (Napocor) in the Philippines. The Notes are irrecoverably and unconditionally guaranteed by the Republic of the Philippines (the ROP) and hence the rating of the Notes is based on the 'BB' Long-term foreign currency rating of the ROP (Outlook Negative). The rating is contingent on final documents conforming to those already received. The rating addresses the timely payment of interest and the ultimate payment of principal of the notes by the legal final maturity in August 2011. Contact: Stan Ho Ho Ming, Hong Kong, Tel: +852-2263-9668; Wit Solberg, Hong Kong, Tel: +852-2263-9922. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Media Relations: Ching-Yuen Lock, Singapore, Tel: +65 6238 7301. NATIONAL TRANSMISSION: Gets US$850-Mln Budget for Five Years ------------------------------------------------------------ The National Transmission Corporation's (Transco) US$850-million five-year capital expenditure has obtained approval from the Department of Budget and Management (DBM), The Philippine Star has learned. The approval came in view pf concerns that a trimmed budget could compromise the country's power supply. Transco said the restoration of the company's original proposed budget for 2006 to 2010 will enable it to complete critical transmission projects for reliable electricity supply. Earlier Transco proposed to DBM a 2005-2010 budget of US$1.3 billion, which was reduced by DBM to US$500 million. But Transco eventually convinced DBM to raise the allocation to US$850 million, ahead of a bidding for Transco's concession contract next month. Transco will be privatized through a 25-year concession agreement which can be renewed for another 25 years subject to performance conditions. The approved budget would also translate to more transmission development projects. CONTACT: National Transmission Corporation Power Center BIR Road, cor. Quezon Avenue Diliman, Quezon City Telephone: (02) 9812100 Web site: https://www.transco.ph PACIFIC PLANS: Still at Loggerheads After Talks Bog Down -------------------------------------------------------- Embattled Pacific Plans Inc. (PPI) and plan holders' group Parents Enabling Parents Coalition (PEP) were failed to reach a settlement regarding the pre-need firm's obligations to its clients, The Manila Times reveals. Talks between the two parties bogged down after the pre-need firm refused to use other investments in covering its educational-plans liabilities. Former PPI president Helen Yuchengco-Dee refused to tap their investments expect for the National Power Corporation (Napocor) bonds valued at US$51 million and maturing in 2010. PEP president Philip Piccio said the coalition will continue to fight. He said PEP would file a case against Yunchengco-led Rizal Commercial Banking Corp. (RCBC) before the Bangko Sentral ng Pilipinas for bank-related violations, and file individual criminal charges against PPI officials. Initially, the two parties signed an agreement to secure a settlement within 30 days to pay all PPI plan holders at the current value of their plans, worth around Php4.5 billion to Php5 billion. PPI valued its US$51-million Napocor bonds, based on a rate of Php65 is to US$1 by 2010. Using this conversion, it would only amount to around Php3 billion to 3.5 billion for the plan holders. Mr. Piccio said that although Ms. Dee was correct in saying that the Napocor bonds would be used, she is incorrect in saying that it would be sufficient. Earlier, Ms. Dee said the Yuchengcos refused to shell out additional funds for the settlement, since the trust-fund assets would cover all the financial needs of the agreement. PEP was initially looking at the possibility that the Yuchengcos would find other sources of funding for the settlement. On July 21, PPI and the coalition agreed that PPI would pay its plan holders, based on the plan's value and based on current tuition prices starting school year 2005 to 2006. The statement said that availing plan holders will receive an entitlement for unavailed years based on the tuition fee for school year 2005-06 while nonavailing plan holders will receive an entitlement based on the current average tuition for each category of schools, as of school year 2005-06. CONTACT: Pacific PLans Inc. 2nd Flr., Grepalife Bldg, 221 Sen. Gil Puyat Ave. Makati City E-mail: bizialcita@grepa.com PHILIPPINE AIRLINES: Names Two Young Execs to Board --------------------------------------------------- Stockholders of Philippine Airlines elected young business executives Lucio K. Tan, Jr. and Michael G. Tan to the flag carrier's board of directors during their annual meeting Thursday last week. The meeting also saw the re-election of 13 incumbent directors, led by chairman and chief executive officer Dr. Lucio C. Tan, vice chairman and treasurer Mariano Tanenglian, and president and chief operating officer Jaime J. Bautista. Retained as directors were Alexander O. Barrientos, Charles C. Chante, Enrique Cheng (independent), Joseph T. Chua, Patrick L. Go (independent), Estelito P. Mendoza, Cesar N. Santos, Washington Sycip, Harry C. Tan and Henry So Uy. The new directors, both in their late 30s, take over the seats of Luis Juan L. Virata and John K.M. Pang, respectively, on the 15-man PAL board. Lucio K. Tan, Jr. received his Bachelor of Science in Civil Engineering degree from the University of California at Davis in 1991. He was president and CEO of Macro Asia Corp., a leading provider of support services to the aviation industry, from 1996 to 2003 and is currently a director of the company. He also holds key management positions in several companies, including chief executive officer of Tanduay Distillers, Inc., executive vice president of Fortune Tobacco Corp and executive vice president of Foremost Farms, Inc. Michael G. Tan likewise holds the degree of Bachelor of Applied Science in Civil Engineering, major in Structural, from the University of British Columbia in Vancouver, where he graduated at the head of his class. He joined Asia Brewery, Inc. as management trainee in 1990 and rose through the ranks to become chief operating officer in 2000, a position he has held since. He also sits on the boards of Allied Bankers Insurance, Air Philippines Corp. and Philippine Airlines Foundation. CONTACT: Philippine Airlines Mabuhay Miles Service Center Ground Floor, Philippine Airlines Center Legazpi Street, Legaspi Village Makati City 0750, Philippines Phone : Manila (632) 817-8000 USA/CANADA 1-800-747-1959 Fax : (632) 818-4921 ; 893-6884 E-mail : mabuhaymiles@pal.com.ph Web site: www.philippineairlines.com PHILIPPINE AIRLINES: Global Expansion Underway ---------------------------------------------- National flag carrier Philippine Airlines (PLA) is working to strengthen its position as the leading airline in the country by expanding its international coverage, according to Yehey News. The Lucio Tan-controlled airline is poised to serve direct flights to Beijing, China, three times a week starting November this year. This coupled with plans to increase its flight frequencies in major domestic destinations such as Cebu and Davao. PAL is also looking to resume flights to India and European countries. The carrier earlier said it would benefit heavily if it would take advantage of the growing tourism and information technology industries in India. PAL's flight to India was stopped because foreign flights in 1954 were discontinued upon orders from then President Ramon Magsaysay in favor of rural development program. To complement the increase in its routes and flight frequencies, PAL has leased three Airbus 320s. The new A320s he said will start interim refleeting for its domestic operations. The aircraft is on a medium-term lease of two to four years. Two of the A320s will come in October and November this year and the last one will come in by February next year. The acquisition of the three A320s brings PAL's Airbus 320 fleet to six. PAL registered a net income of Php1.2 billion for its fiscal year ending March 2005 coming from a net loss Php643 million during the same period last year. Its revenues during the period in review stood at Php53.97 billion, an increase of 22 percent from revenues of approximately Php44.09 billion for its fiscal year 2004. TPG CORPORATION: In Talks with Investor Groups ---------------------------------------------- TPG Corporation, which is recently being monitored by the corporate watchdog, said it is holding discussions with investor groups that will make it a stronger company, reports The Philippine Star. The pre-need firm made the statement to assure its plan holders that management is doing everything it can to safeguard the interest of its investors and clients. TPG Corp. is now under the watchful eyes of the Securities and Exchange Commission (SEC) for allegedly failing to submit pertinent information regarding its financial health. The corporate watchdog has ordered TPG to explain why no administrative sanctions should be imposed against it for failing to submit its actuarial valuation report (AVR) and annual financial statements. The SEC's action has fueled speculations TPG Corp is facing liquidity problems like what pre-need providers such as College Assurance Plans (CAP) and Platinum Plans are experiencing. But TPG chairman Francisco Colayco said that TPG has submitted to the SEC its audited financial statements and actuarial valuation report on June 15. Mr. Colayco said he is hopeful that the pre-need firm's plan holders would approve its new program dubbed as Scholars Trust Fund with Equitable Pay-out for Unified Preservation (STEP-UP), an innovative and revolutionary plan to address the problem of continued availments by plan holders of open-ended educational plans and ensure that more scholars still benefit from their plans. Under the STEP-UP program, TPG will seek the approval of some 20,000 plan holders for the conversion of the company from a purely pre-need entity into a holding company. TPG is the sixth pre-need firm that was issued a show-cause order by the SEC for violation of the rules governing pre-need plans. CONTACT: TPG Corporation The Professional Tower 37 EDSA corner Boni Avenue Mandaluyong City 1550 Phone: (02) 533-7061 to 66; (02) 746-7878 to 91 Web site: http://www.professional.com.ph VICTORIAS MILLING: Board Director Quits Post -------------------------------------------- The Board of Directors of Victorias Milling Company Inc, during its meeting on August 25, 2005 held at the VMC, Makati Office, accepted the resignation of Mr. Renato A. Castillo as director of the VMC Board effective immediately. Mr. Castillo said he is resigning from Development Bank of the Philippines (DBP) effective September 1, 2005. In this development, he tendered his director as Director of VMC. CONTACT: Victorias Milling Co. Inc. 9126 Sultana cor. Honradez Sts. Barangay Olympia, Makati City Phone No/s: 896-0381; 899-0485 Fax No/s: 895-4150 E-mail Address: fal@philonline.com Web site: http://www.victoriasmilling.com ================= S I N G A P O R E ================= ASIA COACH: To Pay Dividend to Creditors ---------------------------------------- Asia Coach Builders Pte Limited, formerly of 1 Colombo Court #06-29 Colombo Court, Singapore 179742, posted a notice of intended dividend at the Government Gazette, Electronic Edition with the following details: Name of Company: Asia Coach Builders Pte Limited Court: Supreme Court, Singapore Number of Matter: Companies Winding Up No. 102 of 1998 Last day for receiving proofs: Sept. 9, 2005 Name & address of Liquidators: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Dated this 26th day of August 2005 Beverly Wee Ying Ling Assistant Official Receiver CFM HOLDINGS: Net Loss Increases to IDR5 Billion ------------------------------------------------ CFM Holdings Limited reported a huge increase in its net loss foe the financial year ended June 30, 2005. The Company posted a net loss of SGD5.29 billion after taxes, compared to its reported SGD801 million net loss for the same period last year. CFM Holdings Limited provides metal stamping services, and the design, fabrication and sale of tool and die used for the manufacture of stamped metal components. To view the Company's full-year financial statement, go to: http://bankrupt.com/misc/tcrap_cfmholdings082605.pdf CONTACT: CFM Holdings Limited No.4, Ang Mo Kio Industrial Park 2 Singapore 569498 Phone: 65 6481 2888 Fax: 65 6481 1122 Email: janet@cfmholdings.com Web site: http://www.cfmholdings.com/ HAI XIANG: Schedules Creditors' Meeting Next Month -------------------------------------------------- Notice is hereby given that the first meeting of creditors on the winding up of Hai Xiang International Investment Pte Limited will be held on Sept. 22, 2005, 2:30 p.m. at 10 Ubi Crescent, #02-07 Ubi Techpark (Lobby A), Singapore 408564 for the following purposes: AGENDA 1. To receive the liquidator's report on the progress of the liquidation; 2. Update on the status of the liquidation; 3. Any other matters. To entitle creditors to vote at the meeting,proof of debt must be lodged with the Liquidator not later than 5:00 p.m. of Sept. 17, 2005. Dated this 19th day of August 2005. Ong Wei Leng ONG WEI LENG Liquidator 10 Ubi Crescent #03-46 Ubi Techpark (Lobby C) Singapore 408564. Phone: 65 67455433 Fax: 65 67460688 JSD CONSTRUCTION: Creditors to Convene on Sept. 5 ------------------------------------------------- Notice is given that a meeting of the creditors of JSD Construction Pte Limited will be held on Sept. 5, 2005, 3:00 p.m. at 141 Market Street 5th Floor, Queen 1 International Factors Building, Singapore 048944 for the following purposes: AGENDA (1) To update on the status of the Company's liquidation. (2) To consider and if thought fit, to appoint a committee of inspection. (3) Any other business. Dated this 26th day of August 2005 Tay Swee Sze Liquidator c/o Tay Swee Sze & Associates 30 Robinson Road #04-01 Robinson Towers Singapore 048546 Note: (1) Proxies to be used at the meeting must be lodged with the liquidator no later than 12:00 p.m. of Sept. 3, 2005. (2) To entitle a creditor to vote at the meeting, proof of debt must be lodged with the liquidator no later than 12:00 p.m. of Sept. 3, 2005. CONTACT: JSD Construction Pte Limited 27 Woodlands Industrial Park E1 #03-16 Hiangkie Industrial Building Singapore 757718 Fax: 65 67566200 L.C. DEVELOPMENTS: Net Loss Cut in Half --------------------------------------- L.C. Developments Limited announces that the Company reported a 53.5% decrease in its net loss for the financial year ended June 30, 2005. The Company posted a net loss of SGD1.689 million after taxes, compared to its reported SGD4.07 million net loss for the same period last year. L.C. Development Ltd is engaged in property investment, management and development activities. It is also engaged in the management of serviced apartments. To view the Company's financial statement, click on: http://bankrupt.com/misc/tcrap_lcdevelopment082605.pdf CONTACT: L. C. Development Limited 1 Selegie Road Signapore 188306 Phone: 65 6266 2222 Fax: 65 6263 2340 RANCHODDAS PURSHOTTAM: Court Orders Liquidation ----------------------------------------------- In the Matter of Ranchoddas Purshottam Holdings Pte Limited , the Singapore High Court issued a winding up order against the Company on Aug. 12, 2005, with the following details: Names and address of Liquidator: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 Messrs Shook Lin & Bok Solicitors for the Petitioner Note: (a) All creditors of the Company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the Company should be forwarded to the liquidator. YEW HOCK: Liquidator to Detail Wind Up Manner --------------------------------------------- Notice is hereby given that the final general meeting of Yew Hock Marine Pte Limited will be held on Sept. 20, 2005, 10:00 a.m. at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 for the following purposes: 1. To receive the Liquidators' account showing the manner of the winding up and disposal of Company property, and to hear any explanations that may be given by the Liquidators. 2. To determine by resolution the manner in which the books, accounts and documents of the Company, shall be disposed of. Dated this 19th August 2005 Kon Yin Tong Wong Kian Kok Joint Liquidators C/o 47 Hill Street #05-01 Chinese Chamber of Commerce & Industry Building Singapore 179365 Note: A member entitled to attend and vote at the Final Meeting is entitled to appoint a proxy to attend and vote in his stead. All proxies should be deposited at the Liquidators' Office not less than forty-eight hours before the commencement of the meeting. A proxy need not be a member of the Company. =============== T H A I L A N D =============== ABICO HOLDINGS: Confident in Restructuring's Success ---------------------------------------------------- Abico Holdings Public Co. Ltd. has submitted its financial statement for the period ended June 30, 2005 to the Stock Exchange of Thailand (SET) reviewed by the auditor. However, the auditor could not provide Abico with a reliable financial statement, as it is uncertain the company is still a going concern. Abico continues to operate under the restructuring plan approved by the Central Bankruptcy Court on November 29, 2004. Upon reaching the conditions set out in the restructuring plan, it would be able to improve its financial results, solve the problems of liquidity and business operations would still continue. Forwarded for your information. Yours sincerely, Abico Holdings Public Company Limited Mr. Kitti Vilaivarangkul The Plan Administrator of Abico Holdings Public Company Limited CONTACT: Abico Holdings Pcl Abico Tower, Floor 5, 401/1 Moo 8, Phaholyothin Road Lam Luk Ka Pathum Thani Telephone: 0-2992-5858 (14 Lines) Fax: 0-2992-5878-9 Web site: http://www.abicogroup.com KRUNG THAI: To Establish New Subsidiary --------------------------------------- The Board of Directors meeting of Krung Thai Bank Public Company Limited, which was held on June 23, 2005 and August 25, 2005 respectively, has approved the investment in new subsidiary. The following are the details: (1) General characteristics: To set up a new company hold 99.99 percent stake. (2) Details of assets to be invested Company name: KTB Leasing Co. Ltd. Nature of Business: Hire purchase and Leasing Registered capital: THB100 million Paid up shares: 10 million shares Par value: THB10 Board of Directors: (i) Mr. Preecha Phukham (ii) Mrs. Supang Pattamadilok (iii) Mr. Prasit Choompolkanchana (iv) Mr. Gridsn Nuengsigkapian (3) Value and size of the transaction Value of investment: THB100 million Size of transaction: approximately 0.13% of the bank's total net tangible assets as of June 30, 2005 (4) Investment objective: To increase opportunity to provide additional financial services (5) Expected benefits: To receive benefits in form of dividends. (6) Source of fund: capital of the bank This transaction is not regarded as transaction of acquisition or disposal of the assets of a listed company according to the specified criteria and as the scope of connected transaction of a listed company. At present, the company is pending approval from the Bank of Thailand. Please be informed accordingly. Sincerely yours, For Krung Thai Bank Public Company Limited Mr. Suchart Dejittirut Vice Secretary to the Board of Directors Capital Market Department Telephone: 0-2208-3067 Poksunart CONTACT: Krung Thai Bank Public Company Limited 35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok Telephone: 0-2255-2222 Fax: 0-2255-9391-6 Web site: http://www.ktb.co.th PICNIC CORPORATION: SET Seeks Clarification on Debt Swap Plan ------------------------------------------------------------- The Stock Exchange of Thailand (SET) requires Picnic Corporation Public Co. Ltd. to clarify the conversion of debt of two subsidiaries. The company disclosed that the Board of Directors' resolution approving the conversion of debt of two subsidiaries; World Gas (Thailand) Co. Ltd. (PICNI held 99.99 percent) amounting to THB600 million and S.C.T. (Vietnam) Gas Co. Ltd. (PICNI held through S.S.C. Petro Development Co., Ltd. 99.99 percent) approximately THB127.1 million. Details following the news on SETSMART on August 24, 2005. The SET requires PICNI to provide additional information concerning the conversion of debt of two subsidiaries as follows; (1) Background of borrowing by two subsidiaries and the details of the loans regarding objectives of borrowing, loan obtained from PICNI, accrued interest, period of borrowing and maturity date. (2) The reasons why PICNI decided to restructure debt by converting debt to equity and the affect from converting debt. (3) The details of the conversion of debt concerns outstanding loan and conversion ratio. (4) Business overview, financial status and operating result of year 2004 to quarter 2 of year 2005 including the debt obligation of two subsidiaries. The SET requires PICNI to clarify more information within August 30, 2005. Moreover, the SET informed PICNI's shareholders and general investors to follow up on the additional information of PICNI, which will be disseminated via the SET's disclosure system. CONTACT: Picnic Corporation Public Company Limited 805 Srinakarin Road, Suan Luang Bangkok Telephone: 0-2721-3600-59 Fax: 0-2721-3571 Web site: http://www.picniccorp.com ********* 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. 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